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
On March 12, 2026, Deutsche Bank AG (“Deutsche Bank”) published its Annual Report 2025 and Pillar 3 Report 2025,
which are attached as exhibits hereto. This Report on Form 6-K and the exhibits hereto are not intended to be incorporated
by reference into registration statements filed by Deutsche Bank AG under the Securities Act of 1933.
Deutsche Bank also filed with the Securities and Exchange Commission (SEC) its 2025 Annual Report on Form 20-F, which
includes as an integral part thereof a version of Annual Report 2025 (the “SEC” version thereof).
The Annual Report 2025 attached as an exhibit hereto (the “non-SEC” version thereof) differs from the version of the SEC
version of the Annual Report 2025, in that:
(i)The financial information presented in the SEC version of the Annual Report 2025 and the Consolidated
Financial Statements included therein has been prepared in accordance with International Financial Reporting
Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial
information presented in the non-SEC Annual Report 2025 and Consolidated Financial Statements included
therein, by contrast, has been prepared in accordance with IFRS as issued by the IASB and endorsed by the
European Union (EU), including the application of fair value hedge accounting for portfolio hedges of interest
rate risk (fair value macro hedges) in accordance with the EU carve-out version of IAS 39. For further
information, see Note 1, “Material accounting policies and critical accounting estimates – Basis of accounting
– EU carve-out” to the Consolidated Financial Statements of the non-SEC Annual Report 2025.
(ii)The consolidated financial statements included in the SEC version of the Annual Report 2025 (the “SEC
financial statements”) differ from those contained in the non-SEC Annual Report 2025 (the “non-SEC financial
statements”) in that (A) Notes 42, 43 and 44 of the non-SEC financial statements, which address non-U.S.
requirements, have been deleted, and (B) Note 42, which addresses U.S. requirements, has been added to
the SEC financial statements.
(iii)The non-SEC Annual Report 2025 contains some sections that have been omitted from the SEC Annual
Report 2025, as they contain information which is not required in an Annual Report on Form 20-F filed with
the SEC.
Exhibits
Exhibit 99.1: Annual Report 2025.
Exhibit 99.2: Pillar 3 Report 2025.
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.
3
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 |
| Adjusted costs, Nonoperating costs, Specific litigation<br><br>items | 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.
4
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 12, 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 |
db20260312991
| Confidential |
|---|
Exhibit 99.1
Deutsche Bank
Financial Summary
| 2025 | 2024 | |
|---|---|---|
| Group targets | ||
| Post-tax return on average tangible shareholders' equity1 | 10.3% | 4.7% |
| Compound annual growth rate of revenues from 20212 | 6.0% | 5.8% |
| Cost/income ratio3 | 64.4% | 76.3% |
| Common Equity Tier 1 capital ratio6 | 14.2% | 13.8% |
| Statement of Income | ||
| Total net revenues, in € bn | 32.1 | 30.1 |
| Provision for credit losses, in € bn | 1.7 | 1.8 |
| Noninterest expenses, in € bn | 20.7 | 23.0 |
| Nonoperating costs, in € bn | 0.4 | 2.6 |
| Adjusted costs, in € bn4 | 20.3 | 20.4 |
| Pre-provision profit, in € bn5 | 11.4 | 7.1 |
| Profit (loss) before tax, in € bn | 9.7 | 5.3 |
| Profit (loss), in € bn | 7.1 | 3.5 |
| Profit (loss) attributable to Deutsche Bank shareholders, in € bn | 6.1 | 2.7 |
| Balance Sheet6 | ||
| Total assets, in € bn | 1,435 | 1,387 |
| Net assets (adjusted), in € bn4 | 1,139 | 1,083 |
| Loans (gross of allowance for loan losses), in € bn | 479 | 485 |
| Average loans (gross of allowance for loan losses), in € bn | 477 | 479 |
| Deposits, in € bn | 692 | 666 |
| Allowance for loan losses, in € bn | 6.1 | 5.7 |
| Shareholders’ equity, in € bn | 67 | 66 |
| Sustainable finance volume (per year), in € bn7 | 98 | 93 |
| Resources6 | ||
| Risk-weighted assets, in € bn | 347 | 357 |
| of which: operational risk RWA, in € bn | 63 | 58 |
| Leverage exposure, in € bn | 1,327 | 1,316 |
| Tangible shareholders' equity (tangible book value), in € bn4 | 60 | 59 |
| High-quality liquid assets (HQLA), in € bn | 260 | 226 |
| Employees (full-time equivalent) | 89,879 | 89,753 |
| Branches | 1,179 | 1,307 |
| Ratios | ||
| Post-tax return on average shareholders’ equity1 | 9.3% | 4.2% |
| Provision for credit losses (bps of average loans) | 35.8 | 38.2 |
| Operating leverage8 | 16.7% | (1.7%) |
| Net interest margin | 1.5% | 1.3% |
| Loan-to-deposit ratio | 69.2% | 72.7% |
| Leverage ratio | 4.6% | 4.6% |
| Liquidity coverage ratio | 144% | 131% |
| Net stable funding ratio | 119% | 121% |
| Share-related information | ||
| Basic earnings per share | € 3.16 | € 1.40 |
| Diluted earnings per share | € 3.09 | € 1.37 |
| Book value per basic share outstanding4 | € 34.51 | € 33.41 |
| Tangible book value per basic share outstanding4 | € 30.98 | € 29.90 |
| Dividend per share (with respect to previous financial year) | € 0.68 | € 0.45 |
1Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary Information (Unaudited):
Non-GAAP financial measures” of this report
2Twelve months period until the end of the respective reporting period compared to full year 2021
3 Noninterest expenses as a percentage of net interest income before provision for credit losses, plus noninterest income
4 For further information, please refer to “Supplementary Information (Unaudited): Non-GAAP financial measures” of this report
5Defined as net revenues less noninterest expenses
6At period end
7Sustainable financing and ESG investment activities are defined in the “Sustainable Finance Framework” and “Deutsche Bank ESG Investments Framework” which are
available at investor-relations.db.com; in cases where validation against the frameworks cannot be completed before the end of the reporting quarter, volumes are
disclosed upon completion of the validation in subsequent quarters
8Operating leverage is calculated as the difference between year on year change in percentages of reported net revenues and year on year change in percentages of
reported noninterest expense
Due to rounding, numbers presented throughout this document may not sum precisely to the totals provided and percentages may not precisely reflect the absolute
figures.
| Content | |||
|---|---|---|---|
| Deutsche Bank Group | 3 — | Compensation Report | |
| I | Letter from the Chief Executive Officer | 615 | Compensation of the Management Board |
| IV | Management Board | 644 | Compensation of Supervisory Board members |
| V | Letter from the Chairman of the Supervisory Board | 647 | Comparative presentation of compensation and<br><br>earnings trends |
| VII | Report of the Supervisory Board | 650 | Independent auditor’s report |
| XVIII | Supervisory Board | 652 | Compensation of the employees (unaudited) |
| XIX | Committees of the Supervisory Board | ||
| XXI | Strategy | ||
| 1 — | Combined Management Report | 4 — | Corporate Governance Statement<br><br>according to sections §289f and<br><br>§315d of the German Commercial<br><br>Code |
| 2 | Operating and financial review | 668 | Compliance with the German Corporate Governance<br><br>Code |
| 38 | Outlook | 670 | Management Board |
| 44 | Risks and Opportunities | 678 | Supervisory Board |
| 62 | Risk Report | 695 | Related Party Transactions |
| 202 | Sustainability Statement | 696 | Principal accountant fees and services |
| 405 | Employees | ||
| 407 | Internal Control over Financial Reporting | ||
| 409 | Information pursuant to Section 315a (1) of the<br><br>German Commercial Code and Explanatory Report | 5 — | Article 8 Tables |
| 414 | Corporate Governance Statement pursuant to<br><br>Sections 289f and 315d of the German<br><br>Commercial Code | 698 | Tabular disclosures in accordance with Article 8 of the<br><br>Taxonomy Regulation |
| 415 | Standalone Parent Company information (HGB) | ||
| 2 — | Consolidated Financial Statements | 6 — | Supplementary Information<br><br>(Unaudited) |
| 425 | Consolidated Statement of Income | 713 | Non-GAAP financial measures |
| 426 | Consolidated Statement of Comprehensive<br><br>Income | 721 | Declaration of Backing |
| 427 | Consolidated Balance Sheet | 722 | Group Five-Year Record |
| 428 | Consolidated Statement of Changes in Equity | 723 | Imprint/Publications |
| 429 | Consolidated Statement of Cash Flows | ||
| 431 | Notes to the consolidated financial statements | ||
| 471 | Notes to the consolidated income statement | ||
| 478 | Notes to the consolidated balance sheet | ||
| 532 | Additional Notes | ||
| 601 | Confirmations | ||
| Deutsche Bank<br><br>Group | |||
| --- | I | Letter from the Chief Executive Officer | |
| --- | --- | ||
| IVI | Management Board | ||
| V | Letter from the Chairman of the Supervisory Board | ||
| VII | Report of the Supervisory Board | ||
| XVIII | Supervisory Board | ||
| XXIX | Committees of the Supervisory Board | ||
| XXI | Strategy |
I
| Deutsche Bank | Letter from the Chief Executive Officer |
|---|---|
| Annual Report 2025 |
Letter from the Chief Executive Officer
Dear Shareholders,
We said 2025 would be a decisive milestone for Deutsche Bank, and so it proved. In an environment shaped by
geopolitical tensions, economic uncertainties and challenging market conditions, we achieved all the ambitious financial
goals we had set ourselves. We also delivered the most profitable year in Deutsche Bank’s history.
This underscores the strength and resilience of our Global Hausbank. We support our clients at all stages of their lives
with deep, long-term partnerships, financial strength and sound advice. Clients rely on us to help them navigate safely
through times of change and uncertainty, and this is more important than ever in the world we face today.
Our results in 2025 demonstrate just how much our clients value this. We ended the year with a pre-tax profit of
€ 9.7 billion the best result in the history of our bank and an increase of 84% compared to 2024, which was impacted by
specific litigation items. Even excluding these effects, pre-tax profit would still be 40% higher than in 2024. Net profit
was € 7.1 billion.
We delivered this record result by keeping our promises to you. On every dimension, we met our targets and objectives:
–Revenues grew 7% year on year to € 32.1 billion, the sixth consecutive annual increase and in line with our stated goal
of around € 32 billion. Revenues have grown by 6% per year since 2021, the mid-point of our target range of 5.5% to
6.5%.
–Disciplined cost management was once again a vital success factor. Noninterest expenses were down 10% year on
year. This, together with our revenue growth, enabled us to improve our cost/income ratio to 64%, from 76% in 2024,
and in line with our target of below 65%. We proved that we can combine growth and cost discipline, and our
increased operational efficiency enabled us to self-fund essential investments in our technology architecture, control
systems and client platform.
–As a result, our post-tax return on tangible shareholders’ equity, or RoTE, increased to 10.3%. With this, we met our
headline target for 2025: RoTE of above 10%.
–We achieved all of this while maintaining a strong balance sheet and a very robust capital base. At 14.2%, our
Common Equity Tier 1 (CET1) ratio at the end of 2025 was even slightly above our target range of 13.5% to 14.0%.
–
Strong financial performance has enabled us to continuously increase our dividends in recent years. We paid out € 0.68
per share or € 1.3 billion in total, in 2025, in respect of the financial year 2024. We are determined to continue on this
course, by proposing a dividend of € 1.00 per share to the Annual General Meeting in May 2026, representing a
distribution of € 1.9 billion, for the year 2025. In addition, we have secured the customary authorizations for € 1 billion in
further share buybacks. In total, this will take delivered and proposed capital distributions for the financial years 2021 to
2025 up to € 8.5 billion – ahead of our original commitment to you of € 8 billion. If business develops in line with our
expectations in 2026, we will aim to seek authorization for further share buybacks later this year.
These results, and our growing capital distributions to shareholders, underpin how far we have transformed Deutsche
Bank in recent years. Our aim is to create sustainable value: for our clients, for our employees and for you, our
shareholders. We have made consistent progress on this. Our share price, which has essentially doubled in the past year,
reflects this success.
Four strong, complementary businesses
Our success in 2025 rests on four strong pillars. All four businesses significantly improved their profitability and, for the
first time, all four achieved a double-digit RoTE. This shows the strength of our diversified Global Hausbank across four
complementary businesses, and the years of outstanding work that has been done in each business division.
The Corporate Bank delivered a strong performance in 2025. Pre-tax profit increased by 24% to € 2.6 billion, thanks to
cost reductions and lower loan loss provisions over the year. Revenues were essentially stable year on year if adjusted for
currency movements. The business grew deposit volumes by € 17 billion, to € 329 billion, during the year; this reflects
our strong relationships with our corporate clients and the quality of our product offering.
In the Investment Bank, profit before tax was up 20% to € 4.0 billion. Revenues grew by 9% to € 11.5 billion, thanks to the
excellent performance of the Fixed income & Currency (FIC) business. Here, we gained further market share and firmly
established our position among the world's leading houses. Revenues in Investment Banking & Capital Markets (IBCM)
dipped by 6%, mainly due to certain mark-to-market losses on Leveraged Debt Capital Market positions early in the year.
II
| Deutsche Bank | Letter from the Chief Executive Officer |
|---|---|
| Annual Report 2025 |
The Private Bank posted a record pre-tax profit of € 2.3 billion, nearly double the 2024 level. Higher revenues, especially
in Wealth Management, and significantly lower non-interest expenses demonstrate that the transformation of the
business is yielding tangible results. The Private Bank grew assets under management by € 51 billion, to € 685 billion, at
the end of the year, and more than half of this € 27 billion was net new client money.
In Asset Management, pre-tax profit grew by more than half and, at € 983 million, approached the € 1 billion mark
for the first time, as revenues grew by 16% to € 3.1 billion. The business also increased its assets under management
by € 73 billion to just under € 1.1 trillion. Here, too, the majority of the growth € 51 billion consisted of net money
inflows from clients. This success is reflected in the stock market performance of DWS’ shares. Its market
capitalization rose to more than € 10 billion, for which its subsequent inclusion in the MDAX was a well-deserved
reward.
Managing risks, enabling transformation
The success of our businesses has only been possible because we work closely with our clients to develop solutions to
the challenges facing them today. Increasingly, these challenges include the transition to a low-emission and resource-
efficient economy. The task is becoming ever more urgent as climate change accelerates, which is why sustainability and
managing climate and nature-related risks remain high priorities for us.
Steady delivery on our sustainability strategy continues to pay off for our business. Sustainable financing and ESG
investment volumes were € 98 billion in 2025, our best result since 2021. Business activities in this space saw strong
growth for the third year in a row. We expect our clients’ need for sustainable financing to increase in the coming years as
they proceed with their own transitions. We have therefore set ourselves a new, more ambitious target: a near-doubling
of our cumulative sustainable and transition finance volumes to € 900 billion by 2030. The publication of our “Transition
Finance Framework” has given us a solid platform for this goal.
And our commitment goes much further. Over the past year, we continued to reduce our CO2 emissions and decarbonize
our loan portfolio. We are developing new products across the bank – for example, certificates that promote the
protection of rainforests and biodiversity. We are on the right track, as numerous upgrades from leading ESG rating
agencies attest. For the first time, Deutsche Bank has placed on the ‘A-List’ with the environmental disclosure platform
CDP, placing us among the top four percent of companies rated by CDP globally.
In addition to climate risk, we are also working to safeguard our bank, our clients and our communities against other non-
financial risks including the growing threat of financial crime. Continuously improving our defensive systems and controls
is vital, given the increasing sophistication of cybercriminals and other threats. In 2025, we made significant progress in
this area. We invested more than € 1 billion, bringing cumulative investments in our controls to above € 7 billion from
2019 to 2025. We also completed a number of long-standing remediation actions, thereby addressing regulatory
expectations.
Concluding the remaining tasks quickly and thoroughly is a top priority for the Management Board and Deutsche Bank’s
senior leaders. In particular, we aim to harness the potential of technology and automation to streamline our control
processes and support our people. Regular learning opportunities and mandating critical training enables our people to
continuously refresh their understanding of their role in preventing financial crime.
Putting our people at the center of change
Continuous learning and the focused, responsible use of technology have never been more important than today.
Technology will be a decisive factor that enables our people to focus on where they can create most value. This concerns
internal banking processes, but above all, ensuring that we meet the needs of our clients. We continue to invest in AI
training to ensure our people can make best use of the tools available and manage the risks.
Rapid changes in the workplace must be reflected in our people strategy. It is about continuously enhancing our
competencies, including leadership capabilities, which are being increasingly tested. It is also about attracting,
developing and retaining the best talent - and particularly, in an era of demographic change, it is about prudent
succession planning.
Our people have been the driving force behind our successful transformation. They are our most valuable asset. With 160
nationalities represented across 55 countries, our Global Hausbank benefits from a range of different backgrounds,
perspectives and skills. We remain committed to an inclusive workplace where our employees, from all backgrounds and
experience, are treated fairly, encouraged to speak up and given equal opportunities to grow professionally and succeed.
And we are convinced that open, creative exchange yields the best results. This is also why we will intensify how we
collaborate across regions and divisions.
III
| Deutsche Bank | Letter from the Chief Executive Officer |
|---|---|
| Annual Report 2025 |
The way ahead: becoming the European champion
Our aim now is to realize the enormous potential of our bank by working together more closely than ever. We have
everything we need to do so. Having transformed Deutsche Bank in recent years, we stand on firm foundations. Our
strategy is clear; our business model has proven its strength and unique value for clients. Our team is absolutely
committed. We have never been better equipped to face the future. To put it simply: now is the time for Deutsche Bank
to switch from defense to offense.
In the next phase, our priority is to capitalize on these strengths by scaling our Global Hausbank. We aim to achieve this
through three powerful levers: focused growth, strict capital discipline and a scalable, efficient operating model. We are
convinced that acting decisively on all three will take our financial performance to the next level. We aim to raise post-
tax RoTE to above 13%, while reducing our cost/income ratio to below 60%, by 2028. Growth with cost-efficiency will
again be key: our objective is for revenues to grow by more than 5%, reaching € 37 billion in 2028, while limiting annual
cost growth to 2% compound over this period as further operating efficiencies enable us to self-fund continued
investments and business growth. In 2026, we plan to take the first step towards these goals. We are planning to
generate revenues of around € 33 billion and non-interest expenses of slightly above € 21 billion.
We’re also committed to increasing our delivery to shareholders. From 2026, we plan to raise our payout ratio from 50%
to 60%, with further scope for distributions of excess capital where our CET1 capital ratio sustainably exceeds 14%.
We are clear not only on what we aim to achieve, but also on how we aim to achieve it. With our four businesses
performing strongly, we will focus more closely than ever on collaboration across businesses to deliver the full range of
Deutsche Bank’s offering to clients. We will continue to simplify our organization, removing complexity to deliver faster
and more cost-effectively; and we will harness innovation, particularly in tapping the transformative potential of AI.
Challenges and uncertainties will likely persist in our environment and it is precisely at times like these that our Global
Hausbank is uniquely valuable to clients. Our clients can count on our dedication to their lasting success and financial
security at home and abroad. This purpose guides us in everything we do as we set out to achieve our vision: becoming
the European champion.
For 2026, our priority is clear. We will stay focused on driving the bank forward through our unwavering commitment and
deep dedication for our clients, for our employees and for you, our shareholders.
Thank you for your continued trust.
With deep dedication.
Christian Sewing
IV
| Deutsche Bank | Management Board | |
|---|---|---|
| Annual Report 2025 | ||
| Management Board | ||
| Christian Sewing, *1970 | Management Board in the reporting year: | |
| since January 1, 2015 | Christian Sewing | |
| Chief Executive Officer | Chief Executive Officer | |
| James von Moltke | ||
| James von Moltke *1969 | President | |
| since July 1, 2017 | Fabrizio Campelli | |
| President | Marcus Chromik | |
| Chief Financial Officer and | (since May 20, 2025) | |
| responsible for the Asset Management | Bernd Leukert | |
| Alexander von zur Mühlen | ||
| Raja Akram *1972 | Laura Padovani | |
| since January 1, 2026 | Claudio de Sanctis | |
| Chief Financial Officer Designate | Rebecca Short | |
| Stefan Simon | ||
| Fabrizio Campelli, *1973 | (until April 30, 2025) | |
| since November 1, 2019 | Olivier Vigneron | |
| Head of Corporate Bank and Investment Bank | (until May 19, 2025) | |
| Marcus Chromik *1972 | ||
| since May 20, 2025 | ||
| Chief Risk Officer | ||
| Bernd Leukert, *1967 | ||
| since January 1, 2020 | ||
| Chief Technology, Data and Innovation Officer | ||
| Alexander von zur Mühlen, *1975 | ||
| since August 1, 2020 | ||
| Chief Executive Officer Asia-Pacific, Europe, | ||
| Middle East & Africa (EMEA) and Germany | ||
| Laura Padovani, *1966 | ||
| since July 1, 2024 | ||
| Chief Compliance and Anti-Financial Crime Office | ||
| Claudio de Sanctis, *1972 | ||
| since July 1, 2023 | ||
| Head of Private Bank | ||
| Rebecca Short, *1974 | ||
| since May 1, 2021 | ||
| Chief Operating Officer |
V
| Deutsche Bank | Letter from the Chairman of the Supervisory Board |
|---|---|
| Annual Report 2025 |
Letter from the Chairman of the Supervisory Board
Dear Shareholders,
2025 marked a significant milestone for Deutsche Bank. We further increased our profitability and strengthened the
bank’s capital position in a volatile economic and geopolitical environment. Revenues exceeded € 32 billion and our
profit before tax, of € 9.7 billion, represents a record for our bank. We also met our target of a return on equity of more
than 10%. This success allows us again to increase our distributions to shareholders for 2025 compared with 2024.
This strong result and our consistent delivery on our priorities gives us a strong foundation for entering the next phase of
our strategy – a phase in which we will continue to expand our role as the Global Hausbank for our clients and intensify
our focus on growth and value creation.
As Chairman of the Supervisory Board, it is essential to me that Deutsche Bank consistently places the needs and
expectations of its clients at the center of its work. In recent years, the bank has made considerable progress by driving
cultural change, defining our purpose and embedding it firmly across the organisation. The Supervisory Board has closely
supported and guided this journey. Providing comprehensive support to our clients is also essential to fulfilling our
broader economic role and anchoring our bank firmly at the heart of society. Our clients are sending a clear message:
Europe needs, more than ever, a global bank rooted in the region – a bank capable of supporting companies worldwide
with a broad range of products and services. We are determined to embrace this role with our integrated business model
as the Global Hausbank and will continue to develop it consistently.
As in previous years, the Supervisory Board closely monitored the work of the Management Board. The range of topics we
focused on once again reflected the wide range of demands placed on a globally active bank. The increasing complexity
of the macroeconomic and geopolitical environment – and the management of the associated risks – also shaped our
work. Supporting the Management Board in navigating these challenges while fulfilling our control function remained a
central priority. At the same time, we had to factor in the growing regulatory requirements of the numerous supervisory
authorities with which a global bank interacts. This rising complexity is evident in the fact that the number of meetings of
the Supervisory Board and its committees rose to 61 in 2025, around ten percent more than in the previous year. We also
further intensified the preparation and follow-ups of these meetings.
During our discussions on geopolitical developments, rising volatility and evolving regulatory requirements, our priority
was to ensure the bank’s resilience and stability. At the same time, we focused on identifying opportunities and
supporting key strategic decisions – particularly regarding the continued development of the bank’s strategy, ahead of
the Management Board’s presentation of the next strategic phase at the Investor Deep Dive in November. We also
devoted significant attention to how we can best leverage new technologies, especially artificial intelligence, for the
benefit of our bank, while taking appropriate measures to manage the associated risks. A further focal point was the
bank’s sustainability strategy, an area in which Deutsche Bank has established itself as a leading provider. In doing so, we
are meeting the needs of our clients while also fulfilling our wider responsibilities to society. As the Supervisory Board,
we fully support this strategic course.
Another important topic was the further development of our control and risk management structures. The bank has
made significant progress in recent years. Nevertheless, the Supervisory Board continues to focus on strengthening
internal controls and reviewing our approach to risk management in the light of new regulatory and technological
requirements, in order to ensure a robust foundation for long-term growth. Questions of corporate culture and
responsibility towards our stakeholders also remained a key focus over the past year.
In addition to these topics, the Supervisory Board also decided on several changes to the Management Board in 2025.
Marcus Chromik, appointed in December 2024, assumed his role as Chief Risk Officer in May 2025. Chief Financial Officer
James von Moltke announced that, after nine years on the Management Board, he would not seek another term once his
contract expires in June 2026. We appointed Raja Akram as his successor. He has been a member of the Management
Board since January 2026 and will assume responsibility for the Finance function following the publication of this annual
report. In addition, the Supervisory Board extended the contracts of Christian Sewing until 2029 and of Fabrizio Campelli
until 2028. In May 2025, Fabrizio Campelli also assumed responsibility for the Americas region from Stefan Simon, who
left the bank at the end of April for personal reasons. At the end of the year, we extended the contract of Claudio de
Sanctis, Head of the Private Bank, by three years until 2029. In all staffing decisions, we place particular emphasis on
ensuring a balanced composition of the Management Board that combines diverse experiences, perspectives,
backgrounds and gender diversity.
VI
| Deutsche Bank | Letter from the Chairman of the Supervisory Board |
|---|---|
| Annual Report 2025 |
I would like to express my sincere thanks to all my colleagues on the Supervisory Board for their dedicated and
professional collaboration, especially my deputies, Frank Schulze and Norbert Winkeljohann. There were also several
changes within the Supervisory Board last year. With the end of their terms of office, Dagmar Valcárcel and Theodor
Weimer stepped down from the Supervisory Board. The Annual General Meeting elected Kirsty Roth and Klaus
Moosmayer as new members; Frank Witter and Sigmar Gabriel were also re-elected.
At this year’s Annual General Meeting, I will stand for re-election after being nominated by the Supervisory Board for a
second term of office. I remain committed to positioning Deutsche Bank fully around its clients, creating even more value
for our shareholders, strengthening our position as an employer of choice and fulfilling our responsibilities to society. We
will inform you about further upcoming elections for shareholder representatives this year when we publish the agenda
for the Annual General Meeting. This year, we will hold the AGM in person to accommodate the request of shareholders
for more personal interaction. Further details will follow when the AGM is officially convened. For the years ahead, we
plan to alternate between virtual and physical Annual General Meetings, thus leveraging the advantages of both formats.
We will invite you to come to Frankfurt in person at least every four years, unless exceptional circumstances prevent it.
Looking ahead, our priority is to guide Deutsche Bank reliably through an environment shaped by geopolitical tensions,
shifting trade patterns and structural change. The next phase of our strategy provides us with a clear framework to seize
opportunities in a changing market environment while prudently managing risks. The Supervisory Board will continue to
accompany the Management Board and the bank’s employees on this path to ensure the bank’s long-term success, value
creation for you as our shareholders, and the strong anchoring of Deutsche Bank in society.
On behalf of the entire Supervisory Board, I would like to thank you, dear shareholders, sincerely for your trust and
continued support. I would also like to express my sincere thanks to all employees of Deutsche Bank for their hard work
and contributions. Together, we approach the coming years with confidence and look forward to continuing our close
dialogue as we support the further development of Deutsche Bank.
Yours sincerely,
Alex Wynaendts
Chairman of the Supervisory Board
VII
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
Report of the Supervisory Board
In the 2025 financial year, the Supervisory Board performed all the tasks assigned to it by law and regulatory
requirements as well as those pursuant to the Articles of Association and Terms of Reference.
The Management Board informed us regularly, without delay and comprehensively of all matters with relevance for our
bank, and in particular regarding business policies and strategy, in addition to fundamental issues relating to the
company’s management and culture, corporate planning and control, compliance and compensation systems,
technology strategy and cybersecurity as well as sustainability and human capital-related topics and the target
operating model. It reported to us on the financial development, earnings and risk situation, the bank’s liquidity, capital
and risk management, the technical and organizational resources as well as business transactions and events that were
of significant importance to the bank. We were involved in decisions of fundamental importance to the bank, providing
guidance to the Management Board. As in previous years, the Management Board provided us, in accordance with our
requests, with enhanced reporting on several topic areas, for example: The strategic development and positioning of the
bank, the optimization of the target operating model, cyber-risks and cyber-security, the combating of financial crime
and the ongoing development of the related controls, the bank’s capitalization, the progress in remediating regulatory
enforcement actions and the related critical findings, important interactions with various regulators and the litigation
cases with the highest risks. The Management Board also reported to us on the sustainability strategy and the external
reporting as well as progress on the transition plans of clients in sectors with high CO2 emissions. Operational risks and
opportunities were also covered.
The Supervisory Board Chairman and the committee chairpersons engaged in regular discussions with the Management
Board between the meetings. They also consulted each other on the meeting agendas for the respective committees
they chair and discussed topics of overarching importance for the Supervisory Board. At times, they consulted internal
functions and external stakeholders to further inform our members’ preparatory materials and discussions and, in turn, to
promote effective oversight and decision-making. Furthermore, upcoming decisions were regularly deliberated on and
prepared in discussions between the Management Board and the Chairman of the Supervisory Board and, as appropriate,
the chairs of the Supervisory Board committees. The Supervisory Board and the Management Board worked together
responsibly and in a spirit of mutual trust to ensure the company’s successful further development.
There were 61 meetings in total of the Supervisory Board and its committees. Several meetings were conducted jointly
by the Compensation Control Committee and Risk Committee and also by the Chairman’s Committee and Nomination
Committee. Meetings were held with physical attendance, as video conferences or as hybrid meetings (with both on-site
and virtual participation). When meetings were convened as video conferences, a room was also available for all
members to attend on the bank’s premises. Between the meetings, resolutions were adopted, when necessary, through
circulation voting procedure.
Meetings of the Supervisory Board
We held a total of nine meetings, including six regularly scheduled meetings. One meeting was with physical attendance,
two meetings were held as video conferences, and six meetings were conducted as hybrid meetings. The Supervisory
Board Chairman was responsible for convening these meetings, setting out the agenda for discussion and ensuring
materials were prepared and shared with the members of the Supervisory Board as early as possible.
Over the past year, we focused in particular on geopolitical and economic developments and their effects on the bank.
We discussed developments in the banking sector both in Europe as well as in the USA and Asia. We focused in several
meetings on the effective implementation and further development of the bank’s strategy, along with the optimization of
the target operating model. Together with the Management Board, we deliberated on these reports and on the regular
progress reports on the individual business divisions, infrastructure areas and regions. Also, we regularly discussed
regulatory issues and proceedings that affect our bank around the world, significant litigation cases and the progress
made in the remediation of findings.
VIII
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
At our first meeting on January 29 (Part 1) and on February 6 (Part 2), we addressed the actual financial results presented
along with the planned key figures and analysts’ estimates. Deviations were discussed in detail. In addition, we
deliberated on the Management Board’s preliminary proposal for the dividend, while also taking into account the
regulatory requirements for capital funding, and we addressed the finance planning for 2025-2027. Representatives of
the Joint Supervisory Team of the European Central Bank participated in the meeting, and we discussed the outcomes of
the Supervisory Review and Evaluation Process (SREP) 2024. The Management Board provided an update on the
development of the bank’s business, current developments at DWS and the status of the remediation of regulatory
orders. While taking into account recommendations of the Compensation Control Committee and following
consultations with the bank’s Compensation Officer and independent external compensation consultants, we
determined the level of the variable compensation for the Management Board members for the 2024 financial year. In
this context, we also discussed the respective Management Board members’ achievement levels for 2024 and the plan
rules for the year 2025, and we set the objectives for the Management Board along with the relevant measurement
criteria for the 2025 performance period. We resolved on the disclosure by name of our financial experts on the
Supervisory Board.
At our meeting on March 12 and 13 in Berlin, after the Management Board’s reporting and a discussion with the auditor,
and based on the Audit Committee’s recommendation, we approved the Consolidated Financial Statements and Annual
Financial Statements for 2024 and agreed to the Management Board’s proposal for the appropriation of distributable
profit. We addressed the financial accounting system, the system of internal controls and the risk management system
and discussed the assessments of the Management Board and auditor with regard to their appropriateness and
effectiveness. Based on the Audit Committee’s recommendation, we determined that there are no objections to be
raised regarding the Group’s separate Non-Financial Report in accordance with Section 315c of the German Commercial
Code (HGB) in conjunction with Sections 289c to 289e HGB as well as the European Union’s (EU) Taxonomy Regulation
and the delegated acts adopted in this context, also based on the final results of our own inspections. We also discussed
and approved the Report of the Supervisory Board. The Management Board presented to us the “Own Workforce”
section of the Sustainability Statement in accordance with European Sustainability Reporting Standards (ESRS) as well
as the report on tech risk and information security risks (Information Security Posture Report). Furthermore, the
Management Board reported to us on the current market environment and the geopolitical environment, the bank’s
capital funding and the remediation status of regulatory enforcement actions and the related critical findings. At the
proposal of the Compensation Control Committee, we approved, among other things, the objectives for Dr. Marcus
Chromik as the designated Chief Risk Officer (CRO), who took on this office as of May 20, 2025. We addressed the bank’s
diversity aspirations, topics related to succession planning and the assessment in accordance with Section 25d (11) of
the German Banking Act (KWG), which was performed with the assistance of external advisors. Furthermore, we
addressed the topics for the Annual General Meeting and approved the proposals for the agenda. Based on the
recommendation of the Audit Committee, we resolved to approve the proposal to the Annual General Meeting for the
election of the auditor of the Annual Financial Statements and Consolidated Financial Statements for the 2025 financial
year. Furthermore, the shareholder representatives of the Supervisory Board adopted the resolution on the Chair of the
next Annual General Meeting. We noted the report of the Management Board on changes in the regional advisory
councils in Germany in accordance with Section 8 of the Articles of Association.
In our extraordinary meeting on March 27, we addressed Management Board matters. We resolved to appoint Mr. Raja
Akram as Chief Financial Officer following a transitional phase, to renew Mr. Christian Sewing’s Management Board
Service Contract and to extend Mr. Fabrizio Campelli’s appointment. Please see the “Personnel issues” Section for further
details. In addition to Mr. Fabrizio Campelli’s existing tasks, we expanded his responsibility on the Management Board
with effect from May 1 to include the bank’s Americas region, previously led by Professor Dr Stefan Simon, who left the
bank.
In our meeting on May 21, we addressed the forthcoming Annual General Meeting. The Management Board also reported
to us on geopolitical and macroeconomic changes as well as political developments during the preceding months
impacting the bank’s business environment, along with the risks and opportunities in the operating environments as well
as the bank’s resilience. The Management Board also updated us on, among other things, the current status of the
litigation cases with the highest risks and regulatory proceedings as well as the current status of developments and
challenges in the remediation of regulatory enforcement actions and the related critical findings. Furthermore, we
addressed the Tech Risk Report and Information Security Posture Report of the Management Board.
In our meeting on May 22, we resolved to dissolve the Regulatory Oversight Committee and to reassign its tasks and
approved the related amendments to some of the Terms of Reference of the committees of the Supervisory Board.
Furthermore, we reviewed the composition of our committees, and discussed adjustments, which we subsequently
approved, to the composition of the Audit Committee, the Risk Committee, the Technology, Data and Innovation
Committee, the Strategy and Sustainability Committee and the Compensation Control Committee, while also taking into
consideration our Profile of Requirements. Please see the sections “Procedures of the Supervisory Board and its
committees” and “Members of the Supervisory Board and its committees” in the Corporate Governance Statement for
further details. We also resolved to issue the audit mandate to EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft.
IX
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
In our meeting on July 30 and 31, we addressed the results of the external review of our system of Management Board
compensation. This review concluded that the system is appropriate and that the compensation parameters are aligned
to and support the business strategy and risk strategy. Based on the recommendation of the Compensation Control
Committee, we additionally engaged our auditor to audit the contents of the Compensation Report. Furthermore, we
discussed internal governance topics related to the Management Board and Supervisory Board. We addressed the annual
review and adjustments as required in our internal policies and procedures, which we subsequently approved. The
Management Board informed us of the results of the employee survey 2025, along with the changes compared to the
prior year and their underlying causes. We also received a report on the bank’s personnel strategy. The Management
Board reported to us on the reactions of the market and our stakeholders to the publication of the Interim Report. The
Management Board gave an overview of the execution of the strategy and financial targets as well as the current market
environment. Together with the Management Board, we addressed the annual assessment letter of one of the bank’s key
regulators. The Management Board also reported to us on tech risk and the information security posture. Furthermore,
the shareholder representatives on the Supervisory Board adopted the resolutions necessary to exercise the shareholder
rights in subsidiaries of Deutsche Bank Aktiengesellschaft in accordance with Section 32 of the Co-Determination Act
(MitbestG). We supported the Management Board in the strategy work in preparation for the investor day event in
November 2025.
To address upcoming topics in a timely manner, in an extraordinary meeting on September 11, we discussed
Management Board succession planning considerations.
In our meeting on November 5 and 6, we focused on strategy. The Management Board presented not only the Group
strategy, but also the business strategies and related risk strategies of the individual business divisions and infrastructure
areas, including in the various regions, and of DWS, which we subsequently deliberated on with the Management Board.
Another focal point of our meeting was on the investor day event, which we advised on and discussed with the
Management Board. We also addressed succession planning topics, and based on the Nomination Committee’s
recommendation, we resolved to nominate Mr. Alexander Wynaendts for re-election to the Supervisory Board for another
four-year term of office by the Annual General Meeting on May 28, 2026. Mr. Alexander Wynaendts was not able to
participate in this meeting for personal reasons. Furthermore, the shareholder representatives on the Supervisory Board
adopted the resolutions necessary to exercise the shareholder rights in subsidiaries of Deutsche Bank Aktiengesellschaft
in accordance with Section 32 of the Co-Determination Act (MitbestG). We issued our approval in principle to the
issuance of capital instruments.
Attending our extraordinary meeting on December 10 were representatives of the Joint Supervisory Team of the
European Central Bank, where we discussed the outcomes from the Supervisory Review and Evaluation Process (SREP)
- We also addressed topics of succession planning. The Management Board reported on the reactions to the
investor day event and on tech risk and the information security posture. The Management Board provided further
information on the strategy and capital plan for 2026 to 2028. We resolved on the disclosure by name of our
compensation experts on the Supervisory Board.
Committees of the Supervisory Board
The members of the individual committees and the changes during the financial year are specified in the Corporate
Governance Statement in the Annual Report. The Chairpersons of the respective Committee were responsible for
convening these meetings, setting out and aligning the agenda for discussion and ensuring materials were prepared and
shared with the members of the Supervisory Board as early as possible.
The Chairman’s Committee met 14 times during the reporting period, including five times together with the Nomination
Committee. Four meetings were conducted on-site, nine per video conference, and one as a hybrid meeting. Five
ordinary and nine extraordinary meetings took place. The Chairman’s Committee addressed Management Board and
Supervisory Board matters in depth, in addition to topics and legal questions relating to corporate governance as well as
ongoing topics between the meetings of the Supervisory Board. It also prepared the Supervisory Board’s meetings in
plenum. Among other things, this involved handling the preparations for the dissolution of the Regulatory Oversight
Committee on May 22, 2025, and a related reassignment of its tasks to other Supervisory Board committees.
The Chairman’s Committee addressed the preparations for personnel-related changes on the Management Board in
consultation with the Nomination Committee, including the adjustment of the areas of functional responsibility, the
review and amendments to the extent required of the Management Board service contracts, the terms of reference the
Supervisory Board is responsible for as well as Supervisory Board-internal documents, in addition to preparations for the
Annual General Meeting.
X
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
The Committee reviewed the outside directorships of the Management Board members, the assumption of costs and
supporting services/benefits for current and former members of the Management Board, costs for the advisors of the
Supervisory Board and the voluntary self-commitment by all shareholder representatives on the Supervisory Board to
invest a portion of their Supervisory Board compensation in shares of the bank. The Chairman’s Committee also
addressed, as delegated by the Supervisory Board, the bank’s issuance of Additional Tier 1 (AT1) capital instruments.
In 2025, the Risk Committee held eight meetings – four were with physical attendance, three were hybrid meetings, and
one was a video conference. Two meetings were conducted jointly with the Compensation Control Committee. As in
previous years, the Risk Committee addressed periodically recurring topics such as the annual Group risk appetite
statement, the bank’s resolution and recovery plans, as well as the internal process to ensure capital adequacy and an
appropriate liquidity position. The Committee also focused on operational risk, which was addressed again over the
course of 2025 in general and more specifically through several in-depth analyses. The topics covered included the
relevant risk taxonomy, the development of a method to handle stress scenarios and metrics for the comprehensive
assessment of non-financial risks, including those for the assessment of financial crime and compliance risks. The
Committee continued the assessment of the business-specific risks in the Private Bank, Corporate Bank and Investment
Bank. Furthermore, it addressed the repercussions of ongoing political and economic developments, including Germany’s
political and economic situation, conflicts in international trade and the Middle East, as well as the continued impacts on
the bank from developments in the commercial real estate sector. In addition, the Committee monitored the bank’s key
transformation initiatives in connection with the Risk function. The Committee focused on other regulatory priorities,
including the Supervisory Review and Evaluation Process (SREP) and topics in connection with third-party vendor risks.
Most recently, the Risk Committee reviewed the risk management policies and procedures and the bank’s concentration
risks. Furthermore, the Committee addressed the impacts of the compensation framework on the bank’s capital, risk,
liquidity and profitability situation. Since the dissolution of the Regulatory Oversight Committee in May 2025, the Risk
Committee has addressed litigation cases with the highest risks from the bank’s perspective. The Management Board
also reported on its focus on the management of cyber risks.
The Audit Committee met five times in 2025. Three meetings were conducted with attendance on-site, one as a hybrid
meeting and one as a video conference. The Committee supported the Supervisory Board in the monitoring of the
financial reporting process and intensively addressed the Annual Financial Statements and Consolidated Financial
Statements, the interim and earnings reports well as the separate Non-Financial Report. The areas of focus included
developments in the banking sector around the globe, the recognition of credit loss provisions and legal matters as well
as the new requirements pursuant to the Corporate Sustainability Reporting Directive (CSRD) for Environmental, Social
and Governance (ESG) reporting. The Committee specified “end-of-life” IT applications as an area of focus for the audit,
in addition to the implementation of requirements pursuant to the EU Regulation on operational resilience in the
financial sector (Digital Operational Resilience Act (DORA)). Furthermore, the Committee regularly addressed the
monitoring of the effectiveness of the control functions (in particular, Compliance, Anti-Money Laundering function,
Group Audit). The monitoring of the Management Board’s measures for the remediation of findings in the Know-Your-
Customer (KYC) processes was another focal point of the Committee’s work, in addition to the Findings Management
program for the accelerated reduction of critical findings. Furthermore, the Audit Committee ensured it was kept
informed regarding developments in connection with the Wirecard insolvency with any potential implications for the
independence of the auditor of our annual and consolidated financial statements.
The Nomination Committee met a total of nine times during the reporting period, including two extraordinary meetings
together with the Chairman’s Committee. Five ordinary and four extraordinary meetings took place. Four meetings were
conducted on-site, and four as video conferences, and one was a hybrid meeting. The Nomination Committee extensively
addressed aspects of the succession planning for the Management Board and Supervisory Board in consideration of the
statutory and regulatory requirements, the position descriptions, diversity principles and the profile of requirements of
the Supervisory Board. In consultation with the Chairman’s Committee, the Nomination Committee prepared proposals
for the Supervisory Board’s decisions on the alignment of the Management Board to the next phase of its strategy,
including amendments to the Business Allocation Plan. This involved the appointment of Mr. Raja Akram to the
Management Board with effect from January 1, 2026, and the assignment of responsibilities as Chief Financial Officer as
of March 15, 2026, the renewal of Mr. Christian Sewing’s Management Board service contract until April 30, 2029, the
extensions of Mr. Fabrizio Campelli’s Management Board appointment until October 31, 2028, and Mr. Claudio de
Sanctis’s until June 30, 2029, as well as the termination of the Management Board appointment of Professor Dr. Stefan
Simon, who left the bank at the end of April 30, 2025. Furthermore, the resolution was prepared on the extension of Mr.
Bernd Leukert’s Management Board appointment until June 30, 2026. The Nomination Committee addressed in-depth
the profile of requirements for suitable candidates for the forthcoming elections to the Supervisory Board in each case in
2025 and 2026. In this context, it submitted proposals for the election of Dr. Klaus Moosmayer and Ms. Kirsty Roth as well
as the re-election of Mr. Sigmar Gabriel and Mr. Frank Witter to the Supervisory Board by the Annual General Meeting on
May 22, 2025. The Committee also addressed the election proposals to the Annual General Meeting in 2026 and
prepared the nomination of Mr. Alexander Wynaendts for another four-year term of office as Supervisory Board
Chairman. In his function as Chairman of the Nomination Committee, Mr. Alexander Wynaendts refrained from
participating in the discussion of his nomination and voted to abstain on the resolution. As a result of the new elections
to the Supervisory Board and the dissolution of the Regulatory Oversight Committee on May 22, 2025, adjustments to
XI
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
the composition of the committees were prepared in consultation with the Chairman’s Committee. In addition, the
Committee addressed the induction programs for the new members of the Management Board and Supervisory Board,
the training for the Management Board and Supervisory Board, ongoing suitability (“fit and proper”) topics as well as the
regular review of our internal policies and procedures. Other topics included the advancement of diversity in the bank
and at the Management Board level as well as the annual assessment of the Supervisory Board and Management Board in
accordance with Section 25d (11) of the German Banking Act (KWG). The assessment for the 2024 financial year was
addressed with the assistance of an external, independent advisor and the results were discussed by the Nomination
Committee and the Supervisory Board plenum in March 2025.
The Compensation Control Committee met five times in 2025, including two joint meetings with the Chairman’s
Committee. Two meetings were conducted on-site, two as hybrid meetings and one as a video conference. At its
meetings, the Committee addressed in particular the monitoring of the design of the compensation systems of the
Management Board and employees and, together with the Risk Committee, assessed the effects of the compensation
systems and variable compensation for the 2024 financial year on the risk, capital and liquidity situation. The
Compensation Officer presented his Compensation Control Report, which was subsequently discussed by the
Committee. The Compensation Control Committee submitted proposals to the Supervisory Board on the Management
Board members’ target compensation amounts and their appropriateness, on the objectives for 2025, and for
determining the variable compensation of the Management Board for the year 2024. In light of the personnel-related
changes on the Management Board, the Committee also addressed compensation decisions and the corresponding
adjustment of the individual objectives. Furthermore, it dealt with regulatory developments and the remediation of
regulatory findings on compensation topics and addressed, also with the support of external advisors, the examination of
the existence of the preconditions for the suspension, forfeiture or claw-back of elements of variable compensation of
(former) members of the Management Board. To the extent required, it adopted resolutions and developed
recommendations on resolution proposals for the Supervisory Board plenum. Another focal point was addressing the
report on the compensation of the Management Board and Supervisory Board, which was to be submitted for approval
by the Annual General Meeting and was subsequently to be published along with the auditor’s opinion. Following the
Annual General Meeting 2025, the Compensation Control Committee, with the support of internal functions, developed
recommendations for the improvement of the transparency of the Compensation Report, which were implemented for
the 2025 financial year. The Compensation Control Committee discussed and adopted a resolution proposal
recommending that the Supervisory Board mandate the financial statements auditor to additionally audit the contents of
the Compensation Report for 2025. Furthermore, the Committee monitored the identification of Material Risk Takers and
the determination of the total amount of variable compensation for the 2024 financial year as well as the decisions on
the compensation for the heads of the control functions. The Compensation Control Committee also reviewed the use
and effectiveness of measures available in the compensation system for dealing with breaches of legal regulations as
well as internal and external rules, policies and procedures (consequence management). With the support of internal
functions and external advisors, the Compensation Control Committee addressed the Supervisory Board’s
compensation.
The Regulatory Oversight Committee met once in 2025. The meeting was conducted as a hybrid meeting. In this
meeting, the Committee adopted the Final Report on its activities and the focal points of its monitoring and advising in
the period from July 2022 to March 2025, which it subsequently handed over to the Supervisory Board for further use.
The Management Board reported on contacts with regulators with a significant relevance for the bank’s business activity,
on the status of the remediation of regulatory enforcement actions and the related critical findings, the significant
internal investigations and their progress, as well as the litigation cases with the highest risks from the bank’s
perspective. Following the dissolution of the Regulatory Oversight Committee with effect from May 22, 2025, its
responsibilities were redistributed to other Supervisory Board committees, in particular the Audit Committee, the Risk
Committee and the Compensation Control Committee, or retained at the Supervisory Board level. Please see the
“Procedures of the Supervisory Board and its committees” Section in the Corporate Governance Statement for further
details.
XII
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
The Strategy and Sustainability Committee conducted six meetings, including two extraordinary meetings. Three
meetings were held on-site, one was a hybrid meeting and two were conducted as video conferences. At its meetings,
the Committee intensively addressed the bank’s strategic transformation and regularly obtained reports from the
Management Board. Particular focal points in this context were the strategic progress made in the year 2025, the path to
achieving the financial targets for the year 2026 and the planning for the following years. In this context, the Committee
addressed the sustainability strategy, the progress in the key transformation initiatives as well as the ongoing
development of the bank’s Target Operating Model. Another focal point of the Strategy and Sustainability Committee’s
work was the sustainability strategy. This involved, among other things, addressing the progress in the implementation of
the sustainability strategy, the planning for the sustainable finance and investment volumes as well as the ongoing
development of the sustainability strategy based on the strategies for the Group and the business divisions. The
Committee also deliberated on the strategies for the bank’s home market, Germany, and for the global market
environment. Other topics of reporting and discussion were the strategy of DWS, the digitalization strategy, the client-
centricity program and investments in the bank’s business divisions.
The Technology, Data and Innovation Committee met four times. Three meetings were conducted on-site, and one
meeting was held as a video conference. The topics the Committee focused on in 2025 included, in particular, IT and
cybersecurity as well as the Group-wide technology strategy and its implementation in the business divisions and
infrastructure areas. In this context, the Committee received reports on the progress in modernizing and simplifying the
bank’s IT infrastructure and application landscape, and it discussed the importance of technology for the business
divisions and infrastructure areas. Regarding IT and cybersecurity topics, the Committee received reports on the current
security situation of the bank as well as an external market view on information security. In this context, the Technology,
Data and Innovation Committee discussed current macro-trends as well as the principles and objectives of information
security and cloud risk management. Furthermore, the Committee addressed in detail the significant IT risk factors for
the bank and discussed the measures for and progress in reducing such risks. In addition, the Committee discussed
regulatory matters relating to technology and infrastructure and received reports on the migration to the cloud, the
bank’s data management and implementation of key bank-wide technology programs. Furthermore, the Technology,
Data and Innovation Committee discussed the costs of the bank’s technology area, including the material cost drivers
and actions to optimize the cost base. Moreover, the Committee also addressed innovations relating to artificial
intelligence and machine learning, along with their governance, responsible implementation and usage in the bank.
Meetings of the Mediation Committee, established pursuant to the provisions of Germany’s Co-Determination Act
(MitbestG), were not necessary.
XIII
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
Participation in meetings
During the reporting period, the Supervisory Board members participated in the meetings of the Supervisory Board and
of the committees in which they were members, as shown in the following. Participation was either in person or via video
conference. There were no cases of participation by telephone.
| No. of meetings / Participation in % | Supervisory Board | Chairman's<br><br>Committee | Risk Committee | Audit Committee | Nomination Committee | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Wynaendts, Alex (Chairman) | 8 | / | 9 | 89% | 13 | / | 14 | 93% | 8 | / | 8 | 100% | 9 | / | 9 | 100% | ||||||||||||||||||||||||||
| Bleidt, Susanne | 9 | / | 9 | 100% | 5 | / | 5 | 100% | ||||||||||||||||||||||||||||||||||
| Clark, Mayree | 9 | / | 9 | 100% | 8 | / | 8 | 100% | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||
| Duscheck, Jan | 9 | / | 9 | 100% | 7 | / | 8 | 88% | ||||||||||||||||||||||||||||||||||
| Eifert, Manja | 9 | / | 9 | 100% | 5 | / | 5 | 100% | ||||||||||||||||||||||||||||||||||
| Fieber, Claudia | 9 | / | 9 | 100% | 3 | / | 3 | 100% | 5 | / | 5 | 100% | ||||||||||||||||||||||||||||||
| Gabriel, Sigmar | 9 | / | 9 | 100% | 2 | / | 2 | 100% | ||||||||||||||||||||||||||||||||||
| Haggenmiller, Florian | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||||||||||
| Heider, Timo | 9 | / | 9 | 100% | 13 | / | 13 | 100% | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||
| Moosmayer, Klaus | 5 | / | 5 | 100% | 4 | / | 4 | 100% | 2 | / | 2 | 100% | ||||||||||||||||||||||||||||||
| Roth, Kirsty | 5 | / | 5 | 100% | ||||||||||||||||||||||||||||||||||||||
| Schulze, Frank | 9 | / | 9 | 100% | 14 | / | 14 | 100% | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||
| Siebert, Gerlinde M. | 9 | / | 9 | 100% | 5 | / | 5 | 100% | 4 | / | 4 | 100% | ||||||||||||||||||||||||||||||
| Slyngstad, Yngve | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||||||||||
| Szukalski, Stephan | 9 | / | 9 | 100% | 8 | / | 8 | 100% | 1 | / | 1 | 100% | ||||||||||||||||||||||||||||||
| Thain, John | 7 | / | 9 | 78% | ||||||||||||||||||||||||||||||||||||||
| Tögel, Jürgen | 9 | / | 9 | 100% | ||||||||||||||||||||||||||||||||||||||
| Trogni, Michele | 7 | / | 9 | 78% | 8 | / | 8 | 100% | ||||||||||||||||||||||||||||||||||
| Valcárcel, Dagmar | 4 | / | 5 | 80% | 3 | / | 3 | 100% | ||||||||||||||||||||||||||||||||||
| Weimer, Theodor | 4 | / | 5 | 80% | 3 | / | 3 | 100% | ||||||||||||||||||||||||||||||||||
| Winkeljohann, Norbert | 9 | / | 9 | 100% | 14 | / | 14 | 100% | 8 | / | 8 | 100% | 5 | / | 5 | 100% | 9 | / | 9 | 100% | ||||||||||||||||||||||
| Witter, Frank | 8 | / | 9 | 89% | 5 | / | 5 | 100% | ||||||||||||||||||||||||||||||||||
| Total | 95% | 98% | 99% | 100% | 100% | No. of meetings / Participation in % | Compensation<br><br>Control Committee | Regulatory Oversight<br><br>Committee | Strategy and<br><br>Sustainability<br><br>Committee | Technology, Data<br><br>and Innovation<br><br>Committee | Total | |||||||||||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||||||||||
| Wynaendts, Alex (Chairman) | 5 | / | 5 | 100% | 1 | / | 1 | 100% | 6 | / | 6 | 100% | 3 | / | 4 | 75% | 53 | / | 56 | 95% | ||||||||||||||||||||||
| Bleidt, Susanne | 4 | / | 4 | 100% | 18 | / | 18 | 100% | ||||||||||||||||||||||||||||||||||
| Clark, Mayree | 5 | / | 6 | 83% | 31 | / | 32 | 97% | ||||||||||||||||||||||||||||||||||
| Duscheck, Jan | 4 | / | 5 | 80% | 1 | / | 1 | 100% | 21 | / | 23 | 91% | ||||||||||||||||||||||||||||||
| Eifert, Manja | 4 | / | 4 | 100% | 18 | / | 18 | 100% | ||||||||||||||||||||||||||||||||||
| Fieber, Claudia | 5 | / | 5 | 100% | 22 | / | 22 | 100% | ||||||||||||||||||||||||||||||||||
| Gabriel, Sigmar | 11 | / | 11 | 100% | ||||||||||||||||||||||||||||||||||||||
| Haggenmiller, Florian | 6 | / | 6 | 100% | 3 | / | 4 | 75% | 18 | / | 19 | 95% | ||||||||||||||||||||||||||||||
| Heider, Timo | 3 | / | 3 | 100% | 1 | / | 1 | 100% | 35 | / | 35 | 100% | ||||||||||||||||||||||||||||||
| Moosmayer, Klaus | 2 | / | 2 | 100% | 13 | / | 13 | 100% | ||||||||||||||||||||||||||||||||||
| Roth, Kirsty | 2 | / | 2 | 100% | 7 | / | 7 | 100% | ||||||||||||||||||||||||||||||||||
| Schulze, Frank | 6 | / | 6 | 100% | 38 | / | 38 | 100% | ||||||||||||||||||||||||||||||||||
| Siebert, Gerlinde M. | 1 | / | 1 | 100% | 19 | / | 19 | 100% | ||||||||||||||||||||||||||||||||||
| Slyngstad, Yngve | 2 | / | 2 | 100% | 11 | / | 11 | 100% | ||||||||||||||||||||||||||||||||||
| Szukalski, Stephan | 1 | / | 1 | 100% | 19 | / | 19 | 100% | ||||||||||||||||||||||||||||||||||
| Thain, John | 6 | / | 6 | 100% | 13 | / | 15 | 87% | ||||||||||||||||||||||||||||||||||
| Tögel, Jürgen | 5 | / | 5 | 100% | 6 | / | 6 | 100% | 20 | / | 20 | 100% | ||||||||||||||||||||||||||||||
| Trogni, Michele | 4 | / | 4 | 100% | 19 | / | 21 | 90% | ||||||||||||||||||||||||||||||||||
| Valcárcel, Dagmar | 3 | / | 3 | 100% | 1 | / | 1 | 100% | 11 | / | 12 | 92% | ||||||||||||||||||||||||||||||
| Weimer, Theodor | 7 | / | 8 | 88% | ||||||||||||||||||||||||||||||||||||||
| Winkeljohann, Norbert | 5 | / | 5 | 100% | 50 | / | 50 | 100% | ||||||||||||||||||||||||||||||||||
| Witter, Frank | 13 | / | 14 | 93% | ||||||||||||||||||||||||||||||||||||||
| Total | 97% | 100% | 98% | 93% | 97% |
XIV
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
Corporate Governance
The composition of the Supervisory Board and its committees is in accordance with the legal requirements as well as
regulatory governance standards. The European Central Bank reviewed and confirmed the professional qualifications
and the personal reliability of our members within the framework of its suitability assessment. The suitability assessment
covers the expertise, reliability and time available of each individual member. In addition, there was an assessment of the
entire Supervisory Board’s knowledge, skills and experience that are necessary for the performance of its tasks (collective
suitability). The European Central Bank’s Joint Supervisory Team and the Nomination Committee continually monitor the
suitability of the Supervisory Board members.
The Chairman of the Supervisory Board and the chairpersons of all the committees coordinated their work continually
and consulted each other regularly and – as required – on an ad hoc basis between the meetings in order to ensure the
exchange of information necessary to capture and assess all relevant matters and risks in the performance of their tasks.
This preparation included, at times, engagement with internal functions and external stakeholders. The continual nature
of dialogue between all our members and cooperation in the committees was marked by an open and trustful
atmosphere both during – and outside of – meetings. Also, for the purposes of increased efficiency of the Supervisory
Board’s work, some committees held joint meetings.
The committee chairpersons provided detailed reporting at the meetings of the Supervisory Board on the work of the
individual committees. Regularly before the meetings of the Supervisory Board, the representatives of the employees
and the representatives of the shareholders conducted separate preliminary discussions. At the beginning or end of the
meetings of the Supervisory Board and its committees, discussions were regularly held in “Executive Sessions” without
the participation of the Management Board.
In accordance with our governance policies, which clearly define processes around how to engage and exchange
information, the Chairman of the Supervisory Board and some of the chairpersons of the committees engaged regularly
with key stakeholders. In particular for the Supervisory Board Chairman, stakeholder engagement is an important
responsibility as it enhances transparency with internal and external parties concerning the Supervisory Board’s
perspectives on important topics. For example, the Chairman of the Supervisory Board and some of the chairpersons of
the committees engaged in discussions with representatives of various regulators and informed them about the work of
the Supervisory Board and its committees and about the cooperation with the Management Board.
The Chairman and Deputy Chairman of the Supervisory Board, together with the Investor Relations department, also
held discussions with investors, proxy advisors and shareholder associations. These dialogues focused on governance,
compensation and strategy-related matters from the Supervisory Board’s perspective, in particular the skills,
composition and succession planning for both the Supervisory Board and the Management Board. Considerations
regarding the further development of Supervisory Board compensation and the underlying compensation system’s
alignment with shareholders’ interests as well as options to enhance transparency in the Compensation Report for the
Management Board were also discussed. Additional topics included the bank’s technological transformation, the further
development of the corporate culture and the Supervisory Board’s assessment of progress in remediation and control
processes as well as in the implementation of the Environmental, Social and Governance (ESG) strategy. The Chairman
and Deputy Chairman of the Supervisory Board shared the detailed feedback with the members of the Supervisory
Board.
At several meetings of the Nomination Committee and of the Supervisory Board in plenum, we addressed the
assessment prescribed by law of the Management Board and the Supervisory Board for the 2024 financial year, which
also comprises the self-assessment according to the German Corporate Governance Code. The assessment took place
with the assistance of an external, independent advisor. The final discussion of the results took place at a meeting of the
Supervisory Board plenum on March 13, 2025, and the results were set out in a final report. Over the further course of the
year, the Nomination Committee addressed not only the follow-up topics from the assessment for the 2024 financial
year, but also the format of the assessment for the 2025 financial year. In December 2025, the Nomination Committee
began the assessment for the 2025 financial year, which is being carried out internally.
For further information, including on the financial experts on the Audit Committee and the compensation experts, please
refer to the “Supervisory Board” Section in the Corporate Governance Statement.
XV
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
All representatives of shareholders on the Supervisory Board are independent. For further information regarding the
independence of the Supervisory Board members in accordance with the European Sustainability Reporting Standards
(ESRS), please refer to the Section “Composition and expertise” in the Corporate Governance Statement.
The Declaration of Conformity pursuant to Section 161 of the Stock Corporation Act (AktG), which we had last issued
with the Management Board in October 2024, was reissued in October 2025. The text of the Declaration of Conformity,
along with a comprehensive presentation of the bank’s corporate governance, can be found in the Annual Report and on
the bank’s website at https://investor-relations.db.com/corporate-governance/documents/. Our Declarations of
Conformity and Corporate Governance Statements from at least the past five years are also available there, in addition to
the currently applicable versions of the Terms of Reference for the Supervisory Board and its committees as well as for
the Management Board.
Training and further education measures
We held several training sessions in 2025, as in prior years, conducted by external and internal subject matter experts.
The training focused on topics including macroeconomic developments and their impacts on the bank, operating risk
management, the innovative potential of artificial intelligence as well as other regulatory topics of relevance for the
Supervisory Board. Furthermore, we received an update on regulatory aspects in the USA and on the bank’s risk appetite
as well as in-depth insights into regional markets.
For the new members who joined the Supervisory Board, Ms. Kirsty Roth and Dr. Klaus Moosmayer, extensive induction
courses individually tailored to these members were developed and carried out to facilitate their induction into office.
Such training courses regularly include in-person meetings with members of the Management Board as well as with the
heads of internal business divisions and infrastructure functions below the Management Board level. In these sessions,
they present their respective areas and functions and provide an overview of current developments and challenges. In
addition, there are individual training sessions that convey in-depth knowledge, among other things, of the bank’s
business activities, including Environmental, Social and Governance (ESG) topics, as well as corresponding controls
relating to risk management, the prevention of financial crime, and regulatory and audit-related matters.
Conflicts of interest and their handling
We continually strive to identify and prevent potential conflicts of interest on the part of our members as early as
possible and arrange for their mitigation. Also, the performance of external mandates by our Supervisory Board members
at other companies and management bodies is regularly reviewed for potential conflicts of interest.
In the year under review, one conflict of interest was reported:
Ms. Gerlinde Siebert abstained from the deliberations and voting on the Business Allocation Plan for the Management
Board in the meeting in July, as the amendment also directly affected her area of responsibility, i.e., “Corporate Governance”.
XVI
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
Annual Financial Statements, Consolidated Financial Statements, and the combined
Management Report and Compensation Report
EY audited the Annual Financial Statements, including the accounting and the Combined Management Report for the
Annual Financial Statements and Consolidated Financial Statements for the 2025 financial year and issued in each case
an unqualified audit opinion on March 9, 2026. The Auditor’s Reports were signed jointly by the Auditors Mr. Schreiber
and Mr. Rothermel.
Furthermore, EY performed a limited assurance review of the Sustainability Statement of this Annual Report and issued a
separate unqualified opinion. EY issued a separate unqualified opinion for the Compensation Report.
The Audit Committee examined the documents for the Annual Financial Statements and Consolidated Financial
Statements 2025 as well as the Sustainability Statement 2025 at its meeting on March 10, 2026. Representatives of EY
provided the final report on the audit results. The Chairman of the Audit Committee reported to us on this at the meeting
of the Supervisory Board. Based on the recommendation of the Audit Committee, and after inspecting the Annual
Financial Statements and Consolidated Financial Statements documents as well as the documents for the Sustainability
Statement and following an extensive discussion on the Supervisory Board as well as with the representatives of the
auditor, we noted the results of the audits with approval. We determined that, also based on the final results of our
inspections, there are no objections to be raised.
Today, we approved the Annual Financial Statements and Consolidated Financial Statements prepared by the
Management Board. The Annual Financial Statements are thus established. We agree to the proposal for the
appropriation of distributable profit.
Personnel issues
With the conclusion of the Annual General Meeting on May 22, 2025, the terms of office of Mr. Sigmar Gabriel,
Dr. Dagmar Valcárcel, Dr. Theodor Weimer and Mr. Frank Witter ended as scheduled. In accordance with our proposal,
the Annual General Meeting re-elected Mr. Sigmar Gabriel and Mr. Frank Witter and elected for the first time Ms. Kirsty
Roth and Dr. Klaus Moosmayer and as shareholder representatives to the Supervisory Board, in each case for a term of
office of around four years.
We resolved to extend the Management Board appointments of Mr. Christian Sewing by four years, i.e., with effect from
May 1, 2025, until April 30, 2029; of Mr. Fabrizio Campelli by three years, i.e., with effect from November 1, 2025, until
October 31, 2028; of Mr. Claudio de Sanctis by three years, i.e., with effect from July 1, 2026, until June 30, 2029; and of
Mr. Bernd Leukert by six months, i.e., with effect from January 1, 2026, until June 30, 2026.
With regard to the position of Chief Technology, Data and Innovation Officer, given Mr. Bernd Leukert’s upcoming
resignation from the Management Board on June 30, 2026, the search process for a permanent appointment as a
member of the Management Board is ongoing. We are committed to a robust succession planning process to ensure
continuity of leadership and effective oversight of Deutsche Bank’s technology and data agenda during this transitional
phase.
Already in the last reporting period, on December 12, 2024, we had appointed Dr. Marcus Chromik as member of the
Management Board with effect from May 1, 2025, for a three-year period until April 30, 2028. He succeeded our previous
Chief Risk Officer, Mr. Olivier Vigneron, who did not extend his service contract ending on May 19, 2025.
Furthermore, on March 27, 2025, we appointed Mr. Raja Akram as member of the Management Board with effect from
January 1, 2026, for a three-year period until December 31, 2028. With effect from March 15, 2026, he is to take on the
role of the present Chief Financial Officer, Mr. James von Moltke, who will not be extending his service contract ending
on June 30, 2026.
Professor Dr. Stefan Simon resigned from his Management Board mandate with effect from April 30, 2025 and left the
bank.
All resolutions were based on recommendations of the Nomination Committee and of the Chairman’s Committee.
XVII
| Deutsche Bank | Report of the Supervisory Board |
|---|---|
| Annual Report 2025 |
We sincerely thank the members of the Management Board and the Supervisory Board as well as the members who left
last year for their dedicated work and their constructive assistance to the company during the past years.
Furthermore, we would also like to express our deep appreciation and thanks to the bank’s employees for their great
personal dedication.
Frankfurt am Main, March 11, 2026
The Supervisory Board
Alexander Wynaendts
Chairman
| Deutsche Bank | Supervisory Board | |
|---|---|---|
| Annual Report 2025 | ||
| Supervisory Board | ||
| Alexander Wynaendts | Timo Heider* | Dr. Theodor Weimer |
| – Chairman | Emmerthal | until May 22, 2025 |
| The Hague | Germany | Wiesbaden |
| Netherlands | Germany | |
| Dr. Klaus Moosmayer | ||
| Frank Schulze* | since May 22, 2025 | Frank Witter |
| – Deputy Chairman | Müllheim | Braunschweig |
| Hanau | Germany | Germany |
| Germany | ||
| Kirsty Roth | ||
| Professor Dr. Norbert | since May 22, 2025 | |
| Winkeljohann | Wollerau | |
| – Deputy Chairman | Switzerland | |
| Osnabrück | ||
| Germany | Gerlinde M. Siebert* | |
| Frankfurt am Main | ||
| Susanne Bleidt* | Germany | |
| Bell | ||
| Germany | Yngve Slyngstad | |
| Oslo | ||
| Mayree Clark | Norway | |
| New Canaan | ||
| USA | Stephan Szukalski* | |
| Ober-Mörlen | ||
| Jan Duscheck* | Germany | |
| Berlin | ||
| Germany | John Alexander Thain | |
| Rye | ||
| Manja Eifert* | USA | |
| Berlin | ||
| Germany | Jürgen Tögel* | |
| Horgau | ||
| Claudia Fieber* | Germany | |
| Berlin | ||
| Germany | Michele Trogni | |
| Riverside | ||
| Sigmar Gabriel | USA | |
| Goslar | ||
| Germany | Dr. Dagmar Valcárcel | |
| until May 22, 2025 | ||
| Florian Haggenmiller* | Madrid | |
| Kempten (Allgäu) | Spain | |
| Germany | ||
| * Employee representatives | ||
| Deutsche Bank | Committees | |
| --- | --- | --- |
| Annual Report 2025 | ||
| Committees of the Supervisory Board | ||
| Chairman’s Committee | Risk Committee | Strategy and Sustainability |
| Alexander Wynaendts | Mayree Clark | Committee |
| – Chairman | – Chairperson | John Alexander Thain |
| Timo Heider* | Jan Duscheck* | – Chairman |
| Frank Schulze* | Claudia Fieber* | Mayree Clark |
| Professor Dr. Norbert Winkeljohann | (since October 24, 2025) | Claudia Fieber* |
| Timo Heider* | (until October 24, 2025) | |
| Nomination Committee | (since May 22, 2025) | Florian Haggenmiller* |
| Alexander Wynaendts | Dr. Klaus Moosmayer | Frank Schulze* |
| – Chairman | (since May 22, 2025) | Gerlinde M. Siebert* |
| Mayree Clark | Gerlinde M. Siebert* | (since October 24, 2025) |
| Timo Heider* | (until October 24, 2025) | Yngve Slyngstad |
| Frank Schulze* | Stephan Szukalski* | (since May 22, 2025) |
| Professor Dr. Norbert Winkeljohann | Michele Trogni | Jürgen Tögel* |
| Professor Dr. Norbert Winkeljohann | Michele Trogni | |
| Audit Committee | Alexander Wynaendts | (until May 22, 2025) |
| Frank Witter | Alexander Wynaendts | |
| – Chairman | Compensation Control | |
| Susanne Bleidt* | Committee | Technology, Data and |
| Manja Eifert* | Professor Dr. Norbert Winkeljohann | Innovation Committee |
| Claudia Fieber* | – Chairman | Michele Trogni |
| Sigmar Gabriel | Jan Duscheck* | – Chairperson |
| (since May 22, 2025) | Timo Heider* | Susanne Bleidt* |
| Dr. Klaus Moosmayer | (until May 22, 2025) | Manja Eifert* |
| (since May 22, 2025) | Dr. Klaus Moosmayer | Florian Haggenmiller* |
| Gerlinde M. Siebert | (since May 22, 2025) | Kirsty Roth |
| (until October 24, 2025) | Frank Schulze* | (since May 22, 2025) |
| Stephan Szukalski* | (since May 22, 2025) | Yngve Slyngstad |
| (since October 24, 2025) | Jürgen Tögel* | (until May 22, 2025) |
| Dr. Dagmar Valcárcel | Dr. Dagmar Valcárcel | Alexander Wynaendts |
| (until May 22, 2025) | (until May 22, 2025) | |
| Dr. Theodor Weimer | Alexander Wynaendts | Mediation Committee |
| (until May 22, 2025) | Alexander Wynaendts | |
| Professor Dr. Norbert Winkeljohann | – Chairman | |
| Timo Heider* | ||
| Regulatory Oversight | Frank Schulze* | |
| Committee (until May 22, 2025) | Professor Dr. Norbert Winkeljohann | |
| Dr. Dagmar Valcárcel | ||
| – Chairperson | ||
| Jan Duscheck* | ||
| Sigmar Gabriel | ||
| Timo Heider* | ||
| Stephan Szukalski* | ||
| Alexander Wynaendts | ||
| * Employee representatives |
XX
XXI
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Strategy
Global Hausbank
Deutsche Bank’s strategic and financial roadmap for 2025 aimed to position the bank as the Global Hausbank,
underpinned by strong European foundations and a broad international network. The strategy focused on achieving the
2025 financial targets and capital objectives and was built on three core pillars: risk management, sustainability and
technology, priorities that have become even more important amid persistent geopolitical and macroeconomic
uncertainty. By the end of 2025, the bank had met or surpassed its key financial targets and capital objectives, thereby
laying a firm foundation to scale the Global Hausbank.
At the Investor Deep Dive in November 2025, Deutsche Bank announced the next phase of its strategy and financial
targets and capital objectives for 2028. Having restored the bank’s profitability and strengthened its foundations, the
bank’s focus will be on accelerating value creation by scaling the Global Hausbank. Deutsche Bank’s goal is to tap
significant further growth potential, building on its position as the trusted partner for clients in a changing environment.
The bank’s long‑term vision is to become the European Champion in banking, marked by leadership in key business
segments on a European level, market-leading returns, a deep and scaled global presence and an AI-powered and
innovation-focused organization.
Deutsche Bank’s key performance indicators for 2025
Financial targets:
–Post-tax return on average tangible equity of above 10% for the Group
–Compound annual growth rate of revenues between 2021 and 2025 of 5.5% to 6.5%
–Cost/income ratio of below 65%
Capital objectives:
–Common Equity Tier 1 (CET1) capital ratio within an operating range of 13.5% to 14.0%, with a 200 basis points
distance to the Maximum Distributable Amount (MDA) as a floor
–50% Total payout ratio from 2025
Progress in all areas builds strong foundations for the next phase of growth
Deutsche Bank achieved its goals on all pillars of the accelerated execution of the Global Hausbank strategy in 2025.
In terms of revenue growth, net revenues increased to € 32.1 billion in 2025, up 7% from € 30.1 billion in 2024, in line
with the bank’s revenue ambition of around € 32 billion for the year. From 2021 to year end 2025, revenues grew at a
compound annual rate of 6.0%, the mid-point of the bank’s target range of 5.5% to 6.5%.
On operational efficiency, Deutsche Bank completed its € 2.5 billion operational efficiency program as planned by the
end of 2025. Measures included the optimization of the bank’s platform in Germany and workforce reductions, notably in
non-client-facing roles.
Deutsche Bank’s capital efficiency program delivered risk-weighted assets (RWA) equivalent benefits of a cumulative
€ 31 billion by the end of 2025, above the high end of its year end 2025 target range of € 25 billion to € 30 billion. These
efficiencies contributed to the bank’s year end 2025 CET1 capital ratio of 14.2%, slightly above the bank’s targeted
operating range of 13.5% to 14.0%, and up from 13.8% at year end 2024.
During 2025, the bank made capital distributions in respect of 2024 of € 2.3 billion, up by around 50% from 2024. These
included the dividend of € 0.68 per share, or € 1.3 billion in aggregate, and share buybacks of € 1.0 billion. For 2026,
Deutsche Bank plans to propose a dividend in respect of the 2025 financial year of € 1.00 per share, or approximately
€ 1.9 billion in aggregate, up 50% from € 0.68 per share for 2024, at the bank’s Annual General Meeting in May 2026. The
bank has also secured customary authorizations for up to € 1.0 billion in further share repurchases in respect of 2025.
Together, these measures would increase cumulative capital distributions to shareholders by a further € 2.9 billion and
would represent distributions in respect of 2025 consistent with the bank’s commitment to a 50% payout ratio for 2025.
Cumulative capital distributions in respect of the financial years 2021–2025, to be paid in 2022–2026, thereby amount
to € 8.5 billion, exceeding the bank’s original capital distribution goal of € 8 billion.
XXI
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Sustainability
Sustainability is a fundamental aspect of Deutsche Bank’s strategy. In 2025, the bank continued to focus on the four
pillars of its sustainability strategy: Sustainable Finance, Policies & Commitments, People & Own Operations, and
Thought Leadership & Stakeholder Engagement.
Deutsche Bank set ambitious targets to maximize its contribution to achieving the Paris Climate Agreement’s targets and
the United Nations (UN) Sustainable Development Goals. The key targets and goals relate to the following sustainability
matters:
–Deutsche Bank set new cumulative € 900 billion sustainable and transition finance target for the period from 2020 to
the end of 2030, reinforcing its role as a trusted partner for the bank’s clients in the global transformation. The bank
aimed to achieve a total of € 500 billion cumulative sustainable finance and ESG investments volumes from January
2020 to end of 2025 (excluding Asset Management (DWS)). By end of 2025, Deutsche Bank reached € 471 billion
(excluding Asset Management (DWS)) and increased the incremental volume from € 93 billion in 2024 to € 98 billion in
- Although the original target was not achieved by the end of 2025, Deutsche Bank remains committed to
providing sustainable financing and ESG investment solutions to its clients and expects to surpass € 500 billion in the
first half of 2026. Progress towards the original target was impacted by several factors over the period, including
higher interest rates, regulatory developments as well as changes in the policy environment
–Deutsche Bank introduced a nature ambition to facilitate 300 transactions by the end of 2027, supporting biodiversity
as well as ecosystem conservation and restoration in alignment with the United Nations Sustainable Development
Goals
–Deutsche Bank is committed to achieving net zero emissions by 2050. In the previous years, Deutsche Bank has set
net zero targets for eight carbon-intensive sectors in its corporate loan book, with interim goals by end of 2030 and
final targets by end of 2050
–Deutsche Bank planned to source 100% of its electricity from renewable sources by 2025 and has achieved this target
–In 2021, the bank committed to an aspirational goal to have women represent at least 35% of its Managing Director,
Director and Vice President population globally (excluding Asset Management) by year end 2025, known as the ’35 by
25’ program. By year end 2025, women represented 34.1% of the bank’s Managing Director, Director and Vice
President population globally, with the female representation on senior corporate titles increasing from 2021 to 2025
by 4.2 percentage points
–The bank aims to increase gender diversity at the two levels below the Management Board (MB-1 and MB-2) with a
goal of 30% of positions to be held by women by year end 2025, thereby promoting equal opportunity within the
Management Board succession pipeline. The bank effectively met the goal for MB-1 and reached 28.2% at MB-2. In
line with German legal requirements, the bank will retain goals beyond 2025 for the two layers below the
Management Board with a goal of 32.5% women at both MB-1 and MB-2 by year end 2026, having regard to local law
In 2025, Deutsche Bank made further progress in implementing its sustainability agenda, which has been recognized by
leading ESG rating agencies. Deutsche Bank received improved ESG ratings by CDP, Standard & Poor Corporate
Sustainability Assessment and Sustainalytics and confirmed the bank’s good results at MSCI.
In 2025, Deutsche Bank published its initial Transition Finance Framework, defining clear rules for financing net zero
transitions in hard-to-abate sectors. Furthermore, the bank updated its Transition Plan with the latest data and main
achievements and updated the Sustainable Instruments Framework to align with relevant adjustments to the Sustainable
Finance Framework, effective from January 1, 2026.
For additional information on Deutsche Bank’s sustainability strategy as well as DWS, which sets its own sustainability
strategy, please refer to the chapters “Governance” and “Sustainability Strategy” in the Sustainability Statement of this
report.
XXII
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Scaling the Global Hausbank
The bank believes that the progress made in transforming Deutsche Bank laid a strong foundation for delivering
sustainable growth through 2028. At the Investor Deep Dive in November 2025, Deutsche Bank presented its strategic
and financial roadmap for the period to 2028, outlining plans to further scale the bank’s position as a Global Hausbank
and setting out its financial targets and capital objectives for 2028.
Deutsche Bank’s key performance indicators for 2028
Financial targets:
–Post-tax return on average tangible equity of greater than 13% for the Group
–Cost/income ratio of below 60%
Capital objectives:
–CET1 capital ratio within an operating range of 13.5% to 14.0%, with a 200 basis points distance to the Maximum
Distributable Amount (MDA) as a floor
–60% Total payout ratio from 2026 and distribution of excess capital when CET1 capital ratio is sustainably above 14%
Accelerating value creation through three strategic levers
The next phase of Deutsche Bank’s strategy is centered around three levers: focused growth, disciplined capital
management and a scalable operating model. These levers are anchored in a firm commitment to shareholder‑value‑add
(SVA) as the central steering principle, aiming at sharpening decision‑making, aligning resource allocation with value
creation and strengthening a culture of accountability. Anchored in its ambition to scale the Global Hausbank, Deutsche
Bank aims to deepen client engagement and strengthen collaboration across segments to deliver its full capabilities.
Focused growth: Focused growth is a core driver of Deutsche Bank’s strategic ambition through 2028. The bank expects
focused growth areas to contribute meaningfully to long term revenue expansion, targeted to deliver approximately
€ 5 billion in incremental revenues, increasing Group revenues from € 32 billion to approximately € 37 billion by 2028.
This trajectory reflects a balanced uplift across fee generating and interest sensitive activities, including roughly
€ 2.6 billion in additional net commission and fee income and € 2.3 billion in net interest income, underpinned by the
structural hedge rollover, the strength of the German deposit franchise and targeted loan growth across the bank.
Growth is expected to be reinforced by more coordinated client coverage, with the Corporate Bank and Investment Bank
jointly supporting corporate and institutional clients, the Private Bank and Asset Management enhancing investment and
retirement solutions, and the segments contributing to a greater share of client business.
Disciplined capital management: Deutsche Bank manages capital as a strategic lever, ensuring it is deployed where
returns are strongest and aligned with the bank’s SVA guiding principles. The bank’s capital strategy is grounded in
disciplined balance sheet management, focused on reallocating resources toward capital accretive activities. By the end
of 2028, Deutsche Bank aims to deliver a more than 100 basis point uplift in revenues over RWA (excluding operational
risk RWA), supported by strengthened pricing discipline, enhanced balance sheet velocity and expanded risk transfer and
securitization channels. The bank aims to maintain a CET1 capital ratio of 13.5% to 14.0%, with a 200 basis points
distance to the MDA as a floor. The bank targets a 60% total payout ratio from 2026, and to distribute excess capital
when its CET1 capital ratio is sustainably above 14%.
Scalable operating model: Deutsche Bank intends to strengthen the scalability and resilience of its operating model to
support long-term growth and improved productivity across the Group. The bank’s objective is to deliver around 6%
operating leverage in 2028, enabled by a balanced combination of forward-looking investments and disciplined cost
management. Targeted € 1.5 billion of incremental investments, including technology, artificial intelligence and
business-led initiatives, are designed to unlock early efficiency gains while modernizing core platforms of the bank. These
investments are expected to be more than offset by at least € 2 billion in operating efficiencies, driven by front to back
process optimization, enhanced IT architecture and transformation across infrastructure functions. This approach
supports a sustained improvement in the cost/income ratio with a target below 60% by 2028, while maintaining cost
discipline, with expenses excluding business-led investments expected to rise only modestly.
Post-tax return on average tangible equity is a Non-GAAP financial measure. Please refer to “Supplementary financial
information (Unaudited): Non-GAAP financial measures” of this report for the definitions of such measures and
reconciliations to the IFRS numbers on which they are based. With effect from the first quarter of 2026, Deutsche Bank
will discontinue the separate reporting of adjusted costs and nonoperating costs.
XXIV
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Deutsche Bank Business segments
Corporate Bank
Corporate Bank’s capabilities in Cash Management, Trade Finance and Lending, and Trust and Securities Services will
enable the bank to serve the core needs of its clients. Corporate Bank helps clients optimize their working capital and
liquidity, secure global supply chains and distribution channels, and manage their risks, in close collaboration with
Foreign Exchange within the Investment Bank. Furthermore, Corporate Bank acts as a specialized provider of services to
financial institutions, offering Correspondent Banking and Trust and Securities Services. Corporate Bank combined its
Trust and Agency Services and Securities Services businesses into a new unified Trust and Securities Services
organization in mid 2025. Finally, Deutsche Bank provides Business Banking services to small corporate and entrepreneur
clients in Germany through a standardized product suite.
In 2025, Corporate Bank continued to make progress on its strategic objectives, notably by growing net commission and
fee income across all regions, while interest hedging and strong deposit growth partly offset deposit margin
normalization. Corporate Bank was awarded “No. 1 Best Trade Finance Bank” by the FINANCE Banken-Survey and
“World’s Best Corporate Trust Bank” by the IJ Global Awards. Deutsche Bank believes that these awards recognize
Corporate Bank’s deep client relationships and client-centric solutions offering.
Corporate Bank’s strategy by 2028 is anchored around focused growth, strict capital discipline and a scalable operating
model, supporting Deutsche Bank’s Scaling the Global Hausbank strategy. In line with the direction set out at the 2025
Investor Deep Dive, Deutsche Bank expects meaningful expansion across its core client groups: corporates, institutions
as well as small and medium‑sized enterprises. The bank also aims to broaden its platforms and deliver tailored solutions
that address clients’ strategic requirements. Building on its strong leadership in Germany, Corporate Bank aims to
deepen its position as the trusted partner to the German and European economies, supported by fiscal expansion and
strengthened collaboration across Deutsche Bank’s business segments.
Corporate Treasury Services aims to further scale its platform across core products, enabling increased density and a
greater range of client offerings, while reallocating capital from sub-hurdle businesses. Institutional Client Services aims
to grow its client base in collaboration with the Investment Bank, increase penetration with an extended product
offering, and win back U.S. dollar market share in correspondent banking. Business Banking aims to grow its client base,
especially gaining from digital sales and by leveraging artificial intelligence and data-driven automated campaigning
initiatives that enable more targeted outreach and higher conversion rates.
As a transition partner, Deutsche Bank supports clients across sector value chains in achieving strategic goals,
strengthening competitiveness and resilience, and managing financial operations, while integrating sustainable finance
capabilities into treasury and financing activities. The bank continues to adapt its sector-aligned sustainable finance
capabilities to meet evolving client needs and to enable transition across business models, facilitating progress toward
net-zero objectives by combining deep industry knowledge with tailored financial solutions.
To support this ambition, Corporate Bank is building a scalable operating model that increases efficiency, enhances
client delivery and positions the business for sustainable growth. The segment is investing in technology‑enabled
solutions, strengthened payment capabilities and faster execution enabled by artificial intelligence and automation.
These initiatives are complemented by process redesign and platform integration to improve reliability, standardization
and speed across the global franchise.
Corporate Bank aims to further leverage its extensive international network across more than 140 countries, combining
global reach with deep local expertise. This approach supports seamless delivery across Corporate and Institutional Cash
Management, Trade Finance & Lending, Trust & Securities Services and Business Banking. Through scalable technology
deployment and increased operational integration, Corporate Bank aims to enhance productivity, improve resilience and
reinforce its competitive differentiation in an evolving market environment.
Aligned with its strategic priorities, Corporate Bank remains committed to strict capital discipline and prudent risk
management, while maintaining high lending standards and preserve the quality of its loan portfolio. It plans to continue
reallocating risk‑weighted assets toward portfolios with stronger shareholder-value accretion and to increase
balance‑sheet velocity through expanded distribution‑led structuring and broader loan syndication. Through focused
growth and a scalable platform across Corporate Treasury Services, Institutional Client Services and Business Banking,
Corporate Bank strengthens its contribution to scaling the Global Hausbank and aims to deliver sustainable growth and
disciplined returns for clients and shareholders.
XXV
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Investment Bank
The Investment Bank is made up of two principal businesses: Fixed Income & Currencies (FIC) and Investment Banking &
Capital Markets (IBCM). Across these businesses, corporate and institutional clients are offered a comprehensive range of
services encompassing financing, market making, risk-management solutions, advisory and debt and equity issuance. The
segment regionally encompasses Europe, Americas and APAC/MEA.
In 2025, the Investment Bank delivered a strong performance, with a revenue increase of 9% compared to 2024, a
materially increased return on equity and improved cost/income ratio. This performance reflects the execution of
strategic priorities, enhancing the service offering for clients and building on the franchise development over recent
years. During the year, Deutsche Bank was also named “World’s Best FX Bank” in the 2025 Euromoney FX Awards,
reaffirming the bank’s position as one of the leading banks in this market and demonstrating an enhanced offering to
clients.
The Investment Bank intends to concentrate on areas of competitive strength to drive focused revenue growth across
the segment. The segment is pursuing this through three complementary priorities.
One area of focus is to position IBCM to become a leading European franchise and build on German leadership and a
focused global offering, with the aim of strengthening IBCM’s position in core sectors and expanding Advisory and Equity
Capital Markets capabilities, while maintaining the strength of the Debt franchise. This includes deepening corporate
client relationships closely aligned with the Corporate Bank and lending, acquiring new clients to broaden industry
coverage, and investing in sector and product expertise. A key priority is developing Equity distribution capability to
support Equity Capital Markets growth.
In parallel, the segment expects to further invest in the FIC platform to reinforce its strong global position. In the
Americas, growth is expected to come from targeted investments in selected business lines, while capital allocation to
Financing should help offset spread compression, supported by initiatives to deepen client relationships.
Complementing these efforts, the strategy intends to further leverage the Global Hausbank by driving cross-business
collaboration with the Corporate Bank to complete coverage across advisory and risk management, the Private Bank, and
Asset Management, thereby unlocking opportunities in asset origination, distribution, and joint product development.
The segment aims to harness technology and artificial intelligence to transform client service and offerings in a
controlled environment. This is expected to be supported by technology investment over the next three years, delivering
solutions that enhance client experience through advanced data analytics and execution. The implementation of
artificial intelligence enabled automation and end-to-end process redesign should create efficiencies, enabling more
time for client engagement and maintaining a competitive cost/income ratio, while strengthening control frameworks to
ensure safe and sustainable scalability.
Capital is planned to be deployed selectively to support priority growth areas and to develop capital-light franchises
such as Advisory and Equity Capital Markets. The segment plans to align this disciplined utilization of capital with high-
return opportunities while leveraging the segment’s capabilities and investor network to distribute risk effectively.
Finally, the Investment Bank intends to optimize the relationship lending book and enhance client level value creation
through advanced analytics.
By combining focused growth in core franchises, a scalable technology driven operating model, and disciplined capital
deployment, the Investment Bank reinforces its role in scaling the Global Hausbank and is positioned to deliver
sustainable profitability. This strategy supports Deutsche Bank’s ambition to create long-term value for clients and
shareholders through 2028 and beyond.
XXVI
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Private Bank
The Private Bank serves over 20 million clients across 60 markets worldwide. The Private Bank is organized into two client
sectors: Personal Banking and Wealth Management (formerly Wealth Management & Private Banking). In Germany,
Personal Banking leads the market with around 18 million clients and operates through two main, complementary retail
brands: Deutsche Bank as the Hausbank for financial advice and Postbank as a digital-first provider for everyday banking.
In addition, norisbank offers a fully digital banking proposition, while BHW specializes in home-finance solutions. In Italy,
Spain and India, Personal Banking supports retail and emerging affluent clients, acting as a feeder into Wealth
Management. In Germany and across international markets, Wealth Management delivers the Global Hausbank
proposition to high-net-worth and ultra-high-net-worth individuals and their family offices, while also serving affluent
clients in Europe.
In 2025, Personal Banking made significant progress in its transformation journey toward a digital-first, omni-channel
business model by right-sizing the physical sales network, investing in modern branch formats, upgrading remote
advisory, and accelerating the roll-out of digital and mobile services. A major milestone was the migration of Deutsche
Bank’s and norisbank's online, mobile, and telephone banking services to the cloud, enabling faster deployment of new
digital features. These upgrades strengthened client engagement across digital channels while also supporting
successful deposit campaigns.
In Wealth Management, revenues grew across both home and international markets, with robust asset gathering in
investment solutions, particularly in discretionary portfolio mandates. The franchise also expanded its alternative-
investment offering, supported by the launch of a new private markets fund in collaboration with DWS and Partners
Group, a Swiss-based alternative asset manager. Commercial momentum with entrepreneurs and family-office clients
remained strong, reinforced by deeper One-Bank collaboration with the Corporate Bank, the Investment Bank and DWS.
The evolution of the Wealth Management proposition was also recognized in the industry, earning 15 Euromoney ‘Best
Private Bank’ awards in 2025, including ‘Best Bank for Entrepreneurs’ for the third consecutive year, alongside regional
and market-specific accolades.
Private Bank has outlined its ambitions for 2028 to enhance shareholder value through focused growth, strict capital
discipline and a more scalable operating model.
Focused growth remains central to both client sectors. In Personal Banking, the deposit offering and new account
models are positioned as an entry point for prospective clients, while discretionary investments and pension solutions
aim to evolve customer relationships into long-term engagements. Omni-channel interaction and advisory, enriched by
artificial-intelligence-driven insights, are expected to further elevate client experience. In Wealth Management, the
priority is to grow client assets by expanding in core markets and deepening relationships with ultra-high-net-worth
individuals, family offices and family entrepreneurs. This ambition is supported by strategic hiring, strengthened lending
capabilities and an expanded suite of investment solutions.
To reinforce strict capital discipline, Personal Banking plans to free up capital through securitizations of retail loans and
the optimization of portfolios that do not meet targets for shareholder-value accretion. The released capital is expected
to be redeployed to self‑fund growth in Wealth Management and to accelerate investments in strategic initiatives.
Private Bank aims to streamline and scale its operating model by simplifying products, processes and IT. The plan
includes consolidating legacy infrastructure into modern, cloud‑based core banking platforms and deploying agentic
artificial intelligence to automate front‑to‑back workflows. In Personal Banking, the business is further optimizing its
sales network by reshaping the branch footprint in line with customer preferences and advancing efficiency initiatives to
support a more scalable, digitally enabled service model. Wealth Management expects to capture artificial-intelligence-
driven process and platform efficiencies across booking centers, while maintaining cost discipline and delivering a
globally consistent client experience.
Through focused growth, strict capital discipline, and a scalable operating model, the Private Bank is laying the
foundation for its long-term evolution to strengthen its overall contribution to the Global Hausbank.
XXVII
| Deutsche Bank | Strategy |
|---|---|
| Annual Report 2025 |
Asset Management
Deutsche Bank’s Asset Management segment comprises the consolidated results of its 79.5%-owned, listed affiliate
DWS Group GmbH & Co. KGaA (DWS). The segment advanced Deutsche Bank’s strategy by executing on its four
strategic pillars Growth, Value, Build and Reduce in 2025. At the same time, the segment prepared to apply the three
levers of focused growth, strict capital discipline and a scalable operating model by 2028.
In Growth, the Passive franchise, represented by the Xtrackers brand, expanded in Europe and the U.S. with sustainable,
thematic and actively managed ETFs, and Alternatives gained momentum in infrastructure and private markets. The
European Long-Term Investment Fund (ELTIF) launched by DWS, Deutsche Bank and Partners Group broadened access
for investors across private equity, private credit, real estate and infrastructure, reinforcing the franchise’s strength in this
area.
In Value, Asset Management delivered mature active strategies across equity and fixed income and continued to scale
multi-asset solutions, focusing on resilient offerings for institutional clients and the growing importance of pensions,
investment advisory and outsourced Chief Investment Officer (CIO) services.
In Build, the business advanced digitalization by developing embedded investment solutions and digital assets,
establishing an Application Programming Interface (API)-driven ecosystem with distribution partners, and progressing
AllUnity’s launch of a regulated euro-denominated stablecoin.
In Reduce, capital and resources were reallocated from lower-return or sub-scale products to priority areas, supported
by fund transfers, mergers and closures, enabling self-funded growth.
By 2028, Asset Management aims to support scaling the Global Hausbank by concentrating on focused growth on five
priorities, strict capital discipline and a more scalable operating model.
As Gateway to Europe, Asset Management intends to accelerate infrastructure investments and expand private credit
with the Corporate Bank and the Investment Bank, and aims to widen distribution through selective regional expansion
and the joint development of innovative products and digital investment solutions with the Private Bank.
Top 5 in Top 5 aims to build on the market leadership in Germany, enhance the strategic partnership in China with
Harvest Fund Management and start collaborations with local players to establish scalable positions in the five largest
global economies. Xtrackers benefits from its strong European footprint and thematic product demand in Asia/Pacific
and the U.S., while the solutions franchise expands in the institutional channel, including third party insurance mandates.
Future of Finance is expected to advance embedded investment via an API ecosystem, develop digital-asset services
including stablecoins and on-chain products, and apply artificial intelligence to portfolio construction, risk insights and
operations.
Under Bullish Germany and Global Hausbank, Asset Management expects to capture home-market opportunities in
Germany and leverage Deutsche Bank’s value chain across origination, structuring and distribution.
Asset Management maintains strict capital discipline by reallocating resources toward high‑return opportunities,
streamlining its product shelf and operating model, and advancing efficiency through talent optimization, automation,
AI, and near‑shoring, thereby driving scalable growth for the Global Hausbank and supporting improved earnings and
cost efficiency.
The scalable operating model is designed to convert growth into earnings with discipline. Asset Management continues
its strategy to optimize the platform, near-shore and internalize key functions, build enabling teams and make targeted
hires in Alternatives, while broadening the Xtrackers platform and investing in data and digital capabilities. The approach
is to limit additional costs despite growth so operating leverage improves the cost and income profile through 2028.
| 1 | ||
|---|---|---|
| Combined<br><br>Management Report | ||
| 2 | Operating and financial review | |
| 3 | Executive summary | |
| 7 | Deutsche Bank Group | |
| 12 | Results of operations | |
| 33 | Financial Position | |
| 36 | Liquidity and capital resources | |
| 38 | Outlook | |
| 44 | Risks and Opportunities | |
| 62 | Risk Report | |
| 64 | Introduction | |
| 65 | Risk and capital overview | |
| 70 | Risk and capital framework | |
| 80 | Risk type management | |
| 129 | Risk and capital performance | |
| 202 | Sustainability Statement | |
| 204 | General information | |
| 242 | Environmental information | |
| 316 | Social information | |
| 361 | Governance information | |
| 385 | Additional information | |
| 405 | Employees | |
| 407 | Internal Control over Financial Reporting | |
| 409 | Information pursuant to Section 315a (1)<br><br>of the German Commercial Code and<br><br>Explanatory Report | |
| 414 | Corporate Governance Statement<br><br>pursuant to Sections 289f and 315d of<br><br>the German Commercial Code | |
| 415 | Standalone Parent Company information<br><br>(HGB) |
2
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Executive summary |
Operating and financial review
The following discussion and analysis should be read in conjunction with the consolidated financial statements and the
related notes. This operating and financial review includes qualitative and quantitative disclosures on segment results of
operations and entity-wide disclosures on net revenue components of Deutsche Bank as required by International
Financial Reporting Standard (IFRS) 8, “Operating Segments”. For additional business segment disclosure under IFRS 8,
please refer to Note 04 “Business segments and related information” of the consolidated financial statements. Forward-
looking statements are disclosed in the section “Outlook” in this report. The wording conventions and the numerical
ranges underlying them which are used to describe trends in the section “Operating and financial review” differ from
those applied in the section “Outlook”, for which the bank applies new ranges prospectively.
3
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Executive summary |
Executive summary
The statements in the following section are based on latest available forecasts and assumptions at the time of
preparation. Actual developments may differ from these expectations.
Global economy
| Economic growth<br><br>(in %)¹ | 20252 | 20243 | Main driver |
|---|---|---|---|
| Global Economy | 3.4 | 3.4 | In 2025, the global economy maintained a stable growth trajectory; progress in trade<br><br>negotiations between the U.S. and its key trading partners, along with selective tariff<br><br>reductions, contributed to a marked decline in trade policy uncertainty; at the same<br><br>time, easing inflationary pressures supported household consumption and provided<br><br>central banks with scope to implement further interest rate cuts |
| Of which:<br><br>Developed<br><br>countries | 1.8 | 1.7 | Developed countries benefited from the negotiated trade compromises, which helped<br><br>reduce overall policy uncertainty; although GDP growth rates varied across countries,<br><br>inflation moderated in most markets. In this environment, several central banks<br><br>continued to lower their key policy rates from previously restrictive levels |
| Emerging<br><br>Markets | 4.5 | 4.5 | Emerging Markets demonstrated stronger‑than‑expected resilience to adverse growth<br><br>and trade shocks arising from U.S. tariff measures; the combination of subdued inflation<br><br>and a moderation in U.S. dollar strength provided several central banks with additional<br><br>scope to ease monetary policy; furthermore, improved external fiscal impulses and<br><br>lower energy prices offered further support to overall economic activity |
| Eurozone Economy | 1.5 | 0.8 | Despite persistent external trade headwinds, the Eurozone economy continued to post<br><br>robust growth, supported by resilient domestic demand; nonetheless, GDP growth<br><br>rates varied across regions; inflation trended downwards towards the ECB's 2% target,<br><br>thus, the ECB was able to maintain its deposit rate unchanged at a neutral level in the<br><br>second half of the year |
| Of which: German<br><br>economy | 0.2 | (0.5) | The German economy continued to face competitive disadvantages in foreign trade;<br><br>while the expansionary fiscal stance provided some initial positive impetus, domestic<br><br>demand remained subdued; moderating inflation supported private consumption;<br><br>however, overall sentiment continued to be weak; the cooling of the robust labor<br><br>market has slowed |
| U.S. Economy | 2.2 | 2.8 | In the U.S., federal government shutdown dampened economic activity in the second<br><br>half of the year; nevertheless, investment, particularly in AI‑related technologies,<br><br>provided meaningful support to growth; reductions in food import tariffs contributed to<br><br>easing inflationary pressures; in light of emerging labour market risks, the Federal<br><br>Reserve proceeded with further reductions of its key policy rate despite inflation<br><br>remaining above target |
| Japanese Economy | 1.2 | (0.2) | The impact of U.S. tariff measures on the Japanese economy remained limited, and<br><br>business sentiment continued to be robust; an increase in real employee compensation<br><br>supported the recovery in private consumption; inflation, however, remained elevated,<br><br>driven primarily by rising food prices; against this backdrop, the Bank of Japan<br><br>proceeded to tighten its monetary policy stance |
| Asian Economy4 | 5.5 | 5.2 | GDP growth in Asian economies was supported primarily by strong economic<br><br>momentum in India, complemented by additional contributions from China; inflation<br><br>declined noticeably across several economies, which bolstered private consumption<br><br>and provided scope for certain central banks to implement further reductions in policy<br><br>interest rates |
| Of which:<br><br>Chinese Economy | 5.0 | 5.0 | China met its official growth target, although momentum slowed over the year, largely<br><br>due to policy measures aimed at curbing overcapacity and excessive competition; the<br><br>government's efforts to stimulate purchases of durable consumer goods also lost<br><br>effectiveness over time |
1Annual Real GDP Growth (% YoY). Sources: National Authorities unless stated otherwise
2Sources: Deutsche Bank Research
3Some economic data for 2024 were revised by public statistics authorities. As a result, this data may differ from that previously published
4Includes China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, South Korea, Taiwan, Thailand and Vietnam; excludes Japan
4
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Executive summary |
Banking Industry
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Growth year on year<br><br>(in %) | Corporate<br><br>Lending | Retail<br><br>Lending | Corporate<br><br>Deposits | Retail<br><br>Deposits | Main driver |
| Eurozone | 2.0 | 2.6 | 3.2 | 3.0 | Buoyed by lower interest rates and stronger economic<br><br>growth, both retail and corporate lending have picked<br><br>up significantly over the course of the year, the former<br><br>even more than the latter; However, growth rates did<br><br>not yet exceed inflation to a meaningful extent; By<br><br>contrast, deposits from households as well as firms<br><br>largely maintained their momentum throughout 2025<br><br>and kept expanding at a robust pace |
| Of which:<br><br>Germany | 0.7 | 1.9 | 2.4 | 2.8 | Private-sector credit dynamics have improved during<br><br>2025, with households more than with companies due<br><br>to interest rate tailwinds in the mortgage business;<br><br>Sluggish lending to firms may be the result of various<br><br>factors impacting investment sentiment – from trade<br><br>policy uncertainty to worries about Germany lacking<br><br>international competitiveness, and transition<br><br>challenges; Demand for credit rose in recent quarters,<br><br>according to the bank lending survey; Growth remains<br><br>higher in deposits from corporate and retail customers<br><br>than in loans, despite a slowdown after the surge in<br><br>2024 |
| U.S.1 | 3.3 | 2.8 | 4.21 | 4.21 | Lending to the corporate as well as household sectors<br><br>gained further traction as the year progressed;<br><br>Nevertheless, the expansion is now only in line with<br><br>inflation, i.e., the private sector is not deleveraging any<br><br>more; Total deposit momentum accelerated<br><br>substantially, bolstered by interest rates staying on an<br><br>elevated level |
| China | 9.0 | 0.5 | 3.7 | 9.7 | Corporate lending maintained its robust pace in 2025,<br><br>which nevertheless is the lowest since before the<br><br>pandemic; By contrast, retail lending has come to a<br><br>standstill and is the weakest on record (covering nearly<br><br>two decades); On the deposit side, business with<br><br>households continues to flourish, while it has picked up<br><br>moderately with corporates, following a mild<br><br>contraction in the prior year |
1Total U.S. deposits as segment breakdown is not available
The global Investment Banking & Capital Markets fee pool increased by 12% to € 92 billion in 2025, making it the
second‑highest investment banking fee pool in the bank’s internal record, after 2021. This marked the second
consecutive year of double‑digit growth following the market downturn in 2022 and 2023, with the 2025 fee pool
standing 43% above 2023 levels. The Mergers & Acquisitions (M&A) fee pool was the primary driver of growth, reaching
€ 37 billion, marginally below the 2021 peak, and contributing € 5.3 billion of the € 9.7 billion total increase. Within M&A,
activity in “mega” deals exceeding € 10 billion rose sharply, with announced volumes more than doubling. Equity capital
markets, leveraged debt capital markets and debt capital markets also recorded higher fee pools, rising by 16%, 7% and
8% respectively, and together contributing the remaining € 4.4 billion increase. Regionally, the global fee pool shifted
away from Europe, Middle East and Africa (EMEA), which grew by 3%, towards the U.S. and Asia-Pacific (APAC), which
recorded growth of 14% and 16%, respectively. The United Kingdom & Ireland region continued to lag global trends, with
its fee pool declining by 2%. Global Sponsor activity increased by 6%, although corporate activity rose by a higher
amount at 14%. However, a 46% increase in announced Sponsor M&A volumes suggests a more constructive environment
for private equity heading into 2026. In Fixed Income, revenue pools remained at elevated levels in 2025, and Deutsche
Bank’s assessment is that they increased further compared to the previous year. Foreign exchange activity is expected to
have risen across the ten most‑traded currencies globally, supported by heightened volatility in the first half of the year
and broader growth in derivative activity. Rates revenues increased materially, reflecting strong client demand and a
more supportive market environment, and Emerging Markets revenues also improved year on year. In Credit Trading,
performance has been broadly in line with the prior year, with markets recovering strongly in the second half of 2025
following the reaction to U.S. tariff policy in the second quarter of 2025. In Financing, client demand remained robust,
supporting the expectation of a revenue pool above the prior‑year level.
5
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Executive summary |
Deutsche Bank performance
Deutsche Bank’s net profit was € 7.1 billion in 2025, up from € 3.5 billion in 2024. This year-on-year development
reflected strong operational performance in 2025 and the non-recurrence of specific litigation items which negatively
impacted 2024. Provision for credit losses was € 1.7 billion in 2025, down 7% from € 1.8 billion in 2024, or 36 basis points
of average loans.
During 2025, the bank made capital distributions in respect of 2024 of € 2.3 billion, up by around 50% from 2024. These
included the dividend of € 0.68 per share, or € 1.3 billion in aggregate, and share buybacks of € 1.0 billion. For 2026,
Deutsche Bank plans to propose a dividend in respect of the 2025 financial year of € 1.00 per share, or approximately
€ 1.9 billion in aggregate, up 50% from € 0.68 per share for 2024, at the bank’s Annual General Meeting in May 2026. The
bank has also secured customary authorizations for up to € 1.0 billion in further share repurchases in respect of 2025.
Together, these measures would increase cumulative capital distributions to shareholders by a further € 2.9 billion and
would represent distributions in respect of 2025 consistent with the bank’s commitment to a 50% payout ratio for 2025.
Cumulative capital distributions in respect of the financial years 2021–2025, to be paid in 2022–2026, thereby amount
to € 8.5 billion, exceeding the bank’s original capital distribution goal of € 8 billion.
Profit before tax was € 9.7 billion for the full year 2025, up 84% from € 5.3 billion in 2024. Revenues grew by 7% year on
year to € 32.1 billion. Noninterest expenses were € 20.7 billion, down 10%, and included € 0.4 billion in nonoperating
costs compared to € 2.6 billion in 2024. Adjusted costs, which exclude nonoperating costs, were down 1% to € 20.3 billion.
The cost/income ratio was 64% compared to 76% in 2024. Post-tax return on average shareholders’ equity was 9.3%,
compared to 4.2% in the prior year. Post-tax return on average tangible shareholders’ equity was 10.3% in 2025,
compared to 4.7% in 2024. The year-on-year development in both ratios reflected the strong operational performance
achieved in 2025 as well as lower restructuring and severance charges and the non-recurrence of specific litigation items
compared to 2024.
Group Key Performance Indicators
| Financial targets | Financial targets and<br><br>capital objectives<br><br>2025 | Status end of<br><br>2025 | Status end of<br><br>2024 |
|---|---|---|---|
| Post-tax return on average tangible shareholders’ equity¹ | Above 10.0% | 10.3% | 4.7% |
| Compound annual growth rate of revenues from 20212 | 5.5% to 6.5% | 6.0% | 5.8% |
| Cost/income ratio3 | Below 65%4 | 64.4% | 76.3% |
| Capital objectives | |||
| Common Equity Tier 1 capital ratio5 | 13.5 to 14.0%6 | 14.2% | 13.8% |
| Payout ratio7 | 50%8 | 47%9 | 86% |
1Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary Information (Unaudited):
Non-GAAP Financial Measures” of this report
2Twelve months period until the end of the respective reporting period compared to full year 2021
3Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
4Target ratio until December 31, 2025
5Further details on the calculation of this ratio are provided in the Risk Report in this report
6Target ratio while maintaining a buffer of 200 basis points above the bank’s expected maximum distributable amount (MDA) threshold
7Distributions in form of common share dividends and share buybacks in relation to Profit (loss) attributable to Deutsche Bank shareholders. Beginning with the fourth
quarter of 2025, the payout ratio will be presented under the respective financial year to which distributions relate to. This represents a change in presentation only and
does not affect the underlying calculation
8In respect of financial year 2025
9Expected distributions in 2026 in respect of financial year 2025, including the proposed dividend per share of € 1.00 and a share buyback of € 1.0 billion, for which the
bank secured the customary authorizations, in relation to Profit (loss) attributable to Deutsche Bank shareholders of financial year 2025
Net revenues were € 32.1 billion in 2025, up 7% year on year. Net commission and fee income grew 5% to € 10.9 billion,
while net interest income in key segments of the banking book remained resilient at € 13.7 billion, up 2%, reflecting
higher deposit volumes. Compound annual revenue growth since 2021 was 6.0% through the end of 2025, at the mid-
point of the bank’s target range of 5.5% to 6.5% for the period from 2021 to 2025.
Provision for credit losses was € 1.7 billion in 2025, or 36 basis points of average loans, a decrease of 7% from
€ 1.8 billion, or 38 basis points of average loans, in 2024, despite elevated macroeconomic and geopolitical uncertainty
and ongoing headwinds in Commercial Real Estate.
Noninterest expenses were € 20.7 billion in 2025, down 10% year on year. This development was primarily driven by a
decrease in nonoperating costs to € 0.4 billion, down 86%, from € 2.6 billion in 2024, which largely reflected the non-
recurrence of specific litigation items as well as lower restructuring and severance charges compared to 2024. Adjusted
costs were € 20.3 billion, down 1% compared to the prior year. Higher variable compensation expenses, reflecting the
bank’s performance, were offset by cost reductions in IT, professional services and other expenses.
6
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Executive summary |
Income tax expense was € 2.6 billion in 2025, compared to € 1.8 billion in the prior year. The effective tax rate of 27% in
2025 was positively impacted by the German Tax Reform and the geographical mix of income, compared to 34% in 2024,
which was mainly affected by litigation charges that were non-tax deductible.
Common Equity Tier 1 capital ratio was 14.2% at the end of 2025, slightly above the bank’s operating target range of
13.5% to 14.0%, and up from 13.8% at the end of 2024. Organic capital generation from increased profitability offset the
combined impacts of higher capital distributions and coupon payments, regulatory impacts and business growth during
the year.
Adjusted costs, nonoperating cost, net interest income in the key banking book segments, and post-tax return on
average tangible shareholders’ equity are Non-GAAP financial measures. Please refer to “Supplementary Information
(Unaudited): Non-GAAP Financial Measures” of this Annual Report for the definitions of such measures and
reconciliations to the IFRS measures on which they are based. With effect from the first quarter of 2026, Deutsche Bank
will discontinue the separate reporting of adjusted costs and nonoperating costs.
7
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Deutsche Bank Group
Deutsche Bank’s Organization
Headquartered in Frankfurt am Main, Germany, Deutsche Bank is the largest bank in Germany and one of the largest
financial institutions in the world, as measured by total assets of € 1,435 billion as of December 31, 2025. As of that date,
the bank had 89,879 full-time equivalent internal employees and operated in 55 countries with 1,179 branches, of which
64% were located in Germany.
Deutsche Bank Value Chain
Deutsche Bank’s business model considers impacts, risks and opportunities in relation to Environmental, Social and
Governance matters along the bank’s value chain, which comprises its upstream value chain, its own operations and its
downstream value chain. The following chart illustrates Deutsche Bank’s value chain and describes its components.
Intangible resources
The most important intangible resources for Deutsche Bank's business model from an economic point of view are its
customer relationships and its workforce. Other important intangible resources are the bank's brand name and its data
and software. When required by IFRS, intangible resources are recognized in the balance sheet and described in the
consolidated financial statements.
Impacts, risks and opportunities for the bank’s material topics in relation to sustainability are described in the
“Sustainability Statement”.
Deutsche Bank’s organizational model
As of December 31, 2025, the bank was organized into the following business segments:
–Corporate Bank
–Investment Bank
–Private Bank
–Asset Management
–Corporate & Other
8
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Deutsche Bank has a country and regional organizational layer to facilitate a consistent implementation of global
strategies.
The bank has operations or dealings with existing and potential customers in most countries in the world. These
operations and dealings include working through:
–Subsidiaries and branches
–Representative offices
–One or more representatives assigned to serve customers
Capital expenditures or divestitures related to the business segments are included in the respective corporate division
overview below.
Management structure
The Management Board has structured the Group as a matrix organization, comprising business segments and
infrastructure functions operating in legal entities and branches across geographic locations.
The Management Board is responsible for the management of the company in accordance with the law, the Articles of
Association and the Terms of Reference for the Management Board with the objective of creating sustainable value in
the interests of the company. It considers the interests of shareholders, employees and other company-related
stakeholders. The Management Board manages Deutsche Bank Group in accordance with uniform guidelines; it exercises
general control over all entities and branches.
The Management Board decides on all matters prescribed by law and the Articles of Association and ensures compliance
with the legal requirements and internal guidelines (compliance) and also takes the necessary measures to ensure that
adequate internal guidelines are developed and implemented. The Management Board's responsibilities include the
bank’s strategic management and direction, the allocation of resources, financial accounting and reporting, control and
risk management, as well as corporate control and a properly functioning business organization. The members of the
Management Board are collectively responsible for managing the bank’s business.
The allocation of functional responsibilities to the individual members of the Management Board is described in its
Business Allocation Plan, which sets the framework for the delegation of responsibilities to senior management below
the Management Board. The Management Board endorses individual accountability of senior position holders as opposed
to joint decision-taking in committees. At the same time, the Management Board recognizes the importance of having
comprehensive and robust information across all businesses in order to take well informed decisions. Governance fora
are established across the bank with the purpose of providing the necessary information to support the accountable
individuals in their decision-making process.
Corporate Bank
Corporate division overview
Corporate Bank is primarily focused on serving corporate clients, including the German “Mittelstand”, larger and smaller
sized commercial and business banking clients in Germany as well as multinational companies. The division also provides
financial institutions with certain transaction banking services. Corporate Bank reports revenues based on three client
categories: Corporate Treasury Services, Institutional Client Services and Business Banking.
There have been no significant capital expenditures or divestitures since January 1, 2023.
Products and services
Corporate Bank is a global provider of cash management, lending, trade finance, trust and securities services, and risk
management solutions. Cash management services include integrated payments and FX solutions. Trade finance and
lending offering spans from documentary and guarantee business to structured trade finance and lending. Trust and
securities services cover depository receipts, corporate trust, document custody and securities services. Focusing on the
finance departments of corporate and commercial clients and financial institutions in Germany and across the globe, its
holistic expertise and global network allow the bank to offer integrated solutions.
In addition to Corporate Bank’s product suite, coverage teams provide clients with access to the expertise of Investment
Bank.
9
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Distribution channels and marketing
The corporate coverage function of Corporate Bank focuses on international mid and large corporate clients and is
organized into three units: Global Coverage, MidCorps Coverage and Risk Management Solutions. Coverage includes
multi-product generalists covering headquarter level and subsidiaries via global, regional and local coverage teams for
multinational companies. MidCorps Coverage includes multi-product generalists with a special focus on medium sized
enterprises. Risk Management Solutions includes Foreign Exchange, Emerging Markets and Rates product specialists.
This unit is managed regionally in Asia Pacific, Middle East & Africa, Americas and Europe to ensure close connectivity to
clients.
Corporate clients are served out of all three of the Corporate Bank’s client categories. Corporate Treasury Services
covers mid and large corporate clients across two brands, Deutsche Bank and Postbank, and offers the whole range of
solutions across cash, trade financing, lending and risk management for the corporate treasurer. Institutional Client
Services comprises of Cash Management for institutional clients and Trust and Securities Services. Business Banking
covers small corporates and entrepreneur clients and offers a largely standardized product suite and selected
contextual-banking partner offerings (e.g., accounting solutions).
Investment Bank
Corporate division overview
Investment Bank combines Deutsche Bank’s Fixed Income & Currencies and Investment Banking & Capital Markets
(renamed in the fourth quarter of 2025 from “Origination & Advisory”) businesses, as well as Deutsche Bank Research and
Other. The Investment Bank focuses on its traditional strengths in these markets, bringing together wholesale banking
expertise across risk management, sales and trading, investment banking and infrastructure. This enables the Investment
Bank to align resourcing and capital across its client and product perimeter to effectively support the bank’s strategic
goals.
In April 2023, Deutsche Bank announced that it reached an agreement on an all-cash offer for the acquisition of Numis
Corporation Plc (“Numis”). On October 13, 2023, Deutsche Bank completed the transaction and acquired a 100% interest
in Numis for a cash purchase price of GBP 397 million. After the initial purchase price allocation, goodwill of € 233 million
related to the transaction was identified. Deutsche Bank assigned the identified goodwill to the Investment Bank cash
generating unit (CGU). Given the value of the Investment Bank CGU, the goodwill was considered impaired and written
off in the fourth quarter of 2023.
There have been no significant divestitures since January 1, 2023.
Products and services
Fixed Income & Currencies is split into two sub-categories: “Fixed Income & Currencies: Financing”, which provides
comprehensive, customized financing solutions across industries and asset classes; and “Fixed Income & Currencies:
Markets” (renamed in the fourth quarter of 2025 from “Fixed Income & Currencies: Ex-Financing”), which combines
institutional sales, trading and structuring expertise across Foreign Exchange, Rates, Emerging Markets and Credit
Trading. The Fixed Income & Currencies business operates globally and provides both corporate and institutional clients
liquidity, market making services and a range of specialized risk management solutions across a broad range of Fixed
Income & Currencies products. The application of technology and continued innovation of the transaction lifecycle
processes is enabling Deutsche Bank to increase automation/electronification in order to respond to client and
regulatory requirements.
Investment Banking & Capital Markets is responsible for the bank’s Mergers and Acquisitions business and Capital
Markets businesses across Debt and Equity. The IBCM franchise comprises regional and industry-focused product and
coverage teams, leveraging senior relationships to deliver a range of advisory and financial products and services to the
bank’s clients in partnership with the Fixed Income & Currencies franchise and other divisions of the bank.
Distribution channels and marketing
Coverage of the Investment Bank’s clients is provided principally by three groups working in conjunction with each other:
The Institutional Client Group, which houses the debt sales team, Investment Banking Coverage within Investment
Banking & Capital Markets and Risk Management Solutions in Corporate Bank, which covers capital markets and treasury
solutions. The close cooperation between these groups helps to create enhanced synergies leading to increased cross
selling of products/solutions to clients.
10
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Private Bank
Corporate division overview
Private Bank serves personal and private clients, wealthy individuals, entrepreneurs and families. The international
businesses also focus on commercial clients in selected markets. Private Bank is organized along the client sectors
Wealth Management (renamed in the fourth quarter of 2025 from Wealth Management & Private Banking) and Personal
Banking.
This client-centric approach reflects the aim to serve clients in a more targeted and effective way across the Private
Bank. Wealth Management combines the coverage of private banking, high-net-worth and ultra-high-net-worth clients,
as well as business clients in selected international markets. The client sector Personal Banking serves retail and affluent
customers as well as commercial banking clients in Italy and Spain (i.e., all small business clients and small sized
corporate clients that are not covered as part of the Wealth Management client sector).
There have been no significant capital expenditures or divestitures since January 1, 2023.
Products and services
Private Bank’s offers a range of payment and account services, credit and deposit products as well as investment advice.
These offerings include products which provide its clients access to Sustainable Finance lending and ESG investment
solutions based on specified classification and due diligence methodologies including ESG strategies, ratings and
exclusion criteria.
Personal Banking Germany pursues a differentiated, customer-focused approach with two strong and complementary
main brands: Deutsche Bank and Postbank. The Deutsche Bank brand provides private customers with banking and
financial products and services, including individualized advisory solutions. The Postbank brand focuses on offering retail
customers standard products and daily retail banking services supported by direct banking capabilities. In cooperation
with Deutsche Post DHL AG, the retail bank in Germany also offers postal and parcel services in selected Postbank
branches. In the international markets of Italy, Spain and India, the bank provides retail customers with daily banking
services as well as investment advisory solutions.
Wealth Management globally offers private banking, high-net-worth and ultra-high-net-worth clients bespoke and
sophisticated services in planning, managing and investing wealth, financing personal and business interests and
servicing institutional and corporate needs.
Distribution channels and marketing
Private Bank pursues an omni-channel approach, enabling customers to choose flexibly among different ways to access
services and products.
The distribution channels include branch networks, supported by advisory and customer call centers, self-service
terminals and digital offerings, such as online and mobile banking. Private Bank also collaborates with self-employed
financial advisors and other sales and cooperation partners, including Business-to-Business-to-Consumer partners in
Germany. For Wealth Management clients, the Private Bank deploys a client coverage team model with relationship and
investment managers supported by client service executives, who assist with wealth management services and open-
architecture products. In Germany, Deutsche Oppenheim Family Office AG provides family office services, discretionary
funds and advisory solutions.
Expanding digital capabilities remains a strong focus across the businesses, as client behavior continues to shift towards
digital channels. The Private Bank will continue optimizing its omni-channel mix to provide customers with the most
convenient access to products and services.
11
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Asset Management
Corporate division overview
With € 1,085 billion of assets under management as of December 31, 2025, the Asset Management division, which
operates under the brand DWS, aspires to be a leading asset manager. DWS serves a diverse client base of retail and
institutional investors worldwide, with a strong presence in the bank’s home market in Germany. These clients include
large government institutions, corporations and foundations as well as individual investors. As a regulated asset manager,
DWS acts as a fiduciary for its clients. Responsible investing has been an important part of DWS’s heritage for decades,
and DWS is committed to acting and investing in its clients’ best interest.
Deutsche Bank Group retains 79.5% ownership interest in DWS, and asset management remains a core business for the
Group. The shares of DWS are listed on the Frankfurt stock exchange.
There have been no significant capital expenditures or divestitures since January 1, 2023.
Products and services
DWS offers individuals and institutions access to investment capabilities across all major asset classes in Active, Passive
including Xtrackers range and Alternatives. In addition, DWS’s solution strategies are targeted to client needs that
cannot be addressed by traditional asset classes alone.
Distribution channels and marketing
DWS product offerings are managed by a global investment platform and distributed across EMEA, the Americas and
Asia Pacific through a single global distribution network. DWS also leverages third-party distribution channels, including
other divisions of Deutsche Bank Group.
Infrastructure
The Infrastructure functions perform control and service activities for the businesses, including tasks relating to Group-
wide, cross-divisional resource-planning, steering and control, as well as tasks relating to risk, liquidity and capital
management.
The Infrastructure functions are organized into the following areas of responsibility linked to a dedicated member of the
Management Board:
–Chief Executive Office
–Chief Financial Office
–Chief Risk Office
–Chief Operating Office
–Compliance & Anti-Financial Crime
–Chief Technology, Data and Innovation
Infrastructure also includes Communications & Corporate Social Responsibility, Chief Sustainability Office, Group Audit,
Group Governance, Legal, Global Procurement, Global Real Estate, Human Resources and Investor Relations.
Significant capital expenditures and divestitures
Information on each business segment’s significant capital expenditures and divestitures for the last three financial years
has been included in the above descriptions of the corporate divisions.
Since January 1, 2023, there have been no public takeover offers by third parties with respect to Deutsche Bank’s shares.
12
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Results of operations
Consolidated results of operations
The following discussion and analysis should be read in conjunction with the consolidated financial statements.
Condensed consolidated statement of income
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net interest income | 13,065 | 13,602 | 2,626 | 20 | (536) | (4) |
| Provision for credit losses | 1,830 | 1,505 | (123) | (7) | 325 | 22 |
| Net interest income after provision for credit losses | 11,235 | 12,097 | 2,749 | 24 | (861) | (7) |
| Net commission and fee income | 10,372 | 9,206 | 519 | 5 | 1,166 | 13 |
| Net gains (losses) on financial assets/liabilities at fair value through profit or loss | 5,987 | 4,947 | (826) | (14) | 1,040 | 21 |
| Net gains (losses) on financial assets at fair value through other comprehensive income | 48 | — | 1 | 2 | 49 | N/M |
| Net gains (losses) on financial assets at amortized cost | (11) | (96) | 20 | N/M | 85 | (89) |
| Net income (loss) from equity method investments | 12 | (38) | (18) | N/M | 49 | N/M |
| Other income (loss) | 619 | 1,259 | (319) | (52) | (640) | (51) |
| Total noninterest income | 17,027 | 15,277 | (623) | (4) | 1,750 | 11 |
| Memo: Total net revenues | 30,092 | 28,879 | 2,003 | 7 | 1,214 | 4 |
| Compensation and benefits | 11,731 | 11,131 | 82 | 1 | 601 | 5 |
| General and administrative expenses | 11,243 | 10,112 | (2,383) | (21) | 1,131 | 11 |
| Impairment of goodwill and other intangible assets | — | 233 | — | N/M | (233) | N/M |
| Restructuring activities | (3) | 220 | (12) | N/M | (223) | N/M |
| Total noninterest expenses | 22,971 | 21,695 | (2,313) | (10) | 1,276 | 6 |
| Profit (loss) before tax | 5,291 | 5,678 | 4,439 | 84 | (387) | (7) |
| Income tax expense (benefit) | 1,786 | 787 | 805 | 45 | 1,000 | 127 |
| Profit (loss) | 3,505 | 4,892 | 3,634 | 104 | (1,387) | (28) |
| Profit (loss) attributable to noncontrolling interests | 139 | 119 | 69 | 50 | 19 | 16 |
| Profit (loss) attributable to Deutsche Bank shareholders and additional equity components | 3,366 | 4,772 | 3,565 | 106 | (1,406) | (29) |
| Profit (loss) attributable to additional equity components | 668 | 560 | 141 | 21 | 108 | 19 |
| Profit (loss) attributable to Deutsche Bank shareholders | 2,698 | 4,212 | 3,424 | 127 | (1,514) | (36) |
All values are in Euros.
N/M – Not meaningful
13
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Net interest income
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Total interest and similar income | 49,358 | 44,074 | (4,900) | (10) | 5,284 | 12 |
| Total interest expenses | 36,292 | 30,472 | (7,526) | (21) | 5,820 | 19 |
| Net interest income | 13,065 | 13,602 | 2,626 | 20 | (536) | (4) |
| Average interest-earning assets1 | 996,118 | 970,924 | 39,848 | 4 | 25,194 | 3 |
| Average interest-bearing liabilities1 | 797,143 | 735,576 | 51,693 | 6 | 61,567 | 8 |
| Gross interest yield2 | 4.95% | 4.52% | (0.66)ppt | (13) | 0.43ppt | 10 |
| Gross interest rate paid3 | 4.54% | 4.12% | (1.16)ppt | (26) | 0.42ppt | 10 |
| Net interest spread4 | 0.40% | 0.40% | 0.50ppt | 125 | 0.00ppt | — |
| Net interest margin5 | 1.31% | 1.40% | 0.20ppt | 15 | (0.09)ppt | (6) |
All values are in Euros.
ppt – Percentage points
1Average balances for the year calculated based on month-end balances
2Gross interest yield as the average interest rate earned on average interest-earning assets
3Gross interest rate paid as the average interest rate paid on average interest-bearing liabilities
4Net interest spread as the difference between the average interest rate earned on average interest-earning assets and the average interest rate paid on average interest-
bearing liabilities
5Net interest margin as net interest income as a percentage of average interest-earning assets
2025
Net interest income was € 15.7 billion in 2025, an increase of € 2.6 billion, or 20% compared to 2024. Lower interest
income on assets, mainly driven by the lower interest rate environment, was more than offset by lower interest expenses
on deposits, further supported by positive hedge effects. Net interest income included no interest expenses under the
Targeted Long-Term Refinancing Operation III (TLTRO III) program in 2025, whereas 2024 included interest expenses of
€ 144 million under this program. Overall, the bank’s net interest margin was at 1.5% in 2025, up 20 basis points
compared to the prior year.
2024
Net interest income was € 13.1 billion in 2024, a decrease of € 536 million compared to 2023, primarily driven by a
further normalization of the interest rate environment and the discontinuation of the minimum reserve remuneration. Net
interest income included interest expenses of € 144 million under the Targeted Long-Term Refinancing Operation III
(TLTRO III) program in 2024, whereas 2023 included interest expenses of € 741 million under this program. Overall, the
bank's net interest margin was at 1.3% in 2024, down 9 basis points compared to the prior year.
14
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Net gains (losses) on financial assets/liabilities at fair value through profit or loss
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Trading income | 5,894 | 4,878 | (559) | (9) | 1,016 | 21 |
| Net gains (losses) on non-tradingfinancial assets mandatory at fair valuethrough profit or loss | (65) | 217 | 225 | N/M | (282) | N/M |
| Net gains (losses) on financialassets/liabilities designated at fair valuethrough profit or loss | 158 | (148) | (492) | N/M | 306 | N/M |
| Total net gains (losses) on financialassets/liabilities at fair value throughprofit or loss | 5,987 | 4,947 | (826) | (14) | 1,040 | 21 |
All values are in Euros.
N/M – Not meaningful
2025
Net gains on financial assets/liabilities at fair value through profit or loss amounted to € 5.2 billion in 2025, compared to
€ 6.0 billion in 2024, reflecting a decrease of € 826 million, or 14%. The decrease was primarily driven by negative
impacts from interest rate hedges in Corporate & Other as well as changes in the market valuation of derivatives in the
Investment Bank. In addition, changes in valuation adjustments mainly on guaranteed funds in Asset Management, which
had a corresponding offset in other income, contributed to the decrease. These effects were partly offset by increased
mark-to-market impacts from hedge activities in the Corporate Bank and Private Bank.
2024
Net gains on financial assets/liabilities at fair value through profit or loss amounted to € 6.0 billion in 2024, compared to
€ 4.9 billion in 2023, reflecting an increase of € 1.0 billion, or 21%. The increase was primarily driven by positive impacts
from interest rate hedges in Corporate & Other. Asset Management benefited from positive valuation adjustments
primarily on guaranteed funds, which had a corresponding offset in other income. These gains were partly offset by
changes in the market valuation of derivatives in the Investment Bank.
15
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Net interest income and net gains (losses) on financial assets/liabilities at fair value through
profit or loss
The bank’s trading and risk management activities include interest rate instruments and related derivatives. Under IFRS,
interest and similar income earned from trading instruments and financial instruments at fair value through profit or loss
(i.e., coupon and dividend income) and the costs of funding net trading positions are part of net interest income. The
bank’s trading activities can periodically shift income between net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss depending on a variety of factors, including risk management
strategies.
In order to provide a more business focused discussion, the following table presents net interest income and net gains
(losses) on financial assets/liabilities at fair value through profit or loss by business segments.
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net interest income | 13,065 | 13,602 | 2,626 | 20 | (536) | (4) |
| Total net gains (losses) on financial assets/liabilities at fair value through profit or loss | 5,987 | 4,947 | (826) | (14) | 1,040 | 21 |
| Total net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss | 19,052 | 18,549 | 1,800 | 9 | 504 | 3 |
| Breakdown by business segments:1 | ||||||
| Corporate Bank | 4,946 | 5,193 | (277) | (6) | (247) | (5) |
| Investment Bank | 8,368 | 7,976 | 939 | 11 | 393 | 5 |
| Private Bank | 5,998 | 6,377 | 472 | 8 | (379) | (6) |
| Asset Management | 269 | (11) | (89) | (33) | 280 | N/M |
| Corporate & Other | (529) | (986) | 755 | N/M | 457 | (46) |
| Total net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss | 19,052 | 18,549 | 1,800 | 9 | 504 | 3 |
All values are in Euros.
N/M – Not meaningful
Prior years’ comparatives aligned to presentation in the current year
1This breakdown reflects net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss; for a discussion of the business
segments’ total revenues by product please refer to Note 04 “Business Segments and related information” of this report
2025
Total net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss amounted
to € 20.9 billion in 2025, compared to € 19.1 billion in 2024. The increase of € 1.8 billion, or 9%, compared to the prior
year was mainly driven by higher net interest income. The Investment Bank recorded an increase of € 939 million,
primarily driven by volume growth combined with stronger lending income in FIC, specifically in Foreign Exchange and
Emerging Markets. In the Private Bank, net interest income and net gains (losses) increased by € 472 million, mainly due
to higher deposit volumes and increased mark-to-market impacts from hedge activities, which had a partial offsetting
effect in other income. Net interest income and net gains (losses) in Asset Management decreased by € 89 million,
reflecting valuation adjustments primarily on guaranteed funds being offset in other income. In the Corporate Bank, net
interest income and net gains (losses) decreased by € 277 million, as interest rate hedging, growth in business volumes
and favorable changes in the market valuation of derivatives were more than offset by margin normalization and foreign
exchange movements. The overall increase was supported by Corporate & Other, which recorded a net interest income
and net gains (losses) of € 225 million, an improvement of approximately € 755 million, primarily benefiting from positive
impacts from interest rate hedges.
2024
Total net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss amounted
to € 19.1 billion in 2024, compared to € 18.5 billion in 2023. The increase of € 0.5 billion, or 3%, compared to the prior
year was mainly driven by higher net gains on financial assets/liabilities at fair value through profit or loss. The
Investment Bank recorded an increase of € 393 million, primarily driven by higher net interest income partly offset by
lower net gains on financial assets/liabilities mainly from a lower mark-to-market from derivatives in FIC Markets. Net
interest income and net gains (losses) in Asset Management increased by € 280 million, reflecting a more favorable
valuation adjustment primarily on guaranteed funds with offset in other income. In the Private Bank, net interest income
and net gains (losses) decreased by € 379 million, mainly due to higher funding costs and hedging activities partially
offset by growth in deposits and lending. In the Corporate Bank, net interest income and net gains (losses) decreased by
€ 247 million, primarily due to lower interest income and higher funding costs. The overall increase was supported by
Corporate & Other, which recorded an improvement of approximately € 457 million, primarily benefiting from positive
impacts from interest rate hedges.
16
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Provision for credit losses
2025
Provision for credit losses was € 1.7 billion in 2025, down from € 1.8 billion in 2024, and 36 basis points (bps) of average
loans, in line with the guidance the bank provided after the third quarter. The decrease was primarily driven by lower
Stage 3 bookings, notwithstanding persistently elevated provisions for the commercial real estate sector. This was
partially offset by higher Stage 1 and Stage 2 provisions resulting from model-related effects. Overall, portfolio quality
remained stable.
2024
Provision for credit losses was € 1.8 billion in 2024, up from € 1.5 billion in 2023, and 38 basis points (bps) of average
loans, in line with the guidance the bank provided after the third quarter. The increase was driven by cyclical events in
the commercial real estate sector, certain larger corporate credit events and temporary effects following the Postbank
integration. The wider portfolios performed broadly in line with expectations despite the challenging macroeconomic
and interest rate environment.
The sections “Segment results of operations” and “Risk Report” provide further details on provision for credit losses.
Remaining noninterest income
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net commission and fee income | 10,372 | 9,206 | 519 | 5 | 1,166 | 13 |
| Net gains (losses) on financial assets at fair valuethrough other comprehensive income | 48 | — | 1 | 2 | 49 | N/M |
| Net gains (losses) on financial assets at amortizedcost | (11) | (96) | 20 | N/M | 85 | (89) |
| Net income (loss) from equity method investments | 12 | (38) | (18) | N/M | 49 | N/M |
| Other income (loss) | 619 | 1,259 | (319) | (52) | (640) | (51) |
| Total remaining noninterest income | 11,040 | 10,330 | 204 | 2 | 710 | 7 |
| 1 includes: | ||||||
| Net commission and fees from fiduciary activities: | ||||||
| Commissions for administration | 317 | 280 | 1 | — | 37 | 13 |
| Commissions for assets under management | 4,022 | 3,700 | 430 | 11 | 322 | 9 |
| Commissions for other securities | 433 | 441 | 61 | 14 | (8) | (2) |
| Total | 4,772 | 4,421 | 492 | 10 | 351 | 8 |
| Net commissions, broker’s fees, mark-ups on securities underwriting and other securities activities: | ||||||
| Underwriting and advisory fees | 1,669 | 1,105 | 102 | 6 | 564 | 51 |
| Brokerage fees | 455 | 366 | (1) | — | 89 | 24 |
| Total | 2,124 | 1,471 | 102 | 5 | 653 | 44 |
| Net fees for other customer services | 3,476 | 3,314 | (74) | (2) | 162 | 5 |
| Total net commission and fee income | 10,372 | 9,206 | 519 | 5 | 1,166 | 13 |
All values are in Euros.
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
Net commission and fee income
2025
Net commission and fee income was € 10.9 billion in 2025, an increase of € 519 million or 5% compared to 2024. The
increase was mainly driven by higher performance fees and management fees from higher average assets under
management, supported by positive market developments and net inflows in Asset Management as well as a strong
contribution from Trade Finance & Lending, Institutional Cash Management and Trust and Agency Services businesses in
the Corporate Bank. In addition, higher fee revenues in private credit lending and financing on balance sheet investment
in the Investment Bank as well as higher investment revenues, mainly from discretionary portfolio mandates and partly
offset by higher cards and payments costs in Private Bank, contributed to the increase.
2024
Net commission and fee income was € 10.4 billion in 2024, an increase of € 1.2 billion or 13% compared to 2023. The
increase was driven by higher underwriting and advisory fees in Investment Banking & Capital Markets in the Investment
Bank and a particularly strong contribution from the Trade Finance business in the Corporate Bank. In addition, higher
management fees in Asset Management from higher assets under management contributed to the increase.
17
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Net gains (losses) on financial assets at fair value through other comprehensive income
2025
Net gains (losses) on financial assets at fair value through other comprehensive income were € 49 million in 2025 and
€ 48 million in 2024, driven by a sale of bonds and securities from the strategic liquidity reserve.
2024
Net gains (losses) on financial assets at fair value through other comprehensive income were € 48 million in 2024 and
€ (0) million in 2023, mainly driven by a sale of bonds and securities from the strategic liquidity reserve.
Net gains (losses) on financial assets at amortized cost
2025
Net gains (losses) on financial assets at amortized cost were € 9 million in 2025 compared to € (11) million in 2024, driven
by derecognition of loans held at amortized cost.
2024
Net gains (losses) on financial assets at amortized cost were € (11) million in 2024 compared to € (96) million in 2023,
driven by sales primarily related to the hold-to-collect portfolio.
Net income (loss) from equity method investments
2025
Net income (loss) from equity method investments was € (6) million in 2025 compared to € 12 million in 2024, a decrease
of € 18 million, mainly driven by losses related to the deconsolidation of an investment, partially offset by net profit on
the investments due to upward valuations.
2024
Net income (loss) from equity method investments was € 12 million in 2024 compared to € (38) million in 2023, an
increase of € 49 million, mainly related to an upward valuation of the underlying loan assets in Harvest Fund
Management Company Limited.
Other income (loss)
2025
Other income (loss) was € 300 million in 2025 compared to € 619 million in 2024. The decrease was primarily related to
the market movements in the hedge portfolio compared to gains in 2024 with an offset due to valuation adjustments
mainly on guaranteed funds in Asset Management.
2024
Other income (loss) was € 619 million in 2024 compared to € 1.3 billion in 2023. The decrease was primarily related to
the market movements in the hedge portfolio compared to gains in 2023.
18
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Noninterest expenses
| in m. | 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||
|---|---|---|---|---|---|---|
| (unless stated otherwise) | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Compensation and benefits | 11,731 | 11,131 | 82 | 1 | 601 | 5 |
| General and administrative expenses¹ | 11,243 | 10,112 | (2,383) | (21) | 1,131 | 11 |
| Impairment of goodwill and other intangible assets | — | 233 | — | N/M | (233) | N/M |
| Restructuring activities | (3) | 220 | (12) | N/M | (223) | N/M |
| Total noninterest expenses | 22,971 | 21,695 | (2,313) | (10) | 1,276 | 6 |
| N/M – Not meaningful | ||||||
| 1 includes: | ||||||
| Information Technology | 3,610 | 3,755 | (106) | (3) | (145) | (4) |
| Occupancy, furniture and equipment expenses | 1,624 | 1,478 | (161) | (10) | 147 | 10 |
| Regulatory, tax & insurance2 | 1,028 | 1,399 | (165) | (16) | (371) | (27) |
| Professional services | 763 | 899 | (92) | (12) | (136) | (15) |
| Banking Services and outsourced operations | 964 | 964 | (73) | (8) | 1 | — |
| Market Data and Research services | 400 | 374 | 11 | 3 | 26 | 7 |
| Travel expenses | 153 | 143 | — | — | 10 | 7 |
| Marketing expenses | 149 | 203 | 46 | 31 | (54) | (26) |
| Other expenses3 | 2,552 | 899 | (1,842) | (72) | 1,654 | 184 |
| Total general and administrative expenses | 11,243 | 10,112 | (2,383) | (21) | 1,131 | 11 |
All values are in Euros.
2Includes bank levy of € 148 million in 2025, € 172 million in 2024 and € 528 million in 2023
3Includes litigation related expenses of € 179 million in 2025 and € 2,035 million in 2024 and € 311 million in 2023; see Note 27 “Provisions”, for more details on litigation
Compensation and benefits
2025
Compensation and benefits increased by € 82 million or 1% to € 11.8 billion in 2025 compared to € 11.7 billion in 2024.
The increase was driven mainly by higher performance-related compensation, partially offset by lower severance costs.
2024
Compensation and benefits increased by € 601 million or 5% to € 11.7 billion in 2024 compared to € 11.1 billion in 2023.
The increase was driven mainly by higher performance-related compensation, wage growth and increases in internal
workforce related to the bank’s targeted investments as part of the bank’s Global Hausbank strategy as well as higher
severance costs.
General and administrative expenses
2025
General and administrative expenses decreased by € 2.4 billion, or 21%, to € 8.9 billion in 2025 compared to € 11.2 billion
in 2024. The decrease was mainly driven by the non-recurrence of litigation charges related to the Postbank takeover
litigation matter and the Polish FX Mortgage matters as well as the reversal of the RusChemAlliance indemnification
asset which impacted the prior year. The decrease was further supported by lower bank levies, reduced depreciation on
right‑of‑use assets within lease expenses, and lower information technology costs, mainly reflecting reduced vendor and
IT platform expenses.
2024
General and administrative expenses increased by € 1.1 billion, or 11%, to € 11.2 billion in 2024 compared to
€ 10.1 billion in 2023. The increase was driven by an increase in other expenses, mainly due to increased litigation
charges related to the Postbank takeover litigation matter and the Polish FX Mortgage matters as well as the reversal of
the RusChemAlliance indemnification asset. This was partly offset by a decrease in bank levies of € 355 million in 2024,
lower fees for professional services and lower expenses in information technology, mainly relating to lower vendor costs
and lower IT platform costs.
19
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Impairment of goodwill and other intangible assets
2025
No impairment of goodwill or other intangible assets was recognized in either 2025 or 2024.
2024
Impairment of goodwill and other intangible assets was € 0 million in 2024 compared to € 233 million in 2023 relating to
the impaired goodwill of Numis in the Investment Bank.
Restructuring
2025
Restructuring activities were a release of € 15 million in 2025 compared to a release of € 3 million in 2024. The
development in both periods was primarily driven by Private Bank executing its strategic initiatives.
2024
Restructuring activities were a release of € 3 million in 2024 compared to charges of € 220 million in 2023. The
development in both periods was primarily driven by Private Bank in the context of the execution of strategic initiatives.
Income tax expense
2025
Income tax expense was € 2.6 billion in 2025, compared to € 1.8 billion in the prior year. The effective tax rate in 2025 of
27% primarily benefited from the positive impact of the German Tax Reform and the geographical mix of income.
2024
Income tax expense was € 1.8 billion in 2024, compared to € 787 million in the prior year. The effective tax rate in 2024 of
34% was mainly affected by litigation charges that are non-tax deductible.
Net profit (loss)
2025
Net profit in 2025 was € 7.1 billion, compared to € 3.5 billion in the prior year. The increase in net profit reflected a strong
operational performance in 2025 and the non-recurrence of specific litigation items which negatively impacted 2024.
2024
Net profit in 2024 was € 3.5 billion, compared to € 4.9 billion in the prior year. The decrease in net profit was primarily
driven by the aforementioned increase in litigation expenses and higher income tax expenses compared to 2023.
20
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Segment results of operations
The following section is a discussion of the results of the business segments. Please refer to Note 04 “Business Segments
and related information” to the consolidated financial statements for information regarding:
–Changes in the format of the bank’s segment disclosure
–The framework of the bank’s management reporting systems
Deutsche Bank’s segment reporting follows the organizational structure as reflected in the Group’s internal management
reporting systems, which are the basis for assessing the financial performance of the business segments and for
allocating resources to them. The segmentation is based on the structure of the Group as of December 31, 2025. Prior
year’s comparatives were aligned to the presentation in the current year.
| 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,400 | 11,541 | 9,665 | 3,077 | 413 | 32,096 |
| Provision for credit losses | 194 | 827 | 578 | (2) | 108 | 1,707 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,632 | 2,894 | 2,795 | 952 | 3,541 | 11,813 |
| General and administrative expenses | 2,971 | 3,782 | 3,958 | 871 | (2,721) | 8,860 |
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — |
| Restructuring activities | — | — | (15) | — | — | (15) |
| Total noninterest expenses | 4,603 | 6,675 | 6,738 | 1,823 | 819 | 20,658 |
| Noncontrolling interests | — | 16 | — | 272 | (289) | — |
| Profit (loss) before tax | 2,603 | 4,022 | 2,348 | 983 | (226) | 9,731 |
| Assets (in € bn)2 | 323 | 736 | 316 | 11 | 49 | 1,435 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 120 | 115 | 247 | — | (3) | 479 |
| Additions to non-current assets | 14 | 6 | 65 | 20 | 1,938 | 2,042 |
| Deposits (in € bn) | 329 | 28 | 329 | — | 5 | 692 |
| Average allocated shareholders' equity<br><br>(in € bn) | 12 | 24 | 15 | 53 | 10 | 66 |
| Risk-weighted assets (in € bn) | 72 | 136 | 92 | 16 | 31 | 347 |
| of which: operational risk RWA (in € bn)4 | 11 | 18 | 15 | 5 | 14 | 63 |
| Leverage exposure (in € bn) | 358 | 602 | 326 | 10 | 32 | 1,327 |
| Employees (full-time equivalent) | 27,320 | 20,592 | 35,443 | 5,425 | 1,099 | 89,879 |
| Post-tax return on average shareholders’<br><br>equity5,6 | 14.1% | 10.8% | 10.1% | 12.9% | N/M | 9.3% |
| Post-tax return on average tangible<br><br>shareholders’ equity5,6 | 15.3% | 11.2% | 10.5% | 29.1% | N/M | 10.3% |
| Cost/income ratio7 | 62.2% | 57.8% | 69.7% | 59.3% | N/M | 64.4% |
| 1 includes | ||||||
| Net interest income | 4,567 | 4,681 | 6,169 | 24 | 249 | 15,691 |
| Net income (loss) from equity method<br><br>investments | 4 | (69) | 4 | 52 | 3 | (6) |
| 2 includes | ||||||
| Equity method investments | 101 | 264 | 102 | 453 | 5 | 924 |
N/M – Not meaningful
3 Starting from the fourth quarter 2025, the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
4 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
5 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
6 Post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflect the reported effective tax rate for the Group, which
was 27% for the year ended December 31, 2025; for post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the
Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the
year ended December 31, 2025; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
21
| Deutsche Bank | Operating and financial review | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | Results of operations | |||||
| 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,506 | 10,557 | 9,386 | 2,649 | (6) | 30,092 |
| Provision for credit losses | 347 | 549 | 851 | (1) | 83 | 1,830 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,611 | 2,690 | 2,938 | 919 | 3,574 | 11,731 |
| General and administrative expenses | 3,448 | 3,970 | 4,395 | 904 | (1,474) | 11,243 |
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — |
| Restructuring activities | (1) | — | (3) | — | — | (3) |
| Total noninterest expenses | 5,058 | 6,660 | 7,331 | 1,823 | 2,100 | 22,971 |
| Noncontrolling interests | — | 5 | — | 194 | (199) | — |
| Profit (loss) before tax | 2,101 | 3,344 | 1,204 | 632 | (1,989) | 5,291 |
| Assets (in € bn)2 | 280 | 756 | 324 | 11 | 17 | 1,387 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 117 | 110 | 257 | — | — | 485 |
| Additions to non-current assets | 12 | 3 | 160 | 30 | 1,886 | 2,091 |
| Deposits (in € bn) | 313 | 22 | 320 | — | 11 | 666 |
| Average allocated shareholders' equity<br><br>(in € bn) | 12 | 24 | 14 | 5 | 10 | 65 |
| Risk-weighted assets (in € bn) | 78 | 130 | 97 | 18 | 34 | 357 |
| of which: operational risk RWA (in € bn)3 | 11 | 15 | 14 | 5 | 13 | 58 |
| Leverage exposure (in € bn) | 339 | 593 | 336 | 10 | 38 | 1,316 |
| Employees (full-time equivalent) | 26,280 | 20,065 | 37,059 | 5,166 | 1,183 | 89,753 |
| Post-tax return on average shareholders’<br><br>equity4,5 | 11.9% | 9.1% | 5.1% | 8.0% | N/M | 4.2% |
| Post-tax return on average tangible<br><br>shareholders’ equity4,5 | 12.7% | 9.4% | 5.1% | 18.0% | N/M | 4.7% |
| Cost/income ratio6 | 67.4% | 63.1% | 78.1% | 68.8% | N/M | 76.3% |
| 1 includes | ||||||
| Net interest income | 4,987 | 3,372 | 5,786 | 25 | (1,104) | 13,065 |
| Net income (loss) from equity<br><br>method investments | (1) | (46) | 21 | 36 | 2 | 12 |
| 2 includes | ||||||
| Equity method investments | 90 | 379 | 102 | 451 | 6 | 1,028 |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 34% for the year ended December 31, 2024; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2024; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6 Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
22
| Deutsche Bank | Operating and financial review | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | Results of operations | |||||
| 2023 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,718 | 9,160 | 9,571 | 2,383 | 47 | 28,879 |
| Provision for credit losses | 266 | 431 | 783 | (1) | 26 | 1,505 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,539 | 2,534 | 2,808 | 891 | 3,358 | 11,131 |
| General and administrative expenses | 3,088 | 4,082 | 4,718 | 934 | (2,710) | 10,112 |
| Impairment of goodwill and other<br><br>intangible assets | — | 233 | — | — | — | 233 |
| Restructuring activities | (4) | (3) | 228 | — | (1) | 220 |
| Total noninterest expenses | 4,623 | 6,846 | 7,755 | 1,825 | 647 | 21,695 |
| Noncontrolling interests | — | 3 | — | 163 | (166) | — |
| Profit (loss) before tax | 2,828 | 1,880 | 1,032 | 396 | (459) | 5,678 |
| Assets (in € bn)2 | 264 | 658 | 331 | 10 | 49 | 1,312 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 117 | 101 | 261 | — | — | 479 |
| Additions to non-current assets | 13 | 89 | 90 | 73 | 1,853 | 2,118 |
| Deposits (in € bn) | 289 | 18 | 308 | — | 7 | 622 |
| Average allocated shareholders' equity<br><br>(in € bn) | 11 | 23 | 14 | 5 | 10 | 63 |
| Risk-weighted assets (in € bn) | 69 | 140 | 86 | 15 | 40 | 350 |
| of which: operational risk RWA (in € bn)3 | 6 | 22 | 8 | 3 | 19 | 57 |
| Leverage exposure (in € bn) | 307 | 546 | 339 | 10 | 39 | 1,240 |
| Employees (full-time equivalent) | 25,356 | 19,899 | 38,465 | 4,961 | 1,449 | 90,130 |
| Post-tax return on average shareholders’<br><br>equity4,5 | 17.1% | 4.9% | 4.5% | 5.2% | N/M | 6.7% |
| Post-tax return on average tangible<br><br>shareholders’ equity4,5 | 18.5% | 5.1% | 4.8% | 12.2% | N/M | 7.4% |
| Cost/income ratio6 | 59.9% | 74.7% | 81.0% | 76.6% | N/M | 75.1% |
| 1 includes | ||||||
| Net interest income | 5,241 | 2,887 | 6,156 | (124) | (557) | 13,602 |
| Net income (loss) from equity<br><br>method investments | (6) | (70) | (5) | 42 | 2 | (38) |
| 2 includes | ||||||
| Equity method investments | 91 | 413 | 84 | 420 | 5 | 1,013 |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 14% for the year ended December 31, 2023; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2023; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
23
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Corporate Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Corporate Treasury Services1 | 4,220 | 4,197 | 4,381 | 23 | 1 | (184) | (4) |
| Institutional Client Services | 1,917 | 1,956 | 1,895 | (39) | (2) | 62 | 3 |
| Business Banking1 | 1,263 | 1,352 | 1,442 | (90) | (7) | (90) | (6) |
| Total net revenues | 7,400 | 7,506 | 7,718 | (106) | (1) | (212) | (3) |
| Of which: | |||||||
| Net interest income2 | 4,567 | 4,987 | 5,241 | (419) | (8) | (254) | (5) |
| Net commission and fee income2 | 2,704 | 2,577 | 2,460 | 127 | 5 | 118 | 5 |
| Remaining income2 | 129 | (58) | 18 | 186 | N/M | (75) | N/M |
| Provision for credit losses | 194 | 347 | 266 | (153) | (44) | 81 | 30 |
| Noninterest expenses | |||||||
| Compensation and benefits | 1,632 | 1,611 | 1,539 | 21 | 1 | 72 | 5 |
| General and administrative expenses | 2,971 | 3,448 | 3,088 | (477) | (14) | 359 | 12 |
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | (1) | (4) | 1 | N/M | 4 | N/M |
| Total noninterest expenses | 4,603 | 5,058 | 4,623 | (455) | (9) | 435 | 9 |
| Noncontrolling interests | — | — | — | — | N/M | — | N/M |
| Profit (loss) before tax | 2,603 | 2,101 | 2,828 | 502 | 24 | (728) | (26) |
| Employees (front office, full-time<br><br>equivalent)3 | 8,420 | 7,959 | 7,670 | 461 | 6 | 289 | 4 |
| Employees (business-aligned<br><br>operations, full-time equivalent)3 | 8,181 | 8,171 | 8,017 | 10 | — | 154 | 2 |
| Employees (allocated central<br><br>infrastructure, full-time<br><br>equivalent)3 | 10,719 | 10,150 | 9,669 | 569 | 6 | 481 | 5 |
| Total employees (full-time<br><br>equivalent)3 | 27,320 | 26,280 | 25,356 | 1,040 | 4 | 924 | 4 |
| Total assets (in € bn)3,4 | 323 | 280 | 264 | 44 | 16 | 16 | 6 |
| Risk-weighted assets (in € bn)3 | 72 | 78 | 69 | (6) | (8) | 9 | 13 |
| of which: operational risk RWA (in<br><br>€ bn)3,5 | 11 | 11 | 6 | — | 1 | 5 | 94 |
| Leverage exposure (in € bn)3 | 358 | 339 | 307 | 18 | 5 | 33 | 11 |
| Deposits (in € bn)3 | 329 | 313 | 289 | 17 | 5 | 23 | 8 |
| Loans (gross of allowance for loan<br><br>losses, in € bn)3 | 120 | 117 | 117 | 3 | 2 | — | — |
| Cost/income ratio6 | 62.2% | 67.4% | 59.9% | (5.2)ppt | N/M | 7.5ppt | N/M |
| Post-tax return on average<br><br>shareholders' equity7,8 | 14.1% | 11.9% | 17.1% | 2.2ppt | N/M | (5.2)ppt | N/M |
| Post-tax return on average tangible<br><br>shareholders’ equity7,8 | 15.3% | 12.7% | 18.5% | 2.6ppt | N/M | (5.8)ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the first quarter of 2025, certain smaller non-complex clients previously recorded under Corporate Treasury Services are reported under Business Banking.
The reclassification follows a review and realignment of client coverage to provide clients with the most effective coverage within the Corporate Bank. Prior year’s
comparatives are presented in the current reporting structure
2 Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
3 As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
7Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
8For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
24
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
2025
Profit before tax was € 2.6 billion in 2025, up by 24% from 2024, primarily driven by lower noninterest expenses and
lower provision for credit losses, partly offset by lower revenues. Post-tax return on average shareholders’ equity was
14.1%, up from 11.9% in the prior year, and post-tax return on average tangible shareholders’ equity was 15.3%, up from
12.7% in the prior year. The cost/income ratio was 62%, down from 67% in 2024.
Net revenues were € 7.4 billion, 1% lower year on year as impacts from interest hedging, growth in business volumes and
net commission and fee income was more than offset by margin normalization and foreign exchange movements.
Corporate Treasury Services revenues were € 4.2 billion, up 1% year on year, as positive effects from interest hedging,
higher deposit volumes and growth in net commission and fee income were offset by lower deposit margins. Institutional
Client Services revenues declined by 2% year on year to € 1.9 billion, mainly driven by lower deposit volume in
Institutional Cash Management. Business Banking revenues were € 1.3 billion, down 7% year on year, driven by the
normalization of deposit margins, partly offset by growth in net commission and fee income.
Provision for credit losses was € 194 million in 2025, or 17 basis points of average loans, down from € 347 million in the
last year, driven by lower Stage 3 provisions and a smaller decline in Stage 1 and 2 mainly reflecting model releases.
Noninterest expenses were € 4.6 billion, down 9% driven by lower nonoperating expenses, while adjusted costs remained
flat year on year at € 4.6 billion.
2024
Profit before tax was € 2.1 billion in 2024, down by 26% from 2023, primarily driven by higher noninterest expenses. Post-
tax return on average shareholders’ equity was 11.9%, down from 17.1% in the prior year, and post-tax return on average
tangible shareholders’ equity was 12.7%, down from 18.5% in the prior year. The cost/income ratio was 67%, up from 60%
in 2023.
Net revenues were € 7.5 billion, 3% lower year on year as the normalization of deposit margins was mostly offset by
higher deposit volumes and growth in net commission and fee income. Corporate Treasury Services revenues were
€ 4.2 billion, down 4% year on year, driven by lower deposit margins mostly offset by higher deposit volumes and growth
in net commission and fee income. Institutional Client Services revenues rose 3% year on year to € 2.0 billion, driven by
growth in Securities Services and Trust and Agency Services. Business Banking revenues were € 1.4 billion, down 6% year
on year, driven by the normalization of deposit margins.
Provision for credit losses was € 347 million in 2024, or 30 basis points of average loans, up from € 266 million, in the last
year, mainly driven by certain larger corporate credit events.
Noninterest expenses were € 5.1 billion, up 9% year on year, driven by a litigation item, while adjusted costs rose 2% year
on year to € 4.6 billion driven by higher internal service cost allocations and front office investments.
25
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Investment Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Fixed Income & Currencies (FIC) | 9,610 | 8,518 | 7,897 | 1,092 | 13 | 621 | 8 |
| Fixed Income & Currencies: Financing | 3,561 | 3,183 | 2,909 | 377 | 12 | 275 | 9 |
| Fixed Income & Currencies: Markets1 | 6,050 | 5,335 | 4,989 | 715 | 13 | 346 | 7 |
| Investment Banking & Capital Markets2 | 1,861 | 1,990 | 1,238 | (129) | (6) | 752 | 61 |
| Debt Origination | 1,100 | 1,274 | 837 | (174) | (14) | 437 | 52 |
| Equity Origination | 225 | 186 | 102 | 39 | 21 | 83 | 82 |
| Advisory | 536 | 531 | 299 | 5 | 1 | 232 | 77 |
| Research and Other3 | 70 | 49 | 24 | 20 | 41 | 25 | 102 |
| Total net revenues4 | 11,541 | 10,557 | 9,160 | 984 | 9 | 1,398 | 15 |
| Provision for credit losses | 827 | 549 | 431 | 278 | 51 | 119 | 28 |
| Noninterest expenses | |||||||
| Compensation and benefits | 2,894 | 2,690 | 2,534 | 204 | 8 | 156 | 6 |
| General and administrative expenses | 3,782 | 3,970 | 4,082 | (188) | (5) | (112) | (3) |
| Impairment of goodwill and other<br><br>intangible assets | — | — | 233 | — | N/M | (233) | N/M |
| Restructuring activities | — | — | (3) | — | 38 | 3 | N/M |
| Total noninterest expenses | 6,675 | 6,660 | 6,846 | 15 | — | (186) | (3) |
| Noncontrolling interests | 16 | 5 | 3 | 12 | N/M | 2 | 52 |
| Profit (loss) before tax | 4,022 | 3,344 | 1,880 | 679 | 20 | 1,463 | 78 |
| Employees (front office, full-time<br><br>equivalent)5 | 5,037 | 4,888 | 4,856 | 149 | 3 | 32 | 1 |
| Employees (business-aligned<br><br>operations, full-time equivalent)5 | 3,151 | 3,168 | 3,146 | (17) | (1) | 22 | 1 |
| Employees (allocated central<br><br>infrastructure, full-time equivalent)5 | 12,404 | 12,009 | 11,898 | 395 | 3 | 111 | 1 |
| Total employees (full-time equivalent)5 | 20,592 | 20,065 | 19,899 | 527 | 3 | 166 | 1 |
| Total assets (in € bn)5,6 | 736 | 756 | 658 | (20) | (3) | 98 | 15 |
| Risk-weighted assets (in € bn)5 | 136 | 130 | 140 | 7 | 5 | (10) | (7) |
| of which: operational risk RWA (in<br><br>€ bn)5,7 | 18 | 15 | 22 | 3 | 21 | (7) | (32) |
| Leverage exposure (in € bn)5 | 602 | 593 | 546 | 10 | 2 | 46 | 8 |
| Deposits (in € bn)5 | 28 | 22 | 18 | 6 | 26 | 4 | 23 |
| Loans (gross of allowance for loan losses,<br><br>in € bn)5 | 115 | 110 | 101 | 5 | 5 | 9 | 9 |
| Cost/income ratio8 | 57.8% | 63.1% | 74.7% | (5.2)ppt | N/M | (11.7)ppt | N/M |
| Post-tax return on average shareholders’<br><br>equity9,10 | 10.8% | 9.1% | 4.9% | 1.7ppt | N/M | 4.2ppt | N/M |
| Post-tax return on average tangible<br><br>shareholders’ equity9,10 | 11.2% | 9.4% | 5.1% | 1.8ppt | N/M | 4.3ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the fourth quarter of 2025, the additional sub-category “Fixed Income & Currencies: Ex Financing“ within Fixed Income & Currencies (FIC) was renamed to
“Fixed Income & Currencies: Markets“
2 Starting from the fourth quarter of 2025, Deutsche Bank renamed “Origination & Advisory” within the Investment Bank to “Investment Banking & Capital Markets”
3Historically, certain bank funding charges that were allocated to the Investment Bank but not directly attributable to specific balance sheet positions were reported
within “Research and Other”. Beginning the third quarter of 2025 these charges have been allocated to underlying businesses based on an agreed allocation key in order
to support ongoing refinement of business level reporting. Prior year’s comparatives are aligned to presentation in the current year
4Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5As of year-end
6Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
7 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
8Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
9 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
10For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
26
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
2025
Profit before tax was € 4.0 billion in 2025, up by 20% year on year, with revenue growth of € 1.1 billion driven by Fixed
Income & Currencies (FIC), with Investment Banking & Capital Markets (IBCM) slightly lower. Post-tax return on average
shareholders’ equity was 10.8%, up from 9.1% in 2024, and post-tax return on average tangible shareholders’ equity was
11.2%, up from 9.4%. The cost/income ratio was 58%, down from 63% in 2024.
Net revenues were € 11.5 billion, 9% higher year on year reflecting strength in FIC. FIC Markets revenues were € 6.0 billion,
an increase of 13% year on year, benefiting from strength across products, but primarily Rates and Foreign Exchange
driven by heightened client activity and strong risk management in volatile markets. FIC Financing revenues grew 12% to
€ 3.6 billion, reflecting targeted balance sheet investment. IBCM revenues were down 6% year on year to € 1.9 billion
driven by Debt Origination, which included the impact of a loss on a specific loan in Leveraged Debt Capital Markets in
the first quarter of 2025, with Equity Origination and Advisory improving year on year.
Provision for credit losses was € 827 million in the year, or 74 basis points of average loans, and significantly increased
from € 549 million in the prior year, reflecting increased Stage 1 and 2 provisions and a smaller increase in Stage 3, all
impacting the commercial real estate (CRE) portfolio.
Noninterest expenses and adjusted costs were essentially flat at € 6.7 billion and € 6.6 billion compared to 2024, with the
cost of strategic growth initiatives and inflation offset by lower nonoperating costs and infrastructure allocations.
2024
Profit before tax was € 3.3 billion in 2024, up by 78% year on year, with growth across both Fixed Income & Currencies
(FIC) and Investment Banking & Capital Markets revenues, combined with the non-repeat of a goodwill impairment in
2023, partially offset by higher provision for credit losses in 2024. Post-tax return on average shareholders’ equity was
9.1%, up from 4.9% in 2023, and post-tax return on average tangible shareholders’ equity was 9.4%, up from 5.1%. The
cost/income ratio was 63%, down from 75% in 2023.
Net revenues were € 10.6 billion, 15% higher year on year reflecting market share gains in a growing Investment Banking
& Capital Markets fee pool, as well as strength in FIC. FIC Markets revenues were € 5.3 billion, an increase of 7% year on
year benefiting from strength in Credit Trading and increased client engagement more broadly. FIC Financing revenues
grew 9% to € 3.2 billion, driven by both increased net interest income and higher commission and fees. Investment
Banking & Capital Markets revenues rose 61% year on year to € 2.0 billion primary due to increasing market share by
around 50 basis points, combined with industry fee pool growth during the year (source: Dealogic).
Provision for credit losses was € 549 million in the year, or 52 basis points of average loans, and significantly higher year
on year, reflecting increased Stage 3 provisions, primarily in CRE.
Noninterest expenses were € 6.7 billion in 2024 down 3% year on year, mainly reflecting the non-repeat of a goodwill
impairment in 2023. Adjusted costs were essentially flat at € 6.4 billion, with the full year impact of strategic investments
in the second half of 2023 and adverse FX impact largely offset by a reduction in bank levies.
27
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Private Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues: | |||||||
| Personal Banking1 | 5,284 | 5,253 | 5,442 | 31 | 1 | (190) | (3) |
| Wealth Management1,2 | 4,381 | 4,133 | 4,128 | 248 | 6 | 5 | — |
| Total net revenues | 9,665 | 9,386 | 9,571 | 279 | 3 | (185) | (2) |
| of which: | |||||||
| Net interest income | 6,169 | 5,786 | 6,156 | 383 | 7 | (370) | (6) |
| Net commission and fee income | 2,999 | 2,956 | 2,852 | 43 | 1 | 104 | 4 |
| Remaining income | 497 | 643 | 563 | (146) | (23) | 80 | 14 |
| Provision for credit losses | 578 | 851 | 783 | (273) | (32) | 68 | 9 |
| Noninterest expenses: | |||||||
| Compensation and benefits | 2,795 | 2,938 | 2,808 | (143) | (5) | 130 | 5 |
| General and administrative expenses | 3,958 | 4,395 | 4,718 | (438) | (10) | (323) | (7) |
| Impairment of goodwill and other intangible<br><br>assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | (15) | (3) | 228 | (12) | N/M | (231) | N/M |
| Total noninterest expenses | 6,738 | 7,331 | 7,755 | (593) | (8) | (424) | (5) |
| Noncontrolling interests | — | — | — | — | 45 | — | (45) |
| Profit (loss) before tax | 2,348 | 1,204 | 1,032 | 1,144 | 95 | 172 | 17 |
| Employees (front office, full-time equivalent)3 | 15,840 | 17,053 | 18,483 | (1,213) | (7) | (1,430) | (8) |
| Employees (business-aligned operations, full-<br><br>time equivalent)3 | 7,497 | 7,842 | 7,780 | (345) | (4) | 62 | 1 |
| Employees (allocated central infrastructure, full-<br><br>time equivalent)3 | 12,106 | 12,164 | 12,202 | (58) | N/M | (38) | — |
| Total employees (full-time equivalent)3 | 35,443 | 37,059 | 38,465 | (1,616) | (4) | (1,406) | (4) |
| Total assets (in € bn)3,4 | 316 | 324 | 331 | (8) | (2) | (7) | (2) |
| Risk-weighted assets (in € bn)3 | 92 | 97 | 86 | (5) | (5) | 11 | 13 |
| of which: operational risk RWA (in € bn)3,5 | 15 | 14 | 8 | — | 2 | 7 | 89 |
| Leverage exposure (in € bn)3 | 326 | 336 | 339 | (10) | (3) | (2) | (1) |
| Deposits (in € bn)2 | 329 | 320 | 308 | 9 | 3 | 13 | 4 |
| Loans (gross of allowance for loan losses, in<br><br>€ bn)3 | 247 | 257 | 261 | (11) | (4) | (4) | (1) |
| Assets under Management (in € bn)3,6 | 685 | 634 | 579 | 51 | 8 | 55 | 9 |
| Net flows (in € bn) | 27 | 29 | 23 | (2) | (7) | 6 | 26 |
| Cost/income ratio7 | 69.7% | 78.1% | 81.0% | (8.4)ppt | N/M | (2.9)ppt | N/M |
| Post-tax return on average shareholders' equity8,9 | 10.1% | 5.1% | 4.5% | 5.1ppt | N/M | 0.5ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity8,9 | 10.5% | 5.1% | 4.8% | 5.4ppt | N/M | 0.3ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1 Starting from the first quarter of 2025, a portion of certain European Personal Banking clients have been transferred to the Wealth Management segment. This change
reflects adjustments in the Private Bank client's classification to better align financial reporting with the underlying business structure. Prior year’s comparatives are
presented in the current reporting structure
2Starting from the fourth quarter of 2025, the Private Bank renamed “Wealth Management & Private Banking” to “Wealth Management”
3As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They
are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In
Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management (excl. Business Banking), it is assumed that all customer deposits are held
with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which the Private Bank distributes investment
products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset
Management (DWS) because they are two distinct, independent qualifying services
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
8Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
9For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
28
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
2025
Private Bank reported a profit before tax of € 2.3 billion in 2025, up € 1.1 billion or 95%, year on year mainly reflecting
lower noninterest expenses as well as significantly lower credit loss provisions. Post-tax return on average shareholders’
equity was 10.1% compared to 5.1% in 2024, while post-tax return on average tangible shareholders’ equity increased to
10.5%. The cost/income ratio of 70% improved compared to 78% in the prior year.
Net revenues were € 9.7 billion in 2025, up 3% year on year, driven by higher deposit and investment product revenues,
which were partially offset by lower revenues from other banking services. Lending revenues remained essentially flat.
In Personal Banking, net revenues were essentially flat year on year at € 5.3 billion in 2025, reflecting higher deposit and
investment product revenues. These developments were offset by slightly lower revenues from lending in line with the
strategic decision to focus on value-accretive products as well as lower revenues from other banking services in 2025.
In Wealth Management, net revenues grew by 6% year on year to € 4.4 billion in 2025, reflecting higher investment
product, as well as deposit revenues. Prior year deposit revenues included certain hedging costs.
Provision for credit losses was € 578 million, or 23 basis points of average loans, compared to 33 basis points of average
loans in the prior year. This development mainly reflects benefits from model updates this year, while the prior year was
impacted by continued elevated transitory effects from Postbank integration.
Noninterest expenses were € 6.7 billion in 2025, 8% lower year on year. Adjusted costs decreased by 5% to € 6.6 billion,
and nonoperating costs were significantly lower. Positive impacts from transformation initiatives including workforce
reductions and the closure of 126 branches in 2025, as well as significantly lower deposit protection costs, were partly
offset by inflationary impacts.
Assets under Management were € 685 billion at year end 2025, € 51 billion higher year on year, including € 27 billion of
net inflows and € 30 billion positive market movements, partially offset by € 16 billion of negative foreign exchange
movements.
2024
Private Bank reported a profit before tax of € 1.2 billion in 2024, up € 172 million or 17% year on year reflecting slightly
lower noninterest expenses. Post-tax return on average shareholders’ equity increased to 5.1% compared to 4.5% in 2023
while post-tax return on average tangible shareholders’ equity improved to 5.1% from 4.8%. The cost/income ratio of
78%, improved from 81% in the prior year.
Net revenues were € 9.4 billion in 2024, down 2% year on year. Net interest income declined by 6% in an environment of
normalizing interest rates; this was partly offset by growth in investment products, reflecting the Private Bank’s strategy
of growing noninterest income.
In Personal Banking, net revenues were down 3% year on year to € 5.3 billion in 2024, reflecting continued higher funding
costs, including the impact from minimum reserves and higher Group neutral central treasury allocation to the segment.
These impacts were partly offset by growth in deposit revenues during 2024.
In Wealth Management, net revenues remained essentially flat at € 4.1 billion in 2024. Higher investment product
revenues, as well as slightly higher lending revenues, were offset by lower deposit revenues including certain hedging
costs to the business.
Provision for credit losses was € 851 million compared to € 783 million, or 33 basis points of average loans, compared to
30 basis points of average loans in the prior year. The increase mainly reflected the continued elevated transitory effects
from Postbank integration. Overall, the quality of the segment’s portfolios remains very solid.
Noninterest expenses were € 7.3 billion in 2024, down 5% year on year including significantly lower restructuring cost
and the non-recurrence of provisions for individual litigation cases. The improvement in adjusted costs by 4% to € 7.0 billion
in 2024 reflected normalized investment spend and positive impacts from transformation initiatives including workforce
reductions and the closure of 125 branches in 2024, as well as lower regulatory costs, partially offset by inflation impacts.
Assets under Management were € 634 billion at year end 2024, up € 55 billion in the year. The increase was mainly
supported by net inflows of € 29 billion, as well as € 20 billion positive market movements, and € 9 billion of positive
foreign exchange movements.
29
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Asset Management
| 2025 increase<br><br>(decrease)<br><br>from 2024 | 2024 increase<br><br>(decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Management fees | 2,597 | 2,479 | 2,314 | 119 | 5 | 164 | 7 |
| Performance and transaction fees | 318 | 148 | 128 | 170 | 115 | 20 | 16 |
| Other | 162 | 23 | (59) | 139 | N/M | 82 | N/M |
| Total net revenues | 3,077 | 2,649 | 2,383 | 427 | 16 | 267 | 11 |
| Provision for credit losses | (2) | (1) | (1) | (1) | 172 | — | (23) |
| Noninterest expenses | |||||||
| Compensation and benefits | 952 | 919 | 891 | 33 | 4 | 28 | 3 |
| General and administrative expenses | 871 | 904 | 934 | (34) | (4) | (29) | (3) |
| Impairment of goodwill and other intangible<br><br>assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | — | — | — | N/M | — | N/M |
| Total noninterest expenses | 1,823 | 1,823 | 1,825 | — | — | (1) | — |
| Noncontrolling interests | 272 | 194 | 163 | 78 | 40 | 32 | 20 |
| Profit (loss) before tax | 983 | 632 | 396 | 350 | 55 | 236 | 60 |
| Employees (front office, full-time equivalent)1 | 2,103 | 2,065 | 2,044 | 38 | 2 | 21 | 1 |
| Employees (business-aligned operations, full-<br><br>time equivalent)1 | 2,732 | 2,510 | 2,343 | 222 | 9 | 167 | 7 |
| Employees (allocated central infrastructure,<br><br>full-time equivalent)1 | 590 | 591 | 574 | (1) | — | 17 | 3 |
| Total employees (full-time equivalent)1 | 5,425 | 5,166 | 4,961 | 259 | 5 | 205 | 4 |
| Total assets (in € bn)1,2 | 11 | 11 | 10 | — | 2 | — | 2 |
| Risk-weighted assets (in € bn)1 | 16 | 18 | 15 | (3) | (16) | 3 | 22 |
| of which: operational risk RWA (in € bn)1,3 | 5 | 5 | 3 | 1 | 13 | 1 | 35 |
| Leverage exposure (in € bn)1 | 10 | 10 | 10 | — | 1 | — | 4 |
| Assets under Management (in € bn)1,4 | 1,085 | 1,012 | 896 | 73 | 7 | 115 | 13 |
| Net flows (in € bn) | 51 | 26 | 28 | 25 | 98 | (3) | (9) |
| Cost/income ratio5 | 59.3% | 68.8% | 76.6% | (9.6)ppt | N/M | (7.8)ppt | N/M |
| Post-tax return on average shareholders' equity6,7 | 12.9% | 8.0% | 5.2% | 4.9ppt | N/M | 2.9ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity6,7 | 29.1%8 | 18.0% | 12.2% | 11.0ppt | N/M | 5.8ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
2Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
3Starting from the first quarter of 2024 the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
4Assets under Management (AuM) means assets (i) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management
company and portfolio management is outsourced to a third party; and (ii) a third party holds or manages and on which the segment provides, on the basis of contract,
advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represent both collective investments (including mutual funds and
exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each
reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update
monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed
capital and any committed capital on which the segment earns management fees. In instances in which Private Bank distributes investment products qualifying as Assets
under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they
are two distinct, independent qualifying services
5Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
6Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
7For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
8 Starting from the fourth quarter 2025 the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
30
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
2025
Profit before tax was € 983 million, up 55% from 2024, mainly driven by higher revenues and stable noninterest expenses.
Post-tax return on average shareholders’ equity was 12.9%, up from 8.0% in the prior year. Post-tax return on average
tangible shareholders’ equity was 29.1%, up from 18.0% in the prior year. The cost/income ratio was 59%, down from 69%
in 2024.
Net revenues in 2025 were € 3.1 billion, up 16% compared to 2024. Management fees were € 2.6 billion, up 5% year on
year, driven by increasing average assets under management predominately in Passive products. Performance and
transaction fees increased significantly by 115% to € 318 million, driven primarily by higher performance fees from
Alternative investments, in particular infrastructure strategies. Other revenues increased by € 139 million to € 162 million
driven by favorable valuations of guaranteed products and higher investment income.
Noninterest expenses were € 1.8 billion in 2025, essentially flat year on year as higher compensation and benefits costs
were more than offset by lower general and administration expenses driven by lower transformation charges. Adjusted
costs increased by 1% to € 1.8 billion, mainly due to higher severance and litigation costs attributable to the prior year.
Assets under Management increased by € 73 billion, or 7%, to € 1,085 billion during 2025, driven by positive market
impact and net inflows, partly offset by negative foreign exchange effects.
Net flows were positive € 51 billion, primarily driven by net inflows in Passive, Cash, Systematic & Quantitative
Investments (SQI) and Alternatives products, partly offset by net outflows in Equity, Advisory Services and Multi Asset
products.
The following table provides the development of assets under management during 2025, broken down by product type
as well as the respective management fee margins:
| in € bn. | Active<br><br>Equity | Active<br><br>Fixed<br><br>Income | Active<br><br>Multi<br><br>Asset | Active<br><br>SQI | Passive | Alternative<br><br>s | Active<br><br>Cash | Advisory<br><br>Services | Assets<br><br>under<br><br>Managemen<br><br>t |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2024 | 111 | 213 | 54 | 77 | 335 | 110 | 93 | 18 | 1,012 |
| Inflows | 13 | 36 | 6 | 15 | 137 | 14 | 770 | 4 | 995 |
| Outflows | (16) | (36) | (8) | (11) | (104) | (12) | (750) | (7) | (944) |
| Net Flows | (3) | — | (2) | 4 | 33 | 2 | 20 | (3) | 51 |
| FX impact | (2) | (13) | (1) | (1) | (24) | (7) | (8) | — | (55) |
| Performance | 11 | 6 | 2 | 2 | 52 | 3 | 1 | — | 77 |
| Other | — | 3 | — | (2) | — | — | — | 1 | — |
| Balance as of December 31, 2025 | 117 | 209 | 54 | 80 | 395 | 108 | 106 | 16 | 1,085 |
| Management fee margin (in bps) | 69 | 11 | 40 | 33 | 16 | 46 | 6 | 4 | 25 |
From 2025, “Advisory Services” is presented as a separate asset class. Prior year’s comparatives aligned to presentation in the current year
31
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
2024
Profit before tax was € 632 million, up 60%, from 2023, mainly driven by higher revenues and stable noninterest
expenses. Post-tax return on average shareholders’ equity was 8.0%, up from 5.2% in the prior year. Post-tax return on
average tangible shareholders’ equity was 18.0%, up from 12.2% in the prior year. The cost/income ratio was 69%, down
from 77% in 2023.
Net revenues in 2024 were € 2.6 billion, up 11% compared to 2023. Management fees were € 2.5 billion, up 7% year on
year, driven by Active and Passive products from higher average assets under management. Performance and transaction
fees increased by 16% to € 148 million, predominately driven by a significant Multi Asset performance fee. Other
revenues increased by € 82 million to € 23 million driven by lower treasury funding charges, partly offset by unfavorable
outcome of fair value of guarantees.
Noninterest expenses were € 1.8 billion in 2024, essentially flat year on year. Adjusted costs increased by 1%, mainly due
to higher compensation and benefits, variable compensation and increasing number of employees, as well as higher
banking servicing costs driven by a rise in assets under management, partly offset by lower IT costs and professional
services fees from adopting an amended approach to the platform transformation. Non-operating costs were
significantly lower due to lower litigation costs and severance payments compared to 2023.
Net flows were positive € 26 billion, primarily in Passive, Systematic & Quantitative Investments (SQI) and Cash products.
This was partly offset by net outflows in Multi Assets, Equity, Alternatives and Fixed Income. ESG products attracted net
inflows of € 6 billion in 2024 primarily into Xtrackers.
Assets under Management increased by € 115 billion, or 13%, to € 1,012 billion during 2024, driven by positive market
developments, net inflows and foreign exchange rate movements.
The following table provides the development of assets under management during 2024, broken down by product type
as well as the respective management fee margins:
| in € bn. | Active<br><br>Equity | Active<br><br>Fixed<br><br>Income | Active<br><br>Multi<br><br>Asset | Active<br><br>SQI | Passive | Alternative<br><br>s | Active<br><br>Cash | Advisory<br><br>Services | Assets<br><br>under<br><br>Managemen<br><br>t |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2023 | 103 | 202 | 56 | 66 | 246 | 109 | 85 | 28 | 896 |
| Inflows | 13 | 42 | 5 | 14 | 124 | 10 | 717 | 4 | 928 |
| Outflows | (18) | (43) | (7) | (12) | (82) | (13) | (715) | (13) | (903) |
| Net Flows | (5) | (1) | (2) | 2 | 42 | (3) | 2 | (9) | 26 |
| FX impact | 1 | 6 | — | — | 11 | 3 | 4 | — | 26 |
| Performance | 13 | 6 | 3 | 5 | 35 | 1 | 1 | — | 64 |
| Other | — | — | (4) | 3 | 1 | (—) | — | — | — |
| Balance as of December 31, 2024 | 111 | 213 | 54 | 77 | 335 | 110 | 93 | 18 | 1,012 |
| Management fee margin (in bps) | 71 | 11 | 39 | 33 | 16 | 46 | 6 | 3 | 26 |
From 2025, “Advisory Services” is presented as a separate asset class. Prior year’s comparatives aligned to presentation in the current year
32
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Results of operations |
Corporate & Other
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | 413 | (6) | 47 | 419 | N/M | (54) | N/M |
| Provision for credit losses | 108 | 83 | 26 | 26 | 31 | 57 | N/M |
| Noninterest expenses | |||||||
| Compensation and benefits | 3,541 | 3,574 | 3,358 | (33) | (1) | 216 | 6 |
| General and administrative expenses | (2,721) | (1,474) | (2,710) | (1,247) | 85 | 1,236 | (46) |
| Impairment of goodwill and other intangible assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | — | (1) | — | N/M | 1 | N/M |
| Total noninterest expenses | 819 | 2,100 | 647 | (1,280) | (61) | 1,453 | N/M |
| Noncontrolling interests | (289) | (199) | (166) | (89) | 45 | (33) | 20 |
| Profit (loss) before tax | (226) | (1,989) | (459) | 1,763 | (89) | (1,530) | N/M |
| Total Employees (full-time equivalent)1 | 36,918 | 36,097 | 35,792 | 821 | 2 | 305 | 1 |
| Risk-weighted assets (in € bn)1 | 31 | 34 | 40 | (3) | (7) | (6) | (15) |
| Leverage exposure (in € bn)1 | 32 | 38 | 39 | (6) | (16) | (1) | (3) |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
2025
For the full year, Corporate & Other reported a loss before tax of € 226 million, primarily driven by shareholders’ expenses
and other centrally retained items including funding and liquidity impacts, partially offset by revenues from valuation
and timing differences. This compared to a loss before tax of € 2.0 billion in the prior year.
Net revenues for the full year were positive € 413 million, compared to negative € 6 million in the prior year. Revenues
related to valuation and timing differences were positive € 874 million in 2025, compared to positive € 600 million in
2024 with the year on year movement driven primarily by interest rates and moves in foreign exchange markets. Net
revenues relating to funding and liquidity were negative € 139 million in 2025, compared to negative € 102 million in
2024.
Noninterest expenses were € 819 million for the full year. This compares to € 2.1 billion in the prior year, which was
primarily impacted by legacy litigation provisions including the Postbank takeover litigation and Polish FX mortgages.
Expenses associated with shareholder activities were € 638 million for the full year 2025, compared to € 648 million in
the prior year.
Noncontrolling interests are reversed in Corporate & Other after deduction from the segmental profit before tax. These
were positive € 289 million for the full year, compared to € 199 million in the prior year, driven by higher earnings from
DWS.
2024
For the full year, Corporate & Other reported a loss before tax of € 2.0 billion in 2024, primarily driven by legacy litigation
matters including the Postbank takeover litigation and Polish FX mortgages. This compared to a loss before tax of
€ 459 million in the prior year.
Net revenues for the full year were negative € 6 million, compared to positive € 47 million in the prior year. Revenues
related to valuation and timing differences were positive € 600 million in 2024, compared to positive € 792 million in
2023, primarily driven by market moves. Net revenues relating to funding and liquidity were negative € 102 million in
2024 versus negative € 242 million in 2023.
Noninterest expenses were negative € 2.1 billion in 2024, driven by the aforementioned legacy litigation matters,
compared to negative € 647 million in the prior year. Expenses associated with shareholder activities were € 648 million
for the full year, compared to € 582 million in 2023.
Noncontrolling interests are reversed in Corporate & Other after deduction from the segmental profit before tax. These
were positive € 199 million in 2024, compared to € 166 million in 2023, mainly related to DWS.
33
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Financial Position |
Financial Position
Assets
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 | Absolute<br><br>Change | Change<br><br>in % |
|---|---|---|---|---|
| Cash, central bank and interbank balances | 171,621 | 153,654 | 17,967 | 12 |
| Central bank funds sold, securities purchased under resale agreements and<br><br>securities borrowed | 37,515 | 40,846 | (3,332) | (8) |
| Financial assets at fair value through profit or loss | 519,635 | 545,849 | (26,215) | (5) |
| Of which: Trading assets | 153,811 | 139,772 | 14,039 | 10 |
| Of which: Positive market values from derivative financial instruments | 241,328 | 291,754 | (50,425) | (17) |
| Of which: Non-trading financial assets mandatory at fair value through<br><br>profit and loss | 124,495 | 114,324 | 10,171 | 9 |
| Financial assets at fair value through other comprehensive income | 43,644 | 42,090 | 1,553 | 4 |
| Loans at amortized cost | 472,620 | 478,921 | (6,300) | (1) |
| Remaining assets | 190,033 | 125,817 | 64,216 | 51 |
| Of which: Brokerage and securities related receivables | 105,424 | 60,690 | 44,734 | 74 |
| Total assets | 1,435,067 | 1,387,177 | 47,889 | 3 |
Liabilities and Equity
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 | Absolute<br><br>Change | Change<br><br>in % |
|---|---|---|---|---|
| Deposits | 691,828 | 666,261 | 25,567 | 4 |
| Central bank funds purchased, securities sold under repurchase<br><br>agreements and securities loaned | 4,179 | 3,742 | 437 | 12 |
| Financial liabilities at fair value through profit or loss | 384,179 | 412,395 | (28,216) | (7) |
| Of which: Trading liabilities | 42,879 | 43,498 | (619) | (1) |
| Of which: Negative market values from derivative financial instruments | 225,775 | 276,395 | (50,619) | (18) |
| Of which: Financial liabilities designated at fair value through profit or<br><br>loss | 115,055 | 92,047 | 23,007 | 25 |
| Other short-term borrowings | 18,204 | 9,895 | 8,309 | 84 |
| Long-term debt | 114,754 | 114,899 | (145) | — |
| Remaining liabilities | 141,720 | 100,553 | 41,167 | 41 |
| Of which: Brokerage and securities related payables | 107,256 | 63,755 | 43,501 | 68 |
| Total liabilities | 1,354,863 | 1,307,745 | 47,118 | 4 |
| Total equity | 80,203 | 79,432 | 771 | 1 |
| Total liabilities and equity | 1,435,067 | 1,387,177 | 47,889 | 3 |
Movements in Assets and Liabilities
As of December 31, 2025, the total balance sheet of € 1.4 trillion was slightly higher compared to year-end 2024.
Cash, central bank and interbank balances increased by € 18.0 billion, primarily reflecting a € 25.6 billion rise in deposits,
driven by growth in Corporate Cash Management business in the Corporate Bank and higher inflows in the Private Bank
as a result of client acquisition campaigns.
Trading assets increased by € 14.0 billion, primarily driven by an increase in bond positions in the bank’s debt securities
portfolio due to client flows and desk positioning, as well as an increase in precious metal inventory during the year.
Positive and negative market values of derivative financial instruments declined by € 50.4 billion and € 50.6 billion,
respectively, mainly driven by foreign exchange products due to market volatility, weakening of the U.S. dollar against
the euro and new trades booked at materially lower mark-to-market values.
Non-trading financial assets mandatory at fair value through profit and loss increased by € 10.2 billion, driven by an
increase in securities purchased under resale agreements measured under non-trading financial assets mandatory at fair
value through profit and loss, primarily due to increased trading activities.
Loans at amortized cost decreased by € 6.3 billion, mainly driven by a significant impact from foreign exchange
movements and strategic reductions in the Private Bank mortgage portfolio, partly offset by growth in Fixed Income &
Currencies business in the Investment Bank.
34
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Financial Position |
Remaining assets increased by € 64.2 billion, primarily driven by increases in brokerage and securities related receivables
of € 44.7 billion. This was mainly attributable to higher receivables from pending settlements of regular way trades owing
to increased customer demand based on market conditions. This trend is also reflected in an increase in brokerage and
securities related payables by € 43.5 billion, driving the € 41.2 billion increase in remaining liabilities. The increase in
remaining assets also included growth in debt securities classified as hold to collect of € 18.6 billion, in line with the
bank’s asset purchase program initiative to expand the portfolio of European government bonds.
Financial liabilities designated at fair value through profit or loss increased by € 23.0 billion, mainly attributable to an
increase in securities sold under repurchase agreements as a result of increased secured funding of trading inventory and
client activities; as well as an increase in long-term debt driven by new issuances in FIC business in the Investment Bank.
Other short-term borrowings increased by € 8.3 billion, primarily due to newly issued commercial paper during the year.
The overall movement of the balance sheet included a decrease of € 69.3 billion due to foreign exchange rate
movements, mainly driven by weakening of the U.S. dollar versus the euro. The effects from foreign exchange rate
movements are embedded in the movement of the balance sheet line items discussed in this section.
Liquidity
Total High Quality Liquid Assets (HQLA) as defined by the Commission Delegated Regulation (EU) 2015/61 and amended
by Regulation (EU) 2018/1620 increased to € 260 billion as of December 31, 2025, compared to € 226 billion as of
December 31, 2024. The increase in HQLA is primarily on account of increased deposits. The Liquidity Coverage Ratio
was 144% at the end fourth quarter of 2025, a surplus to regulatory requirements of € 80 billion as compared to 131% as
at the end of fourth quarter of 2024, a surplus to regulatory requirements of € 53 billion.
Equity
Total equity as of December 31, 2025, was € 80.2 billion compared to € 79.4 billion as of December 31, 2024, an increase
of € 771 million. This change was driven by a number of factors including the profit attributable to Deutsche Bank
shareholders and additional equity components reported for the period of € 6.9 billion, the issuance of Additional Tier 1
equity instruments (AT1) treated as equity in accordance with IFRS of € 2.5 billion, treasury shares distributed under
share-based compensation plans of € 472 million as well as tax benefits related to share-based compensation plans of
€ 161 million.
Negative effects resulted from unrealized net losses on accumulated other comprehensive income, net of tax, of
€ 2.9 billion, mostly driven by foreign currency translation, net of tax, of negative € 3.2 billion, mainly reflecting the
weakening of the U.S. dollar against the euro, partly offset by a positive impact from unrealized net gains on financial
assets at fair value through other comprehensive income, net of tax, of € 418 million. Further contributing factors
included the redemption of AT1 instruments of € 2.4 billion, purchases of treasury shares of € 1.6 billion, cash dividends
paid to Deutsche Bank shareholders of € 1.3 billion, coupons paid on additional equity components of € 761 million as
well as remeasurement losses related to defined benefit plans, net of tax, of € 119 million.
On January 3, 2025, Deutsche Bank AG cancelled 46.4 million of its common shares, concluding its 2024 share buyback
program. The cancellation reduced the nominal value of the shares by € 119 million. The cancelled shares had been held
in common shares in treasury, at their acquisition cost of € 675 million. The difference between the common shares at
cost and their nominal value reduced additional paid-in capital by € 556 million. The shares had already been deducted
from the reported total equity on December 31, 2024. Therefore, the cancellation did not reduce total equity in 2025.
On December 19, 2025, Deutsche Bank AG cancelled 37.7 million of its common shares, concluding its two 2025 share
buyback programs. The cancellation reduced the nominal value of the shares by € 96 million. The cancelled shares had
been held in common shares in treasury, at their acquisition cost of € 1.0 billion. The difference between the common
shares at cost and their nominal value reduced additional paid-in capital by € 903 million.
The first 2025 share buyback program resolved by the Management Board of Deutsche Bank of up to € 750 million
started on April 1, 2025, and was completed on September 12, 2025. In this period, Deutsche Bank repurchased
29.3 million common shares. The repurchase of these shares has reduced total equity by € 750 million.
The second 2025 share buyback program resolved by the Management Board of Deutsche Bank of up to € 250 million
started on September 17, 2025, and was completed on October 20, 2025. In this period, Deutsche Bank repurchased
8.4 million common shares. The repurchase of these shares has reduced total equity by € 250 million.
35
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Financial Position |
Own Funds
Deutsche Bank’s CRR/CRD Common Equity Tier 1 capital as of December 31, 2025, decreased by € 0.2 billion to
€ 49.3 billion, compared to € 49.5 billion as of December 31, 2024. The Risk-weighted assets (RWA) decreased by
€ 10.3 billion to € 347.1 billion as of December 31, 2025, compared to € 357.4 billion as of December 31, 2024. The CET
1 capital ratio as of December 31, 2025, increased to 14.2% compared to 13.8% as of December 31, 2024 (for additional
information please refer to the “Risk and capital performance” section).
The Bank’s Tier 1 capital as of December 31, 2025, amounted to € 60.8 billion, consisting of a CET 1 capital of
€ 49.3 billion and Additional Tier 1 capital of € 11.5 billion. The Tier 1 capital remained broadly stable compared to the
end of 2024. The Tier 1 capital ratio as of December 31, 2025, increased to 17.5% compared to 17.0% as of December 31,
2024.
Total capital as of December 31, 2025, amounted to € 67.8 billion compared to € 68.5 billion at the end of 2024. The
Total capital decreased by € 0.7 billion since 2024, mainly driven by a decrease in Tier 2 capital. The Total capital ratio as
of December 31, 2025, increased to 19.5% compared to 19.2% as of December 31, 2024.
36
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Liquidity and capital resources |
Liquidity and capital resources
For a detailed discussion of the bank’s liquidity risk management, please see the Risk Report in this annual report.
Credit Ratings
Deutsche Bank is rated by Moody’s Deutschland GmbH (“Moody’s”), S&P Global Ratings UK Limited (“S&P”), Fitch
Ratings, a branch of Fitch Ratings Ireland Limited (“Fitch”), and DBRS Ratings GmbH (“Morningstar DBRS”, together with
Moody’s, S&P and Fitch, the “rating agencies”).
Moody’s, Fitch and Morningstar DBRS are established in the European Union and have been registered in accordance
with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of September 16, 2009, as amended,
on credit rating agencies (“CRA Regulation”). With respect to S&P, the credit ratings are endorsed by S&P’s office in
Ireland (S&P Global Ratings Europe Limited) in accordance with Article 4(3) of the CRA Regulation.
Credit Ratings Development
The rating agencies recognized the continued progress the bank has made over the course of 2025, specifically on
franchise growth, cost management and profitability, achieving its 10% return on tangible equity target. This was
reflected in the positive outlook revision by S&P and the upgrade by Morningstar DBRS. Fitch also upgraded Deutsche
Bank’s short-term Issuer Default Rating.
On June 2, 2025, Fitch upgraded Deutsche Bank’s short-term Issuer Default Rating to F1 from F2 and affirmed the
remaining ratings as well as the stable outlook. Fitch highlighted the global operations and diversified business model,
expecting Deutsche Bank’s continued strategy execution to further improve profitability. They also view Deutsche Bank
as adequately capitalized, considering the high regulatory capital and leverage requirements.
On June 25, 2025, Morningstar DBRS upgraded Deutsche Bank’s ratings by one notch. The bank’s long-term deposit and
long-term senior debt ratings as well as the Issuer Rating have been upgraded to A (high) from A. In addition, the bank’s
senior non-preferred debt ratings were raised to A from A (low) as well as its Critical Obligations Rating to AA from AA
(low). The short-term Critical Obligations Rating was upgraded to R-1 (high) from R-1 (middle) while all remaining short-
term ratings have been upgraded to R-1 (middle) from R-1 (low). The outlook on all ratings was changed to stable from
positive. Morningstar DBRS has highlighted the progress the bank has made in implementing its strategic transformation
and meeting its medium-term profitability targets, now benefiting from a business mix allowing more predictable
revenue streams.
On December 4, 2025, S&P revised its outlook on Deutsche Bank’s long-term Issuer Credit Rating to positive from stable.
S&P’s outlook revision reflected Deutsche Bank’s good position to strengthen its franchise, earnings, and resilience to
stress. The new 2028 targets are seen by S&P as ambitious, but achievable if market and economic conditions remain
supportive. They expect balanced franchise and revenue growth, and that the bank maintains cost and underwriting
discipline, and demonstrates positive operating leverage.
Potential Impacts of Ratings Downgrades
Deutsche Bank calculates both the contractual and hypothetical potential impact of a one-notch and two-notch
downgrade by the rating agencies (Moody’s, S&P and Fitch) on its liquidity position and includes this impact in its daily
liquidity stress test and Liquidity Coverage Ratio calculations. The LCR and liquidity stress test results by scenario are
disclosed separately.
In terms of contractual obligations, the hypothetical impact on derivative liquidity stress outflows of a one-notch
downgrade across the three rating agencies Moody’s, S&P and Fitch amounts to approximately € 0.2 billion, mainly
driven by increased contractual derivatives funding and/or margin requirements. The hypothetical impact of a two-notch
downgrade amounts to approximately € 0.2 billion, mainly driven by increased contractual derivatives funding and/or
margin requirements.
The above analysis assumes a simultaneous downgrade by the three rating agencies Moody’s, S&P and Fitch that would
consequently reduce Deutsche Bank’s funding capacity in the stated amounts. This specific contractual analysis feeds
into the bank’s idiosyncratic liquidity stress test scenario.
The actual impact of a downgrade to Deutsche Bank is unpredictable and may differ from potential funding and liquidity
impacts described above.
37
| Deutsche Bank | Operating and financial review |
|---|---|
| Annual Report 2025 | Liquidity and capital resources |
Selected rating categories
| Counterparty<br><br>Risk | Senior<br><br>preferred/<br><br>Deposits¹ | Senior<br><br>non-preferred² | Short-term<br><br>rating | |
|---|---|---|---|---|
| Moody’s Investors Service, New York | A1 (cr) | A1 | Baa1 | P-1 |
| Standard & Poor’s, New York | — | A | BBB | A-1 |
| Fitch Ratings, New York | A (dcr) | A | A- | F1 |
| Morningstar DBRS, Toronto | AA | A (high) | A | R-1 (middle) |
1Defined as senior unsecured bank rating at Moody‘s, senior unsecured debt at Standard & Poor’s, senior preferred debt rating at Fitch and senior debt rating at
Morningstar DBRS. All agencies provide separate ratings for deposits and ‘senior preferred’ debt, but at the same rating level
2Defined as junior senior debt rating at Moody's, as senior subordinated debt at Standard & Poor’s and as senior non-preferred debt at Fitch and Morningstar DBRS
Each rating reflects the view of the rating agency only at the time the rating was issued, and each rating should be
separately evaluated, and the rating agencies should be consulted for any explanations of the significance of their
ratings. The rating agencies can change their ratings at any time if they believe that circumstances so warrant. The long-
term credit ratings should not be viewed as recommendations to buy, hold or sell Deutsche Bank’s securities.
Tabular disclosure of contractual obligations
Cash payment requirements outstanding as of December 31, 2025.
| Contractual obligations | Payment due<br><br>by period | ||||
|---|---|---|---|---|---|
| in € m. | Total | Less than 1 year | 1–3 years | 3–5 years | More than 5 years |
| Long-term debt obligations¹ | 129,864 | 26,576 | 40,011 | 29,800 | 33,477 |
| Trust preferred securities1,2 | 299 | 299 | — | — | — |
| Long-term financial liabilities designated at fair<br><br>value through profit or loss3 | 27,356 | 3,310 | 5,149 | 7,656 | 11,240 |
| Future cash outflows not reflected in the<br><br>measurement of Lease liabilities4 | 4,750 | 8 | 148 | 239 | 4,355 |
| Lease liabilities1 | 5,145 | 699 | 907 | 907 | 2,632 |
| Purchase obligations | 3,737 | 617 | 1,420 | 992 | 708 |
| Long-term deposits¹ | 26,629 | — | 11,817 | 3,036 | 11,777 |
| Other long-term liabilities | 223 | 96 | 27 | 42 | 57 |
| Total | 198,003 | 31,605 | 59,478 | 42,672 | 64,247 |
1Includes interest payments.
2Contractual payment date or first call date.
3Long-term debt and long-term deposits designated at fair value through profit or loss.
4For further detail please refer to Note 22 “Leases”.
Purchase obligations for goods and services include future payments for, among other things, information technology
services and facility management. Some figures above for purchase obligations represent minimum contractual
payments and actual future payments may be higher. Long-term deposits exclude contracts with a remaining maturity of
less than one year. Under certain conditions future payments for some long-term financial liabilities designated at fair
value through profit or loss may occur earlier. See the following notes to the consolidated financial statements for
further information: Note 05 “Net Interest Income and Net Gains (Losses) on Financial Assets/Liabilities at Fair Value
through Profit or Loss”, Note 22 “Leases”, Note 26 “Deposits” and Note 30 “Long-Term Debt and Trust Preferred
Securities”.
38
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 |
Outlook
The following section provides an overview of Deutsche Bank’s outlook for the Group and business segments for the
financial year 2026. The outlook for the global economy and banking industry in the following section reflects Deutsche
Bank Research’s general expectations regarding future economic and industry developments. Economic assumptions the
Group used in the bank’s models are laid out separately in the respective sections.
For a description of the wording conventions and the revised numerical ranges underpinning the wording conventions
which are used to describe trends in this outlook, please refer to “Supplementary financial information (Unaudited):
“Wording conventions for trend descriptions” on page 713 of this report.
Global economy
The Global Economy Outlook
| Economic growth (in %)¹ | 20262 | 2025 | Main driver |
|---|---|---|---|
| Global Economy | Global growth is expected to moderate as Emerging Market's momentum likely slows;<br><br>however, declining trade uncertainty, AI-related investments, and an expansion of fiscal<br><br>stimulus in Europe should support GDP growth in developed markets | ||
| GDP | 3.3 | 3.4 | |
| Inflation | 3.3 | 3.4 | |
| Of which: | |||
| Developed countries | Developed economies are likely to benefit from the earlier easing of global trade tensions;<br><br>moreover, receding inflation could pave the way for further interest rate cuts by several<br><br>central banks; while some countries are fiscally consolidating, German fiscal policy will be<br><br>expansive | ||
| GDP | 1.9 | 1.8 | |
| Inflation | 2.2 | 2.6 | |
| Emerging markets | Growth momentum will likely fade given Asia's expected slowdown, while Europe<br><br>anticipates a slight pickup in GDP growth; inflation should ease in Europe and Latin<br><br>America, but rise in Asia; lower inflation and a weaker USD should provide central banks<br><br>with scope to cut interest rates | ||
| GDP | 4.2 | 4.5 | |
| Inflation | 4.0 | 3.9 | |
| Eurozone Economy | German government spending on defense and infrastructure is expected to boost the<br><br>Eurozone economy; however, a moderate start to the year is expected to curb the annual<br><br>average growth momentum; headline inflation is likely to undershoot the ECB’s target of<br><br>2%. The ECB is expected to hold its key interest rates unchanged in 2026 | ||
| GDP | 1.1 | 1.5 | |
| Inflation | 1.7 | 2.1 | |
| Of which: German<br><br>economy | Driven by expansionary fiscal policy, the German economy is expected to recover<br><br>noticeably; government spending should also generate a "crowding-in" effect on private<br><br>investment; however, exporters likely still face headwinds from higher trade barriers and<br><br>competition; cooling of the labor markets will likely end as economic momentum picks up;<br><br>private consumption is expected to gain momentum | ||
| GDP | 1.5 | 0.2 | |
| Inflation | 2.0 | 2.2 | |
| U.S. Economy | Growth momentum should accelerate, driven by supportive financial conditions, tax relief,<br><br>and reduced trade policy uncertainty; moreover, AI-related investments are expected to<br><br>provide further impetus; the labor market is likely to stabilize; despite elevated inflation, the<br><br>Fed is expected to gradually cut interest rates, to a neutral level given labor market risks | ||
| GDP | 2.9 | 2.2 | |
| Inflation | 2.7 | 2.7 | |
| Japanese Economy | The Japanese economy is expected to maintain moderate growth in 2026; while the impact<br><br>of U.S. tariff policy on Japan is anticipated to be limited, rising wages and decelerating<br><br>inflation are likely to support household consumption; fiscal policy could become more<br><br>expansionary; the Bank of Japan is likely to have a further interest rate hike | ||
| GDP | 0.9 | 1.2 | |
| Inflation | 1.9 | 3.2 | |
| Asian Economy³ | Even with an anticipated deceleration in China and India, growth momentum is expected to<br><br>stay robust in the region; easing trade tensions should offer continued support to economic<br><br>activity; lower inflation and a softer USD are expected to provide central banks with some<br><br>scope for easing their monetary policy | ||
| GDP | 4.9 | 5.5 | |
| Inflation | 2.2 | 0.9 | |
| Of which: Chinese<br><br>Economy | GDP growth is likely to slow somewhat as "anti-involution policies" dampen overcapacity<br><br>and investment in machinery and equipment; nevertheless, fiscal and monetary policies are<br><br>expected to remain supportive; the slow recovery of the real estate market remains a<br><br>headwind for private consumption; inflation is expected to pick up | ||
| GDP | 4.5 | 5.0 | |
| Inflation | 1.5 | 0.1 |
1Annual Real GDP Growth (% YoY). Sources: National Authorities unless stated otherwise
2Sources: Deutsche Bank Research
3Includes China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, South Korea, Thailand and Vietnam; excludes Japan
There are a number of risks to the bank’s global economic outlook. From a trade policy perspective, tensions could
reignite, especially along strategically important supply chains, particularly between China and the U.S. Geopolitical risks
remain elevated in various regions, for example in Ukraine, Asia and the Middle East, including the recent U.S. led military
intervention in Iran, or Latin America. Financial market valuations surrounding the progress of AI and associated
infrastructures could potentially be sources of market volatility. Furthermore, high government debt ratios could,
alongside questionable policy measures for consolidation, lead to fluctuations in bond yields.
39
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 |
Banking industry
The global banking industry should continue to operate in a relatively favorable environment during 2026. While
economic growth may remain similar to 2025, it is likely to shift somewhat between regions. Interest rates are expected
to decline in the U.S., but are expected to stay unchanged in the euro area, thus maintaining overall supportive
conditions for banks’ net interest income. Fee and commission income in investment banking and asset management
could benefit from a benign capital markets environment with contained volatility as economic policy uncertainty is
expected to decline from elevated levels in 2025. Asset quality may stay largely resilient, resulting in bottom-line
profitability remaining strong. This should allow banks to hold on to significant capital returns to shareholders. On the
back of robust earnings and higher stock market valuations, bank Merger & Acquisition activity in selected markets will
probably continue, especially among smaller and mid-tier institutions. Meanwhile, ongoing geopolitical fragmentation,
incl. among advanced economies, poses downside risks for international trade, growth and financial markets,
simultaneously raising demand for banks’ hedging and advisory services. Increasing adoption of and investments in
artificial intelligence require monitoring of possibly evolving implications, including for financial stability.
European banks are likely to see a moderate acceleration in demand for credit, both from corporates as economic growth
improves as well as from households as lower interest rates support the mortgage business. Surging defense spending by
governments may translate into tailwinds for European banks. The effect may be particularly pronounced in Germany
due to broader domestic fiscal expansion. Securing a level playing field in regulation compared to U.S. peers will become
increasingly important for EU banks, as prudential requirements in Europe are expected to rise over the coming years.
Progress on the EU’s Savings and Investments Union might support capital market integration and performance. A
sustainable end to Russia’s war against Ukraine would offer upside potential for the economy and financial markets, and
therefore also the banking industry.
U.S. banks should benefit from higher credit demand, lower cost of risk and lower unrealised losses on bond holdings if
economic growth edges higher and interest rates fall as expected. Large U.S. banks may also benefit from a slight
reduction in capital requirements which could strengthen their competitive position in corporate & investment banking
globally. At the same time, domestic competition from non-bank financial institutions could intensify.
Banks in China remain under pressure from slowing economic growth and deflationary pressures which should lessen
somewhat in 2026 though. Interest rates are likely to stay low, keeping a lid on banks’ net interest margin. Banks in Japan
will probably face a mixed environment: slowing economic expansion may hold back revenue growth, whereas rising
interest rates may buttress it. Significant U.S. exposure could make an additional positive contribution in case of growth
there picking up and regulatory loosening.
In Europe, many regulatory debates will continue on into 2026 from 2025. These cover the digital euro, more detailed
requirements on the Omnibus Simplification Package proposals, deepening European capital markets, open finance
(FIDA) and the review of the payment services framework. In 2026, the European Commission will deliver a report on the
competitiveness of European banks. This will form the basis for further legislative changes to the European framework
for prudential standards.
In the U.S., most of the attention is expected around the U.S. regulators' finalization of several regulatory changes,
including the Final Basel III package framework.
40
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Deutsche Bank Group
Deutsche Bank’s strategic and financial roadmap aimed to position the bank as the Global Hausbank, underpinned by
strong European foundations and a broad international network. The strategy focused on achieving the 2025 financial
targets and capital objectives and was built on three core pillars: risk management, sustainability and technology,
priorities that have become even more important amid persistent geopolitical and macroeconomic uncertainty. By the
end 2025, the bank had met or surpassed its key financial targets and capital objectives, thereby laying firm foundation
to scale the Global Hausbank.
At the Investor Deep Dive in November 2025, Deutsche Bank announced the next phase of its strategy and financial
targets and capital objectives for 2028. Having restored the bank’s profitability and strengthened its foundations, the
bank aims to accelerate value creation through focused growth, strict capital discipline and a scalable operating model,
and targets a post-tax RoTE of greater than 13% and a cost/income ratio of below 60% in 2028. Deutsche Bank aims for a
Common Equity Tier 1 capital ratio between 13.5% and 14.0%, while maintaining a minimum buffer of 200 basis points
above the bank’s maximum distributable amount threshold. The bank also plans to increase its payout ratio from 50% to
60% from 2026, with discretion to deploy and distribute excess capital when the CET1 capital ratio is sustainably above
14%.
Deutsche Bank’s key performance indicators are shown in the table below.
Key performance indicators
| Financial targets | Dec 31, 2025 | Financial targets<br><br>and capital<br><br>objectives<br><br>2025 | Financial targets<br><br>and capital<br><br>objectives<br><br>2028 |
|---|---|---|---|
| Post-tax return on average tangible equity1 | 10.3% | Above 10.0% | Greater than<br><br>13.0% |
| Compound annual growth rate of revenues between 2021 and 20252 | 6.0% | 5.5% to 6.5% | N/A |
| Cost/income ratio3 | 64% | Below 65% | Below 60% |
| Capital objectives | |||
| Common Equity Tier 1 capital ratio4 | 14.2% | 13.5% to<br><br>14.0%5 | 13.5% to<br><br>14.0%5 |
| Payout ratio6 | 47%7 | 50%8 | 60%9 |
1Based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon; for further information, please refer to “Supplementary Information (Unaudited):
Non-GAAP Financial Measures” of this report
2 Twelve months period until the end of the respective reporting period compared to full year 2021
3Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
4Further details on the calculation of this ratio are provided in the Risk Report in this report
5Target ratio while maintaining a buffer of 200 basis points above the bank’s expected maximum distributable amount (MDA) threshold
6Ordinary distributions in form of common share dividends and share buybacks in relation to Profit attributable to Deutsche Bank shareholders; presented in the financial
year to which distributions relate to
7Expected distributions in 2026 in respect of financial year 2025, including the proposed dividend per share of € 1.00 and share buyback of € 1.0 billion, for which the bank
secured the customary authorizations in relation to Profit attributable to Deutsche Bank shareholders of financial year 2025
8Ordinary distributions in respect of financial year 2025
9Ordinary distributions in respect of financial year 2026 and thereafter
In 2026, Deutsche Bank expects its revenues to be slightly higher compared to the prior year. In 2026, revenues at Group
level are expected to be around € 33 billion, driven by the resilience and growth potential of the bank’s businesses and
continued business momentum. Growth is expected to result from both net interest income and noninterest income,
reflecting the bank's diversified business mix. Corporate Bank revenues are expected to be slightly higher, with
accelerating sequential growth as the year progresses. Investment Bank revenues are expected to be slightly higher in
2026, with significantly higher IBCM revenues in line with the overall growth strategy of the business and essentially flat
FIC revenues. The bank also expects continued growth in the Private Bank, with full year revenues higher. Likewise, Asset
Management should also see slightly higher revenues.
Deutsche Bank is managing the Group’s cost base towards its cost/income ratio target of below 60% by 2028 and
remains highly disciplined on costs while progressing its ongoing initiatives. Noninterest expenses in 2026 are expected
to be slightly above € 21 billion, slightly higher compared to 2025. This is driven by approximately € 900 million of the
bank’s planned € 1.5 billion in incremental investments through 2028. These investments are targeting to accelerate
automation and digitalization to future-proof the bank, to scale the Wealth Management franchise through targeted
hiring, broaden the Corporate Bank’s client footprint and expand IBCM’s capabilities across key sectors and geographies.
The investments are expected to be partially offset by benefits from structural efficiency measures supporting at least
€ 2 billion in operating efficiencies by 2028, driven by front to back process optimization, enhanced IT architecture and
transformation across infrastructure functions. For 2026, the bank expects cost/income to remain below 65%.
41
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 | Deutsche Bank Group |
Provision for credit losses is expected to be slightly lower in 2026 compared to the prior year, supported by continued
resilience in overall asset quality. The bank anticipates a partial normalization of credit loss provisions in 2026 as the
headwinds seen throughout 2025 are expected to ease. Although economic and geopolitical uncertainties persist, asset
quality is expected to remain solid, with provisions trending moderately lower as Commercial Real Estate provisions
ameliorate and other portfolios normalize. Deutsche Bank remains committed to stringent underwriting standards and a
tight risk management framework. Further details on the calculation of expected credit losses are provided in the section
“Combined Management Report: Risk Report”.
Common Equity Tier 1 ratio by year end 2026 is expected to be slightly lower compared to 2025. On a net basis, risk
weighted assets are expected to be higher from capital efficient business growth. Deutsche Bank aims for a Common
Equity Tier 1 capital ratio between 13.5% and 14.0%, while maintaining a minimum buffer of 200 basis points above the
bank’s maximum distributable amount threshold.
For financial year 2026 and subsequent years, the bank targets a payout ratio of 60% of net income attributable to
Deutsche Bank shareholders, delivered through a combination of cash dividends and share buybacks. Starting with
financial year 2026, Deutsche Bank aims for modest but continuous growth in dividend per share, relative to the 50% per
annum growth over the past four years. Furthermore, the bank sees scope to deploy and distribute excess capital when
the CET1 capital ratio is sustainably above 14%. These distributions to shareholders are subject to corporate decisions,
shareholder authorization and German corporate law requirements, and in the case of share buybacks supervisory
approval.
In respect of financial year 2025, the Management Board intends to propose to the Annual General Meeting a dividend of
€ 1.00 per share, representing an increase in dividend per share of around 50% for the fourth consecutive year. In
addition, the bank has secured the customary authorizations for a share repurchase of € 1 billion in respect of financial
year 2025. This share repurchase, together with the anticipated dividend, would result in distributions in respect of
financial year 2025 of € 2.9 billion, in line with the bank's 50% target payout ratio for 2025, completing distributions in
relation to financial year 2025.
By the nature of the bank’s business, Deutsche Bank is involved in litigation, arbitration and regulatory proceedings and
investigations in Germany and in a number of jurisdictions outside Germany, including in the United States and in the
United Kingdom. Such matters are subject to many uncertainties. While Deutsche Bank has resolved a number of
important litigation matters and made progress on others, the bank could be exposed to significant costs if new
regulatory enforcement matters or litigation arise, or those pending against the bank develop adversely. For 2026, and
with a caveat that forecasting litigation charges is subject to many uncertainties, Deutsche Bank presently expects net
litigation charges to be significantly higher than the levels experienced in 2025. For more details, please refer to
“Provisions” of this report.
For a discussion of the risks and opportunities for the outlook of Deutsche Bank please refer to the section “Risks and
opportunities” of this report.
Post-tax return on average tangible equity is a non-GAAP financial measure. Please refer to “Supplementary financial
information (Unaudited): Non-GAAP financial measures” of this report for the definitions of such measures and
reconciliations to the IFRS numbers on which they are based. All forward-looking projections below are based on January
31, 2026, foreign exchange rates. With effect from the first quarter of 2026, Deutsche Bank will discontinue the separate
reporting of adjusted costs and nonoperating costs.
42
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 | Deutsche Bank Business segments |
Deutsche Bank Business segments
Corporate Bank
Corporate Bank expects further progress on its initiatives and growth in business volumes to support the performance in
- Net revenues are expected to be slightly higher compared to prior year, driven by higher net commission and fee
income from targeted growth initiatives and modest growth in net interest income.
Corporate Treasury Services revenues are anticipated to be slightly higher in 2026 compared to 2025, supported by
growth in net commission and fee income across Cash Management and Trade Finance products. Institutional Client
Services revenues are anticipated to be essentially flat, as growth in Corporate Trust will be partly offset by the
remaining impacts of net interest income normalization in Institutional Cash Management. In Business Banking, revenues
are expected to be slightly higher, driven by higher deposit volumes and higher net commission and fee income.
Provision for credit losses is expected to be significantly higher in 2026 compared to the prior year, driven by a
normalized level of Stage 3 provisions after low levels in the prior year.
Noninterest expenses are expected to be slightly higher, driven by investments in the growth initiatives.
Risk weighted assets in the Corporate Bank are anticipated to be slightly higher in 2026, as loan growth will be partially
offset by optimization measures in sub-hurdle businesses.
Investment Bank
Investment Bank revenues are expected to be slightly higher in 2026 compared to the prior year. The business segment
expects the benefits of both prior period and planned investments made as part of the communicated strategy in
Investment Banking & Capital Markets to drive revenue improvement, while FIC is expected to maintain the momentum
of a very strong 2025 performance in both Markets and Financing.
FIC revenues are expected to be essentially flat compared to a very strong 2025. Rates expect to build on the
momentum of the prior year, while selectively growing via targeted investments in line with client demand and market
opportunities. The Foreign Exchange business will look to continue technological development in spot and further
expand its precious metals offering following a strong 2025. Global Emerging Markets intends to continue to further
enhance its onshore capabilities across regions, building on client workflow solutions globally, while selectively
expanding its product offering. Credit Trading intends to further develop its flow businesses, specifically in the U.S. The
Financing business intends to look to build on very strong 2025 and maintain its position as one of the leading franchises
globally, while additional targeted balance sheet investment should help to mitigate any potential spread compression.
Investment Banking & Capital Markets revenues are expected to be significantly higher in 2026 compared to the prior
year, supported by prior period and planned investments and strengthened by the new leadership appointed in 2025.
Advisory plans to build on the momentum of a strong last two years and benefit from targeted investment into specific
sectors and countries where the business was previously underweight. Equity Origination will continue to provide a
competitive offering across products, while investment into its Equities distribution capabilities will drive revenue
improvement and enhance primary deal economics. Within Debt Origination, Leveraged Debt Capital Markets should
benefit from the non-repeat of specific loan losses in the first half of 2025, while Investment Grade Debt will also look to
maintain its strong performance in prior year, and benefit from the aforementioned targeted investments.
Provision for credit losses are expected to be significantly lower in 2026 compared to 2025. The reduction is driven by
expected lower levels of Stage 3 impairments including the CRE sector, in addition to lower Stage 1 and 2 charges where
the impacts of model changes and recalibrations are expected to reduce.
In 2026, noninterest expenses are expected to be slightly higher compared to the previous year. Strategic growth
initiatives, technology investments and expected increased litigation expenses are partially offset by lower bank levy
charges and more broad-based cost efficiencies.
For 2026, risk weighted assets in the Investment Bank are expected to be significantly higher compared to 2025, driven
primarily by increased credit risk RWA to support revenue growth.
43
| Deutsche Bank | Outlook |
|---|---|
| Annual Report 2025 | Deutsche Bank Business segments |
Private Bank
In 2026, Private Bank net revenues are expected to be higher compared to 2025. Deposit and investment product
revenues are expected to be significantly higher, supported by continued net inflows into assets under management.
Lending revenues are expected to be slightly lower.
In Personal Banking, net revenues are expected to be higher compared to the prior year, driven by growth in deposit and
investment product revenues. Lending revenues in Personal Banking are expected to be slightly lower in line with the
bank’s strategy.
In Wealth Management, net revenues are expected to be higher compared to 2025 driven by increased investment
product revenues supported by continued business growth and dedicated hiring initiatives. Deposit revenues are
expected to be slightly higher, while lending revenues are expected to be slightly lower.
Private Bank assumes continued inflows in assets under management in 2026 with corresponding volumes in assets
under management expected to be higher compared to year end 2025. However, the overall development of volumes
will be highly dependent on market parameters, including equity indices and foreign exchange rates.
In 2026, provision for credit losses are expected to be significantly higher than in the previous year, which included
benefits from model updates resulting in low levels in the prior year.
Noninterest expenses are expected to be slightly higher compared to 2025 driven by investments into business growth
as well as transformation initiatives and efficiency programs.
Risk weighted assets are expected to be essentially flat compared to 2025, reflecting essentially flat credit risk RWA.
Asset Management
Asset Management principally consists of the consolidated financial results of DWS Group GmbH & Co. KGaA, of which
Deutsche Bank AG owns a controlling interest.
Asset Management expects total net revenues to be slightly higher for the full year 2026 compared to 2025.
Management fees are expected to be higher, reflecting increasing average assets under management. Performance and
transaction fees are expected to be significantly lower.
Noninterest expenses are expected to be essentially flat in 2026 compared to 2025, as the segment expects to maintain
strict cost discipline.
Assets under management are expected to be higher at the end of 2026 compared to the end of 2025, driven by net
inflows and constructive markets.
Risk weighted assets are expected to be significantly higher compared to 2025 driven by funds with minimum value
commitments and organic and inorganic business growth mainly from co-investments and strategic projects.
Corporate & Other
Corporate & Other is expected to generate a pre-tax loss of approximately € 0.2 billion per quarter in 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.
44
| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Risks and Opportunities
The following section focuses on future trends or events that may result in downside risk or upside potential from what
Deutsche Bank has anticipated in its “Outlook”. During 2025, the global operating environment remained volatile driven
by persistent geopolitical uncertainty and shifting monetary policy expectations. Geopolitical risks are focused on the
policy announcements and other actions of the U.S. administration, the global response to these actions, and the
implications for the U.S. and global economies. In Europe, while growth is expected to pick up, the economic and
political outlook remain uncertain including the impact of trade tariffs, fiscal stimulus and competition with China and
broader policy response to Global economic pressures.
While Deutsche Bank continuously plans and adapts to changing situations, the bank runs the risk that a significant
deterioration in the global macroeconomic environment, an adverse change in market confidence in the banking sector
and/or client behavior, as well as higher competition, inflation or unforeseen costs could impact Deutsche Bank’s ability
to achieve its strategic goals. As such, the bank may incur unexpected losses including impairments and provisions,
experience lower than planned profitability or an erosion of the bank’s capital or liquidity base and broader financial
condition, leading to a material adverse effect on Deutsche Bank’s results of operations and share price.
Opportunities may arise if macroeconomic conditions improve beyond currently forecasted levels, leading to higher
revenues and improving the bank’s ability to exceed its 2028 financial targets and capital objectives. Potentially higher
inflation, interest rates and market volatility could lead to increased revenues from trading flows and higher net interest
income and lending margins; and Deutsche Bank could benefit from helping clients navigate such financial markets.
Reduction in complexity of the regulatory landscape across jurisdictions may also create revenue generating
opportunities. Continued focus on the bank’s digital transformation agenda and use of AI could enhance resilience and
position the bank to capture upside potential should the operating environment improve more rapidly than currently
foreseen. Lastly, focusing on accelerating value creation through Deutsche Bank’s three strategic levers may create
further opportunities if implemented to a greater extent or under more favorable conditions than currently anticipated.
Risks
Macroeconomic and market conditions
The macroeconomic and market environment in 2025 was defined by persistent uncertainty, policy divergence, and
heightened volatility factors that collectively shaped the risk landscape for the bank and its stakeholders. This included a
significant escalation in global trade tensions, particularly in the first half of the year following the U.S. administration
announcement of sweeping “reciprocal” tariffs and with even more punitive measures targeted at China, along with
ongoing uncertainty around Russia’s war in Ukraine and global divergence on central banks monetary policies which have
led to significant currency movements. In Europe, uncertainty around political stability and fiscal positions for certain
larger economies led to sovereign credit rating downgrades and pressure on bond yields which could have a negative
impact on the economy and ultimately impact the creditworthiness of European clients. Although the U.S. economy
expects growth in 2026, inflation is expected to remain elevated in the near term and slower labor force growth could
devalue or create volatility in the U.S. dollar exchange rate, which could negatively impact the bank’s revenues and
results of operations.
Germany stagnated and there was weak growth across Europe during 2025 as market activity and sentiment was
impacted by the escalating trade conflict with the U.S. and increased competition with China, especially in the
automotive sector. In 2026, external headwinds are expected to remain, inflationary pressures from fiscal easing and a
tightening labor market may lead to inflation risks and pressure on the ECB to raise interest rates. These risks could have
a negative impact on the European economy and adversely affect Deutsche Bank’s loan growth and ability to achieve its
strategic goals.
Large-cap technology stocks have fuelled concerns about a potential AI-driven bubble. Gold reached record highs as
investors sought safe havens amid persistent uncertainty, while long-term bond yields fluctuated in response to shifting
fiscal and political dynamics. Volatility or sharp declines or market corrections in asset prices and bond yields could
adversely impact the banks profitability and result in financial losses.
Commercial real estate (CRE) remains a key risk for potential increases in provisions for credit losses, with refinancing
challenges and price stabilization still uncertain, particularly in the U.S. While market indicators point to stabilizing CRE
prices, significant impairment risk remains depending on property types and regions (e.g., U.S. office space on the West
Coast) and could result in Deutsche Bank experiencing loan loss provisions higher than expected.
45
| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Private credit and activities from non-bank financial institutions (NBFI), continued to face pressure from higher interest
rates, refinancing risks, and subdued investor sentiment. Failures of a select number of sub-prime lenders in the U.S.
increased investor focus on risks associated with private credit and raised wider concerns around underwriting standards
and fraud risk. Although Deutsche Bank is not exposed to significant risks related to NBFIs, the bank could face potential
indirect credit risks through interconnected portfolios and counterparties.
Overall, either in isolation or in combination with other risk factors such as the potential escalation of geopolitical risks
(see below), the aforementioned risks could lead to a deterioration in Deutsche Bank’s portfolio quality and higher than
expected credit losses as well as increased capital and liquidity demands as clients draw down on funding lines. Higher
volatility in financial markets could lead to increased margin calls, higher market risk RWA and elevated valuation
reserves. Negative impacts on investor appetite may also impact the bank’s ability to distribute and de-risk capital market
commitments, which could potentially result in losses as well as making pricing and hedging more challenging and
costly. Higher volatility in capital markets amidst the challenging macro environment could also lead to increased
inherent risks in several operational risks including transaction processing, internal and external fraud. It also increases
the risk of idiosyncratic counterparty events both directly and indirectly, for example shortfalls under securities financing
transactions.
If multiple downside risks such as renewed trade tensions, fiscal instability, or disorderly market corrections were to
materialize simultaneously, these risks could have a material adverse impact on Deutsche Bank’s financial results and
ability to meet its 2028 financial targets and capital objectives.
Geopolitical Events
Geopolitical developments continue to present a complex and evolving risk landscape that may affect Deutsche Bank’s
operating environment, market performance, and the achievement of its 2028 financial targets.
In the Middle East, the U.S. led military intervention in Iran and retaliation by Iran against targets in the Middle East, may
lead to a protracted period of uncertainty in the region. A key risk is the potential for prolonged higher oil and gas prices
if supplies through the Strait of Hormuz are restricted for an extended period. Deutsche Bank has limited direct
exposures to the Middle East, however 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) and
operations.
Recent events in Venezuela, resulting in the U.S. apprehension of President Nicolás Maduro, marks a significant
geopolitical escalation which could elevate regional uncertainty, sanctions, market volatility, and cross‑border political
risk. Additionally, emerging territorial claims, such as those by the U.S. administration regarding Greenland, have
introduced uncertainty into the transatlantic partnership, with potential implications for European security cooperation
frameworks. If there is further targeted action on other regions, there could be market-wide implications, including
sovereign stress and/or market dislocation. These risks could have material adverse effects on Deutsche Bank's results of
operations.
Relations between U.S. and China remain a central risk factor for the bank. Notwithstanding recent bilateral agreements
between the U.S. and China aimed at reducing trade barriers and retaliatory measures, rising U.S. and China tensions,
ongoing cross-border investment restrictions and dispute over potential tariffs, sanctions, export controls, trade of rare
earth minerals and critical technologies, Hong Kong and human rights, raise the specter of further economic polarization
and the emergence of distinct U.S. and China-led trading blocs. The risk of retaliatory measures and broader
fragmentation of global trade may increase , with potential adverse impacts on the bank’s cross-border activities and
client base.
The European Union took action to protect domestic industries, proposing sharp cuts to steel import quotas and raising
out-of-quota tariffs to 50%. These measures heightened the risk of retaliatory trade actions and further exacerbated
global trade tensions, which could have an adverse impact on the bank's loan portfolio. Sanctions regimes became more
complex and far-reaching, with sanctions intensifying in the later part of 2025. For example, the EU adopted its 19th
sanctions package against Russia, introducing a phased ban on Russian liquid natural gas imports, tighter controls on
banks and crypto exchanges, and expanded secondary sanctions targeting third-country entities, which increases the
bank’s operational and compliance risk.
Russia’s war in Ukraine continued, with Russian attacks intensifying and Western support for Ukraine showing signs of
fatigue and fragmentation. Hopes for a ceasefire remained elusive, and the risk of prolonged instability undermined
global investor confidence and increased market volatility. In Russia, fast-tracked legislation enabled the sale of foreign
state-owned assets, raising concerns about potential expropriation of foreign companies and increasing the risk of
adverse regulatory or government actions, which could adversely affect Deutsche Bank’s operations in Russia and result
in financial losses.
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| Deutsche Bank | Risks and Opportunities |
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| Annual Report 2025 | Risks |
Hybrid and cyber warfare and operational risks emerged as significant themes. Undersea cables became targets for
attack by state and non-state actors, threatening real-time services such as trading, payments, and service delivery. The
bank’s vendors faced potential connectivity issues during regional outages, raising reputational, regulatory, and financial
risks.
Overall, the geopolitical landscape in 2025 was characterized by persistent uncertainty, evolving risks, and the potential
for rapid escalation. The interplay of trade policy, sanctions, regional conflicts, and operational threats created a
challenging environment for the bank’s operations, available resources and potentially impact its business model.
Deutsche Bank expects this uncertainty to persist in 2026, which could negatively impact the bank’s results of operations
and reduce the bank’s ability to achieve its 2028 financial targets.
Strategy
In November 2025, Deutsche Bank announced the next phase of its strategy, Scaling the Global Hausbank. The bank
announced its financial targets and objectives for the period until 2028 and management’s focus in the next phase on
accelerating value creation by scaling the Global Hausbank. While Deutsche Bank continuously plans and adapts to
changing situations, the bank runs the risk that a significant deterioration in the global macroeconomic environment, an
adverse change in market confidence in the banking sector and/or client behavior, as well as higher competition, inflation
or unforeseen costs could result in the bank not achieving its financial targets and objectives by the end of 2028. In
addition, Deutsche Bank may incur unexpected losses including impairments and provisions, experience lower than
planned profitability or an erosion of the bank’s capital or liquidity base or broader financial condition, leading to a
material adverse effect on Deutsche Bank’s results of operations and share price. This also includes the risk that
Deutsche Bank will not be able to make desired cash distributions and share buybacks, which are subject to regulatory
approval, shareholder authorization and meeting German corporate law requirements. In these situations, the Group
would need to take actions to ensure it meets its minimum capital or liquidity objectives. These actions or measures may
result in adverse effects on Deutsche Bank’s business, results of operations, strategic plans or meeting its financial
targets and capital objectives.
Deutsche Bank operates in highly competitive markets in all business segments. The ability to deploy capital and fund
investments is an important success factor. The bank continuously monitors and responds to competitive developments
to protect its market position and realize growth opportunities. Competitors in that context include large international
banks, smaller domestic banks, new international banks entering the German market, as well as emerging and non-
banking competitors (e.g., digital first and fintechs). If significant competitors were to merge or be acquired, this could
have impact on Deutsche Bank’s business model and opportunities to grow non-organically in the future.
Deutsche Bank has the objective to maintain a strong capital position with CET1 ratio operating range of 13.5% to 14.0%,
with no less than 200 basis points distance to the Maximum Distributable Amount (MDA) threshold. The Group’s capital
ratio development reflects among other things: the performance of the bank’s operating businesses; the delivery of
associated benefits from change initiatives including for example front-to-back optimization and AI adoption programs;
cost related to potential litigation and regulatory enforcement actions; growth in the balance sheet usage of business
segments; changes in the bank’s tax and pensions accounts; impacts on other comprehensive income; and changes in
regulation and regulatory technical standards (including assumptions made in CRR 3 rules in relation to the output-
floor).
The Group enters into contracts and letters of intent in the ordinary course of business. When these are preliminary in
nature or conditional, the bank is exposed to the risk that they do not result in execution of the final agreement or
consummation of the proposed arrangement, putting associated benefits with such agreements at risk.
The financial results of the bank could be adversely impacted if anticipated benefits from mergers and acquisitions, joint
ventures, strategic partnerships, planned cost savings and other investments do not materialize. At the same time, any
integration process would require significant time and resources, and the bank may not be able to manage the process
successfully.
All of the above could have a material impact on the bank’s CET 1 ratio as well as its financial targets. It is therefore
possible that the bank could fail to meet certain capital objectives e.g., the CET 1 ratio within an operating range of
13.5% to 14.0% with 200 basis points distance to the Maximum Distributable Amount as a floor; and a 60% total payout
ratio from 2026 and distribution of excess capital when CET 1 ratio is sustainably above 14%.
In addition, the following risks could adversely impact the bank’s strategic goals and ability to achieve its financial targets
and capital objectives for 2028.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
The base case scenario for Deutsche Bank’s financial and capital plan includes revenue growth estimates which are
dependent on a number of factors, including macroeconomic developments, market fee pools and market share of the
overall fee pool. If there is stagnation or downturn in any of these areas this could significantly impact the bank’s ability
to generate revenue growth. This base case scenario also includes assumptions regarding the bank’s ability to manage
costs in future periods
In addition, the bank’s base case scenario is based on current market implied forward interest rate curves, inflation levels
and expected foreign exchange rates. If any of these develop or fluctuate differently from what the bank expects, this
could have an adverse impact on Deutsche Bank’s revenues and costs
Reputational risk or negative market perceptions of Deutsche Bank could impact client levels, deposits or asset outflows.
Liquidity and funding
Deutsche Bank has a continuous demand for liquidity to fund its business activities and the bank’s liquidity may be
impaired if the bank is unable to access secured and/or unsecured debt markets, access funds from subsidiaries, allocate
liquidity optimally across businesses, sell assets, or experiences unforeseen outflows of cash or deposits. These situations
may arise due to disruptions in the financial markets, including limited liquidity, defaults by counterparties, non-
performance or other adverse developments that affect financial institutions. Such adverse developments may include
the reluctance of counterparties or the market to finance Deutsche Bank’s operations due to perceptions about potential
outflows (including deposit outflows) resulting from litigation, regulatory or similar matters. These items may be actual or
perceived weaknesses in the bank’s businesses, business model or strategy, as well as in Deutsche Bank’s resilience to
counter negative economic and market conditions. If such situations occur, internal estimates of the bank’s available
liquidity over the duration of a stressed scenario could be negatively impacted.
In addition, these perceptions could affect in multiple ways like negative market perceptions which can raise Deutsche
Bank’s cost of accessing capital markets, thus, negatively affecting the bank’s funding curve and increase funding
spreads. Such situations may hinder the bank’s ability to refinance assets, support business activities, or maintain capital
levels. As a result, the bank may be forced to sell assets at unfavorable prices or reduce business activities, including
lending.
Liquidity risk could also arise from lower value and marketability of Deutsche Bank’s High Quality Liquid Assets (HQLA),
impacting the amount of proceeds available for covering cash outflows during a stress event. Additional haircuts may be
incurred on top of already impaired asset values. Moreover, securities might lose their eligibility as collateral necessary
for accessing central bank facilities, as well as their value in the repo/wholesale funding market.
Additional liquidity risks, due to negative developments in the wider financial sector, may also occur from withdrawal of
deposits not insured by deposit guarantee schemes or result in deposits moving into other investment products. In times
of economic uncertainty or market stress, digital banking allows depositors to swiftly move funds digitally to other
market participants, leading to a faster and larger scale of deposit outflows. This risk may be exacerbated by the rollout
of the European Instant Payments Regulation which could lead to accelerated outflows outside of normal business hours
in addition to increased needs for intraday liquidity. In addition, higher interest rates could foster price competition
among banks for retail deposits increasing Deutsche Bank’s funding costs, as well as putting further pressure on the
volume of Deutsche Bank’s retail deposits, which are one of the main funding sources for the bank.
Uncertain macroeconomic developments could negatively affect Deutsche Bank’s ability to transact foreign exchange
(FX) trades due to volatility in the FX markets or if counterparties are concerned about the bank’s ability to fulfil agreed
transaction terms and therefore seek to limit their exposure. In addition, if Central Bank emergency FX swap facilities
were removed, this may lead to the widening of spreads in the FX markets, increased foreign currency funding costs and
a reduction in USD liquidity in the market. Additionally, increased FX mismatches on the bank’s balance sheet may lead
to increased collateral outflows if the euro (Deutsche Bank’s reporting currency) materially depreciates against other
major currencies and may lead to difficulties to support liquidity needs in different currencies.
As part of emerging risks, digital payments and blockchain are assessed as areas which could impact the depth and
volatility of market liquidity and funding and may temporarily impact cost of funding and thereby adversely affect
profitability.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Regulatory supervisory reforms, assessments and proceedings
The regulatory reforms enacted and proposed in response to weaknesses identified during the last financial crisis
together with increased regulatory scrutiny and discretion will impose material costs on the bank, create significant
uncertainty and may adversely affect the Group’s business plans as well as its ability to execute the bank’s strategic plans
in the medium-term. Those changes that require the bank to maintain increased capital may significantly affect the
bank’s business model, financial condition, and results of operation as well as the competitive environment more
generally. This could occur more generally with regards to the UK. With the UK being outside the European Union, it can
be more agile on the future direction of its supervisory and regulatory framework. Given Deutsche Bank’ set-up in the UK
as a branch, the bank will not be able to benefit in general from improvements made to the UK framework.
Supervisors can also impose capital surcharges or regulatory adjustments, for example, as a result of the regular
Supervisory Review and Evaluation Process (SREP) performed by the ECB on an annual basis. Such adjustments may, for
example, reflect additional risks posed by deficiencies in the Group’s control environment, concerning the treatment of
specific portfolios, products or transactions. Following the 2025 SREP, Deutsche Bank has been informed by the ECB of
its decision regarding prudential capital requirements to be maintained from January 1, 2026, onwards, that Deutsche
Bank’s Pillar 2 Requirement amounts to 2.85%, a decrease of five basis points compared to the bank’s Pillar 2
Requirement applicable for 2025. ECB’s SREP decision also includes a Pillar 2 Requirement for the leverage ratio of 10
basis points, unchanged versus prior year SREP and effective from January 1, 2026, onwards. Further, the decision
includes conclusions the ECB draws from regulatory stress tests conducted by the EBA or the ECB. On August 1 , 2025,
the EBA and the ECB published the results of the 2025 EU-wide Stress Test. The ECB evaluates each bank’s performance
from a qualitative angle to inform the decision on the level of Pillar 2 Requirement and a quantitative outcome which is
one aspect when assessing the level of Pillar 2 Guidance. The ECB has already used these powers in its SREP decisions in
the past and it may continue to do so to address findings from onsite inspections. In extreme cases, the ECB can even
suspend certain activities or permission to operate within their jurisdictions and impose monetary fines or capital
surcharges for failures to comply with rules applicable to the guidelines.
Regulators across the world can also impose capital surcharges to address macroeconomic risks, through the use of
macroprudential tools. These include CET1 buffer increases that could apply group-wide or only for local activities at
national level or for specific types of exposures (e.g., mortgages). The use of these tools is governed by the applicable
macroprudential framework in the EU or any other relevant jurisdiction and are typically decided by national
macroprudential authorities, such as BaFin, often on the basis of Central Bank analysis for macroeconomic risks. In
addition, regulatory supervisors could amend interpretations on previously issued guidance and require financial
institutions to apply the new interpretations on a retrospective basis, which could negatively impact the bank.
Several future changes to macroprudential tools are expected to impact Deutsche Bank’s business. The European
Commission had previously announced a review of the EU macroprudential regime for 2022-2023. These reviews did not
take place within the envisaged timeline. The European Commission will continue looking at these issues in 2026 as part
of the consultation on the European Banking Competitiveness and there is always a possibility for a legislative proposal.
Such reforms could result in an increase of the bank’s level of capital requirements, including capital buffers, additional
capital requirements for securitizations, an increase in risk-weighted assets or other regulatory requirements related to
the banks’ dealings with various types of counterparties, including Non-Bank Financial Intermediaries (NBFI).
In July 2024, the EU prudential rules (Capital Requirements Regulation and Directive – CRR III and CRD VI) was published
in the EU Official Journal. The reform implements the Basel Committee on Banking Supervision (BCBS) Final Basel III
reforms. These reforms change how EU banks will calculate their risk weighted assets. The biggest part of the reforms
apply since January 2025, with the exception of the rules on Market Risk (implementing the Fundamental Review of the
Trading Book – FRTB), which has been delayed by the European Commission, via a Delegated Act, to January 2027. In
November 2025, the European Commission launched a consultation on how to apply FRTB after January 2027, in view of
concerns around its calibration and non-implementation by other key jurisdictions. The output floor, which limits the
internal-model RWA to ultimately 72.5% of the Standardized Approach RWA, will apply fully in January 2030. Final Basel
III will increase the bank’s RWA and associated capital requirements. The reform is also being implemented, with
different timelines, in all major jurisdictions. At the start of 2024, the EBA consulted on amendments to its RTS
(Regulatory Technical Standard) on prudent valuation. This standard sets out the requirements that institutions
operating in the EU should apply for the valuation of their fair-valued assets and liabilities for prudential purposes. The
EBA is working through the comments received, depending on their final view, this may lead to an increase in the bank’s
CET1 requirements.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
In April 2023, the European Commission issued a legislative proposal for reform of the EU crisis management and deposit
insurance framework, with amendments to all relevant Directives and Regulations, including the Bank Recovery and
Resolution Directive, the Single Resolution Mechanism Regulation and the Deposit Guarantee Scheme Directive. The
purpose of the legislative proposal is, among other things, to further harmonize and regulate the crisis management and
resolution of small- and medium-sized EU banks, which are currently subject to some degree of national discretion. In its
legislative proposal the Commission includes several changes that could impact Deutsche Bank and its clients, including
a change in the insolvency hierarchy of claims of all depositors, including those uninsured by deposit guarantee schemes.
Also, the proposals provide for an expanded possibility by authorities to use the funds of national deposit guarantee
scheme to contribute to the resolution of a bank, and thus giving also access to the Single Resolution Fund. This
European Commission legislative proposal followed the regular EU co-legislative process, with the involvement of the EU
27 Member States and the European Parliament. The co-legislators reached an agreement, and the formal finalization of
the revised directives and regulation and publication in the EU Official Journal will likely happen in 2026.
The Retail Investment Strategy, a European Commission proposal from May 24, 2023, containing a series of measures
and amendments to the current legislative framework to strengthen investor participation and consumer trust remains in
the legislative process with the Parliament and Council having finalized their respective positions. A political agreement
between the European Parliament and Council has been reached at the end of 2025, with minor details to be worked out
during 2026.
The revised Markets in Financial Instruments Directive and Regulation (MiFID II/R) entered into force in March 2024.
Further technical work by the European Securities and Markets Authority (ESMA) and the European Commission on
transparency requirements and the consolidated tape have started in 2024 and will continue through 2026.
In June 2023, the European Commission published two legislative packages, one linked to the introduction of a digital
euro, the other on financial data access and payments. The European Parliament and EU Member States are now to
discuss both packages where both texts are still under discussion.
In 2025, the regulatory environment for ESG and sustainable finance in the EU was focused on simplification and cutting
the reporting burden. The ESG Omnibus initiative was adopted which will lead to less companies having to apply the
Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).
Simultaneously, the Taxonomy Disclosure Delegated Act was revised which leads to reduced reporting requirements,
while the European Sustainability Reporting Standards are still under revision in view of further simplification. The review
of the Sustainable Finance Disclosure Regulation was initiated with a proposal by the European Commission. Adoption is
expected during 2026. The application of the Deforestation Regulation has been further postponed to December 30,
2026 and to mid-2027 for small firms.
In the UK transition plan requirements for corporates were further advanced. The FCA's Sustainability Disclosure regime,
including its anti‑greenwashing rule and investment labels, were further implemented. Domestic sustainability reporting
standards are in the process of being aligned with the global International Sustainability Standards Board (ISSB) baseline
with voluntary use from 2026. Plans to establish a UK Green Taxonomy were discontinued.
Supervisory expectations for banks on climate and environmental risk management continue to increase in the EU, UK
and APAC, with the ECB also emphasizing nature-related risks.
Supervisors can also impose other capital surcharges, such as the increase of macro-prudential capital buffers including
the Countercyclical Capital Buffer and the Systemic Risk Buffer.
In summary, both the regulatory and legislative environment will continue to be dynamic and may impact Deutsche
Bank’s revenue and costs (e.g., the cost to ensure ongoing and future compliance). Additionally, the prospect of
regulatory conditions easing in certain non-European regions could present a competitive disadvantage to the bank.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Internal Control Environment
Deutsche Bank’s businesses require effective controls to process and monitor a wide range of complex, high-volume
transactions across diverse markets, which is dependent on the strength of the bank's policies, control testing protocols,
IT systems and employee capabilities. If these systems do not identify, monitor, aggregate, measure, mitigate and report
all risks critical for comprehensive risk management and regulatory reporting, then Deutsche Bank's results of operations
and regulatory position could be negatively impacted.
Although improvements have been made, certain elements of the bank's control environment and supporting
infrastructure remain below target state, with legacy technology, data fragmentation and manual processes persisting in
some areas. These conditions can impede the timeliness and quality of internal and regulatory reporting and hinder
consistent risk aggregation across businesses and legal entities. The bank is executing multi-year initiatives to simplify
architecture, strengthen data governance and automate controls, but structural complexity, dependency on end-user
tools and uneven system integration continue to pose operational risks. Materialization of these risks could result in
disruptions to core processes, delay in implementation of strategic change programs, and reduced operational resilience
to challenges in the external operating environment, resulting in a negative impact to Deutsche Bank from a client,
regulatory, and reputational risk perspective.
Retaining specialist expertise across control disciplines, including information technology and security, financial crime
and data governance, remains challenging, and increased reliance on third-party and cloud service providers introduces
additional oversight and resilience considerations. Any inability to retain key personnel or effectively manage third-party
risks may impair the bank's ability to maintain sound controls or close regulatory findings.
The bank's principal regulators, including BaFin, ECB, UK Prudential Regulation Authority and Federal Reserve Board,
along with Deutsche Bank's Management Board and Group Audit function continue to review internal controls and
infrastructure closely. These assessments have identified enhancements needed in areas such as financial crime,
information security, IT resiliency, transaction processing and data management. While remediation is underway, the
breadth of these programs and their interdependencies mean execution risk remains elevated until improvements are
completed, validated and operate effectively over time.
To address these risks, the bank is investing in technology modernization and resiliency, including cloud adoption,
advanced analytics to enhance risk and control testing, however it cannot be assured that these measures will be
successfully integrated or successfully remediate risks. While these capabilities may support improved oversight, they
introduce new risks such as data quality, AI governance and cyber resilience that require strong controls and assurance.
Technology, Data and Innovation
Digitalization and the speed of innovation in areas such as AI may offer market entry opportunities for new competitors
such as cross-industry entrants, global tech companies and financial technology companies. In addition, banking
competitors may develop their business models to enter the bank’s core markets with largely digital offerings. Therefore,
the bank expects its businesses to have an increased need for investments in digital products, AI and process resources.
If the above investments are not made, or if Deutsche Bank is not otherwise able to compete with these new entrants,
there is a risk Deutsche Bank could lose market share, which could have a material adverse effect on its financial results.
Through its strategic partnership with Google Cloud, Deutsche Bank is migrating parts of its application landscape to the
public cloud with the goal of improving IT flexibility and resilience. The adoption of public cloud services remains an area
of significant regulatory interest, and the bank must ensure and adopt applicable standards of data privacy and security
to protect client and bank information. Failure to do so can compromise client trust, lead to financial losses and result in
regulatory penalties, litigation and compensation obligations.
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| Deutsche Bank | Risks and Opportunities |
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| Annual Report 2025 | Risks |
AI has the potential to be a transformative technology for the bank, while at the same time posing new challenges such
as hallucination or bias and thereby requiring validation of accuracy and explainability, as well as data privacy and
sovereignty. The emergence of agentic AI solutions has the potential to enable autonomous decision making within
processes, increasing the probability of undetected mistakes. Deutsche Bank has incorporated AI risk into its control
framework, supported by an AI Oversight Forum that ensures bank‑wide monitoring, risk assessment, and alignment with
strategic goals. The bank has also defined AI & Data Ethics Principles to guide responsible innovation. In addition, it
conducts rigorous evaluations of AI outputs through cross‑checks with other systems, comparisons to trusted
benchmarks, and final human involvement in system design, model tuning, and decision‑making. However, despite the
bank’s risk and control framework, as these technologies evolve additional risks to the bank may arise. For example,
autonomous AI agents could distort or override defined objectives and optimize in ways that undermine regulatory,
ethical, or operational safeguards, such as prioritizing speed or performance metrics over compliance obligations,
fairness standards, or critical quality controls. If the bank does not address these emerging risks, it may face compliance
issues, operational inefficiencies and potential losses, along with reputational risks that could weaken the market’s
confidence in Deutsche Bank’s ability to apply responsible use of AI.
Deutsche Bank continually assesses and monitors security threats to safeguard its operations and the confidentiality,
integrity, and availability of information assets, including data belonging to clients, business partners, and employees.
This comprises identification of and response to incidents along the bank’s supply chain, including third- and fourth-
party vendors. This also includes the Deutsche Bank infrastructure as well as external dependencies, such as electricity
provision, market and exchange infrastructure and others. Failure in performing any of these safeguards could result in
disruption to the bank’s operations, reputational damage, as well as financial losses.
Deutsche Bank actively tracks threats which have the potential to exploit security vulnerabilities, including activities by
nation-state actors and evolving risks, such as those introduced by technological advancements in artificial intelligence
and quantum computing. The bank also continues to closely observe common attack scenarios, including ransomware
and denial of service. Mitigation strategies and controls are continually adapted to address the global security threat
landscape. Although, Deutsche Bank maintains insurance for such cyber events, there can be no assurance that such
coverage will be adequate to cover all losses or liabilities arising from a cyber event. For further details and more
information, please refer to the Information Security chapter within the Risk Report.
Data management risk can arise if there are weaknesses in processes for how data is collected, stored, processed,
governed and used. This can negatively impact financial, reputational, or regulatory outcomes for the bank or its
stakeholders. The bank’s ability to make informed decisions, personalize services, drive innovation and deploy AI at scale
depends on having trusted, accessible, and well-governed data across the organization. The bank has established an
organization-wide data management function and is now focused on implementing a robust data management
framework. The framework supports maintaining regulatory compliance and ensures data continues to be accurate,
complete, timely and aligned to group-wide policy. Residual data management risks include potential gaps in data
quality, system integration, and regulatory non-compliance that may persist during the transition to full framework
maturity. Regulators are actively involved in monitoring the bank’s progress during this transition.
Deutsche Bank operates in a highly regulated environment that is continuously evolving, requiring its technology
landscape to adapt and remain aligned with these regulatory changes. Recent changes in the regulations such as the
Digital Operational Resilience Act (DORA) may require additional efforts and reprioritization of certain tasks. Failure in
doing so creates the risk of non-compliance with new regulations, which could lead to fines, litigation and other
enforcement actions, as well as reputational damage.
Major technology transformations in the bank’s business and infrastructure areas are executed via dedicated initiatives.
These initiatives aim to reduce IT and business costs, improve controls, and drive revenue growth by offering new client
features or targeting client growth. However, there are risks in executing these programs, such as, talent and financial
constraints, dependencies on other programs and key deliverables, extended implementation timelines or adverse
change related impacts activity on the control environment and functionality issues within upgraded applications or their
underlying technologies. Failure to adequately and timely implement such major technology transformations could have
a material adverse effect on Deutsche Bank’s business and results of operations.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Legal and regulatory enforcement proceedings and tax examinations
Deutsche Bank is subject to a number of legal and regulatory enforcement proceedings and tax examinations. The
outcome of these proceedings is difficult to predict and may substantially and adversely affect the bank’s planned
results of operations, financial condition and reputation. If these matters are resolved on terms that are more adverse to
the bank than expected, in terms of their costs or necessary changes to Deutsche Bank’s businesses or operations, or if
related negative perceptions concerning the bank’s business and prospects and related business impacts increase,
Deutsche Bank may not be able to achieve its strategic objectives or may be required to change these objectives.
More generally, the bank operates in a highly and regulated and litigious environment, potentially exposing the bank to
liability and other costs, the amounts of which may be substantial and difficult to estimate, as well as to legal and
regulatory sanctions and reputational harm. The bank continues to maintain a regular dialogue with its supervisory
authorities who expect the bank to deliver control improvements at a faster pace and in a higher quality manner.
Deutsche Bank understands this criticism and is committed to meeting these expectations.
The latest geopolitical developments in the U.S. and elsewhere may increase (i) the complexity and costs to comply with
changing laws and rules, (ii) potential conflicts of laws as multiple regulatory regimes may come into sharper difference
in various jurisdictions, and (iii) legal risks as novel applications of pre-existing laws are made, such as, the application of
traditional antitrust law in the context of multi-party ESG initiatives. Should any of the legal proceedings be resolved
against the bank, or any investigations result in a finding that the bank failed to comply with applicable law, the bank
could be exposed to material damages, fines, limitations on business, remedial undertakings, criminal prosecution, or
other material adverse effects on Deutsche Bank’s financial condition, as well as risk to its reputation and potential loss
of business because of extensive media attention. Guilty pleas by or convictions of the bank or its affiliates in criminal
proceedings, or regulatory or enforcement orders, settlements, or agreements to which the bank or its affiliates become
subject, may have consequences that have adverse effects on certain of its businesses.
Risk management policies, procedures and methods
Deutsche Bank has devoted significant resources to develop its risk management policies, procedures and methods,
including with respect to market, credit, liquidity, operational as well as reputational and model risk. However, the bank
may not be fully effective in mitigating these risk exposures in all economic or market environments or against all types
of risk, including risks that the bank fails to identify or anticipate. Where Deutsche Bank uses models to calculate risk-
weighted assets for regulatory purposes, potential deficiencies may also lead regulators to impose a recalibration of
input parameters or a complete review of the model.
Some of the bank’s quantitative tools and metrics for managing risk are based upon its use of observed historical market
behavior. The bank applies statistical and other tools to these observations to arrive at quantifications of its risk
exposures. In a financial crisis, the financial markets may experience extreme levels of volatility (rapid changes in price
direction) and the breakdown of historically observed correlations (the extent to which prices move in tandem) across
asset classes, compounded by extremely limited liquidity. In such a volatile market environment, the bank’s risk
management tools and metrics may fail to predict important risk exposures. In addition, Deutsche Bank’s quantitative
modeling does not take all risks into account and makes numerous assumptions regarding the overall environment, which
may not be borne out by events. As a result, risk exposures have arisen and could continue to arise from factors the bank
did not anticipate or correctly evaluate in its models. This has limited and could continue to limit the bank’s ability to
manage its risks especially in light of geopolitical developments, many of the outcomes of which are currently
unforeseeable. The bank’s losses thus have been and may in the future be significantly greater than the historical
measures indicate, which could materially and adversely affect its results of operations, financial condition or capital
position.
In addition, the bank’s more qualitative approach to managing those risks not taken into account by the quantitative
methods could also prove insufficient, exposing the bank to material unanticipated losses. Also, if existing or potential
customers or counterparties believe its risk management is inadequate, they could take their business elsewhere or seek
to limit their transactions with Deutsche Bank. This could harm the bank’s reputation as well as its revenues and profits.
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| Deutsche Bank | Risks and Opportunities |
|---|---|
| Annual Report 2025 | Risks |
Operational Risk
Deutsche Bank faces operational risk arising from errors, inadvertent or intentional, made in the execution, confirmation
or settlement of transactions or from transactions not being properly recorded, evaluated or accounted for. An example
of this risk concerns derivative contracts, which are not always confirmed with the counterparties on a timely basis. For
so long as the transaction remains unconfirmed, the bank is subject to heightened credit and operational risk and in the
event of a default may find it more difficult to enforce the contract.
In addition, Deutsche Bank’s businesses are highly dependent on its ability to process manually or through its systems a
large number of transactions on a daily basis, across numerous and diverse markets in many currencies. Some of the
transactions have become increasingly complex. Moreover, management relies heavily on its financial, accounting and
other data processing systems that include manual processing components. If any of these processes or systems do not
operate properly, or are disabled, or subject to intentional or inadvertent human error, the bank could suffer financial
loss, a disruption of its businesses, liability to clients, regulatory intervention or reputational damage.
The bank is also dependent on its employees to conduct its business in accordance with applicable laws, regulations and
generally accepted business standards. If the bank’s employees do not conduct its business in this manner, the bank may
be exposed to material losses. Furthermore, if an employee’s misconduct reflects fraudulent intent, the bank could also
be exposed to reputational damage. The bank categorizes these risks as conduct risk, a term used to describe the risks
associated with behavior by employees and agents, including third parties, that could harm clients, customers or the
integrity of the markets, such as selling products that are not suitable for a particular customer, fraud, unauthorized
trading and failure to comply with applicable regulations, laws and internal policies. U.S. regulators in particular have
been increasingly focused on conduct risk, and such heightened regulatory scrutiny and expectations could lead to
investigations and other inquiries, as well as remediation requirements, more regulatory or other enforcement
proceedings, civil litigation and higher compliance and other risks and costs.
The bank is required to monitor, evaluate, and observe laws and other requirements relating to financial and trade
sanctions and embargoes set by the EU, the Deutsche Bundesbank, Germany’s Federal Office for Economic Affairs and
Export Control, and other authorities, such as the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC)
and the UK Treasury Department’s Office of Financial Sanctions Implementation (OFSI). Sanctions are subject to rapid
change, and it is also possible that new direct or indirect secondary sanctions or similar restrictive measures could be
imposed by the United States or other jurisdictions without warning, as a result of geopolitical developments. Should the
bank fail to comply timely and in all respects with these sanctions, the bank could be exposed to legal penalties or other
adverse action and its reputation could suffer.
The bank in particular faces the risk of loss events due to the instability, malfunction or outage of its IT system and IT
infrastructure, as well as breaches in IT system and infrastructure (including cyber-attacks). Such losses could materially
affect the bank’s ability to perform business processes and may, for example, arise from the erroneous or delayed
execution of processes as a result of system outages, degraded services in systems and IT applications or the
inaccessibility of its IT systems. A delay in processing a transaction, for example, could result in an operational loss if
market conditions worsen during the period after the error. IT-related errors may also result in the mishandling of
confidential information, damage to the bank’s computer systems, financial losses, additional costs for repairing systems,
reputational damage, customer dissatisfaction or potential regulatory or litigation exposure (including under data
protection laws such as the GDPR). Additionally, there is a heightened emphasis and growing expectations of data
management and the risks posed by poor data management standards and data quality, and the potential impact to key
control, decision-making and reporting processes.
Global industries continue to conduct business from home and away from primary office locations, which has changed
business practices compared to historic trends. The demand on the bank’s technology infrastructure and the risk of
cyber-attacks could lead to technology failures, security breaches, unauthorized access, loss or destruction of data or
unavailability of services, as well as increase the likelihood of conduct breaches.
Business continuity risk is the risk of incurring losses resulting from the interruption of normal business activities. The
bank operates in many geographic locations and is frequently subject to the occurrence of events outside of its control.
Despite the contingency plans the bank has in place, its ability to conduct business in any of these locations may be
adversely impacted by a disruption to the infrastructure that supports the bank’s business, whether as a result of, for
example, events that affect the bank’s third-party vendors or the community or public infrastructure in which the bank
operates. Any number of events could cause such a disruption including deliberate acts such as acts of war or other
military action, sabotage, terrorist activities, bomb threats, strikes, riots and assaults on the bank’s staff; natural
calamities such as hurricanes, snowstorms, floods, disease pandemics (such as the COVID-19 pandemic) and
earthquakes; or other unforeseen incidents such as accidents, fires, explosions, utility outages and political unrest. Any
such disruption could have a material adverse effect on the bank’s business and financial position.
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| Annual Report 2025 | Risks |
As a global bank, Deutsche Bank is often the subject of news reports. Deutsche Bank conducts its media dialogue
through official teams. However, members of the media sometimes approach Deutsche Bank staff outside of these
channels and Deutsche Bank-internal information, including confidential matters, have been subject to external news
media coverage, which may result in publication of confidential information. Leaks to the media can have severe
consequences for Deutsche Bank, particularly when they involve inaccurate statements, rumors, speculation or
unsanctioned opinions. This can result in financial consequences such as the loss of confidence or business with clients
and may impact the bank’s share price or capital instruments by undermining investor confidence. The bank’s ability to
protect itself against these risks is limited.
Compliance & Anti Financial Crime
In September 2018, BaFin ordered Deutsche Bank to implement internal safeguards and comply with general due
diligence obligations to prevent money laundering and terrorist financing. In February 2019, BaFin extended the order
with regards to the review of its group-wide risk management processes in correspondent banking and adjust them as
necessary. In April 2021, BaFin further expanded its order, requiring additional internal safeguards and sustainable
compliance with due diligence obligations, including those for correspondent relationships. The April 2021 order was
subsequently extended to include enhancements to the bank’s transaction monitoring systems. In 2023, the BaFin issued
an additional order instructing Deutsche Bank to implement specific improvements to data processing systems for
transaction monitoring and warned of potential financial penalties in case of non-fulfillment. To monitor the
implementation of the ordered measures, BaFin appointed a Special Representative in 2018, whose mandate was
prolonged following each order extension to ensure continued monitoring and progress assessment. This mandate
concluded on October 30, 2024. The bank continues to fully cooperate with the BaFin and remains committed to
allocating the necessary resources to implement the remaining measures within the deadlines.
In July 2023, Deutsche Bank, Deutsche Bank AG New York Branch, DB USA Corporation, Deutsche Bank Trust Company
Americas and DWS USA Corporation entered into a consent order and written agreement with the Federal Reserve Board
concerning adherence to prior orders and settlements related to sanctions and embargoes and AML compliance, and
remedial agreements and obligations related to risk management issues. The 2023 consent order alleges insufficient and
delayed implementation of the post-settlement sanctions and embargoes and AML control enhancement undertakings
required by prior consent orders the bank entered into with the Federal Reserve Board in 2015 and 2017. The 2023
consent order further provides that the material failure to remediate the unsafe and unsound practices or violations
described therein may require additional and escalated formal actions by the Federal Reserve Board against Deutsche
Bank, including additional penalties or additional affirmative corrective actions. In the event the bank is unable to timely
complete the sanctions and embargoes and AML control enhancement undertakings required by the Federal Reserve
Board, the damages could be substantial and the impact on the bank’s results of operations, financial condition and
reputation would be material.
If Deutsche Bank is unable to improve its infrastructure and control environment to the satisfaction on the Federal
Reserve Board, the bank’s results of operations, financial condition and reputation could be materially and adversely
affected. Regulators can impose fines or require the bank to reduce its exposure to or terminate certain kinds of products
or businesses or relationships with counterparties or regions. The bank may also face additional legal proceedings,
investigations or regulatory actions in the future, including in other jurisdictions with material impact on the bank´s
business and profitability. These could, depending on the extent of any resulting requirements, significantly challenge
the bank’s reputation and its ability to operate profitably under its current business model.
Deutsche Bank is involved in proceedings with regulatory and law enforcement authorities concerning its anti-financial
crime controls over the past several years, both generally and in connection with specific clients, counterparties or
incidents, including in the United States and Germany. Among the areas within the scope of these inquiries are client
onboarding and KYC processes, transaction monitoring systems and procedures, processes concerning the decision to
file or not to file a suspicious activity report, escalation procedures, and other related processes and procedures. In the
event that violations of law or regulation are found to have occurred, legal and regulatory sanctions in respect thereof
may materially and adversely affect the bank’s results of operations, financial condition and reputation.
The Frankfurt prosecutor is currently conducting investigations in the context of anti-financial-crime control related
allegations, particularly regarding late filing of suspicious activity reports. Deutsche Bank’s offices were searched by the
Frankfurt prosecutor in connection with these investigations.
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| Annual Report 2025 | Risks |
Operational Resiliency
As the bank continues to modernize its technology landscape and increases reliance on cloud‑based and data‑intensive
platforms, operational resilience remains a priority for senior management. Growing dependence on a small number of
global cloud and data center providers, many concentrated in the United States, heightens concentration and systemic
risk, as seen in recent market wide outages. Given the scale, specialization and integration of such providers, the bank
may not be able to readily substitute alternative providers, execute upon the bank’s remediation rights or migrate critical
workloads without significant costs, disruption or delay. Geopolitical, regulatory or policy developments could further
affect service continuity or data access.
While these platforms provide significant scalability and efficiency benefits, disruptions from provider outages,
data‑center incidents, infrastructure constraints or geopolitical events could affect the bank’s ability to deliver critical
services. Rising demand for computing power, including analytics and AI workloads, is also increasing pressure on
underlying power and network infrastructure.
The accelerating pace of technological advances is heightening cyber risk, with threat actors leveraging increasingly
sophisticated and frequent attacks. Geopolitical tensions continue to fuel persistent cyber activity, a trend expected to
intensify as AI amplifies both capability and scale. Hybrid warfare which combines cyber operations, disinformation, and
targeted disruption of critical digital infrastructure by state and non‑state actors, further elevates operational and
systemic risks. These converging tactics blur the boundaries between physical and digital conflict, increasing the
likelihood of multi‑vector disruptions that could impair the bank’s technology environment and threaten service
continuity.
Third Party Vendor Management
Financial institutions rely on third-party and intragroup service providers for a range of services, some of which support
their critical operations. These dependencies have grown in recent years as part of the increasing trend in digitalization of
the financial services sector which can bring multiple benefits including flexibility, innovation and improved operational
resilience. However, if not properly managed, disruption to service providers could pose risks to critical services provided
by financial institutions, and in some cases, financial stability.
The regulatory framework for managing third party risk continues to evolve and becomes increasingly complex as
regulators seek to address various objectives. There are two main areas of focus: (i) how financial institutions identify and
manage their third-party risks and (ii) how systemic risks caused by concentration of services provided by critical third
parties and subcontractors are addressed.
Deutsche Bank has a well-established approach to Third Party Risk Management; from a clear policy and procedure
through to a centralized risk process for businesses to use when engaging with third parties. To respond to the increasing
regulatory demand, Deutsche Bank is continuously enhancing the bank’s control environment. In 2025, the bank,
introduced an assurance framework to gain additional visibility across third-party control environments, continued to
adapt to adhere to regulations like Digital Operational Resilience Act (DORA) and is integrating the use of AI into the risk
assessment process to improve both efficiency and risk insight.
When using third-party service providers, the bank remains fully responsible and accountable for complying with all the
regulatory obligations, including the ability to oversee the outsourcing of critical or important functions. The bank may
face risks of material losses or reputational damage if third parties fail to provide services as agreed with the bank and/or
in line with regulatory requirements.
Similar to cybersecurity threats to Deutsche Bank, a successful cyberattack on a third party vendor could have a
significant negative impact on the bank that may result in the disclosure or misuse of client as well as proprietary
information, damage or inability to access information technology systems, financial losses, additional costs, personal
data breach notification obligations, reputational damage, client dissatisfaction and potential regulatory penalties or
litigation exposure.
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| Annual Report 2025 | Risks |
Digital Assets
The continued evolution of digital assets and their potential applicability in payment and treasury processes as well as
for other types of financial services presents operational, liquidity and financial risks. For example, the Bank is exposed to
risks arising from shifts in the global payments landscape, including the increasing use of regulated forms of tokenized
money such as stablecoins issued by both banking and non-banking entities, as well as the introduction of central bank
digital currencies (CBDCs) for retail and wholesale use cases. The growth and acceptance of these instruments could
furthermore displace elements of the Bank’s traditional product offering, such as trading, payments, custody and
clearing, and payments with consequential impacts on Deutsche Bank’s business model and deposit base, and
potentially increasing Deutsche Bank’s operational and liquidity risk landscape. In addition, new competitors may
introduce tokenized asset products and services that the bank does not provide, which may result in the loss of revenue
or clients.
Pension Obligations
Deutsche Bank sponsors a number of post-employment benefit plans on behalf of its employees, including defined
benefit plans. For further details on Deutsche Bank’s employee benefit plans see Note 33 – “Employee Benefits” in the
consolidated financial statements.
The bank develops and maintains guidelines for governance and risk management, including funding, asset allocation
and actuarial assumption setting. In this regard, risk management means the management and control of risks for the
bank related to market developments (e.g., interest rate, credit spread, price inflation), asset investment, regulatory or
legislative requirements, as well as monitoring demographic changes (e.g., longevity). To the extent that pension plans
are funded, the assets held mitigate some of the liability risks, but introduce investment risk. In its key pension countries,
the bank’s largest post-employment benefit plan risk exposures relate to potential changes in credit spreads, interest
rates, price inflation, longevity risk and liquidity risk, although these have been partially mitigated through the
investment strategy adopted. Overall, the bank seeks to minimize the impact of pensions on its financial position from
market movements, subject to balancing the trade-offs involved in financing post-employment benefits, regulatory
capital and constraints from local funding or accounting requirements.
The bank’s investment objective in funding the plans and its obligations in respect of them is to protect the bank from
adverse impacts of its defined benefit pension plans on key financial metrics. The bank seeks to allocate plan assets
closely to the market risk factor exposures of the pension liability to interest rates, credit spreads and inflation and,
thereby, plan assets broadly reflect the underlying risk profile and currency of the pension obligations.
To the extent that the factors that drive the bank’s pension liabilities move in a manner adverse to the bank, or that its
assumptions regarding key variables prove incorrect, or that funding of the pension liabilities does not sufficiently hedge
those liabilities, the bank could be required to make additional contributions or be exposed to actuarial or accounting
losses in respect of its pension plans.
In Germany, the Group is a member of the BVV Versicherungsverein des Bankgewerbes a.G. (BVV), a multi-employer
defined benefit plan, together with other financial institutions. In line with industry practice, the Group accounts for it as
a defined contribution plan since insufficient information is available to identify assets and liabilities relating to the
Group’s current and former employees, primarily because the BVV does not fully allocate plan assets to beneficiaries nor
to member companies. The Group may be exposed to significant financial risk should the residual risks or if the
assumptions that form the basis of the benefit obligation prove to be unrealistic related to this multi-employer defined
benefit plan materialize.
Goodwill and other intangible assets
Goodwill arises on the acquisition of subsidiaries and associates and represents the excess of the aggregate of the cost of
an acquisition and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired
at the date of the acquisition. Goodwill on the acquisition of subsidiaries is capitalized and reviewed for impairment
annually or more frequently if there are indications that impairment may have occurred. Intangible assets are recognized
separately from goodwill when they are separable or arise from contractual or other legal rights and their fair value can
be measured reliably. These assets are tested for impairment and useful life reaffirmed at least annually. The
determination of the recoverable amount in the impairment assessment of non-financial assets requires estimates based
on quoted market prices, prices of comparable businesses, present value or other valuation techniques, or a combination
thereof, necessitating management to make subjective judgments and assumptions. These estimates and assumptions
could result in significant differences to the amounts reported if underlying circumstances were to change. Impairments
of goodwill and other intangible assets have had and may have in the future a material adverse effect on the bank’s
profitability and results of operations.
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| Annual Report 2025 | Risks |
Deferred Tax Assets
The bank recognizes deferred tax assets for future tax consequences attributable to temporary differences between the
financial statement carrying amounts of existing assets and liabilities and their respective tax bases, unused tax losses
and unused tax credits. To the extent that it is no longer probable that sufficient taxable profits will be available to allow
all or a portion of the deferred tax assets to be utilized, the bank must reduce the carrying amounts. Each quarter, the
bank re-evaluates its estimate related to deferred tax assets, which can change from period to period and requires
significant management judgment. Furthermore, deferred tax assets are measured based on tax rates that are expected
to apply in the period that the asset is realized, based on the tax rates and tax laws that have been enacted or
substantively enacted at the balance sheet date. Reductions in the amount of deferred tax assets from a change in
estimate or a change in tax rate have had and may in the future have material adverse effects on its profitability, equity
and financial condition.
Environmental, social and governance
The impacts of rising global temperatures, nature degradation and the associated policy, technology and behavioral
changes required to limit global warming to no greater than 1.5°C above pre-industrial levels have led to emerging
sources of financial and non-financial risks. These include the physical risk impacts from extreme weather events, and
transition risks as carbon-intensive sectors are faced with higher costs, potentially reduced demand and restricted access
to financing. More rapid than currently expected emergence of transition and/or physical climate and nature risks may
lead to increased credit and market losses as well as operational disruptions due to impacts on vendors and the bank’s
own operations.
Instances of extreme weather events have increased in frequency and severity. Future extreme weather events could
lead to higher credit loss provisions, property loss, rising insurance costs and operational resilience risks. Extreme
weather events can also impact Deutsche Bank’s revenue generating capabilities and costs and result in impairments of
non-financial assets.
Financial institutions are facing increased scrutiny on climate and ESG-related issues from governments, regulators,
shareholders and other bodies (including non-governmental organizations). Banks must navigate an increasingly complex
and heterogeneous policy environment with U.S. led challenges to their collaborative efforts to reduce greenhouse gas
emissions leading to accusations of unlawful practice and anti-trust violations with potential for restrictions on access to
certain clients and potential litigation. The Net Zero Banking Alliance has seen the departure of U.S. and Canadian peer
banks and subsequently European peers in response to these concerns. In contrast, many organizations and individuals
expect banks to support the transition to a lower carbon economy, to limit nature-related risks such as biodiversity and
habitat loss, and to protect human rights. The emergence of significantly diverging (and sometimes conflicting) ESG
regulatory and/or disclosure standards across jurisdictions could lead to higher costs of compliance and risks of failing to
meet requirements. Of note is the interconnectedness between transition, other environmental, and social risks where
supporting the transition could lead to increased demand for transition minerals which are obtained via mining.
The IEA’s 2025 World Energy Outlook (WEO) indicates that the NZE2050 pathway now involves a prolonged overshoot of
the 1.5 °C target, with warming peaking near 1.65 °C around 2050 and only returning to 1.5 °C by 2100 through carbon
removal. This reflects a global economy which is transitioning at a slower pace which reduces transition risk in the short
term but increases the risk of a disorderly transition over the longer term. Furthermore, it creates tension between the
updated IEA NZE decarbonization pathways which are less ambitious and the existing voluntary decarbonization
commitments calibrated against earlier WEO reports. Deutsche Bank considers its net zero targets as one of the key
climate risk management tools and the bank intends to periodically review the targets in line with the latest science and
economic progress, and if necessary, may revise its targets against the backdrop of legal or regulatory changes. In the
case that revised interim targets are less ambitious, this will increase the risk that third parties raising allegations of
greenwashing, including through civil litigation, regulatory investigations or enforcement actions.
In the United States, state legislators and regulators are issuing potentially conflicting laws and certification
requirements regarding ESG matters, reflecting a polarized political context within the U.S. This may result in the risk of
loss of business or licenses if the bank cannot certify, while also requiring the bank to analyze and balance positions.
Certain jurisdictions have begun to develop anti-ESG measures including requiring financial institutions that wish to do
business with them to certify their non-adherence to aspects of the transition agenda. Failing to comply with these
requirements may result in the termination of existing business and the inability to conduct new business with those
jurisdictions, while complying may lead to reputational risks and potential lawsuits. The scope and enforceability of such
requirements, and their application to the bank, remain uncertain.
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| Annual Report 2025 | Risks |
Deutsche Bank is rated by a number of ESG rating providers, with the ratings increasingly utilized as criteria to determine
eligibility for sustainable investments and to assess management of ESG risks and opportunities. Should the bank’s
ratings materially deteriorate, this could lead to negative reputational impacts.
Data, methodologies and industry standards for measuring and assessing climate and other environmental risks are still
evolving or, in certain cases, are not yet available. This, combined with a lack of comprehensive and consistent climate
and other environmental risk disclosures by its clients, means that the bank, in line with the wider industry, is heavily
reliant on proxy estimates and/or proprietary approaches for risk assessment and modelling and for the bank’s climate
and environmental risk management disclosures. The high degree of uncertainty that this creates increases the risk that
third parties may assert that the bank’s sustainability-related disclosures constitute greenwashing. In addition to the
reputational risks associated with such allegations, competent supervisory authorities and law enforcement agencies
may commence investigations based on such allegations.
Deutsche Bank is committed to managing its business activities and operations in a sustainable manner, including
aligning portfolios with net zero emissions by 2050. The bank continues to develop and implement its approach to
environmental risk assessments and management in order to promote the integration of environmental-related factors
across its business activities. This includes the ability to identify, monitor and manage risks and to conduct regular
scenario analysis and stress testing. Rapidly changing regulatory as well as stakeholder demands, combined with
significant focus by stakeholders, may adversely affect Deutsche Bank's businesses if it fails to adopt such demands or
appropriately implement its plans.
Deutsche Bank recently updated its target for sustainable financing and investment volumes to € 900 billion in
sustainable and transition finance for the period from 2020 to the end of 2030, after nearly achieving its 2025 target of
€ 500 billion. Deutsche Bank may face significant headwinds in achieving these targets, including market competition,
evolving regulatory requirements, and the scarcity of green and social assets for compliant funding. If ambitions or
targets are missed, this could impact, among other things, revenues and the reputation of the bank, whereas scarcity of
green and social assets may reduce Deutsche Bank’s ability to issue compliant funding that qualifies. An economy
transitioning at a slower pace may result in significant deviations from the bank’s net zero-aligned emissions pathways
toward its targets. This would come to reduce transition risk in the short to medium term but increase it significantly over
the longer term. The bank continues to consider its net zero targets as one of the key climate risk management tools.
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Opportunities
Macroeconomic and market conditions
Should economic conditions, such as GDP growth, levels of unemployment, the interest rate environment and competitive
conditions in the financial services industry improve beyond currently forecasted levels, this could result in higher
revenues. These impacts may only be partially offset by additional costs, therefore improving the Group’s ability to meet
its financial targets. At the same time, potentially higher inflation, interest rates and market volatility could present a
number of opportunities, such as increased revenues from higher trading flows amid private, corporate and institutional
customers repositioning their portfolios, higher net interest income as well as higher margins on lending across the
Group’s balance sheet.
In particular, opportunities could arise to support clients if the macroeconomic environment in Deutsche Bank’s home
market of Germany improves on the back of successful implementation of fiscal stimulus and debt brake reforms, by the
German government which is expected to materialize post 2026.
A substantial proportion of the assets and liabilities on the Group’s balance sheet are of financial instruments carried at fair
value, with changes in fair value recognized in the income statement. If market conditions improve or interest rates
decline, this could result in an increase in the fair value of certain financial instruments. As a result of such changes, the
Group may realize gains in the future.
Geopolitics
While rising geopolitical risk creates uncertainty which undermines the global growth outlook and leads to increased
fragmentation of the business environment, Deutsche Bank could benefit from supporting clients to de-risk their supply
chains and rebalance their global footprint if the fragmentation of the international trade order accelerates. Should
geopolitical risk unexpectedly subside, the outlook for global growth could improve beyond the bank’s assumptions with
positive implications for revenues and risk metrics.
Strategy
Deutsche Bank’s strategy, Scaling the Global Hausbank, outlines the bank’s approach to accelerating value creation in a
way that is consistent with the client franchise and risk appetite of the bank. As such, the next phase of the bank’s strategy
may create further opportunities if implemented to a greater extent or with more favorable conditions than anticipated.
This includes potential benefits from better than planned macroeconomic, market and geopolitical conditions or
advantageous changes in the competitive environment.
If the pace and scale of Germany’s fiscal stimulus and structural reforms exceed the bank’s expected growth rate,
Deutsche Bank may benefit from such investments and accelerate its loan growth higher than currently expected. This
acceleration in fiscal spending could also grow productivity in the wider economy and create additional revenue growth
opportunities across all four businesses. In addition, the Savings and Investment Union aims to channel household savings
into productive investments, strengthen capital markets and boost economic competitiveness across Europe. This could
create the opportunity for the business segments to earn higher than expected fee income and potentially ease capital
flows and capital rotation.
Technology and AI is another area that could provide Deutsche Bank opportunities for a lower cost base. The bank has
modelled its expected cost savings from the implementation of AI and technology solutions, but there is scope to exceed
planned benefits and reduce the bank’s cost base and enhance operational efficiencies even further.
Overall, Deutsche Bank has the opportunity to focus on growth and competitiveness while staying resilient in order to gain
market share and create a tailwind to exceed the bank’s financial target of post tax return on average tangible equity of
greater than 13%.
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| Annual Report 2025 | Opportunities |
Digital Assets
Distributed ledger technology (‘DLT’), as a new foundational technology, enables more efficient and automated processes
across the entire spectrum of the bank’s infrastructure and financial services creating opportunities for banks to develop
innovative products, expand service offerings, and capture emerging market segments. Based on these technological
capabilities, and as regulation evolves, banks are increasingly integrating new tokenized asset classes, such as issuance of
tokenized securities (e.g., bonds) and digital asset custody into their product offerings. Additionally, the tokenized money
landscape has evolved significantly in recent years, with central banks, financial institutions, and private-sector players
exploring new forms of programmable and tokenized money. This transformation is driven by three parallel developments:
(i) the emergence of tokenized deposits issued by commercial banks, (ii) the rise of regulated stablecoins as settlement
instruments, (iii) ongoing efforts on CBDCs. These developments present strategically important opportunities offering the
potential to enhance settlement speed, reduce risk, and support 24/7 operations.
Regulatory change
There is growing recognition across all major jurisdictions which Deutsche Bank operates in, that the wider regulatory
framework is complex and the level of complexity should be reconsidered. The U.S. has reviewed its stress testing
framework and approach to globally systemically important banks (G-SIBs), along with reassessing the implementation of
the Basel III framework. As a result, this has led to lower capital requirement for banks in the U.S. compared to European
peers. Equally in the UK, the Bank of England is looking into the wider macro-prudential framework and analyzing how this
impacts the lending capacity of banks. Europe is addressing complexity as well by reducing the quantity of outstanding
regulatory technical standards, a revision to the macro-prudential framework and revisions to the implementation of the
fundamental review of the trading book framework. The report of the European Commission on EU bank’s competitiveness
will further address issues linked to capital, liquidity waiver, implementing transitional arrangements and potential to bring
forward suggestions to finalize the Banking Union. All these actions should create a Single Market for European banks and
should provide a level of capital relief. This could provide Deutsche Bank with the opportunity to increase cross-border
business activity with less hurdles and create the opportunity to generate increased revenues.
In addition, regulatory change can encourage banks to provide better products or services that can offer opportunities for
differentiation in the marketplace. For example, as reporting standards continue to develop and improve for sustainable
finance, the market may evolve to embrace sustainable finance initiatives more broadly. As clients and the market adopt
sustainable finance related initiatives, the Group may have the opportunity to further differentiate the bank by enhancing
the services provided to its clients.
Technology, Data and Innovation
Digital innovation continues to offer Deutsche Bank various opportunities for revenue generation and to realize
efficiencies. Especially AI is a core pillar of Deutsche Bank's "Scaling the Global Hausbank" strategy, viewed as a
transformational opportunity for the entire bank. The strategy treats AI not as an experiment, but as a fundamental driver
for achieving cost efficiencies, generating new revenue, enhancing client experience, and future-proofing the operating
model. As stated during the Investor Deep Dive in November 2025, the bank is already deploying AI at scale and has made
a conscious decision to invest further, with the belief that the true financial benefits could significantly exceed current
plans.
In 2025, the bank launched its first client-facing AI chatbot, Paula, for Postbank customer in Germany. It has further scaled
shared AI services for automated document and e-mail processing across several business and infrastructure divisions. The
first AI agents are live automating parts of the bank´s core processes, and a tailored AI developer platform has been
created to allow fast and safe development of new AI solutions. To develop internal capabilities and foster a culture of
innovation, the bank has rolled out productivity enhancing generative AI tools to about half its employees and all software
developers have been provided with coding assistants to accelerate application development.
In addition, the bank is looking to further simplify and modernize its technology landscape. This includes the
decommissioning of legacy applications and the introduction of modern platforms serving the bank’s businesses, such as a
new platform for Trade Finance and Lending in the Corporate Bank. In this context, Deutsche Bank continues to actively
pursue its cloud strategy leveraging its strategic partnership with Google Cloud. In 2025, a new cloud-based online and
mobile banking platform, which was initially launched for Postbank clients in 2023, was successfully rolled out across all of
the bank’s retail brands in Germany. To address specific business demand as well as regulatory concerns including data
residency, the bank’s cloud strategy was updated to a hybrid cloud approach now covering both public cloud and on-
premise solutions in a separate private cloud environment. This approach provides enhanced flexibility and innovation
capabilities, allowing the bank to adapt quickly to evolving business and customer needs, while also realizing
improvements in stability, efficiency and security.
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Deutsche Bank actively evaluates developments within the digital assets space, where the underlying technology may
support cheaper, faster, and more efficient financial transactions. The bank focuses its efforts on areas including
safekeeping of digital assets, tokenization of assets such as corporate bonds, and tokenization of money, where the bank
actively contributes to discussions on CBDC solutions globally, in addition to other forms of tokenized money such as
stablecoins and tokenized deposits. This also includes engagement in industry initiatives such as Project Agora, led by the
Bank for International Settlements, the ECB’s wholesale CBDC efforts and Swift’s blockchain-based shared ledger.
While the expansion of digital assets offers significant opportunities, the bank adopts a cautious and selective approach,
within regulatory and risk appetite frameworks.
Environmental, social and governance
The Net Zero Banking Alliance (NZBA) has transitioned from a membership-based alliance to a target-setting framework
which many have been prompt to present as a broader retreat from climate leadership within the banking sector.
Deutsche Bank’s continued commitment to Net Zero by 2050 increases the credibility of the bank’s global sustainability
strategy, this in turn may generate increased opportunities to support clients on their transition to net zero through the
provision of sustainable finance and transition expertise which can lead to both revenue opportunities and improved
stakeholder perceptions.
Individuals and institutions, including clients and non-clients of the bank, increasingly view ESG-related opportunities as
significant for long-term returns and the bank believes this could become a key differentiator. In this regard, inclusion of
ESG factors in the investment processes or decision-making process for awarding business mandates across businesses is
growing. As such, Deutsche Bank plans to develop and provide financial products or investment possibilities that can help
both the bank and its clients to achieve common ESG goals and advance Deutsche Bank’s holistic ESG strategy. More
broadly, the bank believes that advancing ESG activities can lead to both additional revenues opportunities as well as an
improved brand and stakeholder perception.
| Risk Report | ||
|---|---|---|
| 64 | Introduction | |
| 65 | Risk and capital overview | |
| 65 | Key risk metrics | |
| 66 | Risk profile | |
| 68 | Key risk themes | |
| 70 | Risk and capital framework | |
| 70 | Risk management principles | |
| 71 | Risk governance | |
| 74 | Risk identification and assessment | |
| 74 | Risk appetite and capacity | |
| 75 | Risk measurement and reporting systems | |
| 76 | Strategic and capital plan | |
| 77 | Stress testing | |
| 79 | Recovery and resolution planning | |
| 80 | Risk type management | |
| 80 | Capital Risk Management | |
| 82 | Enterprise Risk Management | |
| 84 | Credit Risk Management | |
| 105 | Market Risk Management | |
| 112 | Liquidity Risk Management | |
| 117 | Model Risk Management | |
| 118 | Operational Risk Management | |
| 123 | Reputational Risk Management | |
| 124 | Information security | |
| 129 | Risk and capital performance | |
| 129 | Capital, Leverage Ratio, TLAC and MREL | |
| 148 | Credit Risk Exposure | |
| 184 | Trading Market Risk Exposures | |
| 187 | Non-trading Market Risk Exposures | |
| 189 | Liquidity Risk Exposure | |
| 201 | Operational Risk exposure |
64
| Deutsche Bank | Introduction |
|---|---|
| Annual Report 2025 | Disclosure following Amendments to the Capital Requirements Regulation |
Introduction
Disclosures in line with IFRS 7
The following Risk Report provides qualitative and quantitative disclosures about credit, market and other risks in line
with the requirements of International Financial Reporting Standard 7 (IFRS 7) Financial Instruments: Disclosures. It also
considers the underlying classification and measurement and impairment requirements in IFRS 9 with further details to
be found in the “Credit Risk Management and Asset quality” section, the “Asset quality” section, the “Credit risk
mitigation” section and in Note 01 “Material accounting policies and critical accounting estimates” to the consolidated
financial statements. Information that forms part of and is incorporated by reference into the financial statements of this
report is marked by a light gray shading throughout this Risk Report.
Since June 30, 2020, the Group has applied the transitional arrangements in relation to IFRS 9 as provided in the current
CRR/CRD for all CET1 measures.
Disclosures according to Pillar 3 of the Basel III Capital
Framework
Deutsche Bank’s disclosures according to Pillar 3 of the Basel III Capital Framework, which are implemented in the
European Union by the Regulation (EU) No 575/2013 on prudential requirements for credit institutions (Capital
Requirements Regulation or CRR), including reforms introduced by Regulation (EU) 2024/1623 (CRR3), being applicable
since January 1, 2025; and supported by the respective EBA Implementing Technical Standards and EBA guideline
applicable to Pillar 3 disclosures, are published in the Group’s Pillar 3 Report, which can be found on Deutsche Bank’s
website.
Disclosure following Amendments to the Capital Requirements
Regulation
Regulation (EU) 2024/1623 (CRR3), generally applicable from January 1, 2025 implements a comprehensive package of
reforms based on the Final Basel III set of global reforms, changing how banks calculate their RWA. It includes, among
other things, an output floor establishing minimum RWA that until January 1, 2030 will gradually increase to 72.5% of the
RWA calculated under the standardized approaches, changes to standardized and internal ratings-based approaches for
determining credit risk, changes to the credit valuation adjustment, a revision of the approach for operational risks and
reforms to the market risk framework as set out in the Fundamental Review of the Trading Book (FRTB, applicable from
January 1, 2027). The implementation of the changes to CRR affects among others Deutsche Bank’s risk-weighted assets
and regulatory capital.
65
| Deutsche Bank | Risk and capital overview |
|---|---|
| Annual Report 2025 | Key risk metrics |
Risk and capital overview
Key risk metrics
The following section provides qualitative and quantitative disclosures about credit, market, liquidity and other risk
metrics and their developments within the twelve months ended December 31, 2025 considering reforms introduced by
Regulation (EU) 2024/1623 (CRR3), being applicable since January 1, 2025. Disclosures according to Pillar 3 of the Basel
III Capital Framework, which are implemented in the European Union by the Capital Requirements Regulation (CRR) and
supported by EBA Implementing Technical Standards or the EBA Guideline, are published in the Group’s separate Pillar 3
Report.
The following selected key risk metrics form part of the bank’s holistic risk management across individual risk types. The
Common Equity Tier 1 (CET1) capital ratio, Economic Capital Adequacy (ECA) ratio, Leverage ratio, Total Loss Absorbing
Capacity (TLAC), Minimum Requirement for Own Funds and Eligible Liabilities (MREL), Liquidity Coverage Ratio (LCR),
Stressed Net Liquidity Position (sNLP) and Net Stable Funding Ratio (NSFR) serve as high-level metrics and are fully
integrated across strategic planning, risk appetite framework, stress testing as well as recovery and resolution planning
practices, which are reviewed and approved by the Management Board at least annually.
| Common Equity Tier 1 capital ratio1 | ||
|---|---|---|
| 31.12.2025 | 14.2% | € 347.1bn |
| 31.12.2024 | 13.8% | € 357.4bn |
| Economic capital adequacy ratio | ||
| 31.12.2025 | 194% | € 26.1bn |
| 31.12.2024 | 199% | € 24.2bn |
| Leverage ratio1 | ||
| 31.12.2025 | 4.6% | € 1,327bn |
| 31.12.2024 | 4.6% | € 1,316bn |
| Total loss absorbing capacity | ||
| 31.12.2025 (Risk Weighted Asset based) | 33.1% | 37.7% |
| 31.12.2025 (Leverage Exposure based) | 8.7% | 37.5% |
| 31.12.2024 (Risk Weighted Asset based) | 33.2% | |
| 31.12.2024 (Leverage Exposure based) | 9.0% | |
| Liquidity coverage ratio | ||
| 31.12.2025 | 144% | 119.0% |
| 31.12.2024 | 131% | 121.0% |
| Stressed net liquidity position | ||
| 31.12.2025 | 94.1bn | |
| 31.12.2024 | 56.3bn |
All values are in Euros.
1Starting with the third quarter of 2024 until the discontinuation in the fourth quarter of 2025, Deutsche Bank had adopted the temporary treatment of unrealized gains
and losses measured at fair value through OCI in accordance with Article 468 CRR; for the shown comparative values as of December 31, 2024, without application of
this rule the CET1 ratio would have been 13.5% with respective CET1 capital of € 48.4 billion and RWA of € 358.6 billion and in addition, the leverage ratio would have
been 4.6% with respective Tier 1 capital of € 59.8 billion and leverage exposure of € 1,315 billion
Deutsche Bank regularly assesses the potential impacts of risks on its balance sheet and profitability through portfolio
reviews and stress tests. Stress tests are also used to test the resilience of Deutsche Bank’s strategic plans. The results of
these tests indicate that the currently available capital and liquidity reserves, in combination with available mitigation
measures, are sufficient to withstand periods of potential stress.
The Group concludes that the risks, as described above or in the following sections, to which Deutsche Bank is exposed
to, including potential impacts on its business strategy, provide a true and fair picture of its risk profile.
For further details, please refer to sections “Risk profile”, “Risk appetite and capacity”, “Risk and capital plan”, “Stress
testing”, “Recovery and resolution planning”, “Risk and capital management”, “Capital, leverage ratio, TLAC and MREL”,
“Liquidity coverage ratio”, and “Stress testing and scenario analysis”.
66
| Deutsche Bank | Risk and capital overview |
|---|---|
| Annual Report 2025 | Risk profile |
Risk profile
Deutsche Bank’s mix of business activities results in diverse risk-taking. The Group measures key risks inherent to the
respective business models (credit, market, operational and strategic risk) through the economic capital metric, which
captures the business segment’s risk profile and considers cross-risk effects at Group level.
Corporate Bank’s risk profile mainly arises from the products and services offered in Corporate Treasury Services
(including Trade Finance, Lending and Corporate Cash Management), Strategic Corporate Lending and Business Banking.
Economic capital demand in these segments arises largely from credit risk.
Investment Bank’s risk profile is dominated by its financing and trading activities, which give rise to all major risk types.
Credit risk in the Investment Bank is broadly distributed across business units but most prominent in Fixed Income &
Currencies and Leveraged Debt Capital Markets. Market risk arises mainly from trading and market making activities.
Private Bank’s risk profile comprises credit risks from business with German and international retail clients, business
clients and wealth management clients as well as non-trading market risks mainly from modeling of client deposits.
Asset Management, as a fiduciary asset manager, invests money on behalf of clients. As such, the main risk drivers are of
operational nature. The economic capital demand for market risk is mainly driven by non-trading market risks, which arise
from guaranteed products and co-investments in the funds.
Corporate & Other’s risk profile embeds a range of different risk drivers including those pertaining to Treasury, certain
corporate items, and legacy portfolios. The economic capital demand mainly comprises non-trading market risk from
interest rate risk in Treasury, structural foreign exchange risk and equity compensation risk, credit risk from Treasury’s
investments, strategic risk from tax-related risks and software asset risks and operational risk from legacy portfolios.
The table below shows Deutsche Bank’s overall risk position as measured by the economic capital demand calculated for
the dates specified. Deutsche Bank’s overall economic risk position also considers diversification benefits across risk
types.
67
| Deutsche Bank | Risk and capital overview |
|---|---|
| Annual Report 2025 | Risk profile |
Risk profile of Deutsche Bank’s business segments as measured by economic capital
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| in € m. (unless<br><br>stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total | Total<br><br>(in %) |
| Credit risk | 3,720 | 4,650 | 2,255 | 45 | 2,725 | 13,395 | 51 |
| Market risk | 507 | 2,004 | 789 | 316 | 6,354 | 9,970 | 38 |
| Operational risk | 821 | 1,390 | 1,187 | 393 | 1,168 | 4,960 | 19 |
| Strategic risk | — | — | — | — | 1,980 | 1,980 | 8 |
| Diversification benefit¹ | (780) | (1,339) | (863) | (238) | (1,013) | (4,234) | (16) |
| Total EC | 4,269 | 6,706 | 3,368 | 516 | 11,213 | 26,071 | 100 |
| Total EC in % | 16 | 26 | 13 | 2 | 43 | 100 | N/M |
1Diversification benefit across credit, market, operational and strategic risk
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| in € m. (unless<br><br>stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total | Total<br><br>(in %) |
| Credit risk | 3,455 | 4,512 | 2,164 | 46 | 2,329 | 12,507 | 52 |
| Market risk | 1,040 | 2,086 | 1,561 | 304 | 3,676 | 8,667 | 36 |
| Operational risk | 863 | 1,182 | 1,155 | 376 | 1,069 | 4,645 | 19 |
| Strategic risk | — | — | — | — | 1,936 | 1,936 | 8 |
| Diversification benefit¹ | (715) | (1,007) | (803) | (190) | (814) | (3,530) | (15) |
| Total EC | 4,643 | 6,772 | 4,077 | 536 | 8,196 | 24,225 | 100 |
| Total EC in % | 19 | 28 | 17 | 2 | 34 | 100 | N/M |
1 Diversification benefit across credit, market, operational and strategic risk
As of December 31, 2025, Deutsche Bank’s economic capital demand amounted to € 26.1 billion, which was € 1.8 billion
or 8% higher than € 24.2 billion economic capital demand as of December 31, 2024. Market risk increased by € 1.3 billion
mainly due to migration of economic capital model used for structural foreign exchange risk, including the application of
extended liquidity horizons, as well as transition of market risk economic capital from Monte Carlo simulation to historical
simulation. Credit risk increased by € 0.9 billion due to higher transfer risk driven by increase in exposures from
Investment Bank, Corporate Bank and Corporate & Other as well as higher counterparty risk driven by increase in
Treasury and sovereign exposures. Operational risk increased by € 0.3 billion primarily driven by model changes in the
forward-looking qualitative adjustment component as well as the simplification of the advanced measurement approach
model. These increases were partly offset by an increase in diversification benefit of € 0.7 billion due to the change in risk
type profile and market risk model changes.
68
| Deutsche Bank | Risk and capital overview |
|---|---|
| Annual Report 2025 | Key risk themes |
Key risk themes
The latest developments and key uncertainties during 2025 are part of the bank’s ongoing credit risk management
activities and governance framework. These activities include, but are not limited to, regular emerging risk reviews
(amongst others macro-economic development and geopolitical conflict) as well as portfolio deep dives, day to day risk
management on the level of individual borrowers, and regular model validations. Portfolios which have been identified
for enhanced monitoring and downside risk assessment for the Group in 2025 included Commercial Real Estate (CRE),
clients vulnerable to U.S. Tariffs and sectors considered vulnerable to Climate transition and physical risks.
In addition, the bank is monitoring developing market trends, which currently relate to technology and Financial,
Insurance and Non-Bank Financial Institutions (NBFI) activities, particularly around Private Credit, and where the focus is
increasing.
CRE markets continue to face headwinds due to the impacts of higher interest rates, reduced market liquidity combined
with tightened lending conditions, and structural changes in the office sector. Market stress has been more pronounced
in the U.S, where property price indices show a more substantial decline in CRE asset values from recent peaks compared
to Europe and APAC. Especially, within the office segment, particularly the U.S. West Coast, the market weakness is most
evident in the U.S., reflected in subdued leasing activity and higher vacancy rates compared to Europe.
Although the U.S. administration’s tariff policy is still unpredictable, the macro-economic environment has improved
since the volatile market conditions post the U.S. administrations’ April 2, 2025 announcement of sweeping tariffs, A
longer period has also elapsed since the U.S. administration tariff announcements started, reducing the uncertainty
regarding potentially vulnerable clients. The bank expects any risk factors impacting ECL’s to be captured through
standard risk management procedures e.g., rating downgrades and watchlist inclusions and therefore no tariff related
overlays have been booked as of December 31, 2025. Although tariffs remain under close review, it would not be
considered a standalone key risk theme but rather integrated into the broader portfolio dynamics.
Climate transition and physical risks present growing risks to the bank’s sectoral and regional portfolios. Managing
climate transition and physical risks is a key component of Deutsche Bank’s risk management and wider sustainability
strategy, where 2025 materiality assessments and climate stress test results conclude that potential credit risk impacts
are well-contained in the short term.
Further details are provided in the section “Focus areas in 2025”.
External developing themes
Developing risk themes in high focus externally, include (i) the rapid expansion, lack of transparency and potential
interconnected risks associated with Private Credit and wider NBFI exposure and (ii) increasing concerns around
Technology sector valuations and the sustainability of the current AI-led capital expenditure and its impact on business
models and potential credit risk implications to clients.
Non-Bank Financial Institutions and Private Credit
Loans to Private Credit, generally categorized as NBFI Lending, are subject to heightened scrutiny due to recent default
events in the market. The bank’s Private Credit portfolio accounts for € 25.9 billion (2024: € 24.5 billion) of the loans at
amortized cost. Approximately 73% of this exposure is to multi-asset Lender facilities (ABS) collateralized by highly
diversified mid-market corporate loans in the U.S. and the EU, across industry sectors, with conservative advance rates of
~65% and almost entirely investment grade rated. The remainder is diversified across single and multi asset lenders Net
Asset Value (NAV) Financing, Single Asset Financing, non-bank CRE lending, business development companies (BDC) and
subscription finance.
The bank applies conservative underwriting standards to its Private Credit exposures, including assessment of sponsor and
investor quality and other structural features. Advance rates are linked to the overall risk profile of the underlying exposure.
Portfolios are managed under dedicated risk appetite frameworks with regular stress testing and active monitoring of credit
performance, collateral values and underlying diversification.
The above mentioned exposures are mainly a component of Deutsche Bank’s loans at amortized cost reported under the
Financial and Insurance Activities Industry Sector NACE which accounts for € 129.8 billion, while € 2.5 billion is spread
across other NACE categories. The Financial and Insurance Activities NACE constitutes a diverse range of exposures
including corporate, banking, wealth management, insurance and clearing obligors.
69
| Deutsche Bank | Risk and capital overview |
|---|---|
| Annual Report 2025 | Key risk themes |
Technology
Loan exposure to the Technology sector accounts for € 15.8 billion (2024: € 11.7 billion), at amortized cost, of which
€ 7.3 billion (2024: € 5.7 billion) is related to Data Centre Financing and a further € 3.2 billion (2024: € 2.7 billion) to
companies focused on software across a diverse range of clients, while the remainder relates mainly to manufacturers
including semi-conductors and hardware. The portfolio is concentrated on large, diversified industry leaders, primarily in the
U.S. Corporate exposures are 60% investment grade rated with limited appetite for smaller, lower rated clients. Almost 100%
of the loans are performing with only 5% in stage 2. Data Centre exposures are predominantly project finance related and
focused on facilities that benefit from long-term leases from investment grade rated global hyperscalers.
Specific risk appetite is set for the overall Technology portfolio as well as for the Data Centre portfolio. Portfolio risk
appetite, and origination standards are regularly reviewed. There is also technology related underwriting exposure, which
is originated to distribute, broadly diversified across issuers and subject to additional restrictions and monitoring as well
as portfolio-based hedging
The bank's Technology exposure is reported under multiple NACE codes reflecting the nature of the underlying risk mainly
shown under Financial and Insurance companies (€ 6.2 billion), Information and Communications (€ 4.5 billion),
Manufacturing (€ 3.0 bn) and Real Estate Activities (€ 0.9 billion).
70
| Deutsche Bank | Risk and capital framework |
|---|---|
| Annual Report 2025 | Risk management principles |
Risk and capital framework
Risk management principles
Deutsche Bank’s business model inherently involves taking risks. Risks can be of financial or operational nature and
include on and off-balance sheet risks. Deutsche Bank’s objective is to create sustainable value in the interests of the
company taking into consideration shareholders, employees and other company-related stakeholders. The risk
management framework contributes to this by aligning planned and actual risk taking with risk appetite as expressed by
the Management Board, while being in line with available capital and liquidity.
Deutsche Bank’s risk management framework consists of various components, which include the established internal
control mechanisms. Principles and standards are set for each component:
–Risk governance structures provide oversight of the Bank’s risk profile against risk appetite
–Organizational structures follow the Three Lines of Defense (“3LoD”) model with a clear definition of roles and
responsibilities for all risk types
–The 1st Line of Defense (“1st LoD”) refers to those roles in the Bank whose activities generate risks, whether
financial or operational, and who own and are accountable for these risks. The 1st LoD manages these risks within
the defined risk appetite, establishes an appropriate risk governance, and adheres to the risk type frameworks
defined by the 2nd Line of Defense (“2nd LoD”)
–The 2nd LoD refers to the roles in the Bank who define the risk management framework for a specific risk type. The
2nd LoD independently assesses and challenges the implementation of the risk type framework and adherence to
the risk appetite, and acts as an advisor to the 1st LoD on how to identify, assess and manage risks.
–The 3rd Line of Defense (“3rd LoD”) is Group Audit. This function provides an independent and objective assurance
on the adequacy of the design, operating effectiveness and efficiency of the risk management system and systems
of internal control
–The Management Board-approved risk appetite must be cascaded and adhered to across all dimensions of the Group,
with appropriate consequences in the event of a breach
–Risks must be identified and assessed
–Risks must be actively managed including appropriate risk mitigation and effective internal control systems
–Risks must be measured and reported using accurate, complete and timely data using approved models
–Regular stress tests must be performed against adverse scenarios and appropriate crisis response planning must be
established
The Group promotes a strong risk culture in which every employee must fully understand and take a holistic view of the
risks which could result from their actions, understand the consequences and manage them appropriately against the
risk appetite of the bank. The bank expects employees to exhibit behaviors that support a strong risk culture in line with
the bank’s Code of Conduct. To promote this, Deutsche Bank’s policies require that risks taken (including against risk
appetite) must be considered during the bank’s performance assessment and compensation processes. This expectation
continues to be reinforced through communications campaigns and mandatory training courses for all DB employees. In
addition, Management Board members and senior management frequently communicate the importance of a strong risk
culture to support a consistent tone from the top.
Deutsche Bank’s risk management and internal control system is described in more detail in Deutsche Bank’s Pillar 3
Report. The risk management and internal control system also covers sustainability-related objectives.
The Management Board is of the opinion that a risk management framework and internal control system has been
established which is, in its entirety, appropriate and effective for the bank’s business model and risk profile.
71
| Deutsche Bank | Risk and capital framework |
|---|---|
| Annual Report 2025 | Risk governance |
Risk governance
Deutsche Bank’s operations throughout the world are regulated and supervised by relevant authorities in each of the
jurisdictions in which the bank conducts business. Such regulation focuses on licensing, capital adequacy, liquidity, risk
concentration, conduct of business as well as organizational and reporting requirements. The European Central Bank
(ECB) in connection with the competent authorities of EU countries which joined the Single Supervisory Mechanism via
the Joint Supervisory Team act in cooperation as Deutsche Bank’s primary supervisors to monitor the bank’s compliance
with the German Banking Act and other applicable laws and regulations.
Several layers of management provide cohesive risk governance:
Deutsche Bank’s Supervisory Board is informed regularly on the risk situation, risk management and risk controlling,
including reputational risk related items as well as material litigation cases; it has formed various committees to handle
specific topics (for a detailed description of these committees, please see the “Report of the Supervisory Board”, as well
as chapter “Supervisory Board” in the “Corporate Governance Statement according to Sec. 289f and 315d of the German
Commercial Code”)
–At the meetings of the Risk Committee, the Management Board reports on current and forward-looking risk
exposures, portfolios, on risk appetite and strategy and on matters deemed relevant for the assessment and oversight
of the risk situation of Deutsche Bank AG, including material legal and reputational risks; it also reports on loans
requiring a Supervisory Board resolution pursuant to law or the Articles of Association; the Risk Committee oversees
that the Management Board has in place processes to promote the adherence of Deutsche Bank AG to the applicable
risk policies and regulations, also covering legal and reputational risks; the Risk Committee advises on issues related to
the overall risk appetite, aggregate risk position and the risk strategy and keeps the Supervisory Board informed of its
activities
–The Audit Committee, among other matters, supports the Supervisory Board in monitoring the effectiveness of the
risk management system, particularly of the internal control system including the compliance management system as
well as sustainability-related issues and the internal audit system, as well as the Management Board’s remediation of
deficiencies identified
The Management Board is responsible for managing Deutsche Bank Group in accordance with the law, the Articles of
Association and its Terms of Reference with the objective of creating sustainable value in the interest of the company,
thus taking into consideration the interests of the shareholders, employees and other company related stakeholders; the
Management Board is responsible for ensuring a proper business organization, encompassing appropriate and effective
risk management, as well as compliance with legal requirements and internal guidelines; the Management Board
established the Group Risk Committee as the central forum for review and decision on material risk and capital-related
topics; the Group Risk Committee is described in more detail below.
72
| Deutsche Bank | Risk and capital framework |
|---|---|
| Annual Report 2025 | Risk governance |
Risk management governance structure of the Deutsche Bank Group
The following functional committees are central to the management of risk at Deutsche Bank:
–The Group Risk Committee has various duties and dedicated authority, including approval of new or changed material
risk and capital models and review of the inventory of risks, high-level risk portfolios, risk exposure developments,
internal and regulatory Group-wide stress testing results, and approval of resource limits, endorsed by the Group
Asset & Liability Committee, for Total Capital Demand, Leverage exposure and Economic Capital Demand; in addition,
the Group Risk Committee reviews and recommends items for Management Board approval, such as key risk
management principles, the Group risk appetite statement, the Group recovery plan and the contingency funding
plan, over-arching risk appetite parameters, and recovery and escalation indicators; the Group Risk Committee also
supports the Management Board during Group-wide risk and capital planning processes
–The Group Reputational Risk Committee has the responsibility to review, decide and manage all transactions, client
relationships or other primary reputational risk matters escalated in line with the underlying reputational risk policies
and framework, including from the Regional Reputational Risk Committees
–The Financial Resource Management Council is an ad-hoc governance body, chaired by the Chief Financial Officer
and the Chief Risk Officer, with delegated authority from the Management Board, to oversee financial crisis
management at the bank; the Financial Resource Management Council provides a single forum to oversee execution
of both the contingency funding plan and the Group recovery plan; the council recommends upon mitigating actions
to be taken in a time of anticipated or actual capital or liquidity stress; specifically, the Financial Resource
Management Council is tasked with analyzing the bank’s capital and liquidity position, in anticipation of a stress
scenario recommending proposals for capital and liquidity related matters and overseeing the execution of decisions
–The Group Asset & Liability Committee has been established by the Management Board with the mandate to optimize
the sourcing and deployment of the bank’s balance sheet and financial resources within the overarching risk appetite
set by the Management Board
Deutsche Bank’s Chief Risk Officer, who is a member of the Management Board, has Group-wide, supra-divisional
responsibility for establishing a risk management framework with appropriate identification, measurement, monitoring,
mitigation and reporting of liquidity, credit, market, enterprise, model and operational risks; however, frameworks for
certain risks are established by other functions as per the business allocation plan.
73
| Deutsche Bank | Risk and capital framework |
|---|---|
| Annual Report 2025 | Risk governance |
The Chief Risk Officer has direct management responsibility for the Chief Risk Office function. Risk management and
control duties in the Chief Risk Office function are generally assigned to specialized risk management units focusing on
the management of
–Specific risk types
–Risks within a specific business
–Risks in a specific region.
These specialized risk management units generally handle the following core tasks:
–Foster consistency with the risk appetite set by the Management Board and applied to business segments and their
business units
–Determine and implement risk and capital management policies, procedures and methodologies that are appropriate
to the businesses within each business segment
–Establish and approve risk limits
–Conduct periodic portfolio reviews to keep the portfolio of risks within acceptable parameters
–Develop and implement risk and capital management infrastructures and systems that are appropriate for each
business segment
While operating independently from each other and the business segments, the Finance and Risk functions have the joint
responsibility to quantify and verify the risk that the bank assumes.
74
| Deutsche Bank | Risk and capital framework |
|---|---|
| Annual Report 2025 | Risk identification and assessment |
Risk identification and assessment
Risks to Deutsche Bank’s businesses and infrastructure functions, including under stressed conditions, are regularly
identified. This assessment incorporates input from both first and second line of defense, with the identified risks
assessed for materiality based on their severity and likelihood of materialization. The assessment of risks is
complemented by a view on emerging risks applying a forward-looking perspective. This risk identification and
assessment process results in the risk inventory which captures the material risks for the Group, and where relevant,
across businesses, entities and branches.
Regular updates to the Group risk inventory are reported to the Group Risk Committee and the Management Board. The
inventory informs key risk management processes, including the development of stress scenarios tailored to Deutsche
Bank’s risk profile and informing risk appetite setting and monitoring. Risks in the inventory are also mapped to risks in
the Group risk type taxonomy, where a corresponding materiality assessment is also provided.
Risk appetite and capacity
Risk appetite expresses the aggregate level and types of risk that Deutsche Bank is willing to assume to achieve strategic
objectives, as defined by a set of quantitative metrics and qualitative statements. Risk capacity is defined as the
maximum level of risk that can be assumed given Deutsche Bank’s capital and liquidity base, risk management and
control capabilities, and regulatory constraints.
Risk appetite is an integral element in business planning processes via risk strategy and plan, to promote the appropriate
alignment of risk, capital and performance targets, while at the same time considering risk capacity, risk-return and
appetite constraints from both financial and non-financial risks. Compliance of the plan with risk appetite and capacity is
also tested under stressed market conditions. Top-down risk appetite serves as the limit for risk-taking for the bottom-up
planning from the business functions.
The Management Board reviews and approves risk appetite and capacity on an annual basis, or more frequently in the
event of unexpected changes to the risk environment, with the aim of ensuring that they are consistent with the Group’s
strategy, business and regulatory environment and stakeholders’ requirements.
In order to determine risk appetite and capacity, different group level limits and triggers on a forward-looking basis are
set and the escalation requirements for further action are defined. Deutsche Bank assigns risk metrics that are sensitive
to the material risks to which Deutsche Bank is exposed and which function as indicators of financial health. In addition
to that, the risk and recovery management framework is linked with the risk appetite framework.
Reports relating to risk profile as compared to Deutsche Bank’s risk appetite and strategy and the monitoring thereof are
presented regularly up to the Management Board. In the event that desired risk appetite is breached, a predefined
escalation governance matrix is applied so these breaches are highlighted to the appropriate governance bodies.
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| Annual Report 2025 | Risk measurement and reporting systems |
Risk measurement and reporting systems
Overview
Deutsche Bank’s risk measurement systems support regulatory reporting and external disclosures, as well as internal
management reporting across all risk types. The risk infrastructure incorporates the relevant legal entities and business
segments and provides the basis for reporting on risk positions, capital adequacy and limit, threshold, or target utilization
to the relevant functions on a regular and ad-hoc basis. Established units within the CFO and CRO function assume
responsibility for measurement, analysis and reporting of risk while promoting sufficient quality and integrity of risk-
related data and consider, where relevant, the principles for effective risk data aggregation and risk reporting as per the
Basel Committee on Banking Supervision's regulation number 239 (“BCBS 239”). The Group’s risk management systems
are reviewed by Group Audit following a risk-based audit approach.
Deutsche Bank’s reporting is an integral part of Deutsche Bank’s risk management framework and as such aligns with the
organizational setup by delivering consistent information on Group level and for material legal entities as well as
breakdowns by risk types, business segments and material business units.
The following principles guide Deutsche Bank’s “risk measurement and reporting” practices:
–Deutsche Bank monitors risks taken against risk appetite on various levels across the Group, e.g., Group, business
segments, material business units, material legal entities, risk types, material asset classes, portfolio and counterparty
levels
–Risk reporting is required to be accurate, clear, useful and complete and must convey reconciled and validated risk
data to communicate information in a concise manner to ensure, across material financial and operational risks, the
bank’s risk profile is clearly understood
–Senior risk committees, such as the Group Risk Committee, as well as the Management Board who are responsible for
risk and capital management receive regular reporting (as well as ad-hoc reporting as required)
–Dedicated teams within Deutsche Bank proactively manage material financial and non-financial risks and must ensure
that required management information is in place to enable proactive identification and management of risks and
avoid undue concentrations within a specific risk type and across risks (Cross-Risk view)
In applying the previously mentioned principles, Deutsche Bank maintains a common basis for all risk reports and aims to
minimize segregated reporting efforts to allow Deutsche Bank to provide consistent information, which only differs by
granularity and audience focus.
Key risk metrics
The Bank identifies a large number of metrics within its risk measurement systems which support regulatory reporting
and external disclosures, as well as internal management reporting across risks and for material risk types. Deutsche Bank
designates a subset of those as “Key Risk Metrics” that represent the most critical ones for which the Bank places an
appetite, limit, threshold or target at Group level and/or are reported routinely to senior management for discussion or
decision making. The identified Key Risk Metrics include Capital Adequacy and Liquidity metrics; further details can be
found in the section “Key risk metrics” at the beginning of the Risk Report.
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| Annual Report 2025 | Risk measurement and reporting systems |
Key risk reports
While a large number of reports are used across the Bank, Deutsche Bank designates a subset of these as “Key Risk
Reports” that are critical to support Deutsche Bank’s Risk Management Framework through the provision of risk
information to senior management and therefore enable the relevant governing bodies to monitor, steer and control the
Bank’s risk taking activities effectively. To ensure that Key Risk Reports meet recipients’ requirements, report producing
functions regularly check whether the Key Risk Reports are clear and useful.
The main reports on risk and capital management that are used to provide Deutsche Bank’s central governance bodies
with information relating to the Group risk profile are the following:
–The monthly Risk and Capital Profile report is a Cross-Risk report, provides a comprehensive view of Deutsche Bank’s
risk profile and is used to inform the Group Risk Committee as well as the Management Board and subsequently the
Risk Committee of the Supervisory Board; the Risk and Capital Profile includes risk type specific and Business-Aligned
overviews and Enterprise-wide risk topics; it also includes updates on Key Group Risk Appetite Metrics and other Key
Portfolio risk type Control Metrics as well as updates on Key Risk Developments, highlighting areas of particular
interest with updates on corresponding risk management strategies
–The Weekly Risk Report is a weekly briefing covering high-level topical issues across key risk areas and is submitted
every Friday to the Members of the Group Risk Committee and the Management Board and subsequently to the
Members of the Risk Committee of the Supervisory Board; the Weekly Risk Report is characterized by the ad-hoc
nature of its commentary as well as coverage of themes and focuses on more volatile risk metrics
–Deutsche Bank runs several Group-wide macroeconomic stress tests. A monthly Risk Appetite scenario serves the
purpose to set and regularly monitor the bank’s stress loss appetite; in addition, there are topical scenarios which are
escalated to the Group Risk Committee if deemed necessary; the stressed key performance indicators are
benchmarked against the Group Risk Appetite thresholds
While the above reports are used at a Group level to monitor and review the risk profile of Deutsche Bank holistically,
there are other, supplementing standard and ad-hoc management reports, including for risk types or Focus Portfolios,
which are used to monitor and control the risk profile.
Strategic and capital plan
Deutsche Bank conducts annually an integrated strategic planning process which lays out the development of the future
strategic direction for the Group and the individual business areas. The strategic plan aims to create, among other things,
a holistic perspective on capital, funding, and risk under risk-return considerations. This process translates long-term
strategic targets into measurable short- to medium-term financial targets and objectives and enables intra-year
performance monitoring and management. Thereby the Group aims to identify growth options by considering the risks
involved and the allocation of available capital resources to drive sustainable performance. Risk-specific portfolio
strategies complement this framework and allow for an in-depth implementation of the risk strategy on portfolio level,
addressing risk specifics including risk concentrations.
The strategic planning process consists of two phases: a top-down target setting and a bottom-up substantiation.
In a first phase – the top-down target setting – Deutsche Bank’s key targets for profit and loss (including revenues and
costs), RoTE, CIR, capital supply, capital demand as well as leverage, funding and liquidity are defined and discussed for
the group and the key business areas. The global macro-economic outlook and the expected regulatory framework is the
basis for the target setting. Targets and objectives for the Group and the individual business areas are reviewed,
challenged and approved by the Management Board.
In a second phase, the top-down targets are substantiated bottom-up by detailed business unit plans, which consist of a
month-by-month operating plan for year one; years two and three are planned per quarter and years four and five are
annual plans. The bottom-up plans are reviewed and challenged by Finance and Risk and are discussed individually with
the respective business heads. Thereby, the specifics of the business are considered, and concrete targets agreed in line
with the bank’s strategic direction. The bottom-up phase includes the preparation of plans for key legal entities to review
local risk and capitalization levels. Stress tests complement the strategic plan to consider the resilience of the plan
against adverse market conditions.
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| Annual Report 2025 | Stress testing |
The resulting Strategic and Capital Plan is presented to the Management Board for discussion and approval. The final
plan is subsequently presented to the Supervisory Board.
The Strategic and Capital Plan is designed to support the Group’s strategy to accelerate value creation by scaling the
Global Hausbank and the bank’s long-term ambition to become the European Champion in banking. The Strategic and
Capital Plan overall aims to ensure:
–Balanced risk adjusted performance across business areas and units
–High risk management standards with focus on risk concentrations
–Compliance with regulatory requirements
–Strong capital and liquidity position
–Stable funding and liquidity strategy allowing for business planning within the liquidity risk appetite and regulatory
requirements
The Strategic and Capital Planning process allows to:
–set earnings and key risk and capital adequacy targets considering the bank’s strategic focus and business plans
–assess the capital adequacy with regard to internal and external requirements (i.e., economic capital and regulatory
capital)
–apply appropriate stress test analyses to assess the impact on capital demand, capital supply and liquidity
All externally communicated financial targets are monitored on an ongoing basis in appropriate management
committees. Any projected shortfall versus targets is discussed together with potential mitigating strategies with the aim
to ensure that the Group remains on track to achieve the targets. Amendments to the Strategic and Capital Plan must be
approved by the Management Board. Achieving the externally communicated solvency targets ensures that the Group
also complies with the solvency ratio related Group Supervisory Review and Evaluation Process (SREP) requirements as
articulated by the home supervisor.
Stress testing
Deutsche Bank has implemented a stress test framework to satisfy internal as well as external stress test requirements
covering worldwide macroeconomic stress assessments as well as more targeted stress tests such as climate and cyber
related stress approaches. The internal stress tests are based on in-house developed methods and inform a variety of risk
management use cases (risk type specific as well as cross-risk). Internal stress tests form an integral part of Deutsche
Bank’s risk management framework complementing traditional risk measures. The cross-risk stress test framework, the
Group Wide Stress Test Framework (GWST), serves a variety of bank management processes, in particular the strategic
planning process, the ICAAP, the risk appetite framework and tangible equity allocation to business units. Capital plan
stress testing is performed to assess the viability of the bank’s capital plan in adverse circumstances and to demonstrate
a clear link between risk appetite, business strategy, capital plan and stress testing. The regulatory stress tests, e.g., the
EBA stress test and the US-based CCAR (Comprehensive Capital Analysis and Review) stress tests, are strictly following
the processes and methodologies as prescribed by the regulatory authorities.
Deutsche Bank’s internal stress tests are performed on a regular basis in order to assess the impact of severe economic
downturns as well as adverse bank-specific events on the bank’s risk profile and financial position. The bank’s stress
testing framework comprises regular sensitivity-based and scenario-based approaches addressing different severities
and regional hotspots. All material risk types are included in the stress testing activities. These activities are
complemented by portfolio- and country-specific downside analysis as well as further regulatory requirements, such as
annual reverse stress tests and additional stress tests requested by regulators on group or legal entity level. The applied
methodologies undergo regular scrutiny from Deutsche Bank’s internal validation team (Model Risk Management) to
ensure they correctly capture the impact of a given stress scenario. In addition, the group-wide stress framework is
subject to regular reviews by Deutsche Bank’s group audit function.
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| Annual Report 2025 | Stress testing |
The initial phase of Deutsche Bank’s cross-risk stress test consists of defining a macroeconomic downturn scenario by
Enterprise and Treasury Risk Management (ETRM) Risk Research in cooperation with business specialists through a
formal governance forum, the Stress Working Group. ETRM Risk Strategy maintains a risk radar featuring key risk trends
and emerging risk themes including political and economic developments relevant for the design of potentially harmful
macroeconomic scenarios. Based on quantitative models and expert judgments, economic parameters such as foreign
exchange rates, interest rates, GDP growth or unemployment rates are set accordingly and define the narrative under
which the bank’s solvency position is assessed. The scenario parameters are translated into specific risk drivers by subject
matter experts in the risk units. Based on the bank’s internal model framework for stress testing, the following major
metrics are calculated under stress: risk-weighted assets, impacts on profit and loss and economic capital by risk type.
These results are aggregated at the Group level, and key metrics such as the CET 1 ratio, Total Capital ratio, Economic
Capital Adequacy ratio, MREL ratio and Leverage Ratio under stress are derived. Stress impacts on the Liquidity Coverage
Ratio (LCR) and other Liquidity indicators are also considered. Stress results are also communicated internally at a more
granular business unit level and considered in Deutsche Bank’s risk appetite as well as capital allocation processes. The
time horizon of internal stress tests ranges from one to five years, depending on the use case and scenario assumptions.
The Stress Working Group reviews the final stress results. After comparing these results against the bank’s defined risk
appetite, a specific mitigation strategy may be developed and applied to remediate the stress impacts in case of risk
appetite threshold breaches. The stress results also feed into the recovery planning which is crucial for the recoverability
of the bank in times of crisis. The outcome is presented to senior management up to the Management Board to raise
awareness on the highest level as it provides key insights into specific business vulnerabilities and contributes to the
overall risk profile assessment of the bank.
The Group-wide stress tests performed in 2025 indicated that the bank’s capitalization together with available mitigation
measures as defined in the Group Recovery Plan is adequate to reach the internally set stress exit levels.
The cross-risk reverse stress test leverages the GWST framework and is typically performed annually in order to
challenge Deutsche Bank’s business model by determining scenarios which would cause the bank to become unviable.
Such a reverse stress test is based on a hypothetical macroeconomic scenario enriched by idiosyncratic events based on
the top risks monitored by each risk type. Comparing the non-viability scenario to the current economic environment, the
probability of occurrence of such a hypothetical stress scenario is considered to be extremely low. Given this, it is the
bank’s view that its business continuity is not at risk.
In 2025, the bank has performed multi-year stress tests as part of the annual strategic planning process for 2025 using
two severe adverse scenarios, namely a “Severe EU-led global recession” scenario and a “Severe trade war” scenario. In
addition, further scenarios have been implemented (e.g., “US crisis of confidence”) aligned to the increased geopolitical
uncertainties.
In addition to the GWST that includes all material risk types and major revenue streams, Deutsche Bank has individual
stress test programs in place for all relevant risk metrics in line with regulatory requirements. The relevant stress test
programs are described in the sections about the individual risk management methods.
In 2025, Deutsche Bank was subject to the biannual EBA Stress Test testing the resilience of European banks. The
outcome of the stress test influences the Pillar 2 Guidance for CET1 and leverage ratio and informs the Pillar 2
requirement. Compared to previous comparable stress tests, Deutsche Bank’s disclosed CET1 ratio depletion was lower
under the adverse scenario in line with improved profitability.
Deutsche Bank’s core U.S. subsidiary, DB USA Corporation, also took part in a major regulatory stress test in 2025 i.e., the
US-based CCAR stress test, as implemented pursuant to the U.S. Dodd-Frank Act. In the CCAR stress test, the Federal
Reserve (FRB) disclosed the stress capital depletion for DB USA Corporation and DWS USA Corporation; the outcome of
which showed that each entity remains very well-capitalized even after withstanding a hypothetical severe stress
environment.
Deutsche Bank performs an annual climate stress test to assess its resilience to climate-related risks. The 2025 stress
test incorporated a range of transition and physical risk scenarios over short, medium and long-term time horizons. The
scope of the exercise included portfolios deemed material for climate risk across different risk types. The results of the
stress test are integrated into relevant processes, including risk appetite, business planning and ICAAP.
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| Annual Report 2025 | Recovery and resolution planning |
Recovery and resolution planning
In the EU, the Single Resolution Mechanism Regulation (SRM Regulation) and the Bank Recovery and Resolution
Directive (BRRD) aim at reducing the likelihood of another financial crisis, enhance the resilience of institutions under
stress, and eventually support the long-term stability of the financial systems without exposing taxpayers’ money to
losses.
In line with the provisions of the BRRD (which was mainly implemented in Germany by the German Recovery and
Resolution Act (Sanierungs- und Abwicklungsgesetz, SAG)) and the SRM Regulation, Deutsche Bank maintains a recovery
and resolution planning framework designed to identify and manage the impact of adverse events in a timely and
coordinated manner.
The bank maintains a group recovery plan specifying measures to restore the financial position following a significant
deterioration of its financial situation. The group recovery plan is updated at least annually and approved by the
Management Board.
The group resolution plan, on the other hand, is prepared by the resolution authorities, rather than by the bank itself.
Deutsche Bank works closely with the Single Resolution Board (SRB) and the Bundesanstalt für Finanzdienst-
leistungsaufsicht (BaFin) who establish the group resolution plan for Deutsche Bank, which is currently based on a single
point of entry open bank bail-in as the preferred resolution strategy. Under the single point of entry bail-in strategy, the
parent entity Deutsche Bank AG would be recapitalized through a write-down and/or conversion to equity of capital
instruments (Common Equity Tier 1, Additional Tier 1, Tier 2) and other eligible liabilities in order to stabilize the group.
Within one month after the application of the bail-in tool to recapitalize an institution, the BRRD (as implemented in the
SAG) requires such institution to prepare a business reorganization plan, addressing the causes of failure and aiming to
restore the institution's long-term viability. To further support and improve operational continuity of the bank for
resolution planning purposes, Deutsche Bank has completed additional preparations, such as adding termination stay
clauses into client financial agreements governed by non-EU law and including continuity provisions into key service
agreements. Financial contracts and service agreements governed by EU law are already covered by statutory laws
which prevent termination solely due to any resolution measure. Deutsche Bank regularly tests its capabilities and
processes to execute the preferred strategy in dry runs. In addition to the preferred resolution strategy, the bank is
further analyzing in close cooperation with the SRB and BaFin a variant resolution strategy, exploring the applicability of
the sale of business tool, the asset management vehicle, or the bridge bank in combination with the bail-in tool.
In the United States, Deutsche Bank AG is required under Title I of the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 (the Dodd-Frank Act), as amended, to prepare and submit to the Federal Reserve Board and the
Federal Deposit Insurance Corporation (FDIC) either a full or targeted resolution plan (the U.S. Resolution Plan) on a
timeline prescribed by such agencies. The U.S. Resolution Plan must demonstrate that Deutsche Bank AG has the ability
to execute and implement a strategy for the orderly resolution of its designated U.S. material entities and operations. For
foreign-based companies subject to these resolution planning requirements such as Deutsche Bank AG, the U.S.
Resolution Plan relates only to subsidiaries, branches, agencies and businesses that are domiciled in or whose activities
are carried out in whole or in material part in the United States. Deutsche Bank’s U.S. Resolution Plan describes the single
point of entry strategy for Deutsche Bank’s U.S. material entities and operations and prescribes that DB USA Corporation,
one of the bank’s intermediate holding companies, would provide the necessary liquidity and capital support to its U.S.
material entity subsidiaries and ensure their partial sale or solvent wind-down outside of applicable resolution
proceedings. Deutsche Bank submitted its most recent full U.S. Resolution Plan by the October 1, 2025 due date.
Deutsche Bank's next resolution plan submission is a targeted U.S. Resolution Plan that is due by July 1, 2028.
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| Annual Report 2025 | Capital Risk Management |
Risk type management
Capital Risk Management
Internal capital adequacy assessment process
Deutsche Bank’s internal capital adequacy assessment process (ICAAP) consists of several components which ensure
that Deutsche Bank maintains sufficient capital to cover the risks to which the bank is exposed on an ongoing basis:
–Risk identification and assessment: The risk identification process forms the basis of the ICAAP and results in an
inventory of risks for the Group; all risks identified are assessed for their materiality; further details can be found in
section “Risk identification and assessment”
–Capital demand/risk measurement: Risk measurement models are applied to quantify the regulatory and economic
capital demand which is required to cover all material risks except for those which cannot be adequately limited by
capital e.g., liquidity risk; further details can be found in sections “Risk profile” and “Capital, Leverage Ratio, TLAC and
MREL”
–Capital supply: Capital supply quantification refers to the definition of available capital resources to absorb
unexpected losses; further details can be found in sections “Capital, Leverage Ratio, TLAC and MREL” and “Economic
Capital Adequacy”
–Risk appetite: Deutsche Bank has established a set of qualitative statements, quantitative metrics and thresholds
which express the level of risk that Deutsche Bank is willing to assume to achieve strategic objectives; threshold
breaches are subject to a dedicated governance framework triggering management actions aimed to safeguard
capital adequacy; further details can be found in sections “Risk appetite and capacity” and “Capital risk limits”
–Capital planning: The risk appetite limits for capital adequacy metrics constitute boundaries which have to be met in
the capital plan to safeguard capital adequacy on a forward-looking basis; further details can be found in section
“Strategic and capital plan”
–Stress testing: Capital plan figures are also considered under various stress test scenarios to prove resilience and
overall viability of the bank; regulatory and economic capital adequacy metrics are also subject to regular stress tests
throughout the year to constantly evaluate Deutsche Bank’s capital position in hypothetical stress scenarios and to
detect vulnerabilities under stress; further details can be found in section “Stress testing”
–Capital adequacy assessment: Although capital adequacy is constantly monitored throughout the year, the ICAAP
concludes with a dedicated annual capital adequacy statement (CAS); the assessment consists of a Management
Board statement about Deutsche Bank’s capital adequacy, which is linked to specific conclusions and management
actions to be taken to safeguard capital adequacy on a forward-looking basis
As part of its ICAAP, Deutsche Bank distinguishes between a normative perspective and an economic internal
perspective. The normative internal perspective refers to a multi-year assessment of the ability to fulfil all capital-related
legal requirements and supervisory demands. The economic internal perspective refers to an internal process using
internal economic capital demand models and an internal economic capital supply definition. Both perspectives focus on
maintaining the continuity of Deutsche Bank on an ongoing basis under a baseline and an adverse scenario.
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| Annual Report 2025 | Capital Risk Management |
Capital risk framework
Capital risk is defined as the risk that Deutsche Bank has an insufficient level or composition of capital supply to support
its current and planned business activities and associated risks during normal and stressed conditions.
The Group’s capital risk framework consists of several elements which aim to ensure that Deutsche Bank maintains on an
ongoing basis an adequate capitalization to cover the risks to which it is exposed. The framework is strongly integrated
with the bank-wide strategic planning process and closely linked to Deutsche Bank’s internal capital adequacy
assessment process. Treasury together with the divisions is the key risk manager of the associated risks and represents
the 1st LoD. Enterprise & Treasury Risk Management acts as the 2nd LoD for capital risk.
Enterprise & Treasury Risk Management sets the ICAAP framework, assesses the capital risk profile and provides
independent challenge to Treasury. This includes setting of risk appetite limits for key capital ratios. Limits also provide
boundaries to the capital plan and are fully integrated into the regular assessment of capital risk under stress scenarios.
Deutsche Bank’s Treasury function manages solvency, capital adequacy, leverage, and bail-in capacity ratios at Group
level and locally in each region, as applicable. Treasury develops Deutsche Bank’s capital plan, which is approved by the
Management Board. Treasury, directly or through the Group Asset and Liability Committee, manages, among other
things, issuance and repurchase of shares and capital instruments, hedging of capital ratios against foreign exchange
swings, the design of shareholders’ equity allocation, and regional capital planning.
Treasury manages the issuance and repurchase of capital instruments, namely Common Equity Tier 1, Additional Tier 1
and Tier 2 capital instruments as well as TLAC/MREL eligible debt instruments. Treasury constantly monitors the market
for liability management trades.
Treasury manages the sensitivity of Deutsche Bank’s CET 1 ratio and capital towards swings in foreign currency exchange
rates against the euro. For this purpose, Treasury develops and executes suitable hedging strategies within the
constraints of a Management Board approved Risk Appetite. Capital invested into Deutsche Bank’s foreign subsidiaries
and branches is either not hedged, partially hedged or fully hedged. Thereby, Treasury aims to balance effects from
foreign exchange rate movements on capital, capital deduction items and risk weighted assets in foreign currency. In
addition, Treasury also accounts for associated hedge cost and implications on market risk weighted assets.
Capital risk limits
Capital risk appetite is operationalized through limits for all relevant capital adequacy metrics. Breaches of limits are
governed by a dedicated escalation up to and including actions under Deutsche Bank’s Recovery Plan.
Limits are defined for the key capital ratios and reviewed at least annually by the Management Board as part of Deutsche
Bank's annual strategic and capital plan, including for CET 1 ratio, Tier 1 ratio, total capital ratio, MREL and ECA ratio. As
a part of Deutsche Bank’s quarterly process, the Group Risk Committee approves divisional limits for total capital
demand, leverage exposure and economic capital demand.
Overall regulatory capital requirements are principally driven by either Deutsche Bank’s CET 1 ratio or leverage ratio
requirements, whichever is the more binding constraint. For the internal capital allocation, the combined contribution of
each segment to the Group’s CET 1 ratio, the Group’s leverage ratio and the Group’s Capital Loss under Stress are
weighted to reflect their relative importance and level of constraint to the Group. Contributions to the CET 1 ratio and
the leverage ratio are measured through RWA and Leverage Ratio Exposure (LRE). The Group’s Capital Loss under Stress
is a measure of the Group’s overall economic risk exposure under a defined stress scenario. Goodwill, other intangible
assets, and business-related regulatory capital deduction items included in total capital demand are directly allocated to
the respective segments, supporting the calculation of the allocated tangible shareholders equity and the respective
rate of return.
Most of Deutsche Bank’s subsidiaries and several of Deutsche Bank’s branches are subject to legal and regulatory capital
requirements. In developing, implementing, and testing Deutsche Bank’s capital and liquidity position, the bank fully
takes such legal and regulatory requirements into account. Any material capital requests of Deutsche Bank’s branches
and subsidiaries across the globe are presented to and approved by the Group Investment Committee prior to execution.
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| Annual Report 2025 | Enterprise risk management |
Enterprise Risk Management
ETRM provides a holistic view of the Bank’s risk profile across risk types, businesses and geographies. Key responsibilities
include:
–Defining the overarching risk management policy, including setting of risk management standards
–Setting and monitoring the Bank’s overarching risk appetite and cascading to business & entity dimensions
–Delivering insight through emerging risks and trends analysis, forward-looking stress tests, portfolio concentration,
deep-dive analyses and ad-hoc event reporting
–Developing and managing the climate risk management framework
–Providing risk reporting and analytics to key stakeholders, including senior management and regulators
–Acting as risk controlling function for credit risk including frameworks, risk appetite, reporting and portfolio analytics,
as well as model monitoring
Strategic risk
Strategic risk is the risk of a shortfall in planned earnings (excluding other material risks) due to incorrect business plans,
ineffective plan execution, or inability to effectively respond to material plan deviations. Strategic risk arises from the
exposure of the bank to the macroeconomic environment, changes in the competitive landscape, and regulatory and
technological developments. Additionally, it could occur due to errors in strategic positioning, the bank’s failure to
execute its planned strategy and/or a failure to effectively address underperformance versus plan targets.
The strategic plan is developed annually and presented to the Management Board for discussion and approval. The final
plan is presented to the Supervisory Board. The plan is challenged in an iterative process with respect to its assumptions,
credibility and integrity. During the year, execution of business strategies is regularly monitored to assess the
performance against targets. A more comprehensive description of this process is detailed in the section ‘Strategic and
Capital Plan’.
Strategic risk is measured through a dedicated risk model that quantifies potential losses caused by unexpected pre-tax
earnings shortfalls that cannot be offset by cost reductions under extreme but plausible market conditions over a 12-
month period. Strategic risk appetite is also established for the Group via dedicated metrics.
ETRM is the independent risk control function for Strategic Risk. A framework that includes setting risk appetite and
monitoring adherence is in place and aligns to the control standards the ETRM function set.
Portfolio concentration risk
Risk concentrations refer to clusters of the same or similar risk drivers within specific risk types (intra-risk concentrations
in credit, market, operational and strategic risks) as well as across different risk types (inter-risk concentrations). They
occur within and across counterparties, businesses, regions/countries, industries and products. The management and
monitoring of risk concentrations is achieved through a quantitative and qualitative approach, as follows:
–Intra-risk concentrations are assessed, monitored and mitigated by the individual risk functions (enterprise, credit,
market, operational and liquidity risk management). This is supported by risk appetite including limit setting on
different levels and/or management according to each risk type
–Inter-risk concentrations are managed through quantitative top-down stress-testing and qualitative bottom-up
reviews, identifying and assessing risk themes independent of any risk type and providing a holistic view across the
bank. The diversification effects between credit, market, operational and strategic risk are measured through an
economic capital model that quantifies the diversification benefit caused by non-perfect correlations between these
risk types. The calculation of the risk type diversification benefit is intended to ensure that the standalone economic
capital figures for the individual risk types are aggregated in an economically meaningful way
The most senior governance body for the oversight of risk concentrations is the Group Risk Committee (GRC).
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| Annual Report 2025 | Enterprise risk management |
Environmental, social and governance risk
The impacts of rising global average temperatures, the transition to a net zero economy and the enhanced focus on
climate change from society, regulators and the banking sector have led to the emergence of new and increasing sources
of financial and non-financial risks. These include the physical risks arising from extreme weather events growing in
frequency and severity, as well as transition risks as carbon intensive sectors are expected to face higher taxation,
reduced demand and restricted access to financing. These risks can impact Deutsche Bank across a broad range of
financial and non-financial risk types. Financial institutions are facing increased scrutiny on climate and broader ESG-
related issues from governments, regulators, shareholders and other bodies, leading to reputational risks if the Group is
not seen to support the transition to a lower carbon economy, to protect biodiversity and human rights, among other
themes.
Deutsche Bank’s risk strategy recognizes ESG as a theme that represents a broad range of areas of concern related to
environmental, social, or governance factors that cuts across multiple scenarios and risks. It must be ensured that all
non-financial ESG-related risks are identified and adequately assessed to include potential impacts driven by ESG
factors; the bank must ensure that controls are effective and any potential deficiencies are promptly escalated and
addressed. Deutsche Bank is regularly reviewing and enhancing its ESG-related risk management frameworks in
alignment with regulatory guidance and to ensure that ESG risks are actively managed and greenwashing risk is
mitigated. Limitations in terms of data, methodologies and industry standards for measuring and assessing climate and
other environmental risks continue to lead to a high degree of uncertainty in the bank’s climate-related disclosures. Anti-
ESG measures that were already established in some jurisdictions and have been reinforced and taken further may result
in the loss of existing business and the inability to conduct new business within those jurisdictions, while complying may
lead to reputational risks.
The management of risks stemming from environmental factors relies first and foremost with Deutsche Bank’s net zero-
aligned decarbonization targets for eight sectors: Oil and Gas (upstream), Power Generation, Automotive (light duty
vehicles), Steel, Coal mining, Cement, Shipping and Commercial Aviation. The pathways to achieve these targets are
incorporated into the bank’s risk management framework. Environmental risks are assessed through an annual climate
and environmental materiality assessment and internal stress test, across businesses, portfolios and risk types (Credit,
Market, Liquidity, Reputational and Operational). They are monitored through dedicated reports discussed in senior risk
committees and managed through risk appetite thresholds, policies requirements and exclusions (Environmental and
Social policy framework), and portfolio Early Warning Indicators (EWIs). Climate and environmental risks are incorporated
into the credit approval process for corporate clients via enhanced due diligence requirements. For corporate clients in
carbon-intensive sectors, as well as those in sectors vulnerable to climate-physical and nature (or “other environmental”)
risks, new loan requests above selected tenor and rating-based thresholds to corporate clients in carbon-intensive
sectors require a dedicated risk assessment from the Front Office and review by Credit Risk Management. Overall, these
risks are embedded within the bank’s business model and financial planning through the carbon budgets attributed to
the bank’s businesses derived from its decarbonization targets and through the inclusion of environmental risks within
the Internal Capital Adequacy Assessment Process (ICAAP).
The Group Sustainability Committee acts as the main governance and decision-making body for sustainability-related
matters across Deutsche Bank. This includes the assessment of material impacts as well as risks and opportunities for the
Bank. The committee also sets the net zero targets for the bank.
The Management Board has delegated sustainability-related decisions to this committee, which is chaired by the Chief
Executive Officer and the Chief Sustainability Officer (Vice Chair). It receives monthly updates on financed emissions and
net zero alignment.
The Group Risk Committee, chaired by the Chief Risk Officer and established by the Management Board has the mandate
to oversee several risk and capital-related matters. This includes the responsibility for developing the bank’s Climate Risk
Framework. The Committee approves the Bank’s climate and environmental risk appetite, including appetite for
deviation from net zero decarbonization pathways. A number of committees are responsible for the development and
management of specific elements of climate and environmental risk.
The Net Zero Forum receives, in addition to the quarterly reports, monthly flash reports on key metrics (i.e., measuring
alignment with decarbonization targets and the consumption of divisional carbon budgets).
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Credit Risk Management
Credit risk framework
Credit risk arises from all transactions where actual, contingent or potential claims against any counterparty, borrower,
obligor or issuer (which Deutsche Bank refers to collectively as “counterparties”) exist, including those claims that
Deutsche Bank plans to distribute. It captures the risk of loss because of a deterioration of a counterparty’s
creditworthiness or the failure of a counterparty to meet the terms of any contract with Deutsche Bank or otherwise
perform as agreed.
Based on the Risk Type Taxonomy, credit risk is grouped into four material categories, namely default/migration risk,
transaction/settlement risk (exposure risk), mitigation risk and concentration risk. This is complemented by a regular risk
identification and materiality assessment.
–Default/migration risk as the main element of credit risk, is the risk that a counterparty defaults on its payment
obligations or experiences material credit quality deterioration increasing the likelihood of a default
–Transaction/settlement risk is the risk that arises from any existing, contingent or potential future positive exposure
–Mitigation risk is the risk of higher losses due to risk mitigation measures not performing as anticipated
–Credit concentration risk is the risk of an adverse development in a specific single counterparty, country, industry or
product leading to a disproportionate deterioration in the risk profile of Deutsche Bank’s credit exposures to that
counterparty, country, industry or product
Deutsche Bank manages its credit risk using the following principles:
–Credit Risk is only accepted:
–for adopted clients
–after completed appropriate due diligence led by the respective origination teams as 1st LoD
–New products and changes to existing products having been assessed within Deutsche Bank Group’s Product
Lifecycle Policy
–If a rating has been assigned in line with agreed and approved processes
–If all credit relevant exposures are correctly reflected in the relevant risk systems
–If plans for an orderly termination of the risk positions have been considered
–Credit Risk is assumed within the applicable Risk Appetite
–Profit and Loss responsibility for credit exposures is kept by and remains with the originating Group Division
–Risk taken needs to be adequately compensated
–Risk must be continuously monitored and managed across 1LoD and CRM/“Marktfolge” as well as 2LoD
–Credit standards are applied consistently across all Units in order to maintain a favorable risk profile in line with the
Risk Appetite
–Collateral or other risk mitigating, hedging or rating transfer instruments, which can be an alternative source of
repayment do not substitute for underwriting standards and a thorough assessment of the debt service ability of a
counterparty has to be performed during the credit process
–Deutsche Bank strives to adequately secure, guarantee or hedge outright cash risk and longer tenor-exposures; this
approach does usually not include lower risk short-term transactions and facilities supporting specific trade finance or
other lower risk products where the margin allows for adequate loss coverage
–Deutsche Bank measures and consolidates globally all exposure and facilities to the same Obligor
–Deutsche Bank has established within Credit Risk Management – where appropriate – specialized teams for deriving
internal client ratings, analyzing and approving transactions or covering workout clients; for transaction approval
purposes, structured credit risk management teams are aligned to the respective products or specific risks to
ascertain adequate product expertise
–Where required, Deutsche Bank has established processes to manage credit exposures at a legal entity or regional
level
To meet the requirements of Article 190 CRR, Deutsche Bank has allocated the various control requirements for the
credit processes to units/role holders best suited to perform such controls
Climate and environmental risks are integrated across the different stages of the credit lifecycle including transaction
approval/client onboarding, risk classification and credit ratings, portfolio analysis and monitoring and collateral
valuation.
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Measuring credit risk
Credit risk is measured by credit rating, regulatory and internal capital demand and other key components like credit
limits as mentioned below.
The credit rating is an essential part of the bank’s underwriting and credit process and provides – amongst others – a
cornerstone for credit limit determination on an individual counterparty level, credit decision and transaction pricing as
well as the determination of regulatory capital demand for credit risk. Each counterparty must be rated, and each rating
has to be reviewed at least annually supported by ongoing monitoring of counterparties. A credit rating is a prerequisite
for any credit limit established/approved. For each credit rating, the appropriate rating approach has to be applied and
the derived credit rating has to be established in the relevant systems. Specific rating approaches have been established
to best reflect the respective characteristics of exposure classes, including specific product types, central governments
and central banks, institutions, corporates and retail.
Counterparties in the bank’s non-retail portfolios are rated by Deutsche Bank’s independent Credit Risk Management
function partly using automated or semi-automated rating systems. Given the largely homogeneous nature of the retail
portfolio, counterparty creditworthiness and ratings are derived by utilizing an automated decision engine. Country risk-
related ratings are provided by Enterprise and Treasury Risk Management (ETRM) Risk Research.
Deutsche Bank’s rating analysis is based on a combination of qualitative and quantitative factors. When rating a
counterparty, Deutsche Bank applies in-house assessment methodologies, as well as its 21-grade rating scale.
Changes to existing credit models and introduction of new models are approved by the Regulatory Credit Risk Model
Committee (RCRMC) chaired by the Head of Credit Risk Management before the models are used for credit decisions
and capital calculation for the first time or before they are significantly changed. Separately, for all model changes and
for new models an approval by Model Risk Management is required. Proposals with high impact are recommended for
approval to the Group Risk Committee. Furthermore, regulatory approval may also be required. The model validation is
performed independently of model development by Model Risk Management. The results of the regular validation
processes as stipulated by internal policies are brought to the attention of the RCRMC, even if the validation results do
not lead to a change.
Deutsche Bank measures risk-weighted assets to determine the regulatory capital demand for credit risk using
“advanced”, “foundation” and “standard” approaches of which “advanced” and “foundation” approaches are approved by
the bank’s regulator.
The advanced Internal Ratings Based Approach (IRBA) is the most sophisticated approach available under the regulatory
framework for credit risk and allows Deutsche Bank to make use of its internal credit rating models. These models
represent long-used key components of the internal risk measurement and management process supporting the credit
approval process, the economic capital and expected loss calculation and the internal monitoring and reporting of credit
risk. The relevant parameters include the probability of default (PD), the loss given default (LGD) and the maturity (M)
driving the regulatory risk-weight and the credit conversion factor (CCF) as part of the regulatory exposure at default
(EAD) estimation. For the majority of derivative counterparty exposures as well as securities financing transactions (SFT),
Deutsche Bank makes use of the internal model method (IMM) in accordance with CRR to calculate EAD. For most of the
bank’s internal rating systems, more than seven years of historical information is available to assess these parameters.
Deutsche Bank’s internal rating methodologies aim at point-in-time rather than a through-the-cycle rating, but in line
with regulatory solvency requirements, they are calibrated based on long-term averages of observed default rates.
The foundation IRBA is an approach available under the regulatory framework for credit risk allowing institutions to make
use of their internal rating methodologies while using pre-defined regulatory values for all other risk parameters.
Parameters subject to internal estimates include the PD while the LGD and the CCF are defined in the regulatory
framework. Foundation IRBA is applied mandatorily for some exposure classes since introduction of CRR3 and some
exposures stemming from ex-Postbank.
Deutsche Bank applies the standardized approach to a subset of its credit risk exposures. The standardized approach
measures credit risk either pursuant to fixed risk weights, which are predefined by the regulator, or through the
application of external ratings. Deutsche Bank assigns certain credit exposures permanently to the standardized
approach. Exposures to central governments or central banks make up the majority of the exposures carried in the
standardized approach and receive predominantly a risk weight of zero percent. Sovereign exposures that were treated
under IRBA previously have been moved to standardized approach under art. 494d CRR in 2025. For internal purposes,
however, these exposures are subject to an internal credit assessment and fully integrated in the risk management and
economic capital processes.
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In addition to the above-described regulatory capital demand, Deutsche Bank determines the internal capital demand
for credit risk via an economic capital model.
Deutsche Bank calculates economic capital for the default risk, country risk and settlement risk as elements of credit risk.
In line with the bank’s economic capital framework, economic capital for credit risk is set at a level to absorb with a
probability of 99.9% very severe aggregate unexpected losses within one year. Deutsche Bank’s economic capital for
credit risk is derived from the loss distribution of a portfolio via Monte Carlo Simulation of correlated rating migrations.
The loss distribution is modeled in two steps. First, individual credit exposures are specified based on parameters for the
probability of default, exposure at default and loss given default. In a second step, the probability of joint defaults is
modeled through the introduction of economic factors, which correspond to geographic regions and industries. The
simulation of portfolio losses is then performed by an internally developed model, which takes rating migration and
maturity effects into account as well as LGD volatility. Effects due to wrong-way derivatives risk (i.e., the credit exposure
of a derivative in the default case is higher than in non-default scenarios) are modeled by applying the bank’s own alpha
factor when deriving the exposure at default for derivatives and securities financing transactions under the CRR.
Deutsche Bank allocates expected losses and economic capital derived from loss distributions down to transaction level
to enable management on transaction, customer and business level.
Besides the credit rating, as a key component for managing the bank’s credit portfolio, including individual transaction
approval and the setting of risk appetite, Deutsche Bank establishes credit limits for all credit exposures. Credit limits set
forth maximum credit exposures Deutsche Bank is willing to assume over specified periods. In determining the credit
limit for a counterparty, Deutsche Bank considers the counterparty’s credit quality above others by reference to its
internal credit rating. Credit limits and credit exposures are both measured on a gross and net basis where net is derived
by deducting appropriate hedges and certain collateral from respective gross figures. For derivatives, Deutsche Bank
looks at current market values and the potential future exposure over the relevant time horizon, which is based upon the
bank’s legal agreements with the counterparty.
IFRS 9 Impairment
In the following chapter, the Group provides an overview of the IFRS 9 impairment framework, model updates and
methodology implemented in 2025 as well as key model assumptions and its changes. Further explanations are provided
regarding the development of management overlays applied to the credit loss allowance, how reviews of relevant
assumptions and inputs to the ECL calculation are performed and how potential model imprecisions are assessed. To
provide additional transparency on the impact of reasonable changes to the key assumptions, model sensitivities are
presented in a separate section below which concludes with the key drivers for the IFRS 9 model results.
Description of IFRS 9 model and methodology
The impairment requirements of IFRS 9 apply to all credit exposures that are measured at amortized cost or fair value
through other comprehensive income and to off balance sheet lending commitments, such as loan commitments and
financial guarantees. For purposes of the bank’s impairment approach, the Group refers to these instruments as financial
assets.
The Group determines its allowance for credit losses in accordance with IFRS 9 as follows:
–Stage 1 reflects financial assets where it is assumed that credit risk has not increased significantly after initial
recognition
–Stage 2 contains all financial assets, that are not defaulted, but have experienced a significant increase in credit risk
since initial recognition
–Stage 3 consists of financial assets which are deemed to be in default in accordance with Deutsche Bank’s policies,
which are based on the Capital Requirements Regulation (CRR) Article 178. The Group defines these financial assets
as impaired, non-performing and defaulted
–Significant increase in credit risk is determined using quantitative and qualitative information based on the Group’s
historical experience, credit risk assessment and forward-looking information
–Purchased or Originated Credit-Impaired (POCI) financial assets are assets where at the time of initial recognition,
there is objective evidence of impairment and the Group purchased at a discount
The IFRS 9 impairment approach is an integral part of the Group’s credit risk management procedures. The estimation of
ECL is either performed via the automated, parameter based ECL calculation using the Group’s ECL model or determined
by credit officers. In both cases, the calculation takes place for each financial asset individually. Similarly, the
determination of the need to transfer between stages is made on an individual asset basis. The Group’s ECL model is
used to calculate the allowance for credit losses for all financial assets in Stage 1 and Stage 2, as well as for Stage 3 in
the homogeneous portfolio (i.e., retail and small business loans with similar credit risk characteristics). For financial assets
in the bank’s non-homogeneous portfolio in Stage 3 and for POCI assets, the allowance for credit losses is determined
individually by credit officers.
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The Group uses three main components to measure ECL. These are Probability of Default (PD), Loss Given Default (LGD)
and Exposure at Default (EAD). The Group leverages existing parameters used for determination of capital demand under
the Basel Internal Ratings Based Approach (IRBA) and internal risk management practices as much as possible to
calculate ECL. These parameters are adjusted where necessary to comply with IFRS 9 requirements (e.g., use of point in
time ratings and removal of downturn add-ons in the regulatory parameters). Incorporating forecasts of future economic
variables into the measurement of ECL influences the allowance for credit losses. In order to calculate lifetime ECL, the
Group’s calculation derives the corresponding lifetime PDs from migration matrices that reflect economic forecasts.
The Group regularly reviews and validates the ECL model and its components which can result in model updates,
including recalibrations and model changes, of which some may constitute a change in estimate. Any future model
updates may have an impact on ECL and therefore represent a model uncertainty which cannot be reliably quantified.
Stage determination and significant increase in credit risk
At initial recognition, financial assets are reflected in Stage 1, unless the financial assets are POCI. If there is a significant
increase in credit risk, the financial asset is transferred to Stage 2. A significant increase in credit risk is determined by
using rating-related and process-related indicators. The transfer of financial assets to Stage 3 is based on the status of
the borrower being in default. If a borrower is in default, all financial assets of the borrower are transferred to Stage 3.
Rating-related Stage 2 indicators: In the third quarter of 2025 Deutsche Bank introduced a change to the rating-related
Stage 2 indicator approach, in which the Group compares a borrower’s lifetime PD at the reporting date with lifetime PD
expectations at the date of initial recognition to determine if there has been a significant change in the borrower’s PDs
and consequently to any of the borrower’s transaction in the scope of IFRS 9 impairment. Previously the model
determined the lifetime PD distribution based on historically observed migration behavior and a sampling of different
economic scenarios. A quantile of this distribution, which was defined for each counterparty class, was chosen as the
lifetime PD threshold. If the remaining lifetime PD of a transaction according to current expectations exceeded this
threshold, the financial asset was deemed to have incurred a significant increase in credit risk and was transferred to
Stage 2. The new approach compares the annualized lifetime PD at reporting date with the annualized conditional
lifetime PD expectation at origination. A relative and an absolute threshold are used for the comparison, which
represents a key assumption in the model. Different relative thresholds are applied to low-risk assets defined by an
annualized conditional PD at origination of 0.5% or below compared to the remaining high-risk assets. The relative
threshold for high-risk assets is 63% PD increase and for low-risk assets is 131% PD increase, floored by an absolute
threshold of 5.05% PD increase. If one of the newly introduced thresholds is breached, the financial asset is deemed to
have incurred a significant increase in credit risk and is transferred to Stage 2. This change in estimate led to an increase
of the credit loss allowance in the amount of € 15 million at the time of implementation and impacted Stages 1 and 2 in
all portfolios. In addition, the Group applied a threefold annualized lifetime PD increase as additional Stage 2 trigger as a
backstop until the implementation of the new rating related approach. This new approach always identifies assets
subject to the backstop as Stage 2 already.
Process-related Stage 2 indicators are derived via the use of existing risk management indicators, which in the bank’s
view represent situations where the credit risk of financial assets has significantly increased. These include borrowers
being added to the Group’s watchlist, being transferred to workout status, payments being 30 days or more past due or
being in forbearance. As long as the condition for one or more of the process-related or rating-related indicators is
fulfilled and the borrower of the financial asset has not met the definition of default, the asset will remain in Stage 2. If
the Stage 2 indicators are no longer fulfilled and the financial asset has not defaulted, the financial asset transfers back
to Stage 1. In case of performing forborne financial assets, the probation period is two years before the financial asset is
reclassified to Stage 1, which is aligned with regulatory guidance.
If the borrower defaults, all transactions of the borrower are allocated to Stage 3. If, at a later date, the borrower is no
longer in default, the curing criteria according to regulatory guidance is applied (including probation periods), which are
at least three months or one year in case of distressed restructurings. Once the regulatory cure period or criteria has been
met, the borrower will cease to be classified as defaulted and will be transferred back to Stage 2 or Stage 1.
The ECL calculation for Stage 3 distinguishes between transactions in the homogeneous and non-homogeneous
portfolios, as well as POCI financial assets. For transactions that are in Stage 3 and in a homogeneous portfolio, the
Group uses a parameter-based automated approach to determine the credit loss allowance per transaction. For these
transactions, the LGD parameters are to a large extent modelled to be time-dependent, i.e., consider the declining
recovery expectation as time elapses after default. The allowance for credit losses for financial assets in the bank’s non-
homogeneous portfolios in Stage 3, as well as for POCI assets are determined by credit officers and have to be approved
along an established authority grid up to and including the Management Board. This allows credit officers to consider
currently available information and recovery expectations specific to the borrowers and the financial assets at the
reporting date.
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Estimation techniques for key input factors
The first key input factor in the Group ECL calculation is the one-year PD for borrowers which is derived from the bank’s
internal rating systems. The Group assigns a PD to each borrower credit exposure based on a 21-grade master rating
scale for all of the Group’s exposure.
The borrower ratings assigned are derived based on internally developed rating models which specify consistent and
distinct customer-relevant criteria and assign a rating grade based on a specific set of criteria as given for a certain
customer. The set of criteria is generated from information sets relevant for the respective customer segments including
general customer behavior, financial and external data (e.g., credit bureau). The methods in use range from statistical
scoring models to expert-based models taking into account the relevant available quantitative and qualitative
information. Expert-based models are usually applied for borrowers in the exposure classes “Central governments and
central banks”, “Institutions” and “Corporates” with the exception of those “Corporates” for which a sufficient data basis
is available for statistical scoring models. For the latter, as well as for the retail segment, statistical scoring or hybrid
models combining both approaches are commonly used. Quantitative rating methodologies are developed based on
applicable statistical modelling techniques, such as logistic regression.
One-year PDs are extended to multi-year PD curves using through-the-cycle matrices and macroeconomic forecasts.
Based on economic scenarios centered around the macroeconomic baseline forecast, through-the-cycle matrices are
first transformed into point-in-time rating migration matrices, typically for a two-year period. The calculation of the
point-in-time matrices provides the link between macroeconomic variables and the default and rating behavior of
borrowers, which is derived from time series through regression techniques involving macroeconomic variables (MEVs)
and historical rating and default data. In a final step, multi-year PD curves are derived from point-in-time rating migration
matrices for periods where reasonable and supportable forecasts are available and extrapolated based on through-the-
cycle rating migration matrices beyond those periods.
The second key input factor into the ECL calculation is the LGD parameter, which is defined as the likely loss intensity in
case of a borrower’s default. It provides an estimation of the exposure that cannot be recovered in a default event and
therefore captures the severity of a loss. Conceptually, LGD estimates are independent of a borrower’s probability of
default. The LGD models applied in Stages 1 and 2, which are based on regulatory LGD models, but adjusted for IFRS 9
requirements (i.e., removal of downturn-add-on and removal of indirect costs of workout), ensure that the main drivers
for losses (i.e., different levels and quality of collateralization and customer or product types or seniority of facility) are
reflected as risk drivers in LGD estimates. In June 2025, the Group introduced a model update with regard to the Loss
Given Default (LGD) parameter used in the IFRS 9 accounting framework, primarily to align with the corresponding
models implemented in the solvency framework following regulatory guidelines. This change in estimate led to a net
reduction of the credit loss allowance in the amount of € 133 million at the time of implementation and impacted all
stages. The most pronounced reduction of the credit loss allowance was observed in the Private Bank. In the Corporate
Bank and Investment Bank the net impact was primarily in stages 1 and 2 and less pronounced. However, for certain
underlying portfolios such as CRE, a more pronounced increase in credit loss allowance was observed, which was offset
by a reduction of credit loss allowance in other underlying portfolios in these businesses.
In the third quarter of 2025 the Group continued to validate the model performance of relevant feeder and receiver
models. Three probability of default (PD) models and one LGD model were recalibrated on that basis which led to a net
increase in the credit loss allowance in the amount of € 110 million, impacting all stages, mainly in the Investment Bank
and Private Bank.
Forward-looking information (FLI) is also incorporated into LGD projections in terms of FLI LGD scaling factors based on
forecasts for key MEVs. LGD adjustments are quantified relative to long-term historical averages, which represent a
neutral reference point throughout an economic cycle.
The LGD setting for defaulted homogeneous portfolios is partially dependent on time after default and are either
calibrated based on the Group’s multi-decade loss and recovery experience using statistical methods or for less
significant portfolios certain LGD model input parameters (e.g., cure rates) are determined by expert judgement.
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The third key input factor is the exposure at default over the lifetime of a financial asset which is modelled taking into
account expected repayment profiles (e.g., linear amortization, annuities, bullet loan structures). Prepayment options are
modelled for some portfolios. The bank applies specific credit conversion factors (CCFs) in order to calculate an EAD
value. Conceptually, the EAD is defined as the expected amount of the credit exposure to a borrower at the time of its
default. In instances where a transaction involves an unused limit, a percentage share of this unused limit is added to the
outstanding amount in order to appropriately reflect the expected outstanding amount in case of a borrower’s default.
This reflects the assumption that for commitments, the utilization at the time of default might be higher than the current
outstanding balance. In case a transaction involves an additional contingent component (i.e., guarantees) a further
percentage share is applied as part of the CCF model in order to estimate the amount of guarantees drawn in case of
default. The calibrations of such parameters are based on internal historical data and are either based on empirical
analysis or supported by expert judgement and consider borrower and product type specifics. Where supervisory CCF
values need to be applied for regulatory purposes, internal estimates are used for IFRS 9.
Expected lifetime
IFRS 9 requires the determination of lifetime ECL for which the expected lifetime of a financial asset is a key input factor.
Lifetime ECL represent default events over the expected life of a financial asset. The Group measures ECL considering
the risk of default over the maximum contractual period (including any borrower’s extension options) over which the
Group is exposed to credit risk.
Retail overdrafts, credit card facilities and certain corporate revolving facilities typically include both a loan and an
undrawn commitment component. The expected lifetime of such on-demand facilities exceeds their contractual life as
they are typically cancelled only when the Group becomes aware of an increase in credit risk. The expected lifetime is
estimated by taking into consideration historical information and the Group’s credit risk management actions such as
credit limit reductions and facility cancellation. Where such facilities are subject to an individual review by credit risk
management, the lifetime for calculating ECL is 12 months. For facilities not subject to individual review by credit risk
management, the bank applies a lifetime for calculating ECL of 24 months.
Interest rate used in the IFRS 9 model
In the context of the ECL calculation, the Group applies in line with IFRS 9 an approximation of the effective interest rate
(EIR), which is usually the contractual interest rate. The contractual interest rate is deemed to be an appropriate
approximation, as the interest rate is consistently used in the ECL model, interest recognition and for discounting of the
ECL and does not materially differ from the EIR.
Consideration of collateralization in IFRS 9 Expected Credit Loss calculation
The ECL model projects the level of collateralization for each point in time in the life of a financial asset. At the reporting
date, the model uses a collateral distribution process that allocates the value of each eligible collateral to relevant
financial assets. In the ECL calculation, the Group subsequently calculates the collateralization resulting from physical
collateral that enters the LGD model as a risk driver based on the allocated collateral value and the exposure value of the
financial asset.
For personal collateral (e.g., guarantees), the ECL model assumes that the relative level of collateralization remains
stable over time. In the case of an amortizing loan, the outstanding exposure and collateral values decrease together
over time. For physical collateral (e.g., real estate property), the ECL shall assume that the absolute collateral value
remains constant. In case of an amortizing loan, the collateralized part of the exposure increases over time and the loan-
to-value decreases accordingly.
Certain financial guarantee contracts are integral to the financial assets guaranteed. In such cases, the financial
guarantee is considered as collateral for the financial asset and the benefit of the guarantee is used to mitigate the ECL
of the guaranteed financial asset.
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Forward looking information
Under IFRS 9, the allowance for credit losses is based on reasonable and supportable forward-looking information
available without undue cost or effort, which takes into consideration past events, current conditions and forecasts of
future economic conditions.
To incorporate forward looking information into the Group’s allowance for credit losses, the bank uses two key elements:
–As its base scenario, the Group uses external survey-based macroeconomic forecasts (e.g., consensus views on GDP
and unemployment rates); in addition, the scenario expansion model, which has been initially developed for stress
testing, is used for forecasting macroeconomic variables that are not covered by external consensus data; all
forecasts are assumed to reflect the most likely development of the respective variables; the Group regularly updates
its forecasts for macro-economic factors during the quarter and reviews aspects of potential model imprecision (e.g.,
MEV parameters outside the historic range used for model calibration, if not already included in the model) as part of
an MEV monitoring framework to assess if an overlay is required
–Statistical techniques are then applied to transform the base scenario projections into a probability distribution of the
macroeconomic variables; these scenarios specify deviations from the baseline forecasts; the scenario distribution is
then used for deriving multi-year PD curves for different rating and counterparty classes, which are applied in the ECL
calculation and in the identification of significant deterioration in credit quality of financial assets as described above
in the rating-related Stage 2 indicators
The Group's Risk and Finance Credit Loss Provision Forum monitors the impact of forward-looking information, including
the latest macroeconomic variables, on a quarterly basis and determines if any additional overlays are required. Although
interest rates and inflation are not separately included in the MEVs, the economic impact of these risks is reflected in
GDP growth rates, unemployment, equities and credit spreads as higher rates and inflation filter through these forecasts.
As of December 31, 2025, the consensus data applied in the ECL model was deemed to have reflected the latest
macroeconomic developments and after considering all relevant uncertainties in the MEVs no additional overlays were
required.
As described earlier, the Group’s approach to reflect forward-looking information into the calculation of ECL is to
incorporate forecasts for the next two to three years into PD and LGD projections. For periods beyond those covered in
terms of reasonable and supportable economic forecasts, reversion to historically observed behavior of defaults, rating
migrations and recoveries is used for ECL measurement.
The tables below contain relevant forward-looking information by macroeconomic variable included in the Group’s IFRS
9 model as of December 31, 2025, and as of December 31, 2024.
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Forward-looking information applied
| December 31, 20251 2 | ||
|---|---|---|
| Year 1<br><br>(4 quarter avg) | Year 2<br><br>(4 quarter avg) | |
| GDP - USA | 1.87% | 1.97% |
| GDP - Eurozone | 1.16% | 1.44% |
| GDP - Germany | 0.65% | 1.54% |
| GDP - Italy | 0.60% | 0.91% |
| GDP - Developing Asia | 4.45% | 4.78% |
| GDP - Emerging Markets | 3.85% | 4.19% |
| Unemployment - USA | 4.42% | 4.29% |
| Unemployment - Eurozone | 6.30% | 6.18% |
| Unemployment - Germany | 3.75% | 3.66% |
| Unemployment - Italy | 6.14% | 6.22% |
| Unemployment - Spain | 10.37% | 10.05% |
| Unemployment - Japan | 2.49% | 2.45% |
| Real Estate Prices - CRE Index USA | 300.74 | 301.87 |
| Real Estate Prices - CRE Index Eurozone | 110.44 | 111.75 |
| Real Estate Prices - House Price Index USA | 331.21 | 340.69 |
| Real Estate Prices - House Price Index Germany | 157.28 | 158.82 |
| Real Estate Prices - House Price Index Spain | 2,213.53 | 2,264.16 |
| Equity - S&P500 | 6,942 | 7,366 |
| Equity - Eurostoxx50 | 5,793 | 6,086 |
| Equity - DAX40 | 24,453 | 25,886 |
| Equity - MSCI EAFE | 1,288 | 1,351 |
| Equity - MSCI Asia | 2,068 | 2,160 |
| Equity - Nikkei | 50,891 | 53,099 |
| Credit - High Yield Index | 308.27 | 348.99 |
| Credit - CDX High Yield | 333.97 | 370.05 |
| Credit - CDX IG | 54.64 | 62.78 |
| Credit - CDX Emerging Markets | 149.82 | 179.86 |
| Credit - ITX Europe 125 | 56.42 | 62.27 |
| Commodity - WTI | 61.07 | 59.01 |
| Commodity - Gold | 3,976.94 | 4,189.01 |
1 MEV as of December 8, 2025 based on Bloomberg Consensus, which barely changed until December 31, 2025
2 Year 1 equals fourth quarter of 2025 to third quarter of 2026, Year 2 equals fourth quarter of 2026 to third quarter of 2027
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| December 31, 20241 2 | ||
| --- | --- | --- |
| Year 1<br><br>(4 quarter avg) | Year 2<br><br>(4 quarter avg) | |
| GDP - USA | 2.23% | 2.04% |
| GDP - Eurozone | 1.04% | 1.19% |
| GDP - Germany | 0.38% | 1.14% |
| GDP - Italy | 0.74% | 1.02% |
| GDP - Developing Asia | 4.53% | 4.26% |
| GDP - Emerging Markets | 4.11% | 3.81% |
| Unemployment - USA | 4.29% | 4.20% |
| Unemployment - Eurozone | 6.46% | 6.42% |
| Unemployment - Germany | 3.46% | 3.40% |
| Unemployment - Italy | 6.50% | 6.76% |
| Unemployment - Spain | 11.12% | 10.93% |
| Unemployment - Japan | 2.48% | 2.40% |
| Real Estate Prices - CRE Index USA | 312.27 | 316.81 |
| Real Estate Prices - CRE Index Eurozone | 107.75 | 108.39 |
| Real Estate Prices - House Price Index USA | 325.05 | 333.47 |
| Real Estate Prices - House Price Index Germany | 152.78 | 158.19 |
| Real Estate Prices - House Price Index Italy | 103.82 | 104.92 |
| Real Estate Prices - House Price Index Spain | 1,959.68 | 2,000.70 |
| Equity - S&P500 | 6,109 | 6,436 |
| Equity - Eurostoxx50 | 4,965 | 5,162 |
| Equity - DAX40 | 20,131 | 20,968 |
| Equity - MSCI EAFE | 1,069 | 1,112 |
| Equity - MSCI Asia | 1,602 | 1,630 |
| Equity - Nikkei | 38,972 | 39,582 |
| Credit - High Yield Index | 312.32 | 358.66 |
| Credit - CDX High Yield | 332.33 | 374.29 |
| Credit - CDX IG | 56.50 | 64.29 |
| Credit - CDX Emerging Markets | 177.90 | 202.59 |
| Credit - ITX Europe 125 | 62.15 | 68.66 |
| Commodity - WTI | 70.46 | 65.85 |
| Commodity - Gold | 2,588.02 | 2,612.91 |
1 MEV as of December 5, 2024, based on Bloomberg Consensus, which barely changed until December 31, 2024
2 Year 1 equals fourth quarter of 2024 to third quarter of 2025, Year 2 equals fourth quarter of 2025 to third quarter of 2026
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Model sensitivity
The Group has identified three key model assumptions included in the IFRS 9 model. These include forward looking
macroeconomic variables, the quantitative criteria for determining if a borrower has incurred a significant increase in
credit risk and is transferred to Stage 2, and the LGD setting on homogeneous portfolios in Stage 3. Below the bank
provides sensitivity analysis on the potential impact if these key assumptions applied in the ECL model were to deviate
from the bank’s base case expectations.
Macroeconomic variables
The sensitivity of the ECL model with respect to potential changes in projections for key MEVs is shown in the tables
below, which provides ECL impacts for Stages 1 and 2 from downward and upward shifts applied separately to each
group of MEV as of December 31, 2025, and December 31, 2024. The magnitude of the shifts is selected in the range of
one standard deviation, which is a statistical measure of the dispersion of the values of a random variable. Each of these
groups consists of MEVs from the same category:
–GDP growth rates: includes USA, Eurozone, Germany, Italy, Developing Asia, Emerging Markets
–Unemployment rates: includes USA, Eurozone, Germany, Italy, Japan, Spain
–Equities: S&P500, Eurostoxx50, DAX 40, Nikkei, MSCI Asia, MSCI EAFE
–Credit spreads: ITX Europe 125, High Yield Index, CDX IG, CDX High Yield, CDX Emerging Markets
–Real Estate: CRE Index Eurozone, House Price Index USA, House Price Index Germany, House Price Index Italy, House
Price Index Spain
–Commodities: WTI oil price, Gold price
Although interest rates and inflation are not included in the above set of MEVs, adverse effects associated with changes
in these risk drivers typically manifest themselves in other economic forecasts incorporated in the ECL model, such as
lower GDP growth, higher unemployment or wider credit spreads.
In addition, the sensitivity analysis only includes the impact of the aggregated MEV group (i.e., potential correlations
between different MEV groups or the impact of management overlays is not taken into consideration). ECL quantification
for Stage 3 does not follow a model-based process for various portfolios and is therefore excluded from the following
tables.
Compared to December 31, 2024, calculation of sensitivities are reflective of ECL model updates that went live in 2025,
including updates to the LGD parameter used in the IFRS9 accounting framework and the Significant Increase in Credit
Risk (SICR) model for staging assessment. The effects of both FLI impacting PDs and FLI impacting LGDs were already
reflected in the 2024 sensitivities. As of December 31, 2025, sensitivities additionally capture the extension of the FLI
LGD model to ex‑Postbank portfolios, resulting in higher sensitivities to real estate prices. Furthermore, the overall
increase in sensitivities observed for GDP, unemployment and real estate prices is also driven by a higher ECL baseline
level compared to last year.
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IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 – Group Level
| December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (76.3) | (1pp) | 87.2 | ||||||
| Unemployment rates | (0.5pp) | (49.4) | 0.5pp | 51.6 | ||||||
| Real estate prices1 | 5% | (35.3) | (5%) | 40.1 | ||||||
| Equities | 10% | (17.1) | (10%) | 23.7 | ||||||
| Credit spreads | (40%) | (19.5) | 40% | 21.6 | ||||||
| Commodities2 | 10% | (6.9) | (10%) | 7.4 | December 31, 2024 | |||||
| --- | --- | --- | --- | --- | ||||||
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (66.4) | (1pp) | 71.8 | ||||||
| Unemployment rates | (0.5pp) | (44.9) | 0.5pp | 49.0 | ||||||
| Real estate prices1 | 5% | (13.9) | (5%) | 16.0 | ||||||
| Equities | 10% | (14.1) | (10%) | 17.8 | ||||||
| Credit spreads | (40%) | (20.7) | 40% | 24.2 | ||||||
| Commodities2 | 10% | (7.7) | (10%) | 8.7 |
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate above
2Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign. 1pp (percentage point), e.g., GDP shifts from 3% to 4% // 1%
(percentage change), e.g., Real estate price shifts from 100 to 101
At divisional level, the sensitivity analysis below was performed for the year ended December 31, 2025, and 2024,
respectively, and revealed GDP growth rates, credit spreads and commodities prices to be the dominant factors for the
Investment Bank, whereas the model sensitivity for the Corporate Bank and Private Bank is mainly associated with
changes in GDP growth rates and unemployment rates. The model sensitivity table for the Private Bank shows GDP
growth rates and unemployment rates only, as the key MEVs relevant to the underlying portfolios.
IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Corporate Bank
| December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (16.0) | (1)pp | 19.2 | ||||||
| Unemployment rates | (0.5)pp | (11.0) | 0.5pp | 12.2 | ||||||
| Real estate prices1 | 5% | (4.3) | (5)% | 5.4 | ||||||
| Credit spreads | (40)% | (4.1) | 40% | 4.5 | ||||||
| Commodities2 | 10% | (2.2) | (10)% | 2.4 | December 31, 2024 | |||||
| --- | --- | --- | --- | --- | ||||||
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (18.2) | (1pp) | 20.3 | ||||||
| Unemployment rates | (0.5pp) | (12.6) | 0.5pp | 14.2 | ||||||
| Real estate prices1 | 5% | (2.1) | (5%) | 2.2 | ||||||
| Credit spreads | (40%) | (4.5) | 40% | 5.0 | ||||||
| Commodities2 | 10% | (2.8) | (10%) | 3.1 |
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate below
2 Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign.
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IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Investment Bank
| December 31, 2025 | ||||
|---|---|---|---|---|
| Upward sensitivity | Downward sensitivity | |||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |
| GDP growth rates | 1pp | (36.1) | (1pp) | 41.5 |
| Unemployment rates | (0.5pp) | (10.7) | 0.5pp | 11.6 |
| Real estate prices1 | 5% | (19.4) | (5%) | 21.5 |
| Equities | 10% | (5.6) | (10%) | 9.3 |
| Credit spreads | (40%) | (14.0) | 40% | 15.7 |
| Commodities2 | 10% | (4.4) | (10%) | 4.7 |
| December 31, 2024 | ||||
| --- | --- | --- | --- | --- |
| Upward sensitivity | Downward sensitivity | |||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |
| GDP growth rates | 1pp | (26.4) | (1pp) | 28.9 |
| Unemployment rates | (0.5pp) | (11.0) | 0.5pp | 12.1 |
| Real estate prices1 | 5% | (8.5) | (5%) | 10.2 |
| Equities | 10% | (4.7) | (10%) | 5.9 |
| Credit spreads | (40%) | (13.5) | 40% | 16.2 |
| Commodities2 | 10% | (4.6) | (10%) | 5.3 |
1 For a more severe stress test relating to the CRE portfolio that also takes into consideration existing and potential exposure in Stage 3 reference is made to the section on
Commercial Real Estate above.
2 Here the sign of the shift applies to oil prices changes. Gold price changes have the opposite sign.
IFRS 9 – Sensitivities of forward-looking information applied on Stage 1 and Stage 2 - Private Bank
| December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (22.6) | (1pp) | 24.6 | ||||||
| Unemployment rates | (0.5pp) | (26.9) | 0.5pp | 26.8 | December 31, 2024 | |||||
| --- | --- | --- | --- | --- | ||||||
| Upward sensitivity | Downward sensitivity | |||||||||
| Upward shift | ECL impact<br><br>in € m. | Downward shift | ECL impact<br><br>in € m. | |||||||
| GDP growth rates | 1pp | (18.3) | (1pp) | 19.3 | ||||||
| Unemployment rates | (0.5pp) | (19.5) | 0.5pp | 20.6 |
Impact of lifetime expected credit losses for Stage 1 borrowers
As described above, the Group uses a mixture of quantitative and qualitative criteria to determine significant increase in
credit risk which require, for affected borrowers, a move to lifetime ECL (Stage 2). If for all Stage 1 borrowers Deutsche
Bank were to record lifetime expected credit losses, the Group’s allowance for credit losses amounting to € 6.6 billion as
of December 31, 2025 and € 6.2 billion as of December 31, 2024 which would represent an increase of approximately
28% for year end 2025 and 34% for year end 2024, respectively.
Stage 3 LGD setting
The Group’s allowance for credit losses in Stage 3 for the homogeneous portfolios amounts to € 2.4 billion as of
December 31, 2025 and € 2.3 billion as of December 31, 2024. The key driver in determining the ECL provision is the loss
given default estimate, which differs by individual portfolios. Loss given default is influenced by recovery rates, proceeds
from the sale of collateral, and cure rates. Some of the drivers for different portfolios include elements of expert
judgment in particular on expected cure rates. If the LGD for all homogeneous portfolios were to increase by 1%, then
Stage 3 ECL would increase as of December 31, 2025 by approximately € 28 million (thereof € 20 million in Germany,
€ 5 million in Italy and € 2 million in Spain), and by approximately € 26 million as of December 31, 2024 (thereof
€ 17 million in Germany, € 5 million in Italy and € 2 million in Spain).
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Management overlays applied to the IFRS 9 model output
The Group regularly reviews the IFRS 9 methodology and processes, key inputs into the ECL calculation and discusses
upcoming model changes, potential model imprecisions or other estimation uncertainties, for example in the
macroeconomic environment to determine if any material overlays are required. Moreover, regular reviews for evolving or
emerging risks are performed, especially in the current geopolitical environment. Measures applied include client surveys
and interviews, along with analysis of portfolios across businesses, regions and sectors. In addition, the Group regularly
reviews and validates key model inputs and assumptions (including those in feeder models) and ensures where expert
judgement is applied, it is in line with the Group’s risk management framework. As of December 31, 2025, the Group had
two existing overlays, one existing overlay reflected a model refinement related to refinancing risk which had not yet
been implemented and a newly created overlay to reflect observations from the bank's portfolio reviews and credit risk
assessments. Apart from these known model weaknesses and overlays, the group did not identify any additional model
weaknesses which would require an overlay.
As of year end 2025, the Group’s IFRS9 management overlays amounted to €156 million, compared to € 124 million for
year end 2024 (which resulted in an increase of Allowance for Credit Losses in both periods). Management overlays as of
year end 2025 encompassed two main items, as mentioned above: Expected impacts from a model refinement related to
refinancing risk and observations from the bank’s portfolio reviews and credit risk assessments. The overlay relating to
refinancing risk existed already in 2024 and has been adjusted during 2025. Additionally, at the end of 2024, the Group
recorded an overlay with regard to a PD parameter recalibration, which was released in 2025. The change to
management overlays during the year 2025 was primarily driven by dedicated tariff overlays taken in view of the impacts
from U.S. tariff announcements during the first quarter which were released during the year.
Overall Assessment of ECL’s
To ensure that Deutsche Bank’s ECL model accounted for the uncertainties in the macroeconomic environment
throughout 2025, the Group continued to review emerging risks, assessed potential baseline and downside impacts and
required actions to manage the bank’s credit strategy and risk appetite. The outcome of these reviews concluded that
the bank adequately provisioned for its expected credit losses as of December 31, 2025, and December 31, 2024.
Results from the above reviews and development of key portfolio indicators are regularly discussed at the Credit Risk
Appetite and Management Forum and Group Risk Committee and as appropriate at the Management Board and the
Audit Committee. Where necessary, actions and measures are taken to mitigate the risks. Client ratings are regularly
reviewed to reflect the latest macroeconomic developments and where potentially significant risks are identified clients
are moved to the watchlist (Stage 2), forbearance measures may be negotiated, and credit limits and collateralization are
reviewed. Overall, the Group believes that based on its day-to-day risk management activities and regular reviews of
emerging risks it has adequately provided for its ECL.
IFRS 9 model results
Provision for credit losses was € 1.7 billion in 2025, down from € 1.8 billion in 2024 and 36 basis points (bps) of average
loans, in line with the guidance the bank provided after the third quarter. The decrease was primarily driven by lower
Stage 3 provisions, notwithstanding persistently elevated provisions for the commercial real estate sector. This was
partially offset by higher Stage 1 and Stage 2 provisions resulting from model-related effects.
With regard to climate risks, estimates of higher transition and physical risk exposures and their impact on the ECL did not
result in any adjustment of credit loss provisions for the years ended December 31, 2025 as well as December 31, 2024.
For details of the provision for credit losses related to the segments, please refer to section “Segment results of
operations”.
For details on the Group’s accounting policy related to IFRS 9 Impairment, please refer to Note 01 “Material accounting
policies and critical accounting estimates” of the consolidated financial statements.
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Managing and mitigation of credit risk
Managing credit risk on counterparty level
Credit-relevant counterparties are principally allocated to credit officers within credit teams which are organized by type
of counterparty (such as financial institutions, corporates or private individuals), economic area (e.g., emerging markets)
or product and supported by dedicated rating analyst teams where deemed necessary, except for retail clients, which are
managed by the sales unit. The individual credit officers have the relevant expertise and experience to manage the credit
risks associated with these counterparties and their associated credit related transactions. For retail clients, credit
decision making and credit monitoring is highly automated due to standardized products and processes. Credit Risk
Management has oversight of the respective processes and tools used in these highly automated retail credit processes.
It is the responsibility of each credit authority holder or credit officer to undertake ongoing credit monitoring for their
allocated counterparties. Deutsche Bank also has procedures in place intended to identify credit exposures for which
there may be an increased risk of deteriorated risk/loss at an early stage.
In instances where Deutsche Bank has identified counterparties with emerging concern about their credit quality
deteriorating or likely to deteriorate to the point where they present a heightened risk of default/loss, the respective
counterparty is generally placed on the “Watchlist”. Deutsche Bank aims to identify those counterparties at an early
stage to ensure that credit exposures with increased risks are effectively managed, the Bank’s risk management tools are
appropriately applied aiming to minimize potential losses. The objective of this early warning system is to address
potential problems while adequate options for action are still available. This early risk detection is a tenet of Deutsche
Bank’s credit culture and is designed to raise management awareness of these positions.
Credit limits for individual counterparties are established by the Credit Risk Management function (except for retail
clients) applying credit authorities assigned to individual Credit Officers. This also applies to settlement risk that must fall
within limits pre-approved by Credit Risk Management and in a manner that reflects expected settlement patterns for
the subject counterparty. Credit approvals are documented by electronic signature under 4-eye principle by the
respective credit authority holders and are retained for future reference.
Credit authority is generally assigned as a personal credit authority according to the individual’s professional
qualification and experience. All assigned credit authorities are reviewed on a periodic basis to help ensure that they are
commensurate with the individual performance of the authority holder.
Where credit authority is insufficient to establish required credit limits, the transaction is referred to a credit authority
holder with the respective credit authority or if exceeding the highest personal authority to an appropriate credit
committee. Where personal and committee authorities are insufficient to establish appropriate limits, the case is referred
to the Management Board for approval.
Mitigation of credit risk on counterparty level
In addition to determining counterparty credit quality by assigning internal ratings and the alignment of the exposure
with the Bank’s counterparty concentration risk guidelines, Deutsche Bank also uses various credit risk mitigation and
protection techniques to optimize credit exposure and reduce potential credit losses. These techniques are applied in
the following forms:
–Comprehensive and enforceable credit documentation with adequate terms and conditions
–Collateral in its various forms to reduce losses by increasing the recovery of obligations; key principles for collateral
management include legal effectiveness and enforceability, prudent and realistic collateral valuations, risk and
regulatory capital reduction, as well as cost efficiency
–Risk transfers, which shift the risk of default of an obligor to a third-party, including significant risk transfer
instruments are executed by the bank’s Strategic Corporate Lending (SCL) business unit
–Netting and collateral arrangements which reduce the credit exposure from derivatives and securities financing
transactions (e.g., repo transactions)
–Hedging of derivatives counterparty risk including CVA, using primarily CDS contracts via the bank’s Counterparty
Portfolio Management desk
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Collateral
Deutsche Bank regularly agrees on collateral to be received from customers that are subject to credit risk or to be
provided by third parties agreed by legally effective and enforceable contracts as documented by a written and
reasoned legal opinion. Collateral is credit protection in the form of (funded) assigned or pledged assets or (unfunded)
third-party obligations that serves to mitigate the inherent risk of credit loss in an exposure, by either improving
recoveries in the event of a default or substituting the counterparty default risk. Deutsche Bank generally takes all types
of eligible collateral for its respective businesses but may limit accepted collateral types for specific businesses or
regions as customary in the respective market or driven by purpose of efficiency. While collateral can be an alternative
source of repayment, it does not replace the necessity of high-quality underwriting standards and a thorough
assessment of the debt service ability of the counterparty in line with Article 194 (9) CRR.
Deutsche Bank distinguishes the following two types of credit protection approaches:
–Funded Credit Protection like financial and other collateral, which enables Deutsche Bank to recover all or part of the
outstanding exposure by liquidating the collateral/asset provided, in cases where the counterparty is unable or
unwilling to fulfill its primary obligations. Cash collateral, securities (equity, bonds), collateral pledges or assignments
of other claims or inventory, movable assets (i.e., plant, machinery, ships and aircraft) and real estate typically fall into
this category; all financial collateral is regularly, mostly daily, revalued and measured against the respective credit
exposure; the value of other collateral, including real estate, is monitored based upon established processes that
includes regular reviews or revaluations by internal and/or external experts
–Unfunded Credit Protection like Guarantees, which complement the counterparty’s ability to fulfill its obligation
under the legal contract and as such is provided by uncorrelated third parties. Letters of credit, credit insurance,
export credit insurance, guarantees, credit derivatives and (unfunded) risk participations typically fall into this
category. Guarantees and strong letters of comfort provided by correlated group members of customers (generally
the parent company) may also be accepted and considered in approved rating approaches; guarantee collateral with a
non-investment grade rating of the guarantor is limited
Deutsche Bank’s processes seek to ensure that the collateral accepted for risk mitigation purposes is of high quality. This
includes processes to generally ensure legally effective and enforceable documentation for realizable and measurable
collateral or assets which are evaluated within the on-boarding process by dedicated internal appraisers or teams with
the respective qualification, skills and experience or adequate external valuers mandated in regulated processes. The
applied valuations follow generally accepted valuation methods or models and include the identification of material
climate physical and transition risks. Ongoing correctness of values is monitored by collateral type-specific,
appropriately frequent, and event-driven reviews considering relevant risk parameters. Revaluations are applied in cases
of identified probable material deterioration and future monitoring may be adjusted respectively. The assessment of the
suitability of collateral for a specific transaction is part of the credit decision and must be undertaken in a conservative
way. Deutsche Bank strives to avoid “wrong-way” risk characteristics where the counterparty’s risk is positively correlated
with the risk of deterioration in the collateral value. If collateral with material correlation risk is accepted anyhow, a
potential impact on its value is considered conservatively in the valuation. For unfunded credit protection like
guarantees, the process for the analysis of the guarantor’s creditworthiness is aligned to the credit assessment process
for credit-relevant counterparties.
For funded collateral, the value depends on the type and quality of the respective collateral as well as its suitability for
third-party use, its lifespan and other value-influencing factors. Haircuts reflecting risks of liquidation in a default
scenario are implicitly considered in the LGD estimation. Collateral can either move in value over time (dynamic value) or
not (static value). Deutsche Bank uses value deductions to reflect i.a.:
–price fluctuations,
–insufficient third-party usability,
–limitations on liquidation/realization,
–currency mismatch between the secured exposure and the collateral,
–maturity mismatch,
–environmental risks,
–asset specific aspects (age-related discounts, encumbrances and restrictions),
–correlation between the performance of the borrower and the value of the collateral, e.g., in the case of the pledge of
a borrower’s own shares or securities (in this case generally full correlation leads to a 100% value deduction).
–
These value deductions are either applied within the scope of the assessment and hence directly considered in the
market value or deducted afterwards.
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Risk transfers
Risk transfers to third parties form a key part of the bank’s overall risk management process and are executed in various
forms, including outright sales, hedging, and securitizations (significant risk transfers). Risk transfers are conducted by
the respective business units and/or by Strategic Corporate Lending (SCL), in accordance with specifically approved
mandates.
Strategic Corporate Lending manages the credit risk of loans and lending-related commitments of the institutional and
corporate credit portfolio, the leveraged lending portfolio and the medium-sized German companies’ portfolio across the
bank’s Corporate Bank and Investment Bank segments. SCL closely monitors significant risk transfers (SRT) to avoid loan
maturities exceeding the credit protection with replenishment periods allowing to roll hedges and mitigate rollover risk
that might be caused by volatility in the SRT issuance market. In addition, the majority of Deutsche Bank’s SRTs are
structured as fully funded credit linked notes, removing counterparty credit risk.
Acting as a central pricing reference, Strategic Corporate Lending provides the businesses with an observed or derived
capital market rate for loan applications; however, the decision of whether or not the business can enter into the credit
risk remains exclusively with Credit Risk Management.
Strategic Corporate Lending focuses on, managing risk return and single-name credit risk concentrations within the
credit portfolio and by utilizing techniques including loan sales, securitization (significant risk transfer), sub-participations
and credit default swaps.
Netting and collateral arrangements for derivatives and securities financing transactions
Netting (i.e., credit line netting for purposes of the internal capital adequacy assessment process under the Capital
Requirements Directive (Directive 2013/36/EU) and regulatory netting under CRR) is applicable to both exchange traded
derivatives and OTC derivatives (whether cleared or uncleared). Netting is also applied to securities financing
transactions (e.g., repurchase, securities lending and margin lending transactions) as far as documentation, structure and
nature of the risk mitigation allow netting with the underlying credit risk in accordance with applicable law and the
bank’s Financial Contracts Netting and Collateral KOD – Legal ( “Netting Policy”). While cross-product netting between
derivatives and securities financing transactions may be used in certain cases, the bank does not make use of cross-
product netting for regulatory purposes.
All exchange traded derivatives are cleared through Central Counterparties (CCPs), which interpose themselves between
the trading entities by becoming the counterparty to each of the entities. Where legally required or where available and
to the extent agreed with the bank’s counterparties, Deutsche Bank also uses CCP clearing for its OTC derivative
transactions.
The Dodd-Frank Act and related Commodity Futures Trading Commission (CFTC) rules require CCP clearing in the
United States for certain standardized OTC derivative transactions, including certain interest rate swaps and index credit
default swaps, subject to limited exceptions when facing certain counterparties. The European Regulation (EU) No
648/2012 on OTC Derivatives, CCPs and Trade Repositories (EMIR) and the Commission Delegated Regulations (EU)
2015/2205, (EU) 2015/592 and (EU) 2016/1178 based thereupon introduced mandatory CCP clearing in the EU for
certain standardized OTC derivatives transactions. Mandatory CCP clearing in the EU began for certain interest rate
derivatives on June 21, 2016 and for certain iTraxx-based credit derivatives and additional interest rate derivatives on
February 9, 2017. Article 4 (2) of EMIR authorizes competent authorities to exempt intragroup transactions from
mandatory CCP clearing, provided certain requirements, such as full consolidation of the intragroup transactions and the
application of an appropriate centralized risk evaluation, measurement and control procedure are met. The bank
successfully applied for the clearing exemption for a number of its regulatory-consolidated subsidiaries with intragroup
derivatives, including e.g., Deutsche Bank Securities Inc. and Deutsche Bank Luxembourg S.A. As of December 31, 2025,
the bank is allowed to make use of intragroup exemptions from the EMIR clearing obligation for a number of bilateral
intragroup relationships. The extent of the exemptions differs as not all entities enter into relevant transaction types
subject to the clearing obligation. Of the intragroup relationships, some are relationships where both entities are
established in the European Union (EU) for which a full exemption has been granted, and most are relationships where
one is established in a third country (“Third Country Relationship”). Third Country Relationships required repeat
applications for each new asset class being subject to the clearing obligation; the process took place in the course of
- Due to “Brexit”, the status of some group entities has changed from an EU entity to a third country entity, but there
has been no impact for the bank in respect of clearing exemptions. Due to amendments of EMIR entering into force
December 24, 2024, there were some changes to the intragroup exemption requirements, but, as a matter of principle,
Deutsche Bank is able to continue to use pre-existing clearing exemptions.
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The rules and regulations of CCPs typically provide for the bilateral set off of all amounts payable on the same day and in
the same currency (“payment netting”) thereby reducing the bank’s settlement risk. Depending on the business model
applied by the CCP, this payment netting applies either to all of the bank’s derivatives cleared by the CCP or at least to
those that form part of the same class of derivatives. Many CCPs’ rules and regulations also provide for the termination,
close-out and netting of all cleared transactions upon the CCP’s default (“close-out netting”), which reduces the bank’s
credit risk. In its risk measurement and risk assessment processes Deutsche Bank applies close-out netting only to the
extent Deutsche Bank believes that the relevant CCP’s close-out netting provisions are legally valid and enforceable and
have been approved in accordance with the bank’s Netting Policy.
In order to reduce the credit risk resulting from OTC derivative transactions, where CCP clearing is not available,
Deutsche Bank regularly seeks the execution of standard master agreements (such as master agreements for derivatives
published by the International Swaps and Derivatives Association, Inc. (ISDA) or the German Master Agreement for
Financial Derivative Transactions with the bank’s counterparties. A master agreement allows for the close-out netting of
rights and obligations arising under derivative transactions that have been entered into under such a master agreement
upon the counterparty’s default, resulting in a single net claim owed by or to the counterparty. Payment netting may be
agreed from time to time with the bank’s counterparties for multiple transactions having the same payment dates (e.g.,
foreign exchange transactions) pursuant to the terms of master agreements which can, reduce the bank’s settlement risk.
In its risk measurement and risk assessment processes Deutsche Bank applies close-out netting only to the extent
Deutsche Bank has concluded that the master agreement is legally valid and enforceable in all relevant jurisdictions and
the recognition of close-out netting has been approved in accordance with the bank’s Netting Policy.
Deutsche Bank also enters into credit support annexes (CSAs) to master agreements in order to further reduce the bank’s
derivatives-related credit risk. These annexes generally provide risk mitigation through periodic, usually daily, margining
of the covered exposure. The CSAs also provide for the right to terminate the related derivative transactions upon the
counterparty’s failure to honor a margin call. As with netting, when Deutsche Bank believes the annex is enforceable,
Deutsche Bank reflects this in its exposure measurement.
Certain CSAs to master agreements provide for rating-dependent triggers, where additional collateral must be pledged if
a party’s rating is downgraded. Deutsche Bank also enters into master agreements that provide for an additional
termination event upon a party’s rating downgrade. These downgrade provisions in CSAs and master agreements usually
apply to both parties but in some agreements may apply to Deutsche Bank only. Deutsche Bank analyzes and monitors
its potential contingent payment obligations resulting from a rating downgrade in its stress testing and liquidity coverage
ratio approach for liquidity risk on an ongoing basis. For an assessment of the quantitative impact of a downgrading of
the bank’s credit rating please refer to table “Stress Testing Results” in the section “Liquidity Risk”.
The Dodd-Frank Act and CFTC rules thereunder, including CFTC rule § 23.504, as well as EMIR and Commission
Delegated Regulation based thereon, namely Commission Delegated Regulation (EU) 2016/2251, introduced the
mandatory use of master agreements and related CSAs, which must be executed prior to or contemporaneously with
entering into an uncleared OTC derivative transaction. Certain documentation is also required by the U.S. margin rules
adopted by U.S. prudential regulators. Under the U.S. prudential regulators’ margin rules, Deutsche Bank is required to
post and collect initial margin for its uncleared derivatives exposures with other derivatives dealers, as well as with the
bank’s counterparties that (i) are “financial end users,” as that term is defined in the U.S. margin rules, and (ii) have an
average daily aggregate notional amount of uncleared swaps, uncleared security-based swaps, foreign exchange
forwards and foreign exchange swaps exceeding U.S.$ 8 billion in June, July and August of the previous calendar year.
The U.S. margin rules additionally requires Deutsche Bank to post and collect variation margin for its derivatives with
other derivatives dealers and certain financial end user counterparties. These margin requirements are subject to a
U.S.$ 50 million threshold for initial margin, but no threshold for variation margin, with a combined U.S.$ 500,000
minimum transfer amount. The U.S. margin requirements have been in effect for large banks since September 2016, with
additional variation margin requirements having come into effect March 1, 2017 and additional initial margin
requirements having been phased in from September 2017 through September 2022.
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Under Commission Delegated Regulation (EU) 2016/2251, which implements the EMIR margin requirements, the CSA
must provide for daily valuation and daily variation margining based on a zero threshold and a minimum transfer amount
of not more than € 500,000. For large derivative exposures exceeding € 8 billion, initial margin has to be posted as well.
The variation margin requirements under EMIR apply as of March 1, 2017; the initial margin requirements originally were
subject to a staged phase-in until September 1, 2021. However, legislative changes published on February 17, 2021
extended deadlines into 2022. Under Article 31 of Commission Delegated Regulation (EU) 2016/2251, an EU party may
decide to not exchange margin with counterparties in certain non-netting jurisdictions provided certain requirements are
met. Pursuant to Article 11 (5) to (10) of EMIR, competent authorities are authorized to exempt intragroup transactions
from the margining obligation, provided certain requirements are met. While some of those requirements are the same as
for the EMIR clearing exemptions (see above), there are additional requirements such as the absence of any current or
foreseen practical or legal impediment to the prompt transfer of funds or repayment of liabilities between intragroup
counterparties. The bank is making use of this exemption. The bank has successfully applied for the collateral exemption
for some of its regulatory-consolidated subsidiaries with intragroup derivatives, including, e.g., Deutsche Securities Inc.
and Deutsche Bank Luxembourg S.A. As of December 31, 2025, the bank is allowed to use intragroup exemptions from
the EMIR collateral obligation for a number of bilateral intragroup relationships which are published under db.com/legal-
resources/european-market-infrastructure-regulation/intra-group-exemptions-margining. For some bilateral intragroup
relationships, the EMIR margining exemption may be used based on Article 11 (5) of EMIR, i.e., without the need for any
application or publication, because both entities are established in the same EU Member State. For third country
subsidiaries, the intragroup exemption was originally limited until the earlier of June 30, 2025 and four months after the
publication of an equivalence decision by the EU Commission under Article 13(2) EMIR, unless, in the case of an
equivalence decision being applicable, a follow-up exemption application is made and granted. With the EMIR
amendments having entered into force on 24 December 2024 (Regulation (EU) 2024/2987), a so-called “equivalence
decision” is no longer a requirement for a margin exemption. As a matter of principle, Deutsche Bank is able to continue
to use pre-existing margin exemptions.
Concentrations within credit risk mitigation
Concentrations within credit risk mitigations taken may occur if a number of guarantors and credit derivative providers
with similar economic characteristics are engaged in comparable activities with changes in economic or industry
conditions affecting their ability to meet contractual obligations. Concentration risk may also occur in collateral
portfolios (e.g., multiple claims and receivables against third parties) which are considered conservatively within the
valuation process and/or on-site inspections where applicable. Deutsche Bank uses a range of tools and metrics to
monitor its credit risk mitigating activities and potential concentrations.
For more qualitative and quantitative details in relation to the application of credit risk mitigation and potential
concentration effects please refer to the section “Maximum exposure to credit risk”.
Managing credit risk on portfolio level
Enterprise and Treasury Risk Management (ETRM) sets the framework for the management of concentration risks at a
portfolio level. This includes strategically setting, monitoring, reviewing, reporting, and controlling credit risk appetites
across various dimensions such as Deutsche Bank Group, Corporate Division, Business Unit , legal entity, branch, country,
and industry level that need to be considered in the context of credit approvals. ETRM is also responsible for calibrating
and monitoring the single name counterparty concentration grid that provides guidance to credit officers on limit sizing
at counterparty level. In addition, ETRM provides a comprehensive and holistic view of the bank’s risk profile across risk
types.
On a portfolio level, significant concentrations of credit risk could result from having material exposures to a number of
counterparties with similar economic characteristics, or who are engaged in comparable activities, where these
similarities may cause their ability to meet contractual obligations to be affected in the same manner by changes in
economic or industry conditions.
Deutsche Bank’s portfolio management framework supports a comprehensive assessment of concentrations within its
credit risk portfolio in order to keep concentrations within acceptable levels.
Emerging Risks and portfolio developments are discussed at the monthly Credit Risk and Portfolio Management Forum
which includes representation from senior credit risk managers including the Head of Credit Risk Management, as well as
senior managers from ETRM.
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Industry risk management
To manage industry risk, Deutsche Bank has grouped its corporate and financial institutions counterparties into various
industry sub-portfolios. Portfolios are regularly reviewed at least on an annual basis. Reviews highlight industry
developments and risks to the bank’s credit portfolio, review cross-risk concentration risks, analyze the risk/reward
profile of the portfolio and incorporate the results of an economic downside stress test. Finally, this analysis is used to
define the credit strategies and risk appetite for respective industries. The setting of industry risk appetite takes into
consideration the group-wide credit risk appetite.
In the bank’s industry risk management framework, thresholds are established by ETRM for aggregate credit limits to
counterparties within each industry sub-portfolio. For risk management purposes, the aggregation of limits across
industry sectors follows an internal risk view that does not have to be congruent with NACE (Nomenclature statistique
des activités économiques dans la Communauté européenne) code-based view applied elsewhere in this report.
Beyond credit risk, the bank’s industry risk framework comprises of thresholds for Traded Credit Positions while key
industry relevant non-financial risks are considered.
Country risk management
Avoiding undue concentrations from a regional and country perspective is also an integral part of the bank’s credit risk
management framework. In order to achieve this, country risk thresholds are set for countries in Non-Japan Asia, Central
Eastern Europe, Middle East & Africa and Latin America as well as selected Developed Markets countries (based on
internal country risk ratings). These thresholds are set for aggregate exposures to all counterparties assigned to specific
‘country of risk’. The counterparty’s ‘country of risk’ reflects its main (macro) economic risk, balance sheet earnings,
jurisdiction, or other financial dependencies. Country of risk is typically aligned with the counterparty’s 'country of
domicile’. As such, for the bank’s country risk management purposes, the aggregation of exposures across countries may
differ from the geographical exposure view applied elsewhere in this report.
Country portfolios are regularly reviewed with the frequency of review dependent on portfolio size and risk profile as well
as risk developments. Larger/riskier portfolios are reviewed at least on an annual basis. These reviews assess amongst
other factors, key macroeconomic and political risk developments and outlook; portfolio composition, quality
developments and risk concentrations under normal and stress conditions. Based on this and taking into account the
Group’s Risk Appetite and strategy, country risk appetite and strategies are set by ETRM.
In addition to country thresholds, thresholds are set to monitor country-on-country wrong-way risk exposure. Beyond
credit risk, the bank’s country risk framework comprises thresholds for trading positions that measure the aggregate
market value of traded credit risk positions. For Emerging Markets, market risk thresholds are also set to measure the
profit and loss impact under specific country stress scenarios on trading positions across the bank’s portfolio.
Furthermore, thresholds are set for capital and intra-group funding exposure of Deutsche Bank entities in above
countries given the transfer risk inherent in these cross-border positions. Key non-financial risks are considered and
factored into financial threshold setting considerations where relevant. To assess country risk, Deutsche Bank utilizes
different measures including country risk ratings that are set and monitored by the research team within ETRM. These
ratings include:
–Sovereign default ratings which measure the probability of the sovereign defaulting on its foreign or local currency
obligations
–Transfer risk ratings which measure the probability of a “transfer risk event”, i.e., the risk that an otherwise solvent
debtor is unable to meet its obligations due to inability to obtain foreign currency or to transfer assets as a result of
direct sovereign intervention
All sovereign and transfer risk ratings are reviewed, at least on an annual basis.
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Climate and environmental risk management
The bank established a dedicated framework for the management of climate and environmental risks. The framework
sets out key requirements around governance, risk identification and materiality assessment, risk appetite, risk
monitoring, controls and stress testing.
Concentrations of climate and environmental risks are monitored, via dedicated reports, by key committees of the Bank
(e.g., the Group Risk Committee), and are managed through:
–Risk Appetite thresholds around the bank’s decarbonization targets, established for eight priority sectors (Upstream
Oil and Gas, Power Generation, Automotive - Light Duty, Steel, Coal Mining, Cement and Aviation) and the overall
financed emissions of the Corporate Loan Book
–Early Warning Indicators, established across different portfolios (Corporates, Sovereigns and Financial Institutions) for
climate-transition, climate-physical and nature-related risks
New transactions with a significant impact on the bank’s financed emissions and/or net zero targets are reviewed by the
Group Net Zero Forum consisting of senior representatives from the Business, Risk, and the Chief Sustainability Office.
The review of the forum’s members includes an assessment of client sustainability disclosures, transition strategies,
decarbonization targets and governance. New transactions must fit within Deutsche Bank’s internal sectoral risk appetite
aligned to net zero targets. In 2024 and continuing in 2025, the Group-level sectoral risk appetite metrics were cascaded
to the divisions, to enhance their responsibility and support their business strategies. In this context, dedicated Divisional
Net Zero Fora in the Corporate Bank and the Investment Bank have been established.
Product/Asset class specific risk management
Complementary to the bank’s counterparty, industry and country risk approach, Deutsche Bank has a framework to
manage certain asset class risk concentrations and sets limits or thresholds where required for risk management
purposes. For purposes of DB’s internal portfolio risk management, asset classes are groups of financial exposures that
exhibit similar performance and behaviors in both normal operating conditions and under severe stress. The exposures in
an asset class will typically have a common characteristic or sensitivity to the same economic and/or market factors and
business, legal and regulatory developments. When such characteristic or sensitivity is triggered, transactions in the
asset class may react and perform in a similar manner. These are portfolios which the bank’s Risk division considers as
having the potential for sizable tail risks and require additional monitoring. Group-wide credit risk appetite is considered
in the setting of asset class risk limits or thresholds.
Private Bank and certain Corporate Bank businesses are managed via product-specific strategies setting the bank’s risk
appetite for portfolios with similar credit risk characteristics, such as the retail portfolios of mortgages and consumer
finance products as well as products for business clients. Risk analyses are performed on portfolio level including further
breakdown into business units as well as countries/regions. In Wealth Management, target levels are set for global
concentrations along products as well as based on type and liquidity of collateral.
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Underwriting of capital markets transactions
Specific focus is placed on transactions with underwriting risks where Deutsche Bank underwrites commitments with the
intention to sell down or distribute part of the risk to third parties. These commitments include the undertaking to
provide bank loans for syndication into the debt capital market and bridge loans for the issuance of notes. The inherent
risks of being unsuccessful in the distribution of the facilities or the placement of the notes, comprise of a delayed
distribution, funding of the underlying loans as well as a pricing risk as some underwriting commitments are additionally
exposed to market risk in the form of widening credit spreads. Where applicable, Deutsche Bank dynamically hedges this
credit spread risk to be within the approved market risk limit framework.
A major asset class, in which Deutsche Bank is active in underwriting, is leverage lending, which Deutsche Bank mainly
executes through its Leveraged Debt Capital Markets business unit. The business model is a fee-based‚ originate to
distribute approach focused on the distribution of largely unfunded underwriting commitments into the capital market.
The afore-mentioned risks regarding distribution and credit spread movement apply to this business unit, however, are
managed under a range of specific notional as well as market risk limits. The latter require the business to also hedge its
underwriting pipeline against market dislocations. The fee-based model of the bank’s Leveraged Debt Capital Markets
business unit includes a restrictive approach to single-name risk concentrations retained on Deutsche Bank’s balance
sheet, which results in a diversified overall portfolio without any material concentrations. The resulting longer-term on-
balance sheet portfolio is also subject to a comprehensive credit limit and hedging framework.
Deutsche Bank also provides material underwriting activity through its Debt Capital Markets desk which is focused on
supporting Investment Grade and cross-over rated corporate borrowers, usually in connection with M&A transaction
financing. These exposures are typically 12-24 month bridge loans, which are expected to be repaid by syndicated loans
and/or capital markets issuance by the borrower. Deutsche Bank does not bear market placement or pricing risk on these
exposures but faces funding risk and credit risk for the duration of the commitment, which are managed through notional
underwriting limits for the Group and an industry concentration framework.
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| Annual Report 2025 | Market Risk Management |
Market Risk Management
Market risk framework
The vast majority of Deutsche Bank’s businesses are subject to market risk, defined as the potential for change in the
market value of the Group’s trading and invested positions. Risk can arise from changes in interest rates, credit spreads,
foreign exchange rates, equity prices, commodity prices and other relevant parameters, such as market volatility and
market implied default probabilities. The market risk can affect accounting, economic and regulatory views of the
exposure.
Market Risk Management is part of Deutsche Bank’s independent Risk function and sits within the Market and Valuations
Risk Management group. One of the primary objectives of Market Risk Management is to ensure that the business units’
risk exposure is within the approved risk appetite commensurate with its defined strategy. To achieve this objective,
Market Risk Management works closely together with risk takers (“the business units”) and other control and support
groups.
The Group distinguishes between three substantially different types of market risk:
–Trading market risk arises primarily through the market-making and client facilitation activities of the Investment Bank
segment. This involves taking positions in debt, equity, foreign exchange, other securities and commodities as well as
in equivalent derivatives
–Traded default risk arising from defaults and rating migrations relating to trading instruments
–Non-trading market risk arises from market movements, primarily outside the activities of the trading units, in the
banking book and from off-balance sheet items; this includes interest rate risk, credit spread risk, investment risk and
foreign exchange risk as well as market risk arising from pension schemes, guaranteed funds and equity
compensation; non-trading market risk also includes risk from the modeling of client deposits as well as savings and
loan products
Market Risk Management governance is designed and established to promote oversight of all market risks, effective
decision-making and timely escalation to senior management.
Market Risk Management defines and implements a framework to systematically identify, assess, monitor and report the
Group’s market risk. Market risk managers identify market risks through active portfolio analysis and engagement with the
business units.
Market risk measurement
The Group aims to accurately measure all types of market risks by a comprehensive set of risk metrics embedding
accounting, economic and regulatory considerations.
The market risks are measured by several internally developed key risk metrics and regulatory defined market risk
approaches.
Trading market risk
The Group’s primary mechanism to manage trading market risk is the application of the bank’s risk appetite framework, of
which the limit framework is a key component. The Management Board, supported by Market Risk Management, sets
group-wide value-at-risk, economic capital and portfolio stress testing limits for market risk in the trading book. Market
Risk Management allocates this overall appetite to the business segments and their individual business units based on
established and agreed business plans. Deutsche Bank also has business aligned heads within Market Risk Management
who establish business unit limits, by allocating the limit down to individual portfolios, geographical regions and types of
market risks.
Value-at-risk, economic capital and portfolio stress testing limits are used for managing all types of market risk at an
overall portfolio level. As an additional and important complementary tool for managing certain portfolios or risk types,
Market Risk Management performs risk analysis and business specific stress testing. Limits are also set on sensitivity and
concentration/liquidity, exposure, business-level stress testing and event risk scenarios, taking into consideration
business plans and the risk versus return assessment.
Business units are responsible for adhering to the limits against which exposures are monitored and reported. The market
risk limits set by Market Risk Management are monitored on a daily, weekly and monthly basis, dependent on the risk
management tool being used.
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Internally developed market risk models
Value-at-Risk (VaR)
VaR is a quantitative measure of the potential loss (in value) of Fair Value positions due to market movements that should
not be exceeded in a defined period of time and with a defined confidence level.
The Group’s value-at-risk for the trading businesses is based on historical simulation model (internal model approach)
predominantly utilizing full revaluation, although some portfolios remain on a sensitivity-based approach. The approach
is used for both Risk Management and capital requirements.
Risk management VaR is calibrated to a 99% confidence level and a one-day holding period. This means we estimate
there is a 1 in 100 chance that a mark-to-market loss from the bank´s trading positions will be at least as large as the
reported VaR. For regulatory capital purposes, the VaR model is calibrated to a 99% confidence interval and a ten-day
holding period.
The calculation employs a historical simulation technique that uses one-year of historical market data as input and
observed correlations between the risk factors during this one-year period.
The VaR model is designed to take into account a comprehensive set of risk factors across all asset classes. Key risk
factors are swap/government curves, index and issuer-specific credit curves, single equity and index prices, foreign
exchange rates, commodity prices as well as their implied volatilities. To help ensure completeness in the risk coverage,
second order risk factors, e.g., money market basis, implied dividends, option-adjusted spreads and precious metals lease
rates are also considered in the VaR calculation. The list of risk factors included in the VaR model is reviewed regularly
and enhanced as part of ongoing model performance reviews.
The model incorporates both linear and, especially for derivatives, nonlinear impacts predominantly through a full
revaluation approach but it also utilizes a sensitivity-based approach for certain portfolios. The full revaluation approach
uses the historical changes to risk factors as input to pricing functions. Whilst this approach is computationally
expensive, it does yield a more accurate view of market risk for nonlinear positions, especially under stressed scenarios.
The sensitivity-based approach uses sensitivities to underlying risk factors in combination with historical changes to
those risk factors.
For each business unit a separate VaR is calculated for each risk type, e.g., interest rate risk, credit spread risk, equity risk,
foreign exchange risk and commodity risk. “Diversification effect” reflects the fact that the total VaR on a given day will
be lower than the sum of the VaR relating to the individual risk types. Simply adding the VaR figures of the individual risk
types to arrive at an aggregate VaR would imply the assumption that the losses in all risk types occur simultaneously.
VaR enables the Group to apply a consistent measure across the fair value exposures. It allows a comparison of risk in
different businesses, and also provides a means of aggregating and netting positions within a portfolio to reflect
correlations and offsets between different asset classes. Furthermore, it facilitates comparisons of the market risk both
over time and against the daily trading results.
When using VaR results a number of considerations should be taken into account. These include:
–The use of historical market data may not be a good indicator of potential future events, particularly those that are
extreme in nature; this “backward-looking” limitation can cause VaR to understate future potential losses (as in
financial credit crisis 2008/09), but can also cause it to be overstated immediately following a period of significant
stress (as in COVID-19 pandemic)
–The one day holding period does not fully capture the market risk arising during periods of illiquidity, when positions
cannot be closed out or hedged within one day
–VaR does not indicate the potential loss beyond the 99th quantile
–Intra-day risk is not reflected in the end of day VaR calculation
–There may be risks in the trading or banking book that are not fully captured in the VaR model (either partially
captured or missing entirely)
The process of systematically capturing and evaluating risks currently not captured in the bank’s VaR model has been
further developed and improved. An assessment is made to determine the level of materiality of these risks and material
risks are prioritized for inclusion in the bank’s internal model. Risks not in VaR are monitored and assessed on a regular
basis through the Risk Not In VaR (RNIV) framework. This framework is consistent with the Historical Simulation approach
which in turn yields a more accurate estimate of the contribution of these missing items and their potential capitalization.
Deutsche Bank is committed to the ongoing development of the internal risk models, and substantial resources are
allocated to review, validate and improve them.
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Stressed Value-at-Risk
Stressed Value-at-Risk (SVaR) calculates a stressed value-at-risk measure based on a one year period of significant
market stress. The Group calculates a stressed value-at-risk measure using a 99% confidence level. Stressed VaR is
calculated with a holding period of ten days. The SVaR calculation utilizes the same systems, trade information and
processes as those used for the calculation of value-at-risk. The only difference is that historical market data and
observed correlations from a period of significant financial stress (i.e., characterized by high volatilities) are used as an
input for the historical simulation.
The stress period selection process for the stressed value-at-risk calculation is based on the comparison of VaR
calculated using historical time windows compared to the current SVaR. If a historical window produces a VaR which is
higher than the current SVaR, it is further investigated and the SVaR window can subsequently be updated accordingly.
This process runs on a quarterly basis.
During 2025, the stress period selection process for the Group was conducted as outlined above. As a result, the SVaR
window used at various periods in 2025 included the European sovereign crisis of 2011/12 and COVID-19 crisis of
2019/20.
Incremental Risk Charge
Incremental Risk Charge captures default and credit rating migration risks for credit-sensitive positions in the trading
book. The Group uses a Monte Carlo Simulation for calculating incremental risk charge as the 99.9% quantile of the
portfolio loss distribution over a one-year capital horizon under a constant position approach and for allocating
contributory incremental risk charge to individual positions.
The model captures the default and migration risk in an accurate and consistent quantitative approach for all portfolios.
Important parameters for the incremental risk charge calculation are exposures, recovery rates, maturities, ratings with
corresponding default and migration probabilities and parameters specifying issuer correlations.
Market risk standardized approach
The Market Risk Standardized Approach (MRSA) is used to determine the regulatory capital charge for the specific
market risk of trading book securitizations, for certain types of investment funds and for longevity risk as set out in CRR/
CRD regulations.
Trading market risk economic capital
Deutsche Bank’s market risk economic capital migrated to historical simulation approach from Monte Carlo in the second
quarter of 2025. This aligns the scenario generation concept in economic capital calculation with the one used for
regulatory capital. The model comprises two core components, the “common risk” component covering risk drivers
across all businesses and the “business-specific risk” component, which enriches the Common Risk via a suite of Business
Specific Stress Tests. Both components are calibrated to historically observed severe market shocks. Common risk is
calculated using a scaled version of the SVaR framework while Business Specific Stress Tests are designed to capture
more product/business-related bespoke risks (e.g., complex basis risks) as well as higher order risks not captured in the
common risk component.
Traded default risk economic capital
The Traded Default Risk Economic Capital captures the relevant credit exposures across Deutsche Bank’s trading and
fair value banking books. Trading book exposures are monitored by Market Risk Management via single name
concentration and portfolio thresholds which are set based upon rating, size and liquidity. Single name concentration risk
thresholds are set for two key metrics: Default Exposure, i.e., the P&L impact of an instantaneous default at the current
recovery rate, and bond equivalent Market Value, i.e., default exposure at 0% recovery. In order to capture diversification
and concentration effects, a joint calculation for traded default risk economic capital and credit risk economic capital is
performed. Important parameters for the calculation of traded default risk are exposures, recovery rates and default
probabilities as well as maturities. The probability of joint rating downgrades and defaults is determined by the default
and rating correlations of the portfolio model. These correlations are specified through systematic factors that represent
countries, geographical regions and industries.
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Trading market risk reporting
Market Risk Management reporting creates transparency on the risk profile and facilitates the understanding of core
market risk drivers to all levels of the organization. The Management Board and Senior Governance Committees receive
regular reporting, as well as ad hoc reporting as required, on market risk, regulatory capital and stress testing. Senior Risk
Committees receive risk information at a number of frequencies, including weekly or monthly.
Additionally, Market Risk Management produces daily and weekly Market Risk specific reports and daily limit utilization
reports for each business owner.
Regulatory prudent valuation of assets carried at fair value
Pursuant to Article 34 CRR, institutions shall apply the prudent valuation requirements of Article 105 CRR to all assets
measured at fair value and shall deduct from CET 1 capital the amount of any additional value adjustments necessary.
Deutsche Bank determined the amount of the additional value adjustments based on the methodology defined in the
Commission Delegated Regulation (EU) 2016/101.
As of December 31, 2025, the amount of the additional value adjustments was € 1.7 billion. The December 31, 2024,
amount was € 1.7 billion. No material changes noted year-on-year.
As of December 31, 2025, the reduction of the expected loss from subtracting the additional value adjustments was
€ 80 million, which partly mitigated the negative impact of the additional value adjustments on the bank’s CET 1 capital.
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Non-trading market risk
Non-trading market risk arises primarily from activities outside of the trading units, in the banking book, including pension
schemes and guarantees, and embedding considerations of different accounting treatments of transactions. Significant
market risk factors to which the Group is exposed and are overseen by risk management groups in that area are interest
rate risk (including risk from embedded optionality and changes in behavioral patterns for certain product types), credit
spread risk, foreign exchange risk (including structural foreign exchange risk) and equity risk (including equity
compensation related risk and investments in public and private equity as well as real estate, infrastructure and fund
assets).
As for trading market risks the Group’s risk appetite and limit framework is also applied to manage the exposure to non-
trading market risk. At Group level those are captured by limits set by the Management Board for market risk economic
capital capturing exposures to all market risks across asset classes, and for earnings and economic value based metrics
for interest rate risk in the banking book. Those limits are cascaded down by Market Risk Management to the divisional or
portfolio level. The limit framework for non-trading market risk exposure is further complemented by a set of business
specific stress tests, value-at-risk & sensitivity limits monitored on a daily or monthly basis dependent on the risk measure
being used.
Interest rate risk in the banking book
Interest rate risk in the banking book (IRRBB) is the current or prospective risk, to both the Group's capital and earnings,
arising from movements in interest rates, which affect the Group's banking book exposures. This includes gap risk, which
arises from the term structure of banking book instruments, basis risk, which describes the impact of relative changes in
interest rates for financial instruments that are priced using different interest rate curves, as well as option risk, which
arises from option derivative positions or from optional elements embedded in financial instruments.
The Group manages its IRRBB exposures using economic value as well as earnings based measures. The Group Treasury
function is mandated to manage the interest rate risk centrally, with Enterprise and Treasury Risk Management acting as
2nd Line of Defense (LoD). The Group Asset & Liability Committee (ALCo) oversees and steers the Group’s structural
interest risk position and the management of the net interest income. The ALCo monitors the sensitivity of financial
resources and associated metrics to key market parameters such as interest rate curves and oversees adherence to
divisional/business financial resource limits.
Economic value based measures analyze the change in economic value of banking book assets, liabilities and off-balance
sheet exposures resulting from interest rate movements, independent of the accounting treatment. Thereby the Group
measures the change in economic value of equity (∆EVE) as the maximum decrease of the banking book economic value
under the six standard scenarios defined by the EBA in addition to internal stress scenarios for risk steering purposes. For
the reporting of internal stress scenarios and risk appetite, the Group applies several modelling assumptions as used in
this disclosure. When aggregating the change in economic value of equity ∆EVE across different currencies, the Group
adds up negative and positive changes without applying weight factors for positive changes. Furthermore, the Group is
using behavioral model assumptions for the interest rate duration of own equity capital as well as non-maturity deposits
from financial institutions.
Earnings-based measures analyze the expected change in net interest income (NII) resulting from interest rate
movements over a defined time horizon, compared to a defined benchmark scenario. Thereby the Group measures the
change in net interest income (∆NII) as the maximum reduction under the six standard scenarios defined by the EBA in
addition to internal stress scenarios for risk steering purposes, compared to a market implied curve scenario, over a
period of 12 months.
The Group employs mitigation techniques to hedge the interest rate risk arising from non-trading positions within given
limits. The interest rate risk arising from non-trading asset and liability positions is managed by the Treasury Markets &
Investments team, part of Group Treasury. Thereby the Group uses derivatives and applies different hedge accounting
techniques such as fair value hedge accounting or cash flow hedge accounting. For fair value hedges, the Group uses
interest rate swaps and options contracts to manage the fair value movements of fixed rate financial instruments due to
changes in benchmark interest rate. For hedges in the context of the cash flow hedge accounting, the Group uses
interest rate swaps to manage the exposure to cash flow variability of the variable rate instruments as a result of changes
in benchmark interest rates.
The Group assesses and measures hedge effectiveness of a hedging relationship based on the change in the fair value or
cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item
attributable to the hedged risk.
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| Annual Report 2025 | Market Risk Management |
The Model Risk Management function performs independent validation of models used for IRRBB measurement, as for all
market risk models, in line with Deutsche Bank’s group-wide risk governance framework.
The calculation of VaR and sensitivities of interest rate risk is performed daily, whereas the measurement and reporting of
economic value interest rate and earnings risk is performed on a monthly basis. The Group generally uses the same
metrics in its internal management systems as it applies for the disclosure in this report.
Deutsche Bank’s key modelling assumptions are applied to the positions in the Private Bank and Corporate Bank
segments. Those positions are subject to risk of changes in clients’ behavior with regard to their deposits as well as loan
products. The Group regularly tests (at least annually) the assumptions and updates them where appropriate following a
defined governance process.
The Group manages the interest rate risk exposure of its non-maturity deposits through a replicating portfolio approach
to determine the average repricing maturity of the portfolio. For the purpose of constructing the replicating portfolio,
the portfolio of non-maturity deposits is clustered by dimensions such as business unit, currency, product and
geographical location. The main dimensions influencing the repricing maturity are elasticity of deposit rates to market
interest rates, volatility of deposit balances and observable client behavior. For the reporting period the average
repricing maturity assigned across all such replicating portfolios is 2.44 years and Deutsche Bank uses 15 years as the
longest repricing maturity.
In the loan and some of the term deposit products Deutsche Bank considers early prepayment/withdrawal behavior of its
customers. The parameters are based on historical observations, statistical analyses and expert assessments.
Furthermore, the Group generally calculates IRRBB related metrics in contractual currencies and aggregates the
resulting metrics for reporting purposes. When calculating economic value based metrics the commercial margin is
excluded for material parts of the balance sheet.
Credit spread risk in the banking book
Deutsche Bank is exposed to credit spread risk in the Banking Book (CSRBB) mainly from bonds held by Treasury for
liquidity reserve and asset liability interest rate risk management activities. The credit spread risk in the banking book is
managed by Treasury and the businesses, with Enterprise and Treasury Risk Management acting as an independent
oversight function ensuring that the exposure is within the approved risk appetite. The perimeter for the measurement
and monitoring of CSRBB exposure extends beyond fair value assets and liabilities and also includes positions accounted
for at amortized cost whose pricing is linked to an observable market benchmark. The calculation of credit spread
sensitivities and value-at-risk for material credit spread exposure is in general performed on a daily basis. The
measurement and reporting of economic capital and specific CSRBB stress tests are performed on a monthly basis.
Foreign exchange risk
Foreign exchange risk arises from non-trading asset and liability positions that are denominated in currencies other than
the functional currency of the respective entity. The majority of this foreign exchange risk is transferred through internal
hedges to trading books within the Investment Bank and is therefore reflected and managed via the value-at-risk figures
in the trading books. The remaining foreign exchange risks that have not been transferred are mitigated through match
funding the investment in the same currency, so that only residual risk remains in the portfolios. Small exceptions to
above approach follow the general Market Risk Management monitoring and reporting process, as outlined for the
trading portfolio.
The bulk of non-trading open foreign exchange risk arises from the foreign exchange translation of local capital into the
reporting currency of the Group and related capital hedge positions. Thereby structural open long positions are taken for
a selected number of relevant currencies to immunize the sensitivity of the capital ratio of the Group against changes in
the exchange rates.
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| Annual Report 2025 | Market Risk Management |
Equity and investment risk
Non-trading equity risk is arising predominantly from non-consolidated investment holdings in the banking book and
from equity compensation plans.
Deutsche Bank’s non-consolidated equity investment holdings in the banking book are categorized into strategic and
alternative investment assets. Strategic investments typically relate to acquisitions made to support the bank’s business
franchise and are undertaken with a medium to long-term investment horizon. Alternative assets are comprised of
principal investments and other non-strategic investment assets. Principal investments are direct investments in private
equity, real estate, venture capital, hedge or mutual funds whereas assets recovered in the workout of distressed
positions or other legacy investment assets in private equity and real estate are of a non-strategic nature.
The equity investment holdings are included in regular group-wide stress tests and the monthly market risk economic
capital calculations.
Pension risk
The Group is exposed to market risks from defined benefit pension schemes for past and current employees. Market risks
in pension plans materialize due to a potential decline in the market value of plan assets or an increase in the present
value of the pension liability of each of the pension plans. Market Risk Management is responsible for a regular
measurement, monitoring, reporting and control of market risks of the asset and liability side of the defined benefit
pension plans. Thereby, market risks in pension plans include but are not restricted to interest rate risk, inflation risk,
credit spread risk, equity risk, and longevity risk. For further details on the Group’s defined benefit pension obligations
and their management, please refer to Note 33 “Employee Benefits” in the “Notes to the Consolidated Financial
Statements” section.
Other risks in the banking book
Market risks in the Asset Management business primarily result from principal guaranteed funds or accounts, but also
from co-investments in the bank’s funds.
Non-trading market risk economic capital
Non-trading market risk economic capital is calculated either by applying the standard trading market risk economic
capital methodology or through the use of non-trading market risk models that are specific to each risk class and which
consider, among other factors, historically observed market moves, the liquidity of each asset class, and changes in
client’s behavior in relation to products with behavioral optionality.
Market risk stress testing
Stress testing is a key risk management technique, which evaluates the potential effects of extreme market events and
movements in individual risk factors. It is one of the core quantitative tools used to assess the market risk of Deutsche
Bank’s positions and complements VaR and Economic Capital. Market Risk Management performs several types of stress
testing to capture the variety of risks (Portfolio Stress Testing, individual specific stress tests at business unit level and
Event Risk Scenarios) and also contributes to Group-wide stress testing. These stress tests cover a wide range of
severities designed to test the earnings stability and capital adequacy of the bank.
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| Annual Report 2025 | Liquidity Risk Management |
Liquidity Risk Management
Liquidity risk arises from Deutsche Bank Groups potential inability to meet payment obligations when they come due or
without incurring excessive costs. The Group’s risk taxonomy differentiates between two aspects of liquidity risk: Short-
term liquidity risk and structural funding risk, both embedded in an overarching liquidity and funding risk management
framework. The framework’s objective is to ensure that robust governance and controls are established within the Group
to fulfill its payment obligations (including intraday) at all times, including periods of stress, and to manage its liquidity
and funding risks within the Management Board’s approved risk appetite, when executing the strategic plan. The
framework considers all relevant and significant drivers of liquidity risk, whether on-balance sheet or off-balance sheet.
Liquidity and funding risk framework
Liquidity and funding key risk metrics are embedded in the bank’s risk appetite framework and reviewed as well as
approved by the Management Board at least on an annual basis. The risk appetite is applied at the Group level and to
internally defined Key Liquidity Entities, e.g., Deutsche Bank AG, to monitor and control liquidity risk as well as the
Group’s long-term funding and issuance plan.
The Group Asset and Liability Committee is the Group’s decision making governing body mandated by the Management
Board to optimize the sourcing and deployment of the Group’s balance sheet and financial resources in line with the
Management Board’s risk appetite and strategy. From the second line of defense perspective, the Group Risk Committee
is mandated by the Management Board with decision-making authority regarding material risk-related topics. Detailed
roles and responsibilities of the Group Asset and Liability committee as well as the Group Risk Committee are defined in
the “Risk Governance” section of this report.
The Liquidity and Funding Risk Management Framework defines the organization of the liquidity managing functions in
alignment with the three lines of defense structure, which is described in the “Risk Management principles” section of
this report, including the respective responsibilities of those functions comprising of the three lines of defense. In the
context of the Liquidity and Funding Risk Management Framework, these functions include the following:
–First Line of Defense: Corporate divisions and Treasury
–Second Line of Defense: CRO - Enterprise and Treasury Risk Management (ETRM)
–Third Line of Defense: Group Audit
The Group’s liquidity risk management principles are documented in a policy document and the framework is described
in the framework document. Both the policy and framework documents adhere to and articulate how the eight key risk
management practices are applied to liquidity risk, with such key practices including 1) risk governance, 2) risk
organization (3 lines of defense), 3) risk culture, 4) risk appetite and -strategy, 5) risk identification and -assessment,
6) risk mitigation and controls, 7) risk measurement and reporting as well as 8) stress planning and execution. The
individual roles and responsibilities relevant to each of these practices are laid out and documented in the Global
Responsibility Matrix for liquidity risk, which provides further clarity and transparency on the roles and responsibilities
across all involved stakeholders. All additional procedures and supporting documents (both global and local) issued by
the liquidity risk management functions further define the requirements specific to liquidity risk practices.
In accordance with the European Central Bank’s Supervisory Review and Evaluation Process (and revised Internal
Liquidity Adequacy Assessment Process requirement issued in November 2018), the Group has implemented an Internal
Liquidity Adequacy Assessment Process which is carried out, assessed, documented, and reviewed at least annually and
approved by the Management Board.
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| Annual Report 2025 | Liquidity Risk Management |
Risk appetite and control setting
The Group’s liquidity risk appetite, which is defined through qualitative principles and supporting quantitative metrics, is
laid out in the Risk Appetite Statement and is subject to the standards defined in the Risk Appetite Policy. This Group
Risk Appetite Statement (RAS) covers regulatory (Pillar 1) as well as internal (Pillar 2) metrics, and is further underpinned
by the liquidity risk controls framework consisting of Risk Appetite limits, as well as a suite of additional limits, thresholds
and early warning indicators.
Treasury manages liquidity and funding, in accordance with the risk appetite across all relevant metrics and implements
tools, including business level risk limits, further cascading aspects of risk appetite to divisional level, ensuring ease of
compliance at Group level. As such, Treasury works closely with Enterprise and Treasury Risk Management under its
delegated authority and the business divisions to identify, analyze and monitor underlying liquidity risk characteristics
within business portfolios. These parties are engaged in regular dialogue regarding changes in the Group’s liquidity
position arising from business activities and market events.
Furthermore, the Group ensures at the level of each Liquidity Relevant Entity that all local liquidity metrics are managed
in compliance with the defined risk appetite. Local liquidity surpluses are pooled in Deutsche Bank AG hubs and local
liquidity shortfalls can be met through support from these hubs. Transfers of liquidity capacity between entities are
subject to the Intercompany Funding approval framework involving the Group’s liquidity steering function as well as the
local liquidity managers considering the compliance with Pillar 1 metrics, including Liquidity Coverage Ratio (LCR) and
Net Stable Funding Ratio (NSFR), as well as Pillar 2 metrics, including the stressed Net Liquidity Position (sNLP) and
Funding Matrix. Any available surplus that resides in entities with restrictions on transferring liquidity to other Group
entities, for example due to regulatory lending requirements, is treated as trapped and as such not considered in the
calculation of the consolidated Group liquidity surplus.
The Management Board is informed about the Group’s performance against the key liquidity metrics, including the risk
appetite and internal and market indicators, via a weekly liquidity dashboard.
Funding Risk Management and Funding Diversification
In line with regulatory guidelines, Deutsche Bank has developed a set of internal indicators to measure its inherent
funding risks. These are considered for risk management and steering purposes in addition to the Pillar 1 requirements.
The Group relies on a diverse range of funding sources including deposits, unsecured wholesale funding, Capital Markets
Issuances and secured funding. These funding sources protect the Group’s liquidity position in two ways. First, since
stress events may impact funding markets differently, maintaining a well-diversified funding portfolio will lower the
average impact of these events. Second, when experiencing a liquidity stress, having access to a wide range of funding
sources significantly improves the Group’s ability to tap different funding markets. The diversification across products is
complemented by Risk indicators which have been set to monitor tenor concentration and counterparty concentration.
The stability of Deutsche Bank Group’s funding position can be negatively impacted by various forms of industry risks
which often manifests medium to long term structural trends with a potentially significant long-term impact on the
economy and banks’ balance sheets. Deutsche Bank performs ad-hoc analyses on such emerging risks to assess the
impact of such trends on its funding position to ensure that mitigating measures are taken on a timely basis when
deemed necessary. In addition, Treasury evaluates current market access information in its significant funding markets
on a monthly basis with results compiled and presented to the Group Asset and Liability Committee.
Deutsche Bank’s tool for monitoring and managing the Group’s long-term funding profile for more than ten years is the
Funding Matrix. To produce the Funding Matrix, all assets and liabilities are mapped into time buckets corresponding to
their baseline contractual or modelled maturities. This allows the Group to identify expected excesses and shortfalls in
term liabilities over assets in each time bucket, facilitating the management of potential liquidity exposures over time.
The liquidity profile is based on contractual cash flow information. If the contractual maturity profile of a product does
not adequately reflect the liquidity profile or in case of non-maturing products, the maturity is replaced by baseline
modelling assumptions.
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| Annual Report 2025 | Liquidity Risk Management |
Capital Markets Issuance
The main objective of debt issuance is to raise long term funding in the most cost optimal manner. Debt issuance,
encompassing senior unsecured bonds, covered bonds, and capital securities, is a key source of term funding for the
Group and is managed directly by Treasury. At least once a year, following endorsement by the Asset and Liability
Committee, Treasury submits an annual long-term funding plan to the Group Risk Committee for recommendation and
then to the Management Board for approval. This plan is driven by global and local funding and liquidity requirements
based on expected business development. The Group’s capital markets issuance portfolio is dynamically managed
through annual issuance plans to avoid excessive maturity concentrations.
Deutsche Bank holds a license to issue mortgage Pfandbriefe and maintains a program to issue structured covered
bonds. In 2025, the Pfandbrief platform was enriched to support callable Pfandbriefe which further broadens the
bandwidth offered to investors. The Spanish covered bond program (Cedulas) is currently winding down, although there
are plans to restart the program in 2026. Since 2020, the Group has maintained its Green Bond framework which offers
green note issuances to both, institutional and retail investors. Furthermore, multiple green structured notes, green
deposits and repurchase agreements (repos) have been executed. In 2024, the sustainability framework was enriched to
also support social assets. Deutsche Bank also expanded its platform to issue Panda bonds in China. Since 2023, bonds
with a total notional value of CNY 8 billion were issued into the Chinese market.
Liquidity risk monitoring and management
The Finance teams Liquidity and Treasury Reporting & Analysis (LTRA) and Liquidity Data Measurement and Reporting
(LDMR) together own the overall accountability for the accurate and timely production of both external regulatory
liquidity reporting (Pillar 1) as well as internal management reporting (Pillar 2) for the liquidity risk of the Group. In
addition, LTRA is responsible for the development of management information systems and the related analysis to
support the liquidity risk framework and its governance for Enterprise and Treasury Risk Management.
Liquidity Coverage Ratio (LCR)
The Liquidity Coverage Ratio (LCR) is a regulatory metric designed to ensure that the Group maintains adequate liquidity
resources in the form of High Quality Liquid Assets (HQLA) to offset short-term liquidity stress described in Net Cash
Outflows (NCO) over a 30-day horizon on a consolidated currency basis.
By maintaining a ratio in excess of the minimum regulatory requirements, the LCR seeks to ensure that the Group holds
adequate liquidity resources to mitigate a short-term liquidity stress.
Stressed Net Liquidity Position (sNLP)
Stressed Net Liquidity Position (sNLP) is an internal metric used to measure liquidity risk and evaluate Deutsche Bank’s
short-term liquidity position through stress testing and scenario analysis across various time horizons. Key differences
between the internal liquidity stress test metric (sNLP) and the LCR include the risk appetite time horizon (3 months
versus 30 days, respectively), the classification and haircut differences between debt securities within the sNLP and the
HQLA contributing to the LCR, outflow rates for various categories of funding, as well as inflow assumption for various
assets (e.g., loan repayments). The Group’s internal liquidity stress test also includes outflows related to intraday liquidity
assumptions, which are not systematically reflected in the LCR.
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| Annual Report 2025 | Liquidity Risk Management |
Net Stable Funding Ratio (NSFR)
The Net Stable Funding Ratio (NSFR) is a regulatory metric which assesses Deutsche Bank’s structural funding profile by
comparing Available Stable Funding (ASF), including Capital and stable liabilities, to Required Stable Funding (RSF) for
on-balance sheet assets, thereby mitigating medium to long-term funding risks.
Liquidity stress testing and scenario analysis
Global internal liquidity stress testing and scenario analysis is used for measuring liquidity risk and evaluating the Group’s
short-term liquidity position within the liquidity framework. This complements the daily operational cash management
process. The long-term liquidity strategy based on baseline contractual or modelled maturities is represented by a long-
term metric known as the Funding Matrix (additional information can be found in the section “Funding risk management
and funding diversification” in this report).
The global liquidity stress testing exposure is managed by Treasury in compliance with the respective risk appetite.
Treasury is responsible for the design of the overall stress test methodology, the choice of liquidity risk drivers and the
determination of appropriate assumptions (parameters) to translate input data into stress testing output. Enterprise and
Treasury Risk Management is responsible for the definition of the stress scenarios. Laid out by the Model Risk
Management Policy and Procedure, Enterprise and Treasury Risk Management and Model Risk Management perform the
independent validation of liquidity risk models. The Finance teams Liquidity and Treasury Reporting & Analysis (LTRA)
and Liquidity Data Measurement and Reporting (LDMR) are responsible for implementing these methodologies and
performing the stress test calculation in conjunction with Treasury, Liquidity Risk Management, Group Strategic Analytics
and Information Technology.
Stress testing and scenario analysis are used to describe and evaluate the impact of sudden and severe stress events on
the Group’s liquidity position. Deutsche Bank has selected four scenarios to calculate the Group’s stressed Net Liquidity
Position. These scenarios are designed to capture potential outcomes which may be experienced by the Group. The most
severe scenario assesses the potential consequences of a combined market-wide and severe idiosyncratic stress event,
including multi-notch downgrades of the Bank’s credit ratings. Under each of the scenarios, the impact of a liquidity
stress event over different time horizons and across multiple liquidity risk drivers, covering all business lines and product
areas and with that all portfolios and balance sheet, is considered. The output from this scenario analysis also feeds the
Group Wide Stress Test run by Enterprise Risk Management, which analyzes liquidity risk in conjunction with the other
defined risk types and evaluates their impact and interplay to both Capital and Liquidity positions.
In addition, potential funding requirements from contingent liquidity risks which can arise under stress, including
drawdowns on lending facilities, increased collateral requirements under derivative agreements, and outflows from
deposits with a contractual rating linked trigger are included in the analysis. Subsequently, countermeasures, which are
the actions the Group would take to counterbalance the outflows incurred during a stress event, are also taken into
consideration. These countermeasures include the usage of the Group’s liquidity reserves and generating liquidity from
other unencumbered, marketable assets without causing any material impact on the Group’s business model.
Stress testing is conducted at a group level and for defined entities relevant for liquidity risk management. The stress
analysis covers a range of time periods out to 1 year depending on the scenario. The most acute stress uses a time period
of three months which is considered to be the critical time period during a liquidity crisis requiring that liquidity is
actively assessed and steered on a Group level. In addition to the consolidated currency stress test, further stress tests
are performed for material currencies, namely euro and U.S. dollar. At the global level as well as for the U.S. entities,
liquidity stress tests also cover a twelve-months period for which a risk appetite limit has been set. Ad hoc analysis may
be conducted to reflect the impact of potential downside events that could affect the Group, such as climate/ESG-
related events. Relevant stress assumptions are applied to reflect liquidity flows from risk drivers and on-balance sheet
and off-balance sheet products. The suite of stress testing scenarios and assumptions are reviewed on a regular basis
and are updated when enhancements are made to stress testing methodologies.
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Liquidity Risk Mitigation
High Quality Liquid Assets
High-quality Liquid Assets (HQLA) is a Pillar 1 calculation which feeds into LCR and is a key limit per the risk appetite.
HQLA comprise available cash and cash equivalents and unencumbered high quality liquid securities (including
government and government guaranteed bonds), representing the most readily available and most important
countermeasure in a stress event.
The vast majority of the Group’s HQLA are held centrally across major currencies at the central bank accounts of the
parent entity and foreign branches in the key locations in which the Bank is active, and in a dedicated Treasury-owned
Strategic Liquidity Reserves portfolio, set up exclusively to serve as a mitigant during periods of stress.
Asset Encumbrance
Encumbered assets primarily comprise those on- and off-balance sheet assets that are pledged as collateral against
secured funding, collateral swaps, and other collateralized obligations. Generally, loans are encumbered to support long-
term capital markets secured issuance such as covered bonds or other self-securitization structures, while financing debt
and equity inventory on a secured basis is a regular activity for the Investment Bank business. Additionally, in line with
the European Banking Authority technical standards on regulatory asset encumbrance reporting, assets pledged with
settlement systems (including default funds and initial margins) as well as other assets pledged which cannot be freely
withdrawn such as mandatory minimum reserves at central banks are considered encumbered assets. Derivative margin
receivable assets as encumbered under these European Banking Authority guidelines are also included.
Funds Transfer Pricing (FTP)
FTP is a cost allocation and business steering tool to manage costs and benefits (remuneration) associated with funding
and contingent liquidity risk, aligned to the firm’s risk appetite. FTP applies to all business segments and entities with
balance sheet items requiring active management and funding from the Group and promotes pricing of (i) assets in
accordance with their underlying liquidity risk, (ii) liabilities in accordance with their liquidity value and (iii) contingent
liquidity exposures in accordance with the cost of providing for appropriate High Quality Liquid Assets.
Within this framework, funding and liquidity risk costs and benefits are allocated to the Group’s business units based on
rates which reflect the economic costs of liquidity for the Bank. Treasury might set further financial incentives in line with
the Group’s liquidity risk guidelines.
Additional details are included in Note 04 “Business segments and related information“ of the consolidated financial
statements.
Contingency Funding Planning
The Group Contingency Funding Plan outlines how Deutsche Bank would respond to an actual or anticipated liquidity
stress event. It specifies the provisions, procedures and action plans for responding to potential disruptions to the Bank’s
ability to fund itself. It covers actions that can be taken to raise cash and/or recover the Bank’s liquidity metrics in breach.
The Contingency Funding Plan outlines governance arrangements for its activation and presents the framework of
liquidity indicators enabling the bank to identify deteriorating market circumstances in a timely manner and that
determine quickly what actions need to be taken, including communication and coordination during a liquidity stress
event. Deutsche Bank has established the Financial Resource Management Council, which is responsible for oversight of
capital and liquidity across contingency, recovery, and resolution scenarios in a defined crisis situation.
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| Annual Report 2025 | Model Risk Management |
Model Risk Management
Model risk is the potential for adverse consequences from decisions based on incorrect models or their misused outputs.
Model risk can lead to financial loss, poor business or strategic decision making, or damage to its reputation. Deutsche
Bank recognizes the use of models can affect other risk-types, and that model risk is a distinct risk that can increase or
decrease aggregate risk across other risk-types.
Deutsche Bank uses models for a broad range of decision-making activities, such as: underwriting credits; valuing
exposures, instruments, and positions; measuring risk; managing and safeguarding client assets and determining capital
and reserve adequacy. The term ‘model’ is a quantitative or qualitative method, system, or approach that applies expert
judgement, statistical, economic, financial, or mathematical theories, techniques, and assumptions to process input data
into quantitative estimates. Models are simplified representations of real-world relationships and are based on
assumptions and judgment. Accordingly, the bank is exposed to model risk, which must be identified, measured, and
controlled appropriately.
Model risk management oversight is provided by all levels of management, including the Management Board.
Management of model risk is underpinned by a framework designed and monitored by a 2nd Line of Defense control
function independent from developer, owner, and user of models.
Model Risk Management Framework and Governance
Model risk is overseen by the Chief Risk Officer through the setting of a quantitative and qualitative risk appetite
statement, and managed via:
–The Model Risk Policy and Procedure, and supporting documents aligned to risk appetite, regulatory requirements,
and industry best practice, with clear roles and responsibilities for stakeholders
–Inventorization of all models, supporting ongoing model risk framework components, including risk assessments and
attestations
–Key controls for models from development through to decommissioning, including validation, approval, deployment
and monitoring
–Models are assessed for their materiality, complexity, uncertainty and reliance and in aggregate assigned a risk Tier,
which is used to identify those which present the higher risk to Deutsche Bank
–A risk based approach to managing the models by Tier is applied
–Independent validations, and subsequent independent approvals, verify that models have been appropriately
designed and implemented for their intended scope and purpose, and that respective controls are in place to assure
that they continue to perform as expected during their use
–The controls identify models’ limitations and weaknesses, resulting in findings and compensating controls, these may
be conditions for use, such as adjustments or overlays
–Model risk governance, including senior forums for monitoring and escalation of model risk related topics, as well as
monthly updates to the Management Board on the model risk appetite metrics, and periodic model risk updates to the
Supervisory Board
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| Annual Report 2025 | Operational Risk Management |
Operational Risk Management
Operational Risk Management Overview
Deutsche Bank applies the European Banking Authority’s Single Rulebook definition of operational risk: “Operational risk
means the risk of losses stemming from inadequate or failed internal processes, people and systems or from external
events. Operational risk includes legal risks but excludes business and reputational risk and is embedded in all banking
products and activities.”
Deutsche Bank’s operational risk appetite defines the amount of operational risk it is willing to accept as a consequence
of conducting its business. The bank takes on operational risks consciously, both strategically and in day-to-day business.
While the bank has no appetite for certain types of operational risk events (such as violations of laws or regulations or
misconduct), other types of operational risk must be accepted for the bank is to achieve its business objectives. Where
residual risk is assessed to be outside risk appetite, risk-reducing actions must be undertaken, including risk remediation,
risk transfer through insurance, or ceasing business activity.
The Operational Risk Management Framework comprises a set of interrelated tools and processes used to identify,
assess, mitigate and monitor the bank’s operational risks. Its components are designed to work together to provide a
comprehensive, risk-based approach to managing the bank’s most material operational risks. The Framework includes the
Group’s approach to setting and adhering to operational risk appetite, the operational risk type and control taxonomies,
the policies and procedures governing operational risk management processes and tools, and the bank’s operational risk
capital calculation.
Organizational and governance structure
Operational risk is managed according to the principle that day‑to‑day responsibility lies with the divisions and
infrastructure functions where these risks originate. Operational Risk Management (“ORM”) provides independent
oversight of the Group’s operational risk profile, identifies and reports risk concentrations, and ensures consistent
application of the Operational Risk Management Framework across the bank. ORM forms part of the Group’s risk function
within the Chief Risk Office, led by the Chief Risk Officer. The Chief Risk Officer appoints the Head of ORM, who is
responsible for designing, overseeing, and maintaining an effective, efficient, and regulatory‑compliant Operational Risk
Management Framework, including the methodology for operational risk capital calculation. The Head of ORM monitors
and challenges the Framework’s Group‑wide implementation and tracks the overall operational risk levels against the
bank’s defined operational risk appetite.
Operational risk governance is aligned with the bank’s Three Lines of Defence (“3LoD”) model. The Operational Risk
Management Framework defines governance standards and outlines the core responsibilities of the 1st and 2nd LoD to
ensure effective risk management and appropriate independent challenge. The Operational Risk Committee governs and
coordinates the management of operational risk across the Group. Its mandate includes decision‑making and policy
responsibilities, as well as reviewing, advising on, and addressing operational risk matters that may influence the risk
profile of business divisions or infrastructure functions. A number of sub‑fora, with participants from both the First Line of
Defence (1st LoD) and Second Line of Defence (2nd LoD), support the Committee in fulfilling its responsibilities. In
addition to the Group‑level Committee, business divisions maintain 1st LoD operational risk fora to oversee and manage
operational risks at various organisational levels.
Risk owners within the 1st LoD have full accountability for the operational risks arising from their activities and are
responsible for managing these risks within the established risk appetite. As leaders of business divisions or infrastructure
functions, risk owners must determine the appropriate organisational structure to identify their operational risk profile,
actively manage operational risks, make decisions on mitigating or accepting risks to remain within appetite, and
establish and maintain effective 1st LoD controls.
Risk Type Heads serve as 2nd LoD control functions for all sub‑risk types within the overarching operational risk category.
They define the framework and Group‑level risk appetite for the risk type they oversee, establish minimum risk
management requirements and control objectives, and independently monitor and challenge the 1st LoD’s
implementation of these requirements. They provide independent oversight of the risk type and monitor adherence to
the defined risk appetite. As subject matter experts, they define the risk taxonomy, support implementation of the
Framework in the 1st LoD, and maintain independence by being located solely within infrastructure functions.
As the 2nd LoD risk control function for operational risk, ORM establishes and maintains the overarching Operational Risk
Management Framework.
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| Annual Report 2025 | Operational Risk Management |
–ORM defines the bank’s approach to operational risk appetite, monitors adherence, evaluates consequences of
breaches, and oversees remediation plans to return the operational risk profile to within appetite where needed. ORM
also regularly reports the Group’s operational risk profile, including any risks that fall outside the defined appetite.
–ORM provides independent assessments to support proactive operational risk management, engages with risk owners
in the 1st LoD, and facilitates consistent implementation of risk management requirements across the bank.
–ORM is responsible for designing, implementing, and maintaining the methodology to determine the appropriate
capital for operational risk, for recommendation to the Management Board. This includes calculating and allocating
operational risk capital demand and expected loss.
–
Operational Risk Management Framework
The Operational Risk Management Framework (ORMF) enables the bank to determine its operational risk profile relative
to its defined risk appetite, identify systemic themes and concentrations, and establish mitigation measures and
priorities.
In 2025, the bank further enhanced the Framework by introducing cross‑risk types within the Operational Risk Type
Taxonomy to better reflect the bank’s operational risk profile. Additional improvements included operationalizing control
assessment, testing and certification within the new strategic tool for the operational risk controls inventory and
transitioning the Risk & Control Self‑Assessment to a more data‑driven approach.
Key sub-components include:
–Loss Data Collection: Internal operational risk events with a P&L impact of € 10,000 or more are recorded and
validated, and external events are assessed for their relevance to the group and business divisions. Material events
trigger a formal lessons‑learned and read‑across process conducted by the 1st Line of Defense in close collaboration
with business partners, risk control functions, and other infrastructure areas. Lessons‑learned reviews assess root
causes of significant events and document remediation actions to reduce recurrence. Read‑across analyses evaluate
whether similar weaknesses may exist elsewhere in the bank, even if they have not yet resulted in losses, thereby
facilitating preventative action. In 2025, the internal event database was enhanced particularly the mapping of
controls to events and automated read‑across triggers, and the external events review process was refined to assess
susceptibility of similar risks within the bank.
–Risk Appetite: Operational risk appetite defines the level of operational risk the bank is willing to accept to pursue its
strategy. The operational risk appetite framework provides a consistent approach to setting appetite levels across the
bank and monitoring exposures against these levels. The bank regularly monitors its operational risk profile against
defined appetite to alert the organization on impending problems in a timely fashion. In 2025, the bank implemented
previously introduced concepts of residual risk zones and operating conditions, including monitoring processes, and
further refined the granularity of risk appetite setting.
–Risk & Control Self‑Assessment: The Risk & Control Self‑Assessment (RCSA) comprises bottom‑up evaluations of risks
generated within business divisions and infrastructure functions, the effectiveness of associated controls, and
required remediation actions to ensure risks remain within appetite. Conducted at the global business level, the RCSA
covers all jurisdictions and is designed to assist Senior Management to determine whether operational risks are
managed and controlled adequately via a dynamic assessment approach covering all applicable Risk Types from the
Group’s Operational Risk Type Taxonomy (ORTT). The Risk & Control Self-Assessment puts a greater emphasis on
assessing and mitigating risks that are outside of appetite and risks that drive unethical and inappropriate market
conduct within the bank. In 2025, RCSA granularity was increased to provide more precise risk insights and ensure a
more accurate risk profile for comparison against defined appetite.
–Emerging risk: Emerging risk themes are derived from internal and external indicators. Operational risk outputs are
combined with external event data to identify emerging trends and concentrations. This analysis complements
insights from divisional emerging risk themes, dynamic RCSA results, findings, scenario analysis, internal and external
events, and industry developments, enabling Risk Owners to draw informed conclusions.
–Scenario Analysis: The operational risk profile is further substantiated through exploratory scenario analysis, which
supplements day‑to‑day risk management. Scenario analysis supports the identification of potential exposures,
highlights gaps in the current risk profile, and informs forward‑looking risk mitigation. Scenario development
incorporates themes from internal losses, emerging risk assessments, top risks, concentrations, findings, and external
peer loss events. Insights from actual and potential events are used to identify thematic vulnerabilities and drive
actions such as deep‑dive reviews or enhancements to risk profiles. In 2025, the capture and governance of scenario
analysis was migrated to the Event Management Application to improve data quality and oversight.
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| Annual Report 2025 | Operational Risk Management |
–Transformation Risk Assessment: A Transformation Risk Assessment (TRA) process is in place to appropriately identify
and manage risks arising from material change initiatives to assess the impact of transformation on the bank’s risk
profile. The TRA applies to all key deliverables including regulatory initiatives, technology migrations, risk mitigation
projects, strategy changes, organizational restructuring, real estate moves within the bank, as well as joint ventures
and strategic investments.
–Findings and Issue Management: The findings and issue management process supports the mitigation of risks arising
from known control weaknesses and deficiencies. It enables management to make risk-based decisions over the need
for further remediation or risk acceptance. Outputs from the findings management process must be able to
demonstrate to internal and external stakeholders that the bank is actively identifying its control weaknesses and
taking steps to manage associated risks within acceptable levels of risk appetite. In 2025, the process was
strengthened through more robust requirements for identifying correct findings owners, enhancing management
reporting, and the timely remediation of Action Plans.
Framework Adherence: As owner of the Operational Risk Management Framework, ORM performs regular independent
monitoring and testing to assess adherence by both the 1st and 2nd LoD:
–Annually, assess 1LoD and 2LoD Risk Type Head (RTH) implementation and adherence to the requirements of the
ORMF
–Adverse outcomes of adherence result in consequences being applied
–Adherence results also aim to proactively identify both design and implementation improvements (Framework,
Tooling, etc.)
In 2025, annual Framework Adherence results were incorporated in the ORM Composite KPI and made mandatory for all
divisions, creating a direct variable compensation impact via the Balanced Scorecard (BSC). Quarterly U.S. RCSA
Adherence reviews were also introduced.
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| Annual Report 2025 | Operational Risk Management |
Operational Risk Type Oversight
The Framework applies to operational sub‑risk types at a more granular level and enables the bank to aggregate, oversee,
and monitor its overall operational risk profile. These operational sub‑risk types are managed by various infrastructure
functions and include the following:
–ORM includes the Risk Type Head role for several operational risk types. Its mandate includes second line oversight of
controls related to transaction processing activities and infrastructure risks, to prevent technology or process
disruptions, maintain the confidentiality, integrity, and availability of data and records, ensure robust information
security, and confirm that business divisions and infrastructure functions have effective plans in place to recover
critical processes and functions in the event of disruption, including technical or building outages, cyber‑attacks,
natural disasters, or physical security and safety risk. ORM Risk Type Heads also manages risks arising from the bank’s
internal and external vendor engagements through the implementation of a comprehensive third‑party risk management
framework.
–The Compliance department performs an independent 2nd line control function that protects the bank’s license to
operate by promoting and enforcing compliance with the law and driving a culture of compliance and ethical conduct
in the bank. The Compliance department assists, reviews and challenges the business divisions and works with other
infrastructure functions and regulators to establish and maintain a risk-based approach to the management of the
bank’s compliance risks in accordance with the bank’s risk appetite and to help the bank detect, mitigate and prevent
breaches of laws, rules and regulations as well as internal policies. The Compliance department performs the
following principal activities: engaging with and managing regulatory matters in collaboration with the Regulatory and
Exam Management Group; identifying and assessing new and amended laws, rules, and regulations; acting as advisor
to the management board and performing independent review and challenge; performing second line controls; as
well as identifying, assessing, mitigating, monitoring, and reporting on compliance risk. The results of these
assessments and controls are regularly reported to both the Management Board and the Supervisory Board.
–Financial crime risks are managed by the Anti-Financial Crime (AFC), an independent Infrastructure second line
function. AFC maintains a dedicated program which is based on regulatory and supervisory requirements with defined
roles and responsibilities for the identification and management of financial crime risks resulting from money
laundering, terrorism financing, compliance with sanctions and embargoes, the facilitation of tax evasion as well as
other criminal activities including fraud, bribery and corruption and other crimes. AFC updates its strategy for financial
crime prevention via regular development of internal policies processes and controls, institution-specific risk
assessment and staff training.
–Group Governance defines, implements, and monitors the governance framework for Deutsche Bank globally in
support of the bank’s overall strategy, ensuring that governance structures are lean, transparent, and sustainable. The
unit develops and safeguards efficient corporate governance structures suitable to support effective individual and
joint decision-making that avoids and manages (structural and organizational) conflicts. It also establishes, maintains
and controls an appropriate and transparent policy taxonomy, landscape and tooling. The independency of Group
Governance is ensured through direct reporting line into the Management Board and not into any business division,
and through a ring-fenced incentive system and compensation system where performance evaluation is tied
principally to risk management and not to business revenues.
–Legal is a fully independent infrastructure function, mandated to provide legal advice both to the Management Board
as well as to the business divisions and infrastructure functions and to manage the Bank’s litigation and contentious
regulatory matters. Legal has a monopoly for giving legal advice, retaining and controlling outside counsel. Legal’s
independence is supported by its reporting line to the Management Board and a compensation framework that
focuses on risk management.
–Deutsche Bank’s New Product Approval and Systematic Product Review processes form a control framework
designed to manage the risks associated with new products and services and their lifecycle management. These
processes are overseen by the New Business Office and Product & Structured Transaction Lifecycle teams within the
Operational Risk Management function. Existing products and services are reviewed on one‑ to three‑year cycles to
assess whether they remain fit for purpose and aligned with the characteristics and objectives of their respective
target markets. Each product or service must be sponsored by a business Managing Director, who retains ultimate
accountability for it. Breaches of the New Product Approval requirements fall within the scope of the bank’s Red Flag
consequence management process .
–
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| Annual Report 2025 | Operational Risk Management |
Measuring Operational Risks
Deutsche Bank measures risk-weighted assets to determine the regulatory capital demand for operational risk using the
“Standardized Measurement Approach” laid out in the European Capital Requirements Regulation (CRR3) introduced in
2025.
In addition to regulatory capital demand, Deutsche Bank continues to determine its internal economic capital demand
for operational risk using the Advanced Measurement Approach (AMA) methodology. The AMA capital calculation is
based on a loss distribution approach. Gross losses from historical internal and external loss data (Operational Risk data
eXchange Association consortium data) are used to estimate the risk profile (i.e., a loss frequency and a loss severity
distribution). The loss distribution approach model includes conservatism by recognizing losses on events that arise over
multiple years as single events in the historical loss profile.
Within the AMA model, the frequency and severity distributions are combined in a Monte Carlo simulation to generate
potential losses over a one-year time horizon. Correlation and diversification benefits are applied to the net losses to
arrive at a net loss distribution at Group level, covering expected and unexpected losses. The resulting economic capital
demand is then allocated to each of the business divisions considering qualitative adjustments after deducting expected
loss.
The economic capital requirements for operational risk is derived from the 99.9% percentile and calculated for a time
horizon of one year.
The economic capital demand calculation is performed on a quarterly basis.
ORM establishes and maintains the approach for capital demand quantification and ensures that appropriate
development, validation and change governance processes are in place, whereby the validation is performed by an
independent validation function and in line with the Group’s model risk management process.
Drivers for operational risk economic capital development
By design of the AMA capital calculation, Deutsche Bank’s operational risk economic capital demand is predominantly
driven by historical internal loss events.
In view of the relevance of legal risks within the bank’s operational risk profile, specific attention is dedicated to the
management and measurement of open civil litigation and regulatory enforcement matters where the bank relies both
on information from internal as well as external data sources to consider developments in legal matters that affect the
bank specifically but also the banking industry as a whole. Reflecting the multi-year nature of legal proceedings the
measurement of these risks furthermore takes into account changing levels of certainty by capturing the risks at various
stages throughout the lifecycle of a legal matter.
Conceptually, the bank measures operational risk including legal risk by determining the annual operational risk loss that
will not be exceeded with a given probability. This loss amount is driven by a component that due to the IFRS criteria is
reflected in the bank’s financial statements and a component beyond the amount reflected as provisions within the
bank’s financial statements.
The legal losses which the bank expects with a likelihood of more than 50% are already reflected in the IFRS group
financial statements. These losses include net changes in provisions for existing and new cases in a specific period where
the loss is deemed probable and is reliably measurable in accordance with IAS 37.
Uncertain legal losses which are not reflected in the bank’s financial statements as provisions because they do not meet
the recognition criteria under IAS 37 are considered within the “economic capital demand”.
To quantify the litigation losses in the AMA model, the bank takes into account historical losses, provisions, contingent
liabilities and legal forecasts. Legal forecasts generally comprise ranges of potential losses covering risks of outflows
greater than the provision and adjustments which are deemed remote or relate to yet unknown matters. Such forecasts
may result from ongoing and new legal matters which are reviewed at least quarterly by the attorneys handling the legal
matters.
The legal forecasts are included in the loss data input into the AMA model. The projection range of the legal forecasts is
not restricted to the one year capital time horizon but goes beyond and conservatively assumes early settlement of the
underlying losses in the reporting period - thus considering the multi-year nature of legal matters.
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| Annual Report 2025 | Reputational Risk Management |
Reputational Risk Management
Within the group’s risk management process, reputational risk is defined as the risk of possible damage to Deutsche
Bank’s brand and reputation, and the associated risk to earnings, capital or liquidity arising from any association, action or
inaction which could be perceived by stakeholders to be inappropriate, unethical or inconsistent with Deutsche Bank’s
Code of Conduct.
Deutsche Bank has limited appetite for transactions or relationships with material reputational risk or in areas which
inherently pose a higher reputational risk such as the defense, gaming, or adult entertainment sectors, or where there are
certain environmental concerns. Decisions about specific transactions or relationships are made based on a risk based,
individualized and objective assessment. Reputational risk cannot be precluded as it can be driven by unforeseeable
changes in perception of its practices by its various stakeholders (e.g. public, clients, shareholders and regulators).
The Reputational Risk Framework (the Framework) is in place to manage the process through which active decisions are
taken on matters which may pose a reputational risk, before the event, and in doing so to prevent damage to Deutsche
Bank’s reputation wherever possible. The Framework provides consistent standards for the identification, assessment
and management of reputational risk issues.
Reputational Risk could arise from multiple sources including, but not limited to, Deutsche Bank’s employees, business
strategies and activities, clients, and counterparties. Such events could contribute to among other consequences,
financial losses, litigation, regulatory enforcement actions, or monetary fines, as well as other reputational harm.
The modelling and quantitative measurement of reputational risk internal capital is implicitly covered in the bank’s
economic capital framework primarily within strategic risk.
Governance and Organizational Structure
Deutsche Bank manages reputational risk through a framework. Under this framework, Deutsche Bank has established a
risk appetite statement and policies and controls embedded throughout our business and risk management processes,
with variances available when necessary to comply with applicable country laws, regulations and expectations. . Matters
specific to DWS are reviewed by the DWS Reputational Risk Committee and, if necessary, escalated to the DWS
Executive Board. Decisions are subject to the DWS and Deutsche Bank internal Corporate Governance policies.
Whilst every employee has a responsibility to protect the bank’s reputation, the primary responsibility for the
identification, assessment, management, monitoring and, if necessary, referring or reporting of reputational risk matters
lies with Deutsche Bank’s business divisions as the primary risk owners. Each business division has an established process
through which matters, which are deemed to be a moderate or greater reputational risk are assessed, the Unit
Reputational Risk Assessment Process.
The Unit Reputational Risk Assessment Process is required to refer any material reputational risk matters to the
respective Regional Reputational Risk Committee. The Framework also sets out a number of matters which are
considered inherently higher risk from a reputational risk perspective and are therefore mandatory referrals to the
Regional Reputational Risk Committees. The Regional Reputational Risk Committees are 2nd LoD Committees and meet
on an ad hoc basis as required. The Group Reputational Risk Committee (GRRC) reviews cases with a group-wide impact
and in exceptional circumstances, those that could not be resolved at a regional level.
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| Annual Report 2025 | Information security |
Information security
Deutsche Bank operates in an environment with increasing levels of digitization and a constantly evolving threat
landscape related to information security. Amid these ongoing developments, threats and challenges, Deutsche Bank
has the responsibility to preserve the confidentiality, integrity, and availability of clients’ data, business partners’ data,
and the bank’s own information assets, including the bank’s employees’ information. Doing so consistently and
effectively is essential for retaining the trust of the various stakeholders and preserving their interests.
Due to the dynamic and complex nature of the environment, the bank continuously monitors the security threat
landscape; vigilantly observes technological developments, the geopolitical landscape, and economic impacts driving
security risks; and assesses their relevance for potential impacts on the bank and the wider financial ecosystem.
Deutsche Bank adjusts its security capabilities accordingly to safeguard its ability to provide products and services to
clients and protect the continuous operations of the bank’s businesses.
This section provides a comprehensive overview of Deutsche Bank’s approach to information security, detailing its
continuous efforts to robustly protect data and services, including its security governance structure, security strategy,
and security risk management.
Governance
Responsibility for security matters at Deutsche Bank sits within the Chief Security Office. The Group Chief Security
Officer (CSO) has delegated authority from the Management Board, including approval of the security policies and the
security strategy for the Deutsche Bank Group. The Group CSO reports directly to the Chief Technology, Data, and
Innovation Officer, a member of the Management Board. The Management Board is accountable for overseeing the
implementation of the information security framework, with oversight from the Supervisory Board. There are multiple
mechanisms in place for the Group CSO to escalate security issues directly to the Management Board if required.
Deutsche Bank’s Group CSO has served in various information security roles for more than 20 years. These include
positions as global Chief Information Security Officer (CISO)/CSO for three different large European financial institutions
and a partner position at a global strategy and consulting firm, leading security work for financial service clients.
The Group Chief Security Officer is supported by information security experts at various seniority levels across the bank
to ensure that security requirements are met from regional, divisional, and technical perspectives. All information
security activities are overseen by two dedicated governance forums established and chaired by the Group CSO: the
Group IT Security Council (interfacing with the bank’s IT units) and the Group Information Security Council (interfacing
with the bank’s business and infrastructure divisions). The independent operational risk management function for
information security is represented in both forums. Both forums provide advice on the security strategy and oversee the
progress and performance of key information security deliverables, the remediation status of information security-
related audit findings, information security incidents, and the information security posture of Deutsche Bank Group
against defined targets. In the event of critical issues, members are assigned with specific actions by the Group CSO
according to their responsibility. In addition to the Group CSO-led governance forums, the Technology & Information
Security Risk Committee (TISRC) oversees technology and information security risks, ensuring alignment with the bank's
strategic objectives. The committee is chaired by the Chief Technology, Data and Innovation Officer, and vice chaired by
the Group CSO and the Head of Group Technology Infrastructure, with a mandatory attendance requirement for the
Chief Information Officers and veto power for the risk function represented by both the Global Head of Operational Risk
Management and the Global Head of IT Risk and Information Security Risk.
Security indicators and reporting provided to the bank’s relevant governance forums support appropriate security risk
awareness and decision-making. The comprehensive metrics framework maintained by the Chief Security Office is
underpinned by an extensive data set, allowing for various dedicated views. The Management Board and the Supervisory
Board receive a quarterly information security risk posture report, as well as ad-hoc information if required. Furthermore,
the Group CSO provides regular updates on material topics relating to security to the Supervisory Board’s committee
responsible for Technology, Data and Innovation.
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| Annual Report 2025 | Information security |
Strategy
The Chief Security Office develops the bank’s group-wide security strategy and oversees its global implementation and
operationalization via the organizational setup, governance, and implemented security policies. The security strategy,
which is reviewed on a regular basis, incorporates developments in the threat landscape, technology, the regulatory
environment, the bank’s corporate and IT strategy, and other internal and external parameters. The approach provides
comprehensive and layered security controls. The Chief Security Office works closely with the bank´s divisions to enable
alignment with the security-by-design approach throughout bank-wide programs and initiatives. Security investments
are prioritized and adjusted from a threat-driven perspective, leveraging the regular review and assessment of the
maturity of the bank’s security implementation.
A key element of the bank’s security strategy is to foster responsibility and active awareness among Deutsche Bank staff.
By embedding these principles into daily practices, Deutsche Bank aims to bring about long-term behavioral changes
that help mitigate risks and enhance overall security posture. The bank’s security culture and awareness campaign,
Mission Security, continuously updated to reflect emerging threats and best practices and communicated to all
employees worldwide, reinforces these efforts. Another way the bank strengthens security culture is by periodically
conducting simulations and testing exercises, including phishing simulation and mandatory training.
Impact, risk, and opportunity management
Impacts, risks, and opportunities
Clients expect secure access to their bank’s services anytime, anywhere, and through a variety of channels. As part of
doing business with the bank, clients entrust Deutsche Bank with sensitive data. Deutsche Bank has the responsibility to
preserve the confidentiality, integrity, and availability of clients and business partner data, as well as its own information
assets, including employee information. Doing so consistently and effectively is essential for retaining the trust of these
stakeholders and preserving their interests. Consequently, the bank continues to invest in security risk mitigation. Based
on a comprehensive policy framework for security and stringent risk management processes, Deutsche Bank adjusts its
security capabilities to safeguard its ability to provide products and services to clients and to protect the continued
operations of the bank’s businesses. Stable and resilient services support stakeholder trust, protecting brand value while
enabling business growth and the realization of revenue opportunities.
Technological advancements are steadily increasing the demands for data privacy and security, while the growing
frequency and sophistication of cyberattacks have significantly elevated the risk profile of organizations worldwide,
including Deutsche Bank and other organizations along its supply chain. Third-party software and technology providers
remain prime targets for threat actors, who exploit supply chain vulnerabilities to compromise or disrupt large numbers
of downstream customers and assets, amplifying the impact of their attacks.
In 2025, geopolitical unrest remained a key driver of cyber threat activity. Financially motivated and highly sophisticated
cyberattacks have become persistent across industries and are expected to intensify. The rapid adoption and
advancement of artificial intelligence (AI) continues to reshape the threat landscape, accelerating hybrid warfare tactics,
misinformation campaigns, and social engineering attacks leveraging deepfakes. Common attack vectors such as
ransomware, denial-of-service attacks, and exploits of unnoticed vulnerabilities (so called zero-day exploits) are
increasing in scale and complexity. Quantum computing, while still emerging, remains a strategic focus area for long-
term risk management.
Failure to embed and ensure oversight of security requirements within the bank’s framework to best address associated
risks and subsequent appropriate implementation can lead to breaches of confidentiality and integrity of information,
and unavailability of information and/or services. Additionally, Deutsche Bank may face operational risks arising from
failures in the control environment, including errors in the performance of processes or security controls, as well as data
loss, which may disrupt business and lead to material losses.
Security breaches can occur due to unauthorized access to networks or resources, unauthorized access or loss/
destruction of confidential information, unintended exposure of vulnerabilities in the bank's infrastructure, or the
introduction of computer viruses or malware, technology failures, or other forms of cybersecurity attacks or incidents,
including breaches of the security of third-party computer systems.
In case of a successful attack, there might be an impact on Deutsche Bank’s stakeholders and the wider financial
ecosystem due to compromised data, unintentional spread of malware, unavailability of services, and the inaccessibility
of systems and/or data. This encompasses internal and third-party information technology systems.
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| Annual Report 2025 | Information security |
A successful cyberattack could have a significant negative direct or indirect impact on the bank that may result in the
disclosure or misuse of client information and the bank’s proprietary information, damage to or inability to access
information technology systems, statutory or regulatory non-compliance and financial losses. Potential consequences
range from reputational damage and client dissatisfaction, contractual non-compliance (e.g., if services are not provided
as agreed), remediation costs (such as for investigation and reestablishing services), increased cybersecurity costs (such
as for additional personnel, technology, or third-party vendors), potential penalties and fines, to personal data breach
notification obligations, and litigation exposure.
Deutsche Bank maintains insurance as an additional risk mitigant for cyber risk. The bank´s insurance coverage is
designed to include the mitigation of the financial impact of security incidents; however, it may not fully cover all
potential losses, including reputational damage or indirect costs associated with a cyber event. Notwithstanding the
bank’s security measures, there can be no assurance that its policies, controls, or cyber insurance coverage will be
sufficient to prevent or fully mitigate the impact of future cyber incidents, and it could have a material adverse effect on
its financial condition.
Policies and risk management
The bank’s policies and controls support risk reduction and mitigation for potential negative impacts. Information
security risk is managed as an operational risk under the bank’s Operational Risk Management Framework. The Chief
Security Office is responsible for and executes security matters against the Operational Risk Management Framework
and leverages the results of its various instruments, such as risk appetite, while Operational Risk Management provides
oversight, review, and challenge. Measures for the further reduction of material residual risks may include policy changes
or policy amendments at divisional or group level, as well as prioritized investment and accelerated implementation of
risk-mitigating activities.
Security risks are assessed on a continual basis through analysis of internal and external cyber events, including events at
peer institutions, monitoring of the threat environment, and discussion in various forums.
The annual risk and control assessment process evaluates diverse risk scenarios, encompassing service disruption, system
misuse, data distortion, asset/data destruction, data disclosure, financial theft, and non-adherence to regulatory policies
and laws. This comprehensive analysis incorporates potentially affected stakeholders, including clients and suppliers,
and assesses the external threat landscape by leveraging industry-standard frameworks, such as MITRE ATT&CK
(standardized framework to assess cyberattacks). When evaluating control suites and residual risk positions, the process
considers contextual data and controls, such as major events, threat assessments, findings, scenario analysis, control
metrics, lessons learned, events at peer institutions, read-across, regulatory expectations, and remediation activities.
Additional risk reviews are conducted for emerging developments, with results evaluated against the bank's control
capabilities.
As an integral part of this assessment, internal security subject matter experts provide risk evaluations, supported by
areas like Legal, Compliance, or Group Data Privacy, as needed. These evaluations are subsequently reviewed and
challenged by risk subject matter experts to determine the final risk position. Concurrently, senior information security
experts from all divisions and functions assess the group’s exposure within their respective domains. These divisional and
functional assessments are also subjected to review and challenge by risk subject matter experts, establishing the final
risk positions across the organization.
Deutsche Bank maintains an ISO 27001-compliant information security management system (ISMS) to protect
information assets. The system facilitates the comprehensive identification, assessment, and mitigation of risks through
the holistic integration of security controls across the entire workforce, operational processes, and technological
infrastructure. It defines the foundational objectives and principles of the bank's security architecture and strategy,
consistent with its overarching governance framework for policies and operational risk management directives.
The ISMS is comprehensively supported by a structured suite of policies, procedures, and controls that clearly define
responsibilities for all employees, designated security roles, and third parties. It also sets forth objectives and processes
for security functions, including access management, threat intelligence, and incident response.
Continuous monitoring and iterative improvement are integral to the ISMS, ensuring adaptability to evolving threats and
vulnerabilities. The framework undergoes an annual strategic review, with all updates approved by the Group CSO. Its
established processes are centrally governed and applied throughout the bank. Unit-specific guidelines further detail
operational implementation, demonstrating a strong commitment to established security standards.
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| Annual Report 2025 | Information security |
The bank’s ISMS has been certified by an accredited certification body according to ISO 27001 for all information
security domains defined within that standard since 2012. To maintain its ISO 27001 certification, the bank performs a
full recertification process every three years, with the latest taking place in 2024, and included the upgrade of its ISMS to
the 2022 version of ISO 27001. Furthermore, the bank performs an annual surveillance audit designed to ensure
compliance between certification intervals with the most recent surveillance audit conducted in 2025.
Actions and resources
To address the evolving threat landscape, Deutsche Bank employs a variety of prevention methods and controls. These
include, for example, network security, identity and access management, endpoint and data security (including data
classification and leakage prevention), threat intelligence, cyber hygiene, and encryption solutions. These preventive
controls are backed by a threat-driven detection setup and a robust incident response process.
Deutsche Bank has established a holistic information security program with appropriate staffing, tooling, and processes.
The bank continually reviews and enhances its information security controls through multiple layers of technology,
including databases, infrastructure, devices, and applications. This is complemented by organizational controls and
security training and awareness. The purpose of this layered approach is to strengthen end-to-end protection by utilizing
multiple opportunities to prevent, detect, respond to, and recover from cyber threats.
Deutsche Bank leverages various mechanisms to self-identify areas for improvements and control enhancements. These
encompass comprehensive security testing including red teaming and threat-led penetration testing, security problem
management, and lessons learned. Deutsche Bank´s Group Audit provides independent, risk-based assurance by
periodically assessing the design and operating effectiveness of key information security controls within the ISMS. The
bank’s overall information security program is evaluated on a regular basis by third-party organizations which include
external auditors, regulators and security testing organizations.
The bank actively shares security best practices and threat information with national and international security
organizations, government authorities, and peer organizations. These relationships help ensure that the bank’s security
technology and procedures reflect current financial industry best practices and keep pace with the evolving threat
environment.
As digitalization advances, the need to enhance societal literacy on information security topics grows. Deutsche Bank
addresses this need by educating and informing through informational materials, publicly provided via its dedicated
client-facing security website covering security-related topics and highlighting information security threats (including
those related to emerging technologies like AI, deepfakes and phishing via quick response (QR) codes), best practices for
secure behavior, and links to relevant resources. To strengthen trust, additionally, an overview of the bank's protective
measures is provided. Client interaction also encompasses presentation of security topics at client events and responses
to client inquiries on security topics by its client relationship managers.
Deutsche Bank requires yearly mandatory information security baseline training for all employees and eligible contractor
staff. This training encompasses the content of the information security policy, the process to report security incidents or
any other security-related concerns, as well as important and current security threats. To ensure relevance and to
comply with internal standards, the training is updated at least on a yearly basis. For Deutsche Bank employees, failure to
complete this training and late completion can result in disciplinary consequences. In 2025, a learning completion rate of
99,66% was achieved for the e-learning-based mandatory information security training, compared to 99,65% in 2024.
Deutsche Bank’s security incident management provides ongoing coverage for security events that may affect the bank,
its clients and business partners, or employees. The bank’s Cyber Threat Operations Centers located in Asia Pacific,
Europe and USA support global and group-wide detection of threats and response to incidents 24/7. The related
management and reporting processes performed with involvement of subject matter experts, such as divisional CISOs,
Compliance, Legal, Group Communications and Group Data Privacy, are designed to enable a quick and effective
response to cyberattacks and information security threats. The objective is to minimize the risk of impacts on Deutsche
Bank and to use insights gained from incident handling to continuously improve the bank’s processes.
Information security risks of third parties are managed by Deutsche Bank through a combination of capabilities,
implementing a comprehensive approach to mitigate these risks. Key components include the bank’s global third-party
risk management program, which is designed to identify, monitor, and mitigate risks associated with third-party
engagements. In combination, the bank requires adherence to an information security policy with specific security
controls for third parties, which include incident notification requirements.
Third parties are also re-assessed periodically based on their criticality (annually or bi-annually) to seek continued
assurance that control requirements are being met. Additionally, third parties are also engaged in response to specific
threats and incidents to assess any impact on the bank. For more details on the bank’s third-party management, please
refer to the “Supply chain management” chapter in the Sustainability Statement.
128
| Deutsche Bank | Risk type Management |
|---|---|
| Annual Report 2025 | Information security |
As in prior years, Deutsche Bank in 2025 experienced attacks on computer systems, including attacks aimed at obtaining
unauthorized access to confidential company or client information, damaging or interfering with company data,
resources, or business activities, or otherwise exploiting vulnerabilities in its infrastructure, including attacks that
occurred along the bank’s supply chain. The bank, however, did not experience any material effect on its business
strategy, results of operation, or financial condition due to an information security incident, including attempted
cyberattacks.
Consequently, the bank continued to invest in security risk mitigation. In 2025, Deutsche Bank kept advancing its
security capabilities through a multitude of programs encompassing the breadth of the cyber security domain. A few
specific examples are programs such as enhanced threat detection and prevention, advanced identity management
capabilities, and embedding security as part of infrastructure platform modernization and simplification. The bank also
continues to monitor and evaluate emerging technologies to anticipate and prepare for future risk.
129
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Risk and capital performance
Capital, Leverage Ratio, TLAC and MREL
Own Funds
The calculation of Deutsche Bank’s own funds incorporates the capital requirements following the “Regulation (EU)
No 575/2013 on prudential requirements for credit institutions” (CRR) and the “Directive 2013/36/EU on access to the
activity of credit institutions and the prudential supervision of credit institutions” (CRD), which have been further
amended with subsequent Regulations and Directives. The CRD has been implemented into German law. The
information in this section as well as in the section “Development of risk-weighted assets” is based on the regulatory
principles of consolidation.
This section refers to the capital adequacy of the group of entities consolidated for banking regulatory purposes
pursuant to the CRR and the German Banking Act (“Kreditwesengesetz” or “KWG”), which does not include insurance
companies and companies outside the finance sector.
The total own funds pursuant to the effective regulations as of year-end 2025 comprises Tier 1 and Tier 2 capital. Tier 1
capital is subdivided into Common Equity Tier 1 capital and Additional Tier 1 capital.
CET 1 capital consists primarily of common share capital (net of own holdings) including related share premium
accounts, retained earnings (including losses for the financial year, if any) and accumulated other comprehensive income,
subject to prudential filters and regulatory adjustments as well as minority interests qualifying for inclusion in
consolidated CET 1 capital. Prudential filters for CET 1 capital, according to Articles 32 to 35 CRR, include securitization
gains on sale, cash flow hedges and changes in the value of own liabilities, and additional value adjustments. CET 1
capital regulatory adjustments for instance includes intangible assets (exceeding their prudential value), temporary
treatment of unrealized gains and losses measured at fair value through OCI in accordance with Article 468 CRR which
was discontinued in the fourth quarter of 2025, deferred tax assets that rely on future profitability, negative amounts
resulting from the calculation of expected loss amounts, net defined benefit pension fund assets, reciprocal cross
holdings in the capital of financial sector entities and, significant and non-significant investments in the capital (CET 1,
AT1, Tier 2) of financial sector entities above certain thresholds. All items which are not deducted (i.e., amounts below
the threshold) are subject to risk-weighting.
Additional Tier 1 capital consists of AT1 capital instruments and related share premium accounts as well as
noncontrolling interests qualifying for inclusion in consolidated AT1 capital. To qualify as AT1 capital under CRR/CRD,
instruments must have principal loss absorption through a conversion to common shares or a write-down mechanism
allocating losses at a trigger point and must also meet further requirements such as perpetual with no incentive to
redeem and institution must have full dividend/coupon discretion at all times.
Tier 2 capital comprises eligible capital instruments, the related share premium accounts and subordinated long-term
debt, certain loan loss provisions and noncontrolling interests that qualify for inclusion in consolidated Tier 2 capital. To
qualify as Tier 2 capital, capital instruments or subordinated debt must have an original maturity of at least five years.
Moreover, eligible capital instruments may inter alia not contain an incentive to redeem, a right of investors to accelerate
repayment, or a credit sensitive dividend feature.
130
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Capital instruments
The Management Board was authorized by the 2024 Annual General Meeting to buy, on or before April 30, 2029, shares
of up to 10% of the share capital at the time this resolution was taken or, if lower, of the share capital at the respective
time the authorization was exercised. As at the 2024 Annual General Meeting, this corresponded to a volume of up to
199.5 million shares. Thereof, a volume of up to 5% of the total share capital or 99.7 million shares can be purchased by
using derivatives, including derivatives with a volume of up to 2% of the total share capital with a maturity exceeding
18 months. During the period from the 2024 Annual General Meeting until the 2025 Annual General Meeting, 34.6 million
shares were purchased for equity compensation purposes in the same period or upcoming periods. Thereof, 21.3 million
shares were purchased by exercising call options. In addition, 22.7 million new call options were purchased for equity
compensation purposes in upcoming periods. Furthermore, 27.9 million shares were purchased for cancellation with the
purpose of distributing capital to shareholders in the same period. Thereof, 20.9 million shares were acquired as part of
the share buyback program of € 675 million in 2024 and were cancelled at the beginning of the year 2025; and
7.0 million shares were acquired as part of the share buyback program of € 750 million in 2025. The number of shares
held in Treasury amounted to 12.9 million as of the 2025 Annual General Meeting. Thereof, 7.0 million shares relate to
shares bought back for cancellation as part of the € 750 million share buyback program in 2025. The remaining volume of
5.9 million shares relates to shares to be used for equity compensation purposes in upcoming periods.
The Annual General Meeting on May 22, 2025 granted the Management Board the approval to buy, on or before April 30,
2030, shares of up to 10% of the share capital at the time of this resolution was taken or, if lower, of the share capital at
the respective time the authorization was exercised. As at the 2025 Annual General Meeting, this corresponded to
194.8 million shares. Thereof, a volume of up to 5% of the total share capital or 97.4 million shares can be purchased by
using derivatives, including derivatives with a volume of up to 2% of the total share capital with a maturity exceeding
18 months. These authorizations replaced the authorizations of the previous year. During the period from the 2025
Annual General Meeting until December 31, 2025, 4.6 million shares were purchased for equity compensation purposes
in upcoming periods and 30.6 million shares were purchased for cancellation with the purpose of distributing capital to
shareholders. Thereof, 22.3 million shares were purchased as part of the € 750 million share buyback program and
8.4 million shares were acquired as part of the € 250 million share buyback program. In December 2025, a total number
of 37.7 million shares were cancelled. The number of shares held in Treasury amounted to 7.7 million shares as of
December 31, 2025. The shares will be used for equity compensation purposes in upcoming periods.
Since the 2017 Annual General Meeting, renewed at the 2021 Annual General Meeting and valid until the 2025 Annual
General Meeting, authorized capital available to the Management Board was € 2,560 million (1,000 million shares). At the
2025 Annual General Meeting this authorized capital was replaced by a new authorized capital of € 2,493 million
(973.8 million shares). As of December 31, 2025 this authorization has not been utilized and authorized capital remains at
€ 2,493 million.
Since the 2022 Annual General Meeting and until the 2025 Annual General Meeting, the Management Board was
authorized to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify
as Additional Tier 1 capital with an equivalent value of € 9 billion. In this period Deutsche Bank issued € 5.75 billion new
AT1 notes, thereof € 1.5 billion in March 2025. Since the 2025 Annual General Meeting the Management Board is
authorized to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify
as Additional Tier 1 capital with an equivalent value of € 12 billion on or before April 30, 2030. Under this authorization as
of December 31, 2025 Deutsche Bank issued € 1.0 billion new AT1 notes.
Based on the current CRR, the amount recognized as regulatory AT1 capital amounted to € 11.5 billion. The
corresponding nominal amount of outstanding AT1 instruments was € 11.7 billion as of December 31, 2025. In 2025, AT1
instruments with a nominal value of € 2.4 billion were called. The bank issued new AT1 notes with a nominal amount of
€ 2.5 billion in 2025.
As of December 31, 2025, the amount recognized as regulatory Tier 2 amounted capital to € 7.1 billion. The
corresponding nominal amount of outstanding Tier 2 instruments was € 8.3 billion as of December 31, 2025. In 2025,
Tier 2 instruments with a nominal value of € 2.8 billion matured and € 0.1 billion became ineligible. There were no new
issuances of Tier 2 instruments in 2025.
131
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Prudential requirements and additional buffers
The Pillar 1 CET 1 minimum capital requirement applicable to the Group is 4.50% of RWA. The Pillar 1 total capital
requirement of 8.00% demands further resources that may be met with up to 1.50% Additional Tier 1 capital and up to
2.00% Tier 2 capital.
Failure to meet minimum capital requirements can result in supervisory measures such as restrictions of profit
distributions or limitations on certain businesses such as lending. Deutsche Bank complied with the minimum regulatory
capital adequacy requirements in 2025.
In addition to these minimum capital requirements, the following combined capital buffer requirements were fully
effective beginning 2025 onwards. These buffer requirements must be met in addition to the Pillar 1 minimum capital
requirements but can be drawn down in times of economic stress.
The capital conservation buffer is implemented in Section 10c German Banking Act, based on Article 129 CRD and
equals a requirement of 2.50% CET 1 capital of RWA.
The countercyclical capital buffer is deployed in a jurisdiction when excess credit growth is associated with an increase in
system-wide risk. It may vary between 0% and 2.50% CET 1 capital of RWA. In exceptional cases, it could also be higher
than 2.50%. The institution-specific countercyclical buffer that applies to Deutsche Bank is the weighted average of the
countercyclical capital buffers that apply in the jurisdictions where relevant credit exposures are located. As per
December 31, 2025, the institution-specific countercyclical capital buffer was at 0.50%.
In addition to the aforementioned buffers, national authorities, such as the BaFin, may require a systemic risk buffer to
prevent and mitigate long-term non-cyclical systemic or macro-prudential risks that are not covered by the CRR. They
can require an additional buffer of up to 5.00% CET 1 capital of RWA. As of the year end 2025, the systemic risk buffer
applied to Deutsche Bank is 0.14%.
Deutsche Bank continues to be designated as a global systemically important institution (G-SII) by the BaFin resulting in
a G-SII buffer requirement of 1.50% CET 1 capital of RWA in 2025. BaFin has announced that the G-SII buffer
requirement for Deutsche Bank will be reduced to 1.00% for the year 2026.
Additionally, Deutsche Bank has been classified by BaFin as an “other systemically important institution” (O-SII) with an
additional capital buffer requirement of 2.00% in 2025 which has to be met on a consolidated level and remains
unchanged for 2026. The higher of the buffers for systemically important institutions (G-SII buffer or O-SII buffer) must
be applied.
Pursuant to the Pillar 2 SREP, the ECB may impose capital requirements on individual banks which are more stringent
than statutory requirements (so-called Pillar 2 requirement).
In December 2024, the ECB informed Deutsche Bank of its decision effective January 1, 2025, that the bank’s Pillar 2
requirement changed compared to 2024. This resulted in ECB’s Pillar 2 requirement amounting to 2.90% of RWA. As of
December 31, 2025, Deutsche Bank needs to maintain on a consolidated basis a CET 1 ratio of at least 11.26%, a Tier 1
ratio of at least 13.31% and a Total Capital ratio of at least 16.03%. The CET 1 requirement comprises the Pillar 1
minimum capital requirement of 4.50%, the Pillar 2 requirement (SREP add-on) of 1.63%, the capital conservation buffer
of 2.50%, the countercyclical buffer of 0.50% and the systemic risk buffer of 0.14% (both subject to changes throughout
the year) as well as the higher of the bank´s G-SII/O-SII buffer of 2.00%. Correspondingly, the Tier 1 capital requirement
includes additionally a Tier 1 minimum capital requirement of 1.50% plus a Pillar 2 requirement of 0.54%, and the Total
Capital requirement includes further a Tier 2 minimum capital requirement of 2.00% and a Pillar 2 requirement of 0.72%.
In addition, ECB communicated to Deutsche Bank an individual expectation to maintain a further Pillar 2 CET 1 capital
add-on commonly referred to as the Pillar 2 guidance. This capital add-on is separate from and in addition to the Pillar 2
requirement. The ECB expects banks to meet the Pillar 2 guidance although it is not legally binding, and failure to meet
the Pillar 2 guidance does not lead to automatic restrictions of capital distributions.
On October 28, 2025, Deutsche Bank was informed by the ECB of its decision regarding prudential minimum capital
requirements for 2026 that applies from January 1, 2026, onwards, following the results of the 2025 SREP. The decision
set ECB’s Pillar 2 requirement to 2.85% of RWA, effective as of January 1, 2026, of which at least 1.60% must be covered
by CET 1 capital and 2.14% by Tier 1 capital.
132
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
The following table gives an overview of the different Pillar 1 and Pillar 2 minimum capital buffer requirements (but
excluding the Pillar 2 guidance) as applicable to Deutsche Bank for the years 2025 and 2026.
Overview prudential requirements and additional buffers
| 2025 | 2026 | |
|---|---|---|
| Pillar 1 | ||
| Minimum CET 1 requirement | 4.50% | 4.50% |
| Combined buffer requirement | 5.13% | 5.15% |
| Capital Conservation Buffer | 2.50% | 2.50% |
| Countercyclical Buffer¹ | 0.50% | 0.52% |
| Systemic Risk Buffer² | 0.14% | 0.14% |
| Maximum of: | 2.00% | 2.00% |
| G-SII Buffer | 1.50% | 1.00% |
| O-SII Buffer | 2.00% | 2.00% |
| Pillar 2 | ||
| Pillar 2 SREP Add-on of Total capital (excluding the "Pillar 2" guidance) | 2.90% | 2.85% |
| of which covered by CET 1 capital | 1.63% | 1.60% |
| of which covered by Tier 1 capital | 2.18% | 2.14% |
| of which covered by Tier 2 capital | 0.72% | 0.71% |
| Total CET 1 requirement from Pillar 1 and 2³ | 11.26% | 11.25% |
| Total Tier 1 requirement from Pillar 1 and 2 | 13.31% | 13.29% |
| Total capital requirement from Pillar 1 and 2 | 16.03% | 16.00% |
| Pillar 1 Leverage Ratio minimum requirement | 3.00% | 3.00% |
| Pillar 2 Leverage Ratio requirement | 0.10% | 0.10% |
| G-SII Leverage Ratio Buffer | 0.75% | 0.50% |
| Total Leverage Ratio requirement | 3.85% | 3.60% |
1Deutsche Bank’s countercyclical buffer requirement is subject to country-specific buffer rates decreed by EBA and the Basel Committee of Banking Supervision (BCBS)
as well as Deutsche Bank’s relevant credit exposures as per respective reporting date; the countercyclical buffer rate for 2026 has been calculated to be 0.52% based on
known countercyclical buffer changes in 2026; the countercyclical buffer is subject to Deutsche Bank portfolio changes and further changes of countercyclical buffer
rates throughout the year
2The Systemic risk buffer rate for 2026 has been calculated to be 0.14% based on known systemic risk buffer changes in 2026; the systemic risk buffer is subject to
Deutsche Bank portfolio changes and further changes in systemic risk buffer rates throughout the year
3The total Pillar 1 and Pillar 2 CET 1 requirement (excluding the “Pillar 2” guidance) is calculated as the sum of the SREP requirement, the systemic risk buffer requirement,
the capital conservation buffer requirement and countercyclical buffer requirement as well as the higher of the G-SII/O-SII requirement
The Group’s Pillar 1 Tier 1 applicable capital requirement is 3.00% of leverage exposure. An additional leverage ratio
buffer requirement, equivalent to 50% of the applicable G-SII buffer rate, also applies. For Deutsche Bank, this additional
requirement equals 0.75% for 2025 and 0.50% for 2026. Furthermore, the ECB has set a Pillar 2 requirement for the
leverage ratio of 0.10%. This adds up to a total leverage ratio requirement of 3.85% for 2025. In addition, ECB
communicated to Deutsche Bank an individual expectation to maintain a further Pillar 2 Tier 1 capital add-on in relation
to leverage ratio, commonly referred to as the Pillar 2 guidance. This capital add-on is separate from and in addition to
the Pillar 2 requirement. The ECB expects banks to meet the Pillar 2 guidance although it is not legally binding, and
failure to meet the Pillar 2 guidance does not lead to automatic restrictions of capital distributions.
Development of Own Funds
Deutsche Bank’s CET 1 capital as of December 31, 2025, amounted to € 49.3 billion, a decrease of € 0.2 billion compared
to € 49.5 billion at the end of 2024. AT1 capital was € 11.5 billion as of December 31, 2025, an increase of € 0.1 billion
compared to € 11.4 billion at the end of 2024. Tier 1 capital was € 60.8 billion as of December 31, 2025, broadly stable
compared to the end of 2024. Tier 2 capital amounted to € 7.1 billion as of December 31, 2025, a decrease of
€ 0.6 billion compared to € 7.7 billion at the end of 2024. Total capital amounted to € 67.8 billion as of December 31,
2025, a decrease of € 0.7 billion compared to € 68.5 billion at the end of 2024.
As of December 31, 2025, Deutsche Bank's CET1 ratio was 14.2%, an increase of 40 basis points compared to December 31,
- This development was primarily driven by lower RWA as outlined in “Development of risk-weighted assets” section,
partly offset by a decrease in CET1 capital as outlined below. The initial effect of the implementation of CRR3 amounted
to 1 basis point, comprising a CET1 capital reduction of € 0.4 billion and an overall decrease of € 3.4 billion in RWA.
133
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
CET 1 capital decreased by € 0.2 billion during 2025. This development included a net profit of € 6.9 billion for the year
2025 reduced by regulatory deductions for future shareholder distribution and AT1 coupon payments of € 3.6 billion
which is in line with the ECB Decision (EU) (2015/656) on the recognition of interim or year-end profits in CET 1 capital in
accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4). In addition, the decrease in CET 1
capital was driven by accumulated other comprehensive income which includes currency translation adjustments of
€ 3.2 billion, discontinuation of the temporary treatment of unrealized gains and losses measured at fair value through
OCI in accordance with Article 468 CRR by € 1.0 billion, higher deduction for non-performing exposures of € 0.4 billion,
effects from the completion of the second share buyback program of € 0.3 billion and collective investment
undertakings not included in RWA of € 0.2 billion. These reductions were partially offset by lower deductions from
deferred tax assets of € 0.9 billion, expected loss shortfall of € 0.5 billion as well as goodwill and other intangibles of
€ 0.2 billion.
The AT1 capital increase of € 0.1 billion was mainly due to the issuance of two new AT1 capital instruments during the
year amounting to € 2.5 billion, reduced by the exercised call options on two instruments with a total principal amount of
€ 2.4 billion (U.S.$2.75 billion equivalent).
The Tier 2 capital decrease of € 0.6 billion was mainly due to foreign exchange effects of € 0.6 billion and € 0.3 billion
due to amortization. This was partly offset by an increase of € 0.3 billion in carrying amount change arising from accrued
interest and fair value hedge.
134
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Own Funds Template (including RWA and capital ratios)
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Common Equity Tier 1 (CET 1) capital: instruments and reserves | ||
| Capital instruments, related share premium accounts and other reserves | 42,983 | 44,130 |
| Retained earnings | 21,149 | 19,978 |
| Accumulated other comprehensive income (loss), net of tax | (4,159) | (1,229) |
| Independently reviewed interim profits net of any foreseeable charge or dividend1 | 3,347 | 801 |
| Other | 917 | 1,020 |
| Common Equity Tier 1 (CET 1) capital before regulatory adjustments | 64,237 | 64,700 |
| Common Equity Tier 1 (CET 1) capital: regulatory adjustments | ||
| Additional value adjustments (negative amount) | (1,667) | (1,680) |
| Other prudential filters (other than additional value adjustments) | 296 | 95 |
| Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | (5,045) | (5,277) |
| Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net<br><br>of related tax liabilities where the conditions in Art. 38 (3) CRR are met) (negative amount) | (2,533) | (3,463) |
| Negative amounts resulting from the calculation of expected loss amounts | (2,579) | (3,037) |
| Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | (1,135) | (1,173) |
| Direct, indirect and synthetic holdings by an institution of own CET 1 instruments (negative amount) | — | — |
| Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities<br><br>where the institution has a significant investment in those entities (amount above the 10%/15% thresholds<br><br>and net of eligible short positions) (negative amount) | — | — |
| Deferred tax assets arising from temporary differences (net of related tax liabilities where the conditions in<br><br>Art. 38 (3) CRR are met) (amount above the 10%/15% thresholds) (negative amount) | — | — |
| Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR | — | 1,012 |
| Other regulatory adjustments2 | (2,309) | (1,721) |
| Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital | (14,971) | (15,244) |
| Common Equity Tier 1 (CET 1) capital | 49,266 | 49,457 |
| Additional Tier 1 (AT1) capital: instruments | ||
| Capital instruments and the related share premium accounts | 11,648 | 11,508 |
| Amount of qualifying items referred to in Art. 484 (4) CRR and the related share<br><br>premium accounts subject to phase out from AT1 | — | — |
| Additional Tier 1 (AT1) capital before regulatory adjustments | 11,648 | 11,508 |
| Additional Tier 1 (AT1) capital: regulatory adjustments | ||
| Direct, indirect and synthetic holdings by an institution of own AT1 instruments<br><br>(negative amount) | (130) | (130) |
| Residual amounts deducted from AT1 capital with regard to deduction from CET 1 capital during the<br><br>transitional period pursuant to Art. 472 CRR | ||
| Other regulatory adjustments | — | — |
| Total regulatory adjustments to Additional Tier 1 (AT1) capital | (130) | (130) |
| Additional Tier 1 (AT1) capital | 11,518 | 11,378 |
| Tier 1 capital (T1 = CET 1 + AT1) | 60,784 | 60,835 |
| Tier 2 (T2) capital | 7,050 | 7,676 |
| Total capital (TC = T1 + T2) | 67,834 | 68,511 |
| Total risk-weighted assets | 347,133 | 357,427 |
| Capital ratios | ||
| Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets) | 14.2 | 13.8 |
| Tier 1 capital ratio (as a percentage of risk-weighted assets) | 17.5 | 17.0 |
| Total capital ratio (as a percentage of risk-weighted assets) | 19.5 | 19.2 |
1Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year profits
of € 6.9 billion reduced by deductions for future shareholder distribution of € 3.1 billion and AT1 coupons of € 0.5 billion
2Includes capital deductions of € 1.4 billion (December 2024: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single Resolution
Fund and the Deposit Guarantee Scheme, € 0.7 billion (December 2024: € 0.3 billion) based on ECB's supervisory recommendation for a prudential provisioning of non-
performing exposures
135
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Reconciliation of shareholders’ equity to Own Funds
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Total shareholders’ equity per accounting balance sheet | 66,933 | 66,276 |
| Deconsolidation/Consolidation of entities | (24) | (24) |
| Of which: | ||
| Additional paid-in capital | — | — |
| Retained earnings | (16) | (24) |
| Accumulated other comprehensive income (loss), net of tax | (9) | — |
| Total shareholders' equity per regulatory balance sheet | 66,909 | 66,252 |
| Minority Interests (amount allowed in consolidated CET 1) | 917 | 1,020 |
| AT1 coupon and shareholder distribution deduction1 | (3,585) | (2,565) |
| Capital instruments not eligible under CET 1 as per CRR 28(1) | (4) | (7) |
| Common Equity Tier 1 (CET 1) capital before regulatory adjustments | 64,237 | 64,700 |
| Prudential filters | (1,371) | (1,585) |
| Of which: | ||
| Additional value adjustments | (1,667) | (1,680) |
| Any increase in equity that results from securitized assets | — | — |
| Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated<br><br>at fair value resulting from changes in own credit standing | 296 | 95 |
| Regulatory adjustments | (13,600) | (13,659) |
| Of which: | ||
| Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | (5,045) | (5,277) |
| Deferred tax assets that rely on future profitability | (2,533) | (3,463) |
| Negative amounts resulting from the calculation of expected loss amounts | (2,579) | (3,037) |
| Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | (1,135) | (1,173) |
| Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities<br><br>where the institution has a significant investment in those entities | — | — |
| Securitization positions not included in risk-weighted assets | — | — |
| Collective Investment Undertakings (CIU) not included in risk-weighted assets | (214) | — |
| Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR | 1,012 | |
| Others2 | (2,094) | (1,721) |
| Common Equity Tier 1 capital | 49,266 | 49,457 |
1 Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year
deductions include deductions for future shareholder distribution of € 3.1 billion and AT1 coupons of € 0.5 billion
2 Includes capital deductions of € 1.4 billion (December 31, 2024: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single
Resolution Fund and the Deposit Guarantee Scheme, € 0.7 billion (December 31, 2024: € 0.3 billion) based on ECB’s supervisory recommendation for a prudential
provisioning of non-performing exposures
136
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Development of Own Funds
| in € m. | twelve months<br><br>ended Dec 31,<br><br>2025 | twelve months<br><br>ended Dec 31,<br><br>2024 |
|---|---|---|
| Common Equity Tier 1 (CET 1) capital - opening amount | 49,457 | 48,066 |
| Common shares, net effect | (215) | (115) |
| Additional paid-in capital | (1,460) | (430) |
| Retained earnings | 7,301 | 3,341 |
| Common shares in treasury, net effect/(+) sales (–) purchase | 528 | (232) |
| Movements in accumulated other comprehensive income | (2,929) | 530 |
| AT1 coupon and shareholder distribution deduction¹ | (3,585) | (2,565) |
| Additional value adjustments | 13 | 47 |
| Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | 232 | (263) |
| Deferred tax assets that rely on future profitability (excluding those arising from temporary differences) | 930 | 744 |
| Negative amounts resulting from the calculation of expected loss amounts | 458 | (651) |
| Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | 37 | (253) |
| Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities<br><br>where the institution has a significant investment in those entities | — | — |
| Deferred tax assets arising from temporary differences (amount above 10% and 15% threshold,<br><br>net of related tax liabilities where the conditions in Art. 38 (3) CRR are met) | — | — |
| Other, including regulatory adjustments | (1,501) | 1,238 |
| Common Equity Tier 1 (CET 1) capital - closing amount | 49,266 | 49,457 |
| Additional Tier 1 (AT1) Capital – opening amount | 11,378 | 8,328 |
| New Additional Tier 1 eligible capital issues | 2,500 | 2,950 |
| Matured and called instruments | (2,360) | — |
| Other, including regulatory adjustments | — | 100 |
| Additional Tier 1 (AT1) Capital – closing amount | 11,518 | 11,378 |
| Tier 1 capital | 60,784 | 60,835 |
| Tier 2 (T2) capital – closing amount | 7,050 | 7,676 |
| Total regulatory capital | 67,834 | 68,511 |
1Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year
deductions include deductions for future shareholder distribution of € 3.1 billion and AT1 coupons of € 0.5 billion
137
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|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Minimum loss coverage for Non Performing Exposure (NPE)
In April 2019, the EU published requirements Regulation (EU) 2019/630 amending the CRR (Regulation (EU) No
575/2013) for a prudential backstop reserve for non-performing exposure (NPE). This regulation results in a Pillar 1
deduction from CET 1 capital when a minimum loss coverage requirement is not met. It is applied to exposures
originated and defaulted after April 25, 2019.
In addition, in March 2018, the ECB published its “Addendum to the ECB Guidance to banks on non-performing loans:
supervisory expectations for prudential provisioning of non-performing exposures” and in August 2019, its “Communication
on supervisory coverage expectations for NPEs”.
The ECB guidance issued is applicable to all newly defaulted loans after April 1, 2018 (ECB - new NPE’s after April 1,
2018) and, similar to the EU rules, it requires banks to take measures in case a minimum impairment coverage
requirement is not met. Within the annual SREP discussions ECB may impose Pillar 2 measures on banks in case ECB is
not confident with measure taken by the individual bank.
For the year end 2020, the bank introduced a framework to determine the prudential provisioning of non-performing
exposure as a Pillar 2 measure as requested in the before mentioned ECB’s guidance and SREP recommendation.
For the minimum loss coverage expectation for NPE´s arising from clients defaulted before April 1, 2018 (ECB – NPE
Stock) a phase-in path to 100% coverage expectation was envisaged with an annual increase of 10%. In a first step, banks
were allocated to three comparable groups on the basis of the bank’s net NPL ratios as of end-2017 and in a second step
an assessment of capacity regarding the potential impact was carried out for each individual bank with a horizon of
end-2026. Deutsche Bank has been assigned to Group 1 which requires a full applicability of 100% minimum loss
coverage by year end 2024 for secured loans respectively by year end 2023 for unsecured loans.
The shortfall between the minimum loss coverage requirements for non-performing exposure and the risk reserves
recorded in line with the IFRS 9 for defaulted (Stage 3) assets amounted to € 657 million as of December 31, 2025 and
was deducted from CET 1. This additional CET 1 charge can be considered as additional regulatory loss reserve and leads
to a € 2.6 billion RWA relief.
Non-performing exposure loss coverage
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| in € m. (unless<br><br>stated otherwise) | Exposure value1 | Total minimum<br><br>coverage<br><br>requirement | Available<br><br>coverage | Applicable<br><br>amount of<br><br>insufficient<br><br>coverage |
| Corporate Bank | 2,954 | 838 | 1,520 | 163 |
| Investment Bank | 10,931 | 2,709 | 4,700 | 362 |
| Private Bank | 7,276 | 1,735 | 4,090 | 61 |
| Asset Management | — | — | — | — |
| Corporate & Other | 791 | 106 | 254 | 70 |
| Total | 21,952 | 5,388 | 10,563 | 657 |
1Exposure value in accordance with Article 47c CRR
| Dec 31, 2024 | ||||
|---|---|---|---|---|
| in € m. (unless<br><br>stated otherwise) | Exposure value1 | Total minimum<br><br>coverage<br><br>requirement | Available<br><br>coverage | Applicable<br><br>amount of<br><br>insufficient<br><br>coverage |
| Corporate Bank | 4,107 | 696 | 1,818 | 48 |
| Investment Bank | 9,602 | 3,355 | 4,986 | 171 |
| Private Bank | 8,139 | 1,224 | 3,674 | 53 |
| Asset Management | — | — | — | — |
| Corporate & Other | 969 | 58 | 177 | 29 |
| Total | 22,817 | 5,334 | 10,654 | 302 |
1Exposure value in accordance with Article 47c CRR
138
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|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Development of risk-weighted assets
The table below provides an overview of RWA broken down by risk type and segment. It includes the aggregated effects
of the segmental reallocation of infrastructure related positions, if applicable, as well as reallocations between the
segments. As of December 31, 2025, the output floor for RWA according to CRR3 had no impact on Deutsche Bank´s
RWA based on the currently applicable regulation.
Risk-weighted assets by risk type and segment
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m. | Corporate Bank | Investment Bank | Private Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total |
| Credit Risk | 60,942 | 97,311 | 77,192 | 10,192 | 14,537 | 260,174 |
| Settlement Risk | — | 91 | — | — | 44 | 135 |
| Credit Valuation Adjustment (CVA) | — | 2,328 | 58 | 3 | 201 | 2,591 |
| Market Risk | 201 | 18,809 | 20 | 7 | 2,012 | 21,050 |
| Operational Risk | 10,844 | 17,873 | 14,726 | 5,318 | 14,422 | 63,183 |
| Total | 71,988 | 136,412 | 91,996 | 15,520 | 31,216 | 347,133 |
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m. | Corporate Bank | Investment Bank | Private Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total |
| Credit Risk | 67,115 | 95,869 | 82,655 | 13,683 | 17,633 | 276,955 |
| Settlement Risk | — | 4 | — | — | 11 | 15 |
| Credit Valuation Adjustment (CVA) | 29 | 2,907 | 161 | — | 334 | 3,431 |
| Market Risk | 248 | 16,270 | 27 | 31 | 2,390 | 18,965 |
| Operational Risk | 10,784 | 14,775 | 14,438 | 4,700 | 13,363 | 58,061 |
| Total | 78,176 | 129,825 | 97,281 | 18,414 | 33,732 | 357,427 |
RWA of Deutsche Bank were € 347.1 billion as of December 31, 2025, compared to € 357.4 billion at the end of 2024.
The decrease of € 10.3 billion, thereof € 3.4 billion from the introduction of CRR3, was driven by credit risk RWA and
credit valuation adjustment RWA, partially offset by operational risk RWA and market risk RWA.
Credit risk RWA decreased by € 16.8 billion, including an impact of € 5.0 billion from the introduction of CRR3, as
detailed further below, as well as foreign exchange movements and capital efficiency measures. This was partially offset
by credit risk RWA increases from Deutsche Bank´s business growth in 2025.
Credit valuation adjustment RWA decreased by € 0.8 billion, primarily driven by reduced exposures, as well as hedging
activities offsetting the initial impact from the introduction of the new Basic Approach under CRR3.
Deutsche Bank´s operational risk RWA increased by € 5.1 billion, driven by the move from the advanced measurement
approach to the new standardized measurement approach for operational risks under CRR3.
Market risk RWA increased by € 2.1 billion, primarily driven by Stressed-Value-at-Risk (SVaR) due to changes in sovereign
bond exposure under Fixed Income and Currencies Trading business.
The tables below provide an analysis of the key drivers for risk-weighted asset movements observed for credit risk, credit
valuation adjustments as well as market risk in the reporting period. They also show the corresponding movements in
minimum capital requirements, which are 8% of RWA.
139
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Development of risk-weighted assets for Credit Risk including Counterparty Credit Risk
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | Credit risk RWA | Capital<br><br>requirements | Credit risk RWA | Capital<br><br>requirements |
| Credit risk RWA balance, beginning of year | 276,955 | 22,156 | 265,789 | 21,263 |
| Book size | 3,645 | 292 | 4,944 | 396 |
| Book quality | (1,371) | (110) | (7,793) | (623) |
| Model updates | 4,110 | 329 | 3,668 | 293 |
| Methodology and policy | (10,901) | (872) | 3,443 | 275 |
| Acquisition and disposals | — | — | — | — |
| Foreign exchange movements | (13,506) | (1,080) | 5,410 | 433 |
| Other | 1,242 | 99 | 1,494 | 119 |
| Credit risk RWA balance, end of year | 260,174 | 20,814 | 276,955 | 22,156 |
Of which: Development of risk-weighted assets for Counterparty Credit Risk
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | Counterparty<br><br>credit risk RWA | Capital<br><br>requirements | Counterparty<br><br>credit risk RWA | Capital<br><br>requirements |
| Counterparty credit risk RWA balance, beginning of year | 19,470 | 1,558 | 19,868 | 1,589 |
| Book size | 1,588 | 127 | (1,194) | (96) |
| Book quality | (42) | (3) | (47) | (4) |
| Model updates | (895) | (72) | 186 | 15 |
| Methodology and policy | (169) | (14) | — | — |
| Acquisition and disposals | — | — | — | — |
| Foreign exchange movements | (1,361) | (109) | 657 | 53 |
| Other | — | — | — | — |
| Counterparty credit risk RWA balance, end of year | 18,590 | 1,487 | 19,470 | 1,558 |
Organic changes in the Group´s portfolio size and composition are considered in the category “book size”. The category
“book quality” mainly represents the effects from portfolio rating migrations, loss given default, model parameter
recalibrations as well as collateral and netting coverage activities. “Model updates” include model refinements and
advanced model roll out. RWA movements resulting from externally, regulatory-driven changes, e.g., applying new
regulations, are considered in the “methodology and policy” section. “Acquisition and disposals” shows significant
exposure movements which can be clearly assigned to new businesses or disposal-related activities. Changes that
cannot be attributed to the above categories are reflected in the category “other”.
RWA for credit risk decreased by € 16.8 billion, or 6.1%, since December 31, 2024, which was mainly driven by the
categories “foreign exchange movements”, “methodology and policy” as well as “book quality” and was partly offset by
categories “model updates”, “book size” and “other”.
The decrease in category “methodology and policy” reflects impacts from the introduction of CRR3. In this regard, the
two major drivers were the adoption of the rule to deduct exposures for collective investment undertakings that are
assigned to a risk weight of 1,250% and reduced risk weights for exchange traded equity exposures. Additionally, this
category includes impacts from the remediation of regulatory obligations as well as a refinement on the application of
the scaling factor on collaterals, which were partly offset by impacts from the introduction of new margin of
conservatisms on key model inputs.
The decrease in category “book quality” is mainly driven by RWA reductions from capital efficiency measures, partly
offset by counterparty rating deteriorations.
The aforementioned decreases were partly offset by increases in category “model updates”, primarily due to refinements
of Deutsche Bank´s IRBA model including the recalibration of margin of conservatisms applied on key model inputs.
The increase in category “book size” is reflecting Deutsche Bank´s business growth in 2025, especially within the
Investment Bank and the Corporate Bank, as well as market movements along with higher equity shares in guaranteed
funds, partly offset by capital efficiency measures in the form of synthetic securitizations.
Additionally, the increase in category “other” reflects higher RWA for deferred tax assets, including the effects from the
discontinuation of the temporary treatment of unrealized gains and losses measured at fair value through OCI in
accordance with Article 468 CRR, and investments in financial sector entities.
140
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
RWA for counterparty credit risk decreased by € 0.9 billion, or 4.5%, since December 31, 2024, mainly driven by the
decrease in categories “foreign exchange”, “model updates” and “methodology and policy”, partly offset by category
“book size”. The decrease in category “model updates” mainly reflects refinements of internal models. Additionally, the
reduction in category “methodology and policy” is mainly driven by impacts from the introduction of CRR3. The
aforementioned decreases were partly offset by an increase in category “book size”, reflecting a higher trading inventory.
Based on the CRR/CRD regulatory framework, Deutsche Bank is required to calculate RWA using the CVA which takes
into account the credit quality of the bank´s counterparties. RWA for CVA covers the risk of mark-to-market losses on the
expected counterparty risk in connection with OTC derivative exposures and fair-valued securities financing transactions.
Under CRR3, Deutsche Bank applies the Basic Approach for CVA (BA‑CVA) to determine the regulatory capital charges.
Development of risk-weighted assets for Credit Valuation Adjustment
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | CVA RWA | Capital<br><br>requirements | CVA RWA | Capital<br><br>requirements |
| CVA RWA balance, beginning of year | 3,431 | 274 | 5,276 | 422 |
| Movement in risk levels | (1,709) | (137) | (1,205) | (96) |
| Market data changes and recalibrations | — | — | (640) | (51) |
| Model updates | — | — | — | — |
| Methodology and policy | 868 | 69 | — | — |
| Acquisitions and disposals | — | — | — | — |
| Foreign exchange movements | — | — | — | — |
| CVA RWA balance, end of year | 2,591 | 207 | 3,431 | 274 |
The development of CVA RWA is broken down into a number of categories: “Movement in risk levels”, which includes
changes to the portfolio size and composition; “Market data changes and calibrations”, which includes changes in market
data levels and volatilities as well as recalibrations; “Model updates”, which refers to changes to the IMM credit exposure
model that are used for CVA RWA; “Methodology and policy”, which relates to changes to the regulation. Any significant
business acquisitions or disposals would be presented in the category “Acquisitions and disposals”.
As of December 31, 2025, the RWA for CVA amounted to € 2.6 billion, representing a decrease of € 0.8 billion, or (24)%
compared to December 31, 2024. This includes € 1.7 billion decrease in movement in risk levels (primarily driven by
reduced exposure as well as hedging activities) and € 0.9 billion increase in methodology and policy update (the
introduction of the new basic approach under CRR3).
Development of risk-weighted assets for Market Risk
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m. | VaR | SVaR | IRC | Other | Total RWA | Total capital<br><br>requirements |
| Market risk RWA balance, beginning of year | 2,705 | 6,204 | 6,268 | 3,787 | 18,965 | 1,517 |
| Movement in risk levels | (1,610) | 797 | (449) | 312 | (950) | (76) |
| Market data changes and recalibrations | 1,572 | 1,933 | — | 58 | 3,563 | 285 |
| Model updates/changes | 49 | (27) | (168) | — | (147) | (12) |
| Methodology and policy | — | — | — | (120) | (120) | (10) |
| Acquisitions and disposals | — | — | — | — | — | — |
| Foreign exchange movements | — | — | — | (261) | (261) | (21) |
| Other | — | — | — | — | — | — |
| Market risk RWA balance, end of year | 2,716 | 8,907 | 5,651 | 3,776 | 21,050 | 1,684 |
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m. | VaR | SVaR | IRC | Other | Total RWA | Total capital<br><br>requirements |
| Market risk RWA balance, beginning of year | 3,750 | 7,090 | 7,129 | 3,542 | 21,510 | 1,721 |
| Movement in risk levels | (307) | (513) | (860) | (194) | (1,874) | (150) |
| Market data changes and recalibrations | (767) | (336) | — | 330 | (773) | (62) |
| Model updates/changes | 29 | (37) | — | — | (8) | (1) |
| Methodology and policy | — | — | — | — | — | — |
| Acquisitions and disposals | — | — | — | — | — | — |
| Foreign exchange movements | — | — | — | 109 | 109 | 9 |
| Other | — | — | — | — | — | — |
| Market risk RWA balance, end of year | 2,705 | 6,204 | 6,268 | 3,787 | 18,965 | 1,517 |
141
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|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
The analysis for market risk covers movements in the bank’s internal models for value-at-risk (VaR), stressed value-at-risk,
incremental risk charge (IRC) as well as results from the market risk standardized approach (MRSA), which is captured in
the category “Other”. MRSA is used to determine the regulatory capital charge for the specific market risk of trading
book securitizations, for certain types of investment funds and for longevity risk as set out in CRR/CRD regulations.
Market risk RWA movements due to changes in market data levels, volatilities, correlations, liquidity and ratings are
included under the “Market data changes and recalibrations” category. Changes to market risk RWA internal models,
such as methodology enhancements or risk scope extensions, are included in the category “Model updates”. In the
“Methodology and policy” category regulatory driven changes to market risk RWA models and calculations are reported.
Significant new businesses and disposals would be assigned to the line item “Acquisition and disposals”. The impacts of
“Foreign exchange movements” are only calculated for the CRM and Standardized approach methods.
As of December 31, 2025 the RWA for market risk was € 21.0 billion, an increase of € 2.1 billion, or 11% since December
31, 2024. The increase was driven by higher stressed value-at-risk RWA due to changes in sovereign bond exposure
under Fixed Income and Currencies Trading business.
Development of risk-weighted assets for operational risk
The overall increase of RWA for operational risk by € 5.1 billion during 2025 was driven by the transition to the
standardized measurement approach as laid out in the CRR3 as well as the bank’s revenue development as its primary
driver. As this approach does not distinguish operational risk loss event type categories, the related granular reporting of
operational risk exposures is discontinued.
142
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Economic Capital Adequacy
Deutsche Bank’s internal capital adequacy assessment process (ICAAP) aims at maintaining the continuity of the bank on
an ongoing basis. Internal capital adequacy is assessed from an economic perspective as the ratio of economic capital
supply divided by economic capital demand as shown in the table below.
Economic capital supply and demand
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Components of economic capital supply | ||
| Shareholders' equity1 | 66,933 | 66,276 |
| Noncontrolling interests2 | 922 | 957 |
| AT1 coupon and shareholder distribution deduction1 | (3,585) | (2,565) |
| Gain on sale of securitizations, cash flow hedges | 49 | (36) |
| Fair value gains on own debt and debt valuation adjustments, subject to own credit risk | 247 | 131 |
| Additional valuation adjustments | (1,667) | (1,680) |
| Intangible assets | (3,513) | (3,847) |
| IFRS deferred tax assets excl. temporary differences | (3,006) | (4,073) |
| Expected loss shortfall | (2,579) | (3,037) |
| Defined benefit pension fund assets | (1,137) | (1,174) |
| Other adjustments1 | (2,192) | (2,833) |
| Economic capital supply | 50,474 | 48,119 |
| Components of economic capital demand | ||
| Credit risk | 13,395 | 12,507 |
| Market risk | 9,970 | 8,667 |
| Operational risk | 4,960 | 4,645 |
| Strategic risk | 1,980 | 1,936 |
| Diversification benefit | (4,234) | (3,530) |
| Total economic capital demand | 26,071 | 24,225 |
| Economic capital adequacy ratio | 194% | 199% |
1Prior year’s comparatives aligned to presentation in the current year
2Includes noncontrolling interest up to the economic capital requirement for each subsidiary
The economic capital adequacy ratio was 194% as of December 31, 2025, compared with 199% as of December 31,
- The overall decline was due to an increase in economic capital demand for market risk, credit risk and operational
risk which is explained in the section “Risk Profile”. This was partly offset by an increase in economic capital supply.
The increase in economic capital supply by € 2.4 billion compared to year-end 2024 was mainly driven by a positive net
income of € 6.9 billion, lower capital deductions from deferred tax assets of € 1.1 billion, from valuation differences
between carrying and fair values for debt securities held to collect of € 0.7 billion, from expected loss shortfall of
€ 0.5 billion and from intangible assets of € 0.3 billion as well as unrealized gains and losses of € 0.3 billion. These
increases were partly offset by € 3.6 billion from deductions for future shareholder distributions relating to the Group’s
50% payout ratio policy in respect of financial year 2025 and accrued AT1 coupon payments, € 3.2 billion from foreign
currency translation adjustments, € 0.3 billion of executed share buyback program, € 0.1 billion from equity
compensation and € 0.1 billion from actuarial gains and losses.
143
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Leverage Ratio
Leverage Ratio according to CRR/CRD framework
The non-risk-based leverage ratio is intended to act as a supplementary measure to the risk-based capital requirements.
Its objectives are to constrain the build-up of leverage in the banking sector, helping avoid destabilizing deleveraging
processes which can damage the broader financial system and the economy, and to reinforce the risk-based
requirements with a simple, non-risk based “backstop” measure.
Deutsche Bank calculates its leverage ratio exposure in accordance with Articles 429 to 429g of the CRR.
The Group’s total leverage ratio exposure includes derivatives, securities financing transactions (SFTs), off-balance sheet
exposure and other on-balance sheet exposure (excluding derivatives and SFTs).
The leverage exposure for derivatives is calculated by using a modified version of the standardized approach for
counterparty credit risk (SA-CCR), comprising the current replacement cost plus a regulatory defined add-on for the
potential future exposure. The effective notional amount of written credit derivatives, i.e., the notional reduced by any
negative fair value changes that have been incorporated in Tier 1 capital is included in the leverage ratio exposure
measure; the resulting exposure measure is further reduced by the effective notional amount of purchased credit
derivative protection on the same reference name provided certain conditions are met.
The SFT component includes the gross receivables for SFTs, which are netted with SFT payables if specific conditions are
met. In addition to the gross exposure a regulatory add-on for the counterparty credit risk is included.
The off-balance sheet exposure component follows the standardized approach for credit risk with credit risk conversion
factors (CCF) based on five different buckets (100% for bucket 1, 50% for bucket 2, 40% for bucket 3, 20% for bucket 4
and 10% for bucket 5).
The on-balance sheet exposures (excluding derivatives and SFTs) component reflects the accounting values of the assets
(excluding derivatives, SFTs and regular-way purchases and sales awaiting settlement). The exposure value of regular-
way purchases and sales awaiting settlement is determined as offset between those cash receivables and cash payables
where the related regular-way sales and purchases are both settled on a delivery-versus payment basis.
Assets can be excluded from the leverage ratio exposure measure if they have been deducted in the determination of
Tier 1 capital. The corresponding regulatory adjustments are reflected in the asset amounts deducted in determining
Tier 1 capital component.
The following tables show the leverage ratio exposure and the leverage ratio. For further details on Tier 1 capital please
also refer to the section “Development of Own Funds”.
Summary reconciliation of accounting assets and leverage ratio exposures
| in € bn. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Total assets as per published financial statements | 1,435 | 1,387 |
| Adjustment for entities which are consolidated for accounting purposes but are outside the scope of<br><br>regulatory consolidation | (2) | 2 |
| Adjustments for derivative financial instruments | (113) | (156) |
| Adjustment for securities financing transactions (SFTs) | 8 | 4 |
| Adjustment for off-balance sheet items (i.e., conversion to credit equivalent amounts of off-balance<br><br>sheet exposures) | 128 | 158 |
| Other adjustments | (128) | (79) |
| Leverage ratio total exposure measure | 1,327 | 1,316 |
144
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|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Leverage ratio common disclosure
| in € bn.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Tier 1 capital | 61 | 61 |
| Derivative exposures | 130 | 137 |
| Securities financing transaction exposures | 159 | 152 |
| Off-balance sheet exposures | 128 | 158 |
| On-balance sheet exposures (excluding derivatives and SFTs) | 924 | 883 |
| Asset amounts deducted in determining Tier 1 capital | (13) | (13) |
| Leverage ratio total exposure measure | 1,327 | 1,316 |
| Leverage ratio (in %) | 4.6 | 4.6 |
Factors impacting the leverage ratio
As of December 31, 2025, Tier 1 capital was € 60.8 billion, essentially flat compared to the prior year. For main drivers of
the Tier 1 capital development please refer to section “Development of Own Funds”.
During the year 2025 the leverage exposure increased by € 11.5 billion to € 1,327.4 billion, largely driven by on-balance
sheet exposures (excluding derivatives and SFTs), which increased by € 41.5 billion, and the leverage exposure for
securities financing transactions (SFTs), which increased by € 7.1 billion, both largely in line with the development on the
balance sheet. For additional information on the development of the balance sheet please refer to the section
“Movements in assets and liabilities” in this report. These increases were partly offset by off-balance sheet leverage
exposures, which declined by € 30.4 billion, of which € 15.7 billion related to a changed treatment of chargeback risk in a
specific payments business and € 11.3 billion impact from changed credit conversion factors under CRR3. Furthermore,
the leverage exposure related to derivatives decreased by € 6.9 billion, driven by replacement costs under the
standardized approach for Counterparty Credit Risk (SA-CCR) and effective notional amounts of written credit
derivatives, partly offset by potential future exposure add-ons under SA-CCR.
The development of the leverage exposure in 2025 included a negative foreign exchange impact of € 70.6 billion, mainly
due to the weakening of the U.S. dollar versus the euro. The effects from foreign exchange rate movements are
embedded in the movement of the leverage exposure items discussed in this section.
As of December 31, 2025, the leverage ratio was 4.6%, essentially flat compared to December 31, 2024. This takes into
account a Tier 1 capital of € 60.8 billion over an applicable exposure measure of € 1,327.4 billion as of December 31,
2025 (€ 60.8 billion and € 1,315.9 billion as of December 31, 2024, respectively).
The initial effect of the implementation of CRR3 amounted to 6 basis points, comprising a Tier 1 capital reduction of
€ 0.4 billion and a decrease of € 27.0 billion in leverage exposure.
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| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Minimum Requirement of Own Funds and Eligible Liabilities and Total Loss
Absorbing Capacity
MREL Requirements
The minimum requirement for own funds and eligible liabilities (MREL) was introduced by the European Union’s
regulation establishing uniform rules and a uniform procedure for the resolution of credit institutions (Single Resolution
Mechanism Regulation or SRMR) and the European Union’s Directive establishing a framework for the recovery and
resolution of credit institutions (Bank Recovery and Resolution Directive or BRRD) as implemented into German law by
the German Recovery and Resolution Act.
The currently required level of MREL is determined by the competent resolution authorities for each supervised bank
individually, depending on the respective preferred resolution strategy. In the case of Deutsche Bank AG, MREL is
determined by the Single Resolution Board. While there is no statutory minimum level of MREL, the SRMR, BRRD and a
delegated regulation set out criteria which the resolution authority must consider when determining the relevant
required level of MREL. Guidance is provided through an MREL policy published annually by the SRB. Any binding MREL
ratio determined by the SRB is communicated to Deutsche Bank via the German Federal Financial Supervisory Authority
(BaFin).
As a result of its regular annual review the SRB has updated Deutsche Bank AG’s binding MREL ratio requirements in the
second quarter of 2025 applicable immediately. The MREL ratio requirement on a consolidated basis is now 25.98% of
RWA and 7.03% of LRE, of which 19.81% of RWA and 7.03% of Leverage Ratio Exposure must be met with own funds and
subordinated instruments.
The combined buffer requirements of 5.13% as of December 31, 2025 must be met in addition to the RWA based MREL
and subordinated MREL requirements.
TLAC Requirements
Since June 27, 2019, Deutsche Bank, as a global systemically important bank, has also become subject to global
minimum standards for its Total Loss-Absorbing Capacity (TLAC). The TLAC requirement was implemented via
amendments to the Capital Requirements Regulation and the Capital Requirements Directive provided in June 2019 with
the publication of Regulation (EU) 2019/876 and Directive (EU) 2019/878.
This TLAC requirement is based on both risk-based and non-risk-based denominators and set at the higher-of 18% of
RWA plus the combined buffer requirements and 6.75% of LRE since January 1, 2022.
MREL ratio development
As of December 31, 2025, available MREL were € 131.0 billion, corresponding to a ratio of 37.74% of RWA and 9.87% of
LRE. This means that Deutsche Bank has a MREL surplus of € 23.0 billion above Deutsche Bank’s MREL requirement of
€ 108.0 billion (i.e., 31.11% of RWA including combined buffer requirement). Compared to December 31, 2024 the
surplus remained almost unchanged as a higher MREL requirement and lower MREL capacity were offset by lower RWA.
€ 114.9 billion of Deutsche Bank’s available MREL were own funds and subordinated liabilities, corresponding to a MREL
subordination ratio of 33.11% of RWA and 8.66% of LRE, a buffer of € 21.6 billion over Deutsche Bank’s subordination
requirement of € 93.3 billion (i.e., 7.03% of LRE). Compared to December 31, 2024 , the surplus has decreased due to a
higher subordinated MREL requirement, higher LRE and lower own funds and subordinated liabilities.
TLAC ratio development
As of December 31, 2025, TLAC was € 114.9 billion and the corresponding TLAC ratios were 33.11% of RWA and 8.66%
of LRE. This means that Deutsche Bank has a TLAC surplus of € 25.3 billion over its TLAC requirement of € 89.6 billion
(6.75% of LRE). Compared to December 31, 2024 the surplus has decreased due to higher LRE and lower TLAC.
146
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
MREL and TLAC disclosure
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Regulatory capital elements of TLAC/MREL | ||
| Common Equity Tier 1 capital (CET 1) | 49,266 | 49,457 |
| Additional Tier 1 (AT1) capital instruments eligible under TLAC/MREL | 11,518 | 11,378 |
| Tier 2 (T2) capital instruments eligible under TLAC/MREL | ||
| Tier 2 (T2) capital instruments before TLAC/MREL adjustments | 7,050 | 7,676 |
| Tier 2 (T2) capital instruments adjustments for TLAC/MREL | 30 | 628 |
| Tier 2 (T2) capital instruments eligible under TLAC/MREL | 7,080 | 8,304 |
| Total regulatory capital elements of TLAC/MREL | 67,864 | 69,139 |
| Other elements of TLAC/MREL | ||
| Senior non-preferred plain vanilla | 47,071 | 49,352 |
| Holdings of eligible liabilities instruments of other G-SIIs (TLAC only) | — | — |
| Total Loss Absorbing Capacity (TLAC) | 114,936 | 118,491 |
| Add back of holdings of eligible liabilities instruments of other G-SIIs (TLAC only) | — | — |
| Available Own Funds and subordinated Eligible Liabilities (subordinated MREL) | 114,936 | 118,491 |
| Senior preferred plain vanilla | 7,706 | 8,939 |
| Senior preferred structured | 8,381 | 6,441 |
| Available Minimum Own Funds and Eligible Liabilities (MREL) | 131,023 | 133,871 |
| Risk Weighted Assets (RWA) | 347,133 | 357,427 |
| Leverage Ratio Exposure (LRE) | 1,327,441 | 1,315,906 |
| TLAC ratio | ||
| TLAC ratio (as percentage of RWA) | 33.11 | 33.15 |
| TLAC requirement (as percentage of RWA) | 23.13 | 23.21 |
| TLAC ratio (as percentage of Leverage Exposure) | 8.66 | 9.00 |
| TLAC requirement (as percentage of Leverage Exposure) | 6.75 | 6.75 |
| TLAC surplus over RWA requirement | 34,641 | 35,538 |
| TLAC surplus over LRE requirement | 25,334 | 29,667 |
| MREL subordination | ||
| MREL subordination ratio (as percentage of RWA) | 33.11 | 33.15 |
| MREL subordination requirement (as percentage of RWA) | 24.94 | 24.60 |
| MREL subordination ratio (as percentage of LRE) | 8.66 | 9.00 |
| MREL subordination requirement (as percentage of LRE) | 7.03 | 6.95 |
| MREL subordination surplus over RWA requirement | 28,358 | 30,570 |
| MREL subordination surplus over LRE requirement | 21,617 | 27,036 |
| MREL ratio | ||
| MREL ratio (as percentage of RWA) | 37.74 | 37.45 |
| MREL requirement (as percentage of RWA) | 31.11 | 30.98 |
| MREL ratio (as percentage of LRE) | 9.87 | 10.17 |
| MREL requirement (as percentage of LRE) | 7.03 | 6.95 |
| MREL surplus over RWA requirement | 23,026 | 23,146 |
| MREL surplus over LRE requirement | 37,704 | 42,415 |
147
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Capital, Leverage Ratio, TLAC and MREL |
Own Funds and Eligible Liabilities
To meet the MREL and TLAC requirement, Deutsche Bank needs to ensure that enough eligible liabilities instruments are
maintained. Instruments eligible for MREL and TLAC are regulatory capital instruments (own funds) and liabilities that
meet certain criteria, which are referred to as eligible liabilities.
Own funds used for MREL and TLAC include the full amount of Tier 2 capital instruments with a remaining maturity of
greater than 1 year and less than 5 years which are reflected in regulatory capital on a pro-rata basis only.
Eligible liabilities are liabilities issued out of the resolution entity Deutsche Bank AG that meet eligibility criteria which
are supposed to ensure that they are structurally suited as loss-absorbing capital. As a result, eligible liabilities exclude
deposits which are covered by an insurance deposit protection scheme or which are preferred under German insolvency
law (e.g., deposits from private individuals as well as small and medium-sized enterprises). Among other things, secured
liabilities and derivatives liabilities are generally excluded as well. Debt instruments with embedded derivative features
can be included under certain conditions (e.g., a known and fixed or increasing principal). In addition, eligible liabilities
must have a remaining time to maturity of at least one year and must either be issued under the law of a Member State of
the European Union or must include a bail-in clause in their contractual terms to make write-down or conversion
effective.
In addition, eligible liabilities need to be subordinated to be counted against the TLAC and MREL subordination
requirements. Effective January 1, 2017, the German Banking Act provided for a new class of statutorily subordinated
debt securities that rank as senior non-preferred below the bank’s other senior liabilities (but in priority to the bank’s
contractually subordinated liabilities, such as those qualifying as Tier 2 instruments). Following a harmonization effort by
the European Union implemented in Germany effective July 21, 2018, banks are permitted to now decide if a specific
issuance of eligible senior debt will be in the non-preferred or in the preferred category. Any such senior non-preferred
debt instruments issued by Deutsche Bank AG under such rules rank on parity with its outstanding debt instruments that
were classified as senior non-preferred under the prior rules. All these senior non-preferred issuances meet the TLAC and
MREL subordination criteria.
148
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Credit Risk Exposure
Deutsche Bank defines its credit exposure by taking into account all transactions where losses might occur due to the
fact that counterparties may not fulfill their contractual payment obligations as defined under ‘Credit Risk Framework’.
Maximum Exposure to Credit Risk
The maximum exposure to credit risk table shows the direct exposure before consideration of associated collateral held
and other credit enhancements (netting and hedges) that do not qualify for offset in the financial statements for the
periods specified. The netting credit enhancement component includes the effects of legally enforceable netting
agreements as well as the offset of negative mark-to-markets from derivatives against pledged cash collateral. The
collateral credit enhancement component mainly includes real estate, collateral in the form of cash as well as securities-
related collateral. In relation to collateral, the Group applies internally determined haircuts and additionally cap all
collateral values at the level of the respective collateralized exposure
Maximum Exposure to Credit Risk
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| Credit Enhancements | ||||||
| in € m. | Maximum<br><br>exposure<br><br>to credit risk1 | Subject to<br><br>impairment | Netting | Collateral | Guarantees<br><br>and Credit<br><br>derivatives2 | Total credit<br><br>enhancements |
| Financial assets at amortized cost³ | ||||||
| Cash and central bank balances | 164,664 | 164,664 | — | — | — | |
| Interbank balances (w/o central banks) | 6,963 | 6,963 | — | — | ||
| Central bank funds sold and securities<br><br>purchased under resale agreements | 37,509 | 37,509 | — | 37,376 | 37,376 | |
| Securities borrowed | 6 | 6 | — | 6 | 6 | |
| Loans | 478,676 | 478,676 | — | 256,542 | 49,168 | 305,711 |
| Other assets subject to credit risk4,5 | 109,327 | 103,258 | 26,084 | 1,133 | 258 | 27,475 |
| Total financial assets at amortized cost³ | 797,145 | 791,076 | 26,084 | 295,057 | 49,426 | 370,568 |
| Financial assets at fair value through<br><br>profit or loss6 | ||||||
| Trading assets | 142,273 | — | 1,525 | 895 | 2,419 | |
| Positive market values from derivative<br><br>financial instruments | 241,328 | 180,485 | 45,678 | 10 | 226,173 | |
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 123,517 | 1,774 | 111,207 | 495 | 113,476 | |
| Of which: | ||||||
| Securities purchased under resale<br><br>agreement | 95,802 | 1,774 | 94,028 | — | 95,802 | |
| Securities borrowed | 16,513 | — | 16,271 | 16,271 | ||
| Loans | 3,370 | 840 | 495 | 1,335 | ||
| Financial assets designated at fair value<br><br>through profit or loss | — | — | — | |||
| Total financial assets at fair value through<br><br>profit or loss | 507,119 | — | 182,259 | 158,410 | 1,399 | 342,068 |
| Financial assets at fair value through OCI | 43,644 | 43,644 | 1,342 | 1,232 | 2,574 | |
| Of which: | ||||||
| Securities purchased under resale<br><br>agreement | 1,128 | 1,128 | — | 90 | 90 | |
| Securities borrowed | — | — | — | |||
| Loans | 4,432 | 4,432 | 20 | 1,232 | 1,252 | |
| Total financial assets at fair value through<br><br>OCI | 43,644 | 43,644 | — | 1,342 | 1,232 | 2,574 |
| Financial guarantees and other credit<br><br>related contingent liabilities⁷ | 79,092 | 79,092 | 4,619 | 9,928 | 14,547 | |
| Revocable and irrevocable lending<br><br>commitments and other credit related<br><br>commitments⁷ | 274,305 | 272,072 | 24,219 | 7,348 | 31,567 | |
| Total off-balance sheet | 353,397 | 351,164 | — | 28,838 | 17,276 | 46,114 |
| Maximum exposure to credit risk | 1,701,304 | 1,185,884 | 208,344 | 483,647 | 69,333 | 761,323 |
1 Does not include credit derivative notional sold (€ 620.2 billion ) and credit derivative notional bought protection
2 Bought Credit protection is reflected with the notional of the underlying
3 All amounts at gross value before deductions of allowance for credit losses
4 All amounts at amortized cost (gross) except for qualifying hedge derivatives, which are reflected at Fair value through P&L
5 Includes Asset Held for Sale regardless of accounting classification
149
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
6 Excludes equities, other equity interests and commodities
7 Figures are reflected at notional amounts
| Dec 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Credit Enhancements | ||||||
| in € m. | Maximum<br><br>exposure<br><br>to credit risk1 | Subject to<br><br>impairment | Netting | Collateral | Guarantees<br><br>and Credit<br><br>derivatives2 | Total credit<br><br>enhancements |
| Financial assets at amortized cost³ | ||||||
| Cash and central bank balances | 147,511 | 147,511 | — | — | − | — |
| Interbank balances (w/o central banks) | 6,169 | 6,169 | — | — | — | — |
| Central bank funds sold and securities<br><br>purchased under resale agreements | 40,802 | 40,802 | — | 40,580 | − | 40,580 |
| Securities borrowed | 44 | 44 | — | 32 | − | 32 |
| Loans | 484,603 | 484,603 | — | 264,252 | 44,211 | 308,463 |
| Other assets subject to credit risk4,5 | 82,015 | 76,685 | 24,794 | 1,668 | 270 | 26,732 |
| Total financial assets at amortized cost³ | 761,144 | 755,814 | 24,794 | 306,532 | 44,481 | 375,807 |
| Financial assets at fair value through<br><br>profit or loss⁶ | ||||||
| Trading assets | 134,118 | 0 | 1,207 | 612 | 1,819 | |
| Positive market values from derivative<br><br>financial instruments | 291,754 | 229,560 | 45,613 | 115 | 275,288 | |
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 113,433 | − | 1,638 | 103,339 | 292 | 105,269 |
| Of which: | ||||||
| Securities purchased under resale<br><br>agreement | 88,736 | − | 1,638 | 87,091 | — | 88,729 |
| Securities borrowed | 15,913 | − | — | 15,671 | — | 15,671 |
| Loans | 1,954 | − | − | 485 | 272 | 757 |
| Financial assets designated at fair value<br><br>through profit or loss | — | − | — | — | — | — |
| Total financial assets at fair value through<br><br>profit or loss | 539,304 | 231,198 | 150,159 | 1,019 | 382,376 | |
| Financial assets at fair value through OCI | 42,090 | 42,090 | — | 4,077 | 1,168 | 5,245 |
| Of which: | ||||||
| Securities purchased under resale<br><br>agreement | 2,786 | 2,786 | — | 2,455 | 0 | 2,455 |
| Securities borrowed | 0 | 0 | − | 0 | 0 | 0 |
| Loans | 5,068 | 5,068 | − | 454 | 1,168 | 1,621 |
| Total financial assets at fair value through<br><br>OCI | 42,090 | 42,090 | — | 4,077 | 1,168 | 5,244 |
| Financial guarantees and other credit<br><br>related contingent liabilities⁷ | 73,468 | 73,467 | − | 4,410 | 9,227 | 13,637 |
| Revocable and irrevocable lending<br><br>commitments and other credit related<br><br>commitments⁷ | 269,699 | 268,373 | − | 21,737 | 8,227 | 29,964 |
| Total off-balance sheet | 343,167 | 341,840 | — | 26,147 | 17,455 | 43,602 |
| Maximum exposure to credit risk | 1,685,705 | 1,139,745 | 255,993 | 486,915 | 64,122 | 807,029 |
1 Does not include credit derivative notional sold (€ 597.9 billion ) and credit derivative notional bought protection
2 Bought Credit protection is reflected with the notional of the underlying
3 All amounts at gross value before deductions of allowance for credit losses
4 All amounts at amortized cost (gross) except for qualifying hedge derivatives, which are reflected at Fair value through P&L
5 Includes Asset Held for Sale regardless of accounting classification
6 Excludes equities, other equity interests and commodities
7 Figures are reflected at notional amounts
The overall increase in maximum exposure to credit risk for December 31, 2025 was € 15.6 billion mainly driven by
increases of € 27.3 billion in other assets subject to credit risk, € 17.2 billion in cash and central bank balances, € 10.2 billion
in off-balance sheet exposure, € 8.2 billion in trading assets, and € 7.1 billion in securities purchased under resale
agreement at fair value through profit or loss. These increases were partly offset by a decrease in positive market values
from derivative financial instruments by € 50.4 billion.
Trading assets as of December 31, 2025, included traded bonds of € 126.6 billion (€ 120.0 billion as of December 31,
2024) of which over 82% were investment-grade (over 82% as of December 31, 2024).
150
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Credit Enhancements are split into three categories: netting, collateral and guarantees/credit derivatives. Haircuts,
parameter setting for regular margin calls as well as expert judgments for collateral valuation are employed to prevent
market developments from leading to a build-up of uncollateralized exposures. All categories are monitored and
reviewed regularly. Overall credit enhancements received are diversified and of adequate quality being largely cash,
highly rated government bonds and third-party guarantees mostly from well rated banks and insurance companies.
These financial institutions are domiciled mainly in European countries and the United States. Furthermore, the bank has
collateral pools of highly liquid assets and mortgages (principally consisting of residential properties mainly in Germany)
for the homogeneous retail portfolio.
Main Credit Exposure Categories
The tables in this section show details about several of Deutsche Bank’s main credit exposure categories, namely Loans,
Revocable and Irrevocable Lending Commitments, Contingent Liabilities, Over-The-Counter (“OTC”) Derivatives, Debt
Securities and Repo and repo-style transactions:
–“Loans” are gross loans as reported on the bank´s balance sheet at amortized cost, loans at fair value through profit
and loss and loans at fair value through other comprehensive income before deduction of allowance for credit losses;
this includes “Traded loans” that are bought and held for the purpose of selling them in the near term, or the material
risks of which have all been hedged or sold; from a regulatory perspective the latter category principally covers
trading book positions
–“Revocable and irrevocable lending commitments” consist of the undrawn portion of revocable and irrevocable
lending-related commitments
–“Contingent liabilities” consist of financial and performance guarantees, standby letters of credit and other similar
arrangements (mainly indemnity agreements)
–“OTC derivatives” are the bank’s credit exposures from over-the-counter derivative transactions that the Group has
entered into, after netting and cash collateral received; on the bank’s balance sheet, these are included in financial
assets at fair value through profit or loss or, for derivatives qualifying for hedge accounting, in other assets, in either
case only applying cash collateral received and netting eligible under IFRS
–“Debt securities” include debentures, bonds, deposits, notes or commercial paper, which are issued for a fixed term
and redeemable by the issuer, as reported on the bank´s balance sheet within accounting categories at amortized cost
and at fair value through other comprehensive income before deduction of allowance for credit losses, it also includes
category at fair value through profit and loss; this includes “Traded bonds”, which are bonds, deposits, notes or
commercial paper that are bought and held for the purpose of selling them in the near term; from a regulatory
perspective the latter category principally covers trading book positions
–“Repo and repo-style transactions” consist of reverse repurchase transactions, as well as securities or commodities
borrowing transactions, only applying collateral received and netting eligible under IFRS.
Although considered in the monitoring of maximum credit exposures, the following are not included in the details of the
Group’s main credit exposure: brokerage and securities related receivables, cash and central bank balances, interbank
balances (without central banks), assets held for sale, accrued interest receivables, traditional securitization positions.
Unless stated otherwise, the tables below reflect credit exposure before the consideration of collateral and risk
mitigation or structural enhancements, except for OTC derivatives wherein they are post credit enhancements.
Main Credit Exposure Categories by Business Divisions
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Loans | Off-balance sheet | OTC derivatives | |||||
| in € m. | at amortized<br><br>cost1 | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI2 | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments3 | Contingent<br><br>liabilities | at fair value<br><br>through P&L4 |
| Corporate Bank | 119,570 | 21 | 685 | 4,116 | 169,251 | 73,258 | 29 |
| Investment Bank | 115,325 | 12,803 | 2,685 | 316 | 67,846 | 2,824 | 22,141 |
| Private Bank | 246,594 | 6 | — | — | 36,961 | 2,945 | 497 |
| Asset Management | 3 | — | — | — | 124 | 10 | — |
| Corporate & Other | (2,816)8 | 13 | — | — | 123 | 56 | 1,669 |
| Total | 478,676 | 12,842 | 3,370 | 4,432 | 274,305 | 79,092 | 24,336 |
151
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions7 | Total | |||||
| in € m. | at amortized<br><br>cost5 | at fair value<br><br>through P&L | at fair value<br><br>through OCI6 | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Corporate Bank | 50 | 11 | — | 10,078 | — | — | 377,069 |
| Investment Bank | 5,170 | 130,177 | 3,173 | 27,436 | 112,314 | — | 502,208 |
| Private Bank | 373 | — | — | — | — | — | 287,376 |
| Asset Management | — | 5,050 | 62 | — | — | — | 5,249 |
| Corporate & Other | 34,679 | 336 | 34,849 | — | — | 1,128 | 70,039 |
| Total | 40,272 | 135,575 | 38,084 | 37,514 | 112,315 | 1,128 | 1,241,941 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.3 billion as of December 31, 2025
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 16.9 million as of December 31, 2025
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.7 billion as of December 31, 2025
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 25.3 million as of December 31, 2025
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 130.2 million as of December 31, 2025
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Negative balance in Corporate and Other business for loans at amortized cost is due to portfolio hedge accounting program principally related to Private Bank’s
mortgages business.
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Loans | Off-balance sheet | OTC derivatives | |||||
| in € m. | at amortized<br><br>cost1 | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI2 | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments3 | Contingent<br><br>liabilities | at fair value<br><br>through P&L4 |
| Corporate Bank | 116,674 | 212 | 508 | 4,110 | 170,667 | 67,067 | 47 |
| Investment Bank | 110,077 | 11,068 | 1,443 | 958 | 61,692 | 3,268 | 24,030 |
| Private Bank | 257,476 | 6 | — | — | 37,110 | 2,815 | 391 |
| Asset Management | 1 | — | — | — | 130 | 9 | — |
| Corporate & Other | 375 | 93 | 3 | — | 100 | 309 | 2,431 |
| Total | 484,603 | 11,380 | 1,954 | 5,068 | 269,699 | 73,468 | 26,899 |
| Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions7 | Total | |||||
| in € m. | at amortized<br><br>cost1 | at fair value<br><br>through P&L | at fair value<br><br>through OCI6 | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Corporate Bank | 266 | 14 | — | 9,033 | — | — | 368,598 |
| Investment Bank | 5,369 | 122,813 | 1,268 | 31,813 | 104,248 | — | 478,047 |
| Private Bank | 409 | 1 | 1 | — | — | — | 298,209 |
| Asset Management | — | 4,526 | 82 | — | — | — | 4,748 |
| Corporate & Other | 15,595 | 390 | 32,885 | — | 401 | 2,786 | 55,368 |
| Total | 21,638 | 127,744 | 34,236 | 40,846 | 104,649 | 2,786 | 1,204,970 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.6 billion as of December 31, 2024
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 60.7 million as of December 31, 2024
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.2 billion as of December 31, 2024
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 41.6 million as of December 31, 2024
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 25.6 million as of December 31, 2024
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
Deutsche Bank’s total main credit exposure increased by € 37.0 billion year-on-year with € 24.2 billion in Investment
Bank mainly driven by debt securities and higher repo and repo style holding due to increased firm trading activities and
client flows, as well as growth in loans and € 8.5 billion in the Corporate Bank mainly driven by growth in off balance
sheet exposure due to new and refinanced deals. Exposure increases have been observed across all the products
included in main credit exposures by business divisions, except for Private Bank, where a decrease of € 10.8 billion was
observed.
Main Credit Exposure Categories by Industry Sectors
The below tables give an overview of the bank’s credit exposure by industry based on the NACE code of the
counterparty. NACE (Nomenclature des Activités Économiques dans la Communauté Européenne) is a standard
European industry classification system and does not have to be congruent with an internal risk based view applied
elsewhere in this report.
152
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | Dec 31, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Loans | Off-balance sheet | OTC<br><br>derivatives | ||||||||
| in € m. | at amortized<br><br>cost¹ | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI² | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments³ | Contingent<br><br>liabilities | at fair value<br><br>through P&L⁴ | |||
| Agriculture, forestry and fishing | 346 | 2 | — | — | 262 | 13 | — | |||
| Mining and quarrying | 1,964 | 1,629 | 41 | — | 4,533 | 1,410 | 853 | |||
| Manufacturing | 26,496 | 747 | 195 | 814 | 53,985 | 13,742 | 789 | |||
| Electricity, gas, steam and air<br><br>conditioning supply | 4,787 | 256 | 5 | 82 | 8,956 | 4,009 | 207 | |||
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | 675 | 39 | — | 4 | 1,042 | 405 | 141 | |||
| Construction | 4,628 | 451 | 179 | 55 | 4,764 | 3,732 | 74 | |||
| Wholesale and retail trade,<br><br>repair of motor vehicles and<br><br>motorcycles | 21,094 | 375 | 178 | 699 | 17,358 | 6,106 | 239 | |||
| Transport and storage | 4,580 | 36 | 2 | 98 | 5,784 | 1,524 | 184 | |||
| Accommodation and food<br><br>service activities | 3,560 | 81 | 33 | — | 1,393 | 150 | 4 | |||
| Information and communication | 8,920 | 1,172 | 22 | 396 | 13,486 | 2,863 | 351 | |||
| Financial and insurance<br><br>activities⁸ | 129,848 | 5,441 | 1,354 | 1,845 | 97,880 | 38,349 | 19,636 | |||
| Real estate activities⁹ | 45,505 | 1,445 | 147 | 56 | 7,566 | 321 | 185 | |||
| Professional, scientific and<br><br>technical activities | 9,873 | 269 | 118 | 238 | 12,733 | 4,125 | 42 | |||
| Administrative and support<br><br>service activities | 6,820 | 128 | 161 | 62 | 5,163 | 907 | 226 | |||
| Public administration and<br><br>defense, compulsory social<br><br>security | 7,758 | 384 | 10 | — | 8,755 | 148 | 358 | |||
| Education | 249 | 76 | — | — | 153 | 14 | 33 | |||
| Human health services and<br><br>social work activities | 3,808 | 91 | — | 8 | 1,784 | 93 | 17 | |||
| Arts, entertainment and<br><br>recreation | 851 | 17 | — | 13 | 1,255 | 96 | 18 | |||
| Other service activities | 8,731 | 191 | 923 | 62 | 3,043 | 833 | 713 | |||
| Activities of households as<br><br>employers, undifferentiated<br><br>goods- and services-producing<br><br>activities of households for own<br><br>use | 188,183 | — | — | — | 24,412 | 249 | 265 | |||
| Activities of extraterritorial<br><br>organizations and bodies | 4 | 12 | — | — | 1 | 4 | 1 | |||
| Total | 478,676 | 12,842 | 3,370 | 4,432 | 274,305 | 79,092 | 24,336 |
153
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions⁷ | Total | |||||
| in € m. | at amortized<br><br>cost⁵ | at fair value<br><br>through P&L | at fair value<br><br>through OCI⁶ | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Agriculture, forestry and fishing | — | 16 | — | — | — | — | 640 |
| Mining and quarrying | — | 595 | — | — | — | — | 11,025 |
| Manufacturing | — | 1,362 | 57 | 52 | 37 | — | 98,274 |
| Electricity, gas, steam and air<br><br>conditioning supply | 49 | 766 | 94 | — | — | — | 19,210 |
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | — | 71 | 11 | — | — | — | 2,386 |
| Construction | 360 | 377 | 260 | — | — | — | 14,881 |
| Wholesale and retail trade, repair of<br><br>motor vehicles and motorcycles | 118 | 446 | 6 | — | — | — | 46,620 |
| Transport and storage | 243 | 408 | 25 | — | — | — | 12,883 |
| Accommodation and food service<br><br>activities | — | 88 | 2 | — | — | — | 5,311 |
| Information and communication | 7 | 1,930 | — | — | 3 | — | 29,151 |
| Financial and insurance activities⁸ | 6,916 | 35,177 | 3,810 | 37,362 | 111,332 | 1,128 | 490,078 |
| Real estate activities⁹ | 81 | 1,314 | 215 | 101 | 2 | — | 56,939 |
| Professional, scientific and<br><br>technical activities | — | 556 | 119 | — | 7 | — | 28,079 |
| Administrative and support service<br><br>activities | — | 422 | 8 | — | 23 | — | 13,920 |
| Public administration and defense,<br><br>compulsory social security | 24,233 | 82,712 | 32,171 | — | 631 | — | 157,158 |
| Education | — | 207 | 82 | — | — | — | 814 |
| Human health services and social<br><br>work activities | 108 | 206 | 86 | — | — | — | 6,201 |
| Arts, entertainment and recreation | — | 46 | 10 | — | — | — | 2,305 |
| Other service activities | 140 | 4,106 | 16 | — | 279 | — | 19,037 |
| Activities of households as<br><br>employers, undifferentiated goods-<br><br>and services-producing activities of<br><br>households for own use | — | — | — | — | — | — | 213,109 |
| Activities of extraterritorial<br><br>organizations and bodies | 8,017 | 4,770 | 1,112 | — | — | — | 13,920 |
| Total | 40,272 | 135,575 | 38,084 | 37,514 | 112,315 | 1,128 | 1,241,940 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.3 billion as of December 31, 2025
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 16.9 million as of December 31, 2025
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.7 billion as of December 31, 2025
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 25.3 million as of December 31, 2025
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 130.2 million as of December 31, 2025
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Includes exposure to Corporates including Holding Companies of € 108 billion, Asset-Backed Securities of € 47 billion, Banks of € 91 billion, Insurance of € 21 billion,
Financial Intermediaries of € 13 billion and Public Sector of € 16 billion , all based on internal client classification
9 Non-recourse Commercial Real Estate portfolio based on Deutsche Bank’s definition is € 31 billion
154
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | Dec 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Loans | Off-balance sheet | OTC<br><br>derivatives | ||||||||
| in € m. | at amortized<br><br>cost¹ | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI² | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments³ | Contingent<br><br>liabilities | at fair value<br><br>through P&L⁴ | |||
| Agriculture, forestry and fishing | 336 | — | — | — | 239 | 24 | 1 | |||
| Mining and quarrying | 1,885 | 2,392 | 66 | — | 5,934 | 1,275 | 145 | |||
| Manufacturing | 26,634 | 525 | 5 | 1,195 | 56,933 | 14,331 | 1,205 | |||
| Electricity, gas, steam and air<br><br>conditioning supply | 4,346 | 632 | — | 38 | 8,870 | 4,489 | 150 | |||
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | 595 | — | — | 3 | 1,013 | 264 | 50 | |||
| Construction | 4,330 | 244 | — | 30 | 3,039 | 3,244 | 13 | |||
| Wholesale and retail trade, repair of<br><br>motor vehicles and motorcycles | 21,405 | 165 | 103 | 809 | 18,290 | 6,339 | 180 | |||
| Transport and storage | 4,766 | 416 | 63 | 103 | 5,373 | 1,201 | 164 | |||
| Accommodation and food service<br><br>activities | 2,665 | 64 | — | 19 | 1,314 | 150 | 2 | |||
| Information and communication | 8,930 | 757 | 16 | 237 | 16,501 | 3,014 | 384 | |||
| Financial and insurance activities⁸ | 126,640 | 3,944 | 1,177 | 1,589 | 95,492 | 34,889 | 22,093 | |||
| Real estate activities⁹ | 49,859 | 1,005 | 136 | 535 | 7,868 | 399 | 326 | |||
| Professional, scientific and<br><br>technical activities | 6,276 | 133 | — | 214 | 5,754 | 2,129 | 161 | |||
| Administrative and support service<br><br>activities | 8,921 | 319 | 95 | 161 | 5,025 | 493 | 138 | |||
| Public administration and defense,<br><br>compulsory social security | 5,740 | 458 | 14 | 24 | 7,438 | 120 | 286 | |||
| Education | 295 | 17 | — | — | 99 | 55 | 55 | |||
| Human health services and social<br><br>work activities | 4,130 | 29 | — | 12 | 1,850 | 91 | 46 | |||
| Arts, entertainment and recreation | 820 | 4 | — | 15 | 1,166 | 83 | 17 | |||
| Other service activities | 6,214 | 260 | 280 | 81 | 7,013 | 628 | 1,305 | |||
| Activities of households as<br><br>employers, undifferentiated goods-<br><br>and services-producing activities of<br><br>households for own use | 199,811 | — | — | — | 20,488 | 246 | 174 | |||
| Activities of extraterritorial<br><br>organizations and bodies | 5 | 17 | — | — | 1 | 3 | 4 | |||
| Total | 484,603 | 11,380 | 1,954 | 5,068 | 269,699 | 73,468 | 26,899 |
155
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions⁷ | Total | |||||
| in € m. | at amortized<br><br>cost⁵ | at fair value<br><br>through P&L | at fair value<br><br>through OCI⁶ | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Agriculture, forestry and fishing | — | 2 | — | — | — | — | 602 |
| Mining and quarrying | 41 | 553 | 2 | — | — | — | 12,293 |
| Manufacturing | 23 | 1,389 | 50 | 43 | 42 | — | 102,375 |
| Electricity, gas, steam and air<br><br>conditioning supply | 71 | 915 | 28 | — | — | — | 19,541 |
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | — | 143 | 1 | — | — | — | 2,070 |
| Construction | 264 | 344 | 285 | — | — | — | 11,793 |
| Wholesale and retail trade, repair of<br><br>motor vehicles and motorcycles | — | 612 | 3 | — | — | — | 47,904 |
| Transport and storage | 159 | 461 | 3 | — | — | — | 12,710 |
| Accommodation and food service<br><br>activities | 5 | 90 | 1 | — | — | — | 4,311 |
| Information and communication | 31 | 1,048 | — | — | — | — | 30,918 |
| Financial and insurance activities⁸ | 5,379 | 29,863 | 5,671 | 40,437 | 104,150 | 2,786 | 474,108 |
| Real estate activities⁹ | 198 | 1,277 | 181 | 324 | 7 | — | 62,114 |
| Professional, scientific and<br><br>technical activities | 48 | 256 | 105 | — | — | — | 15,075 |
| Administrative and support service<br><br>activities | 19 | 471 | 4 | — | 16 | — | 15,661 |
| Public administration and defense,<br><br>compulsory social security | 14,160 | 83,873 | 27,354 | — | 110 | — | 139,577 |
| Education | — | 262 | 14 | — | — | — | 797 |
| Human health services and social<br><br>work activities | 103 | 289 | — | — | 1 | — | 6,550 |
| Arts, entertainment and recreation | — | 19 | — | — | — | — | 2,124 |
| Other service activities | 433 | 3,514 | 13 | 42 | 207 | — | 19,991 |
| Activities of households as<br><br>employers, undifferentiated goods-<br><br>and services-producing activities of<br><br>households for own use | — | — | — | — | — | — | 220,720 |
| Activities of extraterritorial<br><br>organizations and bodies | 704 | 2,362 | 522 | — | 117 | — | 3,735 |
| Total | 21,638 | 127,744 | 34,236 | 40,846 | 104,649 | 2,786 | 1,204,970 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.6 billion as of December 31, 2024
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 60.7 million as of December 31, 2024
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.2 billion as of December 31, 2024
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 41.6 million as of December 31, 2024
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 25.6 million as of December 31, 2024
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Includes exposure to Corporates including Holding Companies of € 108 billion, Asset-Backed Securities of € 49 billion, Banks of € 66 billion, Insurance of € 9 billion,
Financial Intermediaries of € 15 billion and Public Sector of € 17 billion, all based on internal client classification
9 Non-recourse Commercial Real Estate portfolio based on Deutsche Bank’s definition is € 36 billion
All credit exposures are subject to the same credit underwriting requirements stipulated in the bank’s “Principles for
Managing Credit Risk”, including various controls according to single name, country, industry and product/asset class-
specific concentration.
Material transactions, such as loans underwritten with the intention to sell down or distribute part of the risk to third
parties, are subject to review and approval by senior credit risk management professionals and (depending upon size) an
underwriting committee and/or the Management Board. High emphasis is placed on structuring and pricing such
transactions so that de-risking can be achieved in a timely manner and – where Deutsche Bank takes market price risk –
to mitigate such market risk.
The Group’s credit exposure to the ten largest counterparties accounted for 11% of the bank’s aggregated total credit
exposure in these categories as of December 31, 2025, compared with 11% as of December 31, 2024. The top ten
counterparty exposures were well-rated counterparties or otherwise related to structured trades which show high levels
of risk mitigation.
The Group’s amortized cost loan exposure within above categories is mostly with borrowers of good credit quality.
Moreover, with the focus on the Corporate Bank and Investment Bank, loan exposure is subject to further risk mitigation
through the bank’s e.g., Strategic Corporate Lending unit.
156
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Deutsche Bank’s household loan exposure is principally associated with Private Bank portfolios.
The bank’s amortized cost loan exposure of € 45.5 billion to Real Estate activities as reported above is based on NACE
code classification and comprises of recourse and non-recourse financing, across various parts of the group and client
segment. This includes € 18.8 billion of loans which is based on Deutsche Bank’s definition of non-recourse CRE loans.
For more information on non-recourse CRE loans, see section “Focus areas”.
The Group’s commercial real estate loans, primarily originated in the U.S. and Europe, are generally secured by first
mortgages on the underlying real estate property. Deutsche Bank originates fixed and floating rate loans and selectively
acquires (generally at substantial discount) sub-/non-performing loans sold by financial institutions. The underwriting
process is stringent and the exposure is managed under separate portfolio limits. Credit underwriting policy guidelines
provide that LTV ratios of generally less than 80% are adhered to loan origination. Additionally, given the significance of
the underlying collateral, independent external appraisals are commissioned for all secured loans by a valuation team
(part of the independent Credit Risk Management function) which is also responsible for reviewing and challenging the
reported real estate values regularly. Deutsche Bank originates loans for distribution in the banking market or via
securitization. In this context Deutsche Bank frequently retains a portion of the syndicated loans while securitized
positions may be entirely sold (except where regulation requires retention of economic risk). Mezzanine or other junior
tranches of debt are retained only in exceptional cases. The bank also participates in conservatively underwritten
unsecured lines of credit to well-capitalized real estate investment trusts and other real estate operating companies.
Commercial real estate property valuations and rental incomes can be significantly impacted by macro-economic
conditions and idiosyncratic events affecting the underlying properties. Accordingly, the portfolio is categorized as
higher risk and hence subject to the aforementioned tight restrictions on concentration.
Deutsche Bank’s exposure to Financial and Insurance Activities is € 490.1 billion as of December 31, 2025 which also
includes exposures to Asset Backed Securities, Banks, Insurance, Financial intermediaries, Public Sector as well as to
Corporates including Holding Companies. Exposures are managed using bespoke risk management frameworks, trade-
by-trade approvals and relevant risk appetite metrics. Total loans across all applicable measurement categories
amounted to € 138.5 billion, total repo and repo style transactions across all applicable measurement categories
amounted to € 149.8 billion and off-balance sheet activities amounted to € 136.2 billion as of December 31, 2025 and
were principally associated with Investment Bank and Corporate Bank portfolios, which were majorly held in North
America and Europe.
157
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Main credit exposure categories by geographical region
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Loans | Off-balance sheet | OTC derivatives | |||||
| in € m. | at amortized<br><br>cost¹ | trading - at fair<br><br>value through<br><br>P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI² | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments³ | Contingent<br><br>liabilities | at fair value<br><br>through P&L⁴ |
| Europe | 323,025 | 4,376 | 2,100 | 1,861 | 148,112 | 42,864 | 14,026 |
| Of which: | |||||||
| Germany | 208,034 | 460 | 935 | 538 | 73,322 | 16,477 | 3,631 |
| United Kingdom | 13,579 | 954 | 331 | 146 | 11,164 | 4,861 | 4,274 |
| France | 4,476 | 253 | 99 | 30 | 8,402 | 2,398 | 688 |
| Luxembourg | 18,397 | 839 | 316 | 163 | 9,740 | 466 | 2,033 |
| Italy | 23,710 | 124 | 34 | 172 | 4,263 | 5,299 | 148 |
| Netherlands | 8,969 | 262 | 25 | 394 | 8,150 | 2,458 | 1,093 |
| Spain | 15,592 | 56 | 47 | 109 | 3,827 | 4,788 | 151 |
| Ireland | 6,447 | 448 | 308 | 31 | 5,704 | 335 | 525 |
| Switzerland | 5,858 | 38 | — | 103 | 8,896 | 3,018 | 104 |
| Poland | 3,082 | — | — | 11 | 1,987 | 227 | 29 |
| Belgium | 1,914 | 81 | — | 61 | 1,584 | 519 | 148 |
| Russian Federation⁸ | 12 | — | — | — | — | — | — |
| Ukraine⁸ | 206 | 1339 | — | — | 363 | 8 | — |
| Other Europe⁸ | 12,749 | 727 | 5 | 102 | 10,710 | 2,009 | 1,202 |
| North America | 105,390 | 4,474 | 910 | 1,507 | 105,259 | 18,588 | 4,730 |
| Of which: | |||||||
| U.S. | 91,357 | 4,252 | 547 | 1,357 | 97,229 | 16,755 | 3,158 |
| Cayman Islands | 6,155 | 128 | 322 | 77 | 2,762 | 1,025 | 1,032 |
| Canada | 2,478 | 94 | 53 | 3,378 | 195 | 138 | |
| Other North America | 5,400 | — | 41 | 21 | 1,889 | 613 | 402 |
| Asia/Pacific | 39,770 | 1,669 | 344 | 963 | 17,504 | 16,093 | 4,511 |
| Of which: | |||||||
| Japan | 1,719 | 102 | 27 | 544 | 524 | 688 | 469 |
| Australia | 3,543 | 264 | 2 | 46 | 3,177 | 1,691 | 408 |
| India | 9,473 | 98 | — | 8 | 1,525 | 3,584 | 142 |
| China | 3,495 | 3 | 1 | 21 | 757 | 1,699 | 231 |
| Singapore | 4,142 | 88 | 3 | 98 | 2,086 | 1,260 | 287 |
| Hong Kong | 2,338 | 17 | 59 | 34 | 3,158 | 723 | 309 |
| Other Asia/Pacific | 15,059 | 1,097 | 251 | 211 | 6,278 | 6,449 | 2,665 |
| Other geographical<br><br>areas | 10,491 | 2,322 | 16 | 101 | 3,430 | 1,548 | 1,068 |
| Total | 478,676 | 12,842 | 3,370 | 4,432 | 274,305 | 79,092 | 24,336 |
158
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions⁷ | Total | |||||
| in € m. | at amortized<br><br>cost⁵ | at fair value<br><br>through P&L | at fair value<br><br>through OCI⁶ | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Europe | 28,289 | 65,420 | 18,907 | 21,965 | 30,276 | — | 701,221 |
| Of which: | |||||||
| Germany | 426 | 7,002 | 4,075 | 1,470 | 286 | — | 316,657 |
| United Kingdom | 1,811 | 13,446 | 2,729 | 11,736 | 14,924 | — | 79,955 |
| France | 7,857 | 10,793 | 4,063 | 3,592 | 4,069 | — | 46,720 |
| Luxembourg | 149 | 3,076 | 15 | — | 4,013 | — | 39,207 |
| Italy | 6,030 | 8,845 | 961 | 3,380 | 805 | — | 53,771 |
| Netherlands | 50 | 2,220 | 41 | 169 | 32 | — | 23,863 |
| Spain | 1,490 | 3,763 | 588 | 1,123 | 27 | — | 31,561 |
| Ireland | 922 | 1,930 | 21 | 7 | 987 | — | 17,666 |
| Switzerland | — | 1,319 | 4 | — | 247 | — | 19,586 |
| Poland | — | 555 | 3,511 | — | 191 | — | 9,594 |
| Belgium | 5,572 | 5,208 | 2,022 | — | — | — | 17,109 |
| Russian Federation⁸ | — | — | 1 | — | — | — | 13 |
| Ukraine⁸ | — | 172 | 17 | — | — | — | 899 |
| Other Europe⁸ | 3,983 | 7,090 | 861 | 487 | 4,696 | — | 44,621 |
| North America | 6,103 | 35,201 | 12,318 | 11,001 | 68,842 | — | 374,324 |
| Of which: | |||||||
| U.S. | 5,730 | 32,907 | 12,132 | 7,554 | 49,668 | — | 322,645 |
| Cayman Islands | 373 | 185 | — | 3,200 | 15,011 | — | 30,269 |
| Canada | — | 1,977 | 187 | 86 | 4,161 | — | 12,747 |
| Other North America | — | 132 | — | 161 | 1 | — | 8,662 |
| Asia/Pacific | 4,792 | 27,901 | 6,380 | 3,653 | 12,717 | — | 136,297 |
| Of which: | |||||||
| Japan | 5 | 2,666 | 2,028 | 157 | 7,179 | — | 16,108 |
| Australia | 3,145 | 2,507 | 294 | — | 1,315 | — | 16,393 |
| India | 569 | 6,750 | 55 | — | 16 | — | 22,220 |
| China | 118 | 2,289 | 249 | 90 | 240 | — | 9,192 |
| Singapore | 9 | 1,041 | 528 | — | 979 | — | 10,519 |
| Hong Kong | 13 | 410 | 567 | — | 662 | — | 8,289 |
| Other Asia/Pacific | 933 | 12,238 | 2,660 | 3,407 | 2,327 | — | 53,576 |
| Other geographical<br><br>areas | 1,089 | 7,053 | 478 | 896 | 480 | 1,128 | 30,099 |
| Total | 40,272 | 135,575 | 38,084 | 37,514 | 112,315 | 1,128 | 1,241,941 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.3 billion as of December 31, 2025
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 16.9 million as of December 31, 2025
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.7 billion as of December 31, 2025
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 25.3 million as of December 31, 2025
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 130.2 million as of December 31, 2025
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Thematic addition on back of the ongoing border conflict between the Russian Federation and Ukraine
9 Ukraine trading loan exposure driven by financing, materially guaranteed by supranational development bank. Net exposure considering broader risk mitigation structure
is de minimis
159
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | Dec 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Loans | Off-balance sheet | OTC derivatives | ||||||||
| in € m. | at amortized<br><br>cost¹ | trading - at fair<br><br>value through<br><br>P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI² | Revocable and<br><br>irrevocable<br><br>lending<br><br>commitments³ | Contingent<br><br>liabilities | at fair value<br><br>through P&L⁴ | |||
| Europe | 326,256 | 3,420 | 702 | 1,843 | 146,860 | 42,033 | 15,611 | |||
| Of which: | ||||||||||
| Germany | 215,983 | 304 | 353 | 512 | 72,341 | 15,761 | 4,393 | |||
| United Kingdom | 11,044 | 365 | 23 | 163 | 12,589 | 4,418 | 3,594 | |||
| France | 4,319 | 69 | 39 | 33 | 6,967 | 2,111 | 746 | |||
| Luxembourg | 17,119 | 944 | 14 | 131 | 8,737 | 546 | 1,780 | |||
| Italy | 23,190 | 229 | 24 | 69 | 4,424 | 5,302 | 266 | |||
| Netherlands | 9,593 | 265 | 4 | 332 | 9,452 | 2,964 | 1,460 | |||
| Spain | 15,580 | 109 | 40 | 123 | 3,833 | 4,633 | 169 | |||
| Ireland | 6,483 | 271 | 195 | 61 | 5,057 | 295 | 568 | |||
| Switzerland | 6,050 | 19 | — | 196 | 8,562 | 2,548 | 434 | |||
| Poland | 2,890 | — | — | 15 | 2,358 | 181 | 5 | |||
| Belgium | 1,991 | 33 | — | 80 | 1,685 | 1,582 | 181 | |||
| Russian Federation⁸ | 102 | — | — | 12 | 1 | 21 | — | |||
| Ukraine⁸ | 98 | 1729 | — | — | — | 5 | — | |||
| Other Europe⁸ | 11,813 | 639 | 10 | 116 | 10,855 | 1,665 | 2,016 | |||
| North America | 108,465 | 3,262 | 931 | 2,324 | 110,332 | 14,856 | 5,890 | |||
| Of which: | ||||||||||
| U.S. | 95,186 | 2,986 | 507 | 2,095 | 102,989 | 13,462 | 4,923 | |||
| Cayman Islands | 5,969 | 151 | 319 | 87 | 2,770 | 660 | 515 | |||
| Canada | 1,491 | 121 | 33 | 118 | 2,584 | 223 | 202 | |||
| Other North America | 5,819 | 4 | 72 | 24 | 1,989 | 511 | 250 | |||
| Asia/Pacific | 40,066 | 1,433 | 309 | 611 | 9,941 | 15,232 | 5,155 | |||
| Of which: | ||||||||||
| Japan | 1,744 | 151 | 42 | 77 | 532 | 645 | 598 | |||
| Australia | 3,404 | 238 | — | 9 | 2,918 | 1,371 | 512 | |||
| India | 9,001 | 24 | 25 | — | 1,405 | 3,789 | 104 | |||
| China | 4,245 | 4 | 95 | 24 | 443 | 1,852 | 754 | |||
| Singapore | 5,146 | 95 | 17 | 129 | 1,136 | 2,128 | 291 | |||
| Hong Kong | 3,062 | 90 | — | 87 | 723 | 366 | 229 | |||
| Other Asia/Pacific | 13,466 | 831 | 130 | 285 | 2,783 | 5,082 | 2,666 | |||
| Other geographical<br><br>areas | 9,816 | 3,265 | 11 | 289 | 2,567 | 1,348 | 244 | |||
| Total | 484,603 | 11,380 | 1,954 | 5,068 | 269,699 | 73,468 | 26,899 |
160
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Debt Securities | Repo and repo-style transactions⁷ | Total | |||||
| in € m. | at amortized<br><br>cost⁵ | at fair value<br><br>through P&L | at fair value<br><br>through OCI⁶ | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | |
| Europe | 10,408 | 57,024 | 15,388 | 27,957 | 34,516 | 283 | 682,300 |
| Of which: | |||||||
| Germany | 321 | 7,899 | 1,887 | 2,033 | 855 | — | 322,643 |
| United Kingdom | 487 | 12,141 | 1,983 | 12,407 | 14,163 | — | 73,376 |
| France | 1,511 | 7,855 | 3,888 | 4,077 | 8,058 | — | 39,672 |
| Luxembourg | — | 2,699 | 472 | 127 | 3,615 | — | 36,184 |
| Italy | 4,914 | 8,038 | 985 | 4,144 | 1,425 | — | 53,011 |
| Netherlands | 87 | 2,014 | 33 | — | 71 | — | 26,276 |
| Spain | 1,489 | 4,096 | 359 | 1,388 | 33 | — | 31,853 |
| Ireland | 1,326 | 1,695 | 8 | 29 | 1,065 | — | 17,053 |
| Switzerland | — | 1,657 | 1 | 2,658 | 280 | — | 22,404 |
| Poland | — | 262 | 3,554 | — | 84 | — | 9,349 |
| Belgium | — | 4,197 | 1,572 | — | 5 | — | 11,325 |
| Russian Federation⁸ | — | 3 | — | — | — | — | 138 |
| Ukraine⁸ | — | 165 | 13 | — | — | — | 454 |
| Other Europe⁸ | 273 | 4,304 | 634 | 1,094 | 4,861 | 283 | 38,562 |
| North America | 7,227 | 34,972 | 12,695 | 8,205 | 52,388 | — | 361,546 |
| Of which: | |||||||
| U.S. | 6,854 | 33,637 | 12,499 | 4,991 | 39,389 | — | 319,517 |
| Cayman Islands | 373 | 370 | — | 3,032 | 9,388 | — | 23,634 |
| Canada | — | 872 | 195 | — | 3,575 | — | 9,415 |
| Other North America | — | 93 | — | 182 | 36 | — | 8,979 |
| Asia/Pacific | 3,844 | 28,246 | 5,995 | 3,839 | 17,524 | 1,006 | 133,202 |
| Of which: | |||||||
| Japan | 6 | 2,985 | 964 | 178 | 8,815 | — | 16,736 |
| Australia | 2,526 | 2,374 | 311 | 212 | 2,720 | — | 16,596 |
| India | 658 | 6,630 | 75 | — | — | 681 | 22,391 |
| China | — | 4,400 | 274 | — | 952 | — | 13,042 |
| Singapore | 61 | 946 | 738 | — | 711 | — | 11,397 |
| Hong Kong | 9 | 559 | 553 | — | 329 | — | 6,007 |
| Other Asia/Pacific | 584 | 10,353 | 3,081 | 3,449 | 3,997 | 326 | 47,032 |
| Other geographical<br><br>areas | 160 | 7,501 | 158 | 845 | 222 | 1,497 | 27,923 |
| Total | 21,638 | 127,744 | 34,236 | 40,846 | 104,649 | 2,786 | 1,204,970 |
1 Includes stage 3 and stage 3 POCI loans at amortized cost amounting to € 15.6 billion as of December 31, 2024
2 Includes stage 3 and stage 3 POCI loans at fair value through OCI amounting to € 60.7 million as of December 31, 2024
3 Includes stage 3 and stage 3 POCI off-balance sheet exposure amounting to € 2.2 billion as of December 31, 2024
4 Includes the effect of netting agreements and cash collateral received where applicable. Excludes derivatives qualifying for hedge accounting
5 Includes stage 3 and stage 3 POCI debt securities at amortized cost amounting to € 41.6 million as of December 31, 2024
6 Includes stage 3 and stage 3 POCI debt securities at fair value through OCI amounting to € 25.6 million as of December 31, 2024
7 Before reflection of collateral and limited to securities purchased under resale agreements and securities borrowed
8 Thematic addition on back of the ongoing border conflict between the Russian Federation and Ukraine
9 Ukraine trading loan exposure driven by financing, materially guaranteed by supranational development bank. Net exposure considering broader risk mitigation structure
is de minimis
The tables above provide an overview of Deutsche Bank’s credit exposure by geographical region, allocated based on the
counterparty’s country of domicile. The domicile view might differ from any internal risk based view applied elsewhere in
this report.
The Group’s largest concentration of credit risk within loans from a regional perspective is in its home market Germany,
with a significant share in households, which includes the majority of the mortgage lending and home loan business.
Within OTC derivatives, tradable assets as well as repo and repo-style transactions, the largest concentrations from a
regional perspective were in Europe and North America.
Credit Exposure Classification
Deutsche Bank also classifies its credit exposure along business divisions, which is in line with the divisionally aligned
chief risk officer mandates. The section below discloses the credit exposure of the Corporate Bank and the Investment
Bank together. The subsequent section provides the credit exposure for the Private Bank.
161
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Corporate Bank and Investment Bank credit exposure
The tables below show the main Corporate Bank and Investment Bank Credit Exposure by product types and internal
rating bands. Please refer to section "Measuring Credit Risk" for more details about the bank’s internal ratings.
Main Corporate Bank and Investment Bank credit exposure categories according to the bank’s internal creditworthiness
categories of the counterparties – gross
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Loans | Off-balance sheet | OTC<br><br>derivatives | ||||
| Rating band | at amortized<br><br>cost | trading - at<br><br>fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI | Revocable<br><br>and irrevo-<br><br>cable lending<br><br>commitments | Contingent<br><br>liabilities | at fair value<br><br>through P&L2 |
| iAAA–iAA | 17,345 | 519 | 135 | 239 | 21,928 | 3,933 | 8,234 |
| iA | 45,423 | 120 | 248 | 677 | 67,516 | 36,422 | 6,687 |
| iBBB | 77,819 | 3,438 | 1,146 | 2,844 | 92,128 | 23,430 | 5,513 |
| iBB | 66,044 | 4,840 | 1,587 | 646 | 41,868 | 8,843 | 1,230 |
| iB | 18,089 | 1,228 | 93 | 9 | 10,885 | 2,577 | 172 |
| iCCC and below | 10,174 | 2,678 | 160 | 17 | 2,773 | 876 | 335 |
| Total | 234,895 | 12,823 | 3,370 | 4,432 | 237,097 | 76,082 | 22,170 |
All values are in Euros.
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Debt Securities | Repo and repo-style transactions | |||||
| Rating band | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | Total |
| iAAA–iAA | 351 | 71,459 | 1,255 | 16,023 | 36,320 | — | 177,740 |
| iA | 3,102 | 20,258 | 902 | 7,033 | 6,821 | — | 195,208 |
| iBBB | 747 | 13,616 | 138 | 7,240 | 52,272 | — | 280,333 |
| iBB | 957 | 23,358 | 533 | 6,416 | 16,523 | — | 172,844 |
| iB | 37 | 594 | 211 | 793 | 452 | — | 35,143 |
| iCCC and below | 25 | 904 | 133 | 9 | — | — | 18,083 |
| Total | 5,220 | 130,188 | 3,173 | 37,514 | 112,388 | — | 879,351 |
All values are in Euros.
1Reflects the probability of default for a one year time horizon
2Includes the effect of netting agreements and cash collateral received where applicable
Main Corporate Bank and Investment Bank credit exposure categories according to the bank’s internal creditworthiness
categories of the counterparties – net
| Dec 31, 2025¹ | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Loans | Off-balance sheet | OTC<br><br>derivatives | ||||
| Rating band | at amortized<br><br>cost | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI | Revocable<br><br>and irrevo-<br><br>cable lending<br><br>commitments | Contingent<br><br>liabilities | at fair value<br><br>through P&L |
| iAAA–iAA | 9,762 | 157 | 135 | 94 | 21,028 | 3,575 | 4,745 |
| iA | 33,326 | 120 | 248 | 625 | 65,146 | 32,869 | 3,105 |
| iBBB | 36,728 | 2,548 | 697 | 1,974 | 84,025 | 18,315 | 3,588 |
| iBB | 29,606 | 4,132 | 1,206 | 463 | 37,687 | 6,398 | 1,157 |
| iB | 4,874 | 1,095 | 37 | 4 | 10,084 | 1,386 | 161 |
| iCCC and below | 4,645 | 2,158 | 56 | 9 | 2,625 | 350 | 233 |
| Total | 118,942 | 10,211 | 2,379 | 3,169 | 220,594 | 62,893 | 12,989 |
All values are in Euros.
162
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2025¹ | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| in m.(unless stated otherwise) | Debt Securities | Repo and repo-style transactions | |||||
| Rating band | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | Total |
| iAAA–iAA | 351 | 71,391 | 1,255 | — | 351 | — | 112,844 |
| iA | 3,102 | 20,258 | 902 | 202 | 25 | — | 159,928 |
| iBBB | 266 | 13,351 | 111 | — | 51 | — | 161,652 |
| iBB | 484 | 22,828 | 133 | — | 342 | — | 104,437 |
| iB | 37 | 508 | 203 | — | — | — | 18,389 |
| iCCC and below | 25 | 730 | 119 | — | — | — | 10,950 |
| Total | 4,265 | 129,066 | 2,723 | 202 | 768 | — | 568,199 |
All values are in Euros.
1Net of eligible collateral, guarantees and hedges based on IFRS requirements
2Reflects the probability of default for a one year time horizon
The tables below show the main Corporate Bank and Investment Bank credit exposure for 2024 by product types and
internal rating bands.
Main Corporate Bank and Investment Bank credit exposure categories according to the bank’s internal creditworthiness
categories of the counterparties – gross
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Loans | Off-balance sheet | OTC<br><br>derivatives | ||||
| Rating band | at amortized<br><br>cost | trading - at<br><br>fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI | Revocable<br><br>and irrevo-<br><br>cable lending<br><br>commitments | Contingent<br><br>liabilities | at fair value<br><br>through P&L2 |
| iAAA–iAA | 18,371 | 177 | 84 | 209 | 28,227 | 6,007 | 10,133 |
| iA | 47,908 | 60 | 542 | 1,167 | 69,746 | 32,937 | 7,441 |
| iBBB | 66,741 | 3,207 | 131 | 2,537 | 88,790 | 22,201 | 4,101 |
| iBB | 64,486 | 4,983 | 561 | 1,080 | 34,521 | 6,015 | 2,202 |
| iB | 21,094 | 713 | 399 | 10 | 8,865 | 2,244 | 104 |
| iCCC and below | 8,153 | 2,141 | 235 | 65 | 2,210 | 931 | 97 |
| Total | 226,751 | 11,280 | 1,951 | 5,068 | 232,359 | 70,335 | 24,077 |
All values are in Euros.
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Debt Securities | Repo and repo-style transactions | |||||
| Rating band | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | Total |
| iAAA–iAA | 694 | 64,329 | 192 | 17,775 | 39,458 | — | 185,657 |
| iA | 2,469 | 14,985 | 46 | 7,374 | 8,817 | — | 193,490 |
| iBBB | 1,021 | 19,851 | 149 | 7,506 | 13,055 | — | 229,290 |
| iBB | 1,319 | 22,194 | 431 | 7,390 | 41,123 | — | 186,303 |
| iB | 90 | 643 | 402 | 686 | 1,795 | — | 37,044 |
| iCCC and below | 42 | 825 | 47 | 115 | — | — | 14,862 |
| Total | 5,635 | 122,827 | 1,268 | 40,846 | 104,248 | — | 846,646 |
All values are in Euros.
1Reflects the probability of default for a one year time horizon
2Includes the effect of netting agreements and cash collateral received where applicable
Main Corporate Bank and Investment Bank credit exposure categories according to the bank’s internal creditworthiness
categories of the counterparties – net
| Dec 31, 2024¹ | |||||||
|---|---|---|---|---|---|---|---|
| in m.(unless stated otherwise) | Loans | Off-balance sheet | OTC<br><br>derivatives | ||||
| Rating band | at amortized<br><br>cost | trading -<br><br>at fair value<br><br>through P&L | Designated/<br><br>mandatory at<br><br>fair value<br><br>through P&L | at fair value<br><br>through OCI | Revocable<br><br>and irrevo-<br><br>cable lending<br><br>commitments | Contingent<br><br>liabilities | at fair value<br><br>through P&L |
| iAAA–iAA | 10,671 | 99 | 84 | 64 | 26,953 | 5,128 | 4,893 |
| iA | 36,198 | 60 | 392 | 953 | 67,092 | 29,677 | 4,140 |
| iBBB | 30,736 | 2,869 | 56 | 1,836 | 82,049 | 17,106 | 2,948 |
| iBB | 27,152 | 4,122 | 480 | 520 | 30,381 | 4,366 | 1,889 |
| iB | 6,049 | 503 | 189 | 10 | 8,258 | 1,290 | 103 |
| iCCC and below | 4,285 | 1,570 | 57 | 55 | 2,127 | 348 | 96 |
| Total | 115,091 | 9,223 | 1,258 | 3,438 | 216,860 | 57,915 | 14,069 |
All values are in Euros.
163
| Deutsche Bank | Risk and capital performance | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | ||||||
| Dec 31, 2024¹ | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| in m.(unless stated otherwise) | Debt Securities | Repo and repo-style transactions | |||||
| Ratingband | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | at amortized<br><br>cost | at fair value<br><br>through P&L | at fair value<br><br>through OCI | Total |
| iAAA–iAA | 694 | 64,254 | 192 | 7 | 261 | — | 113,301 |
| iA | 2,469 | 14,985 | 46 | 106 | 13 | — | 156,131 |
| iBBB | 562 | 19,756 | 136 | 6 | 35 | — | 158,096 |
| iBB | 860 | 21,684 | 334 | — | 1,087 | — | 92,874 |
| iB | 20 | 537 | 362 | — | — | — | 17,321 |
| iCCC and below | 42 | 711 | 47 | — | — | — | 9,338 |
| Total | 4,647 | 121,927 | 1,117 | 119 | 1,396 | — | 547,060 |
All values are in Euros.
1Net of eligible collateral, guarantees and hedges based on IFRS requirements
2Reflects the probability of default for a one year time horizon
The above tables show an overall increase in the Corporate Bank and Investment Bank gross exposure in 2025 of
€ 32.7 billion or 4%. Repo and repo-style transactions increased by € 4.8 billion, mainly driven by increased firm trading
activities and client flows. From a regional perspective, the increase was primarily attributable to counterparties
domiciled in the United Kingdom and U.S. Off-balance sheet positions increased by € 10.5 billion, mainly driven by new
commitments issued during the period. Loans increased by € 10.5 billion, primarily in the Investment Bank. Debt
Securities increased by € 8.9 billion, mainly due to client flows and desk positioning and decrease in OTC Derivatives of
€ 1.9 billion was primarily due to decrease in foreign exchange derivatives products.
The Group uses risk mitigation techniques as described above to optimize Corporate Bank and Investment Bank credit
exposures and reduce potential credit losses. The tables for “net” exposure disclose the development of the bank’s
Corporate Bank and Investment Bank credit exposures net of collateral, guarantees and hedges.
Risk Mitigation for Credit Exposure
Strategic Corporate Lending (“SCL”) unit helps to mitigate the risk of the bank’s corporate credit exposures. The notional
amount of SCL’s risk reduction activities increased from € 43.2 billion as of December 31, 2024, to € 54.4 billion as of
December 31, 2025. As of year-end 2025, SCL mitigated the credit risk of € 49.9 billion of loans and lending-related
commitments, through significant risk transfer. This position totalled € 38.4 billion as of December 31, 2024.
SCL also managed credit derivatives with an underlying notional amount of € 4.5 billion as of December 31, 2025. The
position totalled € 4.7 billion as of December 31, 2024. The credit derivatives used for the bank’s portfolio management
activities are accounted for at fair value.
The bank makes use of hedging also in other businesses to reduce single name concentration risks and utilizes private risk
insurance and export credit agency cover to manage noncollateralized exposures.
164
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Private Bank credit exposure
Private Bank credit exposure, credit exposure in stage 3 and net credit costs
| Total exposurein m. | of which loan bookin m. | Credit exposure stage 3in m. | Net credit costs<br><br>as a % of total exposure¹ | ||
|---|---|---|---|---|---|
| Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2025 | Dec 31, 2024 | |
| Consumer Finance | 39,413 | 25,414 | 1,994 | 0.93% | 1.26% |
| Mortgages | 155,424 | 153,275 | 2,026 | 0.02% | 0.09% |
| Business Finance | 15,192 | 11,585 | 1,112 | 0.61% | 0.63% |
| Wealth Management | 76,916 | 56,283 | 2,197 | 0.11% | 0.13% |
| Other | 430 | 36 | — | 0.55% | (0.01%) |
| Total | 287,375 | 246,594 | 7,328 | 0.23% | 0.29% |
All values are in Euros.
1Net credit costs for the twelve months period ended at the respective balance sheet date divided by the total exposure at that balance sheet date
Consumer Finance is divided into personal installment loans, credit lines and credit cards. Consumer Finance business is
uncollateralized, loan risk depends on client quality. Various lending requirements are stipulated, including (but not
limited to) client rating, maximum loan amounts and maximum tenors, and are adapted to individual circumstances of
the borrower (i.e., for consumer loans maximum loan amount and maximum tenor taking into account amongst others
customer net income). Given the largely homogeneous nature of this portfolio, counterparty credit-worthiness and
ratings are derived by utilizing an automated decision engine.
Mortgage business is financing of real estates with focus on residential properties (primarily owner-occupied) sold by
various business channels in Europe, primarily in Germany but also in Spain and Italy. The level of credit risk of the
mortgage loan portfolio is determined by assessing the quality of the client and the underlying collateral. The loan
amounts are generally larger than Consumer Finance loans and they are extended for longer time horizons. Based on the
bank’s underwriting criteria and processes and the diversified portfolio (customers/properties) with respective
collateralization, the mortgage portfolio is categorized as lower risk, while consumer finance is categorized as high risk.
Business Finance represents credit products for small businesses, SME up to large corporates. Products range from
current accounts and credit lines to investment loans or revolving facilities, factoring, leasing and derivatives. Clients are
located primarily in Italy and Spain, but credit can also be extended to subsidiaries abroad, mostly in Europe.
Wealth Management offers globally customized wealth management solutions and private banking services including
discretionary portfolio management and traditional and alternative investment solutions, complemented by structured
risk management, wealth planning, lending and family office services for wealth, high-net-worth (HNW) and ultra-high-
net-worth (UHNW) individuals and family offices. Wealth Management’s total exposure is divided into Lombard Lending
(against readily marketable liquid collateral/securities) and Structured Lending (against less liquid collateral). While the
level of credit risk for the Lombard portfolio is determined by assessing the quality of the underlying collateral, the level
of credit risk for the structured portfolio is determined by assessing both the quality of the client and the collateral.
Products range from secured Lombard and mortgage loans to current accounts (Europe only), credit lines and other
loans; to a lesser extent derivatives and contingencies.
Private Bank mortgage loan-to-value1
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| ≤ 50% | 66% | 65% |
| > 50 ≤ 70% | 16% | 16% |
| > 70 ≤ 90% | 10% | 10% |
| > 90 ≤ 100% | 3% | 3% |
| > 100 ≤ 110% | 2% | 2% |
| > 110 ≤ 130% | 1% | 2% |
| > 130% | 1% | 1% |
1When assigning the exposure to the corresponding LTV buckets, the exposure amounts are distributed according to their relative share of the underlying assessed real
estate value
The LTV expresses the amount of exposure as a percentage of the underlying real estate value.
The Group’s LTV ratios are calculated using the total exposure divided by the current determined value of the respective
properties. These values are monitored and updated if necessary, on a regular basis. The exposure of transactions that
are additionally backed by liquid collateral is reduced by the respective collateral values, whereas any prior charges
increase the corresponding total exposure. The LTV calculation includes exposure which is secured by real estate
collateral. Any mortgage lending exposure that is collateralized exclusively by any other type of collateral is not included
in the LTV calculation.
165
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
The creditor’s creditworthiness, the LTV and the quality of collateral is an integral part of the Group’s risk management
when originating loans and when monitoring and steering the Group’s credit risks. In general, the Group is willing to
accept higher LTV’s, the better the creditor’s creditworthiness is. Nevertheless, restrictions of LTV apply e.g., for
countries with negative economic outlook or expected declines of real estate values.
As of December 31, 2025, 66% of the Group’s exposure related to the mortgage lending portfolio had an LTV ratio below
or equal to 50% compared to 65% as of December 31, 2024.
Focus areas in 2025
As mentioned in the Key risk themes section, Deutsche Bank has identified commercial real estate and climate risk as
focus areas of the Group in 2025 in relation to Credit Risk. Tariffs, as mentioned in the Key Risk Themes section would not
be considered a standalone focus area going forward but rather integrated into the broader portfolio dynamics.
Commercial Real Estate
Commercial Real Estate (CRE) markets continue to face headwinds due to the impacts of higher interest rates, reduced
market liquidity attached to tightened lending conditions, and structural changes in the office sector. The market stress
has been more pronounced in the U.S. where property price indices show a more substantial decline of CRE asset values
from recent peaks, compared to Europe and APAC. Especially within the office segment, the market weakness is most
evident in the U.S., reflected in subdued leasing activity and higher vacancy rates compared to Europe. Recent market
data indicate stabilization in some markets.
In the current environment, the main risk for the portfolio is related to refinancing and extension of maturing loans which
is negatively affected by the impact of higher interest rates on collateral values and debt service. CRE loans often have a
significant portion of principal payable at maturity. Under current market conditions, borrowers may have difficulty
obtaining a new loan to repay the maturing debt or to meet conditions that allow extension of loans. This risk is further
amplified for loans in the office segment due to increased uncertainty about letting prospects for office properties.
Deutsche Bank is closely monitoring the CRE portfolio for development of such risks.
The Group continues to proactively work with borrowers to address upcoming maturities to establish terms for loan
amendments and extensions, which in many cases, are classified as forbearance triggering Stage 2 classification under
IFRS 9 but are not always deemed modifications under IFRS (please see modification of financial assets and financial
liabilities section). However, in certain cases, no agreement can be reached on loan extensions or loan amendments and
the borrower’s inability to restructure or refinance leads to a default. This has resulted in higher Stage 3 ECL’s in 2024
and 2025. Overall, uncertainty remains with respect to future defaults and the timing of a full recovery in the CRE
markets.
The CRE portfolio consists of lending arrangements originated across various parts of the bank and client segments. The
CRE portfolio under the Group’s CRE definition includes exposures reported under the Main Credit Exposure Categories
by Industry Sectors for Real Estate Activities NACE and exposures reported under other NACE classifications including
Financial and Insurance Activities.
Within the CRE portfolio, the Group differentiates between recourse and non-recourse financing. Recourse CRE
financings typically have a lower inherent risk profile based on recourse to creditworthy entities or individuals, in addition
to mortgage collateral. Recourse CRE exposures range from secured recourse lending for business or commercial
properties to property companies, Wealth Management clients, as well as other private and corporate clients.
Non-recourse financings rely on sources of repayment that are typically limited to the cash flows generated by the
financed property and the ability to refinance such loans may be constrained by the underlying property value and
income stream generated by such property at the time of refinancing.
The entire CRE loan portfolio is subject to periodic stress testing under Deutsche Bank’s Group Wide Stress Test
Framework. In addition, Deutsche Bank uses bespoke portfolio stress testing for certain sub-segments of the CRE loan
portfolio to obtain a more comprehensive view of potential downside risks. For the year ending December 31, 2025, the
Group performed a bespoke portfolio stress test on a subset of the non-recourse financing portfolio deemed higher risk
based on its heightened sensitivity to current CRE market stress factors, including higher interest rates, declining
collateral values and elevated refinancing risk due to loan structures with a high proportion of their outstanding principal
balance payable at maturity.
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|---|---|
| Annual Report 2025 | Credit Risk Exposure |
As of December 31, 2025, the non-recourse portfolio subject to bespoke portfolio stress testing, also referred to as the
higher risk CRE portfolio or the stress-tested CRE portfolio, amounted to € 24.3 billion of the € 30.6 billion non-recourse
CRE portfolio, excluding sub-portfolios with less impacted risk drivers, which benefit from strong underlying demand
fundamentals. The reduction in the non-recourse CRE portfolio and stress-tested CRE portfolio since December 31,
2024 was € 5.9 billion and € 5.0 billion, respectively, mainly driven by loan repayments , loan sales and FX impact partially
offset by new loan originations. Allowance for credit losses as per December 31, 2025 amounted to € 1.1 billion for the
non-recourse and € 903 million for the stress-tested CRE portfolios (December 31, 2024 € 795 million and € 653 million
respectively).
The following table shows the stress-tested CRE portfolio by IFRS 9 stages, region, property type and average weighted
loan to value (LTV) as well as provision for credit losses recorded for the year ended December 31, 2025, and December 31,
2024, respectively.
Stress-tested CRE portfolio
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| in € m. | Gross Carrying<br><br>Amount1 | Gross Carrying<br><br>Amount1 |
| Exposure by stages | ||
| Stage 1 | 14,402 | 18,756 |
| Stage 2 | 6,277 | 7,713 |
| Stage 3 | 3,609 | 2,836 |
| Total | 24,288 | 29,305 |
| thereof: | ||
| Forborne exposure | 5,133 | 5,389 |
| thereof: | ||
| North America | 51% | 54% |
| Western Europe (including Germany) | 44%2 | 39% |
| Asia/Pacific | 5% | 7% |
| thereof: offices | 35% | 42% |
| North America | 18% | 24% |
| Western Europe (including Germany) | 16%3 | 17% |
| Asia/Pacific | 1% | 2% |
| thereof: residential | 15% | 12% |
| thereof: hospitality | 15% | 10% |
| thereof: retail | 11% | 10% |
| Weighted average LTV, in % | ||
| Investment Bank | 65% | 66% |
| Corporate Bank | 58% | 56% |
| Other Business | 70% | 71% |
| 2025 | 2024 | |
| Allowance for Credit Losses4 | 903 | 653 |
| Provision for Credit Losses4 | 712 | 492 |
| thereof: North America | 613 | 400 |
1 Loans at amortized cost
2 Germany accounts for approximately 9% of the total stress-tested CRE portfolio
3 Office loans in Germany account for 14% of total office loans in the stress-tested CRE portfolio
4 Allowance for Credit Losses and Provision for Credit Losses do not include country risk provisions
The average LTV in the U.S. office loan segment increased from 81% as of December 31, 2024 to 88% as of December 31,
2025,in part due to repayments of some larger exposures. LTV calculations are based on latest externally appraised
values which are additionally subject to regular interim internal adjustments. While the Group is updating CRE collateral
values where applicable, such values and their underlying assumptions are subject to a higher degree of fluctuation and
uncertainty in the current environment of heightened market volatility and reduced market liquidity.
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|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Stage classification and provisioning levels are primarily based on the Group’s assessment of a borrower’s ability to
generate recurring cash flows, its ability to obtain refinancing at the loan’s maturity, and an assessment of the financed
property’s collateral value. Deutsche Bank actively monitors these factors for potential signs of deterioration to ensure
timely adjustment of the borrower’s loan classifications. When a loan is deemed to be impaired, the Group calculates
required credit loss provisions using multiple potential scenarios for loan resolution, weighted by their expected
probabilities and taking into account information available at that point. Such assessments are inherently subjective with
respect to scenario weightings and subject to various assumptions, including future cash flows generated by a property
and potential property liquidation proceeds. These assumptions are subject to uncertainties which are exacerbated in the
current volatile market environment such that deviating developments to initial assumptions could have a material
future impact on calculated provisions. Additional uncertainty exists within the office sector due to the uncertain long-
term impact of remote working arrangements on demand for office space. The Group remains highly selective around
new business, focusing on more attractive property types such as multi-family in particular sub-markets.
While central banks have started to cut short-term interest rates, the Group expects current CRE market conditions to
continue, in the near-term particularly in the office sector which could result in further deterioration of asset quality and
elevated credit loss provisions.
Since the onset of the CRE market deterioration, the Group aims to assess the downside risk of additional credit losses in
its higher risk non-recourse portfolio through a temporary bespoke stress testing focused on examining property values
movements as basis of to identify potential losses on a portfolio basis. Stressed values are derived by applying an
observed peak-to-trough market index decline (a commercial property value market index) to the appraised values
reduced by an additional haircut, differentiated by property type and region. Implying a liquidation scenario, the stress
analysis assumes a loss to occur on a loan when the stressed property value is less than the outstanding loan balance, i.e.,
the stress LTV beyond 100%.
Based on the stress test assumptions, utilizing the stress-tested CRE portfolio and most current risk data as of December
31, 2025, as a starting point, macro-economic stress could result in a severe stress scenario of approximately € 1.2 billion
of credit losses, over multiple years based on the respective maturity profile. The allowance recorded against the stress
tested portfolio was € 0.9 billion as of December 31, 2025.
The bespoke stress test has numerous limitations, including but not restricted to lack of differentiation based on
individual asset performance, specific location or asset desirability, all of which could have a material impact on potential
stress losses. Furthermore, calculated stress losses are sensitive to potential further deterioration of peak-to-trough
index values and assumptions about incremental haircuts and incremental stress loss can therefore change in future.
Changes in underlying assumptions could lead to a wider range of stress results and hence the Group's bespoke stress
approach should be viewed as one of multiple possible scenarios. While the stress test aims to assess potential losses in
an adverse scenario, Deutsche Bank believes that based on currently available information, the ECL estimate related to
the Group’s CRE portfolio is within a reasonable range and thus represents the bank’s best estimate, considering the
advanced stage of the current down cycle which is pointing towards stabilization as real estate values have adjusted to
the shocks from higher interest rates and remote working trends.
Climate Risk
Background and definitions
Climate transition and physical risks present growing risks to the bank’s sectoral and regional portfolios.
Transition risks, defined as the risks arising from the policy, technology and behavioral changes needed to decarbonize
the global economy, are expected to lead to a progressive shift away from fossil fuel-based technologies in favor of
renewable energy sources. This will generate increased risks for companies with carbon intensive business models who
are unable to execute on credible transition plans. Deutsche Bank is exposed to transition risks via its lending to, and
other business activities with, carbon intensive clients and physical assets.
Physical risks, defined as the potential for physical damage and associated financial and non-financial losses due to rising
temperatures, are increasing in frequency and intensity. Deutsche Bank is exposed to physical risks via its lending to, and
other business activities with, clients and physical assets in regions which are vulnerable to acute events (e.g., wildfires,
hurricanes) and chronic events (e.g., rising sea levels).
Risk identification, assessment and management.
Managing climate transition and physical risks is a key component of the bank’s risk management and wider sustainability
strategy. Climate risks are embedded into the bank’s risk frameworks and appetite, prioritizing clients and portfolios with
the highest vulnerability based on a broad range of bespoke climate risk identification and classification approaches,
including risk concentrations. All economic sectors are included in the analysis and the carbon-intensive sectors are
subject to particular focus.
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|---|---|
| Annual Report 2025 | Credit Risk Exposure |
A comprehensive climate materiality assessment is performed on an annual basis which assesses potential impacts
across a range of scenarios and timeframes. A detailed description is provided in the “Impact, risk and opportunity
management” section within the “Climate and other environmental risks” chapter of the Sustainability Statement. The
assessment utilizes a range of quantitative estimation approaches including emissions and emission intensity estimates,
physical risk loss estimates across a range of different temperature scenarios and client transition and physical risk
scorecards. The materiality assessment is based on internal ratings migration for corporate lending exposures and the
impact on collateral value for real estate exposures. The quantitative assessment is supplemented by qualitative views
from internal subject matter experts. The bank also conducts annual stress testing of climate and physical risks across a
range of scenarios and timeframes.
The results of these assessments are utilized to quantify potential downside risks and to identify clients in higher risk
portfolios which are subject to enhanced due diligence as part of the bank’s credit approval process. Risk assessments
are integrated into the internal credit rating process and are considered as potential triggers for inclusion in the
Watchlist. Dedicated requirements for insurance arrangements are in place for real estate lending. To manage climate
transition risks, net zero targets have been established for key carbon intensive sectors with dedicated governance in
place to review transactions with a significant impact on target metrics. A detailed presentation and discussion of the
bank’s net zero targets is provided in the Bank’s updated Transition Plan published in August 2025.
Forward-looking impact analysis
Based on the 2025 materiality assessment and climate stress test results the Group concludes that potential credit risk
impacts are well-contained in both the short (1-2yr) and medium term (3-5yr) under current policy assumptions, and also
in a scenario where all stated pledges by governments are enforced. The former scenario is considered most likely to
occur in the short-to-medium term, that latter scenario is considered less likely to materialize in the current geopolitical
environment.
The 2025 materiality assessment concludes that long-term risks are potentially material across all scenarios but with a
high degree of uncertainty over the results reflecting the very long time frame, up to 25 years, and based on several
conservative assumptions including a static balance sheet.
Risks to the portfolio would be significantly higher in a disorderly net zero scenario where following a prolonged period of
inaction governments introduced punitive climate taxes and other policies with a very short implementation period.
Deutsche Bank considers this scenario to be extremely unlikely to materialize in the short to medium term and thus the
risk is reflected in Deutsche Bank´s Economic Capital calculation rather than ECL.
Both the materiality assessment and bespoke climate stress test have several limitations including but not limited to high
levels of uncertainty on policy developments over the medium-to-long term, difficulty with precisely forecasting the
location and severity of physical risk events and assumptions around the adaptive capabilities of the bank´s clients.
Utilization of multiple scenarios is designed to mitigate these uncertainties.
Based on these estimates Deutsche Bank believes that ECL estimates for higher transition and physical risk exposures are
within reasonable ranges and require no additional corrective measure.
A sensitivity analysis has been undertaken as part of the climate stress test that is based on reasonable ranges of
potential variation for carbon prices and energy prices. The stressed ECL impacts at a one-year horizon were found to be
from a single digit number for a current policies scenario to a low 2-digit figure for a Delayed Transition scenario. These
estimations are aligned with the outputs of the materiality assessment.
Conclusion
To ensure that Deutsche Bank’s expected credit losses (ECL) model was taking into account the uncertainties in the
macroeconomic environment throughout 2025, the Group reviewed emerging risks to assess its potential downside and
to manage the bank’s credit strategy and risk appetite on an ongoing basis. Overall, Deutsche Bank believes the actions
taken as a result of these reviews were designated to ensure the bank was adequately provisioned for its expected credit
losses as of December 31, 2025.
169
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|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Asset Quality
This section describes the quality of debt instruments subject to impairment, which under IFRS 9 consist of debt
instruments measured at amortized cost, financial instruments at fair value through other comprehensive income
(FVOCI) as well as off balance sheet lending commitments such as loan commitments and financial guarantees (hereafter
collectively referred to as “Financial Assets”).
Overview of financial assets subject to impairment
The following tables provide an overview of the exposure amount and allowance for credit losses by financial asset class
broken down into stages as per IFRS 9 requirements.
Overview of financial assets subject to impairment
| Dec 31, 2025 | Dec 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total |
| Amortized cost¹ | ||||||||||
| Gross carrying amount | 722,204 | 53,383 | 14,874 | 615 | 791,076 | 676,154 | 63,836 | 15,214 | 609 | 755,814 |
| Allowance for credit<br><br>losses² | 421 | 888 | 4,600 | 247 | 6,156 | 438 | 736 | 4,412 | 213 | 5,799 |
| of which Loans | ||||||||||
| Gross carrying amount | 411,254 | 52,092 | 14,720 | 610 | 478,676 | 412,480 | 56,540 | 14,974 | 609 | 484,603 |
| Allowance for credit<br><br>losses² | 409 | 881 | 4,513 | 247 | 6,049 | 411 | 718 | 4,326 | 213 | 5,668 |
| Fair value through OCI | ||||||||||
| Fair value | 43,030 | 466 | 147 | — | 43,644 | 36,828 | 5,176 | 86 | — | 42,090 |
| Allowance for credit<br><br>losses | 12 | 22 | 14 | — | 48 | 12 | 16 | 10 | — | 38 |
| Off-balance sheet | ||||||||||
| Notional amount | 321,740 | 26,678 | 2,724 | 21 | 351,164 | 313,625 | 25,983 | 2,225 | 7 | 341,840 |
| Allowance for credit<br><br>losses³ | 98 | 96 | 196 | 2 | 393 | 106 | 82 | 173 | — | 361 |
1 Financial assets at amortized cost consist of: loans at amortized cost, cash and central bank balances, interbank balances (w/o central banks), central bank funds sold and
securities purchased under resale agreements, securities borrowed and certain subcategories of other assets
2 Allowance for credit losses do not include allowance for country risk amounting to € 7 million as of December 31, 2025 and € 14 million as of December 31, 2024
3 Allowance for credit losses do not include allowance for country risk amounting to € 12 million as of December 31, 2025 and € 2 million as of December 31, 2024
Financial assets at amortized cost
The following tables provide an overview of development of financial assets at amortized cost and related allowance for
credit losses in each of the relevant reporting periods broken down into stages as per IFRS 9 requirements.
Development of exposures in the current reporting period
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Gross carrying amount | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 676,154 | 63,836 | 15,214 | 609 | 755,814 |
| Movements in financial assets including new business and<br><br>credit extensions | 93,571 | 1,095 | 1,549 | 170 | 96,385 |
| Transfers due to changes in creditworthiness | 4,569 | (6,011) | 1,442 | — | — |
| Changes due to modifications that did not result in<br><br>derecognition | — | 3 | (34) | — | (31) |
| Changes in models | N/M | N/M | N/M | N/M | N/M |
| Financial assets that have been derecognized during the<br><br>period | (25,550) | (3,197) | (2,697) | (167) | (31,611) |
| Recovery of written off amounts | — | — | 164 | — | 164 |
| Foreign exchange and other changes | (26,540) | (2,344) | (764) | 3 | (29,645) |
| Balance, end of reporting period | 722,204 | 53,383 | 14,874 | 615 | 791,076 |
N/M – Not meaningful
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|---|---|
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Financial assets at amortized cost subject to impairment increased primarily in Stage 1 in 2025:
Stage 1 exposures increased by € 46 billion or 7%, primarily due to an increase in cash and central bank balances and
securities purchased as a part of Bank’s asset purchase program initiative to expand portfolio of European government
bonds.
Stage 2 exposures went down by € 10 billion or 16% mainly due to stage upgrade from Stage 2 to stage 1 for a single
large client in Asia Pacific and a decrease in Private Bank.
Stage 3 exposures decreased by € 0.3 billion or 2% in 2025, primarily due to decrease in Private Bank. This decrease has
been partially offset by an increase in CRE Portfolio within Investment Bank.
Development of exposures in the previous reporting period
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Gross carrying amount | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 686,421 | 55,704 | 12,799 | 806 | 755,731 |
| Movements in financial assets including new business and<br><br>credit extensions | 74,160 | 934 | 2,151 | (33) | 77,212 |
| Transfers due to changes in creditworthiness | (11,473) | 9,079 | 2,394 | — | — |
| Changes due to modifications that did not result in<br><br>derecognition | — | 9 | (55) | — | (46) |
| Changes in models | N/M | N/M | N/M | N/M | N/M |
| Financial assets that have been derecognized during the<br><br>period | (86,710) | (2,906) | (2,598) | (180) | (92,394) |
| Recovery of written off amounts | — | — | 157 | — | 157 |
| Foreign exchange and other changes | 13,756 | 1,016 | 367 | 16 | 15,154 |
| Balance, end of reporting period | 676,154 | 63,836 | 15,214 | 609 | 755,814 |
N/M – Not meaningful
Financial assets at amortized cost subject to impairment remained almost unchanged in 2024:
Stage 1 exposures decreased by € 11 billion or 2%, primarily due to a reduction in cash and central bank balances partly
offset by an increase in securities purchased under resale agreements.
Stage 2 exposures went up by € 8 billion or 15% mainly due to a large single client in Corporate & Other and an increase
in Private Bank mainly driven by residual temporary impacts following the Postbank integration.
Stage 3 exposures increased by € 2 billion or 16% in 2024, mainly driven by new defaults in Private Bank and Corporate &
Other. The latter were related to the CRE portfolio.
Development of allowance for credit losses in the current reporting period
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses² | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI⁴ | Total |
| Balance, beginning of year | 438 | 736 | 4,412 | 213 | 5,799 |
| Movements in financial assets including new business and<br><br>credit extensions | (90) | 178 | 1,663 | 9 | 1,760 |
| Transfers due to changes in creditworthiness | 119 | (85) | (35) | N/M | — |
| Changes due to modifications that did not result in<br><br>derecognition | N/M | N/M | N/M | N/M | N/M |
| Changes in models35 | (63) | 91 | (155) | — | (127) |
| Financial assets that have been derecognized during the<br><br>period³ | — | — | (1,002) | — | (1,002) |
| Recovery of written off amounts | — | — | 164 | — | 164 |
| Foreign exchange and other changes | 18 | (33) | (447) | 25 | (437) |
| Balance, end of reporting period | 421 | 888 | 4,600 | 247 | 6,156 |
| Provision for Credit Losses excluding country risk¹ | (34) | 185 | 1,473 | 9 | 1,633 |
N/M – Not meaningful
1 Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding country risk
2 Allowance for credit losses does not include allowance for country risk amounting to € 7 million as of December 31, 2025
3 This position represents charge offs of allowance for credit losses
4 The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized
during the reporting period was € 74 million in 2025 and € 0 million in 2024
5 Changes in models primarily reflect LGD model update and changes to the SICR model
171
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|---|---|
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Allowance for credit losses for financial assets at amortized cost subject to impairment went up by € 358 million or 6% in
2025, largely driven by Stage 3:
Stage 1 allowances decreased by € 16 million or 4% mainly driven by Private Bank due to exposure reduction which has
been partially offset by increases in Corporate Bank and Investment Bank.
Stage 2 allowances increased by € 152 million or 21% largely due to Private Bank and Investment Bank.
Stage 3 allowances went up by € 222 million or 5% in 2025, driven by additional charges in the CRE portfolio within
Investment Bank and an increase in Personal Banking within Private Bank.
The Group’s Stage 3 coverage ratio (defined as allowance for credit losses in Stage 3 (excluding POCI) as a percentage of
financial assets at amortized cost in Stage 3 (excluding POCI)) amounted to 31% in the current fiscal year, compared to
29% in the prior year.
Development of allowance for credit losses in the previous reporting period
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses² | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI⁴ | Total |
| Balance, beginning of year | 447 | 680 | 3,960 | 198 | 5,285 |
| Movements in financial assets including new business and<br><br>credit extensions | (150) | 194 | 1,814 | 3 | 1,861 |
| Transfers due to changes in creditworthiness | 128 | (128) | — | N/M | — |
| Changes due to modifications that did not result in<br><br>derecognition | N/M | N/M | N/M | N/M | N/M |
| Changes in models | (2) | (7) | — | — | (9) |
| Financial assets that have been derecognized during the<br><br>period³ | — | — | (1,229) | — | (1,229) |
| Recovery of written off amounts | — | — | 157 | — | 157 |
| Foreign exchange and other changes | 15 | (3) | (290) | 11 | (267) |
| Balance, end of reporting period | 438 | 736 | 4,412 | 213 | 5,799 |
| Provision for Credit Losses excluding country risk¹ | (24) | 59 | 1,814 | 3 | 1,852 |
N/M – Not meaningful
1Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding
country risk
2Allowance for credit losses does not include allowance for country risk amounting to € 14 million as of December 31, 2024
3This position represents charge offs of allowance for credit losses
4The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized
during the reporting period was € 0 million in 2024 and € 0 million in 2023
Allowance for credit losses for financial assets at amortized cost subject to impairment went up by € 513 million or 10%
in 2024, driven by stage 3:
Stage 1 allowances decreased by € 9 million or 2% mainly driven by Private Bank due to exposure reduction and almost
offset by increases in Corporate Bank and Investment Bank.
Stage 2 allowances increased by € 56 million or 8% largely due to Private Bank and Corporate Bank.
Stage 3 allowances went up by € 466 million or 11% in 2024, driven by additional charges in the CRE portfolio and in
Corporate Bank as well as new defaults in Private Bank. The latter were offset to a large extent by non-performing loans
sales.
The Group’s stage 3 coverage ratio (defined as allowance for credit losses in stage 3 (excluding POCI) as a percentage of
financial assets at amortized cost in stage 3 (excluding POCI)) amounted to 29% in the current fiscal year, compared to
31% in the prior year.
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|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Financial assets at amortized cost by business division
| Dec 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount¹ | Allowance for Credit Losses | |||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total |
| Corporate Bank | 121,313 | 13,065 | 2,700 | 16 | 137,094 | 61 | 109 | 1,027 | (2) | 1,196 |
| Investment Bank | 185,796 | 10,843 | 4,418 | 561 | 201,618 | 168 | 252 | 794 | 238 | 1,453 |
| Private Bank | 215,857 | 28,216 | 7,161 | 39 | 251,272 | 187 | 507 | 2,678 | 10 | 3,382 |
| Asset Management | 1,374 | 3 | — | — | 1,377 | — | — | — | — | — |
| Corporate & Other | 197,864 | 1,256 | 596 | — | 199,715 | 5 | 20 | 101 | — | 126 |
| Total | 722,204 | 53,383 | 14,874 | 615 | 791,076 | 421 | 888 | 4,600 | 247 | 6,156 |
1 Gross Carrying Amount numbers per business division are reported after a reallocation of cash balances from business divisions to Corporate & Other
| Dec 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount¹ | Allowance for Credit Losses | |||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total |
| Corporate Bank | 115,541 | 12,770 | 3,015 | — | 131,326 | 86 | 121 | 1,006 | — | 1,212 |
| Investment Bank | 179,230 | 12,380 | 3,462 | 609 | 195,682 | 138 | 112 | 714 | 213 | 1,176 |
| Private Bank | 224,098 | 30,564 | 7,864 | — | 262,526 | 205 | 489 | 2,583 | — | 3,277 |
| Asset Management | 1,213 | 11 | — | — | 1,224 | — | — | — | — | — |
| Corporate & Other | 156,072 | 8,111 | 873 | — | 165,057 | 9 | 14 | 110 | — | 133 |
| Total | 676,154 | 63,836 | 15,214 | 609 | 755,814 | 438 | 736 | 4,412 | 213 | 5,799 |
1 Gross Carrying Amount numbers per business division are reported after a reallocation of cash balances from business divisions to Corporate & Other
173
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| Annual Report 2025 | Credit Risk Exposure |
Financial assets at amortized cost by industry sector
The below table provides an overview of the Group’s asset quality by industry and is based on the NACE code of the
counterparty. NACE (Nomenclature des Activités Économiques dans la Communauté Européenne) is a standard
European industry classification system.
| Dec 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount | Allowance for Credit Losses | |||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total |
| Agriculture, forestry and fishing | 323 | 55 | 11 | 1 | 390 | — | 1 | 5 | — | 7 |
| Mining and quarrying | 1,661 | 274 | 29 | — | 1,964 | 2 | 4 | 13 | — | 19 |
| Manufacturing | 21,660 | 3,849 | 1,252 | 21 | 26,782 | 24 | 42 | 540 | 5 | 610 |
| Electricity, gas, steam and air<br><br>conditioning supply | 4,103 | 598 | 155 | — | 4,856 | 4 | 4 | 73 | — | 81 |
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | 537 | 129 | 9 | — | 675 | 1 | 1 | 5 | — | 6 |
| Construction | 4,064 | 683 | 208 | 52 | 5,008 | 5 | 11 | 70 | 30 | 116 |
| Wholesale and retail trade, repair of<br><br>motor vehicles and motorcycles | 18,514 | 2,375 | 981 | 21 | 21,891 | 17 | 30 | 457 | — | 504 |
| Transport and storage | 4,621 | 392 | 274 | 22 | 5,309 | 4 | 5 | 78 | — | 86 |
| Accommodation and food service<br><br>activities | 2,489 | 1,008 | 61 | 1 | 3,559 | 4 | 10 | 27 | — | 41 |
| Information and communication | 8,102 | 712 | 494 | — | 9,308 | 10 | 10 | 99 | — | 120 |
| Financial and insurance activities | 373,938 | 8,435 | 1,879 | 142 | 384,394 | 93 | 110 | 523 | 59 | 785 |
| Real estate activities | 32,736 | 8,998 | 3,868 | 143 | 45,745 | 45 | 176 | 542 | 80 | 843 |
| Professional, scientific and technical<br><br>activities | 8,970 | 1,043 | 255 | 4 | 10,272 | 8 | 19 | 109 | 1 | 137 |
| Administrative and support service<br><br>activities | 6,157 | 998 | 136 | 7 | 7,298 | 6 | 10 | 44 | 3 | 62 |
| Public administration and defense,<br><br>compulsory social security | 38,099 | 837 | 505 | — | 39,442 | 3 | 2 | 23 | — | 28 |
| Education | 169 | 74 | 8 | — | 251 | — | 1 | 2 | — | 3 |
| Human health services and social work<br><br>activities | 3,195 | 588 | 133 | 1 | 3,917 | 4 | 10 | 23 | — | 37 |
| Arts, entertainment and recreation | 714 | 104 | 36 | — | 854 | 1 | 3 | 6 | — | 10 |
| Other service activities | 19,290 | 1,358 | 374 | 160 | 21,182 | 12 | 8 | 155 | 57 | 233 |
| Activities of households as employers,<br><br>undifferentiated goods- and services-<br><br>producing activities of households for<br><br>own use | 164,816 | 20,868 | 4,207 | 39 | 189,931 | 178 | 432 | 1,804 | 12 | 2,426 |
| Activities of extraterritorial<br><br>organizations and bodies | 8,045 | 4 | — | — | 8,048 | — | — | — | — | — |
| Total | 722,204 | 53,383 | 14,874 | 615 | 791,076 | 421 | 888 | 4,600 | 247 | 6,156 |
174
| Deutsche Bank | Risk and capital performance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | Dec 31, 2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Gross Carrying Amount | Allowance for Credit Losses | ||||||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | |||
| Agriculture, forestry and fishing | 360 | 55 | 12 | — | 427 | — | 1 | 5 | — | 6 | |||
| Mining and quarrying | 1,687 | 234 | 4 | — | 1,926 | 3 | 5 | 3 | — | 11 | |||
| Manufacturing | 21,327 | 4,382 | 1,303 | 32 | 27,044 | 23 | 39 | 534 | 2 | 597 | |||
| Electricity, gas, steam and air<br><br>conditioning supply | 3,898 | 407 | 210 | — | 4,515 | 6 | 8 | 77 | — | 92 | |||
| Water supply, sewerage, waste<br><br>management and remediation<br><br>activities | 527 | 63 | 5 | — | 595 | 1 | 1 | 3 | — | 4 | |||
| Construction | 3,643 | 713 | 207 | 45 | 4,608 | 5 | 8 | 81 | 13 | 106 | |||
| Wholesale and retail trade, repair of<br><br>motor vehicles and motorcycles | 18,487 | 2,453 | 709 | 23 | 21,672 | 16 | 26 | 334 | 3 | 378 | |||
| Transport and storage | 4,145 | 829 | 259 | 24 | 5,257 | 4 | 4 | 45 | — | 53 | |||
| Accommodation and food service<br><br>activities | 2,224 | 386 | 63 | — | 2,673 | 3 | 5 | 25 | — | 32 | |||
| Information and communication | 8,220 | 977 | 212 | — | 9,409 | 11 | 14 | 55 | — | 79 | |||
| Financial and insurance activities | 344,869 | 15,962 | 2,213 | 133 | 363,176 | 130 | 110 | 580 | 50 | 870 | |||
| Real estate activities | 35,812 | 10,860 | 3,604 | 173 | 50,448 | 18 | 48 | 512 | 88 | 666 | |||
| Professional, scientific and technical<br><br>activities | 5,279 | 861 | 223 | 1 | 6,364 | 4 | 10 | 89 | 1 | 104 | |||
| Administrative and support service<br><br>activities | 7,864 | 1,265 | 117 | 24 | 9,269 | 8 | 6 | 39 | 8 | 61 | |||
| Public administration and defense,<br><br>compulsory social security | 23,217 | 1,018 | 641 | — | 24,876 | 10 | 3 | 31 | — | 44 | |||
| Education | 251 | 38 | 7 | — | 295 | — | — | 2 | — | 3 | |||
| Human health services and social work<br><br>activities | 3,695 | 453 | 115 | — | 4,264 | 4 | 10 | 15 | — | 29 | |||
| Arts, entertainment and recreation | 716 | 95 | 11 | — | 822 | — | 1 | 4 | — | 6 | |||
| Other service activities | 16,190 | 810 | 419 | 113 | 17,532 | 13 | 6 | 144 | 30 | 193 | |||
| Activities of households as employers,<br><br>undifferentiated goods- and services-<br><br>producing activities of households for<br><br>own use | 173,031 | 21,971 | 4,879 | 42 | 199,924 | 180 | 431 | 1,835 | 18 | 2,464 | |||
| Activities of extraterritorial<br><br>organizations and bodies | 711 | 5 | — | — | 716 | — | — | — | — | — | |||
| Total | 676,154 | 63,836 | 15,214 | 609 | 755,814 | 438 | 736 | 4,412 | 213 | 5,799 |
175
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Financial assets at amortized cost by region
| Dec 31, 2025 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount | Allowance for Credit Losses | |||||||||||||||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | ||||||||||||
| Germany | 266,754 | 23,872 | 4,908 | 16 | 295,550 | 160 | 426 | 2,324 | (7) | 2,903 | ||||||||||||
| Western Europe<br><br>(excluding Germany) | 177,613 | 13,040 | 3,152 | 351 | 194,157 | 122 | 247 | 1,103 | 192 | 1,664 | ||||||||||||
| Eastern Europe | 11,864 | 934 | 97 | — | 12,895 | 2 | 6 | 43 | — | 51 | ||||||||||||
| North America | 177,465 | 10,859 | 5,303 | 71 | 193,697 | 89 | 180 | 792 | 15 | 1,077 | ||||||||||||
| Central and South<br><br>America | 5,351 | 597 | 73 | — | 6,020 | 3 | 4 | 2 | — | 9 | ||||||||||||
| Asia/Pacific | 68,050 | 2,767 | 708 | 73 | 71,599 | 34 | 17 | 199 | 1 | 252 | ||||||||||||
| Africa | 4,911 | 1,066 | 483 | — | 6,460 | 4 | 3 | 26 | — | 34 | ||||||||||||
| Other | 10,196 | 247 | 152 | 104 | 10,699 | 7 | 4 | 111 | 45 | 167 | ||||||||||||
| Total | 722,204 | 53,383 | 14,874 | 615 | 791,076 | 421 | 888 | 4,600 | 247 | 6,156 | Dec 31, 2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Gross Carrying Amount | Allowance for Credit Losses | |||||||||||||||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | ||||||||||||
| Germany | 251,984 | 24,236 | 4,579 | — | 280,799 | 205 | 447 | 2,181 | (2) | 2,831 | ||||||||||||
| Western Europe<br><br>(excluding Germany) | 158,729 | 13,601 | 3,525 | 321 | 176,177 | 117 | 186 | 1,114 | 154 | 1,572 | ||||||||||||
| Eastern Europe | 8,996 | 804 | 205 | — | 10,004 | 4 | 12 | 38 | — | 54 | ||||||||||||
| North America | 178,548 | 15,549 | 4,888 | 62 | 199,047 | 51 | 70 | 619 | 11 | 752 | ||||||||||||
| Central and South<br><br>America | 5,445 | 459 | 73 | — | 5,978 | 4 | 2 | 19 | — | 25 | ||||||||||||
| Asia/Pacific | 61,195 | 8,423 | 979 | 114 | 70,711 | 41 | 15 | 281 | (3) | 333 | ||||||||||||
| Africa | 4,159 | 530 | 604 | — | 5,293 | 10 | 3 | 33 | — | 46 | ||||||||||||
| Other | 7,098 | 234 | 361 | 113 | 7,806 | 6 | 2 | 127 | 52 | 186 | ||||||||||||
| Total | 676,154 | 63,836 | 15,214 | 609 | 755,814 | 438 | 736 | 4,412 | 213 | 5,799 |
Financial assets at amortized cost by rating class
| Dec 31, 2025 | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Carrying Amount | Allowance for Credit Losses | |||||||||||||||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | ||||||||||||
| iAAA–iAA | 267,161 | 653 | — | — | 267,813 | 2 | 1 | — | — | 3 | ||||||||||||
| iA | 118,048 | 828 | — | 10 | 118,886 | 10 | 3 | — | — | 12 | ||||||||||||
| iBBB | 179,141 | 4,125 | — | — | 183,266 | 60 | 10 | — | — | 70 | ||||||||||||
| iBB | 138,078 | 18,896 | — | 1 | 156,975 | 246 | 208 | — | — | 454 | ||||||||||||
| iB | 19,776 | 21,945 | — | — | 41,721 | 100 | 378 | — | — | 478 | ||||||||||||
| iCCC and below | — | 6,937 | 14,874 | 604 | 22,415 | 3 | 289 | 4,600 | 247 | 5,138 | ||||||||||||
| Total | 722,204 | 53,383 | 14,874 | 615 | 791,076 | 421 | 888 | 4,600 | 247 | 6,156 | Dec 31, 2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Gross Carrying Amount | Allowance for Credit Losses | |||||||||||||||||||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | ||||||||||||
| iAAA–iAA | 226,138 | 7,186 | — | — | 233,324 | 2 | — | — | — | 2 | ||||||||||||
| iA | 110,279 | 2,061 | — | 10 | 112,351 | 10 | 1 | — | — | 11 | ||||||||||||
| iBBB | 179,697 | 7,150 | — | — | 186,847 | 54 | 12 | — | — | 66 | ||||||||||||
| iBB | 135,762 | 20,146 | — | — | 155,908 | 246 | 111 | — | — | 358 | ||||||||||||
| iB | 23,090 | 21,692 | — | — | 44,782 | 115 | 351 | — | — | 467 | ||||||||||||
| iCCC and below | 1,188 | 5,601 | 15,214 | 599 | 22,603 | 11 | 260 | 4,412 | 213 | 4,896 | ||||||||||||
| Total | 676,154 | 63,836 | 15,214 | 609 | 755,814 | 438 | 736 | 4,412 | 213 | 5,799 |
The Group’s existing commitments to lend additional funds to debtors with stage 3 financial assets at amortized cost
amounted to € 903 million as of December 31, 2025 and € 710 million as of December 31, 2024.
176
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Collateral held against financial assets at amortized cost in stage 3
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € m. | Gross Carrying<br><br>Amount | Collateral | Guarantees | Gross Carrying<br><br>Amount | Collateral | Guarantees |
| Financial Assets at Amortized Cost (Stage 3)1 | 14,874 | 6,294 | 1,066 | 15,214 | 6,242 | 1,368 |
1 Stage 3 excluding POCI assets
In 2025, collateral and guarantees held against financial assets at amortized cost in Stage 3 decreased by € 0.3 billion, or
3% mainly driven by Private Bank.
Due to full collateralization the Group did not recognize an allowance for credit losses against financial assets at
amortized cost in Stage 3 for € 1.8 billion in 2025 and € 1.6 billion in 2024.
Modified assets at amortized cost
A financial asset is considered modified when its contractual cash flows are renegotiated or otherwise modified.
Renegotiation or modification may or may not lead to derecognition of the old and recognition of the new financial
instrument. This section covers modified financial assets that have not been derecognized.
Under IFRS 9, when the terms of a financial asset are renegotiated or modified and the modification does not result in
derecognition, a gain or loss is recognized in the income statement as the difference between the original contractual
cash flows and the modified cash flows discounted at the original effective interest rate (EIR). For modified financial
assets the determination of whether the asset’s credit risk has increased significantly reflects the comparison of:
–The remaining lifetime probability of default (PD) at the reporting date based on the modified terms; with
–The remaining lifetime PD estimated based on data at initial recognition and based on the original contractual terms.
The following table provides the overview of modified financial assets at amortized cost broken down into IFRS 9 stages.
Modified Assets at Amortized Cost
| Dec 31, 2025 | Dec 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total | Stage 1 | Stage 2 | Stage 3 | Stage 3<br><br>POCI | Total |
| Amortized cost carrying<br><br>amount prior to modification | 56 | 243 | 268 | — | 567 | — | 726 | 132 | — | 858 |
| Net modification gain/losses<br><br>recognized | — | 3 | (34) | — | (31) | — | 9 | (55) | — | (46) |
In 2025, the bank has observed a decrease of € 291 million in modified assets at amortized cost due to client related
modifications, driven by Investment Bank and Private Bank.
In 2025, the Group has not observed any amounts of modified assets that have been upgraded to Stage 1. The bank has
not observed any subsequent re-deterioration of those assets into Stages 2 and 3.
In 2024, the Group has not observed any amounts of modified assets that have been upgraded to Stage 1. The bank has
not observed any subsequent re-deterioration of those assets into Stages 2 and 3.
Financial assets at fair value through other comprehensive income
The fair value of financial assets at fair value through other comprehensive income (FVOCI) subject to impairment under
IFRS 9 was € 44 billion at December 31, 2025, compared to € 42 billion at December 31, 2024. Allowance for credit
losses against these assets remained at very low levels (€ 48 million as of December 31, 2025 and € 38 million as of
December 31, 2024). Due to immateriality no further breakdown is provided for financial assets at FVOCI.
177
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Off-balance sheet lending commitments and guarantee business
The following tables provide an overview of the nominal amount and credit loss allowance for the Group’s off-balance
sheet financial asset class broken down into stages as per IFRS 9 requirements.
Development of nominal amount in the current reporting period
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Nominal Amount | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 313,625 | 25,983 | 2,225 | 7 | 341,840 |
| Movements including new business | 28,461 | 322 | 374 | 14 | 29,171 |
| Transfers due to changes in creditworthiness | (1,997) | 1,719 | 278 | N/M | — |
| Changes in models | N/M | N/M | N/M | N/M | — |
| Foreign exchange and other changes | (18,349) | (1,346) | (152) | — | (19,847) |
| Balance, end of reporting period | 321,740 | 26,678 | 2,724 | 21 | 351,164 |
| of which: Financial guarantees | 66,797 | 11,855 | 441 | — | 79,092 |
N/M – Not meaningful
Development of nominal amount in the previous reporting period
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Nominal Amount | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 292,747 | 23,778 | 2,282 | 8 | 318,814 |
| Movements including new business | 14,542 | (662) | (25) | — | 13,855 |
| Transfers due to changes in creditworthiness | (2,108) | 2,215 | (107) | N/M | — |
| Changes in models | N/M | N/M | N/M | N/M | N/M |
| Foreign exchange and other changes | 8,444 | 652 | 76 | — | 9,171 |
| Balance, end of reporting period | 313,625 | 25,983 | 2,225 | 7 | 341,840 |
| of which: Financial guarantees | 61,279 | 11,752 | 436 | — | 73,467 |
N/M – Not meaningful
Development of allowance for credit losses in the current reporting period
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses2 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 106 | 82 | 173 | — | 361 |
| Movements including new business | (12) | 25 | 38 | 2 | 53 |
| Transfers due to changes in creditworthiness | 4 | (2) | (2) | N/M | — |
| Changes in models | — | — | — | — | — |
| Foreign exchange and other changes | — | (8) | (13) | — | (21) |
| Balance, end of reporting period | 98 | 96 | 196 | 2 | 393 |
| of which: Financial guarantees | 55 | 47 | 81 | — | 184 |
| Provision for Credit Losses excluding country risk1 | (8) | 23 | 36 | 2 | 53 |
N/M – Not meaningful
1 The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in
creditworthiness and changes in models
2 Allowance for credit losses does not include allowance for country risk amounting to € 12 million as of December 31, 2025
Development of allowance for credit losses in the previous reporting period
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses2 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 117 | 88 | 187 | — | 393 |
| Movements including new business | (22) | 3 | (19) | — | (38) |
| Transfers due to changes in creditworthiness | 10 | (9) | — | N/M | — |
| Changes in models | — | — | — | — | — |
| Foreign exchange and other changes | 1 | (1) | 5 | — | 6 |
| Balance, end of reporting period | 106 | 82 | 173 | — | 361 |
| of which: Financial guarantees | 67 | 49 | 99 | — | 214 |
| Provision for Credit Losses excluding country risk1 | (13) | (6) | (20) | — | (38) |
N/M – Not meaningful
1 The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in
creditworthiness and changes in models
2 Allowance for credit losses does not include allowance for country risk amounting to € 2 million as of December 31, 2024
178
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Legal claims
Assets subject to enforcement activity consist of assets, which have been fully or partially written off and the Group still
continues to pursue recovery of the asset. Such enforcement activity comprises for example cases where the bank
continues to devote resources (e.g., Legal Department/CRM workout unit) towards recovery, either via legal channels or
third party recovery agents. Enforcement activity also applies to cases where the Bank maintains outstanding and
unsettled legal claims. This is irrespective of whether amounts are expected to be recovered and the recovery timeframe.
It may be common practice in certain jurisdictions for recovery cases to span several years.
Amounts outstanding on financial assets that were written off during the reporting period and are still subject to
enforcement activity amounted to € 277 million and € 222 million in 2025 and 2024 respectively, mainly in Investment
Bank.
Renegotiated and forborne assets at amortized costs
For economic or legal reasons the bank might enter into a forbearance agreement with a borrower who faces or will face
financial difficulties in order to ease the contractual obligation for a limited period of time. A case-by-case approach is
applied for corporate clients considering each transaction and client-specific facts and circumstances. For consumer
loans the bank offers forbearances for a limited period of time, in which the total or partial outstanding or future
installments are deferred to a later point of time. However, the amount not paid including accrued interest during this
period must be re-compensated at a later point of time. Repayment options include distribution over residual tenor, a
one-off payment or a tenor extension. Forbearances are restricted and depending on the economic situation of the
client, the Group’s risk management strategies and the local legislation. In case a forbearance agreement is entered into,
an impairment measurement is conducted as described below, an impairment charge is taken if necessary and the loan is
subsequently recorded as impaired.
In the Group’s management and reporting of forborne assets at amortized costs, the bank follows the EBA definition for
forbearances and non-performing loans (Implementing Technical Standards (ITS) on Supervisory reporting on
forbearance and non-performing exposures under article 99(4) of Regulation (EU) No 575/2013). Once the conditions
mentioned in the ITS are met, the Group reports the loan as being forborne; removes the asset from the bank’s
forbearance reporting, once the discontinuance criteria in the ITS are met (i.e., the contract is considered as performing, a
minimum two year probation period has passed, regular payments of more than an insignificant aggregate amount of
principal or interest have been made during at least half of the probation period, and none of the exposures to the debtor
is more than 30 days past-due at the end of the probation period).
Forborne financial assets at amortized cost
| Dec 31, 2025 | Dec 31, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Performing | Non-performing | Total | Performing | Non-performing | Total | |||||||
| in € m. | Stage 1 | Stage 2 | Stage 1 | Stage 2 | Stage 3 | Stage 1 | Stage 2 | Stage 1 | Stage 2 | Stage 3 | ||
| German | — | 1,975 | — | 14 | 1,235 | 3,224 | 174 | 2,248 | — | 4 | 1,056 | 3,481 |
| Non-<br><br>German | 72 | 5,418 | — | 6 | 5,415 | 10,911 | 93 | 7,049 | — | 16 | 4,687 | 11,845 |
| Total | 72 | 7,392 | — | 20 | 6,650 | 14,135 | 267 | 9,297 | — | 20 | 5,742 | 15,326 |
Development of forborne financial assets at amortized cost
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Balance beginning of period | 15,326 | 12,464 |
| Classified as forborne during the year | 6,767 | 8,572 |
| Transferred to non-forborne during the year (including repayments) | (6,836) | (6,020) |
| Charge-offs | (122) | (211) |
| Exchange rate and other movements | (1,001) | 521 |
| Balance end of period | 14,135 | 15,326 |
Forborne assets at amortized cost decreased by € 1.2 billion, or 8% in 2025, largely driven by decrease in real estate
exposures within Investment Bank and Wealth Management and Personal Banking within Private Bank.
Forborne assets at amortized cost increased by € 2.9 billion, or 23% in 2024. largely driven by real estate exposures
across various divisions.
179
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Collateral Obtained
The Group obtains collateral on the balance sheet only in certain cases by either taking possession of collateral held as
security or by calling upon other credit enhancements. Collateral obtained is made available for sale in an orderly fashion
or through public auctions, with the proceeds used to repay or reduce outstanding indebtedness. Generally, the bank
does not occupy obtained properties for its business use.
Collateral Obtained during the reporting period
| in € m. | 2025 | 2024 |
|---|---|---|
| Commercial real estate | 47 | 251 |
| Residential real estate1 | 1 | 3 |
| Other | — | — |
| Total collateral obtained during the reporting period | 49 | 254 |
1 Carrying amount of foreclosed residential real estate properties amounted to €19 million as of December 31, 2025 and €17 million as of December 31, 2024
Total collateral obtained of € 49 million during 2025 as well as € 254 million during 2024 primarily relate to a small
number of foreclosed commercial real estate properties in the US.
The collateral obtained, as shown in the table above, excludes collateral recorded as a result of consolidating
securitization trusts under IFRS 10. In 2025, the Group obtained € 47 million of collateral related to these trusts.
Derivatives – Credit Valuation Adjustment
The bank establishes counterparty Credit Valuation Adjustment (CVA) for OTC derivative transactions to cover expected
credit losses. The adjustment amount is determined by assessing the potential credit exposure to a given counterparty
and taking into account any collateral held, the effect of any relevant netting arrangements, expected loss given default
and the credit risk, based on available market information, including CDS spreads.
Treatment of default situations under derivatives
Unlike standard loan assets, the bank generally has more options to manage the credit risk in its derivatives transactions
when movement in the current replacement costs or the behavior of its counterparty indicate that there is the risk that
upcoming payment obligations under the transactions might not be honored. In these situations, the bank is frequently
able under the relevant derivatives agreements to obtain additional collateral or to terminate and close-out the
derivative transactions at short notice.
The master agreements and associated collateralization agreements for OTC derivative transactions executed with its
clients typically result in the majority of its credit exposure being secured by collateral. It also provides for a broad set of
standard or bespoke termination rights, which allows the bank to respond swiftly to a counterparty’s default or to other
circumstances which indicate a high probability of failure.
The banks contractual termination rights are supported by internal policies and procedures with defined roles and
responsibilities which ensure that potential counterparty defaults are identified and addressed in a timely fashion. These
procedures include necessary settlement and trading restrictions. When its decision to terminate derivative transactions
results in a residual net obligation owed by the counterparty, the bank restructures the obligation into a non-derivative
claim and manage it through its regular work-out process. As a consequence, for accounting purposes the bank typically
does not show any nonperforming derivatives.
Wrong-way risk occurs when exposure to a counterparty is adversely correlated with the credit quality of that
counterparty. In compliance with Article 291(2) and (4) CRR the bank has a monthly process to monitor several layers of
wrong-way risk (specific wrong-way risk, general explicit wrong-way risk at country/industry/region levels and general
implicit wrong-way risk, whereby relevant exposures arising from transactions subject to wrong-way risk are
automatically selected and presented for comment to the responsible credit officer). A wrong-way risk report is then sent
to Credit Risk senior management on a monthly basis. In addition, the bank utilized its established process for calibrating
its own alpha factor (as defined in Article 284 (9) CRR) to estimate the overall wrong-way risk in its derivatives and
securities financing transactions portfolio. The Private Bank Germany’s derivative counterparty risk is immaterial to the
Group and collateral held is typically in the form of cash.
180
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Credit Exposure from Derivatives
All exchange traded derivatives are cleared through central counterparties (“CCPs”), the rules and regulations of which
provide for daily margining of all current and future credit risk positions emerging out of such transactions. To the extent
possible, the bank also uses CCP services for OTC derivative transactions (“OTC clearing”); thereby the bank benefits
from the credit risk mitigation achieved through the CCP’s settlement system.
The Dodd-Frank Act provides for an extensive framework for the regulation of OTC derivatives, including mandatory
clearing, platform trading and transaction reporting of certain OTC derivatives, as well as rules regarding registration,
capital, margin, business conduct standards, recordkeeping and other requirements for swap dealers, security-based
swap dealers, major swap participants and major security-based swap participants. The Dodd-Frank Act and related
CFTC rules require OTC clearing in the United States for certain standardized OTC derivative transactions, including
certain interest rate swaps and index credit default swaps. Margin requirements for non-cleared derivative transactions in
the U.S. started in September 2016. The European Regulation (EU) No 648/2012 on OTC Derivatives, Central
Counterparties and Trade Repositories (“EMIR”) introduced a number of risk mitigation techniques for non-centrally
cleared OTC derivatives in 2013 and the reporting of OTC and exchange traded derivatives in 2014. Mandatory clearing
of certain standardized OTC derivatives transactions in the EU began in June 2016, and margin requirements for un-
cleared OTC derivative transactions in the EU started in February 2017. Deutsche Bank implemented the exchange of
both initial and variation margin in the EU from February 2017 for the first category of counterparties subject to the EMIR
margin for uncleared derivatives requirements.
The CFTC has adopted rules implementing the most significant provisions of the Dodd-Frank Act. More recently, in
September 2020, the CFTC issued a final rule on the cross-border application of U.S. swap rules, which builds on, and in
some cases supersedes the CFTC’s cross-border guidance from 2013 and related no-action relief letters. In October
2020, also pursuant to the Dodd-Frank Act, the CFTC finalized regulations to impose position limits on certain
commodities and economically equivalent swaps, futures and options.
The SEC has also finalized rules regarding registration, trade reporting, capital, margin, risk mitigation techniques,
business conduct standards, trade acknowledgement and verification, recordkeeping and financial reporting, and cross-
border requirements for security-based swap dealers and major security-based swap participants. Compliance with these
requirements was generally required as of November 2021.
Finally, U.S. prudential regulators (the Federal Reserve, the FDIC, the Office of the Comptroller of the Currency, the Farm
Credit Administration and the Federal Housing Finance Agency) have adopted final rules establishing margin
requirements for non-cleared swaps and security-based swaps that are applicable to swap dealers and security-based
swap dealers that are subject to U.S. prudential regulations (such as Deutsche Bank) in lieu of the CFTC’s and the SEC’s
margin rules. Deutsche Bank implemented the exchange of both initial and variation margin for uncleared derivatives in
the U.S. from September 2016, for the first category of counterparties subject to the U.S. prudential regulators’ margin
requirements. Additional initial margin requirements for smaller counterparties have been phased in from September
2017 through September 2022, with the relevant compliance dates depending in each case on the transactional volume
of the parties and their affiliates.
The following table shows a breakdown of notional amounts and gross market values for assets and liabilities of
exchange traded and OTC derivative transactions on the basis of clearing channel.
181
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Notional amounts of derivatives on basis of clearing channel and type of derivative
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Notional amount maturity distribution | |||||||
| in € m. | Within 1 year | > 1 and<br><br>≤ 5 years | After 5 years | Total | Positive<br><br>market<br><br>value | Negative<br><br>market<br><br>value | Net<br><br>market<br><br>value |
| Interest rate related: | |||||||
| OTC | 17,041,938 | 13,931,032 | 9,541,283 | 40,514,253 | 118,098 | 105,415 | 12,683 |
| Bilateral (Amt) | 3,753,247 | 2,319,020 | 1,543,911 | 7,616,178 | 94,373 | 82,403 | 11,971 |
| CCP (Amt) | 13,288,691 | 11,612,012 | 7,997,372 | 32,898,075 | 23,724 | 23,012 | 712 |
| Exchange-traded | 2,911,731 | 493,685 | 87 | 3,405,503 | 99 | 125 | (26) |
| Total Interest rate related | 19,953,668 | 14,424,718 | 9,541,370 | 43,919,755 | 118,196 | 105,540 | 12,656 |
| Currency related: | |||||||
| OTC | 7,061,584 | 1,257,976 | 526,624 | 8,846,185 | 96,211 | 90,949 | 5,262 |
| Bilateral (Amt) | 6,850,895 | 1,238,176 | 525,924 | 8,614,995 | 95,056 | 89,730 | 5,326 |
| CCP (Amt) | 210,690 | 19,800 | 700 | 231,190 | 1,156 | 1,219 | (63) |
| Exchange-traded | 83,825 | 301 | — | 84,126 | 280 | 310 | (30) |
| Total Currency related | 7,145,409 | 1,258,277 | 526,624 | 8,930,311 | 96,491 | 91,259 | 5,232 |
| Equity/index related: | |||||||
| OTC | 26,058 | 19,183 | 10,493 | 55,735 | 1,794 | 2,620 | (826) |
| Bilateral (Amt) | 26,058 | 19,183 | 10,493 | 55,735 | 1,794 | 2,620 | (826) |
| CCP (Amt) | — | — | — | — | — | — | |
| Exchange-traded | 182,299 | 32,150 | 2,352 | 216,800 | 2,220 | 2,353 | (134) |
| Total Equity/index related | 208,357 | 51,333 | 12,845 | 272,534 | 4,013 | 4,973 | (960) |
| Credit derivatives related | |||||||
| OTC | 214,471 | 1,007,267 | 67,448 | 1,289,186 | 16,705 | 16,926 | (220) |
| Bilateral (Amt) | 86,663 | 105,904 | 27,916 | 220,483 | 3,456 | 3,754 | (298) |
| CCP (Amt) | 127,808 | 901,363 | 39,532 | 1,068,704 | 13,250 | 13,172 | 78 |
| Exchange-traded | — | — | — | — | — | — | |
| Total Credit derivatives related | 214,471 | 1,007,267 | 67,448 | 1,289,186 | 16,705 | 16,926 | (220) |
| Commodity related: | |||||||
| OTC | 55,943 | 809 | 5,027 | 61,779 | 128 | 362 | (234) |
| Bilateral (Amt) | 55,943 | 809 | 5,027 | 61,779 | 128 | 362 | (234) |
| CCP (Amt) | — | — | — | — | — | — | — |
| Exchange-traded | 28,252 | 2,417 | — | 30,669 | 151 | 144 | 8 |
| Total Commodity related | 84,195 | 3,226 | 5,027 | 92,449 | 279 | 505 | (226) |
| Other: | |||||||
| OTC | 166,974 | 11,055 | 76 | 178,105 | 6,548 | 6,598 | (49) |
| Bilateral (Amt) | 166,892 | 11,055 | 76 | 178,023 | 6,525 | 6,539 | (14) |
| CCP (Amt) | 82 | — | — | 82 | 23 | 58 | (35) |
| Exchange-traded | 39,452 | 1 | — | 39,452 | 215 | 198 | 17 |
| Total Other | 206,425 | 11,056 | 76 | 217,557 | 6,763 | 6,796 | (32) |
| Total OTC business | 24,566,968 | 16,227,322 | 10,150,951 | 50,945,242 | 239,485 | 222,869 | 16,616 |
| Total bilateral business | 10,939,698 | 3,694,147 | 2,113,347 | 16,747,192 | 201,332 | 185,407 | 15,924 |
| Total CCP business | 13,627,270 | 12,533,176 | 8,037,604 | 34,198,050 | 38,153 | 37,462 | 691 |
| Total exchange-traded business | 3,245,558 | 528,554 | 2,438 | 3,776,550 | 2,965 | 3,130 | (165) |
| Total | 27,812,526 | 16,755,876 | 10,153,389 | 54,721,792 | 242,449 | 225,998 | 16,451 |
| Positive market values after netting and<br><br>cash collateral received | — | — | — | — | 25,299 | — | — |
182
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Credit Risk Exposure | Dec 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Notional amount maturity distribution | ||||||||||
| in € m. | Within 1 year | > 1 and<br><br>≤ 5 years | After 5 years | Total | Positive<br><br>market<br><br>value | Negative<br><br>market<br><br>value | Net<br><br>market<br><br>value | |||
| Interest rate related: | ||||||||||
| OTC | 15,951,107 | 14,364,208 | 9,997,538 | 40,312,853 | 122,114 | 111,053 | 11,061 | |||
| Bilateral (Amt) | 2,396,075 | 2,537,847 | 1,557,885 | 6,491,807 | 98,528 | 88,114 | 10,414 | |||
| CCP (Amt) | 13,555,032 | 11,826,361 | 8,439,653 | 33,821,046 | 23,586 | 22,939 | 647 | |||
| Exchange-traded | 3,292,886 | 498,496 | 590 | 3,791,972 | 239 | 268 | (29) | |||
| Total Interest rate related | 19,243,992 | 14,862,704 | 9,998,128 | 44,104,825 | 122,353 | 111,321 | 11,032 | |||
| Currency related: | ||||||||||
| OTC | 7,718,689 | 1,225,352 | 508,959 | 9,453,000 | 147,876 | 144,688 | 3,188 | |||
| Bilateral (Amt) | 7,496,403 | 1,209,689 | 508,809 | 9,214,900 | 144,648 | 141,847 | 2,800 | |||
| CCP (Amt) | 222,287 | 15,664 | 150 | 238,100 | 3,228 | 2,841 | 388 | |||
| Exchange-traded | 78,320 | — | — | 78,320 | 384 | 477 | (93) | |||
| Total Currency related | 7,797,010 | 1,225,352 | 508,959 | 9,531,321 | 148,260 | 145,165 | 3,095 | |||
| Equity/index related: | ||||||||||
| OTC | 22,675 | 9,048 | 15,544 | 47,268 | 1,332 | 2,741 | (1,409) | |||
| Bilateral (Amt) | 22,675 | 9,048 | 15,544 | 47,268 | 1,332 | 2,741 | (1,409) | |||
| CCP (Amt) | — | — | — | — | — | — | — | |||
| Exchange-traded | 174,707 | 28,489 | 2,348 | 205,544 | 1,818 | 1,827 | (9) | |||
| Total Equity/index related | 197,382 | 37,537 | 17,892 | 252,812 | 3,150 | 4,568 | (1,418) | |||
| Credit derivatives related | ||||||||||
| OTC | 278,974 | 896,712 | 73,668 | 1,249,354 | 15,609 | 14,322 | 1,288 | |||
| Bilateral (Amt) | 87,962 | 96,506 | 28,063 | 212,531 | 3,366 | 2,186 | 1,180 | |||
| CCP (Amt) | 191,012 | 800,206 | 45,605 | 1,036,823 | 12,243 | 12,136 | 107 | |||
| Exchange-traded | — | — | — | — | — | — | — | |||
| Total Credit derivatives related | 278,974 | 896,712 | 73,668 | 1,249,354 | 15,609 | 14,322 | 1,288 | |||
| Commodity related: | ||||||||||
| OTC | 11,316 | 34,566 | 1,448 | 47,330 | 226 | 160 | 66 | |||
| Bilateral (Amt) | 11,316 | 34,566 | 1,448 | 47,330 | 226 | 160 | 66 | |||
| CCP (Amt) | — | — | — | — | — | — | — | |||
| Exchange-traded | 34,816 | 2,645 | — | 37,461 | 168 | 169 | (1) | |||
| Total Commodity related | 46,132 | 37,211 | 1,448 | 84,791 | 394 | 329 | 65 | |||
| Other: | ||||||||||
| OTC | 155,359 | 7,012 | 151 | 162,521 | 2,339 | 2,355 | (16) | |||
| Bilateral (Amt) | 155,313 | 7,012 | 151 | 162,476 | 2,336 | 2,313 | 23 | |||
| CCP (Amt) | 45 | — | — | 45 | 3 | 42 | (39) | |||
| Exchange-traded | 18,687 | — | — | 18,687 | 31 | 24 | 7 | |||
| Total Other | 174,045 | 7,012 | 151 | 181,208 | 2,370 | 2,379 | (9) | |||
| Total OTC business | 24,138,119 | 16,536,899 | 10,597,308 | 51,272,326 | 289,497 | 275,319 | 14,177 | |||
| Total bilateral business | 10,169,744 | 3,894,668 | 2,111,900 | 16,176,312 | 250,436 | 237,362 | 13,075 | |||
| Total CCP business | 13,968,376 | 12,642,231 | 8,485,408 | 35,096,014 | 39,060 | 37,958 | 1,103 | |||
| Total exchange-traded business | 3,599,416 | 529,630 | 2,938 | 4,131,984 | 2,640 | 2,766 | (126) | |||
| Total | 27,737,535 | 17,066,528 | 10,600,247 | 55,404,310 | 292,137 | 278,085 | 14,052 | |||
| Positive market values after netting<br><br>and cash collateral received | — | — | — | — | 27,392 | — | — |
183
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Credit Risk Exposure |
Equity Exposure
The table below presents the carrying values of equity investments split by trading and non-trading for the respective
reporting dates. Deutsche Bank manages its respective positions within market risk and other appropriate risk
frameworks.
Composition of Equity Exposure
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Trading Equities | 1,852 | 2,753 |
| Non-trading Equities¹ | 2,044 | 2,052 |
| Total Equity Exposure | 3,896 | 4,806 |
1Includes equity investment funds amounting to € 49 million as of December 31, 2025 and € 70 million as of December 31, 2024
As of December 31, 2025, the group’s trading equities exposure in Investment Bank was € 1.6 billion compared to
€ 2.4 billion on December 31, 2024.
184
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Trading Market Risk Exposures |
Trading Market Risk Exposures
Value-at-Risk Metrics of Trading Units of Deutsche Bank Group
The tables and graph below present the Historic Simulation value-at-risk metrics calculated with a 99% confidence level
and a one-day holding period for the Group’s trading units.
Value-at-Risk of Trading Units by Risk Type¹
| Total | Diversification<br><br>effect | Interest rate<br><br>risk | Credit spread<br><br>risk | Equity price<br><br>risk | Foreign exchange<br><br>risk² | Commodity price<br><br>risk | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Average | 28.3 | 31.4 | (33.5) | (41.2) | 16.0 | 26.9 | 24.5 | 22.9 | 10.2 | 10.2 | 9.7 | 11.6 | 1.4 | 1.0 |
| Maximum | 45.5 | 60.6 | (10.5) | (27.2) | 34.0 | 55.1 | 31.9 | 35.5 | 17.0 | 15.6 | 21.3 | 19.0 | 2.8 | 1.8 |
| Minimum | 20.0 | 19.0 | (50.1) | (56.2) | 8.3 | 13.4 | 18.9 | 17.6 | 4.7 | 6.2 | 5.2 | 6.3 | 0.8 | 0.3 |
| Period-end | 24.8 | 24.9 | (26.1) | (48.3) | 10.5 | 31.3 | 26.6 | 19.5 | 6.3 | 10.8 | 5.5 | 10.1 | 2.0 | 1.5 |
1Figures for 2025 as of December 31, 2025. Figures for 2024 as of December 31, 2024
2Includes value-at-risk from gold and other precious metal positions
Development of historic simulation value-at-risk by risk types in 2025
The average one-day trading value-at-risk over 2025 was € 28 million, which decreased by € 3.1 million compared to the
average for 2024.
For regulatory reporting purposes, the incremental risk charge for the respective reporting dates represents the higher of
the spot value at the reporting dates, and their preceding 12-week average calculation.
185
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Trading Market Risk Exposures |
Average, Maximum and Minimum Incremental Risk Charge of Trading Units (with a 99.9% confidence level and one-year capital
horizon)1,2
| Total | Credit Trading | Global Rates | Emerging Markets | Other | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Average | 549.3 | 604.9 | 128.8 | 191.8 | 212.6 | 210.1 | 288.1 | 205.9 | (80.2) | (2.9) |
| Maximum | 842.5 | 755.5 | 201.2 | 247.3 | 374.5 | 375.7 | 630.5 | 350.1 | (25.2) | 49.5 |
| Minimum | 414.9 | 501.5 | 44.9 | 95.3 | 128.6 | 125.4 | 196.6 | 142.9 | (174.2) | (54.2) |
| Period-end | 452.1 | 501.5 | 166.1 | 176.5 | 160.0 | 125.4 | 218.9 | 229.5 | (92.9) | (29.9) |
1Amounts show the bands within which the values fluctuated during the 12-weeks preceding December 31, 2025 and December 31, 2024, respectively
2All liquidity horizons are set to 12 months
The incremental risk charge as at the end of 2025 was € 452 million, which has reduced by € 49 million, or 10%,
compared to year-end 2024. The change was driven by risk reduction under Global Rates and Emerging Markets
business.
Results of Regulatory Backtesting of Trading Market Risk
In 2025, the Group observed two outliers where the Group’s loss on a buy-and-hold basis exceeded the value-at-risk of
the Trading books. The outliers in early April 2025 were driven by increased market volatility stemming from trade tariffs
announcements from the U.S. administration. There were no actual profit and loss negative outliers in the current 1 year
period.
The following graph shows the trading units daily buy-and-hold and Actual income in comparison to the value-at-risk as
of the close of the previous business day for the trading days of the reporting period. The value-at-risk is presented in
negative amounts to visually compare the estimated potential loss of the trading positions with the buy and hold income
given buy-and-hold is the relevant portion of daily profit and loss for comparison against the previous day's value at risk
which excludes new trades, reserves, and any carry profit and loss ordinarily part of actual income. Figures are shown
in millions of euro. The chart shows that the trading units achieved a positive buy and hold income for 55% of the trading
days in 2025 as well as displays the group outliers experienced in 2025.
EU MR4 – Comparison of VAR estimates with gains/losses
186
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Trading Market Risk Exposures |
Daily Income of Deutsche Bank Group Trading Units
The following histogram shows the distribution of daily income of Group trading units. Daily income is defined as total
income which consists of new trades, fees & commissions, buy & hold income, reserves, carry and other income. It
displays the number of trading days on which the Group reached each level of trading income shown on the horizontal
axis in millions of euro.
Distribution of daily income of Group’s trading units in 2025
The trading units achieved a positive income for 95% of the trading days in 2025 compared with 95% in the full year
2024.
187
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Non-trading Market Risk Exposures |
Non-trading Market Risk Exposures
Economic Capital Usage for Non-trading Market Risk
The following table shows the Non-trading Market Risk economic capital usage by risk type:
Economic Capital Usage by risk type.
| Economic capital usage | ||
|---|---|---|
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
| Interest rate risk | 1,308 | 2,770 |
| Credit spread risk | 772 | 184 |
| Equity and Investment risk | 1,272 | 1,172 |
| Foreign exchange risk | 4,461 | 1,665 |
| Pension risk | 331 | 944 |
| Guaranteed funds risk | 103 | 100 |
| Total non-trading market risk portfolios | 8,247 | 6,835 |
The economic capital figures take into account diversification benefits between the different risk types.
Economic capital usage for Non-trading Market Risk totaled € 8.2 billion as of December 31, 2025, which is € 1.4 billion
above the economic capital usage at year-end 2024. The increase is mainly driven by the model changes described in
section “Market Risk Management”. In particular, Economic Capital usage for FX risk increased due to the adoption of a
more conservative liquidity horizon scaling in the revised modeling approach. This was partly offset by lower Economic
Capital usage for interest rate risk, following the move from a Monte Carlo to historical simulation based methodology in
the core market risk Economic Capital model.
–Interest rate risk: economic capital usage for interest rate risk in the banking book, including gap risk, basis risk and
option risk, such as the risk of a change in client behavior embedded in modelled non-maturity deposits or
prepayment risk; in total the economic capital usage for December 31, 2025 was € 1.3 billion, compared to
€ 2.8 billion for December 31, 2024
–Credit spread risk: economic capital usage for portfolios in the banking book subject to credit spread risk; economic
capital usage was € 772 million as of December 31, 2025, versus € 184 million as of December 31, 2024
–Equity and Investment risk: economic capital usage for equity risk from a structural short position in the bank’s own
share price arising from the Group’s equity compensation plans, and from the non-consolidated investment holdings,
such as strategic investments and alternative assets the economic capital usage was € 1.3 billion as of December 31,
2025, compared to € 1.2 billion as of December 31, 2024
–Foreign exchange risk: foreign exchange risk predominantly arises from the Group’s structural position taken to
protect the sensitivity of the bank’s capital ratio against changes in the exchange rates. The economic capital usage
was € 4.5 billion as of December 31, 2025, versus € 1.7 billion as of December 31, 2024
–Pension risk: this risk arises from the Group’s defined benefit obligations, including interest rate risk and inflation risk,
credit spread risk, equity risk and longevity risk. The economic capital usage was € 0.3 billion as of December 31, 2025,
compared to € 0.9 billion as of December 31, 2024
–Guaranteed funds risk: risk arising from guaranteed fund products offered by the asset management division providing
a partial or full guarantee on the clients’ investment. The risk materializes if the value of the underlying investment
fund on guarantee date is lower than the guaranteed amount. The economic capital usage was € 103 million as of
December 31, 2025, versus € 100 million as of December 31, 2024.
188
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Non-trading Market Risk Exposures |
Interest Rate Risk in the Banking Book
The following table shows the impact on the Group’s economic value of equity and net interest income in the banking
book from interest rate changes under the six standard scenarios defined by the EBA:
Economic value and net interest income interest rate risk in the banking book by EBA scenario
| Delta EVE | Delta NII1 | |||
|---|---|---|---|---|
| in € bn. | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2025 | Dec 31, 2024 |
| Parallel up | (6.7) | (5.8) | 0.0 | 0.2 |
| Parallel down | 1.4 | 1.3 | (0.6) | (0.7) |
| Steepener | (0.7) | (0.8) | 0.0 | (0.1) |
| Flattener | (0.8) | (0.7) | (0.1) | 0.0 |
| Short rates up | (2.5) | (2.1) | (0.1) | 0.0 |
| Short rates down | 0.8 | 0.6 | (0.4) | (0.6) |
| Maximum | (6.7) | (5.8) | (0.6) | (0.7) |
| in € bn. | Dec 31, 2025 | Dec 31, 2024 | ||
| Tier 1 Capital | 60.8 | 60.8 |
1Delta Net Interest Income (NII) reflects the difference between projected NII in the respective scenario with shifted rates vs. market implied rates. Sensitivities are based
on a static balance sheet at constant exchange rates, excluding trading positions and DWS. Figures do not include Mark-to-Market (MtM)/Other Comprehensive Income
(OCI) effects on centrally managed positions not eligible for hedge accounting
The maximum economic value of equity (EVE) loss was € (6.7) billion as of December 31, 2025, compared to € (5.8) billion
as of December 31, 2024. As per December 31, 2025 the maximum EVE loss represents 11.0% of Tier 1 Capital.
The maximum economic value of equity (EVE) loss due to a +200 basis points parallel shift of the yield curve across all
currencies as defined by the BaFin was € (6.6) billion as of December 31, 2025, representing 9.8% of Total Capital.
The increase in the maximum economic value of equity (EVE) loss for the “Parallel up” interest rate scenario was a result
of change in the risk management positions held within Group Treasury’s portfolio managing earnings risks arising from
Deutsche Bank’s equity as well as Private Bank and Corporate Bank portfolios. Applied hedge strategies are aligned with
Deutsche Bank’s objective to stabilize net interest income (NII) and with the IRRBB governance framework.
The maximum one-year loss in net interest income for the “Parallel down” interest rate scenario was € (0.6) billion as of
December 31, 2025, compared to € (0.7) billion as of December 31, 2024.
The maximum net interest income loss in the “Parallel down” scenario was almost unchanged compared to 2024, in line
with the strategy to stabilize net interest income (NII).
The following table shows the variation of the economic value for Deutsche Bank’s banking book positions resulting from
downward and upward interest rate shocks by currency:
Economic value interest rate risk in the banking book by currency
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € bn. | Parallel up | Parallel down | Parallel up | Parallel down |
| EUR | (5.8) | 1.2 | (5.1) | 1.2 |
| USD | (0.8) | 0.4 | (0.7) | 0.4 |
| Other | (0.1) | (0.2) | 0.0 | (0.3) |
| Total | (6.7) | 1.4 | (5.8) | 1.3 |
189
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
Liquidity Risk Exposure
Funding Markets and Capital Markets Issuance
Multiple macro topics emerged during 2025 and weighed on markets, including U.S. tariff announcement in April,
political instability in France, continued inflationary pressures and geopolitical tensions in the Middle East. Despite
creating a dent, those events were not material enough to outweigh risk-on mood. Against this backdrop, the Bank
navigated well through the markets and successfully concluded its issuance activity at € 18.7 billion, including € 3 billion
pre-funding for 2026 requirements in line with the bank´s 2025 target range of 15 – 20 billion euros.
In contrast to market fears, credit markets showed a constructive performance despite the multiple disruptions with
broader indices trading tighter vs. year end 2024. Deutsche Bank continued its strong idiosyncratic performance in 2025.
On average, in 2025, the bank’s senior debt traded 8 bps,wider, and its capital securities traded 14 bps wider, than peers
(Societe Generale, Barclays, BNP, UBS), versus 10 bps wider and 17 bps narrower, respectively, in 2024.
The total issuance volume of € 18.7 billion is split as follows: € 2.5 billion in capital issuances, € 11.0 billion of senior non-
preferred funding, € 4.8 billion in senior preferred and € 0.4 billion in covered bonds. From a currency perspective, the
total issuance volume is divided as follows: euros (€ 9.8 billion), U.S. dollars (€ 7.1 billion), Japanese Yen (€ 0.5 billion),
Pound Sterling (€ 0.6 billion) and other currencies aggregated (€ 0.7 billion). The Group’s investor base for 2025
issuances was as follows: asset managers and pension funds (63.3%), banks (10.6%), retail customers (3.2%), insurance
companies (5.2%), other institutional investors (11.3%), Governments and agencies (4.4%) and Other (1.7%). The
geographical distribution was split between Germany (15.0%), rest of Europe (44.0%), U.S. (29.0%), Asia/Pacific (8.0%) and
Other (4.0%). The average spread of issuance over 3-months-Euribor/RFR (Risk Free Rate) was 95bp for the full year. The
average tenor was 4.8 years. The Group issued the following volumes over each quarter: first quarter: € 6.0 billion, second
quarter: € 4.7 billion , third quarter: € 4.4 billion and fourth quarter: € 3.6 billion.
Deutsche Bank’s issuance plan for 2026 is € 10-15 billion. Focus will be on senior non-preferred bonds. Senior preferred
issuances will be primarily in non-benchmark format. The Group also plans to raise a portion of this funding in U.S. dollar
and may enter into cross currency swaps to manage any residual requirements. The Bank has total capital markets
maturities, excluding legally exercisable calls, of approximately € 14.0 billion. Furthermore, the Bank issued structured
notes with a volume of around € 7.7 billion euros net in 2025 and plans to issue ~€ 7.3 billion in 2026. This activity is
conducted by the FIC division and not part of the Treasury issuance plan.
Funding Diversification
In 2025, total external funding increased by € 55.3 billion from € 1,020.9 billion at December 31, 2024, to € 1,076.2 billion
at December 31, 2025. Funding has increased by € 16.8 billion in the Corporate Bank and by € 8.9 billion in the Private
Bank. Within both segments, growth was most pronounced in sight deposits. The unsecured Wholesale Funding portfolio
increased by € 4.6 billion, supported by newly issued Commercial Paper. Secured funding and shorts have increased by
€ 16.1 billion, driven by growth in repurchase operations. The Capital Markets and Equity position slightly increased by
€ 0.7 billion. While Equity increased by € 0.6 billion, Capital Markets increased by € 0.1 billion. Underlying growth in
structured notes issued by FIC was offset by a reduction in Treasury issued debt. Additional growth in the Other
Customers bucket of € 8.1 billion was mainly driven by an increase in long-term debt due to growth from ETF structures.
190
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
Composition of External Funding Sources
* Other Customers includes fiduciary deposits, X-markets notes and margin/Prime Brokerage cash balances (shown on a net basis)
Reference: Reconciliation to total balance sheet of € 1,435.1 billion (€ 1,387.2 billion): Derivatives & settlement balances € 277.7 billion (€ 288.8 billion), add-back for
netting effect for margin/Prime Brokerage cash balances (shown on a net basis) € 46.6 billion (€ 42.2 billion), other non-funding liabilities € 34.5 billion (€ 35.3 billion for
December 31, 2025, and December 31, 2024, respectively
Maturity of unsecured wholesale funding, ABCP and capital markets issuance1
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Not more<br><br>than<br><br>1 month | Over<br><br>1 month<br><br>but not<br><br>more than<br><br>3 months | Over<br><br>3 months<br><br>but not<br><br>more than<br><br>6 months | Over<br><br>6 months<br><br>but not<br><br>more than<br><br>1 year | Sub-total<br><br>less than<br><br>1 year | Over<br><br>1 year<br><br>but not<br><br>more than<br><br>2 years | Over<br><br>2 years | Total |
| Deposits from banks | 1,027 | 476 | 77 | 450 | 2,029 | 102 | — | 2,132 |
| Deposits from other<br><br>wholesale customers | 12,662 | 2,954 | 2,406 | 4,695 | 22,717 | 1,041 | 73 | 23,831 |
| CDs and CP | 4,929 | 2,524 | 2,491 | 5,290 | 15,234 | 1,793 | 1,408 | 18,436 |
| ABCP | — | — | — | — | — | — | — | — |
| Senior non-preferred<br><br>plain vanilla | 1,239 | 1,967 | 1,335 | 7,730 | 12,270 | 11,734 | 31,268 | 55,272 |
| Senior preferred<br><br>plain vanilla | 1,758 | 1,113 | 866 | 611 | 4,348 | 2,287 | 8,353 | 14,988 |
| Senior structured | 151 | 675 | 899 | 1,143 | 2,867 | 2,592 | 25,663 | 31,122 |
| Covered bonds/ABS | 505 | 126 | 1,334 | 1,317 | 3,282 | 1,927 | 8,389 | 13,598 |
| Subordinated liabilities | — | 1,262 | 1,989 | 1,279 | 4,530 | 4,897 | 10,886 | 20,313 |
| Other | 53 | — | — | — | 53 | — | — | 53 |
| Total | 22,323 | 11,096 | 11,397 | 22,515 | 67,331 | 26,372 | 86,040 | 179,743 |
| Of which: | ||||||||
| Secured | 21,818 | 10,971 | 10,063 | 21,197 | 64,049 | 24,445 | 77,651 | 166,145 |
| Unsecured | 21,812 | 10,964 | 10,057 | 21,170 | 64,002 | 23,224 | 77,530 | 164,756 |
1Includes additional Tier 1 notes reported as additional equity components in the financial statements. Liabilities with call features are shown at earliest legally exercisable
call date. No assumption is made as to whether such calls would be exercised
Capital market issuances volume reported post own debt elimination
The total volume of unsecured wholesale liabilities, asset-backed commercial paper (ABCP) and capital markets issuance
maturing within one year amount to € 67 billion as of December 31, 2025, and should be viewed in the context of total
High Quality Liquid Assets (HQLA) of € 260 billion.
191
| Deutsche Bank | Risk and capital performance | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | |||||||
| Dec 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Not more<br><br>than<br><br>1 month | Over<br><br>1 month<br><br>but not<br><br>more than<br><br>3 months | Over<br><br>3 months<br><br>but not<br><br>more than<br><br>6 months | Over<br><br>6 months<br><br>but not<br><br>more than<br><br>1 year | Sub-total<br><br>less than<br><br>1 year | Over<br><br>1 year<br><br>but not<br><br>more than<br><br>2 years | Over<br><br>2 years | Total |
| Deposits from banks | 829 | 697 | 1,294 | 1,277 | 4,098 | 56 | — | 4,153 |
| Deposits from other<br><br>wholesale customers | 3,106 | 7,919 | 4,698 | 5,396 | 21,119 | 2,231 | 1,013 | 24,363 |
| CDs and CP | 1,107 | 3,623 | 2,647 | 3,688 | 11,064 | 10 | 117 | 11,190 |
| ABCP | — | — | — | — | — | — | — | — |
| Senior non-preferred<br><br>plain vanilla | 239 | 1,467 | 1,788 | 5,190 | 8,685 | 12,054 | 33,279 | 54,018 |
| Senior preferred<br><br>plain vanilla | 171 | 360 | 1,681 | 1,712 | 3,923 | 4,442 | 7,930 | 16,294 |
| Senior structured | 239 | 793 | 1,029 | 1,381 | 3,442 | 2,187 | 20,094 | 25,723 |
| Covered bonds/ABS | 765 | 343 | 225 | 757 | 2,091 | 3,301 | 10,163 | 15,554 |
| Subordinated liabilities | — | 1,264 | 3,945 | 1,190 | 6,399 | 4,239 | 12,991 | 23,630 |
| Other | 49 | — | — | — | 49 | — | 7 | 57 |
| Total | 6,505 | 16,468 | 17,307 | 20,591 | 60,870 | 28,519 | 85,593 | 174,982 |
| Of which: | ||||||||
| Secured | 765 | 343 | 225 | 757 | 2,091 | 3,301 | 10,163 | 15,554 |
| Unsecured | 5,740 | 16,124 | 17,081 | 19,834 | 58,779 | 25,218 | 75,430 | 159,428 |
The following table shows the currency breakdown of short-term unsecured wholesale funding, of ABCP funding and of
capital markets issuance.
Unsecured wholesale funding, ABCP and capital markets issuance (currency breakdown)
| Dec 31, 2025 | Dec 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | in EUR | in USD | in GBP | in other<br><br>CCYs | Total | in EUR | in USD | in GBP | in other<br><br>CCYs | Total |
| Deposits from<br><br>banks | 320 | 1,341 | 48 | — | 1,709 | 629 | 2,583 | 40 | 902 | 4,153 |
| Deposits from<br><br>other whole-<br><br>sale customers | 8,291 | 12,923 | 147 | — | 21,361 | 7,722 | 13,836 | 264 | 2,542 | 24,363 |
| CDs and CP | 8,031 | 10,145 | — | — | 18,176 | 3,695 | 7,230 | — | 266 | 11,190 |
| ABCP | — | — | — | — | — | — | — | — | — | — |
| Senior non-<br><br>preferred<br><br>plain vanilla | 26,352 | 23,502 | 1,904 | 3,513 | 55,272 | 23,485 | 24,503 | 2,167 | 3,862 | 54,018 |
| Senior preferred<br><br>plain vanilla | 7,712 | 5,071 | 17 | 2,188 | 14,988 | 8,919 | 5,390 | 15 | 1,970 | 16,294 |
| Senior structured | 13,574 | 14,784 | 44 | 2,720 | 31,122 | 10,704 | 12,250 | 50 | 2,719 | 25,723 |
| Covered bonds/<br><br>ABS | 12,953 | 645 | — | — | 13,598 | 14,822 | 732 | — | — | 15,554 |
| Subordinated<br><br>liabilities | 13,958 | 5,439 | 917 | — | 20,313 | 12,553 | 9,938 | 952 | 187 | 23,630 |
| Other | 6 | — | — | — | 6 | 8 | — | — | 49 | 57 |
| Total | 91,197 | 73,850 | 3,077 | 8,422 | 176,545 | 82,536 | 76,461 | 3,489 | 12,495 | 174,982 |
| Of which: | ||||||||||
| Secured | 78,244 | 73,205 | 3,077 | 8,422 | 162,947 | 14,822 | 732 | — | — | 15,554 |
| Unsecured | 76,806 | 73,124 | 3,073 | 11,753 | 164,756 | 67,714 | 75,729 | 3,489 | 12,495 | 159,428 |
192
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
High quality liquid assets
Composition of Group’s HQLA by parent company (including branches) and subsidiaries
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € bn. | Market Value | Value according<br><br>to Article 9 CRR | Market Value | Value according<br><br>to Article 9 CRR |
| Available-Cash and Central Bank Reserves | 144 | 144 | 124 | 124 |
| Parent (incl. foreign branches) | 116 | 116 | 97 | 97 |
| Subsidiaries | 28 | 28 | 26 | 26 |
| High Quality liquid securities (includes government, government<br><br>guaranteed and agency securities | 120 | 116 | 106 | 102 |
| Parent (incl. foreign branches) | 117 | 113 | 98 | 94 |
| Subsidiaries | 3 | 3 | 8 | 8 |
| Total HQLA | 264 | 260 | 230 | 226 |
| Parent (incl. foreign branches) | 233 | 229 | 195 | 191 |
| Subsidiaries | 31 | 31 | 34 | 34 |
As of December 31, 2025, the Group’s HQLA increased to € 260 billion compared to December 31, 2024 at € 226 billion.
This is primarily due to increased deposits and issuance of long-term debt largely offset by TLTRO repayment and
increased business held assets.
Liquidity Coverage Ratio
The Liquidity Coverage Ratio was 144% at the end of 2025, a surplus to regulatory requirements of € 80 billion as
compared to 131% as at the end of 2024, a surplus to regulatory requirements of € 53 billion. The increase in surplus was
predominantly driven by increased Private Bank and Corporate Bank deposits through H2 2025.
The Group’s twelve month weighted average LCR was 137%. This has been calculated in accordance with the
Commission Delegated Regulation (EU) 2015/61 and the EBA Guidelines on LCR disclosure to complement the
disclosure of liquidity risk management under Article 435 CRR.
LCR components
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| in € bn. (unless stated otherwise) | Total adjusted<br><br>weighted value<br><br>(average) | Total adjusted<br><br>weighted value<br><br>(average) |
| Number of data points used in the calculation of averages | 12 | 12 |
| High Quality Liquid Assets | 238 | 224 |
| Total net cash outflows | 174 | 167 |
| Liquidity Coverage Ratio (LCR) in % | 137% | 134% |
Funding Risk Management
Structural Funding
All funding matrices (the aggregate currency, the euro, the U.S. dollar and the British pound funding matrix) were in line
with the targets as of year ends 2025 and 2024.
193
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
Stress Testing and Scenario Analysis
At the end of 2025, the Group’s stressed Net Liquidity Position stood at € 94 billion compared to € 56 billion as at the
end of 2024 with the change in scenario of minimum surplus liquidity reflecting the introduction of a 12-month risk
appetite horizon under the Systemic Market Risk scenario.
Global All Currency Daily Stress Testing Results
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € bn. | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position |
| Systemic market risk | 187 | 306 | 119 | 208 | 265 | 56 |
| 1 notch downgrade (DB specific) | 39 | 215 | 176 | 34 | 174 | 140 |
| Severe downgrade (DB specific) | 107 | 235 | 128 | 142 | 241 | 99 |
| Combined³ | 231 | 325 | 94 | 216 | 275 | 59 |
1Funding gap caused by impaired rollover of liabilities and other projected outflows
2Based on liquidity generation through Liquidity Reserves and other business mitigants
3Combined impact of systemic market risk and severe downgrade
Global Euro Daily Stress Testing Results
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € bn. | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position |
| Combined³ | 81 | 143 | 62 | 91 | 104 | 13 |
1Funding gap caused by impaired rollover of liabilities and other projected outflows
2Based on liquidity generation through Liquidity Reserves and other business mitigants
3Combined impact of systemic market risk and severe downgrade
Global U.S. dollar Daily Stress Testing Results
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € bn. | Funding<br><br>Gap1 | Gap<br><br>Closure | Net Liquidity<br><br>Position | Funding<br><br>Gap1 | Gap<br><br>Closure2 | Net Liquidity<br><br>Position |
| Combined³ | 80 | 94 | 14 | 80 | 102 | 22 |
1Funding gap caused by impaired rollover of liabilities and other projected outflows
2Based on liquidity generation through Liquidity Reserves and other business mitigants
3Combined impact of systemic market risk and severe downgrade
Global British pound Daily Stress Testing Results
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € bn. | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position |
| Combined³ | 4 | 8 | 3 | 5 | 10 | 5 |
1Funding gap caused by impaired rollover of liabilities and other projected outflows
2Based on liquidity generation through Liquidity Reserves and other business mitigants
3Combined impact of systemic market risk and severe downgrade
The following table presents the amount needed to meet collateral requirements from contractual obligations in the
event of a one- or two-notch downgrade by rating agencies for all currencies.
Contractual Obligations
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | One-notch<br><br>downgrade | Two-notch<br><br>downgrade | One-notch<br><br>downgrade | Two-notch<br><br>downgrade |
| Contractual derivatives funding or margin requirements | 161 | 212 | 182 | 309 |
| Other contractual funding or margin requirements | — | — | — | — |
Net stable funding ratio
The Net Stable Funding Ratio was 119% as at year end 2025, a surplus to regulatory requirements of € 104 billion as
compared to 121% as at the end of 2024, a surplus to regulatory requirements of € 110 billion.
194
| Deutsche Bank | Risk and capital performance | |
|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | |
| Dec 31, 2025 | Dec 31, 2024 | |
| --- | --- | --- |
| in € bn. (unless stated otherwise) | Total adjusted<br><br>weighted value | Total adjusted<br><br>weighted value<br><br>(average) |
| Available stable funding (ASF) | 649 | 625 |
| Required stable funding (RSF) | 545 | 515 |
| Net Stable Funding Ratio (NSFR) in % | 119% | 121% |
Asset Encumbrance
This section refers to asset encumbrance in the Group of institutions consolidated for banking regulatory purposes
pursuant to the German Banking Act. Therefore, this excludes insurance companies or companies outside the finance
sector. Assets pledged by insurance subsidiaries are included in Note 20 “Assets Pledged and Received as Collateral” of
the consolidated financial statements, and restricted assets held to satisfy obligations to insurance companies’ policy
holders are included within Note 37 “Information on Subsidiaries” of the consolidated financial statements.
Encumbered assets primarily comprise those on- and off-balance sheet assets that are pledged as collateral against
secured funding, collateral swaps, and other collateralized obligations. Additionally, in line with EBA technical standards
on regulatory asset encumbrance reporting, assets placed with settlement systems, including default funds and initial
margins, as well as other assets pledged which cannot be freely withdrawn such as mandatory minimum reserves at
central banks, are considered encumbered. The balances presented also include derivative margin receivable assets as
encumbered under relevant EBA guidelines.
Readily available assets are those on- and off-balance sheet assets that are not otherwise encumbered, and which are in
freely transferrable form. Unencumbered financial assets at fair value, other than securities borrowed or purchased under
resale agreements and positive market value from derivatives, and available for sale investments are all assumed to be
readily available.
The readily available value represents the on- and off-balance sheet carrying amount or fair value rather than any form of
stressed liquidity value (see the “High Quality Liquid Assets” for an analysis of unencumbered liquid assets available
under a liquidity stress scenario). Other unencumbered on- and off-balance sheet assets are those assets that have not
been pledged as collateral against secured funding or other collateralized obligations or are otherwise not considered to
be readily available. Included in this category are securities borrowed or purchased under resale agreements and positive
market value from derivatives. Similarly, for loans and other advances to customers, these would only be viewed as
readily available to the extent they are already in a pre-packaged transferrable format and have not already been used to
generate funding. This represents the most conservative view given that an element of such loans currently shown in
other assets could be packaged into a format that would be suitable for use to generate funding.
Encumbered and unencumbered assets
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| Carrying value | ||||
| Unencumbered assets | ||||
| in € m.<br><br>(unless stated otherwise) | Assets | Encumbered<br><br>assets | Readily<br><br>available | Other |
| Debt securities | 209 | 106 | 103 | — |
| Equity instruments | 4 | — | 4 | — |
| Other assets: | ||||
| Cash and due from banks & Interest earning deposits with Banks | 172 | 13 | 158 | — |
| Securities borrowed or purchased under resale agreements¹ | 38 | — | — | 38 |
| Financial assets at fair value through profit and loss² | ||||
| Trading assets | 13 | — | 13 | — |
| Positive market value from derivative financial instruments | 241 | — | — | 241 |
| Securities borrowed or purchased under resale agreements¹ | 113 | — | — | 113 |
| Other financial assets at fair value through profit or loss | 4 | — | 4 | — |
| Financial assets at fair value through other comprehensive income² | 6 | — | 4 | 1 |
| Loans | 550 | 43 | 76 | 430 |
| Other assets | 85 | 43 | — | 41 |
| Total | 1,433 | 206 | 363 | 864 |
1Securities borrowed and securities purchased under resale agreements are all shown as other unencumbered. The use of the underlying collateral is separately captured
in the off-balance sheet table below
2Excludes Debt securities and Equity instruments (separately disclosed above)
195
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | |||||||||
| Dec 31, 2025 | ||||||||||
| --- | --- | --- | --- | --- | ||||||
| Fair value of collateral received | ||||||||||
| Unencumbered assets | ||||||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Encumbered<br><br>assets | Readily<br><br>available | Other | ||||||
| Collateral received: | 557,837 | 431,792 | 125,943 | 101 | ||||||
| Debt securities | 556,142 | 430,204 | 125,938 | — | ||||||
| Equity instruments | 690 | 685 | 5 | — | ||||||
| Other collateral received | 1,005 | 903 | — | 101 | Dec 31, 2024 | |||||
| --- | --- | --- | --- | --- | ||||||
| Carrying value | ||||||||||
| Unencumbered assets | ||||||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Encumbered<br><br>assets | Readily<br><br>available | Other | ||||||
| Debt securities | 179 | 80 | 99 | — | ||||||
| Equity instruments | 4 | — | 4 | — | ||||||
| Other assets: | ||||||||||
| Cash and due from banks & Interest earning deposits with Banks | 154 | 14 | 139 | — | ||||||
| Securities borrowed or purchased under resale agreements¹ | 41 | — | — | 41 | ||||||
| Financial assets at fair value through profit and loss² | ||||||||||
| Trading assets | 12 | — | 12 | — | ||||||
| Positive market value from derivative financial instruments | 292 | — | — | 292 | ||||||
| Securities borrowed or purchased under resale agreements¹ | 105 | — | — | 105 | ||||||
| Other financial assets at fair value through profit or loss | 3 | — | 3 | — | ||||||
| Financial assets at fair value through other comprehensive income² | 8 | — | 5 | 3 | ||||||
| Loans | 517 | 48 | 41 | 427 | ||||||
| Other assets | 75 | 40 | — | 35 | ||||||
| Total | 1,389 | 183 | 303 | 903 |
1Securities borrowed and securities purchased under resale agreements are all shown as other unencumbered. The use of the underlying collateral is separately captured
in the off-balance sheet table below
2Excludes Debt securities and Equity instruments (separately disclosed above)
| Dec 31, 2024 | ||||
|---|---|---|---|---|
| Fair value of collateral received | ||||
| Unencumbered assets | ||||
| in € m.<br><br>(unless stated otherwise) | Assets | Encumbered<br><br>assets | Readily<br><br>available | Other |
| Collateral received: | 479 | 366 | 110 | 3 |
| Debt securities | 473 | 363 | 110 | — |
| Equity instruments | 1 | 1 | — | — |
| Other collateral received | 6 | 2 | — | 3 |
Maturity Analysis of Assets and Financial Liabilities
Treasury manages the maturity analysis of assets and liabilities. Modeling of assets and liabilities is necessary in cases
where the contractual maturity does not adequately reflect the liquidity risk position. The most significant example in
this context would be immediately repayable deposits from retail and transaction banking customers which have
consistently displayed high stability throughout even the most severe financial crises.
The modeling profiles are part of the overall liquidity risk management framework (see section “Liquidity Stress Testing
and Scenario Analysis” for short-term liquidity positions ≤ 1 year and section “Structural Funding” for long-term liquidity
positions > 1 year) which is defined and approved by the Management Board.
The following tables present a maturity analysis of total assets based on carrying value and upon earliest legally
exercisable maturity as of December 31, 2025 and 2024, respectively.
196
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
Analysis of the earliest contractual maturity of assets
| Dec 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Overnight<br><br>and<br><br>one day<br><br>notice) | Up to<br><br>one<br><br>month | Over<br><br>1 month<br><br>to no<br><br>more<br><br>than<br><br>3 months | Over<br><br>3 months<br><br>but no<br><br>more<br><br>than<br><br>6 months | Over<br><br>6 months<br><br>but no<br><br>more<br><br>than<br><br>9 months | Over<br><br>9 months<br><br>but no<br><br>more<br><br>than<br><br>1 year | Over<br><br>1 year<br><br>but no<br><br>more<br><br>than<br><br>2 years | Over<br><br>2 years<br><br>but no<br><br>more<br><br>than<br><br>5 years | Over<br><br>5 years | Total |
| Cash and central bank<br><br>balances¹ | 151,073 | 10,354 | 2,828 | 371 | 19 | 14 | — | — | — | 164,659 |
| Interbank balances<br><br>(w/o central banks)¹ | 5,310 | 1,442 | 80 | 39 | 2 | 83 | — | — | 6 | 6,962 |
| Central bank funds sold | — | — | — | — | — | — | — | — | — | — |
| Securities purchased under<br><br>resale agreements | 570 | 4,568 | 8,073 | 8,530 | 4,407 | 1,751 | 4,848 | 4,761 | — | 37,509 |
| With banks | 304 | 1,904 | 2,378 | 1,080 | 1,958 | 1,048 | 2,019 | 2,166 | — | 12,857 |
| With customers | 266 | 2,664 | 5,696 | 7,450 | 2,448 | 703 | 2,829 | 2,595 | — | 24,652 |
| Securities borrowed | — | 6 | — | — | — | — | — | — | — | 6 |
| With banks | — | — | — | — | — | — | — | — | — | — |
| With customers | — | 6 | — | — | — | — | — | — | — | 6 |
| Financial assets at fair value<br><br>through profit or loss | 411,247 | 83,355 | 8,236 | 4,981 | 882 | 3,191 | 1,615 | 1,933 | 4,194 | 519,635 |
| Trading assets | 151,725 | — | — | — | — | 1,928 | 38 | — | 120 | 153,811 |
| Fixed-income securities<br><br>and loans | 139,484 | — | — | — | — | — | — | — | — | 139,484 |
| Equities and other<br><br>variable-<br><br>income securities | 1,852 | — | — | — | — | 1,928 | 38 | — | 120 | 3,939 |
| Other trading assets | 10,388 | — | — | — | — | — | — | — | — | 10,388 |
| Positive market values<br><br>from derivative financial<br><br>instruments | 241,328 | — | — | — | — | — | — | — | — | 241,328 |
| Non-trading financial<br><br>assets mandatory at fair<br><br>value through profit or loss | 18,194 | 83,355 | 8,236 | 4,981 | 882 | 1,263 | 1,577 | 1,933 | 4,073 | 124,495 |
| Securities purchased<br><br>under resale agreements | 5,954 | 78,582 | 6,251 | 3,703 | 223 | 114 | 710 | 184 | 81 | 95,802 |
| Securities borrowed | 12,154 | 2,759 | 1,117 | 472 | — | — | 11 | — | — | 16,513 |
| Fixed-income securities<br><br>and loans | 21 | 616 | 829 | 806 | 638 | 540 | 821 | 1,741 | 2,955 | 8,967 |
| Other non-trading<br><br>financial assets<br><br>mandatory at fair value<br><br>through profit or loss | 65 | 1,397 | 40 | — | 21 | 609 | 35 | 9 | 1,037 | 3,213 |
| Financial assets designated<br><br>at fair value through profit<br><br>or loss | — | — | — | — | — | — | — | — | — | — |
| Positive market values from<br><br>derivative financial<br><br>instruments qualifying for<br><br>hedge accounting | — | 183 | 379 | 208 | 66 | 27 | 34 | 137 | 86 | 1,121 |
| Financial assets at fair value<br><br>through other<br><br>comprehensive income | 1 | 3,611 | 1,635 | 3,512 | 1,607 | 911 | 3,283 | 7,058 | 22,027 | 43,644 |
| Securities purchased under<br><br>resale agreements | — | 1,128 | — | — | — | — | — | — | — | 1,128 |
| Securities borrowed | — | — | — | — | — | — | — | — | — | — |
| Debt securities | — | 2,092 | 970 | 2,693 | 1,498 | 726 | 2,617 | 5,486 | 22,003 | 38,084 |
| Loans | 1 | 391 | 665 | 820 | 109 | 186 | 665 | 1,572 | 24 | 4,432 |
| Other | — | — | — | — | — | — | — | — | — | — |
| Loans | 14,467 | 25,032 | 24,158 | 21,805 | 15,058 | 14,049 | 46,488 | 109,611 | 201,952 | 472,620 |
| To banks | 350 | 1,007 | 318 | 699 | 604 | 98 | 198 | 213 | 2,475 | 5,962 |
| To customers | 14,116 | 24,025 | 23,840 | 21,107 | 14,454 | 13,951 | 46,290 | 109,398 | 199,477 | 466,658 |
| Retail | 2,779 | 1,095 | 2,460 | 1,905 | 1,315 | 1,645 | 7,908 | 22,176 | 161,653 | 202,937 |
| Corporates and other<br><br>customers | 11,338 | 22,930 | 21,380 | 19,201 | 13,140 | 12,306 | 38,382 | 87,222 | 37,823 | 263,722 |
| Other financial assets | 104,124 | 8,997 | 2,543 | 2,520 | 1,061 | 2,010 | 2,778 | 6,169 | 28,086 | 158,288 |
197
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | |||||||||
| Dec 31, 2025 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Overnight<br><br>and<br><br>one day<br><br>notice) | Up to<br><br>one<br><br>month | Over<br><br>1 month<br><br>to no<br><br>more<br><br>than<br><br>3 months | Over<br><br>3 months<br><br>but no<br><br>more<br><br>than<br><br>6 months | Over<br><br>6 months<br><br>but no<br><br>more<br><br>than<br><br>9 months | Over<br><br>9 months<br><br>but no<br><br>more<br><br>than<br><br>1 year | Over<br><br>1 year<br><br>but no<br><br>more<br><br>than<br><br>2 years | Over<br><br>2 years<br><br>but no<br><br>more<br><br>than<br><br>5 years | Over<br><br>5 years | Total |
| Total financial assets | 686,791 | 137,547 | 47,933 | 41,968 | 23,102 | 22,037 | 59,045 | 129,669 | 256,350 | 1,404,442 |
| Other assets | 7,949 | 302 | 10 | 4,567 | 3 | 4,454 | 94 | 1,098 | 12,145 | 30,624 |
| Total assets | 694,741 | 137,849 | 47,944 | 46,535 | 23,105 | 26,491 | 59,139 | 130,767 | 268,495 | 1,435,066 |
1The positions “Cash and central bank balances” and “Interbank balances (w/o central banks)” include € 547 million cash held with Russian Banks, predominantly with the
Central Bank of Russia
| Dec 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Overnight<br><br>and<br><br>one day<br><br>notice) | Up to<br><br>one<br><br>month | Over<br><br>1 month<br><br>to no<br><br>more<br><br>than<br><br>3 months | Over<br><br>3 months<br><br>but no<br><br>more<br><br>than<br><br>6 months | Over<br><br>6 months<br><br>but no<br><br>more<br><br>than<br><br>9 months | Over<br><br>9 months<br><br>but no<br><br>more<br><br>than<br><br>1 year | Over<br><br>1 year<br><br>but no<br><br>more<br><br>than<br><br>2 years | Over<br><br>2 years<br><br>but no<br><br>more<br><br>than<br><br>5 years | Over<br><br>5 years | Total |
| Cash and central bank<br><br>balances¹ | 133,755 | 10,423 | 3,118 | 131 | 20 | 46 | — | — | — | 147,494 |
| Interbank balances<br><br>(w/o central banks)¹ | 4,590 | 1,238 | 156 | 85 | 49 | 37 | — | — | 6 | 6,160 |
| Central bank funds sold | — | — | — | — | — | — | — | — | — | — |
| Securities purchased under<br><br>resale agreements | 640 | 3,564 | 8,696 | 14,690 | 3,143 | 1,329 | 5,591 | 3,151 | — | 40,803 |
| With banks | 597 | 468 | 3,838 | 6,228 | 1,995 | — | 4,322 | 2,710 | — | 20,158 |
| With customers | 43 | 3,096 | 4,859 | 8,462 | 1,147 | 1,329 | 1,269 | 440 | — | 20,645 |
| Securities borrowed | — | 32 | — | — | — | — | 11 | — | — | 44 |
| With banks | — | — | — | — | — | — | — | — | — | — |
| With customers | — | 32 | — | — | — | — | 11 | — | — | 44 |
| Financial assets at fair value<br><br>through profit or loss | 448,881 | 71,938 | 9,475 | 3,531 | 1,783 | 3,041 | 2,121 | 1,603 | 3,476 | 545,849 |
| Trading assets | 137,706 | — | — | — | — | 2,026 | — | — | 40 | 139,772 |
| Fixed-income securities<br><br>and loans | 131,418 | — | — | — | — | — | — | — | — | 131,418 |
| Equities and other<br><br>variable-income<br><br>securities | 2,753 | — | — | — | — | 2,026 | — | — | 40 | 4,819 |
| Other trading assets | 3,535 | — | — | — | — | — | — | — | — | 3,535 |
| Positive market values<br><br>from derivative financial<br><br>instruments | 291,753 | — | — | — | — | — | — | — | — | 291,754 |
| Non-trading financial<br><br>assets mandatory at fair<br><br>value through profit or loss | 19,422 | 71,938 | 9,475 | 3,531 | 1,783 | 1,015 | 2,121 | 1,603 | 3,436 | 114,324 |
| Securities purchased<br><br>under resale agreements | 8,109 | 68,159 | 6,241 | 3,022 | 1,564 | 248 | 995 | 398 | — | 88,736 |
| Securities borrowed | 11,200 | 2,070 | 2,620 | — | — | — | 22 | — | — | 15,913 |
| Fixed-income securities<br><br>and loans | 30 | 445 | 601 | 480 | 214 | 107 | 999 | 1,003 | 2,549 | 6,429 |
| Other non-trading<br><br>financial assets<br><br>mandatory at fair value<br><br>through profit or loss | 82 | 1,264 | 12 | 29 | 5 | 660 | 104 | 202 | 887 | 3,246 |
| Financial assets designated<br><br>at fair value through profit<br><br>or loss | — | — | — | — | — | — | — | — | — | — |
| Positive market values from<br><br>derivative financial<br><br>instruments qualifying for<br><br>hedge accounting | — | 27 | 83 | 29 | 22 | 12 | 91 | 64 | 55 | 383 |
| Financial assets at fair value<br><br>through other<br><br>comprehensive income | — | 3,735 | 2,896 | 1,703 | 1,601 | 605 | 4,266 | 7,189 | 20,096 | 42,090 |
| Securities purchased under<br><br>resale agreements | — | 1,355 | 1,275 | — | — | — | 153 | — | 3 | 2,786 |
| Securities borrowed | — | — | — | — | — | — | — | — | — | — |
198
| Deutsche Bank | Risk and capital performance | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | |||||||||
| Dec 31, 2024 | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Overnight<br><br>and<br><br>one day<br><br>notice) | Up to<br><br>one<br><br>month | Over<br><br>1 month<br><br>to no<br><br>more<br><br>than<br><br>3 months | Over<br><br>3 months<br><br>but no<br><br>more<br><br>than<br><br>6 months | Over<br><br>6 months<br><br>but no<br><br>more<br><br>than<br><br>9 months | Over<br><br>9 months<br><br>but no<br><br>more<br><br>than<br><br>1 year | Over<br><br>1 year<br><br>but no<br><br>more<br><br>than<br><br>2 years | Over<br><br>2 years<br><br>but no<br><br>more<br><br>than<br><br>5 years | Over<br><br>5 years | Total |
| Debt securities | — | 2,004 | 1,039 | 1,345 | 904 | 541 | 3,440 | 5,098 | 19,865 | 34,236 |
| Loans | — | 376 | 582 | 358 | 696 | 65 | 673 | 2,091 | 227 | 5,068 |
| Other | — | — | — | — | — | — | — | — | — | — |
| Loans | 14,095 | 34,800 | 23,242 | 23,857 | 16,390 | 13,804 | 41,424 | 109,587 | 201,722 | 478,921 |
| To banks | 226 | 2,085 | 1,135 | 987 | 346 | 725 | 126 | 840 | 1,907 | 8,376 |
| To customers | 13,869 | 32,715 | 22,107 | 22,870 | 16,045 | 13,079 | 41,297 | 108,748 | 199,815 | 470,545 |
| Retail | 2,381 | 3,837 | 2,317 | 1,965 | 1,185 | 1,159 | 5,716 | 23,646 | 154,729 | 196,935 |
| Corporates and other<br><br>customers | 11,488 | 28,878 | 19,791 | 20,905 | 14,859 | 11,920 | 35,582 | 85,101 | 45,086 | 273,610 |
| Other financial assets | 59,501 | 8,436 | 1,191 | 1,508 | 512 | 1,701 | 1,928 | 4,848 | 13,121 | 92,745 |
| Total financial assets | 661,461 | 134,193 | 48,857 | 45,534 | 23,519 | 20,576 | 55,432 | 126,442 | 238,476 | 1,354,488 |
| Other assets | 9,083 | 247 | 5 | 4,574 | 13 | 4,923 | 267 | 1,248 | 12,328 | 32,689 |
| Total assets | 670,544 | 134,440 | 48,862 | 50,107 | 23,532 | 25,499 | 55,699 | 127,690 | 250,804 | 1,387,177 |
1The positions “Cash and central bank balances” and “Interbank balances (w/o central banks)” include € 379 million cash held with Russian Banks, predominantly with the
Central Bank of Russia
The following tables present a maturity analysis of total liabilities based on carrying value and upon earliest legally
exercisable maturity as of December 31, 2025 and 2024, respectively.
199
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Liquidity Risk Exposure |
Analysis of the earliest contractual maturity of liabilities
| Dec 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Over-<br><br>night and<br><br>one day<br><br>notice) | Up to one<br><br>month | Over 1<br><br>month to<br><br>no more<br><br>than 3<br><br>months | Over 3<br><br>months<br><br>but no<br><br>more<br><br>than 6<br><br>months | Over 6<br><br>months<br><br>but no<br><br>more<br><br>than 9<br><br>months | Over 9<br><br>months<br><br>but no<br><br>more<br><br>than 1<br><br>year | Over 1<br><br>year but<br><br>no more<br><br>than 2<br><br>years | Over 2<br><br>years but<br><br>no more<br><br>than 5<br><br>years | Over 5<br><br>years | Total |
| Deposits | 403,104 | 61,783 | 85,774 | 69,081 | 27,432 | 19,050 | 8,961 | 5,209 | 11,434 | 691,827 |
| Due to banks | 54,121 | 3,827 | 4,481 | 9,409 | 5,484 | 192 | 1,659 | 3,058 | 9,877 | 92,108 |
| Due to customers | 348,983 | 57,955 | 81,293 | 59,672 | 21,948 | 18,858 | 7,302 | 2,151 | 1,557 | 599,720 |
| Retail | 146,576 | 15,856 | 39,945 | 36,795 | 10,203 | 7,119 | 1,735 | 404 | 15 | 258,649 |
| Corporates and other<br><br>customers | 202,407 | 42,099 | 41,347 | 22,877 | 11,745 | 11,739 | 5,567 | 1,747 | 1,542 | 341,071 |
| Trading liabilities | 268,655 | — | — | — | — | — | — | — | — | 268,655 |
| Trading securities | 41,142 | — | — | — | — | — | — | — | — | 41,142 |
| Other trading liabilities | 1,738 | — | — | — | — | — | — | — | — | 1,738 |
| Negative market values<br><br>from derivative financial<br><br>instruments | 225,775 | — | — | — | — | — | — | — | — | 225,775 |
| Financial liabilities designed<br><br>at fair value through profit or<br><br>loss | 15,572 | 44,198 | 19,079 | 8,775 | 590 | 659 | 3,876 | 11,008 | 11,298 | 115,055 |
| Securities sold under<br><br>repurchase agreements | 14,625 | 43,923 | 18,413 | 7,083 | 56 | 2 | 2,051 | 26 | — | 86,177 |
| Long-term debt | 945 | 28 | 157 | 1,207 | 405 | 568 | 1,769 | 10,979 | 11,240 | 27,299 |
| Other financial liabilities<br><br>designated at fair value<br><br>through profit or loss | 2 | 248 | 510 | 485 | 129 | 89 | 56 | 3 | 58 | 1,579 |
| Investment contract<br><br>liabilities | — | — | — | — | — | 469 | — | — | — | 469 |
| Negative market values from<br><br>derivative financial<br><br>instruments qualifying for<br><br>hedge accounting | — | 27 | 45 | 16 | 6 | 3 | 12 | 57 | 57 | 223 |
| Central bank funds<br><br>purchased | 1,967 | — | — | — | — | — | — | — | — | 1,967 |
| Securities sold under<br><br>repurchase agreements | 389 | 363 | 241 | 542 | — | 5 | 247 | 314 | 109 | 2,210 |
| Due to banks | 262 | 239 | 204 | 502 | — | 5 | 146 | 191 | 59 | 1,608 |
| Due to customers | 127 | 124 | 37 | 39 | — | — | 101 | 124 | 51 | 603 |
| Securities loaned | 2 | — | — | — | — | — | — | — | — | 2 |
| Due to banks | — | — | — | — | — | — | — | — | — | — |
| Due to customers | 2 | — | — | — | — | — | — | — | — | 2 |
| Other short term borrowings | 6,296 | 2,769 | 1,086 | 6,204 | 1,382 | 467 | — | — | — | 18,204 |
| Long-term debt | — | 3,366 | 4,202 | 5,767 | 4,158 | 4,682 | 19,839 | 41,639 | 31,101 | 114,754 |
| Debt securities - senior | — | 3,252 | 2,312 | 4,641 | 2,823 | 3,531 | 15,086 | 35,976 | 12,580 | 80,201 |
| Debt securities -<br><br>subordinated | — | — | 1,260 | 766 | — | (2) | 2,363 | 424 | 3,401 | 8,212 |
| Other long-term debt -<br><br>senior | — | 115 | 630 | 345 | 1,335 | 1,125 | 2,369 | 5,218 | 15,120 | 26,256 |
| Other long-term debt -<br><br>subordinated | — | — | — | 15 | — | 27 | 20 | 23 | — | 85 |
| Trust Preferred Securities | — | — | — | 283 | — | — | — | — | — | 283 |
| Other financial liabilities | 116,766 | 946 | 2,701 | 513 | 147 | 195 | 779 | 1,398 | 2,228 | 125,672 |
| Total financial liabilities | 812,751 | 113,451 | 113,128 | 91,181 | 33,715 | 25,529 | 33,714 | 59,626 | 56,227 | 1,339,321 |
| Other liabilities | 15,542 | — | — | — | — | — | — | — | — | 15,542 |
| Total equity | — | — | — | — | — | — | — | — | 80,203 | 80,203 |
| Total liabilities and equity | 828,293 | 113,451 | 113,128 | 91,181 | 33,715 | 25,529 | 33,714 | 59,626 | 136,430 | 1,435,067 |
| Off-balance sheet<br><br>commitments given | 41,421 | 10,785 | 14,491 | 27,523 | 20,110 | 31,751 | 43,971 | 124,498 | 38,847 | 353,397 |
| Banks | 1,210 | 1,299 | 1,372 | 2,573 | 2,540 | 2,919 | 2,991 | 5,492 | 5,199 | 25,595 |
| Retail | 14,577 | 2,748 | 1,226 | 262 | 186 | 5,404 | 361 | 150 | 2,991 | 27,904 |
| Corporates and other<br><br>customers | 25,634 | 6,738 | 11,893 | 24,687 | 17,384 | 23,428 | 40,619 | 118,856 | 30,658 | 299,897 |
200
| Deutsche Bank | Risk and capital performance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Liquidity Risk Exposure | Dec 31, 2024 | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | On<br><br>demand<br><br>(incl.<br><br>Over-<br><br>night and<br><br>one day<br><br>notice) | Up to one<br><br>month | Over 1<br><br>month to<br><br>no more<br><br>than 3<br><br>months | Over 3<br><br>months<br><br>but no<br><br>more<br><br>than 6<br><br>months | Over 6<br><br>months<br><br>but no<br><br>more<br><br>than 9<br><br>months | Over 9<br><br>months<br><br>but no<br><br>more<br><br>than 1<br><br>year | Over 1<br><br>year but<br><br>no more<br><br>than 2<br><br>years | Over 2<br><br>years but<br><br>no more<br><br>than 5<br><br>years | Over 5<br><br>years | Total | |||
| Deposits | 373,816 | 64,076 | 93,692 | 69,346 | 21,845 | 18,207 | 9,612 | 5,538 | 10,130 | 666,261 | |||
| Due to banks | 53,385 | 1,721 | 10,520 | 11,102 | 6,515 | 1,033 | 1,927 | 2,984 | 8,731 | 97,920 | |||
| Due to customers | 320,430 | 62,355 | 83,171 | 58,244 | 15,330 | 17,174 | 7,685 | 2,553 | 1,399 | 568,341 | |||
| Retail | 135,531 | 16,455 | 44,218 | 34,930 | 8,890 | 6,577 | 1,389 | 491 | 22 | 248,504 | |||
| Corporates and other<br><br>customers | 184,900 | 45,899 | 38,953 | 23,314 | 6,440 | 10,596 | 6,296 | 2,062 | 1,377 | 319,838 | |||
| Trading liabilities | 319,893 | — | — | — | — | — | — | — | — | 319,893 | |||
| Trading securities | 41,864 | — | — | — | — | — | — | — | — | 41,864 | |||
| Other trading liabilities | 1,635 | — | — | — | — | — | — | — | — | 1,635 | |||
| Negative market values<br><br>from derivative financial<br><br>instruments | 276,395 | — | — | — | — | — | — | — | — | 276,395 | |||
| Financial liabilities designed<br><br>at fair value through profit or<br><br>loss | 32,343 | 24,338 | 11,059 | 4,417 | 539 | 304 | 3,310 | 10,009 | 5,713 | 92,032 | |||
| Securities sold under<br><br>repurchase agreements | 30,294 | 23,772 | 10,739 | 3,254 | 302 | — | 760 | — | — | 69,121 | |||
| Long-term debt | 2,023 | 335 | 228 | 1,043 | 136 | 235 | 2,543 | 9,947 | 5,713 | 22,203 | |||
| Other financial liabilities<br><br>designated at fair value<br><br>through profit or loss | 26 | 232 | 91 | 120 | 101 | 69 | 6 | 62 | — | 708 | |||
| Investment contract<br><br>liabilities | — | — | — | — | — | 454 | — | — | — | 454 | |||
| Negative market values from<br><br>derivative financial<br><br>instruments qualifying for<br><br>hedge accounting | — | 357 | 621 | 342 | 197 | 77 | 16 | 16 | 65 | 1,690 | |||
| Central bank funds<br><br>purchased | 1,227 | — | — | — | — | — | — | — | — | 1,227 | |||
| Securities sold under<br><br>repurchase agreements | 268 | 23 | 1,017 | 175 | — | — | 715 | 289 | 25 | 2,513 | |||
| Due to banks | 88 | 2 | 917 | 152 | — | — | 605 | 158 | 9 | 1,929 | |||
| Due to customers | 180 | 21 | 101 | 23 | — | — | 111 | 131 | 16 | 583 | |||
| Securities loaned | 2 | — | — | — | — | — | — | — | — | 2 | |||
| Due to banks | — | — | — | — | — | — | — | — | — | — | |||
| Due to customers | 2 | — | — | — | — | — | — | — | — | 2 | |||
| Other short term borrowings | 1,345 | 3,380 | 2,372 | 1,845 | 227 | 726 | — | — | — | 9,895 | |||
| Long-term debt | — | 1,474 | 4,280 | 5,971 | 5,079 | 3,825 | 18,543 | 42,140 | 33,587 | 114,899 | |||
| Debt securities - senior | — | 1,315 | 2,873 | 4,081 | 4,764 | 3,158 | 14,957 | 36,395 | 15,067 | 82,611 | |||
| Debt securities -<br><br>subordinated | — | — | 1,248 | 1,635 | — | — | 2,000 | 2,436 | 4,307 | 11,626 | |||
| Other long-term debt -<br><br>senior | — | 159 | 158 | 254 | 315 | 667 | 1,545 | 3,289 | 14,190 | 20,578 | |||
| Other long-term debt -<br><br>subordinated | — | — | — | — | — | — | 42 | 20 | 22 | 85 | |||
| Trust Preferred Securities | — | — | — | 287 | — | — | — | — | — | 287 | |||
| Other financial liabilities | 72,776 | 526 | 665 | 881 | 137 | 256 | 1,988 | 1,360 | 2,508 | 81,098 | |||
| Total financial liabilities | 801,670 | 94,174 | 113,705 | 83,264 | 28,024 | 23,849 | 34,185 | 59,352 | 52,028 | 1,290,251 | |||
| Other liabilities | 17,494 | — | — | — | — | — | — | — | — | 17,494 | |||
| Total equity | — | — | — | — | — | — | — | — | 79,432 | 79,432 | |||
| Total liabilities and equity | 819,164 | 94,174 | 113,705 | 83,264 | 28,024 | 23,849 | 34,185 | 59,352 | 131,460 | 1,387,177 | |||
| Off-balance sheet<br><br>commitments given | 42,360 | 11,136 | 16,635 | 22,017 | 18,465 | 29,279 | 45,443 | 122,123 | 35,709 | 343,167 | |||
| Banks | 1,038 | 1,584 | 2,164 | 2,827 | 2,766 | 2,080 | 3,213 | 4,697 | 6,169 | 26,540 | |||
| Retail | 13,776 | 455 | 642 | 134 | 79 | 1,502 | 279 | 891 | 2,977 | 20,734 | |||
| Corporates and other<br><br>customers | 27,546 | 9,097 | 13,829 | 19,057 | 15,620 | 25,697 | 41,950 | 116,535 | 26,563 | 295,893 |
201
| Deutsche Bank | Risk and capital performance |
|---|---|
| Annual Report 2025 | Operational risk exposure |
Operational Risk exposure
EC for operational risk was € 5.0 billion at the end of 2025, an increase of € 0.3 billion compared to 2024, mainly driven
by model updates of the forward looking qualitative adjustment component as well as model refinements of the loss
distribution approach .
| Sustainability<br><br>Statement | ||
|---|---|---|
| 204 | General information | |
| 204 | Basis for preparation of the<br><br>Sustainability Statement | |
| 207 | Governance | |
| 217 | Double materiality assessment | |
| 222 | Sustainability strategy | |
| 228 | Stakeholder engagement and<br><br>thought leadership | |
| 232 | ESG due diligence | |
| 242 | Environmental information | |
| 242 | Sustainable finance | |
| 261 | Disclosures pursuant to Article<br><br>8 of Regulation (EU) 2020/852<br><br>(Taxonomy Regulation) | |
| 265 | Climate change | |
| 316 | Social information | |
| 316 | Own workforce | |
| 348 | Client centricity | |
| 361 | Governance information | |
| 361 | Culture, integrity and conduct | |
| 367 | Anti-financial crime | |
| 373 | Competitive behavior | |
| 376 | Supply chain management | |
| 380 | Data protection | |
| 384 | Information security | |
| 385 | Additional information | |
| 385 | Independent auditor’s limited<br><br>assurance report on the group<br><br>sustainability statement | |
| 388 | List of ESRS Disclosure<br><br>Requirements complied with | |
| 399 | Table of all the datapoints<br><br>deriving from other EU<br><br>legislation |
203
204
| Deutsche Bank | General information |
|---|---|
| Annual Report 2025 | Basis for preparation of the Sustainability Statement |
General information
Basis for preparation of the Sustainability Statement
General basis for preparation of the Sustainability Statement
ESRS 2 BP-1
Reporting standards and assurance
The Sustainability Statement of Deutsche Bank Group for the year ended December 31, 2025, which is combined with
the parent company’s Sustainability Statement, was prepared according to Section 315c (1) in conjunction with Sections
289c to 289e of the German Commercial Code (HGB). As the European Corporate Sustainability Reporting Directive
(CSRD) was not transposed into German law as of December 31, 2025, the bank applied the European Sustainability
Reporting Standards (ESRS) as reporting framework as allowed by Section 315c (3) HGB in conjunction with Section
289d HGB and, on that basis, discloses governance, strategy, impact, risk and opportunity management, metrics and
targets for material sustainability matters.
The material sustainability topics in the Sustainability Statement are structured into the sections “Environmental
information”, “Social information” and “Governance information”. The following overarching chapters are included in the
section “General information” as they cover environmental, social and governance (ESG) matters holistically and are
subject to various ESRS requirements: “Governance”, “Double materiality assessment”, “Sustainability strategy”,
“Stakeholder engagement and thought leadership” and “ESG due diligence”.
In addition, the Sustainability Statement complies with the disclosure obligations under Article 8 (1) and (3) of the
Taxonomy Regulation (Regulation (EU) 2020/852) and the respective specifications in Articles 4 and 10 (5) of the
associated Disclosures Delegated Act (Delegated Regulation (EU) 2021/2178), amended by the Delegated Act (EU)
2026/73 (‘Omnibus simplifications’) adopted by the European Commission in July 2025 and published in the Official
Journal in January 2026.
The 2025 Sustainability Statement is subject to a limited assurance engagement as disclosed in “Additional information -
Independent auditor’s limited assurance report on the group sustainability statement”.
Consolidation
The Sustainability Statement was prepared on a consolidated basis and the scope of consolidation is the same as for the
Group’s consolidated financial statements. The bank did not identify any subsidiaries not included in the Group’s
financial statements that require inclusion in the Sustainability Statement. Unless otherwise stated, information
disclosed regarding the Deutsche Bank Group also applies to Deutsche Bank AG. Specificities for certain consolidated
subsidiaries, for example DWS Group GmbH & Co. KGaA, are separately highlighted where necessary. Deutsche Bank AG
is the parent company of Deutsche Bank Group and its most material entity.
Management of Deutsche Bank AG is responsible for setting the sustainability strategy as well as related governance for
both Deutsche Bank AG and the Deutsche Bank Group. For further details, please refer to the “Sustainability strategy”
and “Governance” sections in this Sustainability Statement. Deutsche Bank AG is based in Germany and, through foreign
branches, operates globally. For further details on the regional distribution of Deutsche Bank AG’s own workforce, please
refer to chapter “Standalone parent company information (HGB)” in the Combined Management Report.
Value chain
The material sustainability-related topics and their impacts, risks and opportunities in relation to the bank’s direct
suppliers (upstream value chain), own operations and direct clients (downstream value chain) as described in “Deutsche
Bank Group” within the “Combined Management Report” were determined by the outcome of the double materiality
assessment as required by ESRS 1 – General requirements. A detailed description of the double materiality assessment
process can be found in the chapter “Double materiality assessment”.
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Comparative information
The bank discloses comparative information for figures reported in the previous reporting period unless there is a specific
transitional provision allowing the bank to refrain from disclosing comparative information. When comparative
information was aligned to presentation in the current year, this is mentioned in the respective chapter. The bank has
chosen immediate adoption of the Delegated Regulation (EU) 2026/73 and decided not to present prior-period figures
due to structural changes in the templates as explained in the section “Disclosures pursuant to Article 8 of Regulation
(EU) 2020/852 (Taxonomy Regulation)”.
Omission of information
Where the bank made use of the option to omit classified or sensitive information or matters in the course of negotiation
according to ESRS 2 – General disclosures, BP-1 5(d) and (e), this is disclosed in the relevant chapter of the Sustainability
Statement.
Disclosure requirements complied with
The Sustainability Statement complies with the ESRS disclosure requirements detailed in the chapter “Additional
information - List of ESRS Disclosure Requirements complied with” and includes disclosures stemming from other EU
legislation, detailed in chapter “Additional information - Table of all the datapoints deriving from other EU legislation”.
Metrics and targets for material topics for which there is no topic-specific ESRS are subject to ESRS 2 “General
Disclosures” and are reported according to the sustainability reporting standards of the Global Reporting Initiative (GRI)
as allowed by ESRS 1 – General requirements. This applies for “Data protection” (GRI 404-2 and GRI G4 FS4) and
“Information security” (GRI 404-2).
Disclosures in relation to specific circumstances
ESRS 2 BP-2
Time horizons
Any deviation from the time horizons as defined by ESRS 1 – General requirements, Section 6.4 (short-term (one year),
medium-term (up to five years) or long-term (more than five years)) is described in the specific chapter in which the
deviating time horizons were applied, including the reasons for this deviation.
Source of estimation and outcome uncertainty
In those instances, in which information in the Sustainability Statement used assumptions and estimates that led to a
certain level of measurement uncertainty, for example, when measuring financed emissions in client portfolios, these are
described in detail in the relevant topic-specific chapters of this Sustainability Statement.
Changes in preparation or presentation of sustainability information
In 2025, several changes were made to the presentation of the Sustainability Statement. The topic "Sustainable finance"
was moved to "Environmental information" and "Supply chain management" was reassigned to "Governance information"
to ensure that the “General information” section contains only overarching content. Following the 2025 Double
Materiality Assessment, the topics "Tax" and "Public policy and regulation" were removed from "Governance information"
as they were no longer assessed as material. In addition, "Own operations and supply chain” was added to the "Climate
change" section within "Environmental information” as the underlying topics were identified as material. Further details
and rationale for these changes are provided in the chapter “Double materiality assessment”.
Any changes in the presentation of quantitative sustainability metrics or targets for prior reporting periods resulting from
changes in estimates, redefinitions or corrections of material errors are indicated as a footnote to the relevant disclosure
and the reasons for the changes are described in the relevant chapter. In 2025, no material errors were identified
affecting prior reporting periods.
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Incorporation by reference
The bank made use of the option to incorporate the following ESRS disclosure requirements by reference according to
ESRS 2, BP-2 §16. The following disclosures are therefore not included in the Sustainability Statement but in other
sections of the “Combined Management Report” within the Annual Report with respective references to the
Sustainability Statement:
–Deutsche Bank’s business model and value chain are described in the section “Deutsche Bank Group”
–The roles of the Supervisory Board and the Management Board are described in the section “Corporate Governance
Statement”
–The governance, strategy, impacts, risks and opportunities, metrics and targets related to the material topic
“Information security” are disclosed in the section “Information security” in the Risk Report
–
Use of phase-in provisions in accordance with Appendix C of ESRS 1
The Group made use of the following phase-in options:
–ESRS 2 SBM-3 Par. 48 (e) Material impacts, risks and opportunities – Anticipated financial effects
–ESRS E1-9 Anticipated financial effects from climate-related risk: partial application of phase-in option, including
qualitative description in the first three years of application
In addition, the bank applied the provisions of the extended phase-in option in relation to ESRS 2 SBM-3 Par. 48 (e) and
ESRS E1-9 in accordance with the Delegated Regulation (EU) 2025/1416, adopted by the European Commission in July
2025 and published in the Official Journal in November 2025.
The disclosures on the financial effects of sustainability matters for the year ended December 31, 2025, are included in
the Consolidated Financial Statements if required by IFRS. Regarding climate risks, estimates of higher transition and
physical risk exposures and their impact on the Expected Credit Loss (ECL) did not result in any adjustment of credit loss
provisions for the years ended December 31, 2025, as well as December 31, 2024. This is described in the focus area
"Climate Risk" of the Risk Report.
Events after the reporting period
ESRS 1.7
After the reporting date, no material events occurred that had a significant impact on the bank’s Sustainability
Statement.
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Governance
Corporate Governance
ESRS 1 related to ESRS 2 GOV-1, ESRS 2 GOV-2
For information on the role of the Supervisory Board and the Management Board of Deutsche Bank AG, the information
provided to them and the sustainability matters they address, please refer to the “Corporate Governance Statement” in
this Annual Report.
Sustainability Governance
ESRS 2 GOV-1, ESRS 2 GOV-2
Deutsche Bank AG - Central Setup (Supervisory Board, Management Board, Chief
Sustainability Office, Other Central Divisions)
Sustainability has been a central part of Deutsche Bank’s strategy since July 2019. This is reflected in its governance,
ranging from the Supervisory Board, the Management Board and its Group Sustainability Committee to senior business
leadership, key infrastructure and control functions as well as specialist teams.
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Supervisory Board’s sustainability responsibilities
The tasks of the Supervisory Board of Deutsche Bank AG – to supervise and to advise the Management Board of
Deutsche Bank AG – also include matters related to sustainability.
Various standing committees of Deutsche Bank’s Supervisory Board play an important role with regard to sustainability
within Deutsche Bank. Central to this is the Supervisory Board’s Strategy and Sustainability Committee. Other relevant
committees are the Compensation Control Committee, the Audit Committee and the Risk Committee.
Further information on the role of the Supervisory Board of Deutsche Bank AG, the information provided to it and the
sustainability matters it addresses can be found in the section “Corporate Governance Statement” in this Annual Report.
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Further information regarding the Supervisory Board’s role in integrating sustainability-related performance in incentive
schemes can be found in the subsection "Integration of sustainability-related performance in incentive schemes".
Management Board’s sustainability responsibilities
The Management Board’s approach to sustainability is reflected in its committee structure. The following sub-sections
distinguish between committees dedicated to sustainability and those that address sustainability as part of their broader
responsibilities.
Management Board committee with sustainability as a core function: Group Sustainability Committee (GSC)
| Group Sustainability Committee (GSC) | |
|---|---|
| Scope | Group (excl. DWS) |
| Mandate | Serves as main governance body for sustainability-related matters across Deutsche Bank Group, approving the<br><br>group-wide sustainability strategy, and overseeing its strategy implementation. The Committee aims to ensure a<br><br>holistic Group-wide dialogue and alignment on sustainability initiatives to make the bank a champion in the financial<br><br>services sector with regard to sustainable finance, for the lasting benefit of both clients and society. |
| Chair/Vice-chair | Chief Executive Officer/Chief Sustainability Officer |
| Membership | –Management Board members<br><br>–Heads of business divisions (members of the GMC1)<br><br>–Senior representatives of relevant infrastructure functions<br><br>–Chief Investment Officer of DWS participates as a non-voting member. This is needed to ensure alignment of<br><br>respective strategies and ensure possible collaboration between Deutsche Bank and DWS. This is especially<br><br>important as asset managers and banks have in some areas different approaches to ESG |
| Key Activities in FY2025 | –Six meetings, thereof four circulation procedures<br><br>–Approved the bank’s Sustainability Strategy 2030 including its new cumulative € 900 billion sustainable and<br><br>transition finance target from 2020 to the end of 2030 and its nature ambition to facilitate 300 transactions by<br><br>the end of 2027. In addition to that, the GSC approved the publication of the bank’s initial Transition Finance<br><br>Framework and acknowledged the updated Transition Plan |
| 1 The GMC (Group Management Committee) is a Management Board level Committee that was established as an information, exchange,<br><br>discussion and ultimately also advisory platform, in particular regarding business, growth and profitability |
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Management Board committees addressing sustainability
Several other Management Board committees incorporate sustainability considerations into their respective mandates,
ensuring these factors are reflected across the bank’s broader governance framework. Those are listed in the table
below.
| Sustainability-related role of relevant Management Board Committees | |
|---|---|
| Group Risk Committee<br><br>(GRC) | –Central body for review and decision on material risk and capital-related topics including climate-related matters.<br><br>It receives regular updates on the bank’s net zero targets and climate transition risk profile |
| Group Reputational Risk<br><br>Committee (GRRC) | Escalation body at group level for transaction-based, client-related, or other primary reputational risk matters -<br><br>including sustainability-related matters |
| Culture, Integrity and<br><br>Conduct Committee | Provides a sustained focus on all aspects of culture by overseeing the implementation and ongoing management of<br><br>the culture, integrity and conduct framework - including sustainability-related matters |
| Group Investment<br><br>Committee | Decides on strategic and other investments and monitors progress and performance of approved investments -<br><br>including sustainability-related matters |
Further information on the role of the Management Board, the information provided to it and the sustainability matters it
addresses can be found in the "Corporate Governance Statement" in this Annual Report.
Chief Sustainability Office
Deutsche Bank AG maintains a Chief Sustainability Office, whose Head reports to the Chief Executive Officer of
Deutsche Bank AG. It centrally drives sustainability and ensures consistency across Deutsche Bank.
From a broadened team to respond to strategic and regulatory requirements in 2022, the Chief Sustainability Office
evolved to deliver ongoing change initiatives in 2023 to 2025. In the third quarter of 2025, the department underwent
changes to its organizational setup, aimed at enhancing its role as an enabler of the Global Hausbank’s sustainability
strategy and to become a transition partner for its clients and further key stakeholders.
Consequently, the functional governance structure as of the end of 2025 is as follows:
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Chief Sustainability Office via its committees and discussion groups
The Chief Sustainability Office runs and coordinates various committees in relation to the implementation of the
Sustainability Strategy Key Deliverable and discussion groups (Forums/Council) devoted to the implementation of the
sustainability strategy as well as serving as recommendation or information channels.
Chief Sustainability Office’s committees
| Sustainability Strategy Steering Committee | Sustainability Data & Technology Operating<br><br>Committee | CSRD1 Implementation<br><br>Steering Committee | |
|---|---|---|---|
| Scope | Group (excl. DWS) | Group (excl. DWS) | Discontinued after the<br><br>CSRD1 program was<br><br>successfully completed,<br><br>with Deutsche Bank's 2024<br><br>Sustainability Statement<br><br>published as part of the<br><br>2024 Annual Report, in<br><br>March 2025 |
| Mandate | Oversight of the implementation of Deutsche<br><br>Bank’s Sustainability Strategy Key Deliverable<br><br>as a ‘Change the Bank’ priority initiative | Main decision and steering body for the<br><br>implementation activities within the<br><br>Sustainability Data & Technology workstream<br><br>of the Sustainability Strategy Key Deliverable | |
| Chair/Vice-<br><br>chair | Chief Sustainability Officer/Chief Financial<br><br>Officer Investment Bank, Corporate Bank &<br><br>ESG | Sustainability, Data & Technology Program<br><br>Manager | |
| Membership | Heads of the divisional ESG teams and ESG<br><br>experts | Sustainability Senior Leads across:<br><br>–Corporate Bank<br><br>–Investment Bank<br><br>–Private Bank<br><br>–Chief Financial Office<br><br>–Technology Data Innovation (TDI) | |
| Escalation | To Group Sustainability Committee or to<br><br>Group Operating Committee | To the Sustainability Strategy Steering<br><br>Committee | |
| Key Activities<br><br>in FY2025 | –Met five times<br><br>–All relevant key deliverable milestones<br><br>achieved<br><br>–Approval of topics such as Nature<br><br>transaction ambition and overarching<br><br>Sustainability training concept<br><br>–Updates on transition dialogue with high-<br><br>emitting clients discussed | –Met six times<br><br>–Enhanced sustainability classifications and<br><br>process automation, capturing Sustainable<br><br>Finance aligned deals, counterparties and<br><br>products and enabling comprehensive risk<br><br>assessments and greenwashing mitigation<br><br>–Integrated multiple Sustainability data<br><br>sources for Net Zero and Transition<br><br>planning, improving regulatory reporting<br><br>including EU Taxonomy and Pillar 3 | |
| 1 Corporate Sustainability Reporting Directive |
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Chief Sustainability Office discussion groups
| Group Net Zero Forum (Corporate Bank<br><br>and Investment Bank)1 | Sustainable Finance Governance Forum | Sustainability Council | |
|---|---|---|---|
| Scope | –Corporate Bank<br><br>–Investment Bank | Group (excl. DWS) | Group |
| Mandate | Discusses transactions in sectors<br><br>covered by Deutsche Bank’s Net Zero<br><br>targets which could have a significant<br><br>impact on the bank’s financed emissions<br><br>and/or decarbonization targets, taking<br><br>into consideration the assessment of<br><br>clients’ transition strategies in their<br><br>recommendations | –Presents and discusses open<br><br>questions arising around definition<br><br>and product classification under the<br><br>Sustainable Finance Framework<br><br>–Prepares recommendations on open<br><br>items | Fosters knowledge exchange between<br><br>Deutsche Bank’s sustainability<br><br>champions to support bank-wide<br><br>change and to identify new topics |
| Chair/Vice-<br><br>chair | Chief Sustainability Officer/Head of<br><br>Climate & Environmental Risk<br><br>Management | Head of Sustainable Finance<br><br>Classification/dedicated member of the<br><br>Sustainable Finance Classification<br><br>team2 | Chief Sustainability Officer |
| Membership | –Divisional ESG Heads across<br><br>Corporate Bank, Investment Bank,<br><br>Chief Risk Office and Chief<br><br>Sustainability Office<br><br>–Coverage Heads across Corporate<br><br>Bank and Investment Bank | –Divisional (ESG) Heads across<br><br>Corporate Bank, Investment Bank,<br><br>Private Bank, Chief Risk Office, Chief<br><br>Financial Office, Corporate Affairs &<br><br>Strategy and Chief Sustainability<br><br>Office<br><br>–ESG experts across relevant business<br><br>and infrastructure functions | Employees with an interest in<br><br>sustainability |
| Escalation | Via the Group Sustainability Committee,<br><br>via the Management Board member<br><br>responsible for Corporate Bank and<br><br>Investment Bank, or via individual<br><br>members’ reporting lines | Via individual members’ reporting lines | N/A (information sharing group) |
| Key Activities<br><br>in FY2025 | –Convened 32 times<br><br>–Discussed 72 transactions | –Convened five times<br><br>–Reviewed and refined sustainable<br><br>finance classifications,<br><br>methodologies, and product<br><br>structures<br><br>–Addressed regulatory developments<br><br>and strengthened ESG and social<br><br>product criteria<br><br>–Key outcomes include updates to<br><br>methodologies, clearer decision-<br><br>making structures, and alignment of<br><br>product criteria with evolving<br><br>regulatory and market expectations<br><br>to support robust, transparent, and<br><br>consistent sustainable finance<br><br>implementation | –Convened four times<br><br>–Regional updates, updates on<br><br>sustainability strategy, ESG Ratings,<br><br>Sustainable Finance, Sustainability<br><br>Statement |
| 1 Divisional Net Zero Fora are established in Corporate Bank and Investment Bank to reflect divisional specificities and allow for a decentralized management on this level<br><br>2 All meetings were held under the governance in place before the organizational changes in Chief Sustainability Office, where the Chair was the Head of Group<br><br>Sustainability and the Vice-Chair was the Head of Environmental & Social Due Diligence and Sustainable Finance |
–
Sustainability in business divisions and other infrastructure functions
Supplementing the Chief Sustainability Office, the bank’s business divisions and infrastructure functions have
established, within the three Lines of Defense model, ESG expert teams. These teams drive the implementation of the
sustainability strategy at the divisional level to ensure that sustainability-related matters are appropriately addressed
and to enable a swift response to emerging business opportunities and risks. They also contribute to embedding the net
zero governance framework that guides the bank’s approach to sustainable finance, transition finance and ESG
investments within their respective divisions. The below chart provides an overview of those key teams.
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| 1st line of defense3 | Corporate Bank and Investment Bank<br><br>divisions1 | Private Bank | Technology, Data and Innovation |
| --- | --- | --- | --- |
| Respective Sustainability Senior Leads<br><br>Dedicated Heads within each business,<br><br>ensuring adoption into business<br><br>strategy, client solutions and thought<br><br>leadership | Sustainability Senior Leads<br><br>Dedicated Heads within each business,<br><br>ensuring integration into business<br><br>strategy, client solutions and thought<br><br>leadership | Sustainability Technology<br><br>Sustainability data provision. Delivering<br><br>the IT infrastructure for sustainability<br><br>processes | |
| Global Real Estate | Global Procurement | Human Resources | |
| Environmental Sustainability<br><br>Responsible for the reduction of<br><br>Deutsche Bank’s own emissions (Scope 1<br><br>and 2) and performing respective<br><br>reporting for Scope 3 emissions (Cat.<br><br>1-14) | Sustainable Procurement<br><br>Integration of ESG principles into<br><br>purchasing decisions, working<br><br>collaboratively with supply partners to<br><br>build resilient, responsible value chains | People, Experience & Sustainable<br><br>Culture<br><br>Covers Behavioral Change, Culture,<br><br>Diversity and Inclusion, Future of Work,<br><br>Human Resources ESG as well as Well-<br><br>Being | |
| 2nd line of defense3 | Compliance | Chief Risk Office | Finance Chief Accounting Office2 |
| Recognizes ESG risks as cross risk drivers<br><br>integrated across Compliance risk types.<br><br>Compliance works with key stakeholders<br><br>across the Three Lines of Defense as part<br><br>of ongoing initiatives to enhance the<br><br>ability to identify and manage ESG risks | Integrates ESG into risk frameworks<br><br>(including developing models and<br><br>methodologies) to identify, assess and<br><br>quantify the materiality of ESG risks, and<br><br>reports to Senior Management the key<br><br>risk appetite metrics and risk<br><br>concentrations | Sustainability Reporting<br><br>Sets a robust governance and process<br><br>ensuring timely, accurate and compliant<br><br>delivery of the Group’s Sustainability<br><br>Statement | |
| 3rd line of defense | Group Audit | ||
| –Acts as an independent and objective assurance to the Management Board of Deutsche Bank AG on the adequacy of the design,<br><br>operating effectiveness and efficiency of - inter alia - the bank‘s risk management processes, including environmental and social<br><br>risks<br><br>–Reviews fraud, antitrust and misconduct risks as part of each audit and reviews the respective policies and standards on a risk-<br><br>based approach<br><br>–Acts as an independent, proactive and forward-looking challenger and adviser to the bank’s senior management | |||
| 1 Corporate Bank, Investment Bank Investment Banking & Capital Markets, Investment Bank Fixed Income & Currencies, Investment Bank Research<br><br>2 Finance Chief Accounting Office (FCAO) is part of Chief Financial Office (CFO), which is primarily categorized as a first line of defense, except for functions which are<br><br>assigned a risk type, such as FCAO<br><br>3 The chart intends to inform on current lines of defense allocation for the key business divisions and infrastructure functions that have established ESG expert teams, it is<br><br>not an exhaustive or permanent view of the lines of defense delineation across the organization |
Deutsche Bank AG - Regional setup
The bank has sustainability coordinators in key locations in Europe (for instance, Italy, Spain, Netherlands, Belgium,
Portugal, and Poland), Asia-Pacific (APAC) (for instance, China and the rest of the APAC region where Deutsche Bank
does business), Africa/Middle East (for instance, United Arab Emirates) and South America (for instance, Brazil), as well as
an ESG Head for APAC-MEA, to align sustainability initiatives and requirements globally.
Regional ESG Heads and Sustainability Coordinators align with the Strategy & Regional Governance team of the Chief
Sustainability Office on sustainability initiatives and matters. Sustainability-related topics are either discussed in
dedicated forums or at senior governance meetings.
DWS sustainability governance
Sustainability governance at DWS starts with the DWS Executive Board, which has overall responsibility for managing the
business activities of DWS. This includes managing sustainability-related risks and opportunities.
To enable a focus on sustainability topics, the DWS Executive Board has delegated its responsibility for implementing the
sustainability strategy to the DWS Group Sustainability Committee which reports to the DWS Executive Board regularly
and as required.
The committee is mandated with implementing the sustainability strategy as approved by the DWS Executive Board on
fiduciary and corporate levels across business and infrastructure areas and legal entities.
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Integration of sustainability-related performance in incentive schemes
ESRS E1 related to ESRS 2 GOV-3
Key characteristics of incentive schemes
The Management Board compensation system is aligned with the business strategy as well as the sustainable and long-
term development of Deutsche Bank and provides suitable incentives for consistent achievement of the set targets.
Through the composition of total compensation comprising fixed and variable compensation components, through the
assessment of performance over short- and long-term periods and through the consideration of relevant, challenging
performance parameters, the implementation of the Group strategy and the alignment with the sustainable and long-
term performance of the Group are rewarded in a clear manner. The structure of the targets and objectives therefore
comprises a balanced mix of both financial and non-financial parameters and indicators.
Structure of the Management Board compensation
The Supervisory Board sets the target compensation for each Management Board member. In accordance with the
recommendation of the German Corporate Governance Code, the Supervisory Board also determines the ratio of fixed
compensation to variable compensation as well as the ratio of short to long-term variable compensation.
The compensation system for the Management Board as outlined in the Management Board Compensation Report in the
Annual Report consists of fixed and variable compensation components. The fixed compensation consists of base salary,
fringe benefits and contributions to the company pension schemes or pension allowances. The variable compensation is
divided into 40% Short-Term Incentives (STI) and 60% Long-Term Incentives (LTI). In the STI, three to five objectives for
measuring individual and divisional performance over a period of one year are set at the beginning of the period and
disclosed retrospectively. For LTI, four objectives, which are identical for all Management Board members, are set and
disclosed ex ante. The STI is determined after one year, while the LTI is determined after an assessment period of three
years.
Sustainability-related performance targets and metrics
Deutsche Bank strives to make a contribution to an environmentally friendly, socially inclusive and well-governed
corporate landscape and to support its clients in their green transformation. Not only the advisory services and products
but also the working environment and culture at Deutsche Bank should build on this commitment. Deutsche Bank’s
policies and procedures are aligned with the laws and regulations in all markets in which it operates, including anti-
discrimination laws such as the 2. German Gender Quota Law (Zweites Führungspositionengesetz - FüPoG II).
For the LTI plans 2024-2026 and 2025-2027 disclosed in the Management Compensation Report as part of the annual
report the Supervisory Board focuses on environmental, social and governance (ESG) objectives, which form 20% of the
total variable compensation:
–Environmental target: The objective of driving climate risk management is linked to the disclosed carbon reduction
targets for defined carbon intensive sectors that were published when setting CO2 reduction target pathways for key
industries. This metric measures performance against the published pathways (Transition Plan) plus an allowed
deviation (risk appetite). This target contributes a weighting of 8% to the total variable compensation. For the 2024–
2026 LTI plan, the threshold (0% LTI target achievement) is compliance with a trajectory that is equal to or below 50%
of the permitted deviation. A 100% LTI target achievement requires compliance with a trajectory of 70% of the
permitted deviation, while a 150% LTI target achievement corresponds to 85% of the permitted deviation. These
target values apply identically to the 2025–2027 LTI plan
–Social target: The objective of increasing gender diversity in accordance with the Second German Gender Quota Law
(Zweites Führungspositionengesetz – FüPoG II) focuses on female representation on the two levels below the
Management Board (MB-1 and MB-2) positions, combats discrimination within the Management Board succession
pipeline and promotes equal opportunity. This target is weighted at 4% of the total variable compensation. For the
2024–2026 LTI plan, the threshold (0% LTI target achievement) is set at a proportion of women equal to or below 30%.
A 100% LTI target achievement is defined at a proportion of 32.5% women, while a 150% LTI target achievement is
reached at a proportion of 35% women. These target values apply identically to the 2025–2027 LTI plan
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–Governance target: The corporate governance objective for the LTI Plan 2024 – 2026 consists of the Control Risk
Management Grade (CRMG) and progress made in the anti-money-laundering/know-your-client (AML/KYC)
remediation activities. The CRMG measures the control environment based on the performance of the individual
divisions, including critical and overdue findings, but also cultural issues such as self-identified risk acceptance.
Overall, the objective underlines the importance for Deutsche Bank to combat economic crime and prevent money
laundering activities, as well as staying compliant with regulatory requirements and to foster a healthy corporate
culture. With regard to the governance objective, the assessment criteria were amended for the LTI Plan 2025-2027 in
order to reflect not only an internal evaluation, but also external stakeholders’ assessment of Deutsche Bank's
regulatory development and improvements, making it a holistic measurement criterion. This target is taken into
account with a weighting of 8% of the total variable compensation. For the 2024–2026 LTI plan, a threshold of 0% LTI
target achievement is defined at a CRMG progress level of 0%. A 100% LTI target achievement requires progress of
100%, while a 150% LTI target achievement is set at 150% progress. With regard to the governance target, the
assessment criteria for the 2025–2027 Long‑Term Incentive Plan were adjusted to reflect not only an internal
assessment but also the views of external stakeholders on regulatory developments and improvements at Deutsche
Bank. This creates a holistic assessment criterion. For the 2025–2027 LTI plan, the threshold (0% LTI target
achievement) is likewise defined at 0% progress, with a 100% LTI target achievement at 100% progress and a 150% LTI
target achievement at 150% progress
–
Level of approval
The Supervisory Board is responsible for the decisions on the design of the compensation system as well as for setting up
the individual compensation amounts and procedures for awarding the compensation. The Compensation Control
Committee supports the Supervisory Board in its tasks and prepares proposals for resolutions by the Supervisory Board.
Internal Controls over Sustainability Reporting
ESRS 2 GOV-5
General
Deutsche Bank is committed to maintaining a robust framework for risk management and internal controls over
sustainability reporting to ensure the integrity and reliability of disclosures in the Sustainability Statement and to prevent
material misstatements. The Management Board is responsible for establishing and maintaining adequate internal
controls over sustainability reporting under the oversight of the Chief Financial Officer. The Audit Committee supports
the Supervisory Board in monitoring the effectiveness of the processes for preparing the Sustainability Statement and
the related internal controls.
Risk management and internal control processes
The primary risks in sustainability reporting are that either the Sustainability Statement may not present a true and fair
view due to inadvertent or intentional errors or the publication of the Sustainability Statement is not performed on a
timely basis. This may reduce stakeholder confidence or cause reputational damage and may have legal or regulatory
consequences. A lack of fair presentation arises when one or more disclosures contain misstatements or omissions that
could influence economic decisions that users of the Sustainability Statement make. A key component of assessing the
risk of material misstatement is the use of a risk ranking that considers impact and probability.
To mitigate the above-mentioned risks, Deutsche Bank has established internal controls over sustainability reporting
including multi-layered validation and review procedures throughout the reporting process to ensure the reliability of the
disclosures in the Sustainability Statement. In establishing internal controls over sustainability reporting, the bank has
prioritized completeness and accuracy as objectives to ensure the integrity and reliability of its Sustainability Statement.
The system of internal controls over sustainability reporting covers all stages of the reporting process, from data
handling and data collection to disclosure. This process involves cross-functional collaboration with clear roles and
responsibilities to ensure consistent implementation across the bank’s operations. The components of this framework
include preventive, detective and corrective controls. Preventive controls are embedded at the initial stages of data
collection within the respective functions that provide input to the Sustainability Statement. Detective controls include
independent reviews by the control functions. Corrective controls address issues discovered through audits, ensuring
prompt correction and continuous improvement.
No control system, including internal controls over sustainability reporting, no matter how well conceived and operated,
can provide absolute assurance that its objectives are met. As such, disclosure controls and procedures or systems for
internal controls over sustainability reporting may not avoid all errors.
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Measuring effectiveness of the system of internal control over sustainability reporting
The effectiveness of the system of internal controls over sustainability reporting and the associated framework is
reviewed on an annual basis and enhanced where needed to ensure that the risk remains within a tolerable level in line
with the bank's risk appetite. The key controls evaluated are:
–Four-eyes controls with a clear segregation of duties between producer and reviewer, as well as reviews by senior
management
–Completeness of control documentation as well as adequate performance of controls along the end-to-end
preparation of the Sustainability Statement including documentation of data sources, reconciliations and analytical
controls or inventory controls
The control evidence is derived from procedures that are integrated into the daily duties of staff or from relevant policies
and procedures. Information obtained from other sources also serves as a crucial component of the evaluation, as it has
the potential to either bring additional control concerns to the attention of management or substantiate findings. Such
information sources may include:
–Reports on audits carried out by or on behalf of regulatory authorities
–External auditor reports
–Reports commissioned to evaluate the effectiveness of outsourced processes to third parties
The findings, if any, from Deutsche Bank’s internal controls over sustainability reporting process are addressed to the
respective functions in a timely manner to ensure adequate remediation and thereby enhance the reporting process.
Furthermore, the Management Board and the Supervisory Board and further oversight bodies, including Audit
Committee, are informed about any potential findings.
The Chief Financial Officer was informed of the assessment results regarding the effectiveness of the internal control
system for sustainability reporting as of December 31, 2025. No issues were identified that would compromise the
completeness and accuracy of the disclosures presented in the Sustainability Statement.
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Double materiality assessment
Description of the process to identify and assess material impacts, risks and
opportunities
ESRS 2 IRO-1, ESRS 2 IRO-2, ESRS 2 SBM-3
In accordance with the reporting requirements of the European Sustainability Reporting Standards (ESRS), Deutsche
Bank conducted an annual double materiality assessment (DMA, the assessment). In line with these requirements, the
assessment considered both impact and financial materiality perspectives. The assessment was prepared on a
consolidated basis, aligned with the scope of the Group consolidated financial statements. No subsidiaries outside the
scope of the consolidated financial statements were identified as requiring separate inclusion in the DMA.
The assessment considered Deutsche Bank’s value chain, encompassing its own operations as well as its upstream and
downstream value chain. For the upstream and downstream value chain the assessment was limited to direct suppliers
and clients. A description of the bank’s value chain can be found in the chapter “Deutsche Bank Group” of the “Combined
Management Report” of this report.
The results of the DMA determines the information disclosed in this Sustainability Statement by mapping the disclosure
requirements defined in the ESRS to the respective material topic. For Deutsche Bank’s Group-wide DMA, DWS was
considered the main contributor to the bank’s Asset Management business division. In addition, DWS conducted its own
DMA to meet its specific obligations. The results of both assessments were reconciled to ensure consistency.
Double materiality assessment process
Responsibility for implementing Deutsche Bank’s DMA lies with the bank’s Chief Sustainability Office. Further
information on the bank’s sustainability governance is set out in the “Governance” section of this Sustainability
Statement, which also addresses the governance structures supporting the integration of sustainability-related risks into
the bank’s overarching risk management processes. More details on the bank’s structures for integrating
sustainability‑related opportunities, with a particular focus on climate change, are provided in the “Sustainability
strategy” chapter of this report.
In accordance with the requirements outlined in ESRS 1, Deutsche Bank’s materiality assessment follows a structured
process comprising the following steps:
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Identification of the topic list
Deutsche Bank compiled a comprehensive overview of potentially material sustainability related topics (“long list”) based
on all ESRS topics, results from the 2024 DMA, and external sources including sector agnostic and sector specific
frameworks and standards, sustainability-related regulation and voluntary principles, ESG ratings questionnaires,
publications of non-governmental organizations, and a peer benchmark. A shortlist was derived by inclusion of all ESRS
and previously material topics, and by evaluating additional topics for relevance. The bank consolidated corresponding
topics resulting in a condensed shortlist of 15 potentially material topics with 46 sub-topics, and 71 sub-sub-topics.
Identification of impacts, risks and opportunities (IRO)
Deutsche Bank assessed the value chain relevance of each topic at its most granular level following a layered approach.
Where topics were not considered to trigger material impacts, risks or opportunities (IRO) at a certain value chain level
from the outset, for example limited relevance of the topic to the bank’s business model or the inapplicability of a topic
to a particular value chain level, a rationale was documented. For all remaining topics, IRO statements were developed,
based on desk research, expert judgement from the bank’s Chief Sustainability Office, and input from Subject Matter
Experts (SMEs).
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IRO evaluation
Deutsche Bank engaged stakeholders from its business divisions and infrastructure functions in the DMA process,
assigning clear roles and responsibilities for evaluating the impact and financial materiality of each topic based on
predefined IRO statements. In 2025, the bank introduced the role of topic coordinators, and a dedicated risk contact, to
ensure alignment of evaluations across topics and value chain levels.
To support this evaluation, Deutsche Bank applied a methodology based on the characteristics of severity and likelihood,
in alignment with ESRS 1. The severity of both positive and negative impacts was assessed using the factors scale and
scope. For negative impacts, irremediability of impacts was also taken into account. The severity of risks and
opportunities was evaluated using internal assessment grids: for risks, the bank used qualitative metrics on a six-step
scale for both severity and likelihood, leveraging its Operational Risk Rating Grid. In line with ESRS requirements, the
assessment of risks was performed from an inherent perspective, i.e., prior to the application of controls or mitigation
measures. The bank did not prioritize sustainability‑related risks over other risk types but applied the same risk
assessment methodology across its DMA to ensure consistency. For the evaluation of opportunities, the bank developed
an opportunity grid using a structure closely aligned with the bank’s risk grid. This represented a methodology
enhancement introduced in 2025. Furthermore, the bank implemented a human rights flag designed to ensure that
severity takes precedence over its likelihood in cases of potentially severe negative human rights impacts. Where
international human rights conventions in conjunction with the bank’s business model indicated a pressing human rights
issue, this flag was applied.
Also in 2025, the bank introduced a structured approach to consolidate multiple inputs from its business divisions for a
topic into a single, group-level materiality score. For negative and positive impacts, the maximum input for each sub-
topic was used to derive the group-level score. In consolidating risks and opportunities, the economic contribution of the
individual business divisions to the bank’s overall results was weighted and taken into account. Deutsche Bank applied its
DMA methodology to both ESRS and entity-specific topics.
Validation of results
To determine preliminary results, the bank translated qualitative assessments into quantitative scores. A materiality
threshold was set at a score exceeding 3 on a five‑point scale, with a threshold corridor ranging from 1.5 to 3.0. Following
a comprehensive review of all scores, the lower band of the corridor was adjusted to 1.7. This adjustment was
implemented to enable a clearer classification of certain topics as non‑material, in line with the communicated SME
perspective. Topics with scores falling within the adjusted threshold corridor were subject to further review and, based
on that assessment, classified as either material or non‑material. The bank intends to gradually narrow the width of the
threshold corridor as the materiality assessment process continues to mature.
The preliminary results were discussed in structured validation interviews with seven senior validation managers from the
bank’s business divisions and infrastructure functions. The interviews concentrated on topics positioned in the materiality
threshold corridor. Ultimately, the final set of material topics was determined by the Chief Sustainability Office taking
into account the majority opinion derived from the validation interviews as well as any veto from subject matter experts.
Controls and sign-off
Deutsche Bank established internal controls and a comprehensive sign-off process to ensure the robustness of its DMA
process and the adequacy of its result. For example, it defined clear roles and responsibilities for each process step,
applied the four-eyes principle and conducted content-related and plausibility checks by the Chief Sustainability Office.
Senior Confirmation Officers formally signed off the evaluation results for topics under their remit. Subsequently, the
bank’s Group Sustainability Committee, which acts as the bank’s main governance and decision-making body for
sustainability-related matters, approved the final set of material topics. The materiality results were then approved by
the Management Board and presented to the Audit Committee of the Supervisory Board.
Stakeholder views
Internal SMEs maintain contact with specific stakeholders as part of their daily responsibilities. They are best equipped
and experienced to reflect input and feedback gained through this ongoing dialogue. As a result, they serve as
stakeholder proxies in evaluating environmental and societal impacts, as well as risks and opportunities for Deutsche
Bank. Examples of stakeholder engagement in 2025 can be found in the chapter “Stakeholder engagement and thought
leadership” of this Sustainability Statement.
In 2025, engagement with members of the bank’s Nature Advisory Panel, focusing on impacts related to aspects covered
by ESRS E2 to ESRS E5, complemented this approach. Additionally, engagement with non-governmental organizations
throughout the year was used to deepen the understanding of impacts related to human-rights. The views and interests
of users of the Sustainability Statement as well as affected stakeholders are also indirectly reflected in the interviews
with Senior Validation Managers. For example, investors’ views were considered in the validation interview with Investor
Relations.
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Material sustainability topics 2025
The materiality heatmap below presents the results of Deutsche Bank’s DMA 2025. All topics shown are considered
material from an impact and/or financial materiality perspective. However, the drivers of materiality can differ. This is
reflected in the color coding, which is derived from the IRO scores across positive and negative impacts, risk and
opportunities, and the various levels of the value chain. Dark blue fields indicate that the materiality threshold is met.
| Impact<br><br>materiality | Financial<br><br>materiality | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Topic | Sub-topic | + | _ | Risk | Opp. | ||||
| E | Climate change | Climate change adaptation<br><br>(ESRS E1) | D | D | |||||
| Climate change mitigation<br><br>(ESRS E1) | D | D | D | O, D | |||||
| Energy<br><br>(ESRS E1) | D | D | D | ||||||
| S | Own workforce | Working conditions<br><br>(ESRS S1) | O | O | |||||
| Equal treatment and opportunities for all<br><br>(ESRS S1) | O | O | O | O | |||||
| Client centricity | Product responsibility<br><br>(Deutsche Bank-specific) | D | D | ||||||
| Client satisfaction<br><br>(Deutsche Bank-specific) | D | D | |||||||
| Client complaint management<br><br>(Deutsche Bank-specific) | D | D | |||||||
| G | Anti-financial crime | Corruption and bribery<br><br>(ESRS G1) | O, D | U, O,<br><br>D | |||||
| Money laundering, financing terrorism, sanctions &<br><br>embargoes, fraud (Deutsche Bank-specific) | O, D | O, D | |||||||
| Prevention of facilitation of tax evasion<br><br>(Deutsche Bank-specific) | D | D | |||||||
| Competitive behavior | Competitive behavior<br><br>(Deutsche Bank-specific) | O | |||||||
| Business conduct | Corporate culture (ESRS G1) | O | O | ||||||
| Protection of whistleblowers (ESRS G1) | O | O | O | ||||||
| Data protection | Data protection<br><br>(Deutsche Bank-specific) | U, O | U, O | ||||||
| Information security | Information security<br><br>(Deutsche Bank-specific) | U, O | |||||||
| U: Upstream value chain<br><br>O: Own operations<br><br>D: Downstream value chain<br><br>+: Positive impact<br><br>-: Negative impact<br><br>Opp.: Opportunity | High materiality score (>3) | Low materiality score (<1.7) | |||||||
| --- | --- |
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The DMA results remained largely stable in 2025, with some changes driven by updated IRO statements and
methodological refinements:
–Tax compliance (Deutsche Bank specific): Deutsche Bank re-evaluated the topic of tax compliance in 2025. The topic
was confirmed as highly relevant but not material as defined by the CSRD. The prevention of tax evasion facilitation
was evaluated under the Anti-Financial Crime topic and deemed material due to its potential negative impacts and
risks within the bank’s downstream value chain
–Political engagement and lobbying activities (ESRS G1): Deutsche Bank actively participates in political dialogue and
policy-making processes through its involvement in trade associations and entries in the EU and German lobbying
registers. However, following a reassessment in 2025, the bank concluded that political engagement and lobbying do
not constitute a material topic for the bank under ESRS G1. This conclusion reflects limited influence on ESG-related
legislative developments and on increasingly divergent interests within trade associations. Deutsche Bank remains
strongly committed to supporting the sustainable transition and contributes its expertise to discussions on key topics
such as transition finance and the EU’s Savings and Investment Union
–
In addition to the changes above, the following adjustments were made:
–ESRS E1/Climate change/Energy: In 2024, the sub-topic of energy was assessed as part of climate change mitigation.
To ensure closer alignment with the ESRS topic structure, a separate assessment of the sub-topic “Energy” was
conducted in 2025. In this process, the dimensions “positive impact”, “risk”, and “opportunity” were classified material
and accordingly included in the materiality heatmap
–ESRS S4/Consumers and end-user: In the banking context, Deutsche Bank interprets the term “Consumers and End
Users” under ESRS S4 as equivalent to its Private Bank clients. To reflect its holistic approach to client centricity
across all client groups, the bank has retained the bank-specific topic of “Client centricity”. In 2025, the bank further
refined the assessment of the topic by introducing the sub-topics “Product responsibility”, “Client satisfaction” and
“Client complaint management”. Since client centricity captures ESRS S4–related aspects, the sub-topic
“Information-related impacts for consumers and end users” is no longer considered a standalone material sub-topic.
Regardless of this adjustment, Deutsche Bank remains committed to consumer protection and complies with
applicable legal and regulatory requirements
The topics addressed under ESRS E2 to ESRS E5, as well as the human rights-related topics “Workers in the value
chain” (ESRS S2) and “Affected communities” (ESRS S3), were once again assessed in 2025 and determined to be not
material under the ESRS requirements. Being determined as non-material means that a topic including its sub-topics
and, where applicable, sub-sub-topics did not reach the materiality threshold in any of the four dimensions at any value
chain level, nor was it considered material based on the validation process. Consequently, these topics are not covered in
this Sustainability Statement.
Irrespective of the DMA results, Deutsche Bank continues to advance its Group-wide management approach to nature
and biodiversity. The bank likewise remains committed to upholding human rights. Information on its human rights
approach is provided in the Deutsche Bank Human Rights Statement and annual Deutsche Bank Statement on Human
Trafficking and Modern Slavery. Human rights-related aspects concerning Deutsche Bank’s own employees have been
confirmed as material and are presented in detail in the chapter “Own Workforce” of this Sustainability Statement.
Detailed information for the topic “Corporate culture” can be found in the chapter on “Culture, integrity and conduct” of
this Sustainability Statement. How the bank is managing and monitoring impacts, risks and opportunities of material
sustainability topics is described in the respective chapters of this Sustainability Statement. To better illustrate the
connection between the DMA and the disclosures included in this Sustainability Statement, the material IROs have been
summarized in the corresponding chapter.
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Sustainability strategy
ESRS 2 SBM-1, ESRS 2 MDR-M, ESRS 2 MDR-T
Deutsche Bank has embedded sustainability into its governance and operations as well as in its products and services,
focusing on four pillars: Sustainable Finance, Policies & Commitments, People & Own Operations and Thought
Leadership & Stakeholder Engagement. With progress along these four pillars, Deutsche Bank aims to accomplish a
significant contribution to achieving the Paris Climate Agreement’s targets and the United Nations (UN) Sustainable
Development Goals. While the bank aims to support all 17 UN Sustainable Development Goals, nine of them are closely
linked to its sustainability strategy pillars. Furthermore, the bank evaluates to what extent its financing and issuance
activities contribute to 15 of the UN Sustainable Development Goals in line with Deutsche Bank’s Sustainable Finance
Framework. More information can be found in the “Sustainable finance” chapter within the Sustainability Statement.
Sustainable Finance
As the Global Hausbank, Deutsche Bank aspires to contribute to an environmentally sound, socially inclusive, and well-
governed world. With its financial expertise and product offerings, the bank wants to enable the path to a more
sustainable and climate-friendly way of conducting business. Addressing climate change and environmental destruction
necessitates substantial investments as well as a prudent risk management approach and presents a significant business
opportunity. The bank’s clients have high demands for advice on financial products and services to progress on their
individual transformation.
The bank aimed to achieve a total of € 500 billion in cumulative sustainable financing and ESG investments volumes from
January 2020 to end of 2025 (excluding Asset Management (DWS)). By end of 2025, Deutsche Bank reached € 471 billion
(excluding Asset Management (DWS)) and increased the incremental volume from € 93 billion in 2024 to € 98 billion in
- Although the original target was not achieved by the end of 2025, Deutsche Bank remains committed to providing
sustainable financing and ESG investment solutions to its clients and expects to surpass € 500 billion in the first half of
- Progress towards the original target was impacted by several factors over the period, including higher interest
rates, regulatory developments as well as changes in the policy environment.
To further accelerate the transition of the economy, Deutsche Bank has updated its target to mobilize € 900 billion in
sustainable financing, ESG investments, and transition financing by the end of 2030. This figure includes € 471 billion
already achieved in sustainable financing and ESG investments from January 2020 through the end of 2025. The
increased target reflects the bank’s dedication to supporting client transition and resilience through delivering financial
solutions that create lasting value for people, planet, and prosperity.
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The new target includes sustainable financing (financing of pure-play ecological or social sustainable activities or
companies) and transition financing (financing of activities required on a credible path towards net zero as well as
sustainability-linked solutions). With the increased target, Deutsche Bank will continue to transparently report after 2025
about its progress – now also with a new Transition Finance Framework in place.
In addition to climate-focused initiatives, Deutsche Bank underpins its commitment to biodiversity and ecosystem
restoration. The bank aims to facilitate 300 transactions by the end of 2027 which contribute to these purposes, aligned
with the United Nations Sustainable Development Goals (SDG 6: Clean Water and Sanitation, SDG 14: Life Below Water,
and SDG 15: Life on Land).
For additional information on DWS’ sustainability strategy, please refer to the “DWS strategy on sustainability” section in
this chapter and the “Sustainable finance” chapter in this Sustainability Statement.
Policies & Commitments
Deutsche Bank has established various policies which are guiding the bank’s processes with regard to sustainability
aspects. In the course of 2025, Deutsche Bank published its updated Framework on Environmental and Social Due
Diligence, which contains a summary of the bank’s existing sustainability-related frameworks.
In November 2025, Deutsche Bank published its new Transition Finance Framework, which has been effective as of
January 1, 2026. The framework complements the existing Sustainable Finance Framework. Further information can be
found in the “Sustainable finance” chapter of this Sustainability Statement. Furthermore, the bank also updated and
published its Transition Plan with latest data and main achievements since the disclosure of the initial plan in October
2023 as well as next steps.
The bank continued to encourage many of its high-emitting clients in the most carbon-intensive sectors to commit to net
zero. Despite continued alternating dynamics with regard to net zero commitments internationally, the bank considers
more than half of its high-emitting clients in the most carbon-intensive sectors to have a net zero commitment in place.
The bank applies an approach considering net zero commitments either aligned or non-aligned with the industry sector
relevant decarbonization metric as well as decarbonization alignment with Nationally Determined Contributions (NDCs)
as appropriate. Deutsche Bank will continue to report annually on the progress regarding the ambition as part of its
Sustainability Statement.
In January 2026, the bank has updated its Sustainable Instruments Framework to align with relevant adjustments in the
course of the update of the Sustainable Finance Framework. This update also expands the Sustainable Instruments
Framework to include three additional environmental eligibility categories (hydrogen, steel, and transmission and
distribution of electricity) and one additional social eligibility category (access to basic infrastructure). Furthermore, the
updated Sustainable Instruments Framework establishes the methodology for Deutsche Bank to issue “European Green
Bonds” (EuGB) in accordance with the EuGB Regulation (Regulation (EU) 2023/2631). The update of the Sustainable
Finance Framework reflects market insights gathered since the initial publication, for further information please refer to
the “Sustainable Finance” chapter in this Sustainability Statement.
Additionally, Deutsche Bank published updated versions of three key documents related to Human rights: The overall
Human Rights Statement as well as The Supply Chain Due Diligence Act (SCDDA) Policy Statement and The Modern
Slavery and Human Trafficking Statement.
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People & Own Operations
The bank strives to make constant progress to improve the sustainability of its own operations, which has also been
recognized by external ESG rating agencies. Deutsche Bank achieved improvements in relevant ESG ratings with S&P
Corporate Sustainability Assessment (CSA) score increasing from 67 to 72. Furthermore, Sustainalytics' ESG Risk Rating
score improved from 24.8 to 9.0 (0.0 being best) and Deutsche Bank’s score in CDP (formerly known as Carbon
Disclosure Project) improved to A/Leadership level. This marks the first time that Deutsche Bank is on CDP’s A list.
Human resources related commitments
Deutsche Bank’s success in achieving these improvements also heavily relies on the bank’s engaged and capable
workforce. Their ideas, skills, commitment, and well-being are the cornerstones of the bank’s people strategies. Deutsche
Bank’s divisional people strategies are built on four pillars: enhancing leadership and driving the bank’s aspirational
culture; ensure right workforce required to progress on strategic priorities - the right number of employees, with the right
skills, and at the right time; attracting, retaining, and developing, priority skills; and de-risking an aging workforce
through succession planning and technology.
The bank aimed to increase gender diversity at the two levels below the Management Board (MB-1 and MB-2) with a goal
of 30% of positions to be held by women by year-end 2025, thereby promoting equal opportunity within the
Management Board succession pipeline. The bank effectively met the goal for MB-1 and reached 28.2% at MB-2. In line
with German legal requirements, the bank will retain goals beyond 2025 for the two layers below the Management Board
with a goal of 32.5% women at both MB-1 and MB-2 by year-end 2026, having regard to local law.
In 2021, the bank committed to an aspirational goal to have women represent at least 35% of its Managing Director,
Director, and Vice President population globally (excluding Asset Management) by year-end 2025, known as the ’35 by
25’ program. By year-end 2025, women represented 34.1% of its Managing Director, Director, and Vice President
population globally, with the female representation on senior corporate titles increasing from 2021 to 2025 by 4.2
percentage points. The ’35 by 25’ program supported the transformation of behaviors and processes in the bank, for
example by broadening talent searches, proactively building candidate pipelines, and educating managers on
conducting fair, merit-based, and inclusive hiring processes, and enhanced the emphasis on retaining and developing
internal talent, highlighting the value and potential within existing teams.
Since 2019, the bank has run Culture Pulse surveys to assess the frequency and quality of manager and employee
interactions that make a positive difference to employees’ motivation and perceived productivity. In 2025, the survey
was aligned with the bank’s ‘This is Deutsche Bank’ framework to ensure measurable progress in organizational culture,
and it serves as a key indicator for employees’ perceptions of working conditions. In 2025, it resulted in a Culture Pulse
Index on Group level of 72.05% against the 2025 target of 61.97%.
To ensure momentum and build on the achievements to date, Deutsche Bank will evolve its approach in 2026 and
beyond. At Group and divisional level, a Well-being and Inclusion Index will measure continued progress.
Further information can be found in the “Own workforce” chapter of this Sustainability Statement.
Own operations and supply chain related commitments
Progress in improving the bank’s environmental performance across its own operations and supply chain has been steady
and continuous. Since establishing its net zero pathway, the Group has set separate 46% reduction targets for Scope 1,
Scope 2 (market-based), and Scope 3, Categories 1-14 by 2030 against a 2019 base year. In the reporting year, the bank
achieved a 66% reduction in Scope 1 greenhouse gas emissions, an 82% reduction in Scope 2 greenhouse gas emissions,
and a 47% reduction in Scope 3 greenhouse emissions (Categories 1-14), measured against their respective 2019
baselines. Financed emissions (Scope 3, Category 15) are addressed separately as outlined in the “Climate change”
chapter.
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Within its own operations, the Group has met several key targets in 2025, including:
–100% renewable electricity coverage globally
–Delivering a 30% reduction in energy consumption globally (based on a 2019 baseline)
–Reducing car fleet gasoline consumption in Germany by 30% (based on a 2019 baseline)
Across the supply chain, progress toward the 46% reduction target is supported by ongoing engagement with the banks’
suppliers through the CDP Supply Chain Program, and targeted direct outreach. As a result, the bank is increasingly
working collaboratively with suppliers to decarbonize its supply chain, with 56% of total addressable vendor spend
submitting their greenhouse gas emissions to the CDP platform in 2025. This remained below the initially targeted 80%
coverage of total addressable vendor spend, due to conditions external to the Group that limited supplier response rates.
Further information can be found in the “Climate Change” chapter of this Sustainability Statement.
Thought Leadership & Stakeholder Engagement
Deutsche Bank continues to actively contribute to global sustainability dialogues and initiatives through a series of
impactful events and partnerships.
At the 30th annual United Nations climate change meeting (COP30) in Belém (Brazil), Honduras and Suriname signed a
Letter of Intent with Deutsche Bank, Bayer, Siemens, Symrise, and the Coalition for Rainforest Nations to launch a new
approach to rainforest conservation. The initiative aims to create sovereign Rainforest Carbon Credits under Article 6.2 of
the Paris Agreement, enabling countries to monetize verified climate results and attract private capital for protecting
standing rainforests. These credits will take the form of Internationally Transferred Mitigation Outcomes – a mechanism
under the surveillance of the United Nations Framework Convention on Climate Change (UNFCCC) that allows emission
reductions to be traded between countries and between countries and corporates.
Deutsche Bank also hosted its third Annual Climate, Security and Technology Day at its London office. The conference
explored critical topics including energy transition and security, physical risk, transition and tariffs, artificial intelligence
and cybersecurity, payments, and digital assets.
On World Water Day, Deutsche Bank reaffirmed its commitment to supporting sustainable water solutions through
partnerships with Non-Governmental Organizations such as Watershed Organisation Trust and the Centre for Collective
Development.
Deutsche Bank’s sustainability team was represented at the 2025 Hamburg Sustainability Conference, participating in
several panels at this forum for advancing global sustainability agendas amid escalating geopolitical fragmentation and
economic uncertainty.
Furthermore, Deutsche Bank sponsored Carbon Disclosure Project’s (CDP) annual DACH disclosure workshop in
Frankfurt am Main, where CDP convened prominent European companies to share insights on CDP disclosure and
discuss sustainability reporting trends such as nature, biodiversity, and earth-positive action.
Further information can be found in the “Stakeholder engagement and thought leadership” chapter of this Sustainability
Statement.
Deutsche Bank’s 2025 Sustainability achievements
In 2025, the bank continued to make progress in implementing its sustainability strategy, demonstrating a strong
commitment to responsible business practices across all pillars. The following dashboard provides a comprehensive
overview of the key achievements reached this year and serves as a guidepost for the next phase of its sustainability
journey.
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DWS strategy on sustainability
Deutsche Bank´s Asset Manager, DWS, as a fiduciary, is committed to acting in the best interests of its clients. DWS
recognizes that each client has a unique set of investment objectives and offers a broad range of investment solutions
with the goal of creating long-term value through balancing investment risks and opportunities. This also includes
financially material sustainability risks and opportunities.
As a fiduciary with a focus on long-term investing, DWS recognizes the importance of a transformation to a more
sustainable economy over time. This shift is expected to reshape businesses and society, creating both risks and
opportunities for investments. Amongst others, DWS offers investment expertise and solutions that integrate sustainability
considerations.
In its actions DWS follows these principles:
–DWS provides its clients with investment expertise and solutions with conventional or sustainability-related objectives
–For clients seeking to pursue sustainability objectives, its product offering also includes products that promote,
amongst others, environmental or social characteristics, or a combination thereof
–DWS clients’ investment choices determine the extent to which environmental, social, and governance aspects are
considered
–
As DWS navigates changing regional political and regulatory frameworks, it seeks to continuously review and adapt its
product offering and stewardship activities, as needed, to ensure compliance with evolving requirements.
Among sustainability matters, environmental – specifically, climate-related risks – continue posing significant risks to the
prosperity and well-being of the global economy. This is why DWS monitors this topic through DWS’s scope 3 portfolio
emissions – inflation adjusted weighted average carbon intensity (WACI). This year’s WACI decreased to (36.5)% from
(36.0)% last year compared to the base year 2019, with details about the drivers and the AuM in scope for these numbers
to be found in the sub chapter “Client portfolios in Asset Management“.
In line with European regulations relating to sustainable funds and corresponding client interest, DWS ensures
transparency in its assets under management, reporting in detail in the “Sustainable Finance - Asset Management“
chapter.
In keeping with the shifting regulatory landscape and while DWS continues to conduct corporate engagements, DWS
updated its approach to focus on engagement in Europe and Asia, which decreased the number of engagements
conducted in 2025 to 414 from 632 in 2024.
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Stakeholder engagement and thought leadership
ESRS 2 SBM-2
Fair and open dialogue with all stakeholder groups is of central importance to Deutsche Bank. The aim is to understand
their expectations and concerns regarding the bank’s corporate strategy, business activities and social responsibilities.
This understanding helps identify potential positive and negative impacts as well as risks and opportunities. Deutsche
Bank’s core stakeholder groups and individuals that can materially affect or be affected by the bank, include clients,
employees, investors, regulators and society at large, such as media and non-governmental organizations. The bank has
clearly defined responsibilities for stakeholder engagement.
The double materiality assessment, as described in the corresponding chapter of this Sustainability Statement, supports
the bank in identifying the topics that its stakeholders consider most relevant to the bank. In addition, all business
divisions and infrastructure functions are required to engage with their respective stakeholders. For topics deemed
material to stakeholders the bank has developed targeted approaches to systematically capture and evaluate feedback.
For example, the client complaint channel and the employee whistleblowing channel facilitate the structured collection
and analysis of stakeholder input. Insights gained through dialogue and complaint channels are considered valuable
inputs for the continuous enhancement of the bank’s corporate strategy, with the aim of addressing stakeholder needs
and expectations more effectively.
For information on the role of the Supervisory Board and the Management Board of Deutsche Bank AG, the information
provided to them about affected stakeholders with regard to the bank’s sustainability-related impacts, please refer to
the “Corporate Governance Statement” in this Annual Report.
Clients
ESRS S4, ESRS 2 SBM-2
The bank sees it as its purpose to support its clients and provide the guidance and expertise they need to have lasting
success and financial security. Further details on the bank’s client groups are provided in the sub-chapters “Corporate
Bank”, “Investment Bank”, “Private Bank” and “Asset Management” within the chapter “Operating and financial review -
Deutsche Bank Group - Organizational model” of the Combined Management Report. Regular dialogue helps the bank to
understand its clients’ expectations, interests and needs and translate them into action.
Deutsche Bank engages with its clients in many ways, including for example, personal or virtual meetings, calls, regular
surveys and the analysis of feedback it receives e.g., via its branches or hotlines. Its representatives are involved in
discussions at various conferences and events. For details on how Deutsche Bank interacts with its clients and
incorporates client feedback, see “Client centricity” chapter within this Sustainability Statement.
Climate change and the transition of the global economy toward sustainability remained an important topic for clients in
the Corporate Bank and Investment Bank, keeping the interest in sustainable finance products and services at a high
level. Private clients requested best-in-class transparency and sustainability-related advisory. In 2025, Deutsche Bank
continued to support its clients with its financial expertise and product offerings on their path to sustainability. For
details on products, see “Sustainable finance” chapter within the Sustainability Statement.
Employees
ESRS S1, ESRS 2 SBM-2
The ideas and skills as well as the commitment and well-being of Deutsche Bank’s employees are essential to a
productive workforce. Strong relationships, open communication and learning from feedback are key in fostering a
trusting environment in which employees take accountability and collaborate.
The annual People Survey, exit and pulse surveys as well as a continuous dialogue with its employees help the bank
understand its employees’ motivation and their perceived productivity. Several communication channels including team
meetings, employee networks, emails, newsletters, townhalls and the ability to comment on intranet pages encourage
the bank’s employees to share their thoughts and give feedback.
How Deutsche Bank manages employee-related aspects is detailed in the “Own Workforce” chapter within the
Sustainability Statement.
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Investors
ESRS 2 SBM-2
Investors generally want Deutsche Bank to pursue its strategy in a way that supports sustainable returns while managing
environmental, social, and governance risks. This includes exploring strategic opportunities and being mindful of
ESG‑related risks, such as the transition to a climate‑neutral economy as well as social and governance aspects.
Deutsche Bank engages with its shareholders in discussions surrounding sustainability-related topics including Deutsche
Bank’s progress and goals in writing and through meetings or phone calls.
Deutsche Bank ensures transparency by regularly publishing all quarterly and annual reports and other materials
detailing the institution’s financial and non-financial performance through its corporate and investor relations website. A
dedicated sustainability section provides a comprehensive overview of Deutsche Bank’s commitment to sustainability
principles.
In 2025, investors expressed interest in several pivotal sustainability topics:
–Achievements made in executing the bank’s sustainability strategy
–Progress toward Deutsche Bank’s sustainable finance target and the publication of its new 2030 target, alongside
climate and environmental risk management, the release of the Transition Finance Framework and updated Transition
Plan, as well as comprehensive governance reporting practices
–Progress on decarbonization pathways
–The institution’s approach toward client transition dialogue within high-emitting sectors prone to inherent negative
environmental and social impacts
–Diversity, equity, and inclusion across all organizational levels and regions and potential refinements to the bank’s
sustainability and diversity strategies in light of evolving geopolitical developments
–Revenue opportunities stemming from the bank’s offering in sustainable finance
–Enhancement within the bank’s internal control system, compliance measures, remediation efforts and governance
frameworks
–The bank’s approach to ensuring human rights along the supply chain
–
This ongoing dialogue enables Deutsche Bank to align its sustainability strategy with investor expectations. It also
reinforces the bank’s commitment to transparency and continuous improvement in sustainability practices.
Policymakers
ESRS 2 SBM-2
Constructive dialogue with relevant policymakers and political stakeholders has become even more important amidst
greater regulatory activity worldwide, especially in the current geopolitical environment. It helps the bank make
decisions to achieve its strategic priorities and supports the effective functioning of economies globally.
Deutsche Bank engages with policymakers via in-person and virtual meetings, participation in government-led forums, or
responding to consultations through trade associations or individually.
Key regulatory topics in 2025 included:
–The implementation of the final Basel III rules across the globe and the review of the EU macroprudential framework
–Targeted amendment to the Central Securities Depository Regulation (CSDR) to shorten the settlement cycle
–Review of the EU securitization framework
–Legislative proposals on pension reforms in the EU, in Germany and in the U.K.
–Package regarding the further development of capital market integration and supervision within the EU
–The European Market Infrastructure Regulation (EMIR) 3.0
–The EU’s Omnibus Simplification Package and the Sustainable Finance Disclosure Regulation
–The European Commission’s Digital Omnibus Package
–The Digital Euro
–The Retail Investment Strategy
–Use of the bank levy of the German Restructuring Fund for a Mittelstand Fund and mobilizing private capital
–U.K. financial services regulatory reforms in the context of the Financial Services and Markets Act 2023 (FSMA 2023),
including Financial Services Growth and Competitiveness Strategy (FSGCS) and the Leeds Reforms
–Revisions to the SEC approach to financial markets in the U.S.
–European Commission proposal for a Defence Readiness Omnibus
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| Annual Report 2025 | Stakeholder engagement and thought leadership |
Deutsche Bank convened and participated in seminars and public panels, held conversations with policymakers on each
of the issues mentioned above. The bank’s Government & Public Affairs function also monitored emerging policymaking
and regulatory developments that may impact the bank and developed and coordinates its position on them.
Media
ESRS 2 SBM-2
Deutsche Bank seeks to maintain constructive relationships with journalists and media representatives all over the world.
Timely, effective and open communications with the media are essential for building and maintaining Deutsche Bank’s
reputation and brand. The bank’s dialogue with media representatives focuses on key topics driven by the economy,
investors, regulators and society at large. Sustainability is another key topic.
In 2025, the bank’s experts engaged with the media on ESG topics in many ways, including:
–Updates on the bank’s progress in implementing its sustainability strategy, with an emphasis on climate risk
management, environmental policies and sustainability reporting, e.g., Deutsche Bank announced a new cumulative
target for sustainable and transition financing for the period from 2020 to the end of 2030 and published its initial
Transition Finance Framework. For details on the target, see “Sustainable finance” chapter within the Sustainability
Statement
–Comments and statements in response to a number of reports and studies from non-governmental organizations, with
a focus on information about financing and investment volumes, as well as its sustainability policies and frameworks
–Further information on the bank’s approach to climate protection, especially in relation to its loan exposure in highly
carbon-intensive sectors. In addition, Deutsche Bank announced at the COP30 that Honduras and Suriname partner
with Deutsche Bank AG, Bayer AG, Siemens AG and Symrise AG as well as the Coalition for Rainforest Nations to
mobilize financial support for rainforest protection through the issuance of high-integrity Rainforest Carbon Credits
–Topics related to the development of controls and compliance measures, e.g., through a joint communication with the
state of Hesse and two other German banks on the launch of the Europe-wide flagship project for combating money
laundering, “EuroDaT/safeAML”
–
In 2025, Deutsche Bank responded to numerous media queries and its communications experts accompanied journalists
for interviews or background talks with a number of the bank’s senior managers. Furthermore, Deutsche Bank convened
and participated in various conferences and public panels and offered a range of media events and platforms for further
dialogue with its stakeholders. The bank also covered the mentioned key topics on its social media channels.
Non-governmental organizations
ESRS 2 SBM-2
Deutsche Bank engages with stakeholders from broader society to understand their views on local and global
environmental and social trends and challenges. For example, the bank continually engages with non-governmental
organizations and participates in numerous sustainability-related initiatives.
In 2025, the following were important topics of non-governmental organizations engagement, which already were in
focus in the previous year:
–Climate change, especially in relation to topics such as decarbonization and the general financing of the fossil fuels
sector and with regard to the energy transition as well as specific companies and projects
–Deforestation, with a sector focus on agriculture and a regional focus on Latin America, especially Brazil and the
Amazon rainforest and associated impacts on human rights esp. indigenous communities
–Mining activities, including deep-sea mining and the associated impacts on human rights, local communities,
biodiversity, the climate and the environment
–
In 2025, Deutsche Bank responded to written requests, surveys, or questionnaires and repeatedly met non-governmental
organizations in person to discuss the themes of their engagement.
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If Deutsche Bank becomes aware of allegations on environmental or social impacts, e.g., through engagement with non-
governmental organizations, the bank’s Chief Sustainability Office reviews to what extent the allegations are justified and
whether the bank was potentially involved. To verify the allegations, the bank case-by-case consults publicly available
information as well as relevant stakeholders. As needed, this might include direct engagement with clients as well as with
civil society representatives that are familiar with the situation. Where appropriate, the bank obtains the advice of
independent experts. Based on all available information and its assessment of the risks that have been identified, the
bank decides on the further course of action, which may include remediation measures or the termination of a business
relationship. In addition, the Chief Sustainability Office may also consider non-governmental organizations’ input, reports
and campaigns when reviewing the scope of sectors and topics covered as well as the requirements of its environmental
and social due diligence.
Memberships and commitments
ESRS 2 SBM-2
As part of its long-standing commitment to sustainability, Deutsche Bank has formally endorsed universal sustainability
frameworks and initiatives. The bank also supports several organizations that promote sustainability and collaborates in
industry initiatives at the global, EU and national level. The selection and review of the bank’s key memberships and
commitments are governed by an established process that provides for the assessment and formal approval by the
bank’s relevant governance bodies
The bank contributes its expertise to help shape the transition toward a sustainable and climate-neutral economy.
Deutsche Bank is, for example, a member of the UN Environment Programme Finance Initiative (1992), and participant in
the UN Global Compact (2000), the Principles for Responsible Investment (through DWS, 2008), the Principles for
Responsible Banking (2019) and founding member of the Net Zero Banking Alliance (2021). In 2025, the Net Zero
Banking Alliance announced its transition from a member-based alliance to a framework-based approach to better
support and strengthen its role in addressing climate change.
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| Annual Report 2025 | ESG due diligence |
ESG due diligence
ESRS 2 GOV-4
Being a global bank supporting various sectors of the economy, Deutsche Bank can be potentially linked or exposed to
material negative environmental, social and governance impacts and risks. Through continuous due diligence processes,
Deutsche Bank identifies, prevents, mitigates, and manages these actual and potential material negative impacts on the
environment and society as determined by the double materiality assessment in relation to the bank’s direct clients
(downstream) and direct suppliers (upstream) value chain. This includes actual and potential material reputational
damage associated with client or supplier relationships.
Downstream due diligence processes are holistically managed through Deutsche Bank’s Summary Framework on
Environmental and Social Due Diligence and described in this chapter. The Summary Framework on Environmental and
Social Due Diligence is further complemented by governance due diligence processes described in the chapter
“Governance” in the Sustainability Statement. Due diligence processes regarding upstream activities are described in the
“Supply chain management” chapter as part of the “Governance information”. With regard to Deutsche Bank’s own
operations, due diligence elements are stated in the chapters “Own workforce” and “Client centricity” respectively.
The following table provides a mapping in which chapters of the Sustainability Statement, Deutsche Bank describes the
core elements of due diligence.
Statement on due diligence
| Core Elements of due diligence | Annual Report – Sustainability Statement |
|---|---|
| a) Embedding due diligence in governance, strategy and business<br><br>model | General information<br><br>– Governance<br><br>– Double materiality assessment<br><br>– Sustainability strategy |
| b) Engaging with affected stakeholders in all key steps of the due<br><br>diligence | General information<br><br>– Stakeholder engagement and thought leadership<br><br>Governance information<br><br>– Supply chain management |
| c) Identifying and assessing adverse impacts | General information<br><br>– Double materiality assessment<br><br>– ESG due diligence |
| d) Taking actions to address those adverse impacts | General information<br><br>– Sustainability strategy<br><br>– ESG due diligence<br><br>Environmental information<br><br>– Climate change<br><br>Social information<br><br>– Own workforce<br><br>– Client centricity<br><br>Governance information<br><br>– Culture, integrity and conduct<br><br>– Anti-financial crime<br><br>– Competitive behavior<br><br>– Supply chain management<br><br>– Data protection<br><br>– Information security |
| e) Tracking the effectiveness of these efforts and communicating | General information<br><br>– Sustainability strategy<br><br>– ESG due diligence<br><br>Environmental information<br><br>– Climate change<br><br>Social information<br><br>– Own workforce<br><br>– Client centricity<br><br>Governance information<br><br>– Culture, integrity and conduct<br><br>– Anti-financial crime<br><br>– Competitive behavior<br><br>– Supply chain management<br><br>– Data protection<br><br>– Information security |
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| Deutsche Bank | General information |
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| Annual Report 2025 | ESG due diligence |
Environmental and social due diligence
ESRS 2 MDR-P
The bank has committed to understand the environmental and social challenges and risks associated with a transaction
or client and has developed robust governance, frameworks, and systematic risk-based evaluation processes to manage
them. This helps the bank to prevent reputational risks and to engage with clients around environmental and social best
practices.
The due diligence focuses on the following environmental and social criteria and also includes those that are not material
from Double Materiality Assessment perspective; environmental criteria cover climate change mitigation and adaptation,
(whose associated Impact Risk Opportunities management is described in more detail in the “Climate change” chapter
within this Sustainability Statement), biodiversity and nature, water resources, waste management and pollution
prevention, air quality, noise and vibration, and related emergency response. The social criteria include human rights
which include child labor, forced labor, modern slavery; occupational health and safety, health, safety and security of
communities, protection of vulnerable groups such as indigenous people; land and resource rights, and cultural heritage.
Governance
ESRS 2 GOV-2
The Chief Sustainability Office leads the development and implementation of sustainability strategy policies, which
includes the Environmental and Social Due Diligence Framework. This framework includes requirements on Deutsche
Bank’s implementation approach of the environment and social due diligence process, including an overview of how the
bank approaches cross-sectoral and sector-specific environmental and social risks. The Chief Sustainability Office
Environmental and Social Due Diligence function is responsible for performing transaction and/or client level
assessments in line with the framework requirements. It supports the implementation of sector-specific standards and
ensures that due diligence processes are completed according to the requirements of the framework. The governance
and oversight for these Environmental and Social Due Diligence requirements is provided by the Reputational Risk
Framework, i.e where environmental and social issues present potential moderate to material reputational implications,
cases are escalated in line with the requirements stipulated in the Reputational Risk Framework. The Head of Operational
Risk Management is responsible for ensuring the oversight, governance and coordination of the management of
reputational risk which also includes environmental and social risks.
Strategy
ESRS 2 SBM-3
Environmental and social due diligence requirements are part of Deutsche Bank’s Sustainability Strategy. The bank
applies a risk-based approach and focuses its attention on sectors that it has defined as having an inherently elevated
potential for negative environmental and social impacts and associated reputational risks. The environmental and social
due diligence requirements apply globally to lending and trade finance activities of Corporate Bank (excluding specific
Small and Medium Enterprises lending, Institutional and Corporate Cash Management, Trust and Securities Services) and
lending and capital market activities of Investment Bank (excluding trading activities) as well as to Private Bank’s
(excluding retail/consumer lending and wealth management lending) commercial lending activities. The Reputational
Risk Framework applies globally and across all business units and products. Due to the nuanced and often controversial
nature of the risk type, Reputational Risk matters need to be assessed case-by-case to ensure individualized, risk-based
and objective decision-making. Examples could relate to client or transaction/product related concerns where there is
adverse media or criticism from other stakeholders regarding the transaction or product. It is important to note that all
requirements only remain valid as long as they are not in contradiction with regulatory or legal expectations.
Impact, risk and opportunity management, metrics and targets
Policies
ESRS E1, ESRS 2 MDR-P
Deutsche Bank’s environmental and social due diligence requirements are embedded in the Sustainability Strategy
Implementation Policy and Reputational Risk Framework, complementary supporting documents and sectoral guidelines
to identify and mitigate material environmental and social risks. The Chief Sustainability Office leads the development of
the Sustainability Strategy Implementation Policy, which is owned by the Chief Sustainability Officer. The responsibility
of the implementation of the policy sits with various parties including Chief Sustainability Office Environmental and
Social Due Diligence function and business teams. The Reputational Risk Framework is owned by the Head of
Operational Risk Management and managed by the Reputational Risk Team.
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| Annual Report 2025 | ESG due diligence |
Environmental and Social Due Diligence Framework
Deutsche Bank’s Environmental and Social Due Diligence Framework defines roles and responsibilities for risk
identification, assessment, decision-making and post-transaction monitoring and specifies the requirements for
environmental and social due diligence. The framework provides guidance to employees on referring transactions and
clients to the Chief Sustainability Office Environmental and Social Due Diligence function.
Deutsche Bank’s approach to environmental and social due diligence as laid out in the Framework and the sectoral
guidelines is guided by the following international standards and principles:
–UN Global Compact
–OECD Guidelines for Multinational Enterprises and associated Responsible Business Conduct Standards for the
financial sector
–UN Guiding Principles on Business and Human Rights
–International Finance Corporation Performance Standards
–Equator Principles
Main positions and minimum standards with enhanced due diligence requirements
For sectors and activities that the bank identifies as having an inherently elevated potential for negative environmental
and social impacts and associated reputational risks, enhanced environmental and social due diligence requirements are
established. The bank reviews the scope of sectors as well as the related due diligence requirements annually or as
events occur. It also observes prevailing sector-related environmental and social standards and industry best practices to
improve the understanding of environmental and social issues and, if necessary, adjust its approach. The bank has
developed certain positions and minimum standards for due diligence for the respective sectors which are explained in
the following table. Deutsche Bank applies enhanced environmental and social due diligence for transactions involving
the cross-sectoral issues and/or the sectors listed in the table. In addition to the cross-sector and sector-specific
principles described in the table, Deutsche Bank’s enhanced environmental and social due diligence process includes,
but is not limited to, reviewing compliance with existing environmental and social laws and regulations as well as
existence of robust governance structures and sufficient capacity for managing environmental and social issues.
If clients express complaints on environmental and social matters, the processes described in the sub-chapter “Client
complaint management” of the chapter “Client centricity” within this Sustainability Statement would be applied and the
environmental and social due diligence process would be considered as appropriate to handle these.
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Main positions and minimum standards of environmental and social due diligence1
| Area | Environmental and/or social principles applied as long as they are not in contradiction with regulatory or legal expectations |
|---|---|
| Cross-sectoral | |
| Human rights | No engagement in business activities where the bank has substantiated evidence of material adverse human rights impacts<br><br>without appropriate mitigation, e.g., child and forced labor |
| Deforestation | No financing of any projects or activities that are directly linked to deforestation of primary tropical forests |
| World Heritage<br><br>Sites | No financing of activities within or in close proximity to World Heritage Sites, unless the respective government and<br><br>UNESCO agree that such activity will not adversely affect the site’s outstanding universal value |
| Sectoral | |
| Agricultural<br><br>commodities and<br><br>forestry | No financing of projects or activities located in or involving the clearing of primary tropical forests, involving illegal logging<br><br>or uncontrolled and/or illegal use of fire<br><br>No financing of projects or activities leading to conversion of High Conservation Value (HCV) into new plantations and<br><br>peatlands<br><br>Mandatory requirement of Roundtable on Sustainable Palm Oil (RSPO) membership and RSPO certification, or a timebound<br><br>implementation plan for RSPO-certification for palm oil clients<br><br>Expectations regarding membership and industry-relevant certifications as well as ES management schemes for growers<br><br>and primary processers, including public commitment to the No Deforestation, No Peat and No Exploitation standard |
| Fisheries and<br><br>marine<br><br>aquaculture | No financial services to clients where there is evidence of recurring material breaches of imposed fish catch limits and non-<br><br>compliance with existing laws and regulations<br><br>No financing / financial services should be provided to companies involved in unlicensed activities or activities that do not<br><br>now follow national regulation as a minimum, such as operating in marine aquacultures outside of country Allocated Zones<br><br>for Aquaculture (AZA) or legally protected areas that do not allow multiple uses; undertaking unlicensed operations or the<br><br>farming of invasive non-native species against national regulations; and the utilization of banned chemicals, anti-microbials,<br><br>or pesticides that result in non-compliance with national or applicable international regulatory standards<br><br>Expectations regarding certification for fisheries; minimum requirement of a time-bound implementation plan for<br><br>Aquaculture Stewardship Council certification |
| Maritime<br><br>transport and<br><br>infrastructure | No financing of marine dredging that will have an impact on sensitive marine environments /critical habitats (e.g., living coral<br><br>reefs, mangroves, sea grass beds) and Ramsar sites, unless activities are undertaken for environmental/social protection or<br><br>enhancement (e.g., flood protection)<br><br>No financing of coastal and marine destination development in: designated protected areas that are categorized as<br><br>International Union for Conservation of Nature (IUCN) Type I, Ramsar sites, UNESCO Biosphere reserves, and critical site-<br><br>specific biodiversity<br><br>Contractual clauses, certification, and/or Port State Control requirements to ensure compliance with the applicable ES<br><br>conventions as defined by the United Nations and its specialized agencies, the International Maritime Organization (IMO),<br><br>and the International Labour Organization (ILO) |
| Metals and<br><br>mining | No direct financing of deep-sea mining projects<br><br>Enhanced ES due diligence requirements; potential exclusions based on outcome |
| Oil and gas | No direct financing of new projects involving exploration, production, transport or processing of oil sands<br><br>No direct financing of new oil and gas projects in the Arctic region (as demarcated by the 10°C July isotherm boundary)<br><br>No direct financing of oil and gas hydraulic fracturing projects in countries with ‘extremely high’ water stress<br><br>Enhanced ES due diligence requirements; potential exclusions based on outcome |
| Thermal coal<br><br>power and mining | No financing of new and material expansion of existing thermal coal-fired power plants and thermal coal mining projects or<br><br>the associated infrastructure.<br><br>Exclusions for financing Mountain Top Removal mining<br><br>Scope of the policy effective as of May 2023 includes companies with (i) a thermal coal revenue dependency of 30% or<br><br>above, (ii) an absolute thermal coal production of 10 megatons p.a. or above, or (iii) a thermal coal power capacity of 10<br><br>gigawatts or above<br><br>For corporations within the scope of the policy: No financing if no credible diversification plans, including the phasing-out of<br><br>thermal coal by 2030 in OECD-countries and 2040 in non-OECD countries |
| Hydropower | Enhanced ES due diligence requirements; potential exclusions based on outcome |
| Nuclear power | Enhanced ES due diligence requirements; potential exclusions based on outcome and exclusion for certain jurisdictions |
| Digital Assets and<br><br>Crypto-currency | Enhanced ES due diligence requirements; potential exclusions based on outcome and exclusion for certain jurisdictions |
| Tobacco | Enhanced due diligence requirements with a focus on electronic cigarettes and cannabis |
| Defense/<br><br>controversial<br><br>weapons | Enhanced due diligence requirements with exclusions including controversial weapons, conflict countries, private military<br><br>security companies, as well as civilian-use automatic and semi-automatic firearms and human-out-of-the-loop weapon<br><br>systems |
| Adult<br><br>entertainment | Enhanced due diligence requirements; exclusion of any business relationships with Counterparties belonging to or being<br><br>directly associated with prostitution and/or pornography |
| Gaming | Enhanced due diligence required; exclusion of online gambling business-to-consumer operators with exposure to markets<br><br>where gambling is prohibited |
1The detailed Environmental and Social Due Diligence requirements are embedded in the Sustainability Strategy Implementation Policy and complementary supporting
documents and sectoral guidelines, except for E-cigarettes and Cannabis, Defense, Adult entertainment and Gaming which are covered by the relevant Reputational Risk
documents
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Sectoral guidelines
The bank operationalizes its main positions for sectors requiring enhanced due diligence with sectoral guidelines for:
–Metals and mining
–Oil and gas
–Thermal coal, including thermal coal mining and thermal coal fired power generation
–Nuclear power
–Hydropower
–Agricultural commodities and forestry
–Fisheries and marine aquaculture
–Maritime transport and infrastructure
–Digital assets and crypto currency
–Equator principles relevant transactions, e.g., infrastructure projects
–Other activities either with a high carbon intensity, impacting sensitive and protected locations, causing deforestation
and/or those that have the potential for human rights infringements
Guideline updates
Deutsche Bank’s thermal coal guideline was last updated in 2023 and together with bank’s net zero commitments across
various sectors, it reiterated and expanded on the continued tightening of the bank’s thermal coal expectations.
The commitments made in the 2023 guideline update remain in effect. For companies within scope, the bank requires
credible transition plans as a condition of financing: existing clients were asked to provide such plans by 2025, while new
clients must do so before entering any lending relationship.
Throughout 2024 and 2025, the bank carried out detailed reviews of the clients covered by this guideline. The interim
milestone set for 2025 was a central checkpoint: by this date, existing clients were expected to present transition plans
that showed credible plans toward phasing out coal by 2030 (OECD) or 2040 (non-OECD) respectively.
At the same time, national climate policies and energy transition commitments continued to evolve at different speeds
across regions than the bank initially expected in 2023. Taking these dynamics and developments into consideration, the
bank may consider for a very limited number of clients a time bound, conditional engagement, provided there is
demonstrable, ongoing progress toward transitioning away from coal.
Going forward, Deutsche Bank’s engagement with clients who remain within the scope of the guideline will be measured
and focused. Any ongoing support will be concentrated on financing that directly supports specifically, Sustainable and
Transition Finance activities. This ensures that Deutsche Bank encourages credible decarbonization efforts while
maintaining safeguards against supporting coal‑related expansion. The bank will continue to monitor clients’ progress
closely, adapting its approach where necessary as global and country‑level climate commitments continue to evolve.
Before the 2023 update of its thermal coal guideline, the bank announced in 2020 that it would phase out coal mining
activities by 2025. No further update is provided, as the bank already stated in 2023 that the exposure in scope under the
applicable guideline from 2020 had already reached a non‑material level in 2023.
In 2025, Deutsche Bank introduced a sector guideline for activities linked to digital assets and cryptocurrency. The
guideline focuses on energy usage and climate impacts, operational governance, and transparent disclosures expected
from clients active in crypto-asset services or projects with material crypto use (for example data centers). It aligns with
the evolving market framework and encourages industry commitments to credible carbon accounting and public
reporting.
Complementary internal provisions are established for the tobacco industry with a focus on electric cigarettes and
cannabis, as well as the defense, gaming and adult entertainment industries, which are considered to carry elevated
levels of inherent social and governance risk. These are currently not part of the environmental and social due diligence
process but are under the scope of the Reputational Risk Framework.
In 2025, discussions in defense continued to focus on supply chain reliability and access to finance including
engagement with the European Commission and German politicians. Non-governmental organizations increased activity
driven by continued regional destabilization focused on financial institutions’ relationships with the defense sector as
well as the defense sector’s exposure to current conflicts. For gaming, the focus in 2025 was on responsible gaming and
dealing with the challenge around daily fantasy sports and prediction markets. These discussions ensure that Deutsche
Bank’s policies and guidance remain fit for purpose and appropriate.
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| Annual Report 2025 | ESG due diligence |
Training and capacity building
ESRS 2 MDR-A
To ensure effective implementation of the bank’s framework, policies, and guidelines, training is provided to reinforce
employee awareness and focus. This training equips staff to identify environmental and social risks and opportunities,
and to appropriately escalate transactions to the Environmental and Social Due Diligence function or the Reputational
Risk Team. In 2025, 1,030 employees of the relevant business teams were trained (2024: 102). The spike in the number of
employees trained reflects the expansion of staff in scope of the training to close identified implementation gaps and
reflect updated internal implementation processes.
In 2025, the bank also continued to provide awareness sessions and training to control functions and front-office teams
to reinforce their awareness of reputational risks around defense and gaming, including roll out of a reputational risk
training for the Investment Bank and Corporate Bank client facing and operational teams.
The Environmental and Social Due Diligence function is a dedicated team of specialists and has its presence across
Frankfurt, London, Singapore, Mumbai, and Washington.
Environmental and social due diligence review activities
ESRS 2 MDR-A
The bank’s environmental and social due diligence process includes the following:
–The environmental and social transactional and client reviews
–The Equator Principles process for in-scope project-related loans (Equator Principles implementation)
–Escalations under the Reputational Risk Framework (Reputational Risk Reviews)
For these processes, Deutsche Bank reports the metrics relevant for managing the topic and has not established single
time bound targets. Transactional review data of the bank are included in this statement to demonstrate the
performance and effectiveness of the bank’s policies.
Environmental and social transactional reviews
ESRS 2 MDR-A, ESRS 2 MDR-M
As part of its responsibility, the Chief Sustainability Office Environmental and Social Due Diligence function conducts
transactional and client reviews pursuant to the bank’s environmental and social due diligence requirements and
Sustainable Finance standards. For environmental and social due diligence, the number of reviews initiated in 2025
declined by approximately 34% compared to 2024. The drop was mainly seen in the Industrials and Infrastructure and
Agricultural commodities and Forestry sector related transactions. The decline in the number of transactions reviewed
primarily reflects enhancements made to Deutsche Bank’s due‑diligence approach. In particular, for trade‑related
reviews, the bank refined its process to incorporate environmental and social due‑diligence criteria more efficiently, for
example; for clients exhibiting recurring and homogeneous trade patterns, with low variability in underlying
environmental and social risk factors, a more standardized assessment is performed in line with bank’s environmental and
social due diligence requirements, resulting in lowering the number of times such similar transactions are reviewed.
The bank is currently re-assessing the methodology of overall review ratio calculation. As this is not finalized by year end
2025, the bank refrains from reporting on the overall review ratio for 2025 and the comparative to the year.
238
| Deutsche Bank | General information |
|---|---|
| Annual Report 2025 | ESG due diligence |
Transactions and clients reviewed under the Environmental and Social due diligence requirements outlined in the Sustainability
Strategy Implementation Policy and sectoral guidelines1
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Number of transactions and clients by sector | ||
| Metals and mining | 169 | 180 |
| Oil and gas | 92 | 90 |
| Industrials and infrastructure2 | 71 | 266 |
| Agricultural commodities and Forestry | 144 | 244 |
| Utilities | 90 | 104 |
| Chemicals | 11 | 10 |
| Other activities3 | 37 | 31 |
| Total reviews initiated | 614 | 925 |
| Number of transactions and clients on which final decisions have been made | 511 | 817 |
| Thereof approved | 494 | 794 |
| Thereof declined | 10 | 15 |
| Thereof referred to the respective committees | 7 | 8 |
| Thereof approved | 7 | 8 |
| Thereof declined | — | — |
1Note that this table also includes the figures of the table “Transactions assessed under the Equator Principles”, see the section “Equator principles implementation”
2Includes companies e.g., in engineering and equipment manufacturing, that are connected to sensitive sectors
3Includes sectors with high carbon intensity or potential human rights infringements e.g., consumer goods, transportation, infrastructure, technology, commodity trading
and healthcare with exposure to sensitive sectors in the supply chain
Equator principles implementation
ESRS 2 MDR-P, ESRS 2 MDR-A, ESRS 2 MDR-M
Deutsche Bank continues to remain an active member of the Equator Principles, which the bank is a signatory to, since
July 2020. The Equator Principles are an internationally recognized benchmark for determining, assessing and managing
environmental and social risks in project-related finance.
As a signatory to the Equator Principles, the bank applies the risk identification, assessment, management and reporting
requirements of the principles to in-scope project-related finance transactions. In line with Deutsche Bank’s
environmental and social due diligence requirements, the bank’s business units are initially responsible for identifying
environmental and social risks, determining if a transaction falls into the Equator Principles scope and gathering due
diligence documentation. To support business units, internal Equator Principles implementation guidance and trainings
were developed, which specify the requirements for project categorization (A, B or C), due diligence and guidance on
referral to Chief Sustainability Office Environmental and Social Due Diligence function. The function is responsible for
assisting business units in assessing environmental and social issues and associated risks. For eligible projects, the
function either conducts an in-house review of project documentation during due diligence and monitoring phases, or
requests an independent external consultant to do so for higher-risk projects, as required by the Equator Principles. The
due diligence process and post-transactional monitoring involves discussions of critical issues with clients and tracking
of remediation actions. If the project related environmental or social risks are deemed to pose a moderate or material
reputational risk, the transaction will follow the escalation process explained under the Reputational Risk Framework
section.
Deutsche Bank is part of various Equator Principles working groups on issues such as biodiversity, maritime assets, scope
of application and governance with a view to contribute to the Equator Principles development and future progress.
As a signatory of the Equator Principles, Deutsche Bank is required to report on project-related transactions that were
assessed under the Equator Principles and achieved financial close during 2025. This information is included in the tables
below for the years 2025 and 2024.
239
| Deutsche Bank | General information |
|---|---|
| Annual Report 2025 | ESG due diligence |
Transactions assessed under the Equator Principles1
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Project Finance<br><br>Advisory<br><br>Services | Project Finance | Project-Related Corporate Loans | |||||
| Category not<br><br>applicable | Category A | Category B | Category C | Category A | Category B | Category C | |
| Sector | |||||||
| Mining | N/A | — | — | — | — | — | — |
| Infrastructure | N/A | 2 | 4 | 2 | 3 | 1 | — |
| Oil and Gas | N/A | 2 | 1 | — | 1 | — | — |
| Power | N/A | 3 | 9 | 1 | 1 | — | — |
| Others | N/A | — | — | — | — | 3 | — |
| Region | |||||||
| America | N/A | 2 | 6 | 3 | 1 | 2 | — |
| Europe, Middle East<br><br>and Africa | N/A | 5 | 5 | — | 4 | 2 | — |
| Asia Pacific | N/A | — | 3 | — | — | — | — |
| Country Designation | |||||||
| Designated Country | N/A | 5 | 13 | 3 | — | 2 | — |
| Non-Designated<br><br>Country | N/A | 2 | 1 | — | 5 | 2 | — |
| Independent Review | |||||||
| Yes | N/A | 7 | 9 | — | 5 | 3 | — |
| No | N/A | — | 5 | 3 | — | 1 | — |
| Total | N/A | 7 | 14 | 3 | 5 | 4 | — |
N/A - not applicable
1Note that the figures of this table may also be included in the table “Transactions and clients reviewed under the environmental and social due diligence requirements
outlined in the Sustainability Strategy Implementation Policy and sectoral guidelines”, see the sub-chapter “Environmental and Social due diligence Framework”. The
Equator Principles apply only to a limited number of transactions depending on the financial product, volume of transaction and in some cases if further criteria of
eligibility are met. Eligible transactions are reported if they have reached financial close. Project categorization follows the International Finance Corporation’s (IFC)
environmental and social categorization process. Category A – projects with potential significant adverse environmental and social risks and/or impacts that are diverse,
irreversible, or unprecedented. Category B – projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-
specific, largely reversible and readily addressed through mitigation measures. Category C – projects with minimal or no adverse environmental and social risks and/or
impacts
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Project Finance<br><br>Advisory<br><br>Services | Project Finance | Project-Related Corporate Loans | |||||
| Category not<br><br>applicable | Category A | Category B | Category C | Category A | Category B | Category C | |
| Sector | |||||||
| Mining | N/A | 1 | — | — | — | — | — |
| Infrastructure | N/A | — | 1 | 5 | 1 | 1 | 4 |
| Oil and Gas | N/A | 1 | 2 | — | — | — | — |
| Power | N/A | 1 | 3 | 2 | — | — | 3 |
| Others | N/A | — | — | 2 | — | 2 | — |
| Region | |||||||
| America | N/A | 1 | 2 | 4 | — | — | 1 |
| Europe, Middle East<br><br>and Africa | N/A | 1 | 1 | 4 | 1 | 3 | 6 |
| Asia Pacific | N/A | 1 | 3 | 1 | — | — | — |
| Country Designation | |||||||
| Designated Country | N/A | 3 | 6 | 9 | — | 2 | 1 |
| Non-Designated<br><br>Country | N/A | — | — | — | 1 | 1 | 6 |
| Independent Review | |||||||
| Yes | N/A | 3 | 5 | 2 | 1 | — | — |
| No | N/A | — | 1 | 7 | — | 3 | 7 |
| Total | N/A | 3 | 6 | 9 | 1 | 3 | 7 |
N/A - not applicable
As a signatory of the Equator Principles, Deutsche Bank is also required to disclose project name reporting as per the
disclosure conditions specified in Annex B of the Equator Principles IV. This information is included in the table below.
240
| Deutsche Bank | General information |
|---|---|
| Annual Report 2025 | ESG due diligence |
Details on transactions in scope of the Equator Principles that received client consent for disclosure
| No | Project Name (as per the loan agreement/publicly recognized) | Sector | Host Country<br><br>Name/Project<br><br>Location | Calendar Year of<br><br>Financial Close |
|---|---|---|---|---|
| Project finance | ||||
| 1 | Baltica 2 | Power | Poland | 2025 |
| 2 | Supernode BESS (Stages 1 and 2) | Power | Australia | 2025 |
| 3 | Antalya Airport Expansion Project | Infrastructure | Turkey | 2025 |
| 4 | Project Elephant | Infrastructure | Thailand | 2025 |
| 5 | Antalya-Alanya Motorway Project | Infrastructure | Turkey | 2025 |
| 6 | Blind Creek Solar Farm and Battery Energy Storage System | Power | Australia | 2025 |
| 7 | Project HyNet | Infrastructure | U.K. | 2025 |
Reputational risk reviews
ESRS 2 MDR-P, ESRS 2 MDR-A
Where environmental and social issues present potential reputational implications, cases are escalated under the
Reputational Risk Framework to dedicated committees and/or fora for decision-making. The purpose of the bank’s
Reputational Risk Framework is to prevent damage to the bank’s reputation by stipulating the process according to
which Deutsche Bank makes decisions – in advance – on matters that may pose a reputational risk. The framework
provides consistent standards for the identification, assessment and management of reputational risks. The Reputational
Risk Framework stipulates that certain matters, including those with a potential negative environmental and social
impact and those matters linked to the defense or gaming industry, must be reviewed by Subject Matter Experts.
All employees are responsible for identifying potential reputational risks and reporting them by means of the Unit
Reputational Risk Assessment Process (Unit RRAP). Through the Unit RRAP, relevant stakeholders are consulted for
input, such as country management, key control functions and other second-line subject matter experts. The Unit RRAP
is chaired by a business division’s relevant senior manager and applies to all matters deemed to pose moderate or greater
reputational risk.
If a matter is considered to pose a material reputational risk and/or meets one of the bank’s mandatory referral criteria, it
is referred to the relevant Regional Reputational Risk Committee for further review. In exceptional circumstances,
matters are referred to the Group Reputational Risk Committee. This may be the case if a matter is declined by the
Regional Reputational Risk Committee and appealed by the business division, or if the Regional Reputational Risk
Committee cannot reach a two-thirds majority decision.
Matters assessed through the Reputational Risk Framework
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Number of matters reviewed (on which final decisions have been made) | ||
| To Unit Reputational Risk Assessment Processes only | 92 | 72 |
| Thereof with environmental and social issues | 2 | 4 |
| Thereof with gaming-related issues | 1 | 2 |
| Thereof with defense-related issues | 6 | 4 |
| To Regional Reputational Risk Committees | 24 | 25 |
| Thereof with ES issues | 4 | 2 |
| Thereof with gaming-related issues | 1 | 3 |
| Thereof with defense-related issues | — | 1 |
| To Group Reputational Risk Committee or above | 1 | 4 |
| Thereof with ES issues | — | 1 |
| Thereof with gaming-related issues | — | — |
| Thereof with defense-related issues | — | 1 |
| Total | 117 | 101 |
| Thereof with environmental and social issues | 6 | 7 |
| Thereof with gaming-related issues | 2 | 5 |
| Thereof with defense-related issues | 6 | 6 |
241
242
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable Finance |
Environmental information
Sustainable finance
The topic “Sustainable finance” is addressed in the section “Environmental information” because it predominantly
addresses opportunities in conjunction with climate change. Nevertheless, the subject also covers opportunities related
to other environmental matters as well as social aspects. This subject is a significant part of the bank’s entire organization
and therefore the chapter includes all material disclosures pertaining to the cross-cutting standard ESRS 2.
Governance
ESRS 2 GOV-2
Deutsche Bank’s governance structure for sustainable finance is anchored within its broader sustainability governance,
ensuring clear oversight and accountability at all levels of the organization. Deutsche Bank maintains a Chief
Sustainability Office, whose head reports into the Chief Executive Officer of Deutsche Bank. It centrally drives
sustainability and ensures consistency across Deutsche Bank. The Group Sustainability Committee oversees the
integration of sustainable finance into business strategy, risk management, and product development, with escalation
and supervision mechanisms involving both the Management Board and Supervisory Board. Within the bank’s business
segments and infrastructure functions, dedicated sustainable finance expert teams have been established to drive the
implementation of the sustainability strategy at divisional level, embedding sustainable finance topics in day-to-day
operations and enabling swift responses to emerging opportunities and risks. For further details on the bank’s overall
sustainability governance, please refer to the dedicated “Sustainability Governance” chapter of this report.
Strategy
ESRS 2 SBM-3, ESRS 2 MDR-M, ESRS 2 MDR-T
Sustainable finance is one of the four pillars of Deutsche Bank’s sustainability strategy, reflecting the bank’s ambition to
be a global market leader in this field. By responding to evolving client and investor preferences for sustainable products
and services, Deutsche Bank aims to drive additional business and create long-term value. The bank’s approach
encompasses understanding client needs, developing climate-related products, establishing supportive organizational
structures, and defining early success indicators. Through these efforts, Deutsche Bank forges strategic partnerships
with clients worldwide, supporting their decarbonization journeys and leveraging both its strategic and financial
expertise. By catalyzing investments and mobilizing financing for climate adaptation and low-carbon business models,
the bank seeks to deliver positive environmental and social impact.
Central to this pillar of the sustainability strategy is Deutsche Bank’s commitment to ambitious sustainable finance
targets. The bank aimed to achieve a total of € 500 billion in cumulative sustainable financing and ESG investments
volumes from January 2020 to end of 2025 (excluding Asset Management (DWS)). By end of 2025, Deutsche Bank
reached € 471 billion (excluding Asset Management (DWS)) and increased the incremental volume from € 93 billion in
2024 to € 98 billion in 2025. Although the original target was not achieved by the end of 2025, Deutsche Bank remains
committed to providing sustainable financing and ESG investment solutions to its clients and expects to surpass € 500
billion in the first half of 2026. Progress towards the original target was impacted by several factors over the period,
including higher interest rates, regulatory developments as well as changes in the policy environment.
To further accelerate the transition of the economy and in line with the strategy of scaling the Global Hausbank,
Deutsche Bank has updated its target to mobilize € 900 billion in sustainable financing, ESG investments, and transition
financing by the end of 2030. This figure includes € 471 billion already achieved in sustainable financing and ESG
investments from January 2020 through the end of 2025. The increased target reflects the bank’s dedication to
supporting client transition and resilience through delivering financial solutions that create lasting value for people,
planet, and prosperity.
The new target includes sustainable financing (financing of pure-play ecological or social sustainable activities or
companies) and transition financing (financing of activities required on a credible path towards net zero as well as
sustainability-linked solutions). With the increased target, Deutsche Bank will continue to transparently report after 2025
about its progress – now also with a new Transition Finance Framework in place.
243
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Impact, risk and opportunity management
Impacts, risk and opportunities across the bank are identified and assessed through the double materiality assessment, described in detail in the “Double materiality assessment” chapter
within this Sustainability Statement. The positive impact and opportunity related to climate change in conjunction with downstream client-related activities and the related time
horizons, policies, actions and metrics & targets are summarized in the table below.
| Topic: Climate Change | |||||||
|---|---|---|---|---|---|---|---|
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Climate<br><br>change<br><br>adaptation | Downstream | Medium-term (CB, IB,<br><br>AM) | Positive<br><br>impact | Offer products and services to Tier 1 clients to support their<br><br>efforts to adapt to physical and/or transitional effects of<br><br>climate change | Sustainable finance<br><br>framework<br><br>ESG investments<br><br>framework | Client engagement<br><br>Sustainable finance<br><br>classification process<br><br>Training and awareness | Sustainable finance and<br><br>ESG investment<br><br>volumes and progress<br><br>made (excl. DWS)<br><br>Transactions assessed<br><br>under the Sustainable<br><br>Finance Framework<br><br>AM: SFDR and ESMA<br><br>Assets under<br><br>Management<br><br>AM: Proxy voting and<br><br>Engagements |
| Long-term (CB, IB) | Engage with Tier 1 clients exposed to severe physical and/or<br><br>transitional climate risks | ||||||
| Climate<br><br>change<br><br>mitigation | Short-term (CB, IB FIC)<br><br>Medium-term (AM, CB,<br><br>PB) | Offer products and services to Tier 1 clients<br><br>–to support their efforts to decarbonize business models<br><br>and reduce their carbon footprint<br><br>–to support clients in decarbonizing their investment<br><br>portfolios<br><br>Actively engage with Tier 1 clients to support their efforts to<br><br>reduce their carbon footprint | |||||
| Energy | Medium-term (CB, PB) | Offer products and services to Tier 1 clients to reduce their<br><br>energy consumption and/or enhance energy efficiency and<br><br>use of renewable energies | |||||
| Climate<br><br>change<br><br>adaptation | Medium-term (CB)<br><br>Medium-term (CB, IB FIC,<br><br>PB), Long-term (AM) | Opportunity | Increase brand reputation and competitive advantage via<br><br>thought leadership re/climate change adaptation<br><br>Increase revenues by responding to clients’ demand for<br><br>financial products and services to support their efforts to<br><br>adapt to physical and/or transitional climate change effects | ||||
| Climate<br><br>change<br><br>mitigation | Short-term (CB, IB FIC)<br><br>Medium-term (PB)<br><br>Long-term (AM) | Increase revenues by responding to clients’ demand for<br><br>financial products and services to limit carbon emissions | |||||
| Energy | Short-term (CB, IB FIC)<br><br>Medium-term (PB) | Increase revenues by responding to clients’ demand for<br><br>financial products and services to promote their switch to<br><br>renewable energy and enhance their energy efficiency |
244
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Policies
ESRS 2 MDR-P
Deutsche Bank’s Sustainable Finance Framework defines the methodology and procedures for classifying transactions,
specific financial products and services offered by Deutsche Bank as sustainable. The framework specifies the
classification logic, the eligibility parameter criteria, the applicable environmental and social due diligence requirements,
the verification and monitoring process and is complemented by other policies, providing additional information on
specific topics. It applies to Deutsche Bank Group globally unless stated otherwise in the framework. It is essential for
target-setting, decision-making, enforcement and credibility with stakeholders.
The ESG Investments Framework, which sets out criteria and evaluation processes to report investments as ESG in the
context of Deutsche Bank’s sustainable finance and ESG investments target, complements the bank’s Sustainable
Finance Framework. The purpose is to ensure a consistent method for classifying financial instruments and managed
portfolios that count toward the bank’s sustainable finance and ESG investments target. It covers financial instruments
held on behalf of Private Bank’s clients and the bank’s Discretionary Portfolio Management business. In addition, the
framework covers Deutsche Bank’s pension plan management. Asset Management (DWS) is not in scope of Deutsche
Bank’s ESG Investments Framework as DWS sets its own sustainability strategy and follows DWS specific policies in
relation to environmental and social matters. For further details on DWS strategy and specific policies, please refer to the
dedicated “Asset Management” section of this chapter. In instances in which Private Bank distributes investment
products that qualify according to the ESG Investments Framework and are managed by DWS these may be reported as
Assets under Management for Private Bank as well as for Asset Management (DWS) because they are two distinct,
independent qualifying services.
The bank introduced its initial Transition Finance Framework in November 2025, with effective date of January 1, 2026.
The Transition Finance Framework complements the existing Sustainable Finance Framework and defines three
parameters of transition finance:
–Activity level (Parameter 1): Financing activities that are not pure-play sustainable (for example compared to
renewable energy production) but that enable greenhouse gas emission reductions and are required for transitioning
to a net zero economy
–Entity level (Parameter 2): General corporate purpose transactions with counterparties pursuing credible transition
strategies
–Sustainability-linked solutions (Parameter 3): Instruments incentivizing clients to meet ambitious sustainability
performance targets – not limited to climate-related or GHG-emissions-related key performance indicators
The Transition Finance Framework is fully embedded in Deutsche Bank’s governance processes and has received a
positive second party opinion by ISS-Corporate, confirming alignment with evolving market standards.
The bank pursues a structured and collaborative approach to developing and further enhancing its sustainability‑related
frameworks. Relevant adjustments are generally aligned through several iterative rounds with key stakeholders within
the bank to ensure that different perspectives, technical requirements and regulatory developments are appropriately
considered. For material changes, the final approval is granted by the Group Sustainability Committee.
Following approval, the frameworks are made publicly and internally available through publication on official bank
websites and dedicated microsites, including the Chief Sustainability Office’s microsite, which is accessible to all
employees. The publication and implementation of the frameworks are usually further supported through multiple
internal channels to ensure that affected stakeholders are informed and able to access the relevant documentation.
Actions and resources
ESRS 2 MDR-A
In line with its Sustainable Finance Framework, ESG Investments Framework, and the Transition Finance Framework,
Deutsche Bank develops products that support adaptation to climate change. Further details on the products and
actions by Deutsche Bank are provided in the respective chapters of the individual businesses.
Sustainable finance validation process
The sustainable finance validation process is illustrated in the scheme below. Only after the Chief Sustainability Office
has classified a deal as compliant with the Sustainable Finance Framework, the transaction can be counted toward the
bank’s € 500 billion sustainable finance and ESG investments target and reported as such by Finance.
245
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|---|---|
| Annual Report 2025 | Sustainable finance |
Sustainable finance classification process1
1 Deviations from Schematic Sustainable Finance classification process possible
2 A 6-eye review for specified business is not required if selected third parties confirm the alignment with sustainability standards
3 Group Reputational Risk Committee holds final decision-making authority on Environmental and Social Due Diligence concerns
4 Chief Sustainability Officer holds final decision-making authority for sustainable finance classification
5 CFO CB, IB and ESG holds final decision-making authority on Sustainable Finance volume contribution
The validation against the framework is conducted on a deal-by-deal and program basis. The validation statistics are
presented in the following table.
246
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|---|---|
| Annual Report 2025 | Sustainable finance |
Transactions assessed under the Sustainable Finance Framework
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Number of transactions on which final decisions have been made | 1,301 | 1,219 |
| Thereof approved | 1,122 | 1,076 |
| Parameter 1 - Use of proceeds | 910 | 765 |
| Parameter 2 - Company profile | 104 | 121 |
| Parameter 3 - Sustainability-linked products | 108 | 190 |
| Thereof declined | 179 | 140 |
| Thereof referred to the respective committees | — | 3 |
| Thereof approved1 | — | 3 |
| Thereof declined | — | — |
1The approvals in 2024 apply to three different companies and are not based on individual transactions. Companies have been approved by the Group’s Sustainability
Committee
Training and awareness
The Chief Sustainability Office provides for a variety of resources to help develop capabilities and transfer knowledge on
ESG. This includes the global Sustainability Hub serving as central sustainability-related knowledge repository.
Embedded in the bank’s intranet, it includes knowledge about the bank’s sustainability strategy, quarterly progress
updates, relevant governance bodies, dedicated frameworks and processes as well as a glossary on key sustainability
terms. Moreover, it provides links to decentralized information hubs (of the bank’s divisions and functions as well as of
the Chief Sustainability Office’s dedicated Sustainable Finance and Environmental and Social Due Diligence team and
further training possibilities, such as past Sustainable Finance training recordings and learning pathways, which are
accessible via the bank’s learning management system. This helps embedding a common understanding of the bank’s
sustainability ambition and processes via self-paced learning.
To further strengthen ESG risk knowledge, two global mandatory trainings covering ESG risks are rolled out to all staff on
a regular basis: the Greenwashing Awareness Training on an 18-month schedule and the Risk Awareness Training on a
24-month schedule. Both trainings are subject to the red-flag process, where line managers receive a compensation-
relevant red flag in case their direct reports do not complete the training within a 30-day timeframe. These trainings are
additionally part of the new joiner training compendium ensuring all staff members have a basic understanding of ESG
risks.
With a view to ensuring appropriate knowledge on the level of the management body, the Chief Sustainability Officer has
a yearly fixed slot on the training agenda of the bank’s Management Board.
On a regional level, the Chief Sustainability Office conducted three specific ESG trainings in 2025, following regulatory
requests. On a divisional and functional level, additional trainings covering ESG risks exist, which build on centrally
provided content but include more detailed and tailor-made information for specific target audiences.
In addition, the businesses set up the following division specific sustainability training programs in 2025:
–Corporate Bank provided sector‑specific deep dives across relevant industries and continued to enhance
sustainability‑related capabilities within its client‑facing front‑office teams; training formats covered Deutsche Bank’s
sustainability strategy, key regulatory developments, and the bank’s sustainability governance and policies,
complemented by thematic sessions reflecting evolving market and client needs; these activities enabled
client‑facing teams to engage with clients on sustainability matters and support them along their transition journeys
–Investment Bank’s Fixed Income and Currencies offered training to staff throughout the year on key sustainability
topics, including environmental and social due diligence, transition finance including net‑zero, and the bank’s
sustainable finance framework
–Investment Bank’s Investment Banking and Capital Markets offered training to staff throughout the year on diverse
sustainability topics such as sustainable finance in capital markets and investment banking products and services, as
well as transition finance including net zero and transition pathways, climate risk and climate-associated regulatory
developments, and environmental and social risk and due diligence processes
–In addition, Fixed Income and Currencies and Investment Banking and Capital Markets jointly delivered
knowledge‑sharing session for UKI‑based employees covering the bank’s sustainability strategy, achievements, and
priorities in line with the bank’s wider commitments
247
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
–Private Bank provided its employees with a broad range of training on sustainability topics, including specialist
modules for investment and financing advisory services as well as formats such as greenwashing‑awareness training;
the offering was complemented by targeted campaigns and networking opportunities, for example via the ESG
Ambassador network in Wealth Management Germany, the newly launched Global ESG Investments Update Call, and
additional initiatives focused on energy‑efficient renovation of residential properties
–For Asset Management, DWS offered a sustainability education framework including recorded presentations and
written training materials on key ESG topics that are relevant to both the asset management industry and DWS; in
addition, DWS provided a platform for Certified Environmental Social Governance Analyst certification; as of
December 31, 2025, DWS had 399 active employees who are Certified Environmental, Social and Governance
Analysts
–
Metrics and targets
ESRS 2 MDR-M, ESRS 2 MDR-T, ESRS E1-4
Deutsche Bank has integrated sustainable finance and ESG investment targets into its strategic planning since 2020. The
bank’s approach is characterized by granularity, near-term focus, transparency and measurability, with targets broken
down by business division over a multi-year planning horizon. The sustainable finance target was defined using a
structured approach that involved collaboration with stakeholders across the bank’s business divisions, the Chief
Sustainability Office and Finance. This process factored in the latest market observations and peer practices as key
factors influencing the expected trajectory of sustainable finance activities and ensured that the targets reflect both the
bank’s strategic priorities and the evolving external developments.
Progress against these targets is reported and shared with relevant stakeholders on a quarterly and annual basis,
ensuring accountability. The bank’s reporting is three-dimensional, extending to business and sub-business levels, by
area of impact and client dimension. The reporting is tied to recognized external reference points, notably the United
Nations’ Sustainable Development Goals. This in-depth approach to financial planning, steering and reporting as well as
Deutsche Bank’s track record of reporting sustainable finance volumes since 2020 underscore the bank’s commitment to
sustainable finance.
The contribution to the sustainable finance volume financed or facilitated by Deutsche Bank is calculated and reported
based on established industry practices for measuring performance within the categories of financing, bond issuance,
market making and investments, as well as Deutsche Bank pension plan assets. The reporting methodology takes the
origination role view, which does not necessarily correlate to Deutsche Bank’s balance sheet disclosure. For financing
and issuance, the reporting is based on the flow of new business in the reporting period and cumulated since the base
year 2020. For market making, the reporting is based on the annual average volume of the eligible bond inventory. For
assets under management, the reporting is based on the stock fair value of assets under management and pension plan
assets at period end.
The contributions of Corporate Bank, Investment Bank, including Fixed Income and Currencies and Investment Banking
and Capital Markets, Private Bank and Corporate & Other are summarized in the following tables. Further details on the
progress of individual businesses are provided in their respective sub-chapters of this chapter. Selected highlights aim to
illustrate Deutsche Bank’s global impact in the area of sustainable finance across its different divisions and products.
Sustainable finance and ESG investments – cumulative volumes per business
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| in € bn1 | Financing | Issuance | Market making | Assets under<br><br>Management2 | Pension plan<br><br>assets2 | Total |
| Corporate Bank | 91 | — | — | — | — | 91 |
| Investment Bank | 98 | 192 | 1 | — | — | 291 |
| Fixed Income and Currencies | 85 | 59 | 1 | — | — | 146 |
| Investment Banking and Capital Markets | 13 | 132 | — | — | — | 145 |
| Private Bank | 17 | — | — | 62 | — | 80 |
| Corporate & Other | — | — | — | — | 9 | 9 |
| Total | 206 | 192 | 1 | 62 | 9 | 471 |
1Numbers may not add up due to rounding
2Stock value at period end
248
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|---|---|---|---|---|---|---|
| Annual Report 2025 | Sustainable finance | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € bn1 | Financing | Issuance | Market making | Assets under<br><br>Management2 | Pension plan<br><br>assets2 | Total |
| Corporate Bank | 70 | — | — | — | — | 70 |
| Investment Bank | 71 | 153 | 1 | — | — | 224 |
| Fixed Income and Currencies | 61 | 47 | 1 | — | — | 109 |
| Investment Banking and Capital Markets | 10 | 106 | — | — | — | 116 |
| Private Bank | 15 | — | — | 53 | — | 68 |
| Corporate & Other | — | — | — | — | 10 | 10 |
| Total | 156 | 153 | 1 | 53 | 10 | 373 |
1Numbers may not add up due to rounding
2Stock value at period end
In 2025, Deutsche Bank achieved an incremental sustainable finance and ESG investments volumes as defined in
Deutsche Bank’s Sustainable Finance Framework and Deutsche Bank’s ESG Investments Framework of € 98 billion,
compared to incremental € 93 billion in 2024, ending the year 2025 with cumulative volumes of € 471 billion (excluding
Asset Management (DWS)). In addition, Asset Management (DWS) reported assets under management that fall in scope
of the ESMA (European Securities and Markets Authority) guidelines of € 85 billion in 2025.
The incremental 2025 volumes of € 98 billion were driven primarily by incremental Financing volumes of € 50 billion and
issuance volumes of € 39 billion. The € 9 billion incremental volume growth in Private Bank’s Assets under Management
mainly reflects an increase in Discretionary Portfolio Mandates.
A breakdown of the incremental 2025 sustainable finance and ESG investments volumes by client type is displayed in the
chart below.
Incremental 2025 sustainable financing and ESG investment volumes by client type1
As Deutsche Bank considers verifiable external reference points to be essential in its journey from ambition to
environmental impact and links its progress to recognized external frameworks, like the United Nations’ Sustainable
Development Goals, the bank assesses how its financing, issuance and market making activities contribute to 15 of the
Sustainable Development Goals. Financing, issuance and market making activities comprised € 90 billion of the total €
98 billion incremental 2025 volumes. The bank maps them to the Sustainable Development Goals, whereby, in some
cases, one transaction can be assigned to more than one goal as some categories overlap with each other and are not
clearly segregated.
The percentage figures referenced in the below chart display the contributions of Deutsche Bank’s incremental
financing, issuance and market making activities of € 90 billion in 2025 to 15 of the United Nations’ Sustainable
Development Goals.
249
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
250
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Corporate Bank
ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 SBM-1
Overview
Corporate Bank plays a central role in clients’ daily financial operations through its global network and in-depth local
expertise. As a transition partner, it supports clients across sector value chains in achieving their strategic goals,
strengthening their competitiveness and resilience, and managing their financial operations while integrating sustainable
finance capabilities into treasury and financing activities. Corporate Bank continues to adapt its sector-aligned
sustainable finance capabilities to meet evolving client needs and enable transition across business models, facilitating
progress toward net zero objectives by combining deep industry knowledge with tailored financial solutions.
Corporate Bank serves the entire corporate client universe, covering multinational, MidCorp and Business Banking
clients. Through a global network of Sustainable Finance Champions across coverage and product areas, Corporate Bank
offers a comprehensive suite of sustainable finance solutions. The Sustainable Finance Client Solutions team contributes
industry-specific expertise, supports global client engagement, provides thought leadership on key sustainable finance
themes, leads stakeholder engagement, develops materials and training, and drives the implementation of Corporate
Bank’s sustainable finance strategy. The Global Head of Sustainable Finance Corporate Bank leads this strategy for the
franchise, drives its implementation across products and coverage, and is a member of the Corporate Bank Executive
Council.
Corporate Bank supports the expansion of renewables and infrastructure build-out through its asset and project finance
capabilities and the development of financing capabilities in the Asset-as-a-Service field to advance energy efficiency
transformation. Corporate Bank also provides a broad range of sustainable finance solutions for the German ‘Mittelstand’
and family-owned businesses through its Corporate Sustainability Suite, which is continuously enhanced to meet
evolving client needs.
Corporate Bank’s Strategic Corporate Lending business focuses on providing financing to predominantly multinational
corporate clients; the portfolio includes sustainability-linked revolving credit facilities with clients linking their
sustainability strategy to their financing; Strategic Corporate Lending contributed a total of € 8 billion towards Corporate
Bank’s sustainable finance volumes in 2025 (2024: € 7 billion).
Corporate Bank’s Trade Finance and Lending business is offering a variety of on- and off-balance sheet sustainable
finance products, ranging from sustainability-linked credit and documentary trade facilities, supply chain financing
solutions and guarantees to green loans, long-term infrastructure financing and project finance; across its various sub-
products, Trade Finance and Lending contributed a total of € 12 billion towards Corporate Bank’s sustainable finance
volumes in 2025 (2024: € 10 billion).
Corporate Bank’s Community Development Finance Group in the U.S. supports the creation and preservation of
affordable housing for low- and moderate-income communities, small businesses with limited access to capital, and
investments in funds seeking to generate positive social impact; the business unit contributed a total of € 56 million
towards Corporate Bank’s sustainable finance volumes in 2025 (2024: € 9 million).
Contribution toward Group-wide target
Sustainable finance and ESG investments – Corporate Bank (cumulative volumes)
| in € bn1 | Dec 31, 2025 | Contribution in<br><br>2025 | Dec 31, 2024 |
|---|---|---|---|
| Financing | 91 | 20 | 70 |
| Issuance | — | — | — |
| Market making | — | — | — |
| Assets under Management2 | — | — | — |
| Pension plan assets2 | — | — | — |
| Total | 91 | 20 | 70 |
1Numbers may not add up due to rounding
2Stock value at period end
251
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Corporate Bank’s cumulated sustainable finance volumes totaled € 91 billion at year-end 2025. Incremental volumes in
2025 amounted to € 20 billion, all of which were loans and facilities, compared to € 17 billion in the prior year. Of these
€ 20 billion, € 10 billion were sustainability-linked corporate loans and facilities. Despite continuous macroeconomic and
geopolitical uncertainty, Corporate Bank increased its incremental sustainable finance volumes year‑on‑year. This
growth reflects Deutsche Bank’s commitment to supporting its clients in transitioning to more sustainable business
models and achieving their strategic goals.
Highlights
Corporate Bank facilitated a broad range of sustainable finance transactions in 2025 that underscore its position as a
strategic transition partner for its clients. Selected highlights include:
Deutsche Bank acted as Lender, Mandated Lead Arranger and Hedge Provider for the non-recourse senior secured
Project Financing of the Central West Orana Renewable Energy Zone network infrastructure in Australia led by the
ACEREZ partnership (ACCIONA, COBRA, Endeavour Energy). The landmark project is the first Renewable Energy Zone
approved in Australia, and will add new high-capacity transmission lines, energy hubs and supporting infrastructure to
facilitate power transfer by renewable energy sources in the Renewable Energy Zone to electricity consumers, initially
unlocking up to 4.5 GW of new network capacity, and is expected to supply electricity to more than two million homes
annually.
Deutsche Bank served as the lender for Fidra Energy’s landmark € 685 million project financing of the largest Battery
Energy Storage System portfolio in the United Kingdom. Upon completion, the 3,100 MWh system will have the capacity
to export over two million MWh annually, enough to power approximately 785,000 homes each year.
Deutsche Bank acted as Lender for two Project Financing packages of over € 3 billion each for the construction of two
720 MW offshore wind farms (Bałtyk 2 and Bałtyk 3), by Polenergia and Equinor as project joint venture, located of the
Polish coast. These wind farms are set to contribute to Poland's industrial future by producing renewable electricity for
two million average Polish households, creating employment opportunities, and enhancing both energy security and the
energy transition.
Deutsche Bank acted as Bookrunner & Mandated Lead Arranger, Facility Agent, Security Agent, Intercreditor Agent, Co
ECA Coordinator and Sustainability Coordinator for the € 1.7 billion transformational green steel financing of SHS Stahl
Holding Saar GmbH. The financing supports Project “Power4Steel”, enabling SHS’s shift to hydrogen and renewable
energy-based production, targeting 3.5mt of low carbon steel and around 4.8mt CO₂ abatement annually – reducing
Germany’s national CO₂ emissions by approximately 1%.
252
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Investment Bank
Fixed Income and Currencies
ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 SBM-1
Overview
Fixed Income and Currencies leverages its expertise in product innovation to structure, originate and distribute assets
that meet clients’ rapidly evolving sustainability needs. The four main objectives for Fixed Income and Currencies are to
support clients by connecting investors and issuers, to increase its sustainable lending volumes, to support clients’
energy transition plans and to innovate and expand its product range.
In 2025, the organizational structure for ESG within Fixed Income and Currencies underwent a recalibration to better
align with Deutsche Bank's integrated client strategy and commitment to sustainability. In pursuit of a unified and
holistic client approach, Sustainable Finance and ESG advisory across the entire Investment Bank was consolidated
under a single global leadership. A Global Head of Sustainable Finance for the Investment Bank was appointed in June
2025, who will continue to collaborate closely with the Chief Sustainability Office to drive sustainability initiatives for
both clients and the bank, ensuring that sustainability advisory and execution remain central to client dialogue. This
structural change reflects Deutsche Bank's continued dedication to its sustainability agenda and its commitment to
delivering integrated solutions across its Investment Bank operations.
Incremental 2025 sustainable finance volumes in the Global Financing and Credit Trading business totaled € 21 billion
(2024: € 15 billion). The growth has continued from 2024 onwards, showing an increase in financing energy efficient data
centers and sustainability-linked deals in renewable energy use of proceeds transactions.
The Rates business provides risk management solutions for sustainable bonds and loans issuers. It also issues and invests
in affordable housing and senior care home loans and bonds in the United States. In 2025, Rates contributed € 12 billion
toward Deutsche Bank’s sustainable finance and ESG investments volumes (2024: € 13 billion). Key driver for volumes
was from risk management solutions for data center and renewable energy loans. Rates also facilitated 65 structured
green bonds and notes in 2025.
The Global Emerging Markets business has a strong footprint in developing novel sustainability solutions by structuring
and executing innovative and award-winning sustainability-linked financing and risk management solutions for its global
client base. Overall, Global Emerging Markets franchise contributed € 4 billion in 2025 toward the bank’s sustainable
finance and ESG investments volumes (2024: € 3 billion).
The Global Foreign Exchange business has been a pioneer in sustainability-linked derivatives, structuring innovative
solutions to answer the needs and requirements of the clients. Deutsche Bank aims to continue to innovate in this
space by helping its clients align their sustainability strategy with their hedging strategies. Overall, Global Foreign
Exchange franchise contributed € 1 billion in 2025 toward the bank’s sustainable finance and ESG investments volumes
(2024: € 0 billion).
Contribution toward Group-wide target
Sustainable finance and ESG investments – Fixed Income and Currencies (cumulative volumes)
| in € bn1 | Dec 31, 2025 | Contribution in<br><br>2025 | Dec 31, 2024 |
|---|---|---|---|
| Financing | 85 | 24 | 61 |
| Issuance | 59 | 12 | 47 |
| Market making | 1 | 1 | 1 |
| Assets under Management2 | — | — | — |
| Pension plan assets2 | — | — | — |
| Total | 146 | 37 | 109 |
1Numbers may not add up due to rounding
2Stock value at period end
253
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|---|---|
| Annual Report 2025 | Sustainable finance |
At year-end 2025, Fixed Income and Currencies had € 146 billion in cumulative sustainable finance volumes. In 2025,
Fixed Income and Currencies contributed incremental € 37 billion in sustainable finance volumes compared to
€ 31 billion in 2024. In 2025, the mix of Sustainable Finance volume contributions shifted compared to 2024. Digital
infrastructure assets and renewable energy financing saw a relative increase, while financial services contributions
(including Sustainability-linked Loans, Fund Financing, and SME on-lending) decreased. In 2025, Fixed Income and
Currencies had € 4 billion of sustainable securitization contributing to the Group’s sustainable finance target. Of these
€ 2 billion, 50% were externally verified by receiving an International Capital Market Association classification, a second
party opinion or both. Fixed Income and Currencies contributed € 4 billion in 2025 towards sustainability-linked
corporate loans.
Highlights
NeXtWind: Deutsche Bank acted as Global Coordinator to NeXtWind in € 1.4 billion debt financing. NeXtWind, a leading
German renewable energy company, plans to repower and optimize a portfolio of existing onshore wind parks, helping
the company finance the buildout of more than 150 new wind turbines in more than half of their existing wind farms.
EcoDataCenter: Deutsche Bank served as the Sole Lead Arranger and underwriter for the € 600 million senior secured
financing provided to EcoDataCenter, a Swedish digital infrastructure provider. The funds will support continued growth
by facilitating the expansion of the Falun and Borlänge data centers. EcoDataCenter earned a Platinum EcoVadis rating
in August 2024, which places them among the top 1% of companies globally.
Mota-Engil: Deutsche Bank acted as Mandated Lead Arranger for Mota-Engil Engenharia e Construção África, S.A. on a
€ 171 million sustainability-linked loan, backed by a partial credit guarantee, the first ever provided by the African
Development Bank to an Engineering, Procurement, and Construction company in Africa. This financing will support
Mota-Engil in delivering a variety of projects across multiple African countries, including transport infrastructure,
environmental services, water and sanitation systems, and energy-efficient civil works. The implemented KPIs are aligned
with the company’s Sustainability-Linked Financing Framework.
Investment Banking and Capital Markets
ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 SBM-1
Overview
Investment Banking and Capital Markets (IBCM), formerly Origination and Advisory, provides holistic support to clients on
sustainable finance and the impact of broader ESG issues on their strategic and financial priorities. IBCM aspires to be a
trusted partner for clients’ sustainability journeys, helping them navigate evolving regulation, market developments, and
investor preferences. Additionally, the business supports clients’ transitions towards a resilient and sustainable future.
In reference to the organizational changes described in the preceding FIC section, a Global Head of Sustainable Finance
for the Investment Bank was appointed in June 2025. This change highlights Deutsche Bank’s continued commitment to
sustainability and integrated execution across the Investment Bank.
As part of Investment Banking and Capital Markets’ ESG thought leadership, IBCM collaborated with the International
Capital Markets Association on its guidance and principles translation initiative to promote global consistency in
sustainable finance standards. IBCM hosted its third Climate and Security Conference during London Climate Week, and
its fourth Financial Institutions Group investor-issuer virtual event in Europe, fostering dialogue on sustainability,
transition and nature themes, as well as broader market trends.
254
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|---|---|
| Annual Report 2025 | Sustainable finance |
In 2025, Investment Banking and Capital Markets supported clients in originating sustainable financing across both
investment grade and leveraged debt markets, contributing to € 30 billion in global financing and investment volumes
(2024: € 27 billion). Deutsche Bank partnered with global corporates, financial institutions, and public sector clients on a
broad range of sustainable finance transactions, including inaugural sustainable finance bond and loan instruments. In
addition, IBCM executed multiple transactions aligned with the European Green Bond Standard label, facilitating over
€ 1 billion in issuance volumes in this format.
In relation to a year-on-year league table basis for investment grade debt, Deutsche Bank ranked # 3 globally in the
green-bond label with 3.6% market share. Across all ESG-labelled products, Deutsche Bank ranked # 3 at 5.0% globally,
3 in EMEA with 5.6% market share, and # 1 in DACH with 8.8% market share, across core currencies for the year 2025.
Contribution toward Group-wide target
Sustainable finance and ESG investments – Investment Banking and Capital Markets (cumulative volumes)
| in € bn1 | Dec 31, 2025 | Contribution in<br><br>2025 | Dec 31, 2024 |
|---|---|---|---|
| Financing | 13 | 3 | 10 |
| Issuance | 132 | 26 | 106 |
| Market making | — | — | — |
| Assets under Management2 | — | — | — |
| Pension plan assets2 | — | — | — |
| Total | 145 | 30 | 116 |
1Numbers may not add up due to rounding
2Stock value at period end
At year-end 2025, Investment Banking and Capital Markets’ sustainable finance and investment volume stood
cumulatively at € 145 billion, of which € 30 billion incremental volume was reported in 2025. IBCM’s sustainable
financing volume was driven by slightly stronger performance in debt capital markets, resulting in higher financing
volumes compared to 2024.
Highlights
European Investment Bank: Deutsche Bank acted as Joint Lead Manager on European Investment Bank’s € 3 billion
Climate Awareness Bond aligned with the European Green Bond Standard label. The transaction represented the largest
ever bond issued under the European Green Bond Standard in 2025.
Corporación Andina De Fomento: Deutsche Bank Acted as Joint Lead Manager on Corporación Andina De Fomento’s
(CAF) € 1.5 billion seven-year sustainable bond. This was CAF’s first benchmark issuance under its newly updated
Sustainable Finance Framework with proceeds to be allocated to eligible green and social projects.
Sobha Realty: Deutsche Bank acted as Joint Lead Manager and ESG Structuring Coordinator for Sobha Realty’s
U.S. dollar denominated € 644 million equivalent five-year inaugural green sukuk, with proceeds to be allocated to
financing or refinancing eligible green projects under Sobha Realty’s Green Financing Framework.
255
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|---|---|
| Annual Report 2025 | Sustainable finance |
Private Bank
ESRS 2 MDR-P, ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 SBM-1
Private Bank aims to provide its clients with responsible banking and wants to be their trusted partner along the two core
client sectors, Personal Banking and Wealth Management. It provides differentiated sustainability advice and a broad
range of financial services for private and personal banking clients, wealthy individuals, entrepreneurs and family-offices
as well as commercial clients in selected countries.
Overview
Financing
The Private Bank offers dedicated sustainability lending and financing options for its clients. Lending volumes are
reported as sustainable only if they meet either the environmental or social criteria.
In Germany and Spain, the Private Bank has continued to expand products and services facilitating homeowners to
improve energy efficiency.
The Private Bank in Germany offers its customers a broad mix of products and services for private residential real estate
financing. For this purpose, a platform under the BHW brand serves as one possible point of contact, “Modernization
made easy”. Customers are offered a variety of experts in the field of energy efficiency, craftsmen for windows and
heaters and consultants for appropriate financing. In addition to the green mortgage product for new construction and
modernization financing according to higher energy efficiency, which is available in brands Deutsche Bank and BHW, the
BHW climate loan is more suitable for investment in singular energy efficiency measures such as heating systems,
windows or installment of photovoltaics.
The cooperation with the European Investment Bank (EIB) in 2025 further strengthens Deutsche Bank and BHW
commitment to sustainable home financing, specifically through the continued success of the Green Mortgages
Financing program. In this program, clients continue to receive a 20 basis points discount compared to the standard
financing rate. The conditions for the construction of new private residential properties or for modernization, which are
based on the requirements of the EU taxonomy, continue to apply.
Globally, the Private Bank offers its Wealth Management clients extensive financing assistance with respect to their
requirements for credit in the sustainable finance area. This relates to a range of asset classes, including, among other
things, commercial real estate, prime real estate, aircraft and project finance. In the Wealth Management segment, loans
are typically classified as sustainability linked when the underlying asset which secures the relevant exposure is either
energy efficient or serves a social purpose. Loans may also be structured as “KPI Linked” whereby clients are encouraged
to comply with certain ESG targets in exchange for a reduction on the margin payable if those are achieved.
The Private Bank also supports companies in achieving their sustainability goals in selected international markets, for
example through: (i) funding the construction of critical renewable energy infrastructure, (ii) financing the development
of new energy efficient public transportation services or (iii) making loans available to entities who would not typically be
eligible for financing but have a clear need for liquidity in developing industries. This financing applies in Italy and Spain,
as well as through loans for qualifying micro, small and medium-enterprises in India.
Investments
In line with the Group’s ESG Investments Framework, the Private Bank offers a range of investment solutions with a focus
on sustainability for its clients. This includes discretionary portfolio management mandates, Advisory Funds, Alternatives,
and Capital Market instruments.
In 2025, the Private Bank’s approach to classifying investment products as ESG was enhanced to include the Climate
Transition Benchmark exclusions as stipulated by the European Securities and Markets Authority guidelines on funds’
using ESG or sustainability-related terms in their name.
The Private Bank’s discretionary portfolio management mandates use MSCI data to exclude certain sectors from the
investment universe in accordance with the Group ESG Investments Framework. In addition, underlying securities within
the portfolios must have a minimum MSCI ESG rating. In line with regional regulatory requirements, these mandates must
also align to defined sustainability characteristics. Discretionary portfolio mandates with ESG criteria are offered by the
Private Bank across the main regions and in 2025, the bank continued to focus sales efforts on this core offering.
256
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|---|---|
| Annual Report 2025 | Sustainable finance |
Funds on the Private Bank’s advisory list are assessed by Global Funds Research to determine if they meet minimum ESG
classification requirements. ESG funds must have a qualifying ESG strategy, meet a minimum MSCI ESG rating as
stipulated in the Group ESG Investments Framework and align to defined sustainability regulations within the applicable
region. Additional ESG due diligence is carried out by the Global Fund Research team for funds to be actively promoted
as ESG within advisory processes. In 2025, the Global Funds Research team continued their efforts to assess ESG funds
through active search for offerings from a variety of asset classes. The number of ESG funds meeting the defined criteria
on Private Bank’s recommended lists was at 47 mutual funds and 108 exchange-traded funds (2024: 55 mutual funds,
109 exchange-traded funds).
The classification of ESG alternative funds follows the defined minimum classification requirements described in the
above paragraph, with the Global Funds Research team conducting ESG due diligence before any solutions are actively
promoted as ESG within advisory processes.
The ESG approach for capital markets instruments aligns with the International Capital Market Association’s (ICMA’s)
Green and Social Bond Principles. Consequently, Deutsche Bank or third-party Green-, Social- and Sustainability-Linked
bonds are considered ESG instruments if they meet all four core components of ICMA principles, which are use of
proceeds, disclosure of the process for project evaluation and selection, the management of the proceeds and annual
reporting on allocations.
Contribution toward Group-wide target
Sustainable finance and ESG investments – Private Bank (cumulative volumes)
| in € bn1 | Dec 31, 2025 | Contribution in<br><br>2025 | Dec 31, 2024 |
|---|---|---|---|
| Financing | 17 | 2 | 15 |
| Issuance | — | — | — |
| Market making | — | — | — |
| Assets under Management2 | 62 | 9 | 53 |
| Pension plan assets2 | — | — | — |
| Total | 80 | 12 | 68 |
1Numbers may not add up due to rounding
2Stock value at period end
Private Bank’s sustainable finance and ESG investments totaled € 80 billion at December 2025, contributing € 12 billion
in the year compared to € 9 billion achieved in 2024. The € 9 billion incremental volume growth in Assets under
Management mainly reflects an increase in Discretionary Portfolio Mandates, while the € 2 billion incremental volume in
sustainable finance is predominantly driven by new sustainable lending deals and continuous inflows from ongoing
Lending programs.
Highlights
In 2025, the Private Bank in Germany launched strategic energy advice for wealth management clients with real estate
assets through its preferred partner, the energy efficiency advisor Fuchs & Eule. The service includes energy due
diligence and strategic funding advice to help clients achieve economically sound policy decisions with optimal cost-
benefit ratio and maximum funding rate. Through individual portfolio analysis, clients gain an overview of their real estate
portfolio, enabling the early identification of risks and potentials. This allows them, to focus on critical assets and to
visibly, comparably and in a prioritized way, manage measures based on economic and energetic key performance
indicators.
As a focus area of Deutsche Bank’s strategy to avoid CO2 emissions in the residential building sector, the Private Bank in
Germany offers customers and interested parties with real estate assets via the openHaus client event platform an
intensive knowledge transfer and discussion platform on the topic of "Energy-efficient renovation of real estate".
Micro, small and medium-enterprise loans in India enable Private Bank to offer products to small firms that would
otherwise not receive financing, with some loans backed by government schemes. Up to the end of 2025, 2,897 (2024:
2,771) term loans and revolving credit facilities with a total volume of € 344 million (2024: € 361 million) have been
provided to micro, small and medium-enterprise clients.
Acknowledging the long-term importance of the strategic asset allocation on the risk and return profile of a client
portfolio, Deutsche Bank’s Strategic Asset Allocation fund offering continued to be the focus in 2025 as the core offering
with positive net flows.
257
| Deutsche Bank | Environmental information |
|---|---|
| Annual Report 2025 | Sustainable finance |
Asset Management
ESRS 2 MDR-P, ESRS 2 MDR-T, ESRS 2 MDR-A, ESRS 2 MDR-M, ESRS 2 SBM-1
Overview
With € 1 trillion of assets under management as of December 31, 2025, the Asset Management division, which operates
under the brand DWS, serves a diverse client base of retail and institutional investors worldwide, with a strong presence
in the bank’s home market in Germany. Responsible investing has been an important part of its heritage for more than
twenty years, and DWS is committed to acting and investing in its client´s best interests.
ESMA and SFDR Assets under Management
From 2025 onwards, DWS discloses assets under management that fall in scope of the ESMA (European Securities and
Markets Authority) Guidelines on funds names using ESF or sustainability-related terms (ESMA Guidelines) and thus
adhere to their requirements (“ESMA AuM”). ESMA AuM refers to funds that use ESG or sustainability-related terms in
their names, fall in scope of the ESMA Guidelines, and for which DWS serves as either the Management Company or
Alternative Investment Fund Manager (AIFM). All respective products from Active, Passive, and Alternatives are included.
Since the ESMA Guidelines came into effect only in May 2025 for existing products, DWS applied an assumption-based
approach for the 2024 ESMA AuM figure by mapping the products in its 2025 product suite that fall in scope of the
ESMA AuM definition to their corresponding AuM figures as of 31 December 2024.
In addition to that, DWS provides assets reporting under Articles 6, 8, and 9 of the current Sustainable Finance
Disclosure Regulation regime (SFDR AuM). According to the SFDR, Article 6 SFDR refers to financial products with no
sustainability focus, Article 8 SFDR covers financial products that promote environmental or social characteristics, and
Article 9 SFDR applies to financial products with a sustainable investment objective.
Most of DWS´s European domiciled actively managed retail funds continue to apply one of two DWS ESG filters: DWS
ESG Investment Standard or DWS Basic Exclusions:
–The DWS Basic Exclusions filter represents DWS´s basic approach to incorporating certain exclusions in the
investment policy of the relevant fund; funds applying this filter report under Article 8 SFDR
–The “DWS ESG Investment Standard” filter enhances the exclusions in comparison to the DWS Basic Exclusions filter;
and covers funds that have ESG or sustainability-related terms in their names. Thus, this filter has been enhanced to
incorporate the requirements of the ESMA Guidelines earlier in 2025. Those funds disclose under Article 8 or 9 SFDR
SFDR Assets under Management (AuM) and ESMA AuM
| in € bn | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Article 6 | 441 | 406 |
| Article 8 | 363 | 323 |
| Article 9 | 1 | 1 |
| SFDR AuM - Total | 805 | 730 |
| thereof: ESMA AuM1 | 85 | 82 |
1Assumption-based: ESMA AuM for 2024 is calculated by mapping the products in DWS´s product suite that fall in scope of the ESMA AuM definition to their
corresponding AuM figures as of 31 December 2024. To maintain comparability and transparency, in accordance with the requirements of ESRS 2 paragraph 13, DWS
discloses both SFDR and ESMA AuM metrics for the current and previous reporting period. Since the ESMA Guidelines came into effect only in May 2025 for existing
products, DWS applied an assumption-based approach for the 2024 ESMA AuM figure
In light of the uncertainty surrounding the proposed SFDR 2.0 revisions and further regulatory developments, DWS did
not set quantitative targets for those metrics. DWS will continue to monitor the market and regulatory environment in
the context of its approach to reporting products managed in relation to environmental, social or governance
characteristics.
Liquid assets
DWS´s fiduciary responsibility is to act in the best interests of its investors and clients, which includes integrating
sustainability risks and identifying sustainability-related opportunities as core pillars of its investment processes, as well
as exercising stewardship activities on behalf of its investors and clients.
In the Active business, sustainability risks and opportunities are considered at various steps of the investment processes,
such as in fundamental issuer analysis and portfolio management. The integration is further guided by an individual
portfolio’s investment policy and product-specific sustainability characteristics. Overall, sustainability risk integration is
governed by internal procedures, taking into account jurisdictional differences and varying regulatory requirements.
258
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|---|---|
| Annual Report 2025 | Sustainable finance |
For European-domiciled passively managed Xtrackers ETFs, minimum standards are set on how to undertake a
comprehensive assessment of investment risks and opportunities by incorporating sustainability-related characteristics
into underlying index (Reference Index) due diligence and selection processes, where applicable. Any change in
sustainability-related characteristics is generally prompted by a consultation from the relevant index provider and driven
by an evolution in regulatory guidance or in investors´ expectations in terms of sustainability-related characteristics.
In 2025, DWS Investment GmbH published the DWS Stewardship Statement as part of its ongoing stewardship activities.
It encompasses both the exercise of voting rights by DWS Investment GmbH and its engagement with corporate issuers
of liquid equity and/or debt securities. The Stewardship Statement sets out how DWS Investment GmbH exercises
stewardship through engagement with investee companies and the effective use of voting rights, the governance and
oversight of those activities, and how DWS Investment GmbH reports on them. Details of the engagement process are
outlined in the DWS Engagement Policy, while the approach to corporate governance and proxy voting are described in
the Corporate Governance and Proxy Voting Policy 2025.
Updated in 2025, the DWS Engagement Policy sets out the scope of engagement with investee companies across asset
classes, the governance including responsibilities, criteria for selecting investee companies, target setting and thematic
priorities, monitoring and escalation measures, and the management of conflicts of interest. It is issued by DWS
Investment GmbH considering delegated engagement activities to this entity from other EMEA entities part of DWS
Group.
Not in scope of this policy are portfolios whose portfolio management has been sub-delegated from DWS Investment
Management Americas, Inc., DBX Advisors LLC, RREEF Americas L.L.C. to DWS Investment S.A., DWS Investment GmbH,
DWS International GmbH or DWS CH AG.
The DWS Corporate Governance and Proxy Voting Policy for 2025 provides an overview of the key factors DWS
Investment GmbH considers when evaluating proposals at shareholder meetings and is available on DWS´s website. It
sets out DWS Investment GmbH’s current voting guidelines and reflects the principles and core values that underpin the
approach to corporate governance – covering areas such as board composition, executive remuneration, auditors’
transparency and independence, and shareholder rights. These principles have been refined over time, including updates
in 2025, and form the foundation of this policy. In addition, the policy outlines the voting approach to sustainability, with
a particular focus on climate-related risks.
The policy applies to voting activities in respect of equity holdings that DWS Investment GmbH may carry out as a fund
management company by law or where DWS Investment GmbH has been appointed by other EMEA entities of DWS
Group to perform these activities on their behalf.
For DWS’s U.S. legal entities, there is a separate proxy voting policy, the Proxy Voting Policy and Guidelines DWS
Americas. The policy is designed to ensure that proxies are voted in the best economic interest of its clients and in good
faith after appropriate review. It considers under certain circumstances ISS Sustainability Proxy Voting Guidelines
“Sustainability” Policy on social and sustainability issues.
In 2025, for funds and mandates domiciled in DWS´s legal entities in Europe and Asia, DWS submitted votes at a total of
5,809 shareholder meetings at 4,247 investee companies across 65 markets. This is a decrease of 5% of meetings voted
and 1% of companies voted compared to 2024. For the mutual funds domiciled in the US, DWS voted at a total of 9,217
meetings at 6,483 investee companies in 2025.
Proxy voting and engagements
| Proxy voting numbers | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| For mandates and funds domiciled with DWS legal entities in Europe1 and Asia2 (submitted votes) | 5,809 | 6,085 |
| Companies voted | 4,247 | 4,310 |
| For mandates and funds domiciled with DWS legal entities in the U.S. (submitted votes) | 9,217 | 9,249 |
| Companies voted | 6,483 | 6,567 |
| Number of engagements | ||
| Annual General Meeting attendance and questions sent to company boards for virtual and physical<br><br>shareholder meetings for funds and mandates domiciled in Europe1 | 55 | 67 |
| Corporate engagements for funds and mandates domiciled in Europe1,3 | 414 | 632 |
1In line with the scope of the DWS Corporate Governance and Proxy Voting Policy
2DWS Investment GmbH acts as a proxy advisor for the single DWS legal entities in Asia, for which DWS Investment GmbH provides voting recommendations and the
voting rights and voting execution lies with the respective Hong Kong and Japan entity
3 The reporting total of 414 engagements in 2025 included 73 engagements with U.S. investee companies held within EU-domiciled funds
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|---|---|
| Annual Report 2025 | Sustainable finance |
The DWS ESG Engine is a proprietary software tool and collects data from various sources including leading commercial
ESG data provides. For the asset classes where data is available, the data is standardized and aggregated into ESG
assessment scores and grades which are used by different functions within DWS. The ESG Engine and Solutions team is
responsible for validation of the results produced by the DWS ESG Engine which it does in regular update cycles.
Throughout 2025, multiple external commercial ESG data providers were used. The data is made available to research
analysts and portfolio managers for liquid assets through the Aladdin platform and provides support to research,
investment decision making and for managing portfolios in accordance with product-specific investment guidelines.
Illiquid assets
Real Estate
DWS Real Estate recognizes the importance of identifying, assessing and managing sustainability-related risks and
opportunities as an integral part of conducting business. DWS Real Estate focuses on the following ESG aspects, which
are material for real estate equity and/or debt investments: transitional (e.g., building’s energy efficiency), physical (e.g.,
flooding risk), social norms (e.g., wellbeing sustainability rating) and governance (e.g., third-party risk rating of a debt
sponsor). These sustainability aspects can present both risks and opportunities for the financial performance of real
estate assets and investments may have positive and negative environmental and social effects. Therefore, DWS Real
Estate takes a fiduciary-led approach to sustainability aspects and performance in private real estate investment
management, defining a range of operation between ESG and financial risk boundaries. The ESG risk boundary relates to
risks where appropriate actions to assess and manage ESG aspects, if not undertaken in good time, could result in
negative impacts on sustainability and long-term expected financial performance of the asset or portfolio. The financial
risk boundary relates to negative effects of inappropriate sustainability actions (e.g., actions that are ill-timed, or too
extensive) on compliance with the investment objectives.
DWS Real Estate has identified eight sustainability topics, which are most relevant for real estate investment
management and grouped them into the following four sustainability themes:
–Resilience, encompassing efficiency in construction and operation and asset adaptation to external conditions
including where related to climate change
–Wellbeing, encompassing physical and mental occupant comfort and air quality
–Nature, encompassing circularity in buildings and protection of ecosystems from pollution
–Community, encompassing housing affordability and stakeholder engagement
DWS Real Estate seeks to assess and verify sustainability performance on asset and portfolio level, as well as DWS’s asset
management processes utilizing well-established third-party ratings, certifications and benchmarks such as Energy Star,
BREEAM, LEED, CRREM, GRESB and PRI, as feasible and applicable. Sustainable building certifications offer a holistic
assessment and rating of real estate assets’ performance, sustainability topics relevant for real estate and captured in
sustainability themes. The investment process comprises three phases: research and strategy, portfolio planning and
execution. ESG aspects and sustainability performance are important elements of consideration in each phase, which
includes both risks and opportunities analyses. Sustainability due diligence is completed prior to acquisition. The findings
are presented to the investment committee and include found issues, necessary actions and underwriting.
Following acquisition, asset and portfolio managers monitor sustainability performance aiming to mitigate risks and to
identify potential value-creation opportunities as part of ongoing business planning. For equity investments, the annual
asset sustainability action plan is based on achieved performance and consequent asset and portfolio risk profile review,
portfolio investment plan including asset holding period and portfolio sustainability strategy objectives. The portfolio
sustainability strategy is defined as integrating ESG aspects into the construction and management of a portfolio to
achieve long-term financial returns alongside positive sustainability performance.
Infrastructure
DWS seeks to incorporate sustainability considerations into the infrastructure business investment framework at all
stages of the investment lifecycle for its investments – from the initial screening and due diligence to the asset
management and exit stages. The infrastructure business engages with portfolio company management to discuss
DWS’s sustainability objectives and reporting. During the holding period, DWS monitors material sustainability factors
relevant to portfolio companies, encompassing environmental aspects, such as carbon footprint, energy and water
usage. This is achieved through regular reporting of indicators by portfolio companies and through completion of the
annual Global Real Estate Sustainability Benchmark (GRESB) Infrastructure benchmarking assessment at both fund and
asset level. Due diligence includes climate-related considerations and it is incorporated into the Investment Committee
paper and presented to the Investment Committee for consideration.
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|---|---|
| Annual Report 2025 | Sustainable finance |
The infrastructure business also produces an annual Sustainable and Responsible Investment report for investors in each
of its equity funds. This report addresses various sustainability initiatives and performance for the fund’s underlying
investments and since 2024 the report included information aligned with the climate‑related disclosure approach
originally developed under TCFD and now embedded within ISSB’s IFRS S2.
During 2025, DWS Infrastructure updated its Sustainability Framework and Sustainability Implementation Documents for
debt and equity investments under which the business operates (formerly the Environmental and Social Management
System (ESMS)) to reflect all relevant applicable developments in the sustainability environment and to strengthen
procedures. The Framework applies to potential and existing portfolio investments in the European infrastructure equity
and infrastructure debt businesses. It also sets out how DWS engages with its portfolio companies and ensure it receives
regular reporting on sustainability matters, supporting the monitoring of sustainability-related metrics over time.
The Infrastructure Debt business operates under the above-mentioned Sustainability Framework, and also uses a
bespoke proprietary sustainability scoring methodology, which has been rolled out to new and existing investments since
- The methodology supports the overall investment process and ongoing monitoring of environmental risks of the
infrastructure debt portfolios among other sustainability risks.
The infrastructure business ensures skills and competencies are maintained in accordance with the needs of DWS to
properly implement its sustainability policies and operate its Framework and Implementation documents effectively
through the implementation of its competency and training matrix.
Corporate & Other
ESRS 2 MDR-P, ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 SBM-1
Overview
Deutsche Bank’s ESG Investments Framework is used to assess if the bank’s pension plan assets meet the criteria for
being reported towards the sustainable finance and ESG investments target.
As detailed in the ESG Investments Framework, minimum eligibility criteria need to be met for a pension plan to be
reported towards the bank’s sustainable finance and ESG investments target. Minimum eligibility criteria comprise both
quantitative and qualitative screening criteria aiming to ensure alignment of the underlying investments with sector
specific eligibility revenue thresholds or criteria. In addition, the framework outlines that the implementation of the
eligibility criteria and the associated investment process are subject to feasibility and governance principles.
Contribution toward Group-wide target
Sustainable finance and ESG investments – Corporate & Other (cumulative volumes)
| in € bn1 | Dec 31, 2025 | Contribution in<br><br>2025 | Dec 31, 2024 |
|---|---|---|---|
| Financing | — | — | — |
| Issuance | — | — | — |
| Market making | — | — | — |
| Assets under Management2 | — | — | — |
| Pension plan assets2 | 9 | (1) | 10 |
| Total | 9 | (1) | 10 |
1Numbers may not add up due to rounding
2Stock value at period end
Corporate & Other’s pension plan assets amounted to € 9 billion at year‑end 2025, compared to € 10 billion at year‑end
- The year‑on‑year decrease of € 1 billion reflects the plans’ liability driven investment approach, under which rising
interest rates during the period led to a reduction in both the underlying pension obligations and the corresponding
pension plan assets.
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|---|---|
| Annual Report 2025 | Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) |
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852
(Taxonomy Regulation)
Deutsche Bank applied the reporting rules under the Disclosures Delegated Act (EU) 2021/2178, as amended by the
Omnibus Delegated Act (EU) 2026/73, published in the Official Journal in January 2026. The bank notes that the
December 2025 FAQ is still in draft form, hence any further implications will be assessed once it is published in the
Official Journal of the European Commission.
The EU Taxonomy Regulation (EU) 2020/852 is aimed at allocating funding towards environmentally sustainable sectors
and supporting the transition towards a sustainable economy, setting out the guidelines and criteria for economic
activities which financial and non-financial undertakings can classify as environmentally sustainable. In particular, it
pursues supporting economic activities with the following environmental objectives:
–Climate change mitigation: including activities stabilizing greenhouse gas concentrations in the atmosphere
–Climate change adaptation: including solutions that either substantially reduce the risk of the adverse impacts of the
current climate change or provide for adaptation solutions that help avoid the risk of these adverse impacts on
people, nature or other assets
–Sustainable use and protection of water and marine resources: including activities contributing to the development of
good status of waters, including surface waters and groundwater, or prevent their deterioration where they are
already in a good condition
–Transition to a circular economy: including activities aimed at more efficient use of natural resources, in particular
sustainable bio-based materials and other raw materials, in production by increasing the durability and accountability
of products
–Pollution prevention and control: including activities reducing emissions of pollutants into the atmosphere, improving
air quality, minimizing waste generation and preventing release of harmful substances into the environment
–Protection and restoration of biodiversity and ecosystems: including activities achieving favorable conservation status
of natural and semi-natural habitats and species or prevent their deterioration where their conservation status is
already favorable
Deutsche Bank was among the first international banks to explicitly refer to the EU Taxonomy Regulation in its Group-
level Sustainable Finance Framework. In particular, the bank aligned the eligibility criteria of its Sustainable Finance
Framework, on a best‑effort basis, with the EU Taxonomy’s technical screening criteria (TSC) for substantial contribution,
specifically those related to the climate change mitigation and climate change adaptation objectives. The bank’s
Sustainable Finance Framework was last updated in January 2026 and received a positive Second Party Opinion from
ISS-Corporate. As the overall understanding of environmental and social matters and the EU Taxonomy continues to
evolve, these criteria may be modified.
Similarly to Do No Significant Harm and Minimum social safeguards checks of client performance against environmental
and social objectives required by the EU Taxonomy, Deutsche Bank already conducts reviews of clients’ overall
management approach and performance toward environmental and social challenges common to the industries in which
the client operates (for more information on these reviews, see the “ESG due diligence” chapter within this Sustainability
Statement).
In accordance with Article 8 of the EU Taxonomy Regulation and the related Disclosures Delegated Acts, for year-end
2025, financial undertakings have to determine and disclose the proportion of exposures eligible to the EU Taxonomy in
their covered assets (i.e., total assets less exposures toward central governments, central banks, supranational issuers,
undertakings and entities not subject to CSRD, derivatives, on demand interbank loans, cash and cash-related assets,
other categories of assets and the trading portfolio) for the six environmental objectives. Exposures aligned to the EU
Taxonomy need to be reported for all environmental objectives, of which the four non-climate objectives are reported for
the first time.
In January 2026, Commission Delegated Regulation (EU) 2026/73 was published in the Official Journal of the European
Union triggering its entry into force and introducing streamlined reporting templates. These templates replace the
extensive Annex XII templates for nuclear and gas activities with a simplified structure and also consolidate the Green
Asset Ratio (GAR) and related KPIs across all six environmental objectives. Although the regulation permits deferral of EU
Taxonomy disclosures or continued use of legacy templates, Deutsche Bank has chosen immediate adoption of the new
framework to align with regulatory expectations, reduce administrative burden, and enhance transparency. Prior-period
templates are not presented due to structural changes as the redesigned GAR denominator and changes to scope and
classification of exposures captured in KPI calculations prevent reliable restatement of prior‑period data.
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|---|---|
| Annual Report 2025 | Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) |
Where the use of proceeds is known at a transaction level, the bank considers relevant exposures to the extent the
underlying transaction is financing a Taxonomy eligible or aligned activity. For general purpose lending to counterparties
subject to the EU Taxonomy disclosure obligations as of year-end 2024, the bank considers exposures weighted by the
eligibility and alignment turnover and capital expenditure (capex) key performance indicators (KPIs) disclosed by its
clients. The turnover and capex KPIs are collected via a vendor, MSCI and mapped to relevant counterparties.
Identification of undertakings with obligation to report under the EU Taxonomy and the related Disclosures Delegated
Acts and their respective Taxonomy KPIs is performed in an ESG data collection project of the bank based on the
materiality of the in-scope exposures, except for the assets under management disclosures which are based on external
vendor classification. As the EU Taxonomy metrics are evolving and with the new Delegated Act there are limitations on
the amount and granularity of available data.
Within the exposures to households, residential real estate loans against households collateralized by residential
immovable property, building renovation loans and motor vehicle loans are all considered Taxonomy eligible. Given the
low level of energy performance certificate (EPC) coverage in the portfolio, Taxonomy alignment of the residential real
estate loans has been additionally determined via KfW sponsoring programs and the respective KfW Efficiency House
standards under which loans have been granted. Deutsche Bank has involved an external industry expert to determine
which standards are compliant with the technical screening criteria for substantial contribution, as defined in the EU
Taxonomy’s climate change mitigation activities 7.1 “Construction of new buildings” and 7.7 “Acquisition and ownership
of buildings”. Based on that, buildings constructed until 31. December 2020 shall either have an EPC class A or belong to
“the top 15% of the national or regional building stock expressed as operational Primary Energy Demand (PED)”. It was
concluded that buildings adhering to the criteria of KfW-70 or better are compliant with the “top 15% benchmark”. For
buildings constructed after 31. December 2020, the EU Taxonomy defines that the PED has to be “at least 10% lower
than the threshold set for the nearly zero-energy building (NZEB) requirements in national measures”. Here, it was
concluded that buildings adhering to the criteria of KfW-40 or better are compliant with the “at least 10% lower than
NZEB”-benchmark that is based on the updated German Buildings Energy Act (GEG/Gebäudeenergiegesetz).
Furthermore, EPCs are already widely collected in new business and their availability for the residential property stock is
to be systematically increased with proportionate measures.
For Do No Significant Harm compliance under activity 7.7, the EU Taxonomy requires a robust climate-risk and
vulnerability assessment in accordance with the criteria set out in Annex A of the Climate Delegated Act. Deutsche Bank
has operationalized this assessment based on externally sourced data, leveraging the methodology from EBA Pillar 3
reporting where the bank has transitioned from a local calibration approach to a more actuarial and globally calibrated
methodology. This enhanced methodology integrates comprehensive hazard data across all global locations, accounting
for diverse climate scenarios and varying future timeframes. Buildings with a very high risk exposure to at least one
physical climate risk are considered to be not aligned with the EU Taxonomy criteria, as the implementation of
adaptation measures cannot be verified at present.
Deutsche Bank recognizes the assessment of minimum social safeguards as defined under Article 18 of the EU Taxonomy
Regulation, but also acknowledges the EU Commission’s guidance in the third Commission Notice published in
November 2024, which confirms under question 37 that retail clients shall not be assessed against minimum social
safeguard requirements, whilst raising that banks should instead assess the “the respective […] undertakings producing
goods and providing services that are purchased by retail clients” and citing “purchase of electric cars or solar panels” as
examples for moveable assets covered under this requirement. Accordingly, for residential real estate, constituting
immovable assets, minimum social safeguards are currently not assessed. Deutsche Bank will monitor further
implementation guidance in this regard and assess its application for the bank once clarification becomes available.
For consumer lending, the use of proceeds information is currently not collected from customers. Accordingly, the
information about Taxonomy alignment of the bank’s motor vehicle loan portfolio is currently not available. Taxonomy
alignment of the renovation loan portfolio cannot be established either. As a result, motor vehicle loans and renovation
loans have been reported under non-assessed exposures.
Exposures to SPVs are identified based on internal methodologies and assessed applying a ‘look‑through’ approach for
both numerator and denominator.
The calculation of Deutsche Bank’s Taxonomy KPIs is based on the prudential consolidation circle and FINREP balance
sheet.
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|---|---|
| Annual Report 2025 | Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) |
The table “Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation” summarizes
Deutsche Bank’s KPIs as of year-end 2025 which are detailed out in the section “Tabular disclosures in accordance with
Article 8 of the Taxonomy Regulation”:
–Green asset ratio (GAR) stock was 2.7% based on the turnover KPIs and 3.2% based on the capex KPIs; the increase of
ratios compared to the prior year was driven by the changes to the GAR ratio calculation between 2024 and 2025, as
the Omnibus simplifications allowed the bank to exclude non-CSRD exposures from the denominator
–GAR flow KPIs stood at 2.6% and 4.0% respectively; GAR flow KPIs as well as coverage percentages were calculated
based on the total flow of loans and advances, debt securities and equity instruments to financial and non-financial
undertakings and households in relation to total GAR assets flow
–Financial guarantees KPIs were not reported based on the immateriality, as they only contributed 0.9% of the total
Group net revenue in 2025
–Assets under management stock KPIs stood at 4.7% and 6.9% respectively
–KPIs for trading book and fees and commissions income are not required to be disclosed until year-end 2027
Numbers presented in the following tables may not add up due to rounding. Blank cells represent datapoints that do not
have to be reported based on the templates prescribed by the EU Taxonomy Regulation and the related Disclosures
Delegated Acts.
Summary of KPIs to be disclosed by credit institutions under Article 8 Taxonomy Regulation
| Dec 31, 2025 | Total exposure to Taxonomy- aligned activities (in m) | KPI (in %) | KPI (in %) | % coverage<br><br>(over total<br><br>assets) (in %) | Non assessed<br><br>exposures (% of<br><br>covered assets)<br><br>(in %) | Non assessed<br><br>exposures (% of<br><br>covered assets)<br><br>(in %) | |
|---|---|---|---|---|---|---|---|
| Turnover-based | CapEx-based | CapEx-based | Turnover-based | CapEx-based | |||
| Main KPI | Green<br><br>asset ratio<br><br>(GAR)<br><br>stock | 6,460 | 2.7 | 3.2 | 17.0 | 2.9 | 2.9 |
All values are in Euros.
| Dec 31, 2025 | Total exposure to Taxonomy- aligned activities (in m) | KPI (in %) | KPI (in %) | % coverage<br><br>(over total<br><br>assets) (in %) | Non assessed<br><br>exposures (% of<br><br>covered assets)<br><br>(in %) | Non assessed<br><br>exposures (% of<br><br>covered assets)<br><br>(in %) | |
|---|---|---|---|---|---|---|---|
| Turnover-based | CapEx-based | CapEx-based | Turnover-based | CapEx-based | |||
| Additional<br><br>KPIs | GAR (flow) | 2,633 | 2.6 | 4.0 | 10.0 | 1.8 | 1.8 |
| Trading<br><br>book | N/A | N/A | N/A | N/A | N/A | N/A | |
| Financial<br><br>guarantees1 | N/A | N/A | N/A | N/A | N/A | N/A | |
| Assets under<br><br>Manage-<br><br>ment | 31,447 | 4.7 | 6.9 | 39.0 | — | — | |
| Fees and<br><br>commissions<br><br>income | N/A | N/A | N/A | N/A | N/A | N/A |
All values are in Euros.
1Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation) | |||||||||||||||
| Dec 31, 20241 | Total<br><br>environmentally<br><br>sustainable<br><br>assets<br><br>(in € m) | Turnover KPIs | CapEx KPIs | % coverage<br><br>(over total<br><br>assets) | % of assets<br><br>excluded from<br><br>the numerator<br><br>of the GAR<br><br>(Article 7(2) and<br><br>(3) and Section<br><br>1.1.2. of Annex<br><br>V) | % of assets<br><br>excluded from<br><br>the denominator<br><br>of the GAR<br><br>(Article 7(1) and<br><br>Section 1.2.4 of<br><br>Annex V) | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Main KPI | Green asset ratio (GAR)<br><br>stock | 6,097<br><br>(Turnover) | 1.0 | 1.2 | 44.3 | 27.4 | 55.7 | |||||||||
| 7,308 (CapEx) | Dec 31, 20241 | Total<br><br>environmentally<br><br>sustainable<br><br>assets<br><br>(in € m) | Turnover KPIs | CapEx KPIs | % coverage<br><br>(over total<br><br>assets) | % of assets<br><br>excluded from<br><br>the numerator<br><br>of the GAR<br><br>(Article 7(2) and<br><br>(3) and Section<br><br>1.1.2. of Annex<br><br>V) | % of assets<br><br>excluded from<br><br>the denominator<br><br>of the GAR<br><br>(Article 7(1) and<br><br>Section 1.2.4 of<br><br>Annex V) | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||||||||
| Additional KPIs | GAR (flow) | 820 | 0.2 | 0.4 | 21.4 | 78.6 | — | |||||||||
| 1,392 | ||||||||||||||||
| Trading book | N/A | N/A | N/A | |||||||||||||
| Financial guarantees | 783<br><br>(Turnover) | 2.4 | 3.2 | |||||||||||||
| 1,043 (CapEx) | ||||||||||||||||
| Assets under<br><br>Management | 17,086<br><br>(Turnover) | 1.4 | 2.2 | |||||||||||||
| 26,933<br><br>(CapEx) | ||||||||||||||||
| Fees and commissions<br><br>income | N/A | N/A | N/A |
N/A - not applicable
1 The calculation methodology for year-end 2024 follows Commission Delegated Regulation (EU) 2021/2178; comparative table and figures were not restated
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|---|---|
| Annual Report 2025 | Climate change |
Climate change
For Deutsche Bank, reaching net zero by 2050 means not only living up to its responsibilities, but also capitalizing on the
business opportunities arising from the economy’s low-carbon transition. Additionally, the bank is focused on managing
climate-related risks and impacts linked to its financing and investment activities. To support these objectives, Deutsche
Bank’s ambition level includes clear, quantifiable targets — both for decarbonizing portfolios in high-carbon emission
industries and for growing sustainable business.
Transition Plan
ESRS E1-1
Since Deutsche Bank’s Management Board made sustainability a strategic priority in 2019, the bank has made significant
progress across all greenhouse gas emission scopes toward achieving its interim targets for 2030.
In compliance with requirement ESRS E1-1, Deutsche Bank hereby discloses that it is not excluded from EU Paris-aligned
Benchmarks.
In October 2023, Deutsche Bank published its Initial Transition Plan which has been updated in 2025. The plan outlines
the progress made and the strategy to reach its net zero commitment by 2030 (interim) and 2050, including the
consolidation of the bank’s definitions, methodologies, targets and achievements on its path, as well as the way forward.
In addition, it adopts a holistic approach to the bank’s net zero transition to support the Paris Agreement climate targets
by focusing on three dimensions of decarbonization: the bank’s own operations (Scope 1 and 2); Deutsche Bank’s supply
chain (Scope 3, Categories 1 to 14); and financing provided to clients (Scope 3, Category 15, excluding DWS).
By the end of 2025, carbon emissions across all three scopes were as follows:
Status quo of CO2 emissions
Numbers may not add up due to rounding
1 Scope 1, Scope 2 (market-based) and Scope 3, Categories 1-14 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers
for the period from 1 October to 31 December 2025, which are based on prior year’s fourth quarter
2 As of year-end 2025
3 As of year-end 2025, financed emissions calculations are based on disclosed Scope 1, 2 and 3 emissions of Deutsche Bank’s clients
With 390.62 MtCO₂e and 99.74% of Deutsche Bank’s total emissions, the largest share stemmed from Scope 3, Category
15 emissions linked to the bank’s EU residential real estate and corporate loan portfolios. The primary lever for further
reduction is addressing these Scope 3, Category 15 emissions by partnering with clients, introducing net zero pathways
for the most carbon-intensive sectors and providing sustainable and transition finance as well as ESG investments
opportunities. Details on the bank’s methodologies, 2030 (interim) and 2050 targets, and the development of the
emissions of each scope are outlined in the following sub-chapters of this “Climate change” chapter.
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| Annual Report 2025 | Climate change |
Key enablers and decarbonization levers
To implement the Transition Plan and achieve emission reductions, Deutsche Bank relies on dedicated governance
structures, strategies, defined metrics and targets, as well as robust frameworks covering its own operations, supply
chain, residential real estate portfolio, and corporate loan portfolio. Furthermore, Deutsche Bank has identified key levers
within each category to drive emission reductions and meet its targets. As part of its Sustainability Strategy Key
Deliverable and its Transition Plan, Deutsche Bank monitors emission reduction levers and refines them as appropriate.
The following table presents an overview of the bank’s key enablers and levers:
| Scope 1 and 2 | Scope 3, Categories 1-14 | Scope 3, Category 15 | ||
|---|---|---|---|---|
| Own operations | Supply chain | EU residential real estate | Corporate loan exposure | |
| Governance | Group Sustainability Committee provides overall<br><br>governance of climate-related management across own<br><br>operations and supply chain, with quarterly oversight by<br><br>the Chief Sustainability Officer. Progress and delivery is<br><br>managed through a dedicated workstream under the Key<br><br>Deliverable Sustainability Strategy Steering Committee | Group Risk Committee and Group Sustainability Committee form<br><br>the backbone by e.g., approving the risk appetite and net zero<br><br>targets. In addition, there is a dedicated net zero governance,<br><br>e.g., the Net Zero Fora and workstreams of the Key Deliverable<br><br>Sustainability Strategy Steering Committee | ||
| Strategy | Reduce emissions e.g., by<br><br>increasing energy<br><br>efficiency and using<br><br>renewable energy | Reduce emissions e.g., by<br><br>switching to lower carbon<br><br>alternatives | Reduce emissions by aligning the bank’s portfolio with net zero<br><br>by 2050 and promote sustainable and transition finance business<br><br>and ESG investment opportunities | |
| Frameworks | Climate-related management is guided by the GHG<br><br>Protocol and the Group’s Transition Plan | Dedicated frameworks support the decarbonization of the bank’s<br><br>Scope 3.15 emissions, including the Sustainable Finance<br><br>Framework | ||
| Internal frameworks,<br><br>including the Global Real<br><br>Estate Engineering<br><br>Standards | No dedicated framework | Internal Key Operating<br><br>Document and respective<br><br>Model Development<br><br>Documents | Transition Finance Framework,<br><br>Sustainable Instruments<br><br>Framework, and sectoral<br><br>guidelines for Thermal Coal<br><br>and Oil & Gas | |
| Metrics and<br><br>targets | Reduction of emissions by<br><br>46% by 2030 (2019<br><br>baseline) | Reduction of emissions by<br><br>46% by 2030 (2019<br><br>baseline) | No dedicated target, but<br><br>quarterly monitoring of<br><br>relevant metrics, including<br><br>financed CO2 emissions | Sectoral net zero pathways for<br><br>2030 (interim) and 2050 for<br><br>the eight most carbon-<br><br>intensive sectors within the<br><br>corporate loan portfolio which<br><br>are operationalized internally<br><br>as divisional carbon budgets |
| Key<br><br>decarbonization<br><br>levers | Efficiency measures to<br><br>reduce overall energy<br><br>consumption (e.g., via<br><br>equipment upgrades,<br><br>recommissioning building<br><br>energy management<br><br>systems)<br><br>Long-term procurement of<br><br>renewable energy and<br><br>installation of onsite<br><br>renewable energy sources<br><br>Switching from high-<br><br>emission fuels to low-<br><br>carbon alternatives in areas<br><br>such as heating, car fleet | Engage with the bank’s<br><br>strategic suppliers to<br><br>support and monitor their<br><br>decarbonization efforts | Empower private individuals<br><br>by providing financial<br><br>assistance and expert advice<br><br>Collaborating with corporate<br><br>clients in upstream industries<br><br>that supply energy and<br><br>materials<br><br>Engagement with<br><br>policymakers, governments,<br><br>and peer banks to develop<br><br>methodologies and priorities | Finance the development and<br><br>scalability of clean energy<br><br>infrastructure needed for<br><br>transition away from fossil<br><br>fuels in the economy<br><br>Engage with high-emitting<br><br>clients to support and finance<br><br>their decarbonization and<br><br>transition<br><br>Review engagement with<br><br>clients which are not willing or<br><br>able to transition away from<br><br>carbon-intensive activities and<br><br>as a last resort, responsibly<br><br>phase out high-emitting assets |
| Detailed information is provided in the following sub-chapters of this chapter as well as the “Sustainability Governance” chapter of this Sustainability<br><br>Statement. |
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Key actions and resources
In 2025, Deutsche Bank did not incur any material CapEx or OpEx to implement its sustainability strategy and transition
plan. Deutsche Bank’s role in the transition to a more sustainable economy is to support its clients by offering dedicated
sustainable and transition financing solutions, as well as ESG investment opportunities.
The bank is further developing the Transition Plan as tools, methodologies and data for assessing the climate impact of
its own operations, supply chain and clients’ activities continue to evolve. In 2025, Deutsche Bank extended its Scope 3,
Category 15 emissions coverage to include facilitated emissions. Additionally, the bank published its initial Transition
Finance Framework in November 2025, effective January 1, 2026. For the assessment of counterparties’ transition plans,
Deutsche Bank has developed an automated Transition Maturity Score, which will be implemented in 2026. This score
evaluates key elements of client’s climate transition plans, including ambition, governance, strategy, and emissions
performance. In the years ahead, Deutsche Bank aims to capture opportunities in the bank’s private clients’ assets under
management.
In compliance with regulatory requirements, the bank will update its Transition Plan and in addition, report progress
annually. During the annual planning process, Deutsche Bank continues to consider the latest net zero scenarios and
economy-wide pathways to identify investment needs and their influence on the bank’s sustainable and transition
financing and investment plan.
In 2023, the Group Sustainability Committee approved the Initial Transition Plan publication, along with the net zero
pathways and decarbonization targets. In addition, this year’s update was acknowledged by the committee. The
Management Board has delegated sustainability-related decisions to the Group Sustainability Committee. Therefore, this
committee acts as the main governance and decision-making body for sustainability-related matters for Deutsche Bank
Group.
In 2025, DWS has not published a climate transition plan. DWS will continue to monitor the developments on evolving
regulation and market standards concerning appropriate disclosures on climate transition plans. This will inform its
approach and timing going forward and includes the upcoming requirements under unfair competition rules, which call
for implementation plans that substantiate any environmental claims made.
Information relating to DWS´s approach on sustainability and climate change mitigation can be found in the “Sustainable
Finance - Asset Management” chapter and also in the sub-section “Metrics and targets” of the “Client portfolios in Asset
Management” chapter.
Own operations and supply chain
Deutsche Bank Group, through its Global Real Estate function, drives climate action across its own operations and supply
chain, focusing on the efficient use of energy and resources used in offices and the reporting of indirect greenhouse gas
(GHG) emissions across the supply chain.
Governance
ESRS 2 GOV-2
The Head of Global Real Estate has overall responsibility for environmental performance across the Group’s own
operations globally and for reporting supply chain-related greenhouse gas impacts. The position holder defines and
coordinates the bank’s Global Real Estate strategy and is supported by regional management teams, who implement this
approach within their respective countries, in line with local regulation.
The function reports to the Management Board Member acting as Chief Operating Officer, with whom regular meetings
are held to discuss real estate related topics and alignment with the Group’s sustainability objectives. Quarterly reviews
are held with the Chief Sustainability Officer to assess strategic direction and performance against climate-related
targets. Further updates are provided to the Group Sustainability Committee and the Management Board, as required.
The ongoing delivery of sustainability activities across both own operations and the supply chain is governed under the
bank-wide sustainability strategy Key Deliverable (a Change-The-Bank (CTB) priority). Progress is reported monthly to
the Sustainability Strategy Steering Committee and quarterly to the Group Sustainability Committee. Established targets
are also monitored through the bank-wide commitment-tracking process, with progress updates provided every six
months to the Group Sustainability Committee.
The bank’s governance framework for collecting data on, quantifying, and reporting greenhouse gas emissions is based
on ISO 14064, an internationally recognized standard for greenhouse gas accounting. In addition, the Group’s energy
management system in Germany is certified to ISO 50001, which includes monitoring progress toward energy and cost
reduction targets on a monthly and annual basis.
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Strategy
ESRS E1-2, ESRS 2 MDR-P
The climate-related management of the bank’s own operations and supply chain is based on the Group’s broader
sustainability strategy and supports its commitment to achieve net zero by 2050. The operational elements of this
strategy are delivered by the Global Real Estate function through the bank’s Transition Plan and the Global Real Estate
Engineering Standards, which together define how climate change mitigation objectives are translated into measurable
actions across operations globally. Further details on the Transition Plan are provided in the “Transition Plan” sub-
chapter as part of this “Climate change” chapter.
Within the bank’s own operations, the Global Real Estate Engineering Standards define the principles for managing
environmental performance and embed efficiency-driven energy measures that support the transition to lower-carbon
operations and address material opportunities to reduce greenhouse gas emissions. These standards also prescribe
requirements for the global procurement of renewable electricity in line with RE100 guidelines, strengthening energy
resilience. Relevant targets are derived at Group-level and set in line with the governance processes described above,
such as the bank’s commitment to source 100% renewable electricity by 2025. These standards are disseminated
through the Group’s policy management system, ensuring global accessibility.
Across the supply chain, the bank engages its suppliers through the CDP Supply Chain Program and targeted outreach,
with an increasing focus on supporting decarbonization efforts. In 2025, the bank requested its largest 500 suppliers to
disclose greenhouse gas emissions data through the CDP platform. In total, 182 suppliers responded, representing 56%
of total addressable supplier spend. This outcome remained below the target of achieving 80% coverage of total
addressable supplier spend submitting to the platform by 2025. The bank recognized that response rates were impacted
by conditions external to the Group, which limited supplier participation. In light of this, the bank continues its dialogue
with non-responding and strategic suppliers to improve availability of verified greenhouse gas emissions data and, where
feasible, Deutsche Bank-specific emissions data. These efforts are supported by supplier engagement programs and
training initiatives for both suppliers and the bank’s own workforce.
Impact, risk and opportunity management, metrics and targets
ESRS 2 SBM-3
Impacts, risks and opportunities across the bank are identified and assessed through the double materiality assessment
process, as detailed in the “Double materiality assessment” chapter within this Sustainability Statement.
In 2025, Deutsche Bank identified the material opportunity across its own operations and supply chain to progress
decarbonization initiatives and support the delivery of the Group’s climate targets. The related actions, time horizons and
performance measures are summarized in the table below.
| Topic: Climate Change | |||||||
|---|---|---|---|---|---|---|---|
| Sub-topic | Value chain | Time<br><br>horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Climate<br><br>change<br><br>mitigation | Own<br><br>operations<br><br>and<br><br>supply<br><br>chain | Medium-<br><br>term | Opportu-<br><br>nity | Opportunity to support<br><br>Deutsche Bank's climate<br><br>transition, reduce costs,<br><br>and strengthen the<br><br>bank's brand reputation<br><br>by lowering operational<br><br>greenhouse gas (GHG)<br><br>emissions | Group<br><br>Transition Plan<br><br>Global Real<br><br>Estate<br><br>Engineering<br><br>Standards | Implementation of<br><br>energy efficiency<br><br>measures across the real<br><br>estate portfolio<br><br>Procurement of<br><br>renewable electricity<br><br>through market-based<br><br>instruments<br><br>Engagement with<br><br>suppliers to support<br><br>their decarbonization<br><br>initiatives | GHG emissions<br><br>and their<br><br>associated<br><br>reduction<br><br>targets (Scope<br><br>1, 2, 3 –<br><br>Categories<br><br>1-14)<br><br>Energy<br><br>consumption in<br><br>GWh |
Energy consumption and mix
ESRS E1-5, ESRS 2 MDR-A, ESRS 2 MDR-P, ESRS 2 MDR-M, ESRS 2 MDR-T
Within Deutsche Bank’s operational footprint, actions are taken on a continuous basis to improve energy efficiency and
reduce the energy consumption of its buildings. This includes using more efficient technologies, systematic
recommissioning of equipment, and the broader optimization of building operations. Alongside these measures, a focus
on space utilization and the acceleration of the bank’s space reduction program support a structural decline in energy
demand across the footprint.
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The Eco-Performance Management Office (EcoPMO) operates a centrally driven approach within the Global Real Estate
function to support the consistent and coordinated implementation of energy efficiency measures globally. It defines the
criteria and responsibilities for assessing and approving efficiency-related initiatives and tracks their outcomes in parallel.
This enables the continuous exchange of knowledge and best practices with engineering teams on building performance
across regions. Bi-monthly reviews are held with regional teams to drive further alignment and decision-making across
energy management topics, including priorities for decarbonization.
During the reporting year, 86 efficiency-related initiatives were implemented globally. This contributed to the reduction
of 123 GWh in energy consumption compared with the prior year, equivalent to a 23% year-on-year decrease overall. The
combined impact of these measures also supported the achievement of the bank’s 2025 target to reduce energy
consumption by 30% against a 2019 baseline of 834 GWh. In 2025, energy consumption from building operations
reduced by 51% relative to the baseline.
The table below discloses the Group’s total energy consumption, expressed in megawatt hours (MWh) and is presented
by source, including fossil fuel, nuclear and renewable sources. Renewable energy consumption is further disaggregated
into renewable fuel consumption and purchased or acquired renewable electricity, heat, steam and cooling. Self-
generated non-fuel renewable energy, where applicable, is presented separately. The relative share of fossil, nuclear and
renewable sources, together with the percentage variance compared to the previous period, are also disclosed.
Energy consumption and mix1
| in MWh (unless stated otherwise) | Dec 31, 20252 | Dec 31, 20243 | Variance from<br><br>previous period<br><br>(in %) |
|---|---|---|---|
| Energy consumption from fossil sources4 | 177,067 | 183,986 | (4) |
| Energy consumption from nuclear sources5 | 34 | 367 | (91) |
| Energy consumption from renewable sources6 | 230,888 | 346,563 | (33) |
| Fuel consumption for renewable sources (including biomass, biofuels, biogas, hydrogen<br><br>from renewable sources, etc.)7 | N/A | N/A | N/A |
| Consumption of purchased or acquired electricity, heat, steam, and cooling from<br><br>renewable sources8 | 230,888 | 346,563 | (33) |
| Consumption of self-generated non-fuel renewable energy7 | N/A | N/A | N/A |
| Total energy consumption9 | 407,989 | 530,917 | (23) |
| Share of fossil sources in total energy consumption (in %) | 43 | 35 | 25 |
| Share of nuclear sources in total energy consumption (in %) | 0.01 | 0.07 | (88) |
| Share of renewable sources in total energy consumption (in %) | 57 | 65 | (13) |
N/A - not applicable
1 Energy consumption is disclosed in MWh and reported on total energy consumed within the reporting period
2Figures for 2025 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers for the period from 1 October to 31 December
2025, which are based on prior year’s fourth quarter
3Prior-year figures are always adjusted to a January to December reporting basis. This is because the estimates applied at the close of the 2024 fiscal year have been
replaced with actual data as it became available after publication, including updated power grid factors and methodology improvements
4Fossil sources include energy derived from non-renewable fuels such as natural gas, oil products (diesel, petrol, fuel oil, LPG and coal), including purchased electricity and
district energy generated from fossil fuels (location-based)
5 Nuclear sources relate solely to nuclear-powered electricity generation. This metric is approximated based on country-level electricity mix data from external sources
6 Renewable sources include energy derived from solar, wind, hydropower, geothermal, biomass, biogas and renewable hydrogen, including contracted renewable
electricity (e.g., renewable energy attribute certificates (RECs) where applicable)
7 The Group did not consume fuel consumption from renewable sources nor generate any self-generated non-fuel renewable energy during the reporting period
8 The renewable consumption reported relates solely to purchased renewable electricity; no renewable heat, steam or cooling was acquired during the reporting period.
Renewable electricity coverage was not possible in Russia and Colombia due to the absence of eligible market-based instruments. The resulting exposure represented
0.1% of total electricity consumption
9Total energy consumption represents the aggregate of fossil, nuclear and renewable energy consumed during the reporting period
Contractual instruments
The bank progressively increased the share of renewable electricity in its global electricity supply mix and achieved 100%
renewable electricity coverage globally in the reporting year. The transition was implemented by identifying markets
where renewable electricity could be procured using contractual instruments, including green electricity supply
contracts and renewable energy attribute certificates (RECs).
In 2025, a combination of contractual instruments was applied across the portfolio, with the approach varying by
regional market structure and certificate availability. Renewable energy attribute certificates were used in selected
countries, including Guarantees of Origin (GO) in Germany and International Renewable Energy Certificates (I-REC) in
India. Green electricity supply contracts were in place for selected offices in the United Kingdom (U.K.), as well as Italy,
Spain and Luxembourg.
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The table below provides a breakdown of the contractual instruments used to support the bank’s renewable electricity
sourcing and associated Scope 2 market-based emissions reporting. It distinguishes between:
–The share of total Scope 2 energy consumption covered by contractual instruments, and
–The type of instruments used, differentiating between bundled (where electricity supply and its renewable attributes
are procured together under a single contract) and unbundled renewable energy attribute claims (where renewable
energy certificates are acquired separately from the underlying electricity supply)
Overall, contractual instruments covered 76% of total Scope 2 energy consumption during the reporting year, equivalent
to 231 GWh of renewable electricity consumption. Of this coverage, 19% was achieved through bundled arrangements
and 57% through unbundled renewable energy attribute certificates. The 48% year-on-year increase reflected the bank’s
expanded procurement of renewable electricity compared with the prior year, supporting the achievement of 100%
renewable electricity coverage. The remaining 24% of Scope 2 energy consumption related to other indirect energy
sources, including district heating, steam and chilled water, for which no renewable contractual instruments were in
place.
| Dec 31, 20251 | Dec 31, 20242 | Variance from<br><br>previous period<br><br>(in %) | |
|---|---|---|---|
| Contractual instruments | |||
| Total share of contractual instruments (Scope 2 market-based)3 | 76 | 51 | 48 |
| Green Contracts4 | 19 | 13 | 42 |
| Electricity Attribute Certificate (EAC)4 | 57 | 38 | 50 |
| Virtual Power Purchase Agreement (vPPA)4,5 | N/A | N/A | N/A |
| Share of contractual instruments used for the purchase of energy bundled with attributes<br><br>related to energy generation (in %) | 100 | 100 | — |
| Green Contracts | 100 | 100 | — |
| Electricity Attribute Certificate (EAC) | N/A | N/A | N/A |
| Virtual Power Purchase Agreement (vPPA) | N/A | N/A | N/A |
| Share of contractual instruments used for the purchase of unbundled energy<br><br>attribute claims (in %) | 100 | 100 | — |
| Green Contracts | N/A | N/A | N/A |
| Electricity Attribute Certificate (EAC) | 100 | 100 | — |
| Virtual Power Purchase Agreement (vPPA) | N/A | N/A | N/A |
N/A - not applicable
1Figures for 2025 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers for the period from 1 October to 31 December
2025, which are based on prior year’s fourth quarter
2 Prior-year figures are always adjusted to a January to December reporting basis. This is because the estimates applied at the close of the 2024 fiscal year have been
replaced with actual data as it became available after publication, including updated power grid factors and methodology improvements
3 Percentages represent the share of total Scope 2 energy consumption covered by each contractual instrument category. No contractual instruments were applied to
electricity consumption in Russia and Colombia during the reporting period due to the absence of eligible market-based instruments
4 The classification of contractual instruments as bundled or unbundled is based on the definitions set forth in relevant guidelines, such as the Greenhouse Gas Protocol for
Scope 2 Guidance, which provides a framework for renewable energy sourcing and accounting. Under this framework: “Green Contracts” refer to electricity supply
agreements in which electricity and the associated renewable energy attributes are procured together; “Electricity Attributes Certificates (EACs)” refer to unbundled
renewable energy certificates acquired separately from electricity supply; “Virtual Power Purchase Agreement (vPPAs)” refer to contractual arrangements under which
renewable energy attributes are procured without physical delivery of electricity
5 No virtual Power Purchase Agreements (vPPAs) were in place during the reporting period; accordingly, no electricity consumption was covered through this instrument
Greenhouse gas (GHG) emissions
ESRS E1-3, ESRS E1-4, ESRS E1-6, ESRS 2 MDR-T, ESRS 2 MDR-A, ESRS 2 MDR-M
Deutsche Bank reports its greenhouse gas emissions on a consolidated basis, and the scope of consolidation is the same
as for the Group’s consolidated financial statements. The emissions inventory is classified in line with the Greenhouse
Gas Protocol into the following recognized categories:
–Scope 1: Direct greenhouse emissions from sources that are owned or controlled by the Group, including stationary
combustion (e.g., heating), mobile combustion (e.g., owned or leased vehicles) and fugitive emissions (e.g., refrigerant
leakage from cooling equipment)
–Scope 2: Indirect emissions from the generation of purchased or acquired energy consumed by the Group, including
electricity, district heating, steam, and chilled water
–Scope 3: All other indirect greenhouse gas emissions that occur in the value chain of the Group, both upstream and
downstream, as defined under categories 1-15 of the GHG Protocol Corporate Value Chain (Scope 3) Standard
Greenhouse gas emissions are reported in metric tons of carbon dioxide equivalents (tCO₂eq), enabling comparison of
the climate impact of different greenhouse gases. This comparability is achieved by converting emissions of each
greenhouse gas using global warming potential (GWP) values. The bank uses the Intergovernmental Panel on Climate
Change (IPCC) Sixth Assessment Report (AR6) GWP values on a 100-year period (GWP100) excluding feedback loops, as
agreed by the United Nations Framework Convention on Climate Change (UNFCCC).
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Across own operations and supply chain, the Group has committed to achieving net zero greenhouse gas emissions by
- In line with this strategy, separate interim reduction targets have been established, each requiring a 46% reduction
in greenhouse gas emissions across Scope 1, Scope 2 (market-based) and Scope 3 (categories 1-14) by 2030, measured
against their respective 2019 baseline.
In alignment with the Science Based Targets initiative (SBTi), the targets follow the Absolute Contraction Approach and
are consistent with a 1.5°C pathway. This approach applies a linear reduction in absolute emissions over time,
independent of company size, sector or growth profile, and assumes consistent application of the Greenhouse Gas
Protocol across all relevant scopes and categories. Targets are expressed as percentage reductions in total greenhouse
gas emissions relative to the baseline year 2019. The baseline year was selected to provide a representative year which
covered the most recent period for which the data was available at the time. For Scope 2, reduction targets are defined
and monitored on a market-based basis, as this reflects renewable electricity procurement decisions. Location-based
Scope 2 emissions are disclosed for transparency purposes and are not subject to separate absolute or intensity
reduction targets.
Progress towards the 2030 interim targets is driven by a set of decarbonization measures across the bank’s footprint,
including energy efficiency improvements, renewable energy sourcing, and fuel switching. Each measure is supported by
specific operational targets delivered in 2025:
–Energy efficiency: 30% reduction in energy consumption (based on a 2019 baseline)
–Renewable energy sourcing: 100% renewable electricity coverage globally
–Fuel switching: 30% reduction in car fleet gasoline consumption in Germany (based on a 2019 baseline)
–
Together, these actions translate the Group’s Transition Plan into measurable outcomes and operate in combination
across the emissions footprint. Their collective impact is assessed and monitored at an aggregated level and is expected
to deliver continued emissions reductions in line with the Group’s 46% reduction targets by 2030. Where residual
emissions remain after reduction measures have been maximized, they are addressed through the purchase and
retirement of carbon credits. The bank’s progress against the 2030 target and its decarbonization pathway is assessed
annually.
Climate-related targets are set at Group level with input from relevant internal stakeholders and approved in line with
the governance structure described in this sub-chapter. As part of this process, no separate targets have been
established for years prior to 2030; absolute emissions reductions are used as the primary performance metric year-on-
year. Intensity-based targets are not applied across Scope 1, Scope 2 and Scope 3 (categories 1-14) greenhouse gas
emissions, as absolute reduction targets are considered a more representative measure of decarbonization progress
across the Group’s own operations and supply chain, where emissions outcomes are primarily driven by asset-level
efficiency measures and procurement decisions rather than changes in business output.
Methodological notes
Scope 1 and 2 greenhouse gas emissions
The bank calculates Scope 1 and 2 greenhouse gas emissions in accordance with the Greenhouse Gas Protocol
Corporate Standard.
Scope 1 emissions comprise direct greenhouse gas emissions from fuel combustion across the bank’s operations, fuel use
in owned and leased vehicles, and fugitive emissions from refrigerant leakage. Fuel consumption and refrigerant data are
collected at building level through the Group’s global reporting system and centrally consolidated. Emissions are
calculated using U.K. Government conversion factors. Fugitive emissions are calculated based on refrigerant type,
applying 100-year Global Warming Potential (GWP100) values in line with reporting requirements.
Scope 2 emissions comprise indirect emissions from the generation of purchased electricity, district heating, steam and
chilled water consumed by the bank. Where relevant, this scope also includes electricity consumed by owned and leased
electric vehicles. This is disclosed on both a location-based and market-based basis in line with the Greenhouse Gas
Protocol’s dual reporting requirement. Energy consumption data is collected monthly across all buildings through the
same global reporting system and consolidated centrally.
Location-based emissions are calculated using grid-average emission factors primarily sourced from the International
Energy Agency (IEA), Environment Canada and the U.S. Environmental Protection Agency’s (EPA) Emissions and
Generation Resource Integrated Database (eGRID). Under the market-based approach, renewable electricity is procured
through contractual instruments, enabling the bank to report near-zero market-based emissions. Emissions associated
with district heating, steam and chilled water are calculated using U.K. Government conversion factors.
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Scope 3 greenhouse gas emissions
Scope 3 greenhouse gas emissions are calculated in accordance with the Greenhouse Gas Protocol Corporate Value
Chain (Scope 3) and cover all relevant upstream and downstream categories 1 to 15. In 2025, 84% of total Scope 3
emissions (categories 1-14) were calculated using primary data. The methodological approach applied to each category
is described in detail below.
Purchased goods and services and capital goods
During the reporting year, greenhouse gas emissions associated with the bank’s purchased goods and services and
capital goods represented 68% of total emissions reported across categories 1-14. To calculate these emissions, the
bank applied a clear hierarchy of methodologies, ensuring that the highest quality data was used where available.
Where suppliers provided emissions data apportioned to the Group, this data was directly integrated into reporting. In
addition, supplier-specific data submitted through the CDP Supply Chain program was incorporated into reporting,
subject to defined quality criteria. Supplier Scope 1 and 2 greenhouse gas emissions must be externally verified, and
relevant upstream Scope 3 categories (1-8) were included. The bank’s procurement spending with each supplier was
multiplied by the supplier-specific spend-intensity factor to calculate attributable emissions. Emissions calculated using
this method are treated as primary data.
For the remaining emissions not covered by supplier data, a spend-based approach was applied using the
Comprehensive Environmental Data Archive (CEDA) multi-regional input-output database (2025 version, baseline year
2023). Industry-average emission factors were applied to procurement categories at supplier-country level to reflect
regional differences. Emissions calculated using spend-based factors are treated as secondary data.
Fuel-and energy-related activities
Category 3 includes upstream emissions associated with purchased fuels and energy that are not captured within Scope
1 or Scope 2 emissions reporting. In 2025, this comprised well-to-tank (WTT) emissions from fuel combustion, calculated
using U.K. Government conversion factors by fuel type, and upstream emissions from purchased electricity, heat, steam
and cooling, including transmission and distribution (T&D) losses, calculated using country-specific emission factors from
the International Energy Agency (IEA).
Reported emissions were classified as both primary and secondary depending on the nature of the underlying
consumption data. Estimated or extrapolated energy consumption was treated as secondary data.
Upstream transportation and distribution
Category 4 include emissions from third-party transportation and distribution services relating to products purchased by
the Group, occurring between the Group’s suppliers and its own operations. Emissions were calculated using the same
methodological approach applied to Purchased goods and services and capital goods, including the integration of
supplier-specific emissions data where available and the application of spend-based emission factors where primary data
was not available.
Waste generated in operations
Waste generated from operational activities globally was reported and centrally consolidated through the bank’s
reporting system. Emissions were calculated based on waste volumes and disposal routes (e.g., recycling, landfill,
incineration with or without energy recovery), applying U.K. Government emission conversion factors for waste
treatment.
Emissions were calculated globally where reported waste data was available and disclosed. Calculations based on actual
waste volumes were classified as primary data, while those derived from estimated or extrapolated volumes were treated
as secondary data.
Business travel
Business travel includes emissions from air travel, hotel stays, rail, car rental and taxi travel undertaken for business
purposes. Activity data was primarily sourced through the Group’s travel management provider.
Air travel emissions are calculated based on flight distance and cabin class using U.K. Government conversion factors,
including well-to-tank (WTT) emissions and a radiative forcing uplift to account for non-CO2 impacts. Emissions from
hotel stays are calculated using room nights multiplied by country-specific emission factors. Ground transport emissions
(rail, rental cars and taxi trips) are calculated using distance-based methodologies and U.K. Government conversion
factors, with conservative distance assumptions applied where actual mileage data is unavailable.
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Where activity-level data was not available, a spend-based approach using the CEDA multi-regional input-output
database was applied. Calculations based on actual travel distances were classified as primary data, while those derived
from estimated or extrapolated data were treated as secondary data.
Employee commuting
Category 7 includes emissions from employee commuting and homeworking. In the absence of employee-level
commuting data, emissions were estimated using full-time equivalents (FTEs) and office occupancy data, applying a
global emission factor derived from a country-specific commuting model developed by an external consultancy. The
model reflects national transport mode splits and average commuting distances.
Homeworking emissions were calculated using estimated energy consumption per FTE (kilowatt-hour per month),
covering electricity and natural gas use (including heating, cooling, lighting and equipment). Country-specific emission
factors were used, including from the International Energy Agency (IEA), and adjusted based on national homeworking
rates derived from Deutsche Bank employee data and office occupancy levels.
Reported emissions in this category were classified as secondary due to the use of modelled assumptions.
Upstream leased assets
Emissions from upstream leased assets outside the bank’s Scope 1 and Scope 2 reporting boundary are reported within
this category. For Deutsche Bank, this included reported energy usage from regional data centers. This was calculated
using site-specific energy consumption data and applying the same methodology as Scope 1, Scope 2 and Scope 3
category 3, with country-specific emission factors from the International Energy Agency (IEA) covering both direct and
upstream components.
As calculations in 2025 were based on actual energy consumption data, emissions in this category were classified as
primary data.
Downstream transportation and distribution
Category 9 covers emissions associated with downstream transportation activities within the value chain. Emissions were
estimated based on assumed transport modes and associated distance factors, applying U.K. Government conversion
factors (including direct and well-to-tank emissions). All other transportation-related emissions were captured under
upstream transportation and distribution.
Reported emissions in this category were derived from estimated activity data and are therefore classified as secondary
data.
Processing of sold products
Category 10 has been assessed as not relevant.
Use of sold products
Category 11 relates to indirect emissions arising from customer use of the Group’s products and services. Emissions were
estimated using customer activity metrics with standardized usage assumptions. Electricity-related emission factors,
including both direct and upstream components, from the International Energy Agency (IEA) were applied to estimate
associated lifetime usage emissions.
Reported emissions in this category were classified as secondary data due to the use of modelled assumptions.
End-of-life treatment of sold products
Category 12 includes emissions associated with the end-of-life treatment of products distributed by the Group.
Emissions were estimated by applying U.K. Government conversion factors to material volume assumptions representative
of disposal pathways.
Reported emissions in this category were classified as secondary data.
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Downstream leased assets
Category 13 includes emissions associated with assets subleased to third parties where the Group assumes a landlord
role. Emissions primarily related to building energy consumption and refrigerant use during the sublease period.
In the absence of site-specific consumption data, industry-average energy intensity benchmarks from the Chartered
Institution of Building Engineers (CIBSE) were applied to floor area to estimate electricity and natural gas consumption.
Deutsche Bank-specific refrigerant intensity factors (tCO2eq per m2), derived from the Group’s own portfolio, were
applied to estimate fugitive emissions. Country-specific emission factors from the International Energy Agency (IEA) and
U.K. Government conversion factors, including both direct and upstream components, were used to convert energy
consumption into greenhouse gas emissions.
Reported emissions in this category were classified as secondary data.
Franchises
Category 14 has been assessed as not relevant.
Investments
Category 15 (financed emissions) relates to emissions associated with the Group’s lending and financing activities.
Detailed information on the methodology, assumptions and governance framework applied to financed emissions is
addressed separately in the “Climate and other environmental risks” sub-chapter of this “Climate change” chapter.
Separately, emissions related to the bank’s Asset Management division (DWS) are disclosed in the “Metrics and targets”
section of the “Client portfolios in Asset Management” sub-chapter of this “Climate change” chapter.
Methodological updates
This is the first reporting year in which climate change mitigation has been assessed as material for own operations and
supply chain. Comparative information is presented where available and relevant; where prior-year information was not
comparable or unavailable, this is disclosed accordingly.
During the reporting year, the Group recalculated its 2019 greenhouse gas emissions baseline for Scope 2 and Scope 3
emissions (categories 1-14). The recalculation incorporated updated methodologies and improved data inputs, including
increased use of supplier-specific data and updated emission factors. Scope 1 emissions were not subject to
recalculations, as no material methodological changes were identified for this scope.
While the recalculated baseline ensures greater methodological accuracy, the bank’s emission reduction targets remain
unchanged, with performance metrics recalibrated in line with the revised baseline.
Gross Scope 1, 2, 3 and Total GHG emissions
ESRS E1-6
The following table shows Deutsche Bank’s greenhouse gas emissions, broken down into Scope 1, Scope 2, and Scope 3,
with corresponding milestones and target years presented on the right side of the table.
Performance against targets
The Group’s emissions performance across own operations and supply chain is assessed against both the prior reporting
year and the reduction pathway required to achieve the 2030 targets. The pathway requires a 46% absolute reduction in
each Scope 1, Scope 2 (market-based) and Scope 3 (categories 1-14) emissions relative to the 2019 baseline.
Scope 1 emissions totaled 17,146 tons of CO2eq in 2025, representing a 4% reduction compared with the prior year. The
decrease was primarily driven by lower fuel consumption across the portfolio, and across the bank’s owned and leased
vehicles. Compared with the 2019 baseline, emissions have reduced by 66%, thereby exceeding the 46% reduction
required by 2030 at year-end 2025.
Scope 2 (market-based) emissions amounted to 16,846 tons of CO2eq, a 31% year-on-year decrease. This reflected
continued renewable electricity sourcing and lower overall energy consumption across own operations. Compared with
the 2019 baseline, emissions have reduced by 82%, which is above the reduction required under the 2030 target at year-
end 2025.
Scope 3 emissions (categories 1-14) totaled 1,011,571 tons of CO2eq in 2025, representing a 2% decrease compared
with the prior year. The year-on-year reduction resulted from the combined impact of lower reported emissions across
purchased goods and services, business travel and upstream leased assets. Compared with the 2019 baseline, emissions
have reduced by 47%, broadly aligned with the 46% reduction required under the 2030 target at year-end 2025.
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Gross Scope 1, 2, 3 and Total GHG emissions1
| Dec 31, 20252 | Dec 31, 20243 | Milestones and target years | ||||
|---|---|---|---|---|---|---|
| Variance from<br><br>previous period<br><br>(in %) | Base year<br><br>(2019) | Target<br><br>2030 (in %) | Variance from<br><br>base year<br><br>(in %) | |||
| Scope 1 GHG Emissions | ||||||
| Gross Scope 1 GHG emissions (in tCO2eq)4 | 17,146 | 17,814 | (4) | 50,273 | (46) | (66) |
| Scope 1 emissions from regulated emission<br><br>trading schemes (in %)5 | N/A | N/A | N/A | N/A | N/A | N/A |
| Scope 2 GHG Emissions6 | ||||||
| Gross location-based Scope 2 GHG emissions<br><br>(in tCO2eq) | 90,448 | 102,614 | (12) | N/A | N/A | N/A |
| Gross market-based Scope 2 GHG emissions<br><br>(in tCO2eq) | 16,846 | 24,288 | (31) | 94,089 | (46) | (82) |
| Scope 3 GHG Emissions | ||||||
| Total Gross indirect (Scope 3) GHG emissions<br><br>(in tCO2eq)16 | 634,884,643 | 458,328,663 | N/M | N/A | N/A | N/A |
| Total Gross indirect (Scope 3) GHG emissions<br><br>(in tCO2eq) - Cat. 1-14 | 1,011,571 | 1,033,998 | (2) | 1,910,254 | (46) | (47) |
| Category 1 - purchased goods and services7 | 677,670 | 684,791 | (1) | |||
| Category 2 - capital goods7 | 9,809 | 6,536 | 50 | |||
| Category 3 - upstream fuel and energy related<br><br>activities | 28,970 | 30,159 | (4) | |||
| Category 4 - upstream transportation and<br><br>distribution7 | 15,320 | 9,593 | 60 | |||
| Category 5 - waste generated in operations8 | 611 | 973 | (37) | |||
| Category 6 - business travel9 | 67,593 | 86,694 | (22) | |||
| Category 7 - employee commuting/working<br><br>from home10 | 109,717 | 106,111 | 3 | |||
| Category 8 - upstream leased assets11 | 62,342 | 66,736 | (7) | |||
| Category 9 - downstream transportation and<br><br>distribution12 | 33,314 | 35,517 | (6) | |||
| Category 10 - processing of sold products13 | N/A | N/A | N/A | |||
| Category 11 - use of sold products14 | 657 | 526 | 25 | |||
| Category 12 - end-of-life treatment of sold<br><br>products14 | 11 | 16 | (32) | |||
| Category 13 - downstream leased assets | 5,557 | 6,346 | (12) | |||
| Category 14 - franchises15 | N/A | N/A | N/A | |||
| Category 15 - investments16 | 633,873,072 | 457,294,665 | N/M | |||
| Total GHG Emissions17 | ||||||
| Total GHG emissions (location-based) (in<br><br>tCO2eq)16 | 634,992,237 | 458,449,091 | N/M | |||
| Total GHG emissions (market-based) (in<br><br>tCO2eq)16 | 634,918,635 | 458,370,765 | N/M |
N/A - not applicable
N/M - not meaningful
1The Group’s greenhouse gas emissions for Scope 1, Scope 2 and Scope 3 have been calculated and reported in accordance with the Greenhouse Gas Protocol Corporate
Accounting and Reporting Standard. The financial consolidation perimeter of Deutsche Bank is identical to that of the operational control one
2Scope 1, Scope 2 and Scope 3 categories 1-14 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers for the period
from 1 October to 31 December 2025, which are based on prior year’s fourth quarter
3Prior-year figures for Scope 1, Scope 2 and Scope 3 categories 1-14 are always adjusted to a January to December reporting basis. This is because the estimates applied
at the close of the 2024 fiscal year have been replaced with actual data as it became available after publication, including updated power grid factors and methodology
improvements
4 Scope 1 GHG emissions include direct greenhouse gas emissions from sources owned or controlled by the Group, including stationary combustion, mobile combustion,
and fugitive emissions. Emissions are calculated using U.K. government conversion factors
5The Group does not generate Scope 1 emissions subject to regulated emissions trading schemes; therefore, no Scope 1 emissions are reported under any regulated
Emissions Trading Scheme (ETS) (0%)
6 Scope 2 emissions are reported using both location-based and market-based approaches. The location-based method reflects the average emission intensity of the
electricity grids where energy consumption occurs. The market-based method reflects emissions from electricity procured through contractual instruments. Emission
factors and residual mix data are sourced from the U.K. Department for Energy Security and Net Zero (DESNZ), the GHG Protocol, U.S. Emissions and Generation
Resource Integrated Database (eGRID), the International Energy Agency (IEA), and Environment Canada. The factors include all greenhouse gases and the gases’ Global
Warming Potential pursuant to IPCC AR6 assessments
7 Scope 3 categories 1, 2 and 4 are calculated using a hybrid methodology, combining primary supplier-specific emissions data with secondary spend-based estimates
derived from supplier spend. Year-on-year variations reflect change in the proportion and availability of primary versus secondary data used in each reporting year
8 Emissions from waste generated in operations is calculated using U.K. Government conversion factors for waste disposal. The reduction in waste-related emissions is
primarily driven by a lower volume of waste sent to landfill during the reporting period compared to the prior period
9The overall decrease in business travel emissions reflected updated load factor assumptions within DESNZ emission factors applied to 2025 air travel-related activity
10Employee commuting emissions increased during the reporting period, driven by higher reported activity across both commuting and homeworking
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11Upstream leased assets emissions relate entirely to energy usage from the Group’s regional data centers globally. Country-specific IEA emission factors are applied
(including direct and upstream emissions) to convert energy usage into greenhouse gas emissions
12Ad-hoc branch visits are not included. All reported transport emissions are a well-to-wheel approach
13Scope 3 Category 10 (Processing of sold products) is not applicable, as the Group does not sell physical products that undergo further processing
14Categories 11 and 12 emissions are calculated using total number of customers as the primary activity metric. Customer data from Germany is used as a representative
basis to derive global estimates
15No emissions are reported under Scope 3 Category 14, as this category was assessed as not relevant
16Group financed emissions comprise the bank’s corporate lending book and residential real estate (total committed exposure across Scope 1, 2 and 3) and Asset
Management division activities, including sovereign bond exposure. In 2025 compared to 2024, Group financed emissions also include Scope 3 financed emissions from
Asset Management. The application of the improved methodology for Scope 3 emissions reporting for portfolio holdings in 2025, resulted in 197 MtCO2e of emissions
reported in 2025. Further details on the bank’s financed emissions can be found in the “Financed emissions: Scope 3 Category 15” sub-chapter and in the “Metrics and
Targets” sub-chapter for Client portfolios in Asset Management as part of this “Climate Change” chapter
17Total greenhouse gas emissions comprise actual, estimated, or extrapolated data, including all market-based or location-based Scope 1 and 2 emissions and relevant
categories of Scope 3 emissions. All assumptions and calculation methodologies applied to Scope 1, Scope 2, and Scope 3 categories 1-14 are aligned with ISO 14064
standards
Greenhouse gas intensity based on net revenue
The greenhouse gas intensity was calculated by dividing total greenhouse gas emissions (Scope 1, Scope 2 and Scope 3)
by net revenue for the financial year. Net revenues are the total of interest income and noninterest income and are
presented below in million euros.
The net revenue figures used in the calculation were consistent with those reported in the Group’s Consolidated
Financial Statements for the financial year 2025.
| GHG Intensity Values (in tCO2eq)1 | Dec 31, 20252 | Dec 31, 2024 | Variance from<br><br>previous period<br><br>(in %) |
|---|---|---|---|
| Total GHG emissions (location-based) per net revenue (in tCO2eq/€ m)3 | 19,784 | 15,235 | N/M |
| Total GHG emissions (market-based) per net revenue (in tCO2eq/€ m)3 | 19,782 | 15,232 | N/M |
| Net revenues (in € m)4 | 32,096 | 30,092 | 7 |
N/M - not meaningful
1The Group’s greenhouse gas emissions for Scope 1, Scope 2 and Scope 3 have been calculated and reported in accordance with the Greenhouse Gas Protocol Corporate
Accounting and Reporting Standard
2 Scope 1, Scope 2 and Scope 3 categories 1-14 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers for the period
from 1 October to 31 December 2025, which are based on prior year’s fourth quarter
3In 2025 compared to 2024, Group financed emissions also include Scope 3 financed emissions from Asset Management. The application of the improved methodology
for Scope 3 emissions reporting for portfolio holdings in 2025, resulted in 197 MtCO2e of emissions reported in 2025
4This information is disclosed in both Deutsche Bank’s 2025 Annual Report and Financial Data Supplements release for Quarterly results. All net revenue metrics use
annual net revenues for the financial year (January-December)
GHG removals and GHG mitigation projects
ESRS E1-7
Climate change mitigation, including the limited use of voluntary carbon credits, remains an important measure for the
bank’s broader decarbonization pathway. The Group purchases voluntary carbon credits annually to compensate for
greenhouse gas emissions that are residual, or otherwise unavoidable from own operations (Scope 1 and Scope 2), and
indirect Scope 3 emissions from business travel. Other Scope 3 categories are not compensated and continue to be
addressed through a reduction-first approach.
Residual emissions are defined as those that cannot be eliminated through energy efficiency measures, renewable
electricity procurement, and other operational abatement measures during the reporting year. Carbon credits are
therefore used only to neutralize unavoidable emissions and are supplementary to the bank’s long-term emissions
reduction targets, ensuring that reliance on credits does not substitute emissions reductions or delay progress toward
the net zero commitment. These credits are sourced exclusively from projects certified under internationally recognized
standards and are subject to the bank’s internal governance and due-diligence processes.
In the current reporting year, the Group purchased and retired a total of 101,585 tons of CO2eq in voluntary carbon
credits across Asia, Africa, and Latin America. Of this, 17% was accounted for by carbon removal projects, primarily from
biochar and nature-based projects. The remaining 83% was from projects to avoid emissions. All projects are assessed
against predefined quality criteria, guided by the Core Carbon Principles (CCP) framework, which provides a recognized
reference for assessing quality and integrity in the voluntary carbon market. No carbon credits were carried for future
retirement beyond those required to neutralize residual emissions in line with the bank’s transition pathway.
Deutsche Bank does not generate, convert or sell greenhouse gas removals or mitigation outcomes as carbon credits to
third parties on voluntary or Government-regulated carbon markets. The bank does not develop or finance carbon
removals, carbon storage or carbon mitigation projects within its own operations or supply chain. Accordingly, no claims
are made for emission reductions or removals outside the value chain, other than those compensated through the
retirement of certified carbon credits. Public claims of carbon neutrality are made only in relation to residual operational
emissions.
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The bank continuously assesses the role of carbon credits within its overall decarbonization strategy as it progresses
toward net zero emissions.
Carbon credits retired1
| Carbon credits | Dec 31, 20252 |
|---|---|
| Total carbon credits (in tCO2eq) | 101,585 |
| Total amount of carbon credits outside value chain planned to be cancelled in future | N/A |
| Total amount of carbon credits outside value chain verified against recognized quality standards and cancelled | 101,585 |
| Recognized quality standard (Puro Earth) (in %) | 5 |
| Recognized quality standard (Global C-Sink Registry) (in %) | 8 |
| Recognized quality standard (Gold Standard) (in %) | 75 |
| Recognized quality standard (Verified Carbon Standard (VERRA)) (in %) | 12 |
| Share from removal projects (in %) | 17 |
| Share from reduction projects (in %) | 83 |
| Share from projects within the EU (in %) | N/A |
| Share of carbon credits that qualify as corresponding adjustments (in %) | N/A |
N/A - not applicable
1No quantitative information on GHG removals is presented, as the Group does not perform GHG removal activities within its own operations or supply chain. Accordingly,
the disclosures set out in ESRS E1-7, including information on removal technologies, storage methods, permanence, leakage and reversal risks, are not applicable
2Figures for 2025 include actual numbers for the period from 1 January to 30 September 2025 and best estimate numbers for the period from 1 October to 31 December
2025, which are based on prior year’s fourth quarter
Climate and other environmental risks
Managing climate-transition, climate-physical and other environmental risks (for simplicity, also referred to as “climate
and environmental risks” in the remainder of this chapter) is a key component of the Group’s sustainability strategy.
Deutsche Bank embeds climate and environmental risks into its business-as-usual risk management frameworks,
processes, and appetite, leveraging a comprehensive range of risk identification and classification approaches to
prioritize areas presenting the highest potential impact.
In 2025, Deutsche Bank continued to further enhance its Climate and Environmental risk management, specifically
through:
–Refining the CO2 Estimation Model for Residential Real Estate (RRE)
–Extending Scope 3 category 15 emissions coverage to include facilitated emissions
Deutsche Bank’s Asset Management division (DWS) has its own risk management framework in relation to climate and
environmental risks. Impacts, risks and opportunities of this segment, together with their policies, are described in the
chapter “Client portfolios in Asset Management” within this Sustainability Statement.
In compliance with requirement ESRS E1-1, Deutsche Bank hereby discloses that it is not excluded from EU Paris-aligned
Benchmarks.
Governance
ESRS 2 GOV-2
Deutsche Bank’s governance of climate and environmental risks varies by activity and forms an integral part of its
overarching sustainability governance. The governance of the activities that drive the bank’s transformation, including
those needed to fulfill Deutsche Bank’s pledge to achieve net zero by 2050, is led by dedicated steering committees,
while business-as-usual activities are incorporated into the bank’s existing risk management governance structure. For
the Change-the-Bank governance, please refer to the “Sustainability Governance“ section of this Sustainability
Statement.
The Group Risk Committee, chaired by the Chief Risk Officer and established by the Management Board, has the
mandate to oversee risk- and capital-related matters. This includes overall responsibility for the bank’s Climate and
Environmental risk management framework. The Committee approves the bank’s Climate and Environmental Risk
Appetite, including the appetite for deviation from the net zero decarbonization pathways. It receives monthly updates
on financed emissions and net zero alignment via the Risk and Capital Profile report.
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Other governance bodies or functions are responsible for the development and management of specific elements of
climate and environmental risks:
–The Operational Risk Committee which oversees, governs and coordinates the management of operational risks
group-wide and establishes a cross-risk and holistic perspective of the bank’s key operational risks, including risks to
the bank’s own infrastructure and employees arising from climate and environmental risks
–The Group Reputational Risk Committee, a direct subcommittee of the Management Board, has the responsibility to
review, decide and manage all transactions, client relationships or other primary reputational risk matters escalated in
line with the underlying reputational risk policies and framework including sustainability-related matters
–The Head of Enterprise and Treasury Risk Management (ETRM), reporting to the Chief Risk Officer, owns the Group’s
overall management and appetite frameworks for climate and environmental risks; this includes the qualitative risk
appetite principles, quantitative risk appetite metrics and holistic monitoring of risks across different risk types and
portfolios
–
Deutsche Bank’s Net Zero Forum is responsible for the assessment of new lending which could have a significant impact
on the bank’s financed emissions and decarbonization targets. Members of the forum are senior representatives from the
Business, Risk and the Chief Sustainability Office. Following the establishment of divisional carbon budgets, cascading
the Group Risk Appetite to Businesses, the Investment Bank and the Commercial Bank each maintain their own Net Zero
Forum.
Climate and environmental risk topics are also standing agenda items of business unit risk councils and other committees
and fora.
The Management Board receives monthly updates on financed emissions and net zero alignment via the Risk and Capital
Profile report. Each of Deutsche Bank’s core businesses integrates climate and environmental risks into planning and risk
appetite statements as part of the bank’s annual strategic planning process, approved by the Management Board.
Compliance is part of the overall Governance around climate and environmental risks and recognizes ESG risks as cross-
risk drivers integrated across Compliance risk types. These ESG drivers and risk types are an integral part of the annual
Compliance risk assessment..
The 3rd Line of Defense, Deutsche Bank’s Internal Audit function (Group Audit), provides independent and objective
assurance to the Management Board of Deutsche Bank AG on the adequacy of the design, operating effectiveness and
efficiency of all the bank’s risk management processes, which includes climate and environmental risks. Group Audit also
acts as an independent, proactive and forward-looking challenger and adviser to Senior Management of the Group.
Strategy
Deutsche Bank’s management of climate and environmental risks and opportunities is part of its broader sustainability
strategy and supports the commitment to align the bank’s portfolio with net zero by 2050. Other components of the
bank’s sustainability strategy, together with the bank’s positive impacts and opportunities, including growth in
sustainable financing, sustainable investment volumes and the broader Environmental and Social Policy Framework, are
described in the “Sustainable finance” and “ESG due diligence” chapters of this Sustainability Statement.
Transition Plan for climate change mitigation
Deutsche Bank’s transition plan for climate change mitigation is described in detail in the “Transition Plan” sub-chapter
as part of the “Climate change” chapter of this Sustainability Statement.
Material impacts, risks and their interaction with strategy and business model
In 2025, Deutsche Bank identified material potential negative impacts from climate-change mitigation through its
double materiality assessment process, as detailed in the “Double materiality assessment” chapter of this Sustainability
Statement. These negative impacts, stemming from the bank's financing activities and client portfolio, are expected to
materialize in the longer term (more than five years). To conduct this assessment, Deutsche Bank leveraged existing
Climate & Environmental (C&E) risk assessment processes, including climate and nature scenario analysis, to evaluate its
loan portfolio's exposure, and utilized its Environmental & Social (E&S) due diligence process for sector and country-level
analysis of C&E exposures.
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For climate change mitigation, potential material negative impacts to the environment and society were identified in
relation to:
–Financing or investing in clients or assets in high carbon-emitting industries without credible transition plans, which
could in turn lead to increases in GHG emissions
–Restricting lending to clients in high carbon-emitting industries which, as a consequence, could reduce the availability
of financial resources needed by these companies for the implementation of their transition strategies
For climate change adaptation, potential negative impacts to the environment and society were all scored below the
materiality threshold set by the bank.
From a risk management perspective, climate change and environmental degradation continue to contribute to a wide
range of financial and operational risks for the bank. Slow global progress toward net zero is raising concerns regarding
these risks, with a large percentage of global listed companies not aligned with the pathway to keep global warming to
2°C or less. This exposes the bank not only to higher credit risk but also to legal and reputational risks.
Acute and chronic physical risks linked to increasing global average temperatures may increase in severity even if
decarbonization efforts prove successful. These physical risks can impact Deutsche Bank’s operations and the assets of
its clients by reducing asset values, potentially leading to destruction or degradation of property, and interrupting
business operations, including supply chain disruptions.
Beyond climate, nature-related risks have continued to attract significant attention in 2025 as their importance becomes
increasingly clear. These risks can manifest as credit risk, particularly for sectors reliant on ecosystem services like
agriculture, forestry and tourism, and operational risks stemming from the disruption of crucial ecosystem services.
Investor sentiment, regulatory shifts and emerging disclosure frameworks are contributing to direct capital towards
nature-positive enterprises, increasing the risk for banks holding assets in sectors lagging in nature-related risk
management.
In response to these evolving risks, Deutsche Bank actively develops and strengthens its climate and environmental risk
management framework. This involves integrating climate and environmental risk considerations across all relevant
processes and disciplines, enhancing frameworks, tools and analytics to support its transition plan. The bank also utilizes
climate stress test methodologies to integrate transition and physical risks into its internal stress testing framework.
Furthermore, Deutsche Bank leverages transition, physical and nature-risk scorecards to guide the evaluation of climate
and nature-related impacts on credit assessments.
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Deutsche Bank´s definitions of climate and nature risks (or other environmental risks)
The mitigation of these risks is an integral part of the bank’s strategy and business model. The main components of this
strategy are the following:
–Its transition plan
–Its sectoral decarbonization targets and pathways for climate change mitigation (both addressed in separate sections
of this chapter)
–The monitoring and management of risk concentrations (e.g., through Early Warning Indicators) and the incorporation
of climate and environmental risks into the bank’s Risk Management frameworks
Resilience of the bank
ESRS E1-1 related to ESRS 2 SBM-3
To assess the materiality of climate and environmental risks across short-, medium-, and long-term horizons and to test
business resilience against these risks, the bank utilizes scenario-based materiality assessment and stress testing. The
specific scenarios employed by Deutsche Bank are outlined in the “Process to identify and assess climate-related risks:
the scenarios” section of this chapter.
Process to identify and assess climate-related risks: financial materiality assessment
ESRS 2 IRO-1
The risk function of Deutsche Bank conducts an annual financial materiality assessment to test the bank’s resilience to
climate and nature risks. The output of the materiality assessment feeds into risk management processes such as the risk
inventory and is used to inform the Internal Capital Adequacy Assessment Process (ICAAP) and therefore supports the
key climate-related assumptions made in the bank’s financial statements.
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The bank assesses these risks via scenario analysis applied to each of the bank’s main risk types, across all material
portfolios, economic sectors, geographies, and across the short-, medium- and long-term horizons. For the purpose of its
climate and environmental materiality assessment, Deutsche Bank has defined its time horizons in the following way:
–Short-term: 1 to 2 years
–Medium-term: 3 to 5 years (i.e., from the first day of the third year)
–Long-term: More than 5 years
The scope of the materiality assessment and resilience analysis for climate and environmental risks covers almost the
entirety of the bank’s portfolios and includes Corporates, Sovereigns, Commercial and Residential Real Estate, Wealth
Management and Consumer Finance (with nature scenarios only applied to portfolios identified as high risk for nature).
With respect to climate risk, the drivers considered are transition risks (arising from policy, technology and behavioral
changes) and physical risks arising from acute (extreme weather events) and chronic (gradual changes in the climate/
environment) drivers. With respect to nature risk (or other environmental risks), the bank considered drivers of nature loss
arising from (i) terrestrial biodiversity and habitat loss, (ii) water depletion, (iii) ecosystem degradation from waste and
pollution and (iv) marine ecosystem degradation (from marine ecosystem use).
The analysis of how these factors may contribute to each relevant risk type, namely credit, strategic and reputational,
market, liquidity and operational risks, was tailored to their specificities, as described in the following paragraphs.
Credit risk shocks are modelled as credit rating migrations leading to shifts in the probability of default of clients
affected, which in turn increase their expected credit losses. For instance, extreme weather-related events can affect a
borrower’s own operations and value chain, and can result in loss of revenue, increased capital needs, insurance costs
and liabilities. For transition risks, increases in credit losses are expected for carbon-intensive corporates under scenarios
of decarbonization of the economy where their product is of decreasing relevance and they have failed to adapt their
business model.
The strategic and reputational risk assessment captures the impact on revenues and costs arising from climate and
environmental risks. The analysis on strategic risks relates to the exposure identified as vulnerable in the climate
transition, climate physical and nature risk scenarios. The main sources of strategic risks identified for the bank are three-
fold:
–Loss of revenues from phasing out high-emitting clients (unwilling/unable to transition)
–The bank failing to take advantage of changing client behavior and opportunities presented by the transition, leading
to a loss of market share and failure to replace revenues
–The bank’s client viability is negatively impacted, leading to reduced business and foregone revenues
Transition-related market risks are driven by new policies and regulations, new technologies and shifting customers/
investors sentiments and preferences; they transmit to the bank through valuation losses on exposures to clients and
assets impacted (market value losses under stress).
Lastly, the key metric for the estimate of liquidity risk effects is the loss of funding from withdrawals of deposits and
drawings against committed lending facilities (estimated on the basis of scenarios) of companies affected by the scenario
shocks, such as companies involved in the extraction/processing of fossil fuels and companies with carbon intensive
business models. For a description of the scenarios, please refer to the section “Process to identify and assess climate-
related risks: the scenarios”.
The outcomes of the 2025 risk materiality assessment remain consistent with the previous year’s. Compared to the
previous assessment, increased physical risks drive higher credit risk impacts in the long term under the low transition /
high physical risk scenario. Higher strategic risk under the low transition scenarios stems from anticipated revenue
attrition from carbon-intensive clients.
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Results of financial materiality assessment
| Scenarios | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Low transition and<br><br>high physical risk | Moderate transition<br><br>and physical risk | High transition and<br><br>low physical risk | Disorderly transition<br><br>and high physical<br><br>risk | ||||||
| Time<br><br>horizon | Risk type | STEPS | High | APS | Med-High | NZE | Low | Disorderly | High |
| Short<br><br>term | Credit risk | ||||||||
| Market risk | |||||||||
| Liquidity risk | |||||||||
| Strategic risk | |||||||||
| Reputational risk | |||||||||
| Operational risk | |||||||||
| Medium<br><br>term | Credit risk | ||||||||
| Market risk | |||||||||
| Liquidity risk | |||||||||
| Strategic risk | |||||||||
| Reputational risk | |||||||||
| Operational risk | |||||||||
| Long<br><br>term | Credit risk | ||||||||
| Market risk | |||||||||
| Liquidity risk | |||||||||
| Strategic risk | |||||||||
| Reputational risk | |||||||||
| Operational risk | Most material | Least material | |||||||
| --- | --- | The disorderly scenario is extremely unlikely to materialize in short to medium term. For this reason, results of the scenario are only shown for the long term. | |||||||
| --- |
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The results of the bank’s financial materiality assessment indicate that short-term financial impacts are expected to be
limited. This is primarily because even in higher transition risk scenarios, significant rebalancing away from fossil fuels or
other substantial shifts in demand or technology are not anticipated over such a brief timeframe. Similarly, physical risks
are not expected to materially change within this short period.
In the medium term, higher impacts linked to climate transition risk drivers, particularly within a net zero scenario, begin
to materialize across credit, operational, strategic and reputational risks, without crossing the materiality threshold.
These impacts are driven by factors such as:
–Deterioration in the credit risk profiles of Oil and Gas and Coal sectors, with larger impacts also starting to emerge for
corporate clients in other high-carbon intensity sectors, as well as for the most vulnerable sovereigns and financial
institutions
–Valuation pressure on less energy-efficient real estate exposures due to tightening energy efficiency minimum
standards and increased energy consumption costs, impacting credit risk
–Foregone revenues resulting from the exit of carbon-intensive clients lacking credible transition strategies, coupled
with heightened competition for sustainable clients and financing, reflected in strategic risk
–Potential reputational and litigation risks should the bank be perceived as a negative outlier relative to peers in the
execution of its sustainability commitments
–Potential for operational risk impacts stemming from physical risk events
–
In the long term, cumulative impacts are higher across risk types and scenarios. Under higher transition scenarios, a
broader range of clients are affected, leading to a more pronounced potential deterioration in portfolio credit quality.
Revenue attrition (strategic risk) and potential reputational impacts also increase. Conversely, physical risks drive
substantial losses in low transition risk scenarios, materially impacting operational, credit, strategic and reputational risks.
The disorderly transition scenario yields the highest losses across all scenarios, as clients face punitive carbon taxes and
related policies with limited time to adapt, underscoring the need for a more orderly transition.
Scenario analysis is applied to the bank’s portfolios under the conservative assumption of a static balance sheet, without
accounting for potential changes in capital allocation. While the bank retains significant flexibility to manage down
higher risk exposures over time, particularly in the long term, the available scenarios inherently carry a substantial level of
uncertainty. This is especially true for the long term, as the scenarios do not fully consider potential risks arising from
non-linearities, compounding effects and tipping points, which could lead to more severe outcomes than currently
modeled.
The results of this analysis are considered in the bank’s risk management frameworks, including the risk inventory and
Internal Capital Adequacy Assessment Process (ICAAP). To ensure the bank remains resilient to these shocks and
adequately capitalized, Deutsche Bank has put in place an expert-driven add-on to its economic capital. This add-on is
specifically designed to capture uncertainty related to tail losses that could arise in certain sectors from unexpected and
abrupt changes in carbon prices.
The orderly and progressive execution of the bank’s sustainability strategy, including net zero targets, growth in
sustainable and transition financing, greater integration of nature into the bank’s risk frameworks, as well as client,
product and regional strategies, is key to mitigate credit and reputational risk impacts over the long term.
Stress testing
Alongside the annual risk materiality assessment, Deutsche Bank conducts an annual climate stress test. This exercise
employs a similar framework of scenarios, ranging from high-transition/low-physical risks to low-transition/high-physical
risks, across all relevant risk types. It incorporates both orderly and disorderly scenarios, with the selection of portfolios in
scope informed by the risk materiality assessment results.
The stress test for credit risk includes transition and physical risks shocks across Large Corporates, Mid-caps, Leveraged
and Structured Finance, Residential and Commercial Real Estate over the short, medium- and long-term horizons.
The stress testing approach for credit risk in the corporate portfolio uses:
–For transition risk: a logistic regression model incorporating stressed financial ratios at individual client level, based on
climate-related and macroeconomic variables. The model considers, as key drivers, carbon prices, emissions reduction
pathways and decarbonization targets, energy prices and demand, and sectoral gross value added (GVA) projections
–For physical risk: a Merton model which uses estimates of the devaluation of company assets resulting from acute and
chronic physical risk drivers under a range of temperature scenarios to stress the Probability of Default (PDs) of the
companies in scope
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The stress testing methodology for credit risk in the real estate portfolio applies shocks to clients’ Loss Given Default
(LGDs) via:
–For transition risk: Collateral devaluation based on (i) haircut per EPC rating for residential mortgages and (ii) carbon
price projections and emissions pathways from the Carbon Risk Real Estate Monitor for commercial real estate loans
–For physical risk: Collateral devaluations informed by Standard & Poor’s financial impacts for both residential
mortgages and commercial real estate loans
The stress testing methodology for market risk estimates net stressed P&L losses in the bonds and equity trading book,
tested in the short- and medium- term in a disorderly transition scenario.
The stress testing methodology for strategic risks covers all clients in scope of the net zero targets and models foregone
revenues resulting from (i) the phase-out of Oil and Gas and Coal clients in line with the net zero pathways as well as (ii)
the phase out of clients that are not able/willing to transition.
Liquidity is stress-tested, for both transition and physical risks:
–In the short- and medium-term, as a second order effect of Profit and Loss impacts from other risk types (credit,
market, operational)
–In the long term, as a loss of funding from vulnerable depositors
–
Operational risks are stressed across all time horizons for both transition (based on litigation scenarios) and physical risk
drivers (based on scenarios of changes in location strategy due to increases in extreme weather events).
Process to identify and assess climate-related risks: the scenarios
Deutsche Bank uses a range of scenarios from different frameworks to assess future potential financial impacts arising
from climate change. The scenarios simulate the impact of climate-physical and climate-transition risks drivers, in the
short-, medium- and long-term, and span from orderly/net zero (underpinning the decarbonization strategy of the bank),
to disorderly transition and “hot house” scenarios. The bank also uses bespoke scenarios, developed in-house, to stress its
portfolios against the drivers of nature-related risks. This breadth of scenarios gives the bank confidence that key
plausible risks and uncertainties arising from climate change are covered.
All scenarios conservatively assume a constant balance sheet throughout their time horizon, with no considerations for
rebalancing or mitigating measures that would very likely be implemented by the bank in the future.
For climate-physical risks, the bank follows Standard & Poor (S&P)’s modelling framework. The S&P model uses
information on (i) the type of each asset, (ii) its geographical location, (iii) the location’s corresponding exposure to an
array of discrete climate change hazards and (iv) the asset’s impact function (the relationship between the degree of
change in climate hazard exposure and change in financial impact for a given type of asset). It is applied across four
future climate change scenarios based on the Intergovernmental Panel on Climate Change (IPCC) Representative
Concentration Pathways (RCP) and Shared Socioeconomic Pathways (SSP). The methodology covers eight acute and
chronic natural hazard types: fluvial flood, coastal flood, wildfires, drought, extreme heat, tropical cyclone, water stress,
extreme cold. Deutsche Bank uses four RCP scenarios:
–High climate change: Low mitigation scenario where total greenhouse gases (GHG) emissions triple by 2075 and
global average temperatures rise by 3.3°C to 5.7°C by 2100 (acute physical risk)
–Medium-High climate change: Limited mitigation scenario where total GHG emissions double by 2100 and global
average temperatures rise by 2.8°C to 4.6°C by 2100
–Medium climate change: Strong mitigation scenario where total GHG emissions stabilize at current levels until 2050
and then decline and global average temperatures rise by 2.1°C to 3.5°C by 2100
–Low climate change: Aggressive mitigation scenario where total GHG emissions reduce to net zero by 2050
The assessment of climate-transition risks is based on four scenarios:
–The Stated Policies Scenario (STEPS) reflects the current specific energy, climate and related industrial policy settings
in countries around the world that have been adopted or put forward, as well as policy intentions not yet codified into
law but supported by markets, infrastructure and financial conditions.(low transition risk); CO₂ emissions fall only
moderately and therefore global warming continues to worsen, with the temperature rise heading towards 2.4°C in
2100 (IEA, 2024) causing high physical risks
–The Announced Pledges Scenario (APS) assumes that all climate commitments made by governments (including
Nationally Determined Contributions) and industries around the world will be met (moderate transition risk); if
successfully fulfilled, this would be consistent with a temperature rise of 1.7°C in 2100 (IEA, 2024) causing
moderately high physical risks
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–The Net Zero Emissions by 2050 scenario (NZE) sets out a pathway for the global energy sector to achieve net zero
CO₂ emissions by 2050 and limits global warming to 1.5°C (IEA, 2024) through stringent climate policies and
innovation; In this scenario, physical risks are relatively low but transition risks are high
–The Disorderly Scenario (delayed transition) assumes that annual emissions do not decrease until 2030 with drastic
policies needed thereafter to limit warming to below 2°C. This leads to higher transition and physical risks than the
NZE by 2050 scenario
While nature risks are not considered material for the 2025 double materiality assessment, the bank recognizes the
increasing importance of these risks to the bank and its stakeholders (from the regulators and supervisors, to the
investors and clients As part of this work, a standardized and comprehensive set of nature risk scenarios, such as the ones
available for climate, is not yet available to serve the needs of financial institutions. To fill this gap, Deutsche Bank
developed 20 in-house exploratory transition and physical nature risk scenarios, covering each of the four nature risk
types assessed by the bank, namely (i) Terrestrial biodiversity and habitat loss, (ii) Water depletion, (iii) Ecosystem
degradation from waste and pollution and (iv) Marine ecosystem degradation. The scenario narratives were informed by
the review of the conclusions of chapter four of the Intergovernmental Science-Policy Platform on Biodiversity and
Ecosystem Services (IPBES) global assessment report, the work on nature risks scenarios of the World Bank, use cases
developed by the Cambridge Institute for Sustainability Leadership with global banks, the full list of Explorative Nature-
Related risk Scenarios developed jointly by the Bank of Negara Malaysia and the World Bank Group in 2023, among
others. The nature risk scenarios were developed across the short-, medium- and long-term time horizons (i.e., each
scenario was attributed a specific time horizon). The definitions for short-, medium- and long-term are provided in the
previous sub-chapter.
Impact, risk and opportunity management
Negative impacts and risks are identified and assessed through the double materiality assessment process, described in
detail in the “Double materiality assessment” chapter within this Sustainability Statement. The present sub-chapter
focuses on the assessment of climate and environmental risks.
The bank’s processes for identifying material climate and environmental risks are detailed in the “Resilience of the bank”
sub-chapter of this Sustainability Statement. Implementation of the bank’s overall climate and environmental risk
management framework is outlined in the “Actions and resources in relation to climate change policies” sub-chapter.
| Topic: Climate Change | |||||||
|---|---|---|---|---|---|---|---|
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Climate<br><br>change<br><br>mitigation | Downstream | Short-term<br><br>(CB)<br><br>Long-term<br><br>(AM) | Negative<br><br>impact | Financing and investing in<br><br>high GHG-emitting sectors<br><br>without credible transition<br><br>plans | Positions and<br><br>minimum<br><br>standards of<br><br>ES due<br><br>diligence<br><br>Reputational<br><br>risk framework<br><br>Sectoral<br><br>policies<br><br>Equator<br><br>principles | ES due<br><br>diligence<br><br>process<br><br>Reputational<br><br>risk assessment<br><br>Transaction<br><br>assessments | Number of<br><br>matters/<br><br>transactions/<br><br>clients<br><br>assessed |
| Medium-<br><br>term | Risk | Risk of financial loss due to<br><br>clients/investees failing to<br><br>transition their business<br><br>model and strategies as well<br><br>as the bank failing to respond<br><br>to clients’ demand for<br><br>climate related products and<br><br>services | Climate and<br><br>environmental<br><br>risk framework | Processes in<br><br>line with the<br><br>frameworks for<br><br>credit, market,<br><br>liquidity,<br><br>operational risk<br><br>as well as risk<br><br>appetite<br><br>Trainings | Net zero<br><br>targets for<br><br>carbon-intense<br><br>sectors<br><br>GHG emissions<br><br>(Scope 3, Cat.<br><br>15)<br><br>AM: WACI for<br><br>AuM (Target<br><br>and actuals) | ||
| Energy | Long-term | Risk of financial loss due to<br><br>clients/investees failing to<br><br>adopt their business models<br><br>and strategies with regards<br><br>to energy from fossil fuels |
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Policies related to climate change mitigation and adaptation
ESRS E1-2, ESRS 2 MDR-P
Deutsche Bank considers climate and environmental risks as drivers of existing risk types within the Group’s risk
taxonomy. In this context:
–The Head of Enterprise and Treasury Risk Management (ETRM), reporting to the Chief Risk Officer, owns the Group’s
overall management and appetite frameworks for climate and environmental risks; this includes the qualitative risk
appetite principles, quantitative risk appetite metrics and holistic monitoring of risks across different risk types and
portfolios
–The Heads of the credit, market, liquidity, operational risk functions (Risk Type Controllers), also reporting to the Chief
Risk Officer, are responsible for the establishment and operation of appropriate controls and the monitoring and
appetite setting of climate and environmental risk drivers
The overarching framework for the management of climate and environmental risks is described in the Climate and
Environmental Risk Management document which supports the Risk Management Principles of the Group. The document
sets out key requirements around governance, risk identification and materiality assessment, risk appetite strategy and
planning, risk monitoring and control, and stress testing. The requirements set out in the document apply to all divisions
(i.e., Investment Bank, Corporate Bank and Private Bank) and geographies of the bank apart from the Asset Management
division. The Asset Management division of the group, operating under the brand DWS, is covered in the chapter “Client
portfolios in Asset Management” within this “Climate change” chapter.
The Climate and Environmental Risk Management document also includes:
–Risk appetite metrics definitions for the eight sectors covered by the decarbonization targets of the bank and the
overall absolute financed emissions of the corporate loan book
–Early Warning Indicators established for climate-transition, climate-physical and nature (or other environmental) risks
The provisions contained in the document are complemented by two additional frameworks through which the bank
addresses climate change mitigation and adaptation: the Environmental and Social Due Diligence Framework and the
Sustainable Finance Framework, described in the “ESG due diligence” and “Sustainable finance” chapters of this
Sustainability Statement.
Deutsche Bank’s approach to climate risk stress testing is underpinned by the Climate and Environmental Risk Stress
Testing Framework. This document formally establishes the principles, scope, process flow and governance for all
climate stress testing-related activities, ensuring adherence to internal policies and external regulatory requirements.
Actions and resources in relation to climate change
ESRS E1-3, ESRS 2 MDR-A
The management of climate and environmental risks is embedded within the bank‘s overall risk management framework.
This framework does not cover DWS. This information is covered in the “Clients Portfolios in Asset Management” section.
The ongoing enhancement of the climate and environmental risk framework is integrated into one of the Group‘s Key
Deliverables overseen by the Sustainability Strategy Steering Committee. The framework has four key elements: (i) risk
identification and materiality assessment, (ii) integration into risk type frameworks and processes, (iii) scenario analysis
and stress testing and (iv) integration into risk appetite via utilization of a range of risk metrics and targets.
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The “risk identification and materiality assessment”, together with “scenario analysis and stress testing” are described in
the “Resilience of the bank” sub-chapter of the “Climate change” chapter within this Sustainability Statement. The
remainder of this sub-chapter covers:
–The integration of climate and environmental risk considerations in the processes and controls of each of the main risk
types of the bank, namely credit, market, liquidity and operational risks
–The integration of metrics and targets into the bank’s risk appetite
Credit risk framework
Climate and environmental risk drivers are integrated across the different stages of the transaction lifecycle, including
transaction approval/client onboarding, risk classification and credit ratings, portfolio analysis, and monitoring and
collateral valuation.
Climate and environmental risks are incorporated into the credit approval process for corporate clients via enhanced due
diligence requirements. New loan requests above selected tenor and rating-based thresholds to corporate clients in
carbon-intensive sectors as well as those in sectors vulnerable to climate-physical and nature (or other environmental)
risks require a dedicated risk assessment from the front office and review by Credit Risk Management.
As part of the internal credit rating process, climate and other environmental risks must be assessed and, where deemed
material, documented. For corporate clients, this assessment is supported by:
–A Transition risk scorecard, which use externally sourced data to assess the clients’ historical performance in terms of
their GHG emissions, the scope and governance of climate commitments of clients versus their peers
–A Physical risk scorecard, providing an indication of the financial impact a given client is likely to sustain, under a given
scenario, per natural hazard type, based on asset data held for the company by S&P; the scorecard is also used as a
basis for selected physical risk KPIs
The output of this assessment may lead to the adjustment of relevant inputs to the bank’s internal credit rating model.
Climate risks are considered as potential triggers for inclusion in the watchlist of groups or counterparties in carbon-
intensive industries and without adequate transition risk mitigation strategy in place and/or with limited financial
resources to finance their transition. The criteria take into consideration internal credit ratings and the scores from the
transition risk scorecards.
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Lastly, Deutsche Bank's Environmental and Social Due Diligence Framework outlines specific restrictions, due diligence
and escalation requirements for sectors with inherently elevated potential for negative environmental impacts.
With regards to the valuation of collateral, the bank’s Global Collateral Management Guide (for Banking Book Collateral)
sets its environmental standards based on the requirements of the Capital Requirements Regulation for the initial
valuation, monitoring and review over the life of the loan. Deutsche Bank’s underwriting standards require real estate
collateral to be appropriately insured against relevant risks including applicable natural hazards. In some countries,
supplemental insurance against natural hazards is provided by the government. At year-end 2025, the European
residential real estate portfolio reached € 160.6 billion. Residential mortgages for private clients in Germany constitute
approximately 92% of this portfolio, encompassing around 1.1 million private residences in Germany. These properties,
financed by loans secured by immovable assets, are adequately insured against relevant risks, including applicable
natural hazards. The insurance cover by real estate owners is monitored and complemented or substituted by Deutsche
Bank´s own insurance.
In addition, new valuations and re-valuations require the identification of material environmental physical and transition
risks that could materialize. Any identified material risks must be reflected in the credit decision and/or valuation if not
mitigated by construction measures and/or insurance cover. Comparable requirements are in place for other physical
collateral, including large movable assets (such as airplanes and ships) and smaller assets (such as cars and machines).
Insurance coverage on loan collateral is monitored on a regular basis, including by means of onsite inspections.
Market risk framework
As part of the market risk identification process, individual business lines are asked to consider forward-looking and/or
idiosyncratic material risks, including climate and other environmental risks. These are integrated into the market risk
identification documentation. Additionally, as part of the new product and transaction approval control standards of the
Market and Valuation Risk Management function, climate and environmental drivers are required to be assessed and
recorded as part of the approval process.
Climate-related risks are managed within the existing market risk framework and treated as a price trigger, in the same
way as market events such as central bank announcements or earnings announcements. Market and Valuation Risk
Management function monitors and reports internally emissions in its traded credit portfolio, providing insights into the
top exposures, which are reported quarterly as a part of the Climate and Environmental Risk report.
Furthermore, a weekly climate stress scenario to assess transition and physical risks in the trading book portfolio is
embedded into the bank’s market risk appetite framework.
Liquidity risk framework
Deutsche Bank uses stress testing and pathway analysis to assess the impact of climate risk on liquidity. In particular, the
bank’s stressed net liquidity position scenarios, which are run daily, include climate disasters as possible triggers of stress
(physical risks).
The analysis shows that physical risks are generally smaller than other risks for which the bank daily reserves liquidity.
Transition risk, which is expected to develop incrementally over many years, will be managed through the Group’s annual
funding planning processes. The bank also runs an internal climate stress test on liquidity.
Operational risk framework
Operational Risk Management has dedicated Risk Framework Guidelines detailing sustainability-related requirements for
business divisions and Risk Type Controllers. The team uses an ESG flag to identify operational risk types where key ESG
risk drivers are identified in the taxonomy.
The impacts of ESG risk drivers are assessed as part of the risk and control self assessment process of relevant
operational risk types.
A monthly forum is in place to support collaboration between business divisions, risk and control functions on the
introduction and monitoring of ESG as an integral element of Operational Risk Management. This forum serves as a
platform for sharing activities, new regulations, remediation activities and monitoring ESG risk drivers across Deutsche
Bank’s operational risk profile.
In 2025, several banking supervisors and regulators continued to focus on the topic of greenwashing. Several initiatives
have been conducted by Deutsche Bank to improve its control environment and raise internal awareness on
greenwashing, including:
–Conducting a deep dive risk review in relation to the existing control environment around greenwashing
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–Applying scenario analysis as a standard risk management tool to investigate potential sources of ESG-related
litigation risks, understand the main drivers and causes of such scenarios (e.g., the misrepresentation of sustainability
information in corporate communication or public disclosures) as well as which controls or remediation activities can
mitigate such scenarios and what steps are to be taken to improve the control environment
–Continuous monitoring of external cases of greenwashing
–Conducting mandatory greenwashing training for all Deutsche Bank employees
Furthermore, there have been additional enhancements on the identification and management of social and governance
topics and their integration into the risk framework.
The management of reputational risk arising from climate and environmental risks is covered in the “ESG due diligence”
chapter within this Sustainability Statement.
Risk appetite framework
The development of risk appetite, escalation processes and governance was of particular importance in the
implementation of the climate and environmental risk management framework, and in particular:
–The establishment of risk appetite thresholds around the net zero decarbonization targets, monitored via a dedicated
report, with breaches escalated to the Group Risk Committee and the Group Sustainability Committee
–The review of new transactions or limit extensions with a significant impact on the bank’s financed emissions or net
zero targets by a dedicated Net Zero Forum, consisting of senior representatives from the Business, Risk, and the
Chief Sustainability Office; the review of the forum’s members includes an assessment of the client’s sustainability
disclosures, transition strategies, decarbonization targets and governance; new transactions must fit within Deutsche
Bank’s internal sectoral risk appetite aligned to net zero targets; the Group-level sectoral risk appetite metrics are
cascaded to the business divisions, to enhance their responsibility and support their business strategies
–The sectoral restriction of the Environmental and Social Policy Framework, which are monitored and enforced through
the Environmental and Social due diligence and the escalation requirements of the Reputational Risk Framework of
the bank
–The establishment of Early Warning Indicators for concentrations of climate-transition, climate-physical and nature-
related risks
More information on the bank’s metrics and targets, including achieved and expected emission reductions associated to
the targets, is provided in the “Metrics and targets” sub-chapter of the “Climate change” chapter. The Environmental and
Social Policy Framework is described in detail in the “ESG due diligence” chapter within this Sustainability Statement.
Trainings
Training and risk awareness sessions on climate and environmental risk were held throughout the year. The sessions were
delivered to risk management staff, businesses, and senior leadership teams in various jurisdictions, on topics such as
sustainable finance, physical risk assessment, nature risks and the Operational Risk ESG policy.
Resources
Climate and environmental risks and their integration into the bank’s risk management frameworks is managed via a
combination of dedicated resources within the Chief Risk Office function and existing resources who have extended their
remits to incorporate climate and environmental risk management into frameworks, policies and processes.
In addition, dedicated staff are assigned under the Sustainability Key Deliverable to support the execution of the bank’s
sustainability strategy across divisions and functions. The Group Sustainability Committee, chaired by the Chief
Executive Officer, and its subordinate Sustainability Strategy Steering Committee, oversee the implementation of this
change program, which include the following risk-relevant workstreams:
–‘Net Zero Alignment Strategy’, with the objective to operationalize net zero commitment and decarbonization targets,
ranging from client transition dialogue to portfolio-steering
–‘Risks, Controls and Governance’, with the responsibility to design and implement sustainability risk management
frameworks (including climate and environmental) as well as Group-wide governance on sustainability
–‘Nature’, with the objective to incorporate nature elements into the risk management frameworks of risk and group
sustainability
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Metrics and targets
Targets related to climate change mitigation
ESRS 2 MDR-T, ESRS E1-4
Deutsche Bank has published quantitative 2030 (interim) and 2050 (final) decarbonization targets for eight carbon-
intensive sectors: Oil and Gas (Upstream), Power Generation, Automotive (Light Duty), Steel, Coal Mining, Cement,
Shipping, and Commercial Aviation. The targets are instrumental in the management of the bank’s material climate
change impacts and risks. The following decarbonization pathways are used: (i) the Net Zero Emissions (NZE) by 2050
scenario of the International Energy Agency (IEA), (ii) Poseidon Principles (PP) pathways, which are calibrated against the
Revised International Maritime Organization (IMO) Strategy and (iii) the Mission Possible Partnership Prudent Scenario for
Commercial Aviation. Selected decarbonization pathways model changes in customer preferences, regulatory factors
and emerging technologies to enable the modelling of sector-specific outcomes.
The bank’s decarbonization targets are fully integrated into Deutsche Bank’s risk appetite and risk management
framework.
Alignment to net zero targets
| Baseline | Target | Expected<br><br>reductions1 | ||||||
|---|---|---|---|---|---|---|---|---|
| Sector | Scopes Covered | Scenario | Metric unit | Year | Total loan<br><br>commitment<br><br>(in € bn) | Metric value | Dec 31,<br><br>2030 | Baseline vs.<br><br>target |
| Oil and Gas<br><br>(Upstream) | Scope 3 | IEA NZE | MtCO2/y | 2021 | 10.7 | 23.4 | 18.0 | (23)% |
| Power<br><br>Generation4 | Scope 1 | IEA NZE | kgCO2e/MWh | 2021 | 12.2 | 367 | 114 | (69)% |
| Automotives<br><br>(Light Duty) | Scope 3 | IEA NZE | gCO2/vkm | 2021 | 7.5 | 190 | 77 | (59)% |
| Steel | Scope 1 and 2 | IEA NZE | kgCO2e/t steel | 2021 | 2.1 | 1,519 | 1,004 | (34)% |
| Coal Mining | Scope 3 | IEA NZE | MtCO2/y | 2022 | 1.5 | 7.9 | 4.0 | (49)% |
| Cement4 | Scope 1 and 2 | IEA NZE | kgCO2e/t<br><br>cement | 2022 | 0.1 | 678 | 483 | (29)% |
| Shipping | Scope 1 | Revised IMO<br><br>Strategy - Minimum2 | Portfolio<br><br>Climate<br><br>Alignment<br><br>Score (%) | 2022 | 0.9 | 14.1 | N/A | N/A |
| Revised IMO<br><br>Strategy - Striving2 | 18.3 | 0 | (18.3) pp | |||||
| Commercial<br><br>Aviation | Scope 1 | MPP PRU3 | 2023 | 1.7 | 1.3 | 0 | (1.3) pp |
N/A - not applicable
1The expected reductions are defined as the percentage difference between the 2030 targets versus the baseline metrics. In the case of climate alignment scores,
however, reductions are expressed as percentage points (pp) differences. Deutsche Bank uses the Striving scenario for target setting for the shipping sector
2Baseline year for Shipping represents when Deutsche Bank reported its Portfolio Climate Alignment Scores for the first time which was 2022 for the Revised International
Maritime Organization Strategy
3Mission Possible Partnership Prudent Scenario
4The baseline year metric and 2030 interim net zero target for both the Power Generation and Cement sectors have been recalibrated due to methodological
enhancements introduced this year
| Latest | Change vs.<br><br>Baseline<br><br>(Achieved<br><br>reductions) | |||||
|---|---|---|---|---|---|---|
| Sector | Scenario | Metric unit | Year | Total loan<br><br>commitment<br><br>(in € bn) | Metric value | Metric<br><br>change |
| Oil and Gas (Upstream) | IEA NZE | MtCO2/y | 2025 | 7.8 | 17.6 | (25)% |
| Power Generation | IEA NZE | kgCO2e/MWh | 2025 | 12.8 | 195 | (47)% |
| Automotives (Light Duty) | IEA NZE | gCO2/vkm | 2025 | 7.5 | 153 | (20)% |
| Steel | IEA NZE | kgCO2e/t steel | 2025 | 1.8 | 1,231 | (19)% |
| Coal Mining | IEA NZE | MtCO2/y | 2025 | 1.2 | 5.3 | (33)% |
| Cement | IEA NZE | kgCO2e/t cement | 2025 | 0.4 | 749 | 11% |
| Shipping | Revised IMO<br><br>Strategy –<br><br>Minimum1 | Portfolio Climate<br><br>Alignment Score (%) | 2024 | 0.9 | 1.4 | (12.7) pp |
| Revised IMO<br><br>Strategy – Striving1 | 7.5 | (10.8) pp | ||||
| Commercial Aviation | MPP PRU2 | 2024 | 1.8 | 1.0 | (0.3) pp |
1,2 Deutsche Bank will publish year-end 2025 Portfolio Climate Alignment Scores in next year’s Sustainability Statement
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Achieved and expected emissions reductions are disclosed in the relevant columns of the above target table. For Oil and
Gas (Upstream) and Coal Mining sectors, these reductions are expressed in absolute terms (i.e., Scope 3 Category 11
(“End Use”) financed emissions). For the remaining sectors, they reflect the change in the physical intensity metric or
climate alignment scores (which are expressed in percentages).
The conversion of the relative or physical intensity metrics sectoral targets into absolute reductions of GHG emissions
(ESRS Requirement E1-4 34a/b) is not disclosed as the Transitional Provisions of ESRS 1 Paragraph 133b allows the bank
to focus on the more established physical intensity metrics required by the Pillar 3 legislation.
Since the inception of net zero targets, the bank is making considerable decarbonization progress across sectors which
has been supported by active management of the business outlined in the above-mentioned “Governance” section. The
Cement sector has been an exception, however, due to the lack of readily available technological alternatives (i.e., a
hard-to-abate sector) as well as the reduced potential for active management given the bank’s small loan commitment
size.
Two model enhancements were introduced this year to the net zero target framework:
–The commitment to issue contingents has been removed to align with issued contingents, which have been excluded
from the corporate loan boundary since the initial public go live in the 2022 Non-Financial Report. Consequently, both
issued contingents (“contingent liabilities”) and the commitment to issue contingents are fully excluded. This
enhancement has also been applied to the Scope 1, 2 and 3 financed emissions approach to ensure alignment with
the net zero target framework while remaining consistent with the PCAF Standard which does not explicitly require
the inclusion of contingents; and
–More precise handling of smaller power generation entities, thereby increasing the number of clients covered by the
power generation net zero target
–
In line with the internal guidance, recalculations were conducted and baseline changes from the two model
enhancements were assessed against the bank’s recalibration thresholds. Key points are as follows:
–Power Generation: Baseline and subsequent year physical emission intensities were recalibrated. Year-end 2024
intensity decreased by 51.4 kgCO2e/MWh (11.4 kgCO2e/MWh decrease from removing the commitment to issue
contingents; 40 kgCO2e/MWh decrease from adding smaller power generation entities). Baseline year physical
emission intensity metric revised downwards by 29.2 kgCO2e/MWh; 2030 interim net zero target recalibrated
downwards by 9.4 kgCO2e/MWh
–Cement: Baseline and subsequent year physical emission intensities were recalibrated. Year-end 2024 intensity
increased by 1.5 kgCO2e/t of cement by removing the commitment to issue contingents. Baseline year physical
emission intensity metric revised downwards by 53.3 kgCO2e/t of cement; 2030 interim net zero target recalibrated
downwards by 37.6 kgCO2e/t of cement
–Other sectors: Model enhancements did not result in changes to the baseline year net zero metric that exceeded the
bank’s recalibration thresholds and hence not recalibrated. For the Oil and Gas sector, the removal of the commitment
to issue contingents led to a significant decrease of Scope 3 financed emissions by 1.6 MtCO2/y for year-end 2024
Methodology notes
Corporate lending boundary:
–Deutsche Bank defines its corporate lending boundary to include: (i) loans at amortized cost and (ii) irrevocable and
revocable lending commitment as reported in the Risk Report of Deutsche Bank’s Annual Report. As of year-end 2025,
loans at amortized cost and irrevocable and revocable lending commitment amounted to € 478.7 billion and
€ 274.3 billion, respectively
–Corporate lending that is classified under the bank’s underwriting policy as a position to be de-risked via the capital
markets is excluded from the net zero target framework
–Corporate lending exposures are identified according to Deutsche Bank’s internal sectoral classifications. The bank
excludes all lending to financial institutions, public sector, real estate sector and securitization
–In previous disclosures, the commitment to issue contingents was included in the net zero target framework and
reflected under “irrevocable and revocable lending commitment”. These items are now fully excluded, meaning both
issued contingents (“contingent liabilities”) and the commitment to issue contingents fall outside of the boundary of
the net zero target framework; as part of this change, sectors covered by the net zero target framework were
recalculated, and impacts on the baseline year metric were reviewed in accordance with the bank’s recalibration
guidelines. As of year-end 2024 and 2025, the commitment to issue contingents amounted to € 21.1 billion and
€ 18.2 billion, respectively
–
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Eight sectors are in scope of Deutsche Bank’s net zero target framework. The framework aligns with established industry
methodologies, including: (i) the Paris Agreement Capital Transition Assessment (PACTA) methodology; (ii) the
Partnership for Carbon Accounting Financials (PCAF) Standard; (iii) the Poseidon Principles; and (iv) the Pegasus
Guidelines. Client-level asset data are sourced from Asset Impact, Det Norske Veritas and International Bureau of
Aviation (IBA). Enterprise Value including cash (EVIC) client data are sourced from MSCI and Bloomberg.
‘Net zero’ is a global concept in which the world as a whole must reach net zero carbon emissions by 2050 to limit global
warming to 1.5oC. This concept allows for residual emissions from hard-to-abate sectors, provided that they are
balanced by emissions removals in other parts of the economy. Deutsche Bank’s sectoral decarbonization pathways
reflect these differentiated trajectories and are aligned with the transition towards a global net zero system.
The bank has introduced a modelling enhancement to more accurately capture smaller power generation entities,
improving data quality underlying the power generation net zero metric. Consistent with internal recalibration
procedures, baseline metrics were recalculated and assessed under the bank’s recalibration guidelines where the Power
Generation and Cement sectors have been recalibrated in terms of their baseline year metric and subsequent year-ends.
Client-purchased offsets (certificates based on GHG reductions, permits or avoidance schemes) are not considered
within the net zero target framework. This is because the framework is based on metrics reflecting: (i) the technical
characteristics of the underlying assets and (ii) GHG conversion factors associated with their physical activities.
In line with the Net Zero Banking Alliance (NZBA) Guidance for Climate Target Setting for Banks (Version 4; October
2025), Deutsche Bank obtains independent third-party limited assurance over its reporting against net zero targets,
including the establishment of baseline metrics, as part of this Sustainability Statement.
Residential Real Estate:
While committed to sustainability, Deutsche Bank has not set specific residential real estate portfolio targets to advance
policy-mandated decarbonization in its core markets. Deutsche Bank remains committed through three principal
strategies:
–Provision of expert advice, network and financial assistance to Homeowners
–Deutsche Bank aims to enhance the energy efficiency of residential dwellings by offering comprehensive support
to homeowners; this is primarily reflected within the Private Bank’s sustainability Finance initiatives. Key aspects of
this strategy include:
–Expanding Networks: Developing the Private Bank’s network of energy consultants, valuation services and
refurbishment specialist to provide homeowners with accessible expertise
–Refining financing options: Offering a diverse range of financing solutions tailored for energy improvements;
this includes products such as construction financing, climate loans and leveraging public funding programs
–Establishment of targets for upstream industries
–Deutsche Bank recognizes the importance of reducing Scope 2 and 3 emissions from the real estate sector by
addressing the carbon footprint of industries that supply energy and construction materials; the bank has
established decarbonization targets for these upstream sectors, including power generation, cement and steel
–Engagement with Policymakers, Governments and peer banks
–The bank actively engages with various stakeholders to foster a collaborative approach to decarbonization within
Real Estate sector, such as the European Energy Efficiency Financing Coalition
–
Given the significant financing requirements of the transition to more energy-efficient housing, and the financial
challenge facing private homeowners, it is vital to avoid unintended consequences, hence Deutsche Bank has not set a
net zero target comparable to those established for carbon-intensive industries to avoid the risk of restricting the flow of
financing into energy-efficient housing and penalizing private clients in the currently challenging macroeconomic
environment. Apart from social aspects such as affordable living as well as customer protection schemes, client
willingness and the client’s financial capacity play a decisive role.
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Sectoral net zero targets and portfolio pathways
Oil and Gas (Upstream)
Oil and Gas, MtCO2 of financed emissions (Scope 3)
Scope 3 financed emissions amounted to 17.6 MtCO2/y at year-end 2025, representing a 8.4% reduction year-on-year
and a 25% decrease relative to the 2021 baseline. Since target inception, the portfolio’s overall financed emissions have
declined broadly in line with the linear reduction pathway associated with the 2030 net zero target. Total loan
commitments decreased year-on-year from € 9.6 billion to € 7.8 billion.
The year-on-year decrease in financed emissions can be explained by the following key factors:
–Enhancing the Oil and Gas methodology to remove the commitment to issue contingents resulted in a decrease of
1.6 MtCO2/y
–Active management of the portfolio which led to a decrease of 1.3 MtCO2/y
–Loan exposure FX translation effects which led to an increase of 0.8 MtCO2/y which was primarily driven by the
appreciation of the U.S.$ against the €
–Client emission factors (tCO2/€ m) which contributed to an increase of 0.4 MtCO2/y
–
–The bank expects the Oil and Gas Scope 3 Category 11 (“End Use”) financed emissions to remain volatile due to
factors outside of its control, such as the evolution of clients’ EVIC or total assets, clients’ oil and gas production
volumes and FX translation effects.
–
Methodology notes:
–The Oil and Gas (Upstream) sector applies a Scope 3 Category 11 (“End Use”) financed emissions approach, expressed
in MtCO₂/y and covers upstream activities only; oil and gas production volumes are converted into emissions by using
combustion constants from the U.S. Environmental Protection Agency (EPA); consistent with the PCAF methodology,
the denominator of the Attribution Factor is EVIC or total assets
–To reduce volatility in financed emissions estimates, year-end 2025 loan exposure data are converted to euro-
equivalent loan values using 2024 FX rates, ensuring consistency with the bank’s latest Scope 3 emission factors;
consequently, the year-on-year FX translation effects are calculated by comparing the year-end 2023 FX rates (as
used in the prior year’s Annual Report) with the year-end 2024 FX rates
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2021) datasets
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to baseline
year changes in Scope 3 financed emissions that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Power Generation
Power Generation, kgCO2e/MWh (Scope 1)
1Net zero metrics for the baseline year and subsequent year-ends up to 2024 have been restated, as well as the interim net zero target
The bank has introduced enhancements to its Power Generation methodology where more details can be found in the
below methodology notes section. To ensure meaningful year-on-year comparability, physical emission intensities of the
baseline year and subsequent year-ends have been recalibrated. For year-end 2024, these updates resulted in a
substantial reduction of 51.4 kgCO2e/MWh in physical emission intensity. This overall decrease can be further broken
down into a reduction of 11.4 kgCO2e/MWh attributable to the removal of the commitment to issue contingents and
40 kgCO2e/MWh attributable to the incorporation of smaller power generation entities. Finally, the physical emission
intensity for the baseline year metric was recalibrated downwards by 29.2 kgCO2e/MWh and the 2030 interim target was
also recalibrated downwards by 9.4 kgCO2e/MWh.
After adjusting for model enhancements, the Scope 1 physical emission intensity of the bank’s Power Generation
portfolio was 195 kgCO2e/MWh at year-end 2025, representing a 65.9 kgCO2e/MWh reduction year-on-year and also
representing a 25% decline relative to year-end 2024. Over the same period, the total loan commitments increased from
€ 12.0 billion to € 12.8 billion.
The significant year-on-year decline in physical emission intensity can be attributed to:
–Reduction of 37.0 kgCO2e/MWh due to data quality improvements from third-party provided data for three existing
clients
–Reduction of 17.2 kgCO2e/MWh due to decarbonization efforts of existing clients
–Reduction of 11.8 kgCO2e/MWh due to active management towards lower intensity clients
Methodology notes:
–The Power Generation sector follows the PACTA approach, with the key metric defined as the loan-weighted average
of clients’ Scope 1 physical emission intensity, expressed in kgCO₂e/MWh; both operational power assets and those in
the construction phase are covered
–Clients’ installed power capacity (MW) data is converted into annual power generation (MWh) using global capacity
factors from the IEA NZE (2021) scenario; this conversion reflects the varying operating profile of different
technologies - most notably the intermittency of renewables, which typically exhibit lower capacity factors than other
sources such as nuclear
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2021) datasets
–The removal of the commitment to issue contingents from the corporate lending boundary did not trigger baseline
year changes as the net zero metric change remained within the bank’s recalibration threshold; however, the
modelling enhancement enabling more precise treatment of smaller power generating entities did exceed the
recalibration threshold; as a result, the power generation physical emission intensity has been recalibrated from year-
end 2021 onwards and the 2030 interim target has been updated accordingly
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Automotives (Light Duty)
Automotives, gCO2/vkm (Scope 3)
The Scope 3 physical emission intensity of Deutsche Bank’s Automotives (Light Duty) portfolio was 153 gCO2/vkm at
year-end 2025, representing a 5.8% decrease year-on-year and 20% below the 2021 baseline. Total loan commitments
slightly decreased by € 0.2 bn year-on-year.
Improvements in the portfolio’s tailpipe emission intensity metric reflects both decarbonization progress made by clients
and an active management of exposures towards lower intensity clients.
Methodology notes:
–The Automotive sector follows the PACTA approach, with the primary metric defined as the loan-weighted average of
clients’ Scope 3 (i.e., tailpipe/tank-to-wheel) physical emission intensity, expressed in gCO₂/vehicle-kilometer
–Deutsche Bank’s scope is limited to vehicle manufacturers within the light-duty vehicle segment
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2021) datasets
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to changes to
the baseline year physical emission intensity that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Steel
Steel, kgCO2e/t of steel produced (Scope 1 and 2)
The Scope 1 and 2 physical emission intensity of Deutsche Bank’s Steel portfolio was 1,231 kgCO2e/t steel at year-end
2025, remaining constant year-on-year, alongside total loan commitments declining from € 2.2 billion to € 1.8 billion.
Methodology notes:
–The Steel production sector follows the PACTA approach, with the key metric defined as the loan-weighted average
of clients’ Scope 1 and 2 physical emission intensity, expressed in kgCO₂e/tonne of steel produced
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2021) datasets
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to changes to
the baseline year physical emission intensity that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Coal Mining
Coal Mining, MtCO2 of financed emissions (Scope 3)
Scope 3 financed emissions amounted to 5.3 MtCO2/y at year-end 2025, of which 3.4 and 1.9 MtCO2/y came from
thermal and metallurgical coal sources, respectively, representing a 16% year-on-year increase, but a 33% decrease
relative to the 2022 baseline. Since target inception, the portfolio’s overall financed emissions has declined broadly in
line with the linear reduction pathway associated with the 2030 net zero target. Total loan commitments of in-scope
clients remain stable at € 1.2 billion, while on a coal revenue share basis, total loan commitments slightly decreased year-
on-year to € 0.2 billion.
The year-on-year increase in financed emissions can be explained by three key factors:
–Loan exposure FX translation effects which led to a financed emissions increase of 0.3 MtCO2/y which was primarily
driven by the appreciation of the U.S.$ against the €
–Client emission factors (tCO2/€ m) which led to financed emissions decrease of 0.2 MtCO2/y
–The remaining increase of 0.6 MtCO2/y primarily driven by short-term lending activity of a single client
The bank expects the Coal Mining metric to remain volatile due to factors outside of its control, such as the evolution of
clients’ EVIC or total assets, clients’ coal mining production volumes, clients’ coal mining revenue share (i.e., 5% threshold
rule) and yearly FX translation effects.
Methodology notes:
–The Coal Mining sector follows a Scope 3 Category 11 (“End Use”) financed emission approach, expressed in MtCO₂/y;
coal mining production values are converted into emissions by using combustion constants from the U.S. EPA; in line
with the PCAF approach, the denominator of the Attribution Factor is EVIC or total assets
–To reduce volatility in financed emission estimates, year-end 2025 loan exposure data are converted to euro-
equivalent loan exposures amounts using 2024 FX rates, ensuring consistency with the bank’s latest Scope 3 emission
factors; consequently, the year-on-year FX translation effects are calculated by comparing the year-end 2023 FX
rates (as used in the prior year’s Annual Report) with the year-end 2024 FX rates
–Clients are considered eligible based on whether: (i) more than 5% of their revenue is derived from (thermal and
metallurgical) coal mining; and (ii) their activities can alternatively be tracked via demand-led sectors such as Power
Generation or Steel Production; this demand-led approach is preferred, as it supports reducing demand for coal rather
than restricting supply, thereby helping to avoid market distortions or unintended supply-side bottlenecks
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2022) datasets and adjusted
based on the portfolio’s baseline year ratio of thermal versus metallurgical financed emissions; should this ratio shift
materially in future years, the pathway will be recalibrated to ensure alignment with the characteristics of the bank’s
coal mining portfolio
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to baseline
year changes in Scope 3 financed emissions that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Cement
Cement, kgCO2e/t of cement produced (Scope 1 and 2)1
1Net zero metrics for the baseline year and subsequent year-ends up to 2024 have been restated, as well as the interim and final net zero target
The bank has introduced enhancements to its Cement methodology where more details can be found in the below
methodology notes section on the net zero target framework. To ensure meaningful year-on-year comparability, the
baseline year and subsequent year-ends physical emission intensities have been recalibrated. For year-end 2024, this
resulted in an increase of 1.5 kgCO2e/t cement in physical emission intensity and an increase of € 8 million in loan
exposure. Finally, the physical emission intensity for the baseline year metric was recalibrated downwards by
53.3 kgCO2e/t cement and the 2030 interim target was also recalibrated downwards by 37.6 kgCO2e/t cement.
After adjusting for model enhancements, the Scope 1 and 2 physical emission intensity of Deutsche Bank’s Cement
portfolio was 749 kgCO2e/t cement at year-end 2025, representing a 4.3% decrease year-on-year and standing 11%
above the 2022 baseline. The decrease in year-on-year physical emission intensity was primarily driven by a single client
with low intensity.
The upward trend of portfolio-level physical emission intensity since the baseline year is primarily explained by two
factors:
–The inherently hard-to-abate nature of the cement sector; and
–The portfolio’s relatively small size of € 0.4 billion loan commitments as of year-end 2025 which limits the scope for
active portfolio management and contributes to greater inherent metric volatility
Methodology notes:
–The Cement production sector follows the PACTA approach, with the core metric defined as the loan-weighted
average of clients’ Scope 1 and 2 physical emission intensity, expressed in kgCO₂e/tonne of cement; cementitious
products (e.g., fly ash) are not included
–The decarbonization pathway applied to target setting was calibrated from the IEA NZE (2022) datasets
–The removal of the commitment to issue contingents from the corporate lending boundary resulted in baseline year
physical emission intensity changes which exceeded the bank’s recalibration threshold; consequently, the cement net
zero metric has been recalibrated from year-end 2021 onwards, along with the associated 2030 interim target
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Shipping
Shipping (Revised-Striving only), Climate Alignment Score (%) (Scope 1)
As of year-end 2024, Deutsche Bank’s Poseidon Principles (PP) portfolio climate alignment scores were 7.5% and 1.4% for
the Revised-Striving and Revised-Minimum scenarios, respectively, reflecting year-on-year improvements of 12.2 pp and
12.8 pp year-on-year. On a loan-weighted basis, 92% of Annual Efficiency Ratio (AER) was verified (as opposed to
modelled) as of year-end 2024, marking a significant improvement from the prior year’s 75% share of verified AER
shipping emission intensity data.
The year-on-year improvement of the Revised-Striving portfolio climate alignment score can be explained by: (i) moving
from PP Technical Guidance (TG) 5.1 to 5.2 which resulted in an improvement of 7.3 pp; and (ii) an improvement of 5.0 pp
primarily driven by the “Bulk Carrier and “Gas Tanker” vessel categories, on a TG 5.1 like-for-like basis.
Methodology notes:
–The Shipping sector follows the Poseidon Principles methodology (Technical Guidance 5.2, July 2025)
–The primary metric is the climate alignment score, expressed as a percentage difference between a vessel’s Annual
Efficiency Ratio (AER), measured in gCO₂e/dwt-nm (e.g., bulk carriers) and the vessel-specific decarbonization
pathway calibrated to its type and size
–At the portfolio level, the metric is the loan-weighted average of each vessel’s climate alignment score (%)
–The bank expects the Revised-Striving and Revised-Minimum portfolio climate alignment metrics to exhibit volatility,
given the sensitivity of AER to operational factors such as the vessel speed, routing, and utilization
–The decarbonization pathway applied to target setting was calibrated from the International Maritime Organization
(IMO) Revised Strategy adopted at the Marine Environmental Protection Committee (MEPC 80) in July 2023
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to changes to
the baseline year climate alignment score that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Commercial Aviation
Commercial Aviation, Climate Alignment Score (%) (Scope 1)
Deutsche Bank follows the Pegasus Guidelines and its portfolio climate alignment score stood at 1.0% at year-end 2024,
reflecting an incremental year-on-year decrease of 0.3 pp.
The metric captures Scope 1 emissions from revenue generating passenger services, belly freight and dedicated cargo
freight operations of commercial airliners.
The bank’s focus is on aircraft operators, as they exert the greatest influence on operational load factors and the
adoption of new technologies - both of which directly affect the sector’s carbon emission trajectory. Aircraft lessors are
excluded, as the bank is evaluating the appropriateness and effectiveness of applying a physical emission intensity based
target on lessors given that their role is generally limited to the rollout of modern aircraft and retrofitting existing
aircrafts to operate with Sustainable Aviation Fuel.
Methodology notes:
–The Aviation sector follows the Pegasus Guidelines methodology, published in March 2024
–The primary metric is the climate alignment score, expressed as a percentage difference between an airliner’s physical
emission intensity, measured in gCO₂e/revenue-tonne-kilometer (RTK), and the corresponding decarbonization
pathway; the pathway is differentiated by the airliner’s activity mix across passenger plus belly freight operations and
dedicated cargo freight operations
–At the portfolio level, the climate alignment score reflects the percentage differences between: (i) the loan-weighted
average of clients’ gCO₂e/RTK values; and (ii) loan-weighted average of clients’ points on their decarbonization
pathways, weighted by their activity mix across passenger plus belly freight and dedicated cargo freight
–Currently, only commercial airliners are included within the scope of this sector methodology
–The bank expects the portfolio climate alignment metrics to exhibit volatility, given the sensitivity of an airliner’s
emission intensity to passenger and belly freight load factors and dedicated cargo freight load factors
–The decarbonization pathway applied to target setting is from the Mission Possible Partnership “Prudent” (MPP PRU)
Roadmap
–The removal of the commitment to issue contingents from the corporate lending boundary did not lead to changes to
the baseline year climate alignment score that exceeded the bank’s recalibration threshold; consequently, the
historical year-end metrics for this sector were not recalibrated
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Financed Emissions: Scope 3 Category 15
ESRS E1-6
The financed emissions calculations follow the Partnership for Carbon Accounting Financials (“PCAF”) Standard as
detailed in the Methodological notes in this section, and are in line with the recommendations of the Task Force on
Climate-related Financial Disclosures (see their Guidance on Metrics, Targets, and Transition Plans).
Financed emissions calculations are based on disclosed Scope 1, 2 and 3 emissions of Deutsche Bank’s clients. Such
emission data is sourced from third-party providers, and if client-level data is not available, proxy data is used. This data
is mapped to the bank’s loan commitments and clients’ EVIC to calculate financed emissions at the client and portfolio
levels. For selected mortgage and commercial real estate portfolios, emissions are estimated using proxies which are
based on Energy Performance Certificate ratings and internal methodologies.
The following tables show the overall corporate industry loan exposure and financed emissions broken down by the top
ten sectors which contribute to the largest amount of the bank’s summed Scope 1, 2 and 3 financed emissions. Any
differences in top ten sector rankings shown in the year-end 2025 and 2024 tables are due to changes in the bank’s
portfolio composition of clients. The table also shows how much Scope 1, 2 and 3 financed emissions stem from clients
which are also tracked in the net zero target framework. Lastly, the table shows total lending of the bank secured by real
estate, as well as loan exposure and financed emissions of the EU residential real estate portfolio.
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Loan exposure and financed emissions of the corporate lending book and residential real estate
| Dec 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loan Exposure | Financed Emissions | PCAF Data Quality Score<br><br>(5 = lowest) | ||||||||||
| Scope 1&2, MtCO2e/y | Scope 3, MtCO2e/y | Scope 1&2 | Scope 3 | |||||||||
| Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | |||
| in € bn1 | in % | in € bn | in % | |||||||||
| Total corporate industry loan exposure | 119.7 | 100.0 | 277.0 | 100.0 | 26.4 | 54.3 | 132.6 | 334.4 | 4.3 | 3.7 | 4.6 | 4.2 |
| thereof: Automotives | 6.3 | 5.3 | 16.8 | 6.1 | 0.6 | 1.6 | 29.3 | 85.5 | 3.6 | 3.2 | 3.9 | 3.6 |
| thereof: Oil and gas | 6.0 | 5.0 | 14.8 | 5.4 | 6.7 | 10.6 | 19.6 | 49.0 | 3.8 | 3.4 | 4.4 | 4.0 |
| thereof: Manufacturing and Engineering | 8.8 | 7.3 | 25.8 | 9.3 | 0.8 | 3.2 | 13.2 | 55.8 | 4.4 | 3.8 | 4.6 | 4.1 |
| thereof: Consumer Goods | 10.9 | 9.1 | 26.8 | 9.7 | 1.6 | 3.7 | 12.8 | 25.6 | 4.1 | 3.5 | 4.4 | 3.9 |
| thereof: Utilities | 5.6 | 4.7 | 16.0 | 5.8 | 6.7 | 14.5 | 6.7 | 14.3 | 4.5 | 3.6 | 4.7 | 3.8 |
| thereof: Steel, Metals and Mining | 3.9 | 3.2 | 7.3 | 2.6 | 2.1 | 4.5 | 10.3 | 20.8 | 4.0 | 3.8 | 4.2 | 4.0 |
| thereof: Retail | 10.7 | 9.0 | 18.7 | 6.7 | 0.4 | 0.6 | 10.5 | 16.2 | 4.2 | 4.0 | 4.3 | 4.2 |
| thereof: Chemicals | 3.1 | 2.6 | 10.0 | 3.6 | 0.7 | 2.7 | 3.7 | 11.3 | 4.5 | 3.6 | 4.7 | 4.2 |
| thereof: Conglomerate | 3.7 | 3.1 | 4.9 | 1.8 | 0.8 | 1.3 | 6.2 | 9.0 | 4.4 | 4.5 | 4.6 | 4.7 |
| thereof: Construction | 4.1 | 3.4 | 8.6 | 3.1 | 0.9 | 2.2 | 3.3 | 6.9 | 4.5 | 4.3 | 4.8 | 4.6 |
| thereof: Others2 | 56.7 | 47.4 | 127.2 | 45.9 | 5.1 | 9.5 | 16.9 | 40.1 | 4.5 | 3.8 | 4.7 | 4.4 |
| In the scope of net zero targets | ||||||||||||
| Oil and Gas (Upstream)4 | 7.8 | 8.0 | 29.0 | 2.9 | 3.6 | |||||||
| Power Generation4 | 12.8 | 12.3 | 10.3 | 3.6 | 3.9 | |||||||
| Automotives (light-duty)4 | 7.5 | 0.6 | 49.0 | 2.4 | 2.8 | |||||||
| Steel4 | 1.8 | 2.0 | 3.1 | 3.4 | 4.1 | |||||||
| Coal Mining4 | 1.2 | 0.8 | 4.4 | 2.9 | 2.3 | |||||||
| Cement4 | 0.4 | 0.5 | 0.3 | 2.0 | 2.9 | |||||||
| Shipping3,4 | ||||||||||||
| Commercial Aviation3,4 | ||||||||||||
| Total loans secured by real estate | 227.0 | 100.0 | N/A | N/A | ||||||||
| thereof: Secured by non-residential RE | 61.9 | 27.3 | N/A | N/A | ||||||||
| thereof: Secured by residential RE | 165.1 | 72.7 | N/A | N/A | ||||||||
| thereof: EU | 160.6 | 97.2 | 2.0 | 3.9 | ||||||||
| Germany | 147.8 | 92.1 | 1.7 | 3.9 | ||||||||
| Italy | 3.7 | 2.3 | 0.1 | 3.7 | ||||||||
| Spain | 6.3 | 3.9 | 0.2 | 2.9 | ||||||||
| Rest of EU | 2.8 | 1.7 | — | 5.0 | ||||||||
| thereof: Outside of EU | 4.6 | 2.8 | N/A | N/A |
N/A - not applicable
1Securitized aviation loans are excluded as the PCAF Standard (2022) cannot be applied
2As of year-end 2025, Others’ financed emissions were driven by the following sectors ranked in descending order by summed Scope 1, 2 and 3 financed emissions: Transportation, Technology, Aerospace and Defense, Healthcare & Pharmaceuticals, Other Corporates, Services, Leisure, Media, Telecoms, Leasing and Rental, and General Trading Companies (Japan)
3Deutsche Bank will publish in next year’s report
4The sectors listed in the “In scope of net zero targets” sub-section correspond to the following sectors in the “Total corporate industry loan exposure” sub-section: Oil and Gas (Upstream) is mapped to Oil and Gas; Power Generation is predominantly mapped to Utilities; Automotives (light duty) is mapped to Automotives; Steel and Coal Mining are mapped to Steel, Metal, and Mining;
Cement is mapped to Construction; and Shipping and Commercial Aviation are mapped to Transportation (which did not make the top ten sectoral ranking)
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| Dec 31, 2024 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Loan Exposure | Financed Emissions | PCAF Data Quality Score<br><br>(5 = lowest) | ||||||||||
| Scope 1&2, MtCO2e/y | Scope 3, MtCO2e/y3 | Scope 1&2 | Scope 33 | |||||||||
| Outstanding | Total Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | Outstanding | Total<br><br>Commitments | |||
| in € bn1 | in % | in € bn | in % | |||||||||
| Total corporate industry loan exposure4 | 117.7 | 100.0 | 272.9 | 100.0 | 30.7 | 59.0 | 134.5 | 346.4 | 4.4 | 3.8 | 4.6 | 4.2 |
| thereof: Manufacturing and Engineering | 9.8 | 8.3 | 28.3 | 10.4 | 1.0 | 3.2 | 16.5 | 75.0 | 4.4 | 3.8 | 4.5 | 4.1 |
| thereof: Automotives | 7.0 | 5.9 | 17.1 | 6.3 | 0.6 | 1.5 | 26.4 | 73.9 | 3.5 | 3.3 | 3.7 | 3.5 |
| thereof: Oil and gas | 5.6 | 4.8 | 14.0 | 5.1 | 9.9 | 15.9 | 20.2 | 49.9 | 4.3 | 3.7 | 4.3 | 4.1 |
| thereof: Consumer Goods | 11.4 | 9.7 | 27.7 | 10.1 | 1.7 | 4.0 | 13.4 | 26.9 | 4.0 | 3.5 | 4.1 | 3.9 |
| thereof: Utilities | 5.2 | 4.4 | 14.2 | 5.2 | 7.0 | 12.3 | 8.6 | 15.2 | 4.6 | 3.5 | 4.8 | 3.9 |
| thereof: Steel, Metals and Mining | 3.5 | 3.0 | 8.0 | 2.9 | 1.6 | 4.1 | 9.0 | 22.1 | 3.9 | 3.7 | 4.2 | 4.0 |
| thereof: Retail | 10.5 | 8.9 | 18.8 | 6.9 | 0.4 | 0.6 | 8.2 | 14.4 | 4.4 | 4.1 | 4.5 | 4.4 |
| thereof: Chemicals | 3.1 | 2.6 | 9.8 | 3.6 | 0.7 | 3.0 | 4.0 | 11.6 | 4.5 | 3.8 | 4.7 | 4.3 |
| thereof: Conglomerate | 5.6 | 4.8 | 7.1 | 2.6 | 1.8 | 2.1 | 7.8 | 10.4 | 4.0 | 4.1 | 4.8 | 4.8 |
| thereof: Construction | 4.1 | 3.5 | 8.5 | 3.1 | 0.9 | 2.1 | 3.6 | 7.3 | 4.6 | 4.4 | 4.8 | 4.7 |
| thereof: Others2 | 52.0 | 44.2 | 119.3 | 43.7 | 5.4 | 10.0 | 16.9 | 39.8 | 4.6 | 3.9 | 4.8 | 4.4 |
| In the scope of net zero targets5 | ||||||||||||
| Oil and Gas (Upstream)6 | 8.9 | 12.3 | 32.0 | 3.1 | 4.0 | |||||||
| Power Generation6 | 12.0 | 12.1 | 14.4 | 3.5 | 4.0 | |||||||
| Automotives (light-duty)6 | 7.2 | 0.5 | 36.9 | 2.2 | 2.5 | |||||||
| Steel6 | 2.2 | 2.0 | 3.4 | 3.7 | 4.4 | |||||||
| Coal Mining6 | 1.2 | 0.8 | 4.9 | 3.0 | 3.0 | |||||||
| Cement6 | 0.3 | 0.4 | 0.2 | 2.2 | 3.0 | |||||||
| Shipping6 | 0.9 | 1.5 | 0.4 | 4.7 | 4.9 | |||||||
| Commercial Aviation6 | 1.8 | 1.5 | 0.8 | 2.6 | 3.8 | |||||||
| Total loans secured by real estate | 240.6 | 100.0 | N/A | N/A | ||||||||
| thereof: Secured by non-residential RE | 69.1 | 28.7 | N/A | N/A | ||||||||
| thereof: Secured by residential RE | 171.5 | 71.3 | N/A | N/A | ||||||||
| thereof: EU | 166.4 | 97.0 | 2.2 | 4.1 | ||||||||
| Germany | 153.2 | 92.1 | 1.9 | 4.1 | ||||||||
| Italy | 4.2 | 2.5 | 0.1 | 4.6 | ||||||||
| Spain | 6.4 | 3.8 | 0.2 | 3.0 | ||||||||
| Rest of EU | 2.6 | 1.6 | 0.1 | 5.0 | ||||||||
| thereof: Outside of EU | 5.1 | 3.0 | N/A | N/A |
N/A - not applicable
1Securitized aviation loans are excluded as the PCAF Standard (2022) cannot be applied
2As of year-end 2024, Others’ financed emissions were driven by the following sectors ranked in descending order by summed Scope 1, 2 and 3 financed emissions: Aerospace and Defense, Transportation, Technology, Healthcare and Pharmaceuticals, Other Corporates, Services, Leisure, Media, Telecoms, Leasing and Rental, and General Trading Companies (Japan)
3Prior year’s comparatives aligned to presentation in the current year
4 The Top 10 sector ranking has been amended for year-end 2024 following model enhancements that have been applied retroactively
5Following model enhancements that have been retroactively applied, year-end 2024 total loan exposures will differ for sectors tracked with a net zero target from those reported in the prior year’s “alignment to net zero targets” tables except for the Power Generation and Cement sectors
6 The sectors listed in the “In scope of net zero targets” sub-section correspond to the following sectors in the “Total corporate industry loan exposure” sub-section: Oil and Gas (Upstream) is mapped to Oil and Gas; Power Generation is predominantly mapped to Utilities; Automotives (light duty) is mapped to Automotives; Steel and Coal Mining are mapped to Steel, Metal, and Mining;
Cement is mapped to Construction; and Shipping and Commercial Aviation are mapped to Transportation (which did not make the top ten sectoral ranking)
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Corporate Lending Portfolio
The bank has introduced significant enhancements to its financed emissions methodology where the commitment to
issue contingents has been excluded from the corporate lending boundary as well as a more precise treatment of smaller
power generation entities. Following internal recalibration guidance, recalculations were performed and the impacts of
the two model enhancements were assessed against the Bank’s recalibration guidelines. Accordingly, the year-end 2024
Scope 1, 2 and 3 financed emissions table, including the “in scope of net zero targets” sub-section, has been recalibrated,
This led to reductions of 5.8 MtCO2e/y for Scope 1 and 2 financed emissions and 81.4 MtCO2e/y for Scope 3 financed
emissions, alongside a € 17.5 bn decrease in loan exposure. The substantial reduction of Scope 3 financed emissions was
primarily driven by a single Manufacturing and Engineering client due to the removal of the commitment to issue
contingents.
After adjusting for model enhancements, Scope 1 and 2 financed emissions decreased year-on-year from 30.7 to
26.4 MtCO2e/y on a loan outstanding basis, while Scope 3 financed emissions also decreased year-on-year from 134.5 to
132.6 MtCO2e/y. On a total corporate lending basis, Scope 1 and 2 financed emissions decreased year-on-year from
59.0 to 54.3 MtCO2e/y and Scope 3 financed emissions also decreased year-on-year from 346.4 to 334.4 MtCO2e/y.
Correspondingly, economic intensities for Scope 1 and 2 and for Scope 3 declined year-on-year by 7.9% and 4.9%,
respectively. Total loan commitments increased year-on-year by € 4.1 bn, representing a 1.5% increase relative to year-
end 2024.
Notable sector-level movements:
–Scope 1 and 2 financed emissions:
–The Oil and Gas sector recorded a 5.3 MtCO2e/y year-on-year reduction in Scope 1 and 2 financed emissions,
accompanied by a 37% decreased in economic intensity; these year-on-year changes have been primarily driven by
data quality improvements for two clients
–The Utilities sector recorded a 2.1 MtCO2e/y year-on-year increase in Scope 1 and 2 financed emissions,
accompanied by a 4.1% increase in economic intensity; the financed emissions year-on-year changes have been
primarily driven by the increase in total loan commitment from € 14.2 bn to € 16.0 bn
–Scope 3 financed emissions:
–The Manufacturing and Engineering sector showed a year-on-year decrease of 19 MtCO2e/y in Scope 3 financed
emissions, with economic intensity declining by 18%; this outcome was primarily driven by a single client’s reported
emission factor which reduced significantly due to its rising EVIC
–The Automotive sector showed a year-on-year increase of 12 MtCO2e/y in Scope 3 financed emissions, with
economic intensity increasing by 18%; this outcome was primarily driven by a single client’s estimated emission
factor increasing due to a data quality enhancements from the bank’s third-party data provider
–
The following factors provide additional details on the year-on-year movements in Scope 1, 2 and 3 financed emissions
on a total loan commitment basis:
–Client-specific reported emission factors: For Scope 1 and 2, rising client-specific emission factors for key clients,
mainly due to falling EVICs between 2023 and 2024, resulted in financed emissions increasing by 0.5 MtCO₂e/y; for
Scope 3, this effect led to a 22.5 MtCO₂e/y decrease primarily driven by a single client in the Manufacturing and
Engineering sector whose EVIC increased significantly year-on-year
–Client-specific estimated emission factors: Scope 3 financed emissions increased by 3.3 MtCO₂e/y, mainly driven by
updates across three sectors Automotive, Oil and Gas and Manufacturing and Engineering
–Data quality updates contributed to a reduction of 1.9 MtCO₂e/y in Scope 1 and 2 financed emissions; for Scope 3,
these updates led to an increase of 20 MtCO₂e/y in financed emissions, with one-half of the rise attributable to a
single client in the Automotive sector
–The translation of non-euro loan exposure to euro equivalents resulted in decreases of 4.2 MtCO₂e/y for Scope 1 and
2 and 16.6 MtCO₂e/y for Scope 3, primarily reflecting the depreciation of the U.S. dollar against the euro between
year-end 2024 and year-end 2025
–Client portfolio effects: Changes in the composition of the client portfolio contributed 0.9 MtCO₂e/y to Scope 1 and 2
financed emissions and 3.8 MtCO₂e/y to Scope 3 financed emissions
Percentage of Scope 1, 2 and 3 financed emissions covered by Deutsche Bank’s net zero target framework:
–As at year-end 2025 — excluding shipping and commercial aviation sectors due to a one-year reporting lag and
including model enhancements — was 45% for Scope 1 and 2 financed emissions and 29% for Scope 3 financed
emissions on a total corporate lending basis; on a like-for-like basis, coverage as at year-end 2024 was 48% for Scope
1 and 2 financed emission and 26% for Scope 3 financed emissions
–When shipping and commercial aviation sectors are included and after adjusting for model enhancements, coverage
as at year-end 2024 was 53% for Scope 1 and 2 financed emissions and 27% for Scope 3 financed emissions on a total
corporate lending basis; this compares with the prior year’s Sustainability Statement within the Annual Report, where
coverage as of year-end 2024 was 47% for Scope 1 and 2 financed emissions and 22% for Scope 3 financed emissions
without model enhancements, excluding shipping and commercial aviation sectors and on a total corporate lending
basis
–
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Methodological notes:
–The bank focuses on corporate lending within (i) loans at amortized cost and (ii) irrevocable and revocable lending
commitment as found in the Risk Report section of Deutsche Bank’s Annual Report; as of year-end 2025, loans at
amortized cost and irrevocable and revocable lending commitment amounted to € 478.7 billion and € 274.3 billion,
respectively
–Corporate lending that is deemed to facilitate a primary issuance is classified under the facilitated emissions
methodology and therefore excluded from financed emissions calculations
–Corporate lending is identified according to Deutsche Bank’s internal sectoral classifications; the bank excludes all
lending to financial institutions, public sector, real estate sector and securitizations
–In previous disclosures, commitments to issue contingents were included within “irrevocable and revocable lending
commitments”; these items have now been removed from that category, resulting in both issued contingents
(reported as “contingent liabilities”) and the commitment to issue contingents being fully excluded from the corporate
lending boundary. In addition, the bank has implemented a modelling enhancement allowing for more accurate
treatment of smaller power generation entities, which not only increases the number of clients covered by the power
generation net zero target but also allows for more accurate derivation of emission factors/economic intensities for
smaller power generation entities; as a result of these two model updates, the year‑end 2024 Scope 1, 2 and 3
financed emissions table were recalibrated, including the “in scope of net‑zero targets” sub-section; as of year-end
2024 and 2025, the commitment to issue contingents amounted to € 21.1 billion and € 18.2 billion, respectively
–Deutsche Bank follows the Partnership for Carbon Accounting Financials (PCAF) Standard, Part A (Second Edition;
2022) to calculate Scope 1, 2 and 3 financed emissions
–Scope 1, 2 and 3 financed emissions are calculated on a total loan commitment basis, aligning with the methodology
used for the bank’s decarbonization targets
–The financed emissions figures rely on client-specific data as well as proxy emissions factors; Scope 1 and 2 client-
specific emissions data are sourced from MSCI and is always reported by the client; Scope 3 client-specific emissions
data are sourced from MSCI and may be reported or estimated using MSCI’s proprietary logic; Scope 1 and 2 proxy
emission factors are sourced from PCAF and based on the 2019 EXIOBASE dataset (EXIOBASE v3.7, base year 2015)
version, as recommended by PCAF and in line with the dataset used in the baseline year; Scope 3 proxy emission
factors are internally developed sector-country averages, derived from MSCI client-specific reported and estimated
emissions data
–Enterprise Value including Cash (EVIC) is used as the denominator of the PCAF attribution factor and sourced from
MSCI
–Scope 3 financed emissions estimates are expected to remain volatile due to factors outside of the bank’s control
such as (i) the evolution of clients’ EVIC and (ii) the inclusion of total expected lifetime emissions from products sold,
particularly relevant in areas such as manufacturing-related activities
–Differences may arise between the bank’s Financed Emissions: Scope 3 Category 15 and its net zero target framework
for Oil and Gas and Coal mining sectors; these differences can be attributed to: (i) difference in coverage of Scope 3
categories; (ii) difference in coverage of sub-sectors (i.e., upstream or midstream); or (iii) methodological or data-
driven differences in Scope 3 emission factor estimates
–No correction is made for potential double-counting of emissions when including clients’ Scope 3 emissions alongside
Scope 1 and 2
–PCAF Data Quality scores reflect the degree of reliance on proxy estimates and highlight the ongoing challenges
faced by the bank and the wider industry in accessing audited client specific emissions data. Methodological and data
source updates may significantly influence financed emissions estimates over time
–As of year-end 2025, the share of primary data used in the finance emissions calculations remained constant year-on-
year, reaching 42% for Scope 1 and 2 and 18% for Scope 3, measured on a total loan commitment basis; primary data
refers to emission information classified as reported by clients by MSCI and therefore reflects data directly disclosed
by clients rather than estimates
–Client-purchased offsets (certificates based on GHG reductions, avoidance or permit schemes) are not included in
financed emissions calculations
–
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Residential Real Estate Portfolio
Residential Real Estate (RRE) is a critical area in the fight against climate change, with buildings accounting for a
significant portion of energy usage and GHG emissions in the EU. Deutsche Bank recognizes this, with residential real
estate loans (primarily mortgages to German private clients) representing approximately 35% of its global total loan
portfolio of € 472.6 billion at year-end 2025. While financed emissions from RRE are lower than corporate loans,
transitioning to net zero by 2050 necessitates clear pathways for energy efficiency.
However, achieving this in RRE presents unique challenges: most existing properties have low energy efficiency, the cost
of transition primarily falls on private citizens, upstream industries heavily influence energy efficiency, and public policy
is still evolving.
Deutsche Bank's integrated strategy reflects these complexities, focusing on:
–Empowering private individuals: Providing financial assistance for energy efficiency retrofitting and renovation
–Collaborating with upstream industries: Working with corporate clients supplying energy and materials to reduce their
emissions, thereby impacting residential real estate's embodied emissions
–Engaging with stakeholders: Collaborating with policymakers, industry peers, and other bodies to define
methodologies and priorities
–Harmonizing approaches: Contributing expertise to improve data quality and reporting for energy efficiency in the
sector
Deutsche Bank's approach acknowledges the financial and social challenges for private clients, recognizing that a
significant portion requires both information and financial assistance for retrofitting. It emphasizes the need for
attainable goals, potential adaptations to collateral evaluation practices, and simplified financing for renovations.
As of year-end 2025, financed emissions for the European residential real estate portfolio decreased from 2.2 to
2.0 MtCO2e/y, with a financed energy intensity reduction from 13.04 to 12.5 kgCO₂e/m²/y. The lower financed emissions
in 2025 was predominantly driven by two key factors: enhancements to Deutsche Banks emissions calculation models
and the reduced volume size of the mortgage portfolio.
Methodological notes
–Deutsche Bank identifies loans collateralized by residential real estate based on the Financial Reporting (FinRep)
definition in accordance with the ECB-Regulation on reporting of regulatory financial information
–Financed emissions and emissions intensity of Deutsche Bank’s European residential real estate portfolio are
calculated by applying a model-based approach, incorporating Energy Performance Certificates (real and proxied),
real estate collateral data, decarbonization scenarios, and PCAF data; based on the PCAF methodology, Deutsche
Bank restricts the transition risk metrics to financed emissions and emissions intensity which are defined by the
proportion of the collateral linked to the outstanding loan amount
–The net zero projections towards 2050 are performed by deploying the International Energy Agency (IEA)
decarbonization scenarios as well as country specific Carbon Risk Real Estate Monitor (CRREM) pathways
–The PCAF Data Quality scores are calculated according to the instructions for mortgages as outlined in PCAF’s The
Global GHG Accounting and Reporting Standard Part A: Financed Emissions (Second edition, December 2022), and
incorporates the usage of EPC data (i.e., CO₂ values); the scores reflect the extent to which proxy estimates were
utilized, i.e., PCAF Data Quality score 2 is applied, if the available EPC contains the respective CO₂ value, whereas
estimation of CO₂ values based on real EPC data result in a PCAF Data Quality score of 3. A PCAF Data Quality score 4
is linked to CO₂ values being estimated by the above-mentioned model-based approach. PCAF Data Quality score 5 is
assigned if none of the above apply. In the final stage, after assigning the PCAF Data Quality score, the average score
per counterparty domicile (Germany, Italy, and Spain) is calculated, weighted by the outstanding gross carrying
amount
–The share of primary data used for the calculation of financed emissions was 10.4% on an outstanding gross carrying
amount basis of the loans collateralized by RRE; primary data is defined as utilizing actual EPC data without proxy,
which reflects a PCAF Data Quality score of 2
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Facilitated Emissions: Scope 3 Category 15
Facilitated emissions represent the GHG emissions associated with capital markets transactions where the bank provides
services, such as underwriting and syndication, to clients raising capital. These emissions differ from financed emissions
as the bank typically takes no (or limited) credit risk, and the capital does not remain on the bank’s balance sheet.
The facilitated emissions calculations are aligned with the PCAF's Global GHG Accounting and Reporting Standard –
Part B Facilitated Emissions (first version, December 2023) as detailed in the Methodological notes in this section.
Facilitated emissions calculations are based on disclosed Scope 1, 2 and 3 emissions of Deutsche Bank’s clients. Such
emissions data, along with clients’ EVIC data, is sourced from third-party providers. Where reported data for a specific
entity is unavailable, sector-country asset-based proxies are used as the alternative. In alignment with the PCAF
Standard, a 33% weighting factor was applied.
To ensure the completeness and accuracy of the data presented, facilitated emissions are reported for year-end 2024.
The underlying deal information from external databases, such as Dealogic, is subject to a data finalization and reporting
lag that extends beyond the 2025 year-end reporting cycle. Recognizing the inherent volatility of deal volumes in capital
markets, Deutsche Bank reports five-year averages in addition to annual figures. This offers a less volatile view of
facilitated emissions trends and the climate impact from these activities over time. The five-year average facilitated
emissions are based on the 2024 or the latest available emission factors, reflecting data availability constraints.
The following table presents Deutsche Bank's facilitated emissions for year-end 2024 broken down by the top ten
sectors which contribute to the largest amount of the bank’s summed Scope 1, 2 and 3 facilitated emissions. A
significant deviation in Scope 3 facilitated emissions between 2024 and the five-year average for the Manufacturing and
Engineering sector is driven primarily by reported Scope 3 emissions for a single entity.
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Facilitated Emissions
| Dec 31, 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deal volume | Facilitated emissions | PCAF Data Quality Score<br><br>(5 = lowest) | ||||||||||
| Scope 1&2, MtCO2 | Scope 3, MtCO2 | Scope 1&2 | Scope 3 | |||||||||
| 2024 (in € bn) | 2024 (in %) | 5 years average<br><br>(in € bn) | 5 years average<br><br>(in %) | 2024 | 5 years average | 2024 | 5 years average | 2024 | 5 years average | 2024 | 5 years average | |
| Corporate deals | ||||||||||||
| Manufacturing and Engineering | 13.3 | 6.8 | 10.6 | 6.8 | 0.3 | 0.3 | 65.2 | 23.4 | 3.9 | 3.5 | 4.1 | 3.9 |
| Automotives | 18.6 | 9.5 | 14.4 | 9.2 | 0.3 | 0.3 | 15.3 | 17.0 | 2.9 | 2.7 | 3.4 | 3.4 |
| Oil and gas | 7.2 | 3.7 | 6.6 | 4.2 | 2.4 | 2.0 | 9.9 | 7.8 | 3.5 | 3.6 | 4.3 | 4.2 |
| Conglomerates | 1.0 | 0.5 | 1.3 | 0.8 | 0.7 | 0.5 | 4.3 | 2.6 | 2.5 | 3.2 | 5.0 | 4.9 |
| Steel, Metals and Mining | 2.3 | 1.2 | 2.9 | 1.9 | 0.2 | 0.5 | 3.6 | 4.9 | 3.6 | 3.5 | 3.8 | 3.7 |
| Consumer Goods | 14.4 | 7.4 | 13.1 | 8.4 | 0.4 | 0.5 | 3.3 | 2.8 | 3.2 | 3.0 | 3.6 | 3.5 |
| Healthcare and Pharma | 30.1 | 15.4 | 20.8 | 13.3 | 0.7 | 0.7 | 2.5 | 1.7 | 3.3 | 3.4 | 4.3 | 4.3 |
| Chemicals | 5.4 | 2.8 | 6.4 | 4.1 | 0.6 | 0.7 | 2.3 | 2.6 | 4.1 | 3.8 | 4.4 | 4.3 |
| Retail | 8.9 | 4.5 | 6.2 | 3.9 | 0.1 | 0.1 | 2.8 | 1.9 | 4.6 | 3.9 | 4.6 | 4.3 |
| Utilities | 6.4 | 3.3 | 6.2 | 4.0 | 1.1 | 1.7 | 1.3 | 1.5 | 3.2 | 3.2 | 3.6 | 3.7 |
| Others1 | 87.7 | 44.9 | 67.9 | 43.4 | 1.7 | 2.5 | 7.6 | 6.1 | 3.6 | 3.5 | 4.3 | 4.3 |
| Total deals | 195.3 | 100.0 | 156.3 | 100.0 | 8.5 | 9.8 | 118.1 | 72.3 | 3.5 | 3.4 | 4.1 | 4.1 |
1 As of year-end 2024, Others facilitated emissions were driven by the following sectors: Construction, Aerospace and Defense, Transportation, Services, Leisure, Technology, Telecoms, Media, Other Corporates, and Leasing and Rental
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Methodological notes:
The estimates are derived from public debt (bond underwriting and loan syndication) and equity deals information
sourced through Dealogic. Private placements and equity investments in private companies are excluded, unless specific
transactions are captured within the Dealogic database.
–A fee-based league table attribution is applied to apportion Deutsche Bank's share of each in-scope transaction; this
fee-based approach offers a clear reflection of a deal’s economics and aligns with the GHG accounting ‘follow the
money’ principle
–To ensure a complete and comprehensive assessment, all manager roles are included in the calculations
–In alignment with the PCAF Standard, securitized products, as well as agency, government, and supranational bonds,
are excluded from the scope; furthermore, green bonds and loans are also excluded. Sustainability-linked and
sustainable bonds/loans are treated as conventional
–The facilitated emissions calculation accounts for the full amount of syndicated loans arranged (drawn and undrawn
portions), expanding the coverage
–Sectors in scope are identified according to Deutsche Bank’s internal sectoral classification. All transactions to
financial institutions, public sector and real estate are excluded
–Similar to financed emissions, the facilitated emissions figures rely on client-specific data as well as proxy emissions
factors. Scope 1 and 2 client-specific emissions data is sourced from MSCI and uses data reported by the client;
Scope 3 client-specific emissions data is sourced from MSCI and can be either reported by clients or estimated using
MSCI’s proprietary logic; Scope 1 and 2 proxy emission factors are sourced from PCAF’s 2019 EXIOBASE dataset
(EXIOBASE v3.7, base year 2015) to align with financed emissions calculations; Scope 3 proxy emission factors are
internally built sector-country averages based on client-specific emissions data (reported and estimated) from MSCI
–PCAF Data Quality scores are calculated according to the rules outlined in the PCAF Standard and reflect the extent
to which sectoral proxy estimates were utilized in the calculation; they are an indication of the challenges that the
bank and the industry still face with getting access to consistent and audited client-specific emission data
Deutsche Bank acknowledges the inherent limitations in the current estimation of facilitated emissions due to data
availability challenges and the evolving nature of reporting standards. Methodology and data changes may significantly
impact the estimates in the future. Deutsche Bank is continuously monitoring these limitations, aiming to improve data
quality and refine methodological consistency over time.
Other metrics used to monitor climate-transition risks
The bank uses additional global and sector-specific key performance indicators to monitor and steer climate risk across
its portfolios. Examples of these indicators are technology mixes and the share of clients with reported net zero targets.
Climate physical risk for real estate assets
Climate physical risks for real estate assets are assessed using S&P physical exposure score data for nine hazards (coastal
flooding, riverine/fluvial flooding, pluvial flooding (extreme rainfall), tropical cyclone, extreme heat, extreme cold,
wildfire, drought, and water stress) across four scenarios (low, medium, medium-high, and high risk). To estimate the
overall exposure to physical climate risks, Deutsche Bank utilizes composite hazards scores and the medium-high risk
scenario (a limited mitigation scenario in which total GHG emissions double by 2100, and global average temperatures
rise between 2.8°C and 4.6°C by 2100). Deutsche Bank considers the fluvial flood, coastal flood, pluvial flood, and
tropical cyclones as acute risk and maps water stress, drought, wildfire, extreme heat, and extreme cold as chronic risk.
Only a small proportion of the bank’s European residential real estate portfolio is deemed vulnerable to acute or chronic
physical risks as the physical risk factors for Europe are significantly lower than in other parts of the world. Furthermore,
residual risk for the European Residential Real Estate portfolio remains low, supported by insurance policies held by
private clients for their respective properties, additional all-risks insurance contract held by Deutsche Bank for the
German mortgage portfolio, and national protection schemes in Italy and Spain.
A summary of exposures to chronic and acute physical risks is provided in the table below.
Loan exposure to physical risks of the Residential Real Estate portfolio
| Country | Dec 31, 2025 | |
|---|---|---|
| Loan exposure, Outstanding (in bn) | ||
| Total | Acute | |
| EU | 160.6 | 1.2 |
| thereof: Germany | 147.8 | 1.2 |
| thereof: Spain | 6.3 | 0.0 |
| thereof: Italy | 3.7 | 0.0 |
| thereof: Rest of EU | 2.8 | 0.0 |
| Non-EU | 4.6 | 1.1 |
All values are in Euros.
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| Country | Dec 31, 2024 | |
| --- | --- | --- |
| Loan exposure, Outstanding (in bn) | ||
| Total | Acute | |
| EU | 166.4 | 0.6 |
| thereof: Germany | 153.2 | 0.3 |
| thereof: Spain | 6.4 | 0.0 |
| thereof: Italy | 4.2 | 0.2 |
| thereof: Rest of EU | 2.6 | 0.0 |
| Non-EU | 5.1 | 1.6 |
All values are in Euros.
The continuous enhancements to processes, refinement of methodology and consideration of forward-looking
information can result in changes to exposures subject to physical risks.
Nature-related (or other environmental) risks
In recognizing the increasing importance of nature-related (or other-environmental) risks to the bank and its stakeholders
(from regulators and supervisors to investors and clients), Deutsche Bank developed an in-house approach for the
identification of exposures potentially vulnerable to nature-related risks. While not considered material for the 2025
double materiality assessment, Deutsche Bank will continue to monitor these risks as part of the annual materiality
assessment as industry standards and methodologies in relation to nature risk identification and measurement continue
to evolve.
Deutsche Bank’s analysis of nature-related risks focuses on four different types of nature loss: (i) terrestrial biodiversity
and habitat loss, (ii) water depletion, (iii) marine ecosystem degradation, and (iv) ecosystem degradation from waste and
pollution. This classification allows the bank to capture in its assessment most of the pressures on nature from human
activities, as listed by the Science Based Targets Network (SBTN) and ecosystem services of the ENCORE tool.
The bank identifies exposure to each of the four types of nature loss based on a waterfall approach that considers:
–A client-level assessment, based on the relevant environmental ratings, when available
–A sector and country assessment, which identifies companies active in sectors with high impact or high dependency
on nature that are domiciled in vulnerable countries
–
For the sector-level assessment of nature risk impacts on the corporate loan portfolio, the bank utilizes the Sector
Materiality tool of the Science-Based Target Network due to its consideration of indirect, upstream value chain impacts.
In 2025, the bank updated its use of the ENCORE tool by switching to the latest version available, for the assessment of
sector dependencies on ecosystem services and impacts on natural capital. For the assessment of country vulnerability
in 2025, the bank refreshed existing datasets as well as incorporated new data sources for the nature loss analysis.
The table below reports the exposures identified as potentially vulnerable to Nature risks according to the approach of
combining the client-level and sector and country level assessment:
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Loan exposure to nature-related risks of the corporate lending book
| Dec 31, 2025 | |||
|---|---|---|---|
| Loan Exposure, Outstanding (in bn) | |||
| Corporate loan exposure to nature loss types | in bn | o/w identified<br><br>through client<br><br>level data | o/w identified<br><br>through client<br><br>level data (in %) |
| Total corporate industry loan exposure | 119.7 | N/A | N/A |
| thereof: Water depletion | 12.0 | 1.5 | 12.7 |
| thereof: Terrestrial biodiversity and habitat loss | 9.5 | 4.0 | 41.5 |
| thereof: Ecosystem degradation from waste and pollution | 6.7 | 3.9 | 57.6 |
| thereof: Marine ecosystem degradation | 3.8 | 0.9 | 24.7 |
All values are in Euros.
| Dec 31, 2024 | |||
|---|---|---|---|
| Loan Exposure, Outstanding (in bn) | |||
| Corporate loan exposure to nature loss types | in bn | o/w identified<br><br>through client<br><br>level data | o/w identified<br><br>through client<br><br>level data (in %) |
| Total corporate industry loan exposure | 117.7 | N/A | N/A |
| thereof: Water depletion | 18.9 | 1.9 | 10.1 |
| thereof: Terrestrial biodiversity and habitat loss | 12.7 | 3.6 | 28.5 |
| thereof: Ecosystem degradation from waste and pollution | 9.9 | 5.0 | 50.0 |
| thereof: Marine ecosystem degradation | 6.5 | 4.1 | 63.2 |
All values are in Euros.
N/A - not applicable
The net decrease in exposure to nature risks between 25% year-on-year for Terrestrial biodiversity and habitat loss to
36% year-on-year for Water depletion) is mainly driven by changes in the sectoral taxonomy that assesses dependencies
and impacts on nature, following the update in ENCORE’s dataset. In 2025, Deutsche Bank refined its approach of
identifying exposures sensitive to marine ecosystem degradation by narrowing the focus to clients operating in sectors
with high impact on marine ecosystem use or dependencies on marine ecosystem services. This has resulted in the
decrease of exposure sensitive to marine ecosystem degradation.
As the same client can be exposed to risks related to different nature loss types, the amounts in the table above are not
additive. Total exposure to clients identified as vulnerable to at least one nature risk type was € 21.9 billion in 2025.
Current and anticipated financial effects from material physical and transition risks
No material financial effects from physical and transition risks were observed during the fiscal year 2025. Anticipated
future financial effects from climate risks are discussed in the “Resilience of the bank” sub-chapter of the “Climate
change” chapter within this Sustainability Statement. The bank has made use of the extended phase-in option in relation
to ESRS 1 Appendix C, with regards to ESRS E1-9 in accordance with the Delegated Regulation (EU) 2025/1416 adopted
by the European Commission in July 2025 and published in the Official Journal in November 2025.
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Client portfolios in Asset Management
Governance
For more information pertaining to sustainability governance at Deutsche Bank’s Asset Management division, DWS,
please refer to the sub-chapter “DWS strategy on sustainability” in the “Sustainability strategy” chapter within this
Sustainability Statement.
Strategy
ESRS E1-1
As an asset manager, DWS’s fiduciary responsibility is to act in the best interests of its clients. DWS recognizes that each
client has a unique set of investment objectives and therefore offers a broad range of investment solutions with the goal
to create long-term value through balancing investment risks and opportunities. This includes financially material
sustainability risks and opportunities.
Changing political and regulatory frameworks as well as evolving client preferences require DWS to regularly review its
strategy, product offering and sustainability related processes and activities to ensure alignment with the shifting
environment. Following such a review, DWS has refined its strategy for sustainability and introduced adjustments in April
2025 to address these changes. Details can be found in the section “DWS strategy on sustainability” within this
Sustainability Statement.
DWS recognizes the significance of the ongoing transformation to a more sustainable economy and its goal is to provide
investment expertise and solutions that help its clients navigate this transformation effectively.
In 2025, DWS has not published a stand-alone climate transition plan. DWS will continue to monitor the developments
on evolving regulation and market standards concerning appropriate disclosures on climate transition plans. This will
inform its approach and timing going forward and includes the upcoming requirements under unfair‑competition rules,
which call for implementation plans that substantiate any environmental claims made.
Information relating to DWS´s approach on sustainability and climate change mitigation can be found in the Sustainable
Finance - Asset Management chapter and also in the sub-section “Metrics and targets” of the Client portfolios in Asset
Management chapter.
Impact, risk and opportunity management
ESRS E1-2, ESRS E1-3
As an asset manager, DWS has a specific business model where most of its impacts, risks and opportunities arise in its
downstream value chain through investees. The management of these downstream sustainability-related impacts, risks
and opportunities is supported by various policies and procedures relevant to the specific DWS business lines.
For Liquid assets, these include internal procedures governing sustainability risk integration, as well as the Engagement
Policy and the Corporate Governance and Proxy Voting Policy 2025 covering stewardship through engagement with
investee companies and the effective use of voting rights, the governance and oversight of those activities and how DWS
reports on them. Details on these can be found in the sub-chapter “Asset Management“ within the “Sustainable finance”
chapter of this Sustainability Statement.
Within DWS’s Illiquid assets, the Global Sustainability Framework (GSF) for DWS Private Real Estate Investment
Management sets out key principles and processes concerning DWS Private Real Estate’s approach to consideration of
sustainability in the private real estate investment management. Details on these can be found in the sub-chapter “Asset
Management“ within the “Sustainable finance” chapter of this Sustainability Statement.
In addition to these, the DWS Coal Policy governs DWS’s investments in and funding of thermal coal-related activities.
In-scope products of the policy are restricted from investing in coal developers and companies with coal share of
revenues greater than 25%. Furthermore, the policy seeks a complete phase out of thermal coal use from EU/OECD
countries by 2030 and rest of the world by 2040.
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Metrics and targets
ESRS 2 MDR-M, ESRS 2 MDR-T
DWS became a signatory of the Net Zero Asset Managers (NZAM) initiative in 2020. From February 2026, the scope of
DWS´s former group-wide commitment will be adjusted to certain European legal entities of DWS Group GmbH & Co.
KGaA.
Following the updated NZAM commitment statement and the adjusted scope, DWS is currently revising its climate-
related portfolio target which was initially published on the NZAM website in November 2021. While this review is
ongoing, DWS continues to report the relevant metrics for 2025 consistent with prior years as per the previous interim
target.
As a NZAM signatory, in 2021, DWS set itself an interim 2030 target of reducing the Weighted Average Carbon Intensity
(WACI) of its in-scope assets under management by 50% relative to the baseline year of 2019, on an inflation-adjusted
basis. DWS applies the inflation-adjusted WACI instead of the standard WACI to strip out the effect of price increases
from the decarbonization metric. Otherwise, a nominal increase in revenues due to inflation would lead to a reduction in
the financial carbon intensity of companies, although there is no decarbonization in real terms. The surge in inflation in
recent years has highlighted the importance of adopting this approach.
In the 2019 baseline, the WACI amounted to 170.2 tons of CO2 equivalents per million $ of revenue (tCO2e/mn$). In
2023, this changed to 92.3 (2022: 101.4) tons of CO2e/mn$. Stripping out the effect of inflation, this amounts to a
cumulative inflation-adjusted reduction of 36.5% (2022: 36.0%) over four years.
Due to a lag in reporting and availability of emissions data, the WACI calculations for the 2025 reporting period are based
on DWS’s portfolio holdings as of year-end 2024 using the emissions data from the previous year of those respective
holding companies, which is 2023. Similarly, the baseline figure was based on year-end 2020 portfolio holdings and 2019
emissions.
The change in WACI of DWS´s portfolios is the combined result of three main underlying effects:
–Changes to portfolio holdings due to fund flows, market movements, or other portfolio considerations
–Changes to the carbon intensity of the holding companies themselves
–Changes to the product mix, i.e., existing products being closed or new product launches
The 36.5% (2022: 36.0%) inflation-adjusted cumulative decrease in WACI versus the baseline figure represents significant
progress towards DWS’s 50% reduction target by 2030. However, in the short-term, the WACI metric can be affected by
external factors like security price movements and client flows that are beyond the control of DWS and its investee
companies. As these factors can introduce volatility to the metric on a year-on-year basis, DWS does not expect the path
of WACI reduction to follow a linear trend.
Portfolio emissions metrics1
| Metric | Definition | Full year 2025 | Full year 2024 | Medium-term ambition |
|---|---|---|---|---|
| Scope 3 portfolio emissions (net<br><br>zero) – inflation adj. WACI (in %) | Cumulative inflation-adjusted change in<br><br>the WACI of the assets in scope of the<br><br>interim net zero target compared to<br><br>DWS’s baseline year 2019 | (36.5) | (36.0) | Achieve a 50% reduction in<br><br>the inflation-adjusted WACI-<br><br>related to Scope 1 and 2<br><br>portfolio emissions by 2030<br><br>compared to base year 2019<br><br>(aligned to DWS’s 2030<br><br>interim net zero target) |
| Assets in scope of net zero (in %) | The % of total AuM covered by the<br><br>interim net zero target | 39.2 | 39.1 | |
| Assets in scope of net zero (in €<br><br>bn) | The € value of AuM covered by the<br><br>interim net zero target | 389.0 | 350.3 |
1The WACI metric is only calculated for in-scope AuM invested in liquid assets where carbon data is available from DWS’s current vendors. Holdings in direct real estate
assets are not included in this calculation
In 2025, the absolute Scope 3 portfolio emissions (in tCO2e) excl. sovereigns was 25,114,543 and the absolute Scope 3
portfolio emissions (in tCO2e) for sovereigns was 21,022,017.
The absolute financed emissions provided are calculated for DWS’s holdings in the asset classes of equities, corporate
bonds (including use of proceeds bonds), sovereign debt and direct real estate. Financed emissions from holdings in sub-
sovereign debt, fund of fund holdings, investments in real estate debt and illiquid infrastructure equity and debt
investments are not included in this calculation due to data availability.
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Data for emissions of holdings in liquid investments, for example equities, corporate and sovereign bonds, is sourced
from third-party data providers. These include emissions of CO2 as well as several other greenhouse gases converted to
their CO2 equivalent using their 100-year Global warming potential. For most of DWS’s AuM, the emissions data provided
by data vendors is based on the numbers reported by the issuer, while the rest is estimated by the data provider
according to their methodology.
DWS’s apportioned emissions are calculated using an attribution factor determined by the ratio between its outstanding
holdings (numerator) and either Enterprise Value Including Cash for corporate issuers or GDP for sovereign issuers
(denominator).
Consistent with DWS’s reporting last year, Scope 1 and 2 emissions of its holding companies are included in this year's
report as well. In addition, in DWS’s emissions reporting methodology this year, DWS has included the scope 3 emissions
of its holding companies separately to improve transparency and better align the reporting with evolving best practice
and industry standards. For sovereign debt, the Scope 1 emissions reported include Land Use, Land Use Change and
Forestry.
Financed emissions for DWS’s direct real estate holdings are calculated according to Global Real Estate Sustainability
Benchmark, which is aligned with Partnership for Carbon Accounting Financials, and Carbon Risk Real Estate Monitor.
DWS reports financed emissions for its entire real estate holdings, including commercial as well as residential real estate.
However, emissions for real estate debt portfolios are not included in its reporting.
Portfolio emissions metrics - financed emissions1
| Metric | Definition | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
| Scope 3 Category 15 emissions -<br><br>Financed scope 1 and 2 emissions for<br><br>portfolio holdings excluding sovereign<br><br>issuers (in tCO2e) | Scope 3 Category 15 portfolio emissions represent the financed<br><br>share of investee scope 1 and 2 emissions (tCO₂e) across listed<br><br>equities, corporate bonds and direct real estate in DWS´s portfolio | 25,114,543 | 26,046,373 |
| Scope 3 Category 15 emissions –<br><br>Financed scope 1 and 2 emissions for<br><br>portfolio holdings of sovereign issuers (in<br><br>tCO2e) | Scope 3 Category 15 portfolio emissions represent the financed<br><br>share of investee scope 1 and 2 emissions (tCO2e) for sovereign<br><br>bonds. Scope 1 emissions are domestic GHG emissions from<br><br>sources located within the country territory. Values include land-<br><br>use, land-use change and forestry | 21,022,017 | 23,655,494 |
| Total scope 3 Category 15 emissions –<br><br>Financed scope 1 and 2 emissions for<br><br>portfolio holdings (in tCO2e) | 46,136,560 | 49,701,866 | |
| Scope 3 Category 15 emissions –<br><br>Financed scope 3 emissions for portfolio<br><br>holdings (in tCO2e)2 | Scope 3 Category 15 portfolio emissions represent the financed<br><br>share of investee Scope 3 emissions (tCO₂e) across listed equities,<br><br>corporate bonds, sovereigns and direct real estate in DWS´s<br><br>portfolios | 197,132,046 | N/A |
N/A - not applicable
1While DWS does not have an absolute financed emissions reduction target, DWS provides the data on the absolute financed emissions here for transparency. Due to a lag
in availability of emissions data, the Full-year 2025 data above are based on portfolio holdings as of year-end 2024 using the emissions data from the previous year of
those respective holdings, which is 2023. The same methodology applies for the other time periods reported above
2Consistent with DWS’s reporting last year, Scope 1 and 2 emissions of its holding companies are included in this year's report as well. In addition, in DWS’s emissions
reporting methodology this year, DWS has included the scope 3 emissions of its holding companies separately to improve transparency and better align the reporting
with evolving best practice and industry standards
315
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| Own workforce |
Social information
Own workforce
Deutsche Bank’s success in achieving its vision to be the Global Hausbank and European champion depends on its
engaged and capable workforce, their ideas, skills, commitment, and well-being. The expertise and dedication of the
bank’s workforce enables the provision of expert advice to Deutsche Bank’s clients, creates innovative solutions tailored
to their needs, and high quality products to ensure their financial security and lasting success. In a rapidly changing
environment shaped by technology, geopolitical developments, sustainability, and evolving customer needs, effective
workforce management, strong organizational capabilities, attractive working conditions and equal access to
opportunities are essential, as described in this chapter. The disclosures of this “Own workforce” chapter cover all types
and groups of employees, generally including employee representatives, as well as non-employees where applicable,
which are covered by the term “own workforce” as defined under ESRS S1.
Governance
ESRS 2 GOV-2
The Global Head of Human Resources at Deutsche Bank Group is accountable for all Human Resources (HR) matters of
Deutsche Bank. The position holder oversees Group HR, which comprises global divisional Business Partners, global
functions, global HR products, and regional HR. The Global Head of Human Resources represents HR matters in relevant
committees of the bank. The position holder defines and coordinates the Group's HR strategy and the related priorities,
while ensuring that it is aligned with and supports Deutsche Bank Group strategy and complies with relevant regulations
and laws in all markets in which the bank operates, including anti-discrimination laws.
The Global Head of HR reports to the Management Board member acting as Chief Operating Officer, with whom the
Global Head of HR has regular meetings to discuss material HR-related topics. The Global Head of HR is advised and
supported by the Global HR Leadership Team, which consists of the bank’s Global Head of HR, global divisional Business
Partners, heads of global functions, global HR product heads, and regional HR heads. In 2025, the topics of the Global
HR Leadership Team continued to evolve in alignment with HR’s strategy, building on the foundations laid in 2024. The
focus in 2025 deepened around enhancing leadership, driving aspirational culture and becoming a purpose led
organization, digital transformation, as well as de-risking an aging workforce. This focus was supported by initiatives such
as process optimization and the enhancement of the HR Target Operating Model.
The bank’s monthly HR Controls Dashboard monitors human capital risks as well as HR’s operating performance in
managing these risks, in line with the bank’s Operational Risk Management Framework. It provides an overview of
relevant control indicators regarding the employee life cycle. The results are presented to the Global Head of HR and the
Global HR Leadership Team. Informed by the Global HR Leadership Team’s advice, the Global Head of HR decides
whether a matter needs to be reported to the Management Board member responsible for HR and/or to the Management
Board and which remediation actions are applied.
Strategy
ESRS 2 SBM-1, ESRS 2 SBM-2, ESRS 2 SBM-3, ESRS S1-1
The bank’s people strategy is derived from Deutsche Bank’s corporate strategy and Global Hausbank ambition and is
aligned with Deutsche Bank’s purpose. It reflects market developments, societal trends, and evolves through
consultation with internal and external stakeholders, such as regulators, employee representatives, trade or employers’
associations. It considers the interests of Deutsche Bank’s workforce such as the provision of fair and attractive working
conditions and an inclusive working environment, which fosters fair treatment and equal access to opportunities for all.
Regular reviews of risks and opportunities resulting from workforce-related changes are carried out in close cooperation
with stakeholders to ensure that the strategy remains relevant.
Each division is responsible for developing and implementing its own people strategy derived from the overarching
Deutsche Bank people strategy, which is anchored in four core pillars: (i) enhancing leadership and driving the bank’s
aspirational culture, (ii) ensure right workforce required to progress on strategic priorities - the right number of
employees, with the right skills, and at the right time, (iii) attracting, retaining, and developing diverse talent with priority
skills and (iv) de-risking an aging workforce through succession planning and technology. These pillars address the most
critical challenges Deutsche Bank’s workforce faces in a rapidly changing environment.
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By focusing on these pillars, the people strategy supports both immediate business needs and long-term sustainability. HR
Business Partners play a pivotal role in this process. They act as strategic advisors to the divisions, ensuring that divisional
people strategies are consistently relevant. They support implementation through targeted people management
measures such as talent development programs, succession planning, and leadership enablement. HR Business Partners
also collaborate closely with divisional Chief Operating Officers to regularly review progress and adjust people strategies
where necessary.
The people strategy is complemented by the HR strategy, which serves as the master plan for the HR organization. This
strategy enables divisions by providing state-of-the-art group-wide HR products and services, and enhances the
efficiency, capabilities, and structure of the HR function. These priorities are captured in HR Lighthouse Initiatives and
core run-the-bank processes.
Through its professional skills, knowledge, experience, and commitment, HR is a key partner and enabler for the business
divisions and infrastructure functions, setting relevant policies and procedures, aligned with the laws and regulations in all
markets in which it operates. It anticipates future developments and addresses them proactively, also with regard to the
capacity and composition of its workforce, ensuring Deutsche Bank remains an employer of choice. It maintains a working
environment that is free of discrimination based on an individual’s race, color, sex, national origin, ethnicity, age, religion,
disability, marital status, pregnancy, sexual orientation, gender identity and expression, citizenship or any characteristic
protected by law. Deutsche Bank’s ongoing commitment to excellent working conditions and equal opportunities is
recognized by external rating agencies, which awarded HR-related topics a higher score in 2025 than in 2024. This
contributed to the bank’s overall score increase, which is described in the “People & Own Operations” section of the
“Sustainability strategy” chapter.
The divisional people strategies are reviewed regularly by the divisions, their Chief Operating Officers and HR Business
Partners. The HR strategy is regularly reviewed by the HR function in close cooperation with the Global HR Leadership
Team. If a need for revision or action is identified, the respective strategy is refined accordingly, and respective policies,
procedures, and actions will be adapted as needed.
Impact, risk and opportunity management, metrics and targets
Deutsche Bank depends on a motivated, skilled and diverse workforce that reflects the communities in which it operates,
and prioritizes sustainable client outcomes. To sustain this, the bank is committed to fair and attractive working
conditions with equal and fair treatment, and managing related material impacts, risks and opportunities. The material
impacts, risks and opportunities (IROs) for the bank’s own workforce are described, alongside the respective key actions,
metrics and targets, in the following sub-chapters of the “Own workforce” chapter.
Material impacts, risks and opportunities for own workforce
ESRS 2 SBM-3, ESRS S1-1, ESRS 2 MDR-P, ESRS S1-4, ESRS 2 MDR-A, ESRS S1-5, ESRS 2 MDR-T, ESRS 2 MDR-M
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
At least once a year, the HR function reviews the impacts, risks and opportunities related to the bank’s own workforce to
identify any potential need for revision and action, and to ensure that potential changes of the workforce-related IRO
assessment are accurately reflected in the strategy, and vice versa. The workforce-related IROs are outlined in the following
table with an overview of the policies, actions, metrics and targets that the HR function defines and uses to manage them.
These are described in more detail in the following paragraphs of this chapter, including material metrics from ESRS S1 as
well as entity-specific ones.
The management of these IROs is pivotal to ensure that Deutsche Bank's workforce is motivated and empowered with
diverse, relevant skills and expertise. The following sub-chapters within this "Own workforce" chapter describe in more
detail the IRO management, including policies, engagement approaches, channels and procedures for potential concerns,
the bank’s actions as well as associated metrics and targets for the specific topics related to Workforce management,
Working conditions and Diversity and inclusion.
The processes and sources to identify potential risks, including risks of harm, impacts and opportunities as well as required
actions in response to actual or potential negative impacts in relation to the bank’s own workforce are described in the
following sub-chapters “Processes for engaging with own workforce and workers’ representatives about impacts” and
“Processes to remediate negative impacts and channels for own workforce to raise concerns”. These processes, as well as
other data sources, such as workforce data on global or country level, enable the bank to identify potential impacts, risks
and opportunities that relate to its own workforce, including specific groups of people, for example with particular
characteristics or working in a particular context or in specific activities. The HR function is responsible for defining and
performing actions to achieve the intended working conditions and ensure equal and fair opportunities for its employees.
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|---|---|---|---|---|---|---|---|
| Own workforce | |||||||
| Topic: Own Workforce | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Working<br><br>conditions | Own<br><br>operations | Medium-term | Positive<br><br>impact | Positively impacting employees’<br><br>commitment/satisfaction/<br><br>motivation and well-being by<br><br>–Ensuring right capacity and<br><br>composition of the bank’s<br><br>workforce across employees<br><br>and non-employees<br><br>–Providing family leave and<br><br>childcare benefits<br><br>–Considering adequate working<br><br>time and offering flexible<br><br>working time arrangements<br><br>–Respecting and upholding high<br><br>standards regarding freedom of<br><br>association, collective<br><br>bargaining and social dialogue | Code of Conduct<br><br>Leadership Kompass<br><br>Hiring, Onboarding and<br><br>Offboarding Policy and Guidance<br><br>for Hiring<br><br>All Managers Curriculum<br><br>Raising Concerns (including<br><br>Whistleblowing) Policy and Speak-<br><br>up and Whistleblowing Framework<br><br>Performance, Consequences and<br><br>Reward Policy and Approach to<br><br>Performance, Consequences and<br><br>Reward (Framework)<br><br>Guidance on the Assessment of the<br><br>Suitability of Board Members,<br><br>Branch Managers and Key Function<br><br>Holders<br><br>Environment, Health and Safety<br><br>Policy<br><br>Deutsche Bank Statement on<br><br>Human Rights<br><br>Employee Handbooks<br><br>Contingent Worker Resource Policy | Workforce analysis and planning<br><br>Culture Pulse Survey/People<br><br>Survey/New Joiner Survey<br><br>Engagement with workers’<br><br>representatives<br><br>Concluding and updating collective<br><br>bargaining agreements and (group)<br><br>works agreements<br><br>Support networks, incl. Employee<br><br>Assistance Program<br><br>Benefits, flexible and mobile<br><br>working arrangements<br><br>Well-being champions, Well-being<br><br>Hub<br><br>Internal channels, controls and<br><br>processes<br><br>Recruitment programs<br><br>Graduate and internship programs<br><br>as well as vocational training and<br><br>dual study programs<br><br>Social Plans Agreements | Culture Pulse Index and associated goal<br><br>Participation rate People Survey,<br><br>Enablement and Commitment score<br><br>Number of employees by gender,<br><br>country, contract type<br><br>Number of non-employees by type of<br><br>work<br><br>New employee hires and employee<br><br>turnover by region, age, corporate title<br><br>and gender, voluntary turnover<br><br>Annual total remuneration ratio<br><br>Collective bargaining and social<br><br>dialogue coverage ratio<br><br>Average time to fill vacant positions<br><br>Internal fill rates and savings from<br><br>redeployment<br><br>Hired global graduates and vocational<br><br>trainees<br><br>Human Capital Return on Investment<br><br>Family-related leave entitlement and<br><br>usage, incl. breakdown by gender<br><br>Number of complaints on working<br><br>conditions and discrimination and<br><br>harassment<br><br>Number of Mental First Aiders |
| Medium-term | Opportunity | Increased employee productivity,<br><br>and retention as well as increased<br><br>employer attractiveness and<br><br>reputation as associated with the<br><br>positive impacts by<br><br>–Right capacity and composition<br><br>of workforce<br><br>–Family leave and childcare<br><br>benefits<br><br>–Collective bargaining |
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|---|---|---|---|---|---|---|---|---|---|---|
| Own workforce | Topic: Own Workforce | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets | |||
| Equal<br><br>treatment<br><br>and<br><br>opportunities<br><br>for all | Own<br><br>operations | Short-term | Positive<br><br>impact | Positively impacting employability,<br><br>employee motivation and effective<br><br>leadership by providing<br><br>–Multi-mode training<br><br>–Skills development<br><br>–Regular performance feedback | Code of Conduct<br><br>Hiring, Onboarding and<br><br>Offboarding Policy and Guidance<br><br>for Hiring<br><br>Leadership Kompass<br><br>All Managers Curriculum<br><br>Raising Concerns (including<br><br>Whistleblowing) Policy and Speak-<br><br>up and Whistleblowing Framework<br><br>Performance, Consequences and<br><br>Reward Policy and Approach to<br><br>Performance, Consequences and<br><br>Reward (Framework)<br><br>Guidance on the Assessment of the<br><br>Suitability of Board Members,<br><br>Branch Managers and Key Function<br><br>Holders<br><br>Deutsche Bank Statement on<br><br>Human Rights<br><br>Employee Handbooks | Learning offers, training, leadership and<br><br>talent programs, incl. networking<br><br>Performance reviews<br><br>Networking and returner programs<br><br>Development programs, incl.<br><br>Acceleration programs<br><br>Training programs<br><br>Career platform<br><br>35 by 25' program for increasing gender<br><br>representation in more senior roles<br><br>Employee networks<br><br>Accessibility measures<br><br>Culture Pulse Survey/People Survey/<br><br>New<br><br>Joiner Survey/Exit Survey<br><br>Complaints and grievances processes<br><br>and channels<br><br>Human Rights Forum to oversee<br><br>management of related matters | Training expenses and training<br><br>hours, incl. breakdown by gender<br><br>Participation in Acceleration<br><br>Programs, incl. breakdown by<br><br>gender<br><br>Unadjusted gender pay gap<br><br>Completion rate performance<br><br>reviews, incl. breakdown by gender<br><br>Gender diversity and associated<br><br>goals<br><br>Age diversity, employees with<br><br>disabilities incl. breakdown by<br><br>gender<br><br>Black heritage representation goal<br><br>in UK<br><br>Number of incidents and<br><br>complaints of discriminations and<br><br>complaints on working conditions<br><br>as well as resulting fines, penalties<br><br>and compensation for damages | |||
| Medium-term | Opportunity | Increased employee effectiveness,<br><br>employer attractiveness and<br><br>reputation by identifying and<br><br>removing structural barriers,<br><br>especially for underrepresented<br><br>groups | ||||||||
| Short-term | Negative<br><br>impact | Negatively impacting employee<br><br>commitment, well-being and sense<br><br>of belonging by not providing fair<br><br>remuneration | ||||||||
| Short-term | Risk | –Risk of decreasing employee<br><br>effectiveness and retention as<br><br>well as employer attractiveness<br><br>and reputation by not providing<br><br>an inclusive working<br><br>environment.<br><br>–Risk of legal action and<br><br>regulatory consequences in<br><br>certain countries regarding the<br><br>bank’s diversity agenda |
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|---|---|
| Own workforce |
Policies related to own workforce
ESRS S1-1, ESRS 2 MDR-P
Deutsche Bank’s policies, procedures, and frameworks serve as a means for the bank to implement its people strategy
and to manage the material impacts, risks and opportunities related to its own workforce. These policies are aligned with
the laws and regulations in all markets in which the bank operates and are set out and revised in consultation with key
policy stakeholders, in line with the global Policy on Requirements for Policies, Procedures, Key Operating Documents
and Frameworks, which is approved by the Head of Group Governance. In case of a material revision of the policy, the
global portfolio owners as well as the respective subject matter experts of all affected units in the bank must be
consulted. Depending on the scope of the policy, this could involve functions like Performance & Reward, Employment
Relations and Talent Acquisition. Moreover, workers’ representatives as key stakeholders are involved subject to their
participation rights, for example the German Works Constitution Act (Betriebsverfassungsgesetz), and works agreements
(Betriebsvereinbarungen) may be concluded, if applicable. HR’s global policies are approved by the Global Head of HR
and reviewed at least annually. The policies are available to the bank’s employees and non-employees on the internal
policy portal, which is linked to the bank’s intranet landing page. When a policy, procedure or framework is newly issued,
materially updated or archived, a news article is published on the intranet, highlighting key changes, consequences, and
contact point for questions.
Deutsche Bank voluntarily endorses and aligns with the United Nations Guiding Principles on Business and Human
Rights, the OECD Guidelines for Multinational Enterprises, the International Labour Organization’s Declaration on
Fundamental Principles and Rights at Work (including its Core Labour Standards), and the UN Global Compact in a
manner consistent with how they have been implemented in national laws, as described in the bank’s Code of Conduct.
Deutsche Bank has a long-standing commitment to respecting human rights, as outlined in Deutsche Bank Group’s
Statement on Human Rights, which is approved by the Management Board and signed by the Chief Executive Officer.
The commitment to respecting human rights is also anchored in Deutsche Bank’s Code of Conduct, in which the bank
defines the minimum standards of behavior and conduct which Deutsche Bank expects of all its employees, non-
employees, and Deutsche Bank as an organization. The purpose of the Code of Conduct is to ensure that Deutsche
Bank’s workforce conducts itself ethically, with integrity, and in accordance with applicable policies and procedures as
well as laws and regulations. To ensure employees have a comprehensive understanding of the Code of Conduct and
their responsibilities arising from it, there is mandatory training as described in the “Speak-up and Whistleblowing
Framework“ sub-chapter of the “Culture, integrity and conduct” chapter. In 2025, the completion rate was 100% (2024:
100%).
In 2025, several workforce-related policies were streamlined to provide clear end-to-end guidance for employees and
managers, limiting complexity and ensuring consistency across both employee and contingent worker lifecycles, where
appropriate. For example, the Hiring Policy, Background Screening Policy, Workforce Referral & Connected Candidates
Policy, and Offboarding Policy have been consolidated into a single, comprehensive Hiring, Onboarding and Offboarding
Policy. This new policy is supported by separate guidance for hiring and guidance for offboarding, setting out practical
direction and clear requirements for all aspects of hiring and offboarding.
In addition, clear guidelines foster a safe, well-functioning working environment for the bank's employees, for example in
the form of key operating documents such as Instructions for Secure Data Handling – HR and Conflicts of Interest – HR.
Actions in relation to own workforce
ESRS S1-4, ESRS 2 MDR-A
Deutsche Bank undertakes a wide variety of actions to foster positive impacts and opportunities and to mitigate
potential negative impacts and risks, including potential harm. The bank’s actions are often global activities or programs
that apply to all employees in all regions of the bank, such as global learning offerings, but there are also actions specific
to a region or division, for example apprenticeship programs or childcare offerings in the bank’s major global hubs, as
well as actions specific to certain employee groups, such as leadership development for managers, or acceleration
programs for top talent. The implementation of these actions contributes to achieving the bank’s people strategy and
targets, fosters attractive and fair working conditions and provides and ensures equal treatment and opportunities.
Actions conducted by the bank have various time horizons, from long-term, such as the actions associated with the 35 by
25 program or with the establishment of new trainings, to occasion-related, one-time measures, such as the global
Townhall on neuroinclusion. The required resources, such as working time of employees and/or financial budget, are
allocated to these actions. The bank’s actions are described throughout the following sub-chapters on “Workforce
management”, “Working conditions”, and “Diversity and inclusion” in detail. Progress of these actions and action plans,
including those initiated in prior periods, is monitored by the bank through various qualitative and quantitative means,
including metrics reported in the following sub-chapters and the results of the annual People Survey.
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|---|---|
| Own workforce |
Processes for engaging with own workforce and workers’ representatives about impacts
ESRS S1-2, ESRS S1-1, ESRS S1-4, ESRS S1-5, ESRS 2 MDR-A, ESRS 2 MDR-T
Engagement with own workforce and employee feedback culture
Deutsche Bank puts care into hiring the right people, developing them, and ensuring they have the relevant skills. In turn,
the bank’s employees need to be heard, included, recognized, cared for, and provided with positive leadership to foster a
productive working environment in which strong relationships, open communication, and learning from feedback play an
essential role. Therefore, the bank is committed to comprehensively reflecting its employees’ views in decisions that may
have an impact on its own workforce, and provides various channels to engage with its own workforce directly to gain
insights into their perceptions, potential concerns and positive or negative impacts that may affect them. The central
means of gathering employee feedback is the bank’s voluntary and confidential annual People Survey, which helps the
bank understand its employees’ perspectives around what it is doing well and where its employees perceive a need for
improvement. Deutsche Bank aims to gain a differentiated view across various areas and employee groups in the bank
and to identify groups among its employees who may have a particular exposure to negative impacts. Therefore, survey
results show regional and divisional cuts and result segmentation by further criteria, based on the voluntary and
confidential option to answer demographic questions on topics such as age, gender and tenure, as well as in certain
geographies on ethnicity, sexual orientation, neurodiversity, disability and socio-economic background.
By observing the participation rate in the survey, the bank also assesses the effectiveness of this channel. In 2025, the
survey received its highest participation rate since 2011 with 69% (2024: 65%) of invited employees taking part
(excluding the Russian Federation), which, based on vendor feedback, is in line with the bank’s peers. The People Survey
measures progress on employee commitment (including intent to stay at the bank, pride, motivation, advocacy of the
organization as an employer) and enablement (level of challenge and interest in work, degree to which employees can be
productive). All employees are asked to provide feedback on a broad range of topics around the bank’s working
conditions, such as communication, artificial intelligence and inclusion, ethics, Speak-up and resources. Employees are
also asked about purpose and enjoyment at work, and the degree to which they feel supported by the bank in achieving a
reasonable balance between work and personal life. The People Survey provides insights into employees’ comfort with
expressing their views freely and what helps or prevents them from expressing themselves. Employees can use free-text
fields included in the survey to share improvement proposals or observations and thus use the survey to provide
feedback on the positive and negative aspects of their working experience at the bank. In 2025, Deutsche Bank
continued its relationship with the academic partner introduced in 2024 to support the bank’s ambitions to further
enhance insights through advanced data analytics to gain more detailed, actionable findings to improve the employee
experience.
A dedicated HR team prepares, continuously reviews, evolves, and runs the survey under the guidance of the Global
Head of HR and with the Management Board’s approval. To protect employee confidentiality and facilitate open
feedback, results are only reported at an aggregated level.
In 2025, the commitment and enablement scores increased by one percentage point to 68% and 71%, respectively,
which reflects the successful collective Group-wide efforts to reverse the decline seen in 2024. In 2025, the bank saw
increases in pride in working for the bank, in advocacy of the bank as an employer, in intent to stay at the bank, and in
feeling motivated by the working environment at the bank. At the same time, the intrinsic motivation of the bank’s
employees, their willingness to go above and beyond, remains at a very high level, indicative of a high-performance
organization. The results from the People Survey are shared with the Management Board and Supervisory Board, which
identify key focus areas for action. In 2025, the Management Board agreed to continue efforts on the targeted initiatives
to address the four key focus areas identified by the bank last year: Strategy and Transformation (e.g., process
improvements and communication), Leadership (e.g., manager curricula), Sustainable Career Development (e.g.,
individual growth), and Performance and Feedback (e.g., sustainable performance culture). Survey results are also shared
with the respective business divisions and infrastructure functions to inform the mandatory divisional culture plans as
part of the bank’s Culture, Integrity, and Conduct program, as explained in the “Culture, integrity and conduct” chapter.
The dedicated HR team ensures that insights from the results are considered in the continuous review and refinement of
the bank’s people strategy. Key results of the People Survey are also shared with the works councils and employees.
Results of the People Survey
| Result in % | 2025 | 2024 |
|---|---|---|
| People survey participation rate | 69 | 65 |
| Commitment score | 68 | 67 |
| Enablement score | 71 | 70 |
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|---|---|
| Own workforce |
Since 2019, the bank has additionally conducted Culture Pulse surveys to assess the frequency and quality of manager
and employee interactions that make a positive difference to employees’ motivation and perceived productivity. In 2025,
the survey was aligned with the bank’s ‘This is Deutsche Bank’ framework, described in the chapter “Culture, integrity and
conduct”, to help the bank understand how employees experience the aspirational culture and assess how it is
embedded across the organization. The Culture Pulse Survey is run three times a year, once as part of the People Survey
and twice independently, in the first and fourth quarters, to maintain a continuous understanding of important aspects of
employees’ workplace perceptions. The survey asks employees about feedback and appreciation from their managers, as
well as how the bank strives for an excellent client experience, solves problems in partnership and entrusts people to
make decisions. The expectation is that results are used by management teams to set the tone from the top on key
behaviors and encourage their managers to reflect on their own behaviors. The results from the survey provide a Culture
Pulse Index, which is included in the balanced scorecard reporting. The Group-wide target for the Culture Pulse Index for
2025, as agreed by the Management Board, was 61.97%, and the year-end result was 72.05%. Divisional management
teams are encouraged to share results and their development with their employees after every survey.
The 2025 Culture Pulse Index goal for Deutsche Bank Group was set to ensure measurable progress in organizational
culture, and it serves as a key indicator for employees’ perceptions of working conditions. The objective was to achieve a
statistically significant improvement compared to the baseline determined at the end of 2024. This was assessed by
leveraging the existing Culture Pulse and closest comparable People Survey questions. The 2025 Culture Pulse Index
goal was discussed and agreed by the bank’s Balanced Scorecard Steering Group and approved by the Management
Board. Given the mentioned change in the questionnaire in 2025, a comparison with the 2024 results is not meaningful.
Goal for 2025 and results of the bank’s Culture Pulse Index
| 2025 | 2024 | ||
|---|---|---|---|
| Goal1 | Result2 | Result | |
| Culture Pulse Index (in %) | 61.97 | 72.05 | N/M |
N/M - Not meaningful
1Reflects goal for updated survey questions set for 2025
2Excluding Russian Federation
In addition to the surveys, a very direct channel of communication is available to all employees and non-employees in the
bank’s workforce via the global intranet. Generally, all articles published can be liked using a button and commented on
using a free-text field, with comments being visible to all. By monitoring the statistics of views and interactions with the
articles, e.g., through comments or evaluations of an article, the bank assesses the reach and the effectiveness of this
channel. Moreover, employees can raise their questions at the regular divisional and regional Townhall events. In 2025,
the bank launched a new interactive format titled "Your Direct Line to the Board." This series of meetings provides
employees with the opportunity to pose questions to a different member of the Management Board in each session.
Employees are given the opportunity to pre-submit questions, which can be voted on by all employees on the intranet, or
to raise questions spontaneously during the session. Further instruments to inform the feedback culture include the
bank’s Exit Survey for voluntary leavers and the New Joiner Survey, as described in the “Processes to remediate negative
impacts and channels for own workforce to raise concerns” sub-chapter of the “Own workforce” chapter.
Engagement with workers’ representatives
Besides this direct engagement with the workforce, another important process in gaining insight into employees’
perspectives is the bank’s continuous dialogue with employee representative bodies with which the bank maintains an
open and constructive exchange. Worldwide, the bank cooperates with employee representatives and their councils in
accordance with countries legislation. In Germany, for example, where the majority of the bank’s employees are based
(39.8%), the Works Constitution Act (Betriebsverfassungsgesetz) governs the involvement of works councils by
stipulating their rights and duties and by prescribing the cases and forms in which employers are required to involve a
works council. Works councils, whose members are elected every four years, represent employees’ interests through
discussions and negotiations with Deutsche Bank. The bank’s executive employees have their own representative
committee, which is likewise governed by German law (Sprecherausschussgesetz). Discussions with these representative
bodies take place as required to implement certain measures. Beyond that, the bank is in constant contact with
employee representatives to maintain an internal dialogue and gather a sense of the employees’ views and their
representatives’ perspectives on potential positive and negative impacts on the bank’s employees. In Germany, the bank
has concluded or updated several group works agreements in 2025. For example, the performance and compensation
framework has been further developed, and the group works agreements on part-time and on home-office agreements
have been updated. Several general or local works agreements have been concluded or existing agreements have been
renegotiated to implement recent developments. Further, in 2025, the bank and the general works council concluded
several balance of interest agreements in the course of the implementation of different restructuring measures.
Deutsche Bank employees are also represented on a European level. Based on the agreement on cross-border
information and consultation of Deutsche Bank employees in the EU, concluded on September 10, 1996, the European
Works Council represents employees working in all EU countries.
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| Own workforce |
Processes to remediate negative impacts and channels for own workforce to raise concerns
ESRS S1-1, ESRS S1-2, ESRS S1-3, ESRS S1-4, ESRS G1-1, ESRS 2 MDR-P, ESRS 2 MDR-A
Deutsche Bank has established a “Speak-up and Whistleblowing Framework” that is available to the bank's own
workforce, including employees and non-employees, to raise concerns. This is to ensure that all concerns or perceived
negative impacts on the bank's own workforce are brought to the bank’s attention and that actions can be taken if
required. The bank’s Speak-up and Whistleblowing Framework is governed by the global Raising Concerns (including
Whistleblowing) Policy, as described in the “Speak-up and Whistleblowing Framework” section of the “Culture, integrity
and conduct” chapter. Deutsche Bank prohibits retaliation in any form against any individual because they raise concerns
internally or externally, assist in raising a concern, or cooperate in an investigation into a concern. This is set out in the
bank’s Code of Conduct and supported by an anti-retaliation framework, as described in the “Speak-up and
Whistleblowing Framework” section of the “Culture, integrity and conduct” chapter.
When grievances or other concerns are raised, the relevant functions responsible for addressing them are involved and
manage them appropriately, including tracking the effectiveness of their actions. Concerns raised regarding any negative
impacts on the bank’s own workforce or pertaining to misconduct of its own workforce are investigated by one of the
bank’s relevant investigative functions, depending on the nature of the allegation. If any human rights concerns are
raised, Deutsche Bank’s Head of Human Rights must be informed.
After an initial internal assessment, justified and credible concerns trigger an investigation undertaken by an investigative
function. Depending on the outcomes of such due diligence, appropriate measures are agreed upon and implemented to
remediate any negative impacts. These measures are monitored over time and, in cases related to human rights, include
the involvement of the Head of Human Rights. Complainants are updated regularly about the progress and
implementation of remedial actions, if applicable. In every case where there is a potential disciplinary case to answer, the
matter must be referred to the HR function and is handled in line with the global Performance, Consequences and
Reward Policy and in accordance with local laws, with actions taken where appropriate by the HR team dedicated to
employee relations. This is regardless of the channels these concerns are reported through, e.g., the whistleblowing
channels, the HR function, managers or any other channel. Follow-up actions may include, but are not limited to policy
changes, process and control enhancements, lessons learned reviews or disciplinary measures, depending on the severity
and circumstances, as described in the sub-chapter “Incidents and complaints” of the “Own workforce” chapter. The
bank strives to make disciplinary decisions in a consistent and transparent way. Regular reporting on trends and themes
of concerns as well as any action taken as a consequence, e.g., disciplinary measures, is provided to the Global HR
Leadership Team as well as the Culture, Integrity and Conduct team.
To assess how effective and trusted by employees the bank’s channels to raise concerns are, the annual People Survey
asks employees for voluntary and confidential feedback to gauge the awareness of employees of the channels for raising
concerns and their confidence that a potential concern would be addressed effectively and handled confidentially by
the bank. Within the survey itself, employees are directed by a link to the Raise a Concern page should they have a
concern they would like to raise. Results of the 2025 survey showed that employees continued to experience an
environment that lives up to the bank’s standards, with the large majority feeling able to express themselves. The results
also demonstrated that, while the number of employees who have concerns is low, the very large majority would know
how to raise a concern should they have one.
In addition to the People Survey and Culture Pulse Survey, the bank runs a voluntary and confidential Exit Survey of
voluntary leavers, primarily designed to understand their reasons for leaving, their experience of working for the bank,
and to identify potential exposure to negative impacts among potentially vulnerable groups of the bank’s employees. To
assess the trust in and effectiveness of the channels, respondents of the Exit Survey are asked if they had any concerns
they could have raised in the preceding twelve months, whether they raised them or not, and if not, the reason for not
raising it. Respondents are given the option of leaving contact details for confidential follow-up by a member of the
bank’s independent Whistleblowing Central Function. The Whistleblowing Central Function conducts voluntary and
confidential New Joiner and Speak-Up surveys at 30 and 90 days after an employee joins the bank, respectively. The
content of these surveys is the same, but they are sent at different time intervals to proactively identify potential areas of
concern, including those affecting potentially vulnerable groups. Like the Exit Survey, both surveys include questions
relating to Speak-up culture and raising concerns. Through the New Joiner Survey, employees can also evaluate the
hiring process. Deutsche Bank’s HR function reviews the respective feedback to monitor the quality of its processes and
to continually improve the hiring process.
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|---|---|
| Own workforce |
As part of its sustainability strategy, Deutsche Bank has established a global Human Rights Forum reporting to the Group
Sustainability Committee. Co-chaired by the Heads of Group Sustainability and Human Rights, the Forum includes senior
representatives from business divisions and infrastructure functions, including HR, each responsible for addressing
human rights issues within their remit. Its mandate is to oversee human rights management, monitor trends, share
internal learnings, engage with external experts, and initiate strategic projects. The Forum complements existing risk
management and due diligence processes and acts as an interface for strategic and operational actions. The Head of
Human Rights oversees the bank’s human rights approach, coordinating processes and communication channels to
ensure effectiveness.
Workforce management
ESRS S1-1, ESRS S1-4, ESRS 2 MDR-P, ESRS 2 MDR-A
Effective own workforce management plays a vital role in achieving transformational goals, including supporting
managers in performing their leadership tasks, and providing data driven insights to senior management to support the
strategy implementation and enable better informed decisions. An important part of achieving this objective are up-to-
date policies and continuous investment in technology and modern infrastructure. HR continues to develop and expand
its state-of-the-art software for workforce analysis and planning, a strategic investment to support the bank’s innovation
and digital agenda. Managers are provided with people analytics and a workforce planning solution, based on pre-built,
best practice questions about the workforce. This allows the bank to predict various scenarios, present different options
to executives and choose a path for achieving the bank’s goals. To support Deutsche Bank’s global initiatives, regulatory
needs, as well as strategy and planning, the bank’s overarching objective going forward is a more evidence-based
management of the bank’s people and workforce agenda. The bank moves continuously towards more forward-looking
modelling and predictive analytics.
In addition to the ESRS requirements, Deutsche Bank is also committed to complying with the Human Capital Reporting
Standards as set out in ISO 30414. This ISO norm is a voluntary guideline for reporting on human capital. Compliance
must be verified by external auditors to ensure credibility with stakeholders. In 2025, Deutsche Bank achieved this
certification for the fifth year in a row.
Characteristics of Deutsche Bank’s employees
ESRS S1-6, ESRS S1-9
Within the bank’s employees, roles can be differentiated into managerial and non-managerial roles, as well as client-
facing and non-client facing roles. Non-client facing roles comprise typical office-type work and can range from control
functions to technology roles. Client-facing roles have direct interactions with clients and potential clients. In addition to
people with excellent client advisory skills, Deutsche Bank’s business model also strongly relies on highly qualified and
diligent employees in its non-client facing and control functions.
At year-end 2025, Deutsche Bank’s number of employees remained almost stable year-on-year (0.1%). Increases in India
and Romania were offset by reductions in Germany.
Employees by gender
In 2025, the global gender distribution remained stable compared to 2024. In 2025, female share was 46.4% (2024:
46.5%) and male share was 53.6% (2024: 53.5%).
Employee headcount by gender: Deutsche Bank Group
| Number of employees | ||
|---|---|---|
| Employees by gender | Dec 31, 2025 | Dec 31, 2024 |
| Female | 44,556 | 44,581 |
| Male | 51,403 | 51,309 |
| Other1 | 5 | 6 |
| Not reported | 16 | 2 |
| Total | 95,980 | 95,898 |
1Gender as specified by the employees themselves
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|---|---|
| Own workforce |
Employees by gender for countries representing at least 10% of the Group’s total employees
Gender distribution in Germany remained almost stable in 2025 compared to prior year. In 2025, female share was 51.0%
(2024: 51.4%) and male share was 49.0% (2024: 48.6%).
Employee headcount by gender: Germany
| Number of employees | ||
|---|---|---|
| Employees by gender | Dec 31, 2025 | Dec 31, 2024 |
| Female | 19,462 | 20,719 |
| Male | 18,723 | 19,583 |
| Other1 | 5 | 6 |
| Not reported | 1 | — |
| Total | 38,191 | 40,308 |
1Gender as specified by the employees themselves
In 2025, female share in India increased by 1.4% to 42.7% (2024: 41.3%). The male share decreased by 1.4% to 57.3%
(2024: 58.7%).
Employee headcount by gender: India
| Number of employees | ||
|---|---|---|
| Employees by gender | Dec 31, 2025 | Dec 31, 2024 |
| Female | 10,481 | 9,335 |
| Male | 14,082 | 13,243 |
| Other1 | — | — |
| Not reported | — | — |
| Total | 24,563 | 22,578 |
1Gender as specified by the employees themselves
Employees by country
The overall geographical footprint of Deutsche Bank remained stable in 2025 compared to 2024. Germany with 39.8%
(2024: 42.0%) and India with 25.6% (2024: 23.5%) represent major operating countries with a material number of two-
thirds of the bank‘s workforce. In Germany, the reductions were mainly driven by restructuring measures primarily in the
Private Bank. In India, increases were mainly driven due to hires in its Operations Center.
326
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|---|---|
| Own workforce |
Employee headcount by country
| Number of employees | ||
|---|---|---|
| Employees by country | Dec 31, 2025 | Dec 31, 2024 |
| Germany | 38,191 | 40,308 |
| India | 24,563 | 22,578 |
| Great Britain | 7,750 | 7,766 |
| United States of America | 7,716 | 7,743 |
| Italy | 2,905 | 2,970 |
| Spain | 2,382 | 2,357 |
| Romania | 2,076 | 1,799 |
| Singapore | 1,799 | 1,813 |
| Philippines | 1,420 | 1,369 |
| Hong Kong | 782 | 802 |
| Switzerland | 629 | 625 |
| China | 621 | 621 |
| Luxembourg | 512 | 490 |
| Belgium | 486 | 496 |
| Netherlands | 399 | 457 |
| Poland | 390 | 386 |
| Japan | 349 | 371 |
| Australia | 292 | 288 |
| Indonesia | 232 | 226 |
| Malaysia | 231 | 202 |
| France | 219 | 226 |
| Brazil | 214 | 202 |
| United Arab Emirates | 200 | 200 |
| South Korea | 196 | 195 |
| Ireland | 164 | 169 |
| Russian Federation | 162 | 169 |
| Taiwan | 148 | 144 |
| Türkiye | 114 | 109 |
| Thailand | 102 | 107 |
| Pakistan | 86 | 84 |
| Vietnam | 85 | 89 |
| Austria | 81 | 77 |
| Hungary | 77 | 74 |
| Sri Lanka | 53 | 49 |
| Saudi Arabia | 52 | 51 |
| Czechia | 50 | 47 |
| Portugal | 46 | 45 |
| Sweden | 39 | 35 |
| Mexico | 38 | 41 |
| South Africa | 38 | 36 |
| Ukraine | 34 | 34 |
| Israel | 15 | 14 |
| Greece | 13 | 12 |
| Canada | 10 | 11 |
| Colombia | 7 | 4 |
| Argentina | 5 | — |
| Qatar | 4 | 4 |
| Mauritius | 3 | 3 |
| Total | 95,980 | 95,898 |
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|---|---|
| Own workforce |
Employees by age
ESRS S1-9
The bank benefits from different generational perspectives. Compared to 2024, the age distribution remained stable in
2025.
Age structure
| Age, headcount in %1 | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| < 30 years old | 16.2 | 16.2 |
| 30 – 50 years old | 57.1 | 57.0 |
| > 50 years old | 26.7 | 26.9 |
1Deutsche Bank does not employ children between the age of 0-14 years; numbers may not add up due to rounding
Employees by contract type
Deutsche Bank offers flexible working arrangements with a gender-neutral approach, including flexible work hours and
part-time arrangements. The bank employs its employees on a permanent or temporary contract, either full-time or part-
time, with 99.8% (2024: 99.7%) of its workforce working on a permanent basis. Employees by contract type, broken down
by gender or region, are reported by full-time equivalent (FTE). When showing FTE data, the bank calculates its employee
figures on a full-time equivalent basis, meaning part-time employees are included proportionally, sourced from a global
standardized reporting system.
Employees by contract type, broken down by gender
| in FTE1 | Dec 31, 2025 | ||||
|---|---|---|---|---|---|
| Female | Male | Other2 | Not reported | Total | |
| Number of employees | 40,360 | 49,499 | 3 | 16 | 89,879 |
| Number of permanent employees | 40,239 | 49,411 | 3 | 16 | 89,669 |
| Number of temporary employees | 121 | 89 | — | — | 210 |
| Number of non-guaranteed hours employees | — | — | — | — | — |
| Number of employees | 40,360 | 49,499 | 3 | 16 | 89,879 |
| Number of full-time employees | 33,798 | 48,319 | 3 | 16 | 82,136 |
| Number of part-time employees | 6,562 | 1,181 | — | — | 7,743 |
1Numbers may not add up due to rounding
2Gender as specified by the employees themselves
| in FTE1 | Dec 31, 2024 | ||||
|---|---|---|---|---|---|
| Female | Male | Other2 | Not reported | Total | |
| Number of employees | 40,293 | 49,454 | 4 | 2 | 89,753 |
| Number of permanent employees | 40,113 | 49,323 | 4 | 2 | 89,442 |
| Number of temporary employees | 180 | 131 | — | — | 311 |
| Number of non-guaranteed hours employees | — | — | — | — | — |
| Number of employees | 40,293 | 49,454 | 4 | 2 | 89,753 |
| Number of full-time employees | 33,443 | 48,393 | 4 | 2 | 81,842 |
| Number of part-time employees | 6,850 | 1,061 | — | — | 7,911 |
1Numbers may not add up due to rounding
2Gender as specified by the employees themselves
Employees by contract type, broken down by region
| in FTE1 | Dec 31, 2025 | ||||
|---|---|---|---|---|---|
| Germany | Europe<br><br>(excluding<br><br>Germany) | Americas | Asia-Pacific,<br><br>Middle East and<br><br>Africa | Total | |
| Number of employees | 33,386 | 17,847 | 7,977 | 30,669 | 89,879 |
| Number of permanent employees | 33,212 | 17,823 | 7,977 | 30,657 | 89,669 |
| Number of temporary employees | 174 | 24 | — | 12 | 210 |
| Number of non-guaranteed hours employees | — | — | — | — | — |
| Number of employees | 33,386 | 17,847 | 7,977 | 30,669 | 89,879 |
| Number of full-time employees | 26,352 | 17,178 | 7,958 | 30,648 | 82,136 |
| Number of part-time employees | 7,035 | 668 | 19 | 21 | 7,743 |
1Numbers may not add up due to rounding
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| Annual Report 2025 | Social information | ||||
|---|---|---|---|---|---|
| Own workforce | |||||
| in FTE1 | Dec 31, 2024 | ||||
| --- | --- | --- | --- | --- | --- |
| Germany | Europe<br><br>(excluding<br><br>Germany) | Americas | Asia-Pacific,<br><br>Middle East and<br><br>Africa | Total | |
| Number of employees | 35,160 | 17,672 | 7,991 | 28,930 | 89,753 |
| Number of permanent employees | 34,893 | 17,641 | 7,991 | 28,917 | 89,442 |
| Number of temporary employees | 267 | 30 | — | 14 | 311 |
| Number of non-guaranteed hours employees | — | — | — | — | — |
| Number of employees | 35,160 | 17,672 | 7,991 | 28,930 | 89,753 |
| Number of full-time employees | 27,981 | 16,976 | 7,971 | 28,913 | 81,842 |
| Number of part-time employees | 7,179 | 695 | 20 | 17 | 7,911 |
1Numbers may not add up due to rounding
Characteristics of non-employees in Deutsche Bank’s own workforce
ESRS S1-1, ESRS S1-7, ESRS 2 MDR-P
When skill sets are temporarily required for the successful delivery of key projects and critical deliverables, and these
capabilities are not available among the bank’s employees, Deutsche Bank strategically engages external expertise and
short-term support, while still prioritizing the development and utilization of employees whenever possible. The
Contingent Worker Resource Policy sets forth requirements for the management of Contingent Worker Resources
(CWRs) to ensure minimum control standards are in place to meet enhanced risk, legislative and regulatory requirements.
The policy is approved by the Global Head of Human Resources. In 2025, the Contingent Worker Resource Policy was
revised to provide clear, end-to-end guidance. Background screening, referral and offboarding requirements for CWRs
are now included within the policy, and the previous Background Screening Policy, Workforce Referral & Connected
Candidates Policy and Offboarding Policy have been decommissioned.
The bank reports its non-employee figures on a full-time equivalent basis, meaning part-time non-employees are
included proportionally, sourced from a global standardized reporting system.
At year-end 2025, the number of non-employees in the bank’s own workforce, i.e., self-employed people, or people
provided by third-party undertakings, primarily engaged on a time and material contract basis, increased by 3,234
(50.8%) year-on-year, from 6,369 to 9,603, mainly driven by the reclassification of IT vendors from fixed price (regardless
of hourly rates) to time & material (based on hourly rates).
Non-employees by type of work
| in FTE1 | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| IT Vendor Resource (T&M-Basis) | 6,452 | 2,219 |
| Non-IT Contractor | 1,296 | 1,484 |
| Non-IT Temporary Admin & Clerical Resource | 678 | 1,017 |
| Non-IT Other Professional Services Resource | 288 | 521 |
| Non-IT Banking and Outsourced Services Resource | 742 | 881 |
| IT Contractor | 148 | 248 |
| Total | 9,603 | 6,369 |
1Numbers may not add up due to rounding
329
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|---|---|
| Own workforce |
Hiring and turnover
ESRS S1-1, ESRS S1-6, ESRS 2 MDR-P
Deutsche Bank strives to be an employer of choice and to offer attractive working conditions to attract new talent and
retain internal talent. In 2025, the bank achieved the Top Employer recertification in Germany, India, and Belgium.
The bank’s global ‘Hiring, Onboarding and Offboarding’ Policy sets out the applicable requirements for the recruitment
of employees and covers hiring approvals, sourcing, interviewing, assessment, candidate management, offer approval
and onboarding, including internal transfers. It sets out the requirement that throughout the hiring process all candidates
are assessed and interviewed based on merit, such as their qualifications, skills and experiences, avoiding potential bias,
and free from discrimination based upon an individual’s race, color, sex, national origin, ethnicity, age, religion, disability,
marital status, pregnancy, sexual orientation, gender identity and expression, citizenship or any characteristic protected
by law. Employees of Deutsche Bank Group involved in the recruitment process must comply with all applicable laws.
The Guidance for Hiring, which is referenced by the Hiring Onboarding and Offboarding Policy, in turn references the
Hiring Practices Guide for Managers. The Hiring Practices Guide states that the requirements outlined in a Deutsche Bank
job description should be outlined broadly to ensure a sufficiently diverse candidate pool. The bank’s ‘Hiring, Onboarding
and Offboarding Policy sets consistent requirements for background screening and assigns related responsibilities to the
parties involved. The bank’s Hiring Onboarding and Offboarding Policy defines a globally consistent minimum set of
requirements for off-boarding members of its own workforce who are leaving the bank and for the handling of movers.
Additionally, the Policy on the Assessment of the Suitability of Board Members, Branch Managers and Key Function
Holders sets out minimum requirements for the suitability of Board Members, Branch Managers, Global and Local Key
Function Holders. The Hiring, Onboarding and Offboarding Policy is approved by the Global Head of HR and is reviewed
at least annually. The policy is supported by separate Guidance for Hiring and Guidance for Offboarding, providing clear
requirements and practical direction for all aspects of employee hiring and offboarding.
Deutsche Bank’s globally accessible career platform dbCareers provides information on job vacancies as well as
information on Deutsche Bank’s working conditions, such as development opportunities, inclusive working environment
and well-being programs.
To develop its talent pipeline, the bank has long-standing and established graduate and internship programs globally
and apprenticeship programs in Germany, the United Kingdom and India. Deutsche Bank also has initiatives for lateral
hiring to develop new pools of talent. Deutsche Bank has established a returner program in India and in Singapore. In
Singapore the bank also partners with the Institute of Banking and Finance (a non-profit association) in a program called
Technology in Finance Immersion Program, combining classroom training for up to six months with twelve months on the
job training at the bank to build up an industry pipeline of capabilities in key technology areas to meet the talent needs of
the financial services sector.
New employees can voluntarily and anonymously evaluate the hiring process through the New Joiner Survey conducted
after 30 and 90 days, as described in the sub-chapter “Processes to remediate negative impacts and channels for own
workforce to raise concerns” of the “Own workforce” chapter. Where legally permitted, the bank also uses any voluntary
demographic information (e.g., age, gender, sexual orientation) to help make those processes more inclusive and to
identify potential risks and impacts on specific groups and derive actions if required.
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|---|---|
| Own workforce |
New employee hires and employee turnover by region
| in FTE1 | 2025 | 2024 |
|---|---|---|
| All regions | ||
| FTE at year-end | 89,879 | 89,753 |
| New employee hires | 8,708 | 8,168 |
| Employee turnover | (8,480) | (8,444) |
| Other2 | (102) | (102) |
| Germany | ||
| FTE at year-end | 33,386 | 35,160 |
| New employee hires | 939 | 1,356 |
| Employee turnover | (2,679) | (2,380) |
| Other2 | (33) | (11) |
| Europe (excluding Germany) | ||
| FTE at year-end | 17,847 | 17,672 |
| New employee hires | 1,639 | 1,320 |
| Employee turnover | (1,460) | (1,725) |
| Other2 | (4) | (25) |
| Americas | ||
| FTE at year-end | 7,977 | 7,991 |
| New employee hires | 969 | 881 |
| Employee turnover | (999) | (1,110) |
| Other2 | 16 | (12) |
| Asia Pacific (APAC), Middle East and Africa | ||
| FTE at year-end | 30,669 | 28,930 |
| New employee hires | 5,160 | 4,612 |
| Employee turnover | (3,341) | (3,229) |
| Other2 | (81) | (54) |
1Numbers may not add up due to rounding
2Other consists primarily of FTE changes, in-/divestments and transfers, e.g., across regions and divisions
In 2025, recruiting talent remained a key priority for the bank. Hiring focused on filling front-office roles in growth areas
of the business divisions, strengthening the control and IT functions, replacing operations center employees who left
voluntarily and onboarding employees to meet the growing demand for regulatory roles (such as Client Lifecycle
Management and Anti-Financial Crime). The bank also internalized 1,009 external roles (2024: 1,159), particularly in IT.
New employee hires by age structure
| FTE, share in %1 | 2025 | 2024 |
|---|---|---|
| < 30 years old | 46.3 | 47.9 |
| 30 – 50 years old | 50.3 | 48.9 |
| > 50 years old | 3.5 | 3.2 |
1Numbers may not add up due to rounding
New employee hires by gender
| FTE, share in %1 | 2025 | 2024 |
|---|---|---|
| Female | 45.6 | 47.7 |
| Male | 54.3 | 52.2 |
| Other2 | — | — |
| Not reported | 0.2 | 0.1 |
1Numbers may not add up due to rounding
2Gender as specified by the employees themselves
New employee hires by Corporate Title
| FTE, share in %1 | 2025 | 2024 |
|---|---|---|
| Managing Directors, Directors and Vice Presidents | 15.0 | 13.1 |
| Assistant Vice Presidents and Associates | 43.3 | 38.9 |
| Non-Officers | 41.7 | 47.9 |
1Numbers may not add up due to rounding, Corporate Titles for Postbank (including subsidiaries) are technically derived
331
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|---|---|
| Own workforce |
Average time to fill vacant positions
| in days1 | 2025 | 2024 |
|---|---|---|
| Average length to fill vacant positions | 79 | 77 |
| Average length to fill vacant critical business positions | 55 | 55 |
1Days elapsed between the creation of a job opening and the date the job offer was made
Total employee turnover rate remained unchanged compared to prior year. This turnover rate comprises exits from
resignations and departures initiated by the bank, including restructuring or performance-related terminations and
terminations related to fixed-term contracts. Total employee turnover rate is based on FTE in the reporting year, and
defined as total employee turnover as a percentage of the average number of employees.
Voluntary employee turnover rates increased slightly from 5.9% in 2024 to 6.2% in 2025, mainly driven by an increasing
share of employees in operations centers in India, with high turnover rates.
Employee turnover by region
| FTE, in % | 2025 | 2024 |
|---|---|---|
| All regions | 9.4 | 9.4 |
| Germany | 7.8 | 6.7 |
| Europe (excluding Germany) | 8.2 | 9.6 |
| Americas | 12.5 | 13.7 |
| Asia Pacific, Middle East and Africa | 11.2 | 11.4 |
Employee turnover by age structure
| FTE, share in %1 | 2025 | 2024 |
|---|---|---|
| < 30 years old | 24.6 | 25.8 |
| 30 – 50 years old | 48.7 | 49.6 |
| > 50 years old | 26.7 | 24.7 |
1Numbers may not add up due to rounding
Employee turnover by gender
| FTE, share in %1 | 2025 | 2024 |
|---|---|---|
| Female | 44.7 | 43.9 |
| Male | 55.3 | 56.1 |
| Other2 | — | — |
| Not reported | — | — |
1Numbers may not add up due to rounding
2Gender as specified by the employees themselves
Internal career mobility
Internal mobility plays a vital role in developing and retaining qualified, talented employees and ensuring that the bank
continues to benefit from their expertise and experience. The bank fosters mobility between divisions, which enables
employees to broaden their skills and experience. Moreover, internal mobility helps reduce the bank’s restructuring and
recruitment costs. Deutsche Bank’s globally accessible internal HR system provides up-to-date records on recruitment,
which provide a transparent view of job opportunities for employees.
In 2025, Deutsche Bank continued to focus on internal mobility, with more than a one-third of all vacant positions filled
by suitable candidates from inside the organization. Vacant positions are typically advertised internally for a minimum of
two weeks, as reflected in the bank’s internal policies. Hosting information sessions on internal applications, increasing
awareness of the bank’s divisions, implementing new technology and prioritizing internal candidates help both
employees affected by restructuring and those who want to develop their skills across the bank find new roles in the
bank, thereby strengthening the resilience of the bank’s business model and cross-divisional collaboration. The sum of
savings from redeployment decreased in 2025 compared to prior year mainly driven by a reduced number of
redeployment cases.
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|---|---|
| Own workforce |
Internal fill rates and savings from redeployment
| 2025 | 2024 | |
|---|---|---|
| Internal job vacancy fill rate (in %) | 32.6 | 35.4 |
| Internal job vacancy fill rate of critical business positions (in %)1 | 66.7 | 69.6 |
| Savings from redeployment (in € m)2 | 42 | 83 |
1Percentage of internal candidates hired vs total hires for senior and sensitive positions only
2 Sum of avoided severance/restructuring costs and saved hiring costs
Global graduates and apprentices
Deutsche Bank remains committed to attracting early careers talent, including graduates, interns, apprentices and dual
students. The bank invests in their development through apprenticeships, dual studies, insight programs and internships,
helping to build diverse and skilled young professionals. Apprentices and dual students contribute to diversifying the
bank’s workforce and bring highly relevant skills that align with the needs of Deutsche Bank’s clients. As part of its
strategy, the bank also relies on university graduates to expand the pool of entry-level talent.
Deutsche Bank’s assessment process for intern and graduate recruitment was redesigned in 2025 to reflect the bank’s
future skill needs. Throughout its highly competitive recruitment process, the bank supports school leavers, students,
and graduates as they transition into the workplace. The bank’s coaching offering is designed to build confidence and
core professional skills, supporting candidates from pre-application through to their first day at Deutsche Bank. The
content is delivered in a range of virtual formats to ensure accessibility and engagement. The bank’s recruitment efforts
also prioritized visibility on online portals, virtual fairs and social media channels, recognizing that its demographic is
more inclined to engage with the content on digital platforms. Recruiting suitable candidates remained challenging and
was mitigated by the bank’s active sourcing team working closely with schools, supported by early-stage pipeline
programs, to attract future apprentices and dual students.
Regarding the junior employee strategy in Germany, Deutsche Bank continued to offer a diverse range of vocational
training and dual study programs, tailored to meet the specific needs of the areas within the bank.
As part of the twelve-month graduate program, the bank provides a hybrid Orientation and Training Program.
In Germany, Deutsche Bank was recognized with the ‘Fair Graduate Program 2025’ seal from the Trendence Institute,
highlighting the bank’s commitment to fair and career-promoting graduate programs. The bank also received the ‘Fair
Company 2025’ seal from Handelsblatt GmbH, acknowledging Deutsche Bank’s dedication to its interns and a good work
environment and the Schulewirtschaft-Award for its commitment to support young people in their transition into the
workplace.
In 2025, the absolute number of recruited apprentices and dual students in Germany remained almost unchanged
compared to the previous year. The share of apprentices and dual students as a percentage of permanent employees of
entities offering dual vocational training remained almost stable year-on-year (-0.1%). The bank continued to expand its
U.K. apprenticeship offering which now spans Technology, Data and Innovation, Investment Bank and Corporate Bank. A
year-long apprenticeship program has also launched in India, providing valuable opportunities to emerging talent, with
the potential for full-time employment based on performance.
Across all areas, the bank experiences a strong focus on digitalization topics, which leads to new job profiles and requires
new dual study programs. In response, Deutsche Bank expanded its entry-level opportunities in operations, infrastructure
and Technology, Data and Innovation and introduced three new dual study programs in Germany in collaboration with
various universities since August 2024. The bank maintained this strategy in 2025.
Hired global graduates and apprentices
| in headcount | 2025 | 2024 |
|---|---|---|
| Recruitment and talent management | ||
| Hired global graduates | 1,025 | 1,160 |
| Hired apprentices and dual students1 | 381 | 376 |
| Share of apprentices and dual students as percentage of permanent employees, in % | 3.1 | 3.2 |
1Apprentices and dual students in Germany
333
| Annual Report 2025 | Social information |
|---|---|
| Own workforce |
Human Capital Return on Investment (ROI)
Deutsche Bank uses the Human Capital Return on Investment (ROI) metric to measure how effectively the investment in
human capital supports the bank's goals. The metric is calculated as the ratio of income/revenue to employment costs.
The Human Capital ROI for 2025 was 96.8% (2024: 60.7%). The increase in 2025 resulted from revenue growth outpacing
compensation and benefits cost increase.
In 2025, total workforce costs increased by € 426 million to € 12,603 million (2024: € 12,176 million). The increase was
mainly driven by higher performance-related compensation, wage growth, and increases in internal workforce related to
the bank’s targeted investments as part of the bank’s Global Hausbank strategy. The average revenues per FTE increased
by € 23 thousand to € 357 thousand in 2025 (2024: € 334 thousand).
Human Capital Return on Investment (ROI)
| 2025 | 2024 | |
|---|---|---|
| Human Capital Return on Investment (in %) | 96.8 | 60.7 |
| Total workforce costs (in € m)1 | 12,603 | 12,176 |
| Average revenues per FTE (in € k) | 357 | 334 |
1Compensation and benefits for employees plus service fees for contractors, agency temps and IT vendor resources
The number of employees employed by the bank during the fiscal year is related to ‘Compensation and benefits’
reported in the bank’s financial statement.
Working conditions
ESRS S1-1, ESRS S1-4, ESRS S1-5, ESRS 2 MDR-P, ESRS 2 MDR-A
Deutsche Bank is committed to offering fair and attractive working conditions and has set out relevant policies and
procedures, such as the global Performance, Consequences and Reward Policy and the Environment, Health and Safety
Policy as described in the “Performance and reward” and “Work-life balance” section of the “Own workforce” chapter.
To enforce the bank’s actions and monitor progress in its management of negative impacts, advancing of positive
impacts, and management of material risks and opportunities arising from working conditions, Deutsche Bank has set out
a goal in terms of the Culture Pulse Index which reflects employees’ perception of the bank’s working conditions. The
metric is sourced through the Culture Pulse Survey among its employees and the associated target is key on both Group
and divisional level, as described in the sub-chapter “Engagement with own workforce and employee feedback culture”
of this “Own workforce” chapter.
Collective bargaining coverage and social dialogue
ESRS S1-5, ESRS S1-8, ESRS 2 MDR-T
Deutsche Bank is committed to collective bargaining, concluding collective bargaining agreements, and amending or
refining existing agreements to comply with local laws and contribute to secure employment conditions resulting in a
positive work environment. Deutsche Bank strives for a close and constructive cooperation with employee
representatives and social partners which is characterized by mutual trust. The Bank observes information and co-
determination rights when setting corporate targets, monitoring them, and deriving actions aimed at achieving these
targets.
Regarding the coverage of employees by collective bargaining agreements, the bank reports the global coverage rate.
Overall, 28.6% of the bank’s employees are covered by collective bargaining agreements. This coverage rate is affected
by the bank’s geographical footprint, as around half of its employees are based in countries that do not have collective
bargaining agreements. In addition, the bank reports the ratios for the two countries in which it has significant
employment in the sense of ESRS S1, i.e., at least 50 employees by headcount representing at least 10% of Deutsche
Bank’s total employees. In the European Economic Area, collective bargaining agreements exist in several countries,
defining work‑related rules within their respective scope of application (coverage rate in the European Economic Area is
56.3%). As of December 31, 2025, Germany was the only country in the European Economic Area having significant
employment in the sense of the ESRS S1. Employees in Germany represent 39.8% of the bank’s total number of
employees in headcount (2024: 42.0%). In Germany, 53.4% of all employees are covered by collective bargaining
agreements (2024: 55.7%). This includes civil servants, who have a similar level of regulation and protection by federal
law. The shift in the collective bargaining coverage compared to the previous year reflects structural changes within the
workforce. Outside the European Economic Area, India (region Asia Pacific) was the only country in 2025 that reached
the threshold of significant employment. None of the employees of Deutsche Bank were affiliated to any union in India in
line with market practice. Therefore, the bank’s employees in India were not covered by collective bargaining
agreements.
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|---|---|
| Own workforce |
Deutsche Bank maintains close and steady relations with employee representatives. In 2025, in Germany, the only
European Economic Area (EEA) country with significant employment, as per ESRS S1 definition, 96% of all employees
were covered by works councils/works council agreements (2024: 96%). Such representation takes place on the local,
company and/or Group level. The remaining 4% of German employees were executive employees which are represented
by a representative committee (Sprecherausschuss) according to the German Executives’ Committee Act
(Sprecherausschussgesetz) on company and/or Group level (2024: 4%). Therefore, in Germany, 100% of employees are
covered by employee representatives. In 2025, the bank in Germany concluded several group works agreements, for
example, on the further developed performance and compensation framework or on part time and temporary part time
work.
Deutsche Bank employees are also represented on a European level as highlighted in the above section “Engagement
with workers representatives” of the “Own workforce” chapter.
Collective bargaining coverage and social dialogue
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Collective Bargaining Coverage | Social dialogue | |||||||
| Coverage Rate | Employees – EEA (for<br><br>countries with >50<br><br>employees representing<br><br>>10% of total employees) | Employees – Non-EEA<br><br>(estimate for regions with<br><br>>50 employees representing<br><br>>10% of total employees) | Workplace representation<br><br>(EEA only) (for countries with<br><br>>50 employees representing<br><br>>10% of total employees) | |||||
| 0-19% | India | |||||||
| 20-39% | ||||||||
| 40-59% | Germany | |||||||
| 60-79% | ||||||||
| 80-100% | Germany | Dec 31, 2024 | ||||||
| --- | --- | --- | --- | |||||
| Collective Bargaining Coverage | Social dialogue | |||||||
| Coverage Rate | Employees – EEA (for<br><br>countries with >50<br><br>employees representing<br><br>>10% of total employees) | Employees – Non-EEA<br><br>(estimate for regions with<br><br>>50 employees representing<br><br>>10% of total employees) | Workplace representation<br><br>(EEA only) (for countries with<br><br>>50 employees representing<br><br>>10% of total employees) | |||||
| 0-19% | India | |||||||
| 20-39% | ||||||||
| 40-59% | Germany | |||||||
| 60-79% | ||||||||
| 80-100% | Germany |
As part of its transformation and optimization activities, Deutsche Bank implements numerous initiatives and measures.
Where this involves restructuring and employee reductions, Deutsche Bank remains committed to implement these in a
transparent and socially responsible manner – including involvement from the works council if applicable. Restructuring
measures generally provide an appropriate notice period for employees. Termination periods (as well as consultation or
negotiation requirements, if such apply) reflect the legal norm in each country, such as laws, collective bargaining
agreements, employee handbooks, and/or individual employment contracts. In Germany, tariff employees are subject to
the termination periods laid down in the respective collective bargaining agreements. In contrast, non-tariff employees
are subject to contractual or statutory termination periods.
The bank’s approach to organizational change is holistic and embedded in its social plan, which under German law is an
instrument to compensate or mitigate economic disadvantages suffered by employees resulting from organizational
change. Its purpose is to support employees affected by restructuring measures by enhancing their employability and
offering them individually tailored coaching. Employees, managers, members of the works council, and HR advisors
involved in change processes have access to a comprehensive set of measures. In addition, the approach supports the
bank’s strategy to fill open jobs with suitable internal candidates and to utilize a network of specialist firms to identify job
opportunities outside the organization. For Private Bank employees from former Postbank Group who are covered by
collective bargaining agreements and who are employed by Deutsche Bank AG, Postbank Filialvertrieb AG, BHW
Bausparkasse AG or certain other DB Group entities in Germany, a collective bargaining agreement on job security
applies that excludes dismissal for operational reasons until December 31, 2027, and thus goes beyond the statutory
protection against dismissal.
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Talent development
ESRS S1-13
Offering opportunities to learn and grow is a key component of attractive working conditions. The bank fosters
continuous learning, promotes talent through specific development programs and succession planning, and ensures that
up-to-date records are kept and are available for employees to track their progress on learning, training and career
progression. As part of the bank’s ongoing ambition to serve its clients through skills and expertise, continuous learning is
key to the bank’s success.
Learning
Deutsche Bank believes in its employees’ ability to grow and strives to create a working environment that promotes
continuous learning. As part of the bank’s aspiration to have a strong learning culture, it runs numerous training events
and activities across the organization. This includes mandatory training, self-enrollment, leadership and talent
development. It was delivered in multiple formats including in classrooms, e-learning, articles, videos, podcasts or virtual
sessions – which demonstrates a wide variety to support the bank’s employees’ development. Additionally, learning also
happens on the job and in environments not captured in the bank’s learning systems. Deutsche Bank’s trainings are
offered equally to full-time and part-time employees.
Training expenses
| 2025 | 2024 | |
|---|---|---|
| Training expenses (in € m) | 43.4 | 37.6 |
| Training expenses on average per FTE (in €) | 483 | 417 |
The bank’s training expenses were € 43.4 million in 2025, i.e., on average € 483 per FTE (2024: € 37.6 million, on average
€ 417 per FTE). This is based purely on the bank’s external vendor spend on training.
Training hours by gender
| Gender1 | 2025 | 2024 | ||
|---|---|---|---|---|
| Total number of training<br><br>hours | Average number of<br><br>training hours per<br><br>employees | Total number of training<br><br>hours | Average number of<br><br>training hours per<br><br>employees | |
| Female | 961,268 | 21.6 | 802,722 | 18.0 |
| Male | 1,158,570 | 22.6 | 961,007 | 18.6 |
| Other2 | 1,047 | 181.5 | 85 | 16.7 |
| Not reported | 603 | 80.1 | 17 | 13.3 |
| Total | 2,121,489 | 22.1 | 1,763,831 | 18.3 |
1Numbers may not add up due to rounding
2Gender as specified by the employees themselves
In 2025, employees completed 2.1 million (2024: 1.8 million) learning hours, of which 44% (2024: 48%) were mandatory.
Based on an imputed value of 8 hours per day and divided by the bank’s total headcount, the total number of training
hours 2025 represented 2.8 average annual training days per employee (2024: 2.3 average annual training days per
employee).
The bank believes learning is everywhere and anytime – not only in formal courses and events. This is why the central
place for learning is a learning platform called LearningHub that understands preferences and recommends content,
using machine learning to feed personalized learning recommendations to employees across the globe. Teams of experts
across the bank can create and curate learning paths specific to their divisional needs – thereby enabling faster and more
relevant skill development.
In May 2025, the Aspirational Culture in Action e-Learning module was launched to support the This is Deutsche Bank
framework and the bank's Aspirational Culture, as described in more detail in the Culture, integrity and conduct chapter.
This innovative 35-minute course is a story-based, immersive learning experience. More than 6,600 employees have
successfully completed this e-learning module in 2025.
To achieve Deutsche Bank’s vision of becoming the Global Hausbank, it is imperative that every employee understands
where and how the bank operates. The Global Hausbank Navigator is a new learning experience launched in October
2025 that aims to strengthen the bank’s employees’ understanding of who the bank’s clients are and how its own
workforce collectively serves them across the entire organization. By developing and strengthening this understanding,
employees are better able to proactively collaborate with teams across the bank and bring the bank’s collective expertise
to meet its clients’ financial needs. In 2025, all employees were enrolled, with more than 88,200 employees already
having it completed by year-end.
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In response to a growing demand for structured skill development across Deutsche Bank, the Skill Building Initiative was
launched in March 2025. The initiative offers a scalable, instructor-led training model that blends Masterclass (conveying
expert knowledge) and Skill Sprint formats (solving short-term specific problems). It targets over 10 core skills — ranging
from Executive Presence and Storytelling with Data to Generative AI and Negotiation — aligned with the bank’s
aspirational culture and proficiency framework. A second tranche commenced in September 2025, expanding the
offering with new languages and additional topics. Data shows a strong uptake, with more than 16,200 seats (virtual/in
person) in 2025.
An example of the numerous divisional and functional learning programs is the Corporate Bank’s CB Fit4Future initiative.
Launched in 2025, it consolidates all learning resources into a central hub, offering employees structured pathways to
build capabilities in areas such as sales, negotiation, risk management and ESG-aligned solutions. This is one example
how the bank provides job specific training development programs. The initiative saw strong uptake: as of year-end 2025,
over 1,900 CB colleagues – representing 24% of the Corporate Bank workforce. Fit4Future is not only a learning initiative
but also a cultural shift, embedding continuous development into the bank’s operating model. It supports strategic goals
such as commercial terms as well as becoming a trusted advisor and operational excellence, while empowering
managers and senior leaders to drive performance and talent retention.
At the end of 2024, Deutsche Bank launched the How To Series - a collection of timely virtual sessions developed by
Human Resources (HR) experts to support the bank’s managers and employees navigate some of the key HR topics such
as annual processes throughout the year. During the initiative’s first cycle, running from end 2024 until mid 2025, 50
facilitators conducted 44 sessions attended by more than 10,300 participants from across the bank. The second cycle
began at year-end 2025.
Upskilling employees for the artificial intelligence (AI) transformation remains a central focus of Deutsche Bank’s learning
and development strategy. In 2025, the Technology, Data and Innovation (TDI) division continued to build on the
comprehensive AI training framework established in 2024, designed to promote responsible development and use of AI
across the organization. The Generative AI Fundamentals program, launched in Q3 2024, has already equipped over
16,600 employees with essential AI knowledge, fostering a culture of curiosity and readiness for AI adoption. For
advanced practitioners, the DB Generative AI Developer training is targeted at engineers who build AI applications. The
program’s first pilot cohort, which started at the end of March 2025, graduated a total of more than 850 engineers by
year-end.
Deutsche Bank continues to invest in the cloud skills of its employees through the Deutsche Bank Cloud Engineer
program and a growing number of expert-level learning paths, such as Cloud Architect or Data Engineer, structured
learning programs to upskill the bank’s engineering workforce at scale and in-depth on the Google Cloud. In 2025, more
than 1,700 employees successfully graduated from Deutsche Bank Cloud Engineer program and 1,150 from the expert-
level programs. These efforts bring the total number of employees who completed advanced cloud engineering training
programs to over 6,600.
In addition to divisional training, regions also support employee development. For example the second edition of the
bank’s Europe cross-divisional Mentoring program was launched in June 2025. It pairs more than 40 top talent Vice
Presidents bank-wide across Europe with senior leaders across the region. Monthly mentor-mentee sessions follow
completion of established goals supporting the bank’s aspirational culture of learning, leadership development and
cross-divisional collaboration. By investing in leadership development, and by connecting colleagues across the bank,
the bank is enabling future leaders to develop a clearer understanding of client needs to deliver the Global Hausbank
model.
Moreover, Deutsche Bank also supports employees, both full- and part-time, to gain further qualifications, degrees and
certifications. This can include a wide variety of topics which vary by region and division – for example, auditors
completing their certifications (CPA, CIA, EFFAS and CFE), or the bank’s experts in technology, receiving their Cloud
accreditations and their CPD-accredited learning as well as HR employees acquiring various certificates, such as the IHK
Trainer Aptitude Test or the Transformation Manager.
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Leadership development
The Leadership Kompass is a cornerstone of Deutsche Bank’s organizational culture and aligned with the bank’s
aspirational culture. It consists of eight tangible and actionable leadership behaviors that all leaders are expected to
demonstrate consistently.
In this context, people managers are encouraged to use the Kompass Upward Feedback Tool, an internal tool where
people managers can complete a self-assessment and those with three or more team members can request anonymized
feedback from their team to better understand their teams’ experience of their leadership in line with the Leadership
Kompass. As of year-end 2025, over 3,000 managers are using the Kompass Upward Feedback tool to gather feedback.
Furthermore, the bank launched the new Leadership Kompass Coaching initiative for people managers in 2025, providing
targeted coaching support via the Deutsche Bank’s internal pool of coaches to help strengthen leadership skills and
enhance self-awareness through the lens of the Leadership Kompass.
The All Managers Curriculum, a carefully selected and targeted set of development opportunities for all full- and part-
time people managers, which was launched in July 2024, continued to evolve in 2025. The curriculum is delivered
through comprehensive learning pathways and manager workshops. In line with the aspirational culture the offerings
encourage leaders to reflect on the influence they have on their teams, act with fairness and without judgement, and
create an environment where every individual feels valued. Also informed by People Survey results, two new manager
workshops were designed and added to the Curriculum, namely Lead Decisively, Delegate Effectively, as well as Leading
Change. These sessions include topics around taking ownership of decisions, delegating with clarity and developing
empathy and techniques of leadership in change processes. This curriculum focuses on the key skills required for
managers to effectively enable their teams through developing skills aligned to topics like feedback or addressing
unconscious bias, coaching, inclusion and growth. In 2025, over 1,900 managers participated in these workshops.
The bank has two flagship programs in place to support those who are new to leading people at Deutsche Bank. The
First-time Manager Program and the Senior Leadership Essentials Program equip these managers with the essential
knowledge and skills required to be a successful manager. The First Time Manager Program won gold for “Leadership
Development” at the Brandon Hall Group’s 2025 HCM Excellence Awards. In 2025, over 1,700 new leaders participated
in these offerings, gaining the critical knowledge and capabilities needed to lead their team in line with the Leadership
Kompass behaviors.
One of the regional leadership programs is the bank’s APAC MEA Franchise Leadership Program, which was successfully
concluded in mid-2025, In partnership with the educational institution INSEAD, the program saw 48 Managing Directors
and Directors complete a twelve-month leadership learning journey. 94% of participants provided feedback on the
program, and all responses were positive.
Talent acceleration
Deutsche Bank’s talent acceleration programs aim to help employees develop professionally and personally and to
accelerate their readiness to take on more complex accountabilities. The bank continuously updates the content of the
programs, which includes coaching elements and networking opportunities, to ensure that it remains at the cutting edge
of business thinking in a rapidly changing world.
The Accomplished Top Leaders Advancement Strategy (ATLAS) talent development program is aimed at accelerating
the readiness of senior, high-potential women to take on broader roles in the organization. As the program does not run
on a yearly basis, the bank held in 2025 the seventh cohort since the program’s inception in 2009 with 21 female
participants.
The Vice President and Director talent acceleration programs develop the capabilities of high-potential talent across the
bank, readying them to take on more accountability whether it is in an enlarged, new or more senior position. Each talent
program is tailored to its intended audience, covering topics such as resilience, negotiation, change leadership, and
leading with authenticity. Participants also have the opportunity to interact with the bank’s senior leaders. Since program
inception in 2016 for Vice Presidents and in 2017 for Directors, 35% of Vice President participants have been promoted
to Director, and 28% of Director participants have been promoted to Managing Director. For the Director talent
acceleration program Deutsche Bank partners with the educational institution London Business School.
These talent development programs play an important role in the bank’s implementation of its people strategy and are
continuously evaluated through structured participant feedback and program impact assessments. This enables the
bank to refine and enhance the training experience each year.
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Acceleration programs
| 2025 | 2024 | |
|---|---|---|
| Participation in cross divisional talent acceleration programs | ||
| ATLAS acceleration program for senior female Managing Directors (in headcount) | 21 | — |
| Director acceleration program (in headcount) | 144 | 152 |
| thereof women (in %) | 45.1 | 42.8 |
| Vice President acceleration program (in headcount) | 374 | 374 |
| thereof women (in %) | 46.5 | 45.5 |
Performance and reward
ESRS S1-1, ESRS 2 MDR-P
Rewarding performance is an important factor to attract and retain the best talent. Therefore, a fair, transparent and
sustainable approach to remuneration is of crucial importance to the bank. Its Compensation and Benefits strategy is
aligned to Deutsche Bank’s global business strategy, risk strategy, and to the bank’s purpose and aspirational culture and
supports the key principle of fairness.
Deutsche Bank’s Compensation Framework promotes and rewards sustainable performance and contributions based on
delivery, behavior and conduct, across all levels of the organization in line with HR’s global Performance, Consequences,
and Reward Policy. This policy sets Deutsche Bank Group’s global minimum standards for employees with respect to
accountability and requirements for managing performance, the consequences where employees do not meet the
required standards of Business Delivery (What) and Behavior (How) and the remuneration related topics applicable for
different employee groups in line with regulatory requirements. The policy is globally applicable, approved by the Global
Head of HR as well as by the bank’s Management Board. In Germany, relevant changes to the framework were discussed
with the works council and recorded in a group works agreement.
When determining variable compensation, the bank continued to apply a moderate and forward-looking approach,
weighing strong business performance against macroeconomic outlooks, long-term capital stability and without losing
sight of the need to remunerate employees fairly and in line with the market.
Performance reviews
ESRS S1-13
Deutsche Bank aims to ensure that its employees are clear on what is expected of them as well as giving employees the
opportunity to discuss feedback on their performance. The annual performance review is for employees and their
managers to create a shared understanding of expectations for delivery, behavior and conduct, and to measure and
document achievements, resulting in a more productive and engaged workforce. What is delivered contributes to
Deutsche Bank’s strategy implementation and how it is achieved should be in line with the aspirational culture. Both
elements are equally important and are the basis for measuring performance at year-end.
Deutsche Bank aims to ensure that its employees understand what is expected of them in their respective roles.
Employees eligible for variable compensation must set a minimum of three SMART priorities, link these to the bank’s
strategic goals and agree them with their manager at the start of the performance year to give focus and direction for the
year ahead. Regular conversations and continuous feedback, including the use of optional tools including upward
feedback, anytime feedback, and 360° feedback for in-scope employees, during the year enable the bank’s employees to
think about their performance and, if necessary, make changes to achieve sustainable success. The bank tracks employee
receipt of regular feedback from their manager via the regular Culture Pulse Survey. The bank’s holistic approach to
managing performance holds both employees and their managers accountable and is adequately reflected in variable
compensation decisions.
Part- and full-time employees who are in scope for Deutsche Bank’s Performance Management process need to have one
documented performance review per year. This annual performance review is multi-dimensional and includes evidence
of achievements by the employee in their role, of their pre-defined priorities (objectives/goals) and how they have
demonstrated the required behaviors and conduct.
Career development is employee-led, and an employee-manager discussion is encouraged at least once annually, but it
is not required to formally document this. The bank tracks progress through responses to specific development
questions as part of the annual People Survey as well as through the Career and Development form completions on
Workday.
For 2025, the completion rate for performance reviews remained high, reflecting continued strong engagement across
the organisation. The figures presented below reflect the bank’s entire employee population, including individuals not in
scope of the bank’s performance management process or who were on long-term leave for the full performance year.
Given this comprehensive baseline for the calculation, it is expected that the overall completion rate will not reach 100%.
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Completion rate for performance reviews by gender
| Gender, headcount in % | Share of employees | |
|---|---|---|
| 2025 | 2024 | |
| Female | 89 | 88 |
| Male | 92 | 92 |
| Other1 | 60 | 67 |
| Not reported | 69 | 100 |
| Total Employees | 90 | 90 |
1Gender as specified by the employees themselves
Annual total remuneration ratio
ESRS S1-16
The bank’s remuneration strategy rewards performance and contribution through an appropriate mix of fixed and
variable remuneration. An employee’s fixed pay is determined using a mix of internal fixed pay data and external market
data to ensure adherence to legislation such as minimum wage requirements and alignment with peers. Variable
compensation is awarded based on a variable compensation orientation framework and is closely linked to individual
performance metrics, such as the delivery of business priorities set at the beginning of the performance year, as well as
conduct and behavior.
The Annual total remuneration ratio compares the annual total remuneration of the highest paid individual to the median
annual total remuneration for all employees (excluding the highest paid individual). The calculation reveals that in 2025,
the Annual total remuneration ratio was 246. This ratio was 237 in 2024. The increase of this ratio reflects the change in
the annual total remuneration of the highest paid individual, whereas the median annual total remuneration for the
employees remained stable. Additionally, Deutsche Bank calculates its Annual total remuneration ratio based on the
average annual total remuneration for all employees (excluding the highest paid individual), which reflected a ratio of
166 in 2025. These ratios reflect the bank’s diverse operations across numerous geographies worldwide, covering four
business divisions: Private Bank, Corporate Bank, Investment Bank and Asset Management as well as operations and
support functions. For the purposes of the calculation, the highest paid employee is not the CEO, demonstrating the
diversity of the bank's activities and remuneration opportunities.
Work-life balance
ESRS S1-15
To help its employees manage professional and personal commitments and achieve a sustainable work-life balance, the
bank provides a range of benefits. Benefits may vary by location. The bank provides various types of employee-related
benefits which are available to full-time as well as part-time employees. Temporary employees may also be eligible
depending on the nature of employment and of the benefit. The bank operates more than 850 employee benefit plans in
its different locations that may include, among others, life insurance, health care, disability coverage, parental leave,
retirement plans, stock ownership, vacation/leave, transportation, meals/nutrition or childcare.
Moreover, Deutsche Bank offers a comprehensive support network ranging from career advice, mental health support,
assistance in finding childcare or care for the elderly and Employee Assistance Programs. The bank assists working
parents, for instance by providing childcare near workplaces in its major global hubs and contributing to the cost of
childcare. In addition, the bank provides breastfeeding/lactation facilities in many of its locations. The bank also offers
flexibility in working arrangements, through its hybrid work model, flexible work hours, part-time and job-sharing
opportunities, subject to specific role requirements and client needs. A variety of paid and unpaid leave is available to
allow employees to manage unforeseen events, such as taking care of the elderly or sickness of children. In several
locations, non-primary caregivers are also eligible for family leave.
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Family-related leave
ESRS S1-15
In 2025, the global share of the bank’s employees entitled to family-related leaves, i.e., maternity or paternity, parental
and carers’ leave remained unchanged with 96% versus prior year (2024: 96%). This can be either a discretionary offering
or due to statutory requirements. Among the employees who were entitled to family-related leave in 2025, 19.8% took
leave of one or more types of leave (2024: 17.1%). This includes paid and unpaid leaves and is reported in the table
below, irrespective of their duration.
Entitled employees that took family-related leave by gender
| Gender | 2025 | 20242 | ||
|---|---|---|---|---|
| Number of entitled<br><br>employees who took<br><br>family-related leave | Share of entitled<br><br>employees that took<br><br>family-related leave (in %) | Number of entitled<br><br>employees who took<br><br>family-related leave | Share of entitled<br><br>employees that took<br><br>family-related leave (in %) | |
| Female | 9,020 | 21.1 | 8,011 | 18.7 |
| Male | 9,355 | 18.7 | 7,841 | 15.8 |
| Other1 | — | — | — | — |
| Not reported | — | — | — | — |
| Total | 18,375 | 19.8 | 15,852 | 17.1 |
1Gender as specified by the employees themselves
2Prior year’s comparatives aligned to presentation in the current year
Hybrid work model
Deutsche Bank is committed to a hybrid working model that enables employees to benefit from both in-office and
remote working. In 2025, the model was in place in 43 locations and covers approximately 84,000 employees, the
majority of the internal workforce. This excludes roles requiring continuous on-site presence due to operational or
regulatory needs, such as certain branch-based retail functions. Eligible employees may work remotely up to two days a
week, depending on their role and function, and in line with divisional and country-specific guidelines. These guidelines
are designed to promote a consistent employee experience and provide a clear, transparent framework that
accommodates flexibility for diverse working needs.
Divisional guidelines set out global principles for remote working eligibility and support individual discussions between
employees and their managers. These principles are applied alongside country-level requirements, which cover country
eligibility and the local regulatory framework for remote work. Where differences arise between divisional and country
guidelines, the latter takes precedence where local regulations are more restrictive.
Hybrid working arrangements are reviewed annually with employees to ensure they remain effective and aligned with
business needs. Functions and teams are encouraged to regularly assess how their working patterns best support
effective collaboration and performance. Deutsche Bank recognizes the importance of in-person interaction to
strengthen collaboration and drive innovation, supporting the bank in meeting its commitments to clients and advancing
its Global Hausbank vision.
Well-being
ESRS S1-1, ESRS S1-4, ESRS 2 MDR-P
Deutsche Bank continues to bring its holistic well-being strategy to life by making health and well-being an integral part
of the bank’s aspirational culture. The goal is to create a health-promoting and caring work environment where
employees can be themselves and feel supported and happy, so they can perform at their best and thrive in their careers.
Deutsche Bank aims to proactively empower its employees to prioritize their own well-being and support those around
them in doing the same, underlining that health and well-being are about everyday behaviors, based on the following
four dimensions: physically thriving, emotionally and mentally balanced, socially connected and financially secure. The
inclusion of employees’ well-being in the global Code of Conduct reflects its importance to Deutsche Bank.
A wide range of resources contribute to this holistic approach, including development opportunities, ongoing education,
accessibility and transparency of support systems, close collaboration with employee networks, active senior leadership
engagement, benefits offerings and the hybrid working model. Examples are tailor-made leadership development
opportunities, regular bank-wide and divisional well-being engagement sessions and enablement initiatives and a
dedicated Smart Work Hub to share best practices across the organization.
To make the bank’s well-being offers transparent, raise awareness and be well aligned across divisions and regions the
Deutsche Bank Global Well-being Hub is available to all employees and non-employees. The hub brings together an
array of existing resources, provides employees with centralized access to initiatives, and benefits from across the bank.
It makes it easier finding information on places to go for support (for example Employee Assistance Program 24 hour
hotline, Mental Health First Aider, company doctors, etc.) or for resources about personal development, including stress
and mental fitness. There are also several useful hints on how to boost well-being day to day.
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Employees’ mental health remained a focus topic in 2025. The number of Mental Health First Aiders – employees who
volunteer to actively support their colleagues’ mental health – increased to 807 aiders in 2025 (2024: 737); they are
organized in an international working group to better coordinate their efforts. The training and certification of Deutsche
Bank’s Mental Health First Aiders is conducted by external institutes, with the bank taking on both the organization and
financing of the training, both for part-time and full-time employees. In addition, for the Mental Health First Aiders
program, the bank offers an in-house eLearning module on mental health awareness to all employees and a tailor-made
Manager e-learning, covering Well-being (self and others), Hybrid Working and Meeting Culture, with over 1,200
managers enrolled since the launch in July 2024. The message “It’s ok not to be ok” is included in senior management
communication and events across the platform on a regular basis. In this year’s people survey new questions dedicated
to employee well-being were included. The questions cover employees’ perception of work-life-balance, psychological
safety and a caring environment.
To emphasize the top of the house commitment to employee well-being, the Group Management Committee appoints
Well-being Champions in every global, divisional Leadership Team, who actively support the well-being agenda
alongside Fabrizio Campelli as Well-being Champion on the Management Board. On World Mental Health Day 2025 the
bank reiterated its commitment to the well-being agenda via over 80 in-house events worldwide, that took place as part
of a World Mental Health week, as well as the global Townhall “Becoming 10% happier” focusing on mindfulness with
3,563 participants. Deutsche Bank also reiterated its commitment to Mental Health externally, with electronic displays
and cash machines recognizing World Mental Health Day in Germany and Spain.
Paid annual leave is generally a standard in Deutsche Bank as part of the offered benefits. In Germany, for example, this is
regulated in the Federal Paid Leave Act. Collective Bargaining Agreements and individual employment agreements for
non-tariff employees provide for paid leave days that significantly exceed the statutory minimum. Over the year, the
bank constantly reminded its employees to take their annual leave entitlement.
While work-related injuries, occupational accidents, and serious incidents like employees being killed at work are
extremely rare at a bank and are more relevant to the safety of other industries, Deutsche Bank remains deeply
committed to providing safe working environments to the benefit of employees, visitors and clients. The bank believes
that integrating strong environment, health and safety practices into its business fosters multiple positive outcomes,
enhancing productivity and increasing overall employee satisfaction. For its ongoing commitments in health
management, Deutsche Bank was recognized with the Corporate Health Award in Germany.
Deutsche Bank has set out a global Environment, Health and Safety policy, which addresses the respective requirements
for employees and establishes controls to ensure workplace accident prevention. This covers assistive appliances and
workstation assessments, first aid, fire safety, building evacuation plans and floor wardens. This policy, approved by the
bank’s Chief Security Officer and reviewed annually, demonstrates the bank’s commitment to fostering a healthy, safe,
and supportive work environment for every employee and establishes clear requirements and controls to ensure
workplace accident prevention.
The bank continues to strengthen its emergency response capabilities and build organizational awareness through
ongoing training, communication and initiatives across all locations. Digital learning, including programs like
dbHealthyWorking, support these efforts by educating employees on risks associated with sedentary office and hybrid
working. These programs equip employees with practical mitigation strategies and provide access to a wide range of
physical and mental well‑being resources.
Senior management's commitment to employee safety is further evidenced by the formation of a governance structure
to provide oversight, support, and advocacy for everyone's safety at the bank which is articulated in the Policy Statement
of Intent - Environment, Health and Safety as part of the Sustainability Publications. This document underscores the
bank’s strategic goal to continue to enhance safe practices through a targeted communication and consultation on
environment, health and safety matters. By pursuing this enterprise standard, the bank fosters consistency and equality
in safety management globally, reflecting an ethical stewardship critical for employees.
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Diversity and inclusion
ESRS S1-1, ESRS S1-4, ESRS S1-5, ESRS 2 MDR-P, ESRS 2 MDR-A, ESRS 2 MDR-T
Creating an environment that embraces diverse views, encourages open dialogue and treats everyone fairly is key to
Deutsche Bank’s aspirational culture. With 160 nationalities represented across 55 countries in 2025, the bank is proud
of its multicultural workforce. It sees the unique perspectives and experiences within its global network as a competitive
advantage as it fuels innovation, strengthens culture and drives more sustainable outcomes.
Approach, governance, and leadership accountability
ESRS S1-1, ESRS S1-4, ESRS 2 MDR-P, ESRS 2 MDR-A
As stated in its Code of Conduct, Deutsche Bank is committed to ensuring fair and equal opportunities for employees
from all backgrounds and experiences. This objective is advanced through its global multi-dimensional diversity and
inclusion strategy which is informed by quantitative and qualitative data and considers regional nuances. Centered on
five pillars: leadership accountability, adapting processes, driving behavioral change, thought leadership, and ensuring
legal compliance, the strategy is endorsed by the Management Board.
A central HR team is responsible for setting and driving the bank’s diversity and inclusion vision, global strategy and
multi-year roadmap, and defining the associated annual priorities. To ensure the strategy is informed by a broad range of
perspectives, including lessons learned, the central HR team actively engages with Employee Resource Groups,
employee representatives, and external partners such as Catalyst, Charta der Vielfalt (Charter of Diversity), Coqual,
Disability:IN, Open for Business, the United Kingdom Treasury’s Women in Finance Charter, among others. The central HR
team activates leaders and employees to sustainably support the diversity and inclusion strategy and to make progress
against the set objectives, which are monitored by the Management Board.
The bank embeds diversity and inclusion across its operations through a global Approach to Diversity and Inclusion
framework of policies, processes, benefits, initiatives, and measurements, fostering positive actions for all employees,
including people from groups at particular risk of vulnerability. Diversity and inclusion are integral to key policies, such as
the Hiring, Onboarding and Offboarding Policy and the Code of Conduct, which defines the minimum standards of
behavior and conduct, and prohibits discrimination, harassment, including sexual harassment, and retaliation. The bank’s
employment decisions, such as promotion and hiring, are based on merit, including candidates’ suitability for a role, their
potential, and their demonstrated performance.
Gender diversity
ESRS S1-1, ESRS S1-9, ESRS S1-5, ESRS 2 MDR-T
Pursuant to statutory requirements, seven out of twenty or 35% of Supervisory Board members were women at year-end
2025, the same as at year-end 2024. In the Management Board, two out of nine or 22% of the members were women
(2024: two out of ten or 20%), above the requirements of the current German Gender Quota Law (Zweites Führungs-
positionen-Gesetz, FüPoG II).
Legal requirements and results for the representation of women
| Dec 31, 2025 | Dec 31, 2024 | ||
|---|---|---|---|
| Requirement | Result | Result | |
| Level | |||
| Supervisory Board (headcount, in %)1 | 30.0 | 35.0 | 35.0 |
| Management Board (headcount)2 | 1 | 2 | 2 |
1Reflects requirement of German Gender Quota Law (Erstes Führungspositionen-Gesetz, FüPoG I)
2Reflects requirement of German Gender Quota Law (Zweites Führungspositionen-Gesetz, FüPoG II)
As per ESRS S1-9, the top management level is considered to be the Management Board, Deutsche Bank's most senior
committee, chaired by the CEO.
Gender distribution at top management level
| Gender1 | Dec 31, 2025 | Dec 31, 2024 | ||
|---|---|---|---|---|
| Number of<br><br>employees at<br><br>top<br><br>management<br><br>level | Percentage of<br><br>employees at<br><br>top<br><br>management<br><br>level | Number of<br><br>employees at<br><br>top<br><br>management<br><br>level | Percentage of<br><br>employees at<br><br>top<br><br>management<br><br>level | |
| Female | 2 | 22 | 2 | 20 |
| Male | 7 | 78 | 8 | 80 |
| Total | 9 | 100 | 10 | 100 |
1Numbers may not add up due to rounding
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| Own workforce |
Age distribution at top management level
| headcount1 | Dec 31, 2025 | Dec 31, 2024 | ||
|---|---|---|---|---|
| Number of<br><br>employees at<br><br>top<br><br>management<br><br>level | Percentage of<br><br>employees at<br><br>top<br><br>management<br><br>level | Number of<br><br>employees at<br><br>top<br><br>management<br><br>level | Percentage of<br><br>employees at<br><br>top<br><br>management<br><br>level | |
| < 30 years old | — | — | — | — |
| 30-50 years old | 1 | 11 | 2 | 20 |
| > 50 years old | 8 | 89 | 8 | 80 |
| Total | 9 | 100 | 10 | 100 |
1 Numbers may not add up due to rounding
As mentioned in the chapter “Sustainability Governance” within this Sustainability Statement, the bank aims to increase
gender diversity at the two levels below the Management Board (MB-1 and MB-2) with a goal of 30% of positions to be
held by women at both levels by year-end 2025, thereby promoting equal opportunity within the Management Board
succession pipeline. As of year-end 2025, the bank effectively met the goal for MB-1 with 29.7%, given the limited
population size with a single individual representing more than 1% of the total cohort. At MB-2, the bank reached 28.2%
as of year-end 2025. In line with German legal requirements, the bank will retain goals beyond 2025 for the two layers
below the Management Board with a goal of 32.5% women at both MB-1 and MB-2 by year-end 2026, having regard to
local law.
In 2021, the bank committed to an aspirational goal to have women represent at least 35% of its Managing Director,
Director, and Vice President population globally (excluding Asset Management) by year-end 2025, known as the ’35 by
25’ program. This was publicly announced after consultation with the Supervisory Board which includes employee
representatives, among others. The goal was based on workforce data modeling and assumptions on the female share in
hiring, promotion and turnover using 2020 data of 29.6% as a baseline. This commitment strengthened the pipeline of
senior women and the Management Board has taken an active role in driving forward the ‘35 by 25’ goal, providing
sponsorship and closely monitoring progress. Human Resources provided regular metrics reporting and surfaced areas of
good practice and potential risks to the Management Board and the Supervisory Board’s Nomination Committee, which
includes employee representatives. This approach has led to a meaningful and measurable rise in the number of women
stepping into senior leadership roles. Progress towards the 35 by 25 goal was monitored regularly and published
annually. The progress against the internal annual interim goals was monitored monthly against the initial baseline and
base period including the bank’s hiring and promotion activities as well as turnover.
From 2021 to 2025 the female representation in senior corporate titles increased by 4.2 percentage points, including
promotions effective as of April 1, 2026, reaching 34.1% compared to 29.9% at year-end 2021. It supported the
transformation of behaviors and processes, for example by broadening talent searches, proactively building candidate
pipelines, and educating managers on conducting fair, merit-based, and inclusive hiring processes, resulting in a
meaningful increase in the percentage of women hired into senior roles since 2021. ’35 by 25’ also enhanced the
emphasis on retaining and developing internal talent, highlighting the value and potential within existing teams. This
approach ensured that the leadership pipeline is strengthened by individuals possessing institutional knowledge and an
understanding of the bank’s culture. As a result, there has been an increase in the number of women advancing to senior
positions, including those two levels below the Management Board. More details on leadership and talent development
are included in the “Talent development” section of the “Working conditions” sub-chapter of this “Own workforce”
chapter.
Goals and results for the representation of women in senior roles
| headcount, in % | Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|---|
| Goal | Result | Result | |
| Level1 | |||
| Management Board level -1 | 30.0 | 29.7 | 28.9 |
| Management Board level -2 | 30.0 | 28.2 | 28.3 |
| Senior Corporate Titles2,3 | |||
| Managing Directors, Directors, Vice Presidents | 35.0 | 34.1 | 33.0 |
1Goal in line with German Gender Quota Law (Zweites Führungspositionen-Gesetz, FüPoG II), goal reflects December 2025
2Goal reflects December 2025 including the following year’s promotions
3Business divisions and infrastructure functions (excluding Asset Management)
In support of ‘35 by 25’, the Schneider-Lenné Cadre - a community of the bank’s senior women leaders, including senior
management risk takers and current and former ATLAS participants - serves as visible and active role models, equipped
with a platform and tools to drive cultural change and foster the development and engagement of talent across the
bank.
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| Own workforce |
Gender diversity
| headcount, in %1 | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Female employees by Corporate Title,2 | ||
| Managing Directors | 23.3 | 22.8 |
| Directors | 29.5 | 28.8 |
| Vice Presidents | 36.3 | 35.6 |
| Assistant Vice Presidents and Associates | 43.0 | 42.3 |
| Non-Officers | 59.4 | 59.6 |
| Total female employees (in %)1 | 46.4 | 46.5 |
1Numbers may not add up due to rounding
2Corporate Titles for Postbank (including subsidiaries) are technically derived
To ensure momentum and build on progress, Deutsche Bank will evolve its approach in 2026 and beyond. At Group and
divisional level, progress will be measured by a Well-being and Inclusion Index with the goal of achieving a 100% score.
The Well-being and Inclusion Index will focus on three key indicators: (i) improved diversity of perspectives in senior,
decision-making and client-facing roles, (ii) a more inclusive culture where everyone feels supported and is treated fairly,
and (iii) a culture that embraces open dialogue and diverse views, leading to better client outcomes. This approach will
support the required behavioral shifts to enable a more inclusive and diverse workforce linked to high performance,
ensure employer attractiveness, and continue to comply with local laws.
Deutsche Bank also monitors its progress in increasing the representation of women in further areas, including in
Science, Technology, Engineering, and Mathematics (STEM) roles predominantly in the bank’s Technology, Data and
Innovation division, and in leadership roles in the bank’s client-facing, revenue-generating functions, specifically in Sales,
Client Advisory, Trading, Marketing, and Sales Coverage Support.
Gender diversity at STEM positions and revenue-generating management roles
| headcount, in % | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Female employees by positions | ||
| STEM positions | 31.3 | 29.9 |
| Revenue-generating management roles | 29.7 | 27.1 |
Gender pay gap
ESRS S1-16
Deutsche Bank recognizes that how it remunerates its employees plays a vital role in the successful delivery of the bank’s
strategic objectives and aspirational culture. By aligning risk and reward and by driving the right behaviors, the bank’s
incentive systems help to make the bank more resilient while contributing to its long-term success. The bank remains
committed to a fair, transparent and sustainable approach to remuneration.
The bank has developed and aligned fixed pay ranges to promote and ensure the principle of equal pay for equal work,
underscoring its dedication to fairness. Furthermore, Deutsche Bank ensures transparency regarding its compensation
structures, mainly through the relevant Approach to Performance, Consequences and Reward document as well as the
Performance, Consequences and Reward Policy, as described in the “Performance and reward” sub-chapter of this “Own
workforce” chapter. These documents are accessible to all employees and give a comprehensive overview of pay
elements, pay setting and pay progression. By making pay structures visible and understandable, the bank empowers
employees to engage in open dialogue, encourages accountability, and facilitates the ongoing review and improvement
of remuneration practices. To further strengthen fair and appropriate remuneration decisions, Deutsche Bank provides
manager training and clear guidelines. They are made available to managers to support their understanding of pay-
setting processes and to reinforce best practices in compensation management.
For 2025, the mean unadjusted global gender pay gap was 38.0%, whereas the same metric for 2024 was 38.8%. The
unadjusted global gender pay gap is defined as the difference of average hourly pay levels between female and male
employees, expressed as percentage of the average hourly pay level of male employees. The median unadjusted gender
pay gap, defined as the difference in median hourly pay levels between female and male employees, expressed as
percentage of the median hourly pay level of male employees) for 2025 was 20.6%.
Factors that contribute to the unadjusted global gender pay gap include Deutsche Bank’s business mix, geographical
footprint, and lower representation of women in senior and highly remunerated roles in higher cost locations. A
regression analysis that considers several objective factors such as seniority, business division and region, results in an
adjusted gender pay gap of 6% for 2025 and 6% for 2024. This is not to be interpreted as an equal pay analysis, as it does
not compare employees within similar roles or in roles of equal value.
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|---|---|
| Own workforce |
The bank acknowledges that there is more work needed to reduce the unadjusted and adjusted gender pay gap. The
bank’s diversity and inclusion initiatives, including the ambition to increase gender diversity in positions at the two levels
below the Management Board, remain in place, subject to local laws, and are expected to have a positive impact in
reducing the gap over time.
Building an inclusive culture where everyone is treated fairly
ESRS S1-4, ESRS S1-5, ESRS S1-9, ESRS S1-12, ESRS 2 MDR-A, ESRS 2 MDR-T, ESRS 2 MDR-M
Deutsche Bank’s inclusive culture is brought to life through a range of focus areas that reflect the diversity of the bank’s
workforce and the evolving needs of its people with the goal of an environment where everyone can contribute fully.
Employment and people decisions at Deutsche Bank are made using merit-based criteria such as skills, qualifications,
and performance, regardless of age, background, beliefs, citizenship, color, disability status, ethnicity, gender, gender
identity and/or expression, marital status, national origin, pregnancy, race, religion, sex, sexual orientation, including but
not limited to any other characteristic protected by law. In 2025, the bank strengthened its efforts to attract and hire
diverse talent through targeted outreach, while advancing career planning and leadership development by providing
exposure opportunities and direct access to senior leaders.
Deutsche Bank is dedicated to racial and ethnic inclusion and set an aspirational goal to increase the proportion of Black
heritage employees in the United Kingdom by over 30% by December 31, 2025 versus the December 31, 2021 baseline
of 3.0%. When setting the aspirational goal, the senior leadership team was consulted and progression was monitored
quarterly via an ethnicity dashboard. Annually, the progression is presented to employee representatives at the
Employee Consultation Forum. By focusing on retention and hiring through regular monitoring, this goal was achieved in
2025 at 4.0% (2024: 3.7%), equivalent to a 30% increase in the share of Black heritage employees compared to the 2021
baseline.
In the UK, the bank took action to expand institutional knowledge on social mobility, as it became an emerging inclusion
priority in 2025 recognizing that talent is not defined by background or circumstances. The bank’s UK Early Careers
programs include Advance, aimed at providing first year undergraduate students from lower socioeconomic
backgrounds exposure to the banking world and an apprenticeship program combining on-the-job training with study
time, as well as financial support towards a degree program in the Investment Bank, Corporate Bank and the Technology,
Data and Innovation division. Additionally, Laura Padovani, Management Board member and global champion for social
mobility, hosted a panel discussion on social mobility that was made available to all employees globally.
The bank has built a strong foundation of support and visibility for the LGBTQI+ community via the dbPride Employee
Resource Group, which celebrated its 25th anniversary in 2025. dbPride leads global celebrations such as Pride marches
in cities around the world and participation in “Ring the Bell for LGBTIQ+ Equality” attended by Rebecca Short,
Management Board member and champion for LGBTQI+ inclusion. These efforts have earned Deutsche Bank recognition
as an industry leader for LGBTQI+ inclusion.
In 2025, the bank further expanded its well-being and inclusion strategy by launching a Global Neurodiversity Working
Group focused on awareness, education, mentoring and workplace adjustments with the goal of unlocking the unique
strengths of neurodivergent individuals. Bernd Leukert, Management Board member and global champion for
neuroinclusion, hosted a global panel discussion on the topic that was made available to all employees globally.
To support inclusion for persons with disabilities, the bank provides accessible workstations, reasonable accommodations,
and flexible working options. Newer offices apply universal design principles to further support accessibility and
inclusion for all. The bank also ensures external jobs for people with disabilities, e.g., through its longstanding
cooperation with the Association of Sheltered Workgroups (Genossenschaft der Werkstätten, GDW) in Germany.
The bank’s ability to measure the number of employees with disabilities depends on voluntary self-disclosure and is
limited by data protection laws, for example, the European General Data Protection Regulation. Additionally, due to
continuing social stigma, many individuals choose not to share this information, even in locations where it is permissible
for the bank to ask. As at year-end 2025, the bank employed 2,720 people with disabilities (2024: 3,057), thereof 1,571
female (2024: 1,820) and 1,149 male (2024: 1,237). In Germany, the bank employed 2,185 people with disabilities as at
year-end 2025 (5.7% of the bank’s headcount) (2024: 2,511/6.2%). Disclosure is based on the Germany social code IX. The
reduction by 337 employees is primarily driven by Germany, with 326 fewer employees with disabilities, mainly due to
workforce reductions because of retirements and early retirements.
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| Annual Report 2025 | Social information |
|---|---|
| Own workforce |
Employees with disabilities by gender
| Gender | Dec 31, 2025 | Dec 31, 2024 | ||
|---|---|---|---|---|
| Number of<br><br>employees with<br><br>disabilities | Share of<br><br>employees with<br><br>disabilities (in %) | Number of<br><br>employees with<br><br>disabilities | Share of<br><br>employees with<br><br>disabilities (in %) | |
| Female | 1,571 | 3.5 | 1,820 | 4.1 |
| Male | 1,149 | 2.2 | 1,237 | 2.4 |
| Other1 | — | — | — | — |
| Not reported | — | — | — | — |
| Total | 2,720 | 2.8 | 3,057 | 3.2 |
1Gender as specified by the employees themselves
The bank continues to equip its employees with resources to practice inclusion and better understand how to make fair
people-related decisions through the required Code of Conduct training, and other voluntary offerings such as Inclusive
Hiring manager training, First-time manager training, and Leading Inclusively training as part of the All Managers
Curriculum, as described in the “Talent development” section of the “Own workforce” chapter.
Deutsche Bank supports many voluntary, cross-divisional employee-led groups (known as Employee Resource Groups)
uniting colleagues with shared characteristics, backgrounds, experiences, and their supporters. Employee Resource
Groups are open to all employees, regardless of identity, with the central aims of (i) driving an inclusive culture where
everyone can feel a sense of belonging, (ii) supporting Human Resources to understand and unlock barriers for specific
groups, and (iii) improving the bank’s employer and broader brand. Depending on the location, the bank’s Employee
Resource Groups support a variety of communities such as women, LGBTQI+ employees, employees from multicultural
backgrounds, parents and caregivers, different generations, those with disabilities or neurodivergence, and military
veterans. These combined efforts further help prevent discrimination, harassment, and retaliation.
In 2025, several prominent organizations recognized Deutsche Bank’s inclusion efforts and many individual employees
have been recognized as inclusion role models:
| Type | Award | Location | Organization |
|---|---|---|---|
| General | Best Bank for Diversity & Inclusion | APAC | Euromoney |
| Gender | Best Companies for Women | India | Seramount & AVATAR |
| Best Practices in Diversity & Inclusion | Spain | Premios WomenCEO | |
| Top 50 Companies for Gender Equality | UK | The Times | |
| Disability | Best Companies for Disability Inclusion | India | DisabilityIN |
| Platinum Enabling Mark | Singapore | SGEnable | |
| LGBTQ+ | LGBTQI+ ERG of the Year | India | India Workplace Equality Index |
| Outstanding Network Group | UK | British LGBT Awards | |
| Equality 100 Award | US | Human Rights Campaign Foundation | |
| Gold Rating | Japan | Work With Pride | |
| Platinum Employer | Australia | Australian LGBTQ+ Inclusion Awards |
Incidents and complaints
ESRS S1-1, ESRS S1-17, ESRS G1-1, ESRS 2 SBM-3, ESRS 2 MDR-P
Deutsche Bank strives to provide a working environment for its own workforce which is free from harassment,
discrimination, and retaliation, and where human rights are protected at all times. Anything less would prevent the bank
from thriving, deepening stakeholders’ trust, and safeguarding its reputation. To achieve the intended working
environment, Deutsche Bank has set out policies, frameworks, processes and committees, as set out in the “Policies
related to own workforce” and “Processes to remediate negative impacts and channels for own workforce to raise
concerns” sub-chapters of the “Own workforce” chapter.
Beyond mere compliance with the policies, frameworks and processes, however, Deutsche Bank is committed to always
doing what is right and proper. Deutsche Bank requires its employees and the members of its Management Board to
follow the letter and the spirit of the Code of Conduct as outlined in the subchapter "Policies related to own workforce"
of the "Own workforce" chapter. In case of potential breaches, the whistleblowing framework is in place to raise,
investigate and sanction any incidents as outlined in the sub-chapter “Processes to remediate negative impacts and
channels for own workforce to raise concerns” of the “Own workforce” chapter. In most circumstances, Deutsche Bank's
employees act with integrity and exhibit the right behaviors, fully in line with the bank’s policies and procedures. For the
limited occasions that conduct should fall below the required standards, for example in case of potential breaches of the
Code of Conduct, Deutsche Bank has established mechanisms to raise such matters, like the whistleblowing channel and
the complaints management channel, and has established procedures to investigate and sanction any complaints and
incidents as outlined in the sub-chapter “Processes to remediate negative impacts and channels for own workforce to
raise concerns” of the “Own workforce” chapter. Employee and non-employee complaints are handled in accordance
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|---|---|
| Own workforce |
with local laws. Additionally, the bank deploys internal controls and processes to detect if something is not quite right
and where appropriate, it will follow up with an investigation. Depending on the circumstances and the severity, it may
be necessary to act, including disciplinary action for employees. Additionally, Deutsche Bank provides ongoing well-
being support to adversely affected employees and delivers training across the organization to create awareness in the
workforce.
The bank strives to make disciplinary decisions in a consistent and transparent way, in line with local legal requirements.
Every employee should feel they are treated fairly. Deutsche Bank sees strong links between the expected behavior of its
employees, how compensation is determined to account for risk and behavior, and disciplinary action for employees who
fall short of the bank’s expectations on conduct.
Employment Relations reviews investigation reports to determine the appropriate course of action, which may include
invoking disciplinary procedures, applying non-disciplinary measures like incident learning or employee counselling, or
discontinuing the case if there is insufficient evidence. Possible disciplinary actions for employees can range from verbal
and written warnings to dismissals and such sanctions can impact an employee’s variable compensation and promotion,
which is also set out in the bank’s Performance, Consequences and Reward Policy. Possible actions concerning non-
employees may include being off-boarded immediately or not having their contract extended or renewed.
The reported incidents and complaints shown in the table below were tracked in the bank’s global case management
systems with relevant legal actions and amounts of fines, penalties and compensation sourced from the respective
functions of the bank.
Incidents and complaints
| 2025 | 2024 | |
|---|---|---|
| Total number of incidents of discrimination, incl. harassment (upheld and partially upheld) | 70 | 57 |
| Total number of complaints of discrimination (incl. harassment) and regarding working conditions filed by own<br><br>workforce through Deutsche Bank channels (excl. incidents included above) | 252 | 202 |
| Total amount of fines, penalties and compensation for damages as a result of the incidents and complaints<br><br>above (in € m) | 0.91 | 0.25 |
In 2025, the reported incidents of discrimination, including harassment, represent less than 0.1% of the bank’s total
number of employees. In this context, incidents are any complaints of discrimination (incl. harassment) raised by
employees or non-employees through a formal process and which have been upheld or partially upheld by the bank, and
any legal claims regarding allegations of discrimination (incl. harassment) against the bank.
The additional complaints of discrimination, harassment, or in respect of working conditions represent less than 0.3% of
the bank’s total number of employees. That means in this context, complaints are allegations of discrimination or
harassment or working conditions made by employees or non-employees through a formal process that were not upheld,
upheld or partially upheld and excluding the incidents reported above. In the reporting year, zero related complaints
were submitted to the National Contact Points for OECD Multinational Enterprises similar to previous year.
Incidents and complaints occur in all regions of the bank, generally with a higher number in countries with a larger
workforce. The total amount of fines, penalties and compensation for damages resulting from complaints and incidents is
listed in the bank’s financial statement under Litigation.
Incidents and complaints are limited as the bank expects its own workforce to always conduct themselves ethically and
to comply with all applicable laws and regulations, to ensure a working environment free from harassment,
discrimination, and retaliation. In rare occasions in which cases arise, the bank has robust processes in place to respond
and to provide ongoing well-being support to adversely affected employees and to deliver training across the
organization to create awareness for discrimination, harassment and retaliation in the workforce.
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| Annual Report 2025 | Client centricity |
Client centricity
Expanding Deutsche Bank’s position as the Global Hausbank is at the heart of its growth strategy as it strives to become
the European champion. Clients are at the core and center of Deutsche Bank’s business as expressed in Deutsche Bank's
purpose statement, vision, strategy and Code of Conduct. This message is also part of the bank's next strategic phase to
scale the Global Hausbank and become the European champion in banking and provide a seamless client experience and
leveraging its strengths and capabilities to help clients navigate a world of transition.
In 2025, the bank refined the assessment of the topic by introducing the sub-topics “Product responsibility”, “Client
satisfaction” and “Client complaint management” as entity-specific requirements under ESRS 2 and was guided by
ESRS S4 principles. Details can be found in the “Double materiality assessment”.
Acknowledging that Deutsche Bank services different types of clients, all client-related activities are aligned to the
bank’s business divisions. For further descriptions of the bank’s business divisions see “Deutsche Bank Group” in the
“Combined Management Report” of the Annual Report 2025.
Governance
ESRS 2 GOV-2
Deutsche Bank has distinct governance structures in place for the topics contributing to its client centricity ambitions.
Product responsibility
Deutsche Bank’s commitment to product responsibility is underpinned by its Code of Conduct which is approved by the
bank’s Chief Compliance Officer and applies to all employees and members of the bank’s Management Board.
Furthermore, the bank has a governance in place designed to review and communicate policy requirements as required
including an accompanying extensive policy framework.
Client satisfaction and Client complaint management
Deutsche Bank uses client feedback to strengthen quality assurance and, where necessary, to design improvement
programs. Aggregated insights on key trends, insights gained, and corrective actions are shared with senior management
and other relevant stakeholders across the Deutsche Bank Group. Management Board members responsible for the
business divisions oversee the client satisfaction programs. On overarching topics related to client complaint
management, the Chief Compliance Officer reports to the Management Board member responsible for Compliance and
Anti-Financial Crime. At business-division level, each business unit head holds responsibility and reports to the
respective Management Board member.
Strategy
ESRS 2 SBM-2, ESRS 2 SBM-3
The Investment Bank and Corporate Bank, building on Deutsche Bank’s Client Centricity Program, continued in 2025 to
advance a more connected and client‑focused franchise by strengthening cross‑bank collaboration around clients,
aligning client data and tooling across the Group, and improving client resource allocation to support Shareholder Value
Add (SVA). Both divisions enhanced the return on client financial resources through action plans aligned to Deutsche
Bank’s capabilities and by monitoring client‑level return metrics, providing transparency on resource consumption and
ensuring that SVA considerations are reflected in coverage decisions. Collaboration around clients has increased,
reflected in higher product density and more consistent delivery of the bank’s expertise across financing, advisory,
transaction banking, markets and risk management solutions. Progress has also been made in aligning client data and
tooling, including simplification of the Customer Relationship Management (CRM) landscape, reduced fragmentation
and cost, and enhancements to tools that support a more efficient client lifecycle from onboarding and KYC through to
operations and settlement, underpinned by broader data availability, analytics and artificial intelligence (AI).
The Private Bank combines scale and stability across its two client sectors: Personal Banking, focused on retail customers
in Germany as well as in Italy, Spain and India, and Wealth Management, serving affluent, high‑net‑worth and
ultra‑high‑net‑worth clients globally. Together, these sectors support Deutsche Bank’s Global Hausbank proposition by
delivering integrated solutions across lending, deposits and investments, while addressing more sophisticated client
needs through cross‑divisional collaboration with the Corporate Bank, the Investment Bank and DWS. Personal Banking
is advancing a digital‑first, omnichannel model, including modernization of its branch footprint, improvements to remote
advisory and accelerated roll-out of digital and mobile services. Wealth Management aims to grow in core markets and
deepen relationships with ultra‑high‑net‑worth individuals, family offices and entrepreneurs, supported by targeted
talent hiring, stronger lending capabilities and a broader range of investment solutions.
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| Annual Report 2025 | Client centricity |
DWS continues to roll out initiatives aimed at strengthening client centricity. While many of these measures are still in
early stages, they are designed to support a more connected and effective franchise and to contribute to long‑term
value creation over time. Over the past year, DWS has further refined its client segmentation model, introduced a more
unified approach to client engagement across regions and enhanced global campaign management.
Across Deutsche Bank and DWS, the overarching objective remains to place client needs at the center of activities, even
as the full impact of these recent process changes is still developing.
Product responsibility
Trusting relationships with clients are developed when the bank delivers its products and services with integrity. In
practice, this means the bank’s products and services are designed with input from various control functions, checking
that they are appropriate for the relevant market and align with the bank’s objectives and values. Deutsche Bank seeks to
adhere to relevant rules and regulations and endeavors to be fair, clear, and accurate when marketing its products and
services.
Client satisfaction
Deutsche Bank is dedicated to its clients lasting success and financial security at home and abroad, which is why
gathering client feedback systematically is an important aspect of Deutsche Bank’s Client centricity ambitions. Each of
the bank’s business divisions assesses client satisfaction in ways that make sense for its specific client groups. While
there are no specific quantitative goals set, every business division uses customized metrics in alignment to their
respective client groups, to monitor current client-related developments, track progress of associated initiatives and
implement improvements where needed.
Client complaint management
As a matter of principle, Deutsche Bank strives to prevent complaints from arising by maintaining a robust new product
approval process to ensure all products and services meet high quality standards. Further, identified weaknesses are
reported to product owners and service responsible to decide on remediation measures to be taken in case of justified
complaints. In any case, Deutsche Bank seeks to contact complainants (clients and non-clients) and reach a solution in
due course. Complainants can address their complaints to any local branch, by email, online, or phone. Deutsche Bank
strives to confirm receipt of complaints as soon as possible and to work on resolving them quickly and transparently.
Furthermore, Deutsche Bank continuously monitors complaints to detect emerging trends and to identify the root
causes. Additionally, Deutsche Bank screens its complaints for reoccurring issues.
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|---|---|
| Annual Report 2025 | Client centricity |
Impact, risk and opportunity management, metrics and targets
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality assessment, described in detail in the “Double materiality assessment”
chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to manage the related IROs.
| Topic: Client centricity | |||||||
|---|---|---|---|---|---|---|---|
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Product<br><br>responsibility | Downstream | Short-term | Risk | Risk of legal action, regulatory scrutiny and reputational damage as<br><br>a consequence of Deutsche Bank not ensuring that products and<br><br>services are suitable or appropriate for the client or that a product<br><br>that Deutsche Bank manufactures or distributes is appropriate for<br><br>the target market | Suitability and<br><br>Appropriateness (Client<br><br>and Product) Policy | New product approval and<br><br>systematic product review<br><br>processes<br><br>Regular divisional risk and<br><br>control assessments<br><br>Mandatory employee<br><br>trainings | Internal dashboards<br><br>and reports with<br><br>various suitability<br><br>metrics<br><br>Potential provisions in<br><br>the Financial<br><br>Statements associated<br><br>with incidents of non-<br><br>compliance |
| Negative<br><br>impact | Negative impact on direct clients, including consumers and end-<br><br>users, as a consequence of the bank not ensuring that products<br><br>and services are suitable or appropriate for the client or that a<br><br>product that the bank manufactures or distributes is appropriate for<br><br>the target market | ||||||
| Client<br><br>satisfaction | Downstream | Short-term | Positive<br><br>impact | Deutsche Bank serves all its clients by providing specific financial<br><br>services depending on clients' needs e.g., retail lending, wealth<br><br>management, tailored capital market products, financing and<br><br>investment solutions, and advisory services. Deutsche Bank<br><br>considers it important to meet changing customer needs and<br><br>expectations | Deutsche Bank’s<br><br>Purpose Statement | Deutsche Bank’s Client<br><br>Centricity program<br><br>Monitoring of client<br><br>satisfaction via surveys, use<br><br>of internal client data and<br><br>external market share data | Incremental deals won<br><br>in Corporate Bank<br><br>Market share for<br><br>Investment Bank<br><br>Net promoter score for<br><br>Private Bank and Asset<br><br>Management |
| Long-term | Opportunity | Opportunity of increased revenues and enhanced brand reputation<br><br>due to well-established feedback mechanisms and continuous<br><br>improvement efforts. Thus, contributing to clients' trust and loyalty |
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| Annual Report 2025 | Client centricity | Topic: Client centricity | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets | |||
| Client<br><br>complaint<br><br>management | Downstream | Short-term,<br><br>Medium-term,<br><br>Long-term | Opportunity | Opportunity for increased revenues and enhanced brand reputation<br><br>due to taking clients' complaints seriously and seeking solutions in<br><br>the mutual interest of the bank and its clients | Client Complaints<br><br>Policy incl. country<br><br>specific annexes<br><br>Client Complaints<br><br>Procedure<br><br>Divisional<br><br>Complaints Handling<br><br>Key Operating<br><br>Procedure, also<br><br>covering any<br><br>country-specific<br><br>requirements | Establishing dedicated client<br><br>complaint management<br><br>functions and nominating<br><br>complaint owners<br><br>Processes and controls to<br><br>capture, investigate, report,<br><br>review and resolve<br><br>complaints in a structured<br><br>manner | Year-on-year<br><br>development of<br><br>complaints (in %) | |||
| Long-term | Positive<br><br>impact | Positive impact on clients by implementing effective client<br><br>complaint management procedures, enabling timely resolution of<br><br>issues and continuous improvement of products and services |
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Product responsibility
ESRS 2 MDR-P
Product suitability and appropriateness
Deutsche Bank’s Suitability & Appropriateness (Client & Product) Policy outlines minimum standards that all divisions
must meet, including implementing controls related to the performance of suitability and appropriateness assessments
as relevant, the clarity of warnings and notifications provided to clients, as well as the effectiveness of such warnings.
This policy provides the requirements for suitability or appropriateness assessments/approvals required prior to
engaging in investment activities with a client. Further consideration is given to metrics, governance and training.This
policy applies to all employees of business units globally except DWS. An equivalent policy is in place for DWS. Senior
Regional Business Management is responsible for developing, implementing and documenting processes and controls
that meet the requirements of this policy. This policy observes various global regulations such as the Markets in Financial
Instruments Directive (MiFID). To reduce the risk of engaging in investment activities that are not suitable or appropriate
for clients, and therefore reduce the mis-selling risk and the related financial consequences, this policy provides the
minimum standards for due diligence/approvals required prior to engaging in investment activities with a client. The
policy is made available on the Deutsche Bank intranet page, which is accessible to all employees of the bank. Metrics
relating to breaches of the policy are provided monthly to the bank’s global Operational Risk Committee. Additional
metrics relating to the underlying products and services are monitored by the Head of Compliance and Divisional-level
Operational Risk Councils. They include relevant surveillance alerts, new product approval breaches and other metrics.
The divisional product lifecycle and structured transaction lifecycle policies support the bank’s efforts to offer products
and services based on processes and principles designed to comply with legal and regulatory requirements. For example,
they outline factors that may be considered for monitoring to determine whether products have only been sold to the
appropriate client group. In accordance with regulatory requirements, the bank assesses, where required, various
parameters, including a product’s complexity as well as clients’ product knowledge, experience, regulatory classification
and investment objectives.
Deutsche Bank’s new product approval and systematic product review processes form a control framework designed to
manage the risks associated with new products and services and their lifecycle management. These processes are
overseen by the New Business Office and Product and Structured Transactions Lifecycle teams within the Operational
Risk Management function. Existing products and services are reviewed in one-to three-year cycles designed to assess
whether they remain fit for purpose and consistent with their respective target markets’ characteristics and objectives.
Each product or service must be sponsored by a business managing director who bears ultimate accountability for it.
Selling practices and marketing
ESRS 2 SBM-3, ESRS S4-1, ESRS S4-2, ESRS S4-3, ESRS S4-4
Deutsche Bank is committed to marketing products and services responsibly and to providing information clients can
trust. This enables clients to make informed decisions based on accurate and clear information. Accordingly, the bank’s
Communications with Clients/Public and Marketing Materials Policy requires all communications to meet minimum
standards and requirements in addition to being fair, clear, and not misleading. For example, when referencing any
potential benefits of a product or service the information must give a fair and prominent indication of any relevant risks.
This policy applies to all Deutsche Bank employees globally who engage in communications with clients except DWS. An
equivalent policy is in place for DWS. This policy observes various global regulatory rules and regulations such as MiFID.
The policy is made available on the Deutsche Bank intranet page which is accessible to all employees of the bank. Senior
Regional Business Management is responsible for developing, implementing and documenting processes and controls
that meet the requirements of this policy.
Deutsche Bank’s business divisions and units have controls that reflect products and services it offers. For example, the
Investment Banking & Capital Markets business periodically compares a sample of its pitch books against a predefined
checklist to verify products and services have been presented fairly and clearly and include appropriate disclosures and
disclaimers. The output of such controls, such as the number of exceptions, are included in materials discussed in senior
governance fora in order to identify any negative trends and, if necessary, propose remediation steps. Furthermore, the
business conducts regular risk assessments in addition to Compliance’s regular risk assessment that considers the
appropriateness of the control environment across the divisions. The nature and extent of controls is determined by
numerous factors including client base, product availability, business volumes, regulatory requirements, past incidents,
and issues identified.
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The bank has implemented checks and processes designed to tailor products and services to potential and existing
clients across multiple dimensions. The bank aims to minimize and/or appropriately mitigate any conflicts of interest the
bank may encounter when providing products or services. The variable components of senior management’s
compensation plans are carefully designed to establish appropriate incentives, particularly in relation to conduct and
adherence to the bank’s aspirational culture.
Conflicts of interest
Deutsche Bank’s Conflicts of Interest policy sets out the bank’s arrangements in connection with the identification,
documentation, escalation, and management of conflicts of interest, including where such conflicts of interest arise in
the context of MiFID business. This policy applies to all employees of Deutsche Bank Group globally. The bank seeks to
ensure that a conflict of interest does not adversely affect the interests of clients, the bank, its shareholders or other
stakeholders through the identification, prevention or management of the conflict of interest. The policy is made
available on the Deutsche Bank intranet page which is accessible to all employees of the bank. Senior Business
Management is responsible under a minimum standards framework for implementing and maintaining arrangements to
identify, document and manage conflicts of interest within their respective areas of responsibility.
Beyond the business divisions, the bank has multiple control functions that directly or indirectly manage conflicts of
interest. For example, the Conflicts Office which is part of the Compliance & Anti-Financial Crime function has primary
responsibility in identifying and managing transaction-related conflicts and reports to Bank Senior Management at least
once a year. In addition, the Conflicts Office supports the management of conflicts through the maintenance of
information barriers designed to restrict information flows between different areas of the bank and jointly with Employee
Compliance, the operation of processes designed to identify and manage or avoid conflicts of interest arising from
employees’ personal transactions and outside business interests.
Processes on client complaint management
If a client expresses dissatisfaction with a product or service, the bank has procedures in place to resolve the situation
equitably. Deutsche Bank’s global Complaints Policy and Procedure is adopted by the business units and, if needed,
extended to address further regional and business requirements. Further information can be found in the subsequent
“Client complaint management” chapters.
The bank may be subject to litigation in instances where these grievances cannot otherwise be resolved. Any material
matters are disclosed in the Annual Report 2025, “Consolidated Financial Statements”, “Notes to the consolidated
balance sheet”, “Note 27 Provisions”.
Trainings on product responsibility
Deutsche Bank’s compliance training program is tailored to address these important areas. The Greenwashing Awareness
Training deals with the prevention of misleading the clients or the public regarding the environmental or social standards
of the bank’s products. There are also training modules on communicating with clients, identifying, and managing
conflicts, and checking products’ suitability and appropriateness. The module on the Code of Conduct includes topics
related to product responsibility as well. Deutsche Bank believes it is vital for all employees to complete the latter
training. Failure to do so can adversely affect employees’ compensation and their manager’s. Employees of all Deutsche
Bank business divisions are trained on the bank’s duties to customers either via the Compliance Essentials or Duties to
Customers training modules depending on their sub-divisions. Staff in the retail banking sector of the Private Bank in
Germany additionally receive a separate training focusing on consumer protection.
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Client satisfaction
ESRS 2 MDR-P, ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS S4-1, ESRS S4-2, ESRS S4-3, ESRS S4-4
Corporate Bank
Delivering an outstanding client experience is at the heart of Deutsche Bank’s strategy. The ambition is clear: create an
effortless client journey supported by excellent service, building long-term trust through transparency, efficiency, and
continuous improvement.
For global corporate and financial institution clients, the Client Service Team (CST) model is applied. CSTs bring together
experts from across the bank to manage relationships holistically. By leveraging internal and external data, CSTs
regularly assess client satisfaction and performance, ensuring proactive engagement. Senior management provides
active sponsorship and an additional feedback channel, further strengthening the institution’s focus on listening to client
needs and responding effectively.
Since 2018, the bank’s Corporate Cash Management (CCM) teams have conducted structured client surveys to capture
detailed feedback on service experience. In 2025, more than 1,600 clients participated, contributing to the evolution of
service and product strategy as well as enhancements to the digital offering. In the current reporting year, the survey was
expanded to include Trust & Securities Services, further reinforcing the bank’s capability to act on client feedback.
As client expectations continue to evolve rapidly, client insights are being embedded more deeply into governance and
innovation processes. The objective is to deliver a seamless experience across all touchpoints - supported by digital
transformation, operational excellence, and a culture of accountability.
Investment Bank
The Investment Bank utilizes a variety of information (internal client data, direct client feedback, external data including
share of wallet and client feedback on Deutsche Bank) to assess a range of metrics relating to its performance with
clients. These are then monitored on a regular basis and provide insights, such as strength and health of the relationship
with specific clients or groups thereof. The data also enables analysis of wider market and client trends, which feeds into
the overall divisional strategy. To enable Deutsche Bank’s client strategy, dedicated Client Strategy teams are in place
within the Fixed Income & Currencies and the Investment Banking & Capital Markets groups. These teams are responsible
for monitoring client performance, including client satisfaction, and communicating with the respective coverage
management teams in place across the organization.
As part of the ongoing monitoring of client engagement, Fixed Income & Currencies receives regular feedback directly
from institutional clients, either via Broker Reviews, or via direct meetings and calls (e.g., with Deutsche Bank
Management). Broker Reviews consist of the Client scoring and discussing Deutsche Bank’s performance in terms of
product and services provision versus its peers. In addition, client feedback can be received during bilateral client
meetings. This information is then shared across the relevant Management and Coverage team to incorporate the
feedback with the objective of continuous improvement of client servicing.
As previously mentioned in the Corporate Bank’s Client Satisfaction section, the Investment Bank also applies the Client
Service Team framework for its clients.
Private Bank
Within Private Bank, client satisfaction is measured primarily based on the Net Promoter Score (NPS). The NPS measures
the willingness of customers to recommend Deutsche Bank on a scale of 0 – 10 and asks for their reasons why. NPS
scores can range from minus 100 to plus 100 and customer responses fall into three categories: Promoters, Passives and
Detractors.
The Private Bank reports NPS regularly to senior, regional and branch management. The NPS process within the Private
Bank is coordinated globally but actioned within each region to ensure the surveys address local business needs.
Ultra/High Net Worth (U/HNW) Wealth Management clients - Global
In 2025, U/HNW Wealth Management clients were sent online surveys to ascertain NPS performance. Results from
approximately 1,800 responses across the regions showed nearly 80% of clients globally are Promoters of the brand
(compared to 75% in 2024) with a revenue weighted NPS of 70 (compared to 67 in 2024) and an overall NPS of 75
without regional revenue weighting applied (compared to 71 in 2024). Revenue weighting for the Wealth Management
global NPS score in 2025 is 50% Germany, 50% rest of the world compared to 52% in Germany and 48% for rest of the
world in 2024.
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Private Bank in Germany - excluding U/HNW Wealth Management clients
Within the Deutsche Bank brand, NPS was introduced in 2022 in a phased approach. As a multi-channel bank, Private
Bank has integrated all key customer touchpoints into the NPS framework, including branches, call centers, and digital
channels across Deutsche Bank and Postbank brands. Both sales and service interactions are systematically measured,
enabling the Private Bank to precisely enhance customer experience. For example, clients are invited to provide
feedback immediately following various interactions – such as an in-branch visit, engagement with selected online
services, product purchase, or a conversation with the call center.
The NPS survey process ensures that the relevant client advisor receives NPS feedback promptly and can respond to
customer feedback in a timely manner. This is particularly important in situations where there has been negative
feedback and allows for quick remediation.
In 2025, Deutsche Bank brand’s NPS for Personal Banking and Private Banking clients held at a high level of 62 (compared
to 67 in 2024). More than 173,500 clients shared their feedback in 2025, with 74% identified as Promoters who would
recommend Deutsche Bank. For the Postbank brand, with the complete roll-out of NPS mid-2024, the NPS improved in
2025 to 22 (compared to 13 in 2024). All channels showed significant improvements in customer satisfaction, with
branches achieving the highest rating, as the touchpoint offering the most personal customer contact. In 2025, more
than 65,800 clients gave their feedback.
Private Bank in Italy, Spain and Belgium - excluding U/HNW Wealth Management clients
NPS for Personal Banking and Private Banking clients is periodically measured in all three countries every year. Clients
are contacted mainly via online surveys (Italy and Spain, in some cases, also via telephone interviews) to ascertain NPS
feedback.
The 2025 NPS score for Spain of 15 (compared to 12 in 2024) - based on 4,516 client feedbacks (compared to 9,048 in
2024) - and for Belgium of 12 (compared to 10 in 2024) - based on 7,327 client feedbacks (compared to 5,026 in 2024) -
show a positive trend compared to prior year results.
In Italy, a selection process for a new NPS service provider was initiated at the beginning of 2025. As a result, survey
activities resumed in the second half of the year. Consequently, a full-year comparability is not available and therefore
the NPS result for 2025 is not disclosed. The metric continues to be reported, using Italy’s 2024 NPS score of 13, based
on 9,991 client feedback responses.
Asset Management
DWS refers to institutional investors and intermediaries as clients, also for the purpose of this report. The terms “end-
users” and “consumers” relate to retail investors, which are indirect clients, serviced through intermediaries and
institutional investors. Those retail clients are investors in mutual funds and ETF/ETC products, therefore not in scope of
this report.
To measure client satisfaction globally in a consistent way, a new client satisfaction survey with the top 50 global clients,
including strategic distribution partners, was published as a pilot project in 2022 using the net promoter score
methodology. The survey aims to enhance client experience and to further strengthen client centric orientation. The net
promoter score rates the likelihood of recommending DWS to a business contact and ranges from minus 100 to plus 100.
In 2025, DWS conducted the fourth annual survey with more than 300 top clients being covered. The 2025 score was 63
(compared to 53 in 2024) across all clients. The dedicated internal team responsible for managing and analyzing this
client satisfaction survey constitutes specific resources allocated to monitoring and improving client satisfaction.
Senior management regularly reviews interim results and compares internal scores against industry benchmarks. All
outcomes are communicated to relevant internal stakeholders, including senior management, and serve as the basis for
defining development steps. In response to client feedback, DWS has, for example, digitalized proactive communication
such as information materials to ensure better anticipation of client needs and greater transparency. Continuous
optimization remains a priority, with initiatives to expand services that enhance the client experience.
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Client complaint management
ESRS 2 MDR-P, ESRS 2 MDR-M, ESRS 2 MDR-A, ESRS S4-1, ESRS S4-2, ESRS S4-3, ESRS S4-4
Deutsche Bank has established global processes for dealing with client complaints. They are delineated in the Client
Complaints Policy and detailed in the Client Complaints Procedure. The policy and procedure are supplemented by unit
specific key operating documents, which provide the implementation of all policy and procedure requirements in the
units. All these documents are made available on the Deutsche Bank policy portal, which is accessible to all employees of
the bank. Moreover, the policy and procedure comply with the Guidelines for complaints-handling for the securities and
banking sectors, as jointly issued by the ESMA and the EBA and with their interpretation by the German Federal Financial
Supervisory Authority (BaFin). The policy and procedure set global minimum standards for handling client complaints
and to ensure that all locations, branches, and subsidiaries handle and resolve client complaints impartially and without
undue delay. They apply to all business divisions and supporting infrastructure functions. All units are responsible for
implementing the policy and the procedure respectively. The policy and procedure define which client complaints are in
scope or out of scope and set requirements for the recording, internal and external reporting, escalation of increased risk
complaints, while determining roles and responsibilities. Local requirements are provided for in country annexes to the
policy. Out of scope are concerns raised by employees without nexus to the securities and banking business of Deutsche
Bank, as well as concerns raised by vendors, brokers, intermediaries or Deutsche Bank Group companies receiving
services from the bank. As client complaints are handled by the client complaint management functions within the units,
each unit head is responsible for the implementation of the policy and procedure requirements, and therefore appoints a
global head of complaint management, responsible for the oversight and day-to-day handling of client complaints.
Client complaints that pose an increased risk of causing significant harm to Deutsche Bank or its customers (e.g.,
potential financial loss, alleged criminal activity) are being escalated promptly to relevant functions to commence
further investigations and take appropriate action. The effectiveness of the process is demonstrated by monitoring the
closure of client complaints. Metrics on client complaints are included in divisional reports to their senior management
and the Management Board. Among other indicators, the bank uses trends in the number of raised and closed client
complaints, as well as the trends in average handling time and paid redress over two consecutive quarters to evaluate
performance and effectiveness of the handling of client complaints within the bank globally. Relevant changes are being
evaluated qualitatively and analysed by the business divisions. Such processes support the remediation of identified
negative impacts that may have arisen.
Not only can products and services be subject to a client complaint but also the complaint management process itself.
Complaints about the process can also be used to assess satisfaction with the complaint management process.
Corporate Bank
At Deutsche Bank Corporate Bank, effective complaint handling is an integral part of sustainable business practices and
client focus. The approach is designed to ensure transparency, accountability, and continuous improvement across all
Corporate Bank teams.
Complaints are managed under a globally consistent framework, aligned with regulatory requirements, and overseen by
the Operational Risk Team. The processes for handling of complaints are defined in the Client Complaints Policy, Client
Complaints Procedure, and the key operating documents Complaints Handling, Reporting and Controls – Corporate
Bank Global as well as the Beschwerdemanagement – Private Bank & Corporate Bank Germany, consistent with the
governance framework stipulated by Compliance as the second line policy-owning function. These key operating
documents are updated at least annually.
In 2025, Corporate Bank continued to standardize complaint handling and management across Corporate Bank globally
to facilitate a consistent view of complaint data and holistic management of customer complaint handling. This work
supported the institution’s commitment to operational excellence with a focus on faster complaint resolution and a
reduction in complaint volumes. Once raised, complaints are tracked individually, with escalation protocols to ensure
timely resolution. Monthly reviews and trend analyses help identify root causes and drive improvements in processes,
communication, and technology.
In 2025, Corporate Bank complaints reduced by 3% compared to the previous year. The transition associated with Digital
Upgrade and Online Banking changes resulted in a temporary rise in client complaints in Corporate Bank Germany.
Additional drivers included operational issues, information handling errors, and communication delays — areas in which
Corporate Bank continues to invest to enhance client experience and strengthen process effectiveness.
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Investment Bank
At Deutsche Bank Investment Bank, effective client complaint management is considered to be fundamental to
sustainable business practices and to fostering deep client trust. The division’s approach is designed to ensure
transparency, accountability, and continuous improvement across all its business areas.
Complaints are managed under a globally consistent control and governance framework, aligned with regulatory
requirements, and overseen by the bank’s Operational Risk Team. The processes for handling of complaints are laid out in
the Client Complaints Policy, Client Complaints Procedure, as well as the Client Complaints Handling Key Operating
Document – IB Global & CRU, in line with the governance framework stipulated by Compliance as the second line policy-
owning function. The key operating document is updated at least annually.
In 2025, Investment Bank’s focus has been on elevating the quality of the complaints data capture and resolution with
regular governance over complaint log data quality, data completeness, and resolution timeliness. Once raised,
complaints are tracked individually, with escalation protocols to ensure timely resolutions. Monthly reviews and trend
analyses help the bank identify root causes and drive improvements in processes, communication, and technology. Any
alleged misconduct is investigated and escalated promptly, aligning with the bank’s stringent regulatory reporting
obligations.
In 2025, Investment Bank complaints decreased by 0.5% compared to the previous year. Key drivers of complaints
include operational issues, trade execution and service-related matters. These insights guide the bank’s ongoing
investments in process improvements, and Investment Bank leverages these trends and associated client feedback as a
catalyst for refining its services, strengthening the operational resilience, and reinforcing client trust.
Private Bank
Private Bank operates globally and adheres to diverse regulatory and legal requirements for client complaint handling.
Private Bank maintains dedicated complaint management functions in all regions where it operates, to ensure
compliance with Deutsche Bank’s global client complaint framework and local regulations — and to uphold the highest
standards of client service. These functions are supported by comprehensive policies and procedures designed to meet
local laws and regulatory expectations, including by the global Private Bank key operating document, which is updated
annually.
Clients can submit complaints through multiple channels, including in person, by email, or by telephone. They may also
approach a local or national ombudsman or another regulatory authority, as permitted by law. All complaints are
promptly logged in a digital register and assigned to a designated complaint owner, who is responsible for conducting a
thorough investigation and providing a response within the timeframe required by local regulations.
Throughout the process, confidentiality and data protection rights are strictly observed. Where necessary and possible,
immediate measures are taken to minimize potential material harm to clients. When specialist expertise is required,
complaint management functions collaborate with second-line defense functions, including Compliance, Anti-Financial
Crime and Legal, to ensure swift and effective resolution, but also to leverage specialized knowledge.
Private Bank emphasizes continuous improvement. Complaint trends and root cause analyses are regularly reviewed by
senior management at local, regional, and global levels. Issues posing significant actual or potential risk to clients are
escalated without delay to the appropriate governance bodies, ensuring prompt identification and implementation of
remedial actions.
In 2025, Private Bank achieved a 20% reduction in client complaints compared to the previous year 2024, with the most
significant improvements in Germany, Spain and Belgium.
Private Bank in Germany comprises the following coverage areas: Personal Banking and Wealth Management. Compared
to 2024, it recorded a 19% decline in new complaints, driven by fewer issues following the technical migration of
Postbank clients and remediation measures that shortened resolution times. Common complaints involved postal mailing
delays, inheritance matters, Digital Upgrade and Online Banking issues and account closures.
Complaints to Private Bank in Spain decreased by 57%, largely due to fewer claims for mortgage fee repayments, which
had significantly impacted 2024 figures. Remediation measures implemented over the past two years also reduced
processing times. Remaining complaints focused on mortgage expenses, fraud, revolving card terms and fees and know-
your-client (KYC) processes.
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Private Bank in Italy recorded a 12% increase in complaints, stemming from a variety of factors. While the local KYC
remediation program remained the main driver; its impact declined year on year. In this context, temporary account
restrictions were primarily caused by missing documentation within required timelines. To mitigate these issues,
continuous process enhancements have already been implemented and are further reducing the related complaint
volume. In parallel, structured remediation activities are underway to identify and address the more fragmented sources
of complaints that lead to the year-on-year increase, ensuring that underlying issues are resolved progressively.
Complaints to Private Bank in Belgium fell by 5%, supported by the Belgium quality council’s initiatives to address IT and
operational process issues.
Private Bank in India recorded a complaint increase by 11%, mainly due to complaints involving payments and payment
services. Following effective remediation efforts and targeted training for frontline and backend staff, complaint volumes
decreased in the last quarter of 2025.
Complaint volumes in other international locations of Private Bank remained exceptionally low at 0.1% of the divisions
global volume, demonstrating a 13% year-over-year reduction, with no specific drivers identified.
Asset Management
Complaints provide valuable insights into how DWS is doing from a client perspective. They are also an opportunity to
rebuild and enhance customer relationships. To ensure that risks and issues are identified and addressed, the central
DWS Compliance function supervises the complaints management processes. A central DWS complaint management
function was established to report all customer complaints to relevant boards internally and to supervisory authorities
externally, as stipulated by local legislation.
A complaint means any expression of dissatisfaction about DWS’s asset management services or products, regardless of
whether justified or not. The complainant can be a client or potential client, whether a natural or legal person. A
complaint may also include public relations matters regarding DWS’s business practices that could have the potential to
damage DWS’s reputation, brand or market value. DWS is committed to handling complaints fairly, effectively and
promptly, investigating each complaint thoroughly and notifying the complainant about the outcome, after the matter
has been resolved.
The DWS Group Complaints Policy, owned by DWS Compliance, sets out the globally applicable minimum standards for
complaint handling across DWS Group, designed to provide impartial and consistent handling and resolution of
complaints without undue delay in all locations, branches and subsidiaries or affiliates. Through the implementation of
the policy, the German Securities Trading Act (Wertpapierhandelsgesetz (WpHG)) is reflected. All Heads of Business
Units must establish an appropriate framework for handling complaints including the establishment of a dedicated
complaints management function, which is responsible for putting in place an appropriate framework for complaints
handling and management.
Client-facing Business Units maintain Key Operating Documents (KOD), which refer to the Group’s minimum
requirements for handling and reporting complaints and specify complaint handling routines in their daily activities.
Senior Managers ensure adherence to the procedures and control processes documented therein.
Line managers attest in line with the DWS Global Supervision Framework and Written Supervisory Procedures (WSP) that
all received complaints have been handled, logged, investigated, solved and reported in accordance with minimum
standards and regulatory requirements. This WSP outlines the Supervision and Control Framework for DWS, refers to the
relevant policy documents describing the standards that must be adhered to for applicable Risk Categories, and sets out
tasks that supervisors must perform to verify that DWS operations comply with standards and conform to good business
practices and applicable regulatory requirements. In the context of this section, Supervisors are responsible that
complaint handling activities of their assigned employees comply with applicable laws, rules and regulations, as well as
DWS policies and procedures.
Clients and investors can raise complaints in person to their client relationship manager, or by phone, by e-mail or by
letter. DWS publishes contact information on its websites. DWS also informs clients and investors about the possibility of
involving the Office of the Ombudsman of the BVI (Federal association of Investment and Asset management e.V.) or,
alternatively, the German Federal Financial Supervisory Authority (BaFin). Further, DWS is legally obligated to inform
clients and investors that a civil complaint can be filed at any time. Through the use of these channels to express
grievances, DWS assesses that its clients trust the existing structures to express how it can improve its service. In
addition, Deutsche Bank Group has in place a Raising Concerns (including Whistleblowing) Policy that implements a
strict prohibition of retaliation against anyone. More information can be found in chapter “Culture, integrity and conduct”
of the Sustainability Statement.
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Material risk means that complainants have suffered significant harm, financial hardship, or a threat to their solvency or
where the complaint alleges a serious breach of regulation and/or threatens litigation. Examples of material complaints
that are brought to the attention of management include: Allegations of criminal conduct of DWS or an employee, such
as about market manipulation, insider trading, fraud, bribery or corruption; potential financial loss to DWS or a client of
€ 50,000 or more; initiation or threat of litigation (legal dispute) or escalation to third parties, for example supervisory
authorities and ombudspersons; data privacy breaches; likelihood of public interest or media attention.
Regarding complaints, there was a 3.6% increase in 2025. No exceptional incidents were reported. The volume of
complaints recorded in 2025 fairly represents typical business activity, with most complaints originating from retail fund
investors.
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| Annual Report 2025 | Culture, integrity and conduct |
Governance information
Culture, integrity and conduct
“Empowered to excel together every day” is the aspirational message that underpins Deutsche Bank’s culture defined by
the Management Board in 2024. The statement reflects the notion that every employee needs to contribute proactively
to the bank’s success. Being risk aware, proactive, self-empowering, asking questions and helping to find solutions is
critical in living in a culture that delivers lasting success and financial security for all Deutsche Bank’s clients. While
systems, policies, structures and processes reinforce or undermine a culture, behaviors are the most valid determinant of
the culture experience.
The aspirational culture is therefore reflected in four guiding principles: act responsibly to inspire trust, think
commercially for sustainable outcomes, take initiative to create solutions and work collaboratively for the greatest
impact, underpinned by sixteen critical behaviors. Observable, measurable and learnable, they are constructed to
reaffirm the bank’s employees’ choice of behavior in any situation, fostering a sense of shared values and a common
understanding of behavioral expectations at Deutsche Bank.
Governance
ESRS 2 GOV-2
The bank governs culture, integrity and conduct through a dedicated program overseen by the Culture, Integrity and
Conduct Committee, established by the Management Board of Deutsche Bank. The program is part of the committee’s
mandate and is co-chaired by the Management Board member responsible for the Corporate Bank and Investment Bank,
and the Management Board member responsible for the Private Bank. It consists of representatives from each business
division and key infrastructure functions, who are appointed by the Management Board member responsible for the
respective division or function, and has female representation of five out of fifteen voting members. The bank’s Chief
Compliance and Anti-Financial Crime Officer is the committee member responsible for the bank’s whistleblowing
framework.
Strategy
ESRS 2 SBM-3
The Culture, Integrity and Conduct Committee’s mandate is to provide a sustained focus on all aspects of culture by
overseeing the implementation and ongoing management of the culture, integrity and conduct framework. The
Framework defines, communicates, and reinforces cultural aspirations and behaviors and embeds a culture of
sustainable performance that reflects adherence to laws, rules and regulations and the bank’s policies and procedures.
The framework applies across all businesses, geographies, and infrastructure functions within the Deutsche Bank Group.
Deutsche Bank recognizes that governance is integral to effective risk management and to its corporate culture. The
organization is committed to constantly challenging itself, learning lessons from past events to improve in the future.
Pursuant to its risk management principles and risk governance outlined in the 2025 Deutsche Bank “Annual Report –
Management Report – Risk Report”, the bank has three Lines of Defense for managing risks, which is integral to the
bank’s risk culture, a sub-component of culture, with roles and responsibilities of the three Lines of Defense being
outlined in Deutsche Bank’s risk management framework.
Impact, risk and opportunity management
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to
manage the related IROs.
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| Topic: Culture, integrity and conduct | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics &<br><br>targets |
| Corporate<br><br>culture | Own<br><br>operations | Medium-<br><br>term | Positive<br><br>impact | An aspirational corporate culture, which<br><br>emphasizes integrity, responsible and<br><br>sustainable behavior, fosters<br><br>collaboration and encourages<br><br>employees to speak up and to raise a<br><br>concern via dedicated channels,<br><br>positively impacts employees'<br><br>commitment, well-being, and sense of<br><br>belonging | Code of<br><br>Conduct<br><br>Speak-up<br><br>and Whistle-<br><br>blowing<br><br>framework | Culture,<br><br>Integrity<br><br>and<br><br>Conduct<br><br>program<br><br>Trainings<br><br>People<br><br>Survey | Training<br><br>numbers<br><br>Number of<br><br>completed<br><br>Culture Plan<br><br>initiatives |
| Opportunity | An aspirational corporate culture<br><br>presents an opportunity for increased<br><br>employee retention/productivity and<br><br>employer attractiveness, brand<br><br>perception by stakeholders as well as<br><br>business benefits | ||||||
| Protection<br><br>of whistle-<br><br>blowers | Own<br><br>operations | Medium-<br><br>term | Positive<br><br>impact | A zero-tolerance policy against<br><br>retaliation is a key element of any<br><br>Speak-up framework providing<br><br>reassurance to employees to raise<br><br>concern and issues proactively thus<br><br>enabling swift remediation resulting in<br><br>overall positive impact for clients,<br><br>employees and other wider stakeholder<br><br>groups | Code of<br><br>Conduct<br><br>Speak-up<br><br>and<br><br>Whistle-<br><br>blowing<br><br>framework<br><br>Raising<br><br>Concerns<br><br>(incl.<br><br>Whistle-<br><br>blowing)<br><br>Policy<br><br>Handling of<br><br>Internal<br><br>Investiga-<br><br>tion Key<br><br>Operating<br><br>Document | Internal/<br><br>external<br><br>reporting<br><br>channels | Training<br><br>numbers<br><br>Regional<br><br>share of<br><br>whistle-<br><br>blowing<br><br>cases<br><br>Substantia-<br><br>tion-rate |
| Short-term | Negative<br><br>impact | A culture of retaliation against<br><br>whistleblowers prevents reports on<br><br>misconduct and thus identification,<br><br>investigation and remediation of issues<br><br>negatively impacting stakeholders in<br><br>general and specifically the career and<br><br>wellbeing of the individuals being<br><br>subject to retaliation | |||||
| Risk | Inappropriate investigation of<br><br>whistleblower reports, breach of<br><br>confidentiality and/or retaliation against<br><br>whistleblowers carries the risk of legal<br><br>action, regulatory scrutiny and/or<br><br>reputational damage |
ESRS S1-1, ESRS 2 MDR-P, ESRS 2 MDR-A , ESRS G1-1
Deutsche Bank recognises the need for a clear, measurable behavioral foundation covering both culture and conduct.
The past has demonstrated the risks of behavioral misalignment: insufficient transparency, reduced willingness to speak
up, failures in conduct, and operational weaknesses which led to increased regulatory scrutiny, reputational and financial
harm, and reduced client and societal trust. Through the aspirational culture guiding principles, Deutsche Bank aims to
make culture concrete, scalable, and relevant across the entire organization to realize benefits such as improved
collaboration to drive the Global Hausbank model, better individual and team performance and efficiency and ability to
attract and retain talent.
Speak-up and Whistleblowing Framework
With a focus on trust, the bank built upon the Speak-up activities and expanded their reach and scope beyond raising
concerns to empowerment and purpose, with focus on Speak-up as the right thing to do. This Speak-up message
supports the bank’s supervision culture, the bank’s aspirational culture and the continued evolution of the Culture,
Integrity and Conduct agenda. All new managers are automatically enrolled in the virtual mandatory course on Your
Supervisory Duties as a Manager, including Speak-up and Listen-up content, with an annual refresh cycle for all
managers. To bolster and embed Speak-up further, content is included in mandatory trainings such as Code of Conduct
to all employees (every 18 to 24 months), and Risk Awareness to all employees biannually. In 2025, the completion rates
were 99.71% (Code of Conduct), 99.64% (Your Supervisory Duties as a Manager) and 99.52% (Risk Awareness).
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Employees are encouraged to Speak-up directly to their management, representatives of Control Functions, or Human
Resources in their respective language. This also includes the employment-related grievance processes described in sub-
chapter “Processes to remediate negative impacts and channels for own workforce to raise concerns” of the “Own
workforce” chapter within the Sustainability Statement. However, where they do not feel comfortable using these
avenues, the Whistleblowing framework is in place.
The bank’s Whistleblowing framework is governed by the global, group-wide Raising Concerns (including Whistleblowing)
Policy. The policy is available on the policy portal and reviewed at a minimum annually. In 2025, ownership of the policy
was transferred from Compliance to Anti-Financial Crime. Further, the policy was split into two documents; The Speak-
up and Whistleblowing Framework, which are describing how concerns can be raised and a refocused Raising Concerns
(including Whistleblowing) Policy setting out requirements for employees receiving concerns. Both documents are
signed off by the Global Head Anti-Financial Crime. The framework actively encourages employees to report possible
violations of laws, rules, regulations, bank policies, and conflicts of interest and reiterates the requirement set-out in the
Code of Conduct to raise concerns about possible criminal activity by the bank, its employees, clients or third parties.
Employees may do so by contacting the Whistleblowing Central Function, a ringfenced team within the bank’s Anti-
Financial Crime function specialized in concerns related to potential misconduct by Deutsche Bank Group, those who
work for Deutsche Bank Group, or any other entity or individual acting on behalf of Deutsche Bank Group. The bank’s
Whistleblowing framework prescribes that all reports are taken seriously and managed sensitively and confidentially.
Quarterly reporting on trends and themes including substantiation rates and fact patterns is provided to senior
management as well as to the Supervisory Board’s Audit Committee. In addition, the chair of the Supervisory Board’s
Audit Committee is informed of highest risk rating concerns via ad hoc notifications pursuant to a defined escalation
procedure.
The Whistleblowing Central Function has dedicated personnel in Frankfurt and London, and can be contacted directly,
by email, or by raising a report via the Integrity Hotline. The Integrity Hotline is available in German, English and several
other languages. Where permissible under local law, employees can also raise concerns anonymously via the Integrity
Hotline, a special electronic platform and a telephone reporting system, with anonymity protected to the fullest extent
possible. In addition, the Whistleblowing Central Function reviews Exit and New Joiner Surveys as complementary
escalation channels to proactively identify potential areas of concerns further described in the sub-chapter “Processes to
remediate negative impacts and channels for own workforce to raise concerns” of the “Own workforce” chapter within
the Sustainability Statement. The team also operates external reporting channels, including channels to raise human
rights related misconduct in Deutsche Bank’s supply chain as further described in the External Complaints Procedure
Human Rights. The Whistleblowing Central Function carefully assesses the concerns raised and refers them to the most
appropriate team for review and, where required, investigation.
Any allegation of potential internal misconduct, irrespective of how it is surfaced, is investigated proportionately,
independently and objectively under the bank’s global internal investigative framework, which is governed by the
Handling of Internal Investigation Key Operating Document (KOD) - Central Investigations Function, Group Audit
Investigations, Employee Relations. The KOD defines minimum standards on how concerns relating to internal
misconduct incidents, which may require internal investigation, must be assigned to and handled by the bank’s internal
investigative functions in accordance with defined mandates. The formal owner and approver of the Key Operating
Document is the Global Head of Central Investigations Function. However, approval is also obtained from the Global
Heads of Group Audit Investigations and Employee Relations. Follow-up actions resulting from an internal investigation
may include, but are not limited to, policy changes, process and control enhancements, lessons learned reviews, or
disciplinary measures.
Deutsche Bank prohibits retaliation in any form against any individual because they raised concerns internally or
externally, or assisted in raising a concern, or assisted or cooperated in an investigation into a concern. This is set out in
the bank's Code of Conduct and supported by an anti-retaliation framework, which covers prevention, detection, and
investigation of retaliation. The bank’s own workforce is regularly informed of the Bank's prohibition against retaliation
through mandatory training, and this is reiterated to all participants in an investigation. Retaliation allegations are
investigated in line with the bank’s processes; any confirmed instances of retaliation are dealt with extremely seriously
and may result in disciplinary action, including termination of employment or contract for services. Deutsche Bank also
maintains an Anti-Retaliation Advisory Group comprising senior representatives of the Whistleblowing Central Function,
Employee Relations, and Human Resources, who meet biweekly to review retaliation escalations and other raised
concerns presenting a heightened risk of retaliation, to determine whether any actions are necessary to mitigate this risk.
The EU Whistleblowing Directive (Regulation (EU) 2019/1937) is applicable to Deutsche Bank. In 2025, the bank
continued to enhance and update its whistleblowing and investigation processes in line with legal requirements and best
practice standards.
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Code of Conduct
Deutsche Bank’s Code of Conduct is the foundation upon which the bank fulfils its purpose. The Code of Conduct is
designed to ensure that all employees conduct themselves ethically, with integrity and in accordance with the laws and
regulations that apply to the bank worldwide, as well as Deutsche Bank’s policies and procedures. Its aim is to foster an
environment that is open, where diverse views and speaking up are valued and where employees’ and the bank’s success
is built on respect, collaboration and teamwork in serving clients, stakeholders and communities. The Management Board
is accountable for the implementation of the Code of Conduct. The code was updated in 2025 and remains aligned with
the “This is Deutsche Bank” framework. It sets out the bank’s standards of behavior and conduct, to which all employees
are expected to adhere.
The Code of Conduct covers the impact on stakeholders and society at large by providing an overview of the processes
fostering the possibility to speak up, raise concerns and whistleblowing. It further provides guidance on doing the right
thing, valuing employees and building trust in the workplace, thoughtful decision making, personal and client related
activities, conflicts of interest, financial crime (including bribery and corruption) prevention and detection, sustainability
and respecting human rights, fair and free markets, with respective scenarios and links to underlying policies and
procedures. With this, the code mitigates the risk of reputational damage, increased (legal) costs and loss of clients due
to inappropriate business conduct, improper management of conflict of interest and fiduciary duties, bias and
negligence. The Code of Conduct is reviewed annually and updated when required. The annual review cycle is supported
through an established governance model, including working groups and presentation to the Culture, Integrity and
Conduct committee, which includes stakeholders across all divisions and infrastructure functions. The code is published
on Deutsche Bank’s external website and on its internal Policy Portal.
The Supplier Code of Conduct raises awareness of the standards of behavior that Deutsche Bank expects of its suppliers.
For further information on the Supplier Code of Conduct please refer to chapter “Supply chain management” within the
Sustainability Statement.
Culture, Integrity and Conduct program
Deutsche Bank’s culture and business conduct is managed with the help of the Culture, Integrity and Conduct program.
The program is one of the mechanisms to support operationalization of the Code of Conduct. It defines concrete actions
to achieve aspirational culture on a run-the-bank basis such as the annual Culture, Integrity and Conduct book of work.
The program’s focus is on ethical behavior, Speak-up and the highest standards of conduct and integrity across
businesses, geographies and infrastructure functions and enhancing the bank’s business model and culture, through
initiatives and activities with time horizons expected in the medium term.
Culture, Integrity and Conduct book of work
The Culture, Integrity and Conduct book of work is a central plan created annually by the Culture, Integrity and Conduct
program for promoting ethical culture at the bank. In 2025 it covered for example further “This is Deutsche Bank”
embedding activities, such as the launch of an aspirational culture training and integrating “This is Deutsche Bank” plans
into the culture plans.
Culture Plans
The bank’s divisions and infrastructure functions develop and implement their own culture plans and are responsible for
promoting ethical culture in each of their respective units. These plans incorporate mandatory initiatives and actions
defined by the committee as well as the divisions’ and infrastructure functions’ own initiatives to address their key
individual requirements. The divisions and functions report their culture plans to the committee annually and provide the
committee with quarterly updates on the implementation of their plans. They must evidence progress, such as the
completion of the 47 initiatives, including underlying milestones in 2025, to ensure that the plans are completed on time
and comply with the aspirational culture standards. In 2025, the Culture Plan initiatives were streamlined and mapped
against the four People Survey action groups “Strategy and Transformation”, “Leadership”, “Sustainable Career
Development” and “Performance & Feedback”. This resulted in a reduced number of initiatives (2024: 74 initiatives, 2025:
47 initiatives) while concurrently increasing the scope of activities and milestones monitored within those initiatives.
Culture Reviews
In 2025, the Culture Review Framework underwent a review resulting in revised and clearer roles and responsibilities, and
strengthened alignment with the “This is Deutsche Bank” framework and the aspirational culture, which provides a
benchmark for the culture assessments. Four reviews across individual business areas were conducted, and while no
material culture issues were identified, each review included a number of relevant recommendations for enhancement
across topics such as internal communications and tone from the top as well as advocating more proactive collaboration
across the lines of defense.
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This is Deutsche Bank program
The actions overseen by the Culture, Integrity and Conduct program align closely with the “This is Deutsche Bank”
framework launched in 2024. The “This is Deutsche Bank” framework defines the bank’s long‑term purpose, its vision,
strategy and culture, outlining the institution it aspires to be for clients, employees, and society. The framework anchors
the bank’s purpose as the bank’s north star, which sets out Deutsche Bank’s dedication to its clients’ lasting success and
financial security at home and abroad. The bank’s vision translates the purpose into a tangible long-term goal: becoming
the Global Hausbank, the European Champion, and the first choice for clients. A clear roadmap to achieving its vision is
set out by the bank’s strategy which focuses on strengthening leading market positions across four client-centric
businesses, driving targeted growth in the home market and internationally, and advancing a scalable, increasingly AI-
enabled operating model with disciplined resource allocation to generate sustainable excess capital returns over time.
The bank’s aspirational culture is a key driver of how to realize its purpose, achieve its vision and deliver on its strategy. It
is underpinned by four guiding principles outlined in the introduction to this “Culture, integrity and conduct” chapter to
shape a consistent performance culture.
“This is Deutsche Bank” is a bank wide change-the-bank program supporting the run-the-bank activities of the Culture,
Integrity and Conduct program through communicating, embedding and measuring a refreshed aspirational culture and
the associated behaviors that underpin it to improve the bank’s positive impact on employees, stakeholders and the
financial industry. Following the design and activation phase in 2024, 2025 focused on embedding the new aspirational
culture, e.g., via the launch of key initiatives focusing on behavior and the roll-out of aspirational culture training helping
all employees understand how everyday behaviors contribute to achieving the bank’s vision and purpose. The Global
Hausbank Navigator was launched to help all employees understand the bank’s vision and strategy and find their place
within it. “This is Deutsche Bank” activation and embedding is supported through communications from the Management
Board and via the bank’s intranet.
Metrics and targets
ESRS 2 MDR-M
Culture and conduct metrics
On a quarterly basis, the Culture, Integrity and Conduct Committee reviews and evaluates 25 key culture-related metrics
across the bank, such as employee complaints, analysis of employees’ adherence to certain risk-related policies and
procedures, results of investigations (Human Resources, Group Audit and Anti-Financial Crime) and discusses trend
developments over the quarters and takes actions where necessary. In addition, it assesses information gleaned from
surveys and input from business leaders to identify key culture and conduct focus areas.
People Survey
The annual People Survey asks employees for feedback to gauge how they experience working for the bank and
measures progress on key aspects of the bank’s culture. The results are put into context of the defined action groups
“Strategy and Transformation”, “Leadership”, “Sustainable Career Development” and “Performance & Feedback” and are
monitored as central initiatives through the Culture, Integrity and Conduct Book of Work as well as through the divisions’
and infrastructure functions’ Culture Plans.
In 2025, the survey included questions aligned to the bank’s aspirational culture to provide insights into how employees
experience ethics and conduct and raising concerns. Cultural indicators show positive movement, particularly in ethics
and Speak-up, and risk awareness. More information on the People Survey can be found in the sub-chapter “Engagement
with own workforce and employee feedback culture” of the “Own workforce” chapter within the Sustainability
Statement.
Annual global Culture, Integrity and Conduct report
The Committee also produces an annual Global Report which evaluates what the Committee has accomplished, i.e.,
progress made and identified areas of weakness and how it can effectively work to further refine ethical culture in the
following year (the Culture, Integrity and Conduct book of work). The business divisions’ and infrastructure functions’
Culture Plans are drawn upon for the Global Report.
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| Annual Report 2025 | Culture, integrity and conduct |
Whistleblowing cases
The Whistleblowing Central Function carefully assesses the concerns raised and refers them to the most appropriate
team for review and, where appropriate, investigation.
Whistleblowing cases opened
| % of cases opened per region | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Germany | 34 | 35 |
| APAC | 26 | 22 |
| United Kingdom & Ireland (UKI) | 15 | 17 |
| Americas | 13 | 13 |
| Europe (without Germany and Ireland) | 10 | 11 |
| Middle East & Africa | 1 | 2 |
From a regional perspective, Germany saw the most cases referred to investigation followed by Asia-Pacific, United
Kingdom & Ireland, Americas, Europe (without United Kingdom & Ireland) and Middle East & Africa. Allegations have been
partially or fully substantiated during investigations in 51% of the cases closed over the course of 2025 (compared to
52% in 2024).
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| Annual Report 2025 | Anti-financial crime |
Anti-financial crime
Financial crime is detrimental to society and can have severe negative consequences for individuals, institutions, and the
integrity of the financial system. Participants in organized crime engage in fraud, bribery, corruption, terrorist financing,
and money laundering. Criminals use complex money laundering schemes, including targeted placement and layering of
funds and assets across borders in their attempt to integrate the proceeds of their crimes back into the global financial
system. External actors seek to abuse the financial system to evade sanctions and embargoes. In addition, there is a
persistent risk of terrorist organizations leveraging the financial system to finance or facilitate their activities. Deutsche
Bank employees may attempt to commit internal fraud or facilitate tax evasion.
Preventing, detecting and reporting financial crime is crucial for Deutsche Bank’s business activities, and it is a priority to
continuously enhance the Group’s capabilities in managing financial crime risk. Deutsche Bank’s financial crime risk
management mitigates negative impacts and risks and also generates positive impacts on society and business
opportunities. Effective anti-financial crime policies, processes and controls are critical components of Deutsche Bank’s
strategy, along with in-depth knowledge about Deutsche Bank’s clients, their source of funds, their source of wealth,
their true tax residencies, and their ultimate beneficial owners.
Governance
ESRS 2 GOV-2
Every employee at Deutsche Bank is responsible for managing financial crime risk. Their responsibilities and obligations
include (i) preventing financial crime by understanding clients, assessing potential clients, running effective preventative
controls, and adhering to internal policies and processes, (ii) detecting unusual or suspicious behavior or patterns,
including through the use of transaction monitoring systems and (iii) reporting clients, third parties and/or transactions
that appear suspicious or unusual. Financial crime risk types are managed by specialist teams covering Money
Laundering, Terrorist Financing, Facilitation of Tax Evasion, Sanctions & Embargoes, Internal and External Fraud, and
Bribery and Corruption.
The ultimate decision-making authority regarding the assessment, management and acceptance of financial crime risks
lies with the Group Anti-Money Laundering Officer, who heads the Anti-Financial Crime (AFC) function and reports to the
Chief Compliance and Anti-Financial Crime Officer, a member of the Management Board. The Group Anti-Money
Laundering Officer has delegated authority from the Management Board to establish a Financial Crime Risk Management
framework and take necessary measures to manage risks in compliance with legal requirements. The Group Anti-Money
Laundering Officer’s role conforms with the German Money Laundering Act (Geldwäschegesetz), the EU Directive on
Anti-Money Laundering and Terrorist Financing (AMLD IV), EBA Guidelines, as well as other jurisdictional rules and
regulations.
The Anti-Financial Crime function acts as an independent second line function and sets policy and control standards that
Deutsche Bank’s first line business divisions must implement and operationalize. The Management Board is accountable
for governance and oversight of Deutsche Bank’s Financial Crime Risk Management framework and ensures that the
Anti-Financial Crime function can execute its tasks independently and effectively. The Supervisory Board of Deutsche
Bank is kept regularly informed about the status of financial crime risk management by the Chief Compliance & Anti-
Financial Crime Officer and the Group Anti-Money Laundering Officer through the Supervisory Board Audit Committee.
Strategy
ESRS 2 SBM-3
Deutsche Bank is committed to protecting its clients, society, and its own assets by taking an active role in the
prevention, detection, and reporting of financial crime. Deutsche Bank takes seriously its responsibility to actively
support the industry's efforts to strengthen anti-financial crime frameworks. Non-compliance with anti-financial crime
laws can have serious and immediate effects on society. These include undermining the rule of law and social justice,
weakening public services, lowering tax revenues by underpayment of tax, sanctions, the loss of banking services, and
financial instability.
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Recognizing the material threats posed by financial crime, the Anti-Financial Crime function has defined a
comprehensive strategy across financial crime risk prevention, detection, and reporting to ensure the highest level of
protection for Deutsche Bank’s clients and stakeholders, while also supporting sustainable business practices. Deutsche
Bank is committed to continually enhancing its financial crime control environment and leveraging technology and
analytics to enhance the effectiveness, efficiency, and sustainability of its financial crime controls. Its Anti-Financial
Crime strategy focuses on evolving the Anti-Financial Crime Program across the areas of risk appetite, risk assessment,
policy, training, operations and technology, assurance and reporting, while remediating, simplifying and consolidating
processes where needed. The strategy supports accelerated decision-making around financial crime risks, enforces
consistent global standards, and drives collaboration between business divisions and regions, ensuring that Deutsche
Bank operates within its financial crime risk appetite and fosters a culture of clear risk ownership and accountability.
The Anti-Financial Crime team at Deutsche Bank supports a strong risk culture through collaboration across all lines of
defense and with law enforcement, regulators, and the private sector. Deutsche Bank promotes a bank-wide aspirational
culture that focuses on working collaboratively and acting responsibly and with integrity to inspire trust, with senior
management playing a crucial role in reinforcing these behaviors. The Management Board and all employees are required
to act responsibly and behave with integrity to fight financial crime. Employees are encouraged to speak up, a culture
supported by extensive training and communication.
Impact, risk and opportunity management
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to
manage the related IROs.
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| Annual Report 2025 | Anti-financial crime | ||||||
| Topic: Anti-financial crime | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics &<br><br>targets |
| Bribery and<br><br>corruption | Own<br><br>Operation,<br><br>Downstream | Short-term | Negative<br><br>impact | Working with clients whose anti-<br><br>bribery practices don’t meet the<br><br>bank’s standards may result in<br><br>societal costs, e.g., loss of public<br><br>tax revenue, or harm societal<br><br>integrity | Code of<br><br>Conduct<br><br>Financial<br><br>crime risk<br><br>management<br><br>framework<br><br>Anti-bribery &<br><br>corruption<br><br>policy | Appropriate<br><br>staffing and<br><br>processes<br><br>Engagement<br><br>in partnerships<br><br>Trainings | AFC<br><br>headcount<br><br>Number of<br><br>convictions<br><br>and fines<br><br>Training<br><br>numbers<br><br>Potential<br><br>provisions in<br><br>the Financial<br><br>Statements |
| Risk | Financial losses, litigation and<br><br>reputational damage resulting from<br><br>either the bank’s functions or the<br><br>bank’s client being involved in<br><br>bribery or corruption | ||||||
| Money<br><br>laundering,<br><br>sanctions<br><br>and<br><br>embargos,<br><br>fraud,<br><br>terrorist<br><br>financing | Own<br><br>Operation,<br><br>Downstream | Short-term | Negative<br><br>impact | Financial crime can undermine<br><br>societal integrity and lead to<br><br>societal costs | Code of<br><br>Conduct<br><br>Financial<br><br>crime risk<br><br>management<br><br>framework<br><br>Anti-Money<br><br>Laundering<br><br>and KYC<br><br>Policy<br><br>Anti-Fraud<br><br>Policy<br><br>Sanctions<br><br>Policy | Screening<br><br>transactions<br><br>Engagement<br><br>in external<br><br>partnerships<br><br>Trainings | |
| Risk | Non-compliance with anti-financial<br><br>crime laws can lead to legal action,<br><br>revenue loss, reputational harm,<br><br>and diminished trust | ||||||
| Facilitation<br><br>of tax<br><br>evasion | Own<br><br>Operation,<br><br>Downstream | Short-term | Negative<br><br>impact | Clients may exploit tax<br><br>arrangements, shift profits across<br><br>jurisdictions, and reduce public<br><br>revenue—contributing to societal<br><br>inequality | Code of<br><br>Conduct<br><br>Financial<br><br>crime risk<br><br>management<br><br>framework<br><br>Prevention<br><br>of the<br><br>Facilitation<br><br>of Tax<br><br>evasion | Engagement<br><br>in external<br><br>partnerships<br><br>Trainings | |
| Risk | Legal action, reputational harm,<br><br>and loss of trust due to associations<br><br>with clients involved in tax law<br><br>violations or the bank’s alleged<br><br>complicity in tax evasion |
ESRS 2 MDR-P, ESRS 2 MDR-A
Deutsche Bank continuously strengthens its internal control environment and infrastructure, leveraging its corporate
governance for effective Group-wide steering in line with strategy, risk appetite, and regulatory requirements. The Anti-
Financial Crime function plays an integral role in commercial structural changes, such as new products, new lines of
business, expansions, or new client categories, to ensure that they align with Deutsche Bank’s financial crime risk
appetite, and that new offerings have effective controls, risk assessments, and required monitoring before their launch.
The Anti-Financial Crime team monitors new and amended legal requirements, translates them into policies, and
supports business divisions in implementing them into relevant processes. Dedicated employees sit within Anti-Financial
Crime, the business divisions and Technology, and contribute to the management and prevention of financial crime risks.
The Anti-Financial Crime function had 2,058 employees at year-end 2025 (2,052 in 2024) and was supported by
approximately 578 contingent workers (approximately 440 in 2024).
370
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| Annual Report 2025 | Anti-financial crime |
The United States has established a secondary sanctions regime whereby measures can be taken against foreign
financial institutions engaged in transactions involving Russia’s military-industrial base. Violation of these sanctions could
restrict access to the United States market, freeze assets, damage reputation, and cause loss of business. Deutsche Bank
has enhanced existing controls to identify transactions and clients with higher secondary sanctions risk exposure and
continuously evaluates its controls and processes to comply with regulations, particularly across its affiliates, and
regularly tracks and tests adherence and potential risks thereto.
Maintaining a robust financial crime risk management framework enhances stakeholder trust and positions Deutsche
Bank for long-term growth, including access to new markets, business segments, and increased brand value. Further, this
framework drives efficiency by mitigating inconsistent implementation of financial crime compliance standards and it
improves information sharing. Strict controls and due diligence on clients and products reduce criminals’ ability to
finance their illicit activities, yielding positive short-term benefits for society, enhancing client trust in Deutsche Bank,
and reinforcing the integrity of the financial ecosystem.
Partnerships
Preventing and detecting financial crime requires an exchange of knowledge and experience with relevant stakeholders
to develop effective programs to manage financial crime risks that support the integrity of the financial system. In 2025,
Deutsche Bank continued its industry engagements with associations such as the Wolfsberg Group and public-private
partnerships (collaborations between the public and private sector), and supported initiatives to improve information
sharing. Since 2022, Deutsche Bank has a seat on the German Anti-Financial Crime Alliance Board, whose board is
composed of representatives from the financial and non-financial sector as well as public authorities. Other partnerships
include the Europol Financial Intelligence public-private partnership and the United Kingdom’s Joint Money Laundering
Intelligence Taskforce. Furthermore, Deutsche Bank is part of the EuroDaT/safeAML project in Germany to reduce
financial crime by improving information sharing between financial institutions.
Financial crime risk management framework
ESRS 2 MDR-P
The Financial Crime Risk Management Framework outlines Deutsche Bank’s approach to identifying and managing
financial crime risks. The Framework categorizes financial crime risks under money laundering, terrorist financing,
facilitation of tax evasion, sanctions and embargoes, internal and external fraud, and bribery and corruption. The
document should be read in conjunction with the Code of Conduct, the Risk Management Policy, and the documents
provided in the Operational Risk Framework. Deutsche Bank performs annual and ad hoc assessments of its exposure to
financial crime risks, considering the Group’s business activities, clients, products and services, transactions, delivery
channels, and geographical locations.
Deutsche Bank has a comprehensive set of policies that establish the minimum standards in line with relevant regulatory
requirements across all jurisdictions where Deutsche Bank operates. Key policy is the Group’s Anti-Money Laundering &
Know Your Client Policy, which encompasses Anti-Money Laundering as well as the Prevention of the Facilitation of Tax
Evasion and Counter Terrorist Financing, Sanctions Policy, Anti-Bribery and Corruption Policy, and Anti-Fraud Policy. The
policies apply to all employees and are reviewed annually with input from relevant stakeholders within Deutsche Bank as
per the Group’s governance requirements for Policies, Procedures, Key Operating Documents and Frameworks. The most
recent versions of all policies are available on Deutsche Bank’s internal policy portal, and changes are communicated to
all employees. Familiarity is reinforced through mandatory training, including links to the relevant policies and
procedures, and failure to comply can lead to disciplinary action. The Management Board of Deutsche Bank is ultimately
accountable for the implementation of these policies.
Prevention of money laundering, terrorist financing, and facilitation of tax evasion
Money laundering, terrorist financing, and the facilitation of tax evasion pose significant risks to Deutsche Bank. To
manage these risks Deutsche Bank has established minimum control standards including risk-based client due diligence,
monitoring of transactions, name list screening, investigation of alerts, and filing of suspicious activity reports to
authorities. These suspicious activity reports can be triggered by alerts from transaction monitoring, internal referrals
from employees, enquiries from law enforcement, or referrals from other banks. Additional measures include assessing
client risk exposure and reducing it by, for example, terminating client relationships and liquidating or reducing risk
positions outside of appetite.
371
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|---|---|
| Annual Report 2025 | Anti-financial crime |
The Anti-Money Laundering Policy and Know Your Client Policy sets out the Group-wide minimum Anti-Money
Laundering requirements, including internal safeguarding measures and are complemented by country supplements to
comply with locally applicable regulatory requirements. The policy details the responsibilities of employees to undertake
training, report unusual activity, refer enquiries from authorities to the relevant Anti-Money Laundering Officer of the
respective legal entity, be aware of channels available to raise concerns and report issues, and retain records relating to
Anti-Money Laundering. Relevant employees must, among other things, conduct due diligence on their clients, establish
the identity, ownership and residency of clients, and determine the purpose and nature of their relationship. Additionally,
they must provide information on clients, transactions, or parties to the Anti-Money Laundering Officer as requested, and
exit or reject clients following instructions from the Anti-Money Laundering Officer. The Know Your Client Policy further
prescribes activities to assess a client’s or counterparty’s underlying financial crime risk, including requirements on the
timing of client reviews, due diligence measures at client adoption, regular and event-driven client reviews, the
treatment of politically exposed persons or clients with high-risk exposure for tax evasion, as well as business restrictions
and client exits.
Compliance with sanctions and embargoes
Deutsche Bank is committed to complying with sanctions and embargoes imposed by the United Nations, European
Union, and Germany globally, as well as more far-reaching sanctions imposed by jurisdictions in which it operates,
especially the United States and United Kingdom. To manage Sanctions risk in compliance with Applicable Sanctions
Obligations, Deutsche Bank filters transactions, screens client and counterparty data, restricts trade in sanctioned
financial instruments, and takes further measures such as rejecting or freezing transactions, restricting client activities, or
exiting client relationships.
The Sanctions Policy outlines the requirements and standards for identifying, escalating, and managing sanctions and
proliferation financing risks, and applies globally to all Deutsche Bank employees. In circumstances where a jurisdiction’s
requirements are stricter than those of the Sanctions Policy, the stricter local requirements must be followed. However,
where local requirements are less stringent, the global Sanctions Policy standard prevails.
Prevention and detection of fraud, corruption, and bribery
ESRS G1-1, ESRS G1-3, ESRS G1-4
Deutsche Bank is committed to complying with anti-bribery and corruption laws and has policies and supporting
procedures that are consistent with the regulatory and legal requirements in the jurisdictions in which it operates and
with the United Nations Convention against Corruption principles.
Deutsche Bank undertakes an annual assessment of inherent bribery and corruption risks and corresponding controls
across all its businesses. It has policies, processes and controls that mitigate exposure in areas identified as susceptible to
heightened bribery and corruption risks, including gifts and entertainment, charitable donations, memberships and
sponsorships, client onboarding and transactions, hiring practices, joint ventures and strategic investments, and vendor
risk management, books and records, and political contributions. Bribery and corruption policies and procedures apply to
all employees, including temporary contract employees.
Deutsche Bank continues to reduce its exposure to areas that are susceptible to heightened bribery and corruption risk,
such as the use of business development consultants, and continues to leverage technology to enhance its existing
controls. Potential instances of bribery and corruption are independently investigated, with disciplinary actions for
employees ranging from training and red flags to termination of employment.
Deutsche Bank has implemented a holistic Fraud Risk Management framework across all three lines of defense. The
second line of defense owns governance and defines minimum standards, while the first line of defense implements and
operates key controls to mitigate fraud risk, such as online banking transaction monitoring and call-back procedures. The
Anti-Fraud Policy sets out applicable minimum requirements, provides guidance for understanding and assessing fraud
risk, and defines fraud, including the prohibition of internal fraud by employees against Deutsche Bank, its clients, and
other third parties. Furthermore, the policy sets standards for the identification, escalation, and management of internal
and external fraud in compliance with applicable obligations and is supported by the Mandatory Time Away Procedure.
372
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|---|---|
| Annual Report 2025 | Anti-financial crime |
Metrics and targets
ESRS 2 MDR-M, ESRS G1-3, ESRS G1-4
Training
Systematic and mandatory annual training for all in-scope employees and contractual workers covers all financial crime
risks, including prevention of the facilitation of tax evasion, anti-fraud, bribery, and corruption, and tests learners’
knowledge of these risks. The mandatory curriculum is accompanied by additional facultative training offerings.
The training modules emphasize the importance of looking out for and identifying financial crime risks and raising
concerns through appropriate channels. Modules articulate the personal, professional, financial, regulatory, and societal
consequences for employees and for Deutsche Bank of failing to prevent financial crime risks.
Learners who do not complete the training by the required due date are subject to potential disciplinary action and are
reported to the Compliance Red Flag team for investigation.
The Anti-Financial Crime training completion rates, encompassing both internal and vendor staff, are detailed in the
following table.
Anti-financial crime training programs
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| Staff covered (in<br><br>headcount) | Completion rate<br><br>(in %) | Staff covered (in<br><br>headcount) | Completion rate<br><br>(in %) | |
| Training programs related to anti-bribery and anti-corruption | 111,231 | 96.51 | 103,112 | 99.88 |
| Training programs related to anti-money laundering and counter terrorist<br><br>financing | 109,577 | 99.44 | 104,605 | 99.82 |
| Training programs related to the prevention of facilitation of tax evasion1 | 50,675 | 99.71 | 51,305 | 99.98 |
| Training programs related to sanctions and embargoes | 65,500 | 99.18 | 104,157 | 99.52 |
1 Prevention of facilitation of tax evasion training is provided on a two year cycle. Numbers reflect training provided on a distributed roll-out basis
Convictions and fines related to violations of anti-corruption laws
Deutsche Bank does not tolerate bribery or corruption by its employees or temporary workforce. All employees have an
obligation to report their involvement as a party to any criminal investigation or conviction. In 2025, there were no
convictions for violations of anti-corruption and anti-bribery laws either disclosed to Deutsche Bank by its employees or
where Deutsche Bank has assumed the legal costs of underlying proceedings. In 2025, there were no fines levied against
Deutsche Bank for violation of anti-corruption or anti-bribery laws.
373
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|---|---|
| Annual Report 2025 | Competitive behavior |
Competitive behavior
Governance
ESRS 2 GOV-2
Deutsche Bank recognizes that managing antitrust risk effectively is integral to its governance and corporate culture.
Deutsche Bank’s commitment to antitrust is underpinned by its Code of Conduct, which is approved by the Management
Board and applies to all employees and members of Deutsche Bank’s Management Board. The Code is regularly reviewed
and is updated as necessary in response to industry developments or events. Employees are required to attest to having
read and understood the Code of Conduct on a regular basis.
The Management Board and all employees are responsible for managing antitrust risk. The Management Board oversees
risk management throughout the bank. Deutsche Bank’s Compliance and Legal departments perform an independent
control function (second level) by promoting and enforcing compliance with the law. The Operational Risk Committee
oversees, governs and coordinates the management of the operational risks group-wide and has established a cross risk
and holistic perspective of the bank’s key non-financial risks. Senior Regional Business Management is responsible for
developing policies, controls and procedures to define, implement and document processes and controls to manage
risks.
Strategy
ESRS 2 SBM-3
Deutsche Bank seeks to adhere to relevant laws, rules and regulations and endeavors to respect those of fair competition
in the markets. Deutsche Bank’s exposure to antitrust risk is influenced by its market activities, the products and services
offered, client relationships and the geographies in which Deutsche Bank operates.
Deutsche Bank operates a Three Lines of Defense risk management model on the basis of which the bank has a clear
framework in place setting out roles and responsibilities among various functions to ensure that it remains compliant
with antitrust obligations. Deutsche Bank has identified antitrust risk as one of the key risks within the bank, and the
Second Line of Defense oversees the holistic implementation of antitrust risk management across the bank. Antitrust risk
has been integrated into Deutsche Bank’s annual risk assessment processes. On an annual basis, Deutsche Bank
undertakes an assessment of inherent antitrust risks. Antitrust risk and the relevant underlying risk drivers form an
integral part of the annual risk and controls assessment across its businesses, and, in addition, Compliance undertakes
monitoring activities. Deutsche Bank continues to implement new and further enhance its existing controls in key risk
areas.
Impact, risk and opportunity management, metrics and targets
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to
manage the related IROs.
| Topic: Competitive behavior | ||||||
|---|---|---|---|---|---|---|
| Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Own<br><br>operations | Short-term | Risk | Risk of financial loss, legal action<br><br>and or reputational damage as a<br><br>consequence of non-compliance<br><br>with antitrust laws or failure to take<br><br>the necessary precautions such as<br><br>employee training, effective<br><br>controls, to address anti-trust risks | Code of<br><br>Conduct<br><br>Antitrust Risk<br><br>Management<br><br>Framework<br><br>Policy | Appropriate<br><br>staffing and<br><br>processes<br><br>Speak-Up<br><br>program<br><br>Training | Completion<br><br>rate of<br><br>competitive<br><br>behavior<br><br>training<br><br>Potential<br><br>provisions in<br><br>the Financial<br><br>Statements (by<br><br>reference only) |
374
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|---|---|
| Annual Report 2025 | Competitive behavior |
ESRS 2 MDR-A, ESRS 2 MDR-P
Anti-competitive behavior and other violations of antitrust laws can have a negative impact on markets, clients and wider
society with short-term effects. The risk of anti-competitive behavior is inherent in Deutsche Bank’s operations and the
scale and complexity of its daily activities and services provided. Deutsche Bank may be exposed to legal action and
reputational damage if authorities or others were to take enforcement or other corrective action. Relevant products and
jurisdictions are typically highly regulated with significant regulatory scrutiny and frequent enforcement action in the
industry for non-compliance of applicable rules and regulations.
Deutsche Bank has no tolerance for its employees to engage in breach of antitrust laws and regulations and is committed
to compliance with antitrust laws in the jurisdictions in which it operates. Deutsche Bank’s most critical asset in
mitigating antitrust risks are its employees. Deutsche Bank promotes a risk culture that encourages employees to speak-
up and a thorough awareness of antitrust risks. Tone from the top is extremely important and senior management is
highly committed to reinforcing this culture of integrity. The wider speak-up program and the relating Whistleblowing
channel is described in the chapter “Culture, integrity and conduct”.
Potential instances of antitrust misconduct are independently investigated and any employee determined to be engaged
in such behavior would be subject to disciplinary actions, including red flags, up to and including termination of
employment. Identified instances of antitrust breaches are reported to senior management and relevant legal or
regulatory authorities.
Deutsche Bank has established and is operating a dynamic antitrust risk management framework, and all employees are
required to adhere to the highest standards of conduct to avoid infringements of antitrust laws. Deutsche Bank operates
a control framework and governance structure, advocates for the development of sound internal processes and does not
endorse actions that constitute violations of antitrust laws. The Operational Risk Committee oversees, governs and
coordinates the management of the non-financial risks group-wide, including antitrust. In addition, a senior governance
forum, the antitrust operating forum, is dedicated to antitrust. It has representatives across different functions, including
business, infrastructure, antitrust experts and senior employees and has been integrated into the general structure of
Deutsche Bank’s reporting lines, escalating into the Group Compliance Officer and the Group General Counsel with
reporting and escalation lines into the Management Board. The antitrust operating forum currently meets about every
two months (six times a year) to monitor external key developments and trends in the area of anti-competitive behavior
and be informed of relevant key internal developments.
Deutsche Bank has implemented the Antitrust Risk Management Framework Policy, which is the bank’s Antitrust Policy
that applies within Deutsche Bank and its affiliates to all employees globally and sets out the obligations on employees
in relation to antitrust risk. The Policy is to be read in conjunction with the Code of Conduct. It is reviewed annually, and
relevant changes are communicated to all employees. The most recent version of the Antitrust Policy is available on
Deutsche Bank’s internal Policy Portal that is available on the intranet page and is accessible to all employees of
Deutsche Bank to minimize the negative effects of a potential breach.
The Antitrust Policy requires all employees to identify, report, and manage the risk appropriately, and it provides for
relevant escalation channels to report incidents in relation to anti-competitive behavior. The policy defines the
manifestations of the risk, how Deutsche Bank manages and mitigates the risk as part of its enterprise-wide risk
management framework. It observes various global antitrust rules and regulations and takes into account the
interpretation and enforcement practice of competition authorities. The policy covers key areas of antitrust, including
forms of collusive behavior, information exchange with competitors, participation in trade associations and other
external committees as well as other business gatherings, aspects related to human resources as well as joint venture
activity and other forms of cooperation. The policy defines governance and sets out the requirements and minimum
standards that relevant divisions must meet, including implementing key controls related to identify, prevent or detect
antitrust risk as relevant. Senior Regional Business Management is responsible for developing policies and procedures to
define, implement and document processes and controls that meet the requirements of the Antitrust Policy and are
accountable for the implementation of the policies and the minimum standards.
Deutsche Bank has designed and implemented preventative and detective antitrust controls to manage antitrust risk, all
of which are critical components of Deutsche Bank’s risk management framework strategy. Deutsche Bank undertakes a
risk and control assessment of inherent antitrust risks and corresponding controls across its businesses on an annual
basis. As a result, it continues to implement new and further enhance its existing controls in key risk areas. For example,
these include controls around interaction with third parties, contract related controls, as well as monitoring of
interactions with third parties. There have been no material changes since the annual risk and control assessment
process in the previous year. The risk remains within tolerance as customized remediation actions including control
enhancements, targeted training initiatives and policy updates were developed and further implemented.
375
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|---|---|
| Annual Report 2025 | Competitive behavior |
Antitrust training is essential to ensure compliance with antitrust laws, rules and regulations and to raise employees’
awareness to enable them to better identify and assess antitrust risks and escalate as necessary. Deutsche Bank has
implemented mandatory training for all staff on antitrust principles and applicable scenarios that have regulatory focus
based on their sub-divisions. The training encompasses the content of the Antitrust Policy, the key compliance
requirements and what steps must be taken to report potential breaches. The antitrust training is rolled out on a
recurring basis to all members of staff globally via Deutsche Bank’s online e-learning platform. The antitrust mandatory
training is supplemented by further antitrust training that is done ad hoc and tailored to specific business units. The
mandatory training has been updated in 2025, refreshed with updated scenarios, and re-launched to address anti-
competitive behavior. In 2025 the completion rates for the training were above 99.6% (2024: above 99.9%).
The antitrust mandatory training is subject to the red flag process that monitors, inter alia, training adherence. Red flags
are considered in promotion, compensation, and performance management decisions. For employees, failure to
complete the mandatory training and late completion can result in disciplinary consequences that can adversely affect
employees’ compensation and their managers’.
In addition, Deutsche Bank in its Code of Conduct includes a chapter dedicated to free and fair markets/antitrust. In
parallel, the related Code of Conduct training includes a scenario on antitrust (competitive behavior).
Further, Deutsche Bank continued developing and updating relevant internal guidance materials, guidance notes and
templates to capture and consider ongoing developments required by relevant laws, regulations, and enforcement
trends in relation to anti-competitive behavior.
For a summary of relevant, material legal actions and litigation where anti-competitive behavior is alleged, please refer to
“Note 27 Provisions – Current Individual Proceedings” in the Annual Report 2025.
The effectiveness of the antitrust risk management framework is tracked through Deutsche Bank’s annual risk and
control assessment process and overall governance process outlined above.
376
| Deutsche Bank | Governance information |
|---|---|
| Annual Report 2025 | Supply chain management |
Supply chain management
The disclosure of “Supply chain management” chapter has been relocated from the “General information” section to the
“Governance” section for the 2025 Sustainability Statement. This underscores the central role of governance in
overseeing supply chain management.
This chapter emphasizes material topics identified through Deutsche Bank’s 2025 Double Materiality Assessment: Anti-
Financial Crime (AFC), including corruption and bribery, Information Security and Data Protection.
This section addresses both the impact that Deutsche Bank’s upstream supplier activities have on external stakeholders
and the sustainability-related risks these exposures present to the bank’s business model and financial performance.
Oversight of supplier performance, compliance, and operational resilience throughout the supplier lifecycle is led by the
Global Procurement function and vendor management, in collaboration with Operational Risk Management and the
Sustainable Procurement team.
Governance
ESRS 2 GOV-2
Deutsche Bank’s Management Board retains overall oversight of sustainable procurement and receives regular updates
on progress against defined objectives. The Head of Global Procurement and Vendor Management, in close coordination
with the Chief Sustainability Officer, ensures sustainability principles are embedded across procurement activities and
aligned with the bank’s strategic priorities.
Since 2023, governance within Global Procurement and Vendor Management has been strengthened to promote
transparency, accountability and effective supplier engagement throughout the supplier lifecycle. The Third-Party ESG
Oversight Forum brings together Operational Risk Management, Group Legal, Global Procurement, and the Chief
Sustainability Office to coordinate oversight of third-party sustainability risks.
Risk management follows the Three Lines of Defense model: Global Procurement manages contractual compliance,
while AFC, Data Protection, and Information Security maintain second-line oversight and escalation. The Management
Board maintains responsibility through key leadership positions across Global Procurement, Information Security, and
Anti-Financial Crime.
The Third‑Party ESG Oversight Forum also reviews sustainability‑related contractual and due‑diligence considerations in
supplier engagements, along with the associated follow‑up and remediation actions. This ensures consistent application
of the Bank’s sustainability requirements and coordinated oversight of key third‑party ESG risks.
Strategy
ESRS 2 SBM-3
The 2025 strategy continues to prioritize supplier integrity, ethical practices, data security, and operational resilience.
Preventing corruption and bribery, safeguarding information assets, comprehensive due diligence process and ensuring
responsible data processing remain central to supplier engagement.
During 2025, Deutsche Bank further strengthened its operating model by clarifying ownership of exception
management, improving closure tracking and aligning oversight forums, reinforcing the link between sourcing, contract
management and sustainability controls.
Finance industry collaboration
In addition to internal structures, Deutsche Bank contributes to cross-industry collaboration on sustainable procurement.
The bank has founded and continues to chair the Finance Initiative for Sustainable Procurement (FISP) Peer Group,
facilitated by Accenture. Through this platform, Deutsche Bank engages with financial sector peers to share best
practices, address common challenges, and advance responsible sourcing standards. This collaboration supports the
continuous improvement of supplier engagement and the integration of sustainability principles across the financial
services industry.
377
| Deutsche Bank | Governance information |
|---|---|
| Annual Report 2025 | Supply chain management |
Impact, risk and opportunity management
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality assessment, described in detail in the “Double materiality assessment”
chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to manage the related IROs.
| Topic | Sub-topic | Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Anti-financial<br><br>crime | Corruption<br><br>and bribery | Upstream | Short-term | Risk | Risk of legal action, loss of trust and/or<br><br>reputational damage as a consequence of being<br><br>associated with Tier 1 suppliers who are<br><br>scrutinized for using corruption and bribery to<br><br>gain a competitive advantage | Supplier<br><br>Code of<br><br>Conduct<br><br>Anti-Bribery<br><br>& Corruption<br><br>(ABC) Policy<br><br>Data<br><br>Protection<br><br>Policy<br><br>Management<br><br>and<br><br>Governance<br><br>of<br><br>Information<br><br>Security<br><br>Third-Party<br><br>Risk<br><br>Management<br><br>Framework | Adverse media & sanctions screening<br><br>Onboarding checks & escalation of identified risks<br><br>Integrity & conduct expectations defined through<br><br>TPRM policy & Supplier Code of Conduct | Metrics and<br><br>targets for<br><br>these topics<br><br>are reported<br><br>by the<br><br>Anti‑Financial<br><br>Crime, Data<br><br>Protection<br><br>and<br><br>Information<br><br>Security<br><br>functions in<br><br>their<br><br>respective<br><br>chapters in<br><br>this<br><br>Sustainability<br><br>Statement | ||||
| Data<br><br>protection | Data<br><br>protection | Short-term | Risk | Risk of potential unauthorized collection,<br><br>processing or usage of customer or employee<br><br>personal data by direct suppliers and inadequate<br><br>handling of personal data breaches not in line<br><br>with contractual/regulatory requirements that<br><br>may result in business disruption, legal action, loss<br><br>of trust and/or reputational damage | Risk‑based assessments & contractual data<br><br>protection clauses enforced by TPRM process<br><br>Ongoing monitoring & escalation of potential<br><br>personal data breaches to Group Data Privacy<br><br>Suppliers must process personal data only as<br><br>required by applicable data protection laws and<br><br>Bank's instructions, and promptly report any<br><br>potential breach | |||||||
| Short-term | Negative<br><br>impact | Potential negative impact on stakeholders<br><br>through direct suppliers by unauthorized<br><br>collection, processing or usage of customer or<br><br>employee personal data and inadequate handling<br><br>of personal data breaches not in line with<br><br>contractual/regulatory requirements, resulting in<br><br>identity theft, financial loss, damage of credit<br><br>scores or emotional distress | ||||||||||
| Information<br><br>security | Information<br><br>security | Short-term | Risk | Inherent risk of the potential compromise of<br><br>confidentiality, integrity or availability of<br><br>information assets at the bank’s direct suppliers<br><br>that may result in financial losses, regulatory fines,<br><br>loss of stakeholder trust or reputation damage | Risk-based assessments and contractual<br><br>agreements<br><br>Ongoing monitoring and incident notification &<br><br>escalation |
378
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|---|---|
| Annual Report 2025 | Supply chain management |
ESRS 2 SBM-3, ESRS G1-1, ESRS G1-2, ESRS G1-6, ESRS 2 MDR-P, ESRS 2 MDR-A
Approach and Boundary
In 2025, assurance processes and reporting have been further refined to enhance alignment between sourcing, contract
management, and sustainability controls. Deutsche Bank identifies and manages material impacts, risks and
opportunities arising from its upstream supplier relationships as part of the supplier lifecycle process. Oversight spans
due diligence through Third Party Risk Management (TPRM) process, onboarding, contracting and post-deal monitoring
to ensure suppliers meet consistent internal standards and regulatory obligations.
The supplier lifecycle framework embeds controls aligned with internal policies, regulatory requirements, and the bank’s
Supplier Code of Conduct. Governance forums review oversight outcomes to reinforce transparency, accountability and
operational resilience across the supply base.
Policies and standards
Deutsche Bank’s supplier risk management is governed by a robust set of internal policies, including the TPRM Policy,
Anti-Bribery and Corruption Policy, Information Security Policy, Data Protection Policy, and Supplier Code of Conduct,
which set minimum control standards for all third-party suppliers. These policies collectively establish requirements for
integrity, confidentiality and responsible business conduct.
Oversight of supplier relationships is embedded within the supplier lifecycle process, with TPRM serving as the central
mechanism for setting expectations, monitoring compliance and escalating issues. All relevant policies undergo an
annual review to ensure alignment with internal standards and evolving regulatory expectations.
Accountability for policy implementation is embedded within the bank’s procurement governance structure. The Head of
Global Procurement and Vendor Management oversees the Procurement Policy (excluding DWS, where an equivalent
policy is in place). The Supplier Code of Conduct is governed through Global Procurement’s established policy
framework, with updates coordinated across relevant subject‑matter experts and functional leads. This structure ensures
consistent policy execution and escalation, supporting effective sourcing and regulatory compliance.
Stakeholder engagement and collaboration
Cross-functional collaboration between Global Procurement, Operational Risk Management, AFC, Information Security,
and Data Protection functions underpins the control environment. Supplier awareness sessions and contract
management discussions reinforce standards on conduct, anti-bribery, data handling and information security.
Monitoring results and remediation progress are reported to senior management through established governance
forums, ensuring timely issue resolution and driving continuous improvement.
Anti-Financial Crime – Corruption and Bribery
Deutsche Bank is committed to upholding the highest standards of integrity and ethical conduct in its supplier
relationships. The bank enforces policies and controls to prevent, detect, and address corruption, bribery, and other
forms of financial crime, requiring its suppliers to comply with applicable laws and internal standards. Due diligence
checks, including adverse media screening, sanctions review, and other risk factors, are performed during supplier
onboarding and monitoring processes. Any identified risks are escalated to the appropriate control functions for
investigation and mitigation, ensuring that the bank’s supply chain remains compliant and resilient.
For further details on Deutsche Bank’s approach to Anti-financial crime, refer to the “Anti-Financial Crime” section of this
Sustainability Statement.
Information Security
In case of a successful attack, there might be an impact on Deutsche Bank’s stakeholders and the wider financial
ecosystem due to compromised data, unintentional spread of malware, unavailability of services, and the inaccessibility
of systems and/or data. This encompasses internal and third-party information technology systems.
Information security risks of third parties are managed by Deutsche Bank through a combination of capabilities,
implementing a comprehensive approach to mitigate these risks. Key components include the bank’s global third-party
risk management program, which is designed to identify, monitor, and mitigate risks associated with third-party
engagements. In combination, the bank requires adherence to an Information security policy with specific security
controls for third parties, which include incident notification requirements. Third parties are also re-assessed periodically
based on their criticality (annually or bi-annually) to seek continued assurance that control requirements are being met.
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|---|---|
| Annual Report 2025 | Supply chain management |
Additionally, third parties are also engaged in response to specific threats and incidents to assess any impact to
Deutsche Bank’s information.
For further details on the bank’s information security approach, refer to the “Information Security” section of this
Sustainability Statement.
Data Protection
Data protection is an integral part of Deutsche Bank’s TPRM framework. Suppliers may need to process personal data
relating to Deutsche Bank clients, employees or other stakeholders. Such processing must be undertaken in accordance
with applicable data protection and privacy laws and regulations, and only to the extent necessary to deliver the goods
and services. Deutsche Bank will contractually obligate the suppliers to process personal data only based on the
instructions provided by the bank to comply with applicable data protection and privacy requirements and to
immediately inform the bank of potential personal data breaches.
For more information on the bank’s approach to data protection, please refer to the dedicated “Data Protection” chapter
of this Sustainability Statement.
Metrics and targets
ESRS 2 MDR-M, ESRS 2 MDR-T, ESRS G1-6
Metrics and targets for these material topics are reported by the Anti‑Financial Crime, Data Protection and Information
Security functions in their respective chapters of this Sustainability Statement.
While the Management Board continues to track ESG KPI related to supplier ESG scores and performance as part of
internal processes, this KPI is not included within the 2025 reporting scope. This decision reflects the outcome of the
Double Materiality Assessment, which determined that the KPI is not material for the upstream value chain and,
therefore, not subject to external disclosure at this time.
Payment statistics
Deutsche Bank promotes a responsible approach in its relationships with suppliers and therefore voluntarily discloses its
payment statistics.
Metrics related to Deutsche Bank’s payment practices are based on full 2025 spend invoice data captured by the bank
and calculated from the invoice issue date.
DWS follows equivalent payment governance arrangements and contractual terms. Related metrics are presented
separately under the Asset Management column.
2025 results and complementary information1
| 2024 | |||
|---|---|---|---|
| Payment practices | Asset<br><br>Management | Deutsche Bank<br><br>Group excl.<br><br>Asset<br><br>Management | Asset<br><br>Management |
| Average time to pay an invoice2 (in number of days) | 61 | 32 | 47 |
| Percentage of payments paid according to agreed payment terms | |||
| Suppliers with < 100 thousand spend per annum (in %)3 | 66 | 70 | 62 |
| Suppliers with ≥ 100 thousand spend per annum: | |||
| European Union (in %)4 | 66 | 91 | 75 |
| Rest of the world (in %)5 | 75 | 78 | 76 |
All values are in Euros.
1Calculations based on 465,577 invoices under review in 2025 versus 396,046 invoices under review in 2024, supported by enhanced centrally managed reporting
capabilities
2Calculated from the invoice issue date for all suppliers
3Suppliers providing services and products to Deutsche Bank with a value below € 100 thousand spend per annum are set to a payment term within 0 to 30 days from the
invoice issue date (unless contractually agreed otherwise). 93% of suppliers’ payments with a value below € 100 thousand spend per annum are aligned with payment
terms of 0 to 30 days
4Standard payment terms for individual contracts from European Union aim for 60 days. 100% of suppliers’ payments with a value ≥ € 100 thousand spend per annum are
aligned with payment terms of ≤ 60 days
5Standard contractual payment terms for suppliers from Rest of the World is payment within 90 days. 100% of suppliers’ payments with a value ≥ € 100 thousand spend
per annum are aligned with payment terms of ≤ 90 days
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|---|---|
| Annual Report 2025 | Data protection |
Data protection
In most countries where Deutsche Bank conducts business there are data protection (also referred to as “data privacy”)
laws. These derive from the privacy related statements in the EU Charter of Fundamental Rights, the UN Universal
Declaration of Human Rights or the European Convention on Human Rights. Deutsche Bank is committed to protecting
personal data, not only to comply with the EU General Data Protection Regulation (GDPR) and similar laws, but also to
meet the expectations of clients, employees, and other stakeholders who entrust the bank with their personal data.
Governance
ESRS 2 GOV-2
Group Data Privacy is a specialized, independent risk function for data protection at Deutsche Bank. As a Second Line of
Defense function, Group Data Privacy defines data protection principles and sets consistent policy requirements and
control objectives to comply with applicable data protection laws and regulations. Group Data Privacy is supported by
local Data Protection Officers in the countries where Deutsche Bank conducts business. In 2025, the Group Data Privacy
function moved from Legal to Compliance and the Chief Data Privacy Officer now has a direct functional reporting line
to the Management Board member for Compliance and Anti-Financial Crime.
Group Data Privacy launched an initiative in cooperation with the business and infrastructure units to strengthen the first
line of defense governance on data protection by consolidating data protection responsibilities in a dedicated role for
each unit. This will further enhance collaboration between the units and Group Data Privacy.
Group Data Privacy employees are already regular participants in business and infrastructure forums in which new
initiatives that may involve the processing of personal data are discussed. Group Data Privacy also advises the bank’s
workers councils in relation to the processing of employee personal data.
In addition, Group Data Privacy closely collaborates with the Technology, Data and Innovation function and the
Information Security function (Chief Security Office) to implement specific data protection principles, e.g., aiming to
ensure the security of personal data via encryption of emails according to their classification or access rights controls.
Details on information security can be found in the "Information Security" chapter.
Strategy
ESRS 2 SBM-3
Data protection is an integral part of Deutsche Bank’s culture and conduct. Business and infrastructure units are
committed to complying with applicable data protection laws as they pursue their objectives, including those initiatives
involving artificial intelligence. This is supported through internal data protection policy requirements and related
control objectives to which all employees are expected to adhere, and which are continually enhanced to consider
relevant regulatory changes.
Group Data Privacy is the subject matter expert function for the interpretation and application of data protection laws
and regulations at Deutsche Bank. It monitors and assesses regulatory developments in data protection on an ongoing
basis. Its aim is to provide a current set of requirements according to which data protection should be carried out by the
bank and to implement controls to demonstrate the organization conducts business in compliance with data protection
laws and regulations.
As an internal partner, Group Data Privacy advises on and monitors the lawful collection, processing, and use of personal
data by the bank’s business and infrastructure units including where they engage third parties who process personal data
on behalf of Deutsche Bank.
Impact, risk and opportunity management, metrics and targets
ESRS 2 SBM-3, ESRS 2 MDR-P, ESRS 2 MDR-A, ESRS S1, ESRS S4
GRI 404-2/FS 4
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
The IROs are outlined in the following table along with an overview of the policies, actions, metrics and targets to
manage the related IROs.
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|---|---|---|---|---|---|---|
| Annual Report 2025 | Data protection | |||||
| Topic: Data Protection | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Own<br><br>operations | Short-term | Negative<br><br>impact | Potential negative impact on<br><br>clients, employees and other<br><br>stakeholders through DB's own<br><br>operations by unauthorized<br><br>collection, processing or usage<br><br>of customer or employee<br><br>personal data and inadequate<br><br>handling of personal data<br><br>breaches not in line with<br><br>contractual/regulatory<br><br>requirements regarding data<br><br>protection and privacy that may<br><br>result in identity theft, financial<br><br>loss, damage of credit scores or<br><br>emotional distress | Code of Conduct<br><br>Data Protection<br><br>and Privacy<br><br>Principles<br><br>Framework<br><br>Document<br><br>Data Protection<br><br>and Privacy Policy<br><br>Operational Risk<br><br>Management<br><br>Framework<br><br>Information<br><br>Security Policy | Defining data<br><br>protection principles,<br><br>setting and<br><br>continuously<br><br>enhancing policy<br><br>requirements and the<br><br>related controls<br><br>framework<br><br>Group Data Privacy<br><br>assessment of:<br><br>- activities that may<br><br>introduce processing<br><br>of personal data for<br><br>new or changed<br><br>purposes<br><br>- potential personal<br><br>data breaches<br><br>Employee training<br><br>and internal<br><br>awareness events | Monitoring and<br><br>reporting on<br><br>relevant data<br><br>protection and<br><br>privacy metrics,<br><br>including:<br><br>Completion rate of<br><br>mandatory data<br><br>protection training<br><br>Number of<br><br>personal data<br><br>breaches of<br><br>material impact to<br><br>individuals |
| Risk | Risk of potential unauthorized<br><br>collection, processing or usage<br><br>of customer or employee<br><br>personal data by DB and<br><br>inadequate handling of personal<br><br>data breaches not in line with<br><br>contractual/regulatory<br><br>requirements regarding data<br><br>protection and privacy which<br><br>may result in legal action,<br><br>increased operational costs, loss<br><br>of trust and/or reputational<br><br>damage |
Group Data Privacy defines data protection principles and sets consistent policy requirements and control objectives to
collect, process or use customer or employee personal data and to handle personal data breaches in line with
contractual or regulatory requirements regarding data protection and privacy.
The minimum standards of conduct for all employees are provided in Deutsche Bank’s Code of Conduct. Failure to
comply with the Code or breaches of the requirements within the global data protection policy may result in disciplinary
action, up to termination of employment.
In 2025, Group Data Privacy continued the review and enhancement of the bank’s data protection governance and policy
framework. An initiative has been launched in cooperation with the business and infrastructure units to consolidate first
line of defense data protection tasks in a dedicated role for each unit. The aim is to strengthen the governance on data
protection in the first line of defense and further enhance collaboration between Group Data Privacy and the business
and infrastructure units. A decision on the design of this role and assignment of relevant policy requirements to this role
is planned for 2026.
The key data protection principles and how Deutsche Bank complies with these are published in an overarching
framework document. It refers to the existing bank’s policies that address these key principles, for example to the
information security policy approved by the Chief Security Officer which defines requirements to preserve the
confidentiality, integrity, and availability of information assets in general. The global data protection policy is reviewed
on an annual basis and has been further revised to consolidate relevant country-specific particularities in its annex which
were previously captured in separate local procedures. These documents have been approved by the Chief Data Privacy
Officer and are published on the internal policy portal which is accessible to all employees.
The policy sets out Deutsche Bank's Group-wide and globally applicable minimum requirements regarding data
protection and privacy for all employees and particular roles in the organization:
–Requirements for all employees on the usage of personal data and the escalation of potential personal data breaches
–Specific requirements for employees managing supplier (also referenced as “vendor”) engagements, for example that
a contract must contain appropriate data protection provisions in case personal data is processed by a supplier
382
| Deutsche Bank | Governance information |
|---|---|
| Annual Report 2025 | Data protection |
Further, it provides requirements for business and infrastructure unit heads to ensure
–Group Data Privacy is notified of activities in the bank that may introduce processing of personal data for new or
changed purposes,
–Requests from individuals concerning their rights granted by applicable data protection laws or regulations are
identified and promptly dealt with, for example access rights requests, requests to have their data transferred to other
service providers or requests to erase their data,
–Consent from an individual is obtained in a lawful manner, for example via opt-in, and
–Individuals are informed about what is happening with their personal data via a privacy notice
Where legally required, privacy notices that inform individuals about the personal data collected by the bank for a
specific product or their employee relationship are directly provided to Deutsche Bank clients and employees by
business and infrastructure units or made available on their respective public websites in addition to the notice which
informs about the personal data collected when using these websites. The Corporate Bank, Investment Bank, Private
Bank and Asset Management divisions publish privacy notices for clients on their websites. Employees are provided with
privacy notices as required, one example is via the Deutsche Bank career portal. These notices provide an overview of
how Deutsche Bank processes personal data, to which third parties (including suppliers) data might be transferred, how
long data will be kept and that it will be deleted if no longer required, and the rights of individuals whose personal data is
being processed, under data protection law. Suppliers who process personal data on behalf of Deutsche Bank are
contractually obligated to process personal data only on the basis of instructions provided by the bank and to comply
with applicable data protection requirements. Deutsche Bank will otherwise only share personal data with third parties if
required or permitted by law, except where this is specified in the respective contract or consent. If the bank receives
data protection related requests from individuals, for example to access, erase or rectify their personal data, or
complaints from individuals, Group Data Privacy is involved on an individual basis and consults with relevant internal
stakeholders and the affected individuals, as required.
Based on Deutsche Bank's Group-wide Operational Risk Management framework, Group Data Privacy as Second Line of
Defense Risk Function has established control objectives which must be addressed by business and infrastructure unit
controls to mitigate data protection risk. A key control objective requires the business and infrastructure units to notify
Group Data Privacy of activities in the bank that may introduce processing of personal data for new or changed purposes,
for example when processing personal data using artificial intelligence. Group Data Privacy assesses the permissibility
with the objective that personal data is only processed for specified, explicit and legitimate purposes and further
applicable data protection requirements are met. To achieve this, Group Data Privacy employees are regular participants
in business and infrastructure forums in which new initiatives that may involve the processing of personal data are
discussed. Controls preventing data protection risk are integrated in Group-wide governance processes like new product
approval or third-party (vendor) risk management as appropriate. The effectiveness of these controls is reviewed
according to a standard assurance process governed by the Operational Risk Management function.
Following the move of Group Data Privacy to the Compliance organisation in 2025, new opportunities arose to
consolidate similarly structured processes in order to reinforce operational efficiency and data protection risk
management capabilities. External events and emerging risks that may pose a forward-looking data protection risk for
Deutsche Bank are reviewed on a monthly basis and, if these are relevant, required remediation actions are tracked via a
central Compliance process. Another example is the collaboration with the Compliance Controls Testing and Assurance
function to integrate data protection related reviews defined by Group Data Privacy into the scope of Compliance
reviews. Initial pilots have been conducted during the year, for example, to review the adherence to data protection
specific requirements in German branches of the Private Bank and address identified issues or deficiencies, as required. In
parallel, Group Data Privacy has continued its own activities to review the effectiveness of Deutsche Bank’s
implementation of applicable data protection requirements as part of its second line of defense responsibilities and no
major deficiencies were identified. The results of the data protection specific reviews were considered by Group Data
Privacy in the bank’s Group-wide annual risk and control assessment to review and challenge the business and
infrastructure units’ own assessment of their data protection risk exposure and control environment effectiveness.
Group Data Privacy continuously monitors emerging data protection laws and regulations and shares information about
them with the local Data Protection Officers to assess their relevance and potential consequences for the bank and, if
necessary, adjusts the policy framework as well as the control objectives. If a need for changes to processes and
products is identified, implementation actions are agreed with the business and infrastructure units.
In 2025, Group Data Privacy oversaw the adoption of implementation measures in Malaysia and Vietnam and
commenced a review of the newly issued India Digital Personal Data Protection Rules to meet the respective local data
protection obligations. The Data Use and Access Act UK received royal assent amending, but not replacing the UK
General Data Protection Regulation. Furthermore, additional state privacy laws in the U.S. have been adopted. Group
Data Privacy continues to closely monitor the further development of EU legislation like the proposed changes to the
General Data Protection Regulation.
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|---|---|
| Annual Report 2025 | Data protection |
Group Data Privacy engages in the further development of data protection case law and in the review of supervisory
authority guidance documents. As a member of different industry groups, notably the Association of German Banks and
the European Banking Federation, Deutsche Bank represented by Group Data Privacy employees, actively shares best
practice, aligns standards, for example standard privacy notice templates or terms and conditions, and discusses data
protection related regulatory issues with other financial institutions. This helps to ensure that the bank’s data protection
requirements and practices for processing personal data reflect current industry best practices and keep pace with the
evolving regulatory environment.
Employee training on the implications of data protection/privacy laws for the bank’s day-to-day business is a key factor
in ensuring adequate data protection in all operating processes. Deutsche Bank requires annual mandatory data
protection training for all employees including eligible contractor staff. The bank continually assesses its data protection
training offering to strengthen the data protection culture and updates the training as necessary, for example, to address
emerging data protection risks given the growing usage of AI technologies. The training encompasses the content of the
data protection and privacy policy, the key compliance requirements with applicable legal rules for handling personal
data and what steps must be taken in the event of a personal data breach. Depending on the employees’ country, this
training also provides tailored modules with relevant use cases and test questions to pass. For Deutsche Bank employees,
failure to complete this training and late completion can result in disciplinary consequences. In 2025, an eLearning
completion rate of 99.05% was achieved for the mandatory data protection training compared to 99.29% in 2024.
Group Data Privacy actively engages with employees via internal communication channels and platforms to reinforce the
key data protection messages and corresponding culture. For example, in 2025 Group Data Privacy organized an internal
online event focusing on data protection in today’s AI driven digital economy, launched a series of online edutainment
videos, published monthly newsletters informing about new data protection and privacy laws and regulations and
intensified the use of the bank’s internal social collaboration platform to communicate with the data protection
community.
These measures reflect a global effort to raise employee’s awareness on the importance of data protection and privacy.
They emphasize a proper handling of personal data, provide available resources for support on data protection matters in
the bank, inform about individual’s rights, share best practices to protect personal data as well as principles and trends in
data protection and privacy and help navigating the landscape of corresponding laws and regulations. Employees are
made aware about the potential consequences of poor data protection practices as well as on the importance of building
trust and maintaining brand reputation in today’s data driven business landscape.
Group Data Privacy monitors and assesses potential personal data breaches on an ongoing basis. If a relevant personal
data breach of material impact to individuals occurs, it is disclosed in this report.
In 2025, Deutsche Bank did not observe any personal data breaches of material impact to individuals. The bank’s
reporting processes and pathways from the business and infrastructure units to Group Data Privacy aim to ensure that
potential personal data breaches can be assessed and handled in a timely manner. They are described in a global data
protection guidance document. Should a personal data breach occur, Deutsche Bank as part of its global security
incident management process takes coordinated follow-up actions. Group Data Privacy as a stakeholder in this process
advises on the necessary regulatory actions and, if required, informs the affected individuals and notifies the relevant
data protection authorities.
384
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|---|---|
| Annual Report 2025 | Information security |
Information security
ESRS 2 GOV-2, ESRS 2 SBM-3, ESRS 2 MDR-P, ESRS 2 MDR-A
GRI 404 2a
This section presents a brief overview on Deutsche Bank’s approach to information security.
Impacts, risks and opportunities (IROs) across the bank are identified and assessed through the double materiality
assessment, described in detail in the “Double materiality assessment” chapter within this Sustainability Statement.
To manage information security-related IROs, the Chief Security Office, together with Operational Risk Management
functions, defines specific policies, actions, metrics, and targets, as reflected in the table below.
| Topic: Information Security | ||||||
|---|---|---|---|---|---|---|
| Value chain | Time horizon | IRO type | IRO description | Policies | Actions | Metrics & targets |
| Own<br><br>operations<br><br>Upstream | Short-term | Risk | Inherent risk of the<br><br>compromise of<br><br>confidentiality,<br><br>integrity, or availability<br><br>of information assets,<br><br>including those at<br><br>suppliers in DB’s<br><br>upstream value chain,<br><br>that may result in<br><br>financial losses,<br><br>regulatory fines, loss<br><br>of stakeholder trust or<br><br>reputational damage | Management and<br><br>Governance of<br><br>Information Security<br><br><br><br>Third-Party Risk<br><br>Management<br><br>Framework<br><br><br><br>Operational Risk<br><br>Management<br><br>Framework<br><br><br><br>Data Protection and<br><br>Privacy Principles<br><br><br><br>Code of Conduct | Continually adjusting<br><br>security capabilities to<br><br>developments, threats<br><br>and challenges caused<br><br>by operating in a<br><br>constantly evolving<br><br>threat landscape<br><br><br><br>Appropriate staffing,<br><br>tooling, and processes<br><br>Engagement with<br><br>external partners for<br><br>information sharing | Maintaining a<br><br>comprehensive<br><br>metrics and reporting<br><br>framework on<br><br>information security |
Detailed information on information security at Deutsche Bank is covered in the dedicated “Information Security”
chapter within Deutsche Bank’s Annual Report, located within the Risk Report section. This chapter includes the bank’s
ongoing measures to safeguard data and services and its underlying security governance structure, strategy, and risk
management framework. It further sets out how information security‑related IROs are addressed through defined
policies, actions, metrics, and targets.
385
| Deutsche Bank | Additional information |
|---|---|
| Annual Report 2025 | Independent auditor’s limited assurance report on the group sustainability statement |
Additional information
Independent auditor’s limited assurance report on the group
sustainability statement
To Deutsche Bank Aktiengesellschaft, Frankfurt am Main
Assurance conclusion
We have performed a limited assurance engagement on the group sustainability statement of Deutsche Bank
Aktiengesellschaft, Frankfurt am Main (hereafter “Deutsche Bank“) for the fiscal year from 1 January 2025 to 31
December 2025 included in the Combined Management Report section of Deutsche Bank’s Annual Report. The group
sustainability statement was prepared to comply with the requirements of Directive (EU) 2022/2464 of the European
Parliament and of the Council of 14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and Art. 8 of
Regulation (EU) 2020/852 as well as Secs. 289b to 289e and Secs. 315b and 315c HGB [“Handelsgesetzbuch”: German
Commercial Code] for group sustainability statement which is combined with the parent company’s sustainability
statement.
Information outside the combined management report as referred to in the group sustainability statement is not subject
to our assurance engagement.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the accompanying group sustainability statement is not prepared, in all material respects, in
accordance with the requirements of the CSRD and Art. 8 of Regulation (EU) 2020/852 as well as Secs. 289b to 289e and
Secs. 315b and 315c HGB for group sustainability statement which are combined with the parent company’s
sustainability statement and the elaborative criteria presented by the Company’s executive directors. This assurance
conclusion also means that nothing has come to our attention that causes us to believe
–That the accompanying group sustainability statement does not comply, in all material respects, with European
Sustainability Reporting Standards (ESRS), including that the process carried out by the Company to identify
information to be reported in the group sustainability statement (materiality assessment) is not consistent, in all
material respects, with the description provided in the Double materiality statement section of the group
sustainability statement, or
–That the disclosures identified by “Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy
Regulation)” in the group sustainability statement do not comply, in all material respects, with Art. 8 of Regulation
(EU) 2020/852
We do not express an assurance conclusion on references in the group sustainability statement to additional information
outside the combined management report.
Basis for the conclusion
We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE)
3000 (Revised): Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by the
International Auditing and Assurance Standards Board (IAASB).
The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a
reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is
substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been
performed.
Our responsibilities under ISAE 3000 (Revised) are further described in the “Responsibilities of the auditor for the
assurance work on the group sustainability statement” section.
We are independent of the Company in accordance with the requirements of European law and German commercial and
professional law, and we have fulfilled our other German professional responsibilities in accordance with these
requirements. Our firm applies IDW Standard on Quality Management 1: Requirements for Quality Management in the
Audit Firm (IDW QMS 1 (09.2022)) issued by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany]
(IDW) and International Standard on Quality Management (ISQM) 1 issued by the IAASB. We believe that the evidence we
have obtained is sufficient and appropriate to provide a basis for our conclusion and opinion.
386
| Deutsche Bank | Additional information |
|---|---|
| Annual Report 2025 | Independent auditor’s limited assurance report on the group sustainability statement |
Responsibilities of the executive directors and the Supervisory Board for the group
sustainability statement
The executive directors are responsible for the preparation of the group sustainability statement in accordance with the
requirements of the CSRD and the relevant German legal and other European requirements and with the elaborative
criteria presented by the Company’s executive directors, and for designing, implementing and maintaining such internal
control as the executive directors consider necessary to enable the preparation of a group sustainability statement, in
accordance with these requirements, that is free from material misstatement, whether due to fraud (i.e., fraudulent group
sustainability statement) or error.
These responsibilities of the executive directors include the implementation and maintenance of the materiality
assessment process, the selection and application of appropriate methods to prepare the group sustainability statement
as well as making assumptions and estimates about and determining forward-looking information on individual
sustainability-related disclosures.
The Supervisory Board is responsible for overseeing the process for the preparation of the group sustainability
statement.
Inherent limitations in preparing the group sustainability statement
The CSRD and the relevant German legal and other European requirements contain wording and terms that are subject
to considerable interpretation uncertainties and for which no comprehensive authoritative interpretations have been
published to date. As such wording and terms may be interpreted differently by regulators or courts, the legal conformity
of any measurement or evaluation of sustainability matters made on the basis of these interpretations is uncertain.
These inherent limitations also apply to the assurance work on the group sustainability statement.
German public auditor’s responsibilities for the assurance engagement on the group
sustainability statement
Our objectives are to express a limited assurance conclusion, based on our assurance engagement, about whether any
matters have come to our attention that cause us to believe that the group sustainability statement is not prepared, in all
material respects, in accordance with the CSRD, the relevant German legal and other European requirements and the
elaborative criteria presented by the Company’s executive directors, and to issue an assurance report that includes our
conclusion on the group sustainability statement.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised), we exercise professional judgment
and maintain professional skepticism. We also:
–Obtain an understanding of the process to prepare the group sustainability statement, including the materiality
assessment process carried out by the Company to identify the information to be reported in the group sustainability
statement
–Identify disclosures that are likely to be materially misstated due to fraud or error, design and perform procedures to
address such disclosures and obtain limited assurance to support our conclusion. The risk of not detecting a material
misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control. Furthermore, the risk of not detecting a material misstatement in information from the value chain originating
from sources outside of the Company’s control (information from the value chain) is usually higher than the risk of not
detecting a material misstatement in information originating from sources within the Company’s control, as both the
Company’s executive directors and we as auditors usually have limited direct access to the sources of information
from the value chain
–Evaluate the forward-looking information, including the reasonableness of the underlying assumptions. There is a
substantial unavoidable risk that future events will differ materially from the forward-looking information
387
| Deutsche Bank | Additional information |
|---|---|
| Annual Report 2025 | Independent auditor’s limited assurance report on the group sustainability statement |
Summary of the work performed by the auditor
A limited assurance engagement involves performing procedures to obtain evidence about the sustainability information.
The nature, timing and extent of the procedures selected depend on our professional judgment.
In conducting our limited assurance engagement, we:
–Evaluated the overall suitability of the criteria presented by the executive directors in the group sustainability
statement
–Made inquiries of the executive directors and relevant employees involved in the preparation of the group
sustainability statement about the preparation process, including the materiality assessment process carried out by
the Company to identify the information to be reported in the group sustainability statement, and about the internal
controls over this process
–Evaluated the methods used by the executive directors to prepare the group sustainability statement
–Evaluated the reasonableness of the estimates made by the executive directors and related explanations. If the
executive directors estimate the value chain information to be reported in accordance with ESRS when they are
unable to obtain such information from the value chain after making reasonable efforts to do so, our assurance
engagement is limited to evaluating whether the executive directors made such estimates in accordance with ESRS
and evaluating the reasonableness of such estimates and does not extend to determining value chain information that
the executive directors were unable to obtain
–Performed analytical procedures and inquiries regarding selected items of information in the group sustainability
statement
–Assessed the presentation of the information in the group sustainability statement
Assessed the process to identify taxonomy-eligible and taxonomy-aligned economic activities and the related
disclosures in the group sustainability statement.
Restriction of use
We draw attention to the fact that the assurance engagement was conducted for the Company’s purposes and that the
assurance report is intended solely to inform the Company about the result of the assurance engagement. As a result, it
may not be suitable for another purpose than the aforementioned. Accordingly, the assurance report is not intended to
be used by third parties for making (financial) decisions based on it. Our responsibility is to the Company alone. We do
not accept any responsibility to third parties. Our assurance conclusion is not modified in this respect.
General Engagement Terms and Liability
The “General Engagement Terms for Wirtschaftsprüferinnen, Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften
[German Public Auditors and Public Audit Firms]” dated 1 January 2024, which are attached to this report, are applicable
to this engagement and also govern our relations with third parties in the context of this engagement (ey-idw-aab-
en-2024.pdf).
In addition, please refer to the liability provisions contained there in no. 9 and to the exclusion of liability towards third
parties. We accept no responsibility, liability or other obligations towards third parties unless we have concluded a
written agreement to the contrary with the respective third party or liability cannot effectively be precluded.
We make express reference to the fact that we will not update the assurance report to reflect events or circumstances
arising after it was issued, unless required to do so by law. It is the sole responsibility of anyone taking note of the
summarized result of our work contained in this report to decide whether and in what way this result is useful or suitable
for their purposes and to supplement, verify or update it by means of their own review procedures.
Eschborn/Frankfurt am Main, 9 March 2026
EY GmbH & Co. KG
Wirtschaftsprüfungsgesellschaft
GundelachHoffmann
WirtschaftsprüferinWirtschaftsprüfer
(German Public Auditor)(German Public Auditor)
388
| Deutsche Bank | Additional information |
|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with |
List of ESRS Disclosure Requirements complied with
ESRS 2 IRO-2
Deutsche Bank’s Sustainability Statement provides a comprehensive disclosure of the material topics for its
sustainability performance. Disclosures included in this statement were selected based on a double materiality analysis
conducted in 2025 as described in the chapter “Double materiality assessment” of this Sustainability Statement. The
Sustainability Statement complies with all ESRS disclosure requirements listed in this ESRS content index.
| Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page |
|---|---|---|---|
| ESRS 1 related<br><br>to ESRS 2<br><br>GOV-1 | General requirements related to the role of the<br><br>administrative, management and supervisory<br><br>bodies | Governance – Corporate Governance | 207 |
| ESRS 1.7 | Preparation and presentation of sustainability<br><br>information | Basis for preparation of the Sustainability Statement – Events<br><br>after the reporting period | 206 |
| ESRS 2 BP-1 | General basis for preparation of sustainability<br><br>statements | Basis for preparation of the Sustainability Statement – General<br><br>basis for preparation of the Sustainability Statement | 204 |
| ESRS 2 BP-2 | Disclosures in relation to specific circumstances | Basis for preparation of the Sustainability Statement –<br><br>Disclosures in relation to specific circumstances | 205 |
| ESRS 2 GOV-1 | The role of the administrative, management and<br><br>supervisory bodies | Governance – Sustainability Governance | 207 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Governance – Corporate Governance | 207 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Governance – Sustainability Governance | 207 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | ESG due diligence - Environmental and social due diligence -<br><br>Governance | 233 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Sustainable finance - Governance | 242 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Climate change - Own operations and supply chain -<br><br>Governance | 267 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Climate change – Climate and other environmental risks –<br><br>Governance | 277 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Own workforce – Governance | 316 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Client centricity – Governance | 348 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Culture, integrity and conduct – Governance | 361 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Anti-financial crime – Governance | 367 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Competitive behavior – Governance | 373 |
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Supply chain management – Governance | 376 |
389
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Data protection – Governance | 380 | |||
| ESRS 2 GOV-2 | Information provided to and sustainability<br><br>matters addressed by the undertaking’s<br><br>administrative, management and supervisory<br><br>bodies | Information security | 384 | |||
| ESRS 2 GOV-4 | Statement on due diligence | ESG due diligence | 232 | |||
| ESRS 2 GOV-5 | Risk management and internal controls over<br><br>sustainability reporting | Governance – Sustainability Governance – Internal Controls<br><br>over Sustainability Reporting | 215 | |||
| ESRS 2 IRO-1 | Description of the processes to identify and<br><br>assess material impacts, risks and opportunities | Double materiality assessment – Description of the process to<br><br>identify and assess material impacts, risks and opportunities | 217 | |||
| ESRS 2 IRO-1 | Description of the processes to identify and<br><br>assess material impacts, risks and opportunities | Climate change – Climate and other environmental risks –<br><br>Strategy – Process to identify and assess climate-related risks:<br><br>financial materiality assessment | 280 | |||
| ESRS 2 IRO-2 | Disclosure requirements in ESRS covered by the<br><br>undertaking’s sustainability statement | Double materiality assessment – Description of the process to<br><br>identify and assess material impacts, risks and opportunities | 217 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | ESG due diligence – Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>– Training and capacity building | 237 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | ESG due diligence - Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Environmental and social due diligence review activities | 237 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | ESG due diligence - Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Environmental and social transactional reviews | 237 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | ESG due diligence - Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Equator principles implementation | 238 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | ESG due diligence - Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Reputational risk reviews | 240 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Impact, risk and opportunity<br><br>management - Actions and resources | 244 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Corporate Bank | 250 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Investment Bank – Fixed Income and<br><br>Currencies | 252 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Investment Bank – Investment Banking<br><br>and Capital Markets | 253 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Private Bank | 255 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Asset Management | 257 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Sustainable finance – Corporate & Other | 260 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Energy<br><br>consumption and mix | 268 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Climate change – Climate and other environmental risks –<br><br>Impact, risk and opportunity management – Actions and<br><br>resources in relation to climate change | 286 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Actions in relation to own workforce | 320 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 |
390
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management | 324 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions | 333 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion | 342 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion - Approach,<br><br>governance, and leadership accountability | 342 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Culture, integrity and conduct – Impact, risk and opportunity<br><br>management | 361 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Anti-financial crime – Impact, risk and opportunity<br><br>management | 369 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Competitive behavior – Impact, risk and opportunity<br><br>management, metrics and targets | 374 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Supply chain management – Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Data protection – Impact, risk and opportunity management,<br><br>metrics and targets | 380 | |||
| ESRS 2 MDR-A | Actions and resources in relation to material<br><br>sustainability matters | Information security | 384 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainability strategy | 222 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | ESG due diligence – Environmental and social due diligence –<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Environmental and social transactional reviews | 237 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | ESG due diligence - Environmental and social due diligence -<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Equator principles implementation | 238 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance - Strategy | 242 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Metrics and targets | 247 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Corporate Bank | 250 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Investment Bank – Fixed Income and<br><br>Currencies | 252 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Investment Bank – Investment Banking<br><br>and Capital Markets | 253 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Private Bank | 255 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Asset Management | 257 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Sustainable finance – Corporate & Other | 260 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Energy<br><br>consumption and mix | 268 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Climate change – Client portfolios in Asset Management –<br><br>Metrics and targets | 313 |
391
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Culture, integrity and conduct – Metrics and targets | 365 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Anti-financial crime – Metrics and targets | 372 | |||
| ESRS 2 MDR-M | Metrics in relation to material sustainability<br><br>matters | Supply chain management – Metrics and targets | 379 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | ESG due diligence – Environmental and social due diligence | 233 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | ESG due diligence – Environmental and social due diligence –<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Policies | 233 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | ESG due diligence – Environmental and social due diligence –<br><br>Impact, risk and opportunity management, metrics and targets<br><br>– Equator principles implementation | 238 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | ESG due diligence – Environmental and social due diligence –<br><br>Impact, risk and opportunity management, metrics and targets<br><br>– Reputational risk reviews | 240 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Sustainable finance - Impact, risk and opportunity management<br><br>- Policies | 244 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Sustainable finance – Private Bank | 255 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Sustainable finance – Asset Management | 257 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Sustainable finance – Corporate & Other | 260 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Climate change - Own operations and supply chain - Strategy | 268 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Energy<br><br>consumption and mix | 268 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Climate change – Climate and other environmental risks –<br><br>Impact, risk and opportunity management – Policies related to<br><br>climate change mitigation and adaptation | 286 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Policies related to own workforce | 320 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management | 324 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management –<br><br>Characteristics of non-employees in Deutsche Bank’s own<br><br>workforce | 328 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Workforce management – Hiring and<br><br>turnover | 329 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions | 333 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Performance and<br><br>reward | 338 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Work-life balance -<br><br>Well-being | 340 |
392
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion | 342 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Diversity and inclusion - Approach,<br><br>governance, and leadership accountability | 342 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Incidents and<br><br>complaints | 346 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility | 352 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Culture, integrity and conduct – Impact, risk and opportunity<br><br>management | 361 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Anti-financial crime – Impact, risk and opportunity<br><br>management | 369 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Anti-financial crime – Impact, risk and opportunity<br><br>management<br><br>– Financial crime risk management framework | 370 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Competitive behavior – Impact, risk and opportunity<br><br>management, metrics and targets | 374 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Supply chain management – Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Data protection – Impact, risk and opportunity management,<br><br>metrics and targets | 380 | |||
| ESRS 2 MDR-P | Policies adopted to manage material<br><br>sustainability matters | Information security | 384 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainability strategy | 222 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance - Strategy | 242 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Metrics and targets | 247 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Corporate Bank | 250 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Investment Bank – Fixed Income and<br><br>Currencies | 252 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Investment Bank – Investment Banking<br><br>and Capital Markets | 253 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Private Bank | 255 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Asset Management | 257 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Sustainable finance – Corporate & Other | 260 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Energy<br><br>consumption and mix | 268 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Climate change – Climate and other environmental risks –<br><br>Metrics and targets – Targets related to climate change<br><br>mitigation | 290 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Climate change – Client portfolios in Asset Management –<br><br>Metrics and targets | 313 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 |
393
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Collective<br><br>bargaining coverage and social dialogue | 333 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion | 342 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Gender diversity | 342 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS 2 MDR-T | Tracking effectiveness of policies and actions<br><br>through targets | Supply chain management – Metrics and targets | 379 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainability strategy | 222 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Corporate Bank | 250 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Investment Bank - Fixed Income and<br><br>Currencies | 252 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Investment Bank – Investment Banking<br><br>and Capital Markets | 253 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Private Bank | 255 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Asset Management | 257 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Sustainable finance – Corporate & Other | 260 | |||
| ESRS 2 SBM-1 | Strategy, business model and value chain | Own workforce – Strategy | 316 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership | 228 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership – Clients | 228 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership – Employees | 228 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership – Investors | 229 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership –<br><br>Policymakers | 229 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership – Media | 230 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership – Non-<br><br>governmental organizations | 230 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Stakeholder engagement and thought leadership –<br><br>Memberships and commitments | 231 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Own workforce – Strategy | 316 | |||
| ESRS 2 SBM-2 | Interests and views of stakeholders | Client centricity – Strategy | 348 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Double materiality assessment – Description of the process to<br><br>identify and assess material impacts, risks and opportunities | 217 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | ESG due diligence - Environmental and social due diligence -<br><br>Strategy | 233 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Sustainable finance - Strategy | 242 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets | 268 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Own workforce – Strategy | 316 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Incidents and<br><br>complaints | 346 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Client centricity – Strategy | 348 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility – Selling practices<br><br>and marketing | 352 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Culture, integrity and conduct – Strategy | 361 |
394
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Anti-financial crime – Strategy | 367 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Competitive behavior – Strategy | 373 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Supply chain management – Strategy | 376 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Supply chain management – Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Data protection – Strategy | 380 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Data protection – Impact, risk and opportunity management,<br><br>metrics and targets | 380 | |||
| ESRS 2 SBM-3 | Material impacts, risks and opportunities and<br><br>their interaction with strategy and business<br><br>model | Information security | 384 | |||
| ESRS E1 | Climate change | ESG due diligence – Environmental and social due diligence –<br><br>Impact, risk and opportunity management, metrics and targets<br><br>- Policies | 233 | |||
| ESRS E1<br><br>related to ESRS<br><br>2 GOV-3 | Climate change related to Integration of<br><br>sustainability-related performance in incentive<br><br>schemes | Governance – Sustainability Governance – Integration of<br><br>sustainability-related performance in incentive schemes | 214 | |||
| ESRS E1-1 | Transition plan for climate change mitigation | Climate change - Transition Plan | 265 | |||
| ESRS E1-1 | Transition plan for climate change mitigation | Climate change – Client portfolios in Asset Management –<br><br>Strategy | 312 | |||
| ESRS E1-1<br><br>related to ESRS<br><br>2 SBM-3 | Transition plan for climate change mitigation<br><br>related to Material impacts, risks and<br><br>opportunities and their interaction with strategy<br><br>and business model | Climate change – Climate and other environmental risks –<br><br>Strategy – Resilience of the bank | 280 | |||
| ESRS E1-2 | Policies related to climate change mitigation and<br><br>adaptation | Climate change - Own operations and supply chain - Strategy | 268 | |||
| ESRS E1-2 | Policies related to climate change mitigation and<br><br>adaptation | Climate change – Climate and other environmental risks –<br><br>Impact, risk and opportunity management – Policies related to<br><br>climate change mitigation and adaptation | 286 | |||
| ESRS E1-2 | Policies related to climate change mitigation and<br><br>adaptation | Climate change – Client portfolios in Asset Management –<br><br>Impact, risk and opportunity management | 312 | |||
| ESRS E1-3 | Actions and resources in relation to climate<br><br>change policies | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS E1-3 | Actions and resources in relation to climate<br><br>change policies | Climate change – Climate and other environmental risks –<br><br>Impact, risk and opportunity management – Actions and<br><br>resources in relation to climate change | 286 | |||
| ESRS E1-3 | Actions and resources in relation to climate<br><br>change policies | Climate change – Client portfolios in Asset Management –<br><br>Impact, risk and opportunity management | 312 | |||
| ESRS E1-4 | Targets related to climate change mitigation and<br><br>adaptation | Sustainable finance - Metrics and targets | 247 | |||
| ESRS E1-4 | Targets related to climate change mitigation and<br><br>adaptation | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS E1-4 | Targets related to climate change mitigation and<br><br>adaptation | Climate change – Climate and other environmental risks –<br><br>Metrics and targets – Targets related to climate change<br><br>mitigation | 290 | |||
| ESRS E1-5 | Energy consumption and mix | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Energy<br><br>consumption and mix | 268 | |||
| ESRS E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets -<br><br>Greenhouse gas (GHG) emissions | 270 | |||
| ESRS E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - Gross<br><br>Scope 1, 2, 3 and Total GHG emissions | 274 | |||
| ESRS E1-6 | Gross Scopes 1, 2, 3 and Total GHG emissions | Climate change – Climate and other environmental risks –<br><br>Metrics and targets – Financed Emissions: Scope 3 Category 15 | 301 |
395
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS E1-7 | GHG removals and GHG mitigation projects<br><br>financed through carbon credits | Climate change - Own operations and supply chain - Impact,<br><br>risk and opportunity management, metrics and targets - GHG<br><br>removals and GHG mitigation projects | 276 | |||
| ESRS S1 | Own workforce | Stakeholder engagement and thought leadership – Employees | 228 | |||
| ESRS S1 | Own workforce | Data protection –Impact, risk and opportunity management,<br><br>metrics and targets | 380 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Strategy | 316 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Policies related to own workforce | 320 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Workforce management | 324 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management – Characteristics<br><br>of non-employees in Deutsche Bank’s own workforce | 328 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management – Hiring and<br><br>turnover | 329 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions | 333 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Performance and<br><br>reward | 338 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Work-life balance -<br><br>Well-being | 340 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion | 342 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Approach,<br><br>governance, and leadership accountability | 342 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Gender diversity | 342 | |||
| ESRS S1-1 | Policies related to own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Incidents and<br><br>complaints | 346 | |||
| ESRS S1-1 | Policies related to own workforce | Culture, integrity and conduct – Impact, risk and opportunity<br><br>management | 361 | |||
| ESRS S1-12 | Persons with disabilities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS S1-13 | Training and skills development metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions– Talent development | 335 | |||
| ESRS S1-13 | Training and skills development metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Working conditions – Performance and<br><br>reward - Performance reviews | 338 | |||
| ESRS S1-15 | Work-life balance metrics | Own workforce –Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Work-life balance | 339 | |||
| ESRS S1-15 | Work-life balance metrics | Own workforce –Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Work-life balance -<br><br>Family-related leave | 340 | |||
| ESRS S1-16 | Remuneration metrics (pay gap and total<br><br>remuneration) | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Working conditions – Performance and<br><br>reward - Annual total remuneration ratio | 339 | |||
| ESRS S1-16 | Remuneration metrics (pay gap and total<br><br>remuneration) | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Gender diversity<br><br>- Gender pay gap | 344 | |||
| ESRS S1-17 | Incidents, complaints and severe human rights<br><br>impacts | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Incidents and<br><br>complaints | 346 |
396
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS S1-2 | Processes for engaging with own workers and<br><br>workers’ representatives about impacts | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 | |||
| ESRS S1-2 | Processes for engaging with own workers and<br><br>workers’ representatives about impacts | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS S1-3 | Processes to remediate negative impacts and<br><br>channels for own workers to raise concerns | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Actions in relation to own workforce | 320 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce - Impact, risk and opportunity management,<br><br>metrics and targets - Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management | 324 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions | 333 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Work-life balance -<br><br>Well-being | 340 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Diversity and inclusion | 342 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets– Diversity and inclusion - Approach,<br><br>governance, and leadership accountability | 342 | |||
| ESRS S1-4 | Taking action on material impacts on own<br><br>workforce, and approaches to mitigating material<br><br>risks and pursuing material opportunities related<br><br>to own workforce, and effectiveness of those<br><br>actions | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets - Material impacts, risks and opportunities<br><br>for own workforce | 317 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes for engaging with own<br><br>workforce and workers’ representatives about impacts | 321 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions | 333 |
397
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions - Collective<br><br>bargaining coverage and social dialogue | 333 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion | 342 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Gender diversity | 342 | |||
| ESRS S1-5 | Targets related to managing material negative<br><br>impacts, advancing positive impacts, and<br><br>managing material risks and opportunities | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS S1-6 | Characteristics of the undertaking’s employees | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management –<br><br>Characteristics of Deutsche Bank’s employees | 324 | |||
| ESRS S1-6 | Characteristics of the undertaking’s employees | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management – Hiring and<br><br>turnover | 329 | |||
| ESRS S1-7 | Characteristics of non-employees in the<br><br>undertaking’s own workforce | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management – Characteristics<br><br>of non-employees in Deutsche Bank’s own workforce | 328 | |||
| ESRS S1-8 | Collective bargaining coverage and social<br><br>dialogue | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Working conditions – Collective<br><br>bargaining coverage and social dialogue | 333 | |||
| ESRS S1-9 | Diversity metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management – Characteristics<br><br>of Deutsche Bank’s employees | 324 | |||
| ESRS S1-9 | Diversity metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Workforce management –<br><br>Characteristics of Deutsche Bank’s employees - Employees by<br><br>age | 326 | |||
| ESRS S1-9 | Diversity metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Gender diversity | 342 | |||
| ESRS S1-9 | Diversity metrics | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Building an<br><br>inclusive culture where everyone is treated fairly | 345 | |||
| ESRS S4 | Consumers and end-users | Stakeholder engagement and thought leadership – Clients | 228 | |||
| ESRS S4 | Consumers and end-users | Data protection – Impact, risk and opportunity management,<br><br>metrics and targets | 380 | |||
| ESRS S4-1 | Policies related to consumers and end-users | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility – Selling practices<br><br>and marketing | 352 | |||
| ESRS S4-1 | Policies related to consumers and end-users | Client centricity– Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS S4-1 | Policies related to consumers and end-users | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS S4-2 | Processes for engaging with consumers and end-<br><br>users about impacts | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility – Selling practices<br><br>and marketing | 352 | |||
| ESRS S4-2 | Processes for engaging with consumers and end-<br><br>users about impacts | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS S4-2 | Processes for engaging with consumers and end-<br><br>users about impacts | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS S4-3 | Processes to remediate negative impacts and<br><br>channels for consumers and end-users to raise<br><br>concerns | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility– Selling practices<br><br>and marketing | 352 | |||
| ESRS S4-3 | Processes to remediate negative impacts and<br><br>channels for consumers and end-users to raise<br><br>concerns | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS S4-3 | Processes to remediate negative impacts and<br><br>channels for consumers and end-users to raise<br><br>concerns | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS S4-4 | Taking action on material impacts on consumers<br><br>and end-users, and approaches to managing<br><br>material risks and pursuing material opportunities<br><br>related to consumers and end-users, and<br><br>effectiveness of those actions | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Product responsibility – Selling practices<br><br>and marketing | 352 |
398
| Deutsche Bank | Additional information | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | List of ESRS Disclosure Requirements complied with | Standards and<br><br>disclosure<br><br>requirements | Disclosure requirement description | Sustainability Statement chapter | page | |
| --- | --- | --- | --- | |||
| ESRS S4-4 | Taking action on material impacts on consumers<br><br>and end-users, and approaches to managing<br><br>material risks and pursuing material opportunities<br><br>related to consumers and end-users, and<br><br>effectiveness of those actions | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client satisfaction | 354 | |||
| ESRS S4-4 | Taking action on material impacts on consumers<br><br>and end-users, and approaches to managing<br><br>material risks and pursuing material opportunities<br><br>related to consumers and end-users, and<br><br>effectiveness of those actions | Client centricity – Impact, risk and opportunity management,<br><br>metrics and targets – Client complaint management | 356 | |||
| ESRS G1-1 | Business conduct policies and corporate culture | Own workforce – Impact, risk and opportunity management,<br><br>metrics and targets – Processes to remediate negative impacts<br><br>and channels for own workforce to raise concerns | 323 | |||
| ESRS G1-1 | Business conduct policies and corporate culture | Own workforce –Impact, risk and opportunity management,<br><br>metrics and targets – Diversity and inclusion – Incidents and<br><br>complaints | 346 | |||
| ESRS G1-1 | Business conduct policies and corporate culture | Culture, integrity and conduct– Impact, risk and opportunity<br><br>management | 361 | |||
| ESRS G1-1 | Business conduct policies and corporate culture | Anti-financial crime - Impact, risk and opportunity management<br><br>- Prevention and detection of fraud, corruption, and bribery | 371 | |||
| ESRS G1-1 | Business conduct policies and corporate culture | Supply chain management – Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS G1-2 | Management of relationships with suppliers | Supply chain management –Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS G1-3 | Prevention and detection of corruption and<br><br>bribery | Anti-financial crime –Impact, risk and opportunity management<br><br>– Prevention and detection of fraud, corruption, and bribery | 371 | |||
| ESRS G1-3 | Prevention and detection of corruption and<br><br>bribery | Anti-financial crime – Metrics and targets | 372 | |||
| ESRS G1-4 | Incidents of corruption or bribery | Anti-financial crime - Impact, risk and opportunity management<br><br>- Prevention and detection of fraud, corruption, and bribery | 371 | |||
| ESRS G1-4 | Incidents of corruption or bribery | Anti-financial crime – Metrics and targets | 372 | |||
| ESRS G1-6 | Payment practices | Supply chain management – Impact, risk and opportunity<br><br>management | 377 | |||
| ESRS G1-6 | Payment practices | Supply chain management – Metrics and targets | 379 |
399
| Deutsche Bank | Additional information |
|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation |
Table of all the datapoints deriving from other EU legislation
ESRS 2 IRO-2
The table below illustrates the datapoints in ESRS 2 and topical ESRS that derive from other EU legislation as required in
ESRS 2 Appendix B.
| Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter |
|---|---|---|---|---|
| ESRS 2 GOV-1<br><br>Board's gender<br><br>diversity, paragraph 21 (d) | Indicator number 13<br><br>of Table #1 of Annex<br><br>1 | Commission<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1816 5 , Annex<br><br>II | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Diversity and<br><br>inclusion – Gender diversity<br><br>Corporate Governance Statement<br><br>– Supervisory Board – Objectives<br><br>for the composition of the<br><br>Supervisory Board, Profile of<br><br>requirements – Composition and<br><br>expertise | |
| ESRS 2 GOV-1<br><br>Percentage of board members<br><br>who are independent,<br><br>paragraph 21 (e) | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Corporate Governance Statement<br><br>– Supervisory Board – Objectives<br><br>for the composition of the<br><br>Supervisory Board, Profile of<br><br>requirements | ||
| ESRS 2 GOV-4<br><br>Statement on due<br><br>diligence, paragraph 30 | Indicator number 10<br><br>Table #3 of Annex 1 | ESG due diligence | ||
| ESRS 2 SBM-1<br><br>Involvement in activities related<br><br>to fossil fuel activities,<br><br>paragraph 40 (d) i | Indicator number 4<br><br>Table #1 of Annex 1 | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453 Table 1:<br><br>Qualitative<br><br>information on<br><br>Environmental risk<br><br>and Table 2:<br><br>Qualitative<br><br>information on Social<br><br>risk | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not applicable |
| ESRS 2 SBM-1<br><br>Involvement in activities related<br><br>to chemical<br><br>production, paragraph 40 (d) ii | Indicator number 9<br><br>Table #2 of Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not applicable | |
| ESRS 2 SBM-1<br><br>Involvement in activities related<br><br>to controversial<br><br>weapons, paragraph 40 (d) iii | Indicator number 14<br><br>Table #1 of Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Article<br><br>12(1) Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not applicable | |
| ESRS 2 SBM-1<br><br>Involvement in activities related<br><br>to cultivation and production of<br><br>tobacco, paragraph 40 (d) iv | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Article<br><br>12(1) Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not applicable | ||
| ESRS E1-1<br><br>Transition plan to reach climate<br><br>neutrality by 2050,<br><br>paragraph 14 | Regulation (EU)<br><br>2021/1119, Article<br><br>2(1) | Sustainability strategy<br><br>Climate change – Transition Plan |
400
| Deutsche Bank | Additional information | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation | Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter | |
| --- | --- | --- | --- | --- | |||
| ESRS E1-1<br><br>Undertakings excluded from<br><br>Paris-aligned Benchmarks,<br><br>paragraph 16 (g) | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453 Template<br><br>1: Banking book-<br><br>Climate Change<br><br>transition risk: Credit<br><br>quality of exposures<br><br>by sector, emissions<br><br>and residual maturity | Delegated<br><br>Regulation (EU)<br><br>2020/1818,<br><br>Article12.1 (d) to (g),<br><br>and Article 12.2 | Not applicable | ||||
| ESRS E1-4<br><br>GHG emission reduction<br><br>targets, paragraph 34 | Indicator number 4<br><br>Table #2 of Annex 1 | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453 Template<br><br>3: Banking book –<br><br>Climate change<br><br>transition risk:<br><br>alignment metrics | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Article 6 | Sustainability strategy<br><br>Climate change – Transition Plan<br><br>Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets | |||
| ESRS E1-5<br><br>Energy consumption from fossil<br><br>sources disaggregated by<br><br>sources (only high climate<br><br>impact sectors), paragraph 38 | Indicator number 5<br><br>Table #1 and<br><br>Indicator number 5<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E1-5<br><br>Energy consumption and<br><br>mix, paragraph 37 | Indicator number 5<br><br>Table #1 of Annex 1 | Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Energy consumption<br><br>and mix | |||||
| ESRS E1-5<br><br>Energy intensity associated with<br><br>activities in high climate impact<br><br>sectors, paragraphs 40 to 43 | Indicator number 6<br><br>Table #1 of Annex 1 | Not material | |||||
| ESRS E1-6<br><br>Gross Scope 1, 2, 3 and Total<br><br>GHG emissions, paragraph 44 | Indicators number 1<br><br>and 2 Table #1 of<br><br>Annex 1 | Article 449a;<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453 Template<br><br>1: Banking book –<br><br>Climate change<br><br>transition risk: Credit<br><br>quality of exposures<br><br>by sector, emissions<br><br>and residual maturity | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Article<br><br>5(1), 6 and 8(1) | Climate change – Climate and<br><br>other environmental risks – Metrics<br><br>and targets – Financed Emissions:<br><br>Scope 3 Category 15<br><br>Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Gross Scope 1, 2, 3<br><br>and Total GHG emissions | |||
| ESRS E1-6<br><br>Gross GHG emissions<br><br>intensity, paragraphs 53 to 55 | Indicator number 3<br><br>Table #1 of Annex 1 | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453 Template<br><br>3: Banking book –<br><br>Climate change<br><br>transition risk:<br><br>alignment metrics | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Article<br><br>8(1) | Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Gross Scope 1, 2, 3<br><br>and Total GHG emissions | |||
| ESRS E1-7<br><br>GHG removals and carbon<br><br>credits, paragraph 56 | Regulation (EU)<br><br>2021/1119, Article<br><br>2(1) | Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – GHG removals and<br><br>GHG mitigation projects |
401
| Deutsche Bank | Additional information | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation | Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter | |
| --- | --- | --- | --- | --- | |||
| ESRS E1-9<br><br>Exposure of the benchmark<br><br>portfolio to climate-related<br><br>physical risks, paragraph 66 | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Annex II<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not relevant for 2025 due to the<br><br>further provision of the phase-in<br><br>option | |||||
| ESRS E1-9<br><br>Disaggregation of monetary<br><br>amounts by acute and chronic<br><br>physical risk, paragraph 66 (a)<br><br>ESRS E1-9<br><br>Location of significant assets at<br><br>material physical risk,<br><br>paragraph 66 (c) | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453<br><br>paragraphs 46 and<br><br>47; Template 5:<br><br>Banking book -<br><br>Climate change<br><br>physical risk:<br><br>Exposures subject to<br><br>physical risk | Not relevant for 2025 due to the<br><br>further provision of the phase-in<br><br>option | |||||
| ESRS E1-9<br><br>Breakdown of the carrying value<br><br>of its real estate assets by<br><br>energy-efficiency<br><br>classes, paragraph 67 (c) | Article 449a<br><br>Regulation (EU) No<br><br>575/2013;<br><br>Commission<br><br>Implementing<br><br>Regulation (EU)<br><br>2022/2453<br><br>paragraph 34;<br><br>Template 2: Banking<br><br>book - Climate<br><br>change transition risk:<br><br>Loans collateralized<br><br>by immovable<br><br>property - Energy<br><br>efficiency of the<br><br>collateral | Not relevant for 2025 due to the<br><br>further provision of the phase-in<br><br>option | |||||
| ESRS E1-9<br><br>Degree of exposure of the<br><br>portfolio to climate-related<br><br>opportunities, paragraph 69 | Delegated<br><br>Regulation (EU)<br><br>2020/1818, Annex II | Sustainable finance<br><br>Climate change – Own operations<br><br>and supply chain – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets<br><br>Climate change – Climate and<br><br>other environmental risks –<br><br>Strategy – Process to identify and<br><br>assess climate-related risks:<br><br>financial materiality assessment | |||||
| ESRS E2-4<br><br>Amount of each pollutant listed<br><br>in Annex II of the E-PRTR<br><br>Regulation (European Pollutant<br><br>Release and Transfer Register)<br><br>emitted to air, water and<br><br>soil, paragraph 28 | Indicator number 8<br><br>Table #1 of Annex 1<br><br>Indicator number 2<br><br>Table #2 of Annex 1<br><br>Indicator number 1<br><br>Table #2 of Annex 1<br><br>Indicator number 3<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E3-1<br><br>Water and marine<br><br>resources, paragraph 9 | Indicator number 7<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E3-1<br><br>Dedicated policy, paragraph 13 | Indicator number 8<br><br>Table 2 of Annex 1 | Not material | |||||
| ESRS E3-1<br><br>Sustainable oceans and<br><br>seas, paragraph 14 | Indicator number 12<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E3-4<br><br>Total water recycled and<br><br>reused, paragraph 28 (c) | Indicator number 6.2<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E3-4<br><br>Total water consumption in m3<br><br>per net revenue on own<br><br>operations, paragraph 29 | Indicator number 6.1<br><br>Table #2 of Annex 1 | Not material |
402
| Deutsche Bank | Additional information | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation | Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter | |
| --- | --- | --- | --- | --- | |||
| ESRS 2 - IRO-1 - E4<br><br>paragraph 16 (a) i | Indicator number 7<br><br>Table #1 of Annex 1 | Not material | |||||
| ESRS 2 - IRO-1 - E4<br><br>paragraph 16 (b) | Indicator number 10<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS 2 - IRO-1 - E4<br><br>paragraph 16 (c) | Indicator number 14<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E4-2<br><br>Sustainable land/agriculture<br><br>practices or policies,<br><br>paragraph 24 (b) | Indicator number 11<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E4-2<br><br>Sustainable oceans/seas<br><br>practices or policies,<br><br>paragraph 24 (c) | Indicator number 12<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E4-2<br><br>Policies to address<br><br>deforestation, paragraph 24 (d) | Indicator number 15<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E5-5<br><br>Non-recycled waste,<br><br>paragraph 37 (d) | Indicator number 13<br><br>Table #2 of Annex 1 | Not material | |||||
| ESRS E5-5<br><br>Hazardous waste and<br><br>radioactive waste, paragraph 39 | Indicator number 9<br><br>Table #1 of Annex 1 | Not material | |||||
| ESRS 2 SBM-3 - S1<br><br>Risk of incidents of forced<br><br>labor, paragraph 14 (f) | Indicator number 13<br><br>Table #3 of Annex I | Not material | |||||
| ESRS 2 SBM-3 - S1<br><br>Risk of incidents of child<br><br>labor, paragraph 14 (g) | Indicator number 12<br><br>Table #3 of Annex I | Not material | |||||
| ESRS S1-1<br><br>Human rights policy<br><br>commitments, paragraph 20 | Indicator number 9<br><br>Table #3 and<br><br>Indicator number 11<br><br>Table #1 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Processes to<br><br>remediate negative impacts and<br><br>channels for own workforce to raise<br><br>concerns<br><br>Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Policies related to<br><br>own workforce | |||||
| ESRS S1-1<br><br>Due diligence policies on issues<br><br>addressed by the fundamental<br><br>International Labor<br><br>Organisation Conventions 1 to<br><br>8, paragraph 21 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Processes to<br><br>remediate negative impacts and<br><br>channels for own workforce to raise<br><br>concerns<br><br>Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Policies related to<br><br>own workforce | |||||
| ESRS S1-1<br><br>Processes and measures for<br><br>preventing trafficking in human<br><br>beings, paragraph 22 | Indicator number 11<br><br>Table #3 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Processes to<br><br>remediate negative impacts and<br><br>channels for own workforce to raise<br><br>concerns | |||||
| ESRS S1-1<br><br>Workplace accident prevention<br><br>policy or management<br><br>system, paragraph 23 | Indicator number 1<br><br>Table #3 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Working conditions –<br><br>Work-life balance – Well-being | |||||
| ESRS S1-3<br><br>Grievance/complaints handling<br><br>mechanisms, paragraph 32 (c) | Indicator number 5<br><br>Table #3 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Processes to<br><br>remediate negative impacts and<br><br>channels for own workforce to raise<br><br>concerns |
403
| Deutsche Bank | Additional information | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation | Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter | |
| --- | --- | --- | --- | --- | |||
| ESRS S1-14<br><br>Number of fatalities and<br><br>number and rate of work-<br><br>related accidents,<br><br>paragraph 88 (b) and (c) | Indicator number 2<br><br>Table #3 of Annex I | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not material | ||||
| ESRS S1-14<br><br>Number of days lost to injuries,<br><br>accidents, fatalities or<br><br>illness, paragraph 88 (e) | Indicator number 3<br><br>Table #3 of Annex I | Not material | |||||
| ESRS S1-16<br><br>Unadjusted gender pay<br><br>gap, paragraph 97 (a) | Indicator number 12<br><br>Table #1 of Annex I | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Diversity and<br><br>inclusion – Gender diversity –<br><br>Gender pay gap | ||||
| ESRS S1-16<br><br>Excessive CEO pay<br><br>ratio, paragraph 97 (b) | Indicator number 8<br><br>Table #3 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Working conditions –<br><br>Performance and reward – Annual<br><br>total remuneration ratio | |||||
| ESRS S1-17<br><br>Incidents of discrimination,<br><br>paragraph 103 (a) | Indicator number 7<br><br>Table #3 of Annex I | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Diversity and<br><br>inclusion – Gender diversity –<br><br>Incidents and complaints | |||||
| ESRS S1-17<br><br>Non-respect of UNGPs on<br><br>Business and Human Rights and<br><br>OECD guidelines,<br><br>paragraph 104 (a) | Indicator number 10<br><br>Table #1 and<br><br>Indicator number 14<br><br>Table #3 of Annex I | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1818 Art 12 (1) | Own workforce – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Diversity and<br><br>inclusion – Gender diversity –<br><br>Incidents and complaints | ||||
| ESRS 2 SBM-3 – S2<br><br>Significant risk of child labor or<br><br>forced labor in the value<br><br>chain, paragraph 11 (b) | Indicators number 12<br><br>and number 13<br><br>Table #3 of Annex I | Not material | |||||
| ESRS S2-1<br><br>Human rights policy<br><br>commitments, paragraph 17 | Indicator number 9<br><br>Table #3 and<br><br>Indicator number 11<br><br>Table #1 of Annex 1 | Not material | |||||
| ESRS S2-1<br><br>Policies related to value chain<br><br>workers, paragraph 18 | Indicator number 11<br><br>and number 4 Table<br><br>#3 of Annex 1 | Not material | |||||
| ESRS S2-1<br><br>Non-respect of UNGPs on<br><br>Business and Human Rights<br><br>principles and OECD<br><br>guidelines, paragraph 19 | Indicator number 10<br><br>Table #1 of Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1818, Art 12 (1) | Not material | ||||
| ESRS S2-1<br><br>Due diligence policies on issues<br><br>addressed by the fundamental<br><br>International Labor<br><br>Organisation Conventions 1 to<br><br>8, paragraph 19 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Not material | |||||
| ESRS S2-4<br><br>Human rights issues and<br><br>incidents connected to its<br><br>upstream and downstream<br><br>value chain, paragraph 36 | Indicator number 14<br><br>Table #3 of Annex 1 | Not material | |||||
| ESRS S3-1<br><br>Human rights policy<br><br>commitments, paragraph 16 | Indicator number 9<br><br>Table #3 of Annex 1<br><br>and Indicator number<br><br>11 Table #1 of Annex<br><br>1 | Not material | |||||
| ESRS S3-1<br><br>Non-respect of UNGPs on<br><br>Business and Human Rights, ILO<br><br>principles or/and OECD<br><br>guidelines, paragraph 17 | Indicator number 10<br><br>Table #1 Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1818, Art 12 (1) | Not material |
404
| Deutsche Bank | Additional information | |||
|---|---|---|---|---|
| Annual Report 2025 | Table of all the datapoints deriving from other EU legislation | |||
| Disclosure requirement and related<br><br>datapoint | SFDR reference | Pillar 3 reference | Benchmark<br><br>Regulation and EU<br><br>Climate Law reference | Sustainability Statement chapter |
| --- | --- | --- | --- | --- |
| ESRS S3-4<br><br>Human rights issues and<br><br>incidents, paragraph 36 | Indicator number 14<br><br>Table #3 of Annex 1 | Not material | ||
| ESRS S4-1<br><br>Policies related to consumers<br><br>and end-users, paragraph 16 | Indicator number 9<br><br>Table #3 and<br><br>Indicator number 11<br><br>Table #1 of Annex 1 | Client centricity – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Product responsibility<br><br>Client centricity – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Client complaint<br><br>management | ||
| ESRS S4-1<br><br>Non-respect of UNGPs on<br><br>Business and Human Rights and<br><br>OECD guidelines, paragraph 17 | Indicator number 10<br><br>Table #1 of Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II<br><br>Delegated<br><br>Regulation (EU)<br><br>2020/1818, Art 12 (1) | Client centricity – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Client satisfaction<br><br>Client centricity – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Client complaint<br><br>management | |
| ESRS S4-4<br><br>Human rights issues and<br><br>incidents, paragraph 35 | Indicator number 14<br><br>Table #3 of Annex 1 | Client centricity – Impact, risk and<br><br>opportunity management, metrics<br><br>and targets – Client complaint<br><br>management | ||
| ESRS G1-1<br><br>United Nations Convention<br><br>against Corruption,<br><br>paragraph 10 (b) | Indicator number 15<br><br>Table #3 of Annex 1 | Anti-financial crime – Impact, risk<br><br>and opportunity management<br><br>– Prevention and detection of<br><br>fraud, corruption, and bribery | ||
| ESRS G1-1<br><br>Protection of whistle-<br><br>blowers, paragraph 10 (d) | Indicator number 6<br><br>Table #3 of Annex 1 | Culture, integrity and conduct –<br><br>Impact, risk and opportunity<br><br>management – Speak-up and<br><br>Whistleblowing Framework | ||
| ESRS G1-4<br><br>Fines for violation of anti-<br><br>corruption and anti-bribery<br><br>laws, paragraph 24 (a) | Indicator number 17<br><br>Table #3 of Annex 1 | Delegated<br><br>Regulation (EU)<br><br>2020/1816, Annex II | Anti-financial crime – Metrics and<br><br>targets – Convictions and fines<br><br>related to violations of anti-<br><br>corruption laws | |
| ESRS G1-4<br><br>Standards of anti-corruption<br><br>and anti-bribery,<br><br>paragraph 24 (b) | Indicator number 16<br><br>Table #3 of Annex 1 | Anti-financial crime – Impact, risk<br><br>and opportunity management<br><br>– Prevention and detection of<br><br>fraud, corruption, and bribery |
405
| Deutsche Bank | Employees |
|---|---|
| Annual Report 2025 | Group Headcount |
Employees
Group Headcount
As of December 31, 2025, the bank employed a total of 89,879 employees compared to 89,753 as of December 31,
- The bank calculates its employee figures on a full-time equivalent basis, meaning it includes proportionate
numbers of part-time employees.
The following table shows the bank’s numbers of full-time equivalent employees as of December 31, 2025, 2024 and
2023.
| Employees1 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Germany | 33,386 | 35,160 | 36,195 |
| Europe (outside Germany) | 17,847 | 17,672 | 18,103 |
| Asia/Pacific, Middle East and Africa | 30,669 | 28,930 | 27,601 |
| North America2 | 7,713 | 7,744 | 8,033 |
| Latin America | 264 | 247 | 199 |
| Total employees | 89,879 | 89,753 | 90,130 |
1Full-time equivalent employees, prior year’s comparatives aligned to presentation in the current year, numbers may not add up due to rounding
2Primarily the United States
In 2025, the number of the bank’s employees increased by 126 or 0.1% mainly due to increases in Asia/Pacific, Middle
East and Africa, partly offset primarily by reductions in Germany.
–Germany ((1,773); (5.0)%) mainly driven by restructuring measures primarily in the Private Bank
–North America ((31); (0.4)%) mainly driven by decreases in Private Bank, Asset Management and almost all
infrastructure functions, partly offset by Technology, Data & Innovation
–Europe ex Germany (175; 1.0%) mainly driven by increases in Operations Center in Romania, partly offset by decreases
in Italy, the Netherlands and UK.
–Asia/Pacific, Middle East and Africa (1,739; 6.0%) primarily driven by increases in India and its Operations Center
The following table shows the distribution of full-time equivalent employees by division as of December 31, 2025, 2024
and 2023.
| Employees1 | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Corporate Bank (CB) | 18.5% | 18.0% | 17.4% |
| Investment Bank (IB) | 9.1% | 9.0% | 8.9% |
| Private Bank (PB) | 26.0% | 27.7% | 29.1% |
| Asset Management (AM) | 5.4% | 5.1% | 4.9% |
| Infrastructure | 41.1% | 40.2% | 39.7% |
1Full-time equivalent employees, prior year’s comparatives aligned to presentation in the current year, numbers may not add up due to rounding
–Corporate Bank (471; 2.9%) driven by increases in all segments
–Investment Bank (132; 1.6%) mainly driven by increases in Fixed Income & Currencies
–Private Bank ((1,558); (6.3)%) mainly driven by reductions in Germany
–Asset Management (260; 5.7%) primarily driven by strengthening Chief Technology Office
–Infrastructure functions (821; 2.3%) primarily driven by increases in Technology, Data & Innovation due to the bank’s
internalization strategy
406
| Deutsche Bank | Employees |
|---|---|
| Annual Report 2025 | Key employee figures |
Post-Employment Benefit Plans
The Group sponsors a number of post-employment benefit plans on behalf of the Group’s employees, both defined
contribution plans and defined benefit plans.
In the Group’s globally coordinated accounting process covering defined benefit plans with a defined benefit obligation
exceeding € 5 million, the Group’s global actuary reviews the valuations provided by locally appointed actuaries in each
country.
By applying the Group’s global principles for determining the financial and demographic assumptions, the Group ensures
that the assumptions are best-estimate, unbiased and mutually compatible, and that they are globally consistent.
For a further discussion on the Group’s employee benefit plans, see Note 33 “Employee Benefits” to the Group’s
consolidated financial statements.
Key employee figures
A few selected employee figures and KPIs are set forth below. For full details on Deutsche Bank’s people metrics, as well
as its strategic HR priorities and achievements, please refer to the bank’s Sustainability Statement 2025.
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Female employee by Corporate Title (headcount, in %)1 | |||
| Female Managing Directors | 23.3% | 22.8% | 22.3% |
| Female Directors | 29.5% | 28.8% | 28.0% |
| Female Vice Presidents | 36.3% | 35.6% | 34.8% |
| Female Assistant Vice Presidents & Associates | 43.0% | 42.3% | 41.9% |
| Female Non Officers | 59.4% | 59.6% | 59.0% |
| Total female employees (headcount, in %)1 | 46.4% | 46.5% | 46.3% |
| Age (in %, headcount)1,2 | |||
| Under 30 years old | 16.2% | 16.2% | 16.5% |
| 30–50 years old | 57.1% | 57.0% | 57.0% |
| Over 50 years old | 26.7% | 26.9% | 26.5% |
| Part-time employees (headcount, in %) | |||
| Germany | 25.2% | 24.5% | 24.9% |
| Europe (outside Germany) | 4.8% | 5.1% | 5.1% |
| Americas | 0.3% | 0.4% | 0.4% |
| Asia/Pacific, Middle East and Africa | 0.1% | 0.1% | 0.1% |
| Total part-time employees | 11.0% | 11.3% | 11.8% |
| Share of apprentices and dual students as percentage of permanent employees in Germany | 3.1% | 3.2% | 3.6% |
| 2025 | 2024 | 2023 | |
| Commitment index | 68.0% | 67% | 70% |
| Enablement index | 71.0% | 70% | 71% |
| Voluntary employee turnover rate | |||
| Germany | 2.4% | 2.6% | 2.5% |
| Europe (outside Germany), Middle East and Africa | 5.4% | 5.2% | 5.2% |
| Americas | 9.0% | 8.3% | 7.7% |
| Asia/Pacific | 10.2% | 9.9% | 9.5% |
| Total voluntary employee turnover rate | 6.2% | 5.9% | 5.6% |
| Sickness absence rate in %³ | 7.5% | 7.6% | 7.4% |
1Declared corporate titles of Postbank (incl. subsidiaries) are only alternative, technically derived, and not contractually defined or agreed
2Numbers may not add up due to rounding
3Sickness absence rate: (total sickness days x 100)/total regular working days, Germany
407
| Deutsche Bank | Internal Control over Financial Reporting |
|---|---|
| Annual Report 2025 | Risks in Financial Reporting |
Internal Control over Financial Reporting
General
The Management of Deutsche Bank and its consolidated subsidiaries is responsible for establishing and maintaining
adequate Internal Control over Financial Reporting (ICOFR). The Chief Financial Officer is responsible for designing and
ensuring the operational effectiveness of the bank’s internal control over financial reporting. The Supervisory Board
exercises supervision over the financial reporting process, supported in this role by the Audit Committee. In addition to
the preparation of the company’s consolidated financial statements for external reporting purposes in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and
endorsed by the European Union (EU), the bank’s internal control over financial reporting includes disclosure controls
and procedures designed to prevent misstatements.
Risks in Financial Reporting
The primary risks in financial reporting are that either financial statements do not present a true and fair view due to
inadvertent or intentional errors (fraud) or the publication of financial statements is not performed on a timely basis.
These risks may reduce investor confidence or cause reputational damage and may have legal consequences including
banking regulatory interventions. A lack of fair presentation arises when one or more financial statement amounts, or
disclosures contain misstatements (or omissions) that are material. Misstatements are deemed material if they could,
individually or in aggregate, influence economic decisions that users make because of the financial statements.
To confine those risks of financial reporting, management of the Group has established internal control over financial
reporting with the aim of providing reasonable but not absolute assurance against material misstatements. In addition, an
assessment was conducted of the effectiveness of the Group’s internal control over financial reporting. This was based
on the Internal Control Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the
Treadway Commission (COSO). COSO recommends the establishment of specific objectives to facilitate the design and
evaluate adequacy of a control system. As a result, in establishing internal control over financial reporting, management
has adopted the following financial statement objectives:
–Existence - assets and liabilities exist and transactions have occurred;
–Completeness - all transactions are recorded and account balances are included in the financial statements;
–Valuation - assets, liabilities and transactions are recorded in the financial statements at the appropriate amounts;
–Rights, Obligations and Ownership – rights, obligations and ownership are appropriately recorded as assets and
liabilities;
–Presentation and Disclosures - classification, disclosure and presentation of financial reporting is appropriate;
–Safeguarding of assets - unauthorized acquisition, use or disposition of assets is prevented or detected in a timely
manner.
However, any internal control system, including internal control over financial reporting, no matter how well conceived
and operated, can provide only reasonable, but not absolute assurance that the objectives of that control system are
met. As such, disclosure controls and procedures or systems for internal control over financial reporting may not prevent
all errors; inadvertent or intentional errors (fraud). Furthermore, projections of any evaluation of effectiveness to future
periods, are subject to the risk that controls may become inadequate because of changes in conditions, or that the
degree of compliance with policies or procedures may deteriorate over time. In addition, the design of a control system
must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their
costs.
Controls to Minimize the Risk of Financial Reporting Misstatement
The system of internal control over financial reporting includes those policies and procedures that:
–Pertain to the maintenance of records that, in reasonable detail accurately and fairly reflect the transactions and
dispositions of the company’s assets;
–Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are made only in accordance with authorizations of the company’s management; and
–Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition
of the company’s assets that could have a material effect on the financial statements.
408
| Deutsche Bank | Internal Control over Financial Reporting |
|---|---|
| Annual Report 2025 | Risks in Financial Reporting |
Measuring Effectiveness of Internal Control
Each year, the management of the Group undertakes a formal evaluation of the adequacy and effectiveness of the
system of internal control over financial reporting. This evaluation incorporates an assessment of the effectiveness of the
control environment as well as individual controls which make up the system of internal control over financial reporting
and considers:
–The financial misstatement risk of the financial statement line items, considering such factors as materiality and the
susceptibility of the financial statement item to misstatement; and
–The susceptibility of identified controls to failure, considering such factors as the degree of automation, complexity,
and risk of management override, competence of personnel and the level of judgment required.
–
These factors determine in their entirety the type and scope of the evidence required by § 315 HGB, which the
management needs to assess whether or not the established internal control over financial reporting is effective. The
evidence itself is generated from procedures integrated within the daily responsibilities of staff or from procedures
implemented specifically for purposes of the internal control over financial reporting evaluation. Information from other
sources also forms an important component of the evaluation since such evidence may either bring additional control
issues to the attention of management or may corroborate findings. Such information sources may include:
–Reports on audits carried out by or on behalf of regulatory authorities;
–External Auditor reports; and,
–Reports commissioned to evaluate the effectiveness of outsourced processes to third parties.
–
In addition, Group Audit evaluates the design and operating effectiveness of internal control over financial reporting by
performing periodic and ad hoc risk-based audits. Reports are produced summarizing the results from each audit which
are distributed to the responsible managers for the activities concerned. These reports also provide evidence to support
the annual evaluation by management of the overall operating effectiveness of internal control over financial reporting.
As a result of the evaluation, management has concluded that internal control over financial reporting is appropriately
designed and operating effectively as of December 31, 2025.
409
| Deutsche Bank | Information pursuant to Section 315a (1) of the German Commercial Code and Explanatory Report |
|---|---|
| Annual Report 2025 | System of Control of any Employee Share Scheme where the Control Rights are not Exercised Directly by the<br><br>Employees |
Information pursuant to Section 315a (1) of the
German Commercial Code and Explanatory Report
Structure of the Share Capital including Authorized and
Conditional Capital
For information regarding Deutsche Bank’s share capital please refer to Note 32 “Common Shares” to the Consolidated
Financial Statements.
Restrictions on Voting Rights or the Transfer of Shares
Under Section 136 of the German Stock Corporation Act the voting right of the affected shares is excluded by law. As far
as the bank or its subsidiaries held own shares during the year of 2025 in its portfolio according to Section 71b of the
German Stock Corporation Act no rights could be exercised. Similar restrictions combined with restrictions on disposal
are contractually imposed on employees who have been granted shares as deferred compensation with a holding
obligation. The bank is not aware of any other restrictions on voting rights or the transfer of shares.
Shareholdings which Exceed 10% of the Voting Rights
The German Securities Trading Act (Wertpapierhandelsgesetz) requires that any investor whose share of voting rights
reaches, exceeds or falls below certain thresholds as the result of purchases, disposals or otherwise, must notify the bank
and the German Federal Financial Supervisory Authority (BaFin) thereof. The lowest threshold is 3%. The bank is not
aware of any shareholder holding directly or indirectly 10% or more of the voting rights.
Shares with Special Control Rights
Shares which confer special control rights have not been issued.
System of Control of any Employee Share Scheme where the
Control Rights are not Exercised Directly by the Employees
The employees, who hold Deutsche Bank shares, exercise their control rights as other shareholders in accordance with
applicable law and the Articles of Association (Satzung).
410
| Deutsche Bank | Information pursuant to Section 315a (1) of the German Commercial Code and Explanatory Report |
|---|---|
| Annual Report 2025 | Rules Governing the Appointment and Replacement of Members of the Management Board |
Rules Governing the Appointment and Replacement of
Members of the Management Board
Pursuant to the German Stock Corporation Act (Section 84) and the Articles of Association of Deutsche Bank (Section 6)
the members of the Management Board are appointed by the Supervisory Board. The number of Management Board
members is determined by the Supervisory Board. According to the Articles of Association, the Management Board has at
least three members. The Supervisory Board may appoint one or two members of the Management Board as
Chairpersons of the Management Board. Members of the Management Board may be appointed for a maximum term of
up to five years. They may be reappointed or have their term extended for one or more terms of up to a maximum of five
years each. The German Co-Determination Act (Mitbestimmungsgesetz; Section 31) requires a majority of at least two
thirds of the members of the Supervisory Board to appoint members of the Management Board. If such majority is not
achieved, the Mediation Committee shall give, within one month, a recommendation for the appointment to the
Management Board. The Supervisory Board will then appoint the members of the Management Board with the majority
of its members. If such appointment fails, the Chairperson of the Supervisory Board shall have two votes in a new vote. If
a required member of the Management Board has not been appointed, the Local Court (Amtsgericht) in Frankfurt am
Main shall, in urgent cases, make the necessary appointments upon motion by any party concerned (Section 85 of the
Stock Corporation Act).
Pursuant to the German Banking Act (Kreditwesengesetz) and Regulation (EU) No 468/2014 of the European Central
Bank (SSM Framework Regulation) evidence must be provided to the European Central Bank (ECB), the German Federal
Financial Supervisory Authority (BaFin) and the Deutsche Bundesbank that the member of the Management Board has
adequate theoretical and practical experience of the businesses of the Bank as well as managerial experience before the
member is appointed (Sections 24 (1) No. 1 and 25c (1) of the Banking Act, Article 93 of the SSM Framework Regulation).
The Supervisory Board may revoke the appointment of an individual as member of the Management Board or as
Chairperson of the Management Board for good cause. Such cause includes in particular a gross breach of duties, the
inability to manage the Bank properly or a vote of no-confidence by the shareholders’ meeting (Hauptversammlung,
referred to as the General Meeting), unless such vote of no-confidence was made for obviously arbitrary reasons.
The ECB or the BaFin may appoint a special representative and transfer to such special representative the responsibility
and powers of individual members of the Management Board if such members are not trustworthy or do not have the
required competencies or if the credit institution does not have the required number of Management Board members. In
any such case, the responsibility and powers of the Management Board members concerned are suspended (Section 45c
(1) through (3) of the Banking Act, Article 93 (2) of the SSM Framework Regulation).
Rules Governing the Amendment of the Articles of Association
Any amendment of the Articles of Association requires a resolution of the General Meeting (Section 179 of the Stock
Corporation Act). The authority to amend the Articles of Association in so far as such amendments merely relate to the
wording, such as changes of the share capital as a result of the issuance out of authorized capital, has been assigned to
the Supervisory Board by the Articles of Association of Deutsche Bank (Section 20 (3)). Pursuant to the Articles of
Association, the resolutions of the General Meeting are taken by a simple majority of votes and, in so far as a majority of
capital stock is required, by a simple majority of capital stock, except where law or the Articles of Association determine
otherwise (Section 20 (1)). Amendments to the Articles of Association become effective upon their entry in the
Commercial Register (Section 181 (3) of the Stock Corporation Act).
411
| Deutsche Bank | Information pursuant to Section 315a (1) of the German Commercial Code and Explanatory Report |
|---|---|
| Annual Report 2025 | Powers of the Management Board to Issue or Buy Back Shares |
Powers of the Management Board to Issue or Buy Back Shares
The Annual General Meeting of May 22, 2025, authorized the Management Board pursuant to Section 71 (1) No. 7 of the
Stock Corporation Act to buy and sell, for the purpose of securities trading, own shares of Deutsche Bank AG on or
before April 30, 2030, at prices which do not exceed or fall short by more than 10% of the average of the share prices
(closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the respective three preceding stock exchange trading days. In this context, the shares
acquired for this purpose may not, at the end of any day, exceed 5% of the share capital of Deutsche Bank AG.
The Annual General Meeting of May 22, 2025, authorized the Management Board pursuant to Section 71 (1) No. 8 of the
Stock Corporation Act to buy, on or before April 30, 2030, own shares of Deutsche Bank AG in a total volume of up to
10% of the share capital at the time the resolution was taken or, if the value is lower, of the share capital at the time this
authorization is exercised. Together with own shares acquired for trading purposes and/or for other reasons and which
are from time to time in the company’s possession or attributable to the company pursuant to Sections 71a et seq. of the
Stock Corporation Act, the own shares purchased on the basis of this authorization may not at any time exceed 10% of
the company’s respectively applicable share capital. The own shares may be bought through the stock exchange or by
means of a public purchase offer to all shareholders. The consideration for the purchase of shares (excluding ancillary
purchase costs) through the stock exchange may not be more than 10% higher or more than 20% lower than the average
of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor
system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before the obligation to
purchase. In the case of a public purchase offer, it may not be more than 10% higher or more than 20% lower than the
average of the share prices (closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable
successor system on the Frankfurt Stock Exchange) on the last three stock exchange trading days before the day of
publication of the offer. If the volume of shares offered in a public purchase offer exceeds the planned buyback volume,
acceptance must be in proportion to the shares offered in each case. The preferred acceptance of small quantities of up
to 50 of the company’s shares offered for purchase per shareholder may be defined.
The Management Board has also been authorized to dispose of the purchased shares and of any shares purchased on the
basis of previous authorizations pursuant to Section 71 (1) No. 8 of the Stock Corporation Act on the stock exchange or
by an offer to all shareholders. The Management Board has been authorized to dispose of the purchased shares against
contribution-in kind and with the exclusion of shareholders’ pre-emptive rights for the purpose of acquiring companies or
shareholdings in companies or other assets that serve the company’s business operations.
The Management Board has also been authorized to use shares purchased on the basis of authorizations pursuant to
Section 71 (1) No. 8 Stock Corporation Act to issue staff shares, with the exclusion of shareholders’ pre-emptive rights, to
employees and retired employees of the company and its affiliated companies or to use them to service option rights on
shares of the company and/or rights or duties to purchase shares of the company granted to employees or members of
executive or non-executive management bodies of the company and of affiliated companies.
Furthermore, the Management Board has been authorized, with the exclusion of shareholders’ pre-emptive rights, to sell
such own shares to third parties against cash payment if the purchase price is not substantially lower than the price of
the shares on the stock exchange at the time of sale. Use may only be made of this authorization if it has been ensured
that the number of shares sold on the basis of this authorization does not exceed 10% of the company’s share capital at
the time this authorization becomes effective or, if the amount is lower, at the time this authorization is exercised. Shares
that are issued or sold during the validity of this authorization with the exclusion of pre-emptive rights, in direct or
analogous application of Section 186 (3) sentence 4 Stock Corporation Act, are to be included in the maximum limit of
10% of the share capital. Also to be included are shares that are to be issued to service option and/or conversion rights
from convertible bonds, bonds with warrants, convertible participatory rights or participatory rights, if these bond or
participatory rights are issued during the validity of this authorization with the exclusion of pre-emptive rights in
corresponding application of Section 186 (3) sentence 4 Stock Corporation Act.
The Management Board has also been authorized to cancel shares acquired on the basis of this or a preceding
authorization without the execution of this cancellation process requiring a further resolution by the Annual General
Meeting.
412
| Deutsche Bank | Information pursuant to Section 315a (1) of the German Commercial Code and Explanatory Report |
|---|---|
| Annual Report 2025 | Powers of the Management Board to Issue or Buy Back Shares |
The Annual General Meeting of May 22, 2025, authorized the Management Board pursuant to Section 71 (1) No. 8 of the
Stock Corporation Act to execute the purchase of shares under the resolved authorization also with the use of put and
call options or forward purchase contracts. The company may accordingly sell to third parties put options based on
physical delivery and buy call options from third parties if it is ensured by the option conditions that these options are
fulfilled only with shares which themselves were acquired subject to compliance with the principle of equal treatment.
All share purchases based on put or call options are limited to shares in a maximum volume of 5% of the actual share
capital at the time of the resolution by the General Meeting on this authorization. The term of the options must be
selected such that the share purchase upon exercising the option is carried out at the latest on April 30, 2030.
The purchase price to be paid for the shares upon exercise of the put options or upon the maturity of the forward
purchase may not exceed more than 10% or fall below 10% of the average of the share prices (closing auction prices of
the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the Frankfurt Stock Exchange) on
the last three stock exchange trading days before conclusion of the respective transaction in each case excluding
ancillary purchase costs but taking into account the option premium received. The call options may only be exercised if
the purchase price to be paid does not exceed by more than 10% or fall below 10% of the average of the share prices
(closing auction prices of the Deutsche Bank share in Xetra trading and/or in a comparable successor system on the
Frankfurt Stock Exchange) on the last three stock exchange trading days before the acquisition of the shares.
To the sale and cancellation of shares acquired with the use of derivatives the general rules established by the General
Meeting apply.
Own shares may continue to be purchased using existing derivatives that were agreed on the basis and during the
existence of previous authorizations.
413
| Deutsche Bank | Information pursuant to Section 315a (1) of the German Commercial Code and Explanatory Report |
|---|---|
| Annual Report 2025 | Significant Agreements which Take Effect, Alter or Terminate upon a Change of Control of the Company Following<br><br>a Takeover Bid |
Significant Agreements which Take Effect, Alter or Terminate
upon a Change of Control of the Company Following a
Takeover Bid
Significant agreements which take effect, alter or terminate upon a change of control of the company following a
takeover bid have not been entered into.
414
| Deutsche Bank | Corporate Governance Statement pursuant to Sections 289f and 315d of the German Commercial Code |
|---|---|
| Annual Report 2025 |
Corporate Governance Statement pursuant to
Sections 289f and 315d of the German Commercial
Code
The entire Corporate Governance Statement according to sections 289f and 315d of the German Commercial Code is
available on the Group’s website under https://www.db.com/ir/en/reports.htm as well as in the chapter “4 – Corporate
Governance Statement according to Sections 289f, 315d of the German Commercial Code”.
415
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Deutsche Bank AG Performance |
Standalone Parent Company information (HGB)
Introduction
Deutsche Bank AG is the parent company of Deutsche Bank Group and its most material component. The management
of Deutsche Bank Group is based on IFRS results of the bank’s business segments. Deutsche Bank AG is fully integrated
in the initiatives and target setting of Deutsche Bank Group. The performance of the Group is ultimately driving the
performance of Deutsche Bank AG. Further, the bank has utilized the option under Section 2a of the German Banking Act
(KWG) with respect to regulatory capital so that regulatory capital ratios are only applicable on Group level.
Therefore, information that has been provided regarding Deutsche Bank Group in this combined management report in
general also is relevant and applies to Deutsche Bank AG. Additional information that facilitates an understanding of
Deutsche Bank AG is contained in this section. The financial information in this section has been prepared in accordance
with the German Commercial Code (“Handelsgesetzbuch”, HGB), unless stated otherwise. Further details on financial
information prepared in accordance with HGB can be found in the notes to the financial statements for Deutsche Bank
AG in a separate report.
Deutsche Bank AG Performance
One essential parameter to evaluate the performance of the Group is the ability to make distributions to shareholders.
This ability depends on the availability of distributable profits of Deutsche Bank AG determined in accordance with HGB.
Beyond that the financial information of Deutsche Bank AG prepared in accordance with HGB is generally less relevant
to assess or steer the Group’s financial performance due to the circumstances set forth in the introduction above.
Deutsche Bank AG’s net profit amounted to € 6.2 billion in 2025, up from € 2.9 billion in 2024.
Total revenues were € 23.0 billion in 2025, up 9% year-on-year mainly due to an increase in net interest income by 21% to
€ 11.4 billion and an increase in net commission income which improved by 6% to € 7.8 billion. This was partly offset by a
decline in net trading result by 13% to € 3.7 billion.
Administrative expenses remained essentially flat at € 16.2 billion. Balance of other sundry operating income and
expenses improved to € 186 million from € (1.4) billion in 2024. This development was primarily driven by the absence of
the Postbank takeover litigation charges recorded in 2024.
Risk provisioning was € 709 million in 2025, reflecting a higher net result from securities held in the liquidity reserve. In
2024, risk provisioning was € 1.1 billion.
The operating profit of € 6.3 billion increased by € 3.8 billion compared to 2024.
The result outside operating profit was mainly driven by net positive valuation adjustments of investments in affiliated
companies of € 1.8 billion. A tax expense of € 1.7 billion led to the net income of € 6.2 billion.
The Management Board and the Supervisory Board will propose to the Annual General Meeting to pay a dividend of
€ 1.00, to appropriate € 1.5 billion to the revenue reserves and to carry forward the remaining distributable profit.
416
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Income Statement |
Income Statement
The table below provides an overview of Deutsche Bank AG’s income statement, which is followed by further information
on the individual line items.
Condensed income statement
| Change | ||||
|---|---|---|---|---|
| in € m. | 2025 | 2024 | in € m. | in % |
| Interest income1 | 41,749 | 64,857 | (23,108) | (36) |
| Current income2 | 2,289 | 1,901 | 388 | 20 |
| Total interest income | 44,038 | 66,758 | (22,720) | (34) |
| Interest expenses | 32,633 | 57,357 | (24,724) | (43) |
| Net interest income | 11,406 | 9,401 | 2,004 | 21 |
| Commission income | 10,682 | 9,646 | 1,036 | 11 |
| Commission expenses | 2,875 | 2,247 | 629 | 28 |
| Net commission income | 7,807 | 7,399 | 408 | 6 |
| Net trading result | 3,749 | 4,305 | (555) | (13) |
| thereof: addition to trading-related special reserve pursuant to Section<br><br>340e (4) HGB | (247) | — | (247) | N/M |
| Total revenues | 22,962 | 21,105 | 1,857 | 9 |
| Wages and salaries | 5,534 | 5,493 | 42 | 1 |
| Compulsory social security contributions3 | 1,299 | 891 | 408 | 46 |
| Staff expenses | 6,833 | 6,383 | 450 | 7 |
| Other administrative expenses4 | 9,320 | 9,760 | (440) | (5) |
| Administrative expenses | 16,153 | 16,143 | 10 | — |
| Balance of other operating income/expenses | 186 | (1,393) | 1,578 | (113) |
| Risk provisioning | 709 | 1,060 | (351) | (33) |
| Operating profit | 6,285 | 2,509 | 3,776 | 151 |
| Balance of other ordinary income/expenses | 1,610 | 1,333 | 277 | 21 |
| Extraordinary result | (8) | (4) | (4) | 118 |
| Releases from/(Additions) to the fund for general banking risks | — | — | — | — |
| Income before taxes | 7,887 | 3,838 | 4,049 | 105 |
| Taxes | 1,703 | 955 | 749 | 78 |
| Net income (loss) | 6,183 | 2,883 | 3,300 | 114 |
| Profit carried forward from the previous year | 143 | 575 | (432) | (75) |
| 6,327 | 3,458 | 2,868 | 83 | |
| Allocations to revenue reserves | 2,750 | 1,200 | 1,550 | 129 |
| to other revenue reserves | 2,750 | 1,200 | 1,550 | 129 |
| Distributable profit | 3,577 | 2,258 | 1,318 | 58 |
N/M - Not meaningful
1From lending and money market business, fixed-income securities and government inscribed debt
2From equity shares and other variable-yield securities, participating interests and investments in affiliated companies (including profit transfer agreements)
3Including expenses for pensions and other employee benefits
4Including scheduled depreciation on tangible and intangible assets
Net interest income
Net interest income was € 11.4 billion in 2025, an increase of € 2.0 billion compared to 2024. Current income, up by
€ 388 million, reflected higher contributions from affiliated companies. The net interest result from lending and
securities less interest expenses increased by € 1.6 billion, mainly driven by a higher net interest income from derivatives
and lower interest expenses on securitized liabilities.
Net commission income
Net commission income was € 7.8 billion in 2025, an increase of € 408 million compared to 2024. The increase was
mainly driven by higher brokerage fees and management fees for assets under management in the Private Bank. In
addition, higher commission fee income for other customer services contributed to the increase.
Net trading result
Net trading result amounted to € 3.7 billion in 2025, compared to € 4.3 billion in 2024. This development was mainly
driven by higher negative effects from currency translation and the addition to the trading-related special reserve
pursuant to Section 340e (4) HGB in the amount of € 247 million.
417
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Income Statement |
Staff expenses and other administrative costs
Staff expenses increased by € 450 million to € 6.8 billion in 2025 compared to € 6.4 billion in 2024. This increase was
driven by higher expenses for defined benefit plans.
Geographical breakdown of the bank’s staff (full-time-equivalent)
| Staff (full-time equivalents)1 | Dec 31, 2025 | Dec 31, 2024 | Change |
|---|---|---|---|
| Germany | 22,715 | 23,362 | (647) |
| Europe excl. Germany | 7,613 | 7,568 | 45 |
| Americas | 396 | 413 | (17) |
| Africa/Asia/Australia | 5,277 | 5,149 | 128 |
| Total | 36,001 | 36,492 | (491) |
1Staff (full-time equivalent) = total headcount adjusted proportionately for part time staff, excluding apprentices and interns
The decrease in the number of employees in Germany primarily results from a decrease of the number of employees in
Private Bank. In the region Africa/Asia/Australia the number of employees increased primarily in India, mainly driven by
staff increases in control functions, particularly in the areas Anti-Financial Crime and Group Audit & Investigations.
Other administrative expenses were € 9.3 billion in 2025 compared to € 9.8 billion in 2024. Therein, administrative
expenses (excluding scheduled depreciation and amortization on tangible and intangible assets) decreased by
€ 450 million. This development was mainly driven by lower maintenance costs and costs for IT-equipment. Scheduled
depreciation and amortization of tangible and intangible assets increased by € 10 million.
Net balance of operating income and expenses
The balance of other operating income/expenses was € 186 million in 2025, compared to € (1.4) billion in 2024. This
increase was mainly driven by the absence of the Postbank takeover litigation charges recorded in 2024.
Net risk provisioning
Net expense from risk provisioning, consisting of changes in credit related risk provisioning and the net result from
securities held in the liquidity reserve, amounted to € 709 million in 2025, compared to € 1.1 billion in 2024. This
development was mainly attributable to an increase in net result from securities held in the liquidity reserve, up by
€ 618 million, due to lower interest rate levels. Provisioning in the loan business increased by € 267 million.
Net balance of other ordinary income/expenses
The balance of other ordinary income and expenses, consisting of net valuation adjustments of investments in affiliated
companies, write-downs and non-scheduled depreciation of tangible and intangible assets and expenses from loss take-
over, was € 1.6 billion in 2025, compared to € 1.3 billion in 2024.
Net valuation adjustments and net results from disposals of investments in affiliated companies amounted to € 1.8 billion
in 2025 compared to € 1.6 billion in 2024, mainly relating to the bank’s franchise in the U.S. and several subsidiaries in
Europe.
Write-downs and non-scheduled depreciation of tangible and intangible assets amounted to € 121 million in 2025
compared to € 195 million in 2024 and were mainly attributable to buildings.
Expenses from loss take-over amounted to € 41 million in 2025 compared to € 54 million in 2024.
418
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Income Statement |
Extraordinary result
Net extraordinary income and expenses were € (8) million in 2025, compared to € (4) million in 2024 and were primarily
driven by restructuring activities.
Taxes
In 2025, the bank recorded a tax expense of € 1.7 billion compared to a tax expense of € 955 million in the prior year. The
tax expense in 2025 and the prior year’s tax expense was primarily affected by tax exempt income.
Net profit and proposed appropriation
Deutsche Bank AG recorded a net profit of € 6.2 billion in 2025, compared to a net profit of € 2.9 billion in 2024.
After an addition to revenue reserves of € 2.8 billion, the 2025 distributable profit amounted to € 3.6 billion. The Bank
will propose to the Annual General Meeting a dividend of € 1.00 per share. This will reduce the distributable profit by up
to € 1.9 billion, depending on the number of shares outstanding at the record date. It will also be proposed to
appropriate additional € 1.5 billion to revenue reserves and to carry forward the remaining distributable profit.
419
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Balance Sheet |
Balance Sheet
The table below provides an overview of Deutsche Bank AG’s balance sheet, which is followed by further information on
the individual line items.
Condensed balance sheet
| Change | ||||
|---|---|---|---|---|
| in € m. | Dec 31, 2025 | Dec 31, 2024 | in € m. | in % |
| Assets | ||||
| Receivables from banks and customers incl. balances with central banks<br><br>and debt instruments of public-sector entities | 703,256 | 685,315 | 17,941 | 3% |
| Participating interests and investments in affiliated companies | 32,964 | 31,923 | 1,041 | 3% |
| Bonds and other securities and equity shares | 106,845 | 83,732 | 23,113 | 28% |
| Trading Assets | 318,181 | 301,057 | 17,124 | 6% |
| Remaining other assets | 25,129 | 26,375 | (1,247) | (5)% |
| Total assets | 1,186,374 | 1,128,403 | 57,972 | 5% |
| Liabilities and Shareholders' Equity | ||||
| Liabilities to banks and customers | 713,207 | 678,503 | 34,704 | 5% |
| Liabilities in certificate form | 104,010 | 100,993 | 3,017 | 3% |
| Trading liabilities | 241,033 | 216,798 | 24,235 | 11% |
| Provisions | 7,648 | 7,632 | 17 | 0% |
| Capital and reserves | 48,669 | 44,884 | 3,785 | 8% |
| Subordinated liabilities, Participation rights capital, Instruments for<br><br>Additional Tier 1 Regulatory Capital and Fund for general banking risks | 24,250 | 27,966 | (3,716) | (13)% |
| Remaining other liabilities | 47,557 | 51,627 | (4,070) | (8)% |
| Total liabilities and shareholders' equity | 1,186,374 | 1,128,403 | 57,972 | 5% |
As of December 31, 2025, the total balance sheet of € 1.2 trillion was slightly higher compared to year-end 2024.
Total credit extended
Total credit extended (excluding reverse repos and securities spot deals) increased by € 4.0 billion, primarily driven by an
increase in claims on customers.
Total credit extended (excluding acceptance loans, reverse repos and securities spot deals)
| Change | ||||
|---|---|---|---|---|
| in € m. | Dec 31, 2025 | Dec 31, 2024 | in € bn. | in % |
| Claims on customers | 420,744 | 417,376 | 3,368 | 1% |
| with a residual period of | ||||
| up to 5 years1 | 313,297 | 301,331 | 11,966 | 4% |
| over 5 years | 107,447 | 116,045 | (8,598) | (7)% |
| Loans to banks | 52,232 | 51,573 | 659 | 1% |
| with a residual period of | ||||
| up to 5 years1 | 35,600 | 36,811 | (1,211) | (3)% |
| over 5 years | 16,632 | 14,763 | 1,870 | 13% |
| Total | 472,995 | 468,985 | 4,010 | 1% |
1Including those repayable on demand and those with an indefinite period
Receivables from banks (excluding loans) outside trading increased by € 12.0 billion, driven by an increase in short-term
receivables.
Investments in affiliated companies
Investments in affiliated companies increased by € 1.0 billion, primarily driven by reversal of prior write-downs on
affiliated companies in the U.S. and Europe.
Securities
The bank’s securities portfolio (excluding trading assets) increased by € 23.1 billion, primarily driven by an increase in
bond positions in the bank’s fixed assets portfolio.
420
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Balance Sheet |
Trading assets
Trading assets increased by € 17.1 billion, primarily driven by an increase in bond positions, traded receivables from
reverse repo transactions and precious metals, partly offset by a decrease in positive market values from trading
derivatives.
Deposits and securitized liabilities
Liabilities to banks decreased by € 887 million, primarily driven by outflows in deposits.
Liabilities to customers increased by € 35.6 billion, primarily driven by higher inflows in deposits repayable on demand.
Liabilities in certificate form increased by € 3.0 billion, mainly driven by an increase in short-term borrowings.
Breakdown of liabilities
| Change | ||||
|---|---|---|---|---|
| in € bn. | Dec 31, 2025 | Dec 31, 2024 | in € bn. | in % |
| Liabilities to banks | 138,372 | 139,259 | (887) | (1)% |
| repayable on demand | 78,148 | 73,553 | 4,595 | 6% |
| with agreed period or notice period | 60,224 | 65,706 | (5,482) | (8)% |
| Liabilities to customers | 574,835 | 539,244 | 35,591 | 7% |
| Savings deposits | 65,844 | 66,833 | (989) | (1)% |
| Other liabilities | ||||
| repayable on demand | 353,071 | 319,520 | 33,550 | 11% |
| with agreed period or notice period | 155,921 | 152,884 | 3,037 | 2% |
| Liabilities in certificate form | 104,010 | 100,993 | 3,017 | 3% |
| Bonds and notes issued | 88,145 | 89,171 | (1,026) | (1)% |
| Other liabilities in certificate form | 15,865 | 11,823 | 4,042 | 34% |
| thereof: Money market instruments | 14,393 | 10,997 | 3,396 | 31% |
Trading liabilities
Trading liabilities increased by € 24.2 billion, mainly attributable to an increase in traded liabilities from repo transactions,
partly offset by a decrease in negative market values from trading derivatives.
Subordinated liabilities
Subordinated liabilities decreased by € 3.6 billion, primarily driven by repayments.
Instruments for Additional Tier 1 regulatory capital
Instruments for Additional Tier 1 regulatory capital as of December 31, 2025, amounted to € 11.8 billion compared to
€ 12.2 billion as of December 31, 2024, driven by the redemption of two issuances, partly offset by two new issuances.
Capital and reserves
Deutsche Bank AG’s capital and reserves as of December 31, 2025, increased by € 3.8 billion to € 48.7 billion, compared
to € 44.9 billion as of December 31, 2024. The increase is mainly attributable to the distributable profit generated in
2025 as well as increase of other revenue reserves. These positive effects were partially offset by the effects from share
cancellation and cash dividends paid to Deutsche Bank shareholders.
Consistent with prior years, the Bank has utilized the option available under Section 2a of the German Banking Act (KWG)
with respect to its regulatory capital and presents capital requirements for Deutsche Bank Group only.
Overall the bank maintained its stable funding, high liquidity base and solid regulatory capital position which is based on
Group capital. For further details, please refer to the liquidity risk and capital adequacy sections in the Risk Report.
421
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Management of Deutsche Bank AG within the Group |
Management of Deutsche Bank AG within the Group
The content in this chapter should be read in conjunction with the respective group sections in this Annual Report,
especially “Risk Report”, “Outlook”, “Risks and Opportunities” and “Internal control over financial reporting”.
Risk Management
The impact of the risks on Deutsche Bank AG cannot be isolated from the effects on Deutsche Bank’s other legal entities,
mainly driven by:
–The Group’s management structure, including its business segments follows its customers’ needs. The legal structure
is determined by local legislation and therefore does not necessarily follow the management structure. For example,
local legislation can determine whether the Group’s business in a certain country is conducted by a branch of
Deutsche Bank AG or by a separate subsidiary. However, the management has to monitor the risks in the bank’s
business – irrespective of whether it is transacted by a branch or a subsidiary.
–Adequate risk monitoring and management requires knowledge of the extent to which the Group’s profit situation
depends on the development of certain risk factors, i.e., on the creditworthiness of individual customers or securities
issuers or on movements in market prices. The respective exposures therefore need to be analyzed across legal
entities. Especially for the credit risk attached to a borrower, as it is irrelevant whether the credit exposure to a
company is spread over several Group companies or concentrated on Deutsche Bank AG. Separate monitoring of the
risk affecting Deutsche Bank AG alone would neglect the potential exposure facing the Group and, indirectly,
Deutsche Bank AG – as the parent – if the company became insolvent.
–Individual risk factors are sometimes correlated, and in some cases, they are independent of each other. If estimates of
the nature and extent of this correlation are available, the Group’s management can significantly reduce the overall
risk by diversifying its businesses across customer groups, issuers and countries. The risk correlation is also
independent of the Group’s legal and divisional structure. Therefore, management can only optimize the risk-
mitigating effects of diversification if it manages them Group-wide and across legal entities.
For the reasons mentioned, the identification, monitoring and management of all risks in Deutsche Bank AG are
integrated into the Group-wide risk management process. Following Group policies, Deutsche Bank AG adheres to the
respective legal and regulatory requirements.
The Liquidity Coverage Ratio (LCR) of Deutsche Bank AG stands at 144% as of December 31, 2025, compared to 122% as of
December 31, 2024. The Net Stable Funding Ratio (NSFR) amounts to 109% as of December 31, 2025, compared to 111%
as of December 31, 2024. Both ratios are calculated separately to ensure an appropriate level of liquidity and stable
funding at Deutsche Bank AG.
Outlook and Strategy
Deutsche Bank AG as the parent company of the Group defines the strategy and planning for the individual Group
Divisions. Deutsche Bank AG participates in the results of the Group Divisions through own activities and profit
distribution from subsidiaries. Therefore, the Group’s outlook encompasses all Group Divisions and is not limited to the
parent company. In addition, financial key performance indicators are solely defined on Group level, except for the
amount of distributable profit.
422
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Management of Deutsche Bank AG within the Group |
Risks and Opportunities
Risks
Deutsche Bank AG as a solo entity reporting under HGB faces additional risks compared to the Group in that certain
transactions in a given year may lead to higher or lower losses than in the Group financial statements prepared under
IFRS. The following items carry significant risk in this respect:
–Potential valuation adjustments of investments in affiliated companies, driven by local political and economic
environment, increased local regulatory requirements, restructuring or changes of share prices of listed investments.
–Increase in long-term provisions, especially pension obligations, despite rises in interest rate levels caused by the
discounting with average interest rates according to Section 253 (2) German Commercial Code.
–Negative valuation adjustments to plan assets, especially in an environment of rising interest rate levels. Due to the
above-mentioned valuation methodology, there might be no offsetting effect from lower pension obligations if
interest rates are rising.
–Potential requirement to set up a provision according to German accounting pronouncement IDW RS BFA 3 in case
the interest-bearing banking book does not generate an interest margin sufficient to cover expected credit risk costs
and administrative expenses. A return of a persisting low interest rate environment and the treatment of coupon
payments related to the AT1 instruments as expenses under HGB increase this risk.
In addition, profits or retained earnings from affiliated companies might not be available for distributions to Deutsche
Bank AG to support targeted dividend payments by Deutsche Bank AG in line with the group payout ratio.
Opportunities
Deutsche Bank AG as a solo entity reporting under HGB may have additional opportunities compared to the Group in
that respect that certain transactions in a given year are reported in a more beneficial manner than for the Group under
IFRS, such as realized gains which may be recognized in the income statement under IFRS in an earlier period.
In addition, there is the possibility that Deutsche Bank AG as parent entity shows profits in a given year that are higher
than its contribution to the Group’s net income, resulting from increased profit distributions from affiliated companies.
Internal control over financial reporting
The controls that are performed for the Group’s Annual Statements under IFRS apply to the bank’s financial statements
under HGB accordingly. In addition to these controls, specific HGB related controls are implemented which include:
–Inter-branch reconciliation and elimination are performed for HGB specific balances
–Analytical reviews of revaluation and reclassification items between IFRS and HGB on the level of foreign branches
and the German headquarters
423
| Deutsche Bank | Standalone Parent Company information (HGB) |
|---|---|
| Annual Report 2025 | Sustainability Statement for Deutsche Bank AG |
Sustainability Statement for Deutsche Bank AG
Deutsche Bank AG as the parent company of the Group defines the governance, strategy, impact, risk and opportunity
management, metrics and targets for material sustainability matters. As Deutsche Bank AG substantially represents the
Group for key metrics (e.g., total assets of the Group), such key sustainability elements are solely defined at Group level
with the exception of specifically highlighted subsidiaries as outlined in the Sustainability Statement of Deutsche Bank
Group. Therefore, the details pursuant to Section 340a (1a) German Commercial Code (HGB) in conjunction with Section
289b (3) HGB can be found in the Sustainability Statement within the Combined Management Report of this Annual
Report. As the Corporate Sustainability Reporting Directive (CSRD) issued by the European Union was not transposed
into German law as of December 31, 2025, the bank applied the European Sustainability Reporting Standards (ESRS) as
reporting framework as allowed by Section 289d HGB and, on that basis, discloses governance, strategy, impact, risk and
opportunity management, metrics and targets for material sustainability matters.
| 2 | |||
|---|---|---|---|
| Consolidated<br><br>Financial Statements | |||
| 425 | Consolidated Statement of Income | 509 | 21 — Property and Equipment |
| 426 | Consolidated Statement of Comprehensive<br><br>Income | 511 | 22 — Leases |
| 427 | Consolidated Balance Sheet | 512 | 23 — Goodwill and Other Intangible Assets |
| 428 | Consolidated Statement of Changes in<br><br>Equity | 517 | 24 — Non-Current Assets and Disposal Groups Held<br><br>for Sale |
| 429 | Consolidated Statement of Cash Flows | 518 | 25 — Other Assets and Other Liabilities |
| 431 | Notes to the consolidated financial<br><br>statements | 518 | 26 — Deposits |
| 431 | 01 — Material accounting policies and critical<br><br>accounting estimates | 519 | 27 — Provisions |
| 455 | 02 — Recently adopted and new accounting<br><br>pronouncements | 528 | 28 — Credit related commitments and contingent<br><br>liabilities |
| 457 | 03 — Acquisitions and dispositions | 529 | 29 — Other Short-Term Borrowings |
| 458 | 04 — Business segments and related information | 529 | 30 — Long-Term Debt and Trust Preferred Securities |
| 530 | 31 — Maturity Analysis of the earliest contractual<br><br>undiscounted cash flows of Financial Liabilities | ||
| 471 | Notes to the consolidated income<br><br>statement | ||
| 471 | 05 — Net interest income and net gains (losses) on<br><br>financial assets/liabilities at fair value through profit<br><br>or loss | 532 | Additional Notes |
| 473 | 06 — Commissions and fee income | 532 | 32 — Common Shares |
| 475 | 07 — Net gains (losses) from derecognition of<br><br>financial assets measured at amortized cost | 533 | 33 — Employee Benefits |
| 475 | 08 — Other income (loss) | 551 | 34 — Income Taxes |
| 475 | 09 — General and administrative expenses | 554 | 35 — Derivatives |
| 476 | 10 — Restructuring | 559 | 36 — Related Party Transactions |
| 477 | 11 — Earnings per share | 561 | 37 — Information on Subsidiaries |
| 478 | Notes to the consolidated balance sheet | 563 | 38 — Structured entities |
| 478 | 12 — Financial assets/liabilities at fair value through<br><br>profit or loss | 568 | 39 — Current and non-current assets and liabilities |
| 480 | 13 — Financial Instruments carried at Fair Value | 569 | 40 — Events after the reporting period |
| 495 | 14 — Fair Value of Financial Instruments not carried<br><br>at Fair Value | 570 | 41 — Regulatory capital information |
| 497 | 15 — Financial assets at fair value through other<br><br>comprehensive income | 575 | 42 — Supplementary information to the<br><br>consolidated financial statements according to<br><br>Sections 297 (1a)/314 HGB and the return on assets<br><br>according to Article 26a of the German Banking Act |
| 497 | 16 — Equity Method Investments | 577 | 43 — Country by country reporting |
| 498 | 17 — Offsetting Financial Assets and Financial<br><br>Liabilities | 579 | 44 — Shareholdings |
| 502 | 18 — Loans | ||
| 503 | 19 — Allowance for Credit Losses | ||
| 506 | 20 — Transfer of Financial Assets, Assets Pledged<br><br>and Received as Collateral | 601 | Confirmations |
425
| Deutsche Bank | Consolidated Statement of Income |
|---|---|
| Annual Report 2025 |
Consolidated Statement of Income
| in € m. | Notes | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Interest and similar income1 | 5 | 44,458 | 49,358 | 44,074 |
| Interest expense | 5 | 28,767 | 36,292 | 30,472 |
| Net interest income | 5 | 15,691 | 13,065 | 13,602 |
| Provision for credit losses | 19 | 1,707 | 1,830 | 1,505 |
| Net interest income after provision for credit losses | 13,985 | 11,235 | 12,097 | |
| Net commission and fee income | 6 | 10,891 | 10,372 | 9,206 |
| Net gains (losses) on financial assets/liabilities at fair value through profit or<br><br>loss | 5 | 5,160 | 5,987 | 4,947 |
| Net gains (losses) from derecognition of financial assets measured at<br><br>amortized cost | 7 | 9 | (11) | (96) |
| Net gains (losses) on financial assets at fair value through other<br><br>comprehensive income | 49 | 48 | (—) | |
| Net income (loss) from equity method investments | 16 | (6) | 12 | (38) |
| Other income (loss) | 8 | 300 | 619 | 1,259 |
| Total noninterest income | 16,404 | 17,027 | 15,277 | |
| Compensation and benefits | 33 | 11,813 | 11,731 | 11,131 |
| General and administrative expenses | 9 | 8,860 | 11,243 | 10,112 |
| Impairment of goodwill and other intangible assets | 23 | — | — | 233 |
| Restructuring activities | 10 | (15) | (3) | 220 |
| Total noninterest expenses | 20,658 | 22,971 | 21,695 | |
| Profit (loss) before income taxes | 9,731 | 5,291 | 5,678 | |
| Income tax expense (benefit) | 34 | 2,592 | 1,786 | 787 |
| Profit (loss) | 7,139 | 3,505 | 4,892 | |
| Profit (loss) attributable to noncontrolling interests | 208 | 139 | 119 | |
| Profit (loss) attributable to Deutsche Bank shareholders and additional<br><br>equity components | 6,931 | 3,366 | 4,772 |
1Interest and similar income included € 32.5 billion, € 36.9 billion and € 34.5 billion for the year ended December 31, 2025, 2024 and 2023, respectively, calculated based
on effective interest method
Earnings per Share
| Notes | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Earnings per share:1 | 11 | |||
| Basic | €3.16 | €1.40 | €2.07 | |
| Diluted | €3.09 | €1.37 | €2.03 | |
| Number of shares in million: | ||||
| Denominator for basic earnings per share –<br><br>weighted-average shares outstanding | 1,954.5 | 1,993.6 | 2,064.1 | |
| Denominator for diluted earnings per share –<br><br>adjusted weighted-average shares after assumed conversions | 1,998.0 | 2,039.3 | 2,104.0 |
1Earnings were adjusted by € 761 million before tax in 2025 for the coupons paid on Additional Tier 1 Notes, thereof € 728 million in the second quarter and € 32 million in
the fourth quarter of 2025. In the second quarters of 2024 and 2023 earnings were adjusted by € 574 million and € 498 million before tax respectively for the coupons
paid on Additional Tier 1 Notes.. The coupons paid on Additional Tier 1 Notes are not attributable to Deutsche Bank shareholders and therefore need to be deducted in
the calculation in accordance with IAS 33.
The accompanying notes are an integral part of the Consolidated Financial Statements.
426
| Deutsche Bank | Consolidated Statement of Comprehensive Income |
|---|---|
| Annual Report 2025 |
Consolidated Statement of Comprehensive Income
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Profit (loss) recognized in the income statement | 7,139 | 3,505 | 4,892 |
| Other comprehensive income | |||
| Items that will not be reclassified to profit or loss | |||
| Remeasurement gains (losses) related to defined benefit plans, before tax | 27 | 264 | (286) |
| Net fair value gains (losses) attributable to credit risk related to financial<br><br>liabilities designated as at fair value through profit or loss, before tax | (115) | (180) | (62) |
| Total of income tax related to items that will not be reclassified to profit or loss | (115) | (61) | 155 |
| Items that are or may be reclassified to profit or loss | |||
| Financial assets at fair value through other comprehensive income | |||
| Unrealized net gains (losses) arising during the period, before tax | 638 | (332) | 25 |
| Realized net (gains) losses arising during the period (reclassified to profit or loss),<br><br>before tax | (49) | (48) | — |
| Derivatives hedging variability of cash flows | |||
| Unrealized net gains (losses) arising during the period, before tax | (42) | (242) | 439 |
| Realized net (gains) losses arising during the period (reclassified to profit or loss),<br><br>before tax | (44) | 234 | 395 |
| Assets classified as held for sale | |||
| Unrealized net gains (losses) arising during the period, before tax | — | — | — |
| Realized net (gains) losses arising during the period (reclassified to profit or loss),<br><br>before tax | — | — | — |
| Foreign currency translation | |||
| Unrealized net gains (losses) arising during the period, before tax | (3,330) | 833 | (1,294) |
| Realized net (gains) losses arising during the period (reclassified to profit or loss),<br><br>before tax | (9) | 3 | (3) |
| Equity Method Investments | |||
| Net gains (losses) arising during the period | 31 | (2) | (25) |
| Total of income tax related to items that are or may be reclassified to profit or loss | (133) | 264 | 18 |
| Other comprehensive income (loss), net of tax | (3,140) | 731 | (637) |
| Total comprehensive income (loss), net of tax | 3,999 | 4,236 | 4,255 |
| Attributable to: | |||
| Noncontrolling interests | 107 | 192 | 77 |
| Deutsche Bank shareholders and additional equity components | 3,892 | 4,044 | 4,178 |
The accompanying notes are an integral part of the Consolidated Financial Statements.
427
| Deutsche Bank | Consolidated Balance Sheet |
|---|---|
| Annual Report 2025 |
Consolidated Balance Sheet
| in € m. | Notes | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|---|
| Assets: | |||
| Cash and central bank balances | 164,659 | 147,494 | |
| Interbank balances (w/o central banks) | 6,962 | 6,160 | |
| Central bank funds sold and securities purchased under resale agreements | 20 | 37,509 | 40,803 |
| Securities borrowed | 20 | 6 | 44 |
| Financial assets at fair value through profit or loss | |||
| Trading assets | 153,811 | 139,772 | |
| Positive market values from derivative financial instruments | 241,328 | 291,754 | |
| Non-trading financial assets mandatory at fair value through profit and loss | 124,495 | 114,324 | |
| Financial assets designated at fair value through profit or loss | — | — | |
| Total financial assets at fair value through profit or loss | 12, 13, 20, 35 | 519,635 | 545,849 |
| Financial assets at fair value through other comprehensive income | 15 | 43,644 | 42,090 |
| Equity method investments | 16 | 924 | 1,028 |
| Loans at amortized cost | 18, 19, 20 | 472,620 | 478,921 |
| Property and equipment | 21, 22 | 5,924 | 6,193 |
| Goodwill and other intangible assets | 23 | 7,561 | 7,749 |
| Other assets 1 | 24, 25 | 167,472 | 101,207 |
| Assets for current tax | 1,609 | 1,801 | |
| Deferred tax assets | 34 | 6,544 | 7,839 |
| Total assets | 1,435,067 | 1,387,177 | |
| Liabilities and equity: | |||
| Deposits | 26 | 691,828 | 666,261 |
| Central bank funds purchased and securities sold under repurchase agreements | 20 | 4,177 | 3,740 |
| Securities loaned | 20 | 2 | 2 |
| Financial liabilities at fair value through profit or loss | |||
| Trading liabilities | 42,879 | 43,498 | |
| Negative market values from derivative financial instruments | 225,775 | 276,395 | |
| Financial liabilities designated at fair value through profit or loss | 115,055 | 92,047 | |
| Investment contract liabilities | 469 | 454 | |
| Total financial liabilities at fair value through profit or loss | 12, 13, 20, 35 | 384,179 | 412,395 |
| Other short-term borrowings | 29 | 18,204 | 9,895 |
| Other liabilities 1 | 22, 24, 25 | 137,713 | 95,631 |
| Provisions | 19, 27 | 2,408 | 3,326 |
| Liabilities for current tax | 694 | 720 | |
| Deferred tax liabilities | 34 | 623 | 590 |
| Long-term debt | 30 | 114,754 | 114,899 |
| Trust preferred securities | 30 | 283 | 287 |
| Total liabilities | 1,354,863 | 1,307,745 | |
| Common shares, no par value, nominal value of € 2.56 | 32 | 4,891 | 5,106 |
| Additional paid-in capital | 38,281 | 39,744 | |
| Retained earnings | 28,096 | 23,368 | |
| Common shares in treasury, at cost | 32 | (185) | (713) |
| Accumulated other comprehensive income (loss), net of tax | (4,150) | (1,229) | |
| Total shareholders’ equity | 66,933 | 66,276 | |
| Additional equity components | 11,708 | 11,550 | |
| Noncontrolling interests | 1,562 | 1,606 | |
| Total equity | 80,203 | 79,432 | |
| Total liabilities and equity | 1,435,067 | 1,387,177 |
1Includes non-current assets and disposal groups held for sale.
The accompanying notes are an integral part of the Consolidated Financial Statements.
428
| Deutsche Bank | Consolidated statement of changes in equity |
|---|---|
| Annual Report 2025 |
Consolidated Statement of Changes in Equity
| Unrealized net gains (losses) | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Common shares<br><br>(no par value) | Additional<br><br>paid-in capital | Retained<br><br>earnings | Common shares<br><br>in treasury,<br><br>at cost | On financial<br><br>assets at fair<br><br>value through<br><br>other<br><br>compre-<br><br>hensive<br><br>income,<br><br>net of tax2 | Attributable to<br><br>change in own<br><br>credit risk of<br><br>financial<br><br>liabilities<br><br>designated as<br><br>at fair value<br><br>through profit<br><br>and loss,<br><br>net of tax2 | On<br><br>derivatives<br><br>hedging<br><br>variability of<br><br>cash flows,<br><br>net of tax2 | On assets<br><br>classified as<br><br>held for sale,<br><br>net of tax2 | Foreign<br><br>currency<br><br>translation,<br><br>net of tax2 | Unrealized<br><br>net gains<br><br>(losses) from<br><br>equity method<br><br>investments | Accumula-<br><br>ted other<br><br>comprehen-<br><br>sive income,<br><br>net of tax1 | Total<br><br>shareholders’<br><br>equity | Additional<br><br>equity<br><br>components3 | Noncontrolling<br><br>interests | Total equity |
| Balance as of December 31, 2022 | 5,291 | 40,513 | 17,800 | (331) | (986) | 62 | (570) | — | 171 | 10 | (1,314) | 61,959 | 8,578 | 1,791 | 72,328 |
| Total comprehensive income (loss), net of tax1 | — | — | 4,772 | — | 133 | (43) | 592 | — | (1,111) | (16) | (445) | 4,327 | — | 78 | 4,404 |
| Gains (losses) attributable to equity instruments designated as at fair value through<br><br>other comprehensive income, net of tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gains (losses) upon early extinguishment attributable to change in own credit risk of<br><br>financial liabilities designated as at fair value through profit and loss, net of tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Common shares cancelled5 | (68) | (232) | — | 300 | — | — | — | — | — | — | — | — | — | — | — |
| Cash dividends paid | — | — | (610) | — | — | — | — | — | — | — | — | (610) | — | (100) | (710) |
| Coupon on additional equity components, before tax | — | — | (498) | — | — | — | — | — | — | — | — | (498) | — | — | (498) |
| Remeasurement gains (losses) related to defined benefit plans, net of tax | — | — | (148) | — | — | — | — | — | — | — | — | (148) | — | (1) | (149) |
| Net change in share awards in the reporting period | — | (94) | — | — | — | — | — | — | — | — | — | (94) | — | (1) | (95) |
| Treasury shares distributed under share-based compensation plans | — | — | — | 407 | — | — | — | — | — | — | — | 407 | — | — | 407 |
| Tax benefits related to share-based compensation plans | — | 27 | — | — | — | — | — | — | — | — | — | 27 | — | (1) | 26 |
| Option premiums and other effects from options on common shares | — | (65) | — | — | — | — | — | — | — | — | — | (65) | — | — | (65) |
| Purchases of treasury shares | — | — | — | (857) | — | — | — | — | — | — | — | (857) | — | — | (857) |
| Sale of treasury shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net gains (losses) on treasury shares sold | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other | — | 39 | — | — | — | — | — | — | — | — | — | 39 | (9)4 | (4) | 26 |
| Balance as of December 31, 2023 | 5,223 | 40,187 | 21,316 | (481) | (853) | 18 | 22 | — | (941) | (6) | (1,760) | 64,486 | 8,569 | 1,763 | 74,818 |
| Total comprehensive income (loss), net of tax1 | — | — | 3,366 | — | (272) | (131) | 1 | — | 928 | (1) | 525 | 3,891 | — | 191 | 4,082 |
| Gains (losses) attributable to equity instruments designated as at fair value through<br><br>other comprehensive income, net of tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gains (losses) upon early extinguishment attributable to change in own credit risk of<br><br>financial liabilities designated as at fair value through profit and loss, net of tax | — | — | (5) | — | — | 5 | — | — | — | — | 5 | — | — | — | — |
| Common shares cancelled5 | (117) | (333) | — | 450 | — | — | — | — | — | — | — | — | — | — | — |
| Cash dividends paid | — | — | (883) | — | — | — | — | — | — | — | — | (883) | — | (264) | (1,147) |
| Coupon on additional equity components, before tax | — | — | (574) | — | — | — | — | — | — | — | — | (574) | — | — | (574) |
| Remeasurement gains (losses) related to defined benefit plans, net of tax | — | — | 148 | — | — | — | — | — | — | — | — | 148 | — | 1 | 149 |
| Net change in share awards in the reporting period | — | (23) | — | — | — | — | — | — | — | — | — | (23) | — | — | (23) |
| Treasury shares distributed under share-based compensation plans | — | — | — | 444 | — | — | — | — | — | — | — | 444 | — | — | 444 |
| Tax benefits related to share-based compensation plans | — | 53 | — | — | — | — | — | — | — | — | — | 53 | — | — | 53 |
| Option premiums and other effects from options on common shares | — | (41) | — | — | — | — | — | — | — | — | — | (41) | — | — | (41) |
| Purchases of treasury shares | — | — | — | (1,126) | — | — | — | — | — | — | — | (1,126) | — | — | (1,126) |
| Sale of treasury shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net gains (losses) on treasury shares sold | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other | — | (99) | — | — | — | — | — | — | — | — | — | (99) | 2,981 4 | (84) | 2,798 |
| Balance as of December 31, 2024 | 5,106 | 39,744 | 23,368 | (713) | (1,124) | (108) | 23 | — | (13) | (7) | (1,229) | 66,276 | 11,550 | 1,606 | 79,432 |
| Total comprehensive income (loss), net of tax1 | — | — | 6,931 | — | 418 | (93) | (59) | — | (3,212) | 17 | (2,930) | 4,002 | — | 106 | 4,108 |
| Gains (losses) attributable to equity instruments designated as at fair value through<br><br>other comprehensive income, net of tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Gains (losses) upon early extinguishment attributable to change in own credit risk of<br><br>financial liabilities designated as at fair value through profit and loss, net of tax | — | — | (9) | — | — | 9 | — | — | — | — | 9 | — | — | — | — |
| Common shares cancelled5 | (215) | (1,459) | — | 1,675 | — | — | — | — | — | — | — | — | — | — | — |
| Cash dividends paid | — | — | (1,315) | — | — | — | — | — | — | — | — | (1,315) | — | (107) | (1,421) |
| Coupon on additional equity components, before tax | — | — | (761) | — | — | — | — | — | — | — | — | (761) | — | — | (761) |
| Remeasurement gains (losses) related to defined benefit plans, net of tax | — | — | (119) | — | — | — | — | — | — | — | — | (119) | — | 1 | (118) |
| Net change in share awards in the reporting period | — | 63 | — | — | — | — | — | — | — | — | — | 63 | — | — | 63 |
| Treasury shares distributed under share-based compensation plans | — | — | — | 472 | — | — | — | — | — | — | — | 472 | — | — | 472 |
| Tax benefits related to share-based compensation plans | — | 161 | — | — | — | — | — | — | — | — | — | 161 | — | — | 161 |
| Option premiums and other effects from options on common shares | — | (75) | — | — | — | — | — | — | — | — | — | (75) | — | — | (75) |
| Purchases of treasury shares | — | — | — | (1,618) | — | — | — | — | — | — | — | (1,618) | — | — | (1,618) |
| Sale of treasury shares | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net gains (losses) on treasury shares sold | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other | — | (153) | — | — | — | — | — | — | — | — | — | (153) | 158 4 | (45) | (39) |
| Balance as of December 31, 2025 | 4,891 | 38,281 | 28,096 | (185) | (707) | (192) | (36) | — | (3,225) | 10 | (4,150) | 66,933 | 11,708 | 1,562 | 80,203 |
1Excluding remeasurement gains (losses) related to defined benefit plans, net of tax
2Excluding unrealized net gains (losses) from equity method investments
3Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS
4Includes net proceeds from issuance, purchase and sale of Additional Equity Components
5At December 19, 2025, Deutsche Bank cancelled 37.7 million of its common shares; the cancellation reduced the nominal value of the shares by € 96 million; the cancelled shares had been held in common shares in treasury, at their acquisition cost of € 1.0 billion; the difference between the common shares at cost and their nominal value has reduced additional-paid-in capital by € 903
million. At January 3, 2025, Deutsche Bank cancelled 46.4 million of its common shares; the cancellation reduced the nominal value of the shares by € 119 million; the cancelled shares had been held in common shares in treasury, at their acquisition cost of € 675 million; the difference between the common shares at cost and their nominal value has reduced additional paid-in capital by €
556 million. At March 5, 2024, Deutsche Bank cancelled 45.5 million of its common shares; the cancellation reduced the nominal value of the shares by € 117 million; the cancelled shares had been held in common shares in treasury, at their acquisition cost of € 450 million; the difference between the common shares at cost and their nominal value has reduced additional paid-in capital
by € 333 million. At February 28, 2023, Deutsche Bank cancelled 26.5 million of its common shares; the cancellation reduced the nominal value of the shares by € 68 million; the cancelled shares had been held in common shares in treasury, at their acquisition cost of € 300 million; the difference between the common shares at cost and their nominal value has reduced additional paid-in
capital by € 232 million
429
| Deutsche Bank | Consolidated Statement of Cash Flows |
|---|---|
| Annual Report 2025 |
Consolidated Statement of Cash Flows
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Profit (loss) | 7,139 | 3,505 | 4,892 |
| Cash flows from operating activities: | |||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Provision for credit losses | 1,707 | 1,830 | 1,505 |
| Restructuring activities | (15) | (3) | 220 |
| Gain on sale of financial assets at fair value through other comprehensive income, equity<br><br>method investments and other | (22) | (76) | (84) |
| Deferred income taxes, net | 837 | 473 | (553) |
| Impairment, depreciation and other amortization, and accretion | 2,805 | 3,388 | 3,111 |
| Share of net income from equity method investments | (35) | 4 | 107 |
| Adjustments for net change in operating assets and liabilities: | |||
| Interest-earning time deposits with central banks and banks | (13,074) | (1,188) | (699) |
| Central bank funds sold, securities purchased under resale agreements, securities<br><br>borrowed | 3,490 | (25,975) | (3,285) |
| Non-Trading financial assets mandatory at fair value through profit and loss | (14,115) | (25,214) | 793 |
| Financial assets designated at fair value through profit or loss | — | 75 | 93 |
| Loans at amortized cost | (9,415) | 226 | 8,556 |
| Other assets | (52,226) | 13,990 | (1,384) |
| Deposits | 38,220 | 37,603 | 1,771 |
| Financial liabilities designated at fair value through profit or loss and investment contract<br><br>liabilities1 | 28,456 | 5,425 | 29,493 |
| Central bank funds purchased, securities sold under repurchase agreements, securities<br><br>loaned | 631 | 625 | 2,456 |
| Other short-term borrowings | 8,529 | 182 | 4,534 |
| Other liabilities | 48,755 | (19,800) | 777 |
| Senior long-term debt2 | 5,754 | (6,339) | (11,880) |
| Trading assets and liabilities, positive and negative market values from derivative financial<br><br>instruments, net | (19,269) | (14,991) | (35,616) |
| Other, net | 8,912 | (2,323) | 801 |
| Net cash provided by (used in) operating activities | 47,064 | (28,584) | 5,606 |
| Cash flows from investing activities: | |||
| Proceeds from: | |||
| Sale of financial assets at fair value through other comprehensive income | 10,909 | 18,267 | 15,646 |
| Maturities of financial assets at fair value through other comprehensive income | 22,748 | 22,658 | 19,437 |
| Sale of debt securities held to collect at amortized cost | — | 20 | — |
| Maturities of debt securities held to collect at amortized cost | 4,631 | 7,216 | 8,025 |
| Sale of equity method investments | — | — | 20 |
| Sale of property and equipment | 18 | 20 | 33 |
| Purchase of: | |||
| Financial assets at fair value through other comprehensive income | (37,989) | (46,502) | (38,648) |
| Debt Securities held to collect at amortized cost | (24,728) | (6,498) | (4,859) |
| Equity method investments | (17) | (63) | (60) |
| Property and equipment | (443) | (528) | (422) |
| Net cash received in (paid for) business combinations/divestitures | — | 3 | (361) |
| Other, net | (1,440) | (1,375) | (1,386) |
| Net cash provided by (used in) investing activities | (26,311) | (6,781) | (2,576) |
| Cash flows from financing activities: | |||
| Issuances of subordinated long-term debt3 | 54 | 20 | 1,432 |
| Repayments and extinguishments of subordinated long-term debt3 | (2,728) | (153) | (1,471) |
| Issuances of trust preferred securities4 | — | — | — |
| Repayments and extinguishments of trust preferred securities4 | (6) | (6) | (225) |
| Principal portion of lease payments5 | (496) | (552) | (534) |
| Common shares issued | — | — | — |
| Purchases of treasury shares | (1,618) | (1,126) | (857) |
| Sale of treasury shares | — | — | — |
| Additional Equity Components (AT1) issued | 2,500 | 3,000 | — |
| Additional Equity Components (AT1) repaid | (2,360) | — | — |
| Purchases of Additional Equity Components (AT1) | (3,064) | (3,341) | (400) |
430
| Deutsche Bank | Consolidated Statement of Cash Flows | ||
|---|---|---|---|
| Annual Report 2025 | |||
| in € m. | 2025 | 2024 | 2023 |
| --- | --- | --- | --- |
| Sale of Additional Equity Components (AT1) | 3,071 | 3,316 | 415 |
| Coupon on additional equity components, pre tax | (761) | (574) | (498) |
| Dividends paid to noncontrolling interests | (107) | (264) | (100) |
| Net change in noncontrolling interests | (6) | (84) | (5) |
| Cash dividends paid to Deutsche Bank shareholders | (1,315) | (883) | (610) |
| Net cash provided by (used in) financing activities | (6,834) | (646) | (2,852) |
| Net effect of exchange rate changes on cash and cash equivalents | (6,309) | 2,910 | (2,036) |
| Net increase (decrease) in cash and cash equivalents | 7,611 | (33,102) | (1,857) |
| Cash and cash equivalents at beginning of period | 130,666 | 163,768 | 165,626 |
| Cash and cash equivalents at end of period | 138,277 | 130,666 | 163,768 |
| Net cash provided by (used in) operating activities include | |||
| Income taxes paid (received), net | 1,361 | 1,392 | 955 |
| Interest paid6 | 28,805 | 36,030 | 28,502 |
| Interest received6 | 44,543 | 48,746 | 43,413 |
| Dividends received | 142 | 110 | 106 |
| Cash and cash equivalents comprise | |||
| Cash and central bank balances7 | 133,193 | 126,353 | 159,326 |
| Interbank balances (w/o central banks)8 | 5,084 | 4,313 | 4,442 |
| Total | 138,277 | 130,666 | 163,768 |
1Included are senior long-term debt issuances of € 12.2 billion and € 13.5 billion and repayments and extinguishments of € 6.2 billion and € 2.4 billion through December
31, 2025 and December 31, 2024, respectively
2Included are issuances of € 23.7 billion and € 25.9 billion and repayments and extinguishments of € 17.2 billion and € 33.2 billion through December 31, 2025 and
December 31, 2024, respectively
3Non-cash changes for Subordinated Long-Term Debt are € (741) million in total and mainly driven by Fair Value changes of € 62 million and Foreign Exchange
movements of € (810) million through December 31, 2025 and € 532 million in total mainly driven by Fair Value changes of € 90 million and Foreign Exchange movements
of € 432 million through December 31, 2024
4Non-cash changes for Trust Preferred Securities are € 2 million in total and mainly driven by Fair Value changes of € (3) million through December 31, 2025 and € 3
million in total and mainly driven by Fair Value changes of € (3) million through December 31, 2024
5Non-cash changes for Lease liabilities are € 327 million in total including Foreign Exchange movements of € (205) million through December 31, 2025 and € 673 million in
total including Foreign Exchange movements of € 107 million through December 31, 2024
6Includes interest paid and interest received from derivatives qualifying as hedging instruments under the Group’s fair value hedge accounting application, which includes
portfolio hedges of interest rate risk in accordance with the EU carve-out version of IAS 39
7Not included: Interest-earning time deposits with central banks of € 31.5 billion as of December 31, 2025 and € 21.2 billion as of December 31, 2024
8Not included: Interest-earning time deposits with banks of € 1.9 billion as of December 31, 2025 and € 1.9 billion as of December 31, 2024
As of December 31, 2025 cash and central bank balances include time and demand deposits at the Russian Central Bank
of € 545 million (€ 377 million as of December 31, 2024). These are subject to foreign exchange restrictions. Thereof,
demand deposits of € 13 million (€ 15 million as of December 31, 2024) qualify as Cash and cash equivalents at end of
period.
The accompanying notes are an integral part of the Consolidated Financial Statements.
431
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Notes to the consolidated financial statements
01 — Material accounting policies and critical accounting
estimates
Basis of accounting
Deutsche Bank Aktiengesellschaft, Taunusanlage 12, 60325 Frankfurt am Main, Germany (“Deutsche Bank” or the
“Parent”) is a stock corporation organized under the laws of the Federal Republic of Germany. Deutsche Bank together
with all entities in which Deutsche Bank has a controlling financial interest (collectively the “Group”, or “Deutsche Bank”)
is a global provider of a full range of corporate and investment banking, private clients and asset management products
and services.
The accompanying consolidated financial statements are stated in euros, the presentation currency of the Group. All
financial information presented in million euros has been rounded to the nearest million. The consolidated financial
statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board (“IASB”) and endorsed by the European Union (EU).
Prior to publication on March 12, 2026, the Supervisory Board approved the Consolidated Financial Statements 2025 of
the Group on March 11, 2026, which were drawn up by the Management Board on March 5, 2026.
EU carve out
The Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in
accordance with the EU carve out version of IAS 39. The purpose of applying the EU carve out version of IAS 39 is to align
the Group’s hedge accounting approach with its risk management practice and the accounting practice of its major
European peers. Under the EU carve out version of IAS 39 fair value macro hedge accounting may be applied to core
deposits. In addition, under the EU carve out version of IAS 39 hedge ineffectiveness is only recognized when the revised
estimate of the amount of cash flows in scheduled time buckets falls below the original designated amount of that
bucket. If the revised amount of cash flows in scheduled time buckets is more than the original designated amount, then
there is no hedge ineffectiveness. Under IFRS as issued by the IASB, hedge accounting for fair value macro hedges
cannot be applied to core deposits. In addition, under IFRS as issued by the IASB hedge ineffectiveness arises for all fair
value macro hedge accounting relationships whenever the revised estimate of the amount of cash flows in scheduled
time buckets is either more or less than the original designated amount of that bucket. The EU carve out version of
IAS 39 also removes the prohibition on identifying a benchmark risk component in a financial instrument priced at sub–
benchmark. This may arise when financial instruments carry a negative spread such that the identified non–contractually
specified risk component is larger than the interest carry on the contract itself.
For the financial year ended December 31, 2025, the application of the EU carve-out version of IAS 39 had a positive impact
of € 0.7 billion on profit before tax and of € 0.3 billion on profit after tax. For the financial year ended December 31, 2024,
the application of the EU carve-out had a negative impact of € 1.4 billion on profit before taxes and of € 1.0 billion on
profit post taxes.
The Group’s regulatory capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. The
impact on total equity also impacts the calculation of the CET1 capital ratio. As of December 31, 2025, application of the
EU carve-out had a cumulative negative impact on the CET1 capital ratio of about 60 basis points and a cumulative
negative impact of about 68 basis points as of December 31, 2024.
432
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
IFRS 7 disclosures (including disclosures on segment reporting and geopolitical risks)
Disclosures about the nature and the extent of risks arising from financial instruments as required by IFRS 7, “Financial
Instruments: Disclosures” are set forth in the Risk Report section of the Combined Management Report and are an
integral part of the Consolidated Financial Statements.
Disclosures on geopolitical and macroeconomic related risks can be found in the section “Risks and opportunities”, as
well as in the section “Risk and capital overview”, chapter “Key risk themes” in the Risk Report. The Group is exposed to
general risk arising from geopolitical and macroeconomic uncertainties. The following are examples of how such risks
may impact the financial results of the Group:
–Tariffs or sanctions as well as economic stagnation could impact a client’s ability to service principal and interest
payments under instruments subject to IFRS 9.
–Wars and embargoes in specific regions in the world could impact client ability to generate sustainable returns to
service their loans.
The Group considers such geopolitical and macroeconomic risks as part of the credit risk assessment and due diligence
process before relevant clients are granted credit. The Group also manages its credit portfolio within the established risk
appetite and limits.
Details on segment reporting can be found in the section “Business segments of Deutsche Bank” of the Management
Report and in Note 04 - Business segments and related information.
These audited disclosures are marked in light blue in the Risk Report.
Since the beginning of the fourth quarter 2023, High Quality Liquid Assets (HQLA, as defined in the Commission
Delegated Regulation (EU) 2015/61) is a key limit per the Group’s liquidity risk appetite, replacing the previously reported
Liquidity Reserve. HQLA comprise available cash and cash equivalents and unencumbered high quality liquid securities
(including government and government guaranteed bonds), representing the most readily available and most important
countermeasure in a stress event. Accordingly, the Group discontinued the disclosure of Liquidity Reserves from 2025
onwards.
Critical accounting estimates
The preparation of financial statements under IFRS requires management to make estimates and assumptions for certain
categories of assets and liabilities. These estimates and assumptions affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the balance sheet date, and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from management’s estimates. The Group’s material
accounting policies are described in “Material Accounting Policies”.
Certain of the Group’s accounting policies require critical accounting estimates that involve complex and subjective
judgments and the use of assumptions, some of which may be for matters that are inherently uncertain and susceptible
to change. Such critical accounting estimates could change from period to period and may have a material impact on the
Group’s financial condition, changes in financial condition or results of operations. Critical accounting estimates could
also involve estimates where management could have reasonably used another estimate in the current accounting
period. The Group has identified the following material accounting policies that involve critical accounting estimates:
–The impairment of loans and provisions for off-balance sheet positions (see “Impairment of Loans and Provision for
Off-balance Sheet Positions” below)
–The impairment of financial assets at fair value through other comprehensive income (see “Impairment of Loans and
Provision for Off-balance Sheet Positions” below)
–The determination of fair value (see “Determination of Fair Value” below)
–The recognition of trade date profit (see “Recognition of Trade Date Profit” below)
–The impairment of goodwill and other intangibles (see “Goodwill and Other Intangible Assets” below)
–The recognition and measurement of deferred tax assets (see “Income Taxes” below)
–The accounting for legal and regulatory contingencies and uncertain tax positions (see “Provisions” below)
Material accounting policies
The following is a description of the material accounting policies of the Group. Except for the changes in accounting
policies and changes in accounting estimates described previously and noted below these policies have been
consistently applied for 2023, 2024 and 2025.
433
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Principles of consolidation
The financial information in the Consolidated Financial Statements includes the parent company, Deutsche Bank AG,
together with its consolidated subsidiaries, including certain structured entities presented as a single economic unit.
Subsidiaries
The Group’s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is evidenced by
the Group’s ability to exercise its power in order to affect any variable returns that the Group is exposed to through its
involvement with the entity.
The Group sponsors the formation of structured entities and interacts with structured entities sponsored by third parties
for a variety of reasons, including allowing clients to hold investments in separate legal entities, allowing clients to invest
jointly in alternative assets, for asset securitization transactions, and for buying or selling credit protection.
When assessing whether to consolidate an entity, the Group evaluates a range of control factors, namely:
–Purpose and design of the entity
–Relevant activities and how these are determined
–Whether the Group’s rights result in the ability to direct the relevant activities
–Whether the Group has exposure or rights to variable returns
–Whether the Group has the ability to use its power to affect the amount of its returns
Where voting rights are relevant, the Group is deemed to have control where it holds, directly or indirectly, more than
half of the voting rights over an entity unless there is evidence that another investor has the practical ability to
unilaterally direct the relevant activities.
Potential voting rights that are deemed to be substantive are also considered when assessing control.
Likewise, the Group also assesses existence of control where it does not control the majority of the voting power but has
the practical ability to unilaterally direct the relevant activities. This may arise in circumstances where the size and
dispersion of holdings of the shareholders give the Group the power to direct the activities of the investee.
Associates
Investments in associates are accounted for under the equity method of accounting. An associate is an entity in which
the Group has significant influence, but not a controlling interest, over the operating and financial management policy
decisions of the entity. Significant influence is generally presumed when the Group holds between 20% and 50% of the
voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are
considered in assessing whether the Group has significant influence. Among the other factors that are considered in
determining whether the Group has significant influence are representation on the board of directors (supervisory board
in the case of German stock corporations) and material intercompany transactions. The existence of these factors could
require the application of the equity method of accounting for a particular investment even though the Group’s
investment is less than 20% of the voting stock.
Under the equity method of accounting, the Group’s investments in associates and jointly controlled entities are initially
recorded at cost including any directly related transaction costs incurred in acquiring the associate, and subsequently
increased (or decreased) to reflect both the Group’s pro-rata share of the post-acquisition net income (or loss) of the
associate or jointly controlled entity and other movements included directly in the equity of the associate or jointly
controlled entity. The Group’s share of the results of associates is adjusted to conform to the accounting policies of the
Group and is reported in the Consolidated Statement of Income as Net income (loss) from equity method investments.
If there is objective evidence of impairment, an impairment test is performed by comparing the investment’s recoverable
amount, which is the higher of its value in use and fair value less costs to sell, with its carrying amount.
434
| Deutsche Bank | Notes to the consolidated financial statements |
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| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Foreign currency translation
The Consolidated Financial Statements are prepared in euro, which is the presentation currency of the Group. Various
entities in the Group use a different functional currency, being the currency of the primary economic environment in
which the entity operates.
An entity records foreign currency revenues, expenses, gains and losses in its functional currency using the exchange
rates prevailing at the dates of recognition.
Monetary assets and liabilities denominated in currencies other than the entity’s functional currency are translated at the
period end closing rate. Foreign exchange gains and losses resulting from the translation and settlement of these items
are recognized in the Consolidated Statement of Income as net gains (losses) on financial assets/liabilities at fair value
through profit or loss in order to align the translation amounts with those recognized from foreign currency related
transactions (derivatives) which hedge these monetary assets and liabilities.
Non-monetary items that are measured at historical cost are translated using the historical exchange rate at the date of
the transaction. Translation differences on non-monetary items which are held at fair value through profit or loss are
recognized in profit or loss.
For purposes of translation into the presentation currency, assets and liabilities of foreign operations are translated at
the period end closing rate and items of income and expense are translated into euros at the rates prevailing on the dates
of the transactions, or average rates of exchange where these approximate actual rates. The exchange differences arising
on the translation of a foreign operation are included in other comprehensive income. For foreign operations that are
subsidiaries, the amount of exchange differences attributable to any noncontrolling interests is recognized in
noncontrolling interests.
Upon disposal of a foreign subsidiary and associate (which results in loss of control or significant influence over that
operation) the total cumulative exchange differences recognized in other comprehensive income are reclassified to
profit or loss.
Upon partial disposal of a foreign operation that is a subsidiary and which does not result in loss of control, the
proportionate share of cumulative exchange differences is reclassified from other comprehensive income to
noncontrolling interests as this is deemed a transaction with equity holders. For a partial disposal of an associate which
does not result in a loss of significant influence, the proportionate share of cumulative exchange differences is
reclassified from other comprehensive income to profit or loss.
Interest, commissions and fees
Net interest income – Interest income and expense from all interest-bearing assets and liabilities is recognized as net
interest income using the effective interest rate method. The effective interest rate (EIR) is a method of calculating the
amortized cost of a financial asset or a financial liability and of allocating the interest income or expense over the
relevant period using the estimated future cash flows.
The estimated future cash flows used in the EIR calculation include those determined by all of the contractual terms of
the asset or liability, all fees (including commissions) that are considered to be integral to the effective interest rate,
direct and incremental transaction costs and all other premiums or discounts. However, if the financial instrument is
carried at fair value through profit or loss, any associated fees are recognized in trading income when the instrument is
initially recognized, provided there are no significant unobservable inputs used in determining its fair value.
If a financial asset is credit-impaired, interest revenue is calculated by applying the effective interest rate to the
amortized cost amount. The amortized cost amount of a financial asset is the gross carrying amount of a financial asset
after adjusting for any impairment allowance. For assets which are initially recognized as purchased or credit-impaired,
interest revenue is calculated through the use of a credit-adjusted effective interest rate which takes into consideration
expected credit losses.
The Group presents negative interest paid on interest-bearing assets as interest expense, and interest revenue received
from interest-bearing liabilities as interest income.
The Group presents interest income and expense calculated using the EIR method separately in the Group’s
consolidated statement of income.
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| Deutsche Bank | Notes to the consolidated financial statements |
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| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Commissions and fee income – The Group applies the IFRS 15, “Revenue from Contracts with Customers” five-step
revenue recognition model to the recognition of Commissions and Fee Income, under which income must be recognized
when control of goods and services is transferred, hence the contractual performance obligations to the customer have
been satisfied.
Accordingly, after a contract with a customer has been identified in the first step, the second step is to identify the
performance obligation – or a series of distinct performance obligations – provided to the customer. The Group must
examine whether the service is capable of being distinct and is actually distinct within the context of the contract. A
promised service is distinct if the customer can benefit from the service either on its own or together with other
resources that are readily available to the customer, and the promise to transfer the service to the customer is separately
identifiable from other promises in the contract. The amount of income is measured on the basis of the contractually
agreed transaction price for the performance obligation defined in the contract. If a contract includes a variable
consideration, the Group estimates the amount of consideration to which it will be entitled in exchange for transferring
the promised goods or services to a customer. Income is recognized in profit and loss when the identified performance
obligation has been satisfied. The Group does not present information about its remaining performance obligations if it is
part of a contract that has an original expected duration of one year or less.
The Group determines the stand-alone selling price at contract inception of a distinct service underlying each
performance obligation in the contract and allocates the transaction price in proportion to those stand-alone selling
prices. The stand-alone selling price is the price at which Deutsche Bank would sell a promised service separately to a
customer on an unbundled basis. The best evidence of a stand-alone selling price is the observable price of a service
when the Group sells that service separately in similar circumstances and to similar customers. If the Group does not sell
the service to a customer separately, it estimates the stand-alone selling price at an amount using a suitable method, for
example, in loan syndication transactions the Group applies the requirements for recognition of trade day profit and
considers the price at which other market participants provide the same service on an unbundled basis. As such when
estimating a stand-alone selling price, the Group considers all information (including market conditions) that is
reasonably available to it. In doing so, the Group maximizes the use of observable inputs and applies estimation methods
consistently in similar circumstances.
The Group provides asset management services that give rise to asset management and performance fees and constitute
a single performance obligation. The asset management and performance fee components are variable considerations
such that at each reporting date the Group estimates the fee amount to which it will be entitled in exchange for
transferring the promised services to the customer. The benefits arising from the asset management services are
simultaneously received and consumed by the customer over time. The Group recognizes revenue over time by
measuring the progress towards complete satisfaction of that performance obligation, subject to the removal of any
uncertainty as to whether it is highly probable that a significant reversal in the cumulative amount of revenue recognized
would occur or not. For performance fees this date is typically at receipt of the performance fee when any uncertainty
related to the performance component has been fully removed. Where the Group recognizes performance fee revenue
prior to actual receipt it applies a parameter-based methodology that assesses whether the Group expects to meet the
performance fee related conditions such that it is highly probable that a significant reversal in the cumulative revenue
amount recognized would not occur. In this case the right to receive the corresponding revenue amount is recognized as
a contract asset and presented as other assets in the Group’s consolidated balance sheet.
Loan commitment fees related to commitments that are accounted for off balance sheet are recognized in commissions
and fee income over the life of the commitment if it is unlikely that the Group will enter into a specific lending
arrangement. If it is probable that the Group will enter into a specific lending arrangement, the loan commitment fee is
deferred until the origination of a loan and recognized as an adjustment to the loan’s effective interest rate.
Commissions and Fee Income predominantly earned from services that are received and consumed by the customer over
time: Administration, assets under management, foreign commercial business, loan processing and guarantees sundry
other customer services. The Group recognizes revenue from these services over time by measuring the progress towards
complete satisfaction of that performance obligation, subject to the removal of any uncertainty as to whether it is highly
probable that a significant reversal in the cumulative amount of revenue recognized would occur or not.
Commissions and Fee Income predominantly earned from providing services at a point in time or transaction-type
services include other securities, underwriting and advisory fees, brokerage fees, local payments, foreign currency/
exchange business and intermediary fees.
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| Deutsche Bank | Notes to the consolidated financial statements |
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| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Expenses that are directly related and incremental to the generation of Commissions and Fee Income are presented net
in Commissions and Fee Income in the Consolidated Statement of Income. This includes income and associated expense
where the Group contractually owns the performance obligation (i.e., as Principal) in relation to the service that gives rise
to the revenue and associated expense. In contrast, it does not include situations where the Group does not contractually
own the performance obligation and is acting as agent. The determination of whether the Group is acting as principal or
agent is based on the contractual terms of the underlying service arrangement. The gross Commissions and Fee Income
and Expense amounts are disclosed in “Note 06 – Commissions and Fee Income”.
Financial assets
The Group classifies financial assets in line with the classification and measurement requirements of IFRS 9, where
financial assets are classified based on both the business model used for managing the financial assets and the
contractual cash flow characteristics of the financial asset (known as Solely Payments of Principal and Interest or “SPPI”).
There are three business models available:
–Hold to Collect - Financial assets held with the objective to collect contractual cash flows. They are subsequently
measured at amortized cost and are recorded in multiple lines on the Group’s consolidated balance sheet.
–Hold to Collect and Sell - Financial assets held with the objective of both collecting contractual cash flows and selling
financial assets. They are recorded as Financial assets at Fair Value through Other Comprehensive Income on the
Group’s consolidated balance sheet.
–Other - Financial assets that do not meet the criteria of either “Hold to Collect” or “Hold to Collect and Sell”. They are
recorded as Financial Assets at Fair Value through Profit or Loss on the Group’s consolidated balance sheet.
The assessment of business model requires judgment based on facts and circumstances upon initial recognition. As part
of this assessment, the Group considers quantitative factors (e.g., the expected frequency and volume of sales) and
qualitative factors such as how the performance of the business model and the financial assets held within that business
model are evaluated and reported to the Group’s key management personnel. In addition to taking into consideration the
risks that affect the performance of the business model and the financial assets held within that business model, in
particular, the way in which those market and credit risks are managed; and how managers of the business are
compensated (e.g., whether the compensation is based on the fair value of the assets managed or on the contractual
cash flows collected). This assessment results in an asset being classified in either a Hold to Collect, Hold to Collect and
Sell or Other business model.
If the Group holds a financial asset either in a Hold to Collect or a Hold to Collect and Sell business model, then an
assessment at initial recognition to determine whether the contractual cash flows of the financial asset are Solely
Payments of Principal and Interest on the principal amount outstanding is required to determine the financial asset
classification. Contractual cash flows, that are SPPI on the principal amount outstanding, are consistent with a basic
lending arrangement. Interest in a basic lending arrangement is consideration for the time value of money and the credit
risk associated with the principal amount outstanding during a particular period of time. It can also include consideration
for other basic lending risks (e.g., liquidity risk) and costs (e.g., administrative costs) associated with holding the financial
asset for a particular period of time; and a profit margin that is consistent with a basic lending arrangement. Where cash
flows can change over time due to contingent events, such as terms where the margin on a loan adjusts depending on
the performance of the borrower on certain contractual ESG metrics, the contingent event and cash flows are assessed
to determine if the instrument cash flows are SPPI. The nature of the contingent event and the size of the possible
change in cash flows are taken into account in this assessment on an absolute and relative basis compared to the overall
coupon. Additionally, as part of the SPPI assessment where the lending is non-recourse in nature then further
assessment is made to determine if the cash flows are consistent with SPPI which is dependent on the nature of the
underlyings, the level of subordination and the contractual cash flows of the instrument held. The Group originates and
purchases debt instruments from entities issuing multiple tranches of debt. Where these instruments meet the definition
of a contractually linked instruments then further analysis is performed on the cash flows and credit risk exposure of the
instrument held as well as the underlying collateral held at purchase and can be held in the future.
437
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Financial assets at fair value through profit or loss
Financial assets are classified at fair value through profit or loss if they are held in the Other business model because they
are either held for trading or because they do not meet the criteria for Hold to Collect or Hold to Collect and Sell. In
addition, it includes financial assets that meet the criteria for Hold to Collect or Hold to Collect and Sell business model,
but the financial asset fails SPPI or where the Group designated the financial assets under the fair value option.
Financial assets classified as Financial assets at fair value through profit or loss are measured at fair value with realized
and unrealized gains and losses included in Net gains (losses) on financial assets/liabilities at fair value through profit or
loss. Interest on interest earning assets such as trading loans and debt securities and dividends on equity instruments are
presented in Interest and Similar Income.
The Group applies trade date accounting to financial assets classified at fair value through profit or loss.
Trading assets – Financial assets are classified as held for trading if they have been originated, acquired or incurred
principally for the purpose of selling or repurchasing them in the near term, or they form part of a portfolio of identified
financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term
profit-taking. Trading assets include debt and equity securities, derivatives held for trading purposes, and trading loans.
This also includes loan commitments that are allocated to the Other business model and that are presented as
derivatives held for trading.
Non-trading financial assets mandatory at fair value through profit and loss – The Group assigns any non-trading
financial asset that does not fall into the Hold to Collect nor Hold to Collect and Sell business models into the Other
business model and classifies them as Non-Trading Financial Assets mandatory at Fair Value through Profit and Loss. This
includes predominately reverse repurchase agreements which are managed on a fair value basis. Additionally, any
financial asset that falls into the Hold to Collect or Hold to Collect and Sell business models for which the contractual
cash flow characteristics are not SPPI is classified by the Group as Non-Trading Financial Assets Mandatory at Fair Value
through Profit and Loss.
Financial assets at fair value through other comprehensive income
A financial asset shall be classified and measured at Fair Value through Other Comprehensive Income (“FVOCI”), if the
financial asset is held in a Hold to Collect and Sell business model and the contractual cash flows are SPPI, unless
designated under the fair value option.
The amortization of premiums and accretion of discounts are recorded in net interest income. Realized gains and losses
are reported in net gains (losses) on financial assets at FVOCI. Generally, the weighted-average cost method is used to
determine the cost of FVOCI financial assets.
The Group applies trade date accounting to financial assets classified at FVOCI.
It is possible to designate non-trading equity instruments as FVOCI. However, this category is expected to have limited
usage by the Group and has not been used to date.
Financial assets at amortized cost
A financial asset is classified and subsequently measured at amortized cost if the financial asset is held in a Hold to
Collect business model and the contractual cash flows are SPPI.
Under this measurement category, the financial asset is measured at fair value at initial recognition. Subsequently the
carrying amount is reduced for principal payments, plus or minus the cumulative amortization using the effective interest
method. The financial asset is assessed for impairment under the IFRS 9 expected credit loss model where provisions are
recognized based on expectations of potential credit losses. The Group’s impairment of financial instruments policy is
described further in the section “Impairment of Loans and Provision for Off-Balance Sheet Positions (IFRS 9)”. The Group
applies settlement date accounting to financial assets measured at amortized cost.
Financial Assets at amortized cost include predominately Loans at amortized cost, Central bank funds sold and securities
purchased under resale agreements, Securities borrowed and certain receivables presented in Other Assets.
438
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| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Modification of financial assets and financial liabilities
When the terms of a financial asset are renegotiated or modified and the modification does not result in derecognition, a
gain or loss is recognized in the income statement as the difference between the original contractual cash flows and the
modified cash flows discounted at the original effective interest rate. The modified financial asset will continue to accrue
interest at its original EIR. When a modification results in derecognition the original instrument is derecognized and the
new instrument recognized at fair value.
Non-credit related or commercial renegotiations where an obligor has not experienced a significant increase in credit risk
since origination and has a readily exercisable right to early terminate the financial asset results in derecognition of the
original agreement and recognition of a new financial asset based on the newly negotiated commercial terms.
For credit related modifications (i.e., those modifications due to significant increase in credit risk since inception) or those
where the obligor does not have the readily exercisable right to early terminate, the Group assesses whether the
modified terms result in the financial asset being significantly modified and therefore derecognized. This assessment
includes a quantitative assessment of the impact of the change in cash flows from the modification of contractual terms
and additionally, where necessary, a qualitative assessment of the impact of the change in the contractual terms. Where
these modifications are not concluded to be significant, the financial asset is not derecognized and is accounted for as a
modification as described above.
If the changes are concluded to be significant, the old instrument is derecognized and a new instrument recognized. The
Group then recognizes a credit loss allowance based on 12-month expected credit losses. However, if following a
modification that results in a derecognition of the original financial asset, there is evidence that the new financial asset is
credit-impaired on initial recognition; then the new financial asset should be recognized as an originated credit-impaired
financial asset and initially classified in Stage 3 (refer to section “Impairment of Loans and Provision for Off-Balance
Sheet Positions” below).
When the terms of a financial liability are renegotiated or modified then the Group assesses whether the modified terms
result in the financial liability being significantly modified and therefore derecognized. This assessment includes a
quantitative assessment of the impact of the change in cash flows from the modification of contractual terms and
additionally, where necessary, a qualitative assessment of the impact of the change in the contractual terms. Where
these modifications are not concluded to be significant, the financial liability is not derecognized and a gain or loss is
recognized in the income statement as the difference between the original contractual cash flows and the modified cash
flows discounted at the original effective interest rate. Where there is derecognition the original financial liability is
derecognized and the new liability recognized at its fair value.
Loan commitments
Loan commitments remain off-balance sheet, unless allocated to the Other business model and presented as derivatives
held for trading. The Group does not recognize and measure changes in fair value of off-balance sheet loan
commitments that result from changes in market interest rates or credit spreads. However, as specified in the sections
“Impairment of Loans and Provision for Off-Balance Sheet Positions” below, these off-balance sheet loan commitments
are in scope of the IFRS 9 impairment model.
Financial liabilities
Under IFRS 9 financial liabilities are measured at amortized cost using the effective interest method, except for financial
liabilities at fair value through profit or loss.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include Trading Liabilities, Financial Liabilities Designated at Fair
Value through Profit or Loss and Non-Participating Investment Contracts (“Investment Contracts”). Under IFRS 9 they are
carried at fair value with realized and unrealized gains and losses included in net gains (losses) on financial assets and
liabilities at fair value through profit or loss. For financial liabilities designated at fair value through profit and loss the fair
value movements attributable to the Group’s own credit component for fair value movements is recognized in Other
Comprehensive Income.
The Group applies trade date accounting to financial liabilities classified at fair value through profit or loss.
Interest on interest paying liabilities are presented in interest expense for financial instruments at fair value through
profit or loss.
439
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| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Trading liabilities - Financial liabilities that arise from debt issued are classified as held for trading if they have been
originated or incurred principally for the purpose of repurchasing them in the near term. Trading liabilities consist
primarily of derivative liabilities and short positions. This also includes loan commitments where the resulting loan upon
funding is allocated to the other business model such that the undrawn loan commitment is classified as derivatives held
for trading.
Financial liabilities designated at fair value through profit or loss - Certain financial liabilities that do not meet the
definition of trading liabilities are designated at fair value through profit or loss using the fair value option. To be
designated at fair value through profit or loss, financial liabilities must meet one of the following criteria: (1) the
designation eliminates or significantly reduces a measurement or recognition inconsistency; (2) a group of financial
liabilities is managed and its performance is evaluated on a fair value basis in accordance with a documented risk
management or investment strategy; or (3) the instrument contains one or more embedded derivatives unless: (i) the
embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract; or
(ii) it is clear with little or no analysis that separation is prohibited. In addition, the Group allows the fair value option to be
designated only for those financial instruments for which a reliable estimate of fair value can be obtained. Financial
liabilities which are designated at fair value through profit or loss, under the fair value option, include repurchase
agreements, loan commitments and structured note liabilities.
Investment contracts - All of the Group’s investment contracts are unit-linked contracts that match specific assets held
by the Group. The contracts oblige the Group to use these assets to settle investment contract liabilities. They do not
contain significant insurance risk or discretionary participation features. The contract liabilities are determined using
current unit prices multiplied by the number of units attributed to the contract holders as of the balance sheet date. As
this amount represents fair value, the liabilities have been classified as financial liabilities at fair value through profit or
loss. Deposits collected under investment contracts are accounted for as an adjustment to the investment contract
liabilities. Investment income attributable to investment contracts is included in the consolidated statement of Income.
Investment contract claims reflect the excess of amounts paid over the account balance released. Investment contract
policyholders are charged fees for policy administration, investment management, surrenders or other contract services.
Embedded derivatives
Some hybrid financial liability contracts contain both a derivative and a non-derivative component. In such cases, the
derivative component is termed an embedded derivative, with the non-derivative component representing the host
financial liability contract. If the economic characteristics and risks of embedded derivatives are not closely related to
those of the host financial liability contract and the hybrid financial liability contract itself is not carried at fair value
through profit or loss, the embedded derivative is bifurcated and reported at fair value, with gains and losses recognized
in net gains (losses) on financial assets/liabilities at fair value through profit or loss. The host financial liability contract
will continue to be accounted for in accordance with the appropriate accounting standard. The carrying amount of an
embedded derivative is reported in the same Consolidated balance sheet line item as the host financial liability contract.
Certain hybrid financial liability instruments have been designated at fair value through profit or loss using the fair value
option.
Financial liabilities at amortized cost
Financial liabilities measured at amortized cost include long-term and short-term debt issued which are initially
measured at fair value, which is the consideration received, net of transaction costs incurred. Repurchases of issued debt
in the market are treated as extinguishments and any related gain or loss is recorded in the Consolidated Statement of
Income. A subsequent sale of own bonds in the market is treated as a reissuance of debt. The Group applies settlement
date accounting to financial liabilities measured at amortized cost.
Offsetting of financial instruments
Financial assets and liabilities are offset, with the net amount presented in the Consolidated balance sheet, only if the
Group holds a currently enforceable legal right to set off the recognized amounts and there is an intention to settle on a
net basis or to realize an asset and settle the liability simultaneously. The legal right to set off the recognized amounts
must be enforceable in both the normal course of business and in the event of default, insolvency or bankruptcy of both
the Group and its counterparty. In all other situations they are presented gross. When financial assets and financial
liabilities are offset in the Consolidated balance sheet, the associated income and expense items will also be offset in the
Consolidated Statement of Income, unless specifically prohibited by an applicable accounting standard.
The majority of the offsetting applied by the Group relates to repurchase and reverse repurchase agreements. For further
information please refer to Note 17 “Offsetting Financial Assets and Financial Liabilities”.
440
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Determination of fair value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an arm’s length
transaction between market participants at the measurement date. The fair value of instruments that are quoted in
active markets is determined using the quoted prices where they represent those at which regularly and recently
occurring transactions take place.
The Group measures certain portfolios of financial assets and financial liabilities on the basis of their net risk exposures
when the following criteria are met:
–The group of financial assets and liabilities is managed on the basis of its net exposure to a particular market risk (or
risks) or to the credit risk of a particular counterparty, in accordance with a documented risk management strategy,
–The fair values are provided to key management personnel, and
–The financial assets and liabilities are measured at fair value through profit or loss.
This portfolio valuation approach is consistent with how the Group manages its net exposures to market and
counterparty credit risks.
Critical accounting estimates – The Group uses valuation techniques to establish the fair value of instruments where
prices quoted in active markets are not available. Therefore, where possible, parameter inputs to the valuation
techniques are based on observable data derived from prices of relevant instruments traded in an active market. These
valuation techniques involve some level of management estimation and judgment, the degree of which will depend on
the price transparency for the instrument or market and the instrument’s complexity.
In reaching estimates of fair value management judgment needs to be exercised. The areas requiring significant
management judgment are identified, documented and reported to senior management as part of the valuation control
process and the standard monthly reporting cycle. The specialist model validation and valuation control groups focus
attention on the areas of subjectivity and judgment.
The level of management judgment required in establishing fair value of financial instruments for which there is a quoted
price in an active market is usually minimal. Similarly, there is little subjectivity or judgment required for instruments
valued using valuation models which are standard across the industry and where all parameter inputs are quoted in
active markets.
The level of subjectivity and degree of management judgment required is more significant for those instruments valued
using specialized and sophisticated models and where some or all of the parameter inputs are less liquid or less
observable. Management judgment is required in the selection and application of appropriate parameters, assumptions
and modelling techniques. In particular, where data are obtained from infrequent market transactions then extrapolation
and interpolation techniques must be applied. Where no market data are available for a particular instrument then
pricing inputs are determined by assessing other relevant sources of information such as historical data, fundamental
analysis of the economics of the transaction and proxy information from similar transactions and making appropriate
adjustment to reflect the actual instrument being valued and current market conditions. Where different valuation
techniques indicate a range of possible fair values for an instrument then management has to decide what point within
the range of estimates appropriately represents the fair value. Further, some valuation adjustments may require the
exercise of management judgment to achieve fair value.
Financial assets and liabilities carried at fair value are required to be disclosed according to the inputs to the valuation
method that are used to determine their fair value. Specifically, segmentation is required between those valued using
quoted market prices in an active market (level 1), valuation techniques based on observable parameters (level 2) and
valuation techniques using significant unobservable parameters (level 3). Management judgment is required in
determining the category to which certain instruments should be allocated. This specifically arises when the valuation is
determined by a number of parameters, some of which are observable and others are not. Further, the classification of an
instrument can change over time to reflect changes in market liquidity and therefore price transparency.
The Group provides a sensitivity analysis of the impact upon the level 3 financial instruments of using a reasonably
possible alternative for the unobservable parameter. The determination of reasonably possible alternatives requires
significant management judgment.
For financial instruments measured at amortized cost (which include loans, deposits and short and long term debt issued)
the Group discloses the fair value. Generally, there is limited or no trading activity in these instruments and therefore the
fair value determination requires significant management judgment.
441
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
For further discussion of the valuation methods and controls and quantitative disclosures with respect to the
determination of fair value, please refer to Note 13 “Financial Instruments carried at Fair Value” and Note 14 “Fair Value
of Financial Instruments not carried at Fair Value”.
Recognition of trade date profit
Trade date profit is recognized if the fair value of the financial instrument measured at fair value through profit or loss is
obtained from a quoted market price in an active market, or otherwise evidenced by comparison to other observable
current market transactions or based on a valuation technique incorporating observable market data. If there are
significant unobservable inputs used in the valuation technique, the financial instrument is recognized at the transaction
price and any profit implied from the valuation technique at trade date is deferred.
Using systematic methods, the deferred amount is recognized over the period between trade date and the date when the
market is expected to become observable, or over the life of the trade (whichever is shorter). Such methodology is used
because it reflects the changing economic and risk profile of the instrument as the market develops or as the instrument
itself progresses to maturity. Any remaining trade date deferred profit is recognized in the Consolidated Statement of
Income when the transaction becomes observable.
Critical Accounting Estimates – Management judgment is required in determining whether there exist significant
unobservable inputs in the valuation technique of the underlying financial instrument (refer to section “Determination of
Fair Value” for management judgment required in establishing fair value of financial instruments). Once deferred, the
decision to subsequently recognize the trade date profit requires a careful assessment of the then current facts and
circumstances supporting observability of parameters and/or risk mitigation.
Derivatives and hedge accounting
Derivatives are used to manage exposures to interest rate, foreign currency, credit and other market price risks, including
exposures arising from forecast transactions. All freestanding contracts that are considered derivatives for accounting
purposes are carried at fair value on the Consolidated balance sheet regardless of whether they are held for trading or
non-trading purposes.
The changes in fair value on derivatives held for trading are included in net gains (losses) on financial assets/liabilities at
fair value through profit or loss.
Hedge accounting
IFRS 9 includes an accounting policy choice to defer the adoption of IFRS 9 hedge accounting and to continue with
IAS 39 hedge accounting. The Group decided to exercise this accounting policy choice and did not adopt IFRS 9 hedge
accounting as of January 1, 2018. The Group applies fair value hedge accounting for portfolio hedges of interest rate risk
(fair value macro hedges) in accordance with the EU carve-out version of IAS 39. Under the EU IAS 39 carve-out, fair
value macro hedge accounting may be applied to core deposits and hedge ineffectiveness for all fair value macro hedge
accounting applications is only recognized when the revised estimate of the amount of cash flows in scheduled time
buckets falls below the original designated amount of that bucket and is not recognized when the revised amount of
cash flows in scheduled time buckets is more than the original designated amount.
For accounting purposes, the Group applies the following types of hedges:
–For hedges of changes in fair value, the changes in the fair value of the hedged asset, liability or unrecognized firm
commitment, or a portion thereof, attributable to the risk being hedged, are recognized in the Consolidated
Statement of Income along with changes in the entire fair value of the derivative. When hedging interest rate risk, any
interest accrued or paid on both the derivative and the hedged item is reported in interest income or expense and the
unrealized gains and losses from the hedge accounting fair value adjustments are reported in other revenue. Hedge
ineffectiveness is reported in other revenue and is measured as the net effect of changes in the fair value of the
hedging instrument and changes in the fair value of the hedged item arising from changes in the market rate or price
related to the risk(s) being hedged.
–If a fair value hedge of a debt instrument is discontinued prior to the instrument’s maturity because the derivative is
terminated or the relationship is de-designated, any remaining interest rate-related fair value adjustments made to
the carrying amount of the debt instrument (basis adjustments) are amortized to interest income or expense over the
remaining term of the original hedging relationship. For other types of fair value adjustments and whenever a fair
value hedged asset or liability is sold or otherwise derecognized, any basis adjustments are included in the calculation
of the gain or loss on derecognition.
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–For hedges of variability in future cash flows, there is no change to the accounting for the hedged item and the
derivative is carried at fair value, with changes in value reported initially in other comprehensive income to the extent
the hedge is effective. These amounts initially recorded in other comprehensive income are subsequently reclassified
into the Consolidated Statement of Income in the same periods during which the forecast transaction affects the
Consolidated Statement of Income. Thus, for hedges of interest rate risk, the amounts are amortized into interest
income or expense at the same time as the interest is accrued on the hedged transaction.
–Hedge ineffectiveness is recorded in other income and is measured as changes in the excess (if any) in the absolute
cumulative change in fair value of the actual hedging derivative over the absolute cumulative change in the fair value
of the hypothetically perfect hedge.
–When hedges of variability in cash flows attributable to interest rate risk are discontinued, amounts remaining in
accumulated other comprehensive income are amortized to interest income or expense over the remaining life of the
original hedge relationship, unless the hedged transaction is no longer expected to occur in which case the amount
will be reclassified into other income immediately. When hedges of variability in cash flows attributable to other risks
are discontinued, the related amounts in accumulated other comprehensive income are reclassified into either the
same Consolidated Statement of Income caption and period as profit or loss from the forecast transaction, or into
other income when the forecast transaction is no longer expected to occur.
–For hedges of the translation adjustments resulting from translating the functional currency financial statements of
foreign operations (hedges of net investments in foreign operations) into the functional currency of the parent, the
portion of the change in fair value of the derivative due to changes in the spot foreign exchange rates is recorded as a
foreign currency translation adjustment in other comprehensive income to the extent the hedge is effective; the
remainder is recorded as other income in the Consolidated Statement of Income.
Changes in fair value of the hedging instrument relating to the effective portion of the hedge are subsequently
recognized in profit or loss on disposal of the foreign operations.
Hedging derivatives are reported as other assets and other liabilities. In the event that a derivative is subsequently de-
designated from a hedging relationship, it is transferred to financial assets/liabilities at fair value through profit or loss.
Impairment of loans and provision for off-balance sheet positions
The impairment requirements of IFRS 9 apply to all credit exposures that are measured at amortized cost or FVOCI, and
to off balance sheet lending commitments such as loan commitments and financial guarantees. For purposes of the
impairment policy below, these instruments are referred to as (“Financial Assets”)
The determination of impairment losses under IFRS 9 uses an expected credit loss (“ECL”) model, where allowances are
taken upon initial recognition of the Financial Asset, based on expectations of potential credit losses at the time of initial
recognition.
Staged approach to the determination of expected credit losses
IFRS 9 states a three-stage approach to impairment for Financial Assets that are not credit-impaired at the date of
origination or purchase. This approach is summarized as follows:
–Stage 1: The Group recognizes a credit loss allowance at an amount equal to 12-month expected credit losses for all
Financial Assets. This represents the portion of lifetime expected credit losses from default events that are expected
within 12 months of the reporting date, assuming that credit risk has not increased significantly after initial
recognition.
–Stage 2: The Group recognizes a credit loss allowance at an amount equal to lifetime expected credit losses for those
Financial Assets which are considered to have experienced a significant increase in credit risk since initial recognition.
This requires the determination of the ECL based on lifetime probability of default, lifetime loss given default and
lifetime exposure at default that represents the probability of default occurring over the remaining lifetime of the
Financial Asset. Allowance for credit losses are higher in this stage because of an increase in credit risk since
origination or purchase and the impact of a longer time horizon being considered compared to 12 months in Stage 1.
–Stage 3: The Group recognizes a loss allowance at an amount equal to lifetime expected credit losses, reflecting a
Probability of Default of 100%, via the expected recoverable cash flows for the asset, for those Financial Assets that
are credit-impaired. The Group’s definition of default is aligned with the regulatory definition of default. Financial
Assets that are credit-impaired upon initial recognition are categorized within Stage 3 with a carrying value already
reflecting the lifetime expected credit losses. The accounting treatment for these purchased or originated credit-
impaired (“POCI”) assets is discussed further below.
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ECL are calculated using three main parameters: probability of default (PD), loss given default (LGD) and exposure at
default (EAD). These parameters are generally derived from internally developed statistical models combined with
historical, current and forward-looking information, including macro-economic data. The 12-month and lifetime PD
represent the expected point-in-time probability of a default over the next 12 months and remaining expected lifetime
of the financial instrument, respectively, based on conditions existing at the balance sheet date and future economic
conditions that affect credit risk. The LGD represents expected loss conditional on default, incorporating the mitigating
effect of collateral, its expected value when realized and the time value of money. The EAD represents the expected
exposure at default, factoring in the repayment of principal and interest from the balance sheet date to the default event
together with any expected drawdown of a facility.
Forward-Looking Information is incorporated into the measurement of the Group Allowance for Credit Losses in terms of
adjustments to multi-year PD curves based on macro-economic forecasts.
The Group’s ECL model is used to calculate the allowance for credit losses for all financial assets in Stage 1 and Stage 2,
as well as for Stage 3 in the homogeneous portfolio (i.e., retail and small business loans with similar credit risk
characteristics). For financial assets in the bank’s non-homogeneous portfolio in Stage 3 and for POCI assets, the
allowance for credit losses is determined individually by credit officers.
Significant increase in credit risk
When determining whether the credit risk (i.e., risk of default) of a Financial Asset has increased significantly since initial
recognition, the Group considers reasonable and supportable information that is relevant and available without undue
cost or effort. This includes quantitative and qualitative information based on the Group’s historical experience, credit
risk assessment and forward-looking information (including macro-economic factors). The assessment of significant
credit deterioration is key in determining when to move from measuring an allowance based on 12-month ECLs to one
that is based on lifetime ECLs (i.e., transfer from Stage 1 to Stage 2).
The Group’s framework for determining if there has been a significant increase in credit risk aligns with the internal Credit
Risk Management (“CRM”) process and utilizes:
–Rating related indicators – based on a model that compares lifetime probability of default (PD) at the reporting date
with the lifetime PD expectations at the date of initial recognition and subsequently applies a quantile approach to
determine a threshold to define the trigger point for a financial asset’s transition into Stage 2; and
–Process related indicators – which uses existing risk management indicators, that in Management’s view represent
situations where the credit risk of financial assets has significantly increased. These include obligors being added to a
credit watchlist, being mandatorily transferred to workout status, payments being 30 days or more past due or in
forbearance.
These indicators are discussed further in section “IFRS 9 Impairment” in the Risk Report.
Credit-impaired financial assets in Stage 3
The Group has aligned its definition of credit-impaired under IFRS 9 to when a Financial Asset has defaulted for
regulatory purposes, according to the Capital Requirements Regulation under Art. 178.
The determination of whether a Financial Asset is credit-impaired and therefore in Stage 3 focuses exclusively on default
risk, without taking into consideration the effects of credit risk mitigants such as collateral or guarantees. Specifically, a
Financial Asset is credit-impaired and in Stage 3 when:
–The Group considers the obligor is unlikely to pay its credit obligations to the Group. Determination may include
forbearance actions, where a concession has been granted to the borrower or economic or legal reasons that are
qualitative indicators of credit-impairment; or
–Contractual payments of either principal or interest by the obligor are past due by more than 90 days.
For Financial Assets considered to be credit-impaired, the ECL allowance covers the amount of loss the Group is
expected to suffer. The estimation of ECLs is undertaken on a case-by-case basis for non-homogeneous portfolios, or by
applying portfolio based parameters to individual Financial Assets in these portfolios via the Group’s ECL model for
homogeneous portfolios. This estimate includes the use of discounted cash flows that are adjusted for scenarios.
Forecasts of future economic conditions when calculating ECLs are considered. The lifetime expected losses are
estimated based on the probability-weighted present value of the difference between the contractual cash flows that
are due to the Group under the contract; and the cash flows that the Group expects to receive.
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A Financial Asset can be classified as credit-impaired in Stage 3 but without an allowance for credit losses (i.e., no
impairment loss is expected). This may be due to the value of collateral. The Group’s engine based ECL calculation is
conducted on a monthly basis, whereas the case-by-case assessment of ECL in Stage 3 for non-homogeneous portfolio
has to be performed at least on a quarterly basis.
Purchased or originated credit-impaired financial assets in Stage 3
A Financial Asset is considered purchased or originated credit-impaired if there is objective evidence of impairment at
the time of initial recognition. Such credit-impaired Financial Assets are termed POCI Financial Assets. POCI Financial
Assets are measured to reflect lifetime expected credit losses, and all subsequent changes in lifetime expected credit
losses, whether positive or negative, are recognized in the income statement as a component of the provision for credit
losses. POCI Financial Assets can only be classified in Stage 3 over the life of the Financial Asset.
Write-offs
The Group reduces the gross carrying amount of a Financial Asset when there is no reasonable expectation of recovery.
Write-offs can relate to a Financial Asset in its entirety, or to a portion of it, and constitute a derecognition event. The
Group considers all relevant information in making this determination, including but not limited to:
–Foreclosure actions taken by the Group which have not been successful or have a high probability of not being
successful
–Collateral liquidation which has not, or will not lead to further considerable recoveries
–Situations where no further recoveries are reasonably expected
Write-offs can take place before legal actions against the borrower to recover the debt have been concluded, and a
write-off does not involve the Group forfeiting its legal right to recover the debt.
Interest rate used in the IFRS 9 model
In the context of the ECL calculation, the Group applies in line with IFRS 9 an approximation of the EIR, which is usually
the contractual interest rate (“CIR”) and which does not materially differ from the EIR. The CIR is deemed to be an
appropriate approximation, as the interest rate is consistently used in the ECL model, interest recognition and for
discounting of the ECL.
Collateral for financial assets considered in the impairment analysis
IFRS 9 requires cash flows expected from collateral and other credit enhancement to be reflected in the ECL calculation.
The following are key aspects with respect to collateral and guarantees:
–Eligibility of collateral, i.e., which collateral should be considered in the ECL calculation;
–Collateral evaluation, i.e., what collateral (liquidation) value should be used; and
–Projection of the available collateral amount over the life of a transaction.
These concepts are outlined in more detail in section “IFRS 9 Impairment” in the Risk Report.
Critical accounting estimates – The accounting estimates and judgments related to the impairment of Financial Assets is
a critical accounting estimate because the underlying assumptions used can change from period to period and may
significantly affect the Group’s results of operations.
In assessing assets for impairments, management judgment is required, particularly in projecting forward-looking
information and scenarios in particular in circumstances of economic and financial uncertainty, when developments and
changes to expected cash flows can occur both with greater rapidity and less predictability. The actual amount of the
future cash flows and their timing may differ from the estimates used by management and consequently may cause
actual losses to differ from reported allowances.
For those non-homogeneous loans in Stage 3 the determination of the impairment allowance often requires the use of
considerable judgment concerning such matters as local economic conditions, the financial performance of the
counterparty and the value of any collateral held, for which there may not be a readily accessible market.
The determination of the expected credit losses in Stages 1 and 2 and for homogeneous loans in Stage 3 is calculated
using the Group’s ECL model. The model incorporates numerous estimates and judgments. The Group performs a regular
review of the model and underlying data and assumptions. The probability of defaults, loss recovery rates and judgments
concerning ability of borrowers in foreign countries to transfer the foreign currency necessary to comply with debt
repayments, amongst other things, are incorporated into this review. Management judgement is required over the
following critical accounting estimates:
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–Forward-Looking Information: The identification of key macro-economic variables (MEVs) reflects a balance of
quantitative and qualitative judgements. Statistical analysis, including for example, back-testing and model
sensitivities, are performed to assess the explanatory power of MEVs, while expert input from credit officers ensures
management comfort in the overall model behavior. The final model parameterization is based on a review and
challenge of impacts in internal governance forums and an independent validation performed by the Model Risk
Management function. Furthermore, conceptual soundness of the estimation approach is ensured by model testing
analysis prepared as part of model changes and an ongoing monitoring framework in order for the ECL provision to
reflect management’s best estimate in the calculation of expected credit losses.
–Significant Increase in Credit Risk: In line with the section “IFRS 9 Impairment” in the Risk Report, the Group uses
rating-related indicators to determine whether a financial asset’s credit risk has significantly increased since inception.
For financial assets in non-homogeneous portfolios the ratings are determined for every counterparty individually
based on credit officer’s expert judgement. For financial assets in the homogeneous portfolios (due to the large
number of client relationships) the rating process is significantly automated with less judgement required by credit
officers on individual counterparties. For both homogeneous and non-homogenous portfolios the rating-related
indicators to determine whether the credit risk for a financial asset has significantly increased are based on a model
that compares lifetime PDs at the reporting date with the lifetime PD expectations at the date of initial recognition
and subsequently applying a quantile approach to determine a threshold which defines the trigger point for a
financial asset’s transition into Stage 2. The determination of the quantile to define Stage 2 thresholds are determined
by subject matter experts in the Group’s Risk function. This represents one of the key critical judgments in the Group’s
IFRS 9 framework and is reviewed on an annual basis based on detailed stage-mover analyses, benchmarking with
historical behaviors and peer comparisons.
–Stage 3 Loss Given Default (LGD) Setting for Homogeneous Portfolios: The allowance for credit losses in Stage 3 is
determined for the Group’s homogeneous portfolios by an automated process based on partially time dependent
LGDs reflecting the lower recovery expectation the longer the client is in default, thereby differentiating between
secured and unsecured exposures. The LGDs are calibrated using the Group’s loss history built up over preceding
decades, experienced market prices of non-performing portfolios sold and expert judgement. In the case of less
material portfolios, the empirical calibration of the LGD is partially supported by expert credit officer judgements,
especially for determining the client cure rates as one of the key inputs. The LGD settings are validated on an annual
basis and are regularly reviewed by the Group’s independent model validation process which is part of the Model Risk
Management function.
–Model adjustments: The Group regularly reviews key inputs into the ECL calculation and discusses potential model
imprecision to assess the need for corrective measures in the form of overlays. Overlays are an essential output of
management judgment which feeds into the model. On a quarterly basis, a senior management forum discusses the
need for the recognition and/or the release of overlays. The discussion will be based on an overview of potential
reasons which might require an overlay considering specific trigger points. The ultimate decision for creating overlays
is jointly made by the Chief Financial Officer (CFO) and Chief Risk Officer (CRO).
The quantitative disclosures are provided in Note 18 “Loans” and Note 19 “Allowance for credit losses” as well as the Risk
Report, section “IFRS 9 Impairment”, sub-section “Model Sensitivity”.
Derecognition of financial assets and liabilities
Financial asset derecognition
A financial asset is considered for derecognition when the contractual rights to the cash flows from the financial asset
expire, or the Group has either transferred the contractual right to receive the cash flows from that asset or has assumed
an obligation to pay those cash flows to one or more recipients, subject to certain criteria.
The Group derecognizes a transferred financial asset if it transfers substantially all the risks and rewards of ownership.
The Group enters into transactions in which it transfers previously recognized financial assets but retains substantially all
the associated risks and rewards of those assets; for example, a sale to a third party in which the Group enters into a
concurrent total return swap with the same counterparty. These types of transactions are accounted for as secured
financing transactions.
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Derecognition of financial liabilities
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. If an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of the
existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original
liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the
Consolidated Statement of Income.
Certain OTC derivative contracts and most exchange-traded futures and option contracts cleared through central
clearing counterparties and exchanges have payment or receipt of variation margin on a daily basis that represents legal
or economic settlement of the outstanding derivative’s present value. This results in derecognition of the associated
derivative financial asset and financial liabilities.
Repurchase and reverse repurchase agreements
Securities purchased under resale agreements (“reverse repurchase agreements”) and securities sold under agreements
to repurchase (“repurchase agreements”) are treated as collateralized financings and are recognized initially at fair value,
being the amount of cash disbursed and received, respectively.
The Group allocates reverse repurchase portfolios that are managed on a fair value basis to the other business model
under IFRS 9 and classifies them as “Non-trading financial assets mandatory at fair value through profit or loss”.
Interest earned on reverse repurchase agreements and interest incurred on repurchase agreements is reported as
interest income and interest expense, respectively.
Securities borrowed and securities loaned
Securities borrowed transactions generally require the Group to deposit cash with the securities lender. In a securities
loaned transaction, the Group generally receives either cash collateral, in an amount equal to or in excess of the market
value of securities loaned, or securities.
The securities borrowed are not themselves recognized in the financial statements. If they are sold to third parties, the
obligation to return the securities is recorded as a financial liability at fair value through profit or loss and any subsequent
gain or loss is included in the Consolidated Statement of Income in net gains (losses) on financial assets/liabilities at fair
value through profit or loss. Securities lent to counterparties are also retained on the Consolidated balance sheet.
The Group records the amount of cash advanced or received as securities borrowed and securities loaned, respectively,
in the Consolidated balance sheet.
Fees received or paid are reported in interest income and interest expense, respectively. Securities lent to counterparties
which are not derecognized from the Consolidated balance sheet and where the counterparty has the right by contract
or custom to sell or repledge the collateral are disclosed in Note 20 “Transfer of Financial Assets, Assets Pledged and
Received as Collateral”.
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Goodwill and other intangible assets
Goodwill arises on the acquisition of subsidiaries and associates and represents the excess of the aggregate of the cost of
an acquisition and any noncontrolling interests in the acquiree over the fair value of the identifiable net assets acquired
at the date of the acquisition.
For the purpose of calculating goodwill, fair values of acquired assets, liabilities and contingent liabilities are determined
by reference to market values or by discounting expected future cash flows to present value. This discounting is either
performed using market rates or by using risk-free rates and risk-adjusted expected future cash flows. Any
noncontrolling interests in the acquiree are measured either at fair value or at the noncontrolling interests’ proportionate
share of the acquiree’s identifiable net assets (this is determined for each business combination).
Goodwill on the acquisition of subsidiaries is capitalized and reviewed for impairment annually or more frequently if there
are indications that impairment may have occurred. For the purposes of impairment testing, goodwill acquired in a
business combination is allocated to cash-generating units (“CGUs”), which are the smallest identifiable groups of assets
that generate cash inflows largely independent of the cash inflows from other assets or groups of assets and that are
expected to benefit from the synergies of the combination and considering the business level at which goodwill is
monitored for internal management purposes. In identifying whether cash inflows from an asset (or a group of assets) are
largely independent of the cash inflows from other assets (or groups of assets) various factors are considered, including
how management monitors the entity’s operations or makes decisions about continuing or disposing of the entity’s
assets and operations.
If goodwill has been allocated to a CGU and an operation within that unit is disposed of, the attributable goodwill is
included in the carrying amount of the operation when determining the gain or loss on its disposal.
Corporate assets are allocated to a CGU when the allocation can be done on a reasonable and consistent basis. If this is
not possible, the individual CGU is tested without the corporate assets. They are then tested on the level of the minimum
collection of CGUs to which they can be allocated on a reasonable and consistent basis.
Intangible assets are recognized separately from goodwill when they are separable or arise from contractual or other
legal rights and their fair value can be measured reliably. Intangible assets that have a finite useful life are stated at cost
less any accumulated amortization and accumulated impairment losses. Customer-related intangible assets that have a
finite useful life are amortized over periods of between 1 and 15 years on a straight-line basis based on their expected
useful life. These assets are tested for impairment and their useful lives reaffirmed at least annually.
Certain intangible assets have an indefinite useful life and hence are not amortized, but are tested for impairment at least
annually or more frequently if events or changes in circumstances indicate that impairment may have occurred.
Costs related to software developed or obtained for internal use are capitalized if it is probable that future economic
benefits will flow to the Group and the cost can be measured reliably. Capitalized costs are amortized using the straight-
line method over the asset’s useful life which is deemed to be either three, five or ten years. Eligible costs include
external direct costs for materials and services, as well as payroll and payroll-related costs for employees directly
associated with an internal-use software project. Overhead costs, as well as costs incurred during the research phase or
after software is ready for use, are expensed as incurred. Capitalized software costs are tested for impairment either
annually if still under development or any time when there is an indication of impairment once the software is in use.
Critical accounting estimates – The determination of the recoverable amount in the impairment assessment of non-
financial assets requires estimates based on quoted market prices, prices of comparable businesses, present value or
other valuation techniques (such as the cost approach), or a combination thereof, necessitating management to make
subjective judgments and assumptions. Because these estimates and assumptions could result in significant differences
to the amounts reported if underlying circumstances were to change, the Group considers these estimates to be critical.
The quantitative disclosures are provided in Note 23 “Goodwill and Other Intangible Assets”.
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Provisions
Provisions are recognized if the Group has a present legal or constructive obligation as a result of past events, if it is
probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the
amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation
as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party
(for example, because the obligation is covered by an insurance policy), an asset is recognized if it is virtually certain that
reimbursement will be received.
If the Group has a contract that is onerous, the present obligation under the contract is recognized and measured as a
provision. An onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract
exceed the economic benefits expected to be received under it.
Critical accounting estimates –The use of estimates is important in determining provisions for potential losses that may
arise from litigation and regulatory proceedings. The Group estimates and provides for potential losses that may arise out
of litigation and regulatory proceedings to the extent that such losses are probable and can be estimated, in accordance
with IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”. Significant judgment is required in making these
estimates and the Group’s final liabilities may ultimately be materially different.
Contingencies in respect of legal matters are subject to many uncertainties and the outcome of individual matters is not
predictable with assurance. Significant judgment is required in assessing probability and making estimates in respect of
contingencies, and the Group’s final liability may ultimately be materially different. The Group’s total liability in respect
of litigation, arbitration and regulatory proceedings is determined on a case-by-case basis and represents an estimate of
probable losses after considering, among other factors, the progress of each case, the Group’s experience and the
experience of others in similar cases, and the opinions and views of legal counsel. Predicting the outcome of the Group’s
litigation matters is inherently difficult, particularly in cases in which claimants seek substantial or indeterminate
damages. See Note 27 “Provisions” for further information on the uncertainties from the Group’s judicial, regulatory and
arbitration proceedings.
Income taxes
The Group recognizes the current and deferred tax consequences of transactions that have been included in the
consolidated financial statements using the provisions of the respective jurisdictions’ tax laws. Current and deferred
taxes are recognized in profit or loss except to the extent that the tax relates to items that are recognized directly in
equity or other comprehensive income in which case the related tax is recognized either directly in equity or other
comprehensive income accordingly.
Deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences
between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, unused
tax losses and unused tax credits. Deferred tax assets are recognized only to the extent that it is probable that sufficient
taxable profit will be available against which those unused tax losses, unused tax credits and deductible temporary
differences can be utilized. As an exception to the aforementioned requirements, an entity shall neither recognize nor
disclose information about deferred tax assets and liabilities related to Pillar Two income taxes.
Deferred tax assets and liabilities are measured based on the tax rates that are expected to apply in the period that the
asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively
enacted at the balance sheet date.
Current tax assets and liabilities are offset when (1) they arise from the same tax reporting entity or tax group of reporting
entities, (2) the legally enforceable right to offset exists and (3) they are intended to be settled net or realized
simultaneously.
Deferred tax assets and liabilities are offset when the legally enforceable right to offset current tax assets and liabilities
exists and the deferred tax assets and liabilities relate to income taxes levied by the same taxing authority on either the
same tax reporting entity or tax group of reporting entities.
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Deferred tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, branches
and associates and interests in joint ventures except when the timing of the reversal of the temporary difference is
controlled by the Group and it is probable that the difference will not reverse in the foreseeable future. Deferred income
tax assets are provided on deductible temporary differences arising from such investments only to the extent that it is
probable that the differences will reverse in the foreseeable future and sufficient taxable income will be available against
which those temporary differences can be utilized.
Deferred tax related to fair value remeasurement of financial assets classified as FVTOCI, cash flow hedges and other
items, which are charged or credited directly to other comprehensive income, is also credited or charged directly to
other comprehensive income and subsequently recognized in the Consolidated Statement of Income once the
underlying transaction or event to which the deferred tax relates is recognized in the Consolidated Statement of Income.
For share-based payment transactions, the Group may receive a tax deduction related to the compensation paid in
shares. The amount deductible for tax purposes may differ from the cumulative compensation expense recorded. At any
reporting date, the Group must estimate the expected future tax deduction based on the current share price. The
associated current and deferred tax consequences are recognized as income or expense in the consolidated statement
of Income for the period. If the amount deductible, or expected to be deductible, for tax purposes exceeds the
cumulative compensation expense, the excess tax benefit is recognized directly in equity.
Critical accounting estimates – In determining the amount of deferred tax assets, the Group uses historical tax capacity
and profitability information and, if relevant, forecasted operating results based upon approved business plans, including
a review of the eligible carry-forward periods, available tax planning opportunities and other relevant considerations. The
analysis of the historical tax capacity includes the determination as to whether a period of past profits or a history of
recent losses exists at the reporting date. The determination of a period of past profits or a history of recent losses is
based on the pre-tax results adjusted for permanent differences and typically covers the current and the two preceding
financial years. Each quarter, the Group re-evaluates its estimate related to deferred tax assets.
The Group believes that the accounting estimate related to the deferred tax assets is a critical accounting estimate
because the underlying assumptions can change from period to period and requires significant management judgment.
For example, tax law changes, changes in the historical tax capacity or variances in future projected operating
performance could result in a change of the carrying amount of a deferred tax asset. If the Group was not able to realize
all or part of its net deferred tax assets in the future, an adjustment to its deferred tax assets would be charged to income
tax expense or directly to equity in the period such determination was made. If the Group was to recognize previously
unrecognized deferred tax assets in the future, an adjustment to its deferred tax asset would be credited to income tax
expense or directly to equity in the period such determination was made.
The use of estimates is also important in determining provisions for potential losses that may arise from uncertain income
tax positions. The Group estimates and provides for potential losses that may arise out of uncertain income tax positions,
in accordance with IAS 12, “Income Taxes” and IFRIC 23, “Uncertainty over Income Tax Treatment”. Significant judgment
is required in making these estimates and the Group’s final liabilities may ultimately be materially different.
For further information on the Group’s income taxes (including quantitative disclosures on recognized deferred tax
assets) see Note 34 “Income Taxes”.
Business combinations and noncontrolling Interests
The Group uses the acquisition method to account for business combinations. At the date the Group obtains control of
the subsidiary, the cost of an acquisition is measured at the fair value of the consideration given, including any cash or
non-cash consideration (equity instruments) transferred, any contingent consideration, any previously held equity
interest in the acquiree and liabilities incurred or assumed. The excess of the aggregate of the cost of an acquisition and
any noncontrolling interests in the acquiree over the Group’s share of the fair value of the identifiable net assets acquired
is recorded as goodwill. If the aggregate of the acquisition cost and any noncontrolling interests is below the fair value of
the identifiable net assets (negative goodwill), a gain is reported in other income. Acquisition-related costs are
recognized as expenses in the period in which they are incurred.
In business combinations achieved in stages (“step acquisitions”), a previously held equity interest in the acquiree is
remeasured to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in profit or loss. Amounts
recognized in prior periods in other comprehensive income associated with the previously held investment would be
recognized on the same basis as would be required if the Group had directly disposed of the previously held equity
interest.
450
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Noncontrolling interests are shown in the consolidated balance sheet as a separate component of equity, which is
distinct from the Group’s shareholders’ equity. The net income attributable to noncontrolling interests is separately
disclosed on the face of the Consolidated Statement of Income. Changes in the ownership interest in subsidiaries which
do not result in a change of control are treated as transactions between equity holders and are reported in additional
paid-in capital (“APIC”).
Non-current assets held for sale
Individual non-current assets (and disposal groups) are classified as held for sale if they are available for immediate sale
in their present condition subject only to the customary sales terms of such assets (and disposal groups) and their sale is
considered highly probable. For a sale to be highly probable, management must be committed to a sales plan and be
actively looking for a buyer and has no substantive regulatory approvals outstanding. Furthermore, the assets (and
disposal groups) must be actively marketed at a reasonable sales price in relation to their current fair value and the sale
should be expected to be completed within one year. Non-current non-financial assets (and disposal groups) which meet
the criteria for held for sale classification are measured at the lower of their carrying amount and fair value less costs of
disposal and are presented within “Other assets” and “Other liabilities” in the balance sheet. Financial assets and
liabilities meeting the criteria continue to be measured in accordance with IFRS 9. The comparatives are not restated
when non-current assets (and disposal groups) are classified as held for sale.
Property and equipment
Property and equipment includes own-use properties, leasehold improvements, furniture and equipment and software
(operating systems only). Right-of-use assets are presented together with property and equipment on the Group’s
consolidated balance sheet. Own-use properties are carried at cost less accumulated depreciation and accumulated
impairment losses. Depreciation is generally recognized using the straight-line method over the estimated useful lives of
the assets. The range of estimated useful lives is 25 to 50 years for property and 3 to 10 years for furniture and
equipment (including initial improvements to purchased buildings). Leasehold improvements are capitalized and
subsequently depreciated on a straight-line basis over the shorter of the term of the lease and the estimated useful life
of the improvement, which generally ranges from 3 to 25 years. Depreciation of property and equipment is included in
general and administrative expenses. Maintenance and repairs are also charged to general and administrative expenses.
Gains and losses on disposals are included in other income.
Property and equipment are assessed for any indication of impairment at each quarterly reporting date. If such indication
exists, the recoverable amount, which is the higher of fair value less costs of disposal and value in use, must be estimated
and an impairment charge is recorded to the extent the recoverable amount is less than the carrying amount. Value in
use is the present value of the future cash flows expected to be derived from the asset. After the recognition of
impairment of an asset, the depreciation charge is adjusted in future periods to reflect the asset’s revised carrying
amount. If an impairment is later reversed, the depreciation charge is adjusted prospectively.
Financial guarantees
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder
for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt
instrument.
Financial guarantees written
The Group has chosen to apply the fair value option to certain written financial guarantees that are managed on a fair
value basis. Financial guarantees that the Group has not designated at fair value are initially recognized at fair value on
the date the guarantee is given. Subsequent to initial recognition, the Group’s liabilities under such guarantees are
measured at the higher of the amount initially recognized, less cumulative amortization, and the best estimate of the
expenditure required to settle any financial obligation as of the balance sheet date. These estimates are determined by
management based on experience with similar transactions and history of past losses.
Any increase in the liability relating to guarantees is recorded in the Consolidated Statement of Income in provision for
credit losses.
451
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Financial guarantees purchased
Purchased financial guarantees result in reimbursements under IAS 37 to the extent that the financial guarantee is
entered into to mitigate the credit exposure from debt instruments with HTC or HTC&S business models. This results in
recognition of a reimbursement asset for subsequent increases in the expected credit losses, to the extent it is virtually
certain that the purchased financial guarantee will reimburse the Group for the loss incurred. Accordingly, when the
credit risk of the borrower significantly deteriorates a reimbursement asset is recognized equal to the life-time expected
credit losses and is presented as Other Assets in the Group’s Consolidated Balance Sheet. The corresponding
reimbursement gain is recognized as a reduction in the Provision for credit losses in the Group’s Consolidated Statement
of Income.
Purchased financial guarantees entered into to mitigate credit exposure from debt instruments allocated to HTC or
HTC&S business models may also be embedded in Collateralized Loan Obligations (CLO’s) issued by the Group. Such
embedded guarantees are not accounted for separately as a reimbursement asset and are instead accounted as part of
the CLO’s liability held at amortized cost. The Group regularly revises its estimated contractual redemption payment
(including the benefit of such embedded guarantees) from the CLO when the credit risk of a borrower covered by the
embedded financial guarantee in the CLO significantly deteriorates. The revision is based on the life-time expected
credit losses of the debt instrument (to the extent covered by the CLO).
Purchased financial guarantees entered into to mitigate credit exposure from debt instruments included in the Other
business model are accounted for at fair value through profit or loss.
Leasing transactions
The Group enters into lease contracts, predominantly for land and buildings, as a lessee. Other categories are company
cars and technical/IT equipment.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease
term or a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used
to determine such lease payments).
Right-of-use assets are assessed for any indication of impairment at each quarterly reporting date. If such indication
exists, the recoverable amount, which is the fair value less costs of disposal, must be estimated and an impairment
charge is recorded to the extent the recoverable amount is less than the carrying amount. As right-of-use assets do not
have independently generated cash flows to calculate its value in use, the Group considers any sublease income that
could reasonably be earned. After the recognition of impairment of an asset, the depreciation charge is adjusted in future
periods to reflect the asset’s revised carrying amount. If an impairment is later reversed, the depreciation charge is
adjusted prospectively.
The Group presents right-of-use assets in “Property and Equipment” and lease liabilities in “Other Liabilities”.
The Group applies the short-term lease recognition exemption to its short-term leases, i.e., those leases that have a lease
term of 12 months or less from the commencement date. It also applies the lease of low-value assets recognition
exemption to leases of technical/IT equipment that are considered to be low value. Lease payments on short-term leases
and leases of low value assets are recognized as expense on a straight-line basis over the lease term.
452
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Employee benefits
Pension benefits
The Group provides a number of pension plans. In addition to defined contribution plans, there are retirement benefit
plans accounted for as defined benefit plans. The assets of all the Group’s defined contribution plans are held in
independently administered funds. Contributions are generally determined as a percentage of salary and are expensed
based on employee services rendered, generally in the year of contribution.
All retirement benefit plans accounted for as defined benefit plans are valued using the projected unit-credit method to
determine the present value of the defined benefit obligation and the related service costs. Under this method, the
determination is based on actuarial calculations which include assumptions about demographics, salary increases and
interest and inflation rates. Actuarial gains and losses are recognized in other comprehensive income and presented in
equity in the period in which they occur. The majority of the Group’s benefit plans is funded.
For the Group’s most significant pension plans in the key countries, the discount rate used at each measurement date is
set based on a high-quality corporate bond yield curve – derived based on bond universe information sourced from
reputable third-party index data providers and rating agencies – reflecting the timing, amount and currency of the future
expected benefit payments for the respective plan.
Other post-employment benefits
In addition, the Group maintains unfunded contributory post-employment medical plans for a number of current and
retired employees who are mainly located in the United States. These plans pay stated percentages of eligible medical
and dental expenses of retirees after a stated deductible has been met. The Group funds these plans on a cash basis as
benefits are due. Analogous to retirement benefit plans these plans are valued using the projected unit-credit method.
Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income and
presented in equity.
Refer to Note 33 “Employee Benefits” for further information on the accounting for pension benefits and other post-
employment benefits.
Termination benefits
Termination benefits arise when employment is terminated by the Group before the normal retirement date or whenever
an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits as
a liability and an expense if the Group is demonstrably committed to a detailed formal plan without realistic possibility of
withdrawal. In the case of an offer made to encourage voluntary redundancy, termination benefits are measured based
on the number of employees expected to accept the offer. Benefits falling due more than twelve months after the end of
the reporting period are discounted to their present value. The discount rate is determined by reference to market yields
on high-quality corporate bonds.
Share-based compensation
Compensation expense for awards classified as equity instruments is measured at the grant date based on the fair value
of the share-based award. For share awards, the fair value is the quoted market price of the share reduced by the present
value of the expected dividends that will not be received by the employee and adjusted for the effect, if any, of
restrictions beyond the vesting date. In case an award is modified such that its fair value immediately after modification
exceeds its fair value immediately prior to modification, a remeasurement takes place and the resulting increase in fair
value is recognized as additional compensation expense.
The Group records the offsetting amount to the recognized compensation expense in additional paid-in capital (“APIC”).
Compensation expense is recorded on a straight-line basis over the period in which employees perform services to which
the awards relate or over the period of the tranches for those awards delivered in tranches. Estimates of expected
forfeitures are periodically adjusted in the event of actual forfeitures or for changes in expectations. The timing of
expense recognition relating to grants which, due to early retirement provisions, include a nominal but non-substantive
service period are accelerated by shortening the amortization period of the expense from the grant date to the date
when the employee meets the eligibility criteria for the award, and not the vesting date. For awards that are delivered in
tranches, each tranche is considered a separate award and amortized separately.
Compensation expense for share-based awards payable in cash is remeasured to fair value at each balance sheet date
and recognized over the vesting period in which the related employee services are rendered. The related obligations are
included in other liabilities until paid.
453
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
Other deferred compensation plans
Compensation expense for other deferred compensation plans is recorded on a straight-line basis over the period in
which employees perform services to which the awards relate or over the period of the tranches for those awards
delivered in tranches. For awards that are delivered in tranches, each tranche is considered a separate award and
amortized separately. The amount recognized is based on the present value of the amount expected to be paid under the
respective plan and is remeasured at each reporting date. The ultimate cumulative compensation expense recognized
equals the cash or the fair value of the respective financial instruments delivered.
Government grants
The Group recognizes income from government grants when there is reasonable assurance that it will receive the grant
and will comply with the conditions attached to the grant. The benefit is recognized in the period in which the grant is
intended to compensate the Group for related costs and presented as a reduction of the related expense.
Options and forwards on common shares
Option and forward contracts on Deutsche Bank shares are classified as equity if the number of shares is fixed and
physical settlement is required. All other contracts in which Deutsche Bank shares are the underlying are recorded as
financial assets or liabilities at fair value through profit or loss.
Consolidated statement of cash flows
The consolidated statement of cash flows is prepared in accordance with the indirect method, which adjusts Profit (loss)
for non-cash transactions within operating activities and distinguishes the classification of cash flows between operating,
investing, or financing activities depending on the business model and the related activities which are most appropriate
to the business.
For purposes of the consolidated statement of cash flows, the Group’s cash and cash equivalents include highly liquid
investments that are readily convertible into cash, and which are subject to an insignificant risk of change in value. Such
investments include cash and balances at central banks and demand deposits with banks.
There are various circumstances in which cash and cash equivalent balances held by Deutsche Bank are not available for
use by the Group. Examples include cash and cash equivalent balances held by a subsidiary that operates in a country
where exchange controls or other legal restrictions apply such that the balances are not available for general use by the
Group or its subsidiaries.
Due to the nature of Deutsche Bank’s business model of providing financing to clients, cash flows related to long-term
debt support the bank’s operating activities and are included as a component of operating activities. In contrast, cash
flows related to transactions on own equity transactions as well as subordinated long-term debt and trust preferred
securities are presented as financing activities in the consolidated statement of cash flows. These financial instruments
are viewed differently from those related to senior-long term debt because they are managed as an integral part of the
Group’s capital, primarily to meet regulatory capital requirements. As a result, these financial instruments are not
interchangeable with other operating liabilities but can only be interchanged with equity and thus are considered part of
the financing category. Financial instruments (including reverse repurchase agreements) held for liquidity purposes are
presented as a component of investment activities.
The Group’s adjustments for certain non-cash transactions to Profit (loss) includes provisions for credit losses,
restructuring activities, deferred income taxes and impairments, depreciations, amortization, and accretions, which also
includes amortization of hedge adjustments.
For certain other non-cash transactions which are more difficult to distinguish, all movements in the operating assets and
liabilities balance sheet line items are included in operating activities and are offset against the amount recognized in
Profit (loss). For example, unrealized fair value changes for trading assets and liabilities held at fair value through profit
and loss are included in operating activities and do not distinguish between cash and non-cash market movements. This
also applies to foreign exchange movements realized in the income statement when translating the transaction currency
to the entity’s functional currency. These non-cash foreign exchange movements are included in the respective asset or
liability line item in operating activities.
In addition, hedge adjustments to the carrying amount of non-derivative instruments (e.g., loans at amortized cost,
deposits and senior long-term debt) that arise from the application of fair value hedge accounting are not separately
disclosed as non-cash adjusting items, but included in the respective balance sheet line item in operating activities.
These amounts are netted in operating activities against the non-cash amount recognized in Profit (loss).
454
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 01 – Material accounting policies and critical accounting estimates |
The amounts shown in the consolidated statement of cash flows do not necessarily match the movements in the
consolidated balance sheet from one period to the next as they exclude certain non-cash items such as foreign exchange
impacts when translating to the Group’s reporting currency, gross charge-offs on loans and movements due to changes
in the Group’s consolidated entities.
The position “Other, net” presented in operating activities predominantly includes movements in (i) the application of
cash flow hedge accounting or certain fair value hedge relationships where the hedged item is presented in investing
activities but the hedging instrument is presented operating activities; and (ii) non-cash related foreign exchange
translation effects on monetary Group intercompany transactions that are recognized in the Group’s consolidated
statement of income; along with foreign exchange translation effects of converting transactional currency to functional
currency, for certain balance sheet line items included in investing activities.
455
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 02 – Recently adopted and new accounting pronouncements |
02 — Recently adopted and new accounting pronouncementss
Recently adopted accounting pronouncements
The following are those accounting pronouncements which are relevant to the Group and which have been adopted
during 2025 in the preparation of these consolidated financial statements.
IAS 21 “The Effects of Changes in Foreign Exchange Rates
On January 1, 2025, the Group adopted amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” that
contains guidance to specify when a currency is exchangeable and how to determine the exchange rate when it is not. It
also requires the disclosure of additional information when a currency is not exchangeable. The amendments did not
have a material impact on the Group’s consolidated financial statements.
New accounting pronouncements
The following accounting pronouncements were not effective as of December 31, 2025, and therefore have not been
applied in preparing these consolidated financial statements.
IFRS 18 “Presentation and Disclosures in Financial Statements”
In April 2024, the IASB issued the new standard IFRS 18 “Presentation and Disclosures in Financial Statements” that
replaces IAS 1 “Presentation of Financial Statements”. IFRS 18 contains new guidance on how to structure the Income
Statement as well as disclosure requirements for Management-defined Performance Measures (MPMs).
The new standard is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted.
The Group does not expect a material impact of IFRS 18 on the presentation of its consolidated financial statements.
IFRS 19 “Subsidiaries without Public Accountability: Disclosures”
In May 2024, the IASB issued the new standard IFRS 19 “Subsidiaries without Public Accountability: Disclosures”. The
new standard permits a subsidiary to provide reduced disclosures when applying IFRS Accounting Standards in its
financial statements. In August 2025, the IASB issued amendments to the not yet effective standard which cover new or
amended IFRS Accounting Standards issued between February 28, 2021, and May 01, 2024, that were not considered
when IFRS 19 was first issued.
The new standard is effective for annual periods beginning on or after January 1, 2027, with early adoption permitted.
The Group does not expect a material impact of IFRS 19 on the disclosure requirements of its subsidiaries. The new
standard has yet to be endorsed by the EU.
IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures”
In May 2024, the IASB has issued “Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 and IFRS 7)” to address matters identified during the post-implementation review of the
classification and measurement requirements of IFRS 9 “Financial Instruments”. On electronic payment systems, the
amendments permit to deem a financial liability (or part of it) to be derecognized before the settlement date if specified
criteria are met. Further, the amendments provide extended guidance on basic lending agreements, assets with non-
recourse features and contractually linked instruments. Disclosures have been amended for contractual terms that could
change the timing or amount of contractual cash flows.
The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted.
The Group does not expect a material impact of the amendments on classification and measurement of financial
instruments as well as on its disclosures.
456
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 02 – Recently adopted and new accounting pronouncements |
Annual Improvements to IFRS
In July 2024, the IASB issued amendments to multiple IFRS standards, which resulted from the IASB’s annual
improvements project. These comprise changes in terminology as well as editorial amendments related to IFRS 1 “First-
time Adoption of International Financial Reporting Standards”, IFRS 7 “Financial Instruments: Disclosures” and its
accompanying Guidance on implementing IFRS 7, IFRS 9 “Financial Instruments”, IFRS 10 “Consolidated Financial
Statements” and IAS 7 “Statement of Cash-Flows”.
The amendments will be effective for annual periods beginning on or after January 1, 2026, with early adoption
permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial
statements.
Contracts Referencing Nature-dependent Electricity
In December 2024, the IASB issued “Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and
IFRS 7)” to address matters identified for contracts referencing to nature-dependent electricity. The own-use
requirements in IFRS 9 are to be amended to include the factors an entity is required to consider for which the source of
production of the electricity is nature-dependent. The hedge accounting requirements in IFRS 9 are to be amended to
permit an entity using a contract for nature-dependent renewable electricity with a variable volume of forecast
electricity transactions as the hedged item as well as for measuring hedge effectiveness. The IASB further amends IFRS 7
and IFRS 19 to introduce disclosure requirements about contracts for nature-dependent electricity with specified
characteristics.
The amendments are effective for annual periods beginning on or after January 1, 2026, with early adoption permitted.
The Group does not have significant exposure to electricity purchase contracts and thus does not expect a material
impact on the Group’s consolidated financial statements.
IAS 21 “The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary
Presentation Currency”
In November 2025, the IASB issued amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates” to clarify
the accounting applied by a parent, whose functional currency is the currency of a hyperinflationary economy, when it
consolidates a subsidiary, whose functional currency is the currency of a non-hyperinflationary economy. The IASB
decided that when an entity translates amounts from a functional currency that is the currency of a non-
hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy, the entity
translates those amounts, including comparative amounts, using the closing rate at the date of the most recent
statement of financial position. An entity shall also disclose that it has applied this translation method in its financial
statements, or in the results and financial position of its foreign operations.
The amendments will be effective for annual periods beginning on or after January 1, 2027, with early adoption
permitted. The amendments are not expected to have a material impact on the Group’s consolidated financial
statements. The new standard has yet to be endorsed by the EU.
457
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 03 – Acquisitions and dispositions |
03 — Acquisitions and dispositions
Business combinations
During 2025 and 2024, the Group did not undertake any acquisitions accounted for as business combinations.
In April 2023, Deutsche Bank announced that it had reached an agreement on an all-cash offer for the acquisition of
Numis Corporation Plc (“Numis”). On October 13, 2023, the acquisition was completed and Deutsche Bank acquired a
100% interest in Numis for a cash purchase price of € 460 million (GBP 397 million). Following the acquisition of Numis,
the determination of the fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date
had been finalized in the fourth quarter 2023 with details included in the table below. Other intangible assets identified
in the purchase price allocation included customer relationships (€ 56 million) and trade name (€ 27 million). Goodwill of
€ 235 million identified in the purchase price allocation mainly represented the expected future economic benefit of
synergies and the value of human capital.
Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date
| in € m. | October 13,<br><br>2023 |
|---|---|
| Cash consideration transferred | 460 |
| Total consideration transferred | 460 |
| Recognized amounts of identifiable assets acquired and liabilities assumed:1 | |
| Interbank balances (w/o central banks) | 126 |
| Securities borrowed | 10 |
| Financial assets at fair value through profit or loss | 44 |
| Property and equipment | 53 |
| Other intangible assets | 84 |
| All other assets | 410 |
| Total assets acquired | 727 |
| Financial liabilities at fair value through profit or loss | 14 |
| All other liabilities | 488 |
| Total liabilities assumed | 502 |
| Total identifiable net assets | 225 |
| Goodwill | 235 |
| Total identifiable net assets and goodwill acquired | 460 |
1By major class of assets acquired and liabilities assumed
Deutsche Bank assigned goodwill resulting from the Numis acquisition to the Investment Bank cash-generating unit
(CGU). Given the valuation of the Investment Bank CGU, following the acquisition, goodwill recognized for Numis was
considered impaired and written off in the fourth quarter of 2023 (also refer to Note 23 “Goodwill and Other Intangible
Assets”).
Dispositions
There were no dispositions in 2025 and 2024, but the Group had finalized several dispositions of subsidiaries/businesses
during 2023. These disposals were mainly comprised of businesses that were previously classified as held for sale. The
total consideration for 2023 dispositions received in 2024 and 2023 (thereof in cash) was € 3 million (cash € 3 million)
and € 117 million (cash € 99 million), respectively. The table below shows the assets and liabilities that were included in
these disposals.
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash and cash equivalents | — | — | 7 |
| All remaining assets | — | — | 105 |
| Total assets disposed | — | — | 113 |
| Total liabilities disposed | — | — | 213 |
458
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
04 — Business segments and related information
Deutsche Bank’s segmental information has been prepared in accordance with the management approach, which
requires presentation of the segments on the basis of the internal management reports of the entity which are regularly
reviewed by the chief operating decision maker, which is the Deutsche Bank Management Board, in order to assess the
financial performance of the business segments and for allocating resources to the business segments.
Business segments
Deutsche Bank’s segment reporting follows the organizational structure as reflected in the Group’s internal management
reporting systems, which are the basis for assessing the financial performance of the business segments and for
allocating resources to them.
The bank’s business operations are organized in a divisional structure comprising the following business segments:
–Corporate Bank
–Investment Bank
–Private Bank
–Asset Management
–Corporate & Other
The Group consists of the following reportable segments: Corporate Bank, Investment Bank, Private Bank, Asset
Management and Corporate & Other.
Corporate Bank reports revenues based on three client categories: Institutional Client Services, Corporate Treasury
Services and Business Banking.
Investment Bank reports revenues in the categories Fixed Income & Currencies (FIC), Investment Banking & Capital
Markets as well as Research and Other.
Private Bank reports revenues in the client sectors Wealth Management and Personal Banking.
Asset Management reports revenues in the categories Management fees, Performance and Transaction fees and Other.
Corporate & Other includes revenues, costs and resources held centrally that are not allocated to the individual business
segments as well as valuation and timing differences that arise on derivatives used to hedge the Group’s balance sheet.
These are accounting impacts, and valuation losses are expected to be recovered over time as the underlying
instruments approach maturity. In addition, Corporate & Other contains financial impacts of legacy portfolios, previously
reported as the Capital Release Unit.
In addition, based on management decisions during the reporting period further divisional changes were introduced as
described in the section below.
459
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Changes in the presentation for segments
Commencing from the first quarter of 2025, Deutsche Bank amended the classification of revenues related to certain
revenue sharing activities between the Corporate Bank and the Investment Bank to more accurately reflect the impacts
on net interest income and net commission and fee income. These revenue sharing activities include the allocation of
foreign exchange revenues with Corporate Bank clients, recorded in the Investment Bank, to the Corporate Bank, as well
as the allocation of revenues related to relationship lending activities, recorded in the Corporate Bank, to the Corporate
Bank and the Investment Bank. Previously, both allocations were reported in remaining income, but are now directly
classified in the respective revenue categories. The change did not result in a change of intersegment revenue allocation
between the Corporate Bank and the Investment Bank and had no impact on the Group’s consolidated statement of
income. Prior year’s comparatives are presented in the current reporting structure.
In the first quarter of 2024, Investment Bank renamed “FIC Sales & Trading” to “Fixed Income & Currencies” and
introduced two additional sub‑categories: “Fixed Income & Currencies: Financing” and “Fixed Income & Currencies: Ex
Financing”. In the fourth quarter of 2025, Investment Bank renamed “Fixed Income & Currencies: Ex Financing” to “Fixed
Income & Currencies: Markets”. These adjustments were made to enhance transparency regarding the composition of
FIC’s revenues. In addition, “Origination & Advisory” was renamed to “Investment Banking & Capital Markets” to better
reflect the business it focuses on, with revenues continuing to be split in Debt Origination, Equity Origination and
Advisory. In addition, Research revenues are reported together with Other in “Research and Other”.
Commencing from the first quarter of 2024, Private Bank follows a customer-focused approach by classifying the
existing customer base into two distinct global client sectors: “Personal Banking” and “Wealth Management & Private
Banking”. In the fourth quarter of 2025, “Wealth Management & Private Banking” was renamed to “Wealth Management”.
This approach reflects the focus to serve clients in a more targeted and effective way across the Private Bank. Wealth
Management combines the coverage of private banking, high-net-worth and ultra-high-net-worth clients, as well as
business clients in selected international businesses (reflecting the ‘Bank for Entrepreneurs’ strategy). The client sector
Personal Banking includes retail and affluent customers as well as commercial banking clients in Italy and Spain (i.e., all
small business clients and small sized corporate clients that are not covered as part of the Wealth Management client
sector). Prior year’s comparatives are presented in the current reporting structure.
Within the Private Bank coverage area ‘Wealth Management’, private clients benefit from a wider product range with
increased emphasis on investment advice. As a result, in the first quarter of 2024, demand deposits of Private Banking
Germany were reclassified to assets under management, ensuring a consistent treatment within ‘Wealth Management’.
Prior year’s comparatives are presented in the current reporting structure.
Measurement of segment profit or loss
Segment reporting requires a presentation of the segment results based on management reporting methods, including a
reconciliation between the results of the business segments and the consolidated financial statements, which is
presented in the “Segment results of operations” section within this note. The information provided about each segment
is based on internal management reporting about segment profit or loss, assets and other information which is regularly
reviewed by the chief operating decision maker.
Segment assets are presented in the Group’s internal management reporting based on a consolidated view, i.e., the
amounts do not include intersegment balances. The Group’s internal management reporting does not consider segment
liabilities or interest expense separately. Similarly, depreciation and amortization, tax expenses and other comprehensive
income are not presented separately internally and are therefore not disclosed here.
460
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Non-IFRS compliant accounting methods used in the Group’s management reporting represent either valuation or
classification differences. The largest valuation differences relate to measurement at fair value in management reporting
versus measurement at amortized cost under IFRS and to the recognition of trading results from own shares in revenues
in management reporting (in the Investment Bank) and in equity under IFRS. The major classification difference relates to
noncontrolling interest, which represents the net share of minority shareholders in revenues, provision for credit losses,
noninterest expenses and income tax expenses. Noncontrolling interest is reported as a component of the profit before
tax of the businesses in management reporting (with a reversal in Corporate & Other) and a component of net income
appropriation under IFRS.
Since the Group’s business activities are diverse in nature and its operations are integrated, certain estimates and
judgments have been made to apportion revenue and expense items among the business segments.
The management reporting systems allocate the Group’s external net interest income according to the value of funding
consumed or provided by each business segment’s activities, in accordance with the bank’s internal funds transfer
pricing framework. Furthermore, to retain comparability with those competitors that have legally independent units with
their own equity funding, the Group allocates a net notional interest benefit on its consolidated capital, in line with each
segment’s proportion of average shareholders’ equity.
Management uses certain measures for equity and related ratios as part of its internal reporting system because it
believes that these measures provide it with a useful indication of the financial performance of the business segments.
The Group discloses such measures to provide investors and analysts with further insight into how management operates
the Group’s businesses and to enable them to better understand the Group’s results.
Allocation of Average Shareholder’s Equity
Shareholders’ equity is fully allocated to the Group’s segments based on the regulatory capital demand of each segment.
Regulatory capital demand reflects the combined contribution of each segment to the Group’s Common Equity Tier 1
(CET1) ratio, the Group’s leverage ratio and the Group’s capital loss under stress. Contributions in each of the three
dimensions are weighted to reflect their relative importance and level of constraint for the Group. Contributions to the
CET1 ratio and the leverage ratio are measured through risk-weighted assets and leverage ratio exposure. The Group’s
capital loss under stress is a measure of the Group’s overall economic risk exposure under a defined stress scenario.
Goodwill and other intangible assets are directly attributed to the Group’s segments in order to allow the determination
of allocated tangible shareholders’ equity and the respective returns. Shareholders’ equity and tangible shareholders’
equity is allocated on a monthly basis and averaged across quarters and for the full year.
Changes to capital allocation framework
Starting in 2024, Deutsche Bank has changed the allocation of tangible shareholders’ equity across segments. In
addition, the bank now retains capital held against Deutsche Bank Group items in Corporate & Other, which has
previously been allocated to the segments. Prior year’s comparatives are presented in the current reporting structure.
While the adjustment of the prior periods’ allocations impact the segmental RoTE, the respective Group metrics are
unaffected by the change.
Beginning in December 2025, Deutsche Bank revised the allocation of (tangible) shareholders’ equity to more accurately
assess the shareholder value generated by Asset Management. As part of this adjustment, approximately € 1 billion of
CET1 capital contributed to Deutsche Bank Group by DWS minority shareholders is now recognized as a reduction in the
equity allocated to the Asset Management segment. Previously, this minority interest benefit, which is part of regulatory
own funds, was reflected in Corporate & Other. This change affects only the Asset Management segment and does not
impact the metrics of Deutsche Bank Group or the bank’s other operating segments. As the implementation began in
December 2025, the change impacts the financials for the fourth quarter and the full year 2025. No adjustments were
made to prior periods’ capital allocation, resulting in a phased effect on the 2025 financials. The full impact in form of a
lower average allocated shareholders' equity and hence a higher post-tax return on average tangible shareholders’
equity for the Asset Management segment, will be visible in the 2026 financial year.
461
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Driver-Based Cost Management allocations methodology change
In the first quarter of 2023, the bank introduced a Driver-Based Cost Management methodology for the allocation of
costs originated in respective infrastructure functions which aims to provide transparency over the drivers of
Infrastructure costs and links costs more closely to service consumption by segments. During 2023, costs relating to
Infrastructure functions were allocated using an actuals to plan approach, with the exception of technology
development costs which were charged to the divisions based on actual expenditures. Beginning 2024, all infrastructure
costs were charged to divisions based on actual costs and service consumption. Prior year’s comparatives are presented
in the current reporting structure. For the full year 2023, the change in methodology resulted in an increase in
noninterest expenses (corresponding decrease in profit before tax) for Corporate Bank of € 175 million and a
corresponding decrease in noninterest expenses (corresponding increase in profit before tax) for Investment Bank of
€ 42 million, for Private Bank of € 48 million, for Asset Management of € — million and for Corporate and Other of
€ 84 million. While the update of the 2023 allocations impacted the segmental post-tax returns on average tangible
shareholders’ equity and cost/income ratio, the respective Group metrics are unaffected by the methodology change.
Changes to operational Risk RWA allocation framework
Starting in 2024, Deutsche Bank introduced a refined and more granular framework to allocate operational risk RWA to
the segments. While the respective segmental RWA metrics are impacted by the change in methodology with a more
pronounced impact from the second quarter of 2024 onwards, the Group’s operational risk RWA are unaffected by the
change.
Tax Exempt Securities
Net interest income as a component of net revenues, profit (loss) before tax and related ratios are presented on a fully
taxable-equivalent basis for tax-exempt securities for the Investment Bank. This enables management to measure
performance of taxable and tax-exempt securities on a comparable basis. This presentation resulted in an increase in
Investment Bank net interest income of € 22 million for full year 2025, € 18 million for full year 2024 and € 10 million for
full year 2023. This increase is offset in Group consolidated figures through a reversal in Corporate & Other. The
predominant tax rate used for 2025, 2024 and 2023 in determining the fully taxable equivalent of the net interest
income was 21% and related to U.S. tax exempt securities.
462
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Segmental results of operations
The following tables present the results of the Group’s business segments, including the reconciliation to the
consolidated results of operations under IFRS.
| 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,400 | 11,541 | 9,665 | 3,077 | 413 | 32,096 |
| Provision for credit losses | 194 | 827 | 578 | (2) | 108 | 1,707 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,632 | 2,894 | 2,795 | 952 | 3,541 | 11,813 |
| General and administrative expenses | 2,971 | 3,782 | 3,958 | 871 | (2,721) | 8,860 |
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — |
| Restructuring activities | — | — | (15) | — | — | (15) |
| Total noninterest expenses | 4,603 | 6,675 | 6,738 | 1,823 | 819 | 20,658 |
| Noncontrolling interests | — | 16 | — | 272 | (289) | — |
| Profit (loss) before tax | 2,603 | 4,022 | 2,348 | 983 | (226) | 9,731 |
| Assets (in € bn)2 | 323 | 736 | 316 | 11 | 49 | 1,435 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 120 | 115 | 247 | — | (3) | 479 |
| Additions to non-current assets | 14 | 6 | 65 | 20 | 1,938 | 2,042 |
| Deposits (in € bn) | 329 | 28 | 329 | — | 5 | 692 |
| Average allocated shareholders' equity<br><br>(in € bn) | 12 | 24 | 15 | 53 | 10 | 66 |
| Risk-weighted assets (in € bn) | 72 | 136 | 92 | 16 | 31 | 347 |
| of which: operational risk RWA (in € bn)4 | 11 | 18 | 15 | 5 | 14 | 63 |
| Leverage exposure (in € bn) | 358 | 602 | 326 | 10 | 32 | 1,327 |
| Employees (full-time equivalent) | 27,320 | 20,592 | 35,443 | 5,425 | 1,099 | 89,879 |
| Post-tax return on average shareholders’<br><br>equity5,6 | 14.1% | 10.8% | 10.1% | 12.9% | N/M | 9.3% |
| Post-tax return on average tangible<br><br>shareholders’ equity5,6 | 15.3% | 11.2% | 10.5% | 29.1% | N/M | 10.3% |
| Cost/income ratio7 | 62.2% | 57.8% | 69.7% | 59.3% | N/M | 64.4% |
| 1 includes | ||||||
| Net interest income | 4,567 | 4,681 | 6,169 | 24 | 249 | 15,691 |
| Net income (loss) from equity method<br><br>investments | 4 | (69) | 4 | 52 | 3 | (6) |
| 2 includes | ||||||
| Equity method investments | 101 | 264 | 102 | 453 | 5 | 924 |
N/M – Not meaningful
3 Starting from the fourth quarter 2025, the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
4 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
5 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
6 Post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflect the reported effective tax rate for the Group, which
was 27% for the year ended December 31, 2025; for post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the
Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the
year ended December 31, 2025; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
463
| Deutsche Bank | Notes to the consolidated financial statements | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 04 – Business segments and related information | |||||
| 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,506 | 10,557 | 9,386 | 2,649 | (6) | 30,092 |
| Provision for credit losses | 347 | 549 | 851 | (1) | 83 | 1,830 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,611 | 2,690 | 2,938 | 919 | 3,574 | 11,731 |
| General and administrative expenses | 3,448 | 3,970 | 4,395 | 904 | (1,474) | 11,243 |
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — |
| Restructuring activities | (1) | — | (3) | — | — | (3) |
| Total noninterest expenses | 5,058 | 6,660 | 7,331 | 1,823 | 2,100 | 22,971 |
| Noncontrolling interests | — | 5 | — | 194 | (199) | — |
| Profit (loss) before tax | 2,101 | 3,344 | 1,204 | 632 | (1,989) | 5,291 |
| Assets (in € bn)2 | 280 | 756 | 324 | 11 | 17 | 1,387 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 117 | 110 | 257 | — | — | 485 |
| Additions to non-current assets | 12 | 3 | 160 | 30 | 1,886 | 2,091 |
| Deposits (in € bn) | 313 | 22 | 320 | — | 11 | 666 |
| Average allocated shareholders' equity<br><br>(in € bn) | 12 | 24 | 14 | 5 | 10 | 65 |
| Risk-weighted assets (in € bn) | 78 | 130 | 97 | 18 | 34 | 357 |
| of which: operational risk RWA (in € bn)3 | 11 | 15 | 14 | 5 | 13 | 58 |
| Leverage exposure (in € bn) | 339 | 593 | 336 | 10 | 38 | 1,316 |
| Employees (full-time equivalent) | 26,280 | 20,065 | 37,059 | 5,166 | 1,183 | 89,753 |
| Post-tax return on average shareholders’<br><br>equity4,5 | 11.9% | 9.1% | 5.1% | 8.0% | N/M | 4.2% |
| Post-tax return on average tangible<br><br>shareholders’ equity4,5 | 12.7% | 9.4% | 5.1% | 18.0% | N/M | 4.7% |
| Cost/income ratio6 | 67.4% | 63.1% | 78.1% | 68.8% | N/M | 76.3% |
| 1 includes | ||||||
| Net interest income | 4,987 | 3,372 | 5,786 | 25 | (1,104) | 13,065 |
| Net income (loss) from equity<br><br>method investments | (1) | (46) | 21 | 36 | 2 | 12 |
| 2 includes | ||||||
| Equity method investments | 90 | 379 | 102 | 451 | 6 | 1,028 |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 34% for the year ended December 31, 2024; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2024; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
464
| Deutsche Bank | Notes to the consolidated financial statements | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 04 – Business segments and related information | |||||
| 2023 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Net revenues1 | 7,718 | 9,160 | 9,571 | 2,383 | 47 | 28,879 |
| Provision for credit losses | 266 | 431 | 783 | (1) | 26 | 1,505 |
| Noninterest expenses | ||||||
| Compensation and benefits | 1,539 | 2,534 | 2,808 | 891 | 3,358 | 11,131 |
| General and administrative expenses | 3,088 | 4,082 | 4,718 | 934 | (2,710) | 10,112 |
| Impairment of goodwill and other<br><br>intangible assets | — | 233 | — | — | — | 233 |
| Restructuring activities | (4) | (3) | 228 | — | (1) | 220 |
| Total noninterest expenses | 4,623 | 6,846 | 7,755 | 1,825 | 647 | 21,695 |
| Noncontrolling interests | — | 3 | — | 163 | (166) | — |
| Profit (loss) before tax | 2,828 | 1,880 | 1,032 | 396 | (459) | 5,678 |
| Assets (in € bn)2 | 264 | 658 | 331 | 10 | 49 | 1,312 |
| Loans (gross of allowance for loan<br><br>losses, in € bn) | 117 | 101 | 261 | — | — | 479 |
| Additions to non-current assets | 13 | 89 | 90 | 73 | 1,853 | 2,118 |
| Deposits (in € bn) | 289 | 18 | 308 | — | 7 | 622 |
| Average allocated shareholders' equity<br><br>(in € bn) | 11 | 23 | 14 | 5 | 10 | 63 |
| Risk-weighted assets (in € bn) | 69 | 140 | 86 | 15 | 40 | 350 |
| of which: operational risk RWA (in € bn)3 | 6 | 22 | 8 | 3 | 19 | 57 |
| Leverage exposure (in € bn) | 307 | 546 | 339 | 10 | 39 | 1,240 |
| Employees (full-time equivalent) | 25,356 | 19,899 | 38,465 | 4,961 | 1,449 | 90,130 |
| Post-tax return on average shareholders’<br><br>equity4,5 | 17.1% | 4.9% | 4.5% | 5.2% | N/M | 6.7% |
| Post-tax return on average tangible<br><br>shareholders’ equity4,5 | 18.5% | 5.1% | 4.8% | 12.2% | N/M | 7.4% |
| Cost/income ratio6 | 59.9% | 74.7% | 81.0% | 76.6% | N/M | 75.1% |
| 1 includes | ||||||
| Net interest income | 5,241 | 2,887 | 6,156 | (124) | (557) | 13,602 |
| Net income (loss) from equity<br><br>method investments | (6) | (70) | (5) | 42 | 2 | (38) |
| 2 includes | ||||||
| Equity method investments | 91 | 413 | 84 | 420 | 5 | 1,013 |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
3Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
4Starting from the first quarter of 2024, the equity allocation framework has been updated. Prior periods have been updated accordingly. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5The post-tax return on average shareholders’ equity and average tangible shareholders’ equity at the Group level reflects the reported effective tax rate for the Group,
which was 14% for the year ended December 31, 2023; for the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the
segments, the Group effective tax rate was adjusted to exclude the impact of permanent differences not attributed to the segments, so that the segment tax rates were
28% for the year ended December 31, 2023; for further information, please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this
report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
465
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Corporate Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Corporate Treasury Services1 | 4,220 | 4,197 | 4,381 | 23 | 1 | (184) | (4) |
| Institutional Client Services | 1,917 | 1,956 | 1,895 | (39) | (2) | 62 | 3 |
| Business Banking1 | 1,263 | 1,352 | 1,442 | (90) | (7) | (90) | (6) |
| Total net revenues | 7,400 | 7,506 | 7,718 | (106) | (1) | (212) | (3) |
| Of which: | |||||||
| Net interest income2 | 4,567 | 4,987 | 5,241 | (419) | (8) | (254) | (5) |
| Net commission and fee income2 | 2,704 | 2,577 | 2,460 | 127 | 5 | 118 | 5 |
| Remaining income2 | 129 | (58) | 18 | 186 | N/M | (75) | N/M |
| Provision for credit losses | 194 | 347 | 266 | (153) | (44) | 81 | 30 |
| Noninterest expenses | |||||||
| Compensation and benefits | 1,632 | 1,611 | 1,539 | 21 | 1 | 72 | 5 |
| General and administrative expenses | 2,971 | 3,448 | 3,088 | (477) | (14) | 359 | 12 |
| Impairment of goodwill and other intangible assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | (1) | (4) | 1 | N/M | 4 | N/M |
| Total noninterest expenses | 4,603 | 5,058 | 4,623 | (455) | (9) | 435 | 9 |
| Noncontrolling interests | — | — | — | — | N/M | — | N/M |
| Profit (loss) before tax | 2,603 | 2,101 | 2,828 | 502 | 24 | (728) | (26) |
| Employees (front office, full-time equivalent)3 | 8,420 | 7,959 | 7,670 | 461 | 6 | 289 | 4 |
| Employees (business-aligned operations, full-<br><br>time equivalent)3 | 8,181 | 8,171 | 8,017 | 10 | — | 154 | 2 |
| Employees (allocated central infrastructure, full-<br><br>time equivalent)3 | 10,719 | 10,150 | 9,669 | 569 | 6 | 481 | 5 |
| Total employees (full-time equivalent)3 | 27,320 | 26,280 | 25,356 | 1,040 | 4 | 924 | 4 |
| Total assets (in € bn)3,4 | 323 | 280 | 264 | 44 | 16 | 16 | 6 |
| Risk-weighted assets (in € bn)3 | 72 | 78 | 69 | (6) | (8) | 9 | 13 |
| of which: operational risk RWA (in € bn)3,5 | 11 | 11 | 6 | — | 1 | 5 | 94 |
| Leverage exposure (in € bn)3 | 358 | 339 | 307 | 18 | 5 | 33 | 11 |
| Deposits (in € bn)3 | 329 | 313 | 289 | 17 | 5 | 23 | 8 |
| Loans (gross of allowance for loan losses, in € bn)3 | 120 | 117 | 117 | 3 | 2 | — | — |
| Cost/income ratio6 | 62.2% | 67.4% | 59.9% | (5.2)ppt | N/M | 7.5ppt | N/M |
| Post-tax return on average shareholders' equity7,8 | 14.1% | 11.9% | 17.1% | 2.2ppt | N/M | (5.2)ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity7,8 | 15.3% | 12.7% | 18.5% | 2.6ppt | N/M | (5.8)ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the first quarter of 2025, certain smaller non-complex clients previously recorded under Corporate Treasury Services are reported under Business Banking.
The reclassification follows a review and realignment of client coverage to provide clients with the most effective coverage within the Corporate Bank. Prior year’s
comparatives are presented in the current reporting structure
2Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
3 As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
7Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
8For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
466
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Investment Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Fixed Income & Currencies (FIC) | 9,610 | 8,518 | 7,897 | 1,092 | 13 | 621 | 8 |
| Fixed Income & Currencies: Financing | 3,561 | 3,183 | 2,909 | 377 | 12 | 275 | 9 |
| Fixed Income & Currencies: Markets1 | 6,050 | 5,335 | 4,989 | 715 | 13 | 346 | 7 |
| Investment Banking & Capital Markets2 | 1,861 | 1,990 | 1,238 | (129) | (6) | 752 | 61 |
| Debt Origination | 1,100 | 1,274 | 837 | (174) | (14) | 437 | 52 |
| Equity Origination | 225 | 186 | 102 | 39 | 21 | 83 | 82 |
| Advisory | 536 | 531 | 299 | 5 | 1 | 232 | 77 |
| Research and Other3 | 70 | 49 | 24 | 20 | 41 | 25 | 102 |
| Total net revenues4 | 11,541 | 10,557 | 9,160 | 984 | 9 | 1,398 | 15 |
| Provision for credit losses | 827 | 549 | 431 | 278 | 51 | 119 | 28 |
| Noninterest expenses | |||||||
| Compensation and benefits | 2,894 | 2,690 | 2,534 | 204 | 8 | 156 | 6 |
| General and administrative expenses | 3,782 | 3,970 | 4,082 | (188) | (5) | (112) | (3) |
| Impairment of goodwill and other intangible assets | — | — | 233 | — | N/M | (233) | N/M |
| Restructuring activities | — | — | (3) | — | 38 | 3 | N/M |
| Total noninterest expenses | 6,675 | 6,660 | 6,846 | 15 | — | (186) | (3) |
| Noncontrolling interests | 16 | 5 | 3 | 12 | N/M | 2 | 52 |
| Profit (loss) before tax | 4,022 | 3,344 | 1,880 | 679 | 20 | 1,463 | 78 |
| Employees (front office, full-time equivalent)5 | 5,037 | 4,888 | 4,856 | 149 | 3 | 32 | 1 |
| Employees (business-aligned operations, full-<br><br>time equivalent)5 | 3,151 | 3,168 | 3,146 | (17) | (1) | 22 | 1 |
| Employees (allocated central infrastructure, full-<br><br>time equivalent)5 | 12,404 | 12,009 | 11,898 | 395 | 3 | 111 | 1 |
| Total employees (full-time equivalent)5 | 20,592 | 20,065 | 19,899 | 527 | 3 | 166 | 1 |
| Total assets (in € bn)5,6 | 736 | 756 | 658 | (20) | (3) | 98 | 15 |
| Risk-weighted assets (in € bn)5 | 136 | 130 | 140 | 7 | 5 | (10) | (7) |
| of which: operational risk RWA (in € bn)5,7 | 18 | 15 | 22 | 3 | 21 | (7) | (32) |
| Leverage exposure (in € bn)5 | 602 | 593 | 546 | 10 | 2 | 46 | 8 |
| Deposits (in € bn)5 | 28 | 22 | 18 | 6 | 26 | 4 | 23 |
| Loans (gross of allowance for loan losses, in € bn)5 | 115 | 110 | 101 | 5 | 5 | 9 | 9 |
| Cost/income ratio8 | 57.8% | 63.1% | 74.7% | (5.2)ppt | N/M | (11.7)ppt | N/M |
| Post-tax return on average shareholders’ equity9,10 | 10.8% | 9.1% | 4.9% | 1.7ppt | N/M | 4.2ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity9,10 | 11.2% | 9.4% | 5.1% | 1.8ppt | N/M | 4.3ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Starting from the fourth quarter of 2025, the additional sub-category “Fixed Income & Currencies: Ex Financing“ within Fixed Income & Currencies (FIC) was renamed to
“Fixed Income & Currencies: Markets“
2 Starting from the fourth quarter of 2025, Deutsche Bank renamed “Origination & Advisory” within the Investment Bank to “Investment Banking & Capital Markets”
3Historically, certain bank funding charges that were allocated to the Investment Bank but not directly attributable to specific balance sheet positions were reported
within “Research and Other”. Beginning the third quarter of 2025 these charges have been allocated to underlying businesses based on an agreed allocation key in order
to support ongoing refinement of business level reporting. Prior year’s comparatives are aligned to presentation in the current year
4Starting from the first quarter of 2025, the representation of revenue sharing between Corporate Bank and Investment Bank has changed. For more information, please
refer to section “Note 04 - Business segments and related information” of this report
5As of year-end
6Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
7 Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
8Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
9 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
10For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
467
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Private Bank
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues: | |||||||
| Personal Banking1 | 5,284 | 5,253 | 5,442 | 31 | 1 | (190) | (3) |
| Wealth Management1,2 | 4,381 | 4,133 | 4,128 | 248 | 6 | 5 | 0 |
| Total net revenues | 9,665 | 9,386 | 9,571 | 279 | 3 | (185) | (2) |
| of which: | |||||||
| Net interest income | 6,169 | 5,786 | 6,156 | 383 | 7 | (370) | (6) |
| Net commission and fee income | 2,999 | 2,956 | 2,852 | 43 | 1 | 104 | 4 |
| Remaining income | 497 | 643 | 563 | (146) | (23) | 80 | 14 |
| Provision for credit losses | 578 | 851 | 783 | (273) | (32) | 68 | 9 |
| Noninterest expenses: | |||||||
| Compensation and benefits | 2,795 | 2,938 | 2,808 | (143) | (5) | 130 | 5 |
| General and administrative expenses | 3,958 | 4,395 | 4,718 | (438) | (10) | (323) | (7) |
| Impairment of goodwill and other intangible assets | — | — | — | — | N/M | 0 | N/M |
| Restructuring activities | (15) | (3) | 228 | (12) | N/M | (231) | N/M |
| Total noninterest expenses | 6,738 | 7,331 | 7,755 | (593) | (8) | (424) | (5) |
| Noncontrolling interests | — | — | — | — | 45 | — | (45) |
| Profit (loss) before tax | 2,348 | 1,204 | 1,032 | 1,144 | 95 | 172 | 17 |
| Employees (front office, full-time equivalent)3 | 15,840 | 17,053 | 18,483 | (1,213) | (7) | (1,430) | (8) |
| Employees (business-aligned operations, full-time<br><br>equivalent)3 | 7,497 | 7,842 | 7,780 | (345) | (4) | 62 | 1 |
| Employees (allocated central infrastructure, full-<br><br>time equivalent)3 | 12,106 | 12,164 | 12,202 | (58) | N/M | (38) | 0 |
| Total employees (full-time equivalent)3 | 35,443 | 37,059 | 38,465 | (1,616) | (4) | (1,406) | (4) |
| Total assets (in € bn)3,4 | 316 | 324 | 331 | (8) | (2) | (7) | (2) |
| Risk-weighted assets (in € bn)3 | 92 | 97 | 86 | (5) | (5) | 11 | 13 |
| of which: operational risk RWA (in € bn)3,5 | 15 | 14 | 8 | 0 | 2 | 7 | 89 |
| Leverage exposure (in € bn)3 | 326 | 336 | 339 | (10) | (3) | (2) | (1) |
| Deposits (in € bn)2 | 329 | 320 | 308 | 9 | 3 | 13 | 4 |
| Loans (gross of allowance for loan losses, in € bn)3 | 247 | 257 | 261 | (11) | (4) | (4) | (1) |
| Assets under Management (in € bn)3,6 | 685 | 634 | 579 | 51 | 8 | 55 | 9 |
| Net flows (in € bn) | 27 | 29 | 23 | (2) | (7) | 6 | 26 |
| Cost/income ratio7 | 69.7% | 78.1% | 81.0% | (8.4)ppt | N/M | (2.9)ppt | N/M |
| Post-tax return on average shareholders' equity8,9 | 10.1% | 5.1% | 4.5% | 5.1ppt | N/M | 0.5ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity8,9 | 10.5% | 5.1% | 4.8% | 5.4ppt | N/M | 0.3ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1 Starting from the first quarter of 2025, a portion of certain European Personal Banking clients have been transferred to the Wealth Management segment. This change
reflects adjustments in the Private Bank client's classification to better align financial reporting with the underlying business structure. Prior year’s comparatives are
presented in the current reporting structure
2Starting from the fourth quarter of 2025, the Private Bank renamed “Wealth Management & Private Banking” to “Wealth Management”
3As of year-end
4Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
5Starting from the first quarter of 2024, the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
6Assets under Management include assets held on behalf of customers for investment purposes and/or client assets that are advised or managed by Deutsche Bank. They
are managed on a discretionary or advisory basis or are deposited with the bank. Deposits are considered Assets under Management if they serve investment purposes. In
Personal Banking, this includes Term deposits and Savings deposits. In Wealth Management (excl. Business Banking), it is assumed that all customer deposits are held
with the bank primarily for investment purposes and accordingly are classified as Assets under Management. In instances in which the Private Bank distributes investment
products qualifying as Assets under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset
Management (DWS) because they are two distinct, independent qualifying services
7Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
8Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
9For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
468
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Asset Management
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | |||||||
| Management fees | 2,597 | 2,479 | 2,314 | 119 | 5 | 164 | 7 |
| Performance and transaction fees | 318 | 148 | 128 | 170 | 115 | 20 | 16 |
| Other | 162 | 23 | (59) | 139 | N/M | 82 | N/M |
| Total net revenues | 3,077 | 2,649 | 2,383 | 427 | 16 | 267 | 11 |
| Provision for credit losses | (2) | (1) | (1) | (1) | 172 | — | (23) |
| Noninterest expenses | |||||||
| Compensation and benefits | 952 | 919 | 891 | 33 | 4 | 28 | 3 |
| General and administrative expenses | 871 | 904 | 934 | (34) | (4) | (29) | (3) |
| Impairment of goodwill and other intangible<br><br>assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | — | — | — | N/M | — | N/M |
| Total noninterest expenses | 1,823 | 1,823 | 1,825 | — | 0 | (1) | 0 |
| Noncontrolling interests | 272 | 194 | 163 | 78 | 40 | 32 | 20 |
| Profit (loss) before tax | 983 | 632 | 396 | 350 | 55 | 236 | 60 |
| Employees (front office, full-time equivalent)1 | 2,103 | 2,065 | 2,044 | 38 | 2 | 21 | 1 |
| Employees (business-aligned operations, full-<br><br>time equivalent)1 | 2,732 | 2,510 | 2,343 | 222 | 9 | 167 | 7 |
| Employees (allocated central infrastructure, full-<br><br>time equivalent)1 | 590 | 591 | 574 | (1) | 0 | 17 | 3 |
| Total employees (full-time equivalent)1 | 5,425 | 5,166 | 4,961 | 259 | 5 | 205 | 4 |
| Total assets (in € bn)1,2 | 11 | 11 | 10 | — | 2 | — | 2 |
| Risk-weighted assets (in € bn)1 | 16 | 18 | 15 | (3) | (16) | 3 | 22 |
| of which: operational risk RWA (in € bn)1,3 | 5 | 5 | 3 | 1 | 13 | 1 | 35 |
| Leverage exposure (in € bn)1 | 10 | 10 | 10 | — | 1 | — | 4 |
| Assets under Management (in € bn)1,4 | 1,085 | 1,012 | 896 | 73 | 7 | 115 | 13 |
| Net flows (in € bn) | 51 | 26 | 28 | 25 | 98 | (3) | (9) |
| Cost/income ratio5 | 59.3% | 68.8% | 76.6% | (9.6)ppt | N/M | (7.8)ppt | N/M |
| Post-tax return on average shareholders' equity6,7 | 12.9% | 8.0% | 5.2% | 4.9ppt | N/M | 2.9ppt | N/M |
| Post-tax return on average tangible shareholders’<br><br>equity6,7 | 29.1%8 | 18.0% | 12.2% | 11.0ppt | N/M | 5.8ppt | N/M |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
2Segment assets are presented on a consolidated basis, i.e., the amounts do not include intersegment balances
3Starting from the first quarter of 2024 the allocation of operational risk RWA has changed. For more information, please refer to section “Note 04 - Business segments
and related information” of this report
4Assets under Management (AuM) means assets (i) the segment manages on a discretionary or non-discretionary advisory basis; including where it is the management
company and portfolio management is outsourced to a third party; and (ii) a third party holds or manages and on which the segment provides, on the basis of contract,
advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. AuM represent both collective investments (including mutual funds and
exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each
reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update
monthly, quarterly or even yearly for some products. While AuM do not include the segment’s investments accounted for under equity method, they do include seed
capital and any committed capital on which the segment earns management fees. In instances in which Private Bank distributes investment products qualifying as Assets
under Management which are managed by DWS, these assets are reported as Assets under Management for Private Bank and for Asset Management (DWS) because they
are two distinct, independent qualifying services
5Noninterest expenses as a percentage of total net revenues, which are defined as net interest income before provision for credit losses plus noninterest income
6Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information, please refer to section “Note 04 - Business segments and
related information” of this report
7For the post-tax return on average shareholders’ equity and average tangible shareholders’ equity of the segments, the Group effective tax rate was adjusted to exclude
the impact of permanent differences not attributed to the segments, so that the segment tax rates were 28% for the years 2025, 2024 and 2023; for further information,
please refer to “Supplementary Information (Unaudited): Non-GAAP Financial Measures” of this report
8 Starting from the fourth quarter 2025 the equity allocation framework for Asset Management has been updated. For more information, please refer to section “Note 04 -
Business segments and related information” of this report
469
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Corporate & Other
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Net revenues | 413 | (6) | 47 | 419 | N/M | (54) | N/M |
| Provision for credit losses | 108 | 83 | 26 | 26 | 31 | 57 | N/M |
| Noninterest expenses | |||||||
| Compensation and benefits | 3,541 | 3,574 | 3,358 | (33) | (1) | 216 | 6 |
| General and administrative expenses | (2,721) | (1,474) | (2,710) | (1,247) | 85 | 1,236 | (46) |
| Impairment of goodwill and other intangible assets | — | — | — | — | N/M | — | N/M |
| Restructuring activities | — | — | (1) | — | N/M | 1 | N/M |
| Total noninterest expenses | 819 | 2,100 | 647 | (1,280) | (61) | 1,453 | N/M |
| Noncontrolling interests | (289) | (199) | (166) | (89) | 45 | (33) | 20 |
| Profit (loss) before tax | (226) | (1,989) | (459) | 1,763 | (89) | (1,530) | N/M |
| Total Employees (full-time equivalent)1 | 36,918 | 36,097 | 35,792 | 821 | 2 | 305 | 1 |
| Risk-weighted assets (in € bn)1 | 31 | 34 | 40 | (3) | (7) | (6) | (15) |
| Leverage exposure (in € bn)1 | 32 | 38 | 39 | (6) | (16) | (1) | (3) |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1As of year-end
470
| Deutsche Bank | Notes to the consolidated financial statements |
|---|---|
| Annual Report 2025 | 04 – Business segments and related information |
Entity-wide disclosures
The Group’s entity-wide disclosures include net revenues from internal and external counterparties. Excluding revenues
from internal counterparties would require disproportionate IT investment and is not in line with the bank's management
approach. For details of the net revenue components please see “Management Report: Operating and Financial Review:
Results of Operations: Corporate Divisions”.
The following table presents total net revenues (before provision for credit losses) by geographic area for the years
ended December 31, 2025, 2024 and 2023 respectively. The information presented for Corporate Bank, Investment
Bank, Private Bank and Asset Management has been classified based primarily on the location of the Group’s office in
which the revenues are recorded. The information for Corporate & Other is presented on a global level only, as
management responsibility for Corporate & Other is held centrally.
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Germany: | |||
| Corporate Bank | 3,558 | 3,811 | 4,225 |
| Investment Bank | 720 | 641 | 573 |
| Private Bank | 6,511 | 6,388 | 6,567 |
| Asset Management | 1,438 | 1,286 | 1,211 |
| Total Germany | 12,226 | 12,127 | 12,576 |
| UK: | |||
| Corporate Bank | 211 | 193 | 192 |
| Investment Bank | 4,033 | 3,882 | 3,503 |
| Private Bank | 63 | 46 | 54 |
| Asset Management | 652 | 404 | 350 |
| Total UK | 4,959 | 4,525 | 4,099 |
| Rest of Europe: | |||
| Corporate Bank | 1,154 | 1,238 | 1,196 |
| Investment Bank | 392 | 477 | 330 |
| Private Bank | 2,051 | 1,953 | 1,981 |
| Asset Management | 329 | 308 | 274 |
| Total Rest of Europe | 3,926 | 3,975 | 3,782 |
| Americas (primarily United States): | |||
| Corporate Bank | 1,241 | 1,090 | 1,011 |
| Investment Bank | 4,423 | 3,869 | 3,041 |
| Private Bank | 478 | 475 | 462 |
| Asset Management | 549 | 562 | 432 |
| Total Americas | 6,691 | 5,996 | 4,945 |
| Asia/Pacific, Middle East and Africa: | |||
| Corporate Bank | 1,236 | 1,174 | 1,094 |
| Investment Bank | 1,973 | 1,688 | 1,713 |
| Private Bank | 563 | 524 | 506 |
| Asset Management | 109 | 90 | 115 |
| Total Asia/Pacific, Middle East and Africa | 3,881 | 3,476 | 3,428 |
| Corporate & Other | 413 | (6) | 47 |
| Consolidated net revenues1 | 32,096 | 30,092 | 28,879 |
Prior year’s comparatives aligned to presentation in the current year
1Consolidated net revenues comprise interest and similar income, interest expenses and total noninterest income (including net commission and fee income); revenues are
attributed to countries based on the location in which the Group’s booking office is located; the location of a transaction on the Group’s books is sometimes different
from the location of the headquarters or other offices of a customer and different from the location of the Group’s personnel who entered into or facilitated the
transaction; where the Group records a transaction involving its staff and customers and other third parties in different locations frequently depends on other
considerations, such as the nature of the transaction, regulatory considerations and transaction processing considerations
471
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 05 – Net interest income and net gains (losses) on financial assets/liabilities at fair value through<br><br>profit or loss |
Notes to the consolidated income statement
05 — Net interest income and net gains (losses) on financial
assets/liabilities at fair value through profit or loss
Net interest income
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Interest and similar income: | |||
| Interest income on cash and central bank balances | 4,733 | 7,045 | 7,048 |
| Interest income on interbank balances (w/o central banks) | 261 | 643 | 607 |
| Central bank funds sold and securities purchased under resale agreements | 2,236 | 1,935 | 1,069 |
| Loans | 21,268 | 23,692 | 22,559 |
| Other | 2,561 | 2,140 | 2,103 |
| Total Interest and similar income from assets measured at amortized cost | 31,059 | 35,456 | 33,385 |
| Interest income on financial assets at fair value through other comprehensive income | 1,421 | 1,408 | 1,097 |
| Total interest and similar income calculated using the effective interest method | 32,480 | 36,865 | 34,482 |
| Financial assets at fair value through profit or loss | 11,978 | 12,493 | 9,592 |
| Total interest and similar income | 44,458 | 49,358 | 44,074 |
| Thereof: negative interest expense on financial liabilities | 23 | 28 | 76 |
| Interest expense: | |||
| Interest-bearing deposits | 11,964 | 16,867 | 13,706 |
| Central bank funds purchased and securities sold under repurchase agreements | 854 | 708 | 388 |
| Other short-term borrowings | 518 | 390 | 310 |
| Long-term debt | 5,121 | 6,770 | 6,154 |
| Trust preferred securities | 16 | 17 | 16 |
| Other | 2,761 | 3,035 | 2,848 |
| Total interest expense measured at amortized cost | 21,233 | 27,787 | 23,422 |
| Financial liabilities at fair value through profit or loss | 7,534 | 8,505 | 7,051 |
| Total interest expense | 28,767 | 36,292 | 30,472 |
| Thereof: negative interest income on financial assets | 19 | 39 | 81 |
| Net interest income | 15,691 | 13,065 | 13,602 |
Impact of ECB Targeted Longer-term Refinancing Operations (TLTRO III program)
As of December 31, 2025 and December 31, 2024 the Group had no outstanding borrowings under the TLTRO III-
refinancing program (December 31, 2023: € 15.0 billion). The prior interest rates on TLTRO III refinancing operations were
indexed to the average applicable key ECB interest rates. The TLTRO III program generated no net interest expense for
the twelve months ended December 31, 2025 (December 31, 2024: € 144 million and December 31, 2023: € 741 million).
472
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 05 – Net interest income and net gains (losses) on financial assets/liabilities at fair value through<br><br>profit or loss |
Net gains (losses) on financial assets/liabilities at fair value through profit or loss
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Trading Income: | |||
| FIC Sales and Trading | 4,963 | 5,045 | 5,116 |
| Other trading income (loss) | 372 | 849 | (238) |
| Total trading income (loss) | 5,335 | 5,894 | 4,878 |
| Net gains (losses) on non-trading financial assets mandatory at fair value through profit or<br><br>loss: | |||
| Breakdown by financial assets category: | |||
| Debt Securities | 58 | (94) | 89 |
| Equity Securities | 111 | 24 | (10) |
| Loans and loan commitments | (13) | (8) | 112 |
| Deposits | — | (4) | (5) |
| Others non-trading financial assets mandatory at fair value through profit and loss | 4 | 18 | 31 |
| Total net gains (losses) on non-trading financial assets mandatory at fair value through profit<br><br>or loss: | 160 | (65) | 217 |
| Net gains (losses) on financial assets/liabilities designated at fair value through profit or loss: | |||
| Breakdown by financial asset/liability category: | |||
| Loans and loan commitments | 11 | 5 | 12 |
| Deposits | 1 | 2 | (0) |
| Long-term debt | (369) | 157 | (180) |
| Other financial assets/liabilities designated at fair value through profit or loss | 23 | (7) | 20 |
| Total net gains (losses) on financial assets/liabilities designated at fair value through profit or<br><br>loss | (334) | 158 | (148) |
| Total net gains (losses) on financial assets/liabilities at fair value through profit or loss | 5,160 | 5,987 | 4,947 |
Combined net interest income and net gains (losses) on financial assets/liabilities at fair value through profit or loss
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net interest income | 15,691 | 13,065 | 13,602 |
| Trading income (loss)1 | 5,335 | 5,894 | 4,878 |
| Net gains (losses) on non-trading financial assets mandatory at fair value through profit or<br><br>loss | 160 | (65) | 217 |
| Net gains (losses) on financial assets/liabilities designated at fair value through profit or<br><br>loss | (334) | 158 | (148) |
| Total net gains (losses) on financial assets/liabilities at fair value through profit or loss | 5,160 | 5,987 | 4,947 |
| Total net interest income and net gains (losses) on financial assets/liabilities at fair value<br><br>through profit or loss2 | 20,852 | 19,052 | 18,549 |
| Corporate Treasury Services | 2,788 | 2,846 | 3,060 |
| Institutional Client Services | 876 | 996 | 940 |
| Business Banking | 1,005 | 1,103 | 1,193 |
| Corporate Bank | 4,669 | 4,946 | 5,193 |
| Fixed Income & Currency | 9,549 | 8,535 | 8,171 |
| Remaining Products | (242) | (166) | (196) |
| Investment Bank | 9,308 | 8,368 | 7,976 |
| Personal Banking | 4,212 | 3,867 | 4,090 |
| Wealth Management | 2,258 | 2,132 | 2,287 |
| Private Bank | 6,470 | 5,998 | 6,377 |
| Asset Management | 180 | 269 | (11) |
| Corporate & Other | 225 | (529) | (986) |
| Total net interest income and net gains (losses) on financial assets/liabilities at fair value<br><br>through profit or loss | 20,852 | 19,052 | 18,549 |
1Trading income (loss) includes gains and losses from derivatives not qualifying for hedge accounting
2Prior year’s comparatives aligned to presentation in the current year
The Group’s trading and risk management businesses include significant activities in interest rate instruments and related
derivatives. Under IFRS, interest and similar income earned from trading instruments and financial instruments
designated at fair value through profit or loss (i.e., coupon and dividend income), and the costs of funding net trading
positions, are part of net interest income. The Group’s trading activities can periodically shift income to either net
interest income or to net gains (losses) of financial assets/liabilities at fair value through profit or loss depending on a
variety of factors, including risk management strategies. The above table combines net interest income and net gains
(losses) of financial assets/liabilities at fair value through profit or loss by business division.
473
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 06 – Commissions and fee income |
06 — Commissions and fee income
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net commission and fee income and expense: | |||
| Commissions and fee income | 14,190 | 13,190 | 11,657 |
| Commissions and fee expense | 3,299 | 2,818 | 2,452 |
| Net commission and fee income | 10,891 | 10,372 | 9,206 |
Disaggregation of revenues by product type and business segment
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Major type of services: | ||||||
| Commissions for administration | 230 | 76 | 278 | 15 | 3 | 603 |
| Commissions for assets under<br><br>management | 24 | — | 470 | 4,166 | — | 4,660 |
| Commissions for other securities | 484 | 25 | 39 | — | — | 549 |
| Underwriting and advisory fees | 49 | 1,769 | 8 | — | 13 | 1,839 |
| Brokerage fees | 23 | 294 | 1,125 | 42 | 1 | 1,484 |
| Commissions for local payments | 587 | 5 | 860 | — | 1 | 1,453 |
| Commissions for foreign commercial<br><br>business | 500 | 26 | 21 | — | (40) | 506 |
| Commissions for foreign currency/<br><br>exchange business | 4 | — | 6 | — | — | 10 |
| Commissions for loan processing and<br><br>guarantees1 | 608 | 521 | 138 | — | 3 | 1,269 |
| Intermediary fees | 34 | 1 | 435 | — | 11 | 481 |
| Fees for sundry other customer services1 | 1,014 | 112 | 98 | 107 | 3 | 1,334 |
| Total commissions and fee income | 3,557 | 2,830 | 3,477 | 4,331 | (5) | 14,190 |
| Commissions and fee expense | (3,299) | |||||
| Net commission and fee income | 10,891 |
1Includes the impact from revenue sharing agreement between Investment Bank and Corporate Bank for client referrals
| Dec 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Major type of services: | ||||||
| Commissions for administration | 215 | 54 | 265 | 16 | — | 550 |
| Commissions for assets under<br><br>management | 20 | — | 416 | 3,805 | — | 4,242 |
| Commissions for other securities | 451 | — | 38 | 1 | — | 491 |
| Underwriting and advisory fees | 53 | 1,640 | 6 | — | 66 | 1,764 |
| Brokerage fees | 21 | 327 | 1,052 | 39 | 1 | 1,440 |
| Commissions for local payments | 550 | 13 | 909 | — | (9) | 1,464 |
| Commissions for foreign commercial<br><br>business | 483 | 32 | 20 | — | (34) | 502 |
| Commissions for foreign currency/<br><br>exchange business | 6 | — | 4 | — | — | 10 |
| Commissions for loan processing and<br><br>guarantees1 | 575 | 487 | 270 | — | 1 | 1,334 |
| Intermediary fees | 30 | 1 | 402 | — | 11 | 444 |
| Fees for sundry other customer services1 | 582 | 158 | 87 | 117 | 6 | 949 |
| Total commissions and fee income | 2,988 | 2,713 | 3,470 | 3,978 | 42 | 13,190 |
| Commissions and fee expense | (2,818) | |||||
| Net commission and fee income | 10,372 |
Prior year’s comparatives aligned to presentation in the current year
1Includes the impact from revenue sharing agreement between Investment Bank and Corporate Bank for client referrals
474
| Deutsche Bank | Notes to the consolidated income statement | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 06 – Commissions and fee income | |||||
| Dec 31, 2023 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>Consolidated |
| Major type of services: | ||||||
| Commissions for administration | 204 | 55 | 247 | 11 | (2) | 515 |
| Commissions for assets under<br><br>management | 18 | — | 362 | 3,527 | — | 3,907 |
| Commissions for other securities | 461 | — | 37 | 1 | 1 | 499 |
| Underwriting and advisory fees | 43 | 1,093 | 16 | — | 4 | 1,156 |
| Brokerage fees | 19 | 280 | 971 | 33 | (20) | 1,282 |
| Commissions for local payments | 488 | — | 995 | — | 1 | 1,484 |
| Commissions for foreign commercial<br><br>business | 475 | 27 | 22 | — | (27) | 497 |
| Commissions for foreign currency/<br><br>exchange business | 6 | — | 4 | — | — | 10 |
| Commissions for loan processing and<br><br>guarantees1 | 530 | 446 | 230 | — | 1 | 1,207 |
| Intermediary fees | 28 | 3 | 364 | — | 10 | 405 |
| Fees for sundry other customer services1 | 496 | 42 | 41 | 117 | — | 695 |
| Total commissions and fee income | 2,767 | 1,946 | 3,288 | 3,689 | (33) | 11,657 |
| Commissions and fee expense | (2,452) | |||||
| Net commission and fee income | 9,206 |
Prior year’s comparatives aligned to presentation in the current year
1Includes the impact from revenue sharing agreement between Investment Bank and Corporate Bank for client referrals
In 2025, the Group recognized performance fee revenue prior to receipt of actual distribution of € 165 million for the
year ended December 31, 2025 (December 31, 2024: € 0 million), which has been recognized in the Consolidated
Statement of Income. This performance fee will only be received after realization of all related conditions. The actual
amount at maturity depends on the realized values of the remaining fund assets.
As of December 31, 2025, there were performance obligations to be satisfied of € 173 million with a time band of four
years from 2026 to 2029 (as of December 31, 2024, € 250 million with a time band of four years from 2025 to 2028) from
alternative closed-end funds with cumulative distribution-based performance fees. The decrease in the obligation to be
satisfied is attributable to the recognition of the performance fee mentioned above, partially offset by the further
appreciation of the funds’ assets.
As of December 31, 2025 and December 31, 2024, the Group’s receivables from commission and fee income were
€ 1,090 million and € 831 million respectively. As of December 31, 2025 and December 31, 2024, the Group’s contract
liabilities associated with commission and fee income were € 73 million and € 84 million, respectively. Contract liabilities
arise from the Group’s obligation to provide future services to a customer for which it has received consideration from
the customer prior to completion of the services. The balances of receivables and contract liabilities do not vary
significantly from period to period reflecting the fact that they predominantly relate to recurring service contracts with
service periods of less than one year such as monthly current account services and quarterly asset management services.
As a result, prior period balances of contract liabilities are generally recognized in revenue in the subsequent period.
There are some contracts where customer payment in exchange for services provided by the Group over the service
period are not required until the end of the contract period. If the Group is virtually certain to receive payment at the end
of the contract period, a contract asset and respective commission and fee income is recognized when services are
performed. As of December 31, 2025 and 2024, the Group has recognized no material contract assets.
475
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 07 – Net gains (losses) from derecognition of financial assets measured at amortized cost |
07 — Net gains (losses) from derecognition of financial assets
measured at amortized cost
For the twelve months ended December 31, 2025, the Group sold financial assets measured at amortized cost of
€ 759 million (December 31, 2024: € 656 million and December 31, 2023: € 559 million). The sales related primarily to a
Hold to Collect portfolio in Investment Bank and Corporate Bank.
The table below presents the gains and (losses) arising from derecognition of these securities.
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Gains | 21 | 10 | 5 |
| Losses | (12) | (21) | (101) |
| Net gains (losses) from derecognition of financial assets measured at amortized cost | 9 | (11) | (96) |
08 — Other income (loss)
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Other income (loss): | |||
| Insurance premiums | 17 | 12 | 4 |
| Net income (loss) from hedge relationships qualifying for hedge accounting | 234 | 738 | 1,206 |
| Remaining other income (loss)1 | 49 | (131) | 48 |
| Total other income (loss) | 300 | 619 | 1,259 |
1Includes net gains (losses) of € (1) million, € 32 million and € 41 million for the years ended December 31, 2025, 2024 and 2023, respectively, that are related to non-
current assets and disposal groups held for sale
09 — General and administrative expenses
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| General and administrative expenses: | |||
| Information Technology | 3,504 | 3,610 | 3,755 |
| Occupancy, furniture and equipment expenses | 1,463 | 1,624 | 1,478 |
| Regulatory, Tax & Insurance1 | 862 | 1,028 | 1,399 |
| Professional services | 671 | 763 | 899 |
| Banking Services and outsourced operations | 891 | 964 | 964 |
| Market Data and Research Services | 410 | 400 | 374 |
| Travel expenses | 152 | 153 | 143 |
| Marketing expenses | 195 | 149 | 203 |
| Other expenses2 | 710 | 2,552 | 899 |
| Total general and administrative expenses | 8,860 | 11,243 | 10,112 |
1Includes bank levy of € 148 million in 2025, € 172 million in 2024 and € 528 million in 2023
2Includes litigation related expenses of € 179 million in 2025 and € 2,035 million in 2024 and € 311 million in 2023; see Note 27 “Provisions”, for more details on litigation
476
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 10 – Restructuring |
10 — Restructuring
In 2025, Restructuring is primarily driven by the Group’s Global Hausbank strategic agenda. The Group has defined and
implemented efficiency measures that contributed to achieving the bank’s 2025 targets.
Restructuring expense is comprised of termination benefits, additional expenses covering the acceleration of deferred
compensation awards not yet amortized due to the discontinuation of employment and contract termination costs
related to real estate. Other staff-related termination expenses not meeting the IAS 37 requirements to be Restructuring
are recorded as Severance within Compensation and Benefits.
Net restructuring expense by division
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Corporate Bank | — | (1) | (4) |
| Investment Bank | — | — | (3) |
| Private Bank | (15) | (3) | 228 |
| Asset Management | — | — | — |
| Corporate & Other | — | — | (1) |
| Total Net Restructuring Charges | (15) | (3) | 220 |
Net restructuring by type
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Restructuring – Staff related | (13) | (5) | 178 |
| thereof: | |||
| Termination Benefits | (15) | (6) | 176 |
| Retention Acceleration | 1 | — | 1 |
| Social Security | 1 | 1 | 1 |
| Restructuring – Non Staff related | (1) | 1 | 42 |
| Total Net Restructuring Charges | (15) | (3) | 220 |
Provisions for restructuring amounted to € 151 million, € 273 million and € 333 million as of December 31, 2025,
December 31, 2024 and December 31, 2023, respectively. The majority of the current provisions for restructuring are
expected to be utilized in 2026.
During 2025, 535 full-time equivalent staff was reduced through restructuring (2024: 168 and 2023: 476).
Organizational changes
| Full-time equivalent staff | 2025 | 2024 | 2023 |
|---|---|---|---|
| Corporate Bank | 3 | 10 | 29 |
| Investment Bank | 1 | 5 | 9 |
| Private Bank | 519 | 116 | 377 |
| Asset Management | — | 2 | 0 |
| Infrastructure | 12 | 35 | 61 |
| Total full-time equivalent staff | 535 | 168 | 476 |
477
| Deutsche Bank | Notes to the consolidated income statement |
|---|---|
| Annual Report 2025 | 11 – Earnings per share |
11 — Earnings per share
Basic earnings per share amounts are computed by dividing net income (loss) attributable to Deutsche Bank shareholders
by the average number of common shares outstanding during the year. The average number of common shares
outstanding is defined as the average number of common shares issued, reduced by the average number of shares in
treasury and by the average number of shares that will be acquired under physically-settled forward purchase contracts,
and increased by undistributed vested shares awarded under deferred share plans.
Diluted earnings per share assumes the conversion into common shares of outstanding securities or other contracts to
issue common stock, such as share options, convertible debt, unvested deferred share awards and forward contracts. The
aforementioned instruments are only included in the calculation of diluted earnings per share if they are dilutive in the
respective reporting period.
Computation of basic and diluted earnings per share
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Net income (loss) attributable to Deutsche Bank shareholders and additional equity<br><br>components | 6,931 | 3,366 | 4,772 |
| Coupons paid on additional equity components | (761) | (574) | (498) |
| Net income (loss) attributable to Deutsche Bank shareholders –numerator for basic earnings<br><br>per share | 6,171 | 2,792 | 4,274 |
| Effect of dilutive securities | — | — | — |
| Net income (loss) attributable to Deutsche Bank shareholders after assumed conversions –<br><br>numerator for diluted earnings per share | 6,171 | 2,792 | 4,274 |
| Number of shares in million | |||
| Weighted-average shares outstanding – denominator for basic earnings per share | 1,954.5 | 1,993.6 | 2,064.1 |
| Effect of dilutive securities: | |||
| Deferred shares | 43.4 | 45.7 | 39.9 |
| Other (including trading options) | — | — | — |
| Dilutive potential common shares | 43.4 | 45.7 | 39.9 |
| Adjusted weighted-average shares after assumed conversions –denominator for diluted<br><br>earnings per share | 1,998.0 | 2,039.3 | 2,104.0 |
Earnings per share
| in € | 2025 | 2024 | 2023 |
|---|---|---|---|
| Basic earnings per share | 3.16 | 1.40 | 2.07 |
| Diluted earnings per share | 3.09 | 1.37 | 2.03 |
There were no instruments outstanding that could potentially dilute basic earnings per share and are not included in the
calculation of diluted earnings per share as of December 31, 2025.
478
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 12 – Financial assets/liabilities at fair value through profit or loss |
Notes to the consolidated balance sheet
12 — Financial assets/liabilities at fair value through profit or
loss
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Financial assets classified as held for trading: | ||
| Trading assets: | ||
| Trading securities | 130,581 | 124,857 |
| Other trading assets1 | 23,230 | 14,914 |
| Total trading assets | 153,811 | 139,772 |
| Positive market values from derivative financial instruments | 241,328 | 291,754 |
| Total financial assets classified as held for trading | 395,139 | 431,525 |
| Non-trading financial assets mandatory at fair value through profit or loss: | ||
| Securities purchased under resale agreements | 95,802 | 88,736 |
| Securities borrowed | 16,513 | 15,913 |
| Loans | 3,370 | 1,954 |
| Other financial assets mandatory at fair value through profit or loss | 8,810 | 7,721 |
| Total Non-trading financial assets mandatory at fair value through profit or loss | 124,495 | 114,324 |
| Financial assets designated at fair value through profit or loss: | ||
| Loans | — | — |
| Other financial assets designated at fair value through profit or loss | — | — |
| Total financial assets designated at fair value through profit or loss | — | — |
| Total financial assets at fair value through profit or loss | 519,635 | 545,849 |
1Includes traded loans of € 12.8 billion and € 11.4 billion at December 31, 2025 and 2024 respectively
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Financial liabilities classified as held for trading: | ||
| Trading liabilities: | ||
| Trading securities | 41,142 | 41,864 |
| Other trading liabilities | 1,738 | 1,635 |
| Total trading liabilities | 42,879 | 43,498 |
| Negative market values from derivative financial instruments | 225,775 | 276,395 |
| Total financial liabilities classified as held for trading | 268,655 | 319,893 |
| Financial liabilities designated at fair value through profit or loss: | ||
| Securities sold under repurchase agreements | 86,177 | 69,121 |
| Loan commitments | 2 | 6 |
| Long-term debt | 27,299 | 22,203 |
| Other financial liabilities designated at fair value through profit or loss | 1,577 | 717 |
| Total financial liabilities designated at fair value through profit or loss | 115,055 | 92,047 |
| Investment contract liabilities | 469 | 454 |
| Total financial liabilities at fair value through profit or loss | 384,179 | 412,395 |
479
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 12 – Financial assets/liabilities at fair value through profit or loss |
Financial liabilities designated at fair value through profit or loss
Changes in fair value of financial liabilities attributable to movements in the Group’s credit risk1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Presented in Other comprehensive Income | ||
| Cumulative change in the fair value | (272) | (157) |
| Presented in Statement of income | ||
| Annual change in the fair value reflected in the Statement of Income | — | — |
| Cumulative change in the fair value | — | — |
1The fair value of a financial liability incorporates the credit risk of that financial liability. Changes in the fair value of financial liabilities issued by consolidated structured
entities have been excluded as this is not related to the Group’s credit risk but to that of the legally isolated structured entity, which is dependent on the collateral it
holds
Amounts transferred on derecognition of liabilities designated at fair value through profit or loss1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Amount presented in other comprehensive income transferred into retained earnings | (14) | (8) |
1 When a financial liability designated at fair value through profit or loss is derecognized/early extinguished, cumulative gains or losses in other comprehensive income
attributable to the Group's own credit risk is transferred into retained earnings
The excess of the contractual amount repayable at maturity over the carrying value of financial liabilities1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Including undrawn loan commitments² | 355 | 1,085 |
| Excluding undrawn loan commitments | 106 | 497 |
1Assuming the liability is extinguished at the earliest contractual maturity that the Group can be required to repay. When the amount payable is not fixed, it is determined
by reference to conditions existing at the reporting date
2The contractual cash flows at maturity for undrawn loan commitments assume full drawdown of the facility
480
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
13 — Financial Instruments carried at Fair Value
Valuation methods and control
The Group has an established valuation control framework which governs internal control standards, methodologies, and
procedures over the valuation process.
Prices quoted in active markets – The fair value of instruments that are quoted in active markets are determined using
the quoted prices where they represent prices at which regularly and recently occurring transactions take place.
Valuation techniques – The Group uses valuation techniques to establish the fair value of instruments where prices,
quoted in active markets, are not available. Valuation techniques used for financial instruments include modelling
techniques, the use of indicative quotes for proxy instruments, quotes from recent and less regular transactions and
broker quotes.
For some financial instruments a rate or other parameter, rather than a price, is quoted. Where this is the case then the
market rate or parameter is used as an input to a valuation model to determine fair value. For some instruments,
modelling techniques follow industry standard models, for example, discounted cash flow analysis and standard option
pricing models. These models are dependent upon estimated future cash flows, discount factors and volatility levels. For
more complex or unique instruments, more sophisticated modelling techniques are required, and may rely upon
assumptions or more complex parameters such as correlations, prepayment speeds, default rates and loss severity.
Frequently, valuation models require multiple parameter inputs. Where possible, parameter inputs are based on
observable data or are derived from the prices of relevant instruments traded in active markets. Where observable data is
not available for parameter inputs, then other market information is considered. For example, indicative broker quotes
and consensus pricing information are used to support parameter inputs where they are available. Where no observable
information is available to support parameter inputs then they are based on other relevant sources of information such as
prices for similar transactions, historic data, economic fundamentals and research information, with appropriate
adjustment to reflect the terms of the actual instrument being valued and current market conditions.
Valuation adjustments – Valuation adjustments are an integral part of the valuation process. In making appropriate
valuation adjustments, the Group follows methodologies that consider factors such as bid-offer spreads, counterparty/
own credit and funding risk. Bid offer spread valuation adjustments are required to adjust mid-market valuations to the
appropriate bid or offer valuation. The bid or offer valuation is the best representation of the fair value for an instrument.
The carrying value of a long position is adjusted from mid to bid, and the carrying value of a short position is adjusted
from mid to offer. Bid-offer valuation adjustments are determined from bid-offer prices observed in relevant trading
activity and in quotes from other broker-dealers or other knowledgeable counterparties. Where the quoted price for the
instrument is already a bid-offer price then no additional bid-offer valuation adjustment is necessary. Where the fair
value of financial instruments is derived from a modelling technique, then the parameter inputs into that model are
normally at a mid-market level. Such instruments are generally managed on a portfolio basis and, when specified criteria
are met, valuation adjustments are taken to reflect the cost of closing out the net exposure the Bank has to individual
market or counterparty risks. These adjustments are determined from bid-offer prices observed in relevant trading
activity and quotes from other broker-dealers.
Where complex valuation models are used, or where less-liquid positions are being valued, then bid-offer levels for those
positions may not be available directly from the market, and therefore for the close-out cost of these positions, models
and parameters must be estimated. When these adjustments are designed, the Group closely examines the valuation
risks associated with the model as well as the positions themselves, and the resulting adjustments are closely monitored
on an ongoing basis.
Counterparty credit valuation adjustments are required to cover expected credit losses to the extent that the valuation
technique does not already include an expected credit loss factor relating to the non-performance risk of the
counterparty. The CVA amount is applied to all relevant over-the-counter derivatives, and is determined by assessing the
potential credit exposure to a given counterparty and taking into account any collateral held, the effect of any relevant
netting arrangements, expected loss given default and the probability of default, based on available market information,
including credit default swap spreads. Where counterparty CDS spreads are not available, relevant proxies are used.
481
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
The fair value of the Group’s financial liabilities at fair value through profit or loss (i.e., OTC derivative liabilities and issued
note liabilities designated at fair value through profit or loss) incorporates valuation adjustments to measure the change
in the Group’s own credit risk (i.e., debt valuation adjustments for derivatives and own credit adjustment for issued note
liabilities). Issued note liabilities are discounted utilizing the spread at which similar instruments would be traded as at
the measurement date as this reflects the value from the perspective of a market participant who holds the identical
item as an asset. The change in this own credit component is reported under other comprehensive income.
For derivative liabilities the Group considers its own creditworthiness by assessing all counterparties expected future
exposure to the Group, taking into account any collateral posted by the Group, the effect of relevant netting
arrangements, the market price of the Group’s issued note liabilities, the market implied funding costs and the seniority
of derivative claims under resolution (statutory subordination).
When determining CVA and DVA, additional adjustments are made where appropriate to achieve fair value, due to the
expected loss estimate of a particular arrangement, or where the credit risk being assessed differs in nature to that
described by the available CDS instrument.
Funding valuation adjustments are required to incorporate the market implied funding costs into the fair value of
derivative positions. The FVA reflects a discounting spread applied to uncollateralized and partially collateralized
derivatives and is determined by assessing the market-implied funding costs on both assets and liabilities.
Where there is uncertainty in the assumptions used within a modelling technique, an additional adjustment is taken to
calibrate the model price to the expected market price of the financial instrument. Typically, such transactions have bid-
offer levels which are less observable, and these adjustments aim to estimate the bid-offer by computing the liquidity-
premium associated with the transaction. Where a financial instrument is of sufficient complexity that the cost of closing
it out would be higher than the cost of closing out its component risks, then an additional adjustment is taken to reflect
this.
The Group uses the assumptions that market participants would use when pricing the asset or liability. Where relevant,
these assumptions may include assumptions about climate change. The Group has not made material adjustment to fair
value for climate change beyond that already priced into market inputs.
Valuation control – The Group has an independent specialized valuation control group within the Risk function which
governs and develops the valuation control framework and manages the valuation control processes. The mandate of
this specialist function includes the performance of the independent valuation control process for all businesses, the
continued development of valuation control methodologies and techniques, as well as devising and governing the formal
valuation control policy framework. Special attention of this independent valuation control group is directed to areas
where management judgment forms part of the valuation process.
Results of the valuation control process are collected and analyzed as part of a standard monthly reporting cycle.
Variances of differences outside of preset and approved tolerance levels are escalated both within the finance function
and with senior business management for review, resolution and, if required, adjustment.
For instruments where fair value is determined from valuation models, the assumptions and techniques used within the
models are independently validated by an independent specialist model validation group that is part of the Group’s Risk
Management function.
Quotes for transactions and parameter inputs are obtained from a number of third-party sources including exchanges,
pricing service providers, firm broker quotes and consensus pricing services. Price sources are examined and assessed to
determine the quality of fair value information they represent, with greater emphasis given to those possessing greater
valuation certainty and relevance. The results are compared against actual transactions in the market to ensure the
model valuations are calibrated to market prices.
Price and parameter inputs to models, assumptions and valuation adjustments are verified against independent sources.
Where they cannot be verified to independent sources due to lack of observable information, the estimate of fair value is
subject to procedures to assess its reasonableness. Such procedures include performing revaluation using independently
generated models (including where existing models are independently recalibrated), assessing the valuations against
appropriate proxy instruments and other benchmarks, and performing extrapolation techniques. Assessment is made as
to whether the valuation techniques produce fair value estimates that are reflective of market levels by calibrating the
results of the valuation models against market transactions where possible.
482
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Valuation techniques
The Group has an established valuation control framework which governs internal control standards, methodologies,
valuation techniques and procedures over the valuation process and fair value measurement.
The following explanations provide an overview of the valuation techniques used in establishing the fair value of the
different types of financial instruments that the Group trades.
Sovereign, quasi-sovereign and corporate debt and equity securities – Where there are no recent transactions then fair
value may be determined from the last market price adjusted for all changes in risks and information since that date.
Where a close proxy instrument is quoted in an active market then fair value is determined by adjusting the proxy value
for differences in the risk profile of the instruments. Where close proxies are not available then fair value is estimated
using more complex modelling techniques. These techniques include discounted cash flow models using current market
rates for credit, interest, liquidity and other risks. For equity securities modeling techniques may also include those based
on earnings multiples.
Mortgage- and other asset-backed securities (MBS/ABS) include residential and commercial MBS and other ABS,
including collateralized debt obligations (CDO). ABS have specific characteristics as they have different underlying
assets, and the issuing entities have different capital structures. The complexity increases further where the underlying
assets are themselves ABS, as is the case with many of the CDO instruments.
Where no reliable external pricing is available, ABS are valued, where applicable, using either relative value analysis
which is performed based on similar transactions observable in the market, or industry-standard valuation models making
largest possible use of available observable inputs. The industry standard models calculate principal and interest
payments for a given deal based on assumptions that can be independently price tested. The inputs include prepayment
speeds, loss assumptions (timing and severity) and a discount rate (spread, yield or discount margin). These inputs/
assumptions are derived from actual transactions, external market research and market indices where appropriate.
Loans – For certain loans fair value may be determined from the market price on a recently occurring transaction
adjusted for all changes in risks and information since that transaction date. Where there are no recent market
transactions then broker quotes, consensus pricing, proxy instruments or discounted cash flow models are used to
determine fair value. Discounted cash flow models incorporate parameter inputs for credit risk, interest rate risk, foreign
exchange risk, loss given default estimates and amounts utilized given default, as appropriate. Credit risk, loss given
default and utilization given default parameters are determined using information from the loan or CDS markets, where
available and appropriate.
Leveraged loans can have transaction-specific characteristics which can limit the relevance of market-observed
transactions. Where similar transactions exist for which observable quotes are available from external pricing services
then this information is used with appropriate adjustments to reflect the transaction differences. When no similar
transactions exist, a discounted cash flow valuation technique is used with credit spreads derived from the appropriate
leveraged loan index, incorporating the industry classification, subordination of the loan, and any other relevant
information on the loan and loan counterparty.
Over-the-counter derivative financial instruments – Market standard transactions in liquid trading markets, such as
interest rate swaps, foreign exchange forward and option contracts in G7 currencies, and equity swap and option
contracts on listed securities or indices, are valued using market standard models and quoted parameter inputs.
Parameter inputs are obtained from pricing services, consensus pricing services and recently occurring transactions in
active markets wherever possible.
More complex instruments are modeled using more sophisticated modeling techniques specific for the instrument and
are calibrated to available market prices. Where the model output value does not calibrate to a relevant market reference
then valuation adjustments are made to the model output value to adjust for any difference. In less active markets, data
is obtained from less frequent market transactions, broker quotes and through extrapolation and interpolation
techniques. Where observable prices or inputs are not available, management judgment is required to determine fair
values by assessing other relevant sources of information such as historical data, fundamental analysis of the economics
of the transaction and proxy information from similar transactions.
483
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Financial liabilities designated at fair value through profit or loss under the fair value option – The fair value of financial
liabilities designated at fair value through profit or loss under the fair value option incorporates all market risk factors
including a measure of the Group’s credit risk relevant for that financial liability (i.e., own credit adjustment (OCA) for
structured notes). Under IFRS 9, the own credit component of change in the fair value is reported under other
comprehensive income. Financial liabilities included in this classification are structured note issuances, structured
deposits, and other structured securities issued by consolidated vehicles. The fair value of these financial liabilities is
determined by discounting the contractual cash flows using the relevant credit-adjusted yield curve (i.e., utilizing the
spread at which similar instruments would be traded as at the measurement date as this reflects the value from the
perspective of a market participant who holds the identical item as an asset).
Where the financial liabilities designated at fair value through profit or loss under the fair value option are collateralized,
such as securities loaned and securities sold under repurchase agreements, the credit enhancement is factored into the
fair valuation of the liability.
Investment contract liabilities – Assets which are linked to the investment contract liabilities are owned by the Group and
obliges the Group to use these assets to settle the linked liabilities. Therefore, the fair value of investment contract
liabilities is determined by the fair value of the underlying assets (i.e., amount payable on surrender of the policies).
Fair value hierarchy
The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair value
hierarchy as follows:
Level 1 – Instruments valued using quoted prices in active markets are instruments where the fair value can be
determined directly from prices which are quoted in active, liquid markets.
These include: government bonds, exchange-traded derivatives and equity securities traded on active, liquid exchanges.
Level 2 – Instruments valued with valuation techniques using observable market data are instruments where the fair
value can be determined by reference to similar instruments trading in active markets, or where a technique is used to
derive the valuation but where all significant inputs to that technique are observable.
These include: many OTC derivatives, many investment-grade listed credit bonds, some CDS.
Level 3 – Instruments valued using valuation techniques using market data which is not directly observable are
instruments where the fair value cannot be determined directly by reference to market-observable information, and
some other pricing technique must be employed. Instruments classified in this category have an input to that technique
which is unobservable and can have a significant impact on the fair value.
These include: more-complex OTC derivatives, distressed debt, highly-structured bonds, illiquid asset-backed securities
(ABS), illiquid CDO’s (cash and synthetic), some private equity placements, many CRE loans, illiquid loans, and some
municipal bonds.
484
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Financial instruments held at fair value
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € m. | Quoted<br><br>prices in<br><br>active market<br><br>(Level 1) | Valuation<br><br>technique<br><br>observable<br><br>parameters<br><br>(Level 2) | Valuation<br><br>technique<br><br>unobservable<br><br>parameters<br><br>(Level 3) | Quoted<br><br>prices in<br><br>active market<br><br>(Level 1) | Valuation<br><br>technique<br><br>observable<br><br>parameters<br><br>(Level 2) | Valuation<br><br>technique<br><br>unobservable<br><br>parameters<br><br>(Level 3) |
| Financial assets held at fair value: | ||||||
| Trading assets | 64,552 | 78,554 | 10,705 | 52,387 | 78,237 | 9,148 |
| Trading securities | 62,958 | 63,987 | 3,635 | 52,387 | 69,507 | 2,964 |
| Other trading assets | 1,593 | 14,567 | 7,070 | — | 8,730 | 6,184 |
| Positive market values from derivative<br><br>financial instruments | 1,244 | 233,076 | 7,008 | 912 | 282,909 | 7,933 |
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 1,570 | 117,244 | 5,681 | 1,346 | 107,173 | 5,805 |
| Financial assets designated at fair value<br><br>through profit or loss | — | — | — | — | — | — |
| Financial assets at fair value through<br><br>other comprehensive income | 25,262 | 16,034 | 2,348 | 21,901 | 16,806 | 3,383 |
| Other financial assets at fair value | 1,623 | (524)1 | 22 | 1,488 | (1,117)1 | 12 |
| Total financial assets held at fair value | 94,250 | 444,384 | 25,764 | 78,034 | 484,008 | 26,281 |
| Financial liabilities held at fair value: | ||||||
| Trading liabilities | 33,727 | 9,127 | 25 | 30,765 | 12,614 | 119 |
| Trading securities | 33,727 | 7,391 | 23 | 30,765 | 11,073 | 26 |
| Other trading liabilities | — | 1,735 | 2 | — | 1,542 | 93 |
| Negative market values from derivative<br><br>financial instruments | 2,770 | 217,067 | 5,938 | 2,238 | 265,450 | 8,707 |
| Financial liabilities designated at fair<br><br>value through profit or loss | 154 | 109,354 | 5,547 | — | 87,479 | 4,569 |
| Investment contract liabilities | — | 469 | — | — | 454 | — |
| Other financial liabilities at fair value | 375 | (142)1 | 362 | 539 | 3,1161 | (13)2 |
| Total financial liabilities held at fair value | 37,025 | 335,875 | 11,547 | 33,543 | 369,113 | 13,382 |
1Predominantly relates to derivatives qualifying for hedge accounting
2Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is bifurcated and
reported separately. The separated embedded derivatives may have a positive or a negative fair value and classification presented in this table is consistent with the
classification of the host contract
During the year 2025, there were transfers in trading securities and non-trading financial assets from Level 1 to Level 2
amounting to € 2.4 billion of assets and € 0.8 billion of liabilities; along with transfers from Level 2 to Level 1 of
€ 8.4 billion in assets and € 1.5 billion in liabilities. The assessment of Level 1 versus Level 2 is based on liquidity testing
procedures.
Analysis of financial instruments with fair value derived from valuation
techniques containing significant unobservable parameters (Level 3)
Some of the financial assets and financial liabilities in Level 3 of the fair value hierarchy have identical or similar
offsetting exposures to the unobservable input. However, according to IFRS they are required to be presented gross.
Trading securities – Certain illiquid emerging market corporate bonds and illiquid highly structured corporate bonds are
included in this level of the hierarchy. In addition, some of the holdings of notes issued by securitization entities,
commercial and residential MBS, collateralized debt obligation securities and other ABS are reported here. The increase
in the period is driven by purchases and gains partially offset by sales, settlements and net transfers between Level 2 and
Level 3 due to changes in the observability of input parameters used to value these instruments.
485
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Positive and negative market values from derivative instruments categorized in this level of the fair value hierarchy are
valued based on one or more significant unobservable parameters. The unobservable parameters may include certain
correlations, certain longer-term volatilities, certain prepayment rates, credit spreads and other transaction-specific
parameters.
Level 3 derivatives include certain options where the volatility is unobservable; certain basket options in which the
correlations between the referenced underlying assets are unobservable; longer-term interest rate option derivatives;
multi-currency foreign exchange derivatives; and certain credit default swaps for which the credit spread is not
observable.
The decrease in assets during the period are driven by net transfers between Level 2 and Level 3 due to changes in the
observability of input parameters used to value these instruments and settlements, partially offset by gains. The
decrease in liabilities during the period are driven by net transfers between Level 2 and Level 3 due to changes in the
observability of input parameters used to value these instruments and losses, partially offset by settlements.
Other trading instruments classified in Level 3 of the fair value hierarchy mainly consist of traded loans valued using
valuation models based on one or more significant unobservable parameters. The increase in the period is driven by
issuances, purchases and net transfers between Level 2 and Level 3 due to changes in the observability of input
parameters used to value these instruments partially offset by sales, settlements and losses.
Non-trading financial assets mandatory at fair value through profit or loss classified in Level 3 of fair value hierarchy
include any non-trading financial asset that does not fall into the Hold to Collect nor Hold to Collect and Sell business
models. This includes predominately reverse repurchase agreements which are managed on a fair value basis.
Additionally, any financial asset that falls into the Hold to Collect or Hold to Collect and Sell business models for which
the contractual cash flow characteristics are not SPPI. The decrease in the period is driven by net transfers between
Level 2 and Level 3 due to changes in the observability of input parameters used to value these instruments, settlements,
sales and losses partially offset by purchases and issuances.
Financial assets/liabilities designated at fair value through profit or loss – Certain corporate loans and structured
liabilities which were designated at fair value through profit or loss under the fair value option were categorized in this
level of the fair value hierarchy. The corporate loans are valued using valuation techniques which incorporate observable
credit spreads, recovery rates and unobservable utilization parameters. Revolving loan facilities are reported in the third
level of the hierarchy because the utilization in the event of the default parameter is significant and unobservable.
In addition, certain hybrid debt issuances designated at fair value through profit or loss containing embedded derivatives
are valued based on significant unobservable parameters. These unobservable parameters include single stock volatility
correlations. There are no assets designated at fair value during the period. The increase in liabilities during the period is
driven by issuances partially offset by net transfers between Level 2 and Level 3 due to changes in the observability of
input parameters used to value these instruments, settlements and losses.
Financial assets at fair value through other comprehensive income include non-performing loan portfolios where there is
no trading intent, and the market is very illiquid. The decrease in the period is driven by settlements, sales, losses and net
transfers between Level 2 and Level 3 due to changes in the observability of input parameters used to value these
instruments partially offset by purchases and issuances.
| 486 | | --- || Deutsche Bank | Notes to the consolidated balance sheet | | --- | --- | | Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Reconciliation of financial instruments classified in Level 3
Reconciliation of financial instruments classified in Level 3
| Dec 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Balance,<br><br>beginning<br><br>of year | Changes in the<br><br>group of<br><br>consolidated<br><br>companies | Total gains/<br><br>losses1 | Purchases | Sales | Issuances2 | Settlements3 | Transfers into<br><br>Level 34 | Transfers out of<br><br>Level 34 | Balance,<br><br>end of<br><br>year |
| Financial assets held at fair value: | ||||||||||
| Trading securities | 2,964 | — | 39 | 2,986 | (1,837) | 4 | (402) | 508 | (626) | 3,635 |
| Positive market values from derivative financial instruments | 7,933 | — | 949 | — | — | — | (351) | 1,535 | (3,058) | 7,008 |
| Other trading assets | 6,184 | — | (362) | 1,231 | (2,144) | 3,301 | (1,380) | 447 | (208) | 7,070 |
| Non-trading financial assets mandatory at fair value through profit or loss | 5,805 | (3) | (135) | 1,849 | (190) | 782 | (1,117) | 71 | (1,380) | 5,681 |
| Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | — | — | — |
| Financial assets at fair value through other comprehensive income | 3,383 | — | (229)5 | 700 | (431) | 482 | (1,552) | 407 | (412) | 2,348 |
| Other financial assets at fair value | 12 | — | (6) | — | — | — | — | 20 | (4) | 22 |
| Total financial assets held at fair value | 26,281 | (3) | 2556,7 | 6,766 | (4,602) | 4,569 | (4,802) | 2,988 | (5,688) | 25,764 |
| Financial liabilities held at fair value: | ||||||||||
| Trading securities | 26 | — | 1 | — | — | — | (4) | — | — | 23 |
| Negative market values from derivative financial instruments | 8,707 | — | (1,122) | — | — | — | 217 | 1,182 | (3,047) | 5,938 |
| Other trading liabilities | 93 | — | 1 | — | — | — | (92) | — | — | 2 |
| Financial liabilities designated at fair value through profit or loss | 4,569 | — | (134) | — | — | 3,255 | (690) | 508 | (1,960) | 5,547 |
| Other financial liabilities at fair value | (13) | — | 118 | — | — | — | (1) | 13 | (81) | 36 |
| Total financial liabilities held at fair value | 13,382 | — | (1,136)6,7 | — | — | 3,255 | (569) | 1,704 | (5,088) | 11,547 |
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged with
instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the year they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly, for instruments transferred out
of Level 3 the table does not show any gains or losses or cash flows on the instruments during the year since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a gain of € 14 million recognized in other comprehensive income, net of tax and a gain of € 1 million recognized in the income statement presented in net gains (loss)
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a loss of € 802 million and for total financial liabilities held at fair value this is a gain of € 206 million
7For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains
| Dec 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Balance,<br><br>beginning<br><br>of year | Changes in the<br><br>group of<br><br>consolidated<br><br>companies | Total gains/<br><br>losses1 | Purchases | Sales | Issuances2 | Settlements3 | Transfers into<br><br>Level 34 | Transfers<br><br>out of<br><br>Level 34 | Balance,<br><br>end of<br><br>year |
| Financial assets held at fair value: | ||||||||||
| Trading securities | 2,995 | — | 230 | 1,985 | (1,558) | — | (482) | 371 | (577) | 2,964 |
| Positive market values from derivative financial instruments | 8,198 | — | 454 | — | — | — | (583) | 2,257 | (2,394) | 7,933 |
| Other trading assets | 6,226 | — | 77 | 814 | (1,378) | 2,513 | (2,016) | 706 | (756) | 6,184 |
| Non-trading financial assets mandatory at fair value through profit or loss | 5,226 | (1) | 88 | 1,736 | (80) | 736 | (1,098) | 365 | (1,170) | 5,805 |
| Financial assets designated at fair value through profit or loss | — | — | — | — | — | — | — | — | — | — |
| Financial assets at fair value through other comprehensive income | 2,949 | — | 1265 | 776 | (378) | 978 | (1,322) | 716 | (462) | 3,383 |
| Other financial assets at fair value | 5 | — | 3 | — | — | — | — | 5 | (1) | 12 |
| Total financial assets held at fair value | 25,599 | (1) | 9776,7 | 5,311 | (3,393) | 4,227 | (5,501) | 4,421 | (5,359) | 26,281 |
| Financial liabilities held at fair value: | ||||||||||
| Trading securities | 26 | — | — | — | — | — | — | — | — | 26 |
| Negative market values from derivative financial instruments | 7,666 | — | 1,186 | — | — | — | (175) | 2,156 | (2,126) | 8,707 |
| Other trading liabilities | — | — | — | — | — | — | 93 | — | — | 93 |
| Financial liabilities designated at fair value through profit or loss | 3,248 | — | 129 | — | — | 2,958 | (474) | 377 | (1,669) | 4,569 |
| Other financial liabilities at fair value | (85) | — | 102 | — | — | — | 18 | 1 | (49) | (13) |
| Total financial liabilities held at fair value | 10,856 | — | 1,4176,7 | — | — | 2,958 | (537) | 2,533 | (3,844) | 13,382 |
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged with
instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred
out of Level 3 the table does not show any gains or losses or cash flows on the instruments during the period since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a gain of € 29 million recognized in other comprehensive income, net of tax
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a gain of € 362 million and for total financial liabilities held at fair value this is a loss of € 19 million
7For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains
487
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Sensitivity analysis of unobservable parameters
Where the value of financial instruments is dependent on unobservable parameter inputs, the precise level for these
parameters at the balance sheet date might be drawn from a range of reasonably possible alternatives. In preparing the
financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent
with prevailing market evidence and in line with the Group’s approach to valuation control detailed above.
If the Group marked Level 3 financial instruments using parameter values drawn from the extremes of the ranges of
reasonably possible alternatives, as of December 31, 2025 it could have increased fair value by as much as € 2.1 billion or
decreased fair value by as much as € 1.3 billion. As of December 31, 2024 it could have increased fair value by as much as
€ 2.1 billion or decreased fair value by as much as € 1.3 billion.
The changes in sensitive amounts from December 31, 2024 to December 31, 2025 were an increase in positive fair value
movement of € 42 million, and a reduction in negative fair value movement of € 48 million.
The change in positive fair value movements from December 31, 2024 to December 31, 2025 represents a 2% increase
and the change in negative fair value movements represents a 4% reduction. The Group’s sensitivity calculation of
unobservable parameters for Level 3 continues to align to the approach used to assess valuation uncertainty for prudent
valuation purposes.
Prudent valuation is a capital requirement for assets held at fair value. It provides a mechanism for quantifying and
capitalizing valuation uncertainty in accordance with the European Commission Delegated Regulation (EU) 2016/101,
which supplements Article 34 of Regulation (EU) No. 2019/876 (CRR), requiring institutions to apply the requirements of
Article 105 (14) to all assets measured at fair value and to deduct any additional value adjustments from CET1 capital.
This utilizes an exit price analysis performed for the relevant assets and liabilities in the prudent valuation assessment.
This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of financial
instruments for which valuation is dependent on unobservable input parameters. However, it is unlikely in practice that
all unobservable parameters would be simultaneously at the extremes of their ranges of reasonably possible alternatives.
Hence, the estimates disclosed above are likely to be greater than the true uncertainty in fair value at the balance sheet
date. Furthermore, the disclosure is neither predictive nor indicative of future movements in fair value.
For many of the financial instruments considered here, in particular derivatives, unobservable input parameters represent
only a subset of the parameters required to price the financial instrument, the remainder being observable. Hence, for
these instruments the overall impact of moving the unobservable input parameters to the extremes of their ranges might
be relatively small compared with the total fair value of the financial instrument. For other instruments, fair value is
determined based on the price of the entire instrument, for example, by adjusting the fair value of a reasonable proxy
instrument. In addition, all financial instruments are already carried at fair values which are inclusive of valuation
adjustments for the cost to close out that instrument and hence already factor in uncertainty as it reflects itself in market
pricing. Any negative impact of uncertainty calculated within this disclosure, then, will be over and above that already
included in the fair value contained in the financial statements.
488
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Breakdown of the sensitivity analysis by type of instrument1
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | Positive fair<br><br>value<br><br>movement from<br><br>using<br><br>reasonable<br><br>possible<br><br>alternatives | Negative fair<br><br>value<br><br>movement from<br><br>using<br><br>reasonable<br><br>possible<br><br>alternatives | Positive fair<br><br>value<br><br>movement from<br><br>using<br><br>reasonable<br><br>possible<br><br>alternatives | Negative fair<br><br>value<br><br>movement from<br><br>using<br><br>reasonable<br><br>possible<br><br>alternatives |
| Securities: | ||||
| Debt securities | 237 | 219 | 308 | 276 |
| Commercial mortgage-backed securities | 13 | 13 | 17 | 17 |
| Mortgage and other asset-backed securities | 10 | 9 | 11 | 11 |
| Corporate, sovereign and other debt securities | 214 | 197 | 280 | 248 |
| Equity securities | 102 | 74 | 78 | 77 |
| Derivatives: | ||||
| Credit | 261 | 127 | 207 | 105 |
| Equity | 74 | 36 | 36 | 33 |
| Interest related | 660 | 339 | 798 | 337 |
| Foreign Exchange | 64 | 46 | 56 | 24 |
| Other | 222 | 61 | 110 | 105 |
| Loans | 475 | 394 | 458 | 387 |
| Other | — | — | — | — |
| Total | 2,094 | 1,294 | 2,052 | 1,343 |
1Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table
Quantitative information about the sensitivity of significant unobservable inputs
The behavior of the unobservable parameters on Level 3 fair value measurement is not necessarily independent, and
dynamic relationships often exist between the other unobservable parameters and the observable parameters. Such
relationships, where material to the fair value of a given instrument, are explicitly captured via correlation parameters, or
are otherwise controlled via pricing models or valuation techniques. Frequently, where a valuation technique utilizes
more than one input, the choice of a certain input will bound the range of possible values for other inputs. In addition,
broader market factors (such as interest rates, equity, credit or commodity indices or foreign exchange rates) can also
have effects.
The range of values shown below represents the highest and lowest inputs used to value the significant exposures within
Level 3. The diversity of financial instruments that make up the disclosure is significant and therefore the ranges of
certain parameters can be large. For example, the range of credit spreads on mortgage-backed securities represents
performing, more liquid positions with lower spreads than the less liquid, non-performing positions which will have higher
credit spreads. As Level 3 contains the less liquid fair value instruments, the wide ranges of parameters seen is to be
expected, as there is a high degree of pricing differentiation within each exposure type to capture the relevant market
dynamics. The table below provides a brief description of each of the principal parameter types, along with a
commentary on significant interrelationships between them.
Credit parameters are used to assess the creditworthiness of an exposure, by enabling the probability of default and
resulting losses of a default to be represented. The credit spread is the primary reflection of creditworthiness and
represents the premium or yield return above the benchmark reference instrument (typically risk free rate, or relevant
treasury instrument, depending upon the asset being assessed), that a bond holder would require to allow for the credit
quality difference between that entity and the reference benchmark. Higher credit spreads will indicate lower credit
quality, and lead to a lower value for a given bond, or other loan-asset that is to be repaid to the bank by the borrower.
Recovery rates represent an estimate of the amount a lender would receive in the case of a default of a loan, or a bond
holder would receive in the case of default of the bond. Higher recovery rates will give a higher valuation for a given bond
position, if other parameters are held constant. Constant default rate and constant prepayment rate allow more complex
loan and debt assets to be assessed, as these parameters estimate the ongoing defaults arising on scheduled repayments
and coupons, or whether the borrower is making additional (usually voluntary) prepayments. These parameters are
particularly relevant when forming a fair value opinion for mortgage or other types of lending, where repayments are
delivered by the borrower through time, or where the borrower may pre-pay the loan (seen for example in some
residential mortgages). Higher constant default rate will lead to lower valuation of a given loan or mortgage as the lender
will ultimately receive less cash.
489
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Interest rates, credit spreads, inflation rates, foreign exchange rates and equity prices are referenced in some option
instruments, or other complex derivatives, where the payoff a holder of the derivative will receive is dependent upon the
behavior of these underlying references through time. Volatility parameters describe key attributes of option behavior by
enabling the variability of returns of the underlying instrument to be assessed. This volatility is a measure of probability,
with higher volatilities denoting higher probabilities of a particular outcome occurring. The underlying references
(interest rates, credit spreads etc.) have an effect on the valuation of options, by describing the size of the return that can
be expected from the option. Therefore, the value of a given option is dependent upon the value of the underlying
instrument, and the volatility of that instrument, representing the size of the payoff, and the probability of that payoff
occurring. Where volatilities are high, the option holder will see a higher option value as there is greater probability of
positive returns. A higher option value will also occur where the payoff described by the option is significant.
Correlations are used to describe influential relationships between underlying references where a derivative or other
instrument has more than one underlying reference. Behind some of these relationships, for example commodity
correlation and interest rate-foreign exchange correlations, typically lie macroeconomic factors such as the impact of
global demand on groups of commodities, or the pricing parity effect of interest rates on foreign exchange rates. More
specific relationships can exist between credit references or equity stocks in the case of credit derivatives and equity
basket derivatives, for example. Credit correlations are used to estimate the relationship between the credit performance
of a range of credit names, and stock correlations are used to estimate the relationship between the returns of a range of
equities. A derivative with a correlation exposure will be either long- or short-correlation. A high correlation suggests a
strong relationship between the underlying references is in force, and this will lead to an increase in value of a long-
correlation derivative. Negative correlations suggest that the relationship between underlying references is opposing, i.e.,
an increase in price of one underlying reference will lead to a reduction in the price of the other.
An EBITDA multiple approach can be used in the valuation of less liquid securities. Under this approach the enterprise
value (‘EV’) of an entity can be estimated via identifying the ratio of the EV to EBITDA of a comparable observable entity
and applying this ratio to the EBITDA of the entity for which a valuation is being estimated. Under this approach a
liquidity adjustment is often applied due to the difference in liquidity between the generally listed comparable used and
the company under valuation. A higher EV/EBITDA multiple will result in a higher fair value.
490
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Financial instruments classified in Level 3 and quantitative information about unobservable inputs
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| Fair value | ||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Liabilities | Valuation technique(s)¹ | Significant unobservable<br><br>input(s) (Level 3) | Range | |
| Financial instruments held at fair value -<br><br>Non-Derivative financial instruments held<br><br>at fair value: | ||||||
| Mortgage and other asset backed<br><br>securities held for trading: | ||||||
| Commercial mortgage-backed<br><br>securities | 42 | — | Price based | Price | 0% | 101% |
| Discounted cash flow | Credit spread (bps) | 194 | 1,019 | |||
| Mortgage- and other asset-backed<br><br>securities | 91 | — | Price based | Price | 0% | 105% |
| Discounted cash flow | Credit spread (bps) | 98 | 1,166 | |||
| Recovery rate | 7% | 85% | ||||
| Constant default rate | 0% | 4% | ||||
| Constant prepayment<br><br>rate | 1% | 37% | ||||
| Total mortgage- and other asset-backed<br><br>securities | 133 | — | ||||
| Debt securities and other debt obligations | 5,320 | 5,503 | Price based | Price | 0% | 300% |
| Held for trading | 3,447 | 19 | Discounted cash flow | Credit spread (bps) | 5 | 696 |
| Corporate, sovereign and other debt<br><br>securities | 3,447 | |||||
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 1,474 | |||||
| Designated at fair value through profit<br><br>or loss | — | 5,484 | ||||
| Financial assets at fair value through<br><br>other comprehensive income | 399 | |||||
| Equity securities | 816 | 4 | Market approach | Price per net asset value | 0% | 100% |
| Held for trading | 55 | 4 | Enterprise value/EBITDA<br><br>(multiple) | 1 | 14 | |
| Enterprise value/<br><br>Revenue<br><br>(multiple) | 4 | 14 | ||||
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 761 | Discounted cash flow | Weighted average cost<br><br>capital | 9% | 20% | |
| Designated at fair value through profit<br><br>or loss | — | Price based | Price | 0% | 2500% | |
| Loans | 11,293 | 2 | Price based | Price | 0% | 300% |
| Held for trading | 6,913 | 2 | Discounted cash flow | Credit spread (bps) | 94 | 3,106 |
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 2,490 | |||||
| Designated at fair value through profit<br><br>or loss | — | Recovery rate | 40% | 75% | ||
| Financial assets at fair value through<br><br>other comprehensive income | 1,890 | |||||
| Loan commitments | 2 | Discounted cash flow | Credit spread (bps) | 153 | 978 | |
| Recovery rate | 70% | 84% | ||||
| Loan pricing model | Utilization | 0% | 100% | |||
| Other financial instruments | 1,1722 | 613 | Discounted cash flow | IRR | 7% | 13% |
| Repo rate (bps) | 8 | 285 | ||||
| Total non-derivative financial instruments<br><br>held at fair value | 18,734 | 5,572 |
1Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 157 million of other trading assets, € 1 billion of other non-trading financial assets mandatory at fair value, and € 59 million other financial
assets at fair value through other comprehensive income
3Other financial liabilities include € 61 million of securities sold under repurchase agreements designated at fair value
491
| Deutsche Bank | Notes to the consolidated balance sheet | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value | |||||
| Dec 31, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair value | ||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Liabilities | Valuation technique(s) | Significant unobservable<br><br>input(s) (Level 3) | Range | |
| Financial instruments held at fair<br><br>value: | ||||||
| Market values from derivative<br><br>financial instruments: | ||||||
| Interest rate derivatives | 3,798 | 2,950 | Discounted cash flow | Swap rate (bps) | (720) | 3,818 |
| Inflation swap rate | 0% | 8% | ||||
| Constant default rate | 1% | 11% | ||||
| Constant prepayment<br><br>rate | 2% | 16% | ||||
| Option pricing model | Inflation volatility | 0% | 8% | |||
| Interest rate volatility | 0% | 2% | ||||
| IR - IR correlation | (10)% | 95% | ||||
| Hybrid correlation | (56)% | 95% | ||||
| Credit derivatives | 556 | 603 | Discounted cash flow | Credit spread (bps) | 12 | 1,277 |
| Recovery rate | 15% | 94% | ||||
| Option pricing model | Credit volatility | 5% | 90% | |||
| Correlation pricing<br><br>model | Credit correlation | |||||
| Equity derivatives | 481 | 572 | Option pricing model | Stock volatility | 1% | 101% |
| Index volatility | 6% | 17% | ||||
| Index - index correlation | ||||||
| Stock - stock correlation | ||||||
| Stock Forwards | 0% | 5% | ||||
| Index Forwards | 0% | 6% | ||||
| FX derivatives | 1,523 | 1,561 | Option pricing model | Volatility | (9)% | 57% |
| Quoted Vol | ||||||
| Discounted cash flow | Swap rate (bps) | (2) | 100 | |||
| Other derivatives | 673 | 2891 | Discounted cash flow | Credit spread (bps) | 201 | 568 |
| Option pricing model | Index volatility | 0% | 116% | |||
| Price | 0% | 677% | ||||
| Commodity correlation | (22)% | 98% | ||||
| Total market values from<br><br>derivative<br><br>financial instruments | 7,030 | 5,974 |
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
492
| Deutsche Bank | Notes to the consolidated balance sheet | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair value | ||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Liabilities | Valuation technique(s)¹ | Significant unobservable<br><br>input(s) (Level 3) | Range | |
| Financial instruments held at fair value –<br><br>Non-Derivative financial instruments held<br><br>at fair value: | ||||||
| Mortgage and other asset backed<br><br>securities held for trading: | ||||||
| Commercial mortgage-backed<br><br>securities | 31 | — | Price based | Price | 0% | 102% |
| Discounted cash flow | Credit spread (bps) | 167 | 1,486 | |||
| Mortgage- and other asset-backed<br><br>securities | 93 | — | Price based | Price | 0% | 107% |
| Discounted cash flow | Credit spread (bps) | 106 | 1,027 | |||
| Recovery rate | 60% | 85% | ||||
| Constant default rate | 0% | 4% | ||||
| Constant prepayment<br><br>rate | 4% | 18% | ||||
| Total mortgage- and other asset-backed<br><br>securities | 124 | — | ||||
| Debt securities and other debt<br><br>obligations | 4,379 | 4,537 | Price based | Price | 0% | 300% |
| Held for trading | 2,726 | 26 | Discounted cash flow | Credit spread (bps) | 9 | 651 |
| Corporate, sovereign and other<br><br>debt securities | 2,726 | |||||
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 1,499 | |||||
| Designated at fair value through profit or<br><br>loss | — | 4,512 | ||||
| Financial assets at fair value through<br><br>other comprehensive income | 154 | |||||
| Equity securities | 809 | — | Market approach | Price per net asset value | 0% | 100% |
| Held for trading | 114 | — | Enterprise value/EBITDA<br><br>(multiple) | 5 | 14 | |
| Enterprise value/Revenue<br><br>(multiple) | 1 | 15 | ||||
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 695 | Discounted cash flow | Weighted average cost<br><br>capital | 9% | 20% | |
| Designated at fair value through profit or<br><br>loss | — | Price based | Price | 0% | 100% | |
| Loans | 10,817 | 93 | Price based | Price | 0% | 123% |
| Held for trading | 5,931 | 93 | Discounted cash flow | Credit spread (bps) | 100 | 1,621 |
| Non-trading financial assets mandatory<br><br>at fair value through profit or loss | 1,779 | |||||
| Designated at fair value through profit or<br><br>loss | — | — | Recovery rate | 40% | 84% | |
| Financial assets at fair value through<br><br>other comprehensive income | 3,107 | |||||
| Loan commitments | — | 6 | Discounted cash flow | Credit spread (bps) | 226 | 954 |
| Recovery rate | 40% | 84% | ||||
| Loan pricing model | Utilization | 0% | 100% | |||
| Other financial instruments | 2,2082 | 513 | Discounted cash flow | IRR | 7% | 13% |
| Repo rate (bps) | 30 | 285 | ||||
| Total non-derivative financial<br><br>instruments held at fair value | 18,336 | 4,688 |
1Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 253 million of other trading assets, € 1.8 billion of other non-trading financial assets mandatory at fair value, and € 123 million other
financial assets at fair value through other comprehensive income
3Other financial liabilities include € 51 million of securities sold under repurchase agreements designated at fair value
493
| Deutsche Bank | Notes to the consolidated balance sheet | |||||
|---|---|---|---|---|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Fair value | ||||||
| in € m.<br><br>(unless stated otherwise) | Assets | Liabilities | Valuation technique(s) | Significant unobservable<br><br>input(s) (Level 3) | Range | |
| Financial instruments held at fair<br><br>value: | ||||||
| Market values from derivative<br><br>financial instruments: | ||||||
| Interest rate derivatives | 5,218 | 5,207 | Discounted cash flow | Swap rate (bps) | (4,176) | 3,975 |
| Inflation swap rate | 0% | 5% | ||||
| Constant default rate | 0% | 12% | ||||
| Constant prepayment<br><br>rate | 4% | 16% | ||||
| Option pricing model | Inflation volatility | 0% | 6% | |||
| Interest rate volatility | 0% | 3% | ||||
| IR - IR correlation | (10)% | 99% | ||||
| Hybrid correlation | (70)% | 55% | ||||
| Credit derivatives | 510 | 562 | Discounted cash flow | Credit spread (bps) | 15 | 1,148 |
| Recovery rate | 0% | 40% | ||||
| Correlation pricing<br><br>model | Credit correlation | 0% | 0% | |||
| Equity derivatives | 642 | 1,201 | Option pricing model | Stock volatility | 2% | 86% |
| Index volatility | 9% | 27% | ||||
| Index - index correlation | 0% | 0% | ||||
| Stock - stock correlation | 0% | 0% | ||||
| Stock Forwards | 0% | 1% | ||||
| Index Forwards | 0% | 1% | ||||
| FX derivatives | 995 | 1,470 | Option pricing model | Volatility | (9)% | 33% |
| Quoted Vol | 0% | 0% | ||||
| Discounted cash flow | Swap rate (bps) | (3) | 100 | |||
| Other derivatives | 580 | 2541 | Discounted cash flow | Credit spread (bps) | 286 | 626 |
| Option pricing model | Index volatility | 0% | 160% | |||
| Price | 17% | 75% | ||||
| Commodity correlation | 0% | 87% | ||||
| Total market values from derivative<br><br>financial instruments | 7,945 | 8,694 |
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
494
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 13 – Financial Instruments carried at Fair Value |
Unrealized gains or losses on Level 3 instruments held or in issue at the reporting
date
The unrealized gains or losses on Level 3 Instruments are not solely due to unobservable parameters. Many of the
parameter inputs to the valuation of instruments in this level of the hierarchy are observable and the gain or loss is partly
due to movements in these observable parameters over the period. Many of the positions in this level of the hierarchy are
economically hedged by instruments which are categorized in other levels of the fair value hierarchy. The offsetting
gains and losses that have been recorded on all such hedges are not included in the table below, which only shows the
gains and losses related to the Level 3 classified instruments themselves held at the reporting date in accordance with
IFRS 13. The unrealized gains and losses on Level 3 instruments are included in both net interest income and net gains on
financial assets/liabilities at fair value through profit or loss in the consolidated income statement.
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Financial assets held at fair value: | ||
| Trading securities | 38 | 113 |
| Positive market values from derivative financial instruments | 1,574 | 1,535 |
| Other trading assets | (218) | (54) |
| Non-trading financial assets mandatory at fair value through profit or loss | 93 | 57 |
| Financial assets designated at fair value through profit or loss | — | — |
| Financial assets at fair value through other comprehensive income | — | (4) |
| Other financial assets at fair value | 5 | (3) |
| Total financial assets held at fair value | 1,491 | 1,645 |
| Financial liabilities held at fair value: | ||
| Trading securities | (1) | — |
| Negative market values from derivative financial instruments | (73) | (1,930) |
| Other trading liabilities | (1) | — |
| Financial liabilities designated at fair value through profit or loss | 124 | (104) |
| Other financial liabilities at fair value | (123) | (102) |
| Total financial liabilities held at fair value | (75) | (2,135) |
| Total | 1,416 | (490) |
Recognition of trade date profit
If there are significant unobservable inputs used in a valuation technique on initial recognition, the financial instrument is
recognized at the transaction price and any trade date profit is deferred. The table below presents the movement during
the year of the trade date profits deferred due to significant unobservable parameters for financial instruments classified
at fair value through profit or loss. The balance is predominantly related to derivative instruments.
| in € m. | 2025 | 2024 |
|---|---|---|
| Balance, beginning of year | 691 | 577 |
| New trades during the period | 513 | 343 |
| Amortization | (223) | (141) |
| Matured trades | (71) | (53) |
| Subsequent move to observability1 | (38) | (36)2 |
| Exchange rate changes | (5) | 1 |
| Balance, end of year | 866 | 691 |
1This includes situations where an input remains unobservable but has become insignificant in relation to the deferred trade date profit in periods subsequent to the trade
date
2During the second quarter of 2024, the Group refined its methodology for the significance test of unobservable inputs subsequent to the trade date. This resulted in
release of € 15 million in the second quarter of 2024
495
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 14 — Fair Value of Financial Instruments not carried at Fair Value |
14 — Fair Value of Financial Instruments not carried at Fair
Value
Financial instruments not carried at fair value are not managed on a fair value basis. For these instruments fair values are
calculated for disclosure purposes only and do not impact the Group’s balance sheet or income statement. Additionally,
since the instruments generally do not trade, there is significant management judgement required to determine these
fair values. Differences between the carrying value and the fair value as of December 31, 2025, are consistent with the
changes in the interest rate environment in the reporting period.
For the following financial instruments which are predominantly short-term, the carrying value represents a reasonable
estimate of the fair value:
| Assets | Liabilities |
|---|---|
| Cash and central bank balances | Deposits |
| Interbank balances (w/o central banks) | Central bank funds purchased, and securities sold under repurchase<br><br>agreements |
| Central bank funds sold, and securities purchased under resale<br><br>agreements | Securities loaned |
| Securities borrowed | Other short-term borrowings |
| Other financial assets | Other financial liabilities |
For all other financial instruments carried at amortized cost, the following valuation techniques are applied:
–On retail lending portfolios with a large number of homogeneous loans (e.g., residential mortgages), the fair value is
calculated for each product type by discounting the portfolio’s contractual cash flows using the Group’s new loan
rates, for lending to borrowers of similar credit quality, which includes the impact of the macroeconomic environment.
Key inputs for retail mortgages are the difference between historic and current product margins and the estimated
prepayment rates. Capitalized broker fees included in the carrying value are also considered to be at fair value.
–The fair value of the corporate lending portfolio is estimated predominantly by discounting the loan until its maturity,
based on the loan specific credit spreads and funding costs for the Group.
–For long-term debt and trust preferred securities, the fair value is determined from quoted market prices, where
available. Where quoted market prices are not available, the fair value is estimated by using a valuation technique that
discounts the remaining contractual cash flows at a rate at which an instrument with similar characteristics is quoted
in the market.
–A discounted cash flow model is generally used for determining the fair value of long-term deposits since market data
is usually not available. In addition to the yield curve, Deutsche Bank’s own credit spreads are also considered. Credit
spreads of the respective counterparties are not used in the measurement of fair values on financial liabilities at
amortized cost.
For these financial instruments carried at amortized costs, the disclosed fair value is categorized under the IFRS fair value
hierarchy (i.e., Level 1, Level 2, and Level 3) as outlined in Note “Financial Instruments carried at fair value”. In general,
Level 1 includes Cash and Central bank balances; Level 2 includes Interbank balances (w/o central banks), Central bank
funds sold, and securities purchased under resale agreements, Securities borrowed, Other financial assets, Deposits,
Central bank funds purchased, and securities sold under repurchase agreements, Securities loaned, Other short- term
borrowings, Other financial liabilities, Long- term debt and Trust preferred securities; and Level 3 includes Loans.
496
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 14 — Fair Value of Financial Instruments not carried at Fair Value |
Estimated fair value of financial instruments not carried at fair value on the balance sheet1
| Dec 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Carrying value | Fair value | Quoted<br><br>prices in<br><br>active market<br><br>(Level 1) | Valuation<br><br>technique<br><br>observable<br><br>parameters<br><br>(Level 2) | Valuation<br><br>technique<br><br>unobservable<br><br>parameters<br><br>(Level 3) | |||||||
| Financial assets: | ||||||||||||
| Cash and central bank balances | 164,659 | 164,659 | 164,659 | — | — | |||||||
| Interbank balances (w/o central banks) | 6,962 | 6,962 | — | 6,962 | — | |||||||
| Central bank funds sold and securities purchased under<br><br>resale agreements | 37,509 | 37,535 | — | 37,535 | — | |||||||
| Securities borrowed | 6 | 6 | — | 6 | — | |||||||
| Loans | 472,620 | 466,128 | — | 13,175 | 452,954 | |||||||
| Other financial assets | 158,117 | 157,433 | 29,214 | 127,730 | 490 | |||||||
| Financial liabilities: | ||||||||||||
| Deposits | 691,828 | 694,445 | 1 | 694,445 | — | |||||||
| Central bank funds purchased and securities sold under<br><br>repurchase agreements | 4,177 | 4,173 | — | 4,173 | — | |||||||
| Securities loaned | 2 | 2 | — | 2 | — | |||||||
| Other short-term borrowings | 18,204 | 18,211 | — | 18,211 | — | |||||||
| Other financial liabilities | 123,451 | 123,451 | 2,381 | 121,070 | — | |||||||
| Long-term debt | 114,754 | 115,463 | — | 113,663 | 1,800 | |||||||
| Trust preferred securities | 283 | 297 | — | 297 | — | Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | |||||||
| in € m. | Carrying value | Fair value | Quoted<br><br>prices in<br><br>active market<br><br>(Level 1) | Valuation<br><br>technique<br><br>observable<br><br>parameters<br><br>(Level 2) | Valuation<br><br>technique<br><br>unobservable<br><br>parameters<br><br>(Level 3) | |||||||
| Financial assets: | ||||||||||||
| Cash and central bank balances | 147,494 | 147,494 | 147,494 | — | — | |||||||
| Interbank balances (w/o central banks) | 6,160 | 6,160 | — | 6,160 | — | |||||||
| Central bank funds sold and securities purchased under<br><br>resale agreements | 40,803 | 40,923 | — | 40,923 | — | |||||||
| Securities borrowed | 44 | 44 | — | 44 | — | |||||||
| Loans | 478,921 | 470,058 | — | 13,338 | 456,720 | |||||||
| Other financial assets | 92,556 | 91,214 | 12,063 | 78,482 | 669 | |||||||
| Financial liabilities: | ||||||||||||
| Deposits | 666,261 | 667,609 | 2 | 667,607 | — | |||||||
| Central bank funds purchased and securities sold under<br><br>repurchase agreements | 3,740 | 3,727 | — | 3,727 | — | |||||||
| Securities loaned | 2 | 2 | — | 2 | — | |||||||
| Other short-term borrowings | 9,895 | 9,903 | — | 9,903 | — | |||||||
| Other financial liabilities | 79,371 | 79,371 | 2,237 | 77,134 | — | |||||||
| Long-term debt | 114,899 | 114,496 | — | 112,033 | 2,463 | |||||||
| Trust preferred securities | 287 | 273 | — | 273 | — |
1Amounts are generally presented on a gross basis, in line with the Group’s accounting policy regarding offsetting of financial instruments as described in “Note 01 –
Material accounting policies and critical accounting estimates”
As of December 31, 2025, the difference between the fair value and the carrying value of loans is primarily driven by
current interest rates on long-dated retail mortgages in Germany compared to the contractual rate. Partly offsetting the
loan carrying amount were macro hedge accounting adjustments under the EU carve-out version of IAS 39, which were
€ 5.6 billion as of December 31, 2025 and € 5.0 billion as of December 31, 2024. The fair value of deposits was greater
than their carrying value as the carrying value included negative macro hedge accounting adjustments under the EU
carve-out version of IAS 39 of € 2.8 billion and € 1.4 billion as of December 31, 2025, and December 31, 2024,
respectively. For long-term debt and trust preferred securities, the difference between the fair value and the carrying
value is due to changes in interest rates at which the Group could issue debt with similar maturity and subordination at
the balance sheet date compared to the rate the instrument was issued at. The carrying values included in the table do
not include any impacts from economic hedges.
497
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 16 — Equity Method Investments |
15 — Financial assets at fair value through other comprehensive
income
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Securities purchased under resale agreement | 1,128 | 2,786 |
| Debt securities: | ||
| German government | 4,231 | 2,006 |
| U.S. Treasury and U.S. government agencies | 9,654 | 10,640 |
| U.S. local (municipal) governments | 1,359 | 719 |
| Other foreign governments | 19,692 | 18,661 |
| Corporates | 201 | 189 |
| Other asset-backed securities | — | — |
| Mortgage-backed securities, including obligations of U.S. federal agencies | 463 | 414 |
| Other debt securities | 2,484 | 1,607 |
| Total debt securities | 38,084 | 34,236 |
| Loans | 4,432 | 5,068 |
| Total financial assets at fair value through other comprehensive income | 43,644 | 42,090 |
16 — Equity Method Investments
Investments in associates and jointly controlled entities are accounted for using the equity method of accounting.
The Group holds interests in 43 associates and 8 jointly controlled entities as of December 31, 2025 (49 and 8,
respectively, as of December 31, 2024). None of the investments are considered to be material to the Group, based on
the carrying value of the investment or the Group’s income from the investee.
Aggregated financial information on the Group’s share in associates and joint ventures that are individually immaterial
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Carrying amount of all associates that are individually immaterial to the Group | 924 | 1,028 |
| Aggregated amount of the Group's share of profit (loss) from continuing operations | 35 | (4) |
| Aggregated amount of the Group's share of post-tax profit (loss) from discontinued operations | — | — |
| Aggregated amount of the Group's share of other comprehensive income | 17 | (1) |
| Aggregated amount of the Group's share of total comprehensive income | 52 | (5) |
498
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 17 – Offsetting Financial Assets and Financial Liabilities |
17 — Offsetting Financial Assets and Financial Liabilities
The Group is eligible to present certain financial assets and financial liabilities on a net basis on the balance sheet
pursuant to criteria described in Note 01 “Material Accounting Policies and Critical Accounting Estimates: Offsetting
Financial Instruments”.
The following tables provide information on the impact of offsetting on the consolidated balance sheet, as well as the
financial impact of netting for instruments subject to an enforceable master netting arrangement or similar agreement as
well as available cash and financial instrument collateral.
Assets
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts not set off on the balance sheet | |||||||
| in € m. | Gross<br><br>amounts of<br><br>financial<br><br>assets | Gross<br><br>amounts set<br><br>off on the<br><br>balance<br><br>sheet | Net<br><br>amounts of<br><br>financial<br><br>assets<br><br>presented<br><br>on the<br><br>balance<br><br>sheet | Impact of<br><br>Master<br><br>Netting<br><br>Agreements | Cash<br><br>collateral | Financial<br><br>instrument<br><br>collateral¹ | Net amount |
| Central bank funds sold and securities purchased<br><br>under resale agreements (enforceable) | 60,976 | (24,458) | 36,518 | — | — | (36,518) | — |
| Central bank funds sold and securities purchased<br><br>under resale agreements (non-enforceable) | 991 | — | 991 | — | — | (858) | 133 |
| Securities borrowed (enforceable) | 6 | — | 6 | — | — | (6) | — |
| Securities borrowed (non-enforceable) | — | — | — | — | — | — | — |
| Financial assets at fair value through profit or loss<br><br>(enforceable) | 604,898 | (261,162) | 343,736 | (182,259) | (34,836) | (118,239) | 8,402 |
| Of which: Positive market values from derivative<br><br>financial instruments (enforceable) | 245,923 | (13,223) | 232,699 | (180,485) | (34,807) | (9,221) | 8,186 |
| Financial assets at fair value through profit or loss<br><br>(non-enforceable) | 175,898 | — | 175,898 | — | (1,112) | (4,223) | 170,563 |
| Of which: Positive market values from derivative<br><br>financial instruments (non-enforceable) | 8,629 | — | 8,629 | — | (991) | (659) | 6,979 |
| Total financial assets at fair value through profit or<br><br>loss2 | 780,796 | (261,162) | 519,635 | (182,259) | (35,948) | (122,462) | 178,965 |
| Loans at amortized cost | 472,620 | — | 472,620 | — | (10,924) | (77,530) | 384,167 |
| Other assets | 172,449 | (4,977) | 167,472 | (26,084) | (101) | (33) | 141,254 |
| Of which: Positive market values from<br><br>derivatives qualifying for hedge accounting<br><br>(enforceable) | 1,164 | (44) | 1,121 | (766) | (99) | (33) | 222 |
| Remaining assets subject to netting | 1,128 | — | 1,128 | — | — | — | 1,128 |
| Remaining assets not subject to netting | 236,696 | — | 236,696 | — | (293) | (1,908) | 234,496 |
| Total assets | 1,725,663 | (290,597) | 1,435,067 | (208,344) | (47,265) | (239,315) | 940,143 |
1Excludes real estate and other non-financial instrument collateral.
2In accordance with Note 12 ‘Financial assets/liabilities at fair value through profit or loss’ the position is predominately comprised of trading securities (asset), trading
securities (liability), securities purchased and sold under resale agreements accounted at fair value through profit or loss as well as positive and negative market values
from derivative financial instruments
499
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 17 – Offsetting Financial Assets and Financial Liabilities |
Liabilities
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts not set off on the balance sheet | |||||||
| in € m. | Gross<br><br>amounts of<br><br>financial<br><br>liabilities | Gross<br><br>amounts set<br><br>off on the<br><br>balance<br><br>sheet | Net<br><br>amounts of<br><br>financial<br><br>liabilities<br><br>presented<br><br>on the<br><br>balance<br><br>sheet | Impact of<br><br>Master<br><br>Netting<br><br>Agreements | Cash<br><br>collateral | Financial<br><br>instrument<br><br>collateral | Net amount |
| Deposits | 691,828 | — | 691,828 | — | — | — | 691,828 |
| Central bank funds purchased and securities sold<br><br>under repurchase agreements (enforceable) | 26,665 | (24,458) | 2,207 | — | — | (2,205) | 2 |
| Central bank funds purchased and securities sold<br><br>under repurchase agreements (non-enforceable) | 1,970 | — | 1,970 | — | — | (5) | 1,965 |
| Securities loaned (enforceable) | 2 | — | 2 | — | — | (2) | — |
| Securities loaned (non-enforceable) | — | — | — | — | — | — | — |
| Financial liabilities at fair value through profit or<br><br>loss (enforceable) | 608,774 | (261,178) | 347,595 | (182,905) | (24,050) | (85,185) | 55,455 |
| Of which: Negative market values from<br><br>derivative financial instruments (enforceable) | 233,145 | (13,722) | 219,423 | (181,060) | (24,050) | (1,737) | 12,576 |
| Financial liabilities at fair value through profit or<br><br>loss (non-enforceable) | 36,584 | — | 36,584 | — | (502) | (969) | 35,113 |
| Of which: Negative market values from<br><br>derivative financial instruments (non-<br><br>enforceable) | 6,352 | — | 6,352 | — | (502) | (85) | 5,766 |
| Total financial liabilities at fair value through profit<br><br>or loss1 | 645,357 | (261,178) | 384,179 | (182,905) | (24,552) | (86,154) | 90,567 |
| Other liabilities | 142,673 | (4,960) | 137,713 | (36,180) | (15) | (2) | 101,516 |
| Of which: Negative market values from<br><br>derivatives qualifying for hedge accounting<br><br>(enforceable) | 251 | (28) | 223 | (191) | (15) | (2) | 15 |
| Remaining liabilities not subject to netting | 136,965 | — | 136,965 | — | — | — | 136,965 |
| Total liabilities | 1,645,460 | (290,597) | 1,354,863 | (219,085) | (24,567) | (88,368) | 1,022,843 |
1 In accordance with Note 12 ‘Financial assets/liabilities at fair value through profit or loss’ the position is predominately comprised of trading securities (asset), trading
securities (liability), securities purchased and sold under resale agreements accounted at fair value through profit or loss as well as positive and negative market values
from derivative financial instruments
500
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 17 – Offsetting Financial Assets and Financial Liabilities |
Assets
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts not set off on the balance sheet | |||||||
| in € m. | Gross<br><br>amounts of<br><br>financial<br><br>assets | Gross<br><br>amounts set<br><br>off on the<br><br>balance<br><br>sheet | Net<br><br>amounts of<br><br>financial<br><br>assets<br><br>presented<br><br>on the<br><br>balance<br><br>sheet | Impact of<br><br>Master<br><br>Netting<br><br>Agreements | Cash<br><br>collateral | Financial<br><br>instrument<br><br>collateral¹ | Net amount |
| Central bank funds sold and securities purchased<br><br>under resale agreements (enforceable) | 54,483 | (14,429) | 40,053 | — | — | (39,831) | 223 |
| Central bank funds sold and securities purchased<br><br>under resale agreements (non-enforceable) | 749 | — | 749 | — | — | (749) | — |
| Securities borrowed (enforceable) | 32 | — | 32 | — | — | (32) | — |
| Securities borrowed (non-enforceable) | 11 | — | 11 | — | — | — | 11 |
| Financial assets at fair value through profit or loss<br><br>(enforceable) | 615,599 | (232,657) | 382,942 | (231,198) | (33,729) | (108,134) | 9,881 |
| Of which: Positive market values from derivative<br><br>financial instruments (enforceable) | 298,469 | (16,116) | 282,353 | (229,560) | (33,689) | (9,392) | 9,712 |
| Financial assets at fair value through profit or<br><br>loss (non-enforceable) | 162,908 | — | 162,908 | — | (1,303) | (6,993) | 154,611 |
| Of which: Positive market values from derivative<br><br>financial instruments (non-enforceable) | 9,400 | — | 9,400 | — | (1,188) | (1,344) | 6,868 |
| Total financial assets at fair value through profit or<br><br>loss2 | 778,507 | (232,657) | 545,849 | (231,198) | (35,032) | (115,127) | 164,492 |
| Loans at amortized cost | 478,921 | — | 478,921 | — | (10,836) | (72,983) | 395,102 |
| Other assets | 105,782 | (4,574) | 101,207 | (24,794) | (52) | (30) | 76,331 |
| Of which: Positive market values from<br><br>derivatives qualifying for hedge accounting<br><br>(enforceable) | 456 | (73) | 383 | (255) | (52) | (30) | 46 |
| Remaining assets subject to netting | 2,786 | — | 2,786 | — | — | — | 2,786 |
| Remaining assets not subject to netting | 217,567 | — | 217,567 | — | (623) | (4,438) | 212,506 |
| Total assets | 1,638,838 | (251,661) | 1,387,177 | (255,993) | (46,543) | (233,190) | 851,451 |
1Excludes real estate and other non-financial instrument collateral.
2In accordance with Note 12 ‘Financial assets/liabilities at fair value through profit or loss’ the position is predominately comprised of trading securities (asset), trading
securities (liability), securities purchased and sold under resale agreements accounted at fair value through profit or loss as well as positive and negative market values
from derivative financial instruments
501
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 17 – Offsetting Financial Assets and Financial Liabilities |
Liabilities
| Dec 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Amounts not set off on the balance sheet | |||||||
| in € m. | Gross<br><br>amounts of<br><br>financial<br><br>liabilities | Gross<br><br>amounts set<br><br>off on the<br><br>balance<br><br>sheet | Net<br><br>amounts of<br><br>financial<br><br>liabilities<br><br>presented<br><br>on the<br><br>balance<br><br>sheet | Impact of<br><br>Master<br><br>Netting<br><br>Agreements | Cash<br><br>collateral | Financial<br><br>instrument<br><br>collateral | Net amount |
| Deposits | 666,261 | — | 666,261 | — | — | — | 666,261 |
| Central bank funds purchased and securities sold<br><br>under repurchase agreements (enforceable) | 16,819 | (14,429) | 2,390 | — | — | (2,390) | — |
| Central bank funds purchased and securities sold<br><br>under repurchase agreements (non-enforceable) | 1,350 | — | 1,350 | — | — | (123) | 1,227 |
| Securities loaned (enforceable) | 1 | — | 1 | — | — | (1) | — |
| Securities loaned (non-enforceable) | 1 | — | 1 | — | — | (1) | — |
| Financial liabilities at fair value through profit or<br><br>loss (enforceable) | 609,683 | (232,669) | 377,013 | (230,459) | (23,677) | (66,495) | 56,381 |
| Of which: Negative market values from<br><br>derivative financial instruments (enforceable) | 284,323 | (16,600) | 267,723 | (228,704) | (23,677) | (2,458) | 12,883 |
| Financial liabilities at fair value through profit or<br><br>loss (non-enforceable) | 35,382 | — | 35,382 | — | (607) | (3,332) | 31,442 |
| Of which: Negative market values from<br><br>derivative financial instruments (non-<br><br>enforceable) | 8,672 | — | 8,672 | — | (607) | (142) | 7,923 |
| Total financial liabilities at fair value through profit<br><br>or loss1 | 645,064 | (232,669) | 412,395 | (230,459) | (24,285) | (69,828) | 87,823 |
| Other liabilities | 100,193 | (4,562) | 95,631 | (37,099) | (91) | (101) | 58,339 |
| Of which: Negative market values from<br><br>derivatives qualifying for hedge accounting<br><br>(enforceable) | 1,727 | (37) | 1,690 | (1,111) | (91) | (101) | 387 |
| Remaining liabilities not subject to netting | 129,716 | — | 129,716 | — | (6) | — | 129,711 |
| Total liabilities | 1,559,406 | (251,661) | 1,307,745 | (267,559) | (24,382) | (72,444) | 943,361 |
1In accordance with Note 12 ‘Financial assets/liabilities at fair value through profit or loss’ the position is predominately comprised of trading securities (asset), trading
securities (liability), securities purchased and sold under resale agreements accounted at fair value through profit or loss as well as positive and negative market values
from derivative financial instruments.
The column ‘Gross amounts set off on the balance sheet’ discloses the amounts offset in accordance with all the criteria
described in Note 01 “Material Accounting Policies and Critical Accounting Estimates: Offsetting Financial Instruments”.
The column ‘Impact of Master Netting Agreements’ discloses the amounts that are subject to master netting agreements
but were not offset because they did not meet the net settlement/simultaneous settlement criteria; or because the
rights of set off are conditional upon the default of the counterparty only. The amounts presented for other assets and
other liabilities include cash margin receivables and payables respectively.
The columns ‘Cash collateral’ and ‘Financial instrument collateral’ disclose the cash and financial instrument collateral
amounts received or pledged in relation to the total amounts of assets and liabilities, including those that were not
offset.
Non-enforceable master netting agreements or similar agreements refer to contracts executed in jurisdictions where the
rights of set off may not be upheld under the local bankruptcy laws.
The cash collateral received against the positive market values of derivatives and the cash collateral pledged towards the
negative mark-to-market values of derivatives are booked within the ‘Other liabilities’ and ‘Other assets’ balances
respectively.
The Cash and Financial instrument collateral amounts disclosed reflect their fair values. The rights of set off relating to
the cash and financial instrument collateral are conditional upon the default of the counterparty.
502
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 18 – Loans |
18 — Loans
The entire loan book presented includes loans classified at amortized cost, loans at fair value through other
comprehensive income and loans at fair value through profit and loss.
The below table gives an overview of the Group’s loan exposure by industry, and is based on the NACE (Nomenclature
des Activités Économiques dans la Communauté Européenne) code of the counterparty. NACE is a standard European
industry classification system.
Loans by industry classification
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Agriculture, forestry and fishing | 348 | 336 |
| Mining and quarrying | 3,634 | 4,342 |
| Manufacturing | 28,251 | 28,359 |
| Electricity, gas, steam and air conditioning supply | 5,129 | 5,017 |
| Water supply, sewerage, waste management and remediation activities | 717 | 598 |
| Construction | 5,313 | 4,604 |
| Wholesale and retail trade, repair of motor vehicles and motorcycles | 22,347 | 22,481 |
| Transport and storage | 4,716 | 5,347 |
| Accommodation and food service activities | 3,674 | 2,749 |
| Information and communication | 10,511 | 9,940 |
| Financial and insurance activities | 138,488 | 133,350 |
| Real estate activities | 47,153 | 51,535 |
| Professional, scientific and technical activities | 10,497 | 6,623 |
| Administrative and support service activities | 7,171 | 9,496 |
| Public administration and defense, compulsory social security | 8,152 | 6,235 |
| Education | 325 | 313 |
| Human health services and social work activities | 3,907 | 4,170 |
| Arts, entertainment and recreation | 881 | 840 |
| Other service activities | 9,906 | 6,835 |
| Activities of households as employers, undifferentiated goods- and services-producing activities of households<br><br>for own use | 188,183 | 199,812 |
| Activities of extraterritorial organizations and bodies | 16 | 22 |
| Gross loans | 499,320 | 503,005 |
| (Deferred expense)/unearned income | 1,191 | 1,352 |
| Loans less (deferred expense)/unearned income | 498,129 | 501,653 |
| Less: Allowance for loan losses | 6,074 | 5,697 |
| Total loans | 492,054 | 495,955 |
503
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 19 – Allowance for Credit Losses |
19 — Allowance for Credit Losses
The allowance for credit losses consists of allowance for financial assets at amortized cost, financial assets at fair value
through OCI and off-balance sheet lending commitments and guarantee business.
Development of allowance for credit losses for financial assets at amortized cost
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses1 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI2 | Total |
| Balance, beginning of year | 438 | 736 | 4,412 | 213 | 5,799 |
| Movements in financial assets including new business and<br><br>credit extensions | (90) | 178 | 1,663 | 9 | 1,760 |
| Transfers due to changes in creditworthiness | 119 | (85) | (35) | N/M | — |
| Changes due to modifications that did not result in<br><br>derecognition | N/M | N/M | N/M | N/M | N/M |
| Changes in models3 | (63) | 91 | (155) | — | (127) |
| Financial assets that have been derecognized during the<br><br>period4 | — | — | (1,002) | — | (1,002) |
| Recovery of written off amounts | — | — | 164 | — | 164 |
| Foreign exchange and other changes | 18 | (33) | (447) | 25 | (437) |
| Balance, end of reporting period | 421 | 888 | 4,600 | 247 | 6,156 |
| Provision for Credit Losses excluding country risk5 | (34) | 185 | 1,473 | 9 | 1,633 |
N/M – Not meaningful
1 Allowance for credit losses does not include allowance for country risk amounting to € 7 million as of December 31, 2025
2 The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized
during the reporting period was € 74 million in 2025 and € 0 milion in 2024
3 Changes in models primarily reflect LGD model update and changes to the SICR model
4 This position represents charge offs of allowance for credit losses
5 Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding
country risk
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses1 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI2 | Total |
| Balance, beginning of year | 447 | 680 | 3,960 | 198 | 5,285 |
| Movements in financial assets including new business and<br><br>credit extensions | (150) | 194 | 1,814 | 3 | 1,861 |
| Transfers due to changes in creditworthiness | 128 | (128) | — | N/M | — |
| Changes due to modifications that did not result in<br><br>derecognition | N/M | N/M | N/M | N/M | N/M |
| Changes in models | (2) | (7) | — | — | (9) |
| Financial assets that have been derecognized during the<br><br>period³ | — | — | (1,229) | — | (1,229) |
| Recovery of written off amounts | — | — | 157 | — | 157 |
| Foreign exchange and other changes | 15 | (3) | (290) | 11 | (267) |
| Balance, end of reporting period | 438 | 736 | 4,412 | 213 | 5,799 |
| Provision for Credit Losses excluding country risk4 | (24) | 59 | 1,814 | 3 | 1,852 |
N/M – Not meaningful
1 Allowance for credit losses does not include allowance for country risk amounting to € 14 million as of December 31, 2024
2The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized
during the reporting period was € 0 million in 2024 and € 0 million in 2023
3This position represents charge offs of allowance for credit losses
4Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding
country risk
504
| Deutsche Bank | Notes to the consolidated balance sheet | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | 19 – Allowance for Credit Losses | ||||
| Dec 31, 2023 | |||||
| --- | --- | --- | --- | --- | --- |
| Allowance for Credit Losses1 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI2 | Total |
| Balance, beginning of year | 533 | 626 | 3,656 | 180 | 4,995 |
| Movements in financial assets including new business and<br><br>credit extensions | (195) | 294 | 1,647 | 32 | 1,778 |
| Transfers due to changes in creditworthiness | 170 | (150) | (20) | N/M | — |
| Changes due to modifications that did not result in<br><br>derecognition | N/M | N/M | N/M | N/M | N/M |
| Changes in models | (57) | (53) | — | — | (110) |
| Financial assets that have been derecognized during the<br><br>period³ | — | — | (1,145) | (52) | (1,197) |
| Recovery of written off amounts | — | — | 93 | — | 93 |
| Foreign exchange and other changes | (3) | (38) | (271) | 38 | (273) |
| Balance, end of reporting period | 447 | 680 | 3,960 | 198 | 5,285 |
| Provision for Credit Losses excluding country risk4 | (83) | 92 | 1,627 | 32 | 1,668 |
N/M – Not meaningful
1Allowance for credit losses does not include allowance for country risk amounting to € 4 million as of December 31, 2023
2The total amount of undiscounted expected credit losses at initial recognition on financial assets that are purchased or originated credit-impaired initially recognized
during the reporting period was € 0 million in 2023 and € 46 million in 2022
3This position represents charge offs of allowance for credit losses
4Movements in financial assets including new business, transfers due to changes in creditworthiness and changes in models add up to Provision for Credit Losses excluding
country risk
Allowance for credit losses for financial assets at fair value through OCI1
| December 31, 2025 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Fair Value through OCI | 12 | 22 | 14 | — | 48 |
1Allowance for credit losses against financial assets at fair value through OCI remained at very low levels (€ 38 million at December 31, 2024 and € 48 million as of
December 31, 2025). Due to immateriality, no details on the year-over-year development is provided.
| December 31, 2024 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Fair Value through OCI | 12 | 16 | 10 | — | 38 |
1Allowance for credit losses against financial assets at fair value through OCI were almost unchanged at very low levels (€ 48 million at December 31, 2023 and € 38
million as of December 31, 2024). Due to immateriality, no details on the year-over-year development is provided.
| December 31, 2023 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Fair Value through OCI | 13 | 13 | 22 | — | 48 |
1Allowance for credit losses against financial assets at fair value through OCI were almost unchanged at very low levels (€ 69 million at December 31, 2022 and
€ 48 million as of December 31, 2023, respectively). Due to immateriality, no details on the year-over-year development is provided.
505
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 19 – Allowance for Credit Losses |
Development of allowance for credit losses for off-balance sheet positions
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses2 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 106 | 82 | 173 | — | 361 |
| Movements including new business | (12) | 25 | 38 | 2 | 53 |
| Transfers due to changes in creditworthiness | 4 | (2) | (2) | N/M | — |
| Changes in models | — | — | — | — | — |
| Foreign exchange and other changes | — | (8) | (13) | — | (21) |
| Balance, end of reporting period | 98 | 96 | 196 | 2 | 393 |
| of which: Financial guarantees | 55 | 47 | 81 | — | 184 |
| Provision for Credit Losses excluding country risk1 | (8) | 23 | 36 | 2 | 53 |
N/M – Not meaningful
1The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in
creditworthiness and changes in models
2Allowance for credit losses does not include allowance for country risk amounting to € 12 million as of December 31, 2025
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses2 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 117 | 88 | 187 | — | 393 |
| Movements including new business | (22) | 3 | (19) | — | (38) |
| Transfers due to changes in creditworthiness | 10 | (9) | — | N/M | — |
| Changes in models | — | — | — | — | — |
| Foreign exchange and other changes | 1 | (1) | 5 | — | 6 |
| Balance, end of reporting period | 106 | 82 | 173 | — | 361 |
| of which: Financial guarantees | 67 | 49 | 99 | — | 214 |
| Provision for Credit Losses excluding country risk1 | (13) | (6) | (20) | — | (38) |
N/M – Not meaningful
1The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in
creditworthiness and changes in models
2Allowance for credit losses does not include allowance for country risk amounting to € 2 million as of December 31, 2024
| Dec 31, 2023 | |||||
|---|---|---|---|---|---|
| Allowance for Credit Losses2 | |||||
| in € m. | Stage 1 | Stage 2 | Stage 3 | Stage 3 POCI | Total |
| Balance, beginning of year | 144 | 97 | 310 | — | 551 |
| Movements including new business | (39) | (3) | (118) | — | (160) |
| Transfers due to changes in creditworthiness | 11 | (4) | (7) | N/M | — |
| Changes in models | — | — | — | — | — |
| Foreign exchange and other changes | 1 | (2) | 3 | — | 2 |
| Balance, end of reporting period | 117 | 88 | 187 | — | 393 |
| of which: Financial guarantees | 84 | 37 | 113 | — | 233 |
| Provision for Credit Losses excluding country risk1 | (28) | (7) | (125) | — | (160) |
N/M – Not meaningful
1The above table breaks down the impact on provision for credit losses from movements in financial assets including new business, transfers due to changes in
creditworthiness and changes in models
2Allowance for credit losses does not include allowance for country risk amounting to € 9 million as of December 31, 2023
506
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 20 – Transfer of Financial Assets, Assets Pledged and Received as Collateral |
20 — Transfer of Financial Assets, Assets Pledged and Received
as Collateral
The Group enters into transactions in which it transfers financial assets held on the balance sheet and as a result may
either be eligible to derecognize the transferred asset in its entirety or must continue to recognize the transferred asset
to the extent of any continuing involvement, depending on certain criteria. These criteria are discussed in Note 01
“Material Accounting Policies and Critical Accounting Estimates”.
Where financial assets are not eligible to be derecognized, the transfers are viewed as secured financing transactions,
with any consideration received resulting in a corresponding liability. The Group is not entitled to use these financial
assets for any other purposes. The most common transactions of this nature entered into by the Group are repurchase
agreements, securities lending agreements and total return swaps, in which the Group retains substantially all of the
associated credit, equity price, interest rate and foreign exchange risks and rewards associated with the assets as well as
the associated income streams.
Information on asset types and associated transactions that did not qualify for derecognition
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Carrying amount of transferred assets | ||
| Trading securities not derecognized due to the following transactions: | ||
| Repurchase agreements | 46,744 | 40,438 |
| Securities lending agreements | 10,344 | 8,313 |
| Total return swaps | 20,248 | 14,013 |
| Other | 1,503 | 2,523 |
| Total trading securities | 78,839 | 65,288 |
| Other trading assets | 40 | 51 |
| Non-trading financial assets mandatory at fair value through profit or loss | 32 | 107 |
| Financial assets at fair value through other comprehensive income | 11,198 | 5,134 |
| Loans at amortized cost1 | 15 | 17 |
| Others | 11,568 | 4,335 |
| Total | 101,693 | 74,931 |
| Carrying amount of associated liabilities | 91,380 | 66,654 |
¹Other traded loans where the associated liability is recourse only to the transferred assets had carrying value and fair value of € 0 million and € 0 million as at December
31, 2025, and December 31, 2024 respectively. The associated liabilities had the same carrying value and fair value which resulted in a net position of € 0 million and
€ 0 million as at December 31, 2025 and December 31, 2024 respectively
Carrying value of assets transferred to the Group has continuing involvement
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Carrying amount of the original assets transferred | ||
| Trading securities | 1,016 | 1,073 |
| Non-trading financial assets mandatory at fair value through profit or loss | — | — |
| Carrying amount of the assets continued to be recognized | ||
| Trading securities | 21 | 26 |
| Non-trading financial assets mandatory at fair value through profit or loss | — | — |
| Carrying amount of associated liabilities | 40 | 52 |
507
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 20 – Transfer of Financial Assets, Assets Pledged and Received as Collateral |
The Group could retain some exposure to the future performance of a transferred asset either through new or existing
contractual rights and obligations and still be eligible to derecognize the asset. This ongoing involvement will be
recognized as a new instrument which may be different from the original financial asset that was transferred. Typical
transactions include retaining senior notes of non-consolidated securitizations to which originated loans have been
transferred; financing arrangements with structured entities to which the Group has sold a portfolio of assets; or sales of
assets with credit-contingent swaps. The Group’s exposure to such transactions is not considered to be significant as any
substantial retention of risks associated with the transferred asset will commonly result in an initial failure to
derecognize. Transactions not considered to result in an ongoing involvement include normal warranties on fraudulent
activities that could invalidate a transfer in the event of legal action, qualifying pass-through arrangements and standard
trustee or administrative fees that are not linked to performance.
The impact on the Group’s Balance Sheet of on-going involvement associated with transferred assets derecognized in full
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € m. | Carrying<br><br>value | Fair value | Maximum<br><br>Exposure<br><br>to Loss¹ | Carrying<br><br>value | Fair value | Maximum<br><br>Exposure<br><br>to Loss¹ |
| Loans at amortized cost | ||||||
| Securitization notes | 479 | 459 | 459 | 441 | 397 | 397 |
| Other | — | — | — | — | — | — |
| Total loans at amortized cost | 479 | 459 | 459 | 441 | 397 | 397 |
| Financial assets held at fair value through profit or loss | ||||||
| Securitization notes | — | — | — | — | — | — |
| Non-standard Interest Rate, cross-currency or inflation-linked swap | — | — | — | — | — | — |
| Total financial assets held at fair value through profit or loss | — | — | — | — | — | — |
| Financial assets at fair value through other comprehensive income: | ||||||
| Securitization notes | 532 | 466 | 466 | 669 | 560 | 560 |
| Other | — | — | — | — | — | — |
| Total financial assets at fair value through other comprehensive income | 532 | 466 | 466 | 669 | 560 | 560 |
| Total financial assets representing on-going involvement | 1,011 | 925 | 925 | 1,110 | 957 | 957 |
| Financial liabilities held at fair value through profit or loss | ||||||
| Non-standard Interest Rate, cross-currency or inflation-linked swap | — | — | — | — | — | — |
| Total financial liabilities representing on-going involvement | — | — | — | — | — | — |
1The maximum exposure to loss is defined as the carrying value plus the notional value of any undrawn loan commitments not recognized as liabilities
The impact on the Group’s Statement of Income of on-going involvement associated with transferred assets derecognized in full
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € m. | Year-to-date<br><br>P&L | Cumulative P&L | Gain/(loss) on<br><br>disposal | Year-to-date<br><br>P&L | Cumulative P&L | Gain/(loss) on<br><br>disposal |
| Securitization notes | 38 | 239 | 23 | 50 | 220 | 25 |
| Non-standard Interest Rate, cross-<br><br>currency or inflation-linked swap | — | — | — | — | — | — |
| Net gains/(losses) recognized from on-<br><br>going<br><br>involvement in derecognized assets | 38 | 239 | 23 | 50 | 220 | 25 |
508
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 20 – Transfer of Financial Assets, Assets Pledged and Received as Collateral |
The Group pledges assets primarily as collateral against secured funding and for repurchase agreements, securities
borrowing agreements as well as other borrowing arrangements and for margining purposes on OTC derivative liabilities.
Pledges are generally conducted under terms that are usual and customary for standard securitized borrowing contracts
and other transactions described. As at December 31, 2025 the bank had securitized loans of € 7 billion and the secured
own bonds were pledged as collateral into various market standard securities financing transactions. The encumbered
loans below include these balances.
Carrying value of the Group’s assets pledged as collateral for liabilities or contingent liabilities1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Financial assets at fair value through profit or loss | 70,166 | 58,749 |
| Financial assets at fair value through other comprehensive income | 11,329 | 5,263 |
| Loans | 37,996 | 41,758 |
| Other | 12,216 | 4,462 |
| Total | 131,708 | 110,232 |
1Excludes assets pledged as collateral from transactions that do not result in liabilities or contingent liabilities
Total assets pledged to creditors available for sale or repledge1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Financial assets at fair value through profit or loss | 67,159 | 55,310 |
| Financial assets at fair value through other comprehensive income | 11,084 | 5,013 |
| Loans | 3,063 | 4,618 |
| Other | 11,569 | 2,904 |
| Total | 92,875 | 67,845 |
1Includes assets pledged as collateral from transactions that do not result in liabilities or contingent liabilities
The Group receives collateral primarily in reverse repurchase agreements, securities lending agreements, derivatives
transactions, customer margin loans and other transactions. These transactions are generally conducted under terms
that are usual and customary for standard secured lending activities and the other transactions described. The Group, as
the secured party, has the right to sell or re-pledge such collateral, subject to the Group returning equivalent securities
upon completion of the transaction. This right is used primarily to cover short sales, securities loaned and securities sold
under repurchase agreements.
Fair Value of collateral received
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Securities and other financial assets accepted as collateral | 557,837 | 479,022 |
| Of which: | ||
| Collateral sold or repledged | 431,792 | 366,245 |
509
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 21 – Property and Equipment |
21 — Property and Equipment
| in € m. | Owner occupied<br><br>properties | Furniture and<br><br>equipment | Leasehold<br><br>improvements | Construction-in-<br><br>progress | Property and<br><br>equipment<br><br>owned (IAS 16) | Right-of-use for<br><br>leased assets<br><br>(IFRS 16) | Total |
|---|---|---|---|---|---|---|---|
| Cost of acquisition: | |||||||
| Balance as of January 1,<br><br>2024 | 441 | 2,393 | 3,078 | 461 | 6,374 | 6,507 | 12,881 |
| Changes in the group of<br><br>consolidated companies | — | (1) | — | — | (1) | — | (1) |
| Additions | 1 | 128 | 107 | 293 | 528 | 145 | 673 |
| Transfers | 106 | 77 | 334 | (394) | 122 | 237 | 360 |
| Reclassifications (to)/<br><br>from “held for sale” | — | — | — | — | — | — | — |
| Disposals | — | 199 | 281 | 1 | 482 | 156 | 638 |
| Exchange rate changes | (1) | 33 | 59 | 1 | 93 | 115 | 208 |
| Balance as of December<br><br>31, 2024 | 547 | 2,431 | 3,298 | 360 | 6,636 | 6,848 | 13,484 |
| Changes in the group of<br><br>consolidated companies | — | — | — | — | — | — | — |
| Additions | 1 | 95 | 49 | 297 | 443 | 102 | 545 |
| Transfers | 20 | 52 | 367 | (439) | (1) | 355 | 355 |
| Reclassifications (to)/<br><br>from “held for sale” | — | — | (5) | — | (5) | — | (5) |
| Disposals | 3 | 109 | 148 | — | 260 | 132 | 392 |
| Exchange rate changes | — | (88) | (132) | (3) | (223) | (254) | (477) |
| Balance as of December<br><br>31, 2025 | 564 | 2,381 | 3,429 | 215 | 6,590 | 6,920 | 13,510 |
| Accumulated<br><br>depreciation and<br><br>impairment: | |||||||
| Balance as of January 1,<br><br>2024 | 264 | 2,033 | 1,900 | 1 | 4,198 | 2,498 | 6,696 |
| Changes in the group of<br><br>consolidated companies | — | (1) | — | — | (1) | — | (1) |
| Depreciation | 5 | 126 | 266 | — | 397 | 548 | 945 |
| Impairment losses | 14 | 1 | 19 | — | 34 | 34 | 67 |
| Reversals of impairment<br><br>losses | — | — | — | — | — | 2 | 2 |
| Transfers | 104 | 20 | 1 | 1 | 126 | — | 126 |
| Reclassifications (to)/<br><br>from “held for sale” | — | — | — | — | — | — | — |
| Disposals | — | 196 | 278 | 1 | 475 | 153 | 628 |
| Exchange rate changes | — | 29 | 29 | — | 57 | 30 | 87 |
| Balance as of December<br><br>31, 2024 | 386 | 2,014 | 1,936 | 1 | 4,337 | 2,954 | 7,291 |
| Changes in the group of<br><br>consolidated companies | — | — | — | — | — | — | — |
| Depreciation | 8 | 123 | 265 | — | 397 | 511 | 908 |
| Impairment losses | — | — | 2 | — | 2 | 7 | 9 |
| Reversals of impairment<br><br>losses | — | — | — | — | — | 6 | 6 |
| Transfers | — | — | — | — | — | — | — |
| Reclassifications (to)/<br><br>from “held for sale” | — | — | (3) | — | (3) | — | (3) |
| Disposals | 3 | 108 | 132 | — | 244 | 131 | 375 |
| Exchange rate changes | — | (75) | (73) | — | (149) | (88) | (237) |
| Balance as of December<br><br>31, 2025 | 391 | 1,954 | 1,994 | 1 | 4,340 | 3,246 | 7,586 |
| Carrying amount: | |||||||
| Balance as of December<br><br>31, 2024 | 161 | 417 | 1,361 | 360 | 2,299 | 3,894 | 6,193 |
| Balance as of December<br><br>31, 2025 | 173 | 428 | 1,435 | 214 | 2,250 | 3,673 | 5,924 |
510
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 21 – Property and Equipment |
Depreciation expenses, impairment losses and reversal of impairment losses on property and equipment are recorded
within general and administrative expenses for the income statement.
The carrying value of items of property and equipment on which there is a restriction on sale was less than € 1 million as
of December 31, 2025 and € 1 million as of December 31, 2024.
Commitments for the acquisition of property and equipment were € 1 million at year-end 2025 and € 24 million at year-
end 2024.
The Group leases many assets including land and buildings, vehicles and IT equipment for which it records right-of-use
assets. During 2025, additions to right-of-use assets amounted to € 102 million and largely reflected new real estate
leases. Depreciation charges of € 511 million recognized in 2025 mainly resulted from planned consumption of right-of-
use assets for property leases over their contractual terms. The carrying amount of right-of-use assets of € 3.7 billion
included in Total Property and equipment as of December 31, 2025 predominantly represented leased properties of
€ 3.7 billion and vehicle leases of € 19 million. For more information on the Group´s leased properties and related
disclosures required under IFRS 16, please refer to Note 22 “Leases”.
511
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 22 – Leases |
22 — Leases
The Group’s disclosures are as a lessee under lease arrangements covering property and equipment. The Group has
applied judgement in presenting related information pursuant to IFRS 16 in a manner that it considers to be most
relevant to an understanding of its financial performance and position.
The Group leases many assets including land and buildings, vehicles and IT equipment. The Group is a lessee for the
majority of its offices and branches under long-term rental agreements. Most of the lease contracts are made under
usual terms and conditions, which means they include options to extend the lease by a defined amount of time, price
adjustment clauses and escalation clauses in line with general office rental market conditions. However, the lease
agreements do not include any clauses that impose any restriction on the Group’s ability to pay dividends, engage in
debt financing transactions or enter into further lease agreements.
As of December 31, 2025 (December 31, 2024), the Group recorded right-of-use assets on its balance sheet with a
carrying amount of € 3.7 billion (€ 3.9 billion), which are included in Property and equipment. The right-of-use assets
predominantly represented leased properties of € 3.7 billion (€ 3.9 billion) and vehicle leases of € 19 million (€ 19 million).
For more information on the year-to-date development of right-of-use assets, please refer to Note 21 “Property and
Equipment”.
Corresponding to the recognition of the right-of-use assets, as of December 31, 2025 (December 31, 2024), the Group
recorded lease liabilities on its balance sheet with a carrying amount of € 4.2 billion (€ 4.5 billion), which are included in
Other liabilities. As of December 31, 2025, the lease liabilities included the discounted value of future lease payments of
€ 424 million for the Group headquarters in Frankfurt am Main that was sold and leased back on December 1, 2011. The
lease has a fixed term through to the end of 2036, with options to extend the lease for two additional five-year periods to
the end of 2046.
During 2025 and 2024, interest expenses recorded from the compounding of the lease liabilities amounted to
€ 128 million and € 127 million, respectively. The contractual maturities for the undiscounted cash flows from these
liabilities are shown in Note 31 “Maturity Analysis of the earliest contractual undiscounted cash flows of Financial
Liabilities”.
Expenses recognized in 2025 (2024) relating to short-term leases and leases of low-value assets, for which the Group
decided to apply the recognition exemption under IFRS 16 (and thus not to record right-of-use assets and corresponding
lease liabilities on the balance sheet), amounted to € 2 million (€ 2 million) and less than € 1 million in each period,
respectively.
Income recorded in 2025 (2024) from the subletting of right-of-use assets totaled € 19 million (€ 24 million).
The total cash outflow for leases for 2025 (2024) was € 622 million (€ 678 million) and represented mainly expenditures
made for real estate rentals over € 613 million (€ 669 million). Of the total cash outflow amount, payments of
€ 496 million (€ 552 million) were made for the principal portion of lease liabilities, payments of € 125 million
(€ 126 million) were made for the interest portion.
Total future cash outflows to which the Group as a lessee is potentially exposed, that are not reflected in the
measurement of the lease liabilities, mainly include potential payment exposures arising from extension options (2025:
€ 4.7 billion). Their expected maturities are shown in the table below.
Future cash outflows to which the Group is potentially exposed that are not reflected in the measurement of lease liabilities
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Future cash outflows not reflected in lease liabilities: | ||
| Not later than one year | 8 | 30 |
| Later than one year and not later than five years | 379 | 470 |
| Later than five years | 4,322 | 4,230 |
| Future cash outflows not reflected in lease liabilities | 4,709 | 4,731 |
512
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets |
23 — Goodwill and Other Intangible Assets
Goodwill
Changes in Goodwill
The changes in the carrying amount of goodwill, as well as gross amounts and accumulated impairment losses of
goodwill, for the years ended December 31, 2025, and December 31, 2024, are shown below by cash-generating units
(CGU).
The Group’s business operations are organized under the following divisional structure: Corporate Bank, Investment
Bank, Private Bank and Asset Management. The business divisions are considered CGUs.
Goodwill allocated to cash-generating units
| in € m. | Corporate Bank | Investment<br><br>Bank | Private Bank | Asset<br><br>Manage-<br><br>ment | Total |
|---|---|---|---|---|---|
| Balance as of January 1, 2024 | — | — | — | 2,849 | 2,849 |
| Goodwill acquired during the year | — | — | — | — | — |
| Purchase accounting adjustments | — | — | — | — | — |
| Transfers | — | — | — | — | — |
| Reclassification from (to) “held for sale” | — | — | — | — | — |
| Goodwill related to dispositions without being classified as<br><br>“held for sale” | — | — | — | — | — |
| Impairment losses1 | — | — | — | — | — |
| Exchange rate changes/other | — | — | — | 114 | 114 |
| Balance as of December 31, 2024 | — | — | — | 2,963 | 2,963 |
| Gross amount of goodwill | 643 | 4,418 | 3,737 | 3,477 | 12,275 |
| Accumulated impairment losses | (643) | (4,418) | (3,737) | (515) | (9,313) |
| Balance as of January 1, 2025 | — | — | — | 2,963 | 2,963 |
| Goodwill acquired during the year | — | — | — | — | — |
| Purchase accounting adjustments | — | — | — | — | — |
| Transfers | — | — | — | — | — |
| Reclassification from (to) “held for sale” | — | — | — | — | — |
| Goodwill related to dispositions without being classified as<br><br>“held for sale” | — | — | — | — | — |
| Impairment losses1 | — | — | — | — | — |
| Exchange rate changes/other | — | — | — | (227) | (227) |
| Balance as of December 31, 2025 | — | — | — | 2,735 | 2,735 |
| Gross amount of goodwill | 590 | 3,967 | 3,717 | 3,208 | 11,482 |
| Accumulated impairment losses | (590) | (3,967) | (3,717) | (473) | (8,746) |
1Impairment losses of goodwill are recorded as impairment of goodwill and other intangible assets in the income statement
Changes in goodwill in 2025 and in 2024 only included foreign exchange rate movements of Asset Management goodwill
held in non-Group currencies.
Following the acquisition of Numis Corporation Plc on October 13, 2023 (see Note 03), the purchase price allocation for
the business combination resulted in the recognition of goodwill for € 235 million which was allocated to the Investment
Bank CGU. Given the valuation of the Investment Bank CGU with a continued shortfall of its recoverable amount versus
its carrying amount, the goodwill was considered impaired and fully written off in the fourth quarter of 2023 for an
amount of € 233 million.
513
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets |
Goodwill Impairment Test
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the appropriate CGU
on the basis as described in Note 01 “Material Accounting Policies and Critical Accounting Estimates”. The Group’s
primary CGUs are as outlined above. Asset Management’s goodwill is tested for impairment annually in the fourth quarter
by comparing the recoverable amount of the CGU with its carrying amount. In addition, the Group tests goodwill
whenever a triggering event is identified. The recoverable amount is the higher of a CGU’s fair value less costs of disposal
and its value in use. The Asset Management CGU was the only goodwill carrying CGU to be tested for annual impairment
in 2024 and 2025. The impairment tests conducted on Asset Management in these periods did not result in an
impairment loss as the recoverable amounts of the Asset Management CGU were higher than the respective carrying
amounts.
A review of the Group’s strategy or certain political or global risks for the banking industry, uncertainties regarding the
implementation of already adopted regulation and the introduction of legislation that is already under discussion could
result in an impairment of goodwill in the future.
Carrying Amount
The carrying amount of a primary CGU is derived using a capital allocation model based on the Shareholders’ Equity
Allocation Framework of the Group (please refer to Note 04, “Business Segments and Related Information” for more
details). The allocation uses the Group’s total equity at the date of valuation, including Additional Tier 1 Notes (AT1
Notes), which constitute unsecured and subordinated notes of Deutsche Bank and which are classified as additional
equity components in accordance with IFRS. Total equity is adjusted for an add-on adjustment for goodwill attributable
to noncontrolling interests.
Recoverable Amount
The Group determines the recoverable amounts of its primary CGUs on the basis of the higher of value in use and fair
value less costs of disposal (Level 3 of the fair value hierarchy). It employs a discounted cash flow (DCF) model, which
reflects the specifics of the banking business and its regulatory environment. The model calculates the present value of
the estimated future earnings that are distributable to shareholders after fulfilling the respective regulatory capital
requirements. The recoverable amounts also include the fair value of the AT1 Notes, which are allocated to the primary
CGUs.
The DCF model uses earnings projections and respective capitalization assumptions based on five-year financial plans as
well as longer term expectations on the impact of regulatory developments, which are discounted to their present value.
Estimating future earnings and capital requirements involves judgment and the consideration of past and current
performances as well as expected developments in the respective markets, and in the overall macroeconomic and
regulatory environments. Earnings projections beyond the initial five-year period are, where applicable, adjusted to
derive a sustainable level. In case of a going concern, the cash flow to equity is assumed to increase by or converge
towards a constant long-term growth rate for the Asset Management CGU of up to 3.0% (2024: up to 3.3%). This is based
on projected revenue forecasts of the CGU as well as expectations for the development of gross domestic product and
inflation and is captured in the terminal value.
514
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets |
Key Assumptions and Sensitivities
Key Assumptions: The DCF value of a CGU is sensitive to the earnings projections, to the discount rate (cost of equity)
applied and, to a lesser extent, to the long-term growth rate. The discount rates applied have been determined based on
the capital asset pricing model and comprise a risk-free interest rate, a market risk premium and a factor covering the
systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta
factors are consistent with external sources of information. CGU-specific beta factors are determined based on a
respective group of peer companies. Variations in all of these components might impact the discount rates. For the Asset
Management CGU, the discount rates (after tax) applied for 2025 and 2024 were 9.9% and 10.4%, respectively.
Management determined the values for the key assumptions in the following table based on a combination of internal
and external analysis. Estimates for efficiency and the cost reduction program are based on progress made to date and
scheduled future projects and initiatives.
Key management assumptions are:
| Primary goodwill-<br><br>carrying cash-<br><br>generating unit | Description of key assumptions | Uncertainty associated with key assumptions and potential<br><br>events/circumstances that could have a negative effect |
|---|---|---|
| Asset<br><br>Management | –Gateway to Europe: Aim to be the primary point of<br><br>contact for investors seeking opportunities in Europe.<br><br>This includes accelerating infrastructure investments to<br><br>support European transformation, expanding private<br><br>credit offerings through partnerships with Corporate<br><br>Bank and Investment Bank, and strengthening local<br><br>presence in strategically relevant regions.<br><br>–Top 5 in Top 5: Become a top-five foreign asset manager<br><br>in the top five economies by reinforcing market<br><br>leadership in Germany, enhancing strategic partnerships<br><br>in China and starting collaborations with local players in<br><br>India to enter the market.<br><br>–Future of Finance: Lead innovation and disruption in asset<br><br>management. This involves developing digital asset<br><br>services around stablecoins and on-chain products,<br><br>establishing an Application Programming Interface (API)<br><br>driven ecosystem for embedded investment solutions,<br><br>and leveraging AI to create advanced data platforms and<br><br>tools for portfolio managers.<br><br>–Bullish Germany: Maintain the spot as leading asset<br><br>manager in Germany with the potential to benefit from<br><br>further building out home market opportunities, with a<br><br>focus on pensions.<br><br>–Global Hausbank: Further leverage relationships within<br><br>the Group across the value chain for origination,<br><br>structuring and distribution. | –Challenging and continued uncertainty around the<br><br>market environment and volatility unfavorable to its<br><br>investment strategies<br><br>–Unfavorable margin development and adverse<br><br>competition levels in key markets and products beyond<br><br>expected levels<br><br>–Business/execution risks, e.g., underachievement of net<br><br>flow targets from market uncertainty, loss of high-quality<br><br>client facing employees, unfavorable investment<br><br>performance, lower than expected efficiency gains<br><br>–Uncertainty around regulation and its potential<br><br>implications not yet anticipated |
Sensitivities: In order to test the resilience of the recoverable amount, key assumptions used in the DCF model (for
example, the discount rate and the earnings projections) are sensitized. Management believes that no reasonable
possible changes in key assumptions could cause an impairment loss.
515
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets |
Other Intangible Assets
Changes of other intangible assets by asset classes for the years ended December 31, 2025 and December 31, 2024
| Purchased intangible assets | Internally<br><br>generated<br><br>intangible<br><br>assets | Total other<br><br>intangible<br><br>assets | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Unamortized | Amortized | Amortized | |||||||
| in € m. | Retail<br><br>investment<br><br>manageme<br><br>nt<br><br>agreement<br><br>s | Other | Total<br><br>unamortize<br><br>d<br><br>purchased<br><br>intangible<br><br>assets | Customer-<br><br>related<br><br>intangible<br><br>assets | Contract-<br><br>based<br><br>intangible<br><br>assets | Software<br><br>and<br><br>other | Total<br><br>amortized<br><br>purchased<br><br>intangible<br><br>assets | Software | |
| Cost of acquisition/<br><br>manufacture: | |||||||||
| Balance as of January 1,<br><br>2024 | 1,046 | 440 | 1,486 | 1,456 | 70 | 854 | 2,380 | 11,288 | 15,154 |
| Additions | — | — | — | 2 | — | 8 | 10 | 1,407 | 1,417 |
| Changes in the group of<br><br>consolidated companies | — | — | — | (49) | (1) | (1) | (51) | — | (51) |
| Disposals | — | — | — | — | — | 31 | 31 | 121 | 152 |
| Reclassifications from (to)<br><br>“held for sale” | — | — | — | — | — | — | — | — | — |
| Transfers | — | 23 | 23 | (40) | (35) | (28) | (103) | (3) | (83) |
| Exchange rate changes | 71 | — | 71 | 42 | — | 2 | 44 | 171 | 286 |
| Balance as of December 31,<br><br>2024 | 1,117 | 463 | 1,580 | 1,411 | 35 | 803 | 2,249 | 12,742 | 16,571 |
| Additions | — | — | — | 1 | — | 43 | 44 | 1,453 | 1,497 |
| Changes in the group of<br><br>consolidated companies | — | — | — | — | — | — | — | — | — |
| Disposals | — | — | — | 109 | 20 | 42 | 170 | 12 | 182 |
| Reclassifications from (to)<br><br>“held for sale” | — | — | — | — | — | — | — | — | — |
| Transfers | — | — | — | 1 | — | 2 | 4 | — | 3 |
| Exchange rate changes | (133) | — | (133) | (75) | — | (2) | (77) | (352) | (562) |
| Balance as of December 31,<br><br>2025 | 984 | 463 | 1,447 | 1,230 | 15 | 805 | 2,049 | 13,831 | 17,328 |
| Accumulated amortization<br><br>and impairment: | |||||||||
| Balance as of January 1,<br><br>2024 | 330 | 439 | 769 | 1,399 | 70 | 690 | 2,159 | 7,749 | 10,676 |
| Amortization for the year | — | — | — | 5 | — | 36 | 41 | 1,130 | 1,1711 |
| Changes in the group of<br><br>consolidated companies | — | — | — | (49) | (1) | (1) | (51) | — | (51) |
| Disposals | — | — | — | — | — | 31 | 31 | 121 | 152 |
| Reclassifications from (to)<br><br>“held for sale” | — | — | — | — | — | — | — | — | — |
| Impairment losses | — | — | — | — | — | — | — | 29 | 292 |
| Reversals of impairment<br><br>losses | — | — | — | — | — | — | — | — | — |
| Transfers | — | 23 | 23 | (40) | (34) | (29) | (103) | (1) | (80) |
| Exchange rate changes | 22 | — | 22 | 40 | — | — | 40 | 130 | 192 |
| Balance as of December 31,<br><br>2024 | 353 | 461 | 814 | 1,356 | 35 | 664 | 2,055 | 8,917 | 11,785 |
| Amortization for the year | — | — | — | 5 | — | 38 | 43 | 1,209 | 1,2523 |
| Changes in the group of<br><br>consolidated companies | — | — | — | — | — | — | — | — | — |
| Disposals | — | — | — | 109 | 20 | 42 | 170 | 10 | 180 |
| Reclassifications from (to)<br><br>“held for sale” | — | — | — | — | — | — | — | — | — |
| Impairment losses | — | — | — | — | — | — | — | 16 | 164 |
| Reversals of impairment<br><br>losses | — | — | — | — | — | — | — | — | — |
| Transfers | — | — | — | — | — | 2 | 2 | — | 2 |
| Exchange rate changes | (42) | — | (42) | (72) | — | (2) | (74) | (257) | (373) |
| Balance as of December 31,<br><br>2025 | 311 | 461 | 772 | 1,181 | 15 | 661 | 1,856 | 9,874 | 12,502 |
516
| Deutsche Bank | Notes to the consolidated balance sheet | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets | ||||||||
| Purchased intangible assets | Internally<br><br>generated<br><br>intangible<br><br>assets | Total other<br><br>intangible<br><br>assets | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Unamortized | Amortized | Amortized | |||||||
| in € m. | Retail<br><br>investment<br><br>manageme<br><br>nt<br><br>agreement<br><br>s | Other | Total<br><br>unamortize<br><br>d<br><br>purchased<br><br>intangible<br><br>assets | Customer-<br><br>related<br><br>intangible<br><br>assets | Contract-<br><br>based<br><br>intangible<br><br>assets | Software<br><br>and<br><br>other | Total<br><br>amortized<br><br>purchased<br><br>intangible<br><br>assets | Software | |
| Carrying amount: | |||||||||
| As of December 31, 2024 | 764 | 2 | 766 | 55 | — | 139 | 194 | 3,825 | 4,786 |
| As of December 31, 2025 | 673 | 1 | 675 | 49 | — | 144 | 193 | 3,957 | 4,825 |
1€ 1.2 billion were included in general and administrative expenses
2€ 29 million were impairment losses on self-developed software recorded in general and administrative expenses
3€ 1.3 billion were included in general and administrative expenses
4€ 16 million were impairment losses on self-developed software recorded in general and administrative expenses
Amortizing Intangible Assets
In 2025, amortizing intangible assets increased by € 130 million. This included amortization expenses of € 1.3 billion,
mostly for the scheduled consumption of capitalized software (€ 1.2 billion) and the impairment of current platform
software as well as software under construction (€ 16 million). Additions to internally generated intangible assets of
€ 1.5 billion resulting from the capitalization of expenses incurred in conjunction with the Group’s development of own-
used software overcompensated the negative impact from amortization and impairment charges on net book value. A
stronger euro exchange rate against major currencies accounted for net negative exchange rate changes of
€ (99) million.
In 2024, amortizing intangible assets increased by € 261 million. This included amortization expenses of € 1.2 billion,
mostly for the scheduled consumption of capitalized software (€ 1.2 billion) and the impairment of current platform
software as well as software under construction (€ 29 million). Additions to internally generated intangible assets of
€ 1.4 billion resulting from the capitalization of expenses incurred in conjunction with the Group’s development of own-
used software overcompensated the negative impact from amortization and impairment charges on net book value. A
weaker euro exchange rate against major currencies accounted for net positive exchange rate changes of € 47 million .
In 2023, amortizing intangible assets increased by € 330 million. This included amortization expenses of € 1.1 billion,
mostly for the scheduled consumption of capitalized software (€ 1.1 billion) and the impairment of current platform
software as well as software under construction (€ 24 million). Additions to internally generated intangible assets of
€ 1.3 billion resulting from the capitalization of expenses incurred in conjunction with the Group’s development of own-
used software overcompensated the negative impact from amortization and impairment charges on net book value. A
stronger euro exchange rate against major currencies accounted for net negative exchange rate changes of
€ (19) million.
Other intangible assets with finite useful lives are generally amortized over their useful lives based on the straight-line
method.
Useful lives of other amortized intangible assets by asset class
| Useful lives<br><br>in years | |
|---|---|
| Internally generated intangible assets: | |
| Software | up to 10 |
| Purchased intangible assets: | |
| Customer-related intangible assets | up to 15 |
| Other | up to 20 |
Unamortized Intangible Assets
Within this asset class, the Group recognizes certain contract-based and marketing-related intangible assets, which are
deemed to have an indefinite useful life.
In particular, the asset class comprises the below detailed investment management agreements related to retail mutual
funds and certain trademarks. Due to the specific nature of these intangible assets, market prices are ordinarily not
observable and, therefore, the Group values such assets based on the income approach, using a post-tax DCF-
methodology.
517
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 23 – Goodwill and Other Intangible Assets |
Retail investment management agreements: These assets, amounting to € 673 million, relate to the Group’s U.S. retail
mutual fund business and are allocated to the Asset Management CGU. Retail investment management agreements are
contracts that give Asset Management the exclusive right to manage a variety of mutual funds for a specified period.
Since these contracts are easily renewable at minimal cost, these agreements are not expected to have a foreseeable
limit on the contract period. Therefore, the rights to manage the associated assets under management are expected to
generate cash flows for an indefinite period of time. This intangible asset was recorded at fair value based upon a
valuation provided by a third party at the date of acquisition of Zurich Scudder Investments, Inc. in 2002.
The recoverable amount was calculated as fair value less costs of disposal using the multi-period excess earnings
method applying a five-year plan and the fair value measurement was categorized as Level 3 in the fair value hierarchy.
The key assumptions in determining the fair value less costs of disposal include the asset mix, the flows forecast, the
effective fee rate and discount rate as well as the terminal value growth rate. The discount rate (cost of equity) applied in
the annual impairment test was 9.8% in 2025 (10.2% in 2024). The terminal value growth rate applied for 2025 was 3.7%
(for 2024 3.7%). Any adverse movement in the key assumptions could lead to an indication that the carrying value may be
impaired.
As of December 31, 2025 and December 31, 2024, the respective impairment analyses did not result in an impairment
loss or reversal of an impairment loss.
24 — Non-Current Assets and Disposal Groups Held for Sale
Within the balance sheet, non-current assets and disposal groups held for sale are included in other assets and other
liabilities.
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Premises and equipment | 2 | — |
| Other assets | 33 | 31 |
| Total assets classified as held for sale | 35 | 31 |
| Total liabilities classified as held for sale | — | — |
As of December 31, 2025, and December 31, 2024, no unrealized gains (losses) relating to non-current assets classified
as held for sale were recognized directly in accumulated other comprehensive income (loss) (net of tax).
Within the Investment Bank division, a portfolio of real estate assets owned through foreclosure have been classified as
non-current assets held for sale. The composition of the portfolio population is dynamic and is valued at the lower of its
carrying amount and fair value less costs to sell and is expected to be sold within one year following their reclassification.
518
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 25 – Other Assets and Other Liabilities |
25 — Other Assets and Other Liabilities
| in € m. | Dec 31, 2025 | Dec 31, 2024 | ||||
|---|---|---|---|---|---|---|
| Brokerage and securities related receivables | ||||||
| Cash/margin receivables | 46,634 | 42,179 | ||||
| Receivables from prime brokerage | 6 | 5 | ||||
| Pending securities transactions past settlement date | 2,116 | 979 | ||||
| Receivables from unsettled regular way trades | 56,668 | 17,527 | ||||
| Total brokerage and securities related receivables | 105,424 | 60,690 | ||||
| Debt Securities held to collect | 40,262 | 21,627 | ||||
| Accrued interest receivable | 4,542 | 4,575 | ||||
| Assets held for sale | 35 | 31 | ||||
| Assets related to insurance business | 111 | 133 | ||||
| Other | 17,098 | 14,152 | ||||
| Total other assets | 167,472 | 101,207 | in € m. | Dec 31, 2025 | Dec 31, 2024 | |
| --- | --- | --- | ||||
| Brokerage and securities related payables | ||||||
| Cash/margin payables | 52,369 | 49,133 | ||||
| Payables from prime brokerage | 25 | 13 | ||||
| Pending securities transactions past settlement date | 2,261 | 1,207 | ||||
| Payables from unsettled regular way trades | 52,601 | 13,401 | ||||
| Total brokerage and securities related payables | 107,256 | 63,755 | ||||
| Accrued interest payable | 4,910 | 5,113 | ||||
| Liabilities held for sale | — | — | ||||
| Lease liabilities | 4,193 | 4,488 | ||||
| Liabilities related to insurance business | 97 | 121 | ||||
| Other | 21,256 | 22,153 | ||||
| Total other liabilities | 137,713 | 95,631 |
For further details on the assets and liabilities held for sale, please refer to Note 24 “Non-Current Assets and Disposal
Groups Held for Sale”.
26 — Deposits
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Noninterest-bearing demand deposits | 171,541 | 176,510 |
| Interest-bearing deposits | ||
| Demand deposits | 231,564 | 197,306 |
| Time deposits | 201,626 | 203,756 |
| Savings deposits | 87,097 | 88,689 |
| Total interest-bearing deposits | 520,287 | 489,751 |
| Total deposits | 691,828 | 666,261 |
519
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
27 — Provisions
Movements by Class of Provisions
| in € m. | Operational<br><br>Risk | Civil<br><br>Litigation | Regulatory<br><br>Enforcement | Re-<br><br>structuring | Other | Total1 |
|---|---|---|---|---|---|---|
| Balance as of January 1, 2024 | 40 | 1,124 | 129 | 333 | 421 | 2,047 |
| Changes in the group of consolidated<br><br>companies | — | — | — | — | — | — |
| New provisions | 6 | 2,201 | 84 | 149 | 312 | 2,751 |
| Amounts used | 2 | 954 | 8 | 55 | 67 | 1,086 |
| Unused amounts reversed | 4 | 509 | 41 | 153 | 66 | 773 |
| Effects from exchange rate fluctuations/<br><br>Unwind of discount | — | 3 | 2 | — | 1 | 5 |
| Transfers | — | 30 | — | — | (16) | 13 |
| Balance as of December 31, 2024 | 40 | 1,895 | 166 | 273 | 584 | 2,958 |
| Changes in the group of consolidated<br><br>companies | — | — | — | — | — | — |
| New provisions | 37 | 293 | 84 | 36 | 196 | 646 |
| Amounts used | 8 | 822 | 74 | 106 | 231 | 1,241 |
| Unused amounts reversed | 1 | 181 | 17 | 53 | 95 | 346 |
| Effects from exchange rate fluctuations/<br><br>Unwind of discount | — | (4) | (7) | — | (12) | (24) |
| Transfers | — | 11 | — | — | — | 11 |
| Balance as of December 31, 2025 | 66 | 1,192 | 152 | 151 | 442 | 2,004 |
1For the remaining portion of provisions as disclosed on the consolidated balance sheet, please see Note 19 “Allowance for Credit Losses”, in which allowances for credit
related off-balance sheet positions are disclosed
Classes of Provisions
Operational Risk is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from
external events. The definition used for the purposes of determining operational provisions differs from the risk
management definition, as it excludes risk of loss resulting from civil litigation and regulatory enforcement matters. For
risk management purposes, operational risk includes legal risk, as payments to customers, counterparties and regulatory
bodies in civil litigations or regulatory enforcement matters constitute loss events for operational shortcomings, but
excludes business and reputational risk.
Civil Litigation provisions arise out of current or potential claims or proceedings alleging non-compliance with
contractual or other legal or regulatory responsibilities, which have resulted or may result in demands from customers,
counterparties or other parties in civil litigations.
Regulatory Enforcement provisions arise out of current or potential claims or proceedings alleging non-compliance with
legal or regulatory responsibilities, which have resulted or may result in an assessment of fines or penalties by
governmental regulatory agencies, self-regulatory organizations or other enforcement authorities.
Restructuring provisions arise out of restructuring activities. The Group aims to enhance its long-term competitiveness
through reductions in costs, duplication and complexity in the years ahead. For details see Note 10 “Restructuring”.
Other provisions include several specific items arising from a variety of different circumstances, including the provision
for the reimbursement of loan processing fees, deferred sales commissions, provisions for bank levies and mortgage
repurchase demands.
520
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
Provisions and Contingent Liabilities
The Group recognizes a provision for potential loss only when there is a present obligation arising from a past event that
is probable to result in an economic outflow that can be reliably estimated. Where a reliable estimate cannot be made for
such an obligation, no provision is recognized and the obligation is deemed a contingent liability. Contingent liabilities
also include possible obligations for which the possibility of future economic outflow is more than remote but less than
probable. Where a provision has been taken for a particular claim, no contingent liability is recorded; for matters or sets
of matters consisting of more than one claim, however, provisions may be recorded for some claims, and contingent
liabilities (or neither a provision nor a contingent liability) may be recorded for others.
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. As a result, the
Group is involved in litigation, arbitration and regulatory proceedings and investigations in Germany and in a number of
jurisdictions outside Germany, including the United States. In recent years, regulation and supervision in a number of
areas have increased, and regulators, governmental bodies and others have sought to subject financial services providers
to increasing oversight and scrutiny, which in turn has led to additional regulatory investigations and enforcement
actions which are often followed by civil litigation.
In determining for which of the claims the possibility of a loss is probable, or less than probable but more than remote,
and then estimating the possible loss for those claims, the Group takes into consideration a number of factors, including
but not limited to the nature of the claim and its underlying facts, the procedural posture and litigation history of each
case, rulings by the courts or tribunals, the Group’s experience and the experience of others in similar cases (to the extent
this is known to the Group), prior settlement discussions, settlements by others in similar cases (to the extent this is
known to the Group), available indemnities and the opinions and views of legal counsel and other experts.
The provisions the Group has recognized for civil litigation and regulatory enforcement matters as of December 31, 2025
and December 31, 2024 are set forth in the table above. For some matters where the Group believes an outflow of funds
is probable, but the Group could not reliably estimate the amount of the potential outflow, no provision was recognized.
For the matters for which a reliable estimate can be made, but the probability of a future loss or outflow of resources is
more than remote but less than probable, the Group currently estimates that, as of December 31, 2025, these contingent
liabilities are approximately € 921 million for civil litigation matters (December 31, 2024: € 0.6 billion) and € 6 million for
regulatory enforcement matters (December 31, 2024: € 0.1 billion). These figures include matters where the Group’s
potential liability is joint and several and where the Group expects any such liability to be paid by a third party. If the
Group’s best estimate is within a range, the amount at the top of the range is included in the amount of contingent
liabilities.
For other significant civil litigation and regulatory enforcement matters where the Group believes the possibility of an
outflow of funds is more than remote but less than probable, but the amount is not reliably estimable, such matters are
not included in the contingent liability estimates. In addition, where the Group believes the possibility of an outflow of
funds is remote, the Group has neither recognized a provision nor included the matters in the contingent liability
estimates.
This estimated possible loss, as well as any provisions taken, is based upon currently available information and is subject
to significant judgment and a variety of assumptions, variables and known and unknown uncertainties. These
uncertainties may include inaccuracies in or incompleteness of the information available to the Group, particularly at the
preliminary stages of matters, and assumptions by the Group as to future rulings of courts or other tribunals or the likely
actions or positions taken by regulators or adversaries may prove incorrect. Moreover, estimates of possible loss for these
matters are often not amenable to the use of statistical or other quantitative analytical tools frequently used in making
judgments and estimates, and are subject to even greater degrees of uncertainty than in many other areas where the
Group must exercise judgment and make estimates. The estimated possible loss, as well as any provisions taken, can be
and often are substantially less than the amount initially requested by regulators or adversaries or the maximum
potential loss that could be incurred were the matters to result in a final adjudication adverse to the Group. Moreover, in
several regions in which the Group operates, an adversary often is not required to set forth the amount it is seeking, and
where it is, the amount may not be subject to the same requirements that generally apply to pleading factual allegations
or legal claims.
The matters for which the Group determines that the possibility of a future loss is more than remote will change from
time to time, as will the matters as to which a reliable estimate can be made and the estimated possible loss for such
matters. Actual results may prove to be significantly higher or lower than the estimate of possible loss in those matters
where such an estimate was made. In addition, loss may be incurred in matters with respect to which the Group believed
the likelihood of loss was remote. In particular, the estimated aggregate possible loss does not represent the Group’s
potential maximum loss exposure for those matters.
521
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
The Group may settle litigation or regulatory proceedings or investigations prior to a final judgment or determination of
liability. It may do so to avoid the cost, management efforts or negative business, regulatory or reputational
consequences of continuing to contest liability, even when the Group believes it has a valid defense against liability. It
may also do so when the potential consequences of failing to prevail would be disproportionate to the costs of
settlement. Furthermore, the Group may, for similar reasons, reimburse counterparties for their losses even in situations
where it does not believe that it is legally compelled to do so.
Current Individual Proceedings
Set forth below are descriptions of civil litigation and regulatory enforcement matters or groups of matters for which the
Group has taken material provisions, or for which there are material contingent liabilities, or for which there is the
possibility of material business or reputational risk, as well as other significant matters. In addition, similar matters are
grouped together and some matters consist of a number of proceedings or claims. The disclosed matters also include
matters for which the possibility of a loss is more than remote but for which the Group cannot reliably estimate the
possible loss. Matters are presented below in English-language alphabetical order based on the titles the Group has used
for them.
Consent Order and Written Agreement with the Federal Reserve. On July 19, 2023, Deutsche Bank, Deutsche Bank AG
New York Branch, DB USA Corporation, Deutsche Bank Trust Company Americas (DBTCA) and DWS USA Corporation
entered into a Consent Order and Written Agreement with the Federal Reserve resolving previously disclosed regulatory
discussions concerning adherence to prior orders and settlements related to sanctions and embargoes and AML
compliance, and remedial agreements and obligations related to risk management issues. The Consent Order alleges
insufficient and tardy implementation of the post-settlement sanctions and embargoes and AML control enhancement
undertakings required by prior Consent Orders the bank entered into with the Federal Reserve in 2015 and 2017. The
Written Agreement alleges various deficiencies in governance, risk management, and internal controls across the bank’s
U.S. operations, and finds that the bank must continue to implement additional improvements. The Consent Order
required Deutsche Bank to pay a civil monetary penalty of U.S.$ 186 million, including U.S.$ 140 million for the violations
alleged with respect to the post-settlement sanctions and embargoes and AML control enhancement undertakings, as
well as a separate penalty of U.S.$ 46 million for unsafe or unsound practices stemming from the bank’s handling of its
legacy correspondent banking relationship with Danske Bank Estonia, which was terminated in October 2015. The
Written Agreement does not include a civil monetary penalty. Both the Consent Order and Written Agreement include
certain post-settlement remediation and reporting undertakings.
Cum-ex Investigations and Litigations. Deutsche Bank has received inquiries from law enforcement authorities, including
requests for information and documents, in relation to cum-ex transactions of clients. “Cum-ex” refers to trading
activities in German shares around dividend record dates (trade date before and settlement date after dividend record
date) for the purpose of obtaining German tax credits or refunds in relation to withholding tax levied on dividend
payments, including transaction structures that have resulted in more than one market participant claiming such credit
or refund with respect to the same dividend payment. Cum-ex transactions are regarded as criminal tax evasion by
German courts. Deutsche Bank is cooperating with the law enforcement authorities in these matters.
The Public Prosecutor in Cologne (Staatsanwaltschaft Köln, “CPP”) has been conducting a criminal investigation since
August 2017 concerning two former employees of Deutsche Bank in relation to cum-ex transactions of certain former
clients of the bank. In October 2022, the CPP conducted a search at Deutsche Bank’s offices in Frankfurt and Eschborn.
Based on the search warrant the CPP expanded the scope of the investigation. Current and former Deutsche Bank
employees and seven former Management Board members are included in the investigation. The investigation is ongoing
and the scope of the investigation may be further broadened. Deutsche Bank is a potential secondary participant
pursuant to Section 30 of the German Law on Administrative Offences in this proceeding. This proceeding could result in
a disgorgement of profits and fines. Deutsche Bank is cooperating with the CPP.
In May 2021, Deutsche Bank learned through an information request received by Deutsche Oppenheim Family Office AG
(DOAG) as legal successor of Sal. Oppenheim jr. & Cie. AG & Co. KGaA (Sal. Oppenheim) that the CPP in 2021 opened a
criminal investigation proceeding in relation to cum-ex transactions against unknown former personnel of Sal.
Oppenheim. DOAG provided the requested information.
In July 2023, Deutsche Bank as legal successor of Deutsche Postbank AG was informed by the CPP that the CPP has
opened a new separate criminal cum-ex investigation against unnamed personnel of former Deutsche Postbank AG.
522
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
Deutsche Bank acted as participant in and filed withholding tax refund claims through the electronic refund procedure
(elektronisches Datenträgerverfahren) on behalf of, inter alia, two former custody clients in connection with their cum-ex
transactions. In February 2018, Deutsche Bank received from the German Federal Tax Office (Bundeszentralamt für
Steuern, “FTO”) a demand of approximately € 49 million for tax refunds paid to a former custody client. Deutsche Bank
expects to receive a formal notice for the same amount. In December 2019, Deutsche Bank received a liability notice
from the FTO requesting payment of € 2 million in connection with tax refund claims Deutsche Bank had submitted on
behalf of another former custody client, which Deutsche Bank paid in early 2020. In July 2022, Deutsche Bank filed an
action against this payment with the Fiscal Court of Cologne (Finanzgericht Köln).
In 2018, The Bank of New York Mellon SA/NV (BNY) informed Deutsche Bank of its intention to seek indemnification for
potential cum-ex related tax liabilities incurred by BHF Asset Servicing GmbH (BAS) and/or Frankfurter Service
Kapitalanlage-GmbH (“Service KAG”, now named BNY Mellon Service Kapitalanlage-Gesellschaft mbH). Deutsche Bank
had acquired BAS and Service KAG as part of the acquisition of Sal. Oppenheim in 2010 and sold them to BNY later that
year. BNY estimated the potential tax liability to be up to € 120 million (excluding interest of 6% p.a.). In late 2020,
counsel to BNY informed Deutsche Bank that BNY and/or Service KAG (among others) have received notices from tax
authorities in the estimated amount with respect to cum-ex related trades by certain investment funds in 2009 and 2010.
BNY has filed objections against the notices. Following receipt of payment orders from tax authorities in the amount of
€ 118 million in relation to the investment funds and after consultation with Deutsche Bank, BNY paid € 47 million to tax
authorities. A further € 72 million were paid by other allegedly liable parties (including Deutsche Bank with respect to
one of the investment funds, referred to below). In late December 2025, BNY and Deutsche Bank agreed to settle the
indemnification claim described above. In addition, BNY received from the Frankfurt Tax Office regarding one of the
investment funds a notice and payment request regarding penalty interest (Hinterziehungszinsen) in the amount of
€ 12 million. BNY, after consultation with Deutsche Bank, applied for a suspension of enforcement (Aussetzung der
Vollziehung) regarding the payment request which was granted by the Fiscal Court of Hesse (Hessisches Finanzgericht)
in October 2024.
The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters
because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
In December 2023 and April 2024, Deutsche Bank received hearing letters from the FTO regarding three third party
investment funds that engaged in cum-ex trades in 2009. Deutsche Bank had provided services and financing to
investors in the funds. The funds received an aggregate of € 147 million in cum-ex withholding tax refunds in 2009. In
June and July 2024, Deutsche Bank received two tax liability notices (Haftungsbescheide) from the FTO in an aggregate
amount of € 85 million regarding two of the funds. Deutsche Bank filed objections (Einsprüche) and applied for a
suspension of enforcement (Aussetzung der Vollziehung) regarding the notices. The suspension of enforcement was
granted in July 2024. In August/September 2025, Deutsche Bank paid € 29 million to the FTO with respect to the two tax
liability notices and withdrew the objections. The remainder was paid by other service providers to the investment funds.
Interbank and Dealer Offered Rates Matters. Regulatory and Law Enforcement Matters. Deutsche Bank has responded to
requests for information from, cooperated with, and entered into settlements with, various regulatory and law
enforcement agencies in connection with industry-wide investigations concerning the setting of the London Interbank
Offered Rate (LIBOR), Euro Interbank Offered Rate (EURIBOR), Tokyo Interbank Offered Rate (TIBOR) and other interbank
and/or dealer offered rates.
The Group has not disclosed whether it has established a provision or contingent liability with respect to the remaining
investigations because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
Civil Litigations. Deutsche Bank is party to one remaining U.S. civil action concerning alleged manipulation relating to the
setting of U.S. dollar LIBOR, as well as an action pending in Argentina. The Group has not disclosed whether it has
established a provision or contingent liability with respect to these matters because it has concluded that such
disclosure can be expected to prejudice seriously their outcome.
The U.S. civil actions were filed against Deutsche Bank and numerous other defendants on behalf of parties who allege
losses as a result of manipulation relating to the setting of U.S. dollar LIBOR. Claims for damages in the U.S. civil action
have been asserted under various legal theories, including violations of federal and state antitrust and other laws.
The remaining U.S. civil action concerning U.S. dollar LIBOR is being coordinated as part of a multidistrict litigation (the
“U.S. dollar LIBOR MDL”) in the U.S. District Court for the Southern District of New York. Following a series of decisions in
the U.S. dollar LIBOR MDL between March 2013 and March 2019 narrowing their claims, plaintiffs in the U.S. dollar LIBOR
MDL are currently asserting antitrust claims, and state law fraud, contract, unjust enrichment and other tort claims. The
court has also issued decisions dismissing certain plaintiffs’ claims for lack of personal jurisdiction and on statute of
limitations grounds.
523
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
In 2016, the district court issued a ruling dismissing certain antitrust claims while allowing others to proceed. Multiple
plaintiffs filed appeals of that ruling. In December 2021, the Second Circuit affirmed the district court’s decision on
antitrust standing grounds but reversed the court’s decision on personal jurisdiction grounds, and it remanded the cases
to the district court for further proceedings. In March 2022, defendants (including Deutsche Bank) filed a petition for a
writ of certiorari to the U.S. Supreme Court to review the Court of Appeals’ decision. The U.S. Supreme Court denied
defendants’ petition in June 2022.
In October 2024, defendants, including Deutsche Bank, filed a motion for summary judgment in the U.S. dollar LIBOR
MDL. In September 2025, the district court granted defendants’ motion for summary judgment and dismissed all of the
plaintiffs’ remaining claims. The plaintiffs filed their notices of appeal in October 2025.
In August 2020, plaintiffs filed a non-class action in the U.S. District Court for the Northern District of California against
several financial institutions, alleging that U.S. dollar LIBOR has been suppressed through the present. In October 2023,
the court granted the defendants’ motion to dismiss plaintiffs’ amended complaint. Plaintiffs appealed. In December
2024, the United States Court of Appeals for the Ninth Circuit affirmed the district court’s decision dismissing the
complaint. In January 2025, the United States Court of Appeals for the Ninth Circuit denied plaintiffs’ petition for
rehearing and in April the plaintiffs filed a petition for certiorari seeking to have the U.S. Supreme Court hear their appeal,
which the U.S. Supreme Court denied at the end of June 2025.
There were UK and U.S. civil actions regarding U.S. dollar LIBOR brought by the U.S. Federal Deposit Insurance
Corporation (FDIC) acting as receiver for up to 20 failed financial institutions headquartered in the U.S., in which a claim
for damages has been asserted pursuant to EU, UK and U.S. state laws. In April 2025, Deutsche Bank settled the civil
actions brought by the FDIC in both the UK and the U.S. for U.S. $ 20 million.
A further class action regarding LIBOR has been filed in Argentina seeking damages for losses allegedly suffered by
holders of Argentine bonds with interest rates based on LIBOR. In August 2024, the court accepted the plaintiff’s
withdrawal of its claims against Deutsche Bank and certain other defendants, but the action remains pending against one
defendant.
Jeffrey Epstein Matters. Since Jeffrey Epstein’s arrest in July 2019, Deutsche Bank has provided information to various
regulatory and law enforcement agencies and continues to cooperate with the U.S. Congress concerning the bank’s
former client relationship with Epstein (individually, and through related parties and entities). The bank has previously
entered into settlements to resolve certain regulatory and litigation matters. There are no Epstein victim-related
litigations currently pending against the bank. The U.S. Department of Justice recently publicly released information it
previously received from the bank and other sources pursuant to the Epstein Files Transparency Act.
Monte Dei Paschi. Civil litigation claims have been filed by six former employees in relation to alleged harm caused by
Italian criminal proceedings against them. The six former employees were convicted in November 2019 by the Court of
First Instance of Milan of aiding and abetting false accounting and market manipulation in relation to repo transactions
that Deutsche Bank had entered into with Banca Monte dei Paschi di Siena (MPS) and a subsidiary of MPS in 2008. The
individuals were given sentences of either 3 years and 6 months or 4 years and 8 months. Deutsche Bank was found liable
under Italian Legislative Decree n. 231/2001 and the Court ordered the seizure of alleged profits of € 64.9 million and a
fine of € 3 million. Following appeals filed by Deutsche Bank and the six individuals, in 2022, the Milan Court of Appeal
acquitted all the Deutsche Bank defendants from all charges. Those acquittals were confirmed by the Supreme Court of
Italy in October 2023.
One of the former employees filed and served a claim against Deutsche Bank in the German Courts in the second quarter
of 2024, seeking approximately € 152 million in damages for alleged harm caused to his career by the Italian criminal
proceedings and conviction at first instance. Four other former employees filed claims in the English Courts on
September 30, 2025. The claims were served on Deutsche Bank entities in the UK in January 2026, but to date have not
been served on two Deutsche Bank entities based in Jersey. The four former employees are seeking over £ 600 million in
damages on the same basis as the first employee’s claim for alleged harm caused to their careers by the Italian criminal
proceedings and conviction at first instance. Deutsche Bank considers all such claims to be without merit and will defend
itself against them robustly, including disputing the inflated, unrealistic alleged losses claimed.
One further former employee had filed a claim in the English Courts on September 30, 2025 on the same basis as the
other 5 plaintiffs, as well as based on further specific claims, but the parties have now resolved on a confidential basis all
of the claims and allegations that the employee has previously made against Deutsche Bank and its personnel.
The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters
because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
524
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
Mortgage-Related and Asset-Backed Securities. Issuer and Underwriter Civil Litigation. Deutsche Bank has been named
as defendant in numerous civil litigations brought by private parties in connection with its various roles, including issuer
or underwriter, in offerings of residential mortgage-backed securities (RMBS) and other asset-backed securities. These
cases, described below, allege that the offering documents contained material misrepresentations and omissions,
including with regard to the underwriting standards pursuant to which the underlying mortgage loans were issued, or
assert that various representations or warranties relating to the loans were breached at the time of origination. The Group
has recorded provisions with respect to several of these civil cases, but has not recorded provisions with respect to all of
these matters. The Group has not disclosed the amount of these provisions because it has concluded that such
disclosure can be expected to prejudice seriously the resolution of these matters.
Deutsche Bank is a defendant in an action related to RMBS offerings brought by the FDIC as receiver for Citizens
National Bank and Strategic Capital Bank (alleging an unspecified amount in damages against all defendants). In this
action, the appellate court reinstated claims previously dismissed on statute of limitations grounds, and petitions for
rehearing and certiorari to the U.S. Supreme Court were denied. In May 2022, the FDIC voluntarily dismissed its claim
with respect to one of the RMBS offerings and Deutsche Bank filed a motion for summary judgment seeking dismissal of
the remaining claim. On February 9, 2026, the court granted Deutsche Bank’s motion for summary judgment and
dismissed the remaining claim in its entirety. Any appeal by the FDIC is due by April 13, 2026.
Deutsche Bank has resolved cases concerning two RMBS trusts that were brought initially by RMBS investors and
subsequently by HSBC, as trustee, in New York state court. The cases allege breaches of Deutsche Bank’s purported duty
to notify the trustee of breaches of loan-level representations and warranties in the ACE Securities Corp. 2006-FM1 and
ACE Securities Corp. 2007-ASAP1 RMBS offerings, respectively. Settlements were finalized and the cases were
voluntarily discontinued with prejudice in December 2025.
In the actions against Deutsche Bank solely as an underwriter of other issuers’ RMBS offerings, Deutsche Bank has
contractual rights to indemnification from the issuers, but those indemnity rights may in whole or in part prove
effectively unenforceable where the issuers are now or may in the future be in bankruptcy or otherwise defunct.
Trustee Civil Litigation. Deutsche Bank’s U.S. subsidiaries Deutsche Bank National Trust Company (DBNTC) and DBTCA
(collectively, the “Trustees”) are defendants in two separate civil lawsuits, and DBNTC is a defendant in a third civil
lawsuit, brought by investors concerning the Trustees’ role as trustees of certain RMBS trusts. The actions generally
allege claims for breach of contract, breach of fiduciary duty, breach of the duty to avoid conflicts of interest, negligence
and/or violations of the U.S. Trust Indenture Act of 1939, based on the Trustees’ alleged failure to perform adequately
certain obligations and/or duties as trustee for the trusts.
The three lawsuits include actions by (i) the National Credit Union Administration Board (NCUA), as an investor in
18 trusts that allegedly suffered total realized collateral losses of more than U.S.$ 3.7 billion; (ii) Commerzbank AG, as an
investor in 50 RMBS trusts, alleging hundreds of millions of dollars in losses; and (iii) IKB International, S.A. in liquidation
and IKB Deutsche Industriebank A.G. (collectively, “IKB”), as an investor in 12 RMBS trusts, in which IKB originally sought
more than U.S.$ 268 million of damages before IKB voluntarily discontinued its claims as to certain additional RMBS
trusts and certificates. In the NCUA case, following motions to dismiss and for summary judgment, the court has
dismissed NCUA’s tort claims as to all trusts and its breach-of-contract claims as to certain trusts. In the Commerzbank
case, following motions to dismiss and for summary judgment, the court has dismissed Commerzbank’s tort claims as to
all trusts and its breach of contract claims relating to certain of the trusts. A second round of summary judgment briefing
is pending before the court and the case has been stayed. In the IKB case, following motions to dismiss (including
appellate review) and for summary judgment, the court has dismissed IKB’s tort claims as to all trusts and its breach of
contract claims as to certain trusts. All parties have filed notices of appeal with respect to the court’s summary judgment
order and the case has been stayed pending resolution of the appeals.
The Group has established provisions or contingent liabilities with respect to certain of these matters, but the Group has
not disclosed the amounts because it has concluded that such disclosure can be expected to prejudice seriously the
outcome of these matters.
1MDB. In 2021, 1Malaysia Development Berhad (1MDB) commenced proceedings at the Malaysian Courts against
Deutsche Bank Malaysia Berhad (DBMB) with respect to three wire transfers carried out by DBMB on 1MDB’s behalf in
2009 and 2011. 1MDB claims damages in the amount of U.S.$ 1.1 billion (representing the total amount of the
transactions) excluding interest claimed from the date of those wire transfers, which could be significant due to the long
duration since those transactions. At a hearing on July 11, 2025, the Court declined DBMB’s application for summary
dismissal on time-bar grounds, ruling that the issue requires a full trial which is currently scheduled for October and
December 2026. The Group has not disclosed whether it has established a provision or contingent liability with respect
to this matter because it has concluded that such disclosure can be expected to prejudice seriously the outcome of this
matter.
525
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
Polish Mortgage Matters. Starting in 2016, certain clients of Deutsche Bank Polska S.A. have reached out to Deutsche
Bank Polska S.A. alleging that their mortgage loan agreements in foreign currency include unfair clauses and are invalid.
These clients have demanded reimbursement of the alleged overpayments under such agreements totaling over
€ 1.1 billion with over 8,791 civil claims having been commenced in Polish courts as of December 31, 2025. These cases
are an industry-wide issue in Poland and other banks are facing similar claims. Deutsche Bank Polska S.A. has and will
take necessary legal actions to defend itself and challenge such claims in courts.
For the year ended December 31, 2025, the total portfolio provision for CHF and EUR mortgage cases was € 736 million
compared to € 895 million as of December 31, 2024, as a result of € 88 million of additional provisions being more than
offset by decreases reflecting payouts under court rulings and settlements with claimants.
Postbank Voluntary Public Takeover Offer. In September 2010, Deutsche Bank announced the decision to make a
voluntary takeover offer for the acquisition of all shares in Deutsche Postbank AG ("Postbank"). On October 7, 2010,
Deutsche Bank published its official takeover offer and offered Postbank shareholders a consideration of € 25 for each
Postbank share. This offer was accepted for a total of approximately 48.2 million Postbank shares.
Several former shareholders of Postbank who had accepted the takeover offer brought claims against Deutsche Bank
alleging that the offer price was too low. The plaintiffs allege that Deutsche Bank had been obliged to make a mandatory
takeover offer for all shares in Postbank, at the latest, in 2009. Based thereon, the plaintiffs allege that the consideration
offered by Deutsche Bank for the shares in Postbank needed to be raised to € 57.25 per share. Some plaintiffs filed
claims based on allegedly appropriate consideration of € 64.25 per share.
The claims for payment against Deutsche Bank in relation to these matters originally amounted to almost € 700 million
(excluding interest, which was significant due to the long duration of the proceedings).
At the end of April 2024, the Higher Regional Court of Cologne indicated in a hearing that it may find these claims valid
in a later ruling. As a consequence, Deutsche Bank recognized a provision of € 1.3 billion in the second quarter of 2024 to
provide for the amount of all pending claims and cumulative interest. In the third and fourth quarters of 2024, Deutsche
Bank reached settlements which included the settlement of one of the two lead cases.
On October 23, 2024, the Higher Regional Court of Cologne handed down its judgment in the remaining lead case and
fully granted the plaintiffs' claims. The court did not grant a further leave to appeal to the Federal Court of Justice (BGH).
On November 19, 2024, Deutsche Bank filed a complaint against the denial of leave to appeal with the BGH.
In the second quarter of 2025, Deutsche Bank concluded further settlement agreements. Including the settlement
agreements concluded in 2024, Deutsche Bank has now reached settlements with 90% of the plaintiffs’ claims by value
in the litigation (calculated based on the asserted shareholdings), which resulted in a partial release of the original
provision in second quarter 2025. As of December 31, 2025, the residual plaintiff claims of € 112 million (including
interest) are fully provisioned.
The legal question of whether Deutsche Bank had been obliged to make a mandatory takeover offer for all Postbank
shares prior to its 2010 voluntary takeover may impact two pending appraisal proceedings (Spruchverfahren). These
proceedings were initiated by former Postbank shareholders with the aim to increase the cash compensation of € 35.05
paid in connection with the squeeze-out of Postbank shareholders in 2015 and the cash compensation of € 25.18 offered
and annual compensation of € 1.66 paid in connection with the execution of a domination and profit and loss transfer
agreement (Beherrschungs- und Gewinnabführungsvertrag) between DB Finanz-Holding AG (now DB Beteiligungs-
Holding GmbH) and Postbank in 2012. The compensation of € 25.18 in connection with the domination and profit and
loss transfer agreement was accepted for approximately 0.5 million Postbank shares. The compensation of € 35.05 paid
in connection with the squeeze-out in 2015 was relevant for approximately 7 million Postbank shares.
The applicants in the appraisal proceedings claim that a potential obligation of Deutsche Bank to make a mandatory
takeover offer for Postbank at an offer price of at least € 57.25 should be decisive when determining the adequate cash
compensation in the appraisal proceedings. The Regional Court Cologne had originally followed this legal view of the
applicants in two resolutions. In a decision dated June 2019, the Regional Court Cologne expressly rejected this legal
view in the appraisal proceedings in connection with the execution of a domination and profit and loss transfer
agreement. According to this decision, the question whether Deutsche Bank was obliged to make a mandatory offer for
all Postbank shares prior to its voluntary takeover offer in 2010 shall not be relevant for determining the appropriate cash
compensation. The bank expects that the Regional Court Cologne will take the same legal position in the appraisal
proceedings in connection with the squeeze-out.
526
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
On October 1, 2020, the Regional Court Cologne handed down a decision in the appraisal proceeding concerning the
domination and profit and loss transfer agreement (dated December 5, 2012) according to which the annual
compensation pursuant to Sec. 304 of the German Stock Corporation Act (jährliche Ausgleichszahlung) shall be
increased by € 0.12 to € 1.78 per Postbank share and the settlement amount pursuant to Sec. 305 of the German Stock
Corporation Act (Abfindungsbetrag) shall be increased by € 4.56 to € 29.74 per Postbank share. The increase of the
settlement amount is of relevance for approximately 0.5 million former Postbank shares whereas the increase of the
annual compensation is of relevance for approximately 7 million former Postbank shares. Deutsche Bank as well as the
applicants have lodged an appeal against this decision. On December 11, 2025, the Higher Regional Court Düsseldorf
(HRC) issued an indicative order (“Hinweisbeschluss”) in the appraisal proceedings regarding the domination and profit
and loss transfer agreement concluded in 2012. The HRC rejected the argument of the applicants that the initially paid
compensation of € 25.18 per share should be increased to the allegedly appropriate offer price under the 2010 takeover
offer (of at least € 57.25 per share). Additionally, the HRC indicated to request a further expert report on specific
valuation aspects and made a settlement proposal which is lower than the compensation fixed by the Regional Court
Cologne ruling (proposed compensation of € 28.00 instead of € 29.74 per share ruled by the Regional Court Cologne). In
January 2026, the bank stated its consent to the settlement proposal of the HRC, however, not all applicants consented
as required to reach a settlement ending the appraisal proceeding. Therefore, the HRC resolved on the appointment of a
new independent expert on February 4, 2026. The expert has been asked to provide a supplementary opinion on the
remaining valuation aspects identified by the HRC. The HRC further instructed the expert to prepare a revised
calculation of the appropriate annual compensation on the basis of the supplementary valuation opinion.
The Group has not disclosed whether it has established a provision or contingent liability with respect to the appraisal
proceedings because it has concluded that such disclosure can be expected to prejudice seriously its outcome.
RusChemAlliance Litigation. In June 2023, RusChemAlliance LLC ("RCA"), a Russian joint venture of Gazprom PJSC and
RusGasDobycha JSC, filed a claim against Deutsche Bank before a commercial state court in Saint Petersburg seeking
payment of approximately € 238 million plus interest under an advance payment guarantee ("APG") issued by Deutsche
Bank in 2021 at the request of one of its clients. RCA’s payment demand under the APG was rejected by Deutsche Bank
due to the imposition of EU sanctions against Russia. At the end of May 2024, the Russian court fully granted RCA's
payment claim and RCA's motion for interim measures by which a corresponding amount in Deutsche Bank's Russian
subsidiary was frozen as the Russian courts do not recognize the applicability of the EU sanctions. Deutsche Bank’s
appeals against this decision were dismissed in September 2024 and January 2025, respectively.
In October 2024, upon application by RCA, the Russian court granted an anti-suit injunction (“ASI”) order against
Deutsche Bank prohibiting Deutsche Bank from continuing any court proceedings outside of Russia related to this issue
or enforcing any judgments or orders granted by a court outside of Russia under a threat of a court penalty of
€ 240 million in case of non-compliance with the ASI. Deutsche Bank complied with the ASI order in November 2024.
Deutsche Bank’s appeal against the ASI order was dismissed in January 2025. A further appeal filed with the Russian
Supreme Court was dismissed as well.
Deutsche Bank initially recognized a provision in the amount of € 260 million and a corresponding reimbursement asset
under an indemnification agreement in 2023. The provision was thus offset by the reimbursement asset. In November
2024, RCA enforced its payment claim in an amount of € 244 million including interest payable against assets of
Deutsche Bank maintained in Russia. After enforcement by RCA, which was covered by the provision, subsequent
developments led to a de-recognition of the indemnification asset. Deutsche Bank is still of the opinion that it possesses
a valid indemnification claim and is defending its position in court.
527
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 27 – Provisions |
Sovereign, Supranational and Agency Bonds (SSA) Investigations and Litigations. Deutsche Bank has received inquiries
from certain regulatory and law enforcement authorities, including requests for information and documents, pertaining
to SSA bond trading. Deutsche Bank cooperated with those investigations.
Deutsche Bank and Deutsche Bank Securities Inc., the bank’s primary U.S. broker-dealer subsidiary (DBSI), were named as
defendants in a putative class action filed in June 2023 in the U.S. District Court for the Southern District of New York by
alleged direct market participants claiming a violation of U.S. antitrust law related to alleged manipulation of the
secondary trading market for United Kingdom government bonds. The complaint seeks treble damages and attorneys’
fees. In September 2024, the Court granted Deutsche Bank’s and DBSI’s motion to dismiss the complaint for failure to
state a claim. In July 2025, plaintiffs filed an amended complaint, which added two additional named plaintiffs and
included claims by alleged purchasers of United Kingdom government bond futures or futures contract options.
Deutsche Bank and DBSI filed a motion to dismiss the amended complaint on September 9, 2025, which is now pending
a decision by the Court.
Deutsche Bank was named as a defendant in a consolidated putative class action filed in the U.S. District Court for the
Southern District of New York alleging violations of U.S. antitrust law and a claim for unjust enrichment relating to
Mexican government bond trading. Defendants’ motion to dismiss plaintiffs’ consolidated amended complaint was
granted without prejudice. Plaintiffs filed a second amended complaint naming only Mexico-based defendants, which
was also dismissed without prejudice. Plaintiffs appealed to the Second Circuit, and in February 2024, the dismissal of
the complaint was reversed. Plaintiffs filed a further amended complaint in June 2024. Defendants filed a motion to
dismiss in July 2024, which the Court denied in January 2025. The case is now in discovery.
The Group has not disclosed whether it has established provisions or contingent liabilities with respect to the matters
referred to above because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
U.S. Treasury Spoofing Litigation. Five separate putative class actions have been filed in the Northern District of Illinois
against Deutsche Bank AG and DBSI. The cases allege that Deutsche Bank and other unnamed entities participated in a
scheme from January to December 2013 to spoof the market for Treasuries futures and options contracts and Eurodollar
futures and options contracts. Following briefing on a motion to dismiss, the judge ordered supplemental briefing on the
issues of standing and jurisdictional discovery, which has now been substantially completed. Plaintiffs filed an amended
complaint and then a further, second amended complaint. Deutsche Bank AG and DBSI filed a motion to dismiss in
September 2023 and a reply in December 2023. In September 2024, the court requested additional briefing on standing
under Article III of the U.S. Constitution, which was completed in October 2024.
The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters
because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
Other
Irrevocable Payment Commitments with regard to levies and deposit protection. Certain entities of the Group are
required to make contributions to national resolution authorities or deposit protection schemes such as the European
Single Resolution Fund (SRF) administered by the Single Resolution Board. Part of such contributions may be provided in
the form of irrevocable payment commitments (IPCs) backed by cash and securities collateral. The Group remains the
economic owner of the collateral provided.
IPCs related to the bank levy according to the Bank Recovery and Resolution Directive (BRRD), the SRF and the deposit
protection provided by the German deposit protection fund amounted to € 1.5 billion as of December 31, 2025
(December 31, 2024: € 1.5 billion). Thereof € 1.0 billion of IPCs related to the SRF (December 31, 2024: € 1.0 billion) and
€ 0.5 billion to the German deposit protection fund (December 31, 2024: € 0.5 billion).
As of December 31, 2025, the total collateral provided for IPC consisted of € 1.0 billion of cash collateral, which is
presented in Other Assets, and € 524 million of securities collateral (December 31, 2024: € 1.0 billion and € 481 million,
respectively). Thereof € 1.0 billion of cash collateral related to the SRF (December 31, 2024: € 1.0 billion).
The Group has analyzed the impact of a judgment of the Court of Justice of the EU on the treatment of IPCs related to
the SRF in November 2025 in a matter unrelated to the Group and concluded that it is immaterial to the Group’s financial
statements with respect to all schemes for which IPCs are provided. This is based on the expected timing of potential
payments (i.e., if the respective entities of the Group were to give up their banking license or if the IPCs would be
exercised) and related discount rates.
528
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 28 – Credit related commitments and contingent liabilities |
28 — Credit related commitments and contingent liabilities
Irrevocable lending commitments and lending related contingent liabilities
In the normal course of business, the Group regularly enters into irrevocable lending commitments, including fronting
commitments as well as contingent liabilities consisting of financial and performance guarantees, standby letters of
credit and indemnity agreements on behalf of its customers. Under these contracts the Group is required to perform
under an obligation agreement or to make payments to the beneficiary based on third party’s failure to meet its
obligations. For these instruments it is not known to the Group in detail if, when and to what extent claims will be made.
In the event that the Group has to pay out cash in respect of its fronting commitments, the Group would immediately
seek reimbursement from the other syndicate lenders. The Group considers all the above instruments in monitoring the
credit exposure and may require collateral to mitigate inherent credit risk. If credit risk management provides sufficient
evidence about an expected loss from a claim, a provision is established and recorded on the balance sheet.
The following table shows the Group’s revocable lending commitments, irrevocable lending commitments and lending
related contingent liabilities without considering collateral or provisions recognized in the balance sheet. The amounts
are the maximum potential utilization required by the Group in case all these liabilities entered into must be funded. The
table therefore does not show the expected future cash flows required for these liabilities as many of them will expire
without being drawn and arising claims will be honored by the customers or can be recovered from proceeds of arranged
collateral.
Irrevocable lending commitments and lending related contingent liabilities
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Irrevocable lending commitments | 217,949 | 219,767 |
| Revocable lending commitments | 56,356 | 49,932 |
| Contingent liabilities | 79,092 | 73,468 |
| Total | 353,397 | 343,167 |
Other commitments and other contingent liabilities
The Group’s other irrevocable commitments and other contingent liabilities without considering collateral or provisions
were € 73 million as of December 31, 2025, and € 77 million as of December 31, 2024. The number considers the
maximum potential utilization of the Group in case all these liabilities entered into must be funded. The amounts
therefore do not contain the expected future cash flows from these liabilities as many of them will expire without being
drawn and arising claims will be honored by the customers or can be recovered from proceeds of arranged collateral.
Government assistance
In the course of its business, the Group regularly applies for and receives government support by means of Export Credit
Agency (ECA) guarantees covering transfer and default risks for the financing of exports and investments into Emerging
Markets and to a lesser extent, developed markets for Structured Trade & Export Finance and short and medium-term
Trade Finance business. Almost all export-oriented states have established such ECAs to support their domestic
exporters. The ECAs act in the name and on behalf of the government of their respective country and are either
constituted directly as governmental departments or organized as private companies vested with the official mandate of
the government to act on its behalf. Terms and conditions of such ECA guarantees are broadly similar due to the fact
that most of the ECAs act within the scope of the Organization for Economic Cooperation and Development (OECD)
consensus rules. The OECD consensus rules, an inter-governmental agreement of the OECD member states, define
benchmarks intended to ensure that a fair competition between different exporting nations will take place.
In some countries dedicated funding programs with governmental support are offered for ECA-covered financings. The
Group makes use of such programs to assist its clients in the financing of exported goods and services. In certain
financings, the Group also receives government guarantees from national and international governmental institutions as
collateral to support financings in the interest of the respective governments. The majority of such ECA guarantees
received by the Group were issued either by the Euler-Hermes S.A. acting on behalf of the Federal Republic of Germany,
by the Atradius Credito y Caucion S.A. de Seguros y Reaseguros acting on behalf of the Kingdom of Spain or by the Korea
Trade Insurance Corporation acting on behalf of the Republic of Korea.
529
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 30 — Long-Term Debt and Trust Preferred Securities |
29 — Other Short-Term Borrowings
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Other short-term borrowings: | ||
| Commercial paper | 13,211 | 5,954 |
| Other | 4,993 | 3,940 |
| Total other short-term borrowings | 18,204 | 9,895 |
30 — Long-Term Debt and Trust Preferred Securities
Long-Term Debt by Earliest Contractual Maturity
| in € m. | Due in 2026 | Due in 2027 | Due in 2028 | Due in 2029 | Due in 2030 | Due after<br><br>2030 | Total Dec 31,<br><br>2025 | Total Dec 31,<br><br>2024 |
|---|---|---|---|---|---|---|---|---|
| Senior debt: | ||||||||
| Bonds and notes: | ||||||||
| Fixed rate | 14,050 | 12,269 | 13,269 | 10,368 | 8,854 | 9,109 | 67,920 | 71,414 |
| Floating rate | 2,508 | 2,817 | 517 | 1,050 | 1,918 | 3,471 | 12,281 | 11,196 |
| Other | 3,550 | 2,369 | 2,220 | 1,845 | 1,152 | 15,120 | 26,256 | 20,578 |
| Subordinated debt: | ||||||||
| Bonds and notes: | ||||||||
| Fixed rate | 2,024 | 2,363 | — | — | 424 | 3,401 | 8,212 | 11,626 |
| Floating rate | — | — | — | — | — | — | — | — |
| Other | 42 | 20 | — | — | 23 | — | 85 | 85 |
| Total long-term debt | 22,175 | 19,839 | 16,006 | 13,263 | 12,371 | 31,101 | 114,754 | 114,899 |
The Group did not have any defaults of principal, interest or other breaches with respect to its liabilities in 2025 and
2024.
Trust Preferred Securities1
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Fixed rate | — | — |
| Floating rate | 283 | 287 |
| Total trust preferred securities | 283 | 287 |
1Perpetual instruments, redeemable at specific future dates at the Group’s option
530
| Deutsche Bank | Notes to the consolidated balance sheet |
|---|---|
| Annual Report 2025 | 31 – Maturity Analysis of the earliest contractual undiscounted cash flows of Financial Liabilities |
31 — Maturity Analysis of the earliest contractual undiscounted
cash flows of Financial Liabilities
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| in € m. | On demand | Due within<br><br>3 months | Due between<br><br>3 and 12<br><br>months | Due between<br><br>1 and 5 years | Due after<br><br>5 years |
| Noninterest bearing deposits | 171,541 | — | — | — | — |
| Interest bearing deposits | 245,183 | 148,888 | 117,503 | 14,882 | 11,777 |
| Trading liabilities¹ | 42,879 | — | — | — | — |
| Negative market values from derivative financial<br><br>instruments¹ | 225,775 | — | — | — | — |
| Financial liabilities designated at fair value through profit<br><br>or loss | 30,752 | 45,626 | 11,122 | 15,674 | 12,403 |
| Investment contract liabilities² | — | — | 469 | — | — |
| Negative market values from derivative financial<br><br>instruments qualifying for hedge accounting³ | — | 72 | 24 | 69 | 57 |
| Central bank funds purchased | 1,967 | — | — | — | — |
| Securities sold under repurchase agreements | 470 | 767 | 584 | 601 | 109 |
| Securities loaned | 2 | — | — | — | — |
| Other short-term borrowings | 6,416 | 3,882 | 8,197 | — | — |
| Long-term debt | 1 | 12,456 | 14,408 | 70,203 | 33,230 |
| Trust preferred securities | — | — | 299 | — | — |
| Lease liabilities | 122 | 147 | 430 | 1,814 | 2,632 |
| Other financial liabilities | 116,713 | 3,554 | 556 | 699 | 46 |
| Off-balance sheet loan commitments | 211,367 | — | — | — | — |
| Financial guarantees | 35,949 | — | — | — | — |
| Total⁴ | 1,089,137 | 215,391 | 153,593 | 103,942 | 60,254 |
1Trading liabilities and derivatives not qualifying for hedge accounting balances are recorded at fair value. The Group believes that this best represents the cash flow that
would have to be paid if these positions had to be closed out. Trading liabilities and derivatives not qualifying for hedge accounting balances are shown within “on
demand” which Group’s management believes most accurately reflects the short-term nature of trading activities. The contractual maturity of the instruments may
however extend over significantly longer periods
2These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value
3Derivatives designated for hedge accounting are recorded at fair value and are shown in the time bucket at which the hedged relationship is expected to terminate
4The balances in the table do not agree to the numbers in the Group’s balance sheet as the cash flows included in the table are undiscounted. This analysis represents the
worst case scenario for the Group if the Group was required to repay all liabilities earlier than expected. The Group believes that the likelihood of such an event occurring
is remote.
531
| Deutsche Bank | Notes to the consolidated balance sheet | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | 31 – Maturity Analysis of the earliest contractual undiscounted cash flows of Financial Liabilities | ||||
| Dec 31, 2024 | |||||
| --- | --- | --- | --- | --- | --- |
| in € m. | On demand | Due within<br><br>3 months | Due between<br><br>3 and 12<br><br>months | Due between<br><br>1 and 5 years | Due after<br><br>5 years |
| Noninterest bearing deposits | 176,510 | — | — | — | — |
| Interest bearing deposits | 198,010 | 159,292 | 112,543 | 16,012 | 10,422 |
| Trading liabilities¹ | 43,498 | — | — | — | — |
| Negative market values from derivative financial<br><br>instruments¹ | 276,395 | — | — | — | — |
| Financial liabilities designated at fair value through profit<br><br>or loss | 30,224 | 35,024 | 5,943 | 13,767 | 8,373 |
| Investment contract liabilities² | — | — | 454 | — | — |
| Negative market values from derivative financial<br><br>instruments qualifying for hedge accounting³ | — | 978 | 616 | 31 | 65 |
| Central bank funds purchased | 1,227 | — | — | — | — |
| Securities sold under repurchase agreements | 407 | 1,143 | 182 | 1,089 | 25 |
| Securities loaned | 2 | — | — | — | — |
| Other short-term borrowings | 1,487 | 5,767 | 2,862 | — | — |
| Long-term debt | — | 7,119 | 18,030 | 70,602 | 36,195 |
| Trust preferred securities | — | — | 302 | — | — |
| Lease liabilities | 3 | 157 | 454 | 1,933 | 3,116 |
| Other financial liabilities | 72,780 | 1,076 | 1,059 | 1,829 | 87 |
| Off-balance sheet loan commitments | 212,990 | — | — | — | — |
| Financial guarantees | 32,368 | — | — | — | — |
| Total⁴ | 1,045,902 | 210,557 | 142,445 | 105,263 | 58,284 |
1Trading liabilities and derivatives not qualifying for hedge accounting balances are recorded at fair value. The Group believes that this best represents the cash flow that
would have to be paid if these positions had to be closed out. Trading liabilities and derivatives not qualifying for hedge accounting balances are shown within “on
demand” which Group’s management believes most accurately reflects the short-term nature of trading activities. The contractual maturity of the instruments may
however extend over significantly longer periods
2These are investment contracts where the policy terms and conditions result in their redemption value equaling fair value
3Derivatives designated for hedge accounting are recorded at fair value and are shown in the time bucket at which the hedged relationship is expected to terminate
4The balances in the table do not agree to the numbers in the Group’s balance sheet as the cash flows included in the table are undiscounted. This analysis represents the
worst case scenario for the Group if the Group was required to repay all liabilities earlier than expected. The Group believes that the likelihood of such an event occurring
is remote.
532
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 32 – Common Shares |
Additional Notes
32 — Common Shares
Common Shares
Deutsche Bank’s share capital consists of common shares issued in registered form without par value. Under German law,
each share represents an equal stake in the subscribed capital. Therefore, each share has a nominal value of € 2.56,
derived by dividing the total amount of share capital by the number of shares.
| Number of shares | Issued and<br><br>fully paid | Treasury shares | Outstanding |
|---|---|---|---|
| Common shares, January 1, 2024 | 2,040,242,959 | (48,195,109) | 1,992,047,850 |
| Shares issued under share-based compensation plans | — | — | — |
| Capital increase | — | — | — |
| Common shares cancelled | (45,541,366) | 45,541,366 | — |
| Shares purchased for treasury | — | (86,796,707) | (86,796,707) |
| Shares sold or distributed from treasury | — | 39,874,612 | 39,874,612 |
| Common shares, December 31, 2024 | 1,994,701,593 | (49,575,838) | 1,945,125,755 |
| Shares issued under share-based compensation plans | — | — | — |
| Capital increase | — | — | — |
| Common shares cancelled | (84,122,616) | 84,122,616 | — |
| Shares purchased for treasury | — | (76,926,379) | (76,926,379) |
| Shares sold or distributed from treasury | — | 34,673,888 | 34,673,888 |
| Common shares, December 31, 2025 | 1,910,578,977 | (7,705,713) | 1,902,873,264 |
There are no issued ordinary shares that have not been fully paid.
The Group has bought back shares pursuant to share buyback authorizations by the Annual General Meetings. All such
transactions were recorded in shareholders’ equity and no revenues and expenses were recorded in connection with
these activities. Treasury stock held as of year-end will mainly be used for cancellation with the purpose of distributing
capital to shareholders as well as for future share-based compensation.
Authorized Capital
The Management Board is authorized to increase the share capital by issuing new shares for cash consideration. As of
December 31, 2025, Deutsche Bank AG had authorized but unissued capital of € 2,493,000,000 which may be issued in
whole or in part until April 30, 2030. Further details are governed by Section 4 of the Articles of Association.
| Authorized capital | Consideration | Pre-emptive rights | Expiration date |
|---|---|---|---|
| € 498,000,000 | Cash | May be excluded pursuant to Section 186 (3) sentence 4 of the Stock Corporation Act<br><br>and may be excluded in so far as it is necessary to grant pre-emptive rights to the<br><br>holders of option rights, convertible bonds, and convertible participatory rights | April 30, 2030 |
| € 1,995,000,000 | Cash | May be excluded in so far as it is necessary to grant pre-emptive rights to the holders of<br><br>option rights, convertible bonds, and convertible participatory rights. | April 30, 2030 |
Conditional Capital
Deutsche Bank has no outstanding conditional capital as of December 31, 2025.
Dividends
The following table presents the amount of dividends proposed or declared for the years ended December 31, 2025,
2024 and 2023, respectively.
| 2025 (proposed) | 2024 | 2023 | |
|---|---|---|---|
| Cash dividends declared (in € ) | 1,902,873,264 | 1,314,856,308 | 882,615,288 |
| Cash dividends declared per common share (in € ) | 1.00 | 0.68 | 0.45 |
No dividends have been declared since the balance sheet date.
533
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
33 — Employee Benefits
Share-Based Compensation Plans
The Group made grants of share-based compensation under the Deutsche Bank Equity Plan. This plan represents a
contingent right to receive Deutsche Bank common shares after a specified period of time. The award recipient is not
entitled to receive dividends during the vesting period of the award.
The share awards granted under the terms and conditions of the Deutsche Bank Equity Plan may be forfeited fully or
partly if the recipient voluntarily terminates employment before the end of the relevant vesting period (or release period
for Upfront Awards). Vesting usually continues after termination of employment in cases such as redundancy or
retirement. Deferred share awards are subject to forfeiture provisions and performance conditions until release.
In countries where legal or other restrictions hinder the delivery of shares, a cash plan variant of the Deutsche Bank
Equity Plan was used for granting awards, and for employees of certain legal entities, deferred equity is replaced with
restricted shares due to local regulatory requirements.
Please note that this table does not cover awards granted to the Management Board. For awards granted under the DWS
Equity Plan, please refer to the DWS Share-Based Compensation Plans section.
534
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The following table sets forth the basic terms of these share plans:
| Grant year(s) | Deutsche Bank Equity Plan | Vesting schedule | Eligibility |
|---|---|---|---|
| 2022-20254 | Annual Award | 1/4: 12 months1 | Select employees as |
| 1/4: 24 months1 | annual performance-based | ||
| 1/4: 36 months1 | compensation | ||
| 1/4: 48 months1 | (CB/IB/CRU and InstVV MRTs) | ||
| Annual Award | 1/3: 12 months1 | Select employees as | |
| 1/3: 24 months1 | annual performance-based | ||
| 1/3: 36 months1 | compensation (non-CB/IB/CRU) | ||
| Annual Award | 1/5: 12 months1 | Select employees as | |
| 1/5: 24 months1 | annual performance-based | ||
| 1/5: 36 months1 | compensation (Senior Management) | ||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Retention/New Hire | Individual specification | Select employees to attract and retain the best talent | |
| Severance | Individual specification | Regulatory requirement for certain employees to defer<br><br>severance payments | |
| Annual Award – Upfront | Vesting immediately at grant3 | Selected employees | |
| 2019-20214 | Annual Award | 1/4: 12 months1 | Select employees as |
| 1/4: 24 months1 | annual performance-based | ||
| 1/4: 36 months1 | compensation | ||
| 1/4: 48 months1 | (CB/IB/CRU and InstVV MRTs in a Material Business<br><br>Unit)2 | ||
| Annual Award | 1/3: 12 months1 | Select employees as | |
| 1/3: 24 months1 | annual performance-based | ||
| 1/3: 36 months1 | compensation (non-CB/IB/CRU)2 | ||
| Annual Award | 1/5: 12 months1 | Select employees as | |
| 1/5: 24 months1 | annual performance-based | ||
| 1/5: 36 months1 | compensation (Senior Management) | ||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Retention/New Hire/Off-Cycle5 | Individual specification | Select employees to attract and retain the best talent | |
| Severance | Individual specification | Regulatory requirement for certain employees to defer<br><br>severance payments | |
| Annual Award – Upfront | Vesting immediately at grant3 | Regulated employees |
1For InstVV-regulated employees (and Senior Management) a further retention period of twelve months applies
2For grant year 2019 divisions were called CIB, for grant years 2020 and 2021 CIB is split into CB/IB/CRU
3Share delivery takes place after a further retention period of twelve months
4Annual and Retention/New Hire awards include grants made under the Restricted Share Plan from 2019-2025
5Off-Cycle awards granted up to 2020
Furthermore, the Group offers a broad-based employee share ownership plan entitled Global Share Purchase Plan. The
Global Share Purchase Plan offers employees in specific countries the opportunity to purchase Deutsche Bank shares in
monthly installments over one year. At the end of the purchase cycle, the Group matches the acquired stock in a ratio of
one to one up to a maximum of ten free shares, provided that the employee remains at Deutsche Bank Group for another
year. In total, 12,775 staff from 21 countries enrolled in the cycle that began in November 2025.
The Group has other local share-based compensation plans, none of which, individually or in the aggregate, are material
to the consolidated financial statements.
535
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The following table sets out the movements in share award units, including grants under the cash plan variant of the
Deutsche Bank Equity Plan.
| Share units (in thousands) | 2025 | 2024 |
|---|---|---|
| Balance outstanding as of January 01 | 116,589 | 128,628 |
| Granted | 33,457 | 41,167 |
| Released | (44,091) | (50,015) |
| Forfeited | (2,844) | (3,491) |
| Other movements | 78 | 300 |
| Balance outstanding as of December 31 | 103,189 | 116,589 |
The following table sets out key information regarding awards granted, released and remaining in the year.
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Weighted<br><br>average fair<br><br>value per award<br><br>granted in year | Weighted<br><br>average share<br><br>price at release<br><br>in year | Weighted<br><br>average<br><br>remaining<br><br>contractual life<br><br>in years | Weighted<br><br>average fair<br><br>value per award<br><br>granted in year | Weighted<br><br>average share<br><br>price at release<br><br>in year | Weighted<br><br>average<br><br>remaining<br><br>contractual life<br><br>in years | |
| DB Equity Plan | € 17.47 | € 21.77 | 1.35 | 10.3 | 12.92 | 1.4 |
Share-based payment transactions resulting in a cash payment give rise to a liability, which amounted to approximately
€ 20 million and € 14 million for the years ended December 31, 2025 and 2024, respectively.
The grant volume of outstanding share awards was approximately € 1.1 billion and € 1.0 billion as of December 31, 2025
and 2024, respectively. Thereof, approximately € 0.8 billion and € 0.8 billion had been recognized as compensation
expense in the reporting year or prior to that. Hence, compensation expense for deferred share-based compensation not
yet recognized amounted to approximately € 0.3 billion and € 0.2 billion as of December 31, 2025 and 2024,
respectively.
DWS Share-Based Compensation Plans
The DWS Group made grants of share-based compensation under the DWS Equity Plan. This plan represents a
contingent right to receive a cash payment by reference to the value of DWS shares during a specified time period.
In September 2018 one-off Initial Public Offering (IPO) related awards under the DWS Stock Appreciation Rights (SAR)
Plan were granted to all DWS employees. A limited number of DWS senior managers were granted a one-off IPO-related
Performance Share Unit under the DWS Equity Plan instead. For members of the Executive Board, one-off IPO-related
awards under the DWS Equity Plan were granted in January 2019.
The DWS Stock Appreciation Rights Plan represents a contingent right to receive a cash payment equal to any
appreciation (or gain) in the value of a set number of notional DWS shares over a fixed period of time. This award does not
provide any entitlement to receive DWS shares, voting rights or associated dividends.
The DWS Equity Plan is a phantom share plan representing a contingent right to receive a cash payment by reference to
the value of DWS shares during a specified period of time.
The award recipient for any share-based compensation plan is not entitled to receive dividends during the vesting period
of the award.
The share awards granted under the terms and conditions of any share-based compensation plan are forfeited fully or
partly if the recipient voluntarily terminates employment before the end of the relevant vesting period (or the end of the
retention period for Upfront Awards). Vesting usually continues after termination of employment in cases such as
redundancy or retirement.
536
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The following table sets forth the basic terms of the DWS share-based plans:
| Grant year(s) | Deutsche Bank Equity Plan | Vesting schedule | Eligibility |
|---|---|---|---|
| 2024-2025 | Annual Awards | 1/3: 12 months1 | Select employees as annual |
| 1/3: 24 months1 | performance-based | ||
| 1/3: 36 months1 | compensation | ||
| Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board | |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Annual Award - Upfront | Vesting immediately at grant1 | Regulated employees | |
| Retention/New Hire | Individual specification | Select employees to attract and retain the best<br><br>talent | |
| 2023 | Annual Awards | 1/4: 12 months1 | Select employees as annual |
| 1/4: 24 months1 | performance-based | ||
| 1/4: 36 months1 | compensation (InstVV MRTs) | ||
| 1/4: 48 months1 | |||
| Annual Awards | 1/3: 12 months1 | Select employees as annual | |
| 1/3: 24 months1 | performance-based | ||
| 1/3: 36 months1 | compensation (non-InstVV MRTs) | ||
| Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board | |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Retention/New Hire | Individual specification | Select employees to attract and retain the best<br><br>talent | |
| Severance | Individual specification | Regulatory requirement for certain employees to<br><br>defer severance payments | |
| 2022 | Annual Awards | 1/4: 12 months1 | Select employees as annual |
| 1/4: 24 months1 | performance-based | ||
| 1/4: 36 months1 | compensation (InstVV MRTs) | ||
| 1/4: 48 months1 | |||
| Annual Awards | 1/3: 12 months1 | Select employees as annual | |
| 1/3: 24 months1 | performance-based | ||
| 1/3: 36 months1 | compensation (non-InstVV MRTs) | ||
| Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board | |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Retention/New Hire | Individual specification | Select employees to attract and retain the best<br><br>talent | |
| Severance | Individual specification | Regulatory requirement for certain employees to<br><br>defer severance payments | |
| 2021 | Annual Awards | 1/4: 12 months1 | Select employees as annual |
| 1/4: 24 months1 | performance-based | ||
| 1/4: 36 months1 | compensation (InstVV MRTs) | ||
| 1/4: 48 months1 | |||
| Annual Awards | 1/3: 12 months1 | Select employees as annual | |
| 1/3: 24 months1 | performance-based | ||
| 1/3: 36 months1 | compensation (non-InstVV MRTs) | ||
| Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board | |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Retention/New Hire | Individual specification | Select employees to attract and retain the best<br><br>talent |
537
| Deutsche Bank | Additional Notes | ||
|---|---|---|---|
| Annual Report 2025 | 33 – Employee Benefits | ||
| Grant year(s) | Deutsche Bank Equity Plan | Vesting schedule | Eligibility |
| --- | --- | --- | --- |
| 2020 | Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Severance | Individual specification | Regulatory requirement for certain employees to<br><br>defer severance payments | |
| 2019 | Annual Awards (Senior<br><br>Management) | 1/5: 12 months1 | Members of the Executive Board |
| 1/5: 24 months1 | |||
| 1/5: 36 months1 | |||
| 1/5: 48 months1 | |||
| 1/5: 60 months1 | |||
| Performance Share Unit Award | 1/3: March 20221 | Members of the Executive Board | |
| (one-off IPO related award<br><br>granted in 2019) | 1/3: March 20231 | ||
| 1/3: March 20241 | |||
| 2018 | Performance Share Unit Award | 1/3: March 20221 | Select Senior Managers |
| (one-off IPO related award )1 | 1/3: March 20231 | ||
| 1/3: March 20241 | |||
| SAR Award (one-off IPO related<br><br>award) | For non-MRTs:<br><br>1 June 20213 | all DWS employees2 | |
| For MRTs:<br><br>1 March 20231,3 |
1 Depending on their individual regulatory status, a six month retention period (AIFMD/UCITS MRTs) or a twelve month retention period (InstVV, and/or IFD MRTs starting
from 2023) applies after vesting
2 Unless the employee received Performance Share Unit Award
3 For outstanding awards, a 4-year exercise period applies following vesting/retention period
The following table sets out the movements in share award units.
| DWS Equity Plan | DWS SAR Plan | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||
| Share units (in thousands) | Number of<br><br>Awards | Number of<br><br>Awards | Number of<br><br>Awards | Weighted-<br><br>average exercise<br><br>price | Number of<br><br>Awards | Weighted-<br><br>average exercise<br><br>price |
| Outstanding at beginning of year | 2,017 | 2,377 | 367 | €22.33 | 735 | €24.65 |
| Granted | 699 | 938 | 0 | 35 | 22.33 | |
| Issued or Exercised | (1,007) | (1,342) | (305) | €22.33 | (369) | €24.35 |
| Forfeited | (29) | (41) | — | — | — | |
| Expired | — | — | (38) | €22.33 | (18) | €23.40 |
| Other Movements | 46 | 86 | — | €22.33 | (16) | €22.33 |
| Outstanding at end of year | 1,726 | 2,017 | 23 | €22.33 | 367 | €22.33 |
| Of which, exercisable | — | — | 23 | €22.33 | 367 | €22.33 |
The following table sets out key information regarding awards granted, released and remaining in the year.
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Weighted<br><br>average fair<br><br>value per award<br><br>granted in year | Weighted<br><br>average share<br><br>price at release/<br><br>exercise in year | Weighted<br><br>average<br><br>remaining<br><br>contractual life<br><br>in years | Weighted<br><br>average fair<br><br>value per award<br><br>granted in year | Weighted<br><br>average share<br><br>price at release/<br><br>exercise in year | Weighted<br><br>average<br><br>remaining<br><br>contractual life<br><br>in years | |
| DWS Equity Plan | € 37.92 | € 49.18 | 1.5 | € 31.59 | € 35.79 | 1.4 |
| DWS SAR Plan | 0 | € 48.73 | 1.7 | € 13.40 | € 38.78 | 0.8 |
The fair value of outstanding share-based awards was approximately € 64 million and € 74 million as of December 31,
2025 and 2024, respectively. Of the awards, approximately € 48 million and € 63 million has been recognized in the
income statement up to the period ending 2025 and 2024 respectively, of which € 14 million and € 40 million as of
December 31, 2025 and 2024 relate to fully vested awards. Total unrecognized expense related to share-based plans
was approximately € 16 million and € 12 million as of December 31, 2025 and 2024 respectively, dependent on future
share price development.
538
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The fair value of the DWS Stock Appreciation Rights Plan awards has been measured using the generalized Black-
Scholes model. The liabilities incurred are re-measured at the end of each reporting period until settlement. The principal
inputs being the market value on reporting date, discounted for any dividends foregone over the holding periods of the
award, and adjustment for expected and actual levels of vesting which includes estimating the number of eligible
employees leaving the Group and number of employees eligible for early retirement. The inputs used in the
measurement of the fair values at grant date and measurement date were as follows.
| Measurement<br><br>date Dec 31,<br><br>2025 | Measurement<br><br>date Dec 31,<br><br>2024 | |
|---|---|---|
| Units (in thousands) | 23 | 367 |
| Fair value | €34.36 | €17.72 |
| Share price | €56.50 | €39.80 |
| Exercise price | €22.33 | €22.33 |
| Expected volatility (weighted-average) | 33% | 33% |
| Expected life (weighted-average) in years | 1.7 | 0.8 |
| Expected dividends (% of income) | 65% | 65% |
Given there is no liquid market for implied volatility of DWS shares, the calculation of DWS share price volatility is based
on 5-year historical data for DWS and a comparable peer group.
539
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Post-employment Benefit Plans
Nature of Plans
The Group sponsors a number of post-employment benefit plans on behalf of its employees, both defined contribution
plans and defined benefit plans. The Group’s plans are accounted for based on the nature and substance of the plan.
Generally, for defined benefit plans the value of a participant’s accrued benefit is based on each employee’s
remuneration and length of service; contributions to defined contribution plans are typically based on a percentage of
each employee’s remuneration. The rest of this note focuses predominantly on the Group’s defined benefit plans.
The Group’s defined benefit plans are primarily described on a geographical basis, reflecting differences in the nature
and risks of benefits, as well as in the respective regulatory environments. In particular, the requirements set by local
regulators can vary significantly and determine the design and financing of the benefit plans to a certain extent. Key
information is also shown based on participant status, which provides a broad indication of the maturity of the Group’s
obligations.
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| in € m. | Germany | U.K. | U.S. | Other | Total |
| Defined benefit obligation related to | |||||
| Active plan participants | 2,816 | 210 | 202 | 699 | 3,927 |
| Participants in deferred status | 1,673 | 1,135 | 470 | 82 | 3,360 |
| Participants in payment status | 4,860 | 1,333 | 417 | 218 | 6,828 |
| Total defined benefit obligation | 9,349 | 2,678 | 1,089 | 999 | 14,115 |
| Fair value of plan assets | 9,632 | 3,505 | 944 | 1,158 | 15,239 |
| Funding ratio (in %) | 103% | 131% | 87%1 | 116% | 108% |
1U.S. Total defined benefit obligation is inclusive of the unfunded U.S. Medicare Plan € 105 million in addition to defined benefit pension plans. The U.S. defined benefit
pension funding ratio excluding Medicare is 96%
| Dec 31, 2024 | |||||
|---|---|---|---|---|---|
| in € m. | Germany | U.K. | U.S. | Other | Total |
| Defined benefit obligation related to | |||||
| Active plan participants | 3,084 | 272 | 229 | 715 | 4,300 |
| Participants in deferred status | 1,805 | 1,321 | 526 | 84 | 3,736 |
| Participants in payment status | 5,075 | 1,210 | 461 | 229 | 6,975 |
| Total defined benefit obligation | 9,964 | 2,803 | 1,216 | 1,028 | 15,011 |
| Fair value of plan assets | 10,237 | 3,678 | 1,050 | 1,141 | 16,106 |
| Funding ratio (in %) | 103% | 131% | 86%1 | 111% | 107% |
1U.S. Total defined benefit obligation is inclusive of the unfunded U.S. Medicare Plan € 120 million in addition to defined benefit pension plans. The U.S. defined benefit
pension funding ratio excluding Medicare is 96%
The majority of the Group’s defined benefit plan obligations relate to Germany, the United Kingdom and the United
States. Within the other countries, the largest obligation relates to Switzerland. In Germany and some continental
European countries, post-employment benefits are usually agreed on a collective basis with respective employee
workers councils, unions or their equivalent. The Group’s main pension plans are governed by boards of trustees,
fiduciaries or their equivalent.
Post-employment benefits can form an important part of an employee’s total remuneration. The Group’s approach is that
their design shall be attractive to employees in the respective market, but sustainable for the Group to provide over the
longer term. At the same time, the Group tries to limit its risks related to provision of such benefits. Consequently, the
Group has moved to offer defined contribution plans in many locations over recent years.
In the past the Group typically offered pension plans based on final pay prior to retirement. These types of benefits still
form a significant part of the pension obligations for participants in deferred and payment status. Currently, in Germany
and the United States, the main defined benefit pension plans for active staff are cash account type plans where the
Group credits an annual amount to individual accounts based on an employee’s current compensation. Dependent on
the plan rules, the accounts increase either at a fixed interest rate or participate in market movements of certain
underlying investments to limit the investment risk for the Group. Sometimes, particularly in Germany, there is a
guaranteed benefit amount within the plan rules, e.g. payment of at least the amounts contributed. Upon retirement,
beneficiaries may usually opt for a lump sum, a fixed number of annual installments or for conversion of the accumulated
account balance into a life annuity. This conversion is often based on market conditions and mortality assumptions at
retirement.
540
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The Group also sponsors retirement and termination indemnity plans in several countries, as well as some post-
employment medical plans for a number of current and retired employees, mainly in the United States. The post-
employment medical plans typically pay fixed percentages of medical expenses of eligible retirees after a set deductible
has been met. In the United States, once a retiree is eligible for Medicare, the Group contributes to a Health
Reimbursement Account and the retiree is no longer eligible for the Group’s medical program. The Group’s total defined
benefit obligation for post-employment medical plans was € 126 million and 142 million on December 31, 2025 and
December 31, 2024, respectively. In combination with the benefit structure, these plans represent limited risk for the
Group, given the nature and size of the post-retirement medical plan liabilities versus the size of the Group’s balance
sheet at year end 2025.
The following amounts of expected benefit payments from the Group’s defined benefit plans include benefits
attributable to employees’ past and estimated future service and include both amounts paid from the Group’s external
pension trusts and paid directly by the Group in respect of unfunded plans.
| in € m. | Germany | U.K. | U.S. | Other | Total |
|---|---|---|---|---|---|
| Actual benefit payments 2025 | 554 | 109 | 89 | 72 | 824 |
| Benefits expected to be paid 2026 | 580 | 131 | 78 | 72 | 861 |
| Benefits expected to be paid 2027 | 582 | 139 | 77 | 72 | 870 |
| Benefits expected to be paid 2028 | 601 | 148 | 83 | 70 | 902 |
| Benefits expected to be paid 2029 | 616 | 160 | 84 | 72 | 932 |
| Benefits expected to be paid 2030 | 630 | 165 | 81 | 70 | 946 |
| Benefits expected to be paid 2031 - 2035 | 3,221 | 891 | 418 | 392 | 4,922 |
| Weighted average duration of defined benefit<br><br>obligation (in years) | 10 | 12 | 9 | 9 | 10 |
Multi-employer Plans
In Germany, the Group is a member of the BVV Versicherungsverein des Bankgewerbes a.G. (BVV) together with other
financial institutions. The BVV offers retirement benefits to eligible employees in Germany as a complement to post-
employment benefit promises of the Group. Both employers and employees contribute on a regular basis to the BVV. The
BVV provides annuities of a fixed amount to individuals on retirement and increases these fixed amounts if surplus assets
arise within the plan. According to legislation in Germany, the employer is ultimately liable for providing the benefits to
its employees. An increase in benefits may also arise due to additional obligations to retirees for the effects of inflation.
BVV is a multi-employer defined benefit plan. However, in line with industry practice, the Group accounts for it as a
defined contribution plan since insufficient information is available to identify assets and liabilities relating to the Group’s
current and former employees, primarily because the BVV does not fully allocate plan assets to beneficiaries nor to
member companies.
Governance and Risk
The Group maintains a Pensions Committee to oversee its pension and related risks on a global basis. This Committee
meets at least quarterly and reports directly to the Senior Executive Compensation Committee.
Within this context, the Group develops and maintains guidelines for governance and risk management, including
funding, asset allocation and actuarial assumption setting.
During and after acquisitions or changes in the external environment (e.g., legislation, taxation), topics such as the
general plan design or potential plan amendments are considered. Any plan changes follow a process requiring approval
by Group Human Resources and, above a certain threshold, also of the Pensions Committee.
Pension risk management is embedded in the Group’s risk management organization, with strong focus on market risks
given importance of capital market developments (e.g., interest rate, credit spread, price inflation) for the value of plan
assets and liabilities, hence IFRS and regulatory capital. Risk management thereby encompasses regular measurement,
monitoring and reporting of risks via specific metrics, as well as a risk control framework, e.g., via the establishment of risk
limits or thresholds as applicable. Risk management activities also include the consideration, review and measurement of
other financial risks, e.g., risks from demographic and other actuarial assumptions (e.g., longevity risk) but also the
assessment of model, valuation and other non-financial risks.
541
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
In the Group’s key pension countries, the Group’s largest post-employment benefit plan risk exposures relate to potential
changes in credit spreads, interest rates, price inflation and longevity, that are partially mitigated through the investment
strategy adopted. To the extent that pension plans are funded, the assets held mitigate some of the liability risks, but
introduce investment risk.
Overall, the Group seeks to minimize the impact of pensions on the Group’s financial position from market movements,
subject to balancing the trade-offs involved in financing post-employment benefits, regulatory capital and constraints
from local funding or accounting requirements.
Funding
The Group maintains various external pension trusts to fund the majority of its defined benefit plan obligations. The
Group’s funding principle is to maintain funding of the defined benefit obligation by plan assets within a range of 90% to
100% of the obligation, subject to meeting any local statutory requirements. The Group has also determined that certain
plans should remain unfunded, although their funding approach is subject to periodic review, e.g., when local regulations
or practices change. Obligations for the Group’s unfunded plans are accrued on the balance sheet.
For many of the externally funded defined benefit plans there are local minimum funding requirements. The Group can
decide on any additional plan contributions, with reference to the Group’s funding principle. There are some locations,
e.g., the United Kingdom, where the trustees and the Group jointly agree contribution levels. In most countries, the
Group expects to receive an economic benefit from any plan surpluses of plan assets compared to defined benefit
obligations, typically by way of reduced future contributions. Given the relatively high funding level and the investment
strategy adopted in the Group’s key funded defined benefit plans, any minimum funding requirements that may apply
are not expected to place the Group under any material adverse cash strain in the short term. With reference to the
Group’s funding principle, the Group considers not re-claiming benefits paid from the Group’s assets as an equivalent to
making cash contributions into the external pension trusts during the year.
In order to limit the extent to which the Group breached the upper end of its target funding ratio within Germany, the
Group has claimed around € 540 million and € 520 million from the trust in 2025 and 2024, respectively, from the plan
assets which represents the benefits paid from the Group’s assets on behalf of the trust.
For post-retirement medical plans, the Group accrues for obligations over the period of employment and pays the
benefits from Group assets when the benefits become due.
542
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Actuarial Methodology and Assumptions
December 31 is the measurement date for all plans. All plans are valued by independent qualified actuaries using the
projected unit credit method. A Group policy provides guidance to ensure consistency globally on setting actuarial
assumptions which are finally determined by the Group’s Pensions Committee. Senior management of the Group is
regularly informed of movements and changes in key actuarial assumptions.
The key actuarial assumptions applied in determining the defined benefit obligations on December 31 are presented
below in the form of weighted averages.
| December 31, 2025 | December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| Germany | U.K. | U.S.1 | Other | Germany | U.K. | U.S.1 | Other | |
| Discount rate (in %) | 4.06% | 5.54% | 5.22% | 3.52% | 3.52% | 5.48% | 5.51% | 3.20% |
| Rate of price inflation (in %) | 2.02% | 3.17% | 2.30% | 1.51% | 2.06% | 3.46% | 2.20% | 1.60% |
| Rate of nominal increase in<br><br>future compensation levels<br><br>(in %) | 2.20% | 3.17% | 2.40% | 3.10% | 2.25% | 3.46% | 2.30% | 2.96% |
| Rate of nominal increase for<br><br>pensions in payment (in %) | 2.02% | 2.96% | 2.30% | 0.55% | 2.06% | 3.18% | 2.20% | 0.59% |
| Assumed life expectancy<br><br>at age 65 | ||||||||
| For a male aged 65<br><br>at measurement date | 21.5 | 23.5 | 22.7 | 22.1 | 21.5 | 23.2 | 22.1 | 22.0 |
| For a female aged 65<br><br>at measurement date | 22.9 | 25.1 | 23.9 | 24.1 | 23.7 | 25.1 | 23.5 | 24.1 |
| For a male aged 45<br><br>at measurement date | 22.8 | 24.8 | 24.0 | 23.7 | 22.8 | 24.4 | 23.5 | 23.6 |
| For a female aged 45<br><br>at measurement date | 24.0 | 26.5 | 25.3 | 25.6 | 24.8 | 26.4 | 24.9 | 25.6 |
| Mortality tables applied | 2025<br><br>Modified<br><br>Richttafeln<br><br>Heubeck<br><br>2018G | SAPS4<br><br>Light/Very<br><br>Light with<br><br>CMI 2024<br><br>projections | PRI-2012<br><br>with<br><br>adjusted<br><br>MP-2021<br><br>projection | Country<br><br>specific<br><br>tables | 2019<br><br>Modified<br><br>Richttafeln<br><br>Heubeck<br><br>2018G | SAPS3<br><br>Light/Very<br><br>Light with<br><br>CMI 2023<br><br>projections | PRI-2012<br><br>with<br><br>MP-2021<br><br>projection | Country<br><br>specific<br><br>tables |
1Cash balance interest crediting rate in line with the 30-year U.S. government bond yield
For the Group’s most significant pension plans in the key countries, the discount rate used at each measurement date is
set based on a high quality corporate bond yield curve, which is derived using a bond universe sourced from reputable
third-party market data providers, and reflects the timing, amount and currency of the future expected benefit payments
for the respective plan.
The price inflation assumptions in the Eurozone and the United Kingdom are set with reference to market measures of
inflation based on inflation swap rates in those markets at each measurement date. For other countries, the price
inflation assumptions are typically based on long term forecasts by Consensus Economics Inc.
The assumptions for the increases in future compensation levels and for increases to pensions in payment are developed
separately for each plan, where relevant. Each is set based on the price inflation assumption and reflecting the Group’s
reward structure or policies in each market, as well as relevant local statutory and plan-specific requirements. In 2024,
the Group introduced a refinement to the methodology for estimating increases to pensions in payment for its main
German pension plan to better reflect the effects of recent short-term inflation, which resulted in a benefit recognized in
Other Comprehensive Income of € 100 million.
Among other assumptions, mortality assumptions can be significant in measuring the Group’s obligations under its
defined benefit plans. These assumptions have been set in accordance with current best estimate in the respective
countries. Future potential improvements in longevity have been considered and included where appropriate.
543
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Reconciliation in Movement of Liabilities and Assets – Impact on Financial Statements
| 2025 | |||||
|---|---|---|---|---|---|
| in € m. | Germany | U.K. | U.S. | Other | Total |
| Change in the present value of the defined benefit<br><br>obligation: | |||||
| Balance, beginning of year | 9,964 | 2,803 | 1,216 | 1,028 | 15,011 |
| Defined benefit cost recognized in Profit & Loss | |||||
| Current service cost | 106 | 7 | 6 | 39 | 158 |
| Interest cost | 343 | 145 | 59 | 31 | 578 |
| Past service cost and gain or loss arising from<br><br>settlements | 14 | 2 | — | 12 | 28 |
| Defined benefit cost recognized in Other Comprehensive<br><br>Income | |||||
| Actuarial gain or loss arising from changes in financial<br><br>assumptions | (517) | (87) | 28 | (25) | (601) |
| Actuarial gain or loss arising from changes in<br><br>demographic assumptions | (56) | 1 | 9 | 1 | (45) |
| Actuarial gain or loss arising from experience | 54 | 64 | 5 | 14 | 137 |
| Cash flow and other changes | |||||
| Contributions by plan participants | 1 | — | — | 16 | 17 |
| Benefits paid | (554) | (109) | (89) | (73) | (825) |
| Payments in respect to settlements | — | — | — | (6) | (6) |
| Acquisitions/Divestitures | (6) | — | — | — | (6) |
| Exchange rate changes | — | (148) | (145) | (38) | (331) |
| Other | — | — | — | — | — |
| Balance, end of year | 9,349 | 2,678 | 1,089 | 999 | 14,115 |
| thereof: | |||||
| Unfunded | — | 8 | 122 | 62 | 192 |
| Funded | 9,349 | 2,670 | 967 | 937 | 13,923 |
| Change in fair value of plan assets: | |||||
| Balance, beginning of year | 10,237 | 3,678 | 1,050 | 1,141 | 16,106 |
| Defined benefit cost recognized in Profit & Loss | |||||
| Interest income | 354 | 191 | 51 | 34 | 630 |
| Defined benefit cost recognized in Other Comprehensive<br><br>Income | |||||
| Return from plan assets less interest income | (443) | (58) | 28 | 21 | (452) |
| Cash flow and other changes | |||||
| Contributions by plan participants | 1 | — | — | 16 | 17 |
| Contributions by the employer | 43 | — | 19 | 47 | 109 |
| Benefits paid1 | (554) | (109) | (76) | (65) | (804) |
| Payments in respect to settlements | — | — | — | — | — |
| Acquisitions/Divestitures | (6) | — | — | — | (6) |
| Exchange rate changes | — | (194) | (126) | (35) | (355) |
| Other | — | — | — | — | — |
| Plan administration costs | — | (3) | (2) | (1) | (6) |
| Balance, end of year | 9,632 | 3,505 | 944 | 1,158 | 15,239 |
| Funded status, end of year | 283 | 827 | (145) | 159 | 1,124 |
| Change in irrecoverable surplus (asset ceiling) | |||||
| Balance, beginning of year | — | — | — | (111) | (111) |
| Interest cost | — | — | — | (1) | (1) |
| Changes in irrecoverable surplus | — | — | — | (32) | (32) |
| Exchange rate changes | — | — | — | (1) | (1) |
| Balance, end of year | — | — | — | (145) | (145) |
| Net asset (liability) recognized | 283 | 827 | (145) | 14 | 9792 |
| Fair value of reimbursement rights | — | — | — | 3 | 3 |
1For funded plans only
2Thereof € 1.2 billion recognized in Other assets and € 261 million in Other liabilities
544
| Deutsche Bank | Additional Notes | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | 33 – Employee Benefits | ||||
| 2024 | |||||
| --- | --- | --- | --- | --- | --- |
| in € m. | Germany | U.K. | U.S. | Other | Total |
| Change in the present value of the defined benefit<br><br>obligation: | |||||
| Balance, beginning of year | 10,504 | 3,026 | 1,172 | 979 | 15,681 |
| Defined benefit cost recognized in Profit & Loss | |||||
| Current service cost | 119 | 8 | 7 | 37 | 171 |
| Interest cost | 343 | 137 | 58 | 32 | 570 |
| Past service cost and gain or loss arising from<br><br>settlements | 14 | 1 | — | — | 15 |
| Defined benefit cost recognized in Other Comprehensive<br><br>Income | |||||
| Actuarial gain or loss arising from changes in financial<br><br>assumptions | (549) | (398) | (13) | 13 | (947) |
| Actuarial gain or loss arising from changes in<br><br>demographic assumptions | — | 10 | — | 3 | 13 |
| Actuarial gain or loss arising from experience | 71 | (12) | (1) | 11 | 69 |
| Cash flow and other changes | |||||
| Contributions by plan participants | 1 | — | — | 16 | 17 |
| Benefits paid | (539) | (113) | (85) | (62) | (799) |
| Payments in respect to settlements | — | — | — | — | — |
| Acquisitions/Divestitures | — | — | — | — | — |
| Exchange rate changes | — | 142 | 78 | (1) | 219 |
| Other | — | 2 | — | — | 2 |
| Balance, end of year | 9,964 | 2,803 | 1,216 | 1,028 | 15,011 |
| thereof: | |||||
| Unfunded | — | 10 | 139 | 68 | 217 |
| Funded | 9,964 | 2,793 | 1,077 | 960 | 14,794 |
| Change in fair value of plan assets: | |||||
| Balance, beginning of year | 10,532 | 3,912 | 1,003 | 1,071 | 16,518 |
| Defined benefit cost recognized in Profit & Loss | |||||
| Interest income | 350 | 177 | 50 | 34 | 611 |
| Defined benefit cost recognized in Other Comprehensive<br><br>Income | |||||
| Return from plan assets less interest income | (148) | (479) | 4 | 34 | (589) |
| Cash flow and other changes | |||||
| Contributions by plan participants | 1 | — | — | 16 | 17 |
| Contributions by the employer | 41 | — | — | 36 | 77 |
| Benefits paid1 | (539) | (112) | (71) | (54) | (776) |
| Payments in respect to settlements | — | — | — | — | — |
| Acquisitions/Divestitures | — | — | — | — | — |
| Exchange rate changes | — | 185 | 67 | 4 | 256 |
| Other | — | — | — | 1 | 1 |
| Plan administration costs | — | (5) | (3) | (1) | (9) |
| Balance, end of year | 10,237 | 3,678 | 1,050 | 1,141 | 16,106 |
| Funded status, end of year | 273 | 875 | (166) | 113 | 1,095 |
| Change in irrecoverable surplus (asset ceiling) | |||||
| Balance, beginning of year | — | — | — | (102) | (102) |
| Interest cost | — | — | — | (1) | (1) |
| Changes in irrecoverable surplus | — | — | — | (9) | (9) |
| Exchange rate changes | — | — | — | 1 | 1 |
| Balance, end of year | — | — | — | (111) | (111) |
| Net asset (liability) recognized | 273 | 875 | (166) | 2 | 9842 |
| Fair value of reimbursement rights | — | — | — | 3 | 3 |
1For funded plans only
2Thereof € 1.3 billion recognized in Other assets and € 317 million in Other liabilities
545
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Investment Strategy
The Group’s investment objective is to protect the Group from adverse impacts of its defined benefit pension plans on
key financial metrics. The primary focus is to protect the plans’ IFRS funded status in the case of adverse market
scenarios. Investment managers manage pension assets in line with investment mandates or guidelines as agreed with
the pension plans’ trustees and investment committees.
For key defined benefit plans for which the Group aims to protect the IFRS funded status, the Group applies a liability
driven investment approach. Risks from mismatches between fluctuations in the present value of the defined benefit
obligations and plan assets due to capital market movements are minimized, subject to balancing relevant trade-offs.
This is achieved by allocating plan assets closely to the market risk factor exposures of the pension liability to interest
rates, credit spreads and inflation. Thereby, plan assets broadly reflect the underlying risk profile and currency of the
pension obligations.
Where the desired hedging level for market risks cannot be achieved with physical instruments (i.e., corporate and
government bonds), derivatives are employed. Derivative overlays mainly include interest rate, inflation swaps and credit
default swaps. Other instruments are also used, such as interest rate futures and options. In practice, a completely
hedged approach is impractical, for instance because of insufficient market depth for ultra-long-term corporate bonds,
as well as liquidity and cost considerations. Therefore, plan assets contain further return-seeking asset categories such as
equity, real estate, high yield bonds or emerging markets bonds to create long-term value and achieve diversification
benefits. Furthermore, this shift in the investment strategy allows for actively taken market risk exposures from interest
rates and credit spreads within defined limits governed by the Pensions Committee. As a result, the market risk from plan
assets has been reduced.
The Group purchased insurance to cover € 1.1 billion uninsured liability for the U.K. Staff Scheme in 2024 which
negatively impacted Other Comprehensive Income in the Group’s financial statement by approximately € 120 million. In
total, the Group has entered into five buy-in transactions in the U.K. with third-party insurers protecting the Group from
movements in defined benefit obligations of around € 2.6 billion as at December 31, 2025.
546
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Plan asset allocation to key asset classes
The following table shows the asset allocation of the Group’s funded defined benefit plans to key asset classes, i.e.,
exposures include physical securities in discretely managed portfolios and underlying asset allocations of any
commingled funds used to invest plan assets.
Asset amounts in the following table include both “quoted” (i.e., Level 1 assets in accordance with IFRS 13 – amounts
invested in markets where the fair value can be determined directly from prices which are quoted in active, liquid
markets) and “other” (i.e., Level 2 and 3 assets in accordance with IFRS 13) assets.
| December 31, 2025 | December 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Germany | U.K. | U.S. | Other | Total | Germany | U.K. | U.S. | Other | Total |
| Cash and cash equivalents | 431 | 137 | (18) | 60 | 610 | 305 | 163 | 3 | 66 | 537 |
| Equity instruments1 | 1,189 | 124 | 89 | 280 | 1,682 | 1,060 | — | 111 | 256 | 1,427 |
| Investment-grade bonds2 | ||||||||||
| Government | 1,608 | 168 | 288 | 196 | 2,260 | 1,814 | 77 | 277 | 214 | 2,382 |
| Non-government bonds | 3,817 | 358 | 429 | 360 | 4,964 | 4,090 | 531 | 474 | 358 | 5,453 |
| Non-investment-grade bonds | ||||||||||
| Government | 96 | — | 4 | 5 | 105 | 86 | — | 4 | 4 | 94 |
| Non-government bonds | 359 | 43 | 9 | 23 | 434 | 380 | 17 | 19 | 25 | 441 |
| Securitized and other Debt<br><br>Investments | 32 | 48 | 46 | 19 | 145 | 37 | 21 | 85 | 16 | 159 |
| Insurance | — | 2,626 | — | 18 | 2,644 | — | 2,756 | — | 16 | 2,772 |
| Alternatives | ||||||||||
| Real estate | 632 | — | — | 104 | 736 | 719 | — | — | 99 | 818 |
| Commodities | 77 | — | — | 4 | 81 | 54 | — | — | 2 | 56 |
| Private equity | — | — | — | — | — | — | — | — | 4 | 4 |
| Other3 | 945 | — | — | 65 | 1,010 | 989 | — | — | 60 | 1,049 |
| Derivatives (Market Value) | ||||||||||
| Interest rate | 443 | — | (29) | 11 | 425 | 730 | 113 | (49) | 13 | 807 |
| Credit | (12) | — | 36 | — | 24 | (18) | — | 57 | — | 39 |
| Inflation | — | — | — | 11 | 11 | — | — | — | 14 | 14 |
| Foreign exchange | 15 | 1 | — | 2 | 18 | (17) | — | — | (6) | (23) |
| Other | — | — | 90 | — | 90 | 8 | — | 69 | — | 77 |
| Total fair value of plan assets | 9,632 | 3,505 | 944 | 1,158 | 15,239 | 10,237 | 3,678 | 1,050 | 1,141 | 16,106 |
1Allocation of equity exposure is broadly in line with the typical index in the respective market, e.g., the equity portfolio’s benchmark of the UK retirement benefit plans is
the MSCI All Countries World Index
2Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A
3This position contains commingled funds which could not be segregated into the other asset categories
547
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
The following table sets out the Group’s funded defined benefit plan assets only invested in “quoted” assets, i.e., Level 1
assets in accordance with IFRS 13.
| December 31, 2025 | December 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | Germany | U.K. | U.S. | Other | Total | Germany | U.K. | U.S. | Other | Total |
| Cash and cash equivalents1 | 56 | 16 | (18) | 9 | 63 | (118) | (56) | 3 | 12 | (159) |
| Equity instruments2 | 868 | 124 | 89 | 56 | 1,137 | 757 | — | 110 | 45 | 912 |
| Investment-grade bonds3 | ||||||||||
| Government | 558 | 168 | 268 | 57 | 1,051 | 599 | 77 | 256 | 52 | 984 |
| Non-government bonds | — | — | — | — | — | — | — | — | — | — |
| Non-investment-grade bonds | ||||||||||
| Government | 5 | — | — | — | 5 | 2 | — | 1 | — | 3 |
| Non-government bonds | — | — | — | — | — | — | — | — | — | — |
| Securitized and other Debt<br><br>Investments | — | 19 | — | — | 19 | — | — | — | — | — |
| Insurance | — | — | — | — | — | — | — | — | — | — |
| Alternatives | ||||||||||
| Real estate | — | — | — | — | — | — | — | — | — | — |
| Commodities | — | — | — | — | — | — | — | — | — | — |
| Private equity | — | — | — | — | — | — | — | — | — | — |
| Other | — | — | — | — | — | — | — | — | — | — |
| Derivatives (Market Value) | ||||||||||
| Interest rate | — | — | (32) | — | (32) | — | — | (57) | — | (57) |
| Credit | — | — | — | — | — | — | — | — | — | — |
| Inflation | — | — | — | — | — | — | — | — | — | — |
| Foreign exchange | — | — | — | — | — | — | — | — | — | — |
| Other | — | — | — | — | — | 8 | — | — | — | 8 |
| Total fair value of quoted<br><br>plan assets | 1,487 | 327 | 307 | 122 | 2,243 | 1,248 | 21 | 313 | 109 | 1,691 |
1Negative amounts relate to short-term liabilities
2 Allocation of equity exposure is broadly in line with the typical index in the respective market, e.g., the equity portfolio’s benchmark of the UK retirement benefit plans is
the MSCI All Countries World Index
3 Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A
The following tables show the asset allocation of the “quoted” and “other” defined benefit plan assets by key geography
in which they are invested.
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| in € m. | Germany | United<br><br>Kingdom | United<br><br>States | Other<br><br>Eurozone | Other<br><br>developed<br><br>countries | Emerging<br><br>markets | Total |
| Cash and cash equivalents | (26) | 135 | (5) | 465 | 19 | 22 | 610 |
| Equity instruments | 74 | 102 | 568 | 497 | 354 | 87 | 1,682 |
| Government bonds<br><br>(investment-grade and above) | 329 | 166 | 307 | 860 | 135 | 463 | 2,260 |
| Government bonds<br><br>(non-investment-grade) | — | — | — | 6 | — | 99 | 105 |
| Non-government bonds<br><br>(investment-grade and above) | 533 | 441 | 1,809 | 1,608 | 507 | 66 | 4,964 |
| Non-government bonds<br><br>(non-investment-grade) | 4 | 20 | 27 | 378 | 3 | 2 | 434 |
| Securitized and other Debt<br><br>Investments | 18 | 31 | 45 | 22 | 28 | 1 | 145 |
| Subtotal | 932 | 895 | 2,751 | 3,836 | 1,046 | 740 | 10,200 |
| Share (in %) | 9% | 9% | 27% | 38% | 10% | 7% | 100% |
| Other asset categories | 5,039 | ||||||
| Fair value of plan assets | 15,239 |
548
| Deutsche Bank | Additional Notes | ||||||
|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 33 – Employee Benefits | ||||||
| Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Germany | United<br><br>Kingdom | United<br><br>States | Other<br><br>Eurozone | Other<br><br>developed<br><br>countries | Emerging<br><br>markets | Total |
| Cash and cash equivalents | (20) | 172 | 30 | 311 | 20 | 24 | 537 |
| Equity instruments | 29 | 30 | 818 | 345 | 150 | 55 | 1,427 |
| Government bonds<br><br>(investment-grade and above) | 376 | 77 | 300 | 980 | 207 | 442 | 2,382 |
| Government bonds<br><br>(non-investment-grade) | 2 | — | 1 | — | — | 91 | 94 |
| Non-government bonds<br><br>(investment-grade and above) | 500 | 632 | 1,843 | 2,021 | 392 | 65 | 5,453 |
| Non-government bonds<br><br>(non-investment-grade) | 26 | 27 | 22 | 359 | 3 | 4 | 441 |
| Securitized and other Debt<br><br>Investments | 23 | 21 | 83 | 15 | 17 | — | 159 |
| Subtotal | 936 | 959 | 3,097 | 4,031 | 789 | 681 | 10,493 |
| Share (in %) | 9% | 9% | 30% | 38% | 8% | 6% | 100% |
| Other asset categories | 5,613 | ||||||
| Fair value of plan assets | 16,106 |
Plan assets include derivative transactions with Group entities with an overall positive market value of around
€ 630 million at December 31, 2025 and € 810 million December 31, 2024, respectively. There is neither a material
amount of securities issued by the Group nor other claims on Group assets included in the fair value of plan assets. The
plan assets do not include any real estate which is used by the Group.
Key Risk Sensitivities
The Group’s defined benefit obligations are sensitive to changes in capital market conditions and actuarial assumptions.
Sensitivities to capital market movements and key assumption changes are presented in the following table. Each market
risk factor or assumption is changed in isolation. Sensitivities of the defined benefit obligations are approximated using
geometric extrapolation methods based on plan durations for the respective assumption. Duration is a risk measure that
indicates the broad sensitivity of the obligations to a change in an underlying assumption and provides a reasonable
approximation for small to moderate changes in those assumptions.
For example, the interest rate duration is derived from the change in the defined benefit obligation to a change in the
interest rate based on information provided by the local actuaries of the respective plans. The resulting duration is used
to estimate the remeasurement liability loss or gain from changes in the interest rate. For other assumptions, a similar
approach is used to derive the respective sensitivity results.
For defined benefit pension plans, changes in capital market conditions will impact the plan obligations via actuarial
assumptions (e.g., via the discount rate and price inflation rate) as well as the plan assets’ fair value. Where the Group
applies a liability driven investment approach or has insured part of the obligations as in the U.K., the Group’s overall risk
exposure to such changes is reduced. To help readers gain a better understanding of the Group’s risk exposures to key
capital market movements, the net impact of the change in the defined benefit obligations and plan assets due to a
change of the related market risk factor or underlying actuarial assumption is shown. Where changes in actuarial
assumptions do not affect plan assets, only the impact on the defined benefit obligations is reported.
Asset-related sensitivities are derived for the Group’s major plans by using risk sensitivity factors determined by the
Group’s Market Risk Management function. These sensitivities are calculated based on information provided by the plans’
investment managers and extrapolated linearly to reflect the approximate change of the plan assets’ market value in
case of a change in the underlying risk factor.
The sensitivities illustrate plausible variations over time in capital market movements and key actuarial assumptions. The
Group is not in a position to provide a view on the likelihood of these capital market or assumption changes. While these
sensitivities illustrate the overall impact on the funded status of the changes shown, the significance of the impact and
the range of reasonable possible alternative assumptions may differ between the different plans that comprise the
aggregated results. Even though plan assets and plan obligations are sensitive to similar risk factors, actual changes in
plan assets and obligations may not fully offset each other due to imperfect correlations between market risk factors and
actuarial assumptions. Caution should be used when extrapolating these sensitivities due to non-linear effects that
changes in capital market conditions and key actuarial assumptions may have on the overall funded status. Any
management actions that may be taken to mitigate the inherent risks in the post-employment defined benefit plans are
not reflected in these sensitivities.
549
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 33 – Employee Benefits | |||||||
| December 31, 2025 | December 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Germany | U.K. | U.S. | Other | Germany | U.K. | U.S. | Other |
| Interest rate (–50 bps): | ||||||||
| (Increase) in DBO | (455) | (165) | (25) | (40) | (525) | (210) | (25) | (45) |
| Expected increase in plan assets1 | 415 | 150 | 15 | 15 | 465 | 225 | 20 | 15 |
| Expected net impact on funded status (de-)<br><br>increase | (40) | (15) | (10) | (25) | (60) | 15 | (5) | (30) |
| Interest rate (+50 bps): | ||||||||
| Decrease in DBO | 435 | 155 | 25 | 40 | 500 | 195 | 25 | 40 |
| Expected (decrease) in plan assets1 | (415) | (140) | (15) | (15) | (465) | (205) | (20) | (15) |
| Expected net impact on funded status (de-)<br><br>increase | 20 | 15 | 10 | 25 | 35 | (10) | 5 | 25 |
| Credit spread (–50 bps): | ||||||||
| (Increase) in DBO | (455) | (165) | (50) | (45) | (525) | (210) | (55) | (50) |
| Expected increase in plan assets1 | 285 | 155 | 30 | 10 | 305 | 220 | 35 | 10 |
| Expected net impact on funded status (de-)<br><br>increase | (170) | (10) | (20) | (35) | (220) | 10 | (20) | (40) |
| Credit spread (+50 bps): | ||||||||
| Decrease in DBO | 435 | 155 | 45 | 45 | 500 | 195 | 50 | 45 |
| Expected (decrease) in plan assets1 | (285) | (145) | (30) | (10) | (305) | (200) | (35) | (10) |
| Expected net impact on funded status (de-)<br><br>increase | 150 | 10 | 15 | 35 | 195 | (5) | 15 | 35 |
| Rate of price inflation (–50 bps):2 | ||||||||
| Decrease in DBO | 140 | 115 | 5 | 10 | 165 | 150 | 5 | 10 |
| Expected (decrease) in plan assets1 | (180) | (120) | — | (5) | (260) | (150) | — | (5) |
| Expected net impact on funded status (de-)<br><br>increase | (40) | (5) | 5 | 5 | (95) | — | 5 | 5 |
| Rate of price inflation (+50 bps):2 | ||||||||
| (Increase) in DBO | (250) | (115) | (5) | (10) | (280) | (160) | (5) | (10) |
| Expected increase in plan assets1 | 180 | 120 | — | 5 | 260 | 160 | — | 5 |
| Expected net impact on funded status (de-)<br><br>increase | (70) | 5 | (5) | (5) | (20) | — | (5) | (5) |
| Rate of real increase in future compensation<br><br>levels (–50 bps): | ||||||||
| Decrease in DBO, net impact on funded status | 20 | — | — | 10 | 25 | 5 | — | 10 |
| Rate of real increase in future compensation<br><br>levels (+50 bps): | ||||||||
| (Increase) in DBO, net impact on funded status | (20) | — | — | (10) | (25) | (5) | — | (10) |
| Longevity improvements by 10%:3 | ||||||||
| (Increase) in DBO | (190) | (55) | (20) | (10) | (205) | (60) | (20) | (10) |
| Expected increase in plan assets | — | 55 | — | — | — | 55 | — | — |
| Expected net impact on funded status (de-)<br><br>increase | (190) | — | (20) | (10) | (205) | (5) | (20) | (10) |
1Expected changes in the fair value of plan assets contain the simulated impact from the biggest plans in Germany, the U.K., the U.S., Channel Islands, Switzerland and
Belgium which cover over 99% of the total fair value of plan assets. The fair value of plan assets for other plans is assumed to be unchanged for this presentation
2Incorporates sensitivity to changes in pension benefits to the extent linked to the price inflation assumption
3Estimated to be equivalent to an increase of around 1 year in overall life expectancy
550
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 33 – Employee Benefits |
Expected cash flows
The following table shows expected cash flows for post-employment benefits in 2026, including contributions to the
Group’s external pension trusts in respect of funded plans, direct payment to beneficiaries in respect of unfunded plans,
as well as contributions to defined contribution plans.
| 2026 | |
|---|---|
| in € m. | Total |
| Expected contributions to | |
| Defined benefit plan assets | 95 |
| BVV | 60 |
| Other defined contribution plans | 280 |
| Expected benefit payments for unfunded defined benefit plans | 20 |
| Expected total cash flow related to post-employment benefits | 455 |
Expense of employee benefits
The following table presents a breakdown of specific expenses according to the requirements of IAS 19 and IFRS 2.
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Expenses for defined benefit plans: | |||
| Service cost1 | 173 | 171 | 164 |
| Net interest cost (income) | (51) | (40) | (45) |
| Total expenses defined benefit plans | 122 | 131 | 119 |
| Expenses for defined contribution plans: | |||
| BVV | 60 | 61 | 55 |
| Other defined contribution plans | 280 | 282 | 265 |
| Total expenses for defined contribution plans | 341 | 343 | 320 |
| Total expenses for post-employment benefit plans | 462 | 474 | 439 |
| Employer contributions to state-mandated pension plans | |||
| Pensions related payments social security in Germany | 243 | 232 | 218 |
| Contributions to pension fund for Postbank´s postal civil servants | 55 | 51 | 57 |
| Further pension related state-mandated benefit plans | 260 | 258 | 248 |
| Total employer contributions to state-mandated benefit plans | 557 | 541 | 523 |
| Expenses for share-based payments: | |||
| Expenses for share-based payments, equity settled2 | 493 | 426 | 436 |
| Expenses for share-based payments, cash settled2 | 86 | 64 | 43 |
| Expenses for cash retention plans2 | 459 | 471 | 448 |
| Expenses for severance payments3 | 162 | 487 | 293 |
1Severance related items under Service Costs are reclassified to Expenses for Severance payments
2Including expenses for new hire awards and the acceleration of expenses not yet amortized due to the discontinuation of employment including those amounts which are
recognized as part of the Group’s restructuring expenses
3Excluding the acceleration of expenses for deferred compensation awards not yet amortized. Severance related items under Service Costs were reclassified to Expense
for Severance payments
551
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 34 – Income Taxes |
34 — Income Taxes
Income tax expense (benefit)
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Current tax expense (benefit): | |||
| Tax expense (benefit) for current year | 1,814 | 1,330 | 1,284 |
| Adjustments for prior years | (60) | (16) | 56 |
| Total current tax expense (benefit) | 1,754 | 1,314 | 1,340 |
| Deferred tax expense (benefit): | |||
| Origination and reversal of temporary differences, unused tax losses and tax credits | 907 | 463 | 442 |
| Effect of changes in tax law and/or tax rate | (110) | 23 | 7 |
| Adjustments for prior years | 40 | (13) | (1,002) |
| Total deferred tax expense (benefit) | 837 | 473 | (553) |
| Total income tax expense (benefit) | 2,592 | 1,786 | 787 |
Total deferred tax expense (benefit) includes benefits from previously unrecognized tax losses (tax credits/deductible
temporary differences) and the reversal of previous write-downs and expenses arising from write-downs of deferred tax
assets. The deferred tax expense (benefit) was positively impacted by € 16 million in 2024 and by € 1.1 billion in 2023.
The Global Minimum Taxation Rules or Pillar 2 rules became applicable to Deutsche Bank starting in 2024, with Deutsche
Bank AG as the ultimate parent. The bank is required to annually determine the global minimum tax or Pillar 2 liability for
group entities in close to 60 jurisdictions. Temporary relief from detailed Pillar 2 calculations, which is determined on a
jurisdiction-by-jurisdiction basis, may be available under transitional safe harbor provisions. These safe harbor provisions,
which are applicable in tax years 2024-2026, are based on the bank’s country-by-country reports filed annually with the
German tax authorities and certain other financial data. Uncertainties remain regarding the application of the Pillar 2
rules, further legislative developments and interpretative guidance in many countries are expected over time, and
implementation efforts are ongoing. The bank has estimated the potential impact on its financial position for 2025 on a
best effort basis and recognized a Pillar 2 related current tax expense of € 3 million (2024: € 3 million). The assessment
considered a number of qualitative and quantitative factors: (1) the bank’s blended statutory tax rate across all
applicable jurisdictions amounted to 28% (2024: 28%), which is significantly higher than the minimum tax rate of 15%; (2)
only five countries (2024: six) applied a statutory tax rate of less than 15% to the bank’s operations; and (3) based on an
analysis of the most recently available country-by-country data, the bank is estimated to qualify for relief under the
transitional safe harbor provisions in most of the jurisdictions it operates in.
Difference between applying German statutory (domestic) income tax rate and actual income tax expense (benefit)
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Expected tax expense (benefit) at domestic income tax rate of 31.3% (31.3% for 2024 and<br><br>31.3% for 2023) | 3,046 | 1,656 | 1,777 |
| Foreign rate differential | (342) | (185) | (89) |
| Tax-exempt gains on securities and other income | (302) | (246) | (319) |
| Loss (income) on equity method investments | — | (6) | — |
| Nondeductible expenses | 233 | 520 | 392 |
| Impairments of goodwill | — | — | 55 |
| Changes in recognition and measurement of deferred tax assets1 | (4) | (59) | (1,238) |
| Effect of changes in tax law and/or tax rate | (110) | 23 | 7 |
| Effect related to share-based payments | — | (1) | — |
| Other1 | 71 | 84 | 202 |
| Actual income tax expense (benefit) | 2,592 | 1,786 | 787 |
1Current and deferred tax expense (benefit) relating to prior years are mainly reflected in the line items “Changes in recognition and measurement of deferred tax assets”
and “Other”
The domestic income tax rate, including corporate tax, solidarity surcharge, and trade tax, used for calculating deferred
tax assets and liabilities was 31.3% for 2025, 2024 and 2023.
Changes in recognition and measurement of deferred tax assets in 2023 mainly included the effect of the recognition of
previously unrecognized deferred tax assets in the U.K. In determining the amount of deferred tax assets, the Group uses
historical tax capacity and profitability information and, if relevant, forecasted operating results based upon approved
business plans, including a review of the eligible carry-forward periods, available tax planning opportunities and other
relevant considerations.
552
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 34 – Income Taxes |
On July 11, 2025, the German Federal Council passed a new tax law (Gesetz für ein steuerliches Investitionssofortprogramm
zur Stärkung des Wirtschaftsstandorts Deutschland). Effective January 1, 2028, the German corporate tax rate will gradually
decline over a five-year period ending in 2032 from the current 15% to 10%. In 2025, deferred tax assets and liabilities
related to the Group’s operations in Germany that are estimated to reverse after December 31, 2027 were remeasured to
reflect the lower future tax rates. The remeasurement resulted in a negative net impact on the Group’s consolidated
financial statements of € 28 million. € 109 million was recognized as a tax benefit in profit or loss and € 137 million was
recognized as an expense in other comprehensive income.
The Group is under continuous examinations by tax authorities in various jurisdictions. “Other” in the preceding table
includes the effects of these examinations by the tax authorities.
Income taxes credited or charged to equity (other comprehensive income/additional paid in capital)
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Actuarial gains (losses) related to defined benefit plans | (145) | (115) | 137 |
| Net fair value gains (losses) attributable to credit risk related to financial<br><br>liabilities designated as at fair value through profit or loss | 30 | 54 | 18 |
| Financial assets mandatory at fair value through other comprehensive income: | |||
| Unrealized net gains (losses) arising during the period | (184) | 96 | 109 |
| Realized net gains (losses) arising during the period (reclassified to profit or loss) | 10 | 13 | 1 |
| Derivatives hedging variability of cash flows: | |||
| Unrealized net gains (losses) arising during the period | 12 | 73 | (132) |
| Net gains (losses) reclassified to profit or loss | 16 | (64) | (110) |
| Other equity movement: | |||
| Unrealized net gains (losses) arising during the period | 15 | 141 | 151 |
| Net gains (losses) reclassified to profit or loss | — | 5 | — |
| Income taxes credited (charged) to other comprehensive income | (247) | 203 | 174 |
| Other income taxes credited (charged) to equity | 235 | 104 | 50 |
Major components of the Group’s gross deferred tax assets and liabilities
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Deferred tax assets: | ||
| Unused tax losses | 2,720 | 3,966 |
| Unused tax credits | 326 | 172 |
| Deductible temporary differences: | ||
| Trading activities, including derivatives | 4,781 | 5,210 |
| Employee benefits, including equity settled share based payments | 1,814 | 1,755 |
| Accrued interest expense | 1,621 | 1,477 |
| Loans and borrowings, including allowance for loans | 886 | 846 |
| Leases | 806 | 857 |
| Intangible Assets | 46 | 52 |
| Fair value OCI (IFRS 9) | 410 | 496 |
| Other assets | 525 | 525 |
| Other provisions | 177 | 237 |
| Other liabilities | 4 | 6 |
| Total deferred tax assets pre offsetting | 14,116 | 15,599 |
| Deferred tax liabilities: | ||
| Taxable temporary differences: | ||
| Trading activities, including derivatives | 5,287 | 5,328 |
| Employee benefits, including equity settled share based payments | 515 | 324 |
| Loans and borrowings, including allowance for loans | 465 | 538 |
| Leases | 718 | 762 |
| Intangible Assets | 763 | 752 |
| Fair value OCI (IFRS 9) | 50 | 45 |
| Other assets | 280 | 270 |
| Other provisions | 111 | 292 |
| Other liabilities | 6 | 39 |
| Total deferred tax liabilities pre offsetting | 8,195 | 8,350 |
Deferred tax assets on unused tax credits included € 322 million and € 151 million as of December 31, 2025 and
December 31, 2024 related to the corporate alternative minimum tax in the U.S.
553
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 34 – Income Taxes |
Deferred tax assets and liabilities, after offsetting
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Presented as deferred tax assets | 6,544 | 7,839 |
| Presented as deferred tax liabilities | 623 | 590 |
| Net deferred tax assets | 5,921 | 7,249 |
The change in the balance of deferred tax assets and deferred tax liabilities might not equal the deferred tax expense
(benefit). In general, this is due to (1) deferred taxes that are booked directly to equity, (2) the effects of exchange rate
changes on tax assets and liabilities denominated in currencies other than euro, (3) the acquisition and disposal of
entities as part of ordinary activities and (4) the reclassification of deferred tax assets and liabilities which are presented
otherwise on the face of the balance sheet as components of other assets and liabilities.
Items for which no deferred tax assets were recognized
| in € m. | Dec 31, 2025¹ | Dec 31, 2024¹ |
|---|---|---|
| Deductible temporary differences | (29) | (39) |
| Not expiring | (4,934) | (4,945) |
| Expiring in subsequent period | (20) | (2) |
| Expiring after subsequent period | (36) | (77) |
| Unused tax losses | (4,990) | (5,024) |
| Expiring after subsequent period | — | — |
| Unused tax credits | (1) | (1) |
1Amounts in the table refer to deductible temporary differences, unused tax losses and tax credits for federal income tax purposes
Deferred tax assets were not recognized on these items because it is not probable that future taxable profit will be
available against which the unused tax losses, unused tax credits and deductible temporary differences can be utilized.
As of December 31, 2025 and December 31, 2024, the Group recognized deferred tax assets of € 241 million and
€ 3.9 billion, respectively, that exceeded deferred tax liabilities in entities which have suffered a tax loss in either the
current or preceding period. This is based on management’s assessment that it is probable that the respective entities
will have taxable profits against which the unused tax losses, unused tax credits and deductible temporary differences
can be utilized. In determining the amounts of deferred tax assets to be recognized, management uses historical
profitability information and, if relevant, forecasted operating results, based upon approved business plans, including a
review of the eligible carry-forward periods, tax planning opportunities and other relevant considerations.
As of December 31, 2025 and December 31, 2024, the Group had temporary differences associated with the Group’s
parent company’s investments in subsidiaries, branches and associates and interests in joint ventures of € 259 million and
€ 286 million respectively, in respect of which no deferred tax liabilities were recognized.
554
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 35 – Derivatives |
35 — Derivatives
Derivative financial instruments and hedging activities
Derivative contracts used by the Group include swaps, futures, forwards, options and other similar types of contracts. In
the normal course of business, the Group enters into a variety of derivative transactions for sales, market-making and risk
management purposes. The Group’s objectives in using derivative instruments are to meet customers’ risk management
needs and to manage the Group’s exposure to risks.
In accordance with the Group’s accounting policy relating to derivatives and hedge accounting as described in Note 01
“Material Accounting Policies and Critical Accounting Estimates”, all derivatives are carried at fair value in the balance
sheet regardless of whether they are held for trading or non-trading purposes.
Derivatives held for sales and market-making purposes
Sales and market-making
The majority of the Group’s derivatives transactions relate to sales and market-making activities. Sales activities include
the structuring and marketing of derivative products to customers to enable them to take, transfer, modify or reduce
current or expected risks. Market-making involves quoting bid and offer prices to other market participants, enabling
revenue to be generated based on spreads and volume.
Risk management
The Group uses derivatives in order to reduce its exposure to market risks as part of its asset and liability management.
This is achieved by entering into derivatives that hedge specific portfolios of fixed rate financial instruments and forecast
transactions as well as strategic hedging against overall balance sheet exposures. The Group actively manages interest
rate risk through, among other things, the use of derivative contracts. Utilization of derivative financial instruments is
modified from time to time within prescribed limits in response to changing market conditions, as well as to changes in
the characteristics and mix of the related assets and liabilities.
Derivatives qualifying for hedge accounting
The Group applies hedge accounting if derivatives meet the specific criteria described in Note 01 “Material Accounting
Policies and Critical Accounting Estimates”.
In fair value hedge relationship, the Group uses primarily interest rate swaps and options, in order to protect itself against
movements in the fair value of fixed-rate financial instruments due to movements in market interest rates. In a cash flow
hedge relationship, the Group uses interest rate swaps in order to protect itself against exposure to variability in interest
rates. The Group enters into foreign exchange forwards and swaps for hedges of translation adjustments resulting from
translating the financial statements of net investments in foreign operations into the reporting currency of the parent at
period end spot rates.
Interest rate risk
The Group uses interest rate swaps and options to manage its exposure to interest rate risk by modifying the re-pricing
characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. The
interest rate swaps and options are designated in either a fair value hedge or a cash flow hedge. For fair value hedges, the
Group uses interest rate swaps and options contracts to manage the fair value movements of fixed rate financial
instruments due to changes in benchmark interest. For cash flow hedges, the Group use interest rate swaps to manage
the exposure to cash flow variability of its variable rate instruments as a result of changes in benchmark interest rates.
555
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 35 – Derivatives |
The Group manages its interest rate risk exposure on a portfolio basis with frequent changes in the portfolio due to the
origination of new loans and bonds, repayments of existing loans and bonds, issuance of new funding liabilities and
repayment of existing funding liabilities. Accordingly, a dynamic hedging accounting approach is adopted for the
portfolio, in which individual hedge relationships are designated and de-designated on a more frequent basis (e.g., on a
monthly basis).
The Group assesses and measures hedge effectiveness of a hedging relationship based on the change in the fair value or
cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item
attributable to the hedged risk. Potential sources of ineffectiveness can be attributed to differences between hedging
instruments and hedged items:
–Mismatches in the terms of hedged items and hedging instruments, for example the frequency and timing of when
interest rates are reset, frequency of payment and callable features.
–Difference in the discounting rate applied to the hedged item and the hedging instrument, taking into consideration
differences in the reset frequency of the hedged item and hedging instrument.
–Derivatives used as hedging instrument with a non-zero fair value at inception date of the hedging relationship,
resulting in mismatch in terms with the hedged item. This is particularly pertinent in periods proceeding high interest
rate moves.
The Group’s portfolio fair value hedging relationships include hedges of well-collateralized German fixed rate mortgages
portfolios where the Group maintains headroom to avoid any hedge ineffectiveness that may arise from an increase in
the default risk of the underlying mortgage portfolio. This also applies to the Group’s portfolio fair value hedge
relationships that include non-maturing deposits that the Group’s customers may withdraw on demand. The stable
nature of the Group’s noninterest-bearing deposit volume (refer to Note 26) as well as a headroom means that Group has
not observed any hedge ineffectiveness from the hedge accounting application.
Foreign exchange risk
The Group manages its foreign currency risk (including U.S. dollar and British pound) from investments in foreign
operation through net investment hedges using rolling foreign exchange forward strategy. In addition, the Group applies
cash flow hedge accounting for specific foreign denominated highly probable cash flows using foreign exchange forward
instruments as hedging instruments.
As the investments in foreign operations are only hedged to the extent of the notional amount of the hedging derivative
instrument the Group generally does not expect to incur significant ineffectiveness on hedges of net investments in
foreign operations. Potential sources of ineffectiveness are limited to situations where derivatives with a non-zero fair
value at inception date of the hedging relationship are used as hedging instrument, or where the spot foreign currency
risk has been designated as hedged risk, resulting in mismatch in terms with the hedged item. Similarly, for cash flow
hedge accounting applications the foreign exchange forward instruments generally match the terms of the underlying
highly probable transactions such that the Group does not expect to incur significant ineffectiveness in such hedge
relationships.
In addition to net investment hedges, the Group also applies cash flow hedge accounting (FX CFH) for USD denominated
Treasury bonds (HTC classified) held in EUR functional entities, utilizing foreign exchange forward contracts as hedging
instruments.
The hedged risk is the cash flow variability of highly probable HTC coupons driven by movements in spot FX. The Group
does not expect to incur ineffectiveness, as the notional amount of the hedging instrument should be equivalent to the
cash flow exposure on HTC bonds. The hedge is re-balanced monthly to reflect cash flow decay on HTC bonds, and FX
forward point risk is not a component of the designated risk therefore a highly effective hedge is observed.
556
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 35 – Derivatives |
Fair value hedge accounting
Derivatives held as fair value hedges
| Dec 31, 2025 | 2025 | Dec 31, 2024 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness |
| Derivatives held as<br><br>fair value hedges | 10,364 | 10,292 | 348,597 | 627 | 4,790 | 9,109 | 263,184 | 2,448 |
| 2025 | 2024 | |||||||
| --- | --- | --- | ||||||
| in € m. | Hedge<br><br>ineffectiveness | Hedge<br><br>ineffectiveness | ||||||
| Result of fair value hedges | 512 | 1,435 |
Financial instruments designated in fair value hedges
| December 31, 2025 | 2025 | ||||||
|---|---|---|---|---|---|---|---|
| Carrying amount of Financial<br><br>instruments designated as fair<br><br>value hedges | Accumulated amount of<br><br>fair value hedge<br><br>adjustments - Total | Accumulated amount of<br><br>fair value hedge<br><br>adjustments - Terminated<br><br>hedge relationships | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness | ||||
| in € m. | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |
| Financial assets at fair<br><br>value through<br><br>other comprehensive<br><br>income | 23,684 | — | (1,355) | — | 5 | — | (168) |
| Bonds at amortized cost | 22,223 | — | (407) | — | (14) | — | (384) |
| Long-term debt | — | 69,660 | — | (3,064) | — | (85) | (373) |
| Deposits | — | 163,188 | — | (2,885) | — | 8 | 2,032 |
| Loans at amortized cost | 69,042 | — | (5,594) | — | (1) | — | (1,222) |
| December 31, 2024 | 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Carrying amount of Financial<br><br>instruments designated as fair<br><br>value hedges | Accumulated amount of<br><br>fair value hedge<br><br>adjustments - Total | Accumulated amount of<br><br>fair value hedge<br><br>adjustments - Terminated<br><br>hedge relationships | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness | ||||
| in € m. | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | |
| Financial assets at fair value through<br><br>other comprehensive income | 21,559 | — | (1,383) | — | 1 | — | (156) |
| Bonds at amortized cost | 1,949 | — | (22) | — | (18) | — | (4) |
| Long-term debt | — | 73,946 | — | (3,816) | — | (101) | (194) |
| Deposits | — | 117,196 | — | (1,251) | — | (350) | (644) |
| Loans at amortized cost | 17,083 | — | (4,976) | — | (1) | — | (15) |
Cash flow hedge accounting
Derivatives held as cash flow hedges
| Dec 31, 2025 | 2025 | Dec 31, 2024 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness |
| Derivatives held as<br><br>cash flow hedges | 240 | 354 | 98,862 | (50) | 58 | 183 | 109,671 | (229) |
557
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 35 – Derivatives |
Cash flow hedge balances
| in € m. | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 |
|---|---|---|---|
| Reported in Equity1 | (49) | 36 | 44 |
| thereof relates to terminated programs | — | — | — |
| Gains (losses) posted to equity for the year ended | (42) | (242) | 436 |
| Gains (losses) removed from equity for the year ended | (44) | 234 | 398 |
| thereof relates to terminated programs | — | — | — |
| Changes of hedged item's value used for hedge effectiveness | (40) | (212) | 434 |
| Ineffectiveness recorded within P&L | (8) | 13 | 101 |
1Reported in equity refers to accumulated other comprehensive income as presented in the Consolidated Balance Sheet.
In accordance with IAS 39.96 the gains and losses posted to equity in a cash flow hedge relationship is the lesser of
cumulative gain or loss on the hedging instrument from the inception of the hedge and the cumulative change in fair
value of the expected future cash flows on the hedged item from inception of the hedge. As a result, changes of the
hedged item’s value used for hedge effectiveness are not fully recorded in equity if it exceeds the hedging instrument’s
fair value changes used for hedge effectiveness. Consequently, hedge ineffectiveness recorded within P&L does not
always reconcile to the difference between the changes of the hedged item’s value used for hedge effectiveness and the
hedging instrument’s fair value changes used for hedge effectiveness.
In the FX CFH, ineffectiveness is not expected considering FX forward point risk is not a component of the designated
risk. The change in both the hypothetical and hedging instrument fair value used for effectiveness testing is driven by FX
spot risk only, and is expected to offset (subject to a positive capacity test result).
As of December 31, 2025 the longest term cash flow hedge matures in 2037.
As of December 31, 2025 the longest FX CFH matures in 2032.
The financial instruments designated as cash flow hedges are recognized as Loans at amortized cost in the Group’s
Consolidated Balance Sheet.
Financial instruments designated in the FX CFH are recognized as Debt Securities HTC at amortized cost in the Groups
Consolidated Balance Sheet.
558
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 35 – Derivatives |
Net investment hedge accounting
Derivatives held as net investment hedges
| Dec 31, 2025 | 2025 | Dec 31, 2024 | 2024 | |||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness | Assets | Liabilities | Nominal<br><br>amount | Fair Value<br><br>changes used<br><br>for hedge<br><br>effectiveness |
| Derivatives held as<br><br>net investment<br><br>hedges | 709 | 102 | 41,875 | 3,572 | 189 | 1,595 | 45,517 | (2,442) |
Net Investment hedge balances
| in € m. | 2025 | 2024 |
|---|---|---|
| Reported in Equity1 2 | (4,153) | (925) |
| thereof relates to terminated programs | — | — |
| Gains (losses) posted to equity for the year ended | (588) | (405) |
| Gains (losses) removed from equity for the year ended | (17) | (23) |
| thereof relates to terminated programs 3 | (17) | (23) |
| Changes of hedged item's value used for hedge effectiveness | (3,789) | 2,356 |
| Ineffectiveness recorded within P&L 4 | (232) | (81) |
1Reported in equity refers to the accumulated income and expenses as recognised in the Group’s Other Comprehensive Income.
2Reported in equity includes unhedged foreign currency capital revaluation in the financial year ended December 31, 2025 of (€ 2,623 million) and € 1,166 million in 2024.
3Termination P&L includes changes due to hedged and unhedged capital of subsidiaries.
4This materiality includes fair value gains and losses from FX spot vs. FX forward differences where the FX spot is designated for hedge accounting purposes.
Profile of derivatives held as net investment hedges
| in € m. | Within 1 year | 1–3 years | 3–5 years | Over 5 years |
|---|---|---|---|---|
| As of December 31, 2025 | ||||
| Nominal amount Foreign exchange forwards | 31,947 | 230 | 167 | — |
| Nominal amount Foreign exchange swaps | 9,418 | 108 | 5 | — |
| Total | 41,365 | 338 | 172 | — |
| As of December 31, 2024 | ||||
| Nominal amount Foreign exchange forwards | 36,976 | 318 | 3 | — |
| Nominal amount Foreign exchange swaps | 7,990 | 230 | — | — |
| Total | 44,966 | 548 | 3 | — |
The Group uses a foreign exchange forward strategy. As indicated in the above table, the vast majority of forward
contracts mature within the year. The Group did not calculate an average foreign currency rate because the amount of
contracts that mature after 1 year are not material.
559
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 36 – Related Party Transactions |
36 — Related Party Transactions
Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise
significant influence over the other party in making financial or operational decisions. The Group’s related parties include:
–Key management personnel including close family members and entities which are controlled, significantly influenced
by, or for which significant voting power is held by key management personnel or their close family members
–Subsidiaries, joint ventures and associates and their respective subsidiaries
–Post-employment benefit plans for the benefit of Deutsche Bank employees
Transactions with Key Management Personnel
Key management personnel are those persons having authority and responsibility for planning, directing, and controlling
the activities of Deutsche Bank, directly or indirectly. The Group considers the members of the Management Board and
of the Supervisory Board of the parent company to constitute key management personnel for purposes of IAS 24.
Compensation expense of key management personnel
| in € m. | 2025 | 2024 | 2023 |
|---|---|---|---|
| Short-term employee benefits | 49 | 47 | 37 |
| Post-employment benefits | 7 | 4 | 7 |
| Other long-term benefits | 13 | 35 | 17 |
| Termination benefits | 6 | — | — |
| Share-based payment | 30 | 15 | 18 |
| Total | 105 | 101 | 79 |
The above table does not contain compensation that employee representatives and former board members on the
Supervisory Board have received. The aggregated compensation paid to such members for their services as employees of
Deutsche Bank or status as former employees (retirement, pension and deferred compensation) amounted to € 1 million
as of December 31, 2025, € 1 million as of December 31, 2024 and € 1 million as of December 31, 2023.
Among the Group’s transactions with key management personnel as of December 31, 2025, were loans and
commitments of € 2 million and deposits of € 8 million. As of December 31, 2024, the Group’s transactions with key
management personnel included loans and commitments of € 2 million and deposits of € 17 million.
In addition, the Group provides banking services, such as payment and account services as well as investment advice, to
key management personnel.
Transactions with Subsidiaries, Joint Ventures and Associates
Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions. If these
transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions between
the Group and its associated companies and joint ventures and their respective subsidiaries also qualify as related party
transactions.
Transactions for subsidiaries, joint ventures and associates are presented combined in below table as these are not
material individually.
Loans
| in € m. | 2025 | 2024 |
|---|---|---|
| Loans outstanding, beginning of year | 73 | 44 |
| Net movement in loans during the period | (7) | 70 |
| Changes in the group of consolidated companies | — | — |
| Exchange rate changes/other | — | (41) |
| Loans outstanding, end of year1 | 66 | 73 |
| Other credit risk related transactions: | ||
| Allowance for loan losses | — | — |
| Provision for loan losses | — | 1 |
| Guarantees and commitments | 3 | 3 |
1.Loans past due were € 0 million as of December 31, 2025 and € 0 million as of December 31, 2024. For total loans, the Group held collateral of € 0 million and € 0 million
as of December 31, 2025 and December 31, 2024, respectively
560
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 36 – Related Party Transactions |
Deposits
| in € m. | 2025 | 2024 |
|---|---|---|
| Deposits outstanding, beginning of year | 29 | 33 |
| Net movement in deposits during the period | (7) | (4) |
| Changes in the group of consolidated companies | — | — |
| Exchange rate changes/other | — | — |
| Deposits outstanding, end of year | 22 | 29 |
Other transactions
Other transactions include bonds issued by associated companies which the Group acquired and classified as trading
assets. These trading assets amounted to € 17 million as of December 31, 2025, and € 27 million as of December 31, 2024.
Other assets related to transactions with associated companies amounted to € 2 million as of December 31, 2025, and
€ 2 million as of December 31, 2024. Other liabilities related to transactions with associated companies were € 4 million
as of December 31, 2025, and € 0 million as of December 31, 2024.
Transactions with Pension Plans
Under IFRS, post-employment benefit plans are considered related parties. The Group has business relationships with a
number of its pension plans pursuant to which it provides financial services to these plans, including investment
management services.
Transactions with related party pension plans
| in € m. | 2025 | 2024 |
|---|---|---|
| Equity shares issued by the Group held in plan assets | — | — |
| Other assets | 1 | 2 |
| Fees paid from plan assets to asset managers of the Group | 16 | 16 |
| Market value of derivatives with a counterparty of the Group | 411 | 679 |
| Notional amount of derivatives with a counterparty of the Group | 8,885 | 9,730 |
561
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 37 – Information on Subsidiaries |
37 — Information on Subsidiaries
Composition of the Group
Deutsche Bank AG is the direct or indirect holding company for the Group’s subsidiaries.
The Group consists of 539 (2024: 521) consolidated entities, thereof 264 (2024: 229) consolidated structured entities.
309 (2024: 328) of the entities controlled by the Group are directly or indirectly held by the Group at 100% of the
ownership interests (share of capital). Third parties also hold ownership interests in 230 (2024: 193) of the consolidated
entities (noncontrolling interests). As of December 31, 2025, and 2024, one subsidiary has material noncontrolling
interests. Noncontrolling interests for all other subsidiaries are neither individually nor cumulatively material to the
Group.
Subsidiaries with material noncontrolling interests
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| DWS Group GmbH & Co. KGaA | ||
| Proportion of ownership interests and voting rights held by noncontrolling interests | 20.51% | 20.51% |
| Place of business | Global | Global |
| in € m | Dec 31, 2025 | Dec 31, 2024 |
| --- | --- | --- |
| Net income attributable to noncontrolling interests | 191 | 133 |
| Accumulated noncontrolling interests of the subsidiary | 1,544 | 1,546 |
| Dividends paid to noncontrolling interests | 90 | 250 |
| Summarized financial information: | ||
| Total assets | 11,775 | 11,871 |
| Total liabilities | 4,295 | 4,379 |
| Total net revenues | 3,155 | 2,765 |
| Net income (loss) | 928 | 652 |
| Total comprehensive income (loss), net of tax | 429 | 904 |
Significant restrictions to access or use the Group’s assets
Statutory, contractual or regulatory requirements as well as protective rights of noncontrolling interests might restrict
the ability of the Group to access and transfer assets freely to or from other entities within the Group and to settle
liabilities of the Group.
The following contractual restrictions impact the Group’s ability to use assets and the table below reflects the volume of
those restricted assets:
–The Group has pledged assets to collateralize its obligations under repurchase agreements, securities financing
transactions, collateralized loan obligations and for margining purposes for OTC derivative liabilities
–The assets of consolidated structured entities are held for the benefit of the parties that have bought the notes issued
by these entities
562
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 37 – Information on Subsidiaries |
Restricted assets
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| in € m. | Total<br><br>assets | Restricted<br><br>assets | Total<br><br>assets | Restricted<br><br>assets |
| Interest-earning deposits with banks | 148,650 | 49 | 132,741 | 31 |
| Financial assets at fair value through profit or loss | 519,635 | 74,127 | 545,849 | 62,615 |
| Financial assets at fair value through other comprehensive income | 43,644 | 12,663 | 42,090 | 5,969 |
| Loans at amortized cost | 472,620 | 38,440 | 478,921 | 41,942 |
| Other | 250,518 | 10,103 | 187,576 | 3,206 |
| Total | 1,435,067 | 135,382 | 1,387,177 | 113,762 |
In addition to the above and in line with the regulation on Liquidity Coverage Ratio (Commission Delegated Regulation
(EU) 2015/61), the Group identifies if assets held in third country are subject to restrictions to their free transferability.
The Group identifies the volume of High-Quality Liquid Assets (HQLA) in excess of net cash outflows held in the third
countries which are not freely transferable and excludes them from the HQLA. The aggregated amount of such HQLA
that are held at entities in third countries and considered restricted is € 20.51 billion as of December 31, 2025
(€ 20.50 billion as of December 31, 2024).
563
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 38 – Structured entities |
38 — Structured entities
Nature, purpose and extent of the Group’s interests in structured entities
The Group engages in various business activities with structured entities which are designed to achieve a specific
business purpose. A structured entity is one that has been set up so that any voting rights or similar rights are not the
dominant factor in deciding who controls the entity. An example is when voting rights relate only to administrative tasks
and the relevant activities are directed by contractual arrangements.
A structured entity often has some or all of the following features or attributes:
–Restricted activities
–A narrow and well-defined objective
–Insufficient equity to permit the structured entity to finance its activities without subordinated financial support
–Financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or
other risks (tranches)
The principal uses of structured entities are to provide clients with access to specific portfolios of assets and to provide
market liquidity for clients through securitizing financial assets. Structured entities may be established as corporations,
trusts or partnerships. Structured entities generally finance the purchase of assets by issuing debt and equity securities
that are collateralized by and/or indexed to the assets held by the structured entities. The debt and equity securities
issued by structured entities may include tranches with varying levels of subordination.
Structured entities are consolidated when the substance of the relationship between the Group and the structured
entities indicate that the structured entities are controlled by the Group, as discussed in Note 01 “Material Accounting
Policies and Critical Accounting Estimates”.
Consolidated structured entities
The Group has contractual arrangements which may require it to provide financial support to the following types of
consolidated structured entities.
Securitization vehicles
The Group uses securitization vehicles for funding purchase of diversified pool of assets. The Group provides financial
support to these entities in the form of liquidity facility. As of December 31, 2025, and December 31, 2024, there were no
outstanding loan commitments to these entities.
Funds
The Group may provide funding and liquidity facility or guarantees to funds consolidated by the Group. As of December 31,
2025, and December 31, 2024, the notional value of the liquidity facilities and guarantees provided by the Group to such
funds was € 1.6 billion and € 1.5 billion, respectively.
Deutsche Bank did not provide non-contractual support during the year to consolidated structured entities.
Unconsolidated structured entities
These are entities which are not consolidated because the Group does not control them through voting rights, contract,
funding agreements, or other means. The extent of the Group’s interests to unconsolidated structured entities will vary
depending on the type of structured entities.
Below is a description of the Group’s involvements in unconsolidated structured entities by type.
Repackaging and investment entities
Repackaging and investment entities are established to meet clients’ investment needs through the combination of
securities and derivatives. These entities are not consolidated by the Group because the Group does not have power to
influence the returns obtained from the entities. These entities are usually set up to provide a certain investment return
pre-agreed with the investor, and the Group is not able to change the investment strategy or return during the life of the
transaction.
564
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 38 – Structured entities |
Third party funding entities
The Group provides funding to structured entities that hold a variety of assets. These entities may take the form of
funding entities, trusts and private investment companies. The funding is collateralized by the asset in the structured
entities. The Group’s involvement predominantly includes both lending and loan commitments.
The vehicles used in these transactions are controlled by the borrowers who have the ability to decide whether to post
additional margin or collateral in respect of the financing. In such cases, where borrowers can decide to continue or
terminate the financing, the borrowers will consolidate the vehicle.
Securitization Vehicles
The Group establishes securitization vehicles which purchase diversified pools of assets, including fixed income
securities, corporate loans, and asset-backed securities (predominantly commercial and residential mortgage-backed
securities and credit card receivables). The vehicles fund these purchases by issuing multiple tranches of debt and equity
securities, the repayment of which is linked to the performance of the assets in the vehicles.
The Group may transfer assets to these securitization vehicles and provides financial support to these entities in the form
of liquidity facilities. The Group also invests and provides liquidity facilities to third party sponsored securitization
vehicles. The securitization vehicles that are not consolidated into the Group are those where the Group does not hold
the power or ability to unilaterally remove the servicer or special servicer who has been delegated power over the
activities of the entity.
Funds
The Group establishes structured entities to accommodate client requirements to hold investments in specific assets.
The Group also invests in funds that are sponsored by third parties or the bank may act as fund manager, custodian or
some other capacity and provide funding and liquidity facilities to both bank sponsored and third party funds. The
funding provided is collateralized by the underlying assets held by the fund.
The Group does not consolidate funds when Deutsche Bank is deemed agent or when another third party investor has
the ability to direct the activities of the fund.
Other
These are Deutsche Bank sponsored or third party structured entities that do not fall into any criteria above. These
entities are not consolidated by the Group when the bank does not hold power over the decision making of these entities.
Income derived from involvement with structured entities
The Group earns management fees and, occasionally, performance-based fees for its investment management service in
relation to funds. Interest income is recognized on the funding provided to structured entities. Any trading revenue as a
result of derivatives with structured entities and from the movements in the value of notes held in these entities is
recognized in ‘Net gains/losses on financial assets/liabilities held at fair value through profit and loss.
Interests in unconsolidated structured entities
The Group’s interests in unconsolidated structured entities refer to contractual and non-contractual involvement that
exposes the bank to variability of returns from the performance of the structured entities. Examples of interests in
unconsolidated structured entities include debt or equity investments, liquidity facilities, guarantees and certain
derivative instruments in which the Group is absorbing variability of returns from the structured entities.
Interests in unconsolidated structured entities exclude instruments which introduce variability of returns into the
structured entities. For example, when the bank purchases credit protection from an unconsolidated structured entity
whose purpose and design is to pass through credit risk to investors, the bank is providing the variability of returns to the
entity rather than absorbing variability. The purchased credit protection is therefore not considered as an interest for the
purpose of the table below.
Maximum exposure to unconsolidated structured entities
The maximum exposure to loss is determined by considering the nature of the interest in the unconsolidated structured
entity. The maximum exposure for loans and trading instruments is reflected by their carrying amounts in the
consolidated balance sheet. The maximum exposure for derivatives and off-balance sheet commitments such as
guarantees, liquidity facilities and loan commitments under IFRS 12, as interpreted by Deutsche Bank, is reflected by the
notional amounts. Such amounts or its development do not reflect the economic risks faced by the Group because it
does not take into account the effects of collateral or hedges, nor the probability of such losses being incurred. At
December 31, 2025, the notional related to the positive and negative replacement values of derivatives and off balance
sheet commitments were € 188 billion, € 591 billion and € 28 billion respectively. At December 31, 2024, the notional
related to the positive and negative replacement values of derivatives and off balance sheet commitments were
€ 220 billion, € 746 billion and € 29 billion, respectively.
565
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 38 – Structured entities |
Size of structured entities
The Group provides a different measure for size of structured entities depending on their type. The following measures
have been considered as appropriate indicators for evaluating the size of structured entities:
–Funds – Net asset value or assets under management where the bank holds fund units and notional of derivatives
when the bank’s interest comprises of derivatives
–Securitizations – notional of notes in issue (excluding interest only and excess notes where applicable) when the
Group derives its interests through notes its holds and notional of derivatives when the bank’s interests is in the form
of derivatives
–Third-party funding entities –Total assets in entities
–Repackaging and investment entities – Fair value of notes in issue
For third party funding entities, size information is not publicly available, therefore the Group has disclosed the greater of
the collateral received/pledged or the notional of the exposure the bank has to the entity.
Based on the above definitions, the total size of structured entities is € 3,003 billion, of which the majority of
€ 1,815 billion is from Funds. In 2024, it was € 3,156 billion and € 1,828 billion, respectively.
The following table shows, by type of structured entity, the carrying amounts of the Group’s interests recognized in the
consolidated statement of financial position as well as the maximum exposure to loss resulting from these interests. The
carrying amounts presented below do not reflect the true variability of returns faced by the Group because they do not
take into account the effects of collateral or hedges.
Carrying amounts and size relating to Deutsche Bank’s interests
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| in € m. | Repacka-<br><br>ging and<br><br>Investment<br><br>Entities | Third Party<br><br>Funding<br><br>Entities | Securiti-<br><br>zations | Funds | Total |
| Assets | |||||
| Cash and central bank balances | — | — | — | — | — |
| Interbank balances (w/o central banks) | — | — | — | 2 | 2 |
| Central bank funds sold and securities<br><br>purchased under resale agreements | — | 777 | 902 | 5,857 | 7,536 |
| Securities Borrowed | — | — | — | — | — |
| Total financial assets at fair value<br><br>through profit or loss | 249 | 3,150 | 5,893 | 81,892 | 91,184 |
| Trading assets | 166 | 1,751 | 4,462 | 6,243 | 12,622 |
| Positive market values<br><br>(derivative financial instruments) | 83 | 326 | 29 | 4,428 | 4,866 |
| Non-trading financial assets mandatory at fair value<br><br>through profit or loss | — | 1,072 | 1,401 | 71,221 | 73,695 |
| Financial assets designated at fair<br><br>value through profit or loss | — | — | — | — | — |
| Financial assets at fair value through other comprehensive<br><br>income | — | 579 | 423 | 87 | 1,088 |
| Loans at amortized cost | 207 | 50,712 | 36,059 | 23,786 | 110,764 |
| Other assets | 87 | 642 | 4,117 | 5,962 | 10,808 |
| Total assets | 543 | 55,860 | 47,393 | 117,587 | 221,383 |
| Liabilities | |||||
| Total financial liabilities at fair value<br><br>through profit or loss | 414 | 19 | 191 | 4,937 | 5,561 |
| Negative market values<br><br>(derivative financial instruments) | 414 | 19 | 191 | 4,937 | 5,561 |
| Other short-term borrowings | — | — | — | — | — |
| Other liabilities | — | — | — | — | — |
| Total liabilities | 414 | 19 | 191 | 4,937 | 5,561 |
| Off-balance sheet exposure | — | 5,459 | 15,118 | 7,629 | 28,207 |
| Total | 129 | 61,300 | 62,320 | 120,279 | 244,028 |
566
| Deutsche Bank | Additional Notes | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | 38 – Structured entities | ||||
| Dec 31, 2024 | |||||
| --- | --- | --- | --- | --- | --- |
| in € m. | Repacka-<br><br>ging and<br><br>Investment<br><br>Entities | Third Party<br><br>Funding<br><br>Entities | Securiti-<br><br>zations | Funds | Total |
| Assets | |||||
| Cash and central bank balances | — | — | — | — | — |
| Interbank balances (w/o central banks) | 1 | — | — | 2 | 3 |
| Central bank funds sold and securities<br><br>purchased under resale agreements | — | 1,009 | 382 | 4,532 | 5,923 |
| Securities Borrowed | — | — | — | — | — |
| Total financial assets at fair value<br><br>through profit or loss | 321 | 4,314 | 4,652 | 71,818 | 81,105 |
| Trading assets | 152 | 2,489 | 3,773 | 4,075 | 10,490 |
| Positive market values<br><br>(derivative financial instruments) | 169 | 386 | 38 | 6,044 | 6,636 |
| Non-trading financial assets mandatory at fair value<br><br>through profit or loss | — | 1,439 | 841 | 61,699 | 63,978 |
| Financial assets designated at fair<br><br>value through profit or loss | — | — | — | — | — |
| Financial assets at fair value through other comprehensive<br><br>income | — | 1,212 | 479 | 194 | 1,885 |
| Loans at amortized cost | 188 | 63,015 | 34,260 | 21,540 | 119,003 |
| Other assets | 1 | 735 | 4,361 | 7,774 | 12,871 |
| Total assets | 510 | 70,285 | 44,134 | 105,858 | 220,788 |
| Liabilities | |||||
| Total financial liabilities at fair value<br><br>through profit or loss | 1 | 45 | 138 | 6,549 | 6,733 |
| Negative market values<br><br>(derivative financial instruments) | 1 | 45 | 138 | 6,549 | 6,733 |
| Other short-term borrowings | — | — | — | — | — |
| Other liabilities | — | — | — | — | — |
| Total liabilities | 1 | 45 | 138 | 6,549 | 6,733 |
| Off-balance sheet exposure | — | 8,085 | 12,915 | 8,089 | 29,089 |
| Total | 509 | 78,325 | 56,912 | 107,398 | 243,144 |
Total trading assets as of December 31, 2025, and December 31, 2024, of € 12.6 billion and € 10.5 billion are comprised
primarily of € 4.5 billion and € 3.8 billion in securitizations and € 6.2 billion and € 4.1 billion in funds structured entities,
respectively. The Group’s interests in securitizations are collateralized by the assets contained in these entities. Where
the Group holds fund units these are typically in regard to market making in funds or otherwise serve as hedges for notes
issued to clients. Moreover, the credit risk arising from loans made to third party funding structured entities is mitigated
by the collateral received.
Non-trading financial assets mandatory at fair value through profit or loss includes reverse repurchase agreements to
funds which comprise the majority of the interests in this category and are collateralized by the underlying securities.
Loans as of December 31, 2025, and December 31, 2024, consist of € 110.8 billion and € 119.0 billion investment in
securitization tranches and financing to third party funding entities. The Group’s financing to third party funding entities
is collateralized by the assets in those structured entities.
Other assets as of December 31, 2025, and December 31, 2024, of € 10.8 billion and € 12.9 billion, respectively, consist
primarily of cash margin balances.
Pending Receivable balances are not included in this disclosure note due to the fact that these balances arise from
typical customer supplier relationships out of e.g., brokerage type activities and their inherent volatility would not
provide users of the financial statements with effective information about Deutsche Bank’s exposures to structured
entities.
Financial support
Deutsche Bank did not provide non-contractual support during the year to unconsolidated structured entities.
567
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 38 – Structured entities |
Sponsored unconsolidated structured entities where the Group has no interest as
of December 31, 2025, and December 31, 2024
As a sponsor, Deutsche Bank is involved in the legal set up and marketing of the entity and supports the entity in
different ways, namely:
–Transferring assets to the entities
–Providing seed capital to the entities
–Providing operational support to ensure the entity’s continued operation
–Providing guarantees of performance to the structured entities.
The bank is also deemed a sponsor for a structured entity if market participants would reasonably associate the entity
with Deutsche Bank. Additionally, the use of the Deutsche Bank name for the structured entity indicates that the bank
has acted as a sponsor.
The gross revenues from sponsored entities where the bank did not hold an interest as of December 31, 2025, and
December 31, 2024, were € 218 million and € 581 million, respectively. Instances where the bank does not hold an
interest in an unconsolidated sponsored structured entity include cases where any seed capital or funding to the
structured entity has already been repaid in full to the Group during the year. This amount does not take into account the
impacts of hedges and is recognized in Net gains/losses on financial assets/liabilities at fair value through profit and loss.
The aggregated carrying amounts of assets transferred to sponsored unconsolidated structured entities in 2025 were
€ 5.8 billion for securitization and € 3.1 billion for repackaging and investment entities. In 2024, they were € 3.7 billion for
securitization and € 2.3 billion for repackaging and investment entities.
568
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 39 – Current and non-current assets and liabilities |
39 — Current and non-current assets and liabilities
Asset and liability line items by amounts recovered or settled within or after one
year
Asset items as of December 31, 2025
| Amounts to be recovered or settled | Total | ||
|---|---|---|---|
| in € m. | within one year | after one year | Dec 31, 2025 |
| Cash and central bank balances | 164,659 | — | 164,659 |
| Interbank balances (w/o central banks) | 6,956 | 6 | 6,962 |
| Central bank funds sold and securities purchased under resale agreements | 27,900 | 9,609 | 37,509 |
| Securities borrowed | 6 | — | 6 |
| Financial assets at fair value through profit or loss | 511,893 | 7,742 | 519,635 |
| Financial assets at fair value through other comprehensive income | 11,277 | 32,367 | 43,644 |
| Equity method investments | — | 924 | 924 |
| Loans at amortized cost | 114,570 | 358,051 | 472,620 |
| Property and equipment | — | 5,924 | 5,924 |
| Goodwill and other intangible assets | — | 7,561 | 7,561 |
| Other assets | 125,645 | 41,827 | 167,472 |
| Assets for current tax | 1,159 | 450 | 1,609 |
| Total assets before deferred tax assets | 964,064 | 464,459 | 1,428,523 |
| Deferred tax assets | 6,544 | ||
| Total assets | 1,435,067 |
Liability items as of December 31, 2025
| Amounts to be recovered or settled | Total | ||
|---|---|---|---|
| in € m. | within one year | after one year | Dec 31, 2025 |
| Deposits | 666,224 | 25,604 | 691,827 |
| Central bank funds purchased and securities sold under repurchase agreements | 3,507 | 670 | 4,177 |
| Securities loaned | 2 | — | 2 |
| Financial liabilities at fair value through profit or loss | 357,997 | 26,181 | 384,179 |
| Other short-term borrowings | 18,204 | — | 18,204 |
| Other liabilities | 131,448 | 6,265 | 137,713 |
| Provisions | 2,408 | — | 2,408 |
| Liabilities for current tax | 499 | 195 | 694 |
| Long-term debt | 22,175 | 92,579 | 114,754 |
| Trust preferred securities | 283 | — | 283 |
| Total liabilities before deferred tax liabilities | 1,202,746 | 151,495 | 1,354,241 |
| Deferred tax liabilities | 623 | ||
| Total liabilities | 1,354,863 |
Asset items as of December 31, 2024
| Amounts to be recovered or settled | Total | ||
|---|---|---|---|
| in € m. | within one year | after one year | Dec 31, 2024 |
| Cash and central bank balances | 147,494 | — | 147,494 |
| Interbank balances (w/o central banks) | 6,154 | 6 | 6,160 |
| Central bank funds sold and securities purchased under resale agreements | 32,061 | 8,742 | 40,803 |
| Securities borrowed | 32 | 11 | 44 |
| Financial assets at fair value through profit or loss | 538,650 | 7,200 | 545,849 |
| Financial assets at fair value through other comprehensive income | 10,539 | 31,551 | 42,090 |
| Equity method investments | — | 1,028 | 1,028 |
| Loans at amortized cost | 126,187 | 352,733 | 478,921 |
| Property and equipment | — | 6,193 | 6,193 |
| Goodwill and other intangible assets | — | 7,749 | 7,749 |
| Other assets | 77,218 | 23,989 | 101,207 |
| Assets for current tax | 1,287 | 514 | 1,801 |
| Total assets before deferred tax assets | 939,623 | 439,715 | 1,379,338 |
| Deferred tax assets | 7,839 | ||
| Total assets | 1,387,177 |
569
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 39 – Current and non-current assets and liabilities |
Liability items as of December 31, 2024
| Amounts to be recovered or settled | Total | ||
|---|---|---|---|
| in € m. | within one year | after one year | Dec 31, 2024 |
| Deposits | 640,982 | 25,279 | 666,261 |
| Central bank funds purchased and securities sold under repurchase agreements | 2,710 | 1,030 | 3,740 |
| Securities loaned | 2 | — | 2 |
| Financial liabilities at fair value through profit or loss | 393,363 | 19,032 | 412,395 |
| Other short-term borrowings | 9,895 | — | 9,895 |
| Other liabilities | 88,349 | 7,282 | 95,631 |
| Provisions | 3,326 | — | 3,326 |
| Liabilities for current tax | 492 | 228 | 720 |
| Long-term debt | 20,628 | 94,270 | 114,899 |
| Trust preferred securities | 287 | — | 287 |
| Total liabilities before deferred tax liabilities | 1,160,033 | 147,122 | 1,307,155 |
| Deferred tax liabilities | 590 | ||
| Total liabilities | 1,307,745 |
40 — Events after the reporting period
After the reporting date no material events occurred which had a significant impact on the bank’s results of operations,
financial position and net assets.
570
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 41 – Regulatory capital information |
41 — Regulatory capital information
General definitions
The calculation of Deutsche Bank’s own funds incorporates the capital requirements following the “Regulation (EU) No
575/2013 on prudential requirements for credit institutions” (CRR) and the “Directive 2013/36/EU on access to the
activity of credit institutions and the prudential supervision of credit institutions” (CRD), which have been further
amended with subsequent Regulations and Directives. The CRD has been implemented into German law. The
information in this section as well as in the section “Development of risk-weighted assets” is based on the regulatory
principles of consolidation.
This section refers to the capital adequacy of the group of entities consolidated for banking regulatory purposes
pursuant to the CRR and the German Banking Act (“Kreditwesengesetz” or “KWG”), which does not include insurance
companies and companies outside the finance sector.
The total own funds pursuant to the effective regulations as of year-end 2025 comprises Tier 1 and Tier 2 capital. Tier 1
capital is subdivided into Common Equity Tier 1 capital and Additional Tier 1 capital.
CET 1 capital consists primarily of common share capital (net of own holdings) including related share premium
accounts, retained earnings (including losses for the financial year, if any) and accumulated other comprehensive income,
subject to prudential filters and regulatory adjustments as well as minority interests qualifying for inclusion in
consolidated CET 1 capital. Prudential filters for CET 1 capital, according to Articles 32 to 35 CRR, include securitization
gains on sale, cash flow hedges and changes in the value of own liabilities, and additional value adjustments. CET 1
capital regulatory adjustments for instance includes intangible assets (exceeding their prudential value), temporary
treatment of unrealized gains and losses measured at fair value through OCI in accordance with Article 468 CRR which
was discontinued in the fourth quarter of 2025, deferred tax assets that rely on future profitability, negative amounts
resulting from the calculation of expected loss amounts, net defined benefit pension fund assets, reciprocal cross
holdings in the capital of financial sector entities and, significant and non-significant investments in the capital (CET 1,
AT1, Tier 2) of financial sector entities above certain thresholds. All items which are not deducted (i.e., amounts below
the threshold) are subject to risk-weighting.
Additional Tier 1 capital consists of AT1 capital instruments and related share premium accounts as well as
noncontrolling interests qualifying for inclusion in consolidated AT1 capital. To qualify as AT1 capital under CRR/CRD,
instruments must have principal loss absorption through a conversion to common shares or a write-down mechanism
allocating losses at a trigger point and must also meet further requirements such as perpetual with no incentive to
redeem and institution must have full dividend/coupon discretion at all times.
Tier 2 capital comprises eligible capital instruments, the related share premium accounts and subordinated long-term
debt, certain loan loss provisions and noncontrolling interests that qualify for inclusion in consolidated Tier 2 capital. To
qualify as Tier 2 capital, capital instruments or subordinated debt must have an original maturity of at least five years.
Moreover, eligible capital instruments may inter alia not contain an incentive to redeem, a right of investors to accelerate
repayment, or a credit sensitive dividend feature.
Capital instruments
The Management Board was authorized by the 2024 Annual General Meeting to buy, on or before April 30, 2029, shares
of up to 10% of the share capital at the time this resolution was taken or, if lower, of the share capital at the respective
time the authorization was exercised. As at the 2024 Annual General Meeting, this corresponded to a volume of up to
199.5 million shares. Thereof, a volume of up to 5% of the total share capital or 99.7 million shares can be purchased by
using derivatives, including derivatives with a volume of up to 2% of the total share capital with a maturity exceeding
18 months. During the period from the 2024 Annual General Meeting until the 2025 Annual General Meeting,
34.6 million shares were purchased for equity compensation purposes in the same period or upcoming periods. Thereof,
21.3 million shares were purchased by exercising call options. In addition, 22.7 million new call options were purchased
for equity compensation purposes in upcoming periods. Furthermore, 27.9 million shares were purchased for
cancellation with the purpose of distributing capital to shareholders in the same period. Thereof, 20.9 million shares were
acquired as part of the share buyback program of € 675 million in 2024 and were cancelled at the beginning of the year
2025; and 7.0 million shares were acquired as part of the share buyback program of € 750 million in 2025. The number of
shares held in Treasury amounted to 12.9 million as of the 2025 Annual General Meeting. Thereof, 7.0 million shares
relate to shares bought back for cancellation as part of the € 750 million share buyback program in 2025. The remaining
volume of 5.9 million shares relates to shares to be used for equity compensation purposes in upcoming periods.
571
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 41 – Regulatory capital information |
The Annual General Meeting on May 22, 2025 granted the Management Board the approval to buy, on or before April 30,
2030, shares of up to 10% of the share capital at the time of this resolution was taken or, if lower, of the share capital at
the respective time the authorization was exercised. As at the 2025 Annual General Meeting, this corresponded to
194.8 million shares. Thereof, a volume of up to 5% of the total share capital or 97.4 million shares can be purchased by
using derivatives, including derivatives with a volume of up to 2% of the total share capital with a maturity exceeding
18 months. These authorizations replaced the authorizations of the previous year. During the period from the 2025
Annual General Meeting until December 31, 2025, 4.6 million shares were purchased for equity compensation purposes
in upcoming periods and 30.6 million shares were purchased for cancellation with the purpose of distributing capital to
shareholders. Thereof, 22.3 million shares were purchased as part of the € 750 million share buyback program and
8.4 million shares were acquired as part of the € 250 million share buyback program. In December 2025, a total number
of 37.7 million shares were cancelled. The number of shares held in Treasury amounted to 7.7 million shares as of
December 31, 2025. The shares will be used for equity compensation purposes in upcoming periods.
Since the 2017 Annual General Meeting, renewed at the 2021 Annual General Meeting and valid until the 2025 Annual
General Meeting, authorized capital available to the Management Board was € 2,560 million (1,000 million shares). At the
2025 Annual General Meeting this authorized capital was replaced by a new authorized capital of € 2,493 million
(973.8 million shares). As of December 31, 2025 this authorization has not been utilized and authorized capital remains at
€ 2,493 million.
Since the 2022 Annual General Meeting and until the 2025 Annual General Meeting, the Management Board was
authorized to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify
as Additional Tier 1 capital with an equivalent value of € 9 billion. In this period Deutsche Bank issued € 5.75 billion new
AT1 notes, thereof € 1.5 billion in March 2025. Since the 2025 Annual General Meeting the Management Board is
authorized to issue participatory notes and other hybrid debt securities that fulfill the regulatory requirements to qualify
as Additional Tier 1 capital with an equivalent value of € 12 billion on or before April 30, 2030. Under this authorization as
of December 31, 2025 Deutsche Bank issued € 1.0 billion new AT1 notes.
Based on the current CRR, the amount recognized as regulatory AT1 capital amounted to € 11.5 billion. The
corresponding nominal amount of outstanding AT1 instruments was € 11.7 billion as of December 31, 2025. In 2025, AT1
instruments with a nominal value of € 2.4 billion were called. The bank issued new AT1 notes with a nominal amount of
€ 2.5 billion in 2025.
As of December 31, 2025, the amount recognized as regulatory Tier 2 amounted capital to € 7.1 billion. The
corresponding nominal amount of outstanding Tier 2 instruments was € 8.3 billion as of December 31, 2025. In 2025,
Tier 2 instruments with a nominal value of € 2.8 billion matured and € 0.1 billion became ineligible. There were no new
issuances of Tier 2 instruments in 2025.
Prudential requirements and additional buffers
Failure to meet minimum capital requirements can result in supervisory measures such as restrictions of profit
distributions or limitations on certain businesses such as lending. Deutsche Bank complied with the minimum regulatory
capital adequacy requirements in 2025.
572
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 41 – Regulatory capital information |
Details on regulatory capital
Own Funds Template (incl. RWA and capital ratios)
| in € m. | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Common Equity Tier 1 (CET 1) capital: instruments and reserves | ||
| Capital instruments, related share premium accounts and other reserves | 42,983 | 44,130 |
| Retained earnings | 21,149 | 19,978 |
| Accumulated other comprehensive income (loss), net of tax | (4,159) | (1,229) |
| Independently reviewed interim profits net of any foreseeable charge or dividend1 | 3,347 | 801 |
| Other | 917 | 1,020 |
| Common Equity Tier 1 (CET 1) capital before regulatory adjustments | 64,237 | 64,700 |
| Common Equity Tier 1 (CET 1) capital: regulatory adjustments | ||
| Additional value adjustments (negative amount) | (1,667) | (1,680) |
| Other prudential filters (other than additional value adjustments) | 296 | 95 |
| Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | (5,045) | (5,277) |
| Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net<br><br>of related tax liabilities where the conditions in Art. 38 (3) CRR are met) (negative amount) | (2,533) | (3,463) |
| Negative amounts resulting from the calculation of expected loss amounts | (2,579) | (3,037) |
| Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | (1,135) | (1,173) |
| Direct, indirect and synthetic holdings by an institution of own CET 1 instruments (negative amount) | — | — |
| Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities<br><br>where the institution has a significant investment in those entities (amount above the 10%/15% thresholds<br><br>and net of eligible short positions) (negative amount) | — | — |
| Deferred tax assets arising from temporary differences (net of related tax liabilities where the conditions in<br><br>Art. 38 (3) CRR are met) (amount above the 10%/15% thresholds) (negative amount) | — | — |
| Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR | — | 1,012 |
| Other regulatory adjustments2 | (2,309) | (1,721) |
| Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital | (14,971) | (15,244) |
| Common Equity Tier 1 (CET 1) capital | 49,266 | 49,457 |
| Additional Tier 1 (AT1) capital: instruments | ||
| Capital instruments and the related share premium accounts | 11,648 | 11,508 |
| Amount of qualifying items referred to in Art. 484 (4) CRR and the related share<br><br>premium accounts subject to phase out from AT1 | — | |
| Additional Tier 1 (AT1) capital before regulatory adjustments | 11,648 | 11,508 |
| Additional Tier 1 (AT1) capital: regulatory adjustments | ||
| Direct, indirect and synthetic holdings by an institution of own AT1 instruments<br><br>(negative amount) | (130) | (130) |
| Residual amounts deducted from AT1 capital with regard to deduction from CET 1 capital during the<br><br>transitional period pursuant to Art. 472 CRR | ||
| Other regulatory adjustments | — | — |
| Total regulatory adjustments to Additional Tier 1 (AT1) capital | (130) | (130) |
| Additional Tier 1 (AT1) capital | 11,518 | 11,378 |
| Tier 1 capital (T1 = CET 1 + AT1) | 60,784 | 60,835 |
| Tier 2 (T2) capital | 7,050 | 7,676 |
| Total capital (TC = T1 + T2) | 67,834 | 68,511 |
| Total risk-weighted assets | 347,133 | 357,427 |
| Capital ratios | ||
| Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets) | 0.1 | 13.8 |
| Tier 1 capital ratio (as a percentage of risk-weighted assets) | 0.2 | 17.0 |
| Total capital ratio (as a percentage of risk-weighted assets) | 0.2 | 19.2 |
1Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year profits
of € 6.9 billion reduced by deductions for future shareholder distribution of € 3.1 billion and AT1 coupons of € 0.5 billion
2Includes capital deductions of € 1.4 billion (December 31, 2024: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single
Resolution Fund and the Deposit Guarantee Scheme, € 0.7 billion (December 31, 2024: € 0.3 billion) based on ECB's supervisory recommendation for a prudential
provisioning of non-performing exposures
573
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 41 – Regulatory capital information |
Reconciliation of shareholders’ equity to Own Funds
| CRR/CRD | ||
|---|---|---|
| in € m. | December 31,<br><br>2025 | December 31,<br><br>2024 |
| Total shareholders’ equity per accounting balance sheet | 66,933 | 66,276 |
| Deconsolidation/Consolidation of entities | (24) | (24) |
| Of which: | ||
| Additional paid-in capital | — | — |
| Retained earnings | (16) | (24) |
| Accumulated other comprehensive income (loss), net of tax | (9) | — |
| Total shareholders' equity per regulatory balance sheet | 66,909 | 66,252 |
| Minority Interests (amount allowed in consolidated CET 1) | 917 | 1,020 |
| AT1 coupon and shareholder distribution deduction1 | (3,585) | (2,565) |
| Capital instruments not eligible under CET 1 as per CRR 28(1) | (4) | (7) |
| Common Equity Tier 1 (CET 1) capital before regulatory adjustments | 64,237 | 64,700 |
| Prudential filters | (1,371) | (1,585) |
| Of which: | ||
| Additional value adjustments | (1,667) | (1,680) |
| Any increase in equity that results from securitized assets | — | — |
| Fair value reserves related to gains or losses on cash flow hedges and gains or losses on liabilities designated<br><br>at fair value resulting from changes in own credit standing | 296 | 95 |
| Regulatory adjustments | (13,600) | (13,659) |
| Of which: | ||
| Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | (5,045) | (5,277) |
| Deferred tax assets that rely on future profitability | (2,533) | (3,463) |
| Negative amounts resulting from the calculation of expected loss amounts | (2,579) | (3,037) |
| Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | (1,135) | (1,173) |
| Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial sector entities<br><br>where the institution has a significant investment in those entities | — | — |
| Securitization positions not included in risk-weighted assets | — | — |
| Collective Investment Undertakings (CIU) not included in risk-weighted assets | (214) | — |
| Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR | — | 1,012 |
| Others2 | (2,094) | (1,721) |
| Common Equity Tier 1 capital | 49,266 | 49,457 |
1 Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year
deductions include deductions for distribution to shareholders of € 3.1 billion and AT1 coupons of € 0.5 billion
2 Includes capital deductions of € 1.4 billion (December 31, 2024: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single
Resolution Fund and the Deposit Guarantee Scheme, € 0.7 billion (December 31, 2024: € 0.3 billion) based on ECB’s supervisory recommendation for a prudential
provisioning of non-performing exposures
Capital management
Deutsche Bank’s Treasury function manages solvency, capital adequacy, leverage, and bail-in capacity ratios at Group
level and locally in each region, as applicable. Treasury implements Deutsche Bank’s capital strategy, which itself is
developed by the Group Risk Committee and approved by the Management Board. Treasury, directly or through the
Group Asset and Liability Committee (ALCO), manages, among other things, issuance and repurchase of shares and
capital instruments, hedging of capital ratios against foreign exchange swings, the design of shareholders’ equity
allocation, and regional capital planning. The Group ALCO discusses and endorses divisional capacities for key financial
resources for approval to the Group Risk Committee where then quarterly resource limits are approved, The bank is fully
committed to maintaining Deutsche Bank’s sound capitalization both from an economic and regulatory perspective
considering both book equity based on IFRS accounting standards, regulatory and economic capital as well as specific
capital requirements from rating agencies. The bank continuously monitors and adjusts Deutsche Bank’s overall capital
demand and supply to always achieve an appropriate balance.
Treasury manages the issuance and repurchase of capital instruments, namely Common Equity Tier 1, Additional Tier 1
and Tier 2 capital instruments as well as TLAC/MREL eligible debt instruments. Treasury constantly monitors the market
for liability management trades. Such trades represent a countercyclical opportunity to create Common Equity Tier 1
capital by buying back Deutsche Bank’s issuances below par.
574
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 41 – Regulatory capital information |
Treasury manages the sensitivity of Deutsche Bank’s CET 1 ratio and capital towards swings in foreign currency
exchange rates against the euro. For this purpose, Treasury develops and executes suitable hedging strategies within the
constraints of a Management Board approved Risk Appetite. Capital invested into Deutsche Bank’s foreign subsidiaries
and branches is either not hedged, partially hedged or fully hedged. Thereby, Treasury aims to balance effects from
foreign exchange rate movements on capital, capital deduction items and risk weighted assets in foreign currency. In
addition, Treasury also accounts for associated hedge cost and implications on market risk weighted assets.
Resource limit setting
Usage of key financial resources is influenced through the following governance processes and incentives.
Target resource capacities are reviewed in Deutsche Bank’s annual strategic plan in line with Deutsche Bank’s CET 1 and
Leverage Ratio ambitions. As a part of Deutsche Bank’s quarterly process, the Group Asset and Liability Committee
approves divisional resource limits for total capital demand (defined as the sum of RWA and certain RWA equivalents of
Capital Deduction Items and certain RWA equivalents of Capital Buffer Requirements items) and leverage exposure that
are based on the strategic plan but adjusted for market conditions and the short-term outlook. Limits are enforced
through a close monitoring process and an excess charging mechanism.
Overall regulatory capital requirements are principally driven by either Deutsche Bank’s CET 1 ratio (solvency) or
leverage ratio (leverage) requirements, whichever is the more binding constraint. For the internal capital allocation, the
combined contribution of each segment to the Group’s Common Equity Tier 1 ratio, the Group’s Leverage ratio and the
Group’s Capital Loss under Stress are weighted to reflect their relative importance and level of constraint to the Group.
Contributions to the Common Equity Tier 1 ratio and the Leverage ratio are measured through RWA and Leverage Ratio
Exposure (LRE). The Group’s Capital Loss under Stress is a measure of the Group’s overall economic risk exposure under a
defined stress scenario. Goodwill, other intangible assets, and business-related regulatory capital deduction items
included in total capital demand are directly allocated to the respective segments, supporting the calculation of the
allocated tangible shareholders equity and the respective rate of return.
Most of Deutsche Bank’s subsidiaries and several of Deutsche Bank’s branches are subject to legal and regulatory capital
requirements. In developing, implementing, and testing Deutsche Bank’s capital and liquidity position, the bank fully
takes such legal and regulatory requirements into account. Any material capital requests of Deutsche Bank’s branches
and subsidiaries across the globe are presented to and approved by the Group Investment Committee prior to execution.
Further, Treasury is a member of Deutsche Bank’s Pensions Committee and represented in relevant Investment
Committees overseeing the management of the assets of the largest Deutsche Bank pension funds in Germany. These
investment committees set the investment strategy for these funds in line with the bank’s investment objective to
protect the capital base and distribution capacity of the bank.
575
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 42 – Supplementary information to the consolidated financial statements according to Sections 297<br><br>(1a)/314 HGB and the return on assets according to Article 26a of the German Banking Act |
42 — Supplementary information to the consolidated financial
statements according to Sections 297 (1a)/314 HGB and the
return on assets according to Article 26a of the German
Banking Act
Staff costs
| in € m. | 2025 | 2024 |
|---|---|---|
| Staff costs: | ||
| Wages and salaries | 9,651 | 9,836 |
| Social security costs | 2,163 | 1,896 |
| thereof: those relating to pensions | 1,019 | 1,016 |
| Total | 11,813 | 11,731 |
Employees
The average number of effective employees employed in 2025 was 89,898 (2024: 90,149) of whom 40,372 (2024:
40,341) were women. Part-time employees are included in these figures proportionately. An average of 55,570 (2024:
54,376) employees worked outside Germany.
Management Board and Supervisory Board remuneration
The following tables present the compensations received by the members of the Management Board collectively in
accordance with the requirements of the German Accounting Standards No. 17. For additional information please refer
to the Compensation Report in the Annual Report.
| in € | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Fixed compensation | 26,457,875 | 26,659,356 | ||||
| Fixed allowances | 1,616,667 | 1,525,000 | ||||
| Fringe benefits | 652,044 | 1,170,876 | ||||
| Performance related compensation | 27,446,519 | 21,039,598 | ||||
| Total compensation | 56,173,105 | 50,394,830 | Granted share awards | 2025 | 2024 | |
| --- | --- | --- | ||||
| Relevant share price in € | 30.53 | 20.01 | ||||
| Share units granted/pro-forma reported | 1,116,294 | 1,683,651 | ||||
| thereof Equity upfront award units | 278,066 | 392,848 | ||||
| thereof Restricted equity awards units | 59,785 | 9,385 | ||||
| thereof pro-forma reported share units | 778,4421 | 1,281,4182 | ||||
| Value of share awards granted/pro-forma reported in € | 34,080,444 | 33,691,540 | ||||
| thereof Equity upfront award units | 8,489,361 | 7,861,281 | ||||
| thereof Restricted equity awards units | 1,825,250 | 187,804 | ||||
| thereof pro-forma reported share units | 23,765,8331 | 25,642,4552 |
1The pro- forma reported shares will be determined on the basis of the final achievement level at the end of the performance period 2025 – 2027 and legally granted in
2028
2The pro-forma reported shares will be determined on the basis of the final achievement level at the end of the performance period 2024 – 2026 and legally granted in
2027
| in € | 2025 | 2024 |
|---|---|---|
| Payments to former members of the Management Board or their surviving dependents | 100,496,514 | 35,841,194 |
| Pension provisions for former members of the Management Board or their surviving dependents | 134,043,639 | 142,890,863 |
576
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 42 – Supplementary information to the consolidated financial statements according to Sections 297<br><br>(1a)/314 HGB and the return on assets according to Article 26a of the German Banking Act |
The Supervisory Board compensation is regulated in Section 14 of the Articles of Association of Deutsche Bank AG and
was last amended by resolution of the General Meeting on May 17, 2023. The total compensation for the members of the
Supervisory Board in 2025 was € 7,712,500 (2024: € 7,775,000). The bank does not provide members of the Supervisory
Board with any benefits after they have left the Supervisory Board.
As of December 31, 2025, loans and advances granted, and contingent liabilities assumed for members of the
Management Board amounted to € 57,873 (2024: € 52,119) and for members of the Supervisory Board amounted to
€ 1,410,092 (2024: € 1,256,722). In 2025, members of the Management Board repaid € 3,201 (2024: € 0) and
members of the Supervisory Board repaid € 179,384 (2024: € 67,238).
Return on assets
Article 26a of the German Banking Act defines the return on assets as net profit divided by average total assets.
According to this definition the return on assets for 2025 was 0.49% (2024: 0.25%).
Information on the parent company
Deutsche Bank Aktiengesellschaft is the parent company of Deutsche Bank Group. It is incorporated in Frankfurt am
Main and is registered in the Commercial Register of the District Court Frankfurt am Main under registration number
HRB 30000.
Corporate Governance
Deutsche Bank AG has approved the Declaration of Conformity in accordance with Section 161 of the German
Corporation Act (AktG). The declaration is published on Deutsche Bank’s website (www.db.com/ir/en/reports.htm).
Principal accountant fees and services
Breakdown of fees charged by EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft (“EY GmbH & Co. KG“) and other EY member
firms
| Fee category in € m. | 2025 | 2024 |
|---|---|---|
| Audit fees | 70 | 69 |
| thereof to EY GmbH & Co. KG | 55 | 55 |
| Audit-related fees | 10 | 10 |
| thereof to EY GmbH & Co. KG | 6 | 7 |
| Tax-related fees | — | — |
| thereof to EY GmbH & Co. KG | — | — |
| All other fees | — | 1 |
| thereof to EY GmbH & Co. KG | — | — |
| Total fees | 80 | 80 |
The audit fees include fees for professional services for the audit of Deutsche Bank AG’s annual financial statements and
consolidated financial statements and do not include audit fees for DWS and its subsidiaries that are not audited by EY.
The audit-related fees include fees for other assurance services required by law or regulations, in particular for financial
service specific attestation, for quarterly reviews, for spin-off audits and for merger audits, as well as fees for voluntary
assurance services, like voluntary audits for internal management purposes and the issuance of comfort letters. Tax-
related fees include fees for services relating to the preparation and review of tax returns and related compliance
assistance and advice, tax consultation and advice relating to tax planning initiatives and assistance with assessing
compliance with tax regulations.
577
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 43 – Country by country reporting |
43 — Country by country reporting
§ 26a KWG requires annual disclosure of certain information by geographic location. The information disclosed in the
table below is derived from the IFRS Group accounts of Deutsche Bank. The table is however not reconcilable to other
financial information in this report because of specific requirements published by Bundesbank on December 16, 2014,
which include the requirement to present the information on geographic locations prior to elimination of cross-border
intra-group transactions. In line with these Bundesbank requirements, intra-group transactions within the same
geographic location are eliminated. These eliminations are identical to the eliminations applied for internal management
reporting on the respective geographical locations.
The geographic location of subsidiaries and branches considers the location of incorporation or residence as well as the
relevant tax jurisdiction. For the names, nature of activity and domicile of subsidiaries and branches, please refer to Note
44 “Shareholdings”. In addition, Deutsche Bank AG and its subsidiaries have German and foreign branches, for example in
London, New York and Singapore. The net revenues are composed of net interest revenues and noninterest revenues.
578
| Deutsche Bank | Additional Notes | |||
|---|---|---|---|---|
| Annual Report 2025 | 43 – Country by country reporting | |||
| December 31, 2025 | ||||
| --- | --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Net revenues<br><br>(Turnover) | Employees<br><br>(full-time<br><br>equivalent)1 | Profit (loss)<br><br>before income<br><br>tax | Income tax<br><br>(expense)/<br><br>benefit |
| Argentina | — | 5 | (2) | — |
| Australia | 233 | 288 | 86 | (30) |
| Austria | 13 | 75 | 3 | — |
| Belgium | 214 | 447 | 49 | (17) |
| Brazil | 139 | 214 | 77 | (35) |
| Canada | 10 | 10 | (8) | — |
| Cayman Islands | (18) | — | (19) | — |
| China | 187 | 624 | 67 | (15) |
| Columbia | 1 | 7 | (1) | — |
| Czech Republic | 24 | 45 | 11 | (2) |
| France | 158 | 212 | 65 | (11) |
| Germany | 12,477 | 33,386 | 3,883 | (871) |
| Great Britain | 4,798 | 7,516 | 930 | (157) |
| Greece | 2 | 13 | 3 | (1) |
| Hong Kong | 586 | 780 | 150 | (32) |
| Hungary | 39 | 73 | 10 | (2) |
| India | 988 | 23,867 | 815 | (280) |
| Indonesia | 113 | 232 | 64 | (19) |
| Ireland | 18 | 158 | 6 | — |
| Israel | 8 | 15 | — | — |
| Italy | 1,137 | 2,820 | 293 | (101) |
| Japan | 238 | 344 | 90 | (28) |
| Jersey | 5 | — | 10 | (6) |
| Luxembourg | 1,196 | 475 | 720 | (140) |
| Malaysia | 108 | 231 | 67 | (16) |
| Mauritius | 4 | — | 4 | — |
| Mexico | 12 | 38 | 4 | — |
| Netherlands | 260 | 392 | 95 | (27) |
| Pakistan | 17 | 86 | 9 | (6) |
| Peru | 1 | — | (1) | — |
| Philippines | 42 | 1,420 | 13 | (5) |
| Poland | 158 | 380 | (36) | (9) |
| Portugal | 13 | 45 | 2 | (1) |
| Qatar | — | 4 | (1) | — |
| Romania | 2 | 2,037 | 18 | (4) |
| Russian Fed. | 101 | 162 | 61 | (17) |
| Saudi Arabia | 34 | 50 | 6 | (1) |
| Singapore | 1,223 | 1,796 | 537 | (74) |
| South Africa | 22 | 37 | 6 | — |
| South Korea | 149 | 193 | 68 | (17) |
| Spain | 646 | 2,308 | 197 | (62) |
| Sri Lanka | 18 | 53 | 7 | (2) |
| Sweden | 4 | 38 | (1) | — |
| Switzerland | 316 | 616 | 40 | (7) |
| Taiwan | 77 | 147 | 47 | (5) |
| Thailand | 62 | 102 | 23 | (5) |
| Türkiye | 139 | 114 | 109 | (33) |
| UAE | 36 | 200 | 17 | (4) |
| Ukraine | 14 | 34 | 13 | (6) |
| USA | 7,174 | 7,703 | 2,231 | (551) |
| Vietnam | 50 | 85 | 35 | (7) |
1 Full-time equivalents as of December 31, 2025
579
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
44 — Shareholdings
| 580 | Subsidiaries | |
|---|---|---|
| 587 | Consolidated structured entities | |
| 594 | Companies accounted for at equity | |
| 596 | Other companies, where the holding exceeds 20% | |
| 600 | Holdings in large corporations, where the holding exceeds 5% of the voting rights | |
| The following pages show the Shareholdings of Deutsche Bank Group pursuant to Section 313 (2) of the<br><br>German Commercial Code (“HGB”). | ||
| Footnotes: | ||
| 1 | Controlled. | |
| 2 | Status as shareholder with unlimited liability pursuant to Section 313 (2) Number 6 HGB. | |
| 3 | General Partnership. | |
| 4 | Only specified assets and related liabilities (silos) of this entity were consolidated. | |
| 5 | Joint venture. | |
| 6 | Not controlled. | |
| 7 | Accounted for at equity due to significant influence | |
| 8 | Classified as Structured Entity not to be accounted for at equity under IFRS. | |
| 9 | Classified as Structured Entity not to be consolidated under IFRS. | |
| 10 | Preliminary Own funds of € 6,278.9m/Result of € 19.5m (Business Year 2025). | |
| 11 | Preliminary Own funds of € 5,990.8m/Result of € 66,1m (Business Year 2025). | |
| 12 | Own funds of € 45.8m/Result of € 4.0m (Business Year 2024). | |
| 13 | Not consolidated or accounted for at equity as classified as non-trading financial assets mandatory at fair value<br><br>through profit or loss. | |
| 14 | Own funds of € 1.0m/Result of € 11.2m (Business Year 2024). | |
| 15 | Own funds of € 37.1m/Result of €4.1m (Business Year 2024). |
580
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
Subsidiaries
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
|---|---|---|---|---|---|
| 1 | Deutsche Bank Aktiengesellschaft | Frankfurt am Main | Credit Institution | ||
| 2 | ABFS I Incorporated | Lutherville-Timonium | Financial Institution | 100.0 | |
| 3 | Alex. Brown Financial Services<br><br>Incorporated | Lutherville-Timonium | Financial Institution | 100.0 | |
| 4 | Alex. Brown Investments<br><br>Incorporated | Lutherville-Timonium | Financial Institution | 100.0 | |
| 5 | Argent Incorporated | Lutherville-Timonium | Financial Institution | 100.0 | |
| 6 | Baldur Mortgages Limited | London | Financial Institution | 100.0 | |
| 7 | Better Payment Germany GmbH | Berlin | Ancillary Services Undertaking | 100.0 | |
| 8 | BHW - Gesellschaft für<br><br>Wohnungswirtschaft mbH | Hameln | Financial Institution | 100.0 | |
| 9 | BHW Bausparkasse<br><br>Aktiengesellschaft | Hameln | Credit Institution | 100.0 | |
| 10 | BHW Holding GmbH | Hameln | Financial Holding Company | 100.0 | |
| 11 | Borfield Sociedad Anonima | Montevideo | Other Enterprise | 100.0 | |
| 12 | Breaking Wave DB Limited | London | Ancillary Services Undertaking | 100.0 | |
| 13 | BT Globenet Nominees Limited | London | Other Enterprise | 100.0 | |
| 14 | Cardea Real Estate S.r.l. | Milan | Ancillary Services Undertaking | 100.0 | |
| 15 | Caribbean Resort Holdings, Inc. | New York | 1 | Financial Institution | 0.0 |
| 16 | Cathay Advisory (Beijing) Co., Ltd. | Beijing | Other Enterprise | 100.0 | |
| 17 | Cathay Asset Management Company<br><br>Limited | Ebène | Financial Institution | 100.0 | |
| 18 | China Recovery Fund, LLC | Wilmington | Financial Institution | 85.0 | |
| 19 | Cinda - DB NPL Securitization Trust<br><br>2003-1 | Wilmington | 1 | Financial Institution | 10.0 |
| 20 | City Leasing (Thameside) Limited | London | Financial Institution | 100.0 | |
| 21 | City Leasing Limited | London | Financial Institution | 100.0 | |
| 22 | Consumo Srl in Liquidazione | Milan | Financial Institution | 100.0 | |
| 23 | D B Investments (GB) Limited | London | Financial Institution | 100.0 | |
| 24 | D&M Turnaround Partners Godo<br><br>Kaisha | Tokyo | Financial Institution | 100.0 | |
| 25 | DB (Barbados) SRL | Christ Church | Ancillary Services Undertaking | 100.0 | |
| 26 | DB (Malaysia) Nominee (Asing) Sdn.<br><br>Bhd. | Kuala Lumpur | Ancillary Services Undertaking | 100.0 | |
| 27 | DB (Malaysia) Nominee (Tempatan)<br><br>Sendirian Berhad | Kuala Lumpur | Ancillary Services Undertaking | 100.0 | |
| 28 | DB Advisory Services S.A.S. | Bogotá | Financial Institution | 100.0 | |
| 29 | DB Alex. Brown Holdings<br><br>Incorporated | Wilmington | Financial Institution | 100.0 | |
| 30 | DB Aotearoa Investments Limited | George Town | Financial Institution | 100.0 | |
| 31 | DB Asset Finance I S.à r.l. | Luxembourg | Financial Institution | 96.9 | |
| 32 | DB Asset Finance II S.à r.l. | Luxembourg | Financial Institution | 96.9 | |
| 33 | DB Beteiligungs-Holding GmbH | Frankfurt am Main | Financial Holding Company | 100.0 | |
| 34 | DB Boracay LLC | Wilmington | Financial Institution | 100.0 | |
| 35 | DB Capital Markets (Deutschland)<br><br>GmbH | Frankfurt am Main | Financial Holding Company | 100.0 | |
| 36 | DB Cartera de Inmuebles 1, S.A.U. | Madrid | Ancillary Services Undertaking | 100.0 | |
| 37 | DB Commodity Financing Limited | London | Ancillary Services Undertaking | 100.0 | |
| 38 | DB Corporate Advisory (Malaysia)<br><br>Sdn. Bhd. | Kuala Lumpur | Financial Institution | 100.0 | |
| 39 | DB Credit Investments S.à r.l. | Luxembourg | Financial Institution | 100.0 | |
| 40 | DB Direkt GmbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | |
| 41 | DB Equipment Leasing, Inc. | New York | Financial Institution | 100.0 | |
| 42 | DB Finance (Delaware), LLC | Wilmington | Financial Institution | 100.0 | |
| 43 | DB Finance International GmbH | Frankfurt am Main | Financial Institution | 100.0 | |
| 44 | DB Global Technology SRL | Bucharest | Ancillary Services Undertaking | 100.0 | |
| 45 | DB Global Technology, Inc. | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 46 | DB Group Services (UK) Limited | London | Ancillary Services Undertaking | 100.0 | |
| 47 | DB Holdings (New York), Inc. | New York | Financial Institution | 100.0 |
581
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 48 | DB Industrial Holdings Beteiligungs<br><br>GmbH & Co. KG | Luetzen | 2 | Financial Institution | 100.0 | |||
| 49 | DB Industrial Holdings GmbH | Luetzen | Financial Institution | 100.0 | ||||
| 50 | DB Intermezzo LLC | Wilmington | Financial Institution | 100.0 | ||||
| 51 | DB Internal Funding Limited | London | Financial Institution | 100.0 | ||||
| 52 | DB International (Asia) Limited | Singapore | Credit Institution | 100.0 | ||||
| 53 | DB International Investments Limited<br><br>(in members' voluntary liquidation) | London | Financial Institution | 100.0 | ||||
| 54 | DB International Trust (Singapore)<br><br>Limited | Singapore | Other Enterprise | 100.0 | ||||
| 55 | DB Investment Partners Limited | London | Financial Institution | 100.0 | ||||
| 56 | DB Investment Services GmbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 57 | DB London (Investor Services)<br><br>Nominees Limited | London | Financial Institution | 100.0 | ||||
| 58 | DB Management Support GmbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 59 | DB Nominees (Hong Kong) Limited | Hong Kong SAR | Ancillary Services Undertaking | 100.0 | ||||
| 60 | DB Nominees (Jersey) Limited | St. Helier | Other Enterprise | 100.0 | ||||
| 61 | DB Nominees (Singapore) Pte Ltd | Singapore | Other Enterprise | 100.0 | ||||
| 62 | DB Operaciones y Servicios<br><br>Interactivos, S.L.U. | Madrid | Ancillary Services Undertaking | 100.0 | ||||
| 63 | DB Overseas Holdings Limited | London | Financial Institution | 100.0 | ||||
| 64 | DB Print GmbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 65 | DB Private Clients Corp. | Wilmington | Financial Institution | 100.0 | ||||
| 66 | DB Private Wealth Mortgage Ltd. | New York | Financial Institution | 100.0 | ||||
| 67 | DB Re S.A. | Luxembourg | Reinsurance Undertaking | 100.0 | ||||
| 68 | DB Service Centre Limited | Dublin | Ancillary Services Undertaking | 100.0 | ||||
| 69 | DB Services (Jersey) Limited | St. Helier | Ancillary Services Undertaking | 100.0 | ||||
| 70 | DB Services Americas, Inc. | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 71 | DB Servizi Amministrativi S.r.l. | Milan | Ancillary Services Undertaking | 100.0 | ||||
| 72 | DB Strategic Advisors, Inc. | Makati City | Ancillary Services Undertaking | 100.0 | ||||
| 73 | DB Structured Derivative Products,<br><br>LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 74 | DB Structured Products, Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 75 | DB Trustee Services Limited | London | Other Enterprise | 100.0 | ||||
| 76 | DB Trustees (Hong Kong) Limited | Hong Kong SAR | Other Enterprise | 100.0 | ||||
| 77 | DB U.S. Financial Markets Holding<br><br>Corporation | Wilmington | Financial Institution | 100.0 | ||||
| 78 | DB UK Bank Limited | London | Credit Institution | 100.0 | ||||
| 79 | DB UK Holdings Limited | London | Financial Institution | 100.0 | ||||
| 80 | DB UK PCAM Holdings Limited (in<br><br>members' voluntary liquidation) | London | Financial Institution | 100.0 | ||||
| 81 | DB USA Core Corporation | West Trenton | Ancillary Services Undertaking | 100.0 | ||||
| 82 | DB USA Corporation | Wilmington | Financial Institution | 100.0 | ||||
| 83 | DB Valoren S.à r.l. | Luxembourg | Financial Institution | 100.0 | ||||
| 84 | DB Value S.à r.l. | Luxembourg | Financial Institution | 100.0 | ||||
| 85 | DB VersicherungsManager GmbH | Frankfurt am Main | Other Enterprise | 100.0 | ||||
| 86 | DB Vita S.A. | Luxembourg | Insurance Undertaking | 84.0 | ||||
| 87 | DBAH Capital, LLC | Wilmington | Financial Institution | 100.0 | ||||
| 88 | DBCIBZ1 (in voluntary liquidation) | George Town | Financial Institution | 100.0 | ||||
| 89 | DBFIC, Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 90 | DBOI Global Services (UK) Limited | London | Ancillary Services Undertaking | 100.0 | ||||
| 91 | DBR Investments Co. Limited | George Town | Financial Institution | 100.0 | ||||
| 92 | DBRE Global Real Estate<br><br>Management IB, Ltd. | George Town | Asset Management Company | 100.0 | ||||
| 93 | DBRMSGP1 | George Town | 2, 3 | Financial Institution | 100.0 | |||
| 94 | DBX Advisors LLC | Wilmington | Financial Institution | 100.0 | ||||
| 95 | DEE Deutsche Erneuerbare Energien<br><br>GmbH | Frankfurt am Main | Financial Institution | 100.0 | ||||
| 96 | DEUKONA Versicherungs-<br><br>Vermittlungs-GmbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 97 | Deutsche (Aotearoa) Capital Holdings<br><br>New Zealand | Auckland | Financial Institution | 100.0 |
582
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 98 | Deutsche (Aotearoa) Foreign<br><br>Investments New Zealand | Auckland | Financial Institution | 100.0 | ||||
| 99 | Deutsche (New Munster) Holdings<br><br>New Zealand Limited | Auckland | Financial Institution | 100.0 | ||||
| 100 | Deutsche Alternative Asset<br><br>Management (UK) Limited (in<br><br>members' voluntary liquidation) | London | Asset Management Company | 100.0 | ||||
| 101 | Deutsche Asia Pacific Holdings Pte<br><br>Ltd | Singapore | Financial Institution | 100.0 | ||||
| 102 | Deutsche Asset Management (India)<br><br>Private Limited | Mumbai | Ancillary Services Undertaking | 100.0 | ||||
| 103 | Deutsche Australia Limited | Sydney | Financial Institution | 100.0 | ||||
| 104 | Deutsche Bank (Cayman) Limited | George Town | Other Enterprise | 100.0 | ||||
| 105 | Deutsche Bank (China) Co., Ltd. | Beijing | Credit Institution | 100.0 | ||||
| 106 | Deutsche Bank (Malaysia) Berhad | Kuala Lumpur | Credit Institution | 100.0 | ||||
| 107 | Deutsche Bank (Suisse) SA | Geneva | Credit Institution | 100.0 | ||||
| 108 | Deutsche Bank (Uruguay) Sociedad<br><br>Anónima Institución Financiera<br><br>Externa | Montevideo | Credit Institution | 100.0 | ||||
| 109 | DEUTSCHE BANK A.S. | Istanbul | Credit Institution | 100.0 | ||||
| 110 | Deutsche Bank Americas Holding<br><br>Corp. | Wilmington | Financial Institution | 100.0 | ||||
| 111 | Deutsche Bank Europe GmbH | Frankfurt am Main | Credit Institution | 100.0 | ||||
| 112 | Deutsche Bank Financial Company | George Town | Financial Institution | 100.0 | ||||
| 113 | Deutsche Bank Holdings, Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 114 | Deutsche Bank Immobilien GmbH | Hameln | Other Enterprise | 100.0 | ||||
| 115 | Deutsche Bank Insurance Agency<br><br>Incorporated | Wilmington | Other Enterprise | 100.0 | ||||
| 116 | Deutsche Bank Luxembourg S.A. | Luxembourg | Credit Institution | 100.0 | ||||
| 117 | Deutsche Bank Mutui S.p.A. | Milan | Credit Institution | 100.0 | ||||
| 118 | Deutsche Bank National Trust<br><br>Company | Los Angeles | Financial Institution | 100.0 | ||||
| 119 | Deutsche Bank Polska Spólka Akcyjna | Warsaw | Credit Institution | 100.0 | ||||
| 120 | Deutsche Bank Representative Office<br><br>Nigeria Limited | Lagos | Ancillary Services Undertaking | 100.0 | ||||
| 121 | Deutsche Bank S.A. - Banco Alemão | Sao Paulo | Credit Institution | 100.0 | ||||
| 122 | Deutsche Bank S.p.A. | Milan | Credit Institution | 99.9 | ||||
| 123 | Deutsche Bank Securities Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 124 | Deutsche Bank Trust Company<br><br>Americas | New York | Credit Institution | 100.0 | ||||
| 125 | Deutsche Bank Trust Company<br><br>Delaware | Wilmington | Credit Institution | 100.0 | ||||
| 126 | Deutsche Bank Trust Company,<br><br>National Association | New York | Financial Institution | 100.0 | ||||
| 127 | Deutsche Bank Trust Corporation | New York | Financial Institution | 100.0 | ||||
| 128 | Deutsche Bank, Sociedad Anónima<br><br>Española Unipersonal | Madrid | Credit Institution | 100.0 | ||||
| 129 | Deutsche Capital Finance (2000)<br><br>Limited | George Town | Financial Institution | 100.0 | ||||
| 130 | Deutsche Capital Markets Australia<br><br>Limited | Sydney | Financial Institution | 100.0 | ||||
| 131 | Deutsche Custody N.V. | Amsterdam | Financial Institution | 100.0 | ||||
| 132 | Deutsche Domus New Zealand<br><br>Limited | Auckland | Financial Institution | 100.0 | ||||
| 133 | Deutsche Equities India Private<br><br>Limited | Mumbai | Financial Institution | 100.0 | ||||
| 134 | Deutsche Finance No. 2 Limited (in<br><br>voluntary liquidation) | George Town | Financial Institution | 100.0 | ||||
| 135 | Deutsche Foras New Zealand Limited | Auckland | Financial Institution | 100.0 | ||||
| 136 | Deutsche Gesellschaft für<br><br>Immobilien-Leasing mit beschränkter<br><br>Haftung i.L. | Duesseldorf | Financial Institution | 100.0 | ||||
| 137 | Deutsche Global Markets Limited | Tel Aviv | Ancillary Services Undertaking | 100.0 |
583
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 138 | Deutsche Group Holdings (SA)<br><br>Proprietary Limited | Johannesburg | Financial Institution | 100.0 | ||||
| 139 | Deutsche Group Services Pty Limited | Sydney | Ancillary Services Undertaking | 100.0 | ||||
| 140 | Deutsche Grundbesitz-<br><br>Anlagegesellschaft mit beschränkter<br><br>Haftung | Frankfurt am Main | Other Enterprise | 99.8 | ||||
| 141 | Deutsche Holdings (Grand Duchy) | Luxembourg | Financial Institution | 100.0 | ||||
| 142 | Deutsche Holdings (Luxembourg) S.à<br><br>r.l. | Luxembourg | Financial Institution | 100.0 | ||||
| 143 | Deutsche Holdings Limited | London | Financial Institution | 100.0 | ||||
| 144 | Deutsche Holdings No. 2 Limited | London | Financial Institution | 100.0 | ||||
| 145 | Deutsche Holdings No. 3 Limited | London | Financial Institution | 100.0 | ||||
| 146 | Deutsche Holdings No. 4 Limited (in<br><br>members' voluntary liquidation) | London | Financial Institution | 100.0 | ||||
| 147 | Deutsche Immobilien Leasing GmbH | Duesseldorf | Financial Institution | 100.0 | ||||
| 148 | Deutsche India Holdings Private<br><br>Limited | Mumbai | Financial Institution | 100.0 | ||||
| 149 | Deutsche India Private Limited | Mumbai | Ancillary Services Undertaking | 100.0 | ||||
| 150 | Deutsche International Corporate<br><br>Services (Ireland) Limited (in<br><br>liquidation) | Dublin | Financial Institution | 100.0 | ||||
| 151 | Deutsche Investments India Private<br><br>Limited | Mumbai | Financial Institution | 100.0 | ||||
| 152 | Deutsche Investor Services Private<br><br>Limited | Mumbai | Ancillary Services Undertaking | 100.0 | ||||
| 153 | Deutsche Knowledge Services Pte.<br><br>Ltd. | Singapore | Ancillary Services Undertaking | 100.0 | ||||
| 154 | Deutsche Mexico Holdings S.à r.l. | Luxembourg | Financial Institution | 100.0 | ||||
| 155 | Deutsche Mortgage & Asset<br><br>Receiving Corporation | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 156 | Deutsche New Zealand Limited | Auckland | Financial Institution | 100.0 | ||||
| 157 | Deutsche Nominees Limited | London | Financial Institution | 100.0 | ||||
| 158 | Deutsche Oppenheim Family Office<br><br>AG | Cologne | Investment Firm | 100.0 | ||||
| 159 | Deutsche Overseas Issuance New<br><br>Zealand Limited | Auckland | Ancillary Services Undertaking | 100.0 | ||||
| 160 | Deutsche Postbank Finance Center<br><br>Objekt GmbH | Schuettringen | Ancillary Services Undertaking | 100.0 | ||||
| 161 | Deutsche Securities (India) Private<br><br>Limited | New Delhi | Financial Institution | 100.0 | ||||
| 162 | Deutsche Securities (Proprietary)<br><br>Limited | Johannesburg | Other Enterprise | 100.0 | ||||
| 163 | Deutsche Securities (SA) (Proprietary)<br><br>Limited | Johannesburg | Other Enterprise | 100.0 | ||||
| 164 | Deutsche Securities Asia Limited | Hong Kong SAR | Financial Institution | 100.0 | ||||
| 165 | Deutsche Securities Inc. | Tokyo | Financial Institution | 100.0 | ||||
| 166 | Deutsche Securities Israel Ltd. | Tel Aviv | Financial Institution | 100.0 | ||||
| 167 | Deutsche Securities Korea Co. | Seoul | Financial Institution | 100.0 | ||||
| 168 | Deutsche Securities Saudi Arabia (a<br><br>closed joint stock company) | Riyadh | Financial Institution | 100.0 | ||||
| 169 | Deutsche Securities, S.A. de C.V.,<br><br>Casa de Bolsa | Mexico City | Financial Institution | 100.0 | ||||
| 170 | Deutsche Services (CI) Limited | St. Helier | Financial Institution | 100.0 | ||||
| 171 | Deutsche Services Polska Sp. z o.o. | Warsaw | Ancillary Services Undertaking | 100.0 | ||||
| 172 | Deutsche StiftungsTrust GmbH | Frankfurt am Main | Other Enterprise | 100.0 | ||||
| 173 | Deutsche Strategic Investment<br><br>Holdings Yugen Kaisha | Tokyo | Financial Institution | 100.0 | ||||
| 174 | Deutsche Trustee Company Limited | London | Other Enterprise | 100.0 | ||||
| 175 | Deutsche Trustees Malaysia Berhad | Kuala Lumpur | Other Enterprise | 100.0 | ||||
| 176 | Deutsche Wealth Management<br><br>S.G.I.I.C., S.A. | Madrid | Asset Management Company | 100.0 | ||||
| 177 | Deutsches Institut für Altersvorsorge<br><br>GmbH | Frankfurt am Main | Other Enterprise | 78.0 |
584
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 178 | DI Deutsche Immobilien<br><br>Treuhandgesellschaft mbH | Frankfurt am Main | Other Enterprise | 100.0 | ||||
| 179 | DISCA Beteiligungsgesellschaft mbH | Duesseldorf | Financial Institution | 100.0 | ||||
| 180 | Durian (Luxembourg) S.à r.l. | Luxembourg | Financial Institution | 98.0 | ||||
| 181 | DWS Alternatives France | Paris | Other Enterprise | 100.0 | ||||
| 182 | DWS Alternatives Global Limited | London | Asset Management Company | 100.0 | ||||
| 183 | DWS Alternatives GmbH | Frankfurt am Main | Asset Management Company | 100.0 | ||||
| 184 | DWS Asset Management (Korea)<br><br>Company Limited | Seoul | Asset Management Company | 100.0 | ||||
| 185 | DWS Beteiligungs GmbH | Frankfurt am Main | Financial Institution | 98.3 | ||||
| 186 | DWS CH AG | Zurich | Financial Institution | 100.0 | ||||
| 187 | DWS Consulting Shanghai Limited | Shanghai | Other Enterprise | 100.0 | ||||
| 188 | DWS Corporate Management Beijing<br><br>Limited | Beijing | Other Enterprise | 100.0 | ||||
| 189 | DWS Distributors, Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 190 | DWS Far Eastern Investments Limited | Taipei | Financial Institution | 60.0 | ||||
| 191 | DWS Global Business Services Inc. | Taguig City | Ancillary Services Undertaking | 99.9 | ||||
| 192 | DWS Group GmbH & Co. KGaA | Frankfurt am Main | 2 | Investment Holding Company | 79.5 | |||
| 193 | DWS Group Services UK Limited | London | Ancillary Services Undertaking | 100.0 | ||||
| 194 | DWS Grundbesitz GmbH | Frankfurt am Main | Asset Management Company | 99.9 | ||||
| 195 | DWS India Private Limited | Mumbai | Ancillary Services Undertaking | 100.0 | ||||
| 196 | DWS International GmbH | Frankfurt am Main | Investment Firm | 100.0 | ||||
| 197 | DWS Investment GmbH | Frankfurt am Main | Asset Management Company | 100.0 | ||||
| 198 | DWS Investment Management<br><br>Americas, Inc. | Wilmington | Financial Institution | 100.0 | ||||
| 199 | DWS Investment S.A. | Luxembourg | Asset Management Company | 100.0 | ||||
| 200 | DWS Investments Australia Limited | Sydney | Financial Institution | 100.0 | ||||
| 201 | DWS Investments Hong Kong Limited | Hong Kong SAR | Financial Institution | 100.0 | ||||
| 202 | DWS Investments Japan Limited | Tokyo | Financial Institution | 100.0 | ||||
| 203 | DWS Investments Singapore Limited | Singapore | Financial Institution | 100.0 | ||||
| 204 | DWS Investments UK Limited | London | Financial Institution | 100.0 | ||||
| 205 | DWS Management GmbH | Frankfurt am Main | Financial Institution | 100.0 | ||||
| 206 | DWS Real Estate GmbH | Frankfurt am Main | Financial Institution | 99.9 | ||||
| 207 | DWS Service Company | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 208 | DWS Trust Company | Concord | Financial Institution | 100.0 | ||||
| 209 | DWS USA Corporation | Wilmington | Financial Institution | 100.0 | ||||
| 210 | EC EUROPA IMMOBILIEN FONDS NR.<br><br>3 GmbH & CO. KG i.I. | Hamburg | Other Enterprise | 65.2 | ||||
| 211 | European Value Added I (Alternate<br><br>G.P.) LLP | London | Financial Institution | 100.0 | ||||
| 212 | Fiduciaria Sant' Andrea S.r.l. | Milan | Other Enterprise | 100.0 | ||||
| 213 | Finanzberatungsgesellschaft mbH<br><br>der Deutschen Bank | Berlin | Ancillary Services Undertaking | 100.0 | ||||
| 214 | Fir (Luxembourg) S.à r.l. | Luxembourg | Other Enterprise | 100.0 | ||||
| 215 | Franz Urbig- und Oscar Schlitter-<br><br>Stiftung Gesellschaft mit<br><br>beschränkter Haftung | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 216 | Fünfte SAB Treuhand und<br><br>Verwaltung GmbH & Co. Suhl<br><br>"Rimbachzentrum" KG | Bad Homburg | Other Enterprise | 74.9 | ||||
| 217 | GAHL Holdings LLC | Wilmington | Financial Institution | 100.0 | ||||
| 218 | GAHL Holdings Trust | Wilmington | 1 | Financial Institution | 0.0 | |||
| 219 | German American Capital<br><br>Corporation | Lutherville-Timonium | Financial Institution | 100.0 | ||||
| 220 | Greenheart (Luxembourg) S.à r.l. | Luxembourg | Other Enterprise | 100.0 | ||||
| 221 | Greenwood Properties Corp. | New York | 1 | Financial Institution | 0.0 | |||
| 222 | Grundstücksgesellschaft Wiesbaden<br><br>Luisenstraße/Kirchgasse GbR | Troisdorf | 2 | Other Enterprise | 78.7 | |||
| 223 | Immobilienfonds Büro-Center Erfurt<br><br>am Flughafen Bindersleben I GbR | Troisdorf | 2 | Other Enterprise | 90.0 | |||
| 224 | ISTRON Beteiligungs- und<br><br>Verwaltungs-GmbH | Cologne | Ancillary Services Undertaking | 100.0 |
585
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 225 | Joint Stock Company Deutsche Bank<br><br>DBU | Kyiv | Credit Institution | 100.0 | ||||
| 226 | Jyogashima Godo Kaisha | Tokyo | Financial Institution | 100.0 | ||||
| 227 | KEBA Gesellschaft für interne<br><br>Services mbH | Frankfurt am Main | Ancillary Services Undertaking | 100.0 | ||||
| 228 | Kidson Pte Ltd | Singapore | Financial Institution | 100.0 | ||||
| 229 | Konsul Inkasso GmbH | Essen | Ancillary Services Undertaking | 100.0 | ||||
| 230 | LA Water Holdings Limited | George Town | Financial Institution | 75.0 | ||||
| 231 | LAWL Pte. Ltd. | Singapore | Financial Institution | 100.0 | ||||
| 232 | London Industrial Leasing Limited | London | Financial Institution | 100.0 | ||||
| 233 | MEF I Manager, S. à r.l. | Munsbach | Financial Institution | 100.0 | ||||
| 234 | MIT Holdings, Inc. | Baltimore | Financial Institution | 100.0 | ||||
| 235 | MortgageIT Securities Corp. | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 236 | MortgageIT, Inc. | New York | Financial Institution | 100.0 | ||||
| 237 | Motion Picture Productions One<br><br>GmbH & Co. KG | Frankfurt am Main | 2 | Financial Institution | 100.0 | |||
| 238 | MPP Beteiligungsgesellschaft mbH | Frankfurt am Main | Financial Institution | 100.0 | ||||
| 239 | norisbank GmbH | Bonn | Credit Institution | 100.0 | ||||
| 240 | Numis Corporation Limited | London | Financial Institution | 100.0 | ||||
| 241 | Numis Europe Limited (in liquidation) | Dublin | Investment Firm | 100.0 | ||||
| 242 | Numis Nominees (Client) Limited | London | Other Enterprise | 100.0 | ||||
| 243 | Numis Nominees Limited | London | Other Enterprise | 100.0 | ||||
| 244 | Numis Securities Limited | London | Financial Institution | 100.0 | ||||
| 245 | OOO "Deutsche Bank TechCentre" | Moscow | Ancillary Services Undertaking | 100.0 | ||||
| 246 | OOO "Deutsche Bank" | Moscow | Credit Institution | 100.0 | ||||
| 247 | OPB Verwaltungs- und Treuhand<br><br>GmbH | Cologne | Financial Institution | 100.0 | ||||
| 248 | OPB-Oktava GmbH | Cologne | Financial Institution | 100.0 | ||||
| 249 | OPPENHEIM Capital Advisory GmbH | Cologne | Financial Institution | 100.0 | ||||
| 250 | OPPENHEIM PRIVATE EQUITY<br><br>Verwaltungsgesellschaft mbH | Cologne | Financial Institution | 100.0 | ||||
| 251 | PADUS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | Financial Institution | 100.0 | ||||
| 252 | PB Factoring GmbH | Bonn | Financial Institution | 100.0 | ||||
| 253 | PCC Services GmbH der Deutschen<br><br>Bank | Essen | Ancillary Services Undertaking | 100.0 | ||||
| 254 | Plantation Bay, Inc. | St. Thomas | Other Enterprise | 100.0 | ||||
| 255 | Postbank Direkt GmbH | Bonn | Financial Institution | 100.0 | ||||
| 256 | Postbank Filialvertrieb AG | Bonn | Financial Institution | 100.0 | ||||
| 257 | Postbank Finanzberatung AG | Hameln | Ancillary Services Undertaking | 100.0 | ||||
| 258 | Postbank Leasing GmbH | Bonn | Financial Institution | 100.0 | ||||
| 259 | PT Deutsche Sekuritas Indonesia | Jakarta | Financial Institution | 99.0 | ||||
| 261 | Route 28 Receivables, LLC | Wilmington | Financial Institution | 100.0 | ||||
| 262 | RREEF America L.L.C. | Wilmington | Financial Institution | 100.0 | ||||
| 263 | RREEF European Value Added I (G.P.)<br><br>Limited | London | Financial Institution | 100.0 | ||||
| 264 | RREEF Fund Holding LLC | Wilmington | Financial Institution | 100.0 | ||||
| 265 | RREEF Management L.L.C. | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 266 | Sal. Oppenheim jr. & Cie. Beteiligungs<br><br>GmbH | Cologne | Financial Institution | 100.0 | ||||
| 267 | SAPIO Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | Financial Institution | 100.0 | ||||
| 268 | Sharps SP I LLC | Wilmington | Financial Institution | 100.0 | ||||
| 269 | Stelvio Immobiliare S.r.l. | Bolzano | Other Enterprise | 100.0 | ||||
| 270 | Süddeutsche Vermögensverwaltung<br><br>Gesellschaft mit beschränkter<br><br>Haftung | Frankfurt am Main | Financial Institution | 100.0 | ||||
| 271 | TELO Beteiligungsgesellschaft mbH | Schoenefeld | Financial Institution | 100.0 | ||||
| 272 | Thai Asset Enforcement and<br><br>Recovery Asset Management<br><br>Company Limited | Bangkok | Financial Institution | 100.0 | ||||
| 273 | Treuinvest Service GmbH | Frankfurt am Main | Other Enterprise | 100.0 |
586
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 274 | VÖB-ZVD Processing GmbH | Bonn | Payment Service Provider | 100.0 | ||||
| 275 | WEPLA Beteiligungsgesellschaft<br><br>mbH | Frankfurt am Main | Financial Institution | 100.0 |
587
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
Consolidated structured entities
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
|---|---|---|---|---|---|
| 276 | Al Mi'yar Capital 2 Cayman Ltd | George Town | 4 | Other Enterprise | |
| 277 | Al Mi'yar Capital SA | Luxembourg | 4 | Other Enterprise | |
| 278 | Alguer Inversiones Designated Activity<br><br>Company | Dublin | Financial Institution | ||
| 279 | Alixville Invest, S.L. | Madrid | Ancillary Services Undertaking | ||
| 280 | Altersvorsorge Fonds Hamburg Alter<br><br>Wall Dr. Juncker KG | Frankfurt am Main | Other Enterprise | ||
| 281 | Ansbacher I S.à r.l. | Luxembourg | Other Enterprise | 100.0 | |
| 282 | Ansbacher II S.à r.l. | Luxembourg | Other Enterprise | 100.0 | |
| 283 | Atlas Investment Company 1 S.à r.l., en<br><br>liquidation volontaire | Luxembourg | Financial Institution | ||
| 284 | Atlas Investment Company 2 S.à r.l., en<br><br>liquidation volontaire | Luxembourg | Financial Institution | ||
| 285 | Atlas Investment Company 3 S.à r.l., en<br><br>liquidation volontaire | Luxembourg | Financial Institution | ||
| 286 | Atlas Investment Company 4 S.à r.l., en<br><br>liquidation volontaire | Luxembourg | Financial Institution | ||
| 287 | Atlas Portfolio Select SPC | George Town | Financial Institution | 0.0 | |
| 288 | Atlas SICAV - FIS, en liquidation<br><br>volontaire | Luxembourg | 4 | Other Enterprise | |
| 289 | Australian Secured Personal Loans<br><br>Trust | Melbourne | Other Enterprise | 100.0 | |
| 290 | Axia Insurance, Ltd. | Hamilton | 4 | Other Enterprise | |
| 291 | Blue Square Finance 2025-1<br><br>Designated Activity Company | Dublin | Financial Institution | ||
| 292 | Capital Trust Japan Company Limited<br><br>(Trust Account Project Spark<br><br>Agreement No. 7536) | Tokyo | Financial Institution | ||
| 293 | Carpathian Investments Designated<br><br>Activity Company | Dublin | Financial Institution | 100.0 | |
| 294 | Cathay Capital Company Limited | Ebène | 1 | Financial Institution | 19.0 |
| 295 | Cayman Reference Fund Holdings<br><br>Limited | George Town | Ancillary Services Undertaking | ||
| 296 | Ceto S.à r.l. | Luxembourg | Financial Institution | ||
| 297 | Charitable Luxembourg Four S.à r.l. | Luxembourg | Financial Institution | ||
| 298 | Charitable Luxembourg Two S.à r.l. | Luxembourg | Financial Institution | ||
| 299 | CLASS Limited | St. Helier | 4 | Other Enterprise | |
| 300 | Collins Capital Low Volatility<br><br>Performance II Special Investments,<br><br>Ltd. | Road Town | Financial Institution | ||
| 301 | Crofton Invest, S.L. | Madrid | Other Enterprise | ||
| 302 | Danube Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | |
| 303 | DB Aster II, LLC | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 304 | DB Aster, Inc. | Wilmington | Financial Institution | 100.0 | |
| 305 | DB Aster, LLC | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 306 | DB Covered Bond S.r.l. | Conegliano | Financial Institution | 90.0 | |
| 307 | DB Holding Fundo de Investimento<br><br>Multimercado Investimento no Exterior<br><br>Crédito Privado | Sao Paulo | Financial Institution | 100.0 | |
| 308 | DB Litigation Fee LLC | Wilmington | Financial Institution | 100.0 | |
| 309 | DB Municipal Holdings LLC | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 310 | DB SPEARs/LIFERs, Series DB-8092<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | |
| 311 | DB SPEARs/LIFERs, Series DB-8093<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | |
| 312 | DB SPEARs/LIFERs, Series DB-8095<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | |
| 313 | DB SPEARs/LIFERs, Series DB-8096<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | |
| 314 | DB SPEARs/LIFERs, Series DB-8097<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 |
588
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 315 | DB SPEARs/LIFERs, Series DB-8103<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 316 | DB SPEARs/LIFERs, Series DB-8108<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 317 | DB SPEARs/LIFERs, Series DB-8139<br><br>Trust | Wilmington | Ancillary Services Undertaking | 20.9 | ||||
| 318 | DB SPEARs/LIFERs, Series DB-8147<br><br>Trust | Wilmington | Ancillary Services Undertaking | 10.7 | ||||
| 319 | DB SPEARs/LIFERs, Series DB-8148<br><br>Trust | Wilmington | Ancillary Services Undertaking | 10.2 | ||||
| 320 | DB SPEARs/LIFERs, Series DB-8149<br><br>Trust | Wilmington | Ancillary Services Undertaking | 9.6 | ||||
| 321 | DB SPEARs/LIFERs, Series DB-8151<br><br>Trust | Wilmington | Ancillary Services Undertaking | 9.2 | ||||
| 322 | DB SPEARs/LIFERs, Series DB-8154<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 323 | DB SPEARs/LIFERs, Series DB-8156<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 324 | DB SPEARs/LIFERs, Series DB-8157<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 325 | DB SPEARs/LIFERs, Series DB-8160<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 326 | DB SPEARs/LIFERs, Series DB-8162<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 327 | DB SPEARs/LIFERs, Series DB-8163<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 328 | DB SPEARs/LIFERs, Series DB-8164<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 329 | DB SPEARs/LIFERs, Series DB-8165<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 330 | DB SPEARs/LIFERs, Series DB-8166<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 331 | DB SPEARs/LIFERs, Series DB-8167<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 332 | DB SPEARs/LIFERs, Series DB-8168<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 333 | DB SPEARs/LIFERs, Series DB-8174<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 334 | DB SPEARs/LIFERs, Series DB-8175<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 335 | DB SPEARs/LIFERs, Series DB-8179<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 336 | DB SPEARs/LIFERs, Series DB-8182<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 337 | DB SPEARs/LIFERs, Series DB-8183<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 338 | DB SPEARs/LIFERs, Series DB-8184<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 339 | DB SPEARs/LIFERs, Series DB-8185<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 340 | DB SPEARs/LIFERs, Series DB-8186<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 341 | DB SPEARs/LIFERs, Series DB-8187<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 342 | DB SPEARs/LIFERs, Series DB-8188<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 343 | DB SPEARs/LIFERs, Series DB-8189<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 344 | DB SPEARs/LIFERs, Series DB-8190<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 345 | DB SPEARs/LIFERs, Series DB-8191<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 346 | DB SPEARs/LIFERs, Series DB-8192<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 347 | DB SPEARs/LIFERs, Series DB-8193<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 |
589
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 348 | DB SPEARs/LIFERs, Series DB-8194<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 349 | DB SPEARs/LIFERs, Series DB-8195<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 350 | DB SPEARs/LIFERs, Series DB-8196<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 351 | DB SPEARs/LIFERs, Series DB-8197<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 352 | DB SPEARs/LIFERs, Series DB-8198<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 353 | DB SPEARs/LIFERs, Series DB-8199<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 354 | DB SPEARs/LIFERs, Series DB-8201<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 355 | DB SPEARs/LIFERs, Series DB-8203<br><br>Trust | Wilmington | Ancillary Services Undertaking | 21.6 | ||||
| 356 | DB SPEARs/LIFERs, Series DB-8210<br><br>Trust | Wilmington | Ancillary Services Undertaking | 1.5 | ||||
| 357 | DB SPEARs/LIFERs, Series DB-8211<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 358 | DB SPEARs/LIFERs, Series DB-8212<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 359 | DB SPEARs/LIFERs, Series DB-8213<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.3 | ||||
| 360 | DB SPEARs/LIFERs, Series DB-8214<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 361 | DB SPEARs/LIFERs, Series DB-8215<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 362 | DB SPEARs/LIFERs, Series DB-8216<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 363 | DB SPEARs/LIFERs, Series DB-8217<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 364 | DB SPEARs/LIFERs, Series DB-8218<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 365 | DB SPEARs/LIFERs, Series DB-8219<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 366 | DB SPEARs/LIFERs, Series DB-8220<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 367 | DB SPEARs/LIFERs, Series DB-8221<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 368 | DB SPEARs/LIFERs, Series DB-8222<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 369 | DB SPEARs/LIFERs, Series DB-8223<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 370 | DB SPEARs/LIFERs, Series DB-8224<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 371 | DB SPEARs/LIFERs, Series DB-8225<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 372 | DB SPEARs/LIFERs, Series DB-8226<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 373 | DB SPEARs/LIFERs, Series DB-8227<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 374 | DB SPEARs/LIFERs, Series DBE-8057<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 375 | DB SPEARs/LIFERs, Series DBE-8060<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 376 | DB SPEARs/LIFERs, Series DBE-8070<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 377 | DB SPEARs/LIFERs, Series DBE-8071<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 378 | DB SPEARs/LIFERs, Series DBE-8090<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 379 | DB SPEARs/LIFERs, Series DBE-8099<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 380 | DB SPEARs/LIFERs, Series DBE-8100<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 |
590
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 381 | DB SPEARs/LIFERs, Series DBE-8101<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 382 | DB SPEARs/LIFERs, Series DBE-8105<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 383 | DB SPEARs/LIFERs, Series DBE-8106<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 384 | DB SPEARs/LIFERs, Series DBE-8109<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 385 | DB SPEARs/LIFERs, Series DBE-8118<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 386 | DB SPEARs/LIFERs, Series DBE-8121<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 387 | DB SPEARs/LIFERs, Series DBE-8122<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 388 | DB SPEARs/LIFERs, Series DBE-8123<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 389 | DB SPEARs/LIFERs, Series DBE-8124<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 390 | DB SPEARs/LIFERs, Series DBE-8125<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 391 | DB SPEARs/LIFERs, Series DBE-8126<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 392 | DB SPEARs/LIFERs, Series DBE-8128<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 393 | DB SPEARs/LIFERs, Series DBE-8130<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 394 | DB SPEARs/LIFERs, Series DBE-8133<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 395 | DB SPEARs/LIFERs, Series DBE-8134<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.2 | ||||
| 396 | DB SPEARs/LIFERs, Series DBE-8135<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 397 | DB SPEARs/LIFERs, Series DBE-8140<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 398 | DB SPEARs/LIFERs, Series DBE-8152<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 399 | DB SPEARs/LIFERs, Series DBE-8153<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 400 | DB SPEARs/LIFERs, Series DBE-8158<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 401 | DB SPEARs/LIFERs, Series DBE-8159<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 402 | DB SPEARs/LIFERs, Series DBE-8161<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 403 | DB SPEARs/LIFERs, Series DBE-8178<br><br>Trust | Wilmington | Ancillary Services Undertaking | 0.0 | ||||
| 404 | DB SPEARs/LIFERs, Series DBE-8909<br><br>Trust | Newark | Ancillary Services Undertaking | 3.3 | ||||
| 405 | DB SPEARs/LIFERs, Series DBE-8910<br><br>Trust | Newark | Ancillary Services Undertaking | 15.4 | ||||
| 406 | DB Structured Holdings Luxembourg<br><br>S.à r.l. | Luxembourg | Financial Institution | 100.0 | ||||
| 407 | DBRE Global Real Estate Management<br><br>US IB, L.L.C. | Wilmington | Financial Institution | 100.0 | ||||
| 408 | DBX ETF Trust | Wilmington | 4 | Other Enterprise | ||||
| 409 | Deloraine Spain, S.L. | Madrid | Ancillary Services Undertaking | |||||
| 410 | Deutsche Bank Luxembourg S.A. -<br><br>Fiduciary Deposits | Luxembourg | 4 | Other Enterprise | ||||
| 411 | Deutsche Bank Luxembourg S.A. -<br><br>Fiduciary Note Programme | Luxembourg | 4 | Other Enterprise | ||||
| 412 | Deutsche Colombia S.A.S. - en<br><br>Liquidacion | Bogotá | Financial Institution | 100.0 | ||||
| 413 | Deutsche Postbank Funding LLC I | Wilmington | Financial Institution | 100.0 | ||||
| 414 | Deutsche Postbank Funding LLC III | Wilmington | Financial Institution | 100.0 | ||||
| 415 | Deutsche Postbank Funding Trust I | Newark | Financial Institution | 100.0 |
591
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 416 | Deutsche Postbank Funding Trust III | Newark | Financial Institution | 100.0 | ||||
| 417 | Dolin Holdco SAS | Paris | Financial Institution | 100.0 | ||||
| 418 | Dubonnet Courbevoie SCI | Paris | Ancillary Services Undertaking | 100.0 | ||||
| 419 | Dubonnet Holdco SAS | Paris | Financial Institution | 100.0 | ||||
| 420 | DWS Alternatives (IE) ICAV | Dublin | Other Enterprise | |||||
| 421 | DWS EREP Lux 1 S.à r.l. | Luxembourg | Other Enterprise | 100.0 | ||||
| 422 | DWS European Real Estate Partners<br><br>S.C.A. SICAV-RAIF | Luxembourg | Other Enterprise | 99.9 | ||||
| 423 | DWS Funds | Luxembourg | 4 | Other Enterprise | ||||
| 424 | DWS Garant | Luxembourg | 4 | Other Enterprise | ||||
| 425 | DWS Invest | Luxembourg | 4 | Other Enterprise | ||||
| 426 | DWS Invest (IE) ICAV | Dublin | Other Enterprise | |||||
| 427 | DWS Zeitwert Protect | Luxembourg | Other Enterprise | |||||
| 428 | DWS-Fonds Treasury Liquidity (EUR) | Frankfurt am Main | Other Enterprise | 100.0 | ||||
| 429 | Dynamic Infrastructure Securities<br><br>Fund LP | Wilmington | Financial Institution | |||||
| 430 | Earls Eight Limited | George Town | 4 | Other Enterprise | ||||
| 431 | Earls Four Limited | George Town | 4 | Other Enterprise | ||||
| 432 | Einkaufszentrum "HVD Dresden" S.à.r.l<br><br>& Co. KG i.I. | Cologne | Other Enterprise | |||||
| 433 | Emerald Asset Repackaging<br><br>Designated Activity Company | Dublin | Financial Institution | 100.0 | ||||
| 434 | Emerging Markets Capital Protected<br><br>Investments Limited | George Town | 4 | Other Enterprise | ||||
| 435 | Emeris | George Town | Financial Institution | |||||
| 436 | Erste Frankfurter Hoist GmbH i.L. | Frankfurt am Main | Financial Institution | 100.0 | ||||
| 437 | FCT Orchid | Saint-Denis | Other Enterprise | |||||
| 438 | Fin Finance COZ5 Limited | London | Financial Institution | |||||
| 439 | Fondo Privado de Titulización PYMES I<br><br>Designated Activity Company | Dublin | Other Enterprise | |||||
| 440 | Freddie Mac Class A Taxable<br><br>Multifamily M Certificates Series<br><br>M-037 | McLean | Ancillary Services Undertaking | 100.0 | ||||
| 441 | Freddie Mac Class A Taxable<br><br>Multifamily M Certificates Series<br><br>M-041 | McLean | Ancillary Services Undertaking | 100.0 | ||||
| 442 | Freddie Mac Class A Taxable<br><br>Multifamily M Certificates Series<br><br>M-043 | McLean | Ancillary Services Undertaking | 100.0 | ||||
| 443 | Freddie Mac Class A Taxable<br><br>Multifamily M Certificates Series<br><br>M-044 | McLean | Ancillary Services Undertaking | 100.0 | ||||
| 444 | G.O. IB-US Management, L.L.C. | Wilmington | Financial Institution | 100.0 | ||||
| 445 | GAC-HEL, Inc. | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 446 | Galene S.à r.l. | Luxembourg | Ancillary Services Undertaking | |||||
| 447 | Gladyr Spain, S.L. | Madrid | Ancillary Services Undertaking | |||||
| 448 | Global Opportunities Co-Investment<br><br>Feeder, LLC | Wilmington | Financial Institution | |||||
| 449 | Global Opportunities Co-Investment,<br><br>LLC | George Town | Financial Institution | |||||
| 450 | GWC-GAC Corp. | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 451 | Havbell Designated Activity Company | Maynooth | Financial Institution | |||||
| 452 | Histria Inversiones Designated Activity<br><br>Company | Dublin | Financial Institution | |||||
| 453 | Infrastructure Debt Fund S.C.Sp.<br><br>SICAV-RAIF | Luxembourg | Other Enterprise | |||||
| 454 | Inn Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | ||||
| 455 | Investor Solutions Limited | St. Helier | 4 | Other Enterprise | ||||
| 456 | Isar Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | ||||
| 457 | IVAF (Jersey) Limited | St. Helier | Ancillary Services Undertaking | |||||
| 458 | Kelona Invest, S.L. | Madrid | Ancillary Services Undertaking | |||||
| 459 | KH Kitty Hall Holdings Limited | Dublin | Financial Institution |
592
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 460 | Kratus Inversiones Designated Activity<br><br>Company | Dublin | Financial Institution | |||||
| 461 | Kronos Funding Ltd | London | Financial Institution | |||||
| 462 | Kuiper Credit Opportunities | Paris | 4 | Other Enterprise | ||||
| 463 | Ledyard, S.L. | Madrid | Ancillary Services Undertaking | |||||
| 464 | 87 Leonard Development LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 465 | LES Essex Crossing Holdings<br><br>Acquisition LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 466 | LES Essex Crossing Investor LLC | Wilmington | Financial Institution | 100.0 | ||||
| 467 | LES Essex Crossing Parent LLC | Wilmington | Financial Institution | 100.0 | ||||
| 468 | Life Mortgage S.r.l. | Conegliano | Other Enterprise | |||||
| 469 | Lockwood Invest, S.L. | Madrid | Financial Institution | |||||
| 470 | Lunashadow Limited | Dublin | Financial Institution | |||||
| 471 | 1800 M Chaperone Investor LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 472 | Malabo Holdings Designated Activity<br><br>Company | Dublin | Financial Institution | |||||
| 473 | Merlin XI | George Town | Financial Institution | |||||
| 474 | Meseta Inversiones Designated<br><br>Activity Company | Dublin | Financial Institution | |||||
| 475 | 2101 MS Investor LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 476 | 2101 MS Parent LLC | Wilmington | Financial Institution | 100.0 | ||||
| 477 | 2101 MS Property Holdings LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 478 | Navegator - SGFTC, S.A. | Lisbon | Ancillary Services Undertaking | 100.0 | ||||
| 479 | NCW Holding Inc. | Vancouver | Financial Institution | 100.0 | ||||
| 480 | New 87 Leonard, LLC | Wilmington | Financial Institution | 100.0 | ||||
| 481 | Oasis Securitisation S.r.l. | Conegliano | 1 | Other Enterprise | 0.0 | |||
| 482 | OBP Beneficial Interest Holdings LLC | Wilmington | Ancillary Services Undertaking | 100.0 | ||||
| 483 | OBP Parent Holdings LLC | Wilmington | Financial Institution | 100.0 | ||||
| 484 | Oder Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | ||||
| 485 | Palladium Global Investments S.A. | Luxembourg | 4 | Other Enterprise | ||||
| 486 | Palladium Securities 1 S.A. | Luxembourg | 4 | Other Enterprise | ||||
| 487 | PARTS Funding, LLC | Wilmington | Financial Institution | 100.0 | ||||
| 488 | PEFCO Finance Issuer One S.A.R.L. | Luxembourg | 4 | Other Enterprise | ||||
| 489 | PEIF II SLP Feeder 2 LP | Edinburgh | Financial Institution | 100.0 | ||||
| 490 | PEIF III SLP Feeder 2, SCSp | Senningerberg | 2 | Financial Institution | 100.0 | |||
| 491 | PEIF III SLP Feeder GP, S.à r.l. | Senningerberg | Financial Institution | |||||
| 492 | PEIF IV SLP DWS Feeder, SCSp | Senningerberg | Financial Institution | 100.0 | ||||
| 493 | Philippine Opportunities for Growth<br><br>and Income (SPV-AMC), INC. | Makati City | Financial Institution | 95.0 | ||||
| 494 | Property Debt Fund S.C.Sp. SICAV-<br><br>RAIF | Luxembourg | Other Enterprise | |||||
| 495 | PUTTERs Series 3009DB Trust | Wilmington | Ancillary Services Undertaking | 0.6 | ||||
| 496 | PUTTERs Series 3010DB Trust | Wilmington | Ancillary Services Undertaking | 0.7 | ||||
| 497 | PUTTERs Series 3011DB Trust | Wilmington | Ancillary Services Undertaking | 1.0 | ||||
| 498 | PUTTERs Series 3012DB Trust | Wilmington | Ancillary Services Undertaking | 0.1 | ||||
| 499 | PUTTERs Series 3013DB Trust | Wilmington | Ancillary Services Undertaking | 0.2 | ||||
| 500 | PUTTERs Series 3014DB Trust | Wilmington | Ancillary Services Undertaking | 0.2 | ||||
| 501 | PUTTERs/DRIVERs, Series 3005DB<br><br>Trust | Wilmington | Ancillary Services Undertaking | 13.6 | ||||
| 502 | PUTTERs/DRIVERs, Series 3007DB<br><br>Trust | Wilmington | Ancillary Services Undertaking | 16.9 | ||||
| 503 | Radical Properties Unlimited Company | Dublin | Financial Institution | |||||
| 504 | Redstone Finance Designated Activity<br><br>Company | Dublin | Financial Institution | |||||
| 505 | Rhine Euro CLO I Designated Activity<br><br>Company | Dublin | Other Enterprise | |||||
| 506 | Rhine Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | ||||
| 507 | ROCKY 2021-1 SPV S.r.l. | Conegliano | Other Enterprise | |||||
| 508 | Romareda Holdings Designated<br><br>Activity Company | Dublin | Financial Institution | |||||
| 509 | RREEF DCH, L.L.C. | Wilmington | Financial Institution | 100.0 | ||||
| 510 | Samburg Invest, S.L. | Madrid | Ancillary Services Undertaking |
593
| Deutsche Bank | Additional Notes | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | ||||
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
| --- | --- | --- | --- | --- | --- |
| 511 | SCB Alpspitze UG<br><br>(haftungsbeschränkt) | Frankfurt am Main | Financial Institution | ||
| 512 | Seaconview Designated Activity<br><br>Company | Maynooth | Financial Institution | ||
| 513 | SGI SLP Feeder GP S.à.r.l. | Senningerberg | Financial Institution | ||
| 514 | SGI SLP Feeder SCSp | Senningerberg | Financial Institution | 57.6 | |
| 515 | Sincronica I Designated Activity<br><br>Company | Dublin | Financial Institution | ||
| 516 | Singer Island Tower Suite LLC | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 517 | Smoooth Finance Designated Activity<br><br>Company | Dublin | Financial Institution | ||
| 518 | Somkid Immobiliare S.r.l. | Conegliano | Other Enterprise | 100.0 | |
| 519 | SP Mortgage Trust | Wilmington | Other Enterprise | 100.0 | |
| 520 | SPV I Sociedad Anónima Cerrada | Lima | Financial Institution | 99.9 | |
| 521 | SPV II Sociedad Anónima Cerrada | Lima | Ancillary Services Undertaking | 99.8 | |
| 522 | Sunrise Turnaround Partners G.K. | Tokyo | Financial Institution | 100.0 | |
| 523 | 300 SW Parent LLC | Wilmington | Financial Institution | 100.0 | |
| 524 | 300 SW Property Holdings LLC | Wilmington | Ancillary Services Undertaking | 100.0 | |
| 525 | Swabia 1 Designated Activity<br><br>Company (in liquidation) | Dublin | Other Enterprise | ||
| 526 | Swabia 1. Vermögensbesitz-GmbH i.L. | Frankfurt am Main | Financial Institution | 100.0 | |
| 527 | Tagus - Sociedade de Titularização de<br><br>Creditos, S.A. | Lisbon | Other Enterprise | 100.0 | |
| 528 | Tasman NZ Residential Mortgage Trust | Auckland | Other Enterprise | ||
| 529 | Trave Properties S.à r.l., en faillite | Luxembourg | Other Enterprise | 25.0 | |
| 530 | Waltzfire Limited | Dublin | Financial Institution | ||
| 531 | Wedverville Spain, S.L. | Madrid | Ancillary Services Undertaking | ||
| 532 | Wendelstein 2017-1 UG<br><br>(haftungsbeschränkt) | Frankfurt am Main | Other Enterprise | ||
| 533 | Wendelstein 2024-1 UG<br><br>(haftungsbeschränkt) | Frankfurt am Main | Other Enterprise | ||
| 534 | Wendelstein 2025-1 UG<br><br>(haftungsbeschränkt) | Frankfurt am Main | Other Enterprise | ||
| 535 | 5353 WHMR LLC | Wilmington | Other Enterprise | 100.0 | |
| 536 | Xtrackers (IE) Public Limited Company | Dublin | 4 | Other Enterprise | 0.1 |
| 537 | Xtrackers II | Luxembourg | 4 | Other Enterprise | 0.1 |
| 538 | Xtrackers UCITS Common Contractual<br><br>Fund | Dublin | Other Enterprise | ||
| 539 | Zumirez Drive LLC | Wilmington | Ancillary Services Undertaking | 100.0 |
594
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
Companies accounted for at equity
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
|---|---|---|---|---|---|
| 540 | AKA Ausfuhrkredit-Gesellschaft mit<br><br>beschränkter Haftung | Frankfurt am Main | Credit Institution | 26.9 | |
| 541 | Angle Group Holdings Pty Ltd | Melbourne | Financial Institution | 19.5 | |
| 542 | BANKPOWER GmbH<br><br>Personaldienstleistungen | Frankfurt am Main | Other Enterprise | 30.0 | |
| 543 | Bestra Gesellschaft für<br><br>Vermögensverwaltung mit beschränkter<br><br>Haftung | Duesseldorf | Financial Institution | 49.0 | |
| 544 | Cathay Capital Company (No 2) Limited | Ebène | 5 | Financial Institution | 67.6 |
| 545 | Deutsche Börse Commodities GmbH | Eschborn | Other Enterprise | 16.2 | |
| 546 | Deutsche Zurich Pensiones Entidad<br><br>Gestora de Fondos de Pensiones, S.A. | Barcelona | Other Enterprise | 50.0 | |
| 547 | Deutscher Pensionsfonds<br><br>Aktiengesellschaft | Cologne | Other Enterprise | 25.1 | |
| 548 | dwins GmbH | Frankfurt am Main | Other Enterprise | 16.1 | |
| 549 | EURO Kartensysteme GmbH | Frankfurt am Main | Payment Service Provider | 16.8 | |
| 550 | Evroenergeiaki Anonymi Etaireia | Athens | 5 | Other Enterprise | 40.0 |
| 551 | FSDB Merchant Services GmbH | Frankfurt am Main | Other Enterprise | 49.0 | |
| 552 | Fünfte SAB Treuhand und Verwaltung<br><br>GmbH & Co. "Leipzig-Magdeburg" KG | Bad Homburg | Other Enterprise | 41.2 | |
| 553 | Fünfte SAB Treuhand und Verwaltung<br><br>GmbH & Co. Dresden "Louisenstraße" KG | Bad Homburg | Other Enterprise | 30.6 | |
| 554 | G.O. IB-SIV Feeder, L.L.C. | Wilmington | Financial Institution | 15.7 | |
| 555 | Gesellschaft für Kreditsicherung mit<br><br>beschränkter Haftung | Berlin | Other Enterprise | 36.7 | |
| 556 | Global Tokenization Holdings Limited | Dublin | 5 | Financial Institution | 33.3 |
| 557 | Grundstücksgesellschaft Karlsruhe<br><br>Kaiserstraße GbR | Troisdorf | 2 | Other Enterprise | 40.1 |
| 558 | Grundstücksgesellschaft Leipzig<br><br>Petersstraße GbR | Troisdorf | 2, 6 | Other Enterprise | 62.1 |
| 559 | Grundstücksgesellschaft München<br><br>Synagogenplatz GbR | Troisdorf | 2 | Other Enterprise | 26.0 |
| 560 | Harvest Fund Management Co., Ltd. | Shanghai | Financial Institution | 30.0 | |
| 561 | ILV Immobilien-Leasing<br><br>Verwaltungsgesellschaft Düsseldorf mbH | Duesseldorf | 5 | Financial Institution | 50.0 |
| 562 | Immobilienfonds Büro Center Erfurt am<br><br>Flughafen Bindersleben III GbR | Troisdorf | 2 | Other Enterprise | 20.7 |
| 563 | Immobilienfonds Bürohaus Düsseldorf<br><br>Grafenberg GbR | Troisdorf | 2 | Other Enterprise | 39.0 |
| 564 | Immobilienfonds Köln-Deutz Arena und<br><br>Mantelbebauung GbR | Troisdorf | 2 | Other Enterprise | 28.9 |
| 565 | Immobilienfonds Köln-Ossendorf II eGbR | Gelsenkirchen | 2 | Other Enterprise | 40.3 |
| 566 | Ingrid S.à r.l. | Luxembourg | 5 | Other Enterprise | 23.8 |
| 567 | iSwap Limited | London | Financial Institution | 14.0 | |
| 568 | KVD Singapore Pte. Ltd. (in liquidation -<br><br>members' voluntary winding up) | Singapore | Financial Institution | 26.0 | |
| 569 | Latitude Group Holdings Limited | Melbourne | Financial Institution | 16.5 | |
| 570 | 1800 M JV LLC | Wilmington | 5 | Ancillary Services<br><br>Undertaking | 10.1 |
| 571 | MorgenFund GmbH | Frankfurt am Main | Investment Firm | 30.0 | |
| 572 | North Coast Wind Energy Corp. | Port Moody | 5 | Other Enterprise | 50.0 |
| 573 | OBP Property Holdings LLC | Wilmington | Ancillary Services<br><br>Undertaking | 20.6 | |
| 574 | Octaura Holdings LLC | Wilmington | Financial Institution | 5.6 | |
| 575 | Palma Topco Limited | St. Helier | Ancillary Services<br><br>Undertaking | 22.8 | |
| 576 | PERILLA Beteiligungsgesellschaft mbH | Duesseldorf | Financial Institution | 50.0 | |
| 577 | REDUS DTHG, LLC | Wilmington | Other Enterprise | 49.9 | |
| 578 | Rongde (Beijing) Asset Management<br><br>Company Limited | Beijing | Financial Institution | 40.7 |
595
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 579 | SRC Security Research & Consulting<br><br>GmbH | Bonn | Other Enterprise | 22.5 | ||||
| 580 | Starpool Finanz GmbH | Berlin | Other Enterprise | 49.9 | ||||
| 581 | Syndicated Loan Consortium Holdings<br><br>LLC | Wilmington | Other Enterprise | 7.3 | ||||
| 582 | Taurus SA | Geneva | Financial Institution | 4.4 | ||||
| 583 | TRAXPAY GmbH | Frankfurt am Main | Other Enterprise | 2.4 | ||||
| 584 | U.S.A. ITCF XCI L.P. | New York | 6 | Other Enterprise | 99.9 | |||
| 585 | UKEM Motoryacht Medici Mangusta GbR | Troisdorf | 7 | Other Enterprise | 0.0 | |||
| 586 | Ullmann Krockow Esch GbR | Troisdorf | 7 | Other Enterprise | 0.0 | |||
| 587 | Volbroker.com Limited | Rochford | Financial Institution | 22.5 | ||||
| 588 | zeitinvest-Service GmbH | Frankfurt am Main | Other Enterprise | 25.0 | ||||
| 589 | Zhong De Securities Co., Ltd | Beijing | 5 | Financial Institution | 33.3 | |||
| 590 | ZYRUS Beteiligungsgesellschaft mbH i.L. | Schoenefeld | Financial Institution | 25.0 |
596
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
Other companies, where the holding exceeds 20%
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
|---|---|---|---|---|---|
| 591 | ACHTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 592 | ACHTZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 593 | ACIS Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 594 | ACTIO Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 |
| 595 | ADEO Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 |
| 596 | ADLAT Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 597 | AGUM Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 598 | ALANUM Beteiligungsgesellschaft mbH<br><br>i.L. | Duesseldorf | 8 | Financial Institution | 50.0 |
| 599 | ALTA Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 600 | ANDOT Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 601 | AVOC Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 |
| 602 | Banks Island General Partner Inc. | Toronto | 8 | Financial Institution | 50.0 |
| 603 | Benefit Trust GmbH | Luetzen | 9, 10 | Financial Institution | 100.0 |
| 604 | BLI Beteiligungsgesellschaft für<br><br>Leasinginvestitionen mbH | Duesseldorf | 8 | Financial Institution | 33.2 |
| 605 | Cedar (Luxembourg) S.à r.l. | Luxembourg | 6, 9 | Financial Institution | 98.2 |
| 606 | DB Advisors SICAV | Luxembourg | 9, 11 | Other Enterprise | 100.0 |
| 607 | DB Placement, LLC | Wilmington | 6, 9 | Other Enterprise | 100.0 |
| 608 | DB Real Estate Global Opportunities IB<br><br>(Offshore), L.P. | Camana Bay | 8 | Financial Institution | 33.6 |
| 609 | DREIZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 610 | DRITTE Fonds-Beteiligungsgesellschaft<br><br>mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 |
| 611 | DRITTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 612 | DWS Offshore Infrastructure Debt<br><br>Opportunities Feeder LP | George Town | 8, 12 | Financial Institution | 26.3 |
| 613 | EINUNDZWANZIGSTE PAXAS Treuhand-<br><br>und Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 614 | ELC Logistik-Centrum Verwaltungs-GmbH | Duesseldorf | 8 | Financial Institution | 50.0 |
| 615 | Elm (Luxembourg) S.à r.l. | Luxembourg | 6, 9 | Financial Institution | 98.0 |
| 616 | FÜNFTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 617 | FÜNFZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
| 618 | Glor Music Production GmbH & Co. KG | Rottach-Egern | 13 | Other Enterprise | 29.5 |
| 619 | GLOR Music Production II GmbH & Co. KG | Rottach-Egern | 13 | Other Enterprise | 28.6 |
| 620 | HR "Simone" GmbH & Co. KG i.I. | Jork | 13 | Other Enterprise | 24.3 |
| 621 | Immobilienfonds Bürohaus Leipzig<br><br>Nordost eGbR | Munich | 2, 13 | Other Enterprise | 24.5 |
| 622 | Intermodal Finance I Ltd. | George Town | 8.00 | Other Enterprise | 49.0 |
| 623 | Isaac Newton S.à r.l. | Capellen | 6, 9, 14 | Financial Institution | 98.2 |
| 624 | Kinneil Leasing Company | London | 8 | Other Enterprise | 35.0 |
| 625 | LES Essex Crossing Operating Holdings<br><br>LLC | Wilmington | 8 | Ancillary Services Undertaking | 50.0 |
| 626 | M Cap Finance Mittelstandsfonds III GmbH<br><br>& Co. KG | Frankfurt am Main | 13, 15 | Financial Institution | 35.4 |
| 627 | MCT Südafrika 3 GmbH & Co. KG i.I. | Hamburg | 13 | Other Enterprise | 39.0 |
| 628 | 2101 MS LLC | Wilmington | 8 | Ancillary Services Undertaking | 50.0 |
| 629 | MT "CAPE BEALE" Tankschiffahrts GmbH<br><br>& Co. KG i.I. | Hamburg | 13 | Other Enterprise | 34.0 |
| 630 | MT "KING DANIEL" Tankschiffahrts UG<br><br>(haftungsbeschränkt) & Co. KG i.L. | Hamburg | 13 | Other Enterprise | 32.8 |
| 631 | MT "KING DOUGLAS" Tankschiffahrts UG<br><br>(haftungsbeschränkt) & Co. KG i.L. | Hamburg | 13 | Other Enterprise | 33.0 |
597
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 632 | NEUNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8.00 | Other Enterprise | 50.0 | |||
| 633 | NEUNZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 634 | Nexus Infrastruktur<br><br>Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 635 | NOFA Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 636 | OPPENHEIM Buy Out GmbH & Co. KG i.L. | Cologne | 1, 2, 8 | Financial Institution | 27.7 | |||
| 637 | PALDO Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 638 | PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 639 | PEIF IV SLP DWS Feeder 2, SCSp | Senningerberg | 9 | Financial Institution | 100.0 | |||
| 640 | PENTUM Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 641 | PERLU Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 642 | PERNIO Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 643 | PERXIS Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 644 | PETA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 645 | PONTUS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 646 | PRADUM Beteiligungsgesellschaft mbH<br><br>i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 647 | PRASEM Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 648 | PRISON Grundstücks-<br><br>Vermietungsgesellschaft mbH | Schoenefeld | 8 | Financial Institution | 50.0 | |||
| 649 | Private Equity Invest Beteiligungs GmbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 650 | Private Equity Life Sciences<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 651 | PUDU Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 652 | QUANTIS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Schoenefeld | 8 | Financial Institution | 50.0 | |||
| 653 | QUOTAS Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 654 | RREEF Core Plus Residential Fund LP | Wilmington | 8 | Other Enterprise | 26.9 | |||
| 655 | RREEF Pan-European Infrastructure Two<br><br>Lux S.à r.l. | Luxembourg | 6, 9 | Financial Institution | 99.9 | |||
| 656 | SABIS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 657 | SALUS Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 658 | SANCTOR Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 659 | SANDIX Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 660 | SARIO Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 661 | SCANDO Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 662 | Schumacher Beteiligungsgesellschaft<br><br>mbH | Duesseldorf | 8 | Financial Institution | 33.2 | |||
| 663 | SCITOR Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 664 | SECHSTE Fonds-Beteiligungsgesellschaft<br><br>mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 665 | SECHSTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 666 | SECHZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 667 | SENA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
598
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 668 | SENA Grundstücks-<br><br>Vermietungsgesellschaft mbH & Co.<br><br>Objekt Kamenz KG | Duesseldorf | 6, 9 | Financial Institution | 100.0 | |||
| 669 | SIDA Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 670 | SIEBTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 671 | SIEBZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 672 | SIFA Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 9 | Financial Institution | 100.0 | |||
| 673 | SILEX Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 674 | SILUR Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 675 | SOLUM Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 676 | SOMA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 677 | SOREX Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 678 | SOSPITA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 679 | STAGIRA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 680 | SUSIK Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 681 | TABA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Schoenefeld | 8 | Financial Institution | 50.0 | |||
| 682 | TACET Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 683 | TAGO Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 684 | TAGUS Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 685 | TESATUR Beteiligungsgesellschaft mbH<br><br>i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 686 | TOSSA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 9 | Financial Institution | 100.0 | |||
| 687 | TRAGO Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 688 | TREMA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Berlin | 8 | Financial Institution | 50.0 | |||
| 689 | TRIPLA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 9 | Financial Institution | 100.0 | |||
| 690 | VIERTE Fonds-Beteiligungsgesellschaft<br><br>mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 691 | VIERTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 692 | VIERUNDZWANZIGSTE PAXAS Treuhand-<br><br>und Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 693 | VIERZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 694 | XENTIS Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 695 | XERA Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 696 | ZABATUS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 697 | ZARGUS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 698 | ZEA Beteiligungsgesellschaft mbH | Schoenefeld | 8 | Financial Institution | 25.0 | |||
| 699 | ZEHNTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH i.L. | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 700 | ZEREVIS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 |
599
| Deutsche Bank | Additional Notes | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | 44 – Shareholdings | Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % | |
| --- | --- | --- | --- | --- | --- | |||
| 701 | ZIDES Grundstücks-<br><br>Vermietungsgesellschaft mbH i.L. | Schoenefeld | 8 | Financial Institution | 50.0 | |||
| 702 | ZIRAS Grundstücks-<br><br>Vermietungsgesellschaft mbH | Schoenefeld | 8 | Financial Institution | 50.0 | |||
| 703 | ZITON Grundstücks-<br><br>Vermietungsgesellschaft mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 704 | ZWANZIGSTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 705 | ZWEITE Fonds-Beteiligungsgesellschaft<br><br>mbH | Duesseldorf | 8 | Financial Institution | 50.0 | |||
| 706 | ZWEITE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 | |||
| 707 | ZWÖLFTE PAXAS Treuhand- und<br><br>Beteiligungsgesellschaft mbH | Duesseldorf | 8 | Other Enterprise | 50.0 |
600
| Deutsche Bank | Additional Notes |
|---|---|
| Annual Report 2025 | 44 – Shareholdings |
Holdings in large corporations, where the holding exceeds 5% of the voting rights
| Serial<br><br>No. | Name of company | Domicile of<br><br>company | Foot-<br><br>note | Nature of activity | Share of<br><br>Capital<br><br>in % |
|---|---|---|---|---|---|
| 708 | BÜRGSCHAFTSBANK BRANDENBURG GmbH | Potsdam | Financial Institution | 8.5 | |
| 709 | Bürgschaftsbank Hamburg GmbH | Hamburg | Financial Institution | 8.7 | |
| 710 | Bürgschaftsbank Mecklenburg-Vorpommern GmbH | Schwerin | Financial Institution | 8.4 | |
| 711 | Bürgschaftsbank Sachsen GmbH | Dresden | Financial Institution | 6.3 | |
| 712 | Bürgschaftsbank Sachsen-Anhalt GmbH | Magdeburg | Financial Institution | 8.1 | |
| 713 | Bürgschaftsbank Schleswig-Holstein Gesellschaft mit<br><br>beschränkter Haftung | Kiel | Financial Institution | 5.6 | |
| 714 | Bürgschaftsbank Thüringen GmbH | Erfurt | Financial Institution | 8.7 | |
| 715 | MTS S.p.A. | Rome | Other Enterprise | 5.0 | |
| 716 | Prader Bank S.p.A. | Bolzano | Credit Institution | 9.0 | |
| 717 | Private Export Funding Corporation | Wilmington | Financial Institution | 6.0 | |
| 718 | Saarländische Investitionskreditbank<br><br>Aktiengesellschaft | Saarbruecken | Credit Institution | 8.0 | |
| 719 | Yensai.com Co., Ltd. | Tokyo | Financial Institution | 7.8 |
601
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
Confirmations
Independent auditor’s report
To Deutsche Bank Aktiengesellschaft, Frankfurt am Main
Report on the audit of the consolidated financial statements and of the group
management report
Opinions
We have audited the consolidated financial statements of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, and its
subsidiaries (the Group), which comprise the consolidated balance sheet as at 31 December 2025, and the consolidated
statement of income, consolidated statement of other comprehensive income, consolidated statement of changes in
equity and consolidated statement of cash flows for the fiscal year from 1 January 2025 to 31 December 2025, and
notes to the financial statements, including material accounting policy information. In addition, we have audited the
group management report of Deutsche Bank Aktiengesellschaft, Frankfurt am Main, which is combined with the
management report of the Institution, for the fiscal year from 1 January 2025 to 31 December 2025. In accordance with
the German legal requirements, we have not audited the content of the last paragraph of the “Risk management
principles” section (in the “Risk Report” chapter) of the group management report regarding management’s statement on
the risk management framework and internal control system or the content of the combined corporate governance
statement pursuant to Secs. 289f and 315d HGB, which is published on the website stated in the group management
report and is part of the group management report, or the content of the non-financial statement pursuant to Secs. 289b
and 315d HGB in the “Sustainability Statement” section of the group management report.
In our opinion, on the basis of the knowledge obtained in the audit,
–the accompanying consolidated financial statements comply, in all material respects, with the IFRS Accounting
Standards as issued by the International Accounting Standards Board (IASB) (IFRS Accounting Standards) and
adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB and, in
compliance with these requirements, give a true and fair view of the assets, liabilities and financial position of the
Group as at 31 December 2025 and of its financial performance for the fiscal year from 1 January 2025 to 31
December, 2025, and
–the accompanying group management report as a whole provides an appropriate view of the Group’s position. In all
material respects, this group management report is consistent with the consolidated financial statements, complies
with German legal requirements and appropriately presents the opportunities and risks of future development. We do
not express an opinion on the last paragraph of the “Risk management principles” section (in the “Risk Report”
chapter) of the group management report regarding management’s statement on the risk management framework
and internal control system referred to above or on the content of the combined corporate governance statement
referred to above or on the non-financial statement referred to above.
Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any reservations relating to the legal
compliance of the consolidated financial statements and of the group management report.
Basis for the opinions
We conducted our audit of the consolidated financial statements and of the group management report in accordance
with Sec. 317 HGB and the EU Audit Regulation (No 537/2014, referred to subsequently as “EU Audit Regulation”) and in
compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der
Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and
principles are further described in the “Auditor’s responsibilities for the audit of the consolidated financial statements
and of the group management report” section of our auditor’s report. We are independent of the group entities in
accordance with the requirements of European law and German commercial and professional law as well as the
International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public
interest entities. We have also fulfilled our other German professional responsibilities in accordance with these
requirements and the IESBA Code. In addition, in accordance with Art. 10 (2) f) of the EU Audit Regulation, we declare
that we have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated
financial statements and on the group management report.
602
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
Key audit matters in the audit of the consolidated financial statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
consolidated financial statements for the fiscal year from 1 January 2025 to 31 December 2025. These matters were
addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon; we do not provide a separate opinion on these matters.
Below, we describe what we consider to be the key audit matters:
1.Valuation of Level 3 financial instruments with related inputs not quoted in
active markets
Reasons why the matter was determined to be a key audit matter
Management uses valuation techniques to establish the fair value of Level 3 financial instruments with related inputs not
quoted in active markets. The Group held Level 3 financial assets and financial liabilities measured at fair value of EUR
25.8 billion and EUR 11.5 billion respectively as of 31 December 2025. The relevant financial instruments are reported
within financial assets and liabilities at fair value through profit or loss, and financial assets at fair value through other
comprehensive income.
Financial instruments and with related inputs that are not quoted in active markets include structured derivatives valued
using complex models; more-complex or illiquid OTC derivatives; distressed debt; highly-structured bonds; illiquid loans;
credit spreads used to determine valuation adjustments; and other significant inputs which cannot be observed for
financial instruments with longer-dated maturities.
As the valuation of Level 3 financial instruments with related inputs not quoted in active markets is based to a high
degree on management’s assumptions and judgments due to the complex nature of the valuation techniques and
models being utilized and the unobservability of the significant inputs used, this is a key audit matter.
Auditor’s response
We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over
management’s processes to determine the fair value of financial instruments and significant unobservable inputs therein.
This includes controls relating to independent price verification; independent validation of valuation models, including
assessment of model limitations; monitoring of valuation model usage; and calculation of fair value adjustments.
We evaluated the valuation techniques, models and methodologies, and tested the significant inputs used in those
models. We performed an independent revaluation of a sample of derivatives and other financial instruments at fair value
that are not quoted in active markets, using independent models and inputs. We also independently assessed the
reasonableness of a sample of proxy inputs used by comparing them to market data sources and evaluated their
relevance to the related financial instruments.
In addition, we evaluated the methodology and inputs used by management in determining fair value adjustments
against the requirements of IFRS 13 and performed recalculations for a sample of these valuation adjustments using our
own independent data and methodology.
We involved internal financial instruments valuation specialists in the procedures related to valuation models,
independent revaluation and fair value adjustments.
Our procedures did not lead to any reservations relating to the valuation of Level 3 financial instruments with related
inputs not quoted in active markets.
Reference to related disclosures
Information on the valuation techniques, models and methodologies used in the measurement of fair value is provided in
notes 1 and 13 of the notes to the consolidated financial statements.
603
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
2.Inclusion of forward-looking information in the model-based calculation of
expected credit losses
Reasons why the matter was determined to be a key audit matter
As of 31 December 2025, the Group recognized an allowance for credit losses of EUR 6.6 billion, with EUR 1.5 billion
relating to Stage 1 and Stage 2 allowances.
The estimated probabilities of default (PD) used in the model-based calculation of expected credit losses on non-
defaulted financial instruments (IFRS 9 Stage 1 and Stage 2) are based on historical information, combined with current
economic developments and forward-looking macroeconomic forecasts (e.g., gross domestic product and
unemployment rates). Statistical techniques are used to transform the base scenario for future macroeconomic
developments into multiple scenarios. These scenarios are the basis for deriving multi-year PD curves for different rating
and counterparty classes, which are used in the calculation of expected credit losses.
Given the economic uncertainties regarding pronounced movements in interest rates, current geopolitical conflicts and
other sources of volatility impacting macroeconomic variables, the estimation of forward-looking information requires
significant judgment. To reflect these uncertainties, management must assess whether to make adjustments to the
inputs and assumptions underlying the inclusion of macroeconomic variables in the expected credit loss model and
forecasting methods, either by adjusting the macroeconomic variables or through the inclusion of management overlays.
In view of the significant holdings of non-defaulted financial instruments subject to impairment under IFRS 9 and the
economic uncertainty and significant use of judgment, we consider the inclusion of forward-looking information in the
model-based calculation of expected credit losses, and any adjustments thereof, to be a key audit matter.
Auditor’s response
We obtained an understanding of the processes implemented by management, assessed the design of the controls over
the selection, determination, monitoring and validation of forward-looking information in respect of the requirements
under IFRS 9, and tested their operating effectiveness.
We evaluated management’s review of its expected credit loss model, forecasting methods, assumptions and inputs
conducted through the model validation process. Furthermore, we evaluated the methods used to include the selected
variables in the baseline scenario and the derivation of the multiple scenarios.
We assessed the baseline macroeconomic forecasts by comparing them with macroeconomic forecasts published by
external sources.
We also evaluated the methodology applied by management to determine whether to adjust its standard process for
inclusion of macroeconomic variables or to adjust the model results through management overlays. In doing so, we
assessed the results of management’s sensitivity analysis and compared the macroeconomic variables used to our own
benchmark analysis. We also assessed that the adjustments were included in the calculation of expected credit losses
according to management’s methodology.
To assess the inclusion of forward-looking information in the model-based calculation of expected credit losses, we
involved internal credit risk modeling specialists.
Our procedures did not lead to any reservations relating to the inclusion of forward-looking information in the model-
based calculation of expected credit losses.
Reference to related disclosures
Information on the inclusion of forward-looking information into the model-based calculation of expected credit losses
and their adjustments for Stages 1 and 2 is provided in notes 1 and 19 of the notes to the consolidated financial
statements.
604
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
3.Expected credit losses for defaulted US commercial real estate loans
Reasons why the matter was determined to be a key audit matter
As of 31 December 2025, the Group recognized loan exposures of EUR 30.6 billion relating to the non-recourse
commercial real estate loans business with corresponding allowances of EUR 1.1 billion.
Identifying defaults and calculating the expected credit losses for defaulted loan exposures involves various assumptions
and estimation of inputs, particularly regarding the ability of the borrower to repay the obligation, expectations of future
cash flows, including expected proceeds from the realization of collateral.
In view of an increase in defaulted loan exposures relating to the commercial real estate business and the economic
uncertainty and significant use of judgment, we consider expected credit losses (ECL) for defaulted commercial real
estate loans to be a key audit matter, in particular for commercial real estate located in the US.
Auditor’s response
We obtained an understanding of the processes for identifying and calculating expected credit losses for borrowers in
the US commercial real estate loans business. We assessed the design and tested the operating effectiveness of controls
related to credit risk rating, the application of default criteria and transfer to Stage 3 in accordance with IFRS 9 and the
calculation of the expected credit loss.
We evaluated the criteria used by management to determine defaulted loans in accordance with IFRS 9.
For a sample of US commercial real estate loans we analyzed the application of default criteria used for ECL staging. For
loans classified as Stage 3 we assessed the significant assumptions concerning the estimated future cash flows from the
loan exposures by assessing the collateral value, the solvency of the borrower and the publicly available market and
industry forecasts. We searched for and evaluated information that corroborates or contradicts management’s
forecasted assumptions. We also tested the arithmetical accuracy of the expected credit loss calculated for defaulted
exposures.
We involved internal specialists to assess the valuation of US commercial real estate collateral on a sample basis.
Our procedures did not lead to any reservations relating to the expected credit losses for defaulted US commercial real
estate loans.
Reference to related disclosures
Information on the Group’s US commercial real estate loans business is included in Note 19 of the notes to the
consolidated financial statements as well as the section titled “Commercial Real Estate” in the “Credit Risk Exposure”
chapter (Focus Areas in 2025) of the Risk Report (combined management report), which is an integral part of the
consolidated financial statements.
4.Impairment testing of goodwill for the Asset Management cash-generating
unit
Reasons why the matter was determined to be a key audit matter
As of 31 December 2025, the Group reported goodwill of EUR 2.7 billion that was exclusively allocated to its Asset
Management cash-generating unit (CGU).
For purposes of the impairment test the recoverable amount of the Asset Management CGU is calculated using the
discounted cash flow model. In this context, significant assumptions are made regarding the earnings projections and the
input parameters of the Capital Asset Pricing Model from which the discount rate is derived.
As impairment testing of goodwill for the Asset Management CGU is based on a high degree of judgment due to the
earnings projections and discount rate contained in the discounted cash flow model this is a key audit matter.
605
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
Auditor’s response
We obtained an understanding of the process for preparing the earnings projections and calculating the recoverable
amount of the Asset Management CGU. In this respect, we also obtained an understanding of management’s controls
regarding the earnings projections and the discount rate, assessed the design of such controls and tested their operating
effectiveness.
We analyzed the earnings projections with a focus on changes in assumptions compared with the prior year. We
compared the earnings projections with the prior fiscal year’s projections and with the actual results achieved and
evaluated any significant deviations, and we assessed the consistency and reasonableness of management’s assumptions
made regarding the earnings projections, comparing them with external market expectations.
Furthermore, we assessed the discount rate by comparing it to a range of externally available data.
To assess the above assumptions made in the recoverability of the Asset Management CGU we involved internal business
valuation specialists.
Our procedures did not lead to any reservations relating to the measurement of the goodwill for the Asset Management
CGU.
Reference to related disclosures
Information on the impairment testing of goodwill is provided in notes 1 and 23 of the notes to the consolidated financial
statements.
5.Recognition and measurement of deferred tax assets
Reasons why the matter was determined to be a key audit matter
As of 31 December 2025, the Group reported net deferred tax assets of EUR 5,9 billion.
The recognition and measurement of deferred tax assets is based on the estimation of the ability to utilize unused tax
losses and deductible temporary differences against potential future taxable income. This estimate is based, among
others, on assumptions regarding forecasted operating results based upon the approved business plan.
In light of the use of judgment in the estimation of future taxable income and the ability to use tax losses, the recognition
and measurement of deferred tax assets is a key audit matter.
Auditor’s response
We obtained an understanding of the process to determine whether deductible temporary differences and unused tax
losses are identified in different jurisdictions and measured in accordance with the provisions of tax law and rules for
accounting for deferred taxes under IAS 12, evaluated the design and tested the operating effectiveness of the related
controls.
We tested the assumptions used to develop and allocate elements of the approved business plan as a basis for
estimating the future taxable income of the relevant group companies and tax groups.
Furthermore, we evaluated the recognition of deferred tax assets by analyzing the key assumptions made in estimating
future taxable income. We assessed the estimates made in the forecasted operating results by comparing the underlying
key assumptions with historical and prospective data available externally. We compared the historical forecasts with the
actual results. In addition, we assessed the estimated tax adjustments and we performed sensitivity analyses on the
utilization periods of the respective deferred tax assets.
To assess the assumptions used in the recoverability of the deferred taxes, we involved our tax professionals and internal
business valuation specialists.
Our procedures did not lead to any reservations relating to the recognition and measurement of the deferred tax assets.
Reference to related disclosures
Information on the recognition and measurement of deferred tax assets is provided in notes 1 and 34 of the notes to the
consolidated financial statements.
606
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
6.Provisions and contingent liabilities for civil litigation and regulatory
enforcement
Reasons why the matter was determined to be a key audit matter
As of 31 December 2025, the Group’s provisions for civil litigation and regulatory enforcement were EUR 1.3 billion and
contingent liabilities were EUR 0.9 billion.
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. The estimates for
the recognition and measurement of provisions or disclosure of contingent liabilities are based upon currently available
information and a variety of assumptions and variables.
Significant judgment is required in assessing probability and estimating the amount of an outflow of economic resources
given the inherent uncertainties that exist in civil litigation and regulatory enforcement matters.
Due to the significant subjectivity involved in management’s estimate of the probability and amount of outflow of
economic resources for selected civil litigation and regulatory enforcement matters, this is a key audit matter.
Auditor’s response
We obtained an understanding, evaluated the design and tested the operating effectiveness of management’s controls
over the process for recognizing and measuring provisions and disclosing contingent liabilities for civil litigation and
regulatory enforcement.
For a sample of relevant matters, we evaluated management’s assessment of the probability and amount of economic
outflow, including the assumptions and variables considered for each respective matter. These procedures included
inspecting internal and external legal analyses detailing the judgmental aspects subject to legal interpretation. We also
read minutes of key management committee meetings (including the Management Board) as well as related
correspondence, such as court proceedings, settlement agreements, regulatory inquiries and investigation reports. We
obtained correspondence directly from external legal counsel to assess the information provided by management and
performed inquiries with external counsel as necessary.
We involved internal valuation specialists to assess the methodology of relevant matters on which the provision amounts
were determined as well as internal legal specialists to assess, for applicable matters, the probability of an outflow and
the amount of provision recognized.
Our procedures did not lead to any reservations relating to the completeness and accuracy of provisions for civil
litigation and regulatory enforcement.
Reference to related disclosures
Information on the measurement of legal provisions is provided in notes 1 and 27 of the notes to the consolidated
financial statements.
607
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
7.IT access and change management in the financial reporting
Reasons why the matter was determined to be a key audit matter
The accuracy of the Group’s financial reporting is highly dependent on the reliability and the continuity of the
information technology used due to the significant number of transactions that are processed daily.
Given the high dependency on reliable and continuing data processing and given the pervasive nature of IT controls on
the internal control system, we consider IT access and change management in the Group’s financial reporting to be a key
audit matter.
Auditor’s response
We assessed the IT control environment including the IT general controls as well as the IT application controls relevant
to the Group’s financial reporting. Our procedures also covered the changes during the year to the current IT control
environment.
Moreover, we tested the operating effectiveness of prevent and detect IT general controls related to user access
management and change management across applications, databases and operating systems. Additionally, we tested IT
application controls over automated data processing, data feeds and interfaces. Our audit procedures related to IT
access management included, but were not limited to, user access provisioning and removal, privileged user access,
periodic access right recertifications, system security settings and user authentication controls.
Our audit procedures related to IT change management included, but were not limited to, evaluating if changes in the
production environment were tested and approved prior to implementation and the ability to deploy changes was
restricted to authorized users.
To assess IT access and change management in the Group’s financial reporting process, we involved internal
professionals who have particular expertise in the area of IT audits.
Our procedures did not lead to any reservations relating to the IT access and change management in the Group’s
financial reporting.
Reference to related disclosures
For a general description of internal controls over the financial reporting, we refer to the combined management report
in the “Internal Control over Financial Reporting” section.
608
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
Other information
The Supervisory Board is responsible for the Report of the Supervisory Board. The executive directors and the
Supervisory Board are responsible for the declaration pursuant to Sec. 161 AktG [“Aktiengesetz”: German Stock
Corporation Act] on the German Corporate Governance Code, which is part of the combined corporate governance
statement as well as for the compensation report pursuant to Sec. 162 AktG. In all other respects, the executive directors
are responsible for the other information. The other information comprises
–the non-financial statement referred to above,
–the last paragraph of the “Risk management principles” section (in the “Risk Report” chapter) of the group
management report regarding management’s statement on the risk management framework and internal control
system referred to above,
–the combined corporate governance statement referred to above,
–
and other parts to be included in the annual report, of which we obtained a version prior to issuing this auditor’s report, in
particular:
–the responsibility statement pursuant to Sec. 297 (2) Sentence 4 HGB in conjunction with Sec. 315 (1) Sentence 6
HGB,
–the “Deutsche Bank – Financial Summary” section,
–the “Deutsche Bank Group” section,
–the compensation report,
–the “Corporate Governance Statement pursuant to Sections 289f and 315d of the German Commercial Code” section,
–the “Article 8 Tables” section and
–the “Supplementary Information” section,
–
but not the consolidated financial statements, not the group management report disclosures whose content is audited
and not our auditor’s report thereon.
Our opinions on the consolidated financial statements and on the group management report do not cover the other
information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the
other information
–is materially inconsistent with the consolidated financial statements, with the group management report or our
knowledge obtained in the audit, or
–otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of the executive directors and the Supervisory Board for the
consolidated financial statements and the group management report
The executive directors are responsible for the preparation of the consolidated financial statements that comply, in all
material respects, with the IFRS Accounting Standards as adopted by the EU and the additional requirements of German
commercial law pursuant to Sec. 315e (1) HGB and that the consolidated financial statements, in compliance with these
requirements, give a true and fair view of the assets, liabilities, financial position and financial performance of the Group.
In addition, the executive directors are responsible for such internal control as they have determined necessary to enable
the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud (i.e.,
fraudulent financial reporting and misappropriation of assets) or error.
In preparing the consolidated financial statements, the executive directors are responsible for assessing the Group’s
ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to
going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting
unless there is an intention to liquidate the Group or to cease operations, or there is no realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the group management report that, as a
whole, provides an appropriate view of the Group’s position and is, in all material respects, consistent with the
consolidated financial statements, complies with German legal requirements and appropriately presents the
opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements
and measures (systems) as they have considered necessary to enable the preparation of a group management report that
609
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate
evidence for the assertions in the group management report.
The Supervisory Board is responsible for overseeing the Group’s financial reporting process for the preparation of the
consolidated financial statements and of the group management report.
Auditor’s responsibilities for the audit of the consolidated financial statements
and of the group management report
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and whether the group management report as a whole
provides an appropriate view of the Group’s position and, in all material respects, is consistent with the consolidated
financial statements and the knowledge obtained in the audit, complies with the German legal requirements and
appropriately presents the opportunities and risks of future development, as well as to issue an auditor’s report that
includes our opinions on the consolidated financial statements and on the group management report.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Sec.
317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial
Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements and this group management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
–Identify and assess the risks of material misstatement of the consolidated financial statements and of the group
management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a
material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
–Obtain an understanding of internal control relevant to the audit of the consolidated financial statements and of
arrangements and measures relevant to the audit of the group management report in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control and of such arrangements and measures.
–Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of
estimates made by the executive directors and related disclosures.
–Conclude on the appropriateness of the executive directors’ use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in the auditor’s report to the related disclosures in the consolidated financial
statements and in the group management report or, if such disclosures are inadequate, to modify our respective
opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Group to cease to be able to continue as a going concern.
–Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements present the underlying transactions and events in a
manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position
and financial performance of the Group in compliance with the IFRS Accounting Standards as adopted by the EU and
the additional requirements of German commercial law pursuant to Sec. 315e (1) HGB.
–Plan and perform the audit of the consolidated financial statements to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or business units within the Group as a basis for forming opinions on
the consolidated financial statements and on the group management report. We are responsible for the direction,
supervision and review of the work performed for the group audit. We remain solely responsible for our audit opinions.
–Evaluate the consistency of the group management report with the consolidated financial statements, its conformity
with [German] law, and the view of the Group’s position it provides.
–Perform audit procedures on the prospective information presented by the executive directors in the group
management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant
assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper
derivation of the prospective information from these assumptions. We do not express a separate opinion on the
prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future
events will differ materially from the prospective information.
610
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide those charged with governance with a statement that we have complied with the relevant
independence requirements, and communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence and where applicable, the related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter.
Other legal and regulatory requirements
Report on the assurance on the electronic rendering of the consolidated financial
statements and the group management report prepared for publication purposes
in accordance with Sec. 317 (3a) HGB
Opinion
We have performed assurance work in accordance with Sec. 317 (3a) HGB to obtain reasonable assurance about whether
the rendering of the consolidated financial statements and the group management report (hereinafter the “ESEF
documents”) contained in Deutsche_Bank_AG_KA+KLB_ESEF-2025-12-31.xbri and prepared for publication purposes
complies in all material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format (“ESEF
format”). In accordance with German legal requirements, this assurance work extends only to the conversion of the
information contained in the consolidated financial statements and the group management report into the ESEF format
and therefore relates neither to the information contained within these renderings nor to any other information
contained in the file identified above.
In our opinion, the rendering of the consolidated financial statements and the group management report contained in
the file identified above and prepared for publication purposes complies in all material respects with the requirements of
Sec. 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinions on the
accompanying consolidated financial statements and the accompanying group management report for the fiscal year
from 1 January 2025 to 31 December 2025 contained in the “Report on the audit of the consolidated financial
statements and of the group management report” above, we do not express any assurance opinion on the information
contained within these renderings or on the other information contained in the file identified above.
Basis for the opinion
We conducted our assurance work on the rendering of the consolidated financial statements and the group management
report contained in the file identified above in accordance with Sec. 317 (3a) HGB and the IDW Assurance Standard:
Assurance on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication
Purposes in Accordance with Sec. 317 (3a) HGB (IDW AsS 410) (06.2022) and the International Standard on Assurance
Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the “Group auditor’s
responsibilities for the assurance work on the ESEF documents” section. Our audit firm applies the IDW Standard on
Quality Management 1: Requirements for Quality Management in the Audit Firm (IDW QMS 1(09.2022)).
Responsibilities of the executive directors and the Supervisory Board for the ESEF documents
The executive directors of the Company are responsible for the preparation of the ESEF documents including the
electronic rendering of the consolidated financial statements and the group management report in accordance with Sec.
328 (1) Sentence 4 No. 1 HGB and for the tagging of the consolidated financial statements in accordance with Sec. 328
(1) Sentence 4 No. 2 HGB.
In addition, the executive directors of the Institution are responsible for such internal control as they have determined
necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-
compliance with the requirements of Sec. 328 (1) HGB for the electronic reporting format.
The Supervisory Board is responsible for overseeing the process for preparing the ESEF documents as part of the
financial reporting process.
611
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Independent auditor’s report |
Group auditor’s responsibilities for the assurance work on the ESEF documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or
unintentional non-compliance with the requirements of Sec. 328 (1) HGB. We exercise professional judgment and
maintain professional skepticism throughout the assurance work. We also:
–Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Sec.
328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that
is sufficient and appropriate to provide a basis for our assurance opinion.
–Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design
assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance
opinion on the effectiveness of these controls.
–Evaluate the technical validity of the ESEF documents, i.e., whether the file containing the ESEF documents meets the
requirements of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial
statements, on the technical specification for this file.
–Evaluate whether the ESEF documents enable an XHTML rendering with content equivalent to the audited
consolidated financial statements and to the audited group management report.
–Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance with the
requirements of Arts. 4 and 6 of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date
of the financial statements, enables an appropriate and complete machine-readable XBRL copy of the XHTML
rendering.
Further information pursuant to Art. 10 of the EU Audit Regulation
We were elected as group auditor by the Annual General Meeting on 22 May 2025. We were engaged by the Supervisory
Board on 28 July 2025. We have been the group auditor of Deutsche Bank Aktiengesellschaft without interruption since
fiscal year 2020. We declare that the opinions expressed in this auditor’s report are consistent with the additional report
to the Audit Committee pursuant to Art. 11 of the EU Audit Regulation (long-form audit report).
Other matter – use of the auditor’s report
Our auditor’s report must always be read together with the audited consolidated financial statements and the audited
group management report as well as the assured ESEF documents. The consolidated financial statements and the group
management report converted to the ESEF format – including the versions to be published in the Unternehmensregister
[German Company Register] – are merely electronic renderings of the audited consolidated financial statements and the
audited group management report and do not take their place. In particular, the ESEF report and our assurance opinion
contained therein are to be used solely together with the assured ESEF documents made available in electronic form.
German Public Auditor responsible for the engagement
The German Public Auditor responsible for the engagement is Mr. Carsten Rothermel.
Eschborn/Frankfurt am Main, 9 March 2026
EY GmbH & Co. KG
Wirtschaftsprüfungsgesellschaft
| Rothermel | Schreiber |
|---|---|
| Wirtschaftsprüfer | Wirtschaftsprüfer |
| [German Public Auditor] | [German Public Auditor] |
612
| Deutsche Bank | Confirmations |
|---|---|
| Annual Report 2025 | Responsibility Statement by the Management Board |
Responsibility Statement by the Management Board
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial
statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the
Group management report, which has been combined with the management report for Deutsche Bank AG, includes a fair
review of the development and performance of the business and the position of the Group, together with a description of
the principal opportunities and risks associated with the expected development of the Group.
Frankfurt am Main, March 05, 2026
613
| 3 | |||||
|---|---|---|---|---|---|
| Compensation Report | |||||
| 614 | Introduction | 642 | Outlook for the 2026 financial year | ||
| 614 | Compensation Report for the Management<br><br>Board and the Supervisory Board | 642 | Total target compensation and maximum<br><br>compensation | ||
| 614 | Employee Compensation Report | 642 | 2026 objective structure and targets | ||
| 615 | Compensation of the Management Board | 644 | Compensation of Supervisory Board<br><br>members | ||
| 615 | Executive Summary | 645 | Supervisory Board Compensation for the<br><br>2025 and 2024 financial years | ||
| 619 | Responsibility and procedures for setting<br><br>and reviewing Management Board<br><br>compensation | 644 | Compensation of Supervisory Board<br><br>members | ||
| 620 | Guiding principle: Alignment of Management<br><br>Board compensation to corporate strategy | 650 | Independent auditor’s report | ||
| 621 | Structure of the Management Board<br><br>compensation system aligned with<br><br>compensation principles | 650 | Responsibilities of the executive directors<br><br>and the supervisory board | ||
| 623 | Compensation components and structure | 650 | Auditor’s responsibility | ||
| 623 | Compensation caps | 650 | Opinion | ||
| 623 | Deferrals and holding periods | 651 | Other matter – formal audit of the<br><br>remuneration report | ||
| 625 | Application of the compensation system in<br><br>the financial year | 652 | Compensation of the employees (unaudited) | ||
| 625 | Target and maximum amounts of base salary<br><br>and variable compensation | 652 | Regulatory environment | ||
| 625 | Short-Term Incentive (STI) 2025 | 653 | Compensation governance | ||
| 631 | Long-Term Incentive (LTI)2025 | 655 | Compensation and Benefits Strategy | ||
| 634 | Benefits upon contract termination | 656 | Group Compensation Framework | ||
| 634 | Deviations from the compensation system | 657 | Employee groups with specific<br><br>compensation structures | ||
| 658 | Determination of performance-based<br><br>Variable Compensation | ||||
| 635 | Management Board compensation 2025 | 659 | Variable Compensation structure | ||
| 635 | Current Management Board members | 660 | Ex-post risk adjustment of Variable<br><br>Compensation | ||
| 640 | Former members of the Management Board | 661 | Compensation decisions for 2025 | ||
| 663 | Material Risk Taker compensation disclosure |
614
| Deutsche Bank | Introduction |
|---|---|
| Annual Report 2025 | Compensation Report for the Management Board and the Supervisory Board |
Introduction
The Compensation Report for the year 2025 provides detailed information on compensation in Deutsche Bank Group.
Compensation Report for the Management Board and the
Supervisory Board
The Compensation Report for the 2025 financial year was prepared jointly by the Management Board and the
Supervisory Board of Deutsche Bank Aktiengesellschaft (hereinafter: Deutsche Bank AG or the bank).
The Compensation Report fulfils the current legal and regulatory requirements, in particular of Section 162 of the
German Stock Corporation Act and the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung) and
takes into account the recommendations set out in the German Corporate Governance Code. It is also in compliance with
the applicable requirements of the accounting rules for capital market-oriented companies (German Commercial Code,
International Financial Reporting Standards) as well as the guidelines issued by the working group “Guidelines for
Sustainable Management Board Remuneration Systems”.
Employee Compensation Report
This part of the compensation report discloses information with regard to the compensation system and structure that
applies to the employees in Deutsche Bank Group. The report provides details on the Group Compensation Framework,
and it outlines the decisions on variable compensation for 2025. Furthermore, this part contains quantitative disclosures
specific to employees identified as Material Risk Takers (`MRT´s) in accordance with the Remuneration Ordinance for
Institutions.
615
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Executive Summary |
Compensation of the Management Board
Executive Summary
Deutsche Bank continued its transformation and further advanced its strategic priorities in 2025 despite a challenging
market environment. Building on progress made in 2024 under the “Global Hausbank” strategy, the bank strengthened
earnings capacity, operational efficiency, and capital discipline.
Pre‑tax profit was € 9.7 billion, an increase of 84% compared to the previous year, which had been influenced by litigation
charges. Net profit was € 7.1 billion.
The key performance metric was post‑tax return on equity (RoTE). The financial target of 10% was exceeded, with a result
of 10.3%. Revenues rose by 7% year over year, reaching € 32 billion. Costs remained stable, reflected in a cost‑income
ratio of 64%, below the target of 65%.
By the end of the year 2025, the Common Equity Tier 1 ratio stood at 14.2%, above the 13.5%–14.0% target range. For
the 2025 financial year, the Supervisory Board and the Management Board propose a dividend of € 1 per share to the
Annual General Meeting, an increase of 50% compared to the previous year. In addition, the bank announced another
share buyback program of € 1 billion. Cumulative capital distributions in respect of the financial years 2021–2025, to
be paid in 2022–2026, thereby amount to € 8.5 billion, exceeding the bank’s original capital distribution goal of
€ 8.0 billion.
All four business divisions contributed to the positive results, each achieving a return on equity above 10% and
double‑digit profit growth, confirming the stability of the group’s earnings base.
Overall, the 2025 financial year shows that the strategic measures implemented were effective. The financial targets for
the year were achieved or exceeded and provided the basis for the Supervisory Board determining the Management
Board’s variable compensation.
Compensation Report 2024
The Compensation Report 2024 for members of the Management Board and Supervisory Board of Deutsche Bank as
published on March 13, 2025, was submitted to the General Meeting on May 22, 2025, for approval in accordance with
Section 120a (4) of the German Stock Corporation Act. The General Meeting approved the Compensation Report with a
majority of 96.08%.
Compensation Decisions in 2025.
All compensation decisions are subject to the boundaries of multiple regulatory requirements. In this regard,
Management Board compensation and the pay-out schedules of variable compensation components are limited in
several ways. Due to the requirements of Section 25a (5) of the German Banking Act and in accordance with the decision
of the General Meeting in May 2014, the ratio of fixed to variable compensation is generally limited to 1:2 (cap rule). In
order to be in the position to offer competitive compensation in banking and to be successful in attracting and retaining
the best leaders for the bank, the fixed compensation of Deutsche Bank Management Board members therefore tends to
be higher relative to other DAX companies that are not subject to banking-specific regulation and that have variable
compensation that can be a higher multiple of fixed pay.
The Supervisory Board reviews the compensation levels of the members of the Management Board annually and
regularly engages external compensation advisors to support the review and obtain information on market practice,
while assuring that these advisors are independent from the Management Board and Deutsche Bank. The Supervisory
Board considers the international environment in which Deutsche Bank’s Management Board members need to operate
as crucial. Therefore, universal and investment banks are seen as the most relevant peer group. Thus, target
compensation levels need to be aligned with top performers in this market in order to find suitable candidates.
616
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Executive Summary |
The Supervisory Board carefully considers stakeholders’ views when making compensation decisions. Several
extraordinary aspects are also taken into account. Deutsche Bank Management Board members often have complex
profiles, with dual or multiple responsibilities that are essential for ongoing business success, such as market access and
broad experience. Regulatory requirements mean that fixed base salaries at Deutsche Bank must be higher than those at
many global banks, since variable compensation carries a higher risk profile due to its long-term focus, strict link to share
price performance, and multi-year payout scheme. Additionally, only a few international banks have explicit target
compensation structures, so market benchmarks are based on actual compensation levels. Ensuring the retention of
existing Management Board members is also a key consideration. Taking all these aspects into account the Supervisory
Board made the following compensation decisions in 2025:
Within the framework of the annual review of Management Board compensation levels, newer market data showed a
higher compensation level for Laura Padovani’s area of functional responsibility on the Management Board for
Compliance and Anti-Financial Crime (AFC). Her role has been benchmarked against Deutsche Bank’s Global and
European peer groups. As a result, the Supervisory Board decided on an appropriate increase for the year 2025, within an
internationally comparable range, to an overall target compensation of € 3,740,000 p.a., (thereof € 2,200,000 fixed pay)
which represents an increase of 25.7% (increase of fixed pay: 25.7%). The total target compensation for Laura Padovani
has been set between the median and the 75th percentile of the relevant market benchmarks, a placement that the
Supervisory Board determined to be appropriate given her performance and responsibilities. In particular, Laura Padovani
has already demonstrated over the first half-year of her term of office above average progress in the bank in her area of
responsibility.
Dr. Marcus Chromik was appointed member of the Management Board with effect from May 1, 2025, for a period of three
years. He stepped into the role of the Chief Risk Officer previously held by Olivier Vigneron, who left the Management
Board on May 19, 2025. The total target compensation for Dr. Marcus Chromik was set at € 4,080,000 p.a. (thereof
€ 2,400,000 fixed pay).
Compensation System
The compensation system for members of the Management Board was amended by the Supervisory Board with effect
from January 1, 2024. It was submitted to the General Meeting on May 16, 2024, for approval in accordance with Section
120a (1) of the German Stock Corporation Act. The General Meeting approved the compensation system with a majority
of 97.32%.
The following chart gives an overview of the compensation system, displaying the Short-Term Incentive (STI) and Long-
Term Incentive (LTI) metrics with their respective weightings as well as the payout scheme and additional provisions:
617
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Executive Summary |
Overview Compensation Year 2025
The compensation system stipulates that the Short-Term Incentive is determined after one year, while the Long-Term
Incentive is only determined after an assessment period of three years. In the first two years after introduction
(“transitional phase”), it is only possible to report on the achievement levels for the short-term objectives. The chart
below shows an overview of the range of Management Board members’ achievements, highlighting the results of the
Chief Executive Officer (CEO) and Chief Financial Officer (CFO). During this “transitional phase”, the overview includes a
column titled “Pro Forma Total Compensation” which shows the sum of base salary, actual STI and a target value for the
LTI.
618
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Executive Summary |
619
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Principles governing the determination of compensation |
Principles governing the determination of compensation
Responsibility and procedures for setting and reviewing Management Board
compensation
The Supervisory Board is responsible for the decisions on the design of the compensation system as well as for setting up
the individual compensation amounts and procedures for awarding the compensation. The Compensation Control
Committee supports the Supervisory Board in its tasks and prepares proposals for resolutions by the Supervisory Board.
On the basis of the approved compensation system, the Supervisory Board sets the target total compensation for each
Management Board member for the respective financial year, while taking into account the scope and complexity of the
respective Management Board member’s functional responsibilities, the length of service of the Management Board
member on the Management Board as well as the company’s financial situation. In the process, the Supervisory Board
also considers customary market compensation, also based on both horizontal and vertical comparisons, and sets the
upper limit for total compensation (maximum compensation).
Horizontal appropriateness of Management Board compensation
Through the horizontal comparison, the Supervisory Board ensures that the total target compensation is appropriate in
relation to the tasks and achievements of the Management Board as well as the company’s situation. The horizontal
appropriateness is reviewed annually by the Supervisory Board, which regularly engages external compensation advisors
for this review, while assuring itself that these advisors are independent from the Management Board and Deutsche
Bank. The Supervisory Board takes the results of the review into consideration when setting the target compensation for
the Management Board members. In this context, the compensation amount level and structure, in particular, are
examined at comparable companies (peer groups). Suitable companies in consideration of Deutsche Bank’s market
position (in particular with regard to business sector, size, and country) are used as the basis for this comparison. The
assessment of horizontal appropriateness takes place in comparison with the following three peer groups:
Vertical appropriateness
The Supervisory Board also considers a vertical comparison, which compares the compensation of the Management
Board and the compensation of the workforce. Within the vertical comparison, the Supervisory Board considers in
particular, in accordance with the German Corporate Governance Code, the development of compensation over time.
This involves a comparison of the Management Board compensation and the compensation of two groups of employees.
Taken into account are, on the one hand, the compensation of the senior management, which comprises the first
management level below the Management Board and members of the top executive committees of the divisions as well
as the management board members of significant institutions within Deutsche Bank Group and their corresponding first
management level positions with management responsibility. The Management Board compensation is also compared
to, on the other hand, the compensation of all other employees of Deutsche Bank Group worldwide (tariff and non-tariff
employees).
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Principles governing the determination of compensation |
Guiding principle: Alignment of Management Board compensation to corporate
strategy
Deutsche Bank is dedicated to its clients’ lasting success and financial security at home and abroad. The bank offers its
clients solutions and provides an active contribution to foster the creation of value. Deutsche Bank is committed to a
corporate culture that appropriately aligns risks and returns.
In the interests of the shareholders, the Management Board compensation system is aligned to the business strategy as
well as the sustainable and long-term development of Deutsche Bank and provides suitable incentives for a consistent
achievement of the set targets. The implementation of the Group strategy and the alignment with the sustainable and
long-term performance of the Group are rewarded in a clear and understandable manner through the composition of
total compensation comprising fixed and variable compensation components, through the assessment of performance
over short-term and long-term periods and through the consideration of relevant, challenging performance parameters,
The structure of the targets and objectives therefore comprises a balanced mix of both financial and non-financial
parameters and indicators.
In late January 2025, Deutsche Bank confirmed its strategic goals for the Group in 2025. The organization aims to prove
lay the foundation for becoming the European Champion. With a clear vision, a strong model as Global Hausbank, and a
highly skilled team, Deutsche Bank is well-positioned to achieve long-term success. A key factor in this journey is the
alignment of the Management Boards compensation to the company´s strategic priorities.
By aligning Management Board compensation with these strategic priorities, the organization reinforces its commitment
to sustainable growth, operational excellence, and long-term stakeholder value.
Through the structure of the compensation system, the variable compensation of the members of the Management
Board is closely aligned with the targets and objectives linked to Deutsche Bank’s strategy and priorities, when working
individually and as a team continually towards the long-term positive development of Deutsche Bank without taking on
disproportionately high risks. The Supervisory Board ensures there is always a strong link between compensation and
performance in line with shareholder interests (“pay for performance”).
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Principles governing the determination of compensation |
Structure of the Management Board compensation system aligned with
compensation principles
The compensation system consists of fixed and variable compensation components. The fixed compensation and
variable compensation together form the total compensation for a Management Board member. The Supervisory Board
defines target and maximum amounts (caps) for all compensation components.
| Component | Principle | Implementation |
|---|---|---|
| Fixed Compensation | ||
| Base salary | The base salary rewards the Management Board<br><br>member for performing the respective role and<br><br>responsibilities. This fixed compensation<br><br>component is intended to ensure a fair and market-<br><br>oriented income and to ensure that undue risks are<br><br>avoided. | Monthly payment; annual base salary of<br><br>between € 2.2 million and € 3.8 million |
| Fringe benefits | Management Board members can be granted fringe<br><br>benefits according to the Management Board<br><br>Fringe Benefits Guideline resolved by the<br><br>Supervisory Board. | Company car and driver services as well,<br><br>if applicable, moving expenses, housing<br><br>allowance, insurance premiums and<br><br>reimbursement of business<br><br>representation expenses. |
| Pension/pension allowance | Management Board members receive contributions<br><br>to their company pension scheme in accordance<br><br>with the regulations laid down in the Management<br><br>Board members service contracts. | ‘- Defined contribution system: annual contribution<br><br>or pension allowance of € 650,000 p.a.; interest<br><br>accrues at an average rate of 2% p.a., 4% p.a. for<br><br>legacy entitlements<br><br>- New Management Board members: pension<br><br>allowance in cash; CEO € 650,000 p.a. and other<br><br>Management Board members € 450,000 p.a. . . . . . . |
| Variable Compensation | ||
| Short-Term Incentive (STI) | The Short-Term Incentive (STI) rewards the<br><br>individual value contribution of each member of the<br><br>Management Board to achieving short- and<br><br>medium-term objectives in accordance with the<br><br>corporate strategy. The STI objectives are tailored<br><br>to the role and responsibilities of the respective<br><br>Management Board member and the level of<br><br>achievement can be individually influenced by the<br><br>Management Board member. | '-Short-Term Incentive (STI) assessed after one year<br><br>-Target achievement based on annual<br><br>performance assessment of a<br><br>maximum of 5 objectives with balanced<br><br>weightings between financial,<br><br>sustainability and individual objectives.<br><br>Maximum achievement level: 150%<br><br>-Payout: 50% in cash after the 1-year<br><br>assessment period and 50% equity-<br><br>based, this portion is also paid out in cash after an<br><br>additional holding period of 1 year<br><br>-Not eligible for dividends during performance<br><br>period. |
| Long-Term Incentive (LTI) | The Long-Term Incentive (LTI) is largely based on a<br><br>sustainable increase in the value of the bank. The<br><br>Relative Total Shareholder Return (RTSR) builds a<br><br>constant metric within the framework that<br><br>promotes the linking of shareholder interests with<br><br>those of the Management Board members. Other<br><br>stakeholder aspects are taken into account by<br><br>defining strategically material financial Key<br><br>Performance Indicators (KPIs) as well as material<br><br>sustainability targets. Their achievement forms the<br><br>basis for the final review at the end of the 3-year<br><br>performance period. The Supervisory Board placed<br><br>the primary focus on the deferred compensation<br><br>component by setting the LTI at 60% of the total<br><br>variable target compensation. In order to<br><br>appropriately reflect the importance of long-term<br><br>corporate development in the Management Board’s<br><br>compensation, 100% of the LTI is shared-based. | ‘-Long-Term Incentive (LTI) assessed after 3 years<br><br>-Target achievement based on performance<br><br>assessment of 4 LTI objectives with flexible<br><br>weightings: Group financials (e.g., Return on<br><br>Tangible Equity (RoTE), growth in Tangible Book<br><br>Value Per Share (TBVPS)), Relative Total<br><br>Shareholder Return (RTSR) and Environmental,<br><br>Social and Governance (ESG) objectives over a<br><br>forward-looking assessment period of 3 years.<br><br>Maximum achievement level: 150%<br><br>-Initially allocated as a target cash amount<br><br>-Conversion into equity-based instruments (virtual<br><br>shares) after first year of performance period<br><br>-Final determination of number of equity-based<br><br>units at the end of three-year performance period<br><br>-Full disposal of LTI after 9 years: delivered in five<br><br>equal, consecutive installments, starting one year<br><br>after the assessment period and each with an<br><br>additional holding period of one year<br><br>-Not eligible for dividends during performance and<br><br>deferral period. |
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| Deutsche Bank | Compensation of the Management Board | |
|---|---|---|
| Annual Report 2025 | Principles governing the determination of compensation | |
| Component | Principle | Implementation |
| --- | --- | --- |
| Further aspects | ||
| Compensation caps | In accordance with Section 87a German Stock<br><br>Corporation Act, the Supervisory Board sets an<br><br>upper limit for the amount of compensation. If the<br><br>compensation for a financial year exceeds this<br><br>amount, compliance with the maximum limit is<br><br>ensured by a corresponding reduction in the<br><br>payment of the variable compensation. | -Maximum compensation of € 12 million according<br><br>to Section 87a German Stock Corporation Act for<br><br>each Management Board member<br><br>- Maximum ratio of fixed to variable compensation:<br><br>1:2 |
| Backtesting, malus<br><br>and clawback | To ensure the sustainable development of the bank<br><br>and to avoid taking inappropriate risks, the payment<br><br>of variable compensation may be restricted or<br><br>cancelled. The Supervisory Board has the option of<br><br>withholding (malus) or reclaiming (clawback) all or<br><br>part of the short-term and long-term variable<br><br>compensation in the event of gross misconduct or<br><br>misrepresentation in financial reporting. | -Regular review if results achieved in the past are<br><br>sustainable (backtesting)<br><br>-Variable compensation in deferral period may be<br><br>(partially) forfeited in the event of negative Group<br><br>results, in the event specific solvency or liquidity<br><br>conditions are not met, individual misconduct,<br><br>dismissal for cause or negative individual<br><br>contributions to performance (malus)<br><br>-Variable compensation already paid might be<br><br>reclaimed in accordance with<br><br>Sections 18 (5) and 20 (6) of the Remuneration<br><br>Ordinance for Institutions |
| Shareholding guideline | The members of the Management Board are<br><br>obliged to build up a holding of Deutsche Bank<br><br>shares within 4 years. The shares must be held for<br><br>the entire duration of the appointment. If the base<br><br>salary is increased, the obligation to hold shares<br><br>increases accordingly. | -Build-up period of 4 years<br><br>-CEO – 200% of annual gross base salary and other<br><br>Management Board members 100% of annual gross<br><br>base salary<br><br>-Shares to be held for the duration of the<br><br>appointment |
Detailed information on the compensation system for members of the Management Board of Deutsche Bank AG is
available on the company’s website: https://agm.db.com/files/documents/2024/AGM-2024-Compensation-system.pdf.
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Principles governing the determination of compensation |
Compensation components and structure
The Supervisory Board sets the target compensation for each Management Board member. In accordance with the
recommendation of the German Corporate Governance Code, the Supervisory Board also determines the ratio of fixed
compensation to variable compensation as well as the ratio of short to long-term variable compensation. In this way, the
Supervisory Board ensures that performance-based compensation, which is linked to achieving long-term targets,
exceeds the portion of short-term targets.
Compensation caps
The compensation of the Management Board members is limited (capped) in several ways:
–Cap 1 – the maximum possible achievement levels for the Short-Term Incentive objectives and Long-Term Incentive
objectives are limited to 150% of the respective target values
–Cap 2 – based on the Capital Requirements Directive 4 and as approved by the General Meeting in May 2014, the
maximum ratio of fixed to variable compensation is limited to 1:2
–Cap 3 – in accordance with Section 87a (1) sentence 2 No. 1 of the Stock Corporation Act, the Supervisory Board sets
a maximum limit (maximum compensation) amounting to € 12 million uniformly for all Management Board members.
This cap comprises not only the base salary, Short-Term Incentive (STI) and Long-Term Incentive (LTI), but also the
pension service costs for the company pension plan or pension allowances and fringe benefits.
Deferrals and holding periods
The Remuneration Ordinance for Institutions generally stipulates a three-year assessment period for the determination
of the variable compensation for management board members. The bank complies with this requirement by assessing
each of the objectives of the Long-Term Incentive (LTI) over a three-year period. In addition, variable compensation is
granted predominantly as equity-based instruments to achieve an even stronger alignment of the Management Board
members’ compensation to the bank’s performance and its share price. After vesting, the equity-based instruments are
also subject to an additional holding period of one year. Accordingly, the Management Board members are not permitted
to fully dispose of the equity-based instruments until the respective holding period has ended. During the deferral and
holding periods, the value of the equity-based instruments is linked to the performance of Deutsche Bank shares and is
therefore tied to the sustained performance of the bank. Equity-based instruments are not eligible for dividends during
performance and deferral periods.
In principle, half of the Short-Term Incentive (STI) is paid out directly after the one-year assessment period in cash, and
the other half is granted as equity-based instruments with an additional holding period of one year, after which it is also
paid out in cash. If the STI exceeds 40% of the variable total compensation, this excess amount must be granted in
deferred form over a deferral period of 5 years in order to comply with regulatory requirements. This is done by awarding
Restricted Equity Awards in 5 equal tranches, each followed by a one-year holding period.
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Principles governing the determination of compensation |
The Long-Term Incentive (LTI) is entirely granted in the form of equity-based instruments that are distributed, starting
one year after the three-year assessment period, through five equal, consecutive installments, each with an additional
holding period of one year. In total, the full LTI payout amount is available for disposal after nine years, but still subject to
clawback conditions for an additional period of one year. The chart below illustrates the assessment and deferral periods
up to the end of the clawback period.
Holders of specific functions at certain Deutsche Bank U.S. entities are required by applicable regulation to be
compensated under different plans. Restricted compensation for these persons consists of restricted share awards and
restricted cash awards. The recipient becomes the beneficial owner of the awards as of the Award Date and the awards
are held on the recipient’s behalf. These awards are restricted for a period of time (subject to the applicable plan rules
and award statements, including performance conditions and forfeiture provisions). The restriction period is aligned to
the holding periods applicable to Deutsche Bank’s usual deferred awards. With regard to the Management Board, these
rules only applied only to Professor Dr. Stefan Simon due to his role as CEO of DB USA Corp until his departure from the
Management Board on April 30, 2025.
Full compliance with the Prudential Regulation Authority (PRA) rules in the UK is ensured by Deutsche Bank through the
implementation of tailored deferral provisions for Management Board members – also to those who are designated as
“Senior Management Function” (SMF) holders. Fabrizio Campelli has been identified as a "Senior Manager" under the
Prudential Regulation Authority (PRA) in the United Kingdom (UK) for the 2025 financial year. The retention provisions to
be applied by the PRA to this group of employees are fulfilled by the provisions laid down for Fabrizio Campelli
Under regulatory guidelines, the grant of dividend equivalents is prohibited for any awards during their performance and
deferral periods. Therefore, the right to receive such dividend equivalents arises only after the completion of the three-
year performance period and the subsequent five-year deferral period (= vesting), as required by the European Banking
Authority. Although shares could be delivered already after the vesting, the Bank decided to delay the delivery until the
end of the additional one-year holding period, which starts with the vesting, to ensure continued compliance with
suspension and forfeiture provisions.
After the vesting and during the additional holding period, the share awards are economically fully attributable to the
Management Board members. To avoid economic disadvantages during the holding period, plan rules allow payment of
an equivalent amount per share if a dividend is paid during this time. This practice complies with all regulations and
market norms; notably, these equivalents are not considered variable compensation and do not require General Meeting
approval, demonstrating the Bank's regulatory adherence.
At its meeting on August 25, 2025, the Supervisory Board approved granting Management Board members dividend
equivalents of € 0.68 per share for equity-based deferred compensation awards already held in the subsequent,
additional holding period at the time of the 2025 General Meeting. These equivalents mirror shareholder dividends and
are calculated based on the number of share units, subject to the same rules as the original award (including suspension,
forfeiture, or clawback).
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Application of the compensation system in the financial year
Target and maximum amounts of base salary and variable compensation
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| in € | Base salary | Short-Term<br><br>Incentive | Long-Term<br><br>Incentive | Total<br><br>compensation2 | Total<br><br>compensation2 |
| Chief Executive Officer | |||||
| Target value | 3,800,000 | 2,400,000 | 3,600,000 | 9,800,000 | 9,800,000 |
| Maximum value | 12,000,000 | 12,000,000 | |||
| President, CFO and responsible for Asset Management | |||||
| Target value | 3,200,000 | 2,040,000 | 3,060,000 | 8,300,000 | 8,300,000 |
| Maximum value | 10,850,000 | 10,850,000 | |||
| Head of Corporate Bank and Investment Bank | |||||
| Target value | 3,400,000 | 2,160,000 | 3,240,000 | 8,800,000 | 8,800,000 |
| Maximum value | 11,500,000 | 11,500,000 | |||
| Head of Private Bank | |||||
| Target value | 3,200,000 | 2,080,000 | 3,120,000 | 8,400,000 | 8,400,000 |
| Maximum value | 11,000,000 | 11,000,000 | |||
| Chief Risk Officer1 | |||||
| Target value | 2,400,000 | 672,000 | 1,008,000 | 4,080,000 | 6,500,000 |
| Maximum | 4,800,000 | 8,550,000 | |||
| Chief Compliance and Anti-Financial Crime Officer1 | |||||
| Target value | 2,200,000 | 616,000 | 924,000 | 3,740,000 | 2,975,000 |
| Maximum | 4,400,000 | 3,500,000 | |||
| Chief Operating Officer | |||||
| Target value | 2,400,000 | 1,640,000 | 2,460,000 | 6,500,000 | 6,500,000 |
| Maximum value | 8,550,000 | 8,550,000 | |||
| Chief Technology, Data and Innovation Officer | |||||
| Target value | 2,400,000 | 1,640,000 | 2,460,000 | 6,500,000 | 6,500,000 |
| Maximum | 8,550,000 | 8,550,000 | |||
| CEO Asia-Pacific, Europe, Middle East & Africa and<br><br>Germany | |||||
| Target value | 2,400,000 | 1,640,000 | 2,460,000 | 6,500,000 | 6,500,000 |
| Maximum | 8,550,000 | 8,550,000 |
1 For further details on compensation decision, please refer to the “Executive Summary” of this report.
2 Maximum upper limit in accordance with Section 87a (1) sentence 2 No. 1 of the German Stock Corporation Act.
.
The compensation data for the function of Chief Executive Officer Americas and Chief Legal Officer is no longer
presented, as this function ceased to exist following the departure of Prof. Dr. Stefan Simon from the Management Board
with effect from April 30, 2025. With effect from May 1, 2025, the responsibilities for Legal and the Americas Region
have been allocated as additional responsibilities to existing Management Board members and are therefore no longer
reflected as a separate function.
Short-Term Incentive (STI) 2025
The Supervisory Board sets short-term individual and business division-related objectives for each member of the
Management Board at the beginning of the year. The weightings of each of these objectives as well as relevant
quantitatively or qualitatively measurable performance criteria for their assessment are defined as well. The objectives
support execution of Deutsche Bank’s strategy and priorities and were chosen so that they are challenging, ambitious
and sufficiently concrete to ensure there is an appropriate alignment of performance and compensation and that the
“pay-for-performance” principle is considered. For each quantitative objective the Supervisory Board defined a minimum
threshold, a target and a maximum performance level. If the minimum threshold is not achieved, the achievement level
corresponds to 0%.
For each qualitative objective and behavior objective, the Supervisory Board specified individual measurement criteria
that will be evaluated overall.
For one of the bank´s central focus goals, i.e., the remediation of regulatory findings and control improvements, which
each Management Board member received as an objective aligned to their individual responsibilities, target achievement
was measured to the extent to which the issues within the area of responsibility were prioritized and the necessary
resources were made available. Quantitatively measurable successes in this context were also taken into account, such
as the percentage reduction in regulatory findings compared to the previous year.
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| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Another goal of high and therefore universal importance for all Management Board members in 2025 was the promotion
of the framework “This is Deutsche Bank” connecting the purpose, vision, strategy, culture and claim of Deutsche Bank.
The measurement criterion for determining the individual achievement of sub-objectives in this core objective was the
extent to which there were visible and therefore measurable activation efforts on the part of the respective Management
Board member (number of workshops, town halls, meetings, etc.) and thus the role model function for the new culture of
aspiration was proactively brought to life by the Management Board member. In addition, the results of regularly
conducted employee surveys in the individual Management Board divisions, which reflect the performance and
acceptance of the new culture “This is Deutsche Bank” over time, were an important indicator of the degree of target
achievement.
The following overview shows the objectives as well as the achievement levels as determined by the Supervisory Board
for each Management Board member.
Pay-for-performance summary for CEO and CFO for the Short-Term Incentive
| Management<br><br>Board Member | Short-Term Individual & divisional<br><br>objectives | Pay-on-Performance Summary | Weighting<br><br>(in %) | Achievement<br><br>Level<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|---|---|---|
| Christian<br><br>Sewing | RoTE | The Return on Tangible Equity (RoTE) measures the profit (or loss)<br><br>attributable to Deutsche Bank shareholders as a percentage of<br><br>average tangible shareholders’ equity and incentivizes the efficient<br><br>use of equity. The tangible shareholder equity is determined by<br><br>deducting goodwill and other intangible assets from shareholders’<br><br>equity. In 2025, the RoTE was 10.3%, representing 133.01% target<br><br>achievement. | 25.00% | 133.01% | 128.75% |
| Group Revenues | The revenue excl. V&T KPI incentives business momentum and<br><br>sustainable business growth. It measures revenues growth<br><br>excluding valuation and timing differences (V&T) that arise on<br><br>derivatives used to hedge the Group’s balance sheet. These are<br><br>accounting impacts, and valuation losses that are expected to be<br><br>recovered over time as the underlying instruments approach<br><br>maturity.<br><br>In 2025, revenues excluding valuation and timing differences of €<br><br>0.9 billion were € 31.2 billion, representing 100% target<br><br>achievement. Accordingly, the target was met. | 25.00% | 100.00% | ||
| Further evolve and deliver on<br><br>group strategy | Significant progress was made in evolving and delivering on the<br><br>group strategy. The 2025 group strategy was delivered both<br><br>qualitatively and quantitatively. Furthermore, a clear and<br><br>compelling equity story for Deutsche Bank's strategic evolution,<br><br>deeply rooted in its purpose and vision, was developed and<br><br>delivered, receiving positive feedback from analysts, long-term<br><br>investors, and rating agencies. The SVA (Shareholder Value Add)<br><br>approach was successfully implemented as a core element of<br><br>future strategy and steering. Market developments and potential<br><br>consolidation scenarios in the banking sector were closely<br><br>monitored and evaluated. Furthermore, dialogue with key<br><br>stakeholders was strengthened, solidifying Deutsche Bank's<br><br>position as a partner of choice for clients and a responsible<br><br>corporate citizen. | 15.00% | 140.00% | ||
| Drive regulatory remediation<br><br>and control enhancements | Prioritization of key regulatory remediation work was effectively<br><br>ensured across all divisions throughout the year. This led to<br><br>significant advancements, including an SREP upgrade, substantial<br><br>improvement in FED and PRA feedback, and considerable progress<br><br>in remediating regulatory findings. Robust dialogue and exchange<br><br>with key regulatory stakeholders were consistently maintained. | 15.00% | 130.00% | ||
| People & Culture - Promote<br><br>"This is Deutsche Bank"<br><br>framework | Evolution to a Purpose-Led Organization: Considerable strides<br><br>were taken in fostering a purpose-led organization. The “This is<br><br>Deutsche Bank” (TiDB) framework was further structured and<br><br>rolled out, with increased consideration in employee/leadership<br><br>events and Management Board decision-making. There was an<br><br>increased focus on engaging employees with Deutsche Bank's<br><br>journey, notably supported by initiatives like the Employee Deep<br><br>Dive. Key performance indicators agreed for Culture Pulse Survey,<br><br>gender diversity, carbon reduction as well as for culture, control &<br><br>conduct metrics show good progress. | 20.00% | 150.00% |
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| Deutsche Bank | Compensation of the Management Board | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year | ||||
| Management<br><br>Board Member | Short-Term Individual & divisional<br><br>objectives | Pay-on-Performance Summary | Weighting<br><br>(in %) | Achievement<br><br>Level<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
| --- | --- | --- | --- | --- | --- |
| James von<br><br>Moltke | RoTE | The Return on Tangible Equity (RoTE) measures the profit (or loss)<br><br>attributable to Deutsche Bank shareholders as a percentage of<br><br>average tangible shareholders’ equity and incentivizes the efficient<br><br>use of equity. The tangible shareholder equity is determined by<br><br>deducting goodwill and other intangible assets from shareholders’<br><br>equity. In 2025, the RoTE was 10.3%, representing 133.01% target<br><br>achievement. | 25.00% | 133.01% | 122.28% |
| Cost base - group level | The direct adjusted costs KPI focuses on the operating cost<br><br>development of Deutsche Bank Group, which is essential to<br><br>position the bank for sustainable performance in 2025 and beyond.<br><br>“Adjusted costs” means that litigation, severance and restructuring<br><br>and impairment costs are excluded in line with the external<br><br>reporting.<br><br>In 2025, the direct adjusted cost base was € 20.3 billion. The target<br><br>achievement was 105.09%. | 25.00% | 105.09% | ||
| Plan execution and delivery<br><br>on group strategy | The organization has been progressing well toward its strategic<br><br>goals, meeting targets for Return-on-tangible-Equity, Cost-<br><br>Income-Ratio, pre-tax profit, and net income. The 2025 group<br><br>strategy was delivered with both qualitative and quantitative<br><br>results, integrating Shareholder Value Added (SVA) into<br><br>performance management. A new strategy with financial targets<br><br>for 2028 was presented at the Investor Deep Dive, supported by<br><br>active investor engagement that shifted the narrative to long-term<br><br>value growth. Capital distribution goals were met, with dividends<br><br>and share buybacks up over 50% year-over-year, exceeding<br><br>targeted € 8 billion since 2022. The organization’s equity story,<br><br>anchored in its purpose and vision, received favorable feedback<br><br>from analysts and stakeholders, strengthening its reputation as a<br><br>preferred partner and responsible corporate citizen. | 15.00% | 130.00% | ||
| Controls and transformation | There has been notable progress in strengthening regulatory<br><br>controls and addressing outstanding issues, with most key tasks<br><br>completed and significant progress in remediating findings across<br><br>Finance and DWS. These improvements have led to positive<br><br>regulator feedback and a stronger overall control environment. | 10.00% | 120.00% | ||
| DWS development | DWS has shown strong performance in 2025, with its share price<br><br>improving by over 30% and the company exceeded its € 4.50 EPS<br><br>target. The asset management segment is poised to exceed its<br><br>revenue and net income plans, with expenses exactly on plan,<br><br>excluding retention impact from share price appreciation. Close<br><br>collaboration with DWS leadership on strategic plans, including<br><br>IDD preparation and evaluation of potential acquisition or<br><br>partnership projects, has been maintained. Longstanding legal<br><br>issues, notably the greenwashing allegations, have been settled,<br><br>further solidifying the company's position for long-term success. | 10.00% | 125.00% | ||
| People & Culture - Promote<br><br>"This is Deutsche Bank"<br><br>framework | Finance has led employee engagement through the This is<br><br>Deutsche Bank (TiDB) framework, achieving a 72% culture pulse<br><br>survey score (up from 69% in 2024) with a 68% response rate.<br><br>Gender diversity stands at 37.1%, slightly below the 38.5% target,<br><br>but improvement is expected. Finance maintains high integrity<br><br>with minimal conduct issues. The TiDB framework has expanded<br><br>organization-wide and is increasingly integrated into events and<br><br>decision-making. Key culture and conduct metrics, including the<br><br>Culture Pulse Survey and other indicators, are all rated being on<br><br>track. | 15.00% | 125.00% |
Performance Short-Term Incentive of other Management Board Members
Fabrizio Campelli
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Revenues Investment Bank/Corporate Bank (IB/CB) | 31.25% | 121.97% |
| Cost base - group level | 9.38% | |
| Cost base - divisional cost base (Direct adjusted cost base IB/CB) | 9.38% | |
| Deliver on IB/CB strategy execution and client leadership and drive key measures | 15.00% | |
| Further improve controls and demonstrate effectiveness to regulators | 15.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
628
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Dr. Marcus Chromik (Member since May 1, 2025)
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Cost base - group level | 10.00% | 118.07% |
| Cost base - divisional cost base (Direct adjusted cost base Chief Risk Office) | 10.00% | |
| Advance the CRO Operating model | 20.00% | |
| Safeguard the bank | 20.00% | |
| Deliver on regulatory remediation and solve outstanding issues in a sustainable and holistic manner | 20.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
Bernd Leukert
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Cost base - group level | 10.00% | 115.02% |
| Cost base - divisional cost base (Direct adjusted cost base Technology, Data & Innovation) | 10.00% | |
| Drive mid/long term required cost efficiencies, while running DB systems safely on a daily basis in line with risk<br><br>appetite | 20.00% | |
| Drive application and infrastructure simplification in line with DB strategy and envisaged Target Operating Model | 20.00% | |
| Deliver against regulatory requirements and reduce Group Audit Overdue findings | 20.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
Alexander von zur Mühlen
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Revenues (Revenues across Germany, EMEA and APAC) | 20.00% | 116.35% |
| RoTE | 20.00% | |
| Evolution and execution of Strategy for Germany | 20.00% | |
| Foster roll-out of Global Hausbank concept by improved cross-divisional corridor and cross regional focus<br><br>targeting Asia Pacific, Middle East Africa, Europe and Germany | 20.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
Laura Padovani
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Cost base - group level | 20.00% | 117.02% |
| Deliver on regulatory remediation, read across remediation work and maintain focus on sustainable embedment | 20.00% | |
| Implement strategic Compliance & Anti Financial-Crime Operating Model | 20.00% | |
| Strengthen the Compliance & Anti Financial-Crime function’s overall stature and gravitas and drive culture | 20.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
Claudio de Sanctis
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Revenues Private Bank (PB) | 25.00% | 121.14% |
| Cost base - group level | 12.50% | |
| Cost base - divisional cost base (Direct adjusted cost base Private Bank) | 12.50% | |
| Deliver on PB strategy execution, operating model and client leadership | 15.00% | |
| Deliver on critical remediation activities | 15.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 20.00% |
629
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Rebecca Short
| Short-Term Individual & divisional objectives | Weighting<br><br>(in %) | Overall<br><br>Achievement<br><br>level (in %) |
|---|---|---|
| Cost base - group level | 15.00% | 117.26% |
| Cost base - divisional cost base (Direct adjusted cost base Infrastructure) | 15.00% | |
| Embed new Target Operating Model | 20.00% | |
| Deliver HR and procurement excellence | 15.00% | |
| Drive remediation and control enhancements | 20.00% | |
| People & Culture - Promote "This is Deutsche Bank" Framework | 15.00% |
Overall achievement of the Short-Term Incentive
In principle, half of the Short-Term Incentive (STI) is paid in cash after a year, while the other half is provided as equity-
based instruments with a one-year holding period before being paid out in cash. If STI achievement exceeds 100%, any
surplus is awarded deferred and equity-based (Restricted Equity Awards) to meet regulatory requirements regarding the
ratio of variable compensation: 40% STI and 60% LTI.
For the 2025 financial year, the following overall levels of achievement were determined by the Supervisory Board for
the current members of the Management Board based on the levels of achievement of the individual objectives
determined for the Short-Term Incentive:
Short-Term Incentive overall achievement
| Member of the Management Board | Target Amount<br><br>(in € ) | Achievement level<br><br>(in %) | Overall Amount STI<br><br>(in € ) |
|---|---|---|---|
| Christian Sewing | 2,400,000 | 128.75% | 3,090,085 |
| James von Moltke | 2,040,000 | 122.28% | 2,494,453 |
| Fabrizio Campelli | 2,160,000 | 121.97% | 2,634,571 |
| Dr. Marcus Chromik1 | 448,000 | 118.07% | 528,970 |
| Bernd Leukert | 1,640,000 | 115.02% | 1,886,248 |
| Alexander von zur Mühlen | 1,640,000 | 116.35% | 1,908,143 |
| Laura Padovani | 616,000 | 117.02% | 720,836 |
| Claudio de Sanctis | 2,080,000 | 121.14% | 2,519,645 |
| Rebecca Short | 1,640,000 | 117.26% | 1,923,132 |
| Professor Dr. Stefan Simon2 | 546,667 | 85.00% | 464,667 |
| Olivier Vigneron3 | 633,222 | 100.00% | 633,222 |
1 Member since May 1, 2025
2 Member until April 30, 2025
3 Member until May 19, 2025
| 85.00% - 128.75% Range of achievement levels of the STI objectives for Management Board Members in 2025 |
|---|
630
| Deutsche Bank | Compensation of the Management Board | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year | ||||
| Member of the Management Board | Cash payout in<br><br>2026<br><br>(in € ) | Equity-Upfront<br><br>Award grant in<br><br>2026 (in € ) | Number of<br><br>units1 | Restricted<br><br>Equity Award<br><br>grant in 20262<br><br>(in € ) | Number of<br><br>units1 |
| --- | --- | --- | --- | --- | --- |
| Christian Sewing | 1,338,017 | 1,338,017 | 43,826 | 414,051 | 13,562 |
| James von Moltke | 1,110,891 | 1,110,891 | 36,387 | 272,672 | 8,931 |
| Fabrizio Campelli3 | 1,174,914 | 1,174,914 | 38,484 | 284,743 | 9,327 |
| Dr. Marcus Chromik4 | 240,194 | 240,194 | 7,867 | 48,582 | 1,591 |
| Bernd Leukert | 869,250 | 869,250 | 28,472 | 147,749 | 4,839 |
| Alexander von zur Mühlen | 873,629 | 873,629 | 28,615 | 160,886 | 5,270 |
| Laura Padovani | 328,967 | 328,967 | 10,775 | 62,902 | 2,060 |
| Claudio de Sanctis | 1,127,929 | 1,127,929 | 36,945 | 263,787 | 8,640 |
| Rebecca Short | 876,626 | 876,626 | 28,714 | 169,879 | 5,564 |
| Professor Dr. Stefan Simon5 | 232,334 | 232,334 | 7,610 | — | — |
| Olivier Vigneron6 | 316,611 | 316,611 | 10,370 | — | — |
1 The calculation of the number of equity-based instruments is based on the average Xetra closing price of the Deutsche Bank share during the last ten trading days in
February 2026 (€ 30.53).
2A portion of the STI where the achievement exceeds 100% must be granted as Restricted Equity Awards to ensure regulatory requirements. For further information,
please refer to chapter “Deferrals and holding periods”.
3The additional granted Restricted Equity Awards meet the UK regulatory requirements as well. For further information, please refer to chapter “Deferrals and holding
periods”.
4Member since May 1, 2025
5Member until April 30, 2025
6Member until May 19, 2025
631
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Long-Term Incentive (LTI)
When determining the variable compensation, the focus is set on the achievement of long-term objectives linked to the
bank’s strategy. For the Long-Term Incentive (LTI), the Supervisory Board specifies collective long-term objectives for the
Management Board members, each assessed over a period of three years.
At the beginning of 2025, the LTI was initially allocated as a target cash amount to the individual Management Board
members. As the three-year assessment period for the LTI represents a change from a retrospective to a forward-looking
period, the granting of the equity-based compensation takes place two years later compared to the previous
compensation system. In order to align the Management Board compensation with the share performance of the
Deutsche Bank share and therefore with the shareholders’ interests, the Supervisory Board made use of the possibility
that was already provided for in the new compensation system to convert the target euro amount for the LTI into virtual
share units after the first performance assessment year (not constituting a grant of compensation at this stage). After the
three-year performance assessment period, the number of virtual share units will then be increased or reduced according
to the achievement level determined for the LTI.
This approach further strengthens the sustainability aspect of the long-term variable compensation, as it is additionally
linked to the performance of the bank and the share price during the assessment period. The conversion was based on
the average share price of Deutsche Bank during the last 10 trading days in February 2026 of € 30.53. The number of
virtual shares that will be granted by the end of the assessment period will depend on the results of the performance
assessment and thus will vary between 0% and 150% of the number initially allocated. After the vesting and holding
periods, 20% of the virtual shares will become available annually but will still be subject to clawback conditions.
Overview of Long-Term Incentive (LTI) - Plans
632
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Long-Term Incentive Plan 2024-2026 and 2025-2027
| LTI - Objectives | % | LTI 2024-2026 | % | LTI 2025-2027 | Actuals<br><br>as of YE<br><br>2024 | Actuals<br><br>as of YE<br><br>2025 | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| 0% | 100% | 150% | 0% | 100% | 150% | |||||
| Group Financials<br><br>& RTSR | 40% | 40% | ||||||||
| RoTE1 | 15% | < 9% | 11% | 12% | 15% | < 10% | 12% | 13% | 4.7% | 10.3% |
| (9%=33%) | (10%=33%) | |||||||||
| TBVPS2 | 10% | <=6.5% | 8.5% | 9.5% | 10% | <= 6.5% | 8.5% | 9.5% | 5.3% | 3.6% |
| RTSR3 | 15% | < median | 70th<br><br>percentile | 90th<br><br>percentile | 15% | < median | 70th<br><br>percentile | 90th<br><br>percentile | Rank 6 | Rank 3 |
| (median=50%) | (median=50%) | |||||||||
| ESG | 20% | 20% | ||||||||
| Environmental<br><br>Driving climate<br><br>risk management | 8% | <= 50% | 70% | 85% | 8% | <= 50% | 70% | 85% | n.a.4 | n.a.4 |
| Social<br><br>Gender Diversity | 4% | <= 30% | 32.5% | 35% | 4% | <= 30% | 32.5% | 35% | 28.4% | 28.4% |
| Governance | 8% | 0 | 100.0% | 150% | 8% | 0 | 100.0% | 150% | qualitative<br><br>assessment at the<br><br>end of the<br><br>performance period |
1 Return on tangible Equity by the end of the performance period.
2 Tangible Book Value per Share average annual growth (excl. foreign exchange) over the performance period.
3 Relative Total Shareholder Return – Ranking of Deutsche Bank vs. peer group (= DBs Global peer group) by the end of the performance period.
4 Target achievement is based on the average results of 2025 and 2026.
This table is only for information purposes and easier assessment of MB performance reg. LTI: This table summarizes LTI
targets, assessment criteria and provides an overview of how the Management Board has delivered to date without
anticipating the final outcome.
Conversion into virtual shares - Development of average Deutsche Bank share price
The target euro amount for the LTI gets converted into virtual share units after the first performance assessment
year (not a compensation grant yet), based on the average share price during the last 10 trading days in February
2026 of € 30.53. These units are then adjusted after the three-year assessment period based on LTI achievement,
linking long-term variable compensation to the bank's performance and share price. The table below illustrates the
converted amount and the corresponding number of virtual share units.
633
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Equity-based instruments (virtual shares)
| LTI-Plan<br><br>2024-2026 | LTI-Plan 2025-2027 | |||
|---|---|---|---|---|
| Members of the Management Board | Number of<br><br>equity-based<br><br>units | LTI Target<br><br>allocation in € | Average share<br><br>price before<br><br>conversion in € 1 | Number of<br><br>equity-based<br><br>units |
| Christian Sewing | 177,652 | 3,600,000 | 30.53 | 117,917 |
| James von Moltke | 152,916 | 3,060,000 | 100,229 | |
| Fabrizio Campelli | 161,911 | 3,240,000 | 106,125 | |
| Dr. Marcus Chromik2 | — | 672,000 | 22,011 | |
| Bernd Leukert | 122,932 | 2,460,000 | 80,576 | |
| Alexander von zur Mühlen | 122,932 | 2,460,000 | 80,576 | |
| Laura Padovani3 | 18,365 | 924,000 | 30,265 | |
| Claudio de Sanctis | 155,914 | 3,120,000 | 102,195 | |
| Rebecca Short | 122,932 | 2,460,000 | 80,576 | |
| Professor Dr. Stefan Simon4 | 122,932 | 820,000 | 26,859 | |
| Olivier Vigneron5 | 122,932 | 949,833 | 31,111 |
1 Average Xetra closing price of the Deutsche Bank share during the last ten trading days in February 2026.
2 Member since May 1, 2025
3 Member since July 1, 2024
4 Member until April 30, 2025
5 Member until May 19, 2025
Backtesting and application of malus and clawback in 2025
The Supervisory Board regularly reviews in due time before the respective release dates the possibility of a full or partial
forfeiture (malus) or reclaiming (clawback) of the Management Board members’ variable compensation components.
There was no forfeiture or clawback of awards in 2025.
Shareholding Guidelines
According to the Shareholding Guidelines that apply to the members of the Management Board, they have an obligation
to build up a holding of Deutsche Bank shares within four years. The CEO is obliged to hold an equivalent of 200% of his
annual gross base salary in shares and other Management Board members are required to hold shares that equal 100% of
their annual gross base salary in order to fulfill the Shareholding Guidelines. The shares must be held for the entire
duration of the appointment. If the base salary is increased, the obligation to hold shares increases accordingly.
Compliance with the shareholding obligation is reviewed every six months. Depending on the level of achievement and
share price performance, additional shares must either be bought or can be sold if the obligation is exceeded. 75% of
Restricted Equity Award(s)/ Outstanding Equity Units are chargeable to share obligation.
All Management Board members fulfilled the shareholding obligations in 2025 or are currently in the build-up phase.
634
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Application of the compensation system in the financial year |
Benefits upon contract termination
The following table shows the annual contributions, the interest credits, the account balances and the annual service
costs for the years 2025 and 2024 as well as the corresponding defined benefit obligations for each member of the
Management Board in office in 2025 as of December 31, 2024, and December 31, 2025. The different balances are
attributable to the different lengths of service on the Management Board, the respective age-related factors, and the
different contribution rates. Management Board members that receive a pension allowance instead of an annual
contribution are not included in the following table - unless they have received an annual contribution in previous years.
Pension allowances are shown in the section “Compensation granted and owed (inflow table)”.
| Members of the<br><br>Management Board | Annual contribution, in<br><br>the year | Interest credited, in<br><br>the year | Account balance, end of<br><br>year | Service cost (IFRS), in the<br><br>year | Present value of the<br><br>defined benefit<br><br>obligation (IFRS), end of<br><br>year | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| Christian Sewing | 715,000 | 728,000 | — | — | 9,467,000 | 8,752,000 | 546,300 | 574,078 | 7,640,707 | 7,132,345 |
| James von Moltke | 702,000 | 715,000 | — | — | 7,221,500 | 6,519,500 | 551,820 | 577,371 | 6,120,471 | 5,561,609 |
| Fabrizio Campelli | 760,500 | 773,500 | — | — | 5,502,254 | 4,741,754 | 509,388 | 542,981 | 3,936,029 | 3,486,558 |
| Bernd Leukert | 676,000 | 689,000 | — | — | 4,801,334 | 4,125,334 | 574,620 | 596,463 | 4,367,269 | 3,742,460 |
| Claudio de Sanctis | 747,500 | 760,500 | — | — | 1,894,750 | 1,147,250 | 507,949 | 542,293 | 1,327,023 | 823,356 |
| Rebecca Short | 773,500 | 786,500 | — | — | 3,739,668 | 2,966,168 | 487,795 | 522,769 | 2,423,885 | 1,983,351 |
| Prof. Dr. Stefan Simon1 | — | — | — | — | 3,483,460 | 3,483,460 | — | — | 2,925,774 | 2,944,486 |
| Olivier Vigneron2 | 242,668 | 747,500 | — | — | 2,395,252 | 2,152,584 | 171,304 | 548,749 | 1,789,396 | 1,633,309 |
1Member until April 30, 2025. Prof. Stefan Simon received a pro-rata pension allowance until the end of his mandate, which is reflected in the section ‘Compensation.
Granted and Owed (Inflow Table)’. Due to an existing account balance, he is also listed in the table above
2 Member until May 19, 2025
The Management Board members are in principle entitled to receive a severance payment upon an early termination of
their appointment, provided the Bank is not entitled to revoke the appointment or give notice under the contractual
agreement for cause. In line with German market practice as well as recommendation G.13 of the German Corporate
Governance Code (GCGC), severance payments are currently limited to two times the annual total compensation and are
not paid beyond the remaining term of the service contract (severance cap). Considering feedback from investors and
other stakeholders, the Supervisory Board will reduce the severance cap to a maximum of two years’ base salary for
Management members appointed after January 1, 2024. The severance payment is determined and granted in
accordance with the statutory and regulatory requirements, in particular with the recommendations of the GCGC and
provisions of the InstitutsVergV.
Olivier Vigneron left the Management Board with effect from the end of May 19, 2025. The Service Contract ended with
the end of his appointment period. As provided for in his service contract, a waiting allowance (“Karenzentschädigung”)
was agreed in accordance with the post-contractual non-compete clause in the amount of € 130,000 per month,
corresponding to 65% of his fixed base salary. The post-contractual non-compete provision was originally set to apply
from May 20, 2025, to February 19, 2026, in the scope set forth in the service contract. However, following an offer for
Mr. Vigneron to become Chief Risk Officer (CRO) at another bank effective September 2, 2025, which fell within the
scope of the non-compete clause, the Supervisory Board, at the request of Olivier Vigneron, resolved to terminate the
non-compete clause effective August 31, 2025. Consequently, the payment of the monthly waiting allowance
("Karenzentschädigung") ceased upon the waiver of the non-compete clause taking effect.
Professor Dr. Stefan Simon left the Management Board by mutual agreement with effect from the end of April 30, 2025.
As foreseen in his service contract, severance benefits were agreed with him. The severance agreement provided for a
waiting allowance (“Karenzentschädigung”) during a non-compete period of between 6 and a maximum of 12 months,
amounting to € 130,000 per month (65% of his base salary), which is offset against the severance payment. A severance
payment as compensation for the early termination of his service contract was agreed in the amount of € 6,446,548
including the waiting allowance. This severance payment was structured as follows: 20% Upfront Cash, 20% Equity
Upfront Award, 30% Restricted Incentive Award (delivered 2026-2030), and 30% Restricted Equity Award (delivered
2027 - 2031). The severance payment, is subject to all contractually agreed provisions on variable compensation
components, including the possibility of a clawback of variable compensation.
Deviations from the compensation system
There were no deviations from the compensation system in the 2025 financial year.
635
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Management Board compensation 2025 |
Management Board compensation 2025
Current Management Board members
Total compensation 2025
The Supervisory Board determined the following compensation on an individual basis. The second Long-Term Incentive
(LTI) Plan based on the new compensation system as of 2024 was set up for the performance period 2025 - 2027; after
the end of the 3-year performance period the Supervisory Board determines the achievement level based on the pre-
defined Key Performance Indicators (KPIs). Due to a change in 2024 from a backward-looking to a forward-looking three-
year performance period, the first two years after the implementation of the new system (2024 and 2025) are years of
transitional (“transitional phase”). The second Long-Term Incentive -Plan (LTI-Plan 2025 - 2027) will first be granted in
early 2028. During the “transitional phase”, the LTI will be shown with the target amount for calculation and comparison
purposes. For better comparability with the previous year's figures, the table below includes a column entitled Pro Forma
Total Compensation which shows the sum of base salary, actual STI and a target value for the LTI.
This approach is reflected accordingly in the following table below.
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| in € | Base<br><br>salary1 | Actual<br><br>Short-Term<br><br>Incentive | Target<br><br>Long-Term<br><br>Incentive2 | Pro-Forma Total<br><br>compensation | Pro-Forma Total<br><br>compensation3 |
| Christian Sewing | 3,800,000 | 3,090,085 | 3,600,000 | 10,490,085 | 9,753,210 |
| James von Moltke | 3,200,000 | 2,494,453 | 3,060,000 | 8,754,453 | 8,265,320 |
| Fabrizio Campelli | 3,400,000 | 2,634,571 | 3,240,000 | 9,274,571 | 8,987,920 |
| Dr. Marcus Chromik4 | 1,600,000 | 528,970 | 672,000 | 2,800,970 | — |
| Bernd Leukert | 2,400,000 | 1,886,248 | 2,460,000 | 6,746,248 | 6,349,120 |
| Alexander von zur Mühlen | 2,400,000 | 1,908,143 | 2,460,000 | 6,768,143 | 6,398,320 |
| Laura Padovani5 | 2,200,000 | 720,836 | 924,000 | 3,844,836 | 1,478,925 |
| Claudio de Sanctis | 3,200,000 | 2,519,645 | 3,120,000 | 8,839,645 | 8,377,120 |
| Rebecca Short | 2,400,000 | 1,923,132 | 2,460,000 | 6,783,132 | 6,467,200 |
| Professor Dr. Stefan Simon6 | 800,000 | 464,667 | 820,000 | 2,084,667 | 5,857,120 |
| Olivier Vigneron7 | 926,667 | 633,222 | 949,833 | 2,509,722 | 6,137,560 |
| Total | 26,326,667 | 18,803,972 | 23,765,833 | 68,896,472 | 68,071,815 |
1 In the column “Base salary”, the target values set by the Supervisory Board are shown in Euro for reasons of comparability. The actual inflow differs from this target value
for Management Board members Alexander von zur Mühlen and Professor Dr. Stefan Simon due to currency fluctuations and for Bernd Leukert due to the offsetting of
compensation from mandates. The inflows are shown in the section “Compensation granted and owed (inflow table)”.
2 The determination of the final achievement level for the LTI Plan 2025-2027 will take place after the end of the 3-year performance period in 2028.
3 The Pro-Forma Compensation includes the target value for the LTI in 2024. The determination of the final achievement level for the LTI Plan 2024-2026 will take place
after the end of the 3-year performance period in 2027..
4 Member since May 1, 2025
5 Member since July 1, 2024
6 Member until April 30, 2025
7 Member until May 19, 2025
Compensation granted and owed (inflow table)
The following table shows the compensation paid and owed in the 2025 and 2024 financial years to incumbent members of the
Management Board in the 2025 financial year pursuant to Section 162 (1) sentence 1 of the German Stock Corporation Act.
In some cases, the inflows for 2025 significantly deviate from the figures reported in previous years. This discrepancy is due to the
compensation system in place in 2018, which stipulated that the variable compensation from the long-term component would
become due in a lump sum after five years and would be paid out after six years (a structure known as cliff-vesting). Conversely,
the variable compensation granted from 2022 onwards is due in four or five annual installments. Therefore, the increase in the
2025 figures is attributed to the cliff-vesting structure of the compensation granted in 2019 for the financial year 2018.
The presented figures distinguish between compensation components that were actually paid or delivered to the individual
Management Board members during the respective reporting period (“paid”) and those that were already legally due during the
reporting period but had not yet been delivered (“owed”).
Accordingly, except for base salary and fringe benefits, the table illustrates deferral cash compensation (Restricted Incentive
Awards (RIA)) that resulted from Short-Term Award grants based on the former compensation system as implemented in previous
years. Correspondingly, variable compensation based on the compensation system will not be illustrated until next year, i.e., the
Short-Term Incentive cash payout for the performance in the 2025 financial year will be paid and thus considered and disclosed as
an inflow for the 2026 financial year.
636
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Management Board compensation 2025 |
Compensation granted and owed per Management Board member
| Christian Sewing | James von Moltke | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| in € t. | in % | in € t. | in % | in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||||||
| Base salary | 3,800 | 24% | 3,750 | 77% | 3,200 | 29% | 3,200 | 68% |
| Pension allowance | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| Fringe benefits | 11 | 0% | 113 | 2% | 105 | 1% | 107 | 2% |
| Total fixed compensation | 3,811 | 24% | 3,863 | 79% | 3,305 | 29% | 3,307 | 70% |
| Variable compensation components: | ||||||||
| Cash compensation for 2024 | 1,201 | 8% | 0 | 0% | 1,003 | 9% | 0 | 0% |
| Deferred variable compensation | ||||||||
| thereof Restricted Incentive Awards: | ||||||||
| 2020 Restricted Incentive Award for 2019 | 43 | 0% | 43 | 1% | 38 | 0% | 43 | 1% |
| 2021 Restricted Incentive Award for 2020 | 304 | 2% | 304 | 6% | 191 | 2% | 213 | 4% |
| 2022 Restricted Incentive Award for 2021 | 652 | 4% | 0 | 0% | 447 | 4% | 0 | 0% |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 667 | 14% | 0 | 0% | 522 | 11% |
| 2024 Restricted Incentive Award for 2023 | 632 | 4% | 0 | 0% | 492 | 4% | 0 | 0% |
| thereof Equity Awards: | ||||||||
| 2019 Restricted Equity Award for 2018 | 7,205 | 46% | 0 | 0% | 4,427 | 39% | 0 | 0% |
| 2022 Restricted Equity Award for 2021 | 1,710 | 11% | 0 | 0% | 1,313 | 12% | 0 | 0% |
| Fringe benefits | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| Total variable compensation | 11,745 | 76% | 1,013 | 21% | 7,912 | 71% | 1,433 | 30% |
| Total compensation | 15,556 | 100% | 4,876 | 100% | 11,217 | 100% | 4,740 | 100% |
637
| Deutsche Bank | Compensation of the Management Board | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Management Board compensation 2025 | |||||||
| Fabrizio Campelli | Dr. Marcus Chromik1 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| in € t. | in % | in € t. | in % | in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||||||
| Base salary | 3,400 | 49% | 3,400 | 82% | 1,600 | 84% | — | — |
| Pension allowance | 0 | 0% | 0 | 0% | 300 | 16% | — | — |
| Fringe benefits | 6 | 0% | 6 | 0% | 3 | 0% | — | — |
| Total fixed compensation | 3,406 | 49% | 3,406 | 82% | 1,903 | 100% | — | — |
| Variable compensation components: | ||||||||
| Cash compensation for 2024 | 1,150 | 16% | 0 | 0% | 0 | 0% | — | — |
| Deferred variable compensation | ||||||||
| thereof Restricted Incentive Awards: | ||||||||
| 2020 Restricted Incentive Award for 2019 | 6 | 0% | 7 | 0% | 0 | 0% | — | — |
| 2021 Restricted Incentive Award for 2020 | 184 | 3% | 213 | 5% | 0 | 0% | — | — |
| 2022 Restricted Incentive Award for 2021 | 417 | 6% | 0 | 0% | 0 | 0% | — | — |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 502 | 12% | 0 | 0% | — | — |
| 2024 Restricted Incentive Award for 2023 | 548 | 8% | 0 | 0% | 0 | 0% | — | — |
| thereof Equity Awards: | ||||||||
| 2019 Restricted Equity Award for 2018 | 0 | 0% | 0 | 0% | 0 | 0% | — | — |
| 2022 Restricted Equity Award for 2021 | 1,287 | 18% | 0 | 0% | 0 | 0% | — | — |
| Fringe benefits | 0 | 0% | 0 | 0% | 0 | 0% | — | — |
| Total variable compensation | 3,592 | 51% | 722 | 17% | 0 | 0% | — | — |
| Total compensation | 6,998 | 100% | 4,129 | 100% | 1,903 | 100% | — | — |
1Member since May 1, 2025. For further details on compensation decision, please refer to chapter "Executive Summary" in this report.
| Bernd Leukert | Alexander von zur Mühlen | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| in € t. | in % | in € t. | in % | in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||||||
| Base salary | 2,3861 | 45% | 2,3911 | 78% | 2,5172 | 37% | 2,5762 | 62% |
| Pension allowance | 0 | 0% | 0 | 0% | 650 | 10% | 650 | 16% |
| Fringe benefits | 8 | 0% | 9 | 0% | 143 | 2% | 136 | 3% |
| Total fixed compensation | 2,394 | 45% | 2,400 | 78% | 3,311 | 49% | 3,362 | 81% |
| Variable compensation components: | ||||||||
| Cash compensation for 2024 | 745 | 14% | 0 | 0% | 769 | 11% | 0 | 0% |
| Deferred variable compensation | ||||||||
| thereof Restricted Incentive Awards: | ||||||||
| 2020 Restricted Incentive Award for 2019 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2021 Restricted Incentive Award for 2020 | 188 | 4% | 188 | 6% | 99 | 1% | 74 | 2% |
| 2022 Restricted Incentive Award for 2021 | 474 | 9% | 0 | 0% | 621 | 9% | 0 | 0% |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 477 | 16% | 0 | 0% | 473 | 11% |
| 2024 Restricted Incentive Award for 2023 | 426 | 8% | 0 | 0% | 570 | 8% | 0 | 0% |
| thereof Equity Awards: | ||||||||
| 2019 Restricted Equity Award for 2018 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2022 Restricted Equity Award for 2021 | 1,036 | 20% | 0 | 0% | 1,273 | 19% | 0 | 0% |
| Fringe benefits | 0 | 0% | 0 | 0% | 1033 | 2% | 2193 | 5% |
| Total variable compensation | 2,870 | 55% | 666 | 22% | 3,435 | 51% | 766 | 19% |
| Total compensation | 5,264 | 100% | 3,065 | 100% | 6,746 | 100% | 4,128 | 100% |
1The fixed compensation shown includes the crediting of compensation from mandates
2As the fixed compensation is granted in local currency, it is subject to foreign exchange-rate changes.
3The variable fringe benefits represent a housing allowance.
638
| Deutsche Bank | Compensation of the Management Board | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Management Board compensation 2025 | |||||||
| Laura Padovani1 | Claudio de Sanctis | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| in € t. | in % | in € t. | in % | in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||||||
| Base salary | 2,200 | 79% | 875 | 79% | 3,200 | 70% | 3,200 | 99% |
| Pension allowance | 450 | 16% | 225 | 20% | 0 | 0% | 0 | 0% |
| Fringe benefits | 19 | 1% | 12 | 1% | 44 | 1% | 20 | 1% |
| Total fixed compensation | 2,669 | 96% | 1,112 | 100% | 3,244 | 71% | 3,220 | 100% |
| Variable compensation components: | ||||||||
| Cash compensation for 2024 | 118 | 4% | 0 | 0% | 1,029 | 23% | 0 | 0% |
| Deferred variable compensation | ||||||||
| thereof Restricted Incentive Awards: | ||||||||
| 2020 Restricted Incentive Award for 2019 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2021 Restricted Incentive Award for 2020 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2022 Restricted Incentive Award for 2021 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2024 Restricted Incentive Award for 2023 | 0 | 0% | 0 | 0% | 268 | 6% | 0 | 0% |
| thereof Equity Awards: | ||||||||
| 2019 Restricted Equity Award for 2018 | 0 | 0% | 0 | 0 | 0% | 0 | 0% | |
| 2022 Restricted Equity Award for 2021 | 0 | 0% | 0 | 0 | 0% | 0 | 0% | |
| Fringe benefits | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| Total variable compensation | 118 | 4% | 0 | 0% | 1,297 | 29% | 0 | 0% |
| Total compensation | 2,787 | 100% | 1,112 | 100% | 4,540 | 100% | 3,220 | 100% |
1 Member since July 1, 2024.
| Rebecca Short | Professor Dr. Stefan Simon1 | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| in € t. | in % | in € t. | in % | in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||||||
| Base salary | 2,400 | 51% | 2,400 | 81% | 8272 | 14% | 2,4682 | 59% |
| Pension allowance | 0 | 0% | 0 | 0% | 217 | 4% | 650 | 16% |
| Fringe benefits | 7 | 0% | 56 | 2% | 29 | 0% | 117 | 3% |
| Total fixed compensation | 2,407 | 51% | 2,456 | 83% | 1,073 | 18% | 3,235 | 78% |
| Variable compensation components: | ||||||||
| Termination benefits | 0 | 0% | 0 | 0% | 2,0693 | 35% | 0 | 0% |
| Cash compensation for 2024 | 804 | 17% | 0 | 0% | 499 | 8% | 0 | 0% |
| Deferred variable compensation | ||||||||
| thereof Restricted Incentive Awards: | ||||||||
| 2020 Restricted Incentive Award for 2019 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2021 Restricted Incentive Award for 2020 | 0 | 0% | 0 | 0% | 79 | 1% | 78 | 2% |
| 2022 Restricted Incentive Award for 2021 | 273 | 6% | 0 | 0% | 479 | 8% | 0 | 0% |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 491 | 17% | 0 | 0% | 475 | 11% |
| 2024 Restricted Incentive Award for 2023 | 392 | 8% | 0 | 0% | 465 | 8% | 0 | 0% |
| thereof Equity Awards: | ||||||||
| 2019 Restricted Equity Award for 2018 | 0 | 0% | 0 | 0% | 0 | 0% | 0 | 0% |
| 2022 Restricted Equity Award for 2021 | 845 | 18% | 0 | 0% | 1,036 | 18% | 0 | 0% |
| Fringe benefits | 0 | 0% | 0 | 0% | 1734 | 3% | 3634 | 9% |
| Total variable compensation | 2,313 | 49% | 491 | 17% | 4,800 | 82% | 916 | 22% |
| Total compensation | 4,720 | 100% | 2,946 | 100% | 5,873 | 100% | 4,151 | 100% |
1 Member until April 30, 2025.
2 As the fixed compensation is granted in local currency, it is subject to foreign exchange-rate changes.
3 For further details on the Termination Benefits, please refer to chapter "Benefits upon contract termination" in this report.
4 The variable fringe benefits mainly represent a housing allowance.
639
| Deutsche Bank | Compensation of the Management Board | |||
|---|---|---|---|---|
| Annual Report 2025 | Management Board compensation 2025 | |||
| Olivier Vigneron1 | ||||
| --- | --- | --- | --- | --- |
| 2025 | 2024 | |||
| in € t. | in % | in € t. | in % | |
| Fixed compensation components: | ||||
| Base salary | 927 | 36% | 2,400 | 90% |
| Pension allowance | 0 | 0% | 0 | 0% |
| Fringe benefits | 2 | 0% | 13 | 0% |
| Total fixed compensation | 929 | 37% | 2,413 | 90% |
| Variable compensation components: | ||||
| Termination benefits | 6202 | 24% | 0 | 0% |
| Cash compensation for 2024 | 639 | 25% | 0 | 0% |
| Deferred variable compensation | ||||
| thereof Restricted Incentive Awards: | ||||
| 2020 Restricted Incentive Award for 2019 | 0 | 0% | 0 | 0% |
| 2021 Restricted Incentive Award for 2020 | 0 | 0% | 0 | 0% |
| 2022 Restricted Incentive Award for 2021 | 0 | 0% | 0 | 0% |
| 2023 Restricted Incentive Award for 2022 | 0 | 0% | 266 | 10% |
| 2024 Restricted Incentive Award for 2023 | 354 | 14% | 0 | 0% |
| thereof Equity Awards: | ||||
| 2019 Restricted Equity Award for 2018 | 0 | 0% | 0 | 0% |
| 2022 Restricted Equity Award for 2021 | 0 | 0% | 0 | 0% |
| Fringe benefits | 0 | 0% | 0 | 0% |
| Total variable compensation | 1,612 | 63% | 266 | 10% |
| Total compensation | 2,541 | 100% | 2,679 | 100% |
1 Member until May 19, 2025.
2 For further details on the Termination Benefits, please refer to chapter "Benefits upon contract termination" in this report..
With respect to the deferred compensation components of previous years approved in the reporting year, the
Supervisory Board confirmed that the respective performance conditions were met.
640
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Management Board compensation 2025 |
Former members of the Management Board
Compensation granted and owed (inflow table)
The following table shows the compensation paid and owed to the former members of the Management Board in the
2025 financial year pursuant to Section 162 (1) sentence 1 of the German Stock Corporation Act. This involves the
compensation components that were either actually delivered to the former Management Board members within the
reporting period (“paid”) or were already legally due during the reporting period but not yet delivered (“owed”). Pursuant
to Section 162 (5) of the German Stock Corporation Act, no personal data is provided on former members of the
Management Board who ended their work for the Management Board prior to the end of the financial year 2015. Multi-
year deferred compensation components are not paid out early upon termination of the mandate.
In some cases, the inflows for 2025 significantly deviate from the figures reported in previous years. This discrepancy is
due to the compensation system in place in 2018, which stipulated that the variable compensation from the long-term
component would become due in a lump sum after five years and would be paid out after six years (a structure known as
cliff-vesting). Conversely, the variable compensation granted from 2022 onwards is due in four or five annual
installments. Therefore, the increase in the 2025 figures is attributed to the cliff-vesting structure of the compensation
granted in 2019 for the financial year 2018.
| Karl von Rohr<br><br>member until<br><br>October 31, 2023 | Stuart Lewis<br><br>member until<br><br>May 19, 2022 | Frank Kuhnke<br><br>member until<br><br>April 30, 2021 | ||||
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2025 | ||||
| in € t. | in % | in € t. | in % | in € t. | in % | |
| Non-Compete payment | ||||||
| Deferred variable compensation | ||||||
| Restricted Incentive Awards | 1,028 | 13% | 594 | 6% | 348 | 47% |
| Equity Awards | 6,594 | 87% | 9,013 | 94% | 386 | 53% |
| Fringe benefits | — | 0% | — | 0% | — | 0% |
| Pension benefits | — | 0% | — | 0% | — | 0% |
| Total compensation | 7,622 | 100% | 9,607 | 100% | 734 | 100% |
| Werner Steinmüller<br><br>member until<br><br>July 31, 2020 | Sylvie Matherat<br><br>member until<br><br>July 31, 2019 | Garth Ritchie<br><br>member until<br><br>July 31, 2019 | ||||
| --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2025 | 2025 | ||||
| in € t. | in % | in € t. | in % | in € t. | in % | |
| Deferred variable compensation | ||||||
| Restricted Incentive Awards | 134 | 3% | 78 | 1% | 87 | 1% |
| Equity Awards | 4,614 | 97% | 13,8671 | 99% | 12,5361 | 99% |
| Fringe benefits | — | 0% | — | 0% | — | 0% |
| Pension benefits | — | 0% | — | 0% | — | 0% |
| Total compensation | 4,748 | 100% | 13,946 | 100% | 12,622 | 100% |
1 Including Termination Benefits.
641
| Deutsche Bank | Compensation of the Management Board | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | Management Board compensation 2025 | |||||||
| Nicolas Moreau<br><br>member until Dec 31, 2018 | Dr. Marcus Schenck<br><br>member until May 24, 2018 | John Cryan<br><br>member until April 8, 2018 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2025 | 2025 | ||||||
| DB AG | DWS<br><br>Management<br><br>GmbH | Overall | ||||||
| in € t. | in € t. | in € t. | in % | in € t. | in % | in € t. | in % | |
| Deferred variable compensation | ||||||||
| Restricted Incentive Awards | — | — | — | 0% | — | 0% | — | 0% |
| Equity Awards | 3,6881 | 5,3282 | 9,016 | 100% | 2,032 | 100% | 1,468 | 100% |
| Fringe benefits | — | — | — | 0% | — | 0% | — | 0% |
| Pension benefits | — | — | — | 0% | — | 0% | — | 0% |
| Total compensation | 3,688 | 5,328 | 9,016 | 100% | 2,032 | 100% | 1,468 | 100% |
1 Including Termination Benefits.
2 Details of these instruments can be found in the DWS Annual Report.
In the financial year 2025, in addition to the individual payments to former management board members shown in the
table, an additional € 10.2 million was paid to 11 former management board members for pension benefits. These
payments are no longer individually disclosed due to data protection reasons as per § 162 para. 5 of the German Stock
Corporation Act (AktG).
642
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Outlook for the 2026 financial year |
Outlook for the 2026 financial year
Total target compensation and maximum compensation
The total target compensation for 2026 will in principle remain unchanged compared to the total target compensation in
force or adjusted in 2024 and 2025.
The limits on compensation for the members of the Management Board remain unchanged versus the 2025 financial
year. This means that the maximum possible achievement level for variable compensation amounts to 150%. In
accordance with Section 87a (1) sentence 2 No. 1 of the German Stock Corporation Act (AktG), the limit set for total
compensation is maintained unchanged at a maximum of € 12 million uniformly for all members of the Management
board as the maximum cap based on the financial year.
2026 objective structure and targets
The compensation system implemented in 2024 works well and produces appropriate results. Therefore, the objective
structure will continue to be in line with the compensation system approved by the General Meeting in 2024.
At the Investor Deep Dive in November 2025, Deutsche Bank presented its strategy to accelerate value creation from
2026 to 2028, aiming to become the European Champion as a Global Hausbank. The strategy is built on three levers:
focused growth, strict capital discipline, and a scalable operating model. The targets include an increase of annual
revenue by around € 5 billion by 2028, with 75% stemming from asset gathering, payments, and advisory services. Return
on Tangible Equity (RoTE) is to increase from above 10% in 2025 to greater than 13% within three years, achieved partly
through disciplined capital allocation to high-return areas. A scalable operating model aims to reduce the cost/income
ratio below 60% by 2028, generating € 2 billion annual efficiencies mainly through automation and AI integration.
The strategy guides both short- and long-term goals to ensure they match the pay-for-performance approach.
Short-Term Incentive (STI)
Generally unchanged from 2024 and 2025, the amount of the Short-Term Incentive (STI) for the 2026 financial year will
continue to be 40% of the total target variable compensation and is based on the individual achievement level of short-
and medium-term individual and divisional objectives.
The specific individual objectives of the Short-Term Incentive (STI) for 2026 will be disclosed retrospectively in the 2026
Compensation Report.
Taking investor feedback into account, the Supervisory Board has committed to enhancing ex‑post STI disclosure in the
Management Board Compensation Report 2026 and has put the relevant governance structures in place at the
beginning of this year.
Long-Term Incentive (LTI)
The Long-Term Incentive (LTI) will continue to be 60% of the total target variable compensation and consists of
collective long-term objectives linked to the Bank´s strategy.
For the three-year assessment period 2026 - 2028, the LTI consists of four compensation components, which remain
unchanged from the previous, still ongoing assessment periods 2024 - 2026 and 2025 - 2027.
The objectives for the LTI plan 2026 – 2028 are shown in the following:
643
| Deutsche Bank | Compensation of the Management Board |
|---|---|
| Annual Report 2025 | Outlook for the 2026 financial year |
644
| Deutsche Bank | Compensation of Supervisory Board members |
|---|---|
| Annual Report 2025 |
Compensation of Supervisory Board members
Supervisory Board compensation is regulated in Section 14 of the Articles of Association and was last amended by
resolution of the General Meeting on May 17, 2023.
The members of the Supervisory Board receive a fixed annual compensation (“Supervisory Board Compensation”). The
amount of the annual base compensation for each Supervisory Board member is € 300,000, for the Supervisory Board
Chairman € 950,000, and for each Deputy Chairperson € 475,000.
Chairs of the committees of the Supervisory Board are paid additional fixed annual compensation amounts as follows:
| Committee chairin |
|---|
| Audit Committee |
| Risk Committee |
| Technology, Data and Innovation Committee |
| Chairman’s Committee |
| Nomination Committee |
| Compensation Control Committee |
| Regulatory Oversight Committee1 |
| Strategy and Sustainability Committee |
| Mediation Committee |
| 1 The Regulatory Oversight Committee was dissolved on May 22, 2025 by resolution of the Supervisory Board. |
All values are in Euros.
If a Supervisory Board member is chair of more than one committee, compensation is only paid for the committee
entitled to the highest amount. The Chairman of the Supervisory Board does not receive any additional compensation for
chairing of the committees. Members of the committees do not receive additional compensation.
The compensation determined will be paid to the respective member of the Supervisory Board by, at the latest, two
months after submitting invoices and as a rule within the first three months of the following year. In case of a change in
Supervisory Board membership during the year, compensation for the financial year will be paid on a pro rata basis,
rounded up/down to full months.
The company reimburses the Supervisory Board members for the cash expenses they incur in the performance of their
office, including, to the extent applicable, value added tax (VAT) on their compensation and reimbursements of
expenses. Furthermore, any employer contributions to social security schemes that may be applicable under foreign law
to the performance of their Supervisory Board work is paid for each Supervisory Board member affected. Finally, the
Supervisory Board Chairman is reimbursed appropriately for travel expenses incurred in performing representative tasks
due to his function and reimbursed for costs for the security measures required based on his function.
In the interest of the company, the members of the Supervisory Board are included in an appropriate amount in any
financial liability insurance policy held by the company. The premiums for this are paid by the company. A deductible
does not have to be specified for the members of the Supervisory Board.
With the effectiveness of the compensation system for the Supervisory Board on May 17, 2023, the Supervisory Board
recommends that its members undertake a voluntary self-commitment to invest a total of at least 10% of the gross
annual compensation paid out to them in shares of Deutsche Bank AG and to hold these shares for the duration of their
ongoing term of office.
The Supervisory Board is in agreement that any transfer obligations to labor unions will be taken into account in the
personal decision on the self-imposed personal investment. Supervisory Board members who already hold, as of the day
the voluntary self-commitment is made, a number of Deutsche Bank shares with a countervalue of at least 10% of the
Supervisory Board compensation payable to them for the duration of their current term of office do not have to acquire
any further shares.
All shareholder representatives on the Supervisory Board and the member representing senior executives on the
Supervisory Board submitted the voluntary self-commitment to the Supervisory Board or held, at the time of submitting
the voluntary self-commitment, shares of Deutsche Bank with a countervalue equivalent to at least 10% of the
Supervisory Board compensation payable to them for the duration of their current term of office.
The individual shareholdings of the members of the Supervisory Board are disclosed in the Corporate Governance
Statement in accordance with Sections 289f and 315d of the German Commercial Code (Handelsgesetzbuch (HGB)).
645
| Deutsche Bank | Compensation of Supervisory Board members |
|---|---|
| Annual Report 2025 | Supervisory Board Compensation for the 2025 and 2024 financial years |
Supervisory Board Compensation for the 2025 and 2024
financial years
Individual members of the Supervisory Board received the following compensation for the 2025 and 2024 financial years
(excluding any value added tax). The table shows the compensation paid and owed to the members of the Supervisory
Board in the 2025 and 2024 financial years pursuant to Section 162 (1) sentence 1 of the German Stock Corporation Act
(AktG). In each case the calculation is rounded up/down to full months.
| Compensation for the financial year 2025 | |||||
|---|---|---|---|---|---|
| Members of the Supervisory Board | Base compensation | Compensation for chairing of<br><br>the committees | Total | ||
| in € | in % | in € | in % | in € | |
| Alexander Wynaendts | 950,000 | 100 | — | 0 | 950,000 |
| Frank Schulze | 475,000 | 100 | — | 0 | 475,000 |
| Prof. Dr. Norbert Winkeljohann | 475,000 | 83 | 100,000 | 17 | 575,000 |
| Susanne Bleidt | 300,000 | 100 | — | 0 | 300,000 |
| Mayree Clark | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Jan Duscheck | 300,000 | 100 | — | 0 | 300,000 |
| Manja Eifert | 300,000 | 100 | — | 0 | 300,000 |
| Claudia Fieber | 300,000 | 100 | — | 0 | 300,000 |
| Sigmar Gabriel | 300,000 | 100 | — | 0 | 300,000 |
| Florian Haggenmiller | 300,000 | 100 | — | 0 | 300,000 |
| Timo Heider | 300,000 | 100 | — | 0 | 300,000 |
| Dr. Klaus Moosmayer1 | 175,000 | 100 | — | 0 | 175,000 |
| Kirsty Roth1 | 175,000 | 100 | — | 0 | 175,000 |
| Gerlinde M. Siebert | 300,000 | 100 | — | 0 | 300,000 |
| Yngve Slyngstad | 300,000 | 100 | — | 0 | 300,000 |
| Stephan Szukalski | 300,000 | 100 | — | 0 | 300,000 |
| John Alexander Thain | 300,000 | 75 | 100,000 | 25 | 400,000 |
| Jürgen Tögel | 300,000 | 100 | — | 0 | 300,000 |
| Michele Trogni | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Dr. Dagmar Valcárcel2 | 125,000 | 67 | 62,500 | 33 | 187,500 |
| Dr. Theodor Weimer3 | 125,000 | 100 | — | 0 | 125,000 |
| Frank Witter | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Total | 7,000,000 | 91 | 712,500 | 9 | 7,712,500 |
1Member of the Supervisory Board since May 22, 2025
2Member of the Supervisory Board until May 22, 2025. Compensation for chairing of the committees including cash payment pursuant to Section 14 (3) paragraph 1 of the
Articles of Association
3Member of the Supervisory Board until May 22, 2025
All employee representatives on the Supervisory Board, with the exception of Jan Duscheck, Florian Haggenmiller
(member since January 16, 2024), Birgit Laumen (member until January 12, 2024) and Stephan Szukalski, are or were
employed in the 2025 and 2024 financial years by Deutsche Bank Group. In the 2025 financial year, these members were
paid a total amount of € 1.40 million (in the form of salary, retirement and pension payments) in addition to their
Supervisory Board compensation.
Members of the Supervisory Board are not provided any benefits after they have left the Supervisory Board, although
members who are or were employed by the bank are entitled to the benefits associated with the end of such
employment (i.e., not on the basis of their Supervisory Board work). During 2025, € 0.13 million were set aside for
pension, retirement or similar benefits for the members of the Supervisory Board who are or were employed by the bank.
646
| Deutsche Bank | Compensation of Supervisory Board members | ||||
|---|---|---|---|---|---|
| Annual Report 2025 | Supervisory Board Compensation for the 2025 and 2024 financial years | ||||
| Compensation for the financial year 2024 | |||||
| --- | --- | --- | --- | --- | --- |
| Members of the Supervisory Board | Base compensation | Compensation for chairing of<br><br>the committees | Total | ||
| in € | in % | in € | in % | in € | |
| Alexander Wynaendts | 950,000 | 100 | — | 0 | 950,000 |
| Frank Schulze | 475,000 | 100 | — | 0 | 475,000 |
| Prof. Dr. Norbert Winkeljohann | 475,000 | 83 | 100,000 | 17 | 575,000 |
| Susanne Bleidt | 300,000 | 100 | — | 0 | 300,000 |
| Mayree Clark | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Jan Duscheck | 300,000 | 100 | — | 0 | 300,000 |
| Manja Eifert | 300,000 | 100 | — | 0 | 300,000 |
| Claudia Fieber | 300,000 | 100 | — | 0 | 300,000 |
| Sigmar Gabriel | 300,000 | 100 | — | 0 | 300,000 |
| Florian Haggenmiller1 | 275,000 | 100 | — | 0 | 275,000 |
| Timo Heider | 300,000 | 100 | — | 0 | 300,000 |
| Birgit Laumen2 | — | — | — | 0 | — |
| Gerlinde M. Siebert | 300,000 | 100 | — | 0 | 300,000 |
| Yngve Slyngstad | 300,000 | 100 | — | 0 | 300,000 |
| Stephan Szukalski | 300,000 | 100 | — | 0 | 300,000 |
| John Alexander Thain | 300,000 | 75 | 100,000 | 25 | 400,000 |
| Jürgen Tögel | 300,000 | 100 | — | 0 | 300,000 |
| Michele Trogni | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Dr. Dagmar Valcárcel3 | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Dr. Theodor Weimer | 300,000 | 100 | — | 0 | 300,000 |
| Frank Witter | 300,000 | 67 | 150,000 | 33 | 450,000 |
| Total | 6,975,000 | 90 | 800,000 | 10 | 7,775,000 |
1Member of the Supervisory Board since January 16, 2024
2Member of the Supervisory Board until January 12, 2024
3Compensation for chairing of the committees including cash payment pursuant to Section 14 (3) paragraph 1 of the Articles of Association
Supervisory Board members whose current term of office began before May 17, 2023, were paid out the virtual shares
they earned on a cumulative basis during the current term of office until May 17, 2023, in February 2024, as reported on
in more detail in the Annual Report 2024.
647
| Deutsche Bank | Comparative presentation of compensation and earnings trends |
|---|---|
| Annual Report 2025 |
Comparative presentation of compensation and
earnings trends
The following table shows the comparative presentation of the change from year to year in the compensation, in the
earnings of the company and the Group as well as in the average compensation of employees on a full-time equivalent
basis over the last five financial years.
The information on the compensation of the current and former members of the Management Board and Supervisory
Board reflects the individualized statement in the Compensation Report of the paid or owed compensation pursuant to
Section 162 (1) sentence 2 No. 1 of the German Stock Corporation Act. The presentation of the development of the
company’s earnings is to reflect, according to the legal requirements, those of the stand-alone listed company, i.e.,
Deutsche Bank AG. Accordingly, the net income (net loss) of Deutsche Bank AG is used to present earnings within the
meaning of Section 162 (1) sentence 2 No. 2 of the German Stock Corporation Act. As the Management Board
compensation is measured on the basis of Group figures, the earnings figures for the Group are additionally shown for
the comparative presentation. These Group earnings figures are net income (net loss), cost/income ratio and Return on
Tangible Equity (RoTE). For the group of employees for the comparison, the data relevant for Deutsche Bank Group were
used in light of Deutsche Bank’s global workforce. The group of employees for the comparison comprises all of the
employees worldwide of Deutsche Bank Group.
| 2024 | 2023 | 2022 | 2021 | Actual<br><br>change<br><br>from<br><br>2025 to<br><br>2024 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2024 to<br><br>2023 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2023 to<br><br>2022 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2022 to<br><br>2021 in<br><br>% | |
|---|---|---|---|---|---|---|---|---|
| 1. Company profit development | ||||||||
| Net income (net loss) of Deutsche Bank AG (in m) | 2,883 | 4,999 | 5,506 | 1,919 | 114 | (42) | (9) | 187 |
| Net income (net loss) of Deutsche Bank Group (in m) | 3,366 | 4,772 | 5,525 | 2,365 | 106 | (29) | (14) | 134 |
| Cost/income ratio of Deutsche Bank Group (in %) | 76.3% | 75.1% | 74.9% | 84.6% | (16) | 2 | 0 | (11) |
| Return on Tangible Equity (RoTE) of Deutsche Bank | 4.7% | 7.4% | 9.4% | 3.8% | 122 | (38) | (21) | 147 |
| 2. Average compensation employees | ||||||||
| World-wide on a full-time equivalent basis | 122,985 | 116,713 | 125,301 | 120,336 | (2) | 5 | (7) | 4 |
| 3. Management Board compensation (in t.) | ||||||||
| Current Management Board members | ||||||||
| Christian Sewing(member since January 1, 2015) | 4,876 | 5,010 | 4,394 | 3,867 | N/M | (3) | 14 | 14 |
| James von Moltke(member since July 1, 2017) | 4,740 | 4,065 | 3,783 | 4,009 | 137 | 17 | 7 | (6) |
| Fabrizio Campelli(member since November 1, 2019) | 4,129 | 3,909 | 2,744 | 2,420 | 69 | 6 | 42 | 13 |
| Dr. Marcus Chromik(member since May 1 ,2025) | — | — | — | — | 0 | 0 | 0 | 0 |
| Bernd Leukert(member since January 1, 2020) | 3,065 | 2,990 | 2,593 | 2,419 | 72 | 3 | 15 | 7 |
| Alexander von zur Mühlen(member since August 1, 2020) | 4,133 | 3,767 | 3,412 | 3,157 | 63 | 10 | 10 | 8 |
| Laura Padovani(member since July 1, 2024) | 1,112 | — | — | — | 151 | 0 | 0 | 0 |
| Claudio de Sanctis(member since July 1, 2023) | 3,220 | 1,509 | — | — | 41 | 113 | 0 | 0 |
| Rebecca Short(member since May 1, 2021) | 2,946 | 2,674 | 2,436 | 1,606 | 60 | 10 | 10 | 52 |
All values are in Euros.
648
| Deutsche Bank | Comparative presentation of compensation and earnings trends | |||||||
|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | ||||||||
| 2024 | 2023 | 2022 | 2021 | Actual<br><br>change<br><br>from<br><br>2025 to<br><br>2024 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2024 to<br><br>2023 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2023 to<br><br>2022 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2022 to<br><br>2021 in<br><br>% | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Members who left the Management Board during thefinancial year | ||||||||
| Prof. Dr. Stefan Simon(member until April 30, 2025) | 4,118 | 3,319 | 2,488 | 2,446 | 43 | 24 | 33 | 2 |
| Olivier Vigneron(member until May 19, 2025) | 2,679 | 2,433 | 1,508 | — | (5) | 10 | 61 | 0 |
| Members who left the Management Board before thefinancial year | ||||||||
| Karl von Rohr(member until October 31, 2023 | 2,4251 | 3,727 | 3,444 | 3,235 | N/M | (35) | 8 | 6 |
| Christiana Riley(member until May 17, 2023) | 2 | 2,673 | 3,653 | 3,079 | (100) | (100) | (27) | 19 |
| Stuart Lewis(member until May 19, 2023) | 388 | 1,363 | 2,648 | 3,079 | N/M | (72) | (49) | (14) |
| Frank Kuhnke(member until 30 April 2021) | 200 | 348 | 1,6261 | 2,2641 | N/M | (43) | (79) | (28) |
| Werner Steinmüller(member until July 31, 2020) | 134 | 283 | 283 | 3,117 | N/M | (53) | 0 | (91) |
| Sylvie Matherat(member until July 31, 2019) | 2,3351 | 132 | 134 | 211 | N/M | N/M | (1) | (36) |
| Garth Ritchie(member until July 31, 2019) | 1,7901 | 268 | 268 | 2,071 | N/M | N/M | 0 | (87) |
| Nicolas Moreau(member until Dec 31, 2018) | 2,7361 | 286 | 317 | 299 | N/M | N/M | (10) | 6 |
| Dr. Marcus Schenck(member until May 24, 2018) | — | 65 | 65 | 65 | 0 | (100) | 0 | 0 |
| John Cryan(member until April 8, 2018) | 4,3821 | 3,3121 | 47 | 47 | (67) | 32 | N/M | 0 |
| 4. Supervisory Board compensation (in t.) | ||||||||
| Current Supervisory Board members | ||||||||
| Alexander Wynaendts(member since May 19, 2022) | 950 | 929 | 496 | — | 0 | 2 | 87 | 0 |
| Frank Schulze(member since May 17, 2023) | 475 | 277 | — | — | 0 | 71 | 0 | 0 |
| Prof. Dr. Norbert Winkeljohann(member since August 1, 2018) | 575 | 565 | 521 | 496 | 0 | 2 | 8 | 5 |
| Susanne Bleidt(member since May 17, 2023) | 300 | 175 | — | — | 0 | 71 | 0 | 0 |
| Mayree Clark(member since May 24, 2018) | 450 | 429 | 429 | 450 | 0 | 5 | 0 | (5) |
| Jan Duscheck(member since August 2, 2016) | 300 | 300 | 300 | 271 | 0 | 0 | 0 | 11 |
| Manja Eifert(member since April 7, 2022) | 300 | 258 | 117 | — | 0 | 16 | 121 | 0 |
| Claudia Fieber(member since May 17, 2023) | 300 | 175 | — | — | 0 | 71 | 0 | 0 |
| Sigmar Gabriel(member since March 11, 2020) | 300 | 258 | 200 | 200 | 0 | 16 | 29 | 0 |
| Florian Haggenmiller(member since January 16, 2024) | 275 | — | — | — | 9 | 0 | 0 | 0 |
| Timo Heider(member since May 23, 2013) | 300 | 279 | 308 | 292 | 0 | 8 | (9) | 5 |
| Dr. Klaus Moosmayer (member since May 22, 2025) | — | — | — | — | 0 | 0 | 0 | 0 |
| Kirsty Roth (member since May 22, 2025) | — | — | — | — | 0 | 0 | 0 | 0 |
| Gerlinde Siebert(member since May 17, 2023) | 300 | 175 | — | — | 0 | 71 | 0 | 0 |
All values are in Euros.
649
| Deutsche Bank | Comparative presentation of compensation and earnings trends | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Annual Report 2025 | |||||||||
| 2025 | 2024 | 2023 | 2022 | 2021 | Actual<br><br>change<br><br>from<br><br>2025 to<br><br>2024 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2024 to<br><br>2023 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2023 to<br><br>2022 in<br><br>% | Actual<br><br>change<br><br>from<br><br>2022 to<br><br>2021 in<br><br>% | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Yngve Slyngstad<br><br>(member since May 19, 2022) | 300 | 300 | 258 | 100 | — | 0 | 16 | 158 | 0 |
| Stephan Szukalski<br><br>(member until December 31, 2020;<br><br>member since May 17, 2023) | 300 | 300 | 175 | — | — | 0 | 71 | 0 | 0 |
| John Alexander Thain<br><br>(member since May 24, 2018) | 400 | 400 | 317 | 200 | 200 | 0 | 26 | 59 | 0 |
| Jürgen Tögel<br><br>(member since May 17, 2023) | 300 | 300 | 175 | — | — | 0 | 71 | 0 | 0 |
| Michele Trogni<br><br>(member since May 24, 2018) | 450 | 450 | 450 | 450 | 392 | 0 | 0 | 0 | 15 |
| Frank Witter<br><br>(member since May 27, 2021) | 450 | 450 | 388 | 300 | 142 | 0 | 16 | 29 | 111 |
| Former Supervisory Board<br><br>members | |||||||||
| Dr. Dagmar Valcárcel<br><br>(member until May 22, 2025) | 187 | 450 | 450 | 450 | 450 | (58) | 0 | 0 | 0 |
| Dr. Theodor Weimer<br><br>(member until May 22, 2025) | 125 | 300 | 258 | 200 | 200 | (58) | 16 | 29 | 0 |
| Ludwig Blomeyer-Bartenstein<br><br>(member until May 17, 2023) | — | — | 125 | 300 | 300 | 0 | (100) | (58) | 0 |
| Detlef Polaschek<br><br>(member until May 17, 2023) | — | — | 188 | 450 | 450 | 0 | (100) | (58) | 0 |
| Martina Klee<br><br>(member until May 17, 2023) | — | — | 83 | 200 | 171 | 0 | (100) | (59) | 17 |
| Birgit Laumen<br><br>(member until January 12, 2024) | — | — | 175 | — | — | 0 | (100) | 0 | 0 |
| Gabriele Platscher<br><br>(member until May 17, 2023) | — | — | 125 | 300 | 300 | 0 | (100) | (58) | 0 |
| Bernd Rose<br><br>(member until May 17, 2023) | — | — | 146 | 350 | 321 | 0 | (100) | (58) | 9 |
| Stefan Viertel<br><br>(member until May 17, 2023) | — | — | 146 | 321 | 242 | 0 | (100) | (55) | 33 |
| Frank Werneke<br><br>(member until May 17, 2023) | — | — | 125 | 300 | 8 | 0 | (100) | (58) | N/M |
| Dr. Paul Achleitner<br><br>(member until May 19, 2022) | — | — | — | 375 | 871 | 0 | 0 | (100) | (57) |
| Dr. Gerhard Eschelbeck<br><br>(member until May 19, 2022) | — | — | — | 104 | 217 | 0 | 0 | (100) | (52) |
| Henriette Mark<br><br>(member until March 31, 2022) | — | — | — | 63 | 250 | 0 | 0 | (100) | (75) |
| Frank Bsirske<br><br>(member until October 27, 2021) | — | — | — | — | 250 | 0 | 0 | 0 | (100) |
| Gerd Alexander Schütz<br><br>(member until May 27, 2021) | — | — | — | — | 50 | 0 | 0 | 0 | (100) |
N/M – Not meaningful
1 Including Termination Benefits
650
| Deutsche Bank | Independent auditor’s report |
|---|---|
| Annual Report 2025 |
Independent auditor’s report
To Deutsche Bank Aktiengesellschaft, Frankfurt am Main
We have audited the attached remuneration report of Deutsche Bank Aktiengesellschaft prepared to comply with Sec.
162 AktG [“Aktiengesetz”: German Stock Corporation Act] for the fiscal year from 1 January 2025 to 31 December 2025
and the related disclosures. We have not audited the content of the disclosures in section “Compensation of the
employees” where they go beyond the scope of Sec. 162 AktG.
Responsibilities of the executive directors and the supervisory board
The executive directors and Supervisory Board of Deutsche Bank Aktiengesellschaft are responsible for the preparation
of the remuneration report and the related disclosures in compliance with the requirements of Sec. 162 AktG. In addition,
the executive directors and Supervisory Board are responsible for such internal control as they determine is necessary to
enable the preparation of a remuneration report and the related disclosures that are free from material misstatement,
whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.
Auditor’s responsibility
Our responsibility is to express an opinion on this remuneration report and the related disclosures based on our audit. We
conducted our audit in compliance with German Generally Accepted Standards for Financial Statement Audits
promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether the remuneration report and the related disclosures are free from material misstatement, whether due to fraud
or error.
An audit involves performing procedures to obtain audit evidence about the amounts in the remuneration report and the
related disclosures. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the remuneration report and the related disclosures, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the preparation of the remuneration report and
the related disclosures in order to plan and perform audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes
evaluating the accounting policies used and the reasonableness of accounting estimates made by the executive
directors and Supervisory Board, as well as evaluating the overall presentation of the remuneration report and the
related disclosures.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, on the basis of the knowledge obtained in the audit, the remuneration report for the fiscal year from 1
January 2025 to 31 December 2025 and the related disclosures comply, in all material respects, with the financial
reporting provisions of Sec. 162 AktG. We do not express an opinion on the content of the abovementioned disclosures
of the remuneration report that go beyond the scope of Sec. 162 AktG.
651
| Deutsche Bank | Independent auditor’s report |
|---|---|
| Annual Report 2025 |
Other matter – formal audit of the remuneration report
The audit of the content of the remuneration report described in this auditor’s report comprises the formal audit of the
remuneration report required by Sec. 162 (3) AktG and the issue of a report on this audit. As we are issuing an unqualified
opinion on the audit of the content of the remuneration report, this also includes the opinion that the disclosures
pursuant to Sec. 162 (1) and (2) AktG are made in the remuneration report in all material respects.
Eschborn/Frankfurt am Main, 9 March 2026
EY GmbH & Co. KG
Wirtschaftsprüfungsgesellschaft
RothermelSchreiber
Wirtschaftsprüfer Wirtschaftsprüfer
[German Public Auditor][German Public Auditor]
652
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Regulatory environment |
Compensation of the employees (unaudited)
The content of the 2025 Employee Compensation Report is based on the qualitative and quantitative remuneration
disclosure requirements outlined in Article 450 No. 1 (a) to (j) Capital Requirements Regulation (CRR) in conjunction with
Section 16 of the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung – InstVV).
This Compensation Report takes a group-wide view and covers all consolidated entities of the Deutsche Bank Group. In
accordance with regulatory requirements, equivalent reports for 2025 are prepared for BHW Bausparkasse AG classified
as Significant Institution in the meaning of the German Banking Act as well as for other subsidiaries within Deutsche Bank
Group in accordance with local regulatory requirements.
Regulatory environment
Ensuring compliance with regulatory requirements is an overarching consideration in the bank’s Group Compensation
Strategy. The bank strives to be at the forefront of implementing regulatory requirements with respect to compensation
and will continue to maintain a close exchange with its prudential supervisor, the European Central Bank (ECB), to be in
compliance with all existing and new requirements.
As an EU-headquartered institution, Deutsche Bank is subject to the Capital Requirements Regulation/Directive (CRR/
CRD) globally, as transposed into German national law in the German Banking Act and InstVV. These rules are applied to
all of Deutsche Bank subsidiaries and branches world-wide to the extent required in accordance with Section 27 InstVV.
As a Significant Institution within the meaning of the German Banking Act, Deutsche Bank identifies all employees whose
work is deemed to have a material impact on the overall risk profile (Material Risk Takers or MRTs) in accordance with the
criteria stipulated in the German Banking Act and in the Commission Delegated Regulation 2021/923. MRT identification
is performed for Deutsche Bank Group as well as for institutions in the EU at institutional level.
Taking into account more specific sectorial legislation and in accordance with InstVV, some of Deutsche Bank’s
subsidiaries (in particular within the DWS Group) fall under sector specific remuneration rules, such as the Alternative
Investments Fund Managers Directive (AIFMD), the Undertakings for Collective Investments in Transferable Securities
Directive (UCITS) and the Investment Firm Directive (IFD) including the applicable local transpositions. MRTs are also
identified in these subsidiaries. Identified employees are subject to the remuneration provisions outlined in the applicable
Guidelines on sound remuneration policies published by the European Securities and Markets Authority (ESMA) and the
European Banking Authority (EBA).
Deutsche Bank takes into account the regulations targeted at employees who engage directly or indirectly with the
bank’s clients, for instance as per the local transpositions of the Markets in Financial Instruments Directive II – MiFID II.
Accordingly, specific provisions for employees deemed to be Relevant Persons are implemented with a view to ensuring
that they act in the best interest of the bank’s clients.
Where applicable, Deutsche Bank is also subject to specific rules and regulations implemented by local regulators. Many
of these requirements are aligned with the InstVV. However, where variations are apparent, proactive and open
discussions with regulators have enabled the bank to follow the local regulations whilst ensuring that any impacted
employees or locations remain within the bank’s overall Group Compensation Framework. This includes, amongst others,
the compensation structures applied to Covered Employees in the United States under the requirements of the Federal
Reserve Board as well as the requirements related to compensation recovery for executive officers in the event of an
accounting restatement as required by the U.S. Securities and Exchange Commission. In any case, the InstVV
requirements are applied as minimum standards globally.
653
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Compensation governance |
Compensation governance
Deutsche Bank has a robust governance structure enabling it to operate within the clear parameters of its Compensation
Strategy and Policy. In accordance with the German two-tier board structure, the Supervisory Board governs the
compensation of the Management Board members while the Management Board oversees compensation matters for all
other employees in the Group. Both the Supervisory Board and the Management Board are supported by specific
committees and functions, in particular the Compensation Control Committee (CCC), the Compensation Officer, and the
Senior Executive Compensation Committee (SECC).
In line with their responsibilities, the bank’s control functions as per InstVV are involved in the design and application of
the bank’s remuneration systems, in the identification of MRTs and in determining the total amount of Variable
Compensation. This includes assessing the impact of employees’ behavior and the business-related risks, performance
criteria, granting of remuneration and severances as well as ex-post risk adjustments.
Reward governance structure
1Does not comprise a complete list of Supervisory Board Committees
Compensation Control Committee (CCC)
The Supervisory Board has set up the CCC to support in establishing and monitoring the structure of the compensation
system for the Management Board Members of Deutsche Bank AG. Furthermore, the CCC monitors the appropriateness
of the compensation systems for the employees of Deutsche Bank Group, as established by the Management Board and
the SECC. The CCC reviews whether the total amount of Variable Compensation is affordable and set in accordance with
the risk, capital and liquidity situation as well as in alignment with the business and risk strategies. Furthermore, the CCC
supports the Supervisory Board in monitoring the bank’s MRT identification process.
Further details, including the composition and the number of meetings held, can be found in the Report of the
Supervisory Board within this Annual Report.
Compensation Officer
The Management Board, in cooperation with the CCC, has appointed a Group Compensation Officer to support the
Supervisory Boards of Deutsche Bank AG and of the bank’s Significant Institutions in Germany in performing their
compensation related duties. The Compensation Officer is involved in the conceptual review, development, monitoring
and application of the employees’ compensation systems, the MRT identification and remuneration disclosures on an
ongoing basis. The Compensation Officer performs all relevant monitoring obligations independently, provides an
assessment on the appropriateness of the design and strategy of the compensation systems for employees at least
annually and regularly supports and advises the CCC.
654
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Compensation governance |
Senior Executive Compensation Committee (SECC)
The SECC is a delegated committee established by the Management Board which has the mandate to develop
sustainable compensation principles, to prepare recommendations on Total Compensation levels and to ensure
appropriate compensation governance and oversight. As part of this mandate, the SECC establishes the Compensation
and Benefits Strategy, Policy and corresponding guiding principles, which provide the overarching framework for both
Fixed Pay and Variable Compensation. This includes ensuring that the overall compensation structures are aligned with
regulatory requirements and the bank’s compensation principles. Moreover, using quantitative and qualitative factors,
the SECC assesses Group and divisional performance as a basis for compensation decisions and makes recommendations
to the Management Board regarding the total amount of annual Variable Compensation and its allocation across
business divisions and infrastructure functions.
In order to maintain its independence, only representatives from infrastructure and control functions who are not aligned
to any of the business divisions are members of the SECC. In 2025, the SECC’s membership comprised of the DB AG
Management Board member responsible for Human Resources and the Chief Financial Officer as Co-Chairpersons, the
Head of Compliance, the Head of Human Resources and the Head of Performance & Reward as well as an additional
representative from both Finance and Risk as voting members. The Compensation Officer and an additional
representative from Finance participated as non-voting members. The SECC generally meets on a monthly basis but with
more frequent meetings during the compensation determination process. It held 15 meetings in total with regard to the
compensation process for the performance year 2025.
655
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Compensation and Benefits Strategy |
Compensation and Benefits Strategy
Deutsche Bank recognizes that its compensation framework plays a vital role in supporting its strategic objectives. It
enables the bank to attract and retain the individuals required to achieve the bank’s objectives. The Compensation and
Benefits Strategy is built on three core pillars (Principles, Performance and Processes as outlined below) that support the
bank’s global, client-centric business and risk strategy, reinforced by safe and sound compensation practices that
operate within the bank’s profitability, solvency and liquidity position.
656
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Group Compensation Framework |
Group Compensation Framework
The compensation framework, generally applicable globally across all regions and business lines, emphasizes an
appropriate balance between Fixed Pay and Variable Compensation – together forming Total Compensation. It aligns
incentives for sustainable performance at all levels of Deutsche Bank whilst ensuring the transparency of compensation
decisions and their impact on shareholders and employees. The underlying principles of Deutsche Bank’s Compensation
Framework are applied to all employees equally and are supported by the key principle ‘equal pay for equal work or work
of equal value’ and the necessity for equal opportunities, irrespective of differences in, e.g., tenure, gender or ethnicity.
Pursuant to CRD and the requirements subsequently adopted in the German Banking Act, Deutsche Bank is subject to a
maximum ratio of 1:1 with regard to fixed-to-variable remuneration components, which was increased to 1:2 for a limited
population with shareholder approval on May 22, 2014 with an approval rate of 95.27%, based on valid votes by 27.68%
of the share capital represented at the Annual General Meeting. The remuneration of employees in control functions as
defined by InstVV (comprising Risk, Compliance and Anti-Financial Crime, Group Audit and the Group Compensation
Officer and his Deputy) is predominately based on Fixed Pay.
According to the bank’s compensation framework, all employees are entitled to individual Variable Compensation. The
standardized Variable Compensation orientation model, which incorporates orientation values determined by division,
profession, and seniority, indicates the average expected Variable Compensation as a percentage of Fixed Pay, thus
ensuring an appropriate balance between Fixed Pay and Variable Compensation.
Fixed Pay is the key and primary compensation element for most employees globally. It is a fixed regular payment based
on transparent and predetermined conditions. It is delivered in the form of base salary and where applicable local
specific fixed pay allowances. Fixed Pay reflects the value of the individual role and function within the organization,
regional and divisional specifics and rewards the factors an employee brings to the organization such as qualification,
skills and experience required for the role in line with remuneration levels in the specific geographic location and level of
responsibility.
Variable Compensation is a discretionary compensation component that reflects Group, Divisional risk-adjusted financial
and non-financial performance as well as individual contributions. It acknowledges that employees contribute to the
success of their Division and the Group as a whole. At the same time, Variable Compensation allows the bank to
differentiate individual contributions and to drive behavior and conduct through an incentive system that can positively
influence culture and the achievement of the bank’s strategic objectives and to apply consequences for falling below the
standards of delivery, behavior and conduct by reducing the Variable Compensation.
In the context of InstVV, severance payments are considered Variable Compensation. The bank’s severance framework
ensures full alignment with the respective InstVV requirements.
Employee benefits are considered Fixed Pay from a regulatory perspective, as they have no direct link to performance or
discretion. They are granted in accordance with applicable local market practices and requirements. Pension expenses
represent the main element of the bank’s benefits portfolio globally.
Total Compensation is made up of defined Fixed Pay, Variable Compensation and is supplemented by benefits.
657
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Employee groups with specific compensation structures |
Employee groups with specific compensation structures
For some areas of the bank, compensation structures deviate in some respects from the Group Compensation Framework
outlined above, but within regulatory boundaries.
Postbank units
While executive staff of former Postbank generally follow the remuneration structure of Deutsche Bank, the
compensation for any other staff in Postbank units is based on specific frameworks agreed with trade unions or with the
respective workers’ councils. Where no collective agreements exist, compensation is subject to individual contracts. In
general, non-executive and tariff staff in Postbank units receive Variable Compensation, but the structure and portion of
Variable Compensation can differ between legal entities. Notwithstanding these specific frameworks, Variable
Compensation of Postbank units is subject to the bank’s overarching compensation governance overseen by the SECC.
DWS
DWS asset management entities and employees fall under AIFMD, UCITS or IFD regulation, and only DWS employees
who are deemed to have a material impact on the risk profile of Deutsche Bank Group remain in scope of the bank’s
Group InstVV requirements. DWS has established its own compensation governance, policy, and structures, as well as
Risk Taker identification process in line with its regulatory requirements. These structures and processes are aligned with
InstVV where required but tailored towards the Asset Management business. Pursuant to the ESMA/EBA Guidelines,
DWS’s compensation strategy is designed to ensure an appropriate ratio between Fixed and Variable Compensation.
Generally, DWS applies remuneration rules that are equivalent to the Deutsche Bank Group approach, but use DWS
Group-related parameters, where possible. Notable deviations from the Group Compensation Framework include the use
of share-based instruments linked to DWS shares and fund-linked instruments. These serve to improve the alignment of
employee compensation with DWS’ shareholders’ and investors’ interests.
Tariff staff
Tariff staff are either subject to a collective agreement (Tarifvertrag für das private Bankgewerbe und die öffentlichen
Banken), as negotiated between trade unions and employer associations, or subject to agreements as negotiated with
the respective trade unions directly. The remuneration of tariff staff is included in the quantitative disclosures in this
Report.
658
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Determination of performance-based Variable Compensation |
Determination of performance-based Variable Compensation
The bank puts a strong focus on its governance related to compensation decision-making processes. A robust set of rule-
based principles for compensation decisions with close links to the performance of both businesses and individuals were
applied.
The total amount of Variable Compensation for any given performance year is derived from an assessment of the bank’s
profitability, solvency, and liquidity position (affordability assessment), Group performance and the performance of
divisions and infrastructure functions in support of achieving the bank’s strategic objectives.
In a first step, Deutsche Bank assesses the bank’s affordability as well as other limitations (such as external financial
goals) to determine what the bank “can” award in line with regulatory and internal requirements. This assessment also
takes into account forward‑looking considerations of the bank’s multi‑year strategic plan including its multi-year capital
plan. In the next step, the bank assesses divisional risk-adjusted performance, i.e., what the bank “should” award in order
to provide an appropriate compensation for contributions to the bank’s success.
The proportion of the Variable Compensation pools related to Group performance, which has a weighting of 25%, is
determined based on the performance of a selected number of Group’s Key Performance Indicators (KPIs), including
Cost/Income Ratio (CIR), Post-Tax Return on Tangible Equity (RoTE), ESG: Environmental - Sustainable Financing and
ESG Investments, Social - Gender Diversity and Governance - Audit Control Risk Management Grade.
When assessing divisional performance, a range of considerations are referenced. Performance is assessed in the context
of financial and – based on Balanced Scorecards – non-financial targets. To ensure that performance is reviewed in its
entirety and that consideration is also given to criteria that are difficult to evaluate with a solely formulaic approach, the
SECC additionally conducts a qualitative review. Following the quantitative calculation of the combined performance
assessed Variable Compensation pools, the SECC will review a set of pre-defined qualitative criteria related to both
financial and non-financial performance and may decide to apply a maximum 10 percentage points up or down overlay
on the divisional performance assessment. The financial targets for front-office divisions are subject to appropriate risk-
adjustment, in particular by referencing the degree of future potential risks to which Deutsche Bank may be exposed, and
the amount of capital required to absorb severe unexpected losses arising from these risks. For the infrastructure
functions, the financial performance assessment is mainly based on the achievement of cost targets. While the allocation
of Variable Compensation to infrastructure functions, and in particular to control functions, depends on both Deutsche
Bank’s overall and their own performance, it is not dependent on the performance of the division(s) that these functions
oversee.
At the level of the individual employee, the Variable Compensation Guiding Principles are established, which detail the
factors and metrics that managers need to take into account when making Variable Compensation decisions. In doing so,
they must fully appreciate the risk-taking activities of individuals to ensure that Variable Compensation allocations are
balanced and risk-taking is not inappropriately incentivized. The factors and metrics to be considered include, but are not
limited to, (i) business delivery (“What”), i.e., quantitative and qualitative financial, risk-adjusted and non-financial
performance metrics, and (ii) behavior (“How”), i.e., culture, conduct and control considerations such as qualitative inputs
from control functions or disciplinary sanctions. Variable Compensation setting recommendations help managers to
translate individual performance (“What” and “How”) into appropriate pay outcomes. Generally, performance is assessed
based on a one-year period. However, for Management Board members of all Significant Institutions, a performance
period of three years is taken into account.
659
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Variable Compensation structure |
Variable Compensation structure
The compensation structures are designed to provide a mechanism that promotes and supports long-term performance
of employees and the bank. Whilst a portion of Variable Compensation is paid upfront, these structures require that an
appropriate portion is deferred to ensure alignment to the sustainable performance of the Group. For both parts of
Variable Compensation, Deutsche Bank shares are used as instruments and as an effective way to align compensation
with Deutsche Bank’s sustainable performance and the interests of shareholders.
The bank continues to go beyond regulatory requirements with the scope as well as the amount of Variable
Compensation that is deferred and the minimum deferral periods for certain employee groups. The deferral rate and
period are determined based on the risk categorization of the employee as well as the business unit. Where applicable,
the bank starts to defer parts of Variable Compensation for MRTs where Variable Compensation is set at or above
€ 50,000 or where Variable Compensation exceeds 1/3 of Total Compensation. For non-MRTs, deferrals start at higher
levels of Variable Compensation. MRTs are on average subject to deferral rates in excess of the minimum 40% (60% for
Senior Management) as required by InstVV. For MRTs in Material Business Units (MBU) the bank applies a deferral rate of
at least 50%. The Variable Compensation threshold for MRTs requiring at least 60% deferral is set at € 500,000. Moreover,
for all employees whose Fixed Pay exceeds the amount of € 600,000, the full amount of the Variable Compensation is
deferred.
As detailed in the table below, deferral periods range from three to five years, dependent on employee groups.
Overview of 2025 award types (excluding DWS Group)
| Award Type | Description | Beneficiaries | Deferral Period | Retention<br><br>Period | Portion |
|---|---|---|---|---|---|
| Upfront:<br><br>Cash Variable<br><br>Compensation (VC) | Upfront cash | All eligible employees | N/A | N/A | 100% of VC, except<br><br>employees with<br><br>deferred awards |
| Upfront:<br><br>Equity Upfront<br><br>Award (EUA) | Upfront equity (linked to<br><br>Deutsche Bank’s share<br><br>price over the retention<br><br>period) | MRTs with VC ≥<br><br>€ 50,000 or where VC<br><br>exceeds 1/3 of Total<br><br>Compensation (TC)<br><br>Non-MRTs with<br><br>deferred awards<br><br>where 2025 TC ><br><br>€ 500,000 | N/A | 12 months | 50% of upfront VC |
| Deferred:<br><br>Restricted Incentive<br><br>Award (RIA) | Deferred cash | All employees with<br><br>deferred VC | Equal tranche vesting:<br><br>MRTs: 4 years<br><br>Senior Mgmt.1: 5 years<br><br>Non-MRTs: 3 years | N/A | 50% of deferred VC |
| Deferred:<br><br>Restricted Equity<br><br>Award (REA) | Deferred equity (linked to<br><br>Deutsche Bank’s share<br><br>price over the vesting and<br><br>retention period) | All employees with<br><br>deferred VC | Equal tranche vesting:<br><br>MRTs: 4 years<br><br>Senior Mgmt.1: 5 years<br><br>Non-MRTs: 3 years | 12 months<br><br>for MRTs | 50% of deferred VC |
N/A – Not applicable
1For the purpose of Performance Year 2025 annual awards, Senior Management is defined DB AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to
Co-Heads of CB and Co-Heads of IB; further individuals with significant business responsibilities; MB members of Significant Institutions in the meaning of the German
Banking Act; respective MB-1 positions with managerial responsibility; for the specific deferral rules for the Management Board of Deutsche Bank AG refer to the
Compensation Report for the Management Board
Employees are not allowed to sell, pledge, transfer or assign a deferred award or any rights in respect to the award. They
may not enter into any transaction having the economic effect of hedging any Variable Compensation, for example
offsetting the risk of price movement with respect to the equity-based award. Compliance, overseen by the
Compensation Officer, monitors that employee trading activity complies with this requirement.
660
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Ex-post risk adjustment of Variable Compensation |
Ex-post risk adjustment of Variable Compensation
In line with regulatory requirements relating to ex-post risk adjustment of Variable Compensation, the bank believes that
a long-term view on conduct and performance of its employees is a key element of deferred Variable Compensation. As a
result, under the Management Board’s oversight, all deferred awards are subject to performance conditions and
forfeiture provisions as detailed below.
Overview of Deutsche Bank Group performance conditions and forfeiture provisions of Variable Compensation granted for
Performance Year 2025
1Considering clearly defined and governed adjustments for relevant Profit and Loss items (e.g., business restructurings; impairments of goodwill or intangibles)
2Only applicable to InstVV MRTs in front office divisions
3Other provisions may apply as outlined in the respective plan rules
661
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Compensation decisions for 2025 |
Compensation decisions for 2025
Year-end considerations and decisions for 2025
All compensation decisions are made within the boundaries of regulatory requirements. These requirements form the
overarching framework for determining compensation at Deutsche Bank. In particular, management must ensure that
compensation decisions are not detrimental to maintaining the bank’s sound capital base and liquidity reserves.
In 2025, Deutsche Bank delivered record financial results despite operating in a global environment marked by persistent
geopolitical uncertainties and macroeconomic challenges. The bank generated a pre-tax profit of € 9.7 billion, more than
doubled net profit to € 7.1 billion versus the prior year and achieved a post-tax RoTE of 10.3%. This exceptional
performance reflects the continued strength of the Global Hausbank Strategy.
The bank’s employees delivered sustained business growth, with revenues rising 7% to € 32.1 billion in line with the
bank’s goals. This, combined with continued cost discipline and cumulative impact of the bank’s transformation efforts
and operational efficiencies, enabled Deutsche Bank to maintain strong capital levels while simultaneously increasing
capital distributions to shareholders, including a significant rise in the dividend proposed in respect of 2025. Deutsche
Bank’s 2025 compensation decisions reflect its commitment to recognize appropriately the contributions of its
employees and set fair and competitive compensation levels while also maintaining cost discipline, investing further in
business growth and controls, sustaining capital and balance sheet strength, and enabling continued growth in returns to
shareholders. The SECC continuously monitored potential Variable Compensation awards with due consideration to
these priorities throughout the year.
Taking due account of all these factors, the Management Board determined that the bank is in a position to award
Variable Compensation, including a year-end performance-based Variable Compensation pool, of € 2.681 billion for
2025 (2024: € 2.514 billion). The increase of year-end performance-based Variable Compensation reflects the strong
performance across the bank.
The Variable Compensation for the Management Board of Deutsche Bank AG was determined, as always, by the
Supervisory Board in a separate process, but is included in the tables and charts below.
Compensation awards for 2025 – all employees
| 2025 | 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board² | Mana-<br><br>gement<br><br>Board3 | CB3 | IB3 | PB3 | AM3 | Control<br><br>Func-<br><br>tions3 | Corporate<br><br>Func-<br><br>tions3 | Group<br><br>Total | Group<br><br>Total |
| Number of employees (full-time<br><br>equivalent) | 20 | 9 | 16,601 | 8,188 | 23,337 | 4,835 | 6,682 | 30,227 | 89,879 | 89,753 |
| Total Compensation | 8 | 82 | 1,438 | 2,677 | 2,459 | 812 | 803 | 2,865 | 11,136 | 11,056 |
| Base salary and allowances | 8 | 27 | 1,059 | 1,334 | 1,826 | 488 | 646 | 2,221 | 7,600 | 7,606 |
| Pension expenses | — | 5 | 70 | 70 | 82 | 41 | 46 | 148 | 462 | 474 |
| Fixed Pay according to § 2 InstVV | 8 | 32 | 1,129 | 1,403 | 1,908 | 529 | 692 | 2,369 | 8,062 | 8,081 |
| Year-end performance-based<br><br>Variable Compensation4 | — | 43 | 274 | 1,230 | 350 | 241 | 99 | 444 | 2,681 | 2,514 |
| Other Variable Compensation4 | — | 2 | 1 | 18 | 27 | 29 | 1 | 3 | 78 | 55 |
| Severance payments | — | 6 | 34 | 26 | 174 | 13 | 11 | 49 | 313 | 405 |
| Variable Pay according to § 2<br><br>InstVV | — | 51 | 309 | 1,274 | 551 | 282 | 111 | 496 | 3,072 | 2,975 |
1The table may contain marginal rounding differences; FTE (full-time equivalent) as of December 31, 2025; shows remuneration awarded to all employees (including 2025
leavers)
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG (they are not considered for the Group Total number of employees); employee
representatives are considered with their compensation for the Supervisory Board role only (their employee compensation is included in the relevant divisional column);
the remuneration for members of the Deutsche Bank AG Supervisory Board is not reflected in the Group Total
3Management Board represents the Management Board Members of Deutsche Bank AG; IB = Investment Bank; CB = Corporate Bank; PB = Private Bank; AM = Asset
Management (DWS); Control Functions include Chief Risk Office, Group Audit, Compliance and Anti-Financial Crime; Corporate Functions include any Infrastructure
Function which is neither captured as a Control Function nor part of any division
4Year-end performance-based Variable Compensation reflects the newly implemented LTI Plan for Management Board members of Deutsche Bank AG set up for the
performance period 2025-2027, which during the 'transition phase' is shown with the target amount; other Variable Compensation includes other contractual Variable
Compensation commitments such as sign-on awards, retention awards and specific Variable Compensation elements for tariff staff and civil servants; it also includes
fringe benefits and contractually agreed post-contractual non-compete compensation awarded to Management Board Members of Deutsche Bank AG which are to be
classified as variable remuneration; the table does not include new hire replacement awards for lost entitlements from previous employers (buyouts)
662
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Compensation decisions for 2025 |
Reported year-end performance-based Variable Compensation and deferral rates year over year – all employees
Deutsche Bank continues to apply deferral structures that go beyond the regulatory minimum, resulting in an overall
deferral rate (all employees including non-MRT population) of 44% in 2025 (compared to 46% in 2024). For the MRT
population only, the deferral rate amounts to 89% (compared to 92% in 2024).
663
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Material Risk Taker compensation disclosure |
Material Risk Taker compensation disclosure
On a global basis, 1,522 employees were identified as MRTs according to CRD/InstVV for financial year 2025, compared
to 1,451 employees for 2024. The number of 2025 Group MRTs amounts to 1,287 individuals. Moreover, 298 individuals
were identified at an institutional level (thereof 63 Group MRTs). The remuneration elements for all those MRTs on a
consolidated basis are detailed in the tables below in accordance with Article 450 CRR. Where applicable, the EU REM
tables display the prescribed business lines as per Annex XXXIII of Regulation No 575/2013.
With regard to deferral arrangements and pay-out instruments, 42 MRTs, whose total remuneration amounts to
€ 9.7 million (thereof € 3.3 million variable remuneration including severance payments) benefit from a derogation laid
down in Article 94(3) CRD point (a) and 96 MRTs, whose total remuneration amounts to € 14.3 million (thereof
€ 2.7 million variable remuneration including severance payments) benefit from a derogation laid down in Article 94(3)
CRD point (b).
Remuneration for 2025 - Material Risk Takers (REM 1)
| 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board² | Manage-<br><br>ment<br><br>Board3 | Senior<br><br>Management4 | Other Material<br><br>Risk Takers | Group<br><br>Total | |
| Fixed Pay | Number of MRTs5 | 20 | 9 | 243 | 1,102 | 1,374 |
| Total Fixed Pay | 8 | 32 | 175 | 632 | 847 | |
| of which: cash-based | 8 | 28 | 169 | 599 | 804 | |
| of which: shares or equivalent ownership<br><br>interests | — | — | — | — | — | |
| of which: share-linked instruments or<br><br>equivalent non-cash instruments | — | — | — | — | — | |
| of which: other instruments | — | — | — | — | — | |
| of which: other forms | — | 3 | 6 | 33 | 43 | |
| Variable Pay | Number of MRTs5 | — | 9 | 240 | 1,061 | 1,310 |
| Total Variable Pay6 | — | 51 | 190 | 706 | 946 | |
| of which: cash-based | — | 13 | 96 | 362 | 472 | |
| of which: deferred | — | 2 | 83 | 264 | 349 | |
| of which: shares or equivalent ownership<br><br>interests | — | 37 | 86 | 343 | 466 | |
| of which: deferred | — | 28 | 81 | 264 | 373 | |
| of which: share-linked instruments or<br><br>equivalent non-cash instruments | — | — | 6 | — | 6 | |
| of which: deferred | — | — | 4 | — | 4 | |
| of which: other instruments | — | — | 2 | — | 2 | |
| of which: deferred | — | — | 2 | — | 2 | |
| of which: other forms | — | — | — | — | — | |
| of which: deferred | — | — | — | — | — | |
| Total Pay | 8 | 82 | 365 | 1,338 | 1,793 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Beneficiaries only as of December 31, 2025 (HC reported for Supervisory Board and Management Board, FTE reported for the remaining part); therefore, the totals do not
add up to the 1,522 individuals identified as MRTs; shows remuneration awarded to all MRTs (including 2025 leavers)
6Variable Pay includes Deutsche Bank´s year-end performance-based Variable Compensation for 2025, other Variable Compensation and severance payments; it also
includes fringe benefits and contractually agreed post-contractual non-compete compensation awarded to Management Board Members of Deutsche Bank AG which are
to be classified as variable remuneration, and reflects the newly implemented LTI Plan for Management Board members of Deutsche Bank AG set up for the performance
period 2025-2027, which during the 'transition phase' is shown with the target amount; the table does not include new hire replacement awards for lost entitlements
from previous employers (buyouts)
664
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Material Risk Taker compensation disclosure |
Guaranteed variable remuneration and severance payments - Material Risk Takers (REM 2)
| 2025 | |||||
|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board² | Manage-<br><br>ment<br><br>Board3 | Senior<br><br>Management4 | Other Material<br><br>Risk Takers | Group<br><br>Total |
| Guaranteed variable remuneration awards | |||||
| Number of MRTs5 | — | — | 3 | 8 | 11 |
| Total amount | — | — | 2 | 17 | 19 |
| of which: paid during financial year, not taken into account in<br><br>bonus cap | — | — | — | 8 | 8 |
| Severance payments awarded in previous periods, paid out during<br><br>financial year | |||||
| Number of MRTs5 | — | — | — | — | — |
| Total amount | — | — | — | — | — |
| Severance payments awarded during financial year | |||||
| Number of MRTs5 | — | 1 | 8 | 39 | 48 |
| Total amount6 | — | 6 | 4 | 10 | 21 |
| of which: paid during financial year | — | 3 | 4 | 10 | 16 |
| of which: deferred | — | 4 | — | — | 4 |
| of which: paid during financial year, not taken into account in<br><br>bonus cap | — | 3 | 4 | 10 | 16 |
| of which: highest payment that has been awarded to a single<br><br>person | — | 6 | 2 | 1 | 6 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Beneficiaries only (HC reported for all categories)
665
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Material Risk Taker compensation disclosure |
Deferred remuneration - Material Risk Takers (REM 3)
| 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated<br><br>otherwise)¹ | Total amount<br><br>of deferred<br><br>remuneration<br><br>awarded for<br><br>previous<br><br>performance<br><br>periods | Of which due<br><br>to vest in the<br><br>financial year | Of which<br><br>vesting in<br><br>subsequent<br><br>financial years | Amount of<br><br>performance<br><br>adjustment<br><br>made in the<br><br>financial year<br><br>to deferred<br><br>remuneration<br><br>that was due<br><br>to vest in the<br><br>financial year | Amount of<br><br>performance<br><br>adjustment<br><br>made in the<br><br>financial year<br><br>to deferred<br><br>remuneration<br><br>that was due<br><br>to vest in<br><br>future<br><br>performance<br><br>years | Total amount<br><br>of adjustment<br><br>during the<br><br>financial year<br><br>due to ex post<br><br>implicit<br><br>adjustments5 | Total amount<br><br>of deferred<br><br>remuneration<br><br>awarded<br><br>before the<br><br>financial year<br><br>actually paid<br><br>out in the<br><br>financial year6 | Total of<br><br>amount of<br><br>deferred<br><br>remuneration<br><br>awarded for<br><br>previous<br><br>performance<br><br>period that<br><br>has vested but<br><br>is subject to<br><br>retention<br><br>periods |
| Supervisory Board2 | — | — | — | — | — | — | — | — |
| Cash-based | — | — | — | — | — | — | — | — |
| Shares or<br><br>equivalent<br><br>ownership<br><br>interests | — | — | — | — | — | — | — | — |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | — | — | — | — | — | — | — | — |
| Other instruments | — | — | — | — | — | — | — | — |
| Other forms | — | — | — | — | — | — | — | — |
| Management Board3 | 106 | 24 | 82 | — | — | 80 | 24 | 14 |
| Cash-based | 48 | 11 | 38 | — | — | — | 11 | — |
| Shares or<br><br>equivalent<br><br>ownership<br><br>interests | 58 | 14 | 44 | — | — | 80 | 14 | 14 |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | — | — | — | — | — | — | — | — |
| Other instruments | — | — | — | — | — | — | — | — |
| Other forms | — | — | — | — | — | — | — | — |
| Senior<br><br>management4 | 460 | 98 | 362 | — | — | 253 | 98 | 45 |
| Cash-based | 218 | 47 | 171 | — | — | — | 47 | — |
| Shares or<br><br>equivalent<br><br>ownership<br><br>interests | 229 | 49 | 180 | — | — | 249 | 49 | 44 |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | 10 | 2 | 8 | — | — | 4 | 2 | 1 |
| Other instruments | 3 | — | 3 | — | — | — | — | — |
| Other forms | — | — | — | — | — | — | — | — |
| Other Material Risk<br><br>Takers | 1,594 | 393 | 1,201 | — | — | 832 | 392 | 146 |
| Cash-based | 770 | 191 | 579 | — | — | — | 191 | — |
| Shares or<br><br>equivalent<br><br>ownership<br><br>interests | 824 | 202 | 622 | — | — | 832 | 202 | 146 |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | — | — | — | — | — | — | — | — |
| Other instruments | — | — | — | — | — | — | — | — |
| Other forms | — | — | — | — | — | — | — | — |
| Total amount | 2,160 | 516 | 1,644 | — | — | 1,165 | 515 | 205 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Changes of value of deferred remuneration due to the changes of prices of instruments
6Defined as remuneration awarded before the financial year which vested in the financial year (including where subject to a retention period)
666
| Deutsche Bank | Compensation of the employees (unaudited) |
|---|---|
| Annual Report 2025 | Material Risk Taker compensation disclosure |
Remuneration of high earners – Material Risk Takers (REM 4)
| 2025 | 2024 | |
|---|---|---|
| in € | Number of<br><br>individuals | Number of<br><br>individuals |
| Total Pay1 | ||
| 1,000,000 to 1,499,999 | 339 | 331 |
| 1,500,000 to 1,999,999 | 123 | 125 |
| 2,000,000 to 2,499,999 | 71 | 59 |
| 2,500,000 to 2,999,999 | 32 | 48 |
| 3,000,000 to 3,499,999 | 31 | 25 |
| 3,500,000 to 3,999,999 | 16 | 14 |
| 4.000,000 to 4,499,999 | 8 | 6 |
| 4,500,000 to 4,999,999 | 9 | 5 |
| 5,000,000 to 5,999,999 | 7 | 9 |
| 6,000,000 to 6,999,999 | 4 | 3 |
| 7,000,000 to 7,999,999 | 4 | 12 |
| 8,000,000 to 8,999,999 | 4 | 3 |
| 9,000,000 to 9,999,999 | 6 | 3 |
| 10,000,000 to 10,999,999 | 1 | 3 |
| 11,000,000 to 11,999,999 | 2 | — |
| 17,000,000 to 17,999,999 | — | 1 |
| 18,000,000 to 18,999,999 | 1 | — |
| Total | 658 | 647 |
1Includes all components of Fixed Pay and Variable Compensation (including severances); buyouts are not included
In total, 658 MRTs received a Total Pay of € 1 million or more for 2025. The number of MRT high earners remains
essentially flat compared to 2024.
Compensation awards 2025 – Material Risk Takers (REM 5)
| Management Body Remuneration | Business Areas | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board2 | Manage-<br><br>ment<br><br>Board2 | Total<br><br>Manage-<br><br>ment<br><br>Body | Invest-<br><br>ment<br><br>Banking2 | Retail<br><br>Banking2 | Asset<br><br>Manage-<br><br>ment2 | Corporate<br><br>Functions<br><br>2 | Control<br><br>Functions<br><br>2 | Total |
| Total number of Material Risk<br><br>Takers3 | 1,374 | ||||||||
| of which: Management Body | 20 | 9 | 29 | N/A | N/A | N/A | N/A | N/A | N/A |
| of which: Senior Management4 | N/A | N/A | N/A | 34 | 87 | 6 | 78 | 38 | 243 |
| of which: Other Material Risk<br><br>Takers | N/A | N/A | N/A | 634 | 251 | 1 | 114 | 102 | 1,102 |
| Total Pay of Material Risk Takers | 8 | 82 | 90 | 1,147 | 292 | 21 | 167 | 76 | 1,793 |
| of which: variable pay5 | — | 51 | 51 | 644 | 143 | 12 | 78 | 20 | 946 |
| of which: fixed pay | 8 | 32 | 40 | 504 | 149 | 10 | 89 | 56 | 847 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG, Management Board represents the Management Board Members of Deutsche Bank
AG; Investment Banking = Investment Bank; Retail Banking = Private Bank and Corporate Bank; Asset Management = Asset Management (DWS); Control Functions
include Chief Risk Office, Group Audit, Compliance and Anti-Financial Crime; Corporate Functions include any Infrastructure Function which is neither captured as a
Control Function nor part of any division
3HC as of December 31, 2025 reported for Supervisory Board and Management Board, FTE as of December 31, 2025 reported for the remaining part; therefore, the totals
do not add up to the 1,522 individuals identified as MRTs; shows remuneration awarded to all MRTs (including 2025 leavers)
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Variable Pay includes Deutsche Bank´s year-end performance-based Variable Compensation for 2025, other Variable Compensation and severance payments; it also
includes fringe benefits and contractually agreed post-contractual non-compete compensation awarded to Management Board Members of Deutsche Bank AG which are
to be classified as variable remuneration, and reflects the newly implemented LTI Plan for Management Board members of Deutsche Bank AG set up for the performance
period 2025-2027, which during the 'transition phase' is shown with the target amount; the table does not include new hire replacement awards for lost entitlements
from previous employers (buyouts)
| 4 | |||
|---|---|---|---|
| Corporate Governance<br><br>Statement according to<br><br>Sections 289f and 315d of the<br><br>German Commercial Code | 668 | Compliance with the German<br><br>Corporate Governance Code | |
| --- | --- | ||
| 670 | Management Board | ||
| 678 | Supervisory Board | ||
| 695 | Related Party Transactions | ||
| 695 | Value and leadership principles<br><br>of Deutsche Bank AG and<br><br>Deutsche Bank Group | ||
| 696 | Principal accountant fees and<br><br>services |
668
| Deutsche Bank | Compliance with the German Corporate Governance Code |
|---|---|
| Annual Report 2025 | Declaration pursuant to Section 161 German Stock Corporation Act (AktG) (Declaration of<br><br>Conformity 2024) |
Compliance with the German Corporate Governance
Code
Declaration pursuant to Section 161 German Stock
Corporation Act (AktG) (Declaration of Conformity 2025)
In updating the Declaration of Conformity issued on October 28, 2024, the Management Board and Supervisory Board of
Deutsche Bank AG published the following Declaration of Conformity on October 24, 2025.
“The Management Board and Supervisory Board of Deutsche Bank Aktiengesellschaft state pursuant to Section 161
German Stock Corporation Act (AktG):
1.The last Declaration of Conformity was issued on October 28, 2024. Since then, Deutsche Bank
Aktiengesellschaft has, with one deviation, complied with the recommendations of the “Government
Commission on the German Corporate Governance Code” in the version of the Code dated April 28, 2022,
published in the Federal Gazette (Bundesanzeiger) on June 27, 2022, and will continue to comply with them in
the future, with the exception of the following deviation:
–The deviation in each case concerns the second sentence of recommendation G.10, according to which long-term
variable remuneration components shall be accessible to a Management Board member only after a period of four
years, and relates exclusively to the Management Board compensation for the financial year 2021 as well as to the
financial years 2022 and 2023.
–
–The compensation system for the Management Board applicable for the period up to December 31, 2023, set forth
that the long-term component of variable compensation vests over a deferral period of five years. As this involves
share-based compensation elements, these are subject to an additional holding period of one year after their vesting.
With regard to the structure of the deferral period, the Supervisory Board resolved in February 2022, February 2023
and January 2024 that, for the long-term component of variable compensation in each case relating to the
immediately preceding financial year, the Management Board members will be able to dispose over a first part of the
long-term component after just three years and over the last part after six years. The Supervisory Board thus remained
within the requirements for financial institutions set out in the Remuneration Ordinance for Institutions
(Institutsvergütungsverordnung). We do not consider a further tightening of the bank-specific regulatory requirements
to be appropriate in the context of the previous compensation system applicable for the period up to December 31,
- Since March of this year, the Management Board members have been able to dispose over the first part of the
long-term component for the 2021 financial year, which means that, in this respect, the deviation from the second
sentence of recommendation G.10 has occurred. Also, with regard to the Management Board compensation for the
financial years 2022 and 2023 - as in last year and the year before - we already declare a deviation from the
recommendation, although the Management Board members will not be able to dispose over the first part of the long-
term components granted for the 2022 and 2023 financial years until 2026 and 2027.
–
–The compensation system applicable as of the 2024 financial year – with regard to Management Board compensation
for financial years beginning on or after January 1, 2024 – avoids the deviation from the Code specified above.
2.The German Corporate Governance Code limits the applicability of the Code’s recommendations to credit
institutions and insurance companies to the extent that the recommendations apply to them only insofar as
there are no statutory provisions to the contrary. Deutsche Bank Aktiengesellschaft last reported on the
statutory regulations and the effects for the Declaration of Conformity in its Corporate Governance Statement
in the Annual Report 2024.
–
Frankfurt am Main, in October 2025
–
| The Management Board | The Supervisory Board |
|---|---|
| of Deutsche Bank Aktiengesellschaft | of Deutsche Bank Aktiengesellschaft” |
–
669
| Deutsche Bank | Compliance with the German Corporate Governance Code |
|---|---|
| Annual Report 2025 | Inapplicable Code recommendations due to the precedence of statutory provisions |
Inapplicable Code recommendations due to the precedence of
statutory provisions
Pursuant to the recommendation in Section F.4 of the German Corporate Governance Code in the version of April 28,
2022, companies subject to special legal regulations shall specify in the Corporate Governance Statement which Code
recommendations were not applicable due to over-riding legal stipulations.
For Deutsche Bank Aktiengesellschaft, this currently applies to the recommendation in Section D.4 of the German
Corporate Governance Code in the version of April 28, 2022, which states that the Supervisory Board shall form a
Nomination Committee which is composed exclusively of shareholder representatives.
–Deutsche Bank Aktiengesellschaft, as a supervised credit institution, is subject to the special legal regulations of the
German Banking Act (KWG). The Supervisory Board of Deutsche Bank Aktiengesellschaft established a Nomination
Committee in accordance with Section 25d (11) of the German Banking Act (KWG) whose tasks are to support the
Supervisory Board in the following tasks:
–identifying candidates to fill a position on the Management Board and preparing proposals for the election of
members of the Supervisory Board;
–drawing up an objective to promote the representation of the under-represented gender on the Supervisory Board as
well as a strategy for achieving this;
–the regular assessment, to be performed at least once a year, of the structure, size, composition and performance of
the Management Board and of the Supervisory Board and making recommendations regarding this to the Supervisory
Board;
–the regular assessment, to be performed at least once a year, of the knowledge, skills and experience of the individual
members of the Management Board and of the Supervisory Board as well as of the respective body collectively; and
–the review of the Management Board’s principles for selecting and appointing persons to the upper management level
and the recommendations made to the Management Board in this respect.
The Nomination Committee to be established in accordance with the German Banking Act (KWG) therefore has
numerous tasks that go beyond the preparation of the election proposals for the shareholder representatives on the
Supervisory Board. A general exclusion of a supervisory board’s employee representatives from a membership on a
committee is only admissible, according to prevailing opinion, if there is a material reason for this. Whereas such a
material reason can exist for a committee that solely handles the preparation of the proposals to the General Meeting for
the election of shareholder representatives, a justification for the exclusion of employee representatives is lacking for a
nomination committee with the range of tasks assigned to it by the German Banking Act (KWG). Due to the Nomination
Committee’s range of mandatory tasks stipulated by the German Banking Act (KWG) and the inadmissibility of
discriminating against employee representatives in the composition of the committees, the recommendation in Section
D.4 of the German Corporate Governance Code is therefore not applicable to Deutsche Bank Aktiengesellschaft.
Nonetheless, in order to take this recommendation into account, Section 2 (3) of the Terms of Reference for the
Nomination Committee provides that the election proposals to the General Meeting are prepared only by the
shareholder representatives on the Nomination Committee.
All information presented in this Corporate Governance Statement according to Sections 289f and 315d of the German
Commercial Code is as of February 6, 2026.
670
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Procedures of the Management Board |
Management Board
Procedures of the Management Board
Pursuant to its legal form as a German stock corporation, Management Board, Supervisory Board and Shareholders’
Meeting are the corporate bodies of Deutsche Bank Aktiengesellschaft. Information on the composition of the
Supervisory Board is provided in the section “Objectives for the composition of the Supervisory Board, Profile of
Requirements, diversity concept and status of implementation”. The Shareholders’ Meeting elects the shareholder
representatives on the Supervisory Board. The Supervisory Board appoints the members of the Management Board and
supervises the management.
Deutsche Bank’s Management Board is responsible for the management of the company in accordance with the law, its
Articles of Association and the Terms of Reference for the Management Board with the objective of creating sustainable
value in the interests of the company. It considers the interests of shareholders, employees, and other company-related
stakeholders. The members of the Management Board are collectively responsible for managing the bank’s business
including Environmental, Social and Governance (ESG) aspects. The Management Board, as the Group Management
Board, manages Deutsche Bank Group in accordance with uniform guidelines; it exercises general control over all Group
companies.
The Management Board decides on all matters prescribed by law and the Articles of Association and ensures adherence
to the legal requirements and internal guidelines (compliance). It also takes the necessary measures to ensure that
adequate internal guidelines are developed and implemented. The Management Board's responsibilities include, in
particular, the bank’s strategic management and direction, the allocation of resources, financial accounting and
reporting, control and risk management, the proper functioning of the business organization, the systematic
identification and assessment of the environmental and social impacts of the company’s operations as well as corporate
control. The Management Board decides on the appointments to the senior management level below the Management
Board and, in particular, on the appointment of Global Key Function Holders. When appointing executives to
management functions in the Group, the Management Board takes diversity into account and strives, in particular, to
achieve an appropriate representation of women (more detailed information can be found in the Sustainability Statement
in the chapter “Own workforce” of the Annual Report 2025). The Management Board works closely together with the
Supervisory Board in a cooperative relationship of trust and for the benefit of the company. The Management Board
reports to the Supervisory Board at a minimum within the scope prescribed by law or administrative guidelines, in
particular on all issues with relevance for the Group concerning strategy, the intended business policy, planning, business
development, risk situation, risk management, staff development, reputation and compliance.
A comprehensive presentation of the duties, responsibilities and procedures of our Management Board is specified in its
Terms of Reference, the current version of which is available on our website (www.db.com/ir/en/documents.htm).
Sustainability
The Management Board exercises oversight of the double materiality assessment process to identify material topics and
manage material impacts, risks, and opportunities in accordance with Commission Delegated Regulation (EU) 2023/2772
of July 31, 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards to the
European Sustainability Reporting Standards (ESRS). To ensure adequate oversight of the results of the double
materiality assessment, Deutsche Bank has implemented a comprehensive sign-off process involving senior managers
and established governance bodies. Initially, Senior Certifying Officers formally signed off on the evaluation results for
material topics within their remit. Subsequently, the bank’s Group Sustainability Committee, which serves as the primary
governance and decision-making body for sustainability-related matters, approved the final set of material topics.
Finally, the results of the double materiality assessment were presented to the Management Board for approval (more
detailed information can be found in the Sustainability Statement in the chapter “Double materiality assessment” of the
Annual Report 2025).
The results of the double materiality assessment were also presented to the Audit Committee of the Supervisory Board
and are laid out in the Sustainability Statement in the Management Report.
671
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Procedures of the Management Board |
Business allocation plan
Notwithstanding the principle of collective responsibility, the Management Board’s Business Allocation Plan has
allocated individual members responsibility for specific functional area(s) and thus ensures a segregation of duties within
the whole organization up to the Management Board. Management Board members are responsible for delegating their
duties to subordinate levels of hierarchy and for clearly assigning responsibilities within their own area(a) of functional
responsibility. Such delegation is necessary for the proper functioning of the business organization and does not impact
the responsibility of Management Board members to adequately oversee delegated duties and tasks. Each individual
with delegated responsibilities is responsible for providing adequate information up to the Management Board to enable
it to execute its collective responsibilities.
Training of the Management Board
In order to fulfil the requirements for professional suitability, an ongoing system of Management Board training takes
place regularly throughout the year. This also covers Environmental, Social and Governance issues, along with numerous
topic areas in connection with law, compliance, anti-financial crime, data management, risk management and human
resources.
672
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Management Board committees |
Management Board committees
The Management Board prefers to rely on individually accountable senior managers rather than committees where
possible and therefore it generally only establishes committees for issues that require joint decision-making. For certain
overarching topics the Management Board has established the following committees and has delegated certain
decision-making authority to them for each of the following topics:
673
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Personnel changes to the Management Board and the current members of the Management Board |
Personnel changes to the Management Board and the current
members of the Management Board
The Management Board of Deutsche Bank AG is made up of ten “Executives”. All Management Board members have a
contract of service (Dienstvertrag) with Deutsche Bank AG.
The Management Board diversity ratio can be found in the Sustainability Statement in the chapter “Own workforce” of
the Annual Report 2025.
In the year ended December 31, 2025, the following members of the Management Board were appointed for a three-year
period:
–Dr. Marcus Chromik with effect from May 1, 2025
–Raja Akram with effect from January 1, 2026
The following members left the Management Board:
–Professor Dr. Stefan Simon as of April 30, 2025
–Olivier Vigneron as of May 19, 2025
–
The following information is provided on the current members of the Management Board, including the year in which
they were born, year in which they were first appointed and year in which their term expires as well as their current
positions and areas of responsibility according to the current Business Allocation Plan for the Management Board. Also
specified are their other board mandates or directorships outside of Deutsche Bank Group as well as all memberships in
legally prescribed supervisory boards or other comparable domestic or foreign supervisory bodies of commercial
enterprises. Listed companies are marked with an “*”. The Terms of Reference for the Management Board specify that
the members of the Management Board generally should not accept the chair of supervisory boards of companies
outside Deutsche Bank Group.
Christian Sewing
Year of birth: 1970
First appointed: 2015
Term expires: 2029
Christian Sewing became a member of the Management Board on January 1, 2015, and Chief Executive Officer on April
8, 2018. He is responsible on the Management Board for Corporate Affairs & Strategy as well as Sustainability, Research
and Group Audit and since May 1, 2025, for Legal. From May 1 until August 1, 2025, he was responsible for Group
Governance.
Prior to assuming his role on the Management Board, Mr. Sewing was Global Head of Group Audit and held a number of
positions before that in Risk, including Deputy Chief Risk Officer (from 2012 to 2013) and Chief Credit Officer (from 2010
to 2012) of Deutsche Bank.
From 2005 to 2007, Mr. Sewing was a member of the Management Board of Deutsche Genossenschafts-
Hypothekenbank.
Before graduating with a diploma from the Bankakademie Bielefeld and Hamburg, Mr. Sewing completed a bank
apprenticeship at Deutsche Bank in 1989.
Mr. Sewing does not have any external directorships subject to disclosure. .
674
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Personnel changes to the Management Board and the current members of the Management Board |
James von Moltke
Year of birth: 1969
First appointed: 2017
Term expires: 2026
James von Moltke became a member of the Management Board on July 1, 2017, and President as of March 25, 2022. He
is Chief Financial Officer and in this function he is responsible for Finance, Group Tax, Treasury and Investor Relations. He
will step down as Chief Financial Officer on March 15, 2026. In July 2023, he took on responsibility for Asset
Management (DWS).
Before Mr. von Moltke joined Deutsche Bank, he served as Treasurer of Citigroup. He started his career at the investment
bank Credit Suisse First Boston in London in 1992. In 1995, he joined J.P. Morgan, working at the bank for 10 years in New
York and Hong Kong. He then worked at Morgan Stanley in New York for four years, where he led the Financial
Technology Advisory team globally. Mr. von Moltke joined Citigroup as Head of Corporate Mergers and Acquisitions
(M&A) in 2009 and three years later became the Global Head of Financial Planning.
He holds a Bachelor of Arts degree from New College, University of Oxford.
Mr. von Moltke does not have any external directorships subject to disclosure.
Raja Akram
Year of birth: 1972
First appointed: 2026
Term expires: 2028
Raja Akram became a member of the Management Board on January 1, 2026, and will assume the role of Chief Financial
Officer in March 2026.
He joined Deutsche Bank on October 1, 2025 as Chief Financial Officer Designate. Prior to joining Deutsche Bank, Raja
Akram was Deputy Chief Financial Officer at Morgan Stanley, overseeing Global Controllers and Regional Finance in
addition to other critical Finance functions. He was a member of the firm’s management committee and served on the
Supervisory Board of Morgan Stanley Europe.
Before joining Morgan Stanley, Raja Akram held senior roles at Citigroup from 2006 to 2020 including Controller & Chief
Accounting Officer, CFO of Treasury & Trade Solutions and CFO of Citi Brazil. Prior to Citigroup he worked as a director
for Accounting Policy & Research at Fitch Ratings, and as a senior manager in the KPMG national office.
Raja Akram holds an M.S. in Accounting and a B.B.A. in Finance & Accounting from Texas A&M University. He has also
served as Adjunct Professor at the Fashion Institute of Technology and Texas A&M University.
Mr. Akram does not have any external directorships subject to disclosure.
Fabrizio Campelli
Year of birth: 1973
First appointed: 2019
Term expires: 2028
Fabrizio Campelli became a member of the Management Board on November 1, 2019. He is responsible for the
Corporate Bank and the Investment Bank and has also been responsible for the bank’s UK & Ireland region and the
Americas region since May 1, 2025.
From November 2019 to April 2021, he was the Management Board member responsible for transformation, as Chief
Transformation Officer, and for Human Resources. He previously spent four years as the Global Head of Deutsche Bank
Wealth Management. Before that, he was Head of Strategy & Organizational Development as well as Deputy Chief
Operating Officer for Deutsche Bank Group.
He joined Deutsche Bank in 2004 after working at McKinsey & Company in the firm’s London and Milan offices, focusing
on strategic assignments mainly for global financial institutions.
He holds an MBA from MIT Sloan School of Management and a Business Administration degree from Bocconi University in Milan.
Mr. Campelli does not have any external directorships subject to disclosure.
675
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Personnel changes to the Management Board and the current members of the Management Board |
Dr. Marcus Chromik
Year of birth: 1972
First appointed: 2025
Term expires: 2028
Dr. Marcus Chromik became a member of the Management Board on May 1, 2025. Since May 20, 2025, he has acted as
Chief Risk Officer and is responsible for managing Credit Risk, Market Risk, Treasury Risk, Liquidity Risk, Enterprise Risk
and Operational Risk Management.
He joined Deutsche Bank on March 1, 2025. Dr. Chromik possesses a wealth of experience in the risk management field
within banks, most recently as non-executive director and member of the Board of Directors and Risk Committee at
UniCredit in Milan.
From July 2009 to December 2023, he worked at Commerzbank in Frankfurt am Main, serving as Chief Risk Officer and
member of the Management Board from January 2016.
From March 2004 to June 2009, Dr. Marcus Chromik held several leadership positions at Deutsche Postbank AG,
including Head of Risk Controlling, Head of Primary Capital Markets, and Head of Liquidity Management and Credit
Treasury.
He began his professional career in 2001 at McKinsey & Company in Hamburg.
Dr. Chromik studied physics at Ludwig Maximilian University of Munich and received his Ph.D. in nuclear physics there in 2001.
Dr. Chromik does not have any external directorships subject to disclosure.
Bernd Leukert
Year of birth: 1967
First appointed: 2020
Term expires: 2026
Bernd Leukert became a member of the Management Board on January 1, 2020. He is Chief Technology, Data and
Innovation Officer and is responsible for the Chief Information Office for the Infrastructure areas and the business
divisions, as well as for the Chief Technology Office, the Chief Security Office and Chief Innovation Office. He is also
responsible for Data Governance and Oversight as well as for Cloud Transformation.
He joined Deutsche Bank on September 1, 2019. He previously worked for many years at SAP SE, the global software
company. He joined SAP in 1994 and held various management positions. From 2014 to 2019, he was responsible for
product development and innovations as well as the Digital Business Services division on the Executive Board.
Mr. Leukert studied Industrial Engineering and Management at the University of Karlsruhe and at Trinity College Dublin,
graduating in 1994 with a Master’s Degree in Business Administration.
He is member of the Supervisory Board of Bertelsmann SE & Co. KGaA.
Alexander von zur Mühlen
Year of birth: 1975
First appointed: 2020
Term expires: 2026
Alexander von zur Mühlen became a member of the Management Board on August 1, 2020. Since July 2023, he has been
the CEO for Asia-Pacific, Europe, the Middle East and Africa (EMEA) and Germany.
Mr. von zur Mühlen joined Deutsche Bank in 1998 and over the years has held a range of management roles in London
and Frankfurt across infrastructure and business divisions. From 2018 to 2020, he was responsible for the Group’s
strategic development and was the advisor to the Chief Executive Officer (CEO). Before that, he served as Co-Head of
Global Capital Markets, with a regional focus on Asia-Pacific and Europe, the Middle East and Africa (EMEA). From 2009
to 2017, he was Group Treasurer.
Alexander von zur Mühlen holds a Diploma in Business Administration from the Berlin School of Economics and Law in Berlin.
Mr. von zur Mühlen does not have any external directorships subject to disclosure.
676
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Personnel changes to the Management Board and the current members of the Management Board |
Laura Padovani
Year of birth: 1966
First appointed: 2024
Term expires: 2027
Laura Padovani became a member of the Management Board on July 1, 2024. She is Chief Compliance and Anti-Financial
Crime Officer. Since August 1, 2025, she has also been responsible for Group Governance.
Ms. Padovani joined Deutsche Bank in April 2023 as Group Chief Compliance Officer and Head of Compliance. Prior to
joining the bank, Ms. Padovani was Group Chief Compliance Officer at Barclays and previously spent 20 years at
American Express. She has extensive international experience and proven leadership expertise in global, regional, and
business Compliance functions.
Laura Padovani holds a Masters in Law from the London School of Economics and Political Science and a Law Degree
from University of Buenos Aires.
Ms. Padovani does not have any external directorships subject to disclosure.
Claudio de Sanctis
Year of birth: 1972
First appointed: 2023
Term expires: 2029
Claudio de Sanctis became a member of the Management Board on July 1, 2023. He is Head of the Private Bank.
Mr. de Sanctis has been responsible for the International Private Bank since it was established in June 2020, when he was
also appointed Chief Executive Officer (CEO) of Europe, the Middle East and Africa (EMEA). He had previously been
Global Head of Deutsche Bank Wealth Management since November 2019 after joining Deutsche Bank in December
2018 as Head of Deutsche Bank Wealth Management Europe. In addition, he was also the Chief Executive Officer (CEO)
of Deutsche Bank AG (Schweiz) from February to December 2019.
Before joining Deutsche Bank, he was Head of Private Banking, Europe, at Credit Suisse, where he started in 2013 as
Market Area Head Southeast Asia for Private Banking. Before that, he had spent seven years at UBS Wealth Management
Europe, most recently as Market Head Iberia and Nordics.
Earlier in his career he was at Barclays as Head of the Key Clients Unit Europe in Private Banking focusing on Ultra-High-
Net-Worth (UHNW) clients. He also worked at Merrill Lynch Private Wealth Management in Europe, the Middle East and
Africa (EMEA).
He holds a BA degree in Philosophy from La Sapienza University of Rome.
Mr. de Sanctis does not have any external directorships subject to disclosure.
Rebecca Short
Year of birth: 1974
First appointed: 2021
Term expires: 2027
Rebecca Short became a member of the Management Board on May 1, 2021, and Chief Operating Officer on June 1,
- Her responsibilities include Human Resources as well as the bank’s transformation. Until May 2023, she was Chief
Transformation Officer.
She previously spent almost six years within Finance as Head of Group Planning & Performance Management.
She joined Deutsche Bank on its graduate program in Auckland in 1998. She moved to London in 2000, where she spent
13 years in Risk in a variety of roles, primarily in Credit Risk Management, latterly as European Head of Corporates. In
2013, she moved to a senior central management role in Audit, where she spent two years.
She has a Bachelor of Commerce (Honours) degree in Finance & Accounting from the University of Otago, Dunedin, New
Zealand.
Ms. Short does not have any external directorships subject to disclosure.
677
| Deutsche Bank | Management Board |
|---|---|
| Annual Report 2025 | Share ownership of Management Board members |
Share ownership of Management Board members
The information on the share ownership of the Management Board can be found in the Compensation Report of the
Annual Report 2025.
678
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Procedures of the Supervisory Board and its committees |
Supervisory Board
The Supervisory Board of Deutsche Bank AG consists of 20 members – 10 Supervisory Board members are shareholder
representatives elected by the General Meeting, and 10 Supervisory Board members are employee representatives
elected by the delegates of employees in Germany entitled to elect them. All Supervisory Board members have the same
obligation to act in the interests of the company and perform their Supervisory Board mandate in the interests of
Deutsche Bank AG. The internal organization of the Supervisory Board and its committees as well as the requirements for
its members are subject not only to the regulations of the German Banking Act (Kreditwesengesetz (KWG)) and the
recommendations of the German Corporate Governance Code, but also to specific supervisory requirements. Such
requirements are founded on, among other things, the German Banking Act (KWG), the Remuneration Ordinance for
Institutions (Institutsvergütungsverordnung (InstitutsVergV)), the guidelines of the European Banking Authority (EBA) and
European Securities and Markets Authority (ESMA) and the administrative practices of the European Central Bank as the
bank´s prudential supervisory authority. In individual cases, the regulatory requirements may diverge from the
recommendations of the German Corporate Governance Code (see Section “Inapplicable Code recommendations due to
the precedence of statutory provisions”).
The Supervisory Board appoints and dismisses the members of the Management Board, supervises and advises the
Management Board and is directly involved in decisions of fundamental importance to the bank. Supervision and advice
also include, in particular, sustainability issues. Pursuant to the requirements of the German Banking Act (KWG), the
Supervisory Board oversees the Management Board, also with regard to its adherence to the applicable prudential
supervisory requirements. The Supervisory Board works together closely with the Management Board in a cooperative
relationship of trust and for the benefit of the company. Measures to be performed by the management may not be
transferred to the Supervisory Board.
The types of business that require the approval of the Supervisory Board to be transacted are specified in Section 13 (1)
of the Articles of Association of Deutsche Bank AG. These include the granting of general powers of attorney, the
acquisition or disposal of real estate (if the object value exceeds € 500 million) as well as the granting of loans, including
the acquisition of participations in other companies for which approval of a credit institution’s supervisory body is
required under the German Banking Act (KWG) or other participations (if the object value exceeds € 1 billion).
Furthermore, the Supervisory Board may specify additional transactions that require its approval. Within statutory limits,
the Supervisory Board may also delegate decisions on issuing its approval to a committee, in order to increase efficiency.
679
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Procedures of the Supervisory Board and its committees |
Procedures of the Supervisory Board and its committees
The working procedures of the Supervisory Board of Deutsche Bank AG are supported by the expertise of its members, as
well as an efficient distribution of tasks and coordination.
From among its members and in accordance with regulatory requirements for banks, the Supervisory Board has
established eight standing committees: the Chairman’s Committee; Nomination Committee; Audit Committee; Risk
Committee; Compensation Control Committee; Strategy and Sustainability Committee; Technology, Data and
Innovation Committee; and Mediation Committee. The Regulatory Oversight Committee was dissolved with effect from
May 22, 2025. The responsibilities, tasks and procedures of the Supervisory Board committees are set out in their
respective terms of reference and briefly summarized here:
Chairman’s Committee: The Chairman’s Committee handles, in particular, the preparations for the Supervisory Board
meetings, Management Board and Supervisory Board matters, as well as topics relating to corporate governance. It also
supports the Supervisory Board in the preparation of decisions by the Supervisory Board on the appointment and
dismissal of members of the Management Board, including long-term succession planning for the Management Board,
while taking into account the recommendations of the Nomination Committee.
Nomination Committee: The Nomination Committee supports the Supervisory Board, in particular, in identifying
candidates to fill a position on the Management Board and Supervisory Board and in the assessment to be performed
regularly of the structure, size, composition and performance of the Management Board and of the Supervisory Board. It
supports the promotion of talent development and diversity with a special focus on succession planning for the
Management Board and draws up an objective to promote the under-represented gender on the Supervisory Board as
well as a strategy for achieving this.
Audit Committee: The Audit Committee supports the Supervisory Board, in particular, in monitoring the financial
reporting process, the effectiveness of the risk management system (internal control system and internal audit), the
auditing of the financial statements, including the auditor’s independence and the additional services provided by the
auditor, as well as the monitoring of other audit-relevant matters. It also supports the Supervisory Board in monitoring
the Management Board’s prompt remediation, through suitable measures, of deficiencies identified by internal and
external auditors. The Management Board informs the Audit Committee on an ongoing basis about special procedures,
substantial complaints and other exceptional measures on the part of German and foreign regulatory authorities.
Risk Committee: The Risk Committee advises the Supervisory Board in all matters relating to the current and future
overall risk appetite and strategy and supports the Supervisory Board in monitoring the implementation of this strategy
by the senior management level. The Risk Committee monitors whether the conditions in the client business are in line
with the company’s business model and risk structure. It reviews whether the incentives set by the compensation system
take into consideration the bank’s risk, capital and liquidity structure as well as the likelihood and maturity of earnings,
taking into account retention risk. The Risk Committee also supports the Supervisory Board in monitoring the litigation
cases with the highest risks and analyzing the legal and reputational risks that are material to the bank.
Compensation Control Committee: The Compensation Control Committee handles compensation topics. It supports the
Supervisory Board, in particular, in the appropriate structuring of the compensation systems for the Management Board
and monitors the appropriate structuring of the compensation systems for employees. It prepares the Supervisory
Board’s resolutions on the compensation of the Management Board members and reviews the use and effectiveness of
measures available in the compensation system for dealing with breaches of legal regulations as well as internal and
external rules, policies and procedures. The Compensation Control Committee and the Risk Committee work together
and conduct joint meetings. The Compensation Control Committee is advised by the Compensation Officer and, if
required, by external consultants.
Regulatory Oversight Committee: The Regulatory Oversight Committee was dissolved with effect from May 22, 2025.
Within the framework of its organizational autonomy, the Supervisory Board may dissolve committees as long as there
are no obligatory banking regulatory requirements to the contrary. The aim in dissolving the Committee was a more
comprehensive and bundled monitoring of the topics related to improving the control systems and resilience of the bank.
The Supervisory Board delegated individual tasks of the Regulatory Oversight Committee to the Audit Committee, Risk
Committee or Compensation Control Committee, or took them back itself.
Strategy and Sustainability Committee: The Strategy and Sustainability Committee supports the Supervisory Board in
fulfilling its monitoring function relating to the bank’s strategy, including the Environmental, Social and Governance
(ESG) strategy and sustainability issues. It advises and monitors the Management Board with regard to the definition of
the bank’s business strategies aligned to the sustainable development of the bank and the establishment of processes
for planning, implementing, assessing and adjusting these strategies.
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| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Procedures of the Supervisory Board and its committees |
Technology, Data and Innovation Committee: The Technology, Data and Innovation Committee supports the Supervisory
Board in fulfilling its oversight responsibilities relating to the bank’s technology, data and innovation environment. It
advises and monitors the Management Board with regard to the adequate technical and organizational resources and the
definition of an adequate plan for the bank’s IT systems, IT strategy, information security management, cyber and IT risks,
as well as the data strategy and governance.
Mediation Committee: The Mediation Committee submits proposals to the Supervisory Board on the appointment or
dismissal of members of the Management Board in cases where the Supervisory Board is unable to reach a two-thirds
majority decision. The Mediation Committee only meets if necessary.
All terms of reference are reviewed and updated by the Supervisory Board on an ad hoc basis (for example, upon changes
in laws or regulatory requirements), but at least once annually. They are published on the website of Deutsche Bank AG
(www.db.com/ir/en/documents.htm) in their currently applicable versions.
The number of meetings and their execution are specified along with details on the work of the Supervisory Board and its
committees in the Report of the Supervisory Board, which is part of the Annual Report.
In accordance with regulatory requirements, the Supervisory Board produced and adopted position descriptions with
candidate profiles for the roles as member of the Supervisory Board and as Chairman of the Supervisory Board and the
chairpersons of its committees. It also issued – in accordance with regulatory requirements – a Suitability Guideline,
which sets out the principles for the selection, succession planning and re-appointment/re-election of the members of
the management bodies as well as the criteria and the procedure for assessing individual and collective suitability.
Induction, training and diversity guidelines are also component parts of the Suitability Guideline in accordance with
regulatory requirements. Furthermore, the Supervisory Board issued a Profile of Requirements (see Section: “Objectives
for the Composition of the Supervisory Board, Profile of Requirements/Profile of Requirements for the Supervisory
Board”). In addition, the Supervisory Board has Guidelines for the Assessment of the Independence of its members and a
Guidelines for Handling Conflicts of Interests. These documents are also reviewed and updated by the Supervisory Board
on an ad hoc basis, but at least once annually.
The Supervisory Board receives reports from the Management Board within the scope prescribed by law or administrative
guidelines, in particular on all issues of relevance for the Group concerning strategy, intended business policy, planning,
business development, risk situation, risk management, staff development, reputation and compliance. Furthermore,
Group Audit informs the Audit Committee of any deficiencies identified regularly and – in the case of severe deficiencies
– without undue delay. In addition, the Chairman of the Supervisory Board is informed of serious findings relating to the
members of the Management Board. The Supervisory Board and Management Board adopted an Information Regime,
along with a general engagement (interaction) protocol that also covers regulatory topics. These regulate not only the
reporting to the Supervisory Board, but also, among other things, the Supervisory Board’s enquiries and requests for
information from employees of the company as well as the exchange of information in connection with preparations for
the meetings and between the meetings.
The Supervisory Board meets regularly also without the Management Board. This also applies to its committees. In
addition, the representatives of the employees and the representatives of the shareholders regularly conduct preliminary
discussions separately.
The Chairman of the Supervisory Board plays a crucial role in the proper functioning of the Supervisory Board, also in
accordance with the specific regulatory requirements, and has a leadership role in this. He can issue internal guidelines
and principles concerning the Supervisory Board’s internal organization and communications, the coordination of the
work within the Supervisory Board and the Supervisory Board’s interaction with the Management Board. The Chairman of
the Supervisory Board engages in investor discussions on Supervisory Board-related topics when necessary and regularly
informs the Supervisory Board of the substance of such discussions. These also cover Environmental, Social and
Governance (ESG) topics. The Chairman of the Supervisory Board is the contact partner on the Supervisory Board for the
bank’s regulatory authorities, with whom he engages in several discussions over the course of a financial year.
Between meetings, the Chairman of the Supervisory Board and, to the extent expedient, the chairpersons of the
Supervisory Board committees maintain regular contact with the members of the Management Board, especially with the
Chairman of the Management Board, and deliberate with them, among other things, on issues of Deutsche Bank Group’s
strategy, planning, the development of its business, risk situation, risk management, risk controlling, governance,
compliance, compensation systems, IT, data and digitalization, sustainability as well as material litigation cases. The
Chairman of the Supervisory Board and – within their respective functional responsibility – the chairpersons of the
Supervisory Board committees are informed without delay by the Chairman of the Management Board or by the
respectively responsible Management Board member about important events of material significance for the assessment
of the situation, development and management of Deutsche Bank Group. The Chairman of the Audit Committee also
conducts regular discussions with the auditor outside the meetings. Furthermore, some of the chairpersons of the
Supervisory Board committees also engage in discussions with the bank’s regulatory authorities.
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| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Procedures of the Supervisory Board and its committees |
Induction and training events
For each newly elected or appointed Supervisory Board member, individualized induction and training sessions are
organized based on their knowledge and skills, while taking into consideration possible recommendations of the
Nomination Committee, in order to help them get started in the new position. The induction events also serve as an
introduction to the bank, its Management Board, selected senior managers, the auditor and Group Audit. Through
additional customized training sessions, the new member’s individual knowledge is expanded and enriched. The
Nomination Committee regularly receives reports on the progress and participation in these training sessions.
In addition, regular training sessions are conducted for the entire Supervisory Board on current topics. Details on this are
provided in the Report of the Supervisory Board.
Succession planning and diversity
Pursuant to the German Banking Act (KWG) the members of the Management Board must be professionally suitable and
reliable and devote sufficient time to their tasks. The Supervisory Board assesses the qualifications of the individual
members as well as the qualification of the Management Board as a whole (collective suitability). In this connection
diversity of backgrounds and mindsets plays an important role as well as gender, nationality and age. The Nomination
Committee supports the Supervisory Board in identifying suitable internal and external candidates to fill a position on
the bank’s Management Board while taking into account the applicable statutory and regulatory requirements. For this,
the Committee has developed a position description with a candidate profile and a statement of the related time
commitment for a Management Board member as well as questionnaires for the assessment of the knowledge, reliability
and time availability. The Nomination Committee and Supervisory Board regularly receive reports from the Management
Board on internal candidates for succession planning (“talent pipeline”) and the process from the perspective of the
Management Board. The members of the Supervisory Board have opportunities to meet selected senior managers at the
meetings of the Supervisory Board and its committees as well as bank-internal events. With a view to a sustainable,
ideally diverse succession planning while also taking gender diversity into consideration, the Supervisory Board also
works together with external service providers.
For the selection of suitable candidates, external and internal, the Nomination Committee takes into account the
strategic objectives of the bank, the area of functional responsibility on the Management Board, the qualifications,
reliability and time availability of the candidates as well as the balance and diversity of the knowledge, skills and
experience of all members of the Management Board, while also considering diversity principles. The appointment to a
Management Board position is always made in the interests of the company. Building on the recommendation of the
Nomination Committee, the Chairman’s Committee submits a recommendation for the Supervisory Board’s resolution.
Based on this, the Supervisory Board decides on the appointment of the Management Board members. The first
appointment period is for a maximum of three years. Management Board members can be reappointed for one or several
terms of office, which may be for a maximum of five years pursuant to the law, whereby at Deutsche Bank such
reappointments should generally also be for a maximum of three years.
For each newly appointed Management Board member, individualized induction and training sessions are organized
based on their knowledge and skills, while taking into consideration possible recommendations of the Nomination
Committee. The Nomination Committee regularly receives reports on the progress and participation in these training
sessions.
The Stock Corporation Act (Aktiengesetz (AktG)) requires that a company that is listed on a stock exchange and has three
or more members of the Management Board, such as Deutsche Bank, must have at least one woman and one man as
members of its Management Board, otherwise the appointment is rendered void. In addition, promoting diversity on the
Management Board is very important to the Supervisory Board, and it is actively working on Management Board diversity,
e.g., in terms of gender, nationality and age, as well as different backgrounds and mindsets. The Supervisory Board takes
into account the legally required minimum gender participation on the Management Board pursuant to Section 76 (3a) of
the German Stock Corporation Act (AktG) and strives to sustainably and continually increase the percentage of women
on the Management Board. In the 2025 financial year, the percentage of women on the Management Board was 22.2%.
To further increase the number of suitable internal female candidates, the Supervisory Board set a corresponding
objective for the Management Board for appointing women to senior management positions directly below the
Management Board and embedded this objective within the long-term performance metrics of the new compensation
system for the Management Board (for further details see the “Compensation Report”, “Compensation of Management
Board” chapter “Long-Term Incentives (LTI)”). The Supervisory Board regularly discusses the measures and ongoing
progress with the Management Board.
Based on proposals of the Compensation Control Committee, the Supervisory Board determines the total compensation
of the individual members of the Management Board and also regularly reviews and resolves on the compensation
system for the Management Board. Details on this are provided in the Compensation Report and the Report of the
Supervisory Board.
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| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Procedures of the Supervisory Board and its committees |
Self-assessment
The Nomination Committee and Supervisory Board regularly address the assessment of the Supervisory Board and
Management Board as well as their work, which is to be conducted at least annually as prescribed by law pursuant to
Section 25d of the German Banking Act (KWG). This is also the self-assessment of the Supervisory Board pursuant to the
recommendation under Section D.12 of the German Corporate Governance Code (GCGC).
At its meeting on July 23, 2024, the Nomination Committee addressed the framework and schedule for the assessment.
It resolved that the assessment of the 2025 reporting period would be performed with external assistance. The
Nomination Committee reported regularly to the Supervisory Board on the work-in-progress on the assessment. The
external advisor engaged for this conducted a workshop for the Supervisory Board, which took place on October 23,
- The assessment was performed essentially on the basis of extensive questionnaires regarding the work of the
Supervisory Board, of the Supervisory Board committees and of the Management Board as well as interviews with the
individual members of the Management Board and Supervisory Board. The final discussion and approval of the results of
the assessment took place at the Supervisory Board meeting in plenum on March 13, 2025, and the results were set out
in a written final report. The Supervisory Board continues to hold the opinion that the Supervisory Board and
Management Board have achieved a high standard and that there are no reservations, in particular, regarding the
professional qualifications, personal reliability and time availability of the members of the Management Board and of the
Supervisory Board.
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|---|---|
| Annual Report 2025 | Members of the Supervisory Board and its committees |
Members of the Supervisory Board and its committees
In accordance with the Articles of Association, the members of the Supervisory Board are elected for the period until the
conclusion of the General Meeting which adopts the resolutions concerning the ratification of the acts of management
for the fourth financial year following the beginning of the term of office. For the election of shareholder representatives,
the General Meeting may establish that the terms of office of the members may begin or end on differing dates. In
accordance with the Terms of Reference for the Supervisory Board since July 2020, shareholder representatives are
proposed to the General Meeting for election for a maximum of approximately four years, i.e., until the conclusion of the
General Meeting which adopts the resolutions concerning the ratification of the acts of management for the third
financial year following the beginning of the term of office, whereby the financial year in which the term of office begins
is not taken into account.
The following table provides detailed information on the members of the Supervisory Board (as of February 6, 2026).
| Name | Principal occupation | Supervisory board memberships and other directorships |
|---|---|---|
| Alexander Wynaendts<br><br>Year of birth: 1960<br><br>First elected:<br><br>May 19, 2022<br><br>Term expires: 2026 | Chairman of the Supervisory Board,<br><br>Deutsche Bank AG | Air France-KLM Group S.A.2 (Member of the Board of<br><br>Directors); Uber Technologies, Inc.2 (Member of the Board of<br><br>Directors); Uber Payments B.V. (Non-Executive Director,<br><br>Chairman); Puissance Holding B.V. (Non-Executive Director,<br><br>Chairman) (until November 27, 2025), Non-Executive Board<br><br>Member (since November 28, 2025) |
| Susanne Bleidt1<br><br>Year of birth: 1967<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Staff Council Member | Postbank Filialvertrieb AG3; Postbeamtenkranken-kasse<br><br>(Member of the Advisory Board) |
| Mayree Clark<br><br>Year of birth: 1957<br><br>First elected:<br><br>May 24, 2018<br><br>Term expires: 2027 | Supervisory Board member | Ally Financial, Inc.2 (Member of the Board of Directors), Allvue<br><br>Systems Holdings, Inc. (Member of the Board of Directors)<br><br>(until August 1, 2025) |
| Jan Duscheck1<br><br>Year of birth: 1984<br><br>Appointed by the court:<br><br>August 2, 2016<br><br>First elected:<br><br>May 24, 2018<br><br>Term expires: 2028 | Head of National Working Group: Banking,<br><br>ver.di (Vereinte Dienstleistungsgewerkschaft (United<br><br>Services Union)) | NÜRNBERGER Beteiligungs-AG2 (since March 4, 2025) |
| Manja Eifert1<br><br>Year of birth: 1971<br><br>Appointed by the court:<br><br>April 7, 2022<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Staff Council Member | No memberships or directorships subject to disclosure |
| Claudia Fieber1<br><br>Year of birth: 1966<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Staff Council Member | No memberships or directorships subject to disclosure |
| Sigmar Gabriel<br><br>Year of birth: 1959<br><br>Appointed by the court:<br><br>March 11, 2020<br><br>First elected:<br><br>May 20, 2020<br><br>Term expires: 2029 | Former German Federal Government Minister | Heristo AG; Siemens Energy AG2; Siemens Energy<br><br>Management GmbH; Rheinmetall AG2 (since May 13, 2025) |
| Florian Haggenmiller1<br><br>Year of birth: 1982<br><br>Appointed by the court:<br><br>January 16, 2024<br><br>Term expires: 2028 | Head of National Working Group: Information and<br><br>Communications Technology, ver.di (Vereinte<br><br>Dienstleistungsgewerkschaft (United Services Union)) | IBM Deutschland GmbH; IBM Central Holding GmbH |
| Timo Heider1<br><br>Year of birth: 1975<br><br>First elected:<br><br>May 23, 2013<br><br>Term expires: 2028 | Staff Council Member | BHW Bausparkasse AG3 (Deputy Chairman); PCC Services<br><br>GmbH der Deutschen Bank3 (Deputy Chairman); Pensionskasse<br><br>der BHW Bausparkasse VVaG3 (Deputy Chairman) |
684
| Deutsche Bank | Supervisory Board | |
|---|---|---|
| Annual Report 2025 | Members of the Supervisory Board and its committees | |
| Name | Principal occupation | Supervisory board memberships and other directorships |
| --- | --- | --- |
| Dr. Klaus Moosmayer<br><br>Year of birth: 1968<br><br>First elected:<br><br>May 22, 2025<br><br>Term expires: 2029 | Supervisory Board member | No memberships or directorships subject to disclosure |
| Kirsty Roth<br><br>Year of birth: 1975<br><br>First elected:<br><br>May 22, 2025<br><br>Term expires: 2029 | Chief Operations and Technology Officer, Thomson<br><br>Reuters Corporation2 | No memberships or directorships subject to disclosure |
| Frank Schulze1<br><br>Year of birth: 1968<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Deputy Chairman of the Supervisory Board, Deutsche<br><br>Bank AG; Staff Council Member | No memberships or directorships subject to disclosure |
| Gerlinde M. Siebert1<br><br>Year of birth: 1967<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Global Head of Governance, Deutsche Bank AG | No memberships or directorships subject to disclosure |
| Yngve Slyngstad<br><br>Year of birth: 1962<br><br>First elected:<br><br>May 19, 2022<br><br>Term expires: 2026 | Chief Executive Officer Aker Asset Management AS<br><br>(until June 30, 2025); Chief Executive Officer ICP<br><br>Asset Management AS (since June 1, 2025) | No memberships or directorships subject to disclosure |
| Stephan Szukalski1<br><br>Year of birth: 1967<br><br>First elected:<br><br>May 17, 20234<br><br>Term expires: 2028 | Federal Chairman, Deutscher Bankangestellten-<br><br>Verband e.V. (DBV) (German Association of Bank<br><br>Employees) – Gewerkschaft der Finanzdienstleister<br><br>(Financial Services Providers Union) | No memberships or directorships subject to disclosure |
| John Alexander Thain<br><br>Year of birth: 1955<br><br>First elected:<br><br>May 24, 2018<br><br>Term expires: 2027 | Supervisory Board member | Uber Technologies, Inc.2 (Member of the Board of Directors);<br><br>Aperture Investors LLC (Member of the Board of Directors);<br><br>Pine Island Capital Partners LLC (Chairman) (until July 1,<br><br>2025); Pine Island New Energy Partners (Chairman) (since<br><br>July 1, 2025) |
| Jürgen Tögel1<br><br>Year of birth: 1968<br><br>First elected:<br><br>May 17, 2023<br><br>Term expires: 2028 | Staff Council Member | BVV Versicherungsverein des Bankgewerbes a.G.; BVV<br><br>Versorgungskasse des Bankgewerbes e.V.; BKK Deutsche Bank<br><br>AG3 (Member of the Advisory Board) |
| Michele Trogni<br><br>Year of birth: 1965<br><br>First elected:<br><br>May 24, 2018<br><br>Term expires: 2027 | Chief Executive Officer, Zinnia Corporate Holdings,<br><br>LLC (until December 31, 2025);<br><br>Senior Advisor to Zinnia Corporate Holdings, LLC and<br><br>Eldridge Industries, LLC (since 1 January 2026) | Everly Life, LLC (Member of the Non-Executive Board); Zinnia<br><br>Corporate Holdings, LLC (CEO and Chairperson of the Board of<br><br>Directors) (until December 31, 2025) |
| Professor Dr. Norbert<br><br>Winkeljohann<br><br>Year of birth: 1957<br><br>First elected:<br><br>August 1, 2018<br><br>Term expires: 2027 | Deputy Chairman of the Supervisory Board of<br><br>Deutsche Bank AG; Self-Employed Corporate<br><br>Consultant, Norbert Winkeljohann Advisory &<br><br>Investments | Bayer AG2 (Chairman); Georgsmarienhütte Holding GmbH<br><br>(until September 17, 2025); Sievert SE (Chairman);<br><br>Bohnenkamp AG (Chairman) |
| Frank Witter<br><br>Year of birth: 1959<br><br>First elected:<br><br>May 27, 2021<br><br>Term expires: 2029 | Supervisory Board member | Traton SE2; CGI Inc.2 (Member of the Board of Directors) (until<br><br>January 28, 2026) |
1Employee representative
2Listed company
3Group-internal mandate
4Mr. Szukalski already was a member of the Supervisory Board from May 2013 to November 2015 and from May 2018 to December 2020.
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| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Members of the Supervisory Board and its committees |
The following overview provides more detailed information on the memberships in the different committees:
Chairman’s Committee: Alexander Wynaendts, Chairman, Timo Heider, Frank Schulze, Professor Dr. Norbert
Winkeljohann
Nomination Committee: Alexander Wynaendts, Chairman, Mayree Clark, Timo Heider, Frank Schulze, Professor
Dr. Norbert Winkeljohann
Audit Committee: Frank Witter, Chairman, Susanne Bleidt, Manja Eifert, Claudia Fieber, Sigmar Gabriel (since May 22,
2025), Dr. Klaus Moosmayer (since May 22, 2025), Gerlinde M. Siebert (until October 24, 2025), Stephan Szukalski (since
October 24, 2025), Dr. Dagmar Valcárcel (until May 22, 2025), Dr. Theodor Weimer (until May 22, 2025), Professor
Dr. Norbert Winkeljohann
Risk Committee: Mayree Clark, Chairperson, Jan Duscheck, Claudia Fieber (since October 24, 2025), Timo Heider (since
May 22, 2025), Dr. Klaus Moosmayer (since May 22, 2025), Gerlinde M. Siebert (until October 24, 2025), Stephan
Szukalski, Michele Trogni, Professor Dr. Norbert Winkeljohann, Alexander Wynaendts
Compensation Control Committee: Professor Dr. Norbert Winkeljohann, Chairman, Jan Duscheck, Timo Heider (until
May 22, 2025), Dr. Klaus Moosmayer (since May 22, 2025), Frank Schulze (since May 22, 2025), Jürgen Tögel, Dr. Dagmar
Valcárcel (until May 22, 2025), Alexander Wynaendts
Regulatory Oversight Committee (the Committee was dissolved on May 22, 2025): Dr. Dagmar Valcárcel, Chairperson
(until May 22, 2025), Jan Duscheck (until May 22, 2025), Sigmar Gabriel (until May 22, 2025), Timo Heider (until May 22,
2025), Stephan Szukalski (until May 22, 2025), Alexander Wynaendts (until May 22, 2025)
Strategy and Sustainability Committee: John Alexander Thain, Chairman, Mayree Clark, Claudia Fieber (until October 24,
2025), Florian Haggenmiller, Frank Schulze, Gerlinde M. Siebert (since October 24, 2025), Yngve Slyngstad (since May 22,
2025), Jürgen Tögel, Michele Trogni (until May 22, 2025), Alexander Wynaendts
Technology, Data and Innovation Committee: Michele Trogni, Chairperson, Susanne Bleidt, Manja Eifert, Florian
Haggenmiller, Kirsty Roth (since May 22, 2025), Yngve Slyngstad (until May 22, 2025), Alexander Wynaendts
Mediation Committee: Alexander Wynaendts, Chairman, Timo Heider, Frank Schulze, Professor Dr. Norbert Winkeljohann
686
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Objectives for the composition of the Supervisory Board, profile of requirements |
Objectives for the composition of the Supervisory Board,
Profile of requirements
The composition of the Supervisory Board should ensure the effective and qualified control of and advice for the
Management Board of an internationally operating, broadly positioned bank. The suitability of each individual member is
assessed, determined and continuously monitored both internally by the Nomination Committee and the Supervisory
Board and externally by the regulatory authorities. This suitability assessment covers the expertise, reliability and time
available of each individual member (individual suitability). In addition, there is an assessment of the entire Supervisory
Board’s knowledge, skills and experience that are necessary for the performance of its tasks (collective suitability).
Passing the suitability assessment of the European Central Bank (ECB) after the mandate is accepted and the continual
suitability of the Supervisory Board member during the entire mandate with Deutsche Bank AG are mandatory regulatory
prerequisites for the performance of the tasks as a member of the Supervisory Board.
To increase the effectiveness of the Supervisory Board’s work and the transparency for stakeholders and regulators, the
Supervisory Board adopted a Profile of Requirements in 2022. It is reviewed annually also in light of the bank’s strategic
development and target operating model, and it is updated if necessary. The Profile of Requirements sets out the general
and expanded fields of expertise of the Supervisory Board that are required for the monitoring and advising of the
Management Board of Deutsche Bank AG. The Profile of Requirements is regularly taken into account when developing
the proposals to the General Meeting for the election of shareholder representatives and when determining the
individual and collective need for the training of the Supervisory Board and its members. The Profile of Requirements is
also considered when appointing members to the individual committees.
Profile of requirements for the Supervisory Board
The Supervisory Board specified general fields of expertise and expanded fields of expertise in its Profile of
Requirements.
General fields of expertise
Ideally, every member of the Supervisory Board possesses these individual qualifications.
–Understanding of commercial business issues
–Analytical and strategic mindset
–Understanding of the German corporate governance system, and – as a result – an understanding of a Supervisory
Board member’s responsibilities
–Understanding of the business model and the structure of Deutsche Bank AG
–Basic understanding of the financial services sector, e.g., (i) knowledge in the areas of banking, financial services,
financial markets, financial industry, including the bank’s home market and the bank’s key markets outside Europe, and
(ii) knowledge of the relevant clients for the bank, the market’s expectations and the operational environment.
The fulfillment of these fields of expertise is reported on in summary in the qualifications matrix in the line “General fields
of expertise”.
Expanded fields of expertise
These fields of expertise refer to the Supervisory Board in its entirety (collective suitability). The Supervisory Board, as a
whole, must have an understanding of the specified fields of expertise that is appropriate for the size and complexity of
Deutsche Bank AG. They are derived from the bank’s business model and from specific laws and regulations that apply to
the bank. The fields of expertise are:
Accounting, including sustainability reporting
–Accounting (International Financial Reporting Standards (IFRS) and German Commercial Code (HGB)) and auditing of
annual financial statements
–Taxation
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| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Objectives for the composition of the Supervisory Board, profile of requirements |
Regulatory framework and legal requirements
–Understanding of the key legal framework conditions in the countries in which the company has its main operations
–Understanding of the key relevant legal systems for the bank
–Experience in the executive management/supervisory board of large enterprises
–Regulatory framework and legal requirements, in particular, knowledge of the legal systems relevant for the bank
–Knowledge of the social, political and regulatory expectations in the home market
Human capital, compensation and corporate culture
–Human resources and staff management
–Compensation and compensation systems
–Selection procedure for management body members and assessment of their suitability
–Corporate culture
Risk management
–Risk management (investigation, assessment, mitigation, management and control of financial and non-financial risks,
capital and liquidity management, shareholdings)
–Combating money laundering and prevention of financial crime and the financing of terrorism
Information technology, data and digitalization
–Digitalization, including digital banking
–Data, including data governance
–Information technology (IT), IT systems and IT security, including cyber risks
Strategy, transformation and Environmental, Social and Governance (ESG) issues
–Strategic planning of business models and risk strategies as well as their implementation
–Climate and other environmental aspects
–Knowledge of social and political expectations (in particular in the home market) and their impacts on corporate social
responsibility
–Company’s purpose
Organizational structure and control of a financial institution
–Governance
–Management of a large, international, regulated company
–Internal organization of the bank
–Internal audit
–Compliance and internal controls
In order to adequately reflect the bank’s business model, the Supervisory Board shall demonstrate not only these
professional qualifications but also qualifications and experience in the various client segments and different sales
markets.
Client segments
–Private Banking and Wealth Management
–Corporate Banking
–Investment Banking
–Asset Management
Regional expertise
–Germany
–Europe
–Americas
–Asia-Pacific (APAC)
The Supervisory Board believes that it complies with the specified concrete objectives regarding its composition and the
Profile of Requirements – as shown in the following qualifications matrix. The members of the Supervisory Board as a
whole possess the knowledge, abilities and expert experience to properly complete their tasks.
688
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Objectives for the composition of the Supervisory Board, profile of requirements |
Composition and expertise
| Alexander Wynaendts | Susanne Bleidt | Mayree Clark | Jan Duscheck | Manja Eifert | Claudia Fieber | Sigmar Gabriel | Florian Haggenmiller | Timo Heider | Dr. Klaus Moosmayer | Kirsty Roth | Frank Schulze | Gerlinde Siebert | Yngve Slyngstad | Stephan Szukalski | John Thain | Jürgen Tögel | Michele Trogni | Prof. Dr. Norbert Winkeljohann | Frank Witter | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Member<br><br>-<br><br>ship | No Overboarding* | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |
| Independent ** | ✓ | ER | ✓ | ER | ER | ER | ✓ | ER | ER | ✓ | ✓ | ER | ER | ✓ | ER | ✓ | ER | ✓ | ✓ | ✓ | ||
| Professional expertise | General fields of expertise | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |
| Accounting and reporting, incl. sustainability<br><br>reporting | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||||
| Audit Committee Financial Experts *** | w | w | ||||||||||||||||||||
| Expertise in the area of accounting *** | w | w | ||||||||||||||||||||
| Expertise in the area of auditing *** | w | w | ||||||||||||||||||||
| Regulatory framework and Legal<br><br>requirements | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||
| Human Capital, Compensation and<br><br>Corporate Culture | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||
| Compensation Control Committee<br><br>Compensation Experts*** | w | w | w | |||||||||||||||||||
| Risk Management | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||
| Information technology, data and<br><br>digitalization | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||
| Strategy, Transformation and ESG | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||
| Organizational structure and control of a<br><br>financial institution | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||
| Client/business<br><br>expertise | Private Banking and Wealth Management | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||
| Corporate Banking | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||||
| Investment Banking | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||||
| Asset Management | ✓ | ✓ | ✓ | ✓ | ||||||||||||||||||
| Regional<br><br>Expertise | Germany | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |||||||
| Europe | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||
| Americas | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ||||||||||||
| APAC | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
ü Profound and professional knowledge/expert
w Regulatory expert/expertise required by law and/or supervisory regulation
ER Employee Representative
* Definition of no overboarding: All Supervisory Board members hold an admissible number of board directorships in various companies in addition to Deutsche Bank AG.
Overboarding, i.e., holding an inadmissible number of board directorships in different companies, is determined on the basis of the statutory regulation in Section 25d (3)
of the German Banking Act (KWG)
** Definition of independence: A Supervisory Board member elected or to be elected by the shareholders is to be considered independent when there are no present or
former (i) business, (ii) personal or (iii) other relations or affiliations with Deutsche Bank AG, its management bodies, a shareholder or a Deutsche Bank Group company that
constitute a personal interest of the Supervisory Board member or a third-party interest he represents that might influence his actions in performing his mandate to the
detriment of Deutsche Bank AG. Section C.6 (1) first half-sentence of the German Corporate Governance Code, according to which the members of the Supervisory
Board representing shareholders shall comprise what they consider to be an appropriate number of independent members, is adhered to as a result. The bank has no
controlling shareholder at present
*** Definition of experts given in the “Supervisory Board committee experts” section of this report
689
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Objectives for the composition of the Supervisory Board, profile of requirements |
There is a regular maximum age limit of 70. In well-founded, individual cases, a Supervisory Board member may be
elected or appointed for a period that extends at the latest until the end of the fourth ordinary General Meeting that
takes place after he or she has reached the age of 70. This age limit was taken into account in the election proposals to
the General Meeting and shall also be taken into account for the next Supervisory Board elections or subsequent
appointments for Supervisory Board positions that become vacant.
The Supervisory Board respects diversity when proposing its members for appointment. In light of the international
operations of Deutsche Bank AG, care should be taken that the Supervisory Board has an appropriate number of
members with long-term international experience. Currently, the professional careers or private lives of six members of
the Supervisory Board are centered outside Germany. Furthermore, all of the shareholder representatives on the
Supervisory Board have many years of international experience from their current or former activities, for example, as
management board member or chief executive officer or in a comparable executive function of corporations or
organizations with international operations. The Supervisory Board believes that in these two ways the international
activities of the company are sufficiently taken into account. The objective is to retain the currently existing international
profile.
Special importance has already been attached to an appropriate consideration of women in the selection process since
the Supervisory Board elections in 2008. For the election proposals to the General Meeting, the Supervisory Board takes
into account the recommendations of the Nomination Committee and the legal requirements according to which the
Supervisory Board shall be composed of at least 30% women and at least 30% men. In reviewing potential candidates for
a new election or subsequent appointments to Supervisory Board positions that have become vacant, qualified women
are included in the selection process and appropriately considered in the election proposals. At the end of the financial
year, four women and six men were members of the Supervisory Board on the employee representatives’ side and three
women and seven men on the shareholder representatives’ side. In total, the Supervisory Board has seven female
members, which corresponds to 35%. The statutory minimum quota of 30% has thus been fulfilled for many years now.
The average age of the Supervisory Board members was 58.4. The age structure is diverse, ranging from 41 to 70 years of
age and spanning three generations, according to the general definition of the term.
The length of membership on the Supervisory Board of Deutsche Bank AG ranged from under one year to around 13
years at the end of the financial year. The average length of membership on the Supervisory Board as of December 31,
2025, was 4.63 years.
The diverse range of the members’ educational and professional backgrounds includes banking, business administration,
economics, auditing, law, German studies, political science, electrical engineering, information systems, healthcare and
chemistry. The resumes of the members of the Supervisory Board are published on the website of Deutsche Bank AG
(www.db.com/ir/en/supervisory-board.htm).
The members of the Supervisory Board do not exercise functions on a management body of or perform advisory duties at
major competitors. Material conflicts of interest involving a member of the Supervisory Board that are not merely
temporary shall result in the termination of that member’s Supervisory Board mandate. The Supervisory Board has issued
corresponding guidelines for the identification, handling, mitigation and documentation of potential conflicts of interest.
Members of the Supervisory Board may not, according to Section 25d of the German Banking Act (KWG), and shall not,
according to the recommendations under C.4 and C.5 of the German Corporate Governance Code (GCGC), hold more
than the allowed number of supervisory board mandates or mandates in supervisory bodies of companies which have
similar requirements. A Supervisory Board member of Deutsche Bank AG may concurrently be a member of the
supervisory body of a maximum of five companies (including Deutsche Bank AG). If a Supervisory Board member is also
an executive director of a company, this Supervisory Board member may concurrently be a member of the supervisory
body of a maximum of three companies (including Deutsche Bank AG). The decisive factors for determining if this is the
case are the supervisory authority’s regulatory requirements in consideration of the local laws. Compliance with this
statutory regulation is continually monitored by the regulatory authorities. In the event of directorship overboarding, the
supervisory authorities may require that Deutsche Bank AG revoke a Supervisory Board member’s appointment and
prohibit this Supervisory Board member from performing his or her work. In the preceding financial year, the
requirements on the admissible number of concurrently performed supervisory board mandates were met.
690
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Objectives for the composition of the Supervisory Board, profile of requirements |
With regard to the disclosure requirements under European Sustainability Reporting Standards (ESRS) 2 GOV-1 21. (e)
and the definition specified therein for “independent board members”, 100% of the Supervisory Board members are
independent within the meaning of the ESRS. In the preceding financial year, there were no former members of the
Management Board on the Supervisory Board.
Some members of the Supervisory Board are, or were last year, in high-ranking positions at other companies that
Deutsche Bank AG has business relations with. Business transactions of Deutsche Bank AG with these companies were
conducted under the same conditions as those between unrelated third parties. In the opinion of the Management Board
and the Supervisory Board, these transactions did not affect the independence of the Supervisory Board members
involved.
691
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Supervisory Board Committee experts |
Supervisory Board Committee experts
Audit Committee Financial experts
The Supervisory Board determined that the following members of the Audit Committee are “Audit Committee Financial
Experts” as such term is defined by the implementation rules of the U.S. Securities and Exchange Commission issued
pursuant to Section 407 of the Sarbanes-Oxley Act of 2002: Professor Dr. Norbert Winkeljohann and Frank Witter. These
Audit Committee Financial Experts are “independent” of the bank, as defined in Rule 10A-3 under the U.S. Securities
Exchange Act of 1934.
Furthermore, the Supervisory Board determined in accordance with Sections 107 (4) and 100 (5) of the Stock
Corporation Act (AktG) and Section 25d (9) of the German Banking Act (KWG) that Professor Dr. Norbert Winkeljohann
and Frank Witter have expert knowledge in financial accounting and the auditing of financial statements.
Professor Dr. Norbert Winkeljohann has expertise in the areas of accounting and auditing through his education and
training as an auditor and his many years of experience as an auditor at various auditing firms and as Chairman of the
Management Board of PwC Europe SE.
Frank Witter has expertise in the areas of accounting and auditing through his many years of experience as Chief
Financial Officer of Volkswagen AG and as Chairman of the Board of Management of Volkswagen Financial Services AG.
Compensation Control Committee Compensation experts
Pursuant to Section 25d (12) of the German Banking Act (KWG), at least one member of the Compensation Control
Committee must have sufficient expertise and professional experience in the field of risk management and risk
controlling, in particular, with regard to the mechanisms to align compensation systems to the company’s overall risk
appetite and strategy and the bank’s capital base. Based on the recommendation of the Compensation Control
Committee, the Supervisory Board resolved to specify by name Professor Dr. Norbert Winkeljohann, Alexander
Wynaendts and Dr. Klaus Moosmayer as Compensation Control Committee Compensation Experts. All of them have
expertise and professional experience in the field of risk management and risk controlling, in particular with regard to
mechanisms to align the compensation systems to the company’s overall risk appetite and strategy and its capital base.
They therefore fulfill the requirements of Section 25d (12) of the German Banking Act (KWG). Based on their years of
experience as Management Board Chairman and/or Chief Executive Officer, Professor Dr. Norbert Winkeljohann and
Alexander Wynaendts have sufficient expertise and professional experience in the area of risk management and risk
controlling. Dr. Klaus Moosmayer has expertise and experience for the specific topics of risk management and risk control
based on his experience (i) as Chief Compliance Officer at Siemens, relating to the Compliance System of Siemens
Financial Services and Siemens Bank divisions, (ii) as member of the Executive Committee and Chief Ethics, Risk and
Compliance Officer of Novartis AG, as well as (iii) through his additional work on international committees and
organizations.
692
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Share ownership of Supervisory Board members |
Share ownership of Supervisory Board members
The individual members of the Supervisory Board held the following numbers of shares (and share awards under
employee share plans):
| Members of the Supervisory Board | Number of<br><br>shares | Number of<br><br>share awards |
|---|---|---|
| Alexander Wynaendts | 10,392 | — |
| Susanne Bleidt | — | — |
| Mayree Clark | 109,444 | — |
| Jan Duscheck | — | — |
| Manja Eifert | 241 | 10 |
| Claudia Fieber | 441 | 10 |
| Sigmar Gabriel | 2,423 | — |
| Florian Haggenmiller | — | — |
| Timo Heider | — | — |
| Dr. Klaus Moosmayer | — | — |
| Kirsty Roth | — | — |
| Frank Schulze | 598 | 10 |
| Gerlinde M. Siebert | 8,555 | 7,345 |
| Yngve Slyngstad | 2,250 | — |
| Stephan Szukalski | — | — |
| John Alexander Thain | 100,000 | — |
| Jürgen Tögel | 1,228 | 10 |
| Michele Trogni | 15,000 | — |
| Professor Dr. Norbert Winkeljohann | 6,300 | — |
| Frank Witter | 3,428 | — |
| Total | 260,300 | 7,385 |
1Ms. Siebert has an entitlement to 7,344.50 shares as part of her deferred variable compensation as an employee. These share awards will be due for delivery in the years
2026 to 2030.
As of February 6, 2026, the members of the Supervisory Board held 260,300 shares, which is less than 0.02% of the
shares issued as of that day.
The “Number of share awards” column in the table lists share awards granted under the Global Share Purchase Plan to
Supervisory Board members who are employees of Deutsche Bank (“Matching Awards”), which are scheduled to be
delivered to them on November 1, 2026, as well as Restricted Equity Awards (deferred share awards), which are granted
to employees with deferred variable compensation. The Restricted Equity Awards are indicated with a footnote in the
table, and further details on them as a compensation instrument are provided in the “Employee compensation report”.
The Compensation Report on the preceding financial year and the auditor’s report pursuant to Section 162 of the
German Stock Corporation Act (AktG), the currently applicable compensation system pursuant to Section 87a (1) and (2)
sentence 1 AktG as well as the last resolution on compensation pursuant to Section 113 (3) AktG are available from the
website: www.db.com (under the Investor Relations headings “Reports and Events”, “Annual Reports”).
693
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Diversity concept |
Diversity concept
The Stock Corporation Act (AktG) requires that a company that is listed on a stock exchange and has three or more
members of the Management Board, such as Deutsche Bank, must have at least one woman and one man as member of
its Management Board, failing the appointment is rendered void. In addition, promoting cognitive diversity on the
Management Board is important to the Supervisory Board, and it is intensively addressing the topic. It is actively working
to ensure the Management Board has sufficient diversity of thought, e.g., in terms of gender, nationality and age, as well
as different backgrounds and mindsets.
Moreover, the AktG requires that the Management Board of a listed company sets targets for the share of women in the
two management layers below the Management Board. The Supervisory Board and Management Board strive to and
should serve as role models for the bank to drive an inclusive culture. In accordance with the bank’s aim to embrace
dialogue and diverse views, diversity in the composition of the Supervisory Board and the Management Board also
facilitates the proper performance of the tasks and duties assigned to them by law, the Articles of Association and Terms
of Reference.
As an integral part of Deutsche Bank’s strategy as a leading European bank with a global reach and a strong home market
in Germany, diversity is a decisive factor for the bank’s success. With 160 nationalities represented across 55 countries in
2025, the bank is proud of its multicultural workforce. It sees the unique perspectives and experiences within its global
network as a competitive advantage as it fuels innovation, strengthens culture and drives more sustainable outcomes.
Age and gender as well as educational and professional backgrounds have long been accepted as key aspects of the far
more comprehensive understanding of diversity at Deutsche Bank.
As stated in its Code of Conduct, Deutsche Bank is committed to ensuring fair and equal opportunities for employees
from all backgrounds and experiences, an objective it advances through its multi-dimensional diversity and inclusion
strategy. Centered on five pillars - leadership accountability, adapting processes, driving behavioral change, thought
leadership, and ensuring legal compliance - the strategy is endorsed by the Management Board who monitors progress
against the agreed goals and objectives.
The targets for the proportion of women in management positions, the gender quota and the disclosure pursuant to
Section 96 (2) of the German Stock Corporation Act (AktG) are described in the "Sustainability Statement" in the section
"Own Workforce”.
Diversity concept for the Supervisory Board
The diversity concept for the Supervisory Board and its implementation are described in the section “Supervisory Board -
Objectives for the composition of the Supervisory Board, Profile of Requirements, diversity concept and status of
implementation”.
Diversity concept and succession planning for the Management Board
Through the composition of the Management Board, it is to be ensured that its members have, at all times, the required
knowledge, skills and experience necessary to properly perform their tasks. Accordingly, when selecting members for the
Management Board, care is to be taken that they collectively have sufficient expertise and diversity within the meaning
of the objectives specified above. Furthermore, the Supervisory Board and Management Board are to ensure long-term
succession planning.
The Act to Supplement and Amend Regulations on the Equal Participation of Women and Men in Management Positions
in the Private and Public Sectors (Equal Participation Act II (FüPoG II) requires that at least one woman and one man be
appointed to a management board with more than three members; however, no additional goals must be set. The bank
fulfilled this requirement as of December 31, 2025, as it has two women on the Management Board. In general, a
Management Board member should not be older at the end of his or her appointment period than the regular retirement
age according to the rules of the statutory pension insurance scheme applicable in Germany for the long-term insured to
claim an early retirement pension.
694
| Deutsche Bank | Supervisory Board |
|---|---|
| Annual Report 2025 | Diversity concept |
Implementation
In accordance with the law, the Articles of Association and Terms of Reference, the Supervisory Board adopted a
candidate profile for the members of the Management Board, based on a proposal from the Nomination Committee. This
profile takes into account an “Expertise and Capabilities Matrix”, specifying, among other things, the required knowledge,
skills and experience to perform the tasks as Management Board member, in order to successfully develop and
implement the bank’s strategy in the respective market or the respective division and as a management body
collectively. The Management Board reviews succession plans for Management Board positions, both individually and as
a group. Individual succession plans are reviewed and internal succession candidates are discussed in detail based on
potential, leadership skills and experience as well as fit and proper suitability. As gender diversity is a key focus of
Deutsche Bank, the respective succession metrics and data analytics support this process. After approval by the
Management Board these plans are submitted to the Nomination Committee and the Supervisory Board, in principle at a
meeting for extensive deliberation.
In identifying candidates to fill a position on the bank’s Management Board, the Supervisory Board’s Nomination
Committee takes into account the appropriate diversity balance of all Management Board members collectively.
Furthermore, it also considers the targets set by the Supervisory Board in accordance with statutory requirements for the
percentage of women on the Management Board.
The Nomination Committee supports the Supervisory Board with the periodic assessment, to be performed at least once
a year, of the knowledge, skills and experience of the individual members of the Management Board and of the
Management Board in its entirety.
Results achieved in the 2025 financial year
As of December 31, 2025, the Management Board comprisedtwo women (22%) and seven men.
The age structure is ranging from 50 to 59 years of age as of December 31, 2025.
In light of the bank’s strategy as a leading European bank with a global reach and a strong home market in Germany, five
of the nine Management Board members as of December 31, 2025 have a German background. Furthermore, the
Management Board members come from Italy, the United Kingdom, Australia, New Zealand and Switzerland. However,
the ethnic diversity of the Management Board does not currently reflect the full diversity of the markets where the bank
does business or the diversity of Deutsche Bank’s employees.
The diverse range of the Management Board members’ educational and professional backgrounds includes accounting,
banking, business administration, economics, engineering finance, law and philosophy.
The bank transparently reports on Management Board diversity in addition to the information presented in this Corporate
Governance Statement according to Sec. 289f and 315d of the German Commercial Code in the sections “Management
Board” and “Supervisory Board” as well as on the bank’s website: www.db.com (Heading: Investor Relations, “Corporate
Governance”, “Management Board”).
695
| Deutsche Bank | Related Party Transactions |
|---|---|
| Annual Report 2025 |
Related Party Transactions
For information on related party transactions please refer to Note 36 “Related party transactions“.
Value and leadership principles of Deutsche Bank AG
and Deutsche Bank Group
Deutsche Bank Group Code of Conduct and Code of Ethics for Senior Financial
Officers
Deutsche Bank Group’s Code of Conduct sets out Deutsche Bank’s purpose, values and beliefs and minimum standards
of conduct that the bank expects all members of the Management Board and employees to follow. These values and
standards govern employee interactions with the bank’s clients, competitors, business partners, government and
regulatory authorities, and shareholders, as well as with other employees. In addition, the Code forms the cornerstone of
the bank’s policies, which provide guidance on compliance with applicable laws and regulations.
In accordance with Section 406 of the Sarbanes-Oxley Act of 2002, the bank adopted a Code of Ethics for Senior
Financial Officers of Deutsche Bank AG and Deutsche Bank Group with special obligations that apply to the “Senior
Financial Officers”, which currently consist of Deutsche Bank’s Chairman of the Management Board and the Chief
Financial Officer as well as certain other Senior Financial Officers. There were no amendments or waivers to this Code of
Ethics in 2025.
The current versions of the Code of Conduct as well as the Code of Ethics for Senior Financial Officers of Deutsche Bank
AG and Deutsche Bank Group are available from Deutsche Bank’s website: www.db.com/ir/en/documents.htm.
Corporate Governance at Deutsche Bank AG and Deutsche Bank Group
Deutsche Bank established a Group Governance function to define, implement and monitor the corporate governance
framework of Deutsche Bank AG and Deutsche Bank Group and to perform this governance function throughout the
Group. Group Governance addresses corporate governance issues in Deutsche Bank AG and Deutsche Bank Group, while
focusing closely on clear organizational structures aligned to the key elements of good corporate governance.
Deutsche Bank AG and Deutsche Bank Group are committed to ensuring a corporate governance framework in
accordance with international standards and statutory provisions. In support of this objective, Deutsche Bank AG and
Deutsche Bank Group have instituted clear corporate governance principles.
Further details on corporate governance are published on Deutsche Bank’s website (www.db.com/ir/en/corporate-
governance.htm).
696
| Deutsche Bank | Principal accountant fees and services |
|---|---|
| Annual Report 2025 |
Principal accountant fees and services
In accordance with German law, Deutsche Bank’s principal accountant is appointed at the Annual General Meeting based
on a recommendation of Deutsche Bank’s Supervisory Board. The Audit Committee of the Supervisory Board prepares
such a recommendation. Subsequent to the principal accountant’s appointment, the Audit Committee awards the
contract and in its sole authority approves the terms and scope of the audit and all audit engagement fees as well as
monitors the principal accountant’s independence. EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft (EY) was the
bank’s principal accountant for the 2024 and 2025 fiscal years, respectively.
The tables set forth below contain the aggregate fees billed for each of the last two fiscal years by EY in each of the
following categories: (1) Audit fees include fees for professional services for the audit of Deutsche Bank’s annual financial
statements and consolidated financial statements and do not include audit fees for DWS and its subsidiaries that are not
audited by EY, (2) Audit-related fees include fees for other assurance services required by law or regulations, in particular
for financial service specific attestation, for quarterly reviews, for mergers and acquisition audits, as well as fees for
voluntary assurance services, like voluntary audits for internal management purposes and the issuance of comfort letters,
(3) Tax-related fees include fees for services relating to the preparation and review of tax returns and related compliance
assistance and advice, tax consultation and advice relating to tax planning initiatives and assistance with assessing
compliance with tax regulations, and (4) All other fees, which are fees for products and services other than Audit fees,
Audit-related fees and Tax-related fees. These amounts include expenses and exclude Value Added Tax (VAT).
Fees billed by EY
| Fee category in € m. | 2025 | 2024 |
|---|---|---|
| Audit fees | 70 | 69 |
| Audit-related fees | 10 | 10 |
| Tax-related fees | — | — |
| All other fees | — | 1 |
| Total fees | 80 | 80 |
Under SEC regulations, the principal accountant fees are required to be presented as follows: audit fees were
€ 72 million in 2025 and 2024, audit-related fees were €8 million in 2025 compared to € 7 million in 2024, tax-related
fees were € 0 million in 2025 and 2024, and all other fees were € 0 million in 2025 compared to € 1 million in 2024.
United States law and regulations generally require that all engagements of Deutsche Bank’s principal accountant be
pre-approved by the Audit Committee of the Bank’s Supervisory Board or pursuant to policies and procedures adopted
by it. The Audit Committee has designated a list of pre-approved audit, audit-related and tax services that it has
authorized the Finance Chief Accounting Office to engage Deutsche Bank’s principal accountant to perform if the
estimated costs are less than or equal to € 1 million. The Audit Committee has also designated a list of pre-approved
audit services that it has authorized the Finance Chief Accounting Office to engage Deutsche Bank’s principal
accountant to perform with estimated costs in excess of € 1 million. All engagement requests for audit, audit-related and
tax services that are not on the pre-approved list of specified services must be approved by the Audit Committee. The
Finance Chief Accounting Office periodically reports the engagements approved by it to the Audit Committee. In
addition, to facilitate the consideration of engagement requests between its meetings, the Audit Committee has
delegated approval authority to several of its members who are “independent” as defined by the Securities and Exchange
Commission and the New York Stock Exchange. Such members are required to report any approvals made by them to the
Audit Committee at its next meeting.
Additionally, United States law and regulations permit that specific pre-approval is not required for permissible non-
audit services, provided that such non-audit services: (i) do not aggregate to more than 5% of total fees paid by Deutsche
Bank AG and its subsidiaries to the auditor in the fiscal year in which the services are provided; (ii) were not recognized by
the bank or a subsidiary thereof as non-audit services at the time of the engagement; and (iii) are promptly brought to the
attention of the Audit Committee of Deutsche Bank AG and approved, prior to the completion of the next audit. In 2024
and 2025, the percentage of the total amount of revenues Deutsche Bank paid to its principal accountant for non-audit
services that was subject to such a waiver was less than 5% for each year.
697
| 5 | ||||
|---|---|---|---|---|
| Article 8 tables | 698 | Tabular disclosures in accordance with Article 8 of<br><br>the Taxonomy Regulation | ||
| --- | --- | --- | ||
| 699 | Table 1.1: Assets for the calculation of GAR Stock<br><br>(Turnover KPIs) | |||
| 700 | Table 1.2: Assets for the calculation of GAR Stock<br><br>(CapEx KPIs) | |||
| 701 | Table 1.3: Assets for the calculation of GAR Flow<br><br>(Turnover KPIs) | |||
| 702 | Table 1.4: Assets for the calculation of GAR Flow<br><br>(CapEx KPIs) | |||
| 703 | Table 2.1: GAR sector information (Turnover KPIs) | |||
| 704 | Table 2.2: GAR sector information (CapEx KPIs) | |||
| 705 | Table 3.1: GAR KPI stock (Turnover KPIs) | |||
| 706 | Table 3.2: GAR KPI stock (CapEx KPIs) | |||
| 707 | Table 4.1: GAR KPI flow (Turnover KPIs) | |||
| 708 | Table 4.2: GAR KPI flow (CapEx KPIs) | |||
| 709 | Table 5.1: KPI off-balance sheet exposures (Turnover<br><br>KPIs stock) | |||
| 709 | Table 5.2: KPI off-balance sheet exposures (CapEx KPIs<br><br>stock) | |||
| 710 | Table 5.3: KPI off-balance sheet exposures (Turnover<br><br>KPIs flow) | |||
| 710 | Table 5.4: KPI off-balance sheet exposures (CapEx KPIs<br><br>flow) |
698
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Tabular disclosures in accordance with Article 8 of
the Taxonomy Regulation
Tables 1.1 - 1.4 “Assets for the calculation of GAR” highlight the composition of the ratio’s numerator and denominator.
Exposures’ gross carrying amount, eligibility and alignment are presented by counterparty type, e.g., financial
undertakings, non-financial undertakings and households, and further split by product type, e.g., loans and advances,
debt securities and equity instruments. For assets which are not considered in the GAR calculation i.e., exposures to
central governments and supranational issuers, central banks exposures, undertakings and entities not subject to CSRD,
derivatives, on demand interbank loans, cash and cash-related assets, other categories of assets and trading book only
the gross carrying amount is reported in these tables. Finally, the tables include assets under management with
undertakings subject to CSRD disclosure obligations. The assets under management reflect the total of the in scope
Private Bank and Asset Management (DWS) positions.
Taxonomy eligibility and alignment are assessed for all assets which are included in the GAR calculation. Exposures
aligned to the EU Taxonomy need to be reported for all six environmental objectives (Climate Change mitigation, Climate
Change Adaptation, Water and marine resources, Circular economy, Pollution, and Biodiversity and Ecosystems) for year-
end 2025.
The tables are duplicated based on the turnover and CapEx KPIs for stock and flow of the bank’s counterparties for the
general purpose lending exposures, while exposures with known use of proceeds are presented in both tables in the
same way. The flow data is calculated using gross carrying amount of exposures at origination (i.e., new loans and
advances, debt securities, equity instruments) newly incurred between January 1 and December 31, 2025.
Tables 2.1 and 2.2 “GAR sector information” lay out banking book exposures toward the top 10 sectors covered by the
EU Taxonomy compass under all six environmental objectives as well as nuclear and fossil gas activities. Activities related
to nuclear and fossil gas are those which comply with section 4.26-4.28 and 4.29-4.31 of the Delegated Regulation
2021/2139 respectively. NACE codes are required to be presented at the level 4 and are based on the principal activity
of the counterparty. For counterparties which are holding companies, the NACE sector of the principal activity of the
specific counterparty controlled by the holding company is considered for reporting. The tables are duplicated based on
the turnover and CapEx KPIs of the bank’s counterparties for the general purpose lending exposures.
Tables 3.1 and 3.2 “GAR KPI stock” present the GAR KPIs on the basis of data disclosed in the Tables 1.1 and 1.2
respectively. KPIs in this template reflect the proportion of exposures related to Taxonomy eligible and aligned activities
compared to the covered assets. The tables are duplicated based on the turnover and CapEx KPIs of the bank’s
counterparties.
Tables 4.1 and 4.2 “GAR KPI flow” present the GAR KPIs on the basis of data disclosed in the Tables 1.3 and 1.4
respectively and highlight the GAR KPIs on flow of new Taxonomy eligible and aligned loans and advances, debt
securities and equity instruments to CSRD-relevant undertakings and households in relation to the total flow of loans
and advances, debt securities and equity instruments to financial and non-financial undertakings and households. The
tables are duplicated based on the turnover and CapEx KPIs of the bank’s counterparties.
Tables 5.1, 5.2, 5.3 and 5.4 “KPI off-balance-sheet exposures” lay out KPIs for assets under management, in stock and
flow, calculated on the basis of data disclosed in Tables 1.1 - 1.4. The assets under management data reflect the total of
the in scope Private Bank and Asset Management (DWS) positions. As the Disclosure Delegated Acts and Frequently
Asked Questions documents from the EU Commission provide no definition of flows for assets under management,
Deutsche Bank assesses them based on the net flows in line with the common industry practice of the assets under
management reporting. Where net flows were negative in the reporting period, resulting EU Taxonomy KPIs are set to
zero.
Numbers presented in the following tables may not add up due to rounding. Blank cells represent datapoints that don’t
have to be reported based on the templates prescribed by the EU Taxonomy Regulation and the related Disclosures
Delegated Acts.
699
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 1.1: Assets for the calculation of GAR Stock (Turnover KPIs)
| in m. | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Of which Taxonomy-aligned | Non-assessed<br><br>exposures | Non-assessed exposures | ||||||||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | Of which<br><br>financing non-<br><br>material<br><br>activities of<br><br>counter-<br><br>parties2 | Of which<br><br>exposures<br><br>financing<br><br>counterparties<br><br>reporting in<br><br>accordance<br><br>with Article<br><br>7(9) | Of which not<br><br>assessed<br><br>considered<br><br>non-material<br><br>by the credit<br><br>institution3 | ||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||||
| 1 | 237,227 | 176,485 | 6,460 | 6,441 | 4 | — | 15 | — | — | 5,184 | 139 | 485 | 6,867 | 6,867 | ||||||
| 2 | 237,138 | 176,396 | 6,380 | 6,361 | 4 | — | 15 | — | — | 5,104 | 139 | 485 | 6,867 | 6,867 | ||||||
| 3 | Financial undertakings | 18,721 | 3,934 | 461 | 452 | 2 | — | 7 | — | — | — | 52 | 65 | — | — | |||||
| 4 | Loans and advances | 18,664 | 3,934 | 461 | 452 | 2 | — | 7 | — | — | — | 52 | 65 | — | — | |||||
| 5 | Debt securities, including UoP | 7 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 6 | Equity instruments | 50 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 7 | Non-financial undertakings | 12,594 | 4,008 | 855 | 844 | 2 | — | 8 | — | — | 40 | 87 | 420 | — | — | |||||
| 8 | Loans and advances | 12,578 | 4,005 | 854 | 844 | 2 | — | 8 | — | — | 40 | 87 | 420 | — | — | |||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 10 | Equity instruments | 16 | 3 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 11 | Households | 205,823 | 168,454 | 5,064 | 5,064 | — | — | 5,064 | — | — | 6,867 | 6,867 | ||||||||
| 12 | of which loans collateralized by residential immovable property | 161,589 | 161,587 | 5,064 | 5,064 | — | — | 5,064 | — | — | — | — | ||||||||
| 13 | of which building renovation loans | 2,947 | 2,947 | — | — | — | — | — | — | — | 2,947 | 2,947 | ||||||||
| 14 | of which motor vehicle loans | 3,920 | 3,920 | — | — | — | — | — | 3,920 | 3,920 | ||||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 18 | 9 | 9 | — | — | — | — | — | — | — | — | — | |||||||||
| 19 | 80 | 80 | 80 | 80 | — | — | 80 | — | — | — | ||||||||||
| 20 | 237,227 | — | — | |||||||||||||||||
| 21 | 1,195,619 | |||||||||||||||||||
| 22 | Central governments and supranational issuers | 172,597 | ||||||||||||||||||
| 23 | Central banks exposure | 171,856 | ||||||||||||||||||
| 24 | Trading book | 486,001 | ||||||||||||||||||
| 25 | Undertakings and entities not subject to CSRD | 334,982 | ||||||||||||||||||
| 26 | SMEs and undertakings (other than SMEs) not subject to CSRD<br><br>disclosure obligations | 111,248 | ||||||||||||||||||
| 27 | Loans and advances | 105,088 | ||||||||||||||||||
| 28 | of which loans collateralized by commercial immovable<br><br>property | 18,493 | ||||||||||||||||||
| 29 | of which building renovation loans | 936 | ||||||||||||||||||
| 30 | Debt securities | 3,564 | ||||||||||||||||||
| 31 | Equity instruments | 2,596 | ||||||||||||||||||
| 32 | Non-EU country counterparties not subject to CSRD disclosure<br><br>obligations | 223,734 | ||||||||||||||||||
| 33 | Loans and advances | 209,476 | ||||||||||||||||||
| 34 | Debt securities | 12,298 | ||||||||||||||||||
| 35 | Equity instruments | 1,960 | ||||||||||||||||||
| 36 | Derivatives | 938 | ||||||||||||||||||
| 37 | On demand interbank loans | 6,923 | ||||||||||||||||||
| 38 | Cash and cash-related assets | 1,381 | ||||||||||||||||||
| 39 | Other categories of assets (e.g., Goodwill, commodities etc.) | 20,942 | ||||||||||||||||||
| 40 | 1,432,846 | |||||||||||||||||||
| Off-balance sheet exposures (stock) to undertakings subject to CSRD disclosure obligations and local governments | ||||||||||||||||||||
| 41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| 42 | 672,920 | 169,488 | 31,447 | 28,887 | 169 | 333 | 1,456 | 115 | — | 2,016 | 1,466 | 17,294 | — | — | ||||||
| 43 | Of which debt securities | 151,634 | 35,171 | 9,102 | 8,573 | 44 | 69 | 210 | 65 | — | 1,958 | 558 | 4,213 | — | — | |||||
| 44 | Of which equity instruments | 277,463 | 70,662 | 17,302 | 15,506 | 96 | 255 | 1,072 | 28 | — | 58 | 744 | 11,302 | — | — |
All values are in Euros.
1Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
2Exposures in accordance with Article 7(8)(a) and (b) of the Regulation
3Represents non-assessed motor vehicle and renovation loans
4 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
700
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 1.2: Assets for the calculation of GAR Stock (CapEx KPIs)
| in m. | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Of which Taxonomy-aligned | Non-assessed<br><br>exposures | Non-assessed exposures | ||||||||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | Of which<br><br>financing non-<br><br>material<br><br>activities of<br><br>counter-<br><br>parties2 | Of which<br><br>exposures<br><br>financing<br><br>counterparties<br><br>reporting in<br><br>accordance<br><br>with Article<br><br>7(9) | Of which not<br><br>assessed<br><br>considered<br><br>non-material<br><br>by the credit<br><br>institution3 | ||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||||
| 1 | 237,227 | 178,610 | 7,605 | 7,365 | 233 | — | 7 | — | — | 5,184 | 195 | 983 | 6,867 | 6,867 | ||||||
| 2 | 237,138 | 178,520 | 7,525 | 7,285 | 233 | — | 7 | — | — | 5,104 | 195 | 983 | 6,867 | 6,867 | ||||||
| 3 | Financial undertakings | 18,721 | 4,254 | 563 | 560 | 2 | — | — | — | — | — | 48 | 113 | — | — | |||||
| 4 | Loans and advances | 18,664 | 4,247 | 563 | 560 | 2 | — | — | — | — | — | 48 | 113 | — | — | |||||
| 5 | Debt securities, including UoP | 7 | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 6 | Equity instruments | 50 | 7 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 7 | Non-financial undertakings | 12,594 | 5,813 | 1,898 | 1,660 | 231 | — | 7 | — | — | 40 | 147 | 870 | — | — | |||||
| 8 | Loans and advances | 12,578 | 5,808 | 1,897 | 1,659 | 231 | — | 7 | — | — | 40 | 147 | 869 | — | — | |||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 10 | Equity instruments | 16 | 5 | 1 | 1 | — | — | — | — | — | — | — | — | — | ||||||
| 11 | Households | 205,823 | 168,454 | 5,064 | 5,064 | — | — | 5,064 | — | — | 6,867 | 6,867 | ||||||||
| 12 | of which loans collateralized by residential immovable property | 161,589 | 161,587 | 5,064 | 5,064 | — | — | 5,064 | — | — | — | — | ||||||||
| 13 | of which building renovation loans | 2,947 | 2,947 | — | — | — | — | — | — | — | 2,947 | 2,947 | ||||||||
| 14 | of which motor vehicle loans | 3,920 | 3,920 | — | — | — | — | — | 3,920 | 3,920 | ||||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 18 | 9 | 9 | — | — | — | — | — | — | — | — | — | |||||||||
| 19 | 80 | 80 | 80 | 80 | — | — | 80 | — | — | — | ||||||||||
| 20 | 237,227 | — | — | |||||||||||||||||
| 21 | 1,195,619 | |||||||||||||||||||
| 22 | Central governments and supranational issuers | 172,597 | ||||||||||||||||||
| 23 | Central banks exposure | 171,856 | ||||||||||||||||||
| 24 | Trading book | 486,001 | ||||||||||||||||||
| 25 | Undertakings and entities not subject to CSRD | 334,982 | ||||||||||||||||||
| 26 | SMEs and undertakings (other than SMEs) not subject to CSRD<br><br>disclosure obligations | 111,248 | ||||||||||||||||||
| 27 | Loans and advances | 105,088 | ||||||||||||||||||
| 28 | of which loans collateralized by commercial immovable<br><br>property | 18,493 | ||||||||||||||||||
| 29 | of which building renovation loans | 936 | ||||||||||||||||||
| 30 | Debt securities | 3,564 | ||||||||||||||||||
| 31 | Equity instruments | 2,596 | ||||||||||||||||||
| 32 | Non-EU country counterparties not subject to CSRD disclosure<br><br>obligations | 223,734 | ||||||||||||||||||
| 33 | Loans and advances | 209,476 | ||||||||||||||||||
| 34 | Debt securities | 12,298 | ||||||||||||||||||
| 35 | Equity instruments | 1,960 | ||||||||||||||||||
| 36 | Derivatives | 938 | ||||||||||||||||||
| 37 | On demand interbank loans | 6,923 | ||||||||||||||||||
| 38 | Cash and cash-related assets | 1,381 | ||||||||||||||||||
| 39 | Other categories of assets (e.g., Goodwill, commodities etc.) | 20,942 | ||||||||||||||||||
| 40 | 1,432,846 | |||||||||||||||||||
| Off-balance sheet exposures (stock) to Undertakings subject to CSRD disclosure obligations and local governments | ||||||||||||||||||||
| 41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| 42 | 672,920 | 189,451 | 46,128 | 43,881 | 632 | 394 | 842 | 160 | — | 2,016 | 2,379 | 23,976 | — | |||||||
| 43 | Of which debt securities | 151,634 | 40,157 | 13,024 | 12,174 | 319 | 92 | 157 | 92 | — | 1,958 | 840 | 6,139 | — | — | |||||
| 44 | Of which equity instruments | 277,463 | 83,463 | 26,304 | 25,060 | 305 | 291 | 583 | 37 | — | 58 | 1,282 | 15,184 | — | — |
All values are in Euros.
1Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
2Exposures in accordance with Article 7(8)(a) and (b) of the Regulation
3Represents non-assessed motor vehicle and renovation loans
4 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
701
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 1.3: Assets for the calculation of GAR Flow (Turnover KPIs)
| in m. | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Of which Taxonomy-aligned | Non-assessed<br><br>exposures | Non-assessed exposures | ||||||||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | Of which<br><br>financing non-<br><br>material<br><br>activities of<br><br>counter-<br><br>parties2 | Of which<br><br>exposures<br><br>financing<br><br>counterparties<br><br>reporting in<br><br>accordance<br><br>with Article<br><br>7(9) | Of which not<br><br>assessed<br><br>considered<br><br>non-material<br><br>by the credit<br><br>institution3 | ||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||||
| 1 | 99,936 | 27,364 | 2,633 | 2,624 | 4 | 1 | 3 | — | — | 533 | 197 | 424 | 1,812 | 1,812 | ||||||
| 2 | 99,856 | 27,284 | 2,553 | 2,544 | 4 | 1 | 3 | — | — | 453 | 197 | 424 | 1,812 | 1,812 | ||||||
| 3 | Financial undertakings | 76,724 | 16,780 | 1,562 | 1,555 | 4 | 1 | 1 | — | — | — | 173 | 159 | — | — | |||||
| 4 | Loans and advances | 76,724 | 16,780 | 1,562 | 1,555 | 4 | 1 | 1 | — | — | — | 173 | 159 | — | — | |||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 7 | Non-financial undertakings | 5,487 | 2,314 | 538 | 536 | — | — | 2 | — | — | — | 24 | 265 | — | — | |||||
| 8 | Loans and advances | 5,470 | 2,310 | 538 | 536 | — | — | 2 | — | — | — | 24 | 265 | — | — | |||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 10 | Equity instruments | 17 | 4 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 11 | Households | 17,644 | 8,191 | 453 | 453 | — | — | 453 | — | — | 1,812 | 1,812 | ||||||||
| 12 | of which loans collateralized by residential immovable property | 6,379 | 6,379 | 453 | 453 | — | — | 453 | — | — | — | — | ||||||||
| 13 | of which building renovation loans | 202 | 202 | — | — | — | — | — | — | — | 202 | 202 | ||||||||
| 14 | of which motor vehicle loans | 1,610 | 1,610 | — | — | — | — | — | 1,610 | 1,610 | ||||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 18 | — | — | — | — | — | — | — | — | — | — | — | |||||||||
| 19 | 80 | 80 | 80 | 80 | — | — | 80 | — | — | — | ||||||||||
| 20 | 99,936 | — | — | |||||||||||||||||
| 21 | 857,823 | |||||||||||||||||||
| 22 | Central governments and supranational issuers | 46,778 | ||||||||||||||||||
| 23 | Central banks exposure | 59,106 | ||||||||||||||||||
| 24 | Trading book | 318,056 | ||||||||||||||||||
| 25 | Undertakings and entities not subject to CSRD | 370,976 | ||||||||||||||||||
| 26 | SMEs and undertakings (other than SMEs) not subject to CSRD<br><br>disclosure obligations | 67,368 | ||||||||||||||||||
| 27 | Loans and advances | 35,410 | ||||||||||||||||||
| 28 | of which loans collateralized by commercial immovable<br><br>property | 1,486 | ||||||||||||||||||
| 29 | of which building renovation loans | 51 | ||||||||||||||||||
| 30 | Debt securities | 31,815 | ||||||||||||||||||
| 31 | Equity instruments | 143 | ||||||||||||||||||
| 32 | Non-EU country counterparties not subject to CSRD disclosure<br><br>obligations | 303,609 | ||||||||||||||||||
| 33 | Loans and advances | 295,098 | ||||||||||||||||||
| 34 | Debt securities | 8,471 | ||||||||||||||||||
| 35 | Equity instruments | 39 | ||||||||||||||||||
| 36 | Derivatives | 24 | ||||||||||||||||||
| 37 | On demand interbank loans | 62,858 | ||||||||||||||||||
| 38 | Cash and cash-related assets | 25 | ||||||||||||||||||
| 39 | Other categories of assets (e.g., Goodwill, commodities etc.) | 0 | ||||||||||||||||||
| 40 | 957,759 | |||||||||||||||||||
| Off-balance sheet exposures (flow) to Undertakings subject to CSRD disclosure obligations and local governments | ||||||||||||||||||||
| 41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| 42 | 62,379 | 4,835 | 1,318 | 1,216 | 8 | 12 | 61 | 9 | — | — | 80 | 763 | — | — | ||||||
| 43 | Of which debt securities | 1,816 | 59 | 12 | 11 | 1 | — | — | — | — | — | — | 7 | — | — | |||||
| 44 | Of which equity instruments | 825 | 225 | — | — | 1 | — | 2 | — | — | — | — | 12 | — | — |
All values are in Euros.
1Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
2Exposures in accordance with Article 7(8)(a) and (b) of the Regulation
3Represents non-assessed motor vehicle and renovation loans
4 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
702
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 1.4: Assets for the calculation of GAR Flow (CapEx KPIs)
| in m. | a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Of which Taxonomy-aligned | Non-assessed<br><br>exposures | Non-assessed exposures | ||||||||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | Of which<br><br>financing non-<br><br>material<br><br>activities of<br><br>counter-<br><br>parties2 | Of which<br><br>exposures<br><br>financing<br><br>counterparties<br><br>reporting in<br><br>accordance<br><br>with Article<br><br>7(9) | Of which not<br><br>assessed<br><br>considered<br><br>non-material<br><br>by the credit<br><br>institution3 | ||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||||
| 1 | 99,936 | 29,005 | 4,020 | 3,934 | 82 | 1 | 2 | — | 1 | 533 | 268 | 958 | 1,812 | 1,812 | ||||||
| 2 | 99,856 | 28,925 | 3,940 | 3,854 | 82 | 1 | 2 | — | 1 | 453 | 268 | 958 | 1,812 | 1,812 | ||||||
| 3 | Financial undertakings | 76,724 | 17,355 | 1,846 | 1,834 | 9 | 1 | 1 | — | 1 | — | 193 | 292 | — | — | |||||
| 4 | Loans and advances | 76,724 | 17,355 | 1,846 | 1,834 | 9 | 1 | 1 | — | 1 | — | 193 | 292 | — | — | |||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 7 | Non-financial undertakings | 5,487 | 3,379 | 1,642 | 1,568 | 73 | — | 1 | — | — | — | 75 | 666 | — | — | |||||
| 8 | Loans and advances | 5,470 | 3,372 | 1,642 | 1,568 | 73 | — | 1 | — | — | — | 74 | 666 | — | — | |||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 10 | Equity instruments | 17 | 7 | — | — | — | — | — | — | — | — | — | — | — | ||||||
| 11 | Households | 17,644 | 8,191 | 453 | 453 | — | — | 453 | — | — | 1,812 | 1,812 | ||||||||
| 12 | of which loans collateralized by residential immovable property | 6,379 | 6,379 | 453 | 453 | — | — | 453 | — | — | — | — | ||||||||
| 13 | of which building renovation loans | 202 | 202 | — | — | — | — | — | — | — | 202 | 202 | ||||||||
| 14 | of which motor vehicle loans | 1,610 | 1,610 | — | — | — | — | — | 1,610 | 1,610 | ||||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | — | ||||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 18 | — | — | — | — | — | — | — | — | — | — | — | |||||||||
| 19 | 80 | 80 | 80 | 80 | — | — | 80 | — | — | — | ||||||||||
| 20 | 99,936 | — | — | |||||||||||||||||
| 21 | 857,823 | |||||||||||||||||||
| 22 | Central governments and supranational issuers | 46,778 | ||||||||||||||||||
| 23 | Central banks exposure | 59,106 | ||||||||||||||||||
| 24 | Trading book | 318,056 | ||||||||||||||||||
| 25 | Undertakings and entities not subject to CSRD | 370,976 | ||||||||||||||||||
| 26 | SMEs and undertakings (other than SMEs) not subject to CSRD<br><br>disclosure obligations | 67,368 | ||||||||||||||||||
| 27 | Loans and advances | 35,410 | ||||||||||||||||||
| 28 | of which loans collateralized by commercial immovable<br><br>property | 1,486 | ||||||||||||||||||
| 29 | of which building renovation loans | 51 | ||||||||||||||||||
| 30 | Debt securities | 31,815 | ||||||||||||||||||
| 31 | Equity instruments | 143 | ||||||||||||||||||
| 32 | Non-EU country counterparties not subject to CSRD disclosure<br><br>obligations | 303,609 | ||||||||||||||||||
| 33 | Loans and advances | 295,098 | ||||||||||||||||||
| 34 | Debt securities | 8,471 | ||||||||||||||||||
| 35 | Equity instruments | 39 | ||||||||||||||||||
| 36 | Derivatives | 24 | ||||||||||||||||||
| 37 | On demand interbank loans | 62,858 | ||||||||||||||||||
| 38 | Cash and cash-related assets | 25 | ||||||||||||||||||
| 39 | Other categories of assets (e.g., Goodwill, commodities etc.) | 0 | ||||||||||||||||||
| 40 | 957,759 | |||||||||||||||||||
| Off-balance sheet exposures (flow) to Undertakings subject to CSRD disclosure obligations and local governments | ||||||||||||||||||||
| 41 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||
| 42 | 62,379 | 5,626 | 2,067 | 1,956 | 42 | 14 | 33 | 14 | — | — | 154 | 1,025 | — | — | ||||||
| 43 | Of which debt securities | 1,816 | 63 | 24 | 23 | 1 | — | — | — | — | 2 | 1 | 14 | — | — | |||||
| 44 | Of which equity instruments | 825 | 92 | 22 | 21 | — | — | 1 | — | — | — | 9 | 62 | — | — |
All values are in Euros.
1Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
2Exposures in accordance with Article 7(8)(a) and (b) of the Regulation
3Represents non-assessed motor vehicle and renovation loans
4 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
703
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 2.1: GAR sector information (Turnover KPIs)
| a | b | c | d | e | f | g | h | i | j | |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||
| Breakdown by sector - NACE 4 digits level (code and label)<br><br>(in €m.) | Total [Gross]<br><br>carrying amount | Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Climate Change<br><br>Mitigation<br><br>(CCM) | Climate Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources (WTR) | Circular<br><br>economy (CE) | Pollution (PPC) | Biodiversity and<br><br>Ecosystems<br><br>(BIO) | |
| 1 | C27.90: Manufacture of other electrical equipment n.e.c. | 1,072 | 604 | 26 | 25 | — | — | 1 | — | — |
| 2 | C29.10: Manufacture of motor vehicles | 887 | 757 | 76 | 76 | — | — | — | — | — |
| 3 | L68.20: Renting and operating of own or leased real estate | 473 | 168 | 57 | 57 | — | — | — | — | — |
| 4 | G47.11: Retail sale in non-specialized stores with food,<br><br>beverages and tobacco predominating | 445 | — | — | — | — | — | — | — | — |
| 5 | H53.10: Postal activities under universal service obligation | 387 | 74 | 15 | 15 | — | — | — | — | — |
| 6 | C28.99: Manufacture of other special-purpose machinery<br><br>n.e.c. | 351 | 15 | 6 | 6 | — | — | — | — | — |
| 7 | K65.20: Reinsurance | 334 | 10 | 10 | 10 | — | — | — | — | — |
| 8 | H51.10: Passenger air transport | 308 | 269 | 11 | 11 | — | — | — | — | — |
| 9 | J61.90: Other telecommunication activities | 276 | 17 | 1 | — | — | — | 1 | — | — |
| 10 | H52.23: Service activities identical to airport transportation | 227 | 82 | 14 | 14 | — | — | — | — | — |
| 11 | Nuclear activities1 | 6,137 | 4 | 4 | ||||||
| 12 | Fossil gas activities2 | 9,044 | 77 | 1 | ||||||
| 13 | Of which non-assessed exposures |
1 Referred to in Sections 4.26, 4,27, and 4.28 of Annexes I and II to Delegated Regulation 2021/2139
2 Referred to in Sections 4.29, 4,30, and 4.31 of Annexes I and II to Delegated Regulation 2021/2139
704
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 2.2: GAR sector information (CapEx KPIs)
| a | b | c | d | e | f | g | h | i | j | |
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||
| Breakdown by sector - NACE 4 digits level (code and label)<br><br>(in €m.) | Total [Gross]<br><br>carrying amount | Of which<br><br>Taxonomy-<br><br>eligible | Of which<br><br>Taxonomy-<br><br>aligned | Climate Change<br><br>Mitigation<br><br>(CCM) | Climate Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources (WTR) | Circular<br><br>economy (CE) | Pollution (PPC) | Biodiversity and<br><br>Ecosystems<br><br>(BIO) | |
| 1 | C27.90: Manufacture of other electrical equipment n.e.c. | 1,072 | 726 | 36 | 36 | — | — | — | — | — |
| 2 | C29.10: Manufacture of motor vehicles | 887 | 779 | 222 | 222 | — | — | — | — | — |
| 3 | L68.20: Renting and operating of own or leased real estate | 473 | 250 | 118 | 93 | 25 | — | — | — | — |
| 4 | G47.11: Retail sale in non-specialized stores with food,<br><br>beverages and tobacco predominating | 445 | 64 | 7 | 7 | — | — | 1 | — | — |
| 5 | H53.10: Postal activities under universal service obligation | 387 | 63 | 23 | 23 | — | — | — | — | — |
| 6 | C28.99: Manufacture of other special-purpose machinery<br><br>n.e.c. | 351 | 150 | 11 | 11 | — | — | — | — | — |
| 7 | K65.20: Reinsurance | 334 | 12 | 12 | 12 | — | — | — | — | — |
| 8 | H51.10: Passenger air transport | 308 | 273 | 21 | 21 | — | — | — | — | — |
| 9 | C11.05:Manufacture of beer | 307 | 21 | 2 | 2 | — | — | — | — | — |
| 10 | J61.90: Other telecommunication activities | 276 | 46 | 2 | 1 | — | — | 1 | — | — |
| 11 | Nuclear activities1 | 5,798 | 10 | 9 | ||||||
| 12 | Fossil gas activities2 | 7,378 | 131 | 6 | ||||||
| 13 | Of which non-assessed exposures |
1 Referred to in Sections 4.26, 4,27, and 4.28 of Annexes I and II to Delegated Regulation 2021/2139
2 Referred to in Sections 4.29, 4,30, and 4.31 of Annexes I and II to Delegated Regulation 2021/2139
705
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 3.1: GAR KPI stock (Turnover KPIs)
| % (compared to corresponding total covered assets in<br><br>the denominator) | a | b | c | d | e | f | g | h | i | j | k | l | m | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Proportion<br><br>of<br><br>Taxonomy<br><br>aligned in<br><br>Taxonomy<br><br>eligible | Non-<br><br>assessed<br><br>exposures1 | ||||||||||||||
| Breakdown per environmental objective | Of which<br><br>Use of<br><br>Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | |||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy<br><br>(CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||
| 1 | GAR - Covered assets in both numerator<br><br>and denominator | 74.4 | 2.7 | 2.7 | — | — | — | — | — | 2.2 | 0.1 | 0.2 | 3.7 | 2.9 | ||||
| 2 | Loans and advances, debt securities and<br><br>equity instruments not HfT eligible for<br><br>GAR calculation | 74.4 | 2.7 | 2.7 | — | — | — | — | — | 2.2 | 0.1 | 0.2 | 3.6 | 2.9 | ||||
| 3 | Financial undertakings | 1.7 | 0.2 | 0.2 | — | — | — | — | — | — | — | — | 0.3 | — | ||||
| 4 | Loans and advances | 1.7 | 0.2 | 0.2 | — | — | — | — | — | — | — | — | 0.3 | — | ||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 7 | Non-financial undertakings | 1.7 | 0.4 | 0.4 | — | — | — | — | — | — | — | 0.2 | 0.5 | — | ||||
| 8 | Loans and advances | 1.7 | 0.4 | 0.4 | — | — | — | — | — | — | — | 0.2 | 0.5 | — | ||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 10 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 11 | Households | 71.0 | 2.1 | 2.1 | — | — | 2.1 | — | — | 2.9 | 2.9 | |||||||
| 12 | of which loans collateralized by<br><br>residential immovable property | 68.1 | 2.1 | 2.1 | — | — | 2.1 | — | — | 2.9 | — | |||||||
| 13 | of which building renovation loans | 1.2 | — | — | — | — | — | — | — | — | 1.2 | |||||||
| 14 | of which motor vehicle loans | 1.7 | — | — | — | — | — | — | 1.7 | |||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | |||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 18 | Collateral obtained by taking possession:<br><br>residential and commercial immovable<br><br>properties | — | — | — | — | — | — | — | — | — | — | |||||||
| 19 | Exposures included on a<br><br>voluntary basis2 | — | — | — | — | — | — | — | — | — | ||||||||
| 20 | GAR - Total GAR assets |
1 Represents non-assessed motor vehicle and renovation loans
2 Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
706
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 3.2: GAR KPI stock (CapEx KPIs)
| % (compared to corresponding total covered assets in<br><br>the denominator) | a | b | c | d | e | f | g | h | i | j | k | l | m | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Proportion<br><br>of<br><br>Taxonomy<br><br>aligned in<br><br>Taxonomy<br><br>eligible | Non-<br><br>assessed<br><br>exposures1 | ||||||||||||||
| Breakdown per environmental objective | Of which<br><br>Use of<br><br>Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | |||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy<br><br>(CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||
| 1 | GAR - Covered assets in both numerator<br><br>and denominator | 75.3 | 3.2 | 3.1 | 0.1 | — | — | — | — | 2.2 | 0.1 | 0.4 | 4.3 | 2.9 | ||||
| 2 | Loans and advances, debt securities and<br><br>equity instruments not HfT eligible for<br><br>GAR calculation | 75.3 | 3.2 | 3.1 | 0.1 | — | — | — | — | 2.2 | 0.1 | 0.4 | 4.2 | 2.9 | ||||
| 3 | Financial undertakings | 1.8 | 0.2 | 0.2 | — | — | — | — | — | — | — | — | 0.3 | — | ||||
| 4 | Loans and advances | 1.8 | 0.2 | 0.2 | — | — | — | — | — | — | — | — | 0.3 | — | ||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 7 | Non-financial undertakings | 2.5 | 0.8 | 0.7 | 0.1 | — | — | — | — | — | 0.1 | 0.4 | 1.1 | — | ||||
| 8 | Loans and advances | 2.4 | 0.8 | 0.7 | 0.1 | — | — | — | — | — | 0.1 | 0.4 | 1.1 | — | ||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 10 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 11 | Households | 71.0 | 2.1 | 2.1 | — | — | 2.1 | — | — | 2.8 | 2.9 | |||||||
| 12 | of which loans collateralized by<br><br>residential immovable property | 68.1 | 2.1 | 2.1 | — | — | 2.1 | — | — | 2.8 | — | |||||||
| 13 | of which building renovation loans | 1.2 | — | — | — | — | — | — | — | — | 1.2 | |||||||
| 14 | of which motor vehicle loans | 1.7 | — | — | — | — | — | — | 1.7 | |||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | |||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 18 | Collateral obtained by taking possession:<br><br>residential and commercial immovable<br><br>properties | — | — | — | — | — | — | — | — | — | — | |||||||
| 19 | Exposures included on a<br><br>voluntary basis2 | — | — | — | — | — | — | — | — | — | ||||||||
| 20 | GAR - Total GAR assets |
1 Represents non-assessed motor vehicle and renovation loans
2 Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
707
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 4.1: GAR KPI flow (Turnover KPIs)
| % (compared to corresponding total covered assets in<br><br>the denominator) | a | b | c | d | e | f | g | h | i | j | k | l | m | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Proportion<br><br>of<br><br>Taxonomy<br><br>aligned in<br><br>Taxonomy<br><br>eligible | Non-<br><br>assessed<br><br>exposures1 | ||||||||||||||
| Breakdown per environmental objective | Of which<br><br>Use of<br><br>Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | |||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy<br><br>(CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||
| 1 | GAR - Covered assets in both numerator<br><br>and denominator | 27.4 | 2.6 | 2.6 | — | — | — | — | — | 0.5 | 0.2 | 0.4 | 9.6 | 1.8 | ||||
| 2 | Loans and advances, debt securities and<br><br>equity instruments not HfT eligible for<br><br>GAR calculation | 27.3 | 2.6 | 2.5 | — | — | — | — | — | 0.5 | 0.2 | 0.4 | 9.3 | 1.8 | ||||
| 3 | Financial undertakings | 16.8 | 1.6 | 1.6 | — | — | — | — | — | — | 0.2 | 0.2 | 5.7 | — | ||||
| 4 | Loans and advances | 16.8 | 1.6 | 1.6 | — | — | — | — | — | — | 0.2 | 0.2 | 5.7 | — | ||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 7 | Non-financial undertakings | 2.3 | 0.5 | 0.5 | — | — | — | — | — | — | — | 0.3 | 2.0 | — | ||||
| 8 | Loans and advances | 2.3 | 0.5 | 0.5 | — | — | — | — | — | — | — | 0.3 | 2.0 | — | ||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 10 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 11 | Households | 8.2 | 0.5 | 0.5 | — | — | 0.5 | — | — | 1.7 | 1.8 | |||||||
| 12 | of which loans collateralized by<br><br>residential immovable property | 6.4 | 0.5 | 0.5 | — | — | 0.5 | — | — | 1.7 | — | |||||||
| 13 | of which building renovation loans | 0.2 | — | — | — | — | — | — | — | — | 0.2 | |||||||
| 14 | of which motor vehicle loans | 1.6 | — | — | — | — | — | — | 1.6 | |||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | |||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 18 | Collateral obtained by taking possession:<br><br>residential and commercial immovable<br><br>properties | — | — | — | — | — | — | — | — | — | — | |||||||
| 19 | Exposures included on a<br><br>voluntary basis2 | 0.1 | 0.1 | 0.1 | — | — | 0.1 | — | — | 0.3 | ||||||||
| 20 | GAR - Total GAR assets |
1 Represents non-assessed motor vehicle and renovation loans
2 Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
708
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 4.2: GAR KPI flow (CapEx KPIs)
| % (compared to corresponding total covered assets in<br><br>the denominator) | a | b | c | d | e | f | g | h | i | j | k | l | m | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | ||||||||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Proportion<br><br>of<br><br>Taxonomy<br><br>aligned in<br><br>Taxonomy<br><br>eligible | Non-<br><br>assessed<br><br>exposures1 | ||||||||||||||
| Breakdown per environmental objective | Of which<br><br>Use of<br><br>Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | |||||||||||||||
| Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy<br><br>(CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||||||||
| 1 | GAR - Covered assets in both numerator<br><br>and denominator | 29.0 | 4.0 | 3.9 | 0.1 | — | — | — | — | 0.5 | 0.3 | 1.0 | 13.9 | 1.8 | ||||
| 2 | Loans and advances, debt securities and<br><br>equity instruments not HfT eligible for<br><br>GAR calculation | 28.9 | 3.9 | 3.9 | 0.1 | — | — | — | — | 0.5 | 0.3 | 1.0 | 13.6 | 1.8 | ||||
| 3 | Financial undertakings | 17.4 | 1.8 | 1.8 | — | — | — | — | — | — | 0.2 | 0.3 | 6.4 | — | ||||
| 4 | Loans and advances | 17.4 | 1.8 | 1.8 | — | — | — | — | — | — | 0.2 | 0.3 | 6.4 | — | ||||
| 5 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 6 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 7 | Non-financial undertakings | 3.4 | 1.6 | 1.6 | 0.1 | — | — | — | — | — | 0.1 | 0.7 | 5.7 | — | ||||
| 8 | Loans and advances | 3.4 | 1.6 | 1.6 | 0.1 | — | — | — | — | — | 0.1 | 0.7 | 5.7 | — | ||||
| 9 | Debt securities, including UoP | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 10 | Equity instruments | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| 11 | Households | 8.2 | 0.5 | 0.5 | — | — | 0.5 | — | — | 1.6 | 1.8 | |||||||
| 12 | of which loans collateralized by<br><br>residential immovable property | 6.4 | 0.5 | 0.5 | — | — | 0.5 | — | — | 1.6 | — | |||||||
| 13 | of which building renovation loans | 0.2 | — | — | — | — | — | — | — | — | 0.2 | |||||||
| 14 | of which motor vehicle loans | 1.6 | — | — | — | — | — | — | 1.6 | |||||||||
| 15 | Local governments financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 16 | Housing financing | — | — | — | — | — | — | — | — | — | — | |||||||
| 17 | Other local government financing | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
| 18 | Collateral obtained by taking possession:<br><br>residential and commercial immovable<br><br>properties | — | — | — | — | — | — | — | — | — | — | |||||||
| 19 | Exposures included on a<br><br>voluntary basis2 | 0.1 | 0.1 | 0.1 | — | — | 0.1 | — | — | 0.3 | ||||||||
| 20 | GAR - Total GAR assets |
1 Represents non-assessed motor vehicle and renovation loans
2 Voluntary exposures comprise of known Use of Proceed exposures with non-CSRD-relevant clients
709
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 5.1: KPI off-balance sheet exposures (Turnover KPIs stock)
| a | b | c | d | e | f | g | h | i | j | k | l | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | |||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Non-assessed<br><br>exposures | ||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | ||||||||||
| % (compared to corresponding total off-<br><br>balance sheet assets) | Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||
| 1 | Financial guarantees (FinGuar KPI)1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2 | Assets under Management (AuM KPI) | 25.2 | 4.7 | 4.3 | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.3 | 0.2 | 2.6 | 0.0 |
1 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
Table 5.2: KPI off-balance sheet exposures (CapEx KPIs stock)
| a | b | c | d | e | f | g | h | i | j | k | l | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | |||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Non-assessed<br><br>exposures | ||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | ||||||||||
| % (compared to corresponding total off-<br><br>balance sheet assets | Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||
| 1 | Financial guarantees (FinGuar KPI)1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2 | Assets under Management (AuM KPI) | 28.2 | 6.9 | 6.5 | 0.1 | 0.1 | 0.1 | 0.0 | 0.0 | 0.3 | 0.4 | 3.6 | 0.0 |
1 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
710
| Deutsche Bank | Tabular disclosures in accordance with Article 8 of the Taxonomy Regulation |
|---|---|
| Annual Report 2025 |
Table 5.3: KPI off-balance sheet exposures (Turnover KPIs flow)
| a | b | c | d | e | f | g | h | i | j | k | l | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | |||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Non-assessed<br><br>exposures | ||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | ||||||||||
| % (compared to corresponding total off<br><br>balance sheet assets) | Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||
| 1 | Financial guarantees (FinGuar KPI)1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2 | Assets under Management (AuM KPI) | 7.8 | 2.1 | 2.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 1.2 | 0.0 |
1 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
Table 5.4: KPI off-balance sheet exposures (CapEx KPIs flow)
| a | b | c | d | e | f | g | h | i | j | k | l | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | |||||||||||||
| Taxonomy-<br><br>eligible | Taxonomy-<br><br>aligned | Taxonomy-aligned | Non-assessed<br><br>exposures | ||||||||||
| Breakdown per environmental objective | Of which Use<br><br>of Proceeds | Of which<br><br>transitional | Of which<br><br>enabling | ||||||||||
| % (compared to corresponding total off-<br><br>balance sheet assets | Climate<br><br>Change<br><br>Mitigation<br><br>(CCM) | Climate<br><br>Change<br><br>Adaptation<br><br>(CCA) | Water and<br><br>marine<br><br>resources<br><br>(WTR) | Circular<br><br>economy (CE) | Pollution<br><br>(PPC) | Biodiversity<br><br>and<br><br>Ecosystems<br><br>(BIO) | |||||||
| 1 | Financial guarantees (FinGuar KPI)1 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2 | Assets under Management (AuM KPI) | 9.0 | 3.3 | 3.1 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.2 | 1.6 | 0.0 |
1 Reported as N/A in line with the EU Commission’s 4 July 2025 FAQ, as the KPI represents less than 10% of total net revenue
| 6 | |||
|---|---|---|---|
| Supplementary Information<br><br>(Unaudited) | 712 | Wording conventions for trend descriptions | |
| --- | --- | ||
| 713 | Non-GAAP financial measures | ||
| 721 | Declaration of Backing | ||
| 722 | Group Five-Year Record | ||
| 723 | Imprint/Publications |
712
| Deutsche Bank | Wording conventions for trend descriptions |
|---|---|
| Annual Report 2025 |
Wording conventions for trend descriptions
Deutsche Bank has revised its wording conventions used to describe trends in the outlook.
The new conventions represent a refinement designed to enhance the clarity of narrative trend descriptions regarding
direction and intensity of changes. It does not reflect any change to the Group’s 2028 financial targets, strategic
ambitions, capital objectives or the substance of the underlying outlook.
Starting with the guidance provided in this report, the revised ranges underpinning its wording conventions will be
applied on a prospective basis only and will not extend to any guidance or disclosures relating to prior periods or to other
sections of this report.
Illustrated below are the ranges for the different wording conventions:
| Guidance range | |
|---|---|
| Essentially flat | +/- 1% |
| Slightly higher/lower | +/- 2-5% |
| Higher/lower | +/- 6-10% |
| Significantly higher/lower | >+10% / <-10% |
713
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Return on Equity Ratios |
Non-GAAP financial measures
This document and other documents the Group has published or may publish contain Non-GAAP financial measures.
Non-GAAP financial measures are measures of the Group’s 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 the Group’s financial
statements.
Return on Equity Ratios
The Group reports post-tax return on average tangible shareholders’ equity, which is a non-GAAP financial measure, and
reconciles to post-tax return on average shareholders’ equity.
Post-tax return on average shareholders’ equity and post-tax return on average tangible shareholders' equity are
calculated as profit (loss) attributable to Deutsche Bank shareholders after deducting profit (loss) attributable to
noncontrolling interests and after profit (loss) attributable to additional equity components (AT1 coupon) as a
percentage of average shareholders’ equity and average tangible shareholders' equity. For the Group, the allocation
reflects the reported effective tax rate, which was 27% for the full year 2025, 34% for 2024 and 14% for 2023. Profit (loss)
attributable to Deutsche Bank shareholders after AT1 coupon for the segments is defined as profit (loss) excluding profit
(loss) attributable to noncontrolling interests and after AT1 coupons, the latter being allocated to segments based on
their allocated average tangible shareholders’ equity. For the segments, the applied tax rate was 28% for all report
periods in 2025, 2024 and 2023.
The Group’s tangible shareholders' equity is shareholders’ equity as reported in the Consolidated Balance Sheet
excluding goodwill and other intangible assets. Tangible shareholders’ equity for the segments is calculated by
deducting goodwill and other intangible assets from shareholders’ equity as allocated to the segments. The ratios are
then calculated as a percentage of profit (loss) attributable to shareholders by the average shareholders’ equity and
average tangible shareholders' equity, respectively.
The Group believes that a presentation of average tangible shareholders’ equity makes comparisons to its competitors
easier and refers to this measure in the return on tangible equity ratio presented by the Group. However, average
tangible shareholders’ equity is not a measure provided for in IFRS and ratios based on this measure should not be
compared to other companies’ ratios without considering differences in the calculations.
The reconciliation of the aforementioned ratios is set forth in the table below:
| 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total |
| Profit (loss) before tax | 2,603 | 4,022 | 2,348 | 983 | (226) | 9,731 |
| Profit (loss) | 1,874 | 2,896 | 1,691 | 708 | (30) | 7,139 |
| Profit (loss) attributable to<br><br>noncontrolling interests | — | — | — | — | 208 | 208 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders and additional equity<br><br>components | 1,874 | 2,896 | 1,691 | 708 | (237) | 6,931 |
| Profit (loss) attributable to additional<br><br>equity components1 | 154 | 315 | 196 | 33 | 112 | 809 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders | 1,720 | 2,581 | 1,495 | 675 | (349) | 6,122 |
| Average allocated shareholders' equity2 | 12,199 | 23,967 | 14,763 | 5,218 | 9,952 | 66,098 |
| Deduct: Average allocated goodwill and<br><br>other intangible assets2,3 | 968 | 852 | 462 | 2,896 | 1,657 | 6,835 |
| Average allocated tangible shareholders'<br><br>equity2 | 11,230 | 23,115 | 14,301 | 2,323 | 8,295 | 59,263 |
| Post-tax return on average shareholders’<br><br>equity2,4 | 14.1% | 10.8% | 10.1% | 12.9% | N/M | 9.3% |
| Post-tax return on average tangible<br><br>shareholders’ equity2 | 15.3% | 11.2% | 10.5% | 29.1% | N/M | 10.3% |
N/M – Not meaningful
1Represents the estimated coupons to be paid to the AT1 instruments at the next payment date, as of the respective reporting period
2 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information please refer to section “Note 04 - Business segments and
related information” of this report
714
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Return on Equity Ratios |
3Goodwill and other intangible assets related to the non-controlling interests in DWS are excluded
4 Profit (loss) attributable to additional equity components is deducted in the bank’s return‑on‑equity calculation. The amount represents the estimated coupons to be paid
to the AT1 instruments at the next payment date, as of the respective reporting period. The actual AT1 coupons paid in the financial year 2025 amounted to € 761 million
| 2024 | ||||||
|---|---|---|---|---|---|---|
| in € m<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total |
| Profit (loss) before tax | 2,101 | 3,344 | 1,204 | 632 | (1,989) | 5,291 |
| Profit (loss) | 1,512 | 2,407 | 867 | 455 | (1,737) | 3,505 |
| Profit (loss) attributable to<br><br>noncontrolling interests | — | — | — | — | 139 | 139 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders and additional equity<br><br>components | 1,512 | 2,407 | 867 | 455 | (1,876) | 3,366 |
| Profit (loss) attributable to additional<br><br>equity components1 | 125 | 263 | 159 | 27 | 93 | 668 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders | 1,388 | 2,144 | 708 | 428 | (1,969) | 2,698 |
| Average allocated shareholders' equity2 | 11,681 | 23,631 | 13,995 | 5,329 | 10,127 | 64,763 |
| Deduct: Average allocated goodwill and<br><br>other intangible assets2,3 | 776 | 804 | 101 | 2,957 | 2,112 | 6,750 |
| Average allocated tangible shareholders'<br><br>equity2 | 10,905 | 22,827 | 13,894 | 2,372 | 8,015 | 58,013 |
| Post-tax return on average shareholders’<br><br>equity2,4 | 11.9% | 9.1% | 5.1% | 8.0% | N/M | 4.2% |
| Post-tax return on average tangible<br><br>shareholders’ equity2 | 12.7% | 9.4% | 5.1% | 18.0% | N/M | 4.7% |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1Represents the estimated coupons to be paid to the AT1 instruments at the next payment date, as of the respective reporting period
2 Starting from the first quarter of 2024, the equity allocation framework has been updated. For more information please refer to section “Note 04 - Business segments and
related information” of this report
3Goodwill and other intangible assets related to the non-controlling interests in DWS are excluded
4 Profit (loss) attributable to additional equity components is deducted in the bank’s return‑on‑equity calculation. The amount represents the estimated coupons to be paid
to the AT1 instruments at the next payment date, as of the respective reporting period. The actual AT1 coupons paid in the financial year 2024 amounted to € 574 million
| 2023 | ||||||
|---|---|---|---|---|---|---|
| in € m<br><br>(unless stated otherwise) | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total |
| Profit (loss) before tax | 2,828 | 1,880 | 1,032 | 396 | (459) | 5,678 |
| Profit (loss) | 2,036 | 1,354 | 743 | 285 | 473 | 4,892 |
| Profit (loss) attributable to<br><br>noncontrolling interests | — | — | — | — | 119 | 119 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders and additional equity<br><br>components | 2,036 | 1,354 | 743 | 285 | 353 | 4,772 |
| Profit (loss) attributable to additional<br><br>equity components1 | 107 | 226 | 123 | 22 | 83 | 560 |
| Profit (loss) attributable to Deutsche<br><br>Bank shareholders | 1,930 | 1,128 | 620 | 264 | 271 | 4,212 |
| Average allocated shareholders' equity | 11,280 | 22,953 | 13,681 | 5,103 | 9,994 | 63,011 |
| Deduct: Average allocated goodwill and<br><br>other intangible assets2 | 849 | 835 | 789 | 2,944 | 1,017 | 6,434 |
| Average allocated tangible shareholders'<br><br>equity | 10,431 | 22,118 | 12,892 | 2,159 | 8,976 | 56,577 |
| Post-tax return on average shareholders’<br><br>equity3 | 17.1% | 4.9% | 4.5% | 5.2% | N/M | 6.7% |
| Post-tax return on average tangible<br><br>shareholders’ equity | 18.5% | 5.1% | 4.8% | 12.2% | N/M | 7.4% |
N/M – Not meaningful
Prior year’s comparatives aligned to presentation in the current year
1 Represents the estimated coupons to be paid to the AT1 instruments at the next payment date, as of the respective reporting period
2 Goodwill and other intangible assets related to the non-controlling interests in DWS are excluded
3 Profit (loss) attributable to additional equity components is deducted in the bank’s return‑on‑equity calculation. The amount represents the estimated coupons to be paid
to the AT1 instruments at the next payment date, as of the respective reporting period. The actual AT1 coupons paid in the financial year 2023 amounted to € 498 million
715
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Net interest income in the key banking book segments |
Net interest income in the key banking book segments
Deutsche Bank applies a prudent approach to modelling and managing interest rate risk in its banking book. The bank’s
objective is to limit the sensitivity of net interest income and to stabilize net interest margins arising from fixed-rate,
non‑maturity balance sheet items. Consistent with industry practice, Deutsche Bank models its deposit portfolios based
on behavioral stability and rate sensitivity. Deposits with no assumed rate sensitivity are considered stable and are
assumed not to reprice materially, even in the event of significant changes in market interest rates. These deposits
therefore represent a source of interest rate risk.
If such rate‑insensitive deposits were invested solely in short‑term instruments, net interest income would become highly
sensitive to short‑term interest rate movements, resulting in considerable volatility. To protect the net interest income of
rate‑insensitive deposits, Deutsche Bank undertakes interest rate hedging by investing these deposits over a
medium‑term horizon, predominantly through structures with a typical 10‑year tractor profile. As a result, the net
interest income of these deposits is primarily sensitive to the reinvestment of the hedge portfolio, representing
approximately 10% of the total portfolio that is exposed to movements in 10‑year rates.
The bank’s deposit net interest income hedge is a rolling mid‑term portfolio that provides protection through the interest
rate cycle. The hedge duration is continuously monitored and adjusted according to Deutsche Banks’ modelling
framework, including assumptions on client behavior as well as local and regulatory requirements. Deutsche Bank uses a
range of strategies and balance sheet measures to implement this approach.
‘Net interest income in the key banking book segments’ is a non‑GAAP financial measure. The most directly comparable
IFRS measure is ‘Net interest income’. Key banking book segments are defined as those business segments in which net
interest income from banking book activities constitutes a material share of overall revenue. Net interest income in these
segments is calculated as the Group’s total net interest income, excluding other funding‑related effects (such as
centrally managed funding costs) and impacts arising from accounting asymmetries between the Group’s trading book
and associated hedging activities. The Group considers this presentation to provide a more meaningful reflection of the
net interest income generated by its operating businesses.
Accounting asymmetry in the recognition of the Group’s trading book and related hedging activities primarily arise when
funding costs related to trading book positions are reported within net interest income, while the corresponding
revenues on the underlying positions are recognized in noninterest income. Conversely, asymmetries can result when
fair‑valued instruments are used to hedge positions in the key banking book segments: the income or expense of the
hedged item is recorded as interest income, while the hedge result is recorded within noninterest income. These effects
mainly occur in the Investment Bank (excluding FIC Financing), Asset Management and Corporate & Other, including
Treasury, other than held in the key banking book segments.
The following table provides a reconciliation of the Group’s net interest income to the net interest income in the key
banking book segments:
716
| Deutsche Bank | Non-GAAP financial measures | ||
|---|---|---|---|
| Annual Report 2025 | Net interest income in the key banking book segments | ||
| in € m (unless stated otherwise) | 2025 | 2024 | 2023 |
| --- | --- | --- | --- |
| Group | |||
| Net interest income | 15,691 | 13,065 | 13,602 |
| Key banking book segments and other funding effects1 | 13,337 | 13,218 | 13,258 |
| Key banking book segments | 13,670 | 13,433 | 13,995 |
| Other funding effects1 | (333) | (216) | (737) |
| Accounting asymmetry driven2 | 2,355 | (152) | 344 |
| Average interest earning assets3 (in € bn) | 1,036 | 996 | 971 |
| Net interest margin4 | 1.5% | 1.3% | 1.4% |
| Key banking book segments | |||
| Corporate Bank | |||
| Net interest income | 4,567 | 4,987 | 5,241 |
| Average interest earning assets3 (in € bn) | 130 | 126 | 124 |
| Net interest margin4 | 3.5% | 4.0% | 4.2% |
| Investment Bank Fixed Income and Currencies: Financing | |||
| Net interest income | 2,933 | 2,661 | 2,599 |
| Average interest earning assets3 (in € bn) | 105 | 96 | 92 |
| Net interest margin4 | 2.8% | 2.8% | 2.8% |
| Private Bank | |||
| Net interest income | 6,169 | 5,786 | 6,156 |
| Average interest earning assets3 (in € bn) | 253 | 262 | 264 |
| Net interest margin4 | 2.4% | 2.2% | 2.3% |
| Total Key banking book segments | |||
| Net interest income | 13,670 | 13,433 | 13,995 |
| Average interest earning assets3 (in € bn) | 488 | 484 | 480 |
| Net interest margin4 | 2.8% | 2.8% | 2.9% |
1Other funding effects represents banking book net interest income arising primarily from Treasury funding activities that are not allocated to the key banking book
segments but are allocated to other segments or held centrally in Corporate & Other
2Accounting asymmetry in the recognition of the Group’s trading book and related hedging activities primarily arises from funding costs associated with trading book
positions where the funding cost is reported in net interest income but is offset by revenues on the underlying positions recorded in noninterest income. Conversely, it
can also arise from the use of fair valued instruments to hedge key banking book segments positions where the cost or income of the underlying position is recorded as
interest income, but the hedge impact is recorded as a noninterest income. These effects from trading book and related hedge activities primarily occur in the Investment
Bank (ex FIC Financing), Asset Management and Corporate & Other including Treasury other than held in the key banking book segments
3Interest earning assets are financial instruments or investments that generate interest income in the form of interest payments. Interest earnings assets are averaged on a
monthly basis and across quarters and for the full year
4For the Group and the segments, net interest income (before provision for credit losses) as a percentage of average total interest earnings assets. Net interest margins per
segment are based on their contribution to the Group results
717
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Adjusted costs/nonoperating costs |
Adjusted costs/nonoperating costs
Adjusted costs is one of the Group’s key performance indicators and is a Non-GAAP financial measure for which the most
directly comparable IFRS financial measure is noninterest expenses. Adjusted costs is calculated by deducting (i)
impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance (in total
referred to as nonoperating costs) from noninterest expenses under IFRS. The Group believes that a presentation of
noninterest expenses excluding the impact of these items provides a more meaningful depiction of the costs associated
with the operating businesses.
| 2025 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>consolidated | ||||||||
| Noninterest expenses | 4,603 | 6,675 | 6,738 | 1,823 | 819 | 20,658 | ||||||||
| Nonoperating costs | ||||||||||||||
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — | ||||||||
| Litigation charges, net | (9) | 65 | 29 | 6 | 88 | 179 | ||||||||
| Restructuring and severance | 29 | 48 | 78 | 19 | 8 | 183 | ||||||||
| Total nonoperating costs | 21 | 113 | 107 | 25 | 96 | 362 | ||||||||
| Adjusted costs | 4,582 | 6,563 | 6,631 | 1,798 | 724 | 20,297 | 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| in € m | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>consolidated | ||||||||
| Noninterest expenses | 5,058 | 6,660 | 7,331 | 1,823 | 2,100 | 22,971 | ||||||||
| Nonoperating costs | ||||||||||||||
| Impairment of goodwill and other<br><br>intangible assets | — | — | — | — | — | — | ||||||||
| Litigation charges, net | 376 | 126 | 28 | 13 | 1,491 | 2,035 | ||||||||
| Restructuring and severance | 103 | 101 | 301 | 24 | 1 | 529 | ||||||||
| Total nonoperating costs | 479 | 227 | 330 | 37 | 1,491 | 2,564 | ||||||||
| Adjusted costs | 4,579 | 6,433 | 7,001 | 1,786 | 608 | 20,407 |
Prior year’s comparatives aligned to presentation in the current year
| 2023 | ||||||
|---|---|---|---|---|---|---|
| in € m | Corporate<br><br>Bank | Investment<br><br>Bank | Private<br><br>Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total<br><br>consolidated |
| Noninterest expenses | 4,623 | 6,846 | 7,755 | 1,825 | 647 | 21,695 |
| Nonoperating costs | ||||||
| Impairment of goodwill and other<br><br>intangible assets | — | 233 | — | — | — | 233 |
| Litigation charges, net | 53 | 147 | 123 | 26 | (37) | 311 |
| Restructuring and severance | 76 | 87 | 346 | 34 | 23 | 566 |
| Total nonoperating costs | 129 | 468 | 468 | 59 | (14) | 1,110 |
| Adjusted costs | 4,495 | 6,378 | 7,287 | 1,765 | 661 | 20,585 |
Prior year’s comparatives aligned to presentation in the current year
718
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Net assets (adjusted) |
Revenues and costs on a currency adjusted basis
Revenues and costs on a currency-adjusted basis are calculated by translating prior-period revenues or costs that were
generated or incurred in non-euro currencies into euros at the foreign exchange rates that prevailed during the current
year period. These adjusted figures, and period-to-period percentage changes based thereon, are intended to provide
information on the development of underlying business volumes and costs.
Net assets (adjusted)
Net assets (adjusted) are defined as IFRS Total assets adjusted to reflect the recognition of legal netting agreements,
offsetting of cash collateral received and paid and offsetting pending settlements balances. The Group believes that a
presentation of net assets (adjusted) makes comparisons to its competitors easier.
| in € bn | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total assets | 1,435 | 1,387 | 1,312 |
| Deduct: Derivatives (incl. hedging derivatives) credit line netting | 181,000 | 230,000 | 196,000 |
| Deduct: Derivatives cash collateral received/paid | 60,000 | 59,000 | 56,000 |
| Deduct: Securities Financing Transactions credit line netting | 2,000 | 2,000 | 2,000 |
| Deduct: Pending settlements netting | 53,000 | 13,000 | 29,000 |
| Net assets (adjusted) | 1,139,000 | 1,083,000 | 1,029,000 |
719
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | Book Value and Tangible Book Value per Basic Share Outstanding |
Book Value and Tangible Book Value per Basic Share
Outstanding
Book value per basic share outstanding and tangible book value per basic share outstanding are Non-GAAP financial
measures that are used and relied upon by investors and industry analysts as capital adequacy metrics. Book value per
basic share outstanding represents the Bank’s total shareholders’ equity divided by the number of basic shares
outstanding at period-end. Tangible book value represents the Bank’s total shareholders’ equity less goodwill and other
intangible assets. Tangible book value per basic share outstanding is computed by dividing tangible book value by
period-end basic shares outstanding.
Tangible Book Value
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m (unless stated<br><br>otherwise) | 2025 | 2024 | 2023 | in € m. | in % | in € m. | in % |
| Total shareholders’<br><br>equity (Book value) | 66,933 | 66,276 | 64,486 | 657 | 1% | 1,790 | 3% |
| Goodwill and other<br><br>intangible assets1 | (6,843) | (6,962) | (6,573) | 119 | (2)% | (389) | 6% |
| Tangible shareholders’<br><br>equity (Tangible book<br><br>value) | 60,091 | 59,314 | 57,913 | 777 | 1% | 1,401 | 2% |
1Excludes Goodwill and other intangible assets attributable to partial sale of DWS
Basic Shares Outstanding
| 2025 increase (decrease)<br><br>from 2024 | 2024 increase (decrease)<br><br>from 2023 | ||||||
|---|---|---|---|---|---|---|---|
| in € m (unless stated<br><br>otherwise) | 2025 | 2024 | 2023 | in<br><br>€ m. | in % | in<br><br>€ m. | in % |
| Number of shares | 1,910.6 | 1,994.7 | 2,040.2 | (84.1) | (4.2) | (45.5) | (2.2) |
| Shares outstanding | |||||||
| Treasury shares | (7.7) | (49.6) | (48.2) | 41.9 | (84.5) | (1.4) | 2.9 |
| Vested share awards | 36.7 | 38.5 | 46.3 | (1.8) | (4.8) | -7.8 | (16.9) |
| Basic shares<br><br>outstanding | 1,939.5 | 1,983.6 | 2,038.4 | (44.1) | (2.2) | (54.8) | (2.7) |
| Book value per basic<br><br>share outstanding in € | 34.51 | 33.41 | 31.64 | 1.10 | 3.3 | 1.77 | 5.6 |
| Tangible book value per<br><br>basic share<br><br>outstanding in € | 30.98 | 29.90 | 28.41 | 1.08 | 3.6 | 1.49 | 5.2 |
720
| Deutsche Bank | Non-GAAP financial measures |
|---|---|
| Annual Report 2025 | CRR/CRD Regulatory measures |
CRR/CRD Regulatory measures
The Group’s regulatory assets, exposures, risk-weighted assets, capital and ratios are calculated for regulatory purposes
and are set forth throughout this document under the CRR/CRD as currently applicable.
For the comparative period year end 2021, certain figures are based on the CRR definition of own fund instruments
(applicable for Additional Tier 1 (AT1) capital and Tier 2 capital and figures based thereon, including Tier 1, Total Capital
and Leverage Ratio) are presented on a “fully loaded” basis. Such fully loaded figures are calculated excluding the
transitional arrangements for own fund instruments as provided in the respectively applicable CRR/CRD. Deutsche Bank
had immaterial amounts of such instruments outstanding at year end 2022 and 2023. Measures calculated pursuant to
the Group’s fully loaded methodology are non-GAAP financial measures.
Starting with the third quarter 2024, until the discontinuation in the fourth quarter 2025, Deutsche Bank had adopted
the temporary treatment of unrealized gains and losses measured at fair value through OCI in accordance with Article
468 CRR. The impact of this implementation is presented in the section “Key risk metrics”.
721
| Deutsche Bank | Declaration of Backing |
|---|---|
| Annual Report 2025 | |
| Declaration of Backing | |
| --- | --- |
| Deutsche Bank AG ensures, except in the case of political risk, that the following subsidiaries are able to meet their<br><br>contractual liabilities: | |
| D B Investments (GB) Limited, London | Deutsche Holdings (Grand Duchy), Luxembourg |
| DB International (Asia) Limited, Singapore | Deutsche Immobilien Leasing GmbH, Düsseldorf |
| Deutsche Australia Limited, Sydney | |
| DEUTSCHE BANK A.Ş., Istanbul | Deutsche Securities, S.A. de C.V., Casa de Bolsa, Mexico |
| Deutsche Bank Americas Holding Corp., Wilmington | Deutsche Securities Inc., Tokyo |
| Deutsche Bank (China) Co., Ltd., Beijing | Deutsche Securities Asia Limited, Hong Kong |
| Deutsche Bank Europe GmbH, Frankfurt am Main | Deutsche Securities Saudi Arabia (a closed joint stock<br><br>company), Riyadh |
| Deutsche Bank Luxembourg S.A., Luxembourg | norisbank GmbH, Bonn |
| Deutsche Bank (Malaysia) Berhad, Kuala Lumpur | Joint Stock Company Deutsche Bank DBU, Kiev |
| Deutsche Bank Polska Spółka Akcyjna, Warsaw | OOO “Deutsche Bank”, Moscow |
| Deutsche Bank S.A. – Banco Alemão, São Paulo | Deutsche Oppenheim Family Office AG, Cologne |
| Deutsche Bank, Sociedad Anónima Española, Madrid | BHW Bausparkasse Aktiengesellschaft, Hameln |
| Deutsche Bank Società per Azioni, Milan | PB Factoring GmbH, Bonn |
| Deutsche Bank (Suisse) SA, Geneva | |
| Deutsche Bank Trust Company Americas, New York |
722
| Deutsche Bank | Group Five-Year Record |
|---|---|
| Annual Report 2025 |
Group Five-Year Record
| in m | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Net interest income | 13,065 | 13,602 | 13,650 | 11,155 |
| Provision for credit losses | 1,830 | 1,505 | 1,226 | 515 |
| Net interest income after provision for credit losses | 11,235 | 12,097 | 12,425 | 10,640 |
| Net commission and fee income | 10,372 | 9,206 | 9,838 | 10,934 |
| Net gains (losses) on financial assets/liabilitiesat fair value through profit or loss | 5,987 | 4,947 | 2,999 | 3,045 |
| Other noninterest income (loss) | 668 | 1,125 | 723 | 277 |
| Total net revenues | 30,092 | 28,879 | 27,210 | 25,410 |
| Compensation and benefits | 11,731 | 11,131 | 10,712 | 10,418 |
| General and administrative expenses | 11,243 | 10,112 | 9,728 | 10,821 |
| Policyholder benefits and claims | — | — | — | — |
| Impairment of goodwill and other intangible assets | — | 233 | 68 | 5 |
| Restructuring activities | (3) | 220 | (118) | 261 |
| Total noninterest expenses | 22,971 | 21,695 | 20,390 | 21,505 |
| Income (loss) before income taxes | 5,291 | 5,678 | 5,594 | 3,390 |
| Income tax expense | 1,786 | 787 | (64) | 880 |
| Net income (loss) | 3,505 | 4,892 | 5,659 | 2,510 |
| Net income attributable to noncontrolling interests | 139 | 119 | 134 | 144 |
| Net income (loss) attributable to Deutsche Bank shareholders and additional equity components | 3,366 | 4,772 | 5,525 | 2,365 |
| in (unless stated otherwise) | ||||
| Basic earnings per share1 | 1.40 | 2.07 | 2.42 | 0.96 |
| Diluted earnings per share2 | 1.37 | 2.03 | 2.37 | 0.93 |
| Dividends paid per share3 | 0.45 | 0.30 | 0.20 | — |
| Dividends paid per share in U.S.4 | 0.49 | 0.32 | 0.21 | — |
All values are in Euros.
1Basic earnings per share for each period are calculated by dividing net income attributable to Deutsche Bank shareholders by the average number of common shares
outstanding; earnings were adjusted by € 761 million before tax in 2025 for the coupons paid on Additional Tier 1 Notes, thereof € 728 million in the second quarter and
€ 32 million in the fourth quarter of 2025; in the second quarters of 2024, 2023, 2022 and 2021 respectively, earnings were adjusted by € 574 million, € 498 million,
€ 479 million and € 363 million before tax respectively for the coupons paid on Additional Tier 1 Notes
2Diluted earnings per share for each period are calculated by dividing net income attributable to Deutsche Bank shareholders by the average number of common shares
outstanding, both after assumed conversions; earnings were adjusted by € 761 million before tax in 2025 for the coupons paid on Additional Tier 1 Notes, thereof
€ 728 million in the second quarter and € 32 million in the fourth quarter of 2025; in the second quarters of 2024, 2023, 2022 and 2021 respectively, earnings were
adjusted by € 574 million, € 498 million,€ 479 million and € 363 million before tax respectively for the coupons paid on Additional Tier 1 Notes
3Dividends declared and paid in the year
4Dividends declared and paid in U.S.$ were translated from € into U.S.$ based on the exchange rates as of the respective payment days
| in € m | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | 1,435,067 | 1,387,177 | 1,312,331 | 1,336,788 | 1,323,993 |
| Loans at amortized cost | 472,620 | 478,921 | 473,705 | 483,700 | 471,319 |
| Deposits | 691,828 | 666,261 | 622,035 | 621,456 | 603,750 |
| Long-term debt | 114,754 | 114,899 | 119,390 | 131,525 | 144,485 |
| Common shares | 4,891 | 5,106 | 5,223 | 5,291 | 5,291 |
| Total shareholders’ equity | 66,933 | 66,276 | 64,486 | 61,959 | 58,027 |
| Common Equity Tier 1 capital (CRR/CRD 4 reported/<br><br>phase-in)1 | 49,266 | 49,457 | 48,066 | 48,097 | 46,506 |
| Common Equity Tier 1 capital (CRR/CRD 4 fully loaded)1,2 | N/A | N/A | N/A | N/A | 46,506 |
| Tier 1 capital (CRR/CRD 4 reported/phase-in)1 | 60,784 | 60,835 | 56,395 | 56,616 | 55,375 |
| Tier 1 capital (CRR/CRD 4 fully loaded)1,2 | N/A | N/A | N/A | N/A | 54,775 |
| Total regulatory capital (CRR/CRD 4 reported/phase-in)1 | 67,834 | 68,511 | 65,005 | 66,146 | 62,732 |
| Total regulatory capital (CRR/CRD 4 fully loaded)1,2 | N/A | N/A | N/A | N/A | 62,102 |
N/A – not applicable
1Figures presented based on the transitional rules (“CRR/CRD 4”) and the full application (“CRR/CRD 4 fully loaded”) of the CRR/CRD 4 framework
2Starting with the first quarter of 2022, information is presented as reported as the fully loaded definition has been eliminated as resulting only in an immaterial difference;
comparative information for earlier periods is unchanged and based one Deutsche Bank’s earlier fully loaded definition; starting with the third quarter 2024 until the
discontinuation in the fourth quarter 2025, Deutsche Bank had adopted the temporary treatment of unrealized gains and losses measured at fair value through OCI in
accordance with Article 468 CRR
Due to rounding, numbers presented throughout this document may not sum precisely to the totals provided and percentages may not precisely reflect the absolute
figures.
723
| Deutsche Bank | Imprint/Publications |
|---|---|
| Annual Report 2025 | |
| Imprint/Publications | |
| --- | --- |
| Deutsche Bank<br><br>Aktiengesellschaft | Cautionary statement regarding<br><br>forward-looking statements |
| Taunusanlage 12 | |
| 60262 Frankfurt am Main | This report contains forward-looking statements. |
| (for letters and postcards: 60262) | Forward-looking statements are statements that |
| Germany | are not historical facts; they include statements |
| Telephone: +49 69 9 10 00 | about our beliefs and expectations and the |
| [email protected] | assumptions underlying them. These statements |
| are based on plans, estimates and projections as | |
| they are currently available to the management of | |
| Contact for shareholders | Deutsche Bank. Forward-looking statements |
| +49 800 910-8000 | therefore speak only as of the date they are |
| [email protected] | publicly any of them in light of new information or |
| future events. | |
| AGM Hotline | |
| +49 6196 8870704 | By their very nature, forward-looking statements |
| involve risks and uncertainties. A number of | |
| important factors could therefore cause actual | |
| Online | results to differ materially from those contained in |
| All publications relating to our | any forward-looking statement. Such factors |
| financial reporting are available at: | include the conditions in the financial markets in |
| www.db.com/reports | Germany, in Europe, in the United States and |
| elsewhere from which the bank derives a substantial | |
| portion of its revenues and in which we hold a | |
| Publication | substantial portion of its assets, the development |
| Published on March 12, 2026 | of asset prices and market volatility, potential |
| defaults of borrowers or trading counterparties, | |
| the implementation of the Group’s strategic initiatives, | |
| the reliability of its risk management policies, | |
| procedures and methods, and other risks | |
| referenced in its filings with the U.S. Securities | |
| and Exchange Commission. Such factors are | |
| described in detail in the 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 | |
| www.db.com/ir. | |
| 2026 | |
| --- | |
| Financial Calendar | |
| January 29, 2026 | |
| Preliminary results for the 2025 financial year | |
| March 12, 2026 | |
| Annual Report 2025 and Form 20-F | |
| April 29, 2026 | |
| Earnings Report as of March 31, 2026 | |
| May 28, 2026 | |
| Annual General Meeting | |
| July 29, 2026 | |
| Interim Report as of June 30, 2026 | |
| October 28, 2026 | |
| Earnings Report as of September 30, 2026 |
db20260312992 Exhibit 99.2
| Contents | |||||
|---|---|---|---|---|---|
| 5 | Regulatory framework | 69 | Credit risk and credit risk mitigation | ||
| 5 | Basis of Presentation | 69 | General qualitative information on credit risk | ||
| 5 | Disclosure governance | 69 | Credit risk management strategies and processes | ||
| 6 | Basel 3 and CRR/CRD | 71 | Credit risk management structure and organization | ||
| 6 | MREL and TLAC | 71 | Scope and nature of credit risk measurement and reporting<br><br>systems | ||
| 7 | ICAAP, ILAAP and SREP | 72 | Policies for hedging and mitigating credit risk | ||
| 72 | Definitions of past due and impairment | ||||
| 7 | Key metrics | 73 | Credit risk adjustments | ||
| 73 | General quantitative information on credit risk | ||||
| 10 | Capital | 73 | Residual maturity breakdown of credit exposure | ||
| 74 | Quality of non-performing exposures by geography | ||||
| 10 | Development and composition of Own Funds | 77 | Credit quality of loans and advances to non-financial<br><br>corporations by industry | ||
| 14 | Scope of application of the regulatory framework | 78 | Performing and non-performing exposures and related<br><br>provisions | ||
| 14 | Derogations from prudential requirements for the parent company<br><br>and subsidiaries | 81 | Credit quality of performing and non-performing exposures<br><br>by days past due | ||
| 15 | Reconciliation of regulatory own funds to the IFRS balance sheet | 84 | Development of non-performing loans and advances | ||
| ## | IFRS 9 / Article 468 CRR transitional arrangements on own funds | 84 | Credit quality of forborne exposures | ||
| 28 | Main features of capital instruments | 85 | Minimum loss coverage for non-performing exposure | ||
| 28 | Capital buffers | 88 | Collateral obtained by taking possession | ||
| 28 | Prudential requirements and additional buffers | 88 | General qualitative information on credit risk mitigation | ||
| 29 | Geographical distribution of credit exposures | 88 | Use of on- and off-balance sheet netting | ||
| 35 | Institution specific countercyclical capital buffer | 90 | Collateral evaluation and management | ||
| 35 | Indicators of global systemic importance | 90 | Main types of collateral | ||
| 39 | Composition of own funds and eligible liabilities | 91 | Main types of guarantor and credit derivative counterparties | ||
| 91 | Risk concentrations within credit risk mitigation | ||||
| 44 | Capital requirements | 92 | General quantitative information on credit risk mitigation | ||
| 92 | Overview of credit risk mitigation techniques | ||||
| 44 | Summary of Deutsche Bank’s ICAAP approach | ||||
| 45 | Credit risk economic capital model | 93 | Credit risk and credit risk mitigation in the<br><br>standardized approach | ||
| 46 | Market risk economic capital model | ||||
| 48 | Operational risk economic capital model | 93 | Qualitative information on the use of the standardized approach | ||
| 48 | Strategic risk economic capital model | 93 | External ratings in the standardized approach and usage of<br><br>issue rating | ||
| 48 | Risk type diversification | 93 | Quantitative information on the use of the standardized approach | ||
| 49 | Result of ICAAP | 93 | Standardized approach exposure by risk weight before and<br><br>after credit mitigation | ||
| 50 | Overview of RWA and capital requirements | ||||
| 51 | Effect on own funds and RWA that results from applying capital floors<br><br>and not deducting items from own funds | ||||
| 55 | Crypto-asset exposures and related activities | ||||
| 56 | Leverage ratio | ||||
| 56 | Leverage ratio according to CRR/CRD framework | ||||
| 60 | Process used to manage the risk of excessive leverage | ||||
| 60 | Factors impacting the leverage ratio in the second half of 2025 | ||||
| 62 | Risk management objectives and policies | ||||
| 62 | Enterprise and Treasury Risk | ||||
| 62 | Risk management structure and organization | ||||
| 64 | Risk management strategies and processes | ||||
| 65 | Scope and nature of risk measurement and reporting systems | ||||
| 66 | Policies for hedging and mitigating risk | ||||
| 66 | Concise risk statement approved by the board | ||||
| 104 | Credit risk exposure and credit risk mitigation in<br><br>the internal-rating-based approach | 174 | Exposure to securitization positions | ||
| --- | --- | --- | --- | --- | --- |
| 104 | Qualitative information on the use of the IRB approach | 174 | Objectives in relation to securitization activity | ||
| 104 | Approval status for IRB approaches | 176 | Nature of other risks in securitized assets | ||
| 104 | Scope of the use of IRB and SA approaches | 176 | RWA calculation approaches for securitization positions | ||
| 106 | Relationship between the risk management function and the<br><br>internal audit function | 178 | SSPE-related activities | ||
| 106 | Rating system review | 178 | Accounting policies for securitizations | ||
| 106 | Procedure of independence between reviewing function and<br><br>development function | 180 | External rating agencies used for securitizations and internal<br><br>Assessment Approach | ||
| 106 | Procedure to ensure accountability of development and<br><br>reviewing function | 181 | Banking and trading book securitization exposures | ||
| 106 | Role of the function in the credit risk model process, scope<br><br>and main content of credit risk models | 184 | Securitization exposures in the non-trading book and associated<br><br>regulatory capital requirements - institution acting as originator or as<br><br>sponsor | ||
| 107 | Internal rating-based approaches | 186 | Securitization exposures in the non-trading book and associated<br><br>regulatory capital requirements - institution acting as investor | ||
| 109 | Quantitative information on the use of the IRB approach | 188 | Exposures securitized by the institution - Exposures in default and<br><br>specific credit risk adjustments | ||
| 109 | Foundation IRB exposure | ||||
| 119 | Advanced IRB exposure | 190 | Market risk | ||
| 133 | Total IRB exposure covered by credit derivatives | ||||
| 133 | Total IRB exposure covered by the use of CRM techniques | 190 | Risk management objectives and policies | ||
| 138 | Development of credit risk RWA | 190 | Market risk management strategies and processes | ||
| 138 | Model validation results | 190 | Market risk management structure and organization | ||
| 190 | Scope and nature of market risk measurement and reporting<br><br>systems | ||||
| 153 | Specialized lending and equity exposures in the banking book | 190 | Policies for hedging and mitigating market risk | ||
| 191 | Own funds requirements under the Market Risk Standardized<br><br>Approach | ||||
| 155 | Counterparty credit risk (CCR) | 192 | Qualitative information on the internal model approach | ||
| 192 | Characteristics of the market risk models | ||||
| 155 | Internal capital and credit limits for counterparty credit risk exposures | 193 | Incremental risk charge | ||
| 156 | Collateral and credit reserves for counterparty credit risk | 194 | Market risk stress testing | ||
| 156 | Management of wrong-way risk exposures | 194 | Methodology for backtesting and model validation | ||
| 156 | Collateral in the event of a rating downgrade | 195 | Regulatory approval for market risk models | ||
| 157 | Estimate of alpha factor | 195 | Trading book allocation and prudent valuation | ||
| 157 | CCR exposures by model approach and development | 198 | Own funds requirements for market risk under the IMA | ||
| 158 | CCR exposures development | 198 | Regulatory capital requirements for market risk | ||
| 159 | CCR exposures to central counterparties | 198 | Development of market risk RWA | ||
| 160 | CCR exposures in the standardized approach | 200 | Other quantitative information for market risk under the internal<br><br>models approach | ||
| 161 | CCR exposures within the foundation IRBA | 200 | Overview of Value-at-Risk Metrics | ||
| 165 | CCR exposures within the advanced IRBA | 200 | Comparison of end-of-day VaR measures with one-day<br><br>changes in portfolio's value | ||
| 172 | CCR exposures after credit risk mitigation | 201 | Prudent valuation adjustments | ||
| 173 | Credit derivatives exposures | ||||
| 173 | Credit valuation adjustment risk | 203 | Exposure to interest rate risk in the banking<br><br>book | ||
| 203 | Qualitative information on interest rate risk in the banking book | ||||
| 204 | Changes in the economic value of equity and net interest income | ||||
| 205 | Operational risk | 263 | Reputational Risk | ||
| --- | --- | --- | --- | --- | --- |
| 205 | Risk management objectives and policies | 263 | Risk management objectives and policies | ||
| 205 | Operational risk management strategies and processes | 263 | Reputational Risk Management strategies and processes | ||
| 206 | Operational risk management structure and organization | 263 | Reputational Risk Management structure and organization | ||
| 207 | Scope and nature of Operational Risk measurement and<br><br>reporting systems | 263 | Scope and nature of reputational risk measurement and<br><br>reporting systems | ||
| 208 | Operational risk measurement | 264 | Policies for hedging and mitigating reputational risk | ||
| 208 | Drivers for operational risk capital development | ||||
| 209 | AMA model validation and quality control concept | 264 | Model risk | ||
| 209 | Operational risk management stress testing concept | ||||
| 209 | Operational risk exposure | 264 | Risk management objectives and policies | ||
| 211 | Use of the Advanced Measurement Approaches to operational risk | 264 | Model Risk Management strategies and processes | ||
| 211 | Description of the use of insurance and other risk transfer<br><br>mechanisms for the purpose of mitigation of this risk | 264 | Model Risk Management structure and organization | ||
| 265 | Scope and nature of model risk measurement and reporting<br><br>systems | ||||
| 212 | Environmental, social and governance (ESG)<br><br>risks | 265 | Policies for mitigating model risk | ||
| 214 | Environmental risk | 266 | Remuneration policy | ||
| 221 | Social risk | ||||
| 225 | Governance risk | 266 | Number of directorships held by board members | ||
| 227 | Climate change transition risk | 266 | Recruitment policy for board members | ||
| 237 | Energy efficiency of real estate collateral | 267 | Policy on diversity for board members | ||
| 240 | Alignment metrics on relative scope 3 emissions | ||||
| 240 | Exposures to Top 20 carbon-intensive firms | 268 | Compensation of the employees (unaudited) | ||
| 241 | Climate change - physical risk | ||||
| 268 | Regulatory environment | ||||
| 250 | Liquidity risk | 269 | Compensation governance | ||
| 270 | Compensation and Benefits Strategy | ||||
| 250 | Risk management objectives and policies | 271 | Group Compensation Framework | ||
| 250 | Liquidity risk management strategies and processes | 272 | Employee groups with specific compensation structures | ||
| 250 | Liquidity risk management structure and organization | 272 | Determination of performance-based Variable Compensation | ||
| 250 | Scope and nature of liquidity risk measurement and reporting<br><br>system | 273 | Variable Compensation structure | ||
| 250 | Policies for hedging and mitigating liquidity risk | 275 | Ex-post risk adjustment of Variable Compensation | ||
| 252 | Qualitative information on LCR | 276 | Material Risk Taker compensation disclosure | ||
| 254 | Quantitative information on LCR | ||||
| 255 | Net Stable Funding Ratio | 280 | List of tables | ||
| 260 | Unencumbered assets | ||||
| 260 | Qualitative information on unencumbered assets | ||||
| 260 | Quantitative information on unencumbered assets |
5
| Deutsche Bank | Regulatory framework |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Disclosure governance |
Regulatory framework
Basis of Presentation
Article 431 (1), (2) CRR, 433 CRR and 433a CRR
This Pillar 3 Report provides disclosures for the consolidated Deutsche Bank Group (the Group or the bank) as required
by the global regulatory framework for capital and liquidity, which was established by the Basel Committee on Banking
Supervision, also known as Basel 3.
In the European Union (EU), the Basel 3 framework is implemented by the amended versions of Regulation (EU) 575/2013
on prudential requirements for credit institutions (Capital Requirements Regulation or CRR) and the Directive (EU)
2013/36 on access to the activity of credit institutions and the prudential supervision of credit institutions and
investment firms (Capital Requirements Directive or CRD). As a single rulebook, the CRR is directly applicable to credit
institutions in the European Union and provides the grounds for the determination of regulatory capital requirements,
regulatory own funds, leverage and liquidity as well as other relevant requirements. In addition, the CRD was
implemented into German law by means of further amendments to the German Banking Act (Kreditwesengesetz or KWG)
and the German Solvency Regulation (SolvV) and accompanying regulations. Jointly, these laws and regulations
represent the regulatory framework applicable in Germany.
The disclosure requirements are provided in Part Eight of the CRR and in Section 26a of the KWG. Further disclosure
guidance has been provided by the European Banking Authority (EBA) in its “Final draft implementing technical
standards on public disclosures by institutions of the information referred to in Titles II and III of Part Eight of Regulation
(EU) No 575/2013” (EBA ITS). The Group adheres to the frequency of disclosure requirements as per Article 433 and
433a of the CRR and as provided within these EBA Guidelines and includes comparative periods in accordance with the
requirements of EBA ITS. Disclosure requirements stemming from the "Draft Implementing Technical Standards amending
Commission Implementing Regulation (EU) 2024/3172, as regards the disclosures on ESG risks, equity exposures and the
aggregate exposure to shadow banking entities", such as shadow banking, will be considered as per the required first publication
date given in the Draft ITS.
For those disclosures required on an annual basis, the comparative period is the prior year. For those disclosures only
required on a semi-annual basis, the comparative period is the prior half-year. Disclosures required on a quarterly basis
generally include comparative information for the prior quarter. No comparative information is shown in the event that
CRR3 and related EBA ITS introduce new disclosures or require significant changes to existing disclosures making
comparatives not aligned to current disclosures.
The information provided in this Pillar 3 Report is unaudited.
Numbers presented throughout this document may not add up precisely to the totals and percentages may not precisely
reflect the absolute figures due to rounding. Where applicable prior year's comparatives have been aligned to
presentation in the current year.
Disclosure governance
Article 431 (3), 432 and 434CRR
The Group’s Pillar 3 Report is in compliance with the legal and regulatory requirements described above and is prepared
in accordance with the Group’s internal policies, processes, systems and internal controls as defined by the Group’s risk
disclosure governing document. In line with the Group’s governing document, a dedicated process is followed if the
Group omits certain disclosures due to the disclosures being immaterial, proprietary or confidential. If the Group
classifies information as immaterial in the Pillar 3 Report, this is stated accordingly in the related disclosures. The Group’s
Management Board approved this Pillar 3 Report for publication and affirmed that Deutsche Bank has complied with the
requirements under Article 431 (3) CRR.
Based upon the Group’s assessment and verification it also believes the risk and regulatory disclosures presented
throughout this Pillar 3 Report appropriately and comprehensively convey the Group’s overall risk profile as of December
31, 2025.
This Pillar 3 Report is published on the bank’s website at db.com/ir/en/regulatory-reporting.htm as well as on EBA's
"Pillar 3 Data HUB" website at edap-public.eba.europa.eu.
6
| Deutsche Bank | Regulatory framework |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ICAAP, ILAAP and SREP |
In addition, the bank‘s website includes a description of the main features of the Group’s capital instruments as well as its
senior non-preferred subordinated eligible liabilities instruments eligible for subordinated minimum requirement for own
funds and eligible liabilities (MREL) and total loss absorbing capacity (TLAC), to the extent that these do not constitute
private placements and are treated confidentially (db.com/ir/en/capital-instruments.htm).
Article 435 (1)(e) CRR (EU OVA)
Deutsche Bank’s Management Board confirms, for the purpose of Article 435 CRR, that the bank’s risk management
arrangements are adequate for its risk profile and strategy, and that the bank maintains appropriate resources to
implement selected enhancements.
Basel 3 and CRR/CRD
The CRR/CRD lays the foundation for the calculation of the minimum regulatory requirements with respect to own funds
and eligible liabilities, the liquidity coverage ratio and the net stable funding ratio.
Regulation (EU) 2024/1623 introduces fundamental changes to the CRR that are generally applicable from January 1,
2025 (“CRR3”). With respect to own funds requirements for credit risk, for example new floors for internal probability of
default (PD) and loss given default (LGD) estimates are introduced and the advanced Internal Ratings Based Approach
must no longer be applied for large corporates. Hence, for exposures facing large corporates, it is no longer possible to
estimate the LGD based on an internal model, but instead a supervisory LGD must be used. Also the Credit Risk
Standardized Approach is fundamentally revised, e.g. the treatment of exposures secured by residential or commercial
immovable property is changed. For operational risk, the capital requirements can no longer be determined based on an
internal model, instead a standardized approach must be applied.
In 2025, the total risk exposure amount is floored at 50% of the risk exposure amounts determined based on the
standardized approaches (“output floor”). The output floor gradually increases to 72.5% of the risk exposure amounts
determined based on standardized approaches on January 1, 2030.
The amendments for market risk (Fundamental review of the trading book - FRTB) have been delayed by Commission
Delegated Regulations (EU) 2024/2795 and 2025/1496 until January 1, 2027. Accordingly, during 2025 and 2026 market
risk own funds requirements are determined based on the internal model and standardized approach in the version of
Regulation (EU) 575/2013 in force on July 8, 2024. In parallel the FRTB standardized approach is used for the output
floor calculation as well as the reporting obligation. Following the EBA opinions dated February 27, 2023, August 12,
2024 and August 8, 2025 equally the amended FRTB rules on trading book assignment, reclassifications and internal
hedges are delayed until January 1, 2027.
There is still uncertainty as to how some of the CRR/CRD rules should be interpreted and there are still related binding
Technical Standards for which a final version is not yet available. Thus, the Group will continue to refine assumptions and
models in line with evolution of these regulations as well as the industry’s understanding and interpretation of the rules.
Against this background, current CRR/CRD measures may not be comparable to previous expectations. Also, CRR/CRD
measures may not be comparable with similarly labeled measures used by competitors, as their assumptions and
estimates may differ from Deutsche Bank’s.
MREL and TLAC
Banks in the European Union are required to meet at all times a minimum requirement for own funds and eligible
liabilities (MREL) which ensures that banks have sufficient loss absorbing capacity in resolution to avoid recourse to
taxpayers’ money. Relevant laws are the Single Resolution Mechanism Regulation (SRMR) and the Bank Recovery and
Resolution Directive (BRRD) as implemented through the German Recovery and Resolution Act (Sanierungs- und
Abwicklungsgesetz, SAG).
In addition, the CRR requires G-SIIs in Europe to have at least the maximum of 18% plus the combined buffer
requirement of risk weighted assets (RWA) and 6.75% of leverage exposure as total loss absorbing capacity (TLAC).
Instruments which qualify for MREL and TLAC as own funds are Common Equity Tier 1, Additional Tier 1, and Tier 2 along
with certain eligible liabilities (mainly plain-vanilla unsecured bonds). Instruments qualifying for TLAC need to be fully
subordinated to general creditor claims (e.g., senior non-preferred bonds). While this is not required for MREL, MREL
regulations allow the Single Resolution Board (SRB) to also set an additional subordination requirement within the MREL
requirements (but separate from TLAC), which allows only subordinated liabilities and own funds to be counted.
7
| Deutsche Bank | Regulatory framework |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ICAAP, ILAAP and SREP |
MREL is determined by the competent resolution authorities for each supervised bank and its preferred resolution
strategy. In the case of Deutsche Bank AG, MREL is determined by the SRB. While there is no statutory minimum level of
MREL, the CRR, SRMR, BRRD and delegated regulations set out criteria which the resolution authority must consider
when determining the relevant required level of MREL. Guidance is provided through a MREL policy published annually
by the SRB. Any binding MREL ratio determined by the SRB is communicated to Deutsche Bank via the German Federal
Financial Supervisory Authority (BaFin). Deutsche Bank AG received its current total MREL and current subordinated
MREL requirement with immediate applicability in the second quarter of 2025.
ICAAP, ILAAP and SREP
The internal capital adequacy assessment process (ICAAP) as stipulated in Pillar 2 of Basel requires banks to identify and
assess risks, to apply effective risk management techniques and to maintain adequate capitalization. The Group’s internal
liquidity adequacy assessment process (ILAAP) aims to ensure that sufficient levels of liquidity are maintained on an
ongoing basis by identifying the key liquidity and funding risks to which the Group is exposed, by monitoring and
measuring these risks, and by maintaining tools and resources to manage and mitigate these risks.
In accordance with Article 97 CRD supervisors regularly review, as part of the supervisory review and evaluation process
(SREP), the arrangements, strategies, processes, and mechanisms implemented by banks and evaluate: (a) risks to which
the institution is or might be exposed; (b) risks the institution poses to the financial system; and (c) risks revealed by stress
testing.
Key metrics
Article 447 (a-g) and Article 438 (b) CRR
The following table highlights Deutsche Bank’s key regulatory metrics and ratios, and related input components as
defined by CRR and CRD. This considers reforms introduced by Regulation (EU) 2024/1623 (CRR3), being applicable
since January 1, 2025. In line with disclosure requirements the Liquidity Coverage Ratio is based on 12 months rolling
averages and the other metrics are based on spot information.
8
| Deutsche Bank | Key metrics |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ICAAP, ILAAP and SREP |
EU KM1 – Key metrics
| a | b | c | d | e | ||
|---|---|---|---|---|---|---|
| in € m. (unless stated otherwise) | Dec 31,<br><br>2025 | Sep 30,<br><br>2025 | Jun 30,<br><br>2025 | Mar 31,<br><br>2025 | Dec 31,<br><br>2024 | |
| Available own funds (amounts) | ||||||
| 1 | Common Equity Tier 1 (CET 1) capital | 49,266 | 49,346 | 48,522 | 48,645 | 49,457 |
| 2 | Tier 1 capital | 60,784 | 59,864 | 60,193 | 60,316 | 60,835 |
| 3 | Total capital | 67,834 | 66,866 | 67,200 | 67,741 | 68,511 |
| Risk-weighted exposure amounts | ||||||
| 4 | Total risk-weighted exposure amount | 347,133 | 340,387 | 340,805 | 351,973 | 357,427 |
| 4a | Total risk exposure pre-floor | 347,133 | 340,387 | 340,805 | 351,973 | N/M |
| Capital ratios (as percentage of risk-weighted exposure amount) | ||||||
| 5 | Common Equity Tier 1 ratio (%) | 14.19 | 14.50 | 14.24 | 13.82 | 13.84 |
| 5b | Common Equity Tier 1 ratio considering<br><br>unfloored TREA (%) | 14.19 | 14.50 | 14.24 | 13.82 | N/M |
| 6 | Tier 1 ratio (%) | 17.51 | 17.59 | 17.66 | 17.14 | 17.02 |
| 6b | Tier 1 ratio considering unfloored TREA (%) | 17.51 | 17.59 | 17.66 | 17.14 | N/M |
| 7 | Total capital ratio (%) | 19.54 | 19.64 | 19.72 | 19.25 | 19.17 |
| 7b | Total capital ratio considering unfloored TREA (%) | 19.54 | 19.64 | 19.72 | 19.25 | N/M |
| Additional own funds requirements to address<br><br>risks other than the risk of excessive leverage (as<br><br>a percentage of risk-weighted exposure amount) | ||||||
| EU 7d | Additional own funds requirements to address<br><br>risks other than the risk of excessive leverage (%) | 2.90 | 2.90 | 2.90 | 2.90 | 2.65 |
| of which: | ||||||
| EU 7e | to be made up of CET 1 capital (percentage points) | 1.63 | 1.63 | 1.63 | 1.63 | 1.49 |
| EU 7f | to be made up of Tier 1 capital (percentage points) | 2.18 | 2.18 | 2.18 | 2.18 | 1.99 |
| EU 7g | Total SREP own funds requirements (%) | 10.90 | 10.90 | 10.90 | 10.90 | 10.65 |
| Combined buffer and overall capital requirement (as a percentage of risk-<br><br>weighted exposure amount) | ||||||
| 8 | Capital conservation buffer (%) | 2.50 | 2.50 | 2.50 | 2.50 | 2.50 |
| EU 8a | Conservation buffer due to macro-prudential or systemic risk identified at<br><br>the level of a Member State (%) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| 9 | Institution specific countercyclical capital buffer (%) | 0.50 | 0.48 | 0.48 | 0.48 | 0.49 |
| EU 9a | Systemic risk buffer (%) | 0.14 | 0.14 | 0.13 | 0.19 | 0.22 |
| 10 | Global Systemically Important Institution buffer (%) | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| EU 10a | Other Systemically Important Institution buffer (%) | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
| 11 | Combined buffer requirement (%) | 5.13 | 5.12 | 5.11 | 5.17 | 5.21 |
| EU 11a | Overall capital requirements (%) | 16.03 | 16.02 | 16.01 | 16.07 | 15.86 |
| 12 | CET 1 available after meeting the total SREP own funds requirements (%) | 8.06 | 8.37 | 8.11 | 7.69 | 7.85 |
| Leverage ratio | ||||||
| 13 | Leverage ratio total exposure measure | 1,327,441 | 1,299,655 | 1,276,035 | 1,301,804 | 1,315,906 |
| 14 | Leverage ratio (%) | 4.58 | 4.61 | 4.72 | 4.63 | 4.62 |
| Additional own funds requirements to address risks of excessive leverage<br><br>(as a percentage of leverage ratio total exposure amount) | ||||||
| EU 14a | Additional own funds requirements to address the risk of excessive<br><br>leverage (%) | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| EU 14b | of which: to be made up of CET 1 capital (percentage points) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EU 14c | Total SREP leverage ratio requirements (%) | 3.10 | 3.10 | 3.10 | 3.10 | 3.10 |
| Leverage ratio buffer and overall leverage ratio requirement (as a<br><br>percentage of total exposure measure) | ||||||
| EU 14d | Leverage ratio buffer requirement (%) | 0.75 | 0.75 | 0.75 | 0.75 | 0.75 |
| EU 14e | Overall leverage ratio requirements (%) | 3.85 | 3.85 | 3.85 | 3.85 | 3.85 |
| Liquidity Coverage Ratio | ||||||
| 15 | Total high-quality liquid assets (HQLA) (Weighted value - average) | 238,150 | 233,383 | 230,050 | 226,221 | 224,205 |
| EU 16a | Cash outflows - Total weighted value | 238,512 | 237,725 | 234,064 | 229,743 | 223,914 |
| EU 16b | Cash inflows - Total weighted value | 64,879 | 64,124 | 60,641 | 58,408 | 57,118 |
| 16 | Total net cash outflows (adjusted value) | 173,633 | 173,601 | 173,423 | 171,335 | 166,796 |
| 17 | Liquidity coverage ratio (%) | 137.22 | 134.67 | 132.65 | 132.03 | 134.42 |
| Net Stable Funding Ratio | ||||||
| 18 | Total available stable funding | 648,658 | 631,781 | 633,110 | 631,929 | 625,189 |
| 19 | Total required stable funding | 544,664 | 536,762 | 525,836 | 532,765 | 514,802 |
| 20 | NSFR ratio (%) | 119.09 | 117.70 | 120.40 | 118.61 | 121.44 |
9
| Deutsche Bank | Key metrics |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Key metrics of own funds and eligible liabilities |
Key metrics of own funds and eligible liabilities
Article 447 (h) CRR and Article 45i(3)(a,c) BRRD
EU KM2 – Key metrics - MREL and G-SII Requirement for own funds and eligible liabilities (TLAC)
| Minimum requirement for<br><br>own funds and eligible<br><br>liabilities (MREL) | G-SII Requirement for own<br><br>funds and eligible liabilities<br><br>(TLAC) | ||||||
|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | ||
| in m. (unless stated otherwise) | Dec 31,<br><br>2025 | Sep 30,<br><br>2025 | Dec 31,<br><br>2025 | Sep 30,<br><br>2025 | Jun 30,<br><br>2025 | Mar 31,<br><br>2025 | Dec 31,<br><br>2024 |
| 1 | 131,023 | 131,512 | 114,936 | 117,881 | 115,925 | 117,594 | 118,491 |
| EU 1a | 114,936 | 117,881 | — | — | — | — | — |
| 2 | 347,133 | 340,387 | 347,133 | 340,387 | 340,805 | 351,973 | 357,427 |
| 3 | 37.74 | 38.64 | 33.11 | 34.63 | 34.02 | 33.41 | 33.15 |
| EU 3a | 33.11 | 34.63 | — | — | — | — | — |
| 4 | 1,327,441 | 1,299,655 | 1,327,441 | 1,299,655 | 1,276,035 | 1,301,804 | 1,315,906 |
| 5 | 9.87 | 10.12 | 8.66 | 9.07 | 9.08 | 9.03 | 9.00 |
| EU 5a | 8.66 | 9.07 | — | — | — | — | — |
| 6a | — | — | no | no | no | no | no |
| 6b | — | — | 0 | 0 | 0 | 0 | 0 |
| 6c | — | — | 0 | 0 | 0 | 0 | 0 |
| EU 7 | 31.11 | 31.10 | — | — | — | — | — |
| EU 8 | 24.94 | 24.93 | — | — | — | — | — |
| EU 9 | 7.03 | 7.03 | — | — | — | — | — |
| EU 10 | 7.03 | 7.03 | — | — | — | — | — |
All values are in Euros.
As of December 31, 2025 the MREL ratio was 37.74% of Total Risk Exposure Amount (TREA) compared to a requirement
of 31.11% of TREA including a 5.13% combined buffer requirement, equaling a surplus of € 23.0 billion above the bank’s
MREL requirement. The subordinated MREL ratio was 8.66% of Total Exposure Measure (TEM) compared to a requirement
of 7.03% of TEM. The subordinated MREL surplus is € 21.6 billion
As of December 31, 2025 the TLAC ratio was 33.11% of TREA compared to a requirement of 23.13% including a 5.13%
combined buffer requirement, resulting in a surplus of € 34.6 billion. TLAC was 8.66% of TEM compared to a requirement
of 6.75%, which corresponds to a surplus of € 25.3 billion.
10
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Development and composition of Own Funds |
Capital
Development and composition of Own Funds
Article 437 (a, d-f) CRR
The own funds capital ratios provided for Deutsche Bank Group are defined by CRR regulations. Deutsche Bank’s CET 1
capital as of December 31, 2025, amounted to € 49.3 billion, € 0.7 billion higher compared to June 30, 2025. AT1 capital
was € 0.2 billion lower as of December 31, 2025, amounted to € 11.5 billion, compared to € 11.7 billion as of June 30,
- Tier 1 capital as of December 31, 2025, amounted to € 60.8 billion compared to € 60.2 billion as of June 30, 2025.
Tier 2 capital was € 7.1 billion as of December 31, 2025, broadly stable compared to June 30, 2025. Total capital as of
December 31, 2025, amounted to € 67.8 billion, which was € 0.6 billion higher compared to € 67.2 billion as of June 30,
2025.
In the second half of 2025, CET 1 capital increased by € 0.7 billion. This was mainly due to net profit of € 3.3 billion
reduced by regulatory deductions for future shareholder distribution and AT1 coupon payments of € 1.8 billion following
requirements of the ECB Decision (EU) (2015/656) on the recognition of interim or year-end profits in CET 1 capital in
accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4). In addition, CET 1 capital increased due
to lower deferred tax assets of € 0.5 billion, cumulative fair value movements on available for sale securities and
additional value adjustments of € 0.3 billion and € 0.1 billion from other movements.
These positive effects were partially offset by discontinuation of the temporary treatment of unrealized gains and losses
measured at fair value through OCI in accordance with Article 468 CRR by € 0.8 billion, currency translation adjustments
of € 0.4 billion, higher deduction for non-performing exposures by € 0.3 billion and effects from the completion of the
second share buyback program of € 0.3 billion.
The Additional Tier 1 capital decrease of € 0.2 billion was due to a new AT 1 issuance of € 1.0 billion in the second half of
the year, reduced by the exercised call option with a total principal amount of € 1.2 billion (U.S. $ 1.25 billion equivalent).
EU CC1 – Composition of regulatory own funds
| Dec 31, 2025 | Jun 30, 2025 | |||
|---|---|---|---|---|
| in € m. | CRR/CRD | CRR/CRD | Refe-<br><br>rences1 | |
| Common Equity Tier 1 (CET 1) capital: instruments and reserves | ||||
| 1 | Capital instruments, related share premium accounts and other reserves | 42,983 | 43,354 | A |
| of which: Instrument type 1 (ordinary shares)2 | 42,983 | 43,354 | A | |
| of which: Instrument type 2 | 0 | 0 | ||
| of which: Instrument type 3 | 0 | 0 | ||
| 2 | Retained earnings | 21,149 | 21,227 | B |
| 3 | Accumulated other comprehensive income (loss), net of tax | (4,159) | (3,710) | C |
| 3a | Funds for general banking risk | 0 | 0 | |
| 4 | Amount of qualifying items referred to in Art. 484 (3) and the related share premium<br><br>accounts subject to phase-out from CET 1 | 0 | 0 | |
| 5 | Minority interests (amount allowed in consolidated CET 1) | 917 | 940 | |
| 5a | Independently reviewed interim profits net of any foreseeable charge or dividend3 | 3,347 | 1,536 | B |
| 6 | Common Equity Tier 1 (CET 1) capital before regulatory adjustments | 64,237 | 63,347 | |
| Common Equity Tier 1 (CET 1) capital: regulatory adjustments | ||||
| 7 | Additional value adjustments (negative amount)4 | (1,667) | (1,742) | |
| 8 | Goodwill and other intangible assets (net of related tax liabilities) (negative amount) | (5,045) | (4,997) | D |
| 10 | Deferred tax assets that rely on future profitability excluding those arising from temporary<br><br>differences (net of related tax liabilities where the conditions in Art. 38 (3) are met) (negative<br><br>amount) | (2,533) | (3,058) | E |
| 11 | Fair value reserves related to gains or losses on cash flow hedges of financial instruments<br><br>that are not valued at fair value | 49 | (210) | |
| 12 | Negative amounts resulting from the calculation of expected loss amounts | (2,579) | (2,617) | |
| 13 | Any increase in equity that results from securitized assets (negative amount) | (0) | (0) | |
| 14 | Gains or losses on liabilities designated at fair value resulting from changes in own credit<br><br>standing5 | 247 | 143 | |
| 15 | Defined benefit pension fund assets (net of related tax liabilities) (negative amount) | (1,135) | (1,110) | F |
| 16 | Direct, indirect and synthetic holdings by an institution of own CET 1 instruments (negative<br><br>amount)6 | 0 | 0 | |
| 17 | Direct, indirect and synthetic holdings of the CET 1 instruments of financial sector entities<br><br>where those entities have reciprocal cross holdings with the institution designed to inflate<br><br>artificially the own funds of the institution (negative amount) | 0 | 0 |
11
| Deutsche Bank | Capital | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Development and composition of Own Funds | Dec 31, 2025 | Jun 30, 2025 | ||||
| --- | --- | --- | --- | --- | |||
| in € m. | CRR/CRD | CRR/CRD | Refe-<br><br>rences1 | ||||
| 18 | Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial<br><br>sector entities where the institution does not have a significant investment in those entities<br><br>(amount above 10% threshold and net of eligible short positions) (negative amount)7 | 0 | 0 | ||||
| 19 | Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial<br><br>sector entities where the institution has a significant investment in those entities (amount<br><br>above 10% threshold and net of eligible short positions) (negative amount) | 0 | 0 | ||||
| 20a | Exposure amount of the following items which qualify for a risk weight of 1,250%, where the<br><br>institution opts for the deduction alternative | 0 | 0 | ||||
| of which: | |||||||
| 20b | Qualifying holdings outside the financial sector (negative amount) | 0 | 0 | ||||
| 20c | Securitization positions (negative amount) | 0 | 0 | ||||
| 20d | Free deliveries (negative amount) | 0 | 0 | ||||
| 21 | Deferred tax assets arising from temporary differences (amount above 10% threshold, net of<br><br>related tax liabilities where the conditions in Article 38 (3) are met) (negative amount) | 0 | 0 | E | |||
| 22 | Amount exceeding the 17.65% threshold (negative amount) | 0 | 0 | ||||
| of which: | |||||||
| 23 | Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of<br><br>financial sector entities where the institution has a significant investment in those entities | 0 | 0 | ||||
| 25 | Deferred tax assets arising from temporary differences | 0 | 0 | E | |||
| EU<br><br>25a | Losses for the current financial year (negative amount) | 0 | 0 | ||||
| EU<br><br>25b | Foreseeable tax charges relating to CET 1 items except where the institution suitably adjusts<br><br>the amount of CET 1 items insofar as such tax charges reduce the amount up to which those<br><br>items may be used to cover risks or losses (negative amount) | 0 | 0 | ||||
| 27 | Qualifying AT1 deductions that exceed the AT1 items of the institution (negative amount) | 0 | 0 | ||||
| Regulatory adjustments relating to unrealized gains and losses pursuant to Art. 468 CRR | 0 | 811 | |||||
| 27a | Other regulatory adjustments (including IFRS 9 transitional adjustments when relevant)8 | (2,309) | (2,045) | ||||
| 28 | Total regulatory adjustments to Common Equity Tier 1 (CET 1) capital | (14,971) | (14,826) | ||||
| 29 | Common Equity Tier 1 (CET 1) capital | 49,266 | 48,522 | ||||
| Additional Tier 1 (AT1) capital: instruments | |||||||
| 30 | Capital instruments and the related share premium accounts | 11,648 | 11,801 | G | |||
| of which: | |||||||
| 31 | Classified as equity under applicable accounting standards12 | 11,718 | 11,871 | G | |||
| 32 | Classified as liabilities under applicable accounting standards | 0 | 0 | ||||
| 33 | Amount of qualifying items referred to in Article 484 (4) and the related share premium<br><br>accounts subject to phase out from AT1 as described in Article 486(3) of CRR | 0 | 0 | H | |||
| of which: | |||||||
| EU<br><br>33a | Amount of qualifying items referred to in Article 494a(1) subject to phase out from AT1 | 0 | 0 | ||||
| EU<br><br>33b | Amount of qualifying items referred to in Article 494b(1) subject to phase out from AT1 | 0 | 0 | ||||
| 34 | Qualifying Tier 1 capital included in consolidated AT1 capital issued by subsidiaries and held<br><br>by third parties | 0 | 0 | ||||
| 35 | of which: instruments issued by subsidiaries subject to phase out | 0 | 0 | ||||
| 36 | Additional Tier 1 (AT1) capital before regulatory adjustments | 11,648 | 11,801 | ||||
| Additional Tier 1 (AT1) capital: regulatory adjustments | |||||||
| 37 | Direct, indirect and synthetic holdings by an institution of own AT1 instruments (negative<br><br>amount) | (130) | (130) | G | |||
| 38 | Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities<br><br>where those entities have reciprocal cross holdings with the institution designed to inflate<br><br>artificially the own funds of the institution (negative amount) | 0 | 0 | ||||
| 39 | Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities<br><br>where the institution does not have a significant investment in those entities (amount above<br><br>the 10% threshold and net of eligible short positions) (negative amount)7 | 0 | 0 | ||||
| 40 | Direct, indirect and synthetic holdings by the institution of the AT1 instruments of financial<br><br>sector entities where the institution has a significant investment in those entities (amount<br><br>above the 10% threshold net of eligible short positions) (negative amount) | 0 | 0 | ||||
| 42 | Qualifying T2 deductions that exceed the T2 items of the institution (negative amount) | 0 | 0 | ||||
| 42a | of which: Other regulatory adjustments to AT1 capital | 0 | 0 | ||||
| 43 | Total regulatory adjustments to Additional Tier 1 (AT1) capital | (130) | (130) | ||||
| 44 | Additional Tier 1 (AT1) capital | 11,518 | 11,671 | ||||
| 45 | Tier 1 capital (T1 = CET 1 + AT1) | 60,784 | 60,193 |
12
| Deutsche Bank | Capital | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Development and composition of Own Funds | Dec 31, 2025 | Jun 30, 2025 | ||||
| --- | --- | --- | --- | --- | |||
| in € m. | CRR/CRD | CRR/CRD | Refe-<br><br>rences1 | ||||
| Tier 2 (T2) capital: instruments and provisions | |||||||
| 46 | Capital instruments and the related share premium accounts9 | 7,225 | 7,178 | I | |||
| 47 | Amount of qualifying items referred to in Article 484 (5) and the related share premium<br><br>accounts subject to phase out from T2 as described in Article 486(4) of CRR | 0 | 0 | I | |||
| of which: | |||||||
| EU<br><br>47a | Amount of qualifying items referred to in Article 494a (2) subject to phase out from T2 | 0 | 0 | ||||
| EU<br><br>47b | Amount of qualifying items referred to in Article 494b (2) subject to phase out from T2 | 0 | 0 | ||||
| 48 | Qualifying own funds instruments included in consolidated T2 capital issued by subsidiaries<br><br>and held by third parties | 0 | 0 | I | |||
| 49 | of which: instruments issued by subsidiaries subject to phase out | 0 | 0 | ||||
| 50 | Credit risk adjustments | 0 | 0 | ||||
| 51 | Tier 2 (T2) capital before regulatory adjustments | 7,225 | 7,178 | ||||
| Tier 2 (T2) capital: regulatory adjustments | |||||||
| 52 | Direct, indirect and synthetic holdings by an institution of own T2 instruments and<br><br>subordinated loans (negative amount) | (170) | (170) | I | |||
| 53 | Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of<br><br>financial sector entities where those entities have reciprocal cross holdings with the<br><br>institution designed to inflate artificially the own funds of the institution (negative amount) | 0 | 0 | ||||
| 54 | Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of<br><br>financial sector entities where the institution does not have a significant investment in those<br><br>entities (amount above 10% threshold and net of eligible short positions) (negative amount)7 | 0 | 0 | ||||
| 55 | Direct, indirect and synthetic holdings by the institution of the T2 instruments and<br><br>subordinated loans of financial sector entities where the institution has a significant<br><br>investment in those entities (net of eligible short positions) (negative amount) | (5) | 0 | ||||
| EU<br><br>56a | Qualifying eligible liabilities deductions that exceed the eligible liabilities items of the<br><br>institution (negative amount) | 0 | 0 | ||||
| EU<br><br>56b | Other regulatory adjustments to T2 capital | 0 | 0 | ||||
| 57 | Total regulatory adjustments to Tier 2 (T2) capital | (175) | (170) | ||||
| 58 | Tier 2 (T2) capital | 7,050 | 7,008 | ||||
| 59 | Total capital (TC = T1 + T2) | 67,834 | 67,200 | ||||
| 60 | Total risk-weighted assets | 347,133 | 340,805 | ||||
| Capital ratios and buffers | |||||||
| 61 | Common Equity Tier 1 capital ratio (as a percentage of risk-weighted assets) | 14.19 | 14.24 | ||||
| 62 | Tier 1 capital ratio (as a percentage of risk-weighted assets) | 17.51 | 17.66 | ||||
| 63 | Total capital ratio (as a percentage of risk-weighted assets) | 19.54 | 19.72 | ||||
| 64 | Institution CET 1 overall capital requirement (CET 1 requirement in accordance with article<br><br>92 (1) of Regulation (EU) No 575/2013, plus additional CET 1 requirement which the<br><br>institution is required to hold in accordance with Article 104(1)(a) of Directive 2013/36/EU,<br><br>plus combined buffer requirement in accordance with Article 128(6) of Directive 2013/36/<br><br>EU) expressed as a percentage of risk exposure amount)10 | 11.26 | 11.24 | ||||
| of which: | |||||||
| 65 | Capital conservation buffer requirement | 2.50 | 2.50 | ||||
| 66 | Countercyclical buffer requirement | 0.50 | 0.48 | ||||
| 67 | Systemic risk buffer requirement | 0.14 | 0.13 | ||||
| EU<br><br>67a | Global Systemically Important Institution (G-SII) or Other Systemically Important<br><br>Institution (O-SII) buffer | 2.00 | 2.00 | ||||
| EU<br><br>67b | additional own funds requirements to address the risks other than the risk of excessive<br><br>leverage | 1.63 | 1.63 | ||||
| 68 | Common Equity Tier 1 capital available to meet buffers (as a percentage of risk-weighted<br><br>assets)11 | 8.06 | 8.11 | ||||
| Amounts below the thresholds for deduction (before risk weighting) | |||||||
| 72 | Direct, indirect and synthetic holdings of the capital of financial sector entities where the<br><br>institution does not have a significant investment in those entities (amount below 10%<br><br>threshold and net of eligible short positions)7 | 3,136 | 2,967 | ||||
| 73 | Direct, indirect and synthetic holdings by the institution of the CET 1 instruments of financial<br><br>sector entities where the institution has a significant investment in those entities (amount<br><br>below 10% threshold and net of eligible short positions) | 1,087 | 722 | ||||
| 75 | Deferred tax assets arising from temporary differences (amount below 10% threshold, net of<br><br>related tax liability where the conditions in Article 38 (3) CRR are met) | 4,372 | 3,844 | ||||
| Applicable caps on the inclusion of provisions in Tier 2 capital | |||||||
| 76 | Credit risk adjustments included in T2 in respect of exposures subject to standardized<br><br>approach (prior to the application of the cap) | 0 | 0 |
13
| Deutsche Bank | Capital | |||
|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Development and composition of Own Funds | |||
| Dec 31, 2025 | Jun 30, 2025 | |||
| --- | --- | --- | --- | --- |
| in € m. | CRR/CRD | CRR/CRD | Refe-<br><br>rences1 | |
| 77 | Cap on inclusion of credit risk adjustments in T2 under standardized approach | 720 | 481 | |
| 78 | Credit risk adjustments included in T2 in respect of exposures subject to internal ratings-<br><br>based approach (prior to the application of the cap) | 0 | 0 | |
| 79 | Cap for inclusion of credit risk adjustments in T2 under internal ratings-based approach | 1,090 | 1,186 | |
| Capital instruments subject to phase-out arrangements | ||||
| 80 | Current cap on CET 1 instruments subject to phase out arrangements | 0 | 0 | |
| 81 | Amount excluded from CET 1 due to cap (excess over cap after redemptions and maturities) | 0 | 0 | |
| 82 | Current cap on AT1 instruments subject to phase out arrangements | 0 | 0 | |
| 83 | Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities) | 0 | 0 | |
| 84 | Current cap on T2 instruments subject to phase out arrangements | 0 | 0 | |
| 85 | Amount excluded from T2 due to cap (excess over cap after redemptions and maturities) | 0 | 0 |
N/M – Not meaningful
1 References provide the mapping of regulatory balance sheet items used to calculate regulatory capital as reflected in the column “References" and as presented in tables
“EU CC2 – Reconciliation of regulatory own funds to balance sheet in the audited financial statements”. Where applicable, more detailed information is provided in the
respective reference footnote section
2Based on EBA list of Article 26(3) of CRR, competent authorities shall evaluate whether issuances of Common Equity Tier 1 instruments meet the criteria set out in Article
28 or, where applicable, Article 29
3Full year profit is recognized as per ECB Decision (EU) 2015/656 in accordance with the Article 26(2) of Regulation (EU) No 575/2013 (ECB/2015/4); current year profits
of € 6.9 billion reduced by deductions for future shareholder distribution in relation to FY25 of € 3.1 billion and AT1 coupons of € 0.5 billion
4The € 1.7 billion (June 2025: € 1.7 billion) additional value adjustments were derived from the EBA Regulatory Technical Standard on prudent valuation and are before
consideration of a benefit from the related reduction of the shortfall of provisions to expected losses of € 38.1 million (June 2025: € 0.4 billion)
5Represents gains and losses on liabilities and derivative liabilities carried at fair value that are a result of changes in own credit of the Group according to Article 33 (1) (b)
CRR
6Excludes holdings that are already considered in the accounting base of Common Equity
7Based on the Group’s current interpretation no deduction amount expected
8 Includes capital deductions of € 1.4 billion (June 2025: € 1.4 billion) based on ECB guidance on irrevocable payment commitments related to the Single Resolution Fund
and the Deposit Guarantee Scheme, € 0.7 billion (June 2025: € 0.4 billion) based on ECB’s supervisory recommendation for a prudential provisioning of non-performing
exposures
9Amortization is taken into account
10 Includes CET1 Pillar 2 Requirement
11 Calculated as the CET1 Capital less the Group’s CET1 capital requirements in accordance with article 92(1)(a) of Regulation (EU) No 575/2013 and following Article
104(1)(a) of Directive 2013/36/EU, and less any Common Equity Tier 1 items used by the Group to meet its additional Tier 1 and Tier 2 capital requirements
12 The reported position exceeds the total due to the delta amount of € 70 million representing a permanent buyback limit, which is not recognized in the accounting
standards
ACommon shares, additional paid-in capital and common shares in treasury reflect regulatory eligible CET 1 capital instruments
BRetained earnings in the regulatory balance sheet include Profit (loss) attributable to DB shareholders and additional equity components of € 6.9 billion (June 2025:
€ 3.7 billion). In the Own funds template (incl. RWA and capital ratios), this item is excluded from retained earnings and shown separately after subtracting the 'AT1
coupon and shareholder distribution deduction' of € 3.6 billion (June 2025: € 1.8 billion) as ‘independently reviewed interim profits net of any foreseeable charge or
dividend’ in row id 5a
CDifference to regulatory balance sheet position driven by prudential filters for unrealized gains and losses
DRegulatory applicable amount in goodwill and other intangible assets of € 7,561 million (June 2025: € 7,413 million) plus goodwill from equity method investments of
€ 59 million (June 2025: € 59 million) as per regulatory balance sheet reduced by deferred tax liabilities on other intangibles of € 466 million (June 2025: € 477 million)
and prudent software assets as per Art. 36 (1) (b) CRR of €2,109 million (June 2025: € 1,998 million)
EDifferences to balance sheet position mainly driven by adjustments as set out in Article 38 (2) to (5) CRR (e.g. regulatory offsetting requirements)
FRegulatory applicable amount is defined benefit pension fund assets of € 1,261 million (June 2025: € 1,233 million) reduced by deferred tax liabilities on defined benefit
pension fund assets of € 126 million (June 2025: € 122 million)
G Additional equity components reflects regulatory eligible AT1 capital instruments
HDifference to regulatory balance sheet driven by regulatory adjustments as set out in Articles 51 to 61 CRR (e.g. current cap on AT1 instruments subject to phase-out
arrangements)
IDifference to regulatory balance sheet driven by regulatory adjustments as set out in Articles 62 to 71 CRR (e.g. amortization, minority interest)
14
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Derogations from prudential requirements for the parent company and subsidiaries |
Scope of application of the regulatory framework
Name of institution
Article 436 (a) CRR
Deutsche Bank Aktiengesellschaft (“Deutsche Bank AG”), headquartered in Frankfurt am Main, Germany, is the parent
institution of the Deutsche Bank Group (the “regulatory group”). Under Section 10a KWG in conjunction with Articles 11
and 18 CRR, a regulatory group of institutions consists of an institution as the parent company, and all other institutions,
financial institutions (comprising inter alia financial holding companies, payment institutions, asset management
companies) and ancillary services undertakings that are its subsidiaries within the meaning of Article 4 (1) (16) CRR, or are
jointly managed together with other parties within the meaning of Article 18 (4) CRR. Subsidiaries are fully consolidated,
while companies which are not subsidiaries but consolidated for regulatory purposes are subject to proportional
consolidation.
Insurance companies and companies outside the banking and financial sector are not consolidated in the regulatory
group. The bank does not qualify as a financial conglomerate and is not subject to the respective supplementary
supervisions.
Differences in the scopes of consolidation
Article 436 (b) CRR
The principles of consolidation for Deutsche Bank’s regulatory group are not identical to those applied for the Group’s
financial statements. Nonetheless, the majority of the bank’s subsidiaries in the regulatory group are also fully
consolidated in accordance with IFRS in the Group’s consolidated financial statements.
The main differences between regulatory and accounting consolidation are:
–Subsidiaries outside the banking and financial sector are not consolidated within the regulatory group of institutions
but are included in the consolidated financial statements according to IFRS
–Most of the Group’s special purpose entities (SPEs) consolidated under IFRS do not meet the regulatory subsidiary
definition pursuant to Article 4 (1) (16) CRR and are not consolidated in the regulatory group. However, the risks
resulting from the bank’s exposures to such entities are reflected in the regulatory capital requirements
–Only two entities included in the regulatory group are not consolidated as subsidiaries for accounting purposes and
are treated differently
For detailed information and the table LI3, please refer to the Pillar 3 Report section “Outline of differences in scopes of
consolidation”.
Derogations from prudential requirements for the parent
company and subsidiaries
Article 436 (h) CRR (EU LIB)
As of December 31, 2025, Deutsche Bank AG fully applied the exemptions pursuant to Section 2a (1) KWG in conjunction
with Article 7 (3) CRR, Art. 6 (5) CRR and Section 2a (2) KWG in conjunction with Section 25a (1) sentence 3 KWG (so-
called “parent waiver”) pursuant to which the bank may waive the application of provisions on own funds and eligible
liabilities, capital requirements, large exposures, exposures to transferred credit risks, leverage, reporting requirements
and disclosure by institutions as well as certain risk management requirements on a stand-alone basis.
Deutsche Bank AG’s subsidiary norisbank GmbH and Deutsche Bank Europe GmbH which both were consolidated within
the Deutsche Bank regulatory group, fully applied the same exemptions outlined above (so-called “subsidiary waiver”)
pursuant to which the above mentioned subsidiaries may waive certain regulatory requirements to the same extent as
Deutsche Bank AG (see preceding paragraph) on a stand-alone basis. In addition, Deutsche Bank AG’s subsidiary
Deutsche Immobilien Leasing GmbH also consolidated within the Deutsche Bank regulatory group, applied the
“subsidiary waiver” rules to the extent applicable to the subsidiary.
These exemptions are available only for group companies in Germany and can only be applied if, amongst others, the risk
strategies and risk management processes of Deutsche Bank AG or the Group also include the companies that apply the
“waiver” rules and there is no material practical or legal impediment to the prompt transfer of own funds or repayment of
liabilities from Deutsche Bank AG to the respective subsidiaries or from subsidiaries to Deutsche Bank AG Group.
15
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Derogations from prudential requirements for the parent company and subsidiaries |
The application of the aforementioned exemptions and the fulfillment of the respective requirements were notified to
the BaFin and Deutsche Bundesbank. Pursuant to Section 2a (5) KWG the exemptions based on these notifications are
grandfathered, i.e. the “waivers” are deemed to be granted under the current CRR and KWG rules.
Additional disclosure requirements for large subsidiaries
Article 13 (1) CRR
The bank’s large subsidiaries are required to disclose information to the extent applicable in respect of own funds, capital
requirements, capital buffers, credit risk adjustments, remuneration policy, leverage and use of credit risk mitigation
techniques on an individual or sub-consolidated basis.
For some of the bank’s subsidiaries located in Germany it is not mandatory to calculate or report regulatory capital or
leverage ratios on a stand-alone basis if they qualify for the exemptions codified in the waiver rule pursuant to Section 2a
KWG in conjunction with Article 7 CRR. In these cases, the above-mentioned disclosure requirements are also not
applicable for those subsidiaries.
Large subsidiaries are identified in accordance with Article 4 No. 146 and 147 CRR, and applied to all subsidiaries
classified as “credit institution” or “investment firm” under the CRR and not qualifying for a waiver status pursuant to
Section 2a KWG in conjunction with Article 7 CRR. A subsidiary is required to comply with the requirements in
Article 13 (1) CRR (as described above) if at least one criterion mentioned in the list below has been met. The total value
of assets referenced below is calculated on an IFRS basis as of December 31, 2025:
–The subsidiary is a global systemically important institution
–It has been identified as an other systemically important institution (O-SII) in accordance with Article 131(1) and (3) of
Directive 2013/36/EU
–The subsidiary is, in the Member State in which it is established, one of the three largest institutions in terms of total
value of assets
–Total value of assets on an individual basis or sub-consolidated basis is equal to or greater than € 30 billion
As a result of the selection process described above, the bank identified three subsidiaries as “large” for the Group and
hence required to provide additional disclosure requirements:
–DB USA Corporation, United States of America
–BHW Bausparkasse AG, Germany
–Deutsche Bank Luxembourg S.A., Luxembourg
The additional disclosures for the large subsidiaries can be found either within the Pillar 3 Reports of the respective
subsidiary as published on its website or on the Group’s website.
Impediments to fund transfers
Article 436 (f) CRR (EU LIB)
The Group entities within the scope of prudential consolidation are subject to local regulatory and tax requirements as
well as potentially exchange controls. Deutsche Bank is not aware of any material impediments existing for capital
distribution within the Group.
Potential capital shortfalls in unconsolidated subsidiaries
Article 436 (g) CRR (EU LIB)
Deutsche Bank’s subsidiaries which were not included in its regulatory consolidation due to their immateriality did not
have to comply with own regulatory minimum capital standards in 2025.
Reconciliation of regulatory own funds to the IFRS balance
sheet
Article 436 (c, d) CRR
The table EU LI1 below provides a comparison between the consolidated balance sheet for accounting and prudential
purposes and also highlights how the amounts reported in the Group’s financial statements, once the regulatory scope of
consolidation is applied, are impacted by the different risk frameworks. The regulatory balance sheet is split further into
sections subject to credit risk, counterparty credit risk, securitization positions in the regulatory banking book, market
risk, and items not subject to capital requirements or relevant for deduction from capital. The market risk framework in
column (f) includes the bank’s trading book exposure, its banking book exposure which is booked in a currency different
16
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet |
from Euro, as well as securitization positions in the regulatory trading book. Specific assets and liabilities may be subject
to more than one regulatory risk framework. Therefore, the sum of values in column (c) to (g) may not be equal to the
amounts in column (b). Moreover, the allocation of positions to the regulatory trading or banking book, as well as the
product definition, impacts the allocation to and treatment within a regulatory framework and might be different to the
product definition or trading classification under IFRS.
Differences between carrying values on the regulatory balance sheet in column (b) and amounts deducted from CRR/
CRD capital are explained further in the footnotes of the table “EU CC1 Composition of regulatory own funds” as
referenced in the last column of this table.
EU LI1 – Differences between accounting and regulatory scopes of consolidation and the mapping of financial statement
categories with regulatory risk categories
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | ||
| Carrying values of items: | ||||||||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | Subject to<br><br>the credit<br><br>risk<br><br>framework | Subject to<br><br>the<br><br>counterparty<br><br>credit risk<br><br>framework | Subject to<br><br>the securiti-<br><br>zation<br><br>framework | Subject to<br><br>the market<br><br>risk<br><br>framework | Not subject<br><br>to capital<br><br>requirements<br><br>or subject to<br><br>deduction<br><br>from capital | References1 |
| Assets: | ||||||||
| Cash and central bank balances | 164,659 | 164,659 | 164,564 | 0 | 0 | 85,917 | 0 | |
| Interbank balances (w/o central<br><br>banks) | 6,962 | 6,921 | 6,560 | 0 | 0 | 4,903 | 7 | |
| Central bank funds sold and<br><br>securities purchased under resale<br><br>agreements | 37,509 | 37,509 | 0 | 37,509 | 0 | 22,188 | 0 | |
| Securities borrowed | 6 | 6 | 0 | 6 | 0 | 0 | 0 | |
| Financial assets at fair value<br><br>through profit or loss | ||||||||
| Trading assets | 153,811 | 151,914 | 4,953 | 112 | 382 | 140,502 | 0 | |
| Positive market values from<br><br>derivative financial instruments | 241,328 | 241,458 | 10 | 241,418 | 18 | 241,200 | 0 | |
| Non-trading financial assets<br><br>mandatory at fair value through<br><br>profit and loss | 124,495 | 124,251 | 6,298 | 112,156 | 668 | 120,356 | 0 | |
| Financial assets designated at<br><br>fair value through profit or loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total financial assets at fair value<br><br>through profit or loss | 519,635 | 517,623 | 11,260 | 353,686 | 1,067 | 502,058 | 0 | |
| Financial assets at Fair Value<br><br>through OCI | ||||||||
| Financial assets mandatory at<br><br>fair value through OCI | 43,644 | 43,377 | 42,249 | 1,128 | 0 | 25,652 | 0 | |
| Equity Instruments designated<br><br>at fair value through OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total financial assets at fair value<br><br>through OCI | 43,644 | 43,377 | 42,249 | 1,128 | 0 | 25,652 | 0 | |
| Equity method investments | 924 | 938 | 938 | 0 | 0 | 938 | 0 | |
| of which: Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | D |
| Loans at amortized cost | 472,620 | 472,409 | 437,626 | 2,636 | 31,976 | 173,755 | 171 | |
| Property and equipment | 5,924 | 5,923 | 5,923 | 0 | 0 | 2,021 | 0 | |
| Goodwill and other intangible<br><br>assets | 7,561 | 7,561 | 2,109 | 0 | 0 | 0 | 5,452 | D |
| Other assets | 167,472 | 167,779 | 53,149 | 47,759 | 4,295 | 46,214 | 56,088 | |
| of which: Defined benefit<br><br>pension fund assets | 1,263 | 1,261 | 0 | 0 | 0 | 0 | 1,261 | F |
| Assets for current tax | 1,609 | 1,605 | 1,605 | 0 | 0 | 0 | 0 | |
| Deferred tax assets | 6,544 | 6,535 | 4,448 | 0 | 0 | 2,814 | 2,088 | E |
| Total assets | 1,435,067 | 1,432,846 | 730,431 | 442,724 | 37,339 | 866,459 | 63,806 |
17
| Deutsche Bank | Capital | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | |||||||
| Dec 31, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | ||
| Carrying values of items: | ||||||||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | Subject to<br><br>the credit<br><br>risk<br><br>framework | Subject to<br><br>the<br><br>counterparty<br><br>credit risk<br><br>framework | Subject to<br><br>the securiti-<br><br>zation<br><br>framework | Subject to<br><br>the market<br><br>risk<br><br>framework | Not subject<br><br>to capital<br><br>requirements<br><br>or subject to<br><br>deduction<br><br>from capital | References1 |
| Liabilities and equity: | ||||||||
| Deposits | 691,828 | 692,329 | 0 | 1,050 | 0 | 139,334 | 551,945 | |
| Central bank funds purchased and<br><br>securities sold under repurchase<br><br>agreements | 4,177 | 4,177 | 0 | 4,177 | 0 | 678 | 0 | |
| Securities loaned | 2 | 2 | 0 | 2 | 0 | 2 | 0 | |
| Financial liabilities at fair value<br><br>through profit or loss | ||||||||
| Trading liabilities | 42,879 | 42,921 | 0 | 122 | 0 | 42,344 | (446) | |
| Negative market values<br><br>from derivative financial | 225,775 | 225,828 | 0 | 225,558 | 121 | 225,828 | 0 | |
| Financial liabilities<br><br>designated at fair value | 115,055 | 114,814 | 0 | 88,519 | 0 | 88,726 | (2) | |
| Investment contract | 469 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total financial liabilities at fair<br><br>value through profit or loss | 384,179 | 383,563 | 0 | 314,200 | 122 | 356,898 | (449) | |
| Other short-term borrowings | 18,204 | 18,213 | 0 | 0 | 0 | 2,787 | 15,427 | |
| Other liabilities | 137,713 | 135,650 | 0 | 52,394 | 0 | 72,075 | 18,711 | |
| Provisions | 2,408 | 2,399 | 0 | 0 | 0 | 1,156 | 1,243 | |
| Liabilities for current tax | 694 | 691 | 0 | 0 | 0 | 165 | 526 | |
| Deferred tax liabilities | 623 | 507 | 0 | 0 | 0 | 0 | 507 | |
| Long-term debt | 114,754 | 114,852 | 0 | 0 | 0 | 25,852 | 89,000 | H.I |
| of which: Subordinated<br><br>long-term debt2 | 8,297 | 8,297 | 0 | 0 | 0 | 4,655 | 3,641 | H.I |
| Trust preferred securities2 | 283 | 283 | 0 | 0 | 0 | 0 | 283 | |
| Obligation to purchase common<br><br>shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total liabilities | 1,354,863 | 1,352,667 | 0 | 371,822 | 122 | 598,947 | 677,193 | |
| Common shares, no par value,<br><br>nominal value of € 2.56 | 4,891 | 4,891 | 0 | 0 | 0 | 0 | 4,891 | A |
| Additional paid-in capital | 38,281 | 38,281 | 0 | 0 | 0 | 0 | 38,281 | A |
| Retained earnings | 28,096 | 28,080 | 0 | 0 | 0 | 0 | 28,080 | B |
| Common shares in treasury, at cost | (185) | (185) | 0 | 0 | 0 | 0 | (185) | A |
| Equity classified as obligation to<br><br>purchase common shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | A |
| Accumulated other<br><br>comprehensive income, net of tax | (4,150) | (4,159) | 0 | 0 | 0 | 0 | (4,159) | C |
| Total shareholders’ equity | 66,933 | 66,909 | 0 | 0 | 0 | 0 | 66,909 | |
| Additional equity components | 11,708 | 11,708 | 0 | 0 | 0 | 0 | 11,708 | G |
| Noncontrolling interests | 1,562 | 1,562 | 0 | 0 | 0 | 0 | 1,562 | |
| Total equity | 80,203 | 80,179 | 0 | 0 | 0 | 0 | 80,179 | |
| Total liabilities and equity | 1,435,067 | 1,432,846 | 0 | 371,822 | 122 | 598,947 | 757,372 |
1 References provide the mapping of regulatory balance sheet items used to calculate regulatory capital as reflected in the column “References” in “EU CC1–Composition
of regulatory own funds”. Where applicable, more detailed information are provided in the respective reference footnote section.
2 Eligible Additional Tier 1 and Tier 2 instruments are reflected in these balance sheet positions based on their IFRS carrying values.
18
| Deutsche Bank | Capital | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | Dec 31, 2024 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| a | b | c | d | e | f | g | |||||
| Carrying values of items: | |||||||||||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | Subject to<br><br>the credit<br><br>risk<br><br>framework | Subject to<br><br>the<br><br>counterparty<br><br>credit risk<br><br>framework | Subject to<br><br>the securiti-<br><br>zation<br><br>framework | Subject to<br><br>the market<br><br>risk<br><br>framework | Not subject<br><br>to capital<br><br>requirements<br><br>or subject to<br><br>deduction<br><br>from capital | References1 | |||
| Assets: | |||||||||||
| Cash and central bank balances | 147,494 | 147,462 | 147,331 | 0 | 0 | 86,770 | 0 | ||||
| Interbank balances (w/o central<br><br>banks) | 6,160 | 6,099 | 5,543 | 0 | 0 | 4,703 | 0 | ||||
| Central bank funds sold and<br><br>securities purchased under resale<br><br>agreements | 40,803 | 40,803 | 201 | 40,602 | 0 | 25,446 | 0 | ||||
| Securities borrowed | 44 | 44 | 0 | 44 | 0 | 11 | 0 | ||||
| Financial assets at fair value<br><br>through profit or loss | |||||||||||
| Trading assets | 139,772 | 137,779 | 4,252 | 118 | 306 | 133,247 | 0 | ||||
| Positive market values from<br><br>derivative financial instruments | 291,754 | 291,889 | 21 | 291,643 | 24 | 291,739 | 0 | ||||
| Non-trading financial assets<br><br>mandatory at fair value through<br><br>profit and loss | 114,324 | 114,293 | 5,427 | 103,870 | 701 | 110,822 | 0 | ||||
| Financial assets designated at<br><br>fair value through profit or loss | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Total financial assets at fair value<br><br>through profit or loss | 545,849 | 543,960 | 9,700 | 395,631 | 1,031 | 535,808 | 0 | ||||
| Financial assets at Fair Value<br><br>through OCI | |||||||||||
| Financial assets mandatory at<br><br>fair value through OCI | 42,090 | 41,901 | 39,113 | 2,786 | 2 | 27,872 | 0 | ||||
| Equity Instruments designated<br><br>at fair value through OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
| Total financial assets at fair value<br><br>through OCI | 42,090 | 41,901 | 39,113 | 2,786 | 2 | 27,872 | 0 | ||||
| Equity method investments | 1,028 | 1,028 | 965 | 0 | 1 | 1,028 | 63 | ||||
| of which: Goodwill | 63 | 63 | 0 | 0 | 0 | 0 | 63 | D | |||
| Loans at amortized cost | 478,921 | 483,033 | 451,620 | 0 | 31,274 | 179,790 | 139 | ||||
| Property and equipment | 6,193 | 6,192 | 6,192 | 0 | 0 | 2,216 | 1 | ||||
| Goodwill and other intangible<br><br>assets | 7,749 | 7,749 | 2,013 | 0 | 0 | 0 | 5,736 | D | |||
| Other assets | 101,207 | 101,139 | 31,519 | 43,426 | 4,497 | 38,557 | 17,187 | ||||
| of which: Defined benefit<br><br>pension fund assets | 1,301 | 1,299 | 0 | 0 | 0 | 0 | 1,299 | F | |||
| Assets for current tax | 1,801 | 1,799 | 1,799 | 0 | 0 | 0 | 0 | ||||
| Deferred tax assets | 7,839 | 7,824 | 4,370 | 0 | 0 | 2,512 | 3,454 | E | |||
| Total assets | 1,387,177 | 1,389,033 | 700,366 | 482,488 | 36,805 | 904,712 | 26,580 |
19
| Deutsche Bank | Capital | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | |||||||
| Dec 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | ||
| Carrying values of items: | ||||||||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | Subject to<br><br>the credit<br><br>risk<br><br>framework | Subject to<br><br>the<br><br>counterparty<br><br>credit risk<br><br>framework | Subject to<br><br>the securiti-<br><br>zation<br><br>framework | Subject to<br><br>the market<br><br>risk<br><br>framework | Not subject<br><br>to capital<br><br>requirements<br><br>or subject to<br><br>deduction<br><br>from capital | References1 |
| Liabilities and equity: | ||||||||
| Deposits | 666,261 | 666,961 | 0 | 1,108 | 0 | 129,988 | 535,864 | |
| Central bank funds purchased and<br><br>securities sold under repurchase<br><br>agreements | 3,740 | 3,740 | 0 | 3,740 | 0 | 1,209 | 0 | |
| Securities loaned | 2 | 2 | 0 | 2 | 0 | 2 | 0 | |
| Financial liabilities at fair value<br><br>through profit or loss | ||||||||
| Trading liabilities | 43,498 | 43,498 | 0 | 14 | 0 | 42,541 | (280) | |
| Negative market values<br><br>from derivative financial | 276,395 | 276,500 | 0 | 276,094 | 175 | 276,500 | 0 | |
| Financial liabilities<br><br>designated at fair value | 92,047 | 91,803 | 0 | 73,179 | 0 | 72,664 | (7) | |
| Investment contract | 454 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total financial liabilities at fair<br><br>value through profit or loss | 412,395 | 411,801 | 0 | 349,287 | 175 | 391,705 | (287) | |
| Other short-term borrowings | 9,895 | 9,899 | 0 | 0 | 0 | 2,811 | 7,088 | |
| Other liabilities | 95,631 | 93,550 | 0 | 49,146 | 0 | 34,680 | 17,674 | |
| Provisions | 3,326 | 3,320 | 0 | 0 | 0 | 1,336 | 1,983 | |
| Liabilities for current tax | 720 | 715 | 0 | 0 | 0 | 159 | 556 | |
| Deferred tax liabilities | 590 | 477 | 0 | 0 | 0 | 0 | 477 | |
| Long-term debt | 114,899 | 118,890 | 0 | 0 | 0 | 26,430 | 92,460 | H.I |
| of which: Subordinated<br><br>long-term debt2 | 11,711 | 11,711 | 0 | 0 | 0 | 5,249 | 6,461 | H.I |
| Trust preferred securities2 | 287 | 287 | 0 | 0 | 0 | 0 | 287 | |
| Obligation to purchase common<br><br>shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total liabilities | 1,307,745 | 1,309,642 | 0 | 403,284 | 175 | 588,322 | 656,102 | |
| Common shares, no par value,<br><br>nominal value of € 2.56 | 5,106 | 5,106 | 0 | 0 | 0 | 0 | 5,106 | A |
| Additional paid-in capital | 39,744 | 39,744 | 0 | 0 | 0 | 0 | 39,744 | A |
| Retained earnings | 23,368 | 23,344 | 0 | 0 | 0 | 0 | 23,344 | B |
| Common shares in treasury, at cost | (713) | (713) | 0 | 0 | 0 | 0 | (713) | A |
| Equity classified as obligation to<br><br>purchase common shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | A |
| Accumulated other<br><br>comprehensive income, net of tax | (1,229) | (1,229) | 0 | 0 | 0 | 0 | (1,229) | C |
| Total shareholders’ equity | 66,276 | 66,252 | 0 | 0 | 0 | 0 | 66,252 | |
| Additional equity components | 11,550 | 11,550 | 0 | 0 | 0 | 0 | 11,550 | G |
| Noncontrolling interests | 1,606 | 1,589 | 0 | 0 | 0 | 0 | 1,589 | |
| Total equity | 79,432 | 79,391 | 0 | 0 | 0 | 0 | 79,391 | |
| Total liabilities and equity | 1,387,177 | 1,389,033 | 0 | 403,284 | 175 | 588,322 | 735,493 |
1References provide the mapping of regulatory balance sheet items used to calculate regulatory capital as reflected in the column “References” in “Own funds template
(incl. RWA and Capital Ratios)”. Where applicable, more detailed information are provided in the respective reference footnote section.
2Eligible Additional Tier 1 and Tier 2 instruments are reflected in these balance sheet positions with their values according to IFRS.
Movements in carrying values as reported in published financial statements, i.e. under IFRS scope of consolidation for
December 31, 2024 and December 31, 2025 are primarily driven by the following factors:
Cash, central bank and interbank balances increased by € 18.0 billion, primarily reflecting a € 25.6 billion rise in deposits,
driven by growth in Corporate Cash Management business in the Corporate Bank and higher inflows in the Private Bank
as a result of client acquisition campaigns. Trading assets increased by € 14.0 billion, primarily driven by an increase in
bond positions in the bank’s debt securities portfolio due to client flows and desk positioning, as well as an increase in
precious metal inventory during the year. Positive and negative market values of derivative financial instruments declined
by € 50.4 billion and € 50.6 billion respectively, mainly driven by foreign exchange products due to market volatility,
weakening of the U.S. dollar against the euro and new trades booked at materially lower mark-to-market values. Non
trading financial assets mandatory at fair value through profit and loss increased by € 10.2 billion, driven by an increase in
securities purchased under resale agreements measured under non-trading financial assets mandatory at fair value
through profit and loss, primarily due to increased trading activities. Loans at amortized cost decreased by € 6.3 billion,
mainly driven by a significant impact from foreign exchange movements and strategic reductions in the Private Bank
mortgage portfolio, partly offset by growth in Fixed Income & Currencies business in the Investment Bank. Other assets
20
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet |
increased by € 66.3 billion, primarily driven by increases in brokerage and securities related receivables of € 44.7 billion.
This was mainly attributable to higher receivables from pending settlements of regular way trades owing to increased
customer demand based on market conditions. This trend is also reflected in an increase in brokerage and securities
related payables by € 43.5 billion, driving the € 42.1 billion increase in other liabilities. The increase in other assets also
included growth in debt securities classified as hold to collect of € 18.6 billion, in line with the bank’s asset purchase
program initiative to expand the portfolio of European government bonds.. Financial liabilities designated at fair value
through profit or loss increased by € 23.0 billion,mainly attributable to an increase in securities sold under repurchase
agreements as a result of increased secured funding of trading inventory and client activities; as well as an increase in
long term debt driven by new issuances in FIC business in the Investment Bank. Other short-term borrowings increased
by € 8.3 billion, primarily due to newly issued commercial paper during the year.
The overall movement of the balance sheet included an decrease of € 69.3 billion due to foreign exchange rate
movements, mainly driven by weakening of the U.S. dollar versus the euro.
Table EU LI2 presents a description of the differences between the financial statements’ carrying value amounts under
the regulatory scope of consolidation and the exposure amounts used for regulatory purposes.
EU LI2 – Main sources of differences between regulatory exposure amounts and carrying values in financial statements
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | ||
| Items subject to: | ||||||
| in € m. | Total | Credit risk<br><br>framework | Securitization<br><br>framework | Counterparty<br><br>credit risk<br><br>framework | Market risk<br><br>framework | |
| 1 | Assets carrying value amount under the scope<br><br>of prudential consolidation (as per template LI1) | 1,432,846 | 730,431 | 37,339 | 442,724 | 866,459 |
| 2 | Liabilities carrying value amount under the scope<br><br>of prudential consolidation (as per template LI1) | 1,352,667 | 0 | 122 | 371,822 | 598,947 |
| 3 | Total net amount under the scope of prudential<br><br>consolidation | 80,179 | 730,431 | 37,217 | 70,902 | 267,512 5 |
| 4 | Off-balance-sheet amounts | 349,539 | 325,452 | 19,526 | 354 | — |
| 5 | Differences in valuations1 | 0 | 0 | 157 | 33,457 | — |
| 6 | Differences due to different netting rules, other<br><br>than those already included in row 2 | 0 | 0 | 0 | 0 | — |
| 7 | Differences due to consideration of provisions3 | 0 | 8,042 | (32) | 5 | — |
| 8 | Differences due to the use of credit risk mitigation<br><br>techniques (CRMs) | 0 | (2,055) | 0 | (1) | — |
| 9 | Differences due to credit conversion factors | 0 | (187,642) | 0 | 0 | — |
| 10 | Differences due to securitization with risk transfer2 | 0 | (42,888) | 39,158 | 0 | — |
| 11 | Other differences4 | 0 | 15,253 | 1,029 | 934 | — |
| 12 | Exposure amounts considered for regulatory<br><br>purposes | 1,052,400 | 846,594 | 97,056 | 105,650 | 3,100 6 |
1Includes effects due to differences in exposure modelling applying the effective expected positive exposure as well as the SA-CCR for derivatives and financial collateral
comprehensive method for Securities Financing Transactions (SFT) respectively; that also reflects differences as a result of the application of credit risk mitigation and
regulatory netting rules
2Included in the sum of € 39.2 billion are FX mismatches amounting to € 1.6 billion; the amount represents the retained synthetic tranches after consideration of bought
credit protection
3Includes credit-risk related purchase price adjustments arising in the context of asset purchases as well as business combinations
4Primarily reflects valuation differences as a result of regulatory product definition being different from the accounting product definition; moreover, under the
counterparty credit risk framework funded default fund contribution in form of securities are considered in the exposure amounts for regulatory purposes
5Included in the sum of € 267.5 billion are € 2.9 billion net carrying amount attributable to securitization positions in the regulatory trading book covered under the market
risk standardized approach
6Exposure at default is only considered for securitization positions in the regulatory trading book as the remaining exposure is considered within the internally developed
market risk models
21
| Deutsche Bank | Capital | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| Items subject to: | ||||||
| in € m. | Total | Credit risk<br><br>framework | Securitization<br><br>framework | Counterparty<br><br>credit risk<br><br>framework | Market risk<br><br>framework | |
| 1 | Assets carrying value amount under the scope<br><br>of prudential consolidation (as per template LI1) | 1,389,033 | 700,366 | 36,805 | 482,488 | 904,712 |
| 2 | Liabilities carrying value amount under the scope<br><br>of prudential consolidation (as per template LI1) | 1,309,642 | 0 | 175 | 403,284 | 588,322 |
| 3 | Total net amount under the scope of prudential<br><br>consolidation | 79,391 | 700,366 | 36,630 | 79,205 | 316,390 5 |
| 4 | Off-balance-sheet amounts | 339,804 | 318,362 | 18,123 | 37 | — |
| 5,6 | Differences in valuations (incl. impact from different<br><br>netting rules)1 | 0 | 0 | 206 | 28,118 | — |
| 7 | Differences due to consideration of provisions3 | 0 | 7,485 | (30) | 1 | — |
| 8 | Differences due to the use of credit risk mitigation<br><br>techniques (CRMs) | 0 | (2,898) | 0 | 0 | — |
| 9 | Differences due to credit conversion factors | 0 | (181,789) | 0 | 0 | — |
| 10 | Differences due to securitization with risk transfer2 | 0 | (36,883) | 33,709 | 0 | (118) |
| 11 | Other differences4 | 0 | 19,461 | 396 | 1,214 | — |
| 12 | Exposure amounts considered for regulatory<br><br>purposes | 1,024,355 | 824,105 | 89,035 | 108,574 | 2,641 6 |
1Includes effects due to differences in exposure modelling applying the effective expected positive exposure as well as the SA-CCR for derivatives and financial collateral
comprehensive method for Securities Financing Transactions (SFT) respectively; that also reflects differences as a result of the application of credit risk mitigation and
regulatory netting rules
2Included in the sum of € 33.7 billion are FX mismatches amounting to € 1.3 billion; the amount represents the retained synthetic tranches after consideration of bought
credit protection
3Includes credit-risk related purchase price adjustments arising in the context of asset purchases as well as business combinations
4Primarily reflects valuation differences as a result of regulatory product definition being different from the accounting product definition; moreover, under the
counterparty credit risk framework funded default fund contribution in form of securities are considered in the exposure amounts for regulatory purposes
5Included in the sum of € 316.4 billion are € 2.8 billion net carrying amount attributable to securitization positions in the regulatory trading book covered under the market
risk standardized approach
6Exposure at default is only considered for securitization positions in the regulatory trading book as the remaining exposure is considered within the internally developed
market risk models
Article 437 (a) CRR
The table below highlights the difference in the basis of consolidation for accounting and prudential reporting purposes
as it compares the carrying values as reported under IFRS with the carrying values under the scope of the regulatory
consolidation. References in the last column of the table provide the mapping of regulatory balance sheet items used to
calculate regulatory capital. The reference columns presented below reconcile to the reference columns as presented in
the template “EU CC1– Composition of regulatory own funds”.
EU CC2 – Reconciliation of regulatory own funds to balance sheet in the audited financial statements
| Dec 31, 2025 | Jun 30, 2025 | |||||
|---|---|---|---|---|---|---|
| a | b | a | b | |||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | References | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | References |
| Assets: | ||||||
| Cash and central bank balances | 164,659 | 164,659 | 137,124 | 137,124 | ||
| Interbank balances (w/o central banks) | 6,962 | 6,921 | 6,766 | 6,737 | ||
| Central bank funds sold and securities purchased under<br><br>resale agreements | 37,509 | 37,509 | 32,938 | 32,938 | ||
| Securities borrowed | 6 | 6 | 35 | 35 | ||
| Financial assets at fair value through profit or loss | ||||||
| of which: | ||||||
| Trading assets | 153,811 | 151,914 | 158,116 | 156,341 | ||
| Positive market values from derivative financial<br><br>instruments | 241,328 | 241,458 | 256,029 | 256,158 | ||
| Non-trading financial assets mandatory at fair value<br><br>through profit and loss | 124,495 | 124,251 | 118,053 | 117,888 | ||
| Financial assets designated at fair value through profit<br><br>or loss | 0 | 0 | 0 | 0 | ||
| Total financial assets at fair value through profit or loss | 519,634 | 517,623 | 532,198 | 530,386 |
22
| Deutsche Bank | Capital | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | |||||
| Dec 31, 2025 | Jun 30, 2025 | |||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | a | b | |||
| in € m. | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | References | Carrying<br><br>values as<br><br>reported in<br><br>published<br><br>financial<br><br>statements | Carrying<br><br>values under<br><br>scope of<br><br>prudential<br><br>consolida-<br><br>tion | References |
| Financial assets at Fair Value through OCI | ||||||
| Financial assets mandatory at fair value through OCI | 43,644 | 43,377 | 41,586 | 41,392 | ||
| Equity Instruments designated at fair value through OCI | 0 | 0 | 0 | 0 | ||
| Total financial assets at fair value through OCI | 43,644 | 43,377 | 41,586 | 41,392 | ||
| Financial assets available for sale | 0 | 0 | 0 | 0 | ||
| Equity method investments | 924 | 938 | 890 | 907 | ||
| of which: Goodwill | 59 | 59 | D | 59 | 59 | D |
| Loans at amortized cost | 472,620 | 472,409 | 466,581 | 466,360 | ||
| Securities held at maturity | 0 | 0 | 0 | 0 | ||
| Property and equipment | 5,924 | 5,923 | 6,039 | 6,038 | ||
| Goodwill and other intangible assets | 7,561 | 7,561 | D | 7,413 | 7,413 | D |
| Other assets | 167,472 | 167,779 | 157,679 | 157,974 | ||
| of which: Defined benefit pension fund assets | 1,263 | 1,261 | F | 1,235 | 1,233 | F |
| Assets for current tax | 1,609 | 1,605 | 1,735 | 1,734 | ||
| Deferred tax assets | 6,544 | 6,535 | E | 6,847 | 6,842 | E |
| Total assets | 1,435,067 | 1,432,846 | 1,397,830 | 1,395,880 | ||
| Liabilities and equity: | ||||||
| Deposits | 691,828 | 692,329 | 653,367 | 653,976 | ||
| Central bank funds purchased and securities sold under<br><br>repurchase agreements | 4,177 | 4,177 | 4,371 | 4,371 | ||
| Securities loaned | 2 | 2 | 2 | 2 | ||
| Financial liabilities at fair value through profit or loss | ||||||
| of which: | ||||||
| Trading liabilities | 42,879 | 42,921 | 43,990 | 43,979 | ||
| Negative market values from derivative financial<br><br>instruments | 225,775 | 225,828 | 235,609 | 235,696 | ||
| Financial liabilities designated at fair value through<br><br>profit or loss | 115,055 | 114,814 | 104,783 | 104,553 | ||
| Investment contract liabilities | 469 | 0 | 451 | 0 | ||
| Total financial liabilities at fair value through profit or loss | 384,179 | 383,563 | 384,833 | 384,228 | ||
| Other short-term borrowings | 18,204 | 18,213 | 18,090 | 18,082 | ||
| Other liabilities | 137,713 | 135,650 | 141,167 | 139,256 | ||
| Provisions | 2,408 | 2,399 | 2,791 | 2,788 | ||
| Liabilities for current tax | 694 | 691 | 950 | 947 | ||
| Deferred tax liabilities | 623 | 507 | 590 | 487 | ||
| Long-term debt | 114,754 | 114,852 | 113,531 | 113,628 | ||
| of which: Subordinated long-term debt1 | 8,297 | 8,297 | H.I | 8,269 | 8,269 | H.I |
| Trust preferred securities1 | 283 | 283 | H.I | 286 | 286 | H.I |
| Obligation to purchase common shares | 0 | 0 | 0 | 0 | ||
| Total liabilities | 1,354,863 | 1,352,667 | 1,319,978 | 1,318,049 | ||
| Common shares, no par value, nominal value of € 2.56 | 4,891 | 4,891 | A | 4,988 | 4,988 | A |
| Additional paid-in capital | 38,281 | 38,281 | A | 38,849 | 38,849 | A |
| Retained earnings | 28,096 | 28,080 | B | 24,897 | 24,882 | B |
| Common shares in treasury, at cost | (185) | (185) | A | (477) | (477) | A |
| Equity classified as obligation to purchase common shares | 0 | 0 | A | 0 | 0 | A |
| Accumulated other comprehensive income, net of tax | (4,150) | (4,159) | C | (3,702) | (3,710) | C |
| Total shareholders’ equity | 66,933 | 66,909 | 64,555 | 64,531 | ||
| Additional equity components | 11,708 | 11,708 | G | 11,840 | 11,840 | G |
| Noncontrolling interests | 1,562 | 1,562 | 1,457 | 1,460 | ||
| Total equity | 80,203 | 80,179 | 77,852 | 77,831 | ||
| Total liabilities and equity | 1,435,067 | 1,432,846 | 1,397,830 | 1,395,880 |
1Eligible Additional Tier 1 and Tier 2 instruments are reflected in these balance sheet positions based on their IFRS carrying values.
Outline of differences in scopes of consolidation
Article 436 (b) CRR
As of year-end 2025, Deutsche Banks’ regulatory group comprised 327 entities (excluding the parent Deutsche Bank
Aktiengesellschaft). The classification applied for these entities is in accordance with CRR. The regulatory group
comprised 20 credit institutions, one payment service provider, three investment firms, 218 financial institutions, three
financial holding companies, nine asset management companies and 73 ancillary services undertakings.
23
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet |
As of year-end 2024, the regulatory group comprised 293 entities (excluding the parent Deutsche Bank
Aktiengesellschaft). The regulatory group comprised 22 credit institutions, one payment institution, two investment
firms, 185 financial institutions, three financial holding companies, ten asset management companies and 70 ancillary
services undertakings.
The increase of entities part of Deutsche Banks’ regulatory group compared to 2024 was mainly driven by the
introduction of CRR3 requirements.
13 entities were exempted from regulatory consolidation pursuant to Section 31 (3) KWG in conjunction with Article 19
CRR as per year end 2025 (year end 2024: 15 entities). These regulations allow the exclusion of small entities in the
regulatory scope of application from consolidated regulatory reporting if either their total assets (including off-balance
sheet items) are below € 10 million or below 1% of Deutsche Bank's Group’s total assets. Also, these entities were not
required to be consolidated in Deutsche Bank's financial statements in accordance with IFRS.
These regulatory unconsolidated entities have to be included in the deduction treatment for significant investments in
financial sector entities pursuant to Article 36 (1) (i) CRR in conjunction with Article 43 (c) CRR. The book values of
participations in their equity included in the deduction treatment amounted to in total € 1.8 million as per year end 2025
(year end 2024: € 2.2 million).
Table EU LI3 below illustrates the differences in the scopes of consolidation for financial accounting and regulatory
purposes for the Group. It considers all entities for which the method of the accounting consolidation is different from
the method of the regulatory consolidation. On an entity-by-entity level the table presents the method of accounting
consolidation and then in the following columns whether and how – under the regulatory scope of consolidation – the
entity is recognized. This is then finally supplemented by a short description of the entity.
EU LI3 – Outline of the differences in the scopes of consolidation (entity by entity)
| a | b | c | d | e | f | g | h |
|---|---|---|---|---|---|---|---|
| Method of prudential consolidation | |||||||
| Name of the entity | Method of<br><br>accounting<br><br>consolidation | Full<br><br>con-<br><br>soli-<br><br>dation | Pro-<br><br>por-<br><br>tional<br><br>con-<br><br>soli-<br><br>dation | Equity<br><br>me-<br><br>thod | Nei-<br><br>ther<br><br>con-<br><br>soli-<br><br>dated<br><br>nor<br><br>de-<br><br>duc-<br><br>ted | De-<br><br>duc-<br><br>ted | Description of the entity |
| Al Mi'yar Capital 2 Cayman Ltd | Full consolidation | x | Other Enterprise | ||||
| Al Mi'yar Capital SA | Full consolidation | x | Other Enterprise | ||||
| Altersvorsorge Fonds Hamburg Alter Wall Dr.<br><br>Juncker KG | Full consolidation | x | Other Enterprise | ||||
| Ansbacher I S.à r.l. | Full consolidation | x | Other Enterprise | ||||
| Ansbacher II S.à r.l. | Full consolidation | x | Other Enterprise | ||||
| Atlas SICAV - FIS, en liquidation volontaire | Full consolidation | x | Other Enterprise | ||||
| Australian Secured Personal Loans Trust | Full consolidation | x | Other Enterprise | ||||
| Axia Insurance, Ltd. | Full consolidation | x | Other Enterprise | ||||
| Benefit Trust GmbH | No consolidation | x | Financial Institution | ||||
| Borfield Sociedad Anonima | Full consolidation | x | Other Enterprise | ||||
| BT Globenet Nominees Limited | Full consolidation | x | Other Enterprise | ||||
| Capital Trust Japan Company Limited (Trust<br><br>Account Project Spark Agreement No. 7536) | Full consolidation | x | Financial Institution | ||||
| Cathay Advisory (Beijing) Co., Ltd. | Full consolidation | x | Other Enterprise | ||||
| Cathay Capital Company (No 2) Limited | No consolidation | x | Financial Institution | ||||
| CLASS Limited | Full consolidation | x | Other Enterprise | ||||
| Crofton Invest, S.L. | Full consolidation | x | Other Enterprise | ||||
| Danube Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| DB Holding Fundo de Investimento<br><br>Multimercado Investimento no Exterior Crédito<br><br>Privado | Full consolidation | x | Financial Institution | ||||
| DB International Trust (Singapore) Limited | Full consolidation | x | Other Enterprise | ||||
| DB Management Support GmbH | Full consolidation | x | Ancillary Services Undertaking | ||||
| DB Nominees (Hong Kong) Limited | Full consolidation | x | Ancillary Services Undertaking | ||||
| DB Nominees (Jersey) Limited | Full consolidation | x | Other Enterprise | ||||
| DB Nominees (Singapore) Pte Ltd | Full consolidation | x | Other Enterprise | ||||
| DB Re S.A. | Full consolidation | x | Reinsurance Undertaking |
24
| Deutsche Bank | Capital | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | a | b | c | d | e | f | g | h | |
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Method of prudential consolidation | ||||||||||
| Name of the entity | Method of<br><br>accounting<br><br>consolidation | Full<br><br>con-<br><br>soli-<br><br>dation | Pro-<br><br>por-<br><br>tional<br><br>con-<br><br>soli-<br><br>dation | Equity<br><br>me-<br><br>thod | Nei-<br><br>ther<br><br>con-<br><br>soli-<br><br>dated<br><br>nor<br><br>de-<br><br>duc-<br><br>ted | De-<br><br>duc-<br><br>ted | Description of the entity | |||
| DB SPEARs/LIFERs, Series DB-8092 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8093 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8095 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8096 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8097 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8103 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8108 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8139 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8147 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8148 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8149 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8151 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8154 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8156 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8157 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8160 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8162 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8163 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8164 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8165 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8166 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8167 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8168 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8174 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8175 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8179 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8182 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8183 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8184 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8185 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8186 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8187 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8188 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8189 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8190 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8191 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8192 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8193 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8194 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8195 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8196 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8197 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8198 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8199 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8201 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8203 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8210 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8211 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8212 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8213 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8214 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8215 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8216 Trust | Full consolidation | x | Ancillary Services Undertaking |
25
| Deutsche Bank | Capital | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | a | b | c | d | e | f | g | h | |
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Method of prudential consolidation | ||||||||||
| Name of the entity | Method of<br><br>accounting<br><br>consolidation | Full<br><br>con-<br><br>soli-<br><br>dation | Pro-<br><br>por-<br><br>tional<br><br>con-<br><br>soli-<br><br>dation | Equity<br><br>me-<br><br>thod | Nei-<br><br>ther<br><br>con-<br><br>soli-<br><br>dated<br><br>nor<br><br>de-<br><br>duc-<br><br>ted | De-<br><br>duc-<br><br>ted | Description of the entity | |||
| DB SPEARs/LIFERs, Series DB-8217 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8218 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8219 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8220 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8221 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8222 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8223 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8224 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8225 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8226 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DB-8227 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8057 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8060 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8070 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8071 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8090 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8099 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8100 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8101 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8105 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8106 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8109 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8118 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8121 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8122 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8123 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8124 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8125 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8126 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8128 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8130 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8133 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8134 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8135 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8140 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8152 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8153 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8158 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8159 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8161 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8178 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8909 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB SPEARs/LIFERs, Series DBE-8910 Trust | Full consolidation | x | Ancillary Services Undertaking | |||||||
| DB Trustee Services Limited | Full consolidation | x | Other Enterprise | |||||||
| DB Trustees (Hong Kong) Limited | Full consolidation | x | Other Enterprise | |||||||
| DB VersicherungsManager GmbH | Full consolidation | x | Other Enterprise | |||||||
| DB Vita S.A. | Full consolidation | x | Insurance Undertaking | |||||||
| DBX ETF Trust | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Bank (Cayman) Limited | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Bank Immobilien GmbH | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Bank Insurance Agency Incorporated | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Bank Luxembourg S.A. - Fiduciary<br><br>Deposits | Full consolidation | x | Other Enterprise |
26
| Deutsche Bank | Capital | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | a | b | c | d | e | f | g | h | |
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| Method of prudential consolidation | ||||||||||
| Name of the entity | Method of<br><br>accounting<br><br>consolidation | Full<br><br>con-<br><br>soli-<br><br>dation | Pro-<br><br>por-<br><br>tional<br><br>con-<br><br>soli-<br><br>dation | Equity<br><br>me-<br><br>thod | Nei-<br><br>ther<br><br>con-<br><br>soli-<br><br>dated<br><br>nor<br><br>de-<br><br>duc-<br><br>ted | De-<br><br>duc-<br><br>ted | Description of the entity | |||
| Deutsche Bank Luxembourg S.A. - Fiduciary<br><br>Note Programme | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Bank Representative Office Nigeria<br><br>Limited | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Deutsche Custody N.V. | Full consolidation | x | Financial Institution | |||||||
| Deutsche Gesellschaft für Immobilien-Leasing<br><br>mit beschränkter Haftung i.L. | Full consolidation | x | Financial Institution | |||||||
| Deutsche Grundbesitz-Anlagegesellschaft mit<br><br>beschränkter Haftung | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Securities (Proprietary) Limited | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Securities (SA) (Proprietary) Limited | Full consolidation | x | Other Enterprise | |||||||
| Deutsche StiftungsTrust GmbH | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Trustee Company Limited | Full consolidation | x | Other Enterprise | |||||||
| Deutsche Trustees Malaysia Berhad | Full consolidation | x | Other Enterprise | |||||||
| Deutsches Institut für Altersvorsorge GmbH | Full consolidation | x | Other Enterprise | |||||||
| DI Deutsche Immobilien Treuhandgesellschaft<br><br>mbH | Full consolidation | x | Other Enterprise | |||||||
| DWS Alternatives (IE) ICAV | Full consolidation | x | Other Enterprise | |||||||
| DWS Alternatives France | Full consolidation | x | Other Enterprise | |||||||
| DWS Consulting Shanghai Limited | Full consolidation | x | Other Enterprise | |||||||
| DWS Corporate Management Beijing Limited | Full consolidation | x | Other Enterprise | |||||||
| DWS EREP Lux 1 S.à r.l. | Full consolidation | x | Other Enterprise | |||||||
| DWS European Real Estate Partners S.C.A.<br><br>SICAV-RAIF | Full consolidation | x | Other Enterprise | |||||||
| DWS Funds | Full consolidation | x | Other Enterprise | |||||||
| DWS Garant | Full consolidation | x | Other Enterprise | |||||||
| DWS Invest | Full consolidation | x | Other Enterprise | |||||||
| DWS Invest (IE) ICAV | Full consolidation | x | Other Enterprise | |||||||
| DWS Zeitwert Protect | Full consolidation | x | Other Enterprise | |||||||
| DWS-Fonds Treasury Liquidity (EUR) | Full consolidation | x | Other Enterprise | |||||||
| Earls Eight Limited | Full consolidation | x | Other Enterprise | |||||||
| Earls Four Limited | Full consolidation | x | Other Enterprise | |||||||
| EC EUROPA IMMOBILIEN FONDS NR. 3 GmbH<br><br>& CO. KG i.I. | Full consolidation | x | Other Enterprise | |||||||
| Einkaufszentrum "HVD Dresden" S.à.r.l & Co.<br><br>KG i.I. | Full consolidation | x | Other Enterprise | |||||||
| Emerging Markets Capital Protected<br><br>Investments Limited | Full consolidation | x | Other Enterprise | |||||||
| FCT Orchid | Full consolidation | x | Other Enterprise | |||||||
| Fiduciaria Sant' Andrea S.r.l. | Full consolidation | x | Other Enterprise | |||||||
| Finanzberatungsgesellschaft mbH der<br><br>Deutschen Bank | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Fir (Luxembourg) S.à r.l. | Full consolidation | x | Other Enterprise | |||||||
| Fondo Privado de Titulización PYMES I<br><br>Designated Activity Company | Full consolidation | x | Other Enterprise | |||||||
| Franz Urbig- und Oscar Schlitter-Stiftung<br><br>Gesellschaft mit beschränkter Haftung | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Freddie Mac Class A Taxable Multifamily M<br><br>Certificates Series M-037 | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Freddie Mac Class A Taxable Multifamily M<br><br>Certificates Series M-041 | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Freddie Mac Class A Taxable Multifamily M<br><br>Certificates Series M-043 | Full consolidation | x | Ancillary Services Undertaking | |||||||
| Freddie Mac Class A Taxable Multifamily M<br><br>Certificates Series M-044 | Full consolidation | x | Ancillary Services Undertaking |
27
| Deutsche Bank | Capital | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Reconciliation of regulatory own funds to the IFRS balance sheet | ||||||
| a | b | c | d | e | f | g | h |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Method of prudential consolidation | |||||||
| Name of the entity | Method of<br><br>accounting<br><br>consolidation | Full<br><br>con-<br><br>soli-<br><br>dation | Pro-<br><br>por-<br><br>tional<br><br>con-<br><br>soli-<br><br>dation | Equity<br><br>me-<br><br>thod | Nei-<br><br>ther<br><br>con-<br><br>soli-<br><br>dated<br><br>nor<br><br>de-<br><br>duc-<br><br>ted | De-<br><br>duc-<br><br>ted | Description of the entity |
| Fünfte SAB Treuhand und Verwaltung GmbH &<br><br>Co. Suhl "Rimbachzentrum" KG | Full consolidation | x | Other Enterprise | ||||
| Greenheart (Luxembourg) S.à r.l. | Full consolidation | x | Other Enterprise | ||||
| Grundstücksgesellschaft Wiesbaden<br><br>Luisenstraße/Kirchgasse GbR | Full consolidation | x | Other Enterprise | ||||
| Immobilienfonds Büro-Center Erfurt am<br><br>Flughafen Bindersleben I GbR | Full consolidation | x | Other Enterprise | ||||
| Infrastructure Debt Fund S.C.Sp. SICAV-RAIF | Full consolidation | x | Other Enterprise | ||||
| Inn Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| Investor Solutions Limited | Full consolidation | x | Other Enterprise | ||||
| Isar Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| Kuiper Credit Opportunities | Full consolidation | x | Other Enterprise | ||||
| Life Mortgage S.r.l. | Full consolidation | x | Other Enterprise | ||||
| Numis Nominees (Client) Limited | Full consolidation | x | Other Enterprise | ||||
| Numis Nominees Limited | Full consolidation | x | Other Enterprise | ||||
| Oasis Securitisation S.r.l. | Full consolidation | x | Other Enterprise | ||||
| Oder Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| OPB-Oktava GmbH | Full consolidation | x | Financial Institution | ||||
| OPPENHEIM PRIVATE EQUITY<br><br>Verwaltungsgesellschaft mbH | Full consolidation | x | Financial Institution | ||||
| Palladium Global Investments S.A. | Full consolidation | x | Other Enterprise | ||||
| Palladium Securities 1 S.A. | Full consolidation | x | Other Enterprise | ||||
| PEFCO Finance Issuer One S.A.R.L. | Full consolidation | x | Other Enterprise | ||||
| PEIF IV SLP DWS Feeder 2, SCSp | No consolidation | x | Financial Institution | ||||
| Plantation Bay, Inc. | Full consolidation | x | Other Enterprise | ||||
| Property Debt Fund S.C.Sp. SICAV-RAIF | Full consolidation | x | Other Enterprise | ||||
| PUTTERs Series 3009DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs Series 3010DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs Series 3011DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs Series 3012DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs Series 3013DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs Series 3014DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs/DRIVERs, Series 3005DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| PUTTERs/DRIVERs, Series 3007DB Trust | Full consolidation | x | Ancillary Services Undertaking | ||||
| Rhine Euro CLO I Designated Activity Company | Full consolidation | x | Other Enterprise | ||||
| Rhine Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| ROCKY 2021-1 SPV S.r.l. | Full consolidation | x | Other Enterprise | ||||
| Somkid Immobiliare S.r.l. | Full consolidation | x | Other Enterprise | ||||
| SP Mortgage Trust | Full consolidation | x | Other Enterprise | ||||
| Stelvio Immobiliare S.r.l. | Full consolidation | x | Other Enterprise | ||||
| Swabia 1 Designated Activity Company (in<br><br>liquidation) | Full consolidation | x | Other Enterprise | ||||
| Tagus - Sociedade de Titularização de Creditos,<br><br>S.A. | Full consolidation | x | Other Enterprise | ||||
| Tasman NZ Residential Mortgage Trust | Full consolidation | x | Other Enterprise | ||||
| Trave Properties S.à r.l., en faillite | Full consolidation | x | Other Enterprise | ||||
| Treuinvest Service GmbH | Full consolidation | x | Other Enterprise | ||||
| Wendelstein 2017-1 UG (haftungsbeschränkt) | Full consolidation | x | Other Enterprise | ||||
| Wendelstein 2024-1 UG (haftungsbeschränkt) | Full consolidation | x | Other Enterprise | ||||
| Wendelstein 2025-1 UG (haftungsbeschränkt) | Full consolidation | x | Other Enterprise | ||||
| 5353 WHMR LLC | Full consolidation | x | Other Enterprise | ||||
| Xtrackers (IE) Public Limited Company | Full consolidation | x | Other Enterprise | ||||
| Xtrackers II | Full consolidation | x | Other Enterprise | ||||
| Xtrackers UCITS Common Contractual Fund | Full consolidation | x | Other Enterprise |
28
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Main features of capital instruments |
Main features of capital instruments
Article 437 (b-c) CRR
A description of the main features of the Common Equity Tier 1, Additional Tier 1 and Tier 2 capital instruments issued by
Deutsche Bank is published on Deutsche Bank’s website (db.com/ir/en/capital-instruments.htm). In addition, this website
provides full terms and conditions of all Common Equity Tier 1, Additional Tier 1 and Tier 2 capital instruments to the
extent that these do not constitute private placements and are treated confidentially.
Capital buffers
Prudential requirements and additional buffers
Article 438 (b) CRR
The Pillar 1 CET 1 minimum capital requirement applicable to the Group is 4.50% of RWA. The Pillar 1 total capital
requirement of 8.00% demands further resources that may be met with up to 1.50% Additional Tier 1 capital and up to
2.00% Tier 2 capital.
Failure to meet minimum capital requirements can result in supervisory measures such as restrictions of profit
distributions or limitations on certain businesses such as lending. Deutsche Bank complied with the minimum regulatory
capital adequacy requirements in 2025.
In addition to these minimum capital requirements, the following combined capital buffer requirements were fully
effective beginning 2025 onwards. These buffer requirements must be met in addition to the Pillar 1 minimum capital
requirements but can be drawn down in times of economic stress.
The capital conservation buffer is implemented in Section 10c German Banking Act, based on Article 129 CRD and
equals a requirement of 2.50% CET 1 capital of RWA.
The countercyclical capital buffer is deployed in a jurisdiction when excess credit growth is associated with an increase in
system-wide risk. It may vary between 0% and 2.50% CET 1 capital of RWA. In exceptional cases, it could also be higher
than 2.50%. The institution-specific countercyclical buffer that applies to Deutsche Bank is the weighted average of the
countercyclical capital buffers that apply in the jurisdictions where relevant credit exposures are located. As per
December 31, 2025, the institution-specific countercyclical capital buffer was at 0.50%.
In addition to the aforementioned buffers, national authorities, such as the BaFin, may require a systemic risk buffer to
prevent and mitigate long-term non-cyclical systemic or macro-prudential risks that are not covered by the CRR. They
can require an additional buffer of up to 5.00% CET 1 capital of RWA. As of the year end 2025, the systemic risk buffer
applied to Deutsche Bank is 0.14%.
Deutsche Bank continues to be designated as a global systemically important institution (G-SII) by the BaFin resulting in
a G-SII buffer requirement of 1.50% CET 1 capital of RWA in 2025. 2025 BaFin has announced that the G-SII buffer
requirement for Deutsche Bank will be reduced to 1.00% for the year 2026.
Additionally, Deutsche Bank has been classified by BaFin as an “other systemically important institution” (O-SII) with an
additional capital buffer requirement of 2.00% in 2025 which has to be met on a consolidated level and remains
unchanged for 2026. The higher of the buffers for systemically important institutions (G-SII buffer or O-SII buffer) must
be applied.
Pursuant to the Pillar 2 SREP, the ECB may impose capital requirements on individual banks which are more stringent
than statutory requirements (so-called Pillar 2 requirement).
In December 2024, the ECB informed Deutsche Bank of its decision effective January 1, 2025, that the bank’s Pillar 2
requirement changed compared to 2024. This resulted in ECB’s Pillar 2 requirement amounting to 2.90% of RWA. As of
December 31, 2025, Deutsche Bank needs to maintain on a consolidated basis a CET 1 ratio of at least 11.26%, a Tier 1
ratio of at least 13.31% and a Total Capital ratio of at least 16.03%. The CET 1 requirement comprises the Pillar 1
minimum capital requirement of 4.50%, the Pillar 2 requirement (SREP add-on) of 1.63%, the capital conservation buffer
of 2.50%, the countercyclical buffer of 0.50% and the systemic risk buffer of 0.14% (both subject to changes throughout
the year) as well as the higher of the bank´s G-SII/O-SII buffer of 2.00%. Correspondingly, the Tier 1 capital requirement
includes additionally a Tier 1 minimum capital requirement of 1.50% plus a Pillar 2 requirement of 0.54%, and the Total
Capital requirement includes further a Tier 2 minimum capital requirement of 2.00% and a Pillar 2 requirement of 0.72%.
In addition, ECB communicated to Deutsche Bank an individual expectation to maintain a further Pillar 2 CET 1 capital
29
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers |
add-on commonly referred to as the Pillar 2 guidance. This capital add-on is separate from and in addition to the Pillar 2
requirement. The ECB expects banks to meet the Pillar 2 guidance although it is not legally binding, and failure to meet
the Pillar 2 guidance does not lead to automatic restrictions of capital distributions.
On October 28, 2025, Deutsche Bank was informed by the ECB of its decision regarding prudential minimum capital
requirements for 2026 that applies from January 1, 2026, onwards, following the results of the 2025 SREP. The decision
set ECB’s Pillar 2 requirement to 2.85% of RWA, effective as of January 1, 2026, of which at least 1.60% must be covered
by CET 1 capital and 2.14% by Tier 1 capital.
The following table gives an overview of the different Pillar 1 and Pillar 2 minimum capital buffer requirements (but
excluding the Pillar 2 guidance) as applicable to Deutsche Bank for the years 2025 and 2026.
Overview prudential requirements and additional buffers
| 2025 | 2026 | |
|---|---|---|
| Pillar 1 | ||
| Minimum CET 1 requirement | 4.50% | 4.50% |
| Combined buffer requirement | 5.13% | 5.15% |
| Capital Conservation Buffer | 2.50% | 2.50% |
| Countercyclical Buffer¹ | 0.50% | 0.52% |
| Systemic Risk Buffer² | 0.14% | 0.14% |
| Maximum of: | 2.00% | 2.00% |
| G-SII Buffer | 1.50% | 1.00% |
| O-SII Buffer | 2.00% | 2.00% |
| Pillar 2 | ||
| Pillar 2 SREP Add-on of Total capital | 2.90% | 2.85% |
| of which covered by CET 1 capital | 1.63% | 1.60% |
| of which covered by Tier 1 capital | 2.18% | 2.14% |
| of which covered by Tier 2 capital | 0.72% | 0.71% |
| Total CET 1 requirement from Pillar 1 and 2³ | 11.26% | 11.25% |
| Total Tier 1 requirement from Pillar 1 and 2 | 13.31% | 13.29% |
| Total capital requirement from Pillar 1 and 2 | 16.03% | 16.00% |
| Pillar 1 Leverage Ratio minimum requirement | 3.00% | 3.00% |
| Pillar 2 Leverage Ratio requirement | 0.10% | 0.10% |
| G-SII Leverage Ratio Buffer | 0.75% | 0.50% |
| Total Leverage Ratio requirement | 3.85% | 3.60% |
1Deutsche Bank’s countercyclical buffer requirement is subject to country-specific buffer rates decreed by EBA and the Basel Committee of Banking Supervision (BCBS)
as well as Deutsche Bank’s relevant credit exposures as per respective reporting date; the countercyclical buffer rate for 2026 has been calculated to be 0.52% based on
known countercyclical buffer changes in 2026; the countercyclical buffer is subject to Deutsche Bank portfolio changes and further changes of countercyclical buffer
rates throughout the year
2The Systemic risk buffer rate for 2026 has been calculated to be 0.14% based on known systemic risk buffer changes in 2026; the systemic risk buffer is subject to
Deutsche Bank portfolio changes and further changes in systemic risk buffer rates throughout the year
3The total Pillar 1 and Pillar 2 CET 1 requirement (excluding the “Pillar 2” guidance) is calculated as the sum of the SREP requirement, the systemic risk buffer requirement,
the capital conservation buffer requirement and countercyclical buffer requirement as well as the higher of the G-SII/O-SII requirement
Article 451 (1)(f) CRR
The Group’s Pillar 1 Tier 1 applicable capital requirement is 3.00% of leverage exposure. An additional leverage ratio
buffer requirement, equivalent to 50% of the applicable G-SII buffer rate, also applies. For Deutsche Bank, this additional
requirement equals 0.75% for 2025 and 0.50% for 2026. Furthermore, the ECB has set a Pillar 2 requirement for the
leverage ratio of 0.10%. This adds up to a total leverage ratio requirement of 3.85% for 2025. In addition, ECB
communicated to Deutsche Bank an individual expectation to maintain a further Pillar 2 Tier 1 capital add-on in relation
to leverage ratio, commonly referred to as the Pillar 2 guidance. This capital add-on is separate from and in addition to
the Pillar 2 requirement. The ECB expects banks to meet the Pillar 2 guidance although it is not legally binding, and
failure to meet the Pillar 2 guidance does not lead to automatic restrictions of capital distributions.
Geographical distribution of credit exposures
Article 440 (a) CRR
The following tables disclose the amount of Deutsche Bank´s countercyclical buffer as well as the geographical
distribution of credit exposures relevant for its calculation in the standard format as set out in Commission Delegated
Regulation (EU) 2015/1555. The geographical split table shows countries on an individual basis if each country imposes a
countercyclical capital buffer rate or the total own funds requirements exceed € 20 million. The values for the remaining
countries are shown as “Other”.
30
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers |
Countercyclical capital buffer rates are determined by Basel Committee member jurisdictions. Countercyclical capital
buffer varies according to a percentage of risk weighted assets. The “General credit exposures” include only credit
exposures to the private sector. Exposures to the public sector and to institutions are not in scope. The “Trading book
exposures” contain market risk standardized approach non-securitization and trading book securitization positions as
well as the IRC (“Incremental Risk Charge”).
31
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers |
EU CCyB1 – Geographical distribution of credit exposures relevant for the calculation of the countercyclical capital buffer
| Dec 31, 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | m | |
| General credit exposures | Relevant credit exposures –<br><br>Market risk | Securitization<br><br>exposures<br><br>Exposure<br><br>value for non-<br><br>trading book | Total<br><br>exposure<br><br>value | Own funds requirements | |||||||||
| in € m. | Exposure<br><br>value<br><br>for SA | Exposure<br><br>value<br><br>for IRB | Sum of long<br><br>and<br><br>short<br><br>positions of<br><br>trading book<br><br>exposures for<br><br>SA | Value of<br><br>trading<br><br>book<br><br>exposures<br><br>for Internal<br><br>models | Relevant<br><br>credit risk<br><br>exposures -<br><br>Credit risk | Relevant<br><br>credit<br><br>exposures –<br><br>Market risk | Relevant<br><br>credit<br><br>exposures –<br><br>Securitization<br><br>positions in<br><br>the non-<br><br>trading book | Total | Risk-<br><br>weighted<br><br>exposure<br><br>amounts | Own fund<br><br>requirements<br><br>weights (%) | Countercycli<br><br>cal buffer<br><br>rate (%) | ||
| Armenia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | 1.75 |
| Australia | 427 | 6,204 | 555 | 291 | 3,980 | 11,456 | 231 | 12 | 45 | 288 | 3,605 | 1.41 | 1.00 |
| Austria | 33 | 1,006 | 0 | 0 | 0 | 1,039 | 33 | 0 | 0 | 33 | 407 | 0.16 | 0.00 |
| Belgium | 334 | 3,746 | 0 | 0 | 30 | 4,110 | 87 | 0 | 0 | 87 | 1,091 | 0.43 | 1.00 |
| Bermuda | 90 | 1,870 | 3 | 31 | 51 | 2,045 | 65 | 1 | 1 | 67 | 831 | 0.33 | 0.00 |
| Brazil | 109 | 1,470 | 0 | 519 | 0 | 2,098 | 55 | 31 | 0 | 86 | 1,080 | 0.42 | 0.00 |
| British Virgin Islands | 109 | 5,370 | 0 | 47 | 0 | 5,526 | 96 | 3 | 0 | 99 | 1,234 | 0.48 | 0.00 |
| Bulgaria | 0 | 16 | 0 | 0 | 0 | 16 | 0 | 0 | 0 | 0 | 6 | 0.00 | 2.00 |
| Canada | 115 | 3,212 | 0 | 816 | 533 | 4,675 | 90 | 1 | 7 | 97 | 1,217 | 0.48 | 0.00 |
| Cayman Islands | 989 | 15,429 | 221 | 24 | 401 | 17,065 | 425 | 49 | 13 | 487 | 6,086 | 2.39 | 0.00 |
| Chile | 34 | 259 | 0 | 0 | 0 | 294 | 12 | 0 | 0 | 12 | 146 | 0.06 | 0.50 |
| China | 439 | 3,888 | 0 | 804 | 0 | 5,132 | 176 | 6 | 0 | 183 | 2,284 | 0.90 | 0.00 |
| Croatia | 0 | 54 | 0 | 0 | 0 | 54 | 3 | 0 | 0 | 3 | 34 | 0.01 | 1.50 |
| Cyprus | 1 | 248 | 0 | 6 | 0 | 255 | 6 | 0 | 0 | 6 | 74 | 0.03 | 1.00 |
| Czech Republic | 2 | 793 | 0 | 0 | 0 | 794 | 30 | 0 | 0 | 30 | 369 | 0.14 | 1.25 |
| Denmark | 19 | 814 | 0 | 0 | 0 | 833 | 28 | 0 | 0 | 28 | 346 | 0.14 | 2.50 |
| Egypt | 132 | 384 | 0 | 27 | 0 | 542 | 21 | 0 | 0 | 21 | 258 | 0.10 | 0.00 |
| Estonia | 3 | 214 | 0 | 0 | 0 | 217 | 6 | 0 | 0 | 6 | 74 | 0.03 | 1.50 |
| Faroe Islands | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | 1.00 |
| France | 302 | 8,453 | 12 | 0 | 554 | 9,321 | 265 | 1 | 14 | 279 | 3,488 | 1.37 | 1.00 |
| Germany | 21,320 | 227,921 | 0 | 0 | 10,808 | 260,049 | 7,147 | 0 | 157 | 7,303 | 91,290 | 35.79 | 0.75 |
| Greece | 5 | 74 | 0 | 0 | 0 | 79 | 2 | 0 | 0 | 2 | 28 | 0.01 | 0.25 |
| Hong Kong | 208 | 4,051 | 0 | 162 | 0 | 4,421 | 95 | 4 | 0 | 99 | 1,238 | 0.49 | 0.50 |
| Hungary | 3 | 403 | 0 | 0 | 0 | 406 | 12 | 0 | 0 | 12 | 147 | 0.06 | 1.00 |
| Iceland | 2 | 7 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 4 | 0.00 | 2.50 |
| India | 2,691 | 8,155 | 0 | 600 | 85 | 11,531 | 604 | 18 | 1 | 623 | 7,793 | 3.06 | 0.00 |
| Indonesia | 134 | 1,425 | 0 | 54 | 3 | 1,617 | 59 | 0 | 3 | 62 | 779 | 0.31 | 0.00 |
| Ireland | 499 | 10,251 | 439 | 0 | 2,551 | 13,740 | 207 | 66 | 98 | 371 | 4,640 | 1.82 | 1.50 |
| Israel | 26 | 525 | 0 | 541 | 0 | 1,093 | 23 | 5 | 0 | 28 | 352 | 0.14 | 0.00 |
| Italy (incl. San Marino) | 2,458 | 24,095 | 28 | 0 | 1,292 | 27,872 | 1,032 | 3 | 40 | 1,075 | 13,439 | 5.27 | 0.00 |
| Japan | 275 | 2,268 | 0 | 628 | 32 | 3,204 | 114 | 12 | 1 | 127 | 1,586 | 0.62 | 0.00 |
| Jersey | 308 | 2,269 | 39 | 0 | 559 | 3,175 | 107 | 4 | 7 | 117 | 1,467 | 0.58 | 0.00 |
| Latvia | 60 | 5 | 0 | 0 | 0 | 65 | 4 | 0 | 0 | 4 | 52 | 0.02 | 1.00 |
| Lithuania | 0 | 5 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 2 | 0.00 | 1.00 |
| Luxembourg | 4,099 | 18,341 | 31 | 0 | 6,087 | 28,558 | 580 | 3 | 79 | 662 | 8,278 | 3.25 | 0.50 |
32
| Deutsche Bank | Capital | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers | ||||||||||||
| Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | m | |
| General credit exposures | Relevant credit exposures –<br><br>Market risk | Securitization<br><br>exposures<br><br>Exposure<br><br>value for non-<br><br>trading book | Total<br><br>exposure<br><br>value | Own funds requirements | |||||||||
| in € m. | Exposure<br><br>value<br><br>for SA | Exposure<br><br>value<br><br>for IRB | Sum of long<br><br>and<br><br>short<br><br>positions of<br><br>trading book<br><br>exposures for<br><br>SA | Value of<br><br>trading<br><br>book<br><br>exposures<br><br>for Internal<br><br>models | Relevant<br><br>credit risk<br><br>exposures -<br><br>Credit risk | Relevant<br><br>credit<br><br>exposures –<br><br>Market risk | Relevant<br><br>credit<br><br>exposures –<br><br>Securitization<br><br>positions in<br><br>the non-<br><br>trading book | Total | Risk-<br><br>weighted<br><br>exposure<br><br>amounts | Own fund<br><br>requirements<br><br>weights (%) | Countercycli<br><br>cal buffer<br><br>rate (%) | ||
| Malaysia | 9 | 791 | 0 | 0 | 0 | 801 | 21 | 0 | 0 | 21 | 263 | 0.10 | 0.00 |
| Mauritius | 29 | 475 | 0 | 8 | 0 | 513 | 31 | 1 | 0 | 31 | 392 | 0.15 | 0.00 |
| Mexico | 15 | 2,325 | 0 | 27 | 0 | 2,366 | 82 | 0 | 0 | 82 | 1,024 | 0.40 | 0.00 |
| Netherlands | 1,040 | 10,949 | 38 | 0 | 204 | 12,231 | 328 | 2 | 4 | 333 | 4,165 | 1.63 | 2.00 |
| Nigeria | 222 | 257 | 0 | 0 | 0 | 479 | 23 | 0 | 0 | 23 | 282 | 0.11 | 0.00 |
| Norway | 41 | 810 | 0 | 0 | 0 | 850 | 31 | 0 | 0 | 31 | 387 | 0.15 | 2.50 |
| Poland | 31 | 1,778 | 0 | 0 | 0 | 1,809 | 50 | 0 | 0 | 50 | 623 | 0.24 | 1.00 |
| Qatar | 24 | 1,611 | 0 | 0 | 0 | 1,634 | 26 | 0 | 0 | 26 | 330 | 0.13 | 0.00 |
| Romania | 3 | 159 | 0 | 0 | 0 | 162 | 6 | 0 | 0 | 6 | 80 | 0.03 | 1.00 |
| Russian Federation | 15 | 16 | 0 | 0 | 0 | 31 | 2 | 0 | 0 | 2 | 22 | 0.01 | 0.50 |
| Saudi Arabia | 95 | 1,273 | 0 | 0 | 77 | 1,446 | 32 | 0 | 3 | 35 | 439 | 0.17 | 0.00 |
| Singapore | 1,594 | 5,653 | 253 | 668 | 0 | 8,168 | 250 | 7 | 0 | 257 | 3,208 | 1.26 | 0.00 |
| Slovakia | 0 | 76 | 0 | 0 | 0 | 77 | 2 | 0 | 0 | 2 | 28 | 0.01 | 1.50 |
| Slovenia | 3 | 78 | 0 | 0 | 0 | 81 | 2 | 0 | 0 | 2 | 28 | 0.01 | 1.00 |
| South Korea | 35 | 2,171 | 0 | 773 | 0 | 2,980 | 50 | 10 | 0 | 59 | 742 | 0.29 | 1.00 |
| South Africa | 12 | 461 | 0 | 208 | 0 | 681 | 22 | 5 | 0 | 27 | 341 | 0.13 | 0.00 |
| Spain | 332 | 18,006 | 36 | 0 | 20 | 18,394 | 569 | 3 | 2 | 575 | 7,185 | 2.82 | 0.50 |
| Sri Lanka | 10 | 150 | 0 | 56 | 0 | 216 | 9 | 14 | 0 | 23 | 282 | 0.11 | 0.00 |
| Sweden | 53 | 2,448 | 0 | 0 | 0 | 2,501 | 80 | 0 | 0 | 80 | 1,001 | 0.39 | 2.00 |
| Switzerland | 294 | 9,520 | 0 | 0 | 0 | 9,814 | 220 | 0 | 0 | 220 | 2,754 | 1.08 | 0.00 |
| Taiwan | 72 | 1,270 | 0 | 47 | 0 | 1,389 | 24 | 2 | 0 | 26 | 324 | 0.13 | 0.00 |
| Thailand | 22 | 915 | 0 | 0 | 0 | 937 | 27 | 1 | 0 | 28 | 346 | 0.14 | 0.00 |
| Turkey | 85 | 961 | 0 | 0 | 0 | 1,046 | 33 | 0 | 0 | 33 | 416 | 0.16 | 0.00 |
| United Arab Emirates | 86 | 3,467 | 0 | 0 | 0 | 3,552 | 63 | 1 | 0 | 63 | 793 | 0.31 | 0.00 |
| United Kingdom | 1,162 | 20,930 | 500 | 2,189 | 2,425 | 27,207 | 708 | 40 | 44 | 792 | 9,905 | 3.88 | 2.00 |
| United States of America<br><br>(incl. Puerto Rico) | 4,770 | 117,770 | 945 | 0 | 64,663 | 188,148 | 3,519 | 173 | 882 | 4,574 | 57,172 | 22.42 | 0.00 |
| Vietnam | 13 | 586 | 0 | 0 | 0 | 599 | 35 | 0 | 0 | 35 | 433 | 0.17 | 0.00 |
| Other | 2,469 | 10,139 | 0 | 17,936 | 2,700 | 33,243 | 378 | 266 | 23 | 668 | 8,349 | 3.27 | 0.00 |
| Total | 47,764 | 568,270 | 3,100 | 26,462 | 97,056 | 742,653 | 18,236 | 745 | 1,423 | 20,403 | 255,040 | 100.00 | 0.50 |
33
| Deutsche Bank | Capital | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers | Jun 30, 2025 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| a | b | c | d | e | f | g | h | i | j | k | l | m | ||||
| General credit exposures | Relevant credit exposures –<br><br>Market risk | Securitizatio<br><br>n exposures<br><br>Exposure<br><br>value for<br><br>non-trading<br><br>book | Total<br><br>exposure<br><br>value | Own funds requirements | ||||||||||||
| in € m. | Exposure<br><br>value for SA | Exposure<br><br>value for IRB | Sum of long<br><br>and short<br><br>positions of<br><br>trading book<br><br>exposures for<br><br>SA | Value of<br><br>trading book<br><br>exposures for<br><br>Internal<br><br>models | Relevant<br><br>credit risk<br><br>exposures -<br><br>Credit risk | Relevant<br><br>credit<br><br>exposures –<br><br>Market risk | Relevant<br><br>credit<br><br>exposures –<br><br>Securitizatio<br><br>n positions in<br><br>the non-<br><br>trading book | Total | Risk-<br><br>weighted<br><br>exposure<br><br>amounts | Own fund<br><br>requirements<br><br>weights (%) | Countercycli<br><br>cal buffer<br><br>rate (%) | |||||
| Armenia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.00 | 1.50 | |||
| Australia | 270 | 5,081 | 394 | 0 | 3,567 | 9,311 | 170 | 9 | 42 | 221 | 2,763 | 1.11 | 1.00 | |||
| Austria | 12 | 1,183 | 0 | 0 | 0 | 1,195 | 29 | 0 | 0 | 29 | 361 | 0.14 | 0.00 | |||
| Belgium | 277 | 3,716 | 0 | 0 | 25 | 4,019 | 85 | 0 | 0 | 86 | 1,075 | 0.43 | 1.00 | |||
| Benin | 0 | 766 | 0 | 0 | 0 | 767 | 30 | 0 | 0 | 30 | 378 | 0.15 | 0.00 | |||
| Bermuda | 162 | 2,289 | 0 | 0 | 51 | 2,502 | 102 | 0 | 1 | 103 | 1,290 | 0.52 | 0.00 | |||
| Brazil | 100 | 1,614 | 0 | 0 | 0 | 1,714 | 75 | 0 | 0 | 75 | 935 | 0.37 | 0.00 | |||
| British Virgin Islands | 15 | 5,613 | 0 | 0 | 0 | 5,628 | 75 | 0 | 0 | 75 | 940 | 0.38 | 0.00 | |||
| Bulgaria | 0 | 20 | 0 | 0 | 0 | 20 | 1 | 0 | 0 | 1 | 7 | 0.00 | 2.00 | |||
| Canada | 100 | 2,856 | 0 | 0 | 558 | 3,513 | 104 | 0 | 9 | 113 | 1,411 | 0.56 | 0.00 | |||
| Cayman Islands | 730 | 13,710 | 59 | 0 | 426 | 14,926 | 446 | 3 | 7 | 457 | 5,707 | 2.29 | 0.00 | |||
| Chile | 52 | 151 | 0 | 0 | 0 | 203 | 8 | 0 | 0 | 8 | 99 | 0.04 | 0.50 | |||
| China | 422 | 4,022 | 1 | 0 | 0 | 4,445 | 164 | 1 | 0 | 164 | 2,056 | 0.82 | 0.00 | |||
| Croatia | 0 | 33 | 0 | 0 | 0 | 34 | 1 | 0 | 0 | 1 | 9 | 0.00 | 1.50 | |||
| Cyprus | 3 | 285 | 0 | 0 | 0 | 288 | 7 | 0 | 0 | 7 | 93 | 0.04 | 1.00 | |||
| Czech Republic | 1 | 519 | 0 | 0 | 0 | 520 | 18 | 0 | 0 | 18 | 227 | 0.09 | 1.25 | |||
| Denmark | 30 | 795 | 0 | 0 | 0 | 825 | 30 | 0 | 0 | 30 | 371 | 0.15 | 2.50 | |||
| Egypt | 2 | 750 | 0 | 0 | 0 | 751 | 35 | 0 | 0 | 35 | 440 | 0.18 | 0.00 | |||
| Estonia | 3 | 230 | 0 | 0 | 0 | 233 | 7 | 0 | 0 | 7 | 90 | 0.04 | 1.50 | |||
| France | 224 | 8,467 | 242 | 0 | 737 | 9,670 | 245 | 34 | 12 | 291 | 3,638 | 1.46 | 1.00 | |||
| Germany | 15,709 | 233,860 | 72 | 0 | 10,233 | 259,873 | 7,157 | 4 | 167 | 7,328 | 91,600 | 36.68 | 0.75 | |||
| Ghana | 0 | 283 | 0 | 0 | 0 | 283 | 25 | 0 | 0 | 25 | 306 | 0.12 | 0.00 | |||
| Guernsey | 15 | 1,364 | 0 | 0 | 0 | 1,379 | 44 | 0 | 0 | 44 | 555 | 0.22 | 0.00 | |||
| Hong Kong | 71 | 3,847 | 0 | 0 | 0 | 3,917 | 81 | 0 | 0 | 81 | 1,008 | 0.40 | 0.50 | |||
| Hungary | 34 | 384 | 0 | 0 | 0 | 419 | 13 | 0 | 0 | 13 | 165 | 0.07 | 0.50 | |||
| Iceland | 2 | 7 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 5 | 0.00 | 2.50 | |||
| India | 2,907 | 8,524 | 0 | 0 | 138 | 11,569 | 701 | 0 | 2 | 703 | 8,785 | 3.52 | 0.00 | |||
| Indonesia | 8 | 1,392 | 0 | 0 | 0 | 1,400 | 66 | 0 | 0 | 66 | 826 | 0.33 | 0.00 | |||
| Ireland | 417 | 8,140 | 45 | 0 | 2,766 | 11,367 | 197 | 6 | 66 | 269 | 3,368 | 1.35 | 1.50 | |||
| Israel | 21 | 623 | 0 | 0 | 0 | 644 | 29 | 0 | 0 | 29 | 358 | 0.14 | 0.00 | |||
| Italy (incl. San Marino) | 2,369 | 24,943 | 50 | 0 | 149 | 27,511 | 1,056 | 4 | 6 | 1,066 | 13,323 | 5.34 | 0.00 | |||
| Japan | 270 | 2,299 | 0 | 0 | 35 | 2,603 | 112 | 0 | 0 | 113 | 1,408 | 0.56 | 0.00 | |||
| Jersey | 226 | 2,628 | 1 | 0 | 563 | 3,418 | 103 | 1 | 7 | 110 | 1,381 | 0.55 | 0.00 | |||
| Latvia | 59 | 5 | 0 | 0 | 0 | 64 | 4 | 0 | 0 | 4 | 51 | 0.02 | 1.00 | |||
| Lithuania | 0 | 5 | 0 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 2 | 0.00 | 1.00 | |||
| Luxembourg | 4,442 | 18,115 | 0 | 0 | 5,867 | 28,425 | 669 | 0 | 93 | 762 | 9,531 | 3.82 | 0.50 |
34
| Deutsche Bank | Capital | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Capital buffers | ||||||||||||
| Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | m | |
| General credit exposures | Relevant credit exposures –<br><br>Market risk | Securitizatio<br><br>n exposures<br><br>Exposure<br><br>value for<br><br>non-trading<br><br>book | Total<br><br>exposure<br><br>value | Own funds requirements | |||||||||
| in € m. | Exposure<br><br>value for SA | Exposure<br><br>value for IRB | Sum of long<br><br>and short<br><br>positions of<br><br>trading book<br><br>exposures for<br><br>SA | Value of<br><br>trading book<br><br>exposures for<br><br>Internal<br><br>models | Relevant<br><br>credit risk<br><br>exposures -<br><br>Credit risk | Relevant<br><br>credit<br><br>exposures –<br><br>Market risk | Relevant<br><br>credit<br><br>exposures –<br><br>Securitizatio<br><br>n positions in<br><br>the non-<br><br>trading book | Total | Risk-<br><br>weighted<br><br>exposure<br><br>amounts | Own fund<br><br>requirements<br><br>weights (%) | Countercycli<br><br>cal buffer<br><br>rate (%) | ||
| Malaysia | 12 | 848 | 4 | 0 | 0 | 864 | 25 | 3 | 0 | 28 | 347 | 0.14 | 0.00 |
| Mauritius | 28 | 462 | 0 | 0 | 0 | 490 | 26 | 0 | 0 | 26 | 321 | 0.13 | 0.00 |
| Mexico | 5 | 1,172 | 0 | 0 | 0 | 1,177 | 29 | 0 | 0 | 29 | 359 | 0.14 | 0.00 |
| Netherlands | 457 | 11,941 | 72 | 0 | 158 | 12,628 | 376 | 5 | 4 | 385 | 4,807 | 1.92 | 2.00 |
| New Zealand | 5 | 340 | 0 | 0 | 1 | 346 | 29 | 0 | 1 | 30 | 381 | 0.15 | 0.00 |
| Norway | 13 | 841 | 0 | 0 | 0 | 855 | 21 | 0 | 0 | 21 | 265 | 0.11 | 2.50 |
| Pakistan | 0 | 182 | 0 | 0 | 0 | 182 | 23 | 0 | 0 | 23 | 281 | 0.11 | 0.00 |
| Poland | 14 | 1,947 | 0 | 0 | 0 | 1,961 | 50 | 0 | 0 | 50 | 619 | 0.25 | 0.00 |
| Qatar | 29 | 1,824 | 0 | 0 | 0 | 1,852 | 32 | 0 | 0 | 32 | 405 | 0.16 | 0.00 |
| Romania | 0 | 139 | 0 | 0 | 0 | 139 | 5 | 0 | 0 | 5 | 63 | 0.03 | 1.00 |
| Russian Federation | 16 | 44 | 0 | 0 | 0 | 60 | 2 | 0 | 0 | 2 | 28 | 0.01 | 0.25 |
| Saudi Arabia | 78 | 967 | 0 | 0 | 204 | 1,249 | 20 | 0 | 5 | 24 | 306 | 0.12 | 0.00 |
| Singapore | 1,491 | 5,270 | 172 | 0 | 0 | 6,933 | 263 | 3 | 0 | 266 | 3,324 | 1.33 | 0.00 |
| Slovakia | 0 | 80 | 0 | 0 | 0 | 80 | 2 | 0 | 0 | 2 | 27 | 0.01 | 1.50 |
| Slovenia | 1 | 76 | 0 | 0 | 0 | 77 | 2 | 0 | 0 | 2 | 21 | 0.01 | 1.00 |
| South Korea | 35 | 1,991 | 0 | 0 | 0 | 2,026 | 34 | 0 | 0 | 34 | 425 | 0.17 | 1.00 |
| Spain | 527 | 18,002 | 52 | 0 | 25 | 18,605 | 598 | 3 | 3 | 603 | 7,542 | 3.02 | 0.00 |
| Sweden | 36 | 2,240 | 0 | 0 | 0 | 2,276 | 60 | 0 | 0 | 60 | 746 | 0.30 | 2.00 |
| Switzerland | 226 | 9,927 | 0 | 0 | 0 | 10,152 | 227 | 0 | 0 | 227 | 2,839 | 1.14 | 0.00 |
| Taiwan | 51 | 748 | 0 | 0 | 0 | 799 | 23 | 0 | 0 | 23 | 284 | 0.11 | 0.00 |
| Thailand | 9 | 865 | 0 | 0 | 0 | 874 | 25 | 0 | 0 | 25 | 313 | 0.13 | 0.00 |
| Turkey | 15 | 807 | 0 | 0 | 0 | 822 | 28 | 0 | 0 | 28 | 354 | 0.14 | 0.00 |
| United Arab Emirates | 28 | 3,021 | 0 | 0 | 0 | 3,049 | 58 | 0 | 0 | 58 | 723 | 0.29 | 0.00 |
| United Kingdom | 1,075 | 21,947 | 531 | 0 | 2,691 | 26,244 | 649 | 50 | 48 | 747 | 9,333 | 3.74 | 2.00 |
| United States of America<br><br>(incl. Puerto Rico) | 4,958 | 111,334 | 989 | 0 | 62,158 | 179,439 | 2,983 | 129 | 838 | 3,949 | 49,364 | 19.77 | 0.00 |
| Uzbekistan | 0 | 528 | 0 | 0 | 0 | 528 | 24 | 0 | 0 | 24 | 298 | 0.12 | 0.00 |
| Vietnam | 4 | 634 | 0 | 0 | 0 | 638 | 28 | 0 | 0 | 28 | 356 | 0.14 | 0.00 |
| Other | 945 | 9,915 | 3 | 17,070 | 3,038 | 30,971 | 362 | 487 | 32 | 881 | 11,016 | 4.41 | 0.00 |
| Total | 39,014 | 566,608 | 2,686 | 17,070 | 93,390 | 718,768 | 17,892 | 742 | 1,343 | 19,977 | 249,711 | 100.00 | 0.48 |
35
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Indicators of global systemic importance |
Institution specific countercyclical capital buffer
Article 440 (b) CRR
The following table shows an overview of Deutsche Bank´s countercyclical buffer rate and requirements.
EU CCyB2 – Institution-specific countercyclical capital buffer
| Dec 31, 2025 | Jun 30, 2025 | ||
|---|---|---|---|
| a | a | ||
| 1 | Total risk exposure amount (in € m.) | 347,133 | 340,805 |
| 2 | Institution specific countercyclical buffer rate | 0.50% | 0.48% |
| 3 | Institution specific countercyclical buffer requirement (in € m.) | 1,721 | 1,626 |
Indicators of global systemic importance
Article 441 CRR
Global systemic importance is measured in terms of the impact an institution's failure might have on the global financial
system and the wider economy, rather than the risk that a failure could actually occur. The measurement approach of the
global systemic importance is indicator-based, with the indicators reflecting size, interconnectedness, substitutability, or
financial institution infrastructure for the services provided, as well as complexity and global (cross-jurisdictional)
activity.
EBA issued revised guidelines on the specification of the indicators of global systemic importance and how they
determine the score of G-SII’s under Article 441 CRR as published in the Commission Implementing Regulation (EU)
2016/818 amending Implementing Regulation (EU) No 1030/2014. This regulation sets forth implementing technical
standards regarding the uniform formats and date for the disclosure of the values used to identify global systemically
important institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council.
Moreover, the Commission Delegated Regulation (EU) 2016/1608 as well as the EBA Guideline “EBA/RTS/2020/08”
amended Delegated Regulation (EU) No 1222/2014 regarding regulatory technical standards for the specification of the
methodology for the identification of global systemically important institutions and for the definition of subcategories of
global systemically important institutions. Further specifications are laid down in the Instructions for year end 2025 G-
SIB assessment, as published by the BCBS on January 20, 2026.
It falls under the aegis of the Financial Stability Board (FSB) and is intended to develop a methodology comprising both
quantitative and qualitative indicators that can contribute to the assessment of the systemic importance of financial
institutions at a global level.
The systemic importance of banks is assessed by the FSB in a global context. In the European Union, national competent
authorities are responsible for identifying G-SIIs. In Germany, the BaFin is responsible for this assessment as prescribed
by the German Banking Act.
Deutsche Bank continues to be designated as a G-SII by the BaFin in agreement with the Deutsche Bundesbank,
resulting in a G-SII buffer requirement of 1.50% CET 1 capital of RWA in the year 2025 as a result of the 2024 assessment
cycle based on the indicators as published for year end 2023. In the year 2026, Deutsche Bank's G-SII buffer requirement
will drop to 1.00% CET 1 capital of RWA as a result of the 2025 assessment cycle based on the indicators published for
year end 2024.
The disclosure as of December 31, 2024 provided below shows indicators used for determining the score of the
institutions which are calculated based on the aforementioned specific instructions and thus are not directly comparable
to other disclosed information. The EBA respectively the BCBS instructions are based on the regulatory, not the IFRS
accounting consolidated Group. Further, calculation methods as per EBA’s/BCBS’ instructions may lead to further
deviations from other disclosures.
The template below shows the final submission of G-SIB 2024 indicator data to the regulator along with their industry
wide review process that was carried out during the second quarter of 2025 and based on initial publication of the G-SIB
2024 template. Indicator data for the G-SIB assessment reporting template as of December 31, 2025, will be shown in an
update to this Pillar 3 report to be provided with the regulatory submission in April 2026.
36
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Indicators of global systemic importance |
G-SIB Assessment Exercise reporting template
| in € m. (unless stated otherwise) | G-SIB | Dec 31, 2024 | |
|---|---|---|---|
| General Bank Data | |||
| Section 1 - General information | |||
| a. General information provided by the relevant supervisory authority: | |||
| (1) Country code | 1001 | DE | |
| (2) Bank name | 1002 | Deutsche Bank AG | |
| (3) Reporting date (yyyy-mm-dd) | 1003 | 2024-12-31 | |
| (4) Reporting currency | 1004 | EUR | |
| (5) Euro conversion rate | 1005 | 1 | |
| (6) Submission date (yyyy-mm-dd) | 1006 | 2024-07-16 | |
| b. General Information provided by the reporting institution: | |||
| (1) Reporting unit | 1007 | 1,000,000 | |
| (2) Accounting standard | 1008 | IFRS | |
| (3) Date of public disclosure (yyyy-mm-dd) | 1009 | 2025-04-10 | |
| (4) Language of public disclosure | 1010 | English | |
| (5) Web address of public disclosure | 1011 | https://<br><br>www.db.com/ir/en/<br><br>regulatory-<br><br>reporting.htm | |
| (6) LEI code | 2015 | 7LTWFZYICNSX8D621<br><br>K86 | |
| Size Indicator | |||
| Section 2 - Total exposures | |||
| a. Derivatives | |||
| (1) Counterparty exposure of derivatives contracts | 1012 | 41,699 | |
| (2) Capped notional amount of credit derivatives | 1201 | 20,226 | |
| (3) Potential future exposure of derivative contracts | 1018 | 74,620 | |
| b. Securities financing transactions (SFTs) | |||
| (1) Adjusted gross value of SFTs | 1013 | 147,221 | |
| (2) Counterparty exposure of SFTs | 1014 | 4,660 | |
| c. Other assets | 1015 | 880,439 | |
| d. Gross notional amount of off-balance sheet items | |||
| (1) Items subject to a 10% credit conversion factor (CCF) | 1019 | 273,232 | |
| (2) Items subject to a 20% CCF | 1022 | 102,152 | |
| (3) Items subject to a 40% CCF | 2300 | 0 | |
| (3) Items subject to a 50% CCF | 1023 | 204,914 | |
| (4) Items subject to a 100% CCF | 1024 | 9,862 | |
| e. Regulatory adjustments | 1031 | 14,437 | |
| f. Total exposures prior to regulatory adjustments (sum of items 2.a.(1) thorough 2.c, 0.1 times 2.d.(1),<br><br>0.2 times 2.d.(2), 0.5 times 2.d.(3), and 2.d.(4)) | 1103 | 1,328,937 | |
| g. Exposures of insurance subsidiaries not included in 2.f net of intragroup: | |||
| (1) On-balance sheet and off-balance sheet insurance assets | 1701 | 888 | |
| (2) Potential future exposure of derivatives contracts for insurance subsidiaries | 1205 | 0 | |
| (3) Investment value in consolidated entities | 1208 | 319 | |
| h. Intragroup exposures with insurance subsidiaries reported in 2.g that are included in 2.f | 2101 | 3 | |
| i. Total exposures indicator, including insurance subsidiaries (sum of items 2.f, 2.g.(1) thorough 2.g.(2)<br><br>minus 2.g.(3) thorough 2.h) | 1117 | 1,329,504 | |
| Interconnectedness Indicators | |||
| Section 3 - Intra-Financial System Assets | |||
| a. Funds deposited with or lent to other financial institutions | 1216 | 46,523 | |
| (1) Certificates of deposit | 2102 | 19 | |
| b. Unused portion of committed lines extended to other financial institutions | 1217 | 25,855 | |
| c. Holdings of securities issued by other financial institutions | |||
| (1) Secured debt securities | 2103 | 1,580 | |
| (2) Senior unsecured debt securities | 2104 | 13,889 | |
| (3) Subordinated debt securities | 2105 | 883 | |
| (4) Commercial paper | 2106 | 0 | |
| (5) Equity securities | 2107 | 3,923 | |
| (6) Offsetting short positions in relation to the specific equity securities included in item 3.c.(5) | 2108 | 0 |
37
| Deutsche Bank | Capital | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Indicators of global systemic importance | in € m. (unless stated otherwise) | G-SIB | Dec 31, 2024 | ||
| --- | --- | --- | --- | |||
| d. Net positive current exposure of SFTs with other financial institutions | 1219 | 10,274 | ||||
| e. OTC derivatives with other financial institutions that have a net positive fair value | ||||||
| (1) Net positive fair value | 2109 | 7,529 | ||||
| (2) Potential future exposure | 2110 | 26,723 | ||||
| f. Intra-financial system assets indicator, including insurance subsidiaries (sum of items 3.a, 3.b<br><br>through 3.c.(5), 3.d, 3.e.(1), and 3.e.(2), minus 3.c.(6)) | 1215 | 137,179 | ||||
| Section 4 - Intra-Financial System Liabilities | ||||||
| a. Funds deposited by or borrowed from other financial institutions | ||||||
| (1) Deposits due to depository institutions | 2111 | 25,673 | ||||
| (2) Deposits due to non-depository financial institutions | 2112 | 66,394 | ||||
| (3) Loans obtained from other financial institutions | 2113 | 0 | ||||
| b. Unused portion of committed lines obtained from other financial institutions | 1223 | 0 | ||||
| c. Net negative current exposure of SFTs with other financial institutions | 1224 | 21,224 | ||||
| d. OTC derivatives with other financial institutions that have a net negative fair value | ||||||
| (1) Net negative fair value | 2114 | 8,854 | ||||
| (2) Potential future exposure | 2115 | 26,723 | ||||
| e. Intra-financial system liabilities indicator, including insurance subsidiaries (sum of items 4.a.(1)<br><br>through 4.d.(2)) | 1221 | 148,078 | ||||
| Section 5 - Securities Outstanding | ||||||
| a. Secured debt securities | 2116 | 15,554 | ||||
| b. Senior unsecured debt securities | 2117 | 89,325 | ||||
| c. Subordinated debt securities | 2118 | 11,913 | ||||
| d. Commercial paper | 2119 | 5,954 | ||||
| e. Certificates of deposit | 2120 | 7,945 | ||||
| f. Common equity | 2121 | 34,017 | ||||
| g. Preferred shares and any other forms of subordinated funding not captured in item 5.c. | 2122 | 11,550 | ||||
| h. Securities outstanding indicator, including the securities issued by insurance subsidiaries (sum of<br><br>items 5.a through 5.g) | 1226 | 174,607 | ||||
| Substitutability/Financial Institution Infrastructure Indicators | ||||||
| Section 6 - Payments made in the reporting year (excluding intragroup payments) | ||||||
| a. Australian dollars (AUD) | 1061 | 79,394 | ||||
| b. Canadian dollars (CAD) | 1063 | 259,196 | ||||
| c. Swiss francs (CHF) | 1064 | 233,265 | ||||
| d. Chinese yuan (CNY) | 1065 | 2,538,984 | ||||
| e. Euros (EUR) | 1066 | 33,818,266 | ||||
| f. British pounds (GBP) | 1067 | 2,783,044 | ||||
| g. Hong Kong dollars (HKD) | 1068 | 204,726 | ||||
| h. Indian rupee (INR) | 1069 | 583,573 | ||||
| i. Japanese yen (JPY) | 1070 | 783,966 | ||||
| j. Swedish krona (SEK) | 1071 | 42,348 | ||||
| k. Singapore dollar (SGD) | 2133 | 162,697 | ||||
| l. United States dollars (USD) | 1072 | 103,119,366 | ||||
| m. Payments activity indicator (sum of items 6.a through 6.l) | 1073 | 144,608,824 | ||||
| Section 7 - Assets Under Custody | ||||||
| a. Assets under custody indicator | 1074 | 3,756,991 | ||||
| Section 8 - Underwritten Transactions in Debt and Equity Markets | ||||||
| a. Equity underwriting activity | 1075 | 10,033 | ||||
| b. Debt underwriting activity | 1076 | 265,974 | ||||
| c. Underwriting activity indicator (sum of items 8.a and 8.b) | 1077 | 276,007 | ||||
| Section 9 - Trading Volume | ||||||
| a. Trading volume of securities issued by other public sector entities, excluding intragroup<br><br>transactions | 2123 | 2,847,441 | ||||
| b. Trading volume of other fixed income securities, excluding intragroup transactions | 2124 | 603,351 |
38
| Deutsche Bank | Capital | ||
|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Indicators of global systemic importance | ||
| in € m. (unless stated otherwise) | G-SIB | Dec 31, 2024 | |
| --- | --- | --- | --- |
| c. Trading volume fixed income sub-indicator (sum of items 9.a and 9.b) | 2125 | 3,450,793 | |
| d. Trading volume of listed equities, excluding intragroup transactions | 2126 | 677,773 | |
| e. Trading volume of all other securities, excluding intragroup transactions | 2127 | 447 | |
| f. Trading volume equities and other securities sub-indicator (sum of items 9.d and 9.e) | 2128 | 678,220 | |
| Complexity indicators | |||
| Section 10 - Notional Amount of Over-the-Counter (OTC) Derivatives | |||
| a. OTC derivatives cleared through a central counterparty | 2129 | 27,726,320 | |
| b. OTC derivatives settled bilaterally | 1905 | 16,186,326 | |
| c. Notional amount of over-the-counter (OTC) derivatives indicator, including insurance subsidiaries<br><br>(sum of items 10.a and 10.b) | 1227 | 43,912,646 | |
| Section 11 - Trading and Available-for-Sale Securities | |||
| a. Held-for-trading securities (HFT) | 1081 | 148,709 | |
| b. Available-for-sale securities (AFS) | 1082 | 34,047 | |
| c. Trading and AFS securities that meet the definition of Level 1 assets | 1083 | 119,840 | |
| d. Trading and AFS securities that meet the definition of Level 2 assets, with haircuts | 1084 | 16,673 | |
| e. Trading and AFS securities indicator (sum of items 11.a and 11.b, minus the sum of 11.c and 11.d) | 1085 | 46,243 | |
| Section 12 - Level 3 Assets | |||
| a. Level 3 assets indicator, including insurance subsidiaries | 1229 | 24,274 | |
| Cross-Jurisdictional Activity Indicators | |||
| Section 13 - Cross-Jurisdictional Claims | |||
| a. Total foreign claims on an ultimate risk basis | 1087 | 694,100 | |
| b. Foreign derivative claims on an ultimate risk basis | 1146 | 62,684 | |
| c. Cross-jurisdictional claims indicator (sum of items 13.a and 13.b) | 2130 | 756,784 | |
| Section 14 - Cross-Jurisdictional Liabilities | |||
| a. Foreign liabilities on an immediate risk basis, excluding derivatives and including local liabilities in<br><br>local currency | 2131 | 428,140 | |
| b. Foreign derivative liabilities on an immediate risk basis | 1149 | 48,186 | |
| c. Cross-jurisdictional liabilities indicator (sum of items 14.a and 14.b) | 1148 | 476,326 | |
| Memorandum Items | |||
| Section 21 - Cross-Jurisdictional Activity Items | |||
| d. Total foreign claims on an ultimate risk basis (considering SRM as a single jurisdiction) | 1280 | 493,094 | |
| e. Foreign derivatives claims on an ultimate risk basis (considering SRM as a single jurisdiction) | 1281 | 42,992 | |
| f. Foreign liabilities on an immediate risk basis, including derivatives (considering SRM as a single<br><br>jurisdiction) | 1282 | 370,553 |
39
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Composition of own funds and eligible liabilities |
Composition of own funds and eligible liabilities
Article 437a CRR and Article 45i(3)(b) BRRD
This section provides detailed information on the composition of Deutsche Bank’s own funds and eligible liabilities, its
main features, its ranking in the creditor hierarchy and its maturities.
As of December 31, 2025 the Group’s available own funds and eligible liabilities amounted to € 131.0 billion, consisting
of € 67.8 billion own funds, € 47.1 billion subordinated liabilities and € 16.1 billion non-subordinated liabilities. The
Group’s regulatory CET1 capital included in the own funds currently contains no impact from the IFRS 9 transitional
impact.
Deutsche Bank predominantly relies on own funds and subordinated eligible liabilities counting towards TLAC and
subordinated MREL for meeting its MREL requirement, while 12.27% of the Group’s MREL capacity is contributed from
eligible liabilities which are not subordinated. Deutsche Bank has no permission as per CRR Article 72b (3) or (4) to use
non-subordinated eligible liabilities for meeting subordinated MREL or TLAC.
As of December 31, 2025, Deutsche Bank has excess of CET 1 capital of 8.06% of TREA after meeting the resolution
group’s requirements. This is well above the institution specific combined buffer requirement of 5.13% and establishes a
comfortable distance to triggering distribution restrictions under the MREL Maximum Distributable Amount (M-MDA)
rules.
40
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Composition of own funds and eligible liabilities |
EU TLAC1 – Composition of MREL and G-SII requirement for own funds end eligible liabilities
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| a | b | c | ||
| in € m. | Minimum<br><br>requirement for<br><br>own funds and<br><br>eligible liabilities<br><br>(MREL) | G-SII<br><br>Requirement for<br><br>own funds and<br><br>eligible liabilities<br><br>(TLAC) | Memo item:<br><br>Amounts<br><br>eligible for the<br><br>purposes of<br><br>MREL, but not<br><br>TLAC | |
| Own funds and eligible liabilities and adjustments | ||||
| 1 | Common Equity Tier 1 capital (CET1) | 49,266 | 49,266 | — |
| 2 | Additional Tier 1 capital (AT1) | 11,518 | 11,518 | — |
| 6 | Tier 2 capital (T2) | 7,050 | 7,050 | — |
| 11 | Own funds for the purpose of Articles 92a CRR and 45 BRRD | 67,834 | 67,834 | — |
| Own funds and eligible liabilities: Non-regulatory capital elements | ||||
| 12 | Eligible liabilities instruments issued directly by the resolution entity that are<br><br>subordinated to excluded liabilities (not grandfathered) | 41,719 | 41,719 | — |
| EU 12a | Eligible liabilities instruments issued by other entities within the resolution group<br><br>that are subordinated to excluded liabilities (not grandfathered) | 0 | 0 | — |
| EU 12b | Eligible liabilities instruments that are subordinated to excluded liabilities, issued<br><br>prior to 27 June 2019 (subordinated grandfathered) | 7,417 | 7,417 | — |
| EU 12c | Tier 2 instruments with a residual maturity of at least one year to the extent they<br><br>do not qualify as Tier 2 items | 30 | 30 | — |
| 13 | Eligible liabilities that are not subordinated to excluded liabilities (not<br><br>grandfathered pre cap) | 14,647 | — | 14,647 |
| EU 13a | Eligible liabilities that are not subordinated to excluded liabilities issued prior to 27<br><br>June 2019 (pre-cap) | 1,440 | — | 1,440 |
| 14 | Amount of non subordinated instruments eligible, where applicable after<br><br>application of Article 72b (3) CRR | — | — | — |
| 17 | Eligible liabilities items before adjustments | 65,253 | 49,166 | 16,087 |
| of which: | ||||
| EU 17a | subordinated | 49,166 | 49,166 | — |
| Own funds and eligible liabilities: Adjustments to non-regulatory capital elements | ||||
| 18 | Own funds and eligible liabilities items before adjustments | 133,087 | 117,000 | 16,087 |
| 19 | (Deduction of exposures between MPE resolution groups) | — | — | — |
| 20 | (Deduction of investments in other eligible liabilities instruments) | (2,065) | (2,065) | — |
| 22 | Own funds and eligible liabilities after adjustments | 131,023 | 114,936 | 16,087 |
| of which: | ||||
| EU 22a | Own funds and subordinated | 114,936 | — | — |
| Risk-weighted exposure amount and leverage exposure measure of the resolution<br><br>group | ||||
| 23 | Total risk exposure amount | 347,133 | 347,133 | — |
| 24 | Total exposure measure | 1,327,441 | 1,327,441 | — |
| Ratio of own funds and eligible liabilities | ||||
| 25 | Own funds and eligible liabilities (as a percentage of total risk exposure amount) | 37.74 | 33.11 | — |
| of which: | ||||
| EU 25a | Own funds and subordinated | 33.11 | — | — |
| 26 | Own funds and eligible liabilities (as a percentage of total exposure measure) | 9.87 | 8.66 | — |
| of which: | ||||
| EU 26a | Own funds and subordinated | 8.66 | — | — |
| 27 | CET1 (as a percentage of TREA) available after meeting the resolution group’s<br><br>requirements | 8.06 | 8.06 | — |
| 28 | Institution-specific combined buffer requirement | — | 5.13 | — |
| of which: | ||||
| 29 | Capital conservation buffer requirement | — | 2.50 | — |
| 30 | Countercyclical buffer requirement | — | 0.50 | — |
| 31 | Systemic risk buffer requirement | — | 0.14 | — |
| EU 31a | Global Systemically Important Institution (G-SII) or Other Systemically Important<br><br>Institution (O-SII) buffer | — | 2.00 | — |
| Memorandum items | ||||
| EU 32a | Total amount of excluded liabilities referred to in Article 72a(2) CRR | — | 421,482 | — |
41
| Deutsche Bank | Capital | |||
|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Composition of own funds and eligible liabilities | |||
| Jun 30, 2025 | ||||
| --- | --- | --- | --- | --- |
| a | b | c | ||
| in € m. | Minimum<br><br>requirement for<br><br>own funds and<br><br>eligible liabilities<br><br>(MREL) | G-SII<br><br>Requirement for<br><br>own funds and<br><br>eligible liabilities<br><br>(TLAC) | Memo item:<br><br>Amounts<br><br>eligible for the<br><br>purposes of<br><br>MREL, but not<br><br>TLAC | |
| Own funds and eligible liabilities and adjustments | ||||
| 1 | Common Equity Tier 1 capital (CET1) | 48,522 | 48,522 | — |
| 2 | Additional Tier 1 capital (AT1) | 11,671 | 11,671 | — |
| 6 | Tier 2 capital (T2) | 7,008 | 7,008 | — |
| 11 | Own funds for the purpose of Articles 92a CRR and 45 BRRD | 67,200 | 67,200 | — |
| Own funds and eligible liabilities: Non-regulatory capital elements | ||||
| 12 | Eligible liabilities instruments issued directly by the resolution entity that are<br><br>subordinated to excluded liabilities (not grandfathered) | 41,233 | 41,233 | — |
| EU 12a | Eligible liabilities instruments issued by other entities within the resolution group<br><br>that are subordinated to excluded liabilities (not grandfathered) | 0 | 0 | — |
| EU 12b | Eligible liabilities instruments that are subordinated to excluded liabilities, issued<br><br>prior to 27 June 2019 (subordinated grandfathered) | 9,886 | 9,886 | — |
| EU 12c | Tier 2 instruments with a residual maturity of at least one year to the extent they<br><br>do not qualify as Tier 2 items | 44 | 44 | — |
| 13 | Eligible liabilities that are not subordinated to excluded liabilities (not<br><br>grandfathered pre cap) | 11,734 | — | 11,734 |
| EU 13a | Eligible liabilities that are not subordinated to excluded liabilities issued prior to 27<br><br>June 2019 (pre-cap) | 1,535 | — | 1,535 |
| 14 | Amount of non subordinated instruments eligible, where applicable after<br><br>application of Article 72b (3) CRR | — | — | — |
| 17 | Eligible liabilities items before adjustments | 64,432 | 51,163 | 13,269 |
| of which: | ||||
| EU 17a | subordinated | 51,163 | 51,163 | — |
| Own funds and eligible liabilities: Adjustments to non-regulatory capital elements | ||||
| 18 | Own funds and eligible liabilities items before adjustments | 131,632 | 118,363 | 13,269 |
| 19 | (Deduction of exposures between MPE resolution groups) | — | — | — |
| 20 | (Deduction of investments in other eligible liabilities instruments) | (2,438) | (2,438) | – |
| 22 | Own funds and eligible liabilities after adjustments | 129,194 | 115,925 | 13,269 |
| of which: | ||||
| EU 22a | Own funds and subordinated | 115,925 | — | — |
| Risk-weighted exposure amount and leverage exposure measure of the resolution<br><br>group | ||||
| 23 | Total risk exposure amount | 340,805 | 340,805 | — |
| 24 | Total exposure measure | 1,276,035 | 1,276,035 | — |
| Ratio of own funds and eligible liabilities | ||||
| 25 | Own funds and eligible liabilities (as a percentage of total risk exposure amount) | 37.91 | 34.02 | — |
| of which: | ||||
| EU 25a | Own funds and subordinated | 34.02 | — | — |
| 26 | Own funds and eligible liabilities (as a percentage of total exposure measure) | 10.12 | 9.08 | — |
| of which: | ||||
| EU 26a | Own funds and subordinated | 9.08 | — | — |
| 27 | CET1 (as a percentage of TREA) available after meeting the resolution group’s<br><br>requirements | 8.11 | 8.11 | — |
| 28 | Institution-specific combined buffer requirement | — | 5.11 | — |
| of which: | ||||
| 29 | Capital conservation buffer requirement | — | 2.50 | — |
| 30 | Countercyclical buffer requirement | — | 0.48 | — |
| 31 | Systemic risk buffer requirement | — | 0.13 | — |
| EU 31a | Global Systemically Important Institution (G-SII) or Other Systemically Important<br><br>Institution (O-SII) buffer | — | 2.00 | — |
| Memorandum items | ||||
| EU 32a | Total amount of excluded liabilities referred to in Article 72a(2) CRR | — | 411,572 | — |
Main features of eligible liabilities instruments
A description of the main features of the Group’s senior non-preferred subordinated eligible liabilities instruments
eligible for subordinated MREL and TLAC and issued by Deutsche Bank is published on Deutsche Bank’s website
(db.com/ir/en/capital-instruments.htm) to the extent that these do not constitute private placements and are treated
confidentially.
42
| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Composition of own funds and eligible liabilities |
Ranking in the creditor hierarchy and maturity
The following table provides a simplified overview of the ranking of liabilities in an insolvency proceeding under German
law. The ranking is presented from the more junior liabilities to the more senior liabilities. Deutsche Bank AG’s
subordinated eligible liability instruments qualifying for MREL and TLAC through meeting all the conditions in CRR
Article 72b (2) or being grandfathered pursuant to CRR Article 494b (3) exclusively rank at position 11 in the below order.
Non-subordinated eligible liabilities instruments which are eligible for MREL rank in position 12. Deutsche Bank’s eligible
liabilities instruments do not include any eligible liability according to CRR Article 72b (3) or (4).
Ranking of liabilities in an insolvency proceeding under German law
| Rank | Label of claims | Code |
|---|---|---|
| 1 | Common equity Tier 1 instruments | Section 199 of the Insolvency Code |
| 2 | Additional Tier 1 instruments | Section 39 (2) of the Insolvency Code |
| 3 | Tier 2 instruments | |
| 4 | Claims subordinated by virtue of a contractual subordination clause not specifying the<br><br>pertinent rank (other than Additional Tier 1 or Tier 2 instruments) | |
| 5 | Claims for repayment of shareholder loans and accrued interest thereon | Section 39 (1) no. 5 of the Insolvency Code |
| 6 | Claims for the delivery of goods or provision of services free of charge | Section 39 (1) no. 4 of the Insolvency Code |
| 7 | Criminal and administrative fines | Section 39 (1) no. 3 of the Insolvency Code |
| 8 | Creditors’ costs related to the insolvency proceeding | Section 39 (1) no. 2 of the Insolvency Code |
| 9 | Interest and late payment surcharges accrued after the opening of insolvency proceedings | Section 39 (1) no. 1 of the Insolvency Code |
| 10 | Claims subordinated by virtue of a contractual subordination clause which specifies the<br><br>relevant ranking | Section 39 (2) of the Insolvency Code |
| 11 | Non-preferred creditor claims arising from non-subordinated, unsecured non-structured<br><br>debt instruments which | |
| (i) are issued before 21 July 2018 and are neither deposits within the positions of no. 13 and<br><br>14 nor money market instruments | ||
| (ii) are issued from 21 July 2018 onwards, have an original contractual maturity of at least<br><br>one year, do not qualify as deposits within the position of no. 13 and 14 and the contractual<br><br>documentation and, where applicable, the prospectus explicitly refer to the lower ranking | ||
| 12 | General creditors’ claims | Section 38 of the Insolvency Code in<br><br>conjunction with Section 46f (5) of the<br><br>Banking Act, including instruments<br><br>covered by Section 46f (6) sentence 3 and<br><br>46f (7) of the Banking Act |
| 13 | Deposits not covered, but preferential | Section 46f (4) no. 2 of the Banking Act |
| 14 | Deposits covered and preferential | Section 46f (4) no. 1 of the Banking Act |
| 15 | Costs of proceeding and obligations binding on the estate | Sections 53 to 55 of the Insolvency Code |
| 16 | Claims subject to a right of separation in insolvency proceedings | Sections 49 to 51 of the Insolvency Code |
| 17 | Claims subject to a right of segregation in insolvency proceedings | Sections 47 and 48 of the Insolvency Code |
Deutsche Bank’s own funds and eligible liabilities fall into these insolvency ranks as per below table EU TLAC3a based on
German insolvency law. Liabilities fulfilling the MREL eligibility criteria as per CRR Art 72 are shown in the section “subset
of liabilities and own funds less excluded liabilities that are own funds and liabilities potentially eligible for meeting
MREL” and are issued out of the resolution entity Deutsche Bank AG.
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| Deutsche Bank | Capital |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Composition of own funds and eligible liabilities |
EU TLAC3a – Creditor ranking
| 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||
| in m. | Total | |||||||||
| Description of insolvency rank | R2 | R3 | R4 | R11 | R12 | R13 | R14 | R16 | R17 | |
| Liabilities and own funds | 11,518 | 7,080 | 600 | 54,273 | 549,008 | 146,032 | 195,334 | 176,100 | 6,142 | 1,195,355 |
| of which: | ||||||||||
| Excluded liabilities | 0 | 0 | 0 | 0 | 56,543 | 0 | 195,334 | 163,463 | 6,142 | 421,482 |
| Liabilities and own funds less excluded liabilities | 11,518 | 7,080 | 600 | 54,273 | 492,465 | 146,032 | 0 | 12,637 | 0 | 773,872 |
| Subset of Liabilities and own funds less excluded liabilities that are own funds and liabilities potentially eligible for meeting TLAC/MREL | 11,518 | 7,080 | 0 | 47,071 | 16,087 | 0 | 0 | 0 | 0 | 131,023 |
| of which: | ||||||||||
| Residual maturity ≥ 1 year < 2 years | 0 | 104 | 0 | 6,638 | 1,795 | 0 | 0 | 0 | 0 | 8,536 |
| Residual maturity ≥ 2 year < 5 years | 0 | 22 | 0 | 21,438 | 5,360 | 0 | 0 | 0 | 0 | 26,820 |
| Residual maturity ≥ 5 years < 10 years | 0 | 6,955 | 0 | 13,123 | 6,289 | 0 | 0 | 0 | 0 | 26,367 |
| Residual maturity ≥ 10 years, but excluding perpetual securities | 0 | 0 | 0 | 5,873 | 2,643 | 0 | 0 | 0 | 0 | 8,516 |
| Perpetual securities | 11,518 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60,784 |
All values are in Euros.
| 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | ||
| in m. | Total | |||||||||
| Description of insolvency rank | R2 | R3 | R4 | R11 | R12 | R13 | R14 | R16 | R17 | |
| Liabilities and own funds | 11,671 | 7,052 | 0 | 54,175 | 532,990 | 127,834 | 191,207 | 169,744 | 6,838 | 1,150,033 |
| of which: | ||||||||||
| Excluded liabilities | 0 | 0 | 0 | 0 | 56,951 | 0 | 191,207 | 156,576 | 6,838 | 411,572 |
| Liabilities and own funds less excluded liabilities | 11,671 | 7,052 | 0 | 54,175 | 476,040 | 127,834 | 0 | 13,168 | 0 | 738,462 |
| Subset of Liabilities and own funds less excluded liabilities that are own funds and liabilities potentially eligible for meeting TLAC/MREL | 11,671 | 7,052 | 0 | 48,681 | 13,269 | 0 | 0 | 0 | 0 | 129,195 |
| of which: | ||||||||||
| Residual maturity ≥ 1 year < 2 years | 0 | 186 | 0 | 8,393 | 859 | 0 | 0 | 0 | 0 | 9,438 |
| Residual maturity ≥ 2 year < 5 years | 0 | 41 | 0 | 19,780 | 6,234 | 0 | 0 | 0 | 0 | 26,055 |
| Residual maturity ≥ 5 years < 10 years | 0 | 6,825 | 0 | 12,127 | 3,817 | 0 | 0 | 0 | 0 | 22,769 |
| Residual maturity ≥ 10 years, but excluding perpetual securities | 0 | 0 | 0 | 8,381 | 2,359 | 0 | 0 | 0 | 0 | 10,740 |
| Perpetual securities | 11,671 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 60,193 |
All values are in Euros.
44
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Summary of Deutsche Bank’s ICAAP approach |
Capital requirements
Summary of Deutsche Bank’s ICAAP approach
Article 438 (a) CRR (EU OVC)
The internal capital adequacy assessment process (ICAAP) consists of several elements that aim to ensure that Deutsche
Bank maintains, on an ongoing basis, an adequate capitalization to cover the risks to which it is exposed.
Risk identification and assessment:
–The risk identification process forms the basis of the ICAAP and results in an inventory of risks for the Group, and
where appropriate, material legal entities, key branches and business units; the process identifies risks across risk
types (e.g., credit, market, operational) and incorporates input from both the first line and second line of defense
–Materiality of all identified risks is assessed, based on their severity and likelihood to materialize in stressed conditions
–The risk identification process adopts a descriptive, as opposed to taxonomy-driven, risk approach, eliciting how
identified risks could manifest themselves based on potential real-world scenarios and events; this descriptive risk
approach ensures the inventory covers both normative and economic perspectives and allows contributors to focus
on future developments, risk behavior under stress, and impact of mitigating actions
–The risks in the risk inventory are mapped to Deutsche Bank's Group risk type taxonomy
–The resulting inventory of risks, after review and challenge by senior management, informs key risk management
processes, including the development of stress scenarios tailored to Deutsche Bank’s risk profile, informing business
unit risk appetite statements, and risk profile monitoring and reporting
–
Capital demand/risk measurement:
–Risk measurement methodologies and models are applied to quantify the capital demand required to cover all
material risks, excluding those that cannot be adequately limited by capital, e.g. liquidity risk
–ICAAP differentiates between the normative and economic perspective and this is reflected in the risk measurement
process, which distinguishes between regulatory capital models which form an input into the normative perspective
and economic capital models which form an input into the economic perspective
–Under the normative perspective, Deutsche Bank applies regulatory models to measure risk-weighted assets in order
to determine the regulatory capital demand:
–Credit risks are predominantly measured via the Advanced Internal Ratings Based Approach (A-IRBA); for the
majority of the derivative counterparty exposures as well as securities financing transactions (SFT), internal model
method (IMM) is used in accordance with the CRR
–Market risks are measured by internally developed risk metrics (as approved by the regulator) and regulatory-
defined market risk approaches, namely the Value-at-Risk (VaR), Stressed Value-at-Risk (sVaR) and Incremental
Risk Charge (IRC); the Market Risk Standardized Approach (MRSA) is used to determine the regulatory capital
charge for the specific market risk arising on securitizations in the trading book
–Operational risks are measured using the Standardized Measurement Approach (SMA) since beginning of 2025
–For the measurement of capital demand under the economic perspective, Deutsche Bank applies various internally
developed capital models in line with the economic capital framework and set at a level to absorb, with a confidence
level of 99.9%, aggregate unexpected losses within a one-year time period
–The economic capital model landscape covers all material risks, i.e. quantifies credit, market, operational and strategic
risk; diversification and concentrations are calculated on a group-wide basis; further details on the economic capital
models are provided in the following sections
–
Capital supply:
–Capital supply quantification refers to the definition of available capital resources to absorb losses; capital supply is
defined for the normative and for the economic perspectives
–The capital supply definition under the normative perspective follows the regulatory requirements in the CRR/CRD
while the economic perspective follows an internal capital supply definition
–
Risk appetite:
–Risk appetite is an expression of the level of risk that Deutsche Bank is willing to assume to achieve its strategic
objectives
–Risk appetite plays an integral part in the business planning processes via risk strategy and plan, and promotes the
appropriate alignment of risk, capital and performance targets
–Compliance of the plan with risk appetite and capacity is also tested under stressed market conditions
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| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Summary of Deutsche Bank’s ICAAP approach |
–From an ICAAP perspective, risk appetite is set for key capital adequacy metrics and thereby covers the normative (via
the CET 1 ratio, leverage ratio and MREL) and the economic (via the economic capital adequacy (ECA) ratio)
perspective
–These metrics are fully integrated across strategic planning, risk appetite framework, stress testing, and recovery and
resolution planning practices
–Limit breaches are subject to a dedicated governance framework triggering management actions up to the execution
of Deutsche Bank’s recovery plan
–The Management Board reviews and approves the risk appetite on an annual basis, or more frequently in the event of
unexpected changes to the risk environment, with the aim of ensuring that they are consistent with the Group’s
strategy, business and regulatory environment and stakeholders’ requirements
–
Capital planning:
–Deutsche Bank’s capital management steers the bank's capital stack and capital demand in the short, middle and long
term, specifically via the strategic and capital plan, the rolling forecast, and the downside and countermeasures
analysis process; the holistic management of Deutsche Bank’s capital position looks at each of these elements, with
differing focuses driven by the decision-making context
–The integrated strategic and capital plan translates Deutsche Bank’s overall risk and business objectives as well as
external targets into risk, capital, liquidity, and performance targets for the Group, divisions/business units, and
infrastructure functions
–The strategic plan is based on assumptions regarding the future development of regulatory requirements and
supervisory practices, the banking market and revenue pools, expected client behavior and relative strengths and
capabilities to serve the clients in a competitive environment
–The strategic and capital plan is built over a 5-year horizon and thoroughly reviewed on an annual basis, including
changes to the macro-economic and competitive landscape as well as any other updates to key planning
assumptions, e.g. to the regulatory environment; the strategic plan is finalized with the Management Board approval
and thereafter sent to the Supervisory Board
–As actual developments might deviate from the strategic plan, Deutsche Bank conducts a monthly rolling forecast;
the granularity of each forecast is designed to cover the development of Deutsche Bank’s earnings as well as balance
sheet, resources and capital components; the development of capital and resources is part of the discussions in the
Group Risk Committee (GRC) and Asset and Liability Committee (ALCO); the forecast develops a best estimate of the
base case development at the time, including all material impacts of likely events at an expected level; these
assumptions contain a judgmental element and might include a range of outcomes; to address this, Deutsche Bank
complements the base case with a well-established downside and countermeasure analysis framework
–
Stress testing:
–Capital plan figures are also considered under various stress test scenarios to prove resilience and overall viability of
Deutsche Bank
–Regulatory and economic capital adequacy metrics are also subject to regular stress tests throughout the year to
constantly evaluate Deutsche Bank’s capital position in hypothetical stress scenarios and to detect vulnerabilities
–The stress testing framework comprises regular, sensitivity-based and scenario-based approaches addressing
different severities and regional hotspots; these activities are complemented by portfolio- and country-specific
downside analyses as well as regulatory-driven exercises such as reverse stress tests
–
Capital adequacy assessment:
–In addition to the constant monitoring process that capital adequacy undergoes throughout the year, the ICAAP
concludes with a dedicated annual capital adequacy assessment
–The assessment consists of a Management Board statement about Deutsche Bank’s capital adequacy that is linked to
specific conclusions and management actions to be taken to safeguard capital adequacy on a forward-looking basis
Credit risk economic capital model
Deutsche Bank calculates economic capital for counterparty risk, transfer risk and settlement risk as elements of credit
risk. In line with the bank’s economic capital framework, economic capital for credit risk is set at a level to absorb with a
probability of 99.9% very severe aggregate unexpected losses within one year.
The Group’s economic capital for credit risk is derived from the loss distribution of a portfolio via Monte Carlo Simulation
of correlated rating migrations. The portfolio loss distribution is calculated as follows: in a first step, potential credit
losses are quantified on transactional level based on available exposure and loss-given-default information, where loss-
given-default is stochastic. In a second step, the probability of joint defaults is modeled stochastically in terms of risk
46
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Summary of Deutsche Bank’s ICAAP approach |
factors representing the relevant countries and industries that the counterparties are linked to. The simulation of
portfolio losses is then performed by an internally developed model, which takes rating migration and maturity effects
into account. Effects due to wrong-way derivatives risk (i.e., the credit exposure of a derivative in the default case is
higher than in non-default scenarios) are modeled by applying an own alpha factor when deriving the exposure value for
derivatives and securities financing transactions under the Internal Models Method (IMM). The bank allocates expected
losses and economic capital derived from loss distributions down to transaction level to enable management on
transaction, customer and business level.
Deutsche Bank’s asset value credit portfolio model is based on the assumption that an obligor firm defaults when its
value is no longer high enough to cover its liabilities. The obligor’s asset value or "ability to pay" is modeled as a random
process, the ability to pay process. An obligor is taken to default when its asset value or ability to pay falls below a given
default point. Changes in the value of systematic and specific factors are simulated in terms of multivariate distributions.
The weight assigned to systematic and specific components and the covariance of systematic factors are estimated
using equity, credit spread and rating time series or are based on standard settings for particular portfolio segments.
Modeling correlations via a factor model: A factor model describes the dynamics of a large number of random variables
by making use of a reduced and fixed number of other random variables, called factors. The approach has the advantage
of reducing computing time: fewer correlations need to be evaluated, and the factor correlation matrix does not change
when new obligors are introduced. The parameters that specify the factor model are:
–The factor model characteristics for the different borrowers, i.e., the weights for the systematic country and industry
factors (the model uses 41 systematic factors) and the R2, which determines the weight for the specific factor
–The covariance matrix between the country and industry factors
Modeling rating migration: The rating migration methodology requires additional information, namely yield curves and
transition matrices describing the probabilities of migrating between different credit ratings.
–Migration matrix: For K non-default credit rating grades and 1 default credit rating, a migration matrix is a (K + 1) × (K +
1) matrix with entries πij. It expresses in percentage terms the probability πij that any borrower with the credit rating i
moves to the credit rating j in the next time-step.
–Risk-free curve: The risk-free curve required as an input for different points in time is used to derive the corresponding
risk-free discount factors.
Economic capital is derived from Value-at-Risk (VaR) with confidence level α = 99.9%. The economic capital is allocated
to individual transactions using expected shortfall allocation. Portfolio information includes exposure, loss given default,
one-year default probability and maturity. The parameters are largely consistent with the best-estimate components of
the parameters used for regulatory reporting, with the exception of those for derivatives and securities financing
exposure.
Market risk economic capital model
Economic capital for market risk measures the amount of capital needed to absorb very severe, unexpected losses arising
from exposures over the period of one year. “Very severe” in this context means that the underlying economic capital is
set at a level which covers, with a probability of 99.9%, all unexpected losses over a one-year time horizon. Market Risk
Economic Capital consists of the following three components:
–Traded Market Risk, capturing the risk due to valuation changes from market price movements
–Traded Default Risk, capturing the risk due to valuation changes caused by issuer default and migration risk
–Non-traded Market Risk, market risk arising outside of the core trading activities
Traded market risk economic capital (TMR EC)
Deutsche Bank’s market risk economic capital model migrated to historical simulation approach from Monte Carlo in the
second quarter of 2025. This change aligns the scenario generation concept in Economic Capital calculation with the
one used for regulatory capital (i.e. VaR/SVaR). The model comprises two core components, the “common risk”
component covering risk drivers across all businesses and the “business-specific risk” component, which enriches the
Common Risk via a suite of Business Specific Stress Tests (BSSTs). Both components are calibrated to historically-
observed severe market shocks.
Common risk is calculated using a scaled version of the SVaR framework. The SVaR measure itself replicates the Value-
at-Risk calculation that would be generated on the bank’s current portfolio if the relevant market factors were
experiencing a period of stress. In particular, the model inputs are calibrated to historical data from a continuous 12-
month period of significant financial stress relevant to the bank’s portfolio. The SVaR model is then scaled-up to cover a
47
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Summary of Deutsche Bank’s ICAAP approach |
different liquidity horizon (up to 1 year) and confidence level (99.9%). The liquidity horizon framework that is utilized in
the SVaR-based EC model accounts for different levels of market liquidity as well as risk concentrations in the bank’s
portfolios. In terms of coverage, the “common risk” captures systematic and idiosyncratic risks using full revaluation,
although some portfolios remain on sensitivity-based approach. The model incorporates the following risk factors:
interest rates, credit spreads, equity prices, foreign exchange rates, commodity prices, volatilities and correlations.
The “business-specific risk” captures more product/business-related bespoke risks (e.g. complex basis risks) as well as
higher order risks not captured in the common risk component. The concept of business-specific risk is in particular
important in areas where the lack of meaningful market data prevents direct use of the common risk model. BSSTs are in
general calibrated to available historical data to obtain a stress scenario. Where appropriate, risk managers use their
expert judgment to define severe market shocks, based upon the knowledge of past extreme market conditions. In
addition to the BSSTs the business specific risk component of the SVaR based EC model also contains placeholders
which carry an estimated EC component on a temporary basis, while efforts are being made to cover those risks with a
proper business-specific stress test or integrate it in the common risk framework.
The Group continuously assesses and refines its market risk EC model to ensure the capture of new material risks as well
as the appropriateness of the shocks applied. The calculation of the Traded Market Risk EC is performed weekly.
Traded default risk economic capital (TDR EC)
TDR refers to changes in the value of instruments caused by default or rating changes of the issuer. For credit derivatives
like credit default swaps (CDS), the rating of the issuer of the reference asset is modeled. TDR covers the following
positions:
–Fair value assets in the banking book;
–Unsecuritized credit products in the trading book;
–Securitized products in the trading book.
The TDR methodology is similar to the credit risk methodology. An important difference between the EC calculation for
traded default risk and credit risk is the capital horizon of 6 months which is used for most TDR positions compared to
12 months used for credit risk. Recognizing traded default risk EC for unsecuritized credit products corresponds to the
calculation of the incremental risk charge for the trading book for regulatory purposes. EC for TDR represents an
estimate of the default and migration risks of credit products at a 99.9% confidence level, taking into account the
liquidity horizons of the respective sub-portfolios.
TDR EC captures the relevant credit exposures across its trading and fair value banking books. Trading book exposures
are monitored by market risk management via single name concentration and portfolio thresholds which are set based
upon rating, size and liquidity. Single name concentration risk thresholds are set for two key metrics: Default Exposure,
i.e., the impact on profit and loss of an instantaneous default at the current recovery rate, and bond equivalent market
value, i.e. default exposure at 0% recovery. In order to capture diversification and concentration effects the bank
performs a joint calculation for traded default risk economic capital and credit risk economic capital. Important
parameters for the calculation of traded default risk are exposures, recovery rates and default probabilities as well as
maturities. For trading book positions exposures, recovery rates and default probabilities are derived from market
information and external ratings and for banking book positions from internal assessments analogous to the credit risk
economic capital model. Rating migrations are governed by issuer type specific migration matrices, which are obtained
from historical rating time series from rating agencies and internal observations. The probability of joint rating
downgrades and defaults is determined by the default and rating correlations of the portfolio model. These correlations
are specified through systematic factors that represent countries, geographical regions and industries.
Non-traded market risk economic capital (NTMR EC)
Non-traded market risk arises from market movements, primarily outside the activities of the Group’s trading units, in the
banking book and from off-balance sheet items. Significant market risk factors which the bank is exposed to and are
overseen by risk management groups in that area are:
–Interest rate risk (including risk from embedded optionality and changes in behavioral patterns for relevant product
types), credit spread risk, foreign exchange risk, equity risk (including investments in public and private equity as well
as real estate, infrastructure and fund assets); and
–Market risks from off-balance sheet items such as pension schemes and guarantees as well as structural foreign
exchange risk and equity compensation risk.
Non-traded market risk economic capital is being calculated either by applying the standard traded market risk EC
methodology (SVaR-based EC model leveraging historical simulation approach) or through the use of non-traded market
risk models that are specific to each risk class and which consider, among other factors, large historically observed
48
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Summary of Deutsche Bank’s ICAAP approach |
market moves, the liquidity of each asset class, and changes in client’s behavior in relation to products with behavioral
optionalities. The calculation of EC for non-traded market risk is performed monthly.
An independent model validation team reviews all quantitative aspects of the MR EC model on a regular basis. The
review covers, but is not limited to, model assumptions and calibration approaches for risk parameters.
Operational risk economic capital model
For the quantification of its economic capital demands the Deutsche Bank Group uses the Advanced Measurement
Approach (AMA). To absorb very severe unexpected losses within one year, economic capital is calculated at a 99.9%
confidence level.
Strategic risk economic capital model
The strategic risk category captures the economic capital arising from earnings volatility risk (which also includes
potential losses from software assets), tax redetermination risk, and a capital charge for the risk related to deferred tax
assets on temporary differences.
The earnings volatility risk economic capital model projects the earnings distribution for the next twelve months on
group level. Important input parameters of the model are the expected revenues and costs from the strategic plan and
monthly forecasts on business unit level. This ensures that the model includes strategic decisions or changes to the
business environment in a timely manner. These projections determine the mean values of the revenue and cost
distributions. The volatilities of the revenue distributions are derived from historical revenue time series of the business
units. Risk concentrations within and across businesses are calibrated using historical revenue time series. Revenues are
then simulated together with costs to allow for a partial offset of revenue decreases by cost reductions, e.g. reduced
bonus payments. Potential cost increases related to software assets are also modelled. The resulting earnings
distribution for the Group is used to derive the economic capital amount, which is held to protect against potential
operating losses covering twelve months with a confidence level of 99.9%, in line with the general economic capital
definition.
Tax risk is determined by reference to corporate income tax, indirect and operational tax re-determination risk with
respect to transactions undertaken by the bank. Tax re-determination risk is the risk that the eventual tax treatment of a
transaction differs from that initially determined by the bank because of a judicial determination or a compromise by the
bank with a tax authority. Examples of tax re-determination risk include a tax ceasing to be creditable, taxable income
being treated as arising, a tax deduction not being granted, a tax consolidated group not being respected, or an anti-
avoidance rule being determined to apply. Tax related inputs of the process are under the direction and control of tax
professionals of the bank who are independent of business units. The calculation of tax risk economic capital is
performed in a portfolio model which incorporates issues with a one-year time horizon. The notional exposure for each
“tax issue” is determined and is then modified for reserves and a settlement adjustment. A probability is assigned to each
“tax issue”. Tax risk economic capital is computed at the 99.9% confidence level of the portfolio loss distribution, which is
obtained through a Monte Carlo simulation.
The capital charge to account for the risk of deferred tax assets on temporary differences mirrors regulatory treatment
and is incorporated through an economic capital placeholder.
Risk type diversification
The economic capital model for risk type diversification is a key component of Deutsche Bank’s economic capital
framework. The purpose of the risk type diversification model is to reflect the diversification effects across all risk types,
resulting in the diversified economic capital at group level. The risk type diversification methodology is based on the
specification of analytical loss distributions for individual risk types (i.e. credit, market, operational and strategic risk),
which are linked via a copula function to reflect their dependence structure. Using advanced simulation techniques, an
aggregate loss distribution across all risk types is calculated for the whole portfolio. Total diversified economic capital is
then derived from the aggregate loss distribution at the 99.9% quantile, i.e. to capture aggregate unexpected losses at
group level over a one-year horizon with a confidence level of 99.9%.
49
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Result of ICAAP |
Result of ICAAP
Article 438 (c) CRR (EU OVC)
The internal capital adequacy assessment process concludes that Deutsche Bank is adequately capitalized to cover its
material risks and relevant regulatory requirements under the economic and normative perspective.
The bank assesses capital adequacy from an economic perspective as the ratio of economic capital supply divided by
economic capital demand as shown in the table below. A ratio of more than 100% indicates that the available capital is
sufficient to cover the risk positions. The economic capital adequacy ratio was 194% as of December 31, 2025, compared
with 199% as of December 31, 2024. The overall decline was due to an increase in economic capital demand for market
risk, credit risk and operational risk. This was partly offset by an increase in economic capital supply.
Total economic capital supply and demand
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Components of economic capital supply | ||
| Shareholders' equity1 | 66,933 | 66,276 |
| Noncontrolling interests2 | 922 | 957 |
| AT1 coupon and shareholder distribution deduction1 | (3,585) | (2,565) |
| Gain on sale of securitizations, cash flow hedges | 49 | (36) |
| Fair value gains on own debt and debt valuation adjustments, subject to own credit risk | 247 | 131 |
| Additional valuation adjustments | (1,667) | (1,680) |
| Intangible assets | (3,513) | (3,847) |
| IFRS deferred tax assets excl. temporary differences | (3,006) | (4,073) |
| Expected loss shortfall | (2,579) | (3,037) |
| Defined benefit pension fund assets | (1,137) | (1,174) |
| Other adjustments1 | (2,192) | (2,833) |
| Economic capital supply | 50,474 | 48,119 |
| Components of economic capital demand | ||
| Credit risk | 13,395 | 12,507 |
| Market risk | 9,970 | 8,667 |
| Operational risk | 4,960 | 4,645 |
| Strategic risk | 1,980 | 1,936 |
| Diversification benefit | (4,234) | (3,530) |
| Total economic capital demand | 26,071 | 24,225 |
| Economic capital adequacy ratio | 194% | 199% |
1Prior year’s comparatives aligned to presentation in the current year
2Includes noncontrolling interest up to the economic capital requirement for each subsidiary
The increase in economic capital supply by € 2.4 billion compared to year-end 2024 was mainly driven by a positive net
income of € 6.9 billion, lower capital deductions from deferred tax assets of € 1.1 billion, from valuation differences
between carrying and fair values for debt securities held to collect of € 0.7 billion, from expected loss shortfall of
€ 0.5 billion and from intangible assets of € 0.3 billion as well as unrealized gains and losses of € 0.3 billion. These
increases were partly offset by € 3.6 billion from deductions for future shareholder distributions relating to the Group’s
50% payout ratio policy in respect of financial year 2025 and accrued AT1 coupon payments, € 3.2 billion from foreign
currency translation adjustments, € 0.3 billion of executed share buyback program, € 0.1 billion from equity
compensation and € 0.1 billion from actuarial gains and losses.
As of December 31, 2025, Deutsche Bank’s economic capital demand amounted to € 26.1 billion, which was € 1.8 billion
or 8% higher than € 24.2 billion economic capital demand as of December 31, 2024. Market risk increased by € 1.3 billion
mainly due to migration of economic capital model used for structural foreign exchange risk, including the application of
extended liquidity horizons, as well as transition of market risk economic capital from Monte Carlo simulation to historical
simulation. Credit risk increased by € 0.9 billion due to higher transfer risk driven by increase in exposures from
Investment Bank, Corporate Bank and Corporate & Other as well as higher counterparty risk driven by increase in
Treasury and sovereign exposures. Operational risk increased by € 0.3 billion primarily driven by model changes in the
forward-looking qualitative adjustment component as well as the simplification of the advanced measurement approach
model. These increases were partly offset by an increase in diversification benefit of € 0.7 billion due to the change in risk
type profile and market risk model changes.
50
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Result of ICAAP |
The development of capital adequacy ratios under the normative perspective and respective SREP requirements are
described in this report in sections “Development and composition of Own funds”, “Overview of RWA and capital
requirements” and “Leverage ratio”.
Overview of RWA and capital requirements
Article 438 (d) CRR
The table below shows the composition of RWA by risk types and model approaches compared to the previous quarter
end. It also shows the corresponding minimum capital requirements, which is derived by multiplying the respective RWA
by an 8% capital ratio.
EU OV1 – Overview of RWA
| Dec 31, 2025 | Sep 30, 2025 | ||||
|---|---|---|---|---|---|
| a | c1 | b | c2 | ||
| in € m. | RWA | Minimum<br><br>capital<br><br>requirements | RWA | Minimum<br><br>capital<br><br>requirements | |
| 1 | Credit risk (excluding CCR) | 207,019 | 16,562 | 208,804 | 16,704 |
| of which: | |||||
| 2 | The standardized approach (SA) | 42,116 | 3,369 | 42,505 | 3,400 |
| 3 | The foundation IRB (FIRB) approach | 56,105 | 4,488 | 56,931 | 4,554 |
| 4 | Slotting approach | 200 | 16 | 202 | 16 |
| EU 4a | Equities under the simple riskweighted approach | 0 | 0 | 0 | 0 |
| 5 | The advanced IRB (AIRB) approach | 108,598 | 8,688 | 109,167 | 8,733 |
| 6 | Counterparty credit risk (CCR) | 21,720 | 1,738 | 21,136 | 1,691 |
| of which: | |||||
| 7 | The standardized approach | 1,567 | 125 | 1,517 | 121 |
| 8 | Internal model method (IMM) | 14,635 | 1,171 | 15,373 | 1,230 |
| EU 8a | Exposure to a CCP | 3,442 | 275 | 3,449 | 276 |
| 9 | Other CCR | 2,076 | 166 | 798 | 64 |
| 10 | Credit Valuation Adjustment (CVA)1 | 2,591 | 207 | 2,695 | 216 |
| of which: | |||||
| EU 10a | The standardized approach (SA)2 | 0 | 0 | 0 | 0 |
| EU 10b | The basic approach (F-BA and R-BA) | 2,584 | 207 | 2,692 | 215 |
| EU 10c | The simplified approach | 0 | 0 | 0 | 0 |
| 15 | Settlement risk | 135 | 11 | 105 | 8 |
| 16 | Securitization exposures in the banking book (after the cap) | 17,787 | 1,423 | 16,859 | 1,349 |
| of which: | |||||
| 17 | SEC-IRBA approach | 9,580 | 766 | 9,608 | 769 |
| 18 | SEC-ERBA (including IAA) | 583 | 47 | 439 | 35 |
| 19 | SEC-SA approach | 6,613 | 529 | 6,047 | 484 |
| EU 19a | 1250% / deduction | 1,011 | 81 | 765 | 61 |
| 20 | Position, foreign exchange and commodities risks (Market risk) | 21,050 | 1,684 | 18,921 | 1,514 |
| of which: | |||||
| Standardized approach | 3,583 | 287 | 3,382 | 271 | |
| IMA | 17,467 | 1,397 | 15,539 | 1,243 | |
| 21 | Alternative standardized approach (A-SA)³ | N/M | N/M | N/M | N/M |
| EU 21a | Simplified standardized approach (S-SA)³ | N/M | N/M | N/M | N/M |
| 22 | Alternative Internal Models Approach (A-IMA)³ | N/M | N/M | N/M | N/M |
| EU 22a | Large exposures | 0 | 0 | 0 | 0 |
| 23 | Reclassifications between trading and non-trading books | 0 | 0 | 0 | 0 |
| 24 | Operational risk | 63,183 | 5,055 | 58,941 | 4,715 |
| EU 24a | Exposures to crypto-assets | 0 | 0 | 0 | 0 |
| 25 | Amounts below the thresholds for deduction (subject<br><br>to 250% risk weight) | 13,648 | 1,092 | 12,928 | 1,034 |
| 26 | Output floor applied (%) | 50.00 | — | 50.00 | — |
| 27 | Floor adjustment (before application of transitional cap) | 0 | — | 0 | — |
| 28 | Floor adjustment (after application of transitional cap) | 0 | — | 0 | — |
| 29 | Total | 347,133 | 27,771 | 340,387 | 27,231 |
1As of December 31, 2025, total Credit Valuation Adjustment (CVA) RWA includes € 7 million (September 30, 2025: € 3 million) from simplified treatment for derivative
positions in collective investment undertakings which are not listed separately in this table
2As Deutsche Bank does not have any credit valuation adjustment RWA under the standardized approach, template EU CVA4 – RWEA flow statements of credit valuation
adjustment risk under the Standardized Approach will not be shown in this report
3 On the basis of Article 461a CRR the European Commission decided to postpone the application of the Fundamental Review of the Trading Book (FRTB) for market risk
to January 1, 2027; therefore, the new models market risk RWA and respective reporting templates are not yet applicable
51
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Overview of RWA and capital requirements |
As of December 31, 2025, RWA were € 347.1 billion compared to € 340.4 billion as of September 30, 2025. The increase
of € 6.7 billion was primarily driven by operational risk RWA, market risk RWA, RWA for securitization exposures in the
banking book (after the cap), RWA for amounts below thresholds for deduction (subject to 250% risk weight) and RWA for
counterparty credit risk (CCR), which was partly offset by RWA for credit risk (excluding counterparty credit risk).
Deutsche Bank´s operational risk RWA increased by € 4.2 billion, driven by the annual update of the bank’s revenue data
as its primary driver.
Market risk RWA increased by € 2.1 billion, primarily driven by higher Stressed-Value-at-Risk (SVaR) due to SVaR window
change, which was partly offset by lower incremental risk charge due to reduction in sovereign bond inventory.
RWA for securitization exposures in the banking book (after the cap) increased by € 0.9 billion mainly driven by increased
exposures calculated with the securitization standardized approach (SEC-SA), a risk weight of 1,250% and the
securitization external rating-based approach (SEC-ERBA).
Furthermore, RWA for amounts below the thresholds for deduction (subject to 250% risk weight) increased by
€ 0.7 billion, primarily driven by higher RWA for deferred tax assets, including the effects from the discontinuation of the
temporary treatment of unrealized gains and losses measured at fair value through OCI in accordance with Article 468
CRR, and investments in financial sector entities.
Counterparty credit risk RWA increased by € 0.6 billion, mainly driven by an increase of € 1.3 billion in other CCR,
reflecting increased securities financing transaction (SFT) exposures under the financial collateral comprehensive
method. This increase was partly offset by counterparty credit risk under the internal model method, which decreased by
€ 0.7 billion, predominantly reflecting reduced exposures for derivatives and SFTs.
The aforementioned increases were partly offset by credit risk RWA (excluding counterparty credit risk) which decreased
by € 1.8 billion, mainly driven by a decrease of € 1.4 billion for RWA under the internal rating-based approach. This
reduction mainly reflects impacts from new synthetic securitizations, impacts from the remediation of regulatory
obligations and foreign exchange movements, partly offset by improved data quality, counterparty rating deteriorations
and refinements of Deutsche Bank´s IRBA model. Additionally, RWA under the standardized approach (excluding RWA
for amounts below the thresholds for deduction) decreased by € 0.4 billion mainly due to reduced exposures along with
lower risk weights in exposure class "Equity" as well as decreased exposures in exposure classes "Exposures in default",
"Central governments and central banks" as well as "Other items". These decreases were partly offset by increased
exposures along with higher risk weights in exposure class "Collective investment undertakings" as well as increased
exposures in exposure class "Retail".
The movements of RWA for credit, credit valuation adjustment, market and operational risk are discussed below in
sections “Development of credit risk RWA”, “CCR exposures development”, “Credit valuation adjustment risk”,
“Development of market risk RWA” and “Operational risk measurement”.
Effect on own funds and RWA that results from applying
capital floors and not deducting items from own funds
Article 438 (da) CRR
The table below shows the composition of RWA by risk type and separated by modelled approaches for which Deutsche
Bank has supervisory approval and where the standardized approaches are used.
In addition, the table provides an overview of RWA calculated using the full standardized approach and RWA that is the
base of the output floor. RWA using the full standardized approach do not reflect rules and regulations applicable at the
reporting date, but instead they are based on CRR3 rules applicable in 2033 assuming no change in regulation between
the reporting date and January 2033. Moreover, the disclosure is based on a static balance sheet assumption which is a
hypothetical scenario. Deutsche Bank will adapt its balance sheet over time and undertake mitigating actions with
respect to RWA under the standardized approach to minimize future output floor impacts.
As of December 31, 2025, the output floor for RWA according to CRR3 has no impact on Deutsche Bank´s RWA. As of
January 1, 2025, Deutsche Bank decided to adopt the rule to deduct exposures for collective investment undertakings
that are assigned to a risk weight of 1,250% from CET1 capital. As of December 31, 2025, this decision reduces the CET1
capital by € 214 million and RWA by € 2.7 billion.
52
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Effect on own funds and RWA that results from applying capital floors and not deducting items from own funds |
EU CMS1 – Comparison of modelled and standardized risk weighted exposure amounts at risk level
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | EU d | ||
| in € m. | RWEAs for<br><br>modelled<br><br>approaches that<br><br>banks have<br><br>supervisory<br><br>approval to use | RWEAs for<br><br>portfolios<br><br>where<br><br>standardized<br><br>approaches<br><br>are used | Total actual<br><br>RWEAs<br><br>(a + b) | RWEAs<br><br>calculated<br><br>using full<br><br>standardized<br><br>approach | RWEAs that<br><br>is the base of<br><br>the output<br><br>floor | |
| 1 | Credit risk (excluding counterparty credit risk) | 164,903 | 55,764 | 220,667 | 400,239 | 336,932 |
| 2 | Counterparty credit risk | 16,728 | 4,992 | 21,720 | 83,199 | 68,283 |
| 3 | Credit valuation adjustment | — | 2,591 | 2,591 | 2,591 | 2,591 |
| 4 | Securitization exposures in the banking book | 9,580 | 8,207 | 17,787 | 35,704 | 17,904 |
| 5 | Market risk | 17,375 | 3,674 | 21,050 | 55,967 | 55,967 |
| 6 | Operational risk | — | 63,183 | 63,183 | 63,183 | 63,183 |
| 7 | Other risk weighted exposure amounts | — | 135 | 135 | 135 | 135 |
| 8 | Total | 208,587 | 138,546 | 347,133 | 641,017 | 544,994 |
| Sep 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | EU d | ||
| in € m. | RWEAs for<br><br>modelled<br><br>approaches that<br><br>banks have<br><br>supervisory<br><br>approval to use | RWEAs for<br><br>portfolios<br><br>where<br><br>standardized<br><br>approaches<br><br>are used | Total actual<br><br>RWEAs<br><br>(a + b) | RWEAs<br><br>calculated<br><br>using full<br><br>standardized<br><br>approach | RWEAs that<br><br>is the base of<br><br>the output<br><br>floor | |
| 1 | Credit risk (excluding counterparty credit risk) | 166,299 | 55,433 | 221,732 | 403,615 | 341,060 |
| 2 | Counterparty credit risk | 16,376 | 4,759 | 21,136 | 80,086 | 65,896 |
| 3 | Credit valuation adjustment | — | 2,695 | 2,695 | 2,695 | 2,695 |
| 4 | Securitization exposures in the banking book | 9,608 | 7,251 | 16,859 | 34,498 | 17,182 |
| 5 | Market risk | 14,541 | 4,380 | 18,921 | 56,108 | 56,108 |
| 6 | Operational risk | — | 58,941 | 58,941 | 58,941 | 58,941 |
| 7 | Other risk weighted exposure amounts | — | 105 | 105 | 105 | 105 |
| 8 | Total | 206,824 | 133,563 | 340,387 | 636,048 | 541,988 |
As of December 31, 2025, RWA calculated using full standardized approach amounted to € 641.0 billion compared to
€ 636.0 billion as of September 30, 2025. The increase of € 5.0 billion was primarily driven by operational risk,
counterparty credit risk and securitization exposures in the banking book, partly offset by credit risk. Deutsche Bank´s
operational risk increased by € 4.2 billion, driven by the annual update of the bank’s revenue data as its primary driver.
The increase in counterparty credit risk of € 3.1 billion is mainly driven by increased exposures for derivatives and SFTs
which for the purpose of the output floor are calculated completely under standardized approach for counterparty
credit risk (SA-CCR) and supervisory volatility adjustment approach respectively. Additionally, securitization exposures in
the banking book increased by € 1.2 billion. These increases were partly offset by a reduction of € 3.4 billion, mainly
reflecting impacts from new synthetic securitizations and reduced exposures.
The table below shows credit risk (excluding counterparty credit risk) RWA broken down by regulatory exposure classes
as per Article 112 CRR. For this purpose, RWA which are calculated with the internal rating-based (IRB) approach and
assigned to exposure classes as per Article 147 CRR need to be reported in accordance with exposure classes as per
Article 112 CRR for the standardized approach. The IRB exposure classes which are most affected by this reclassification
are "Retail" and “Corporates”. In exposure class “Retail” the movements are predominantly to “Secured by immovable
properties and ADC” (Acquisition, Development and Construction). Main movements in exposure class “Corporates” can
be observed to “Secured by immovable properties and ADC” and “Defaulted exposures”.
The table shows in the first two columns the credit risk (excluding counterparty credit risk) RWA for which Deutsche Bank
is using a supervisory approved model and the respective RWA as if computed by standardized approach. Additionally,
the total actual RWA is reported, which include the RWA calculated in the IRB approach and the standardized approach.
Furthermore, the table shows the RWA calculated using the full standardized approach and RWA that is the base for the
output floor. RWA using the full standardized approach do not reflect rules and regulations applicable at the reporting
date, but instead they are based on CRR3 rules applicable in 2033 assuming no change in regulation between the
reporting date and January 2033. Moreover, the disclosure is based on a static balance sheet assumption which is a
hypothetical scenario. Deutsche Bank will adapt its balance sheet over time and undertake mitigating actions with
respect to RWA under the standardized approach to minimize future output floor impacts.
53
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Effect on own funds and RWA that results from applying capital floors and not deducting items from own funds |
EU CMS2 – Comparison of modelled and standardized risk weighted exposure amounts for credit risk at asset class level
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | EU d | ||
| in € m. | RWEAs for<br><br>modelled<br><br>approaches that<br><br>banks have<br><br>supervisory<br><br>approval to use | RWEAs for<br><br>column (a) if<br><br>re-computed<br><br>using the<br><br>standardized<br><br>approach | Total actual<br><br>RWEAs | RWEAs<br><br>calculated<br><br>using full<br><br>standardized<br><br>approach | RWEAs that<br><br>is the base of<br><br>the output<br><br>floor | |
| 1 | Central governments and central banks | 4 | 0 | 15,011 | 15,007 | 15,007 |
| EU 1a | Regional governments or local authorities | 0 | 0 | 111 | 111 | 111 |
| EU 1b | Public sector entities | 93 | 113 | 96 | 116 | 116 |
| EU 1c | Categorized as Multilateral Development Banks in SA | 4 | 3 | 4 | 3 | 3 |
| EU 1d | Categorized as International organizations in SA | 0 | 0 | 0 | 0 | 0 |
| 2 | Institutions | 5,122 | 7,771 | 5,638 | 8,288 | 8,288 |
| 3 | Equity | 233 | 233 | 6,823 | 6,823 | 6,823 |
| 5 | Corporates | 86,504 | 161,021 | 99,770 | 222,037 | 174,288 |
| of which | ||||||
| 5.1 | F-IRB is applied | 50,982 | 87,295 | 50,982 | 105,526 | 87,295 |
| 5.2 | A-IRB is applied | 57,250 | 122,100 | 57,250 | 151,766 | 122,100 |
| EU 5a | Corporates - General | 79,118 | 139,992 | 92,302 | 198,436 | 153,176 |
| EU 5b | Corporates - Specialized lending | 7,385 | 21,029 | 7,469 | 23,601 | 21,112 |
| EU 5c | Corporates - Purchased receivables | 4,493 | 10,918 | 4,493 | 14,548 | 10,918 |
| 6 | Retail | 17,400 | 20,383 | 18,749 | 21,731 | 21,731 |
| of which: | ||||||
| 6.1 | Qualifying revolving | 1,320 | 845 | 1,320 | 845 | 845 |
| EU 6.1a | Purchased receivables | 12 | 31 | 12 | 31 | 31 |
| EU 6.1b | Other | 16,068 | 19,507 | 17,417 | 20,856 | 20,856 |
| 6.2 | Secured by residential real estate | 30,249 | 31,971 | 30,631 | 47,731 | 32,353 |
| EU 7a | Categorized as secured by immovable properties and<br><br>ADC exposures in SA | 47,250 | 77,467 | 49,166 | 94,941 | 79,383 |
| EU 7b | Collective investment undertakings (CIU) | 323 | 560 | 7,610 | 7,846 | 7,846 |
| EU 7c | Categorized as exposures in default in SA | 7,970 | 13,616 | 8,981 | 14,627 | 14,627 |
| EU 7d | Categorized as subordinated debt exposures in SA | 0 | 0 | 0 | 0 | 0 |
| EU 7e | Categorized as covered bonds in SA | 0 | 0 | 0 | 0 | 0 |
| EU 7f | Categorized as claims on institutions and corporates<br><br>with a short-term credit assessment in SA | 0 | 0 | 0 | 0 | 0 |
| 8 | Other non-credit obligation assets | 0 | 0 | 8,708 | 8,708 | 8,708 |
| 9 | Total | 164,903 | 281,168 | 220,667 | 400,239 | 336,932 |
54
| Deutsche Bank | Capital requirements | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Effect on own funds and RWA that results from applying capital floors and not deducting items from own funds | |||||
| Sep 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | EU d | ||
| in € m. | RWEAs for<br><br>modelled<br><br>approaches that<br><br>banks have<br><br>supervisory<br><br>approval to use | RWEAs for<br><br>column (a) if<br><br>re-computed<br><br>using the<br><br>standardized<br><br>approach | Total actual<br><br>RWEAs | RWEAs<br><br>calculated<br><br>using full<br><br>standardized<br><br>approach | RWEAs that<br><br>is the base of<br><br>the output<br><br>floor | |
| 1 | Central governments and central banks | 5 | 0 | 14,667 | 14,662 | 14,662 |
| EU 1a | Regional governments or local authorities | 0 | 0 | 125 | 125 | 125 |
| EU 1b | Public sector entities | 96 | 120 | 154 | 178 | 178 |
| EU 1c | Categorized as Multilateral Development Banks in SA | 7 | 4 | 7 | 4 | 4 |
| EU 1d | Categorized as International organizations in SA | 0 | 0 | 0 | 0 | 0 |
| 2 | Institutions | 3,831 | 5,799 | 4,232 | 6,200 | 6,200 |
| 3 | Equity | 0 | 0 | 7,006 | 7,006 | 7,006 |
| 5 | Corporates | 83,721 | 160,794 | 96,885 | 220,792 | 173,958 |
| of which | ||||||
| 5.1 | F-IRB is applied | 52,960 | 89,241 | 52,960 | 107,915 | 89,241 |
| 5.2 | A-IRB is applied | 55,071 | 123,405 | 55,071 | 151,760 | 123,405 |
| EU 5a | Corporates - General | 77,608 | 142,197 | 90,760 | 199,919 | 155,348 |
| EU 5b | Corporates - Specialized lending | 6,113 | 18,597 | 6,125 | 20,873 | 18,610 |
| EU 5c | Corporates - Purchased receivables | 3,786 | 9,831 | 3,786 | 13,246 | 9,831 |
| 6 | Retail | 19,076 | 21,499 | 20,160 | 22,583 | 22,583 |
| of which: | ||||||
| 6.1 | Qualifying revolving | 1,215 | 541 | 1,215 | 541 | 541 |
| EU 6.1a | Purchased receivables | 17 | 28 | 17 | 28 | 28 |
| EU 6.1b | Other | 17,844 | 20,930 | 18,928 | 22,014 | 22,014 |
| 6.2 | Secured by residential real estate | 31,254 | 31,599 | 31,638 | 47,453 | 31,983 |
| EU 7a | Categorized as secured by immovable properties and<br><br>ADC exposures in SA | 49,207 | 79,876 | 51,165 | 97,555 | 81,835 |
| EU 7b | Collective investment undertakings (CIU) | 289 | 510 | 6,906 | 7,128 | 7,128 |
| EU 7c | Categorized as exposures in default in SA | 7,380 | 13,028 | 8,856 | 14,505 | 14,505 |
| EU 7d | Categorized as subordinated debt exposures in SA | 0 | 0 | 0 | 0 | 0 |
| EU 7e | Categorized as covered bonds in SA | 0 | 0 | 0 | 0 | 0 |
| EU 7f | Categorized as claims on institutions and corporates<br><br>with a short-term credit assessment in SA | 0 | 0 | 0 | 0 | 0 |
| 8 | Other non-credit obligation assets | 2,689 | 3,996 | 11,570 | 12,877 | 12,877 |
| 9 | Total | 166,299 | 285,628 | 221,732 | 403,615 | 341,060 |
55
| Deutsche Bank | Capital requirements |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Crypto-asset exposures and related activities |
Crypto-asset exposures and related activities
Article 451b CRR
The following table shows the exposure values, RWA and own funds requirements for the types of exposures to crypto-
assets referred to in Article 501d(2) of Regulation (EU) No 575/2013. Additionally, the exposure to other crypto assets is
expressed as a percentage of the Tier1 capital.
EU CAE1 – Exposures to crypto-assets
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| a | b | c | ||
| Type of exposures, in € m. (unless stated otherwise) | Exposure value | Risk weighted<br><br>exposures<br><br>amounts<br><br>(RWEA) | Own funds<br><br>requirements | |
| 1 | Tokenised traditional assets | 6 | 0 | 0 |
| 2 | Asset referencered tokens | 0 | 0 | 0 |
| 3 | Exposures to other crypto assets | 0 | 0 | 0 |
| 4 | Total | 6 | 0 | 0 |
| Memorandum item | ||||
| 5 | Exposures to other crypto assets expressed as a percentage of the institutions's T1<br><br>capital | 0.00 | – | – |
| Dec 31, 2024 | ||||
| --- | --- | --- | --- | --- |
| a | b | c | ||
| Type of exposures, in € m. (unless stated otherwise) | Exposure value | Risk weighted<br><br>exposures<br><br>amounts<br><br>(RWEA) | Own funds<br><br>requirements | |
| 1 | Tokenised traditional assets | 10 | 0 | 0 |
| 2 | Asset referencered tokens | 0 | 0 | 0 |
| 3 | Exposures to other crypto assets | 0 | 0 | 0 |
| 4 | Total | 10 | 0 | 0 |
| Memorandum item | ||||
| 5 | Exposures to other crypto assets expressed as a percentage of the institutions's T1<br><br>capital | 0.00 | – | – |
Deutsche Bank holds tokenised and other crypto assets to enable its strategic product build for custody & tokenization.
In addition, the bank is currently building a custody solution capable of institutional-grade safekeeping for selected
digital assets to enable clients to benefit from the decentralized ledger technology. The scope is currently limited to
administration and transfer of digital assets on behalf of the bank’s clients. Go-live (subject to regulatory approval) is
planned for the second half of 2026. Management of risks resulting from crypto-assets and crypto-asset services are
embedded within the Group’s risk management framework and covered by the existent risk appetite statement and
applicable Group-wide policies. In addition, bespoke documentation has been established to cover the crypto-assets and
Markets in Crypto Assets (MiCA) requirement ((EU) 2023/1114).
56
| Deutsche Bank | Leverage ratio |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Leverage ratio according to CRR/CRD framework |
Leverage ratio
Leverage ratio according to CRR/CRD framework
The non-risk-based leverage ratio is intended to act as a supplementary measure to the risk-based capital requirements.
Its objectives are to constrain the build-up of leverage in the banking sector, helping avoid destabilizing deleveraging
processes which can damage the broader financial system and the economy, and to reinforce the risk-based
requirements with a simple, non-risk based “backstop” measure.
Deutsche Bank calculates its leverage ratio exposure in accordance with Articles 429 to 429g of the CRR.
The Group’s total leverage ratio exposure includes derivatives, securities financing transactions (SFTs), off-balance sheet
exposure and other on-balance sheet exposure (excluding derivatives and SFTs).
The leverage exposure for derivatives is calculated by using a modified version of the standardized approach for
counterparty credit risk (SA-CCR), comprising the current replacement cost plus a regulatory defined add-on for the
potential future exposure. The effective notional amount of written credit derivatives, i.e., the notional reduced by any
negative fair value changes that have been incorporated in Tier 1 capital is included in the leverage ratio exposure
measure; the resulting exposure measure is further reduced by the effective notional amount of purchased credit
derivative protection on the same reference name provided certain conditions are met.
The SFT component includes the gross receivables for SFTs, which are netted with SFT payables if specific conditions are
met. In addition to the gross exposure a regulatory add-on for the counterparty credit risk is included.
The off-balance sheet exposure component follows the standardized approach for credit risk with credit risk conversion
factors (CCF) based on five different buckets (100% for bucket 1, 50% for bucket 2, 40% for bucket 3, 20% for bucket 4
and 10% for bucket 5).
The on-balance sheet exposures (excluding derivatives and SFTs) component reflects the accounting values of the assets
(excluding derivatives, SFTs and regular-way purchases and sales awaiting settlement). The exposure value of regular-
way purchases and sales awaiting settlement is determined as offset between those cash receivables and cash payables
where the related regular-way sales and purchases are both settled on a delivery-versus payment basis.
Assets can be excluded from the leverage ratio exposure measure if they have been deducted in the determination of
Tier 1 capital. The corresponding regulatory adjustments are reflected in the asset amounts deducted in determining
Tier 1 capital component.
Article 451 (1)(a-c),(2) and (3) CRR
The following tables show the leverage ratio exposure and the leverage ratio. The first table EU LR1 delivers a
reconciliation of accounting assets reported in the IFRS financial statements to the leverage ratio exposure. The leverage
ratio common disclosure table EU LR2 presents the components of the leverage exposure, the Tier 1 capital and the
leverage ratio as well as the mean value for gross securities financing transaction (SFT) assets. Table EU LR3 provides a
further breakdown of the balance sheet exposures (excluding derivatives, SFTs and exempted exposures).
57
| Deutsche Bank | Leverage ratio |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Leverage ratio according to CRR/CRD framework |
EU LR1 – LRSum: Summary reconciliation of accounting assets and leverage ratio exposures
| a | a | ||
|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Jun 30, 2025 | |
| 1 | Total assets as per published financial statements | 1,435,067 | 1,397,830 |
| 2 | Adjustment for entities which are consolidated for accounting purposes but are outside the scope<br><br>of prudential consolidation | (2,220) | (1,950) |
| 3 | (Adjustment for securitised exposures that meet the operational requirements for the recognition<br><br>of risk transference) | 0 | 0 |
| 4 | (Adjustment for temporary exemption of exposures to central banks (if applicable)) | 0 | 0 |
| 5 | (Adjustment for fiduciary assets recognised on the balance sheet pursuant to the applicable<br><br>accounting framework but excluded from the total exposure measure in accordance with point (i)<br><br>of Article 429a(1) CRR) | N/M | N/M |
| 6 | Adjustment for regular-way purchases and sales of financial assets subject to trade date<br><br>accounting | (48,542) | (46,753) |
| 7 | Adjustment for eligible cash pooling transactions | 552 | 650 |
| 8 | Adjustment for derivative financial instruments | (113,227) | (133,956) |
| 9 | Adjustment for securities financing transactions (SFTs) | 4,159 | 6,019 |
| 10 | Adjustment for off-balance sheet items (ie conversion to credit equivalent amounts of off-balance<br><br>sheet exposures) | 130,156 | 125,420 |
| 11 | (Adjustment for prudent valuation adjustments and specific and general provisions which have<br><br>reduced Tier 1 capital) | (6,538) | (6,139) |
| EU-11a | (Adjustment for exposures excluded from the total exposure measure in accordance with point (c)<br><br>and point (ca) of Article 429a(1) CRR) | N/M | N/M |
| EU-11b | (Adjustment for exposures excluded from the total exposure measure in accordance with point (j)<br><br>of Article 429a(1) CRR) | N/M | N/M |
| 12 | Other adjustments | (71,966) | (65,085) |
| 13 | Total exposure measure | 1,327,441 | 1,276,035 |
N/M – Not meaningful
58
| Deutsche Bank | Leverage ratio |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Leverage ratio according to CRR/CRD framework |
EU LR2 – LRCom: Leverage ratio common disclosure
| a | b | ||
|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Jun 30, 2025 | |
| On-balance sheet exposures (excluding derivatives and SFTs) | |||
| 1 | On-balance sheet items (excluding derivatives, SFTs, but including collateral) | 975,681 | 937,679 |
| 2 | Gross-up for derivatives collateral provided, where deducted from the balance sheet assets<br><br>pursuant to the applicable accounting framework | 1 | 0 |
| 3 | (Deductions of receivables assets for cash variation margin provided in derivatives transactions) | (32,067) | (29,144) |
| 4 | (Adjustment for securities received under securities financing transactions that are recognised as<br><br>an asset) | 0 | 0 |
| 5 | (General credit risk adjustments to on-balance sheet items) | (6,225) | (5,861) |
| 6 | (Asset amounts deducted in determining Tier 1 capital) | (12,798) | (12,144) |
| 7 | Total on-balance sheet exposures (excluding derivatives and SFTs) | 924,592 | 890,530 |
| Derivative exposures | |||
| 8 | Replacement cost associated with SA-CCR derivatives transactions (ie net of eligible cash variation<br><br>margin) | 45,507 | 45,156 |
| EU-8a | Derogation for derivatives: replacement costs contribution under the simplified standardised<br><br>approach | N/M | N/M |
| 9 | Add-on amounts for potential future exposure associated with SA-CCR derivatives transactions | 85,970 | 78,186 |
| EU-9a | Derogation for derivatives: Potential future exposure contribution under the simplified<br><br>standardised approach | N/M | N/M |
| EU-9b | Exposure determined under Original Exposure Method | N/M | N/M |
| 10 | (Exempted CCP leg of client-cleared trade exposures) (SA-CCR) | (18,323) | (14,572) |
| EU-10a | (Exempted CCP leg of client-cleared trade exposures) (simplified standardised approach) | N/M | N/M |
| EU-10b | (Exempted CCP leg of client-cleared trade exposures) (Original exposure method) | N/M | N/M |
| 11 | Adjusted effective notional amount of written credit derivatives | 597,235 | 550,855 |
| 12 | (Adjusted effective notional offsets and add-on deductions for written credit derivatives) | (580,784) | (535,251) |
| 13 | Total derivatives exposures | 129,604 | 124,374 |
| Securities financing transaction (SFT) exposures | |||
| 14 | Gross SFT assets (with no recognition of netting), after adjustment for sales accounting<br><br>transactions | 426,472 | 383,660 |
| 15 | (Netted amounts of cash payables and cash receivables of gross SFT assets) | (273,298) | (240,307) |
| 16 | Counterparty credit risk exposure for SFT assets | 5,658 | 6,423 |
| EU-16a | Derogation for SFTs: Counterparty credit risk exposure in accordance with Articles 429e(5) and 222<br><br>CRR | N/M | N/M |
| 17 | Agent transaction exposures | 132 | 127 |
| EU-17a | (Exempted CCP leg of client-cleared SFT exposure) | 0 | 0 |
| 18 | Total securities financing transaction exposures | 158,965 | 149,903 |
| Other off-balance sheet exposures | |||
| 19 | Off-balance sheet exposures at gross notional amount | 410,781 | 377,108 |
| 20 | (Adjustments for conversion to credit equivalent amounts) | (280,624) | (251,688) |
| 21 | (General provisions deducted in determining Tier 1 capital and specific provisions associated with<br><br>off-balance sheet exposures) | (313) | (278) |
| 22 | Off-balance sheet exposures | 129,843 | 125,142 |
| Excluded exposures | |||
| EU-22a | (Exposures excluded from the total exposure measure in accordance with point (c) and point (ca) of<br><br>Article 429a(1) CRR) | N/M | N/M |
| EU-22b | (Exposures exempted in accordance with point (j) of Article 429a(1) CRR (on and off balance sheet)) | N/M | N/M |
| EU-22c | (Excluded exposures of public development banks (or units) - Public sector investments) | N/M | N/M |
| EU-22d | (Excluded exposures of public development banks (or units) - Promotional loans) | N/M | N/M |
| EU-22e | (Excluded passing-through promotional loan exposures by non-public development banks (or<br><br>units)) | N/M | N/M |
| EU-22f | (Excluded guaranteed parts of exposures arising from export credits) | (10,326) | (8,726) |
| EU-22g | (Excluded excess collateral deposited at triparty agents) | N/M | N/M |
| EU-22h | (Excluded CSD related services of CSD/institutions in accordance with point (o) of Article 429a(1)<br><br>CRR) | N/M | N/M |
| EU-22i | (Excluded CSD related services of designated institutions in accordance with point (p) of Article<br><br>429a(1) CRR) | N/M | N/M |
59
| Deutsche Bank | Leverage ratio | ||
|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Leverage ratio according to CRR/CRD framework | ||
| a | b | ||
| --- | --- | --- | --- |
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Jun 30, 2025 | |
| EU-22j | (Reduction of the exposure value of pre-financing or intermediate loans) | (5,238) | (5,188) |
| EU-22k | (Excluded exposures to shareholders according to Article 429a (1), point (da) CRR) | 0 | 0 |
| EU-22l | (Exposures deducted in accordance with point (q) of Article 429a(1) CRR) | 0 | 0 |
| EU-22m | (Total exempted exposures) | (15,564) | (13,914) |
| Capital and total exposure measure | |||
| 23 | Tier 1 capital | 60,784.3 | 60,192.5 |
| 24 | Total exposure measure | 1,327,441 | 1,276,035 |
| Leverage ratio | |||
| 25 | Leverage ratio (in %) | 4.58% | 4.72% |
| EU-25 | Leverage ratio (excluding the impact of the exemption of public sector investments and<br><br>promotional loans) (%) | 4.58% | 4.72% |
| 25a | Leverage ratio (excluding the impact of any applicable temporary exemption of central bank<br><br>reserves) (%) | 4.58% | 4.72% |
| 26 | Regulatory minimum leverage ratio requirement (%) | 3.00% | 3.00% |
| EU-26a | Additional own funds requirements to address the risk of excessive leverage (%) | 0.10% | 0.10% |
| EU-26b | of which: to be made up of CET1 capital | 0.00% | 0.00% |
| 27 | Leverage ratio buffer requirement (%) | 0.75% | 0.75% |
| EU-27a | Overall leverage ratio requirement (%) | 3.85% | 3.85% |
| Choice on transitional arrangements and relevant exposures | |||
| EU-27b | Choice on transitional arrangements for the definition of the capital measure | Transitional | Transitional |
| Disclosure of mean values | |||
| 28 | Mean of daily values of gross SFT assets, after adjustment for sale accounting transactions and<br><br>netted of amounts of associated cash payables and cash receivable | 188,949 | 182,878 |
| 29 | Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and<br><br>netted of amounts of associated cash payables and cash receivables | 153,174 | 143,353 |
| 30 | Total exposure measure (including the impact of any applicable temporary exemption of central<br><br>bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for sale<br><br>accounting transactions and netted of amounts of associated cash payables and cash receivables) | 1,363,216 | 1,315,560 |
| 30a | Total exposure measure (excluding the impact of any applicable temporary exemption of central<br><br>bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for sale<br><br>accounting transactions and netted of amounts of associated cash payables and cash receivables) | 1,363,216 | 1,315,560 |
| 31 | Leverage ratio (including the impact of any applicable temporary exemption of central bank<br><br>reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for sale<br><br>accounting transactions and netted of amounts of associated cash payables and cash receivables) | 4.46% | 4.58% |
| 31a | Leverage ratio (excluding the impact of any applicable temporary exemption of central bank<br><br>reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment for sale<br><br>accounting transactions and netted of amounts of associated cash payables and cash receivables) | 4.46% | 4.58% |
N/M – Not meaningful
60
| Deutsche Bank | Leverage ratio |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Leverage ratio according to CRR/CRD framework |
EU LR3 – LRSpl: Split-up of on balance sheet exposures (excluding derivatives, SFTs and exempted exposures)
| a | a | ||
|---|---|---|---|
| in € m.<br><br>(unless stated otherwise) | Dec 31, 2025 | Jun 30, 2025 | |
| EU-1 | Total on-balance sheet exposures (excluding derivatives, SFTs, and exempted exposures) | 921,513 | 888,482 |
| of which: | |||
| EU-2 | Trading book exposures | 153,055 | 157,631 |
| EU-3 | Banking book exposures | 768,458 | 730,851 |
| of which: | |||
| EU-4 | Covered bonds | 0 | 253 |
| EU-5 | Exposures treated as sovereigns | 245,697 | 210,745 |
| EU-6 | Exposures to regional governments, MDB, international organizations and PSE, not treated as<br><br>sovereigns | 552 | 109 |
| EU-7 | Institutions | 12,669 | 9,486 |
| EU-8 | Secured by mortgages of immovable properties | 201,897 | 206,428 |
| EU-9 | Retail exposures | 38,068 | 39,082 |
| EU-10 | Corporates | 189,141 | 185,264 |
| EU-11 | Exposures in default | 12,064 | 11,619 |
| EU-12 | Other exposures (e.g. equity, securitizations, and other non-credit obligation assets) | 68,370 | 67,865 |
Process used to manage the risk of excessive leverage
Article 451 (1)(d) CRR and EU LRA
The Group Risk Committee is mandated to oversee, control and monitor integrated planning of the Group’s risk profile
and capital capacity. The Group Asset and Liability Committee (ALCO) actively manages leverage exposure capacity
within the Risk Appetite Framework via a limit setting process to
–Allocate group leverage exposure capacity to businesses
–Support business achievement of strategic performance plans
–Provide a firm basis for achieving the target leverage ratio
–Incentivize businesses to make appropriate decisions on its portfolios, with consideration to asset maturity and
encumbrance amongst others
–Maintain risk and leverage exposure discipline
The governance framework ensures that the leverage exposure capacity is carefully decided to reach the Group’s
external leverage ratio target and avoids an excessive leverage of the bank and its divisions. The resulting leverage
exposure limits include all assets including those inflating the Group’s balance sheet through asset encumbrance. In the
case of divisions exceeding its agreed limits, charges are imposed on the division for the excess amount. The limit excess
charges are calculated in accordance with the Group-wide limit-setting framework for leverage.
Factors impacting the leverage ratio in the second half of 2025
Article 451 (1)(e) CRR and EU LRA
In the second half of 2025 the leverage exposure increased by € 51.4 billion.
The leverage exposure for the asset items not related to derivatives and SFTs increased by € 34.1 billion. This largely
reflects the development of the balance sheet: increases in cash and central bank/interbank balances of € 27.8 billion
and in loans by € 5.3 billion were partly offset by decreases in non-derivative trading assets by € 7.4 billion; remaining
asset items not outlined separately increased by € 9.0 billion. Furthermore, asset amounts deducted in determining Tier 1
capital are included which decreased by € 0.7 billion mainly driven by the discontinuation of the temporary treatment of
unrealized gains and losses measured at fair value through OCI in accordance with Article 468 CRR.
The leverage exposure for securities financing transactions (SFTs) increased by € 9.1 billion, largely in line with the
development on the balance sheet.
The leverage exposure related to derivatives increased by € 5.2 billion.
Off-balance sheet leverage exposure increased by € 4.7 billion corresponding to higher notional amounts for lending
commitments and guarantees.
61
| Deutsche Bank | Leverage ratio |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Factors that had an impact on the leverage ratio in the second half of 2025 |
The increase in leverage exposure in the second half of 2025 included a negative foreign exchange impact of
€ 1.9 billion. The effects from foreign exchange rate movements are embedded in the movement of the leverage
exposure items discussed in this section.
As of December 31, 2025, Deutsche Bank’s leverage ratio was 4.58%, compared to 4.72% as of June 30, 2025. This takes
into account a Tier 1 capital of € 60.8 billion over an applicable exposure measure of € 1,327.4 billion as of December 31,
2025 (€ 60.2 billion and € 1,276.0 billion as of June 30, 2025, respectively).
For the main drivers of the Tier 1 capital development please refer to section “Development and composition of Own
Funds”.
62
| Deutsche Bank | Risk management objectives and policies |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Enterprise and Treasury Risk |
Risk management objectives and policies
Enterprise and Treasury Risk
Risk management structure and organization
Article 435 (1)(b) CRR (EU OVA)
Governance principles
The Management Board is responsible for managing Deutsche Bank AG in accordance with the law, the Articles of
Association, and its Terms of Reference.
The Management Board is responsible for ensuring the proper business organization of the Group, which includes
appropriate and effective risk management as well as compliance with legal requirements and internal guidelines, along
with taking the necessary measures to ensure that adequate internal guidelines are developed and implemented.
The bank’s Code of Conduct is designed to ensure ethical conduct, in accordance with Deutsche Bank’s policies and
procedures as well as the laws and regulations that apply to the Group worldwide.
Accountability of senior management is ensured through transparency of its specific position and associated decision-
making authority. Each position requires a separate position description with responsibilities against which individual
performance is assessed.
Management committees (i.e. decision-making bodies) are only permitted where true joint decision making is required.
When committees are established, all members are equally accountable for all topics and decisions within the
committees’ scope of responsibility.
Risk management principles
Deutsche Bank’s business model inherently involves taking risks. Risks can be of financial or operational nature and
include on and off-balance sheet risks. Deutsche Bank’s objective is to create sustainable value in the interests of the
company, taking into consideration shareholders, employees and other company-related stakeholders. The risk
management framework contributes to this by aligning planned and actual risk taking with risk appetite as expressed by
the Management Board, while being in line with available capital and liquidity.
Deutsche Bank’s risk management framework consists of various components, which include the established internal
control mechanisms. Principles and standards are set for each component:
–Risk governance structures provide oversight of the Bank’s risk profile against Risk Appetite
–Organizational structures follow the Three Lines of Defense (3LoD) model with a clear definition of roles and
responsibilities for all risk types
–The 1st Line of Defense (1st LoD) refers to roles in the Bank whose activities generate risks, whether financial or
operational, and who own and are accountable for these risks. The 1st LoD manages these risks within the defined
risk appetite, establishes an appropriate risk governance, and adheres to the risk type frameworks defined by the
2nd Line of Defense (2nd LoD)
–The 2nd LoD refers to the roles in the Bank who define the risk management framework for a specific risk type. The
2nd LoD independently assesses and challenges the implementation of the risk type framework and adherence to
the risk appetite, and acts as an advisor to the 1st LoD on how to identify, assess and manage risks
–The 3rd Line of Defense (3rd LoD) is Group Audit. This function provides independent and objective assurance on
the adequacy of the design, operating effectiveness and efficiency of the risk management system and systems of
internal control
–The Management Board-approved risk appetite must be cascaded and adhered to across all dimensions of the Group,
with appropriate consequences in the event of a breach
–Risks must be identified and assessed
–Risks must be actively managed including via appropriate risk mitigation and effective internal control systems
–Risks must be measured and reported using accurate, complete and timely data using approved models
–Regular stress tests must be performed against adverse scenarios and appropriate crisis response planning must be
established
The Group promotes a strong risk culture where every employee must fully understand and take a holistic view of the
risks which could result from their actions, understand the consequences and manage them appropriately against the
63
| Deutsche Bank | Risk management objectives and policies |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Enterprise and Treasury Risk |
risk appetite of the bank. The bank expects employees to exhibit behaviors that support a strong risk culture in line with
the bank’s Code of Conduct. To promote this, Deutsche Bank’s policies require that risks taken (including against risk
appetite) must be taken into account during the bank’s performance assessment and compensation processes. This
expectation continues to be reinforced through communications campaigns and mandatory training courses for all DB
employees. In addition, Management Board members and senior management frequently communicate the importance
of a strong risk culture to support a consistent tone from the top.
Risk governance
Deutsche Bank’s operations throughout the world are regulated and supervised by relevant authorities in each of the
jurisdictions in which the bank conducts business. Such regulation focuses on licensing, capital adequacy, liquidity, risk
concentration, conduct of business as well as organizational and reporting requirements. The European Central Bank
(ECB) in connection with the competent authorities of EU countries which joined the Single Supervisory Mechanism via
the Joint Supervisory Team act in cooperation as Deutsche Bank’s primary supervisors to monitor the bank’s compliance
with the German Banking Act and other applicable laws and regulations.
Several layers of management provide cohesive risk governance:
Deutsche Bank’s Supervisory Board is informed regularly on the risk situation, risk management and risk controlling,
including reputational risk related items as well as material litigation cases. It has formed various committees to handle
specific topics as outlined below.
–At the meetings of the Risk Committee, the Management Board reports on current and forward-looking risk
exposures, portfolios, on risk appetite and strategy and on matters deemed relevant for the assessment and oversight
of the risk situation of Deutsche Bank, including material legal and reputational risks; it also reports on loans requiring
a Supervisory Board resolution pursuant to law or the Articles of Association; the Risk Committee oversees that the
Management Board has in place processes to promote the adherence of Deutsche Bank AG to the applicable risk
policies and regulations, also covering legal and reputational risks; the Risk Committee advises on issues related to the
overall risk appetite, aggregate risk position and the risk strategy and keeps the Supervisory Board informed of its
activities
–The Audit Committee, among other matters, supports the Supervisory Board in monitoring the effectiveness of the
risk management system, particularly of the internal control system including the compliance management system as
well as sustainability-related issues and the internal audit system; it also monitors the Management Board’s
remediation of deficiencies identified
The Management Board established the Group Risk Committee as the central forum for review and decision on material
risk and capital-related topics. The Group Risk Committee has various duties and dedicated authority, including approval
of new or changed material risk and capital models and review of the inventory of risks, high-level risk portfolios, risk
exposure developments, and internal and regulatory Group-wide stress testing results and approval of resource limits,
endorsed by the Group Asset & Liability Committee, for Total Capital Demand, Leverage Exposure and Economic Capital
Demand. In addition, the Group Risk Committee reviews and recommends items for Management Board approval, such
as key risk management principles, the Group risk appetite statement, the Group recovery plan and the contingency
funding plan, over-arching risk appetite parameters, and recovery and escalation indicators. The Group Risk Committee
also supports the Management Board during Group-wide risk and capital planning processes.
The Group Reputational Risk Committee has been established by the Management Board with the responsibility to
review, decide and manage all transactions, client relationships or other primary reputational risk matters escalated in
line with the underlying reputational risk policies and framework, including from the Regional Reputational Risk
Committees.
The Financial Resource Management Council is an ad-hoc governance body, chaired by the Chief Financial Officer and
the Chief Risk Officer, with delegated authority from the Management Board, to oversee financial crisis management at
the bank. The Financial Resource Management Council provides a single forum to oversee execution of both the
contingency funding plan and the Group recovery plan. The council recommends mitigating actions to be taken in a time
of anticipated or actual capital or liquidity stress. Specifically, the Financial Resource Management Council is tasked with
analyzing the bank’s capital and liquidity position, in anticipation of a stress scenario recommending proposals for capital
and liquidity related matters and overseeing the execution of decisions.
The Group Asset & Liability Committee has been established by the Management Board. Its mandate is to optimize the
sourcing and deployment of the bank’s balance sheet and financial resources within the overarching risk appetite set by
the Management Board.
Deutsche Bank’s Chief Risk Officer, who is a member of the Management Board, has Group-wide, supra-divisional
responsibility for establishing a risk management framework with appropriate identification, measurement, monitoring,
64
| Deutsche Bank | Risk management objectives and policies |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Enterprise and Treasury Risk |
mitigation and reporting of liquidity, credit, market, enterprise, model and operational risks. However, frameworks for
certain risks are established by other functions as per the business allocation plan.
The Chief Risk Officer has direct management responsibility for the Chief Risk Office function. Risk management and
control duties in the Chief Risk Office function are generally assigned to specialized risk management units focusing on
the management of specific risk types, risks within a specific business or risks in a specific region.
These specialized risk management units generally handle the following core tasks:
–Foster consistency with the risk appetite set by the Management Board and applied to business divisions and their
business units
–Determine and implement risk and capital management policies, procedures and methodologies that are appropriate
to the businesses within each division
–Establish and approve risk limits
–Conduct periodic portfolio reviews to keep the portfolio of risks within acceptable parameters
–Develop and implement risk and capital management infrastructures and systems that are appropriate for each
division.
Risk committee and number of meetings
Article 435 (2)(d) CRR (EU OVB)
Dedicated risk committees are in place both to support the Supervisory Board (the Risk Committee of the Supervisory
Board) as well as the Management Board (the Group Risk Committee).
In 2025, the Risk Committee of the Supervisory Board held eight meetings - four in person, three in hybrid format, and
one via video conference. Two of the meetings were joint sessions with the Compensation Control Committee..
The Group Risk Committee held 27 meetings in 2025.
Risk management strategies and processes
Article 435 (1)(a) CRR (EU OVA)
Enterprise risk relates to the potential losses or adverse consequences from strategic risk and unduly portfolio
concentrations on an enterprise level:
–Strategic risk is the risk of a shortfall in earnings (excluding other material risks) due to incorrect business plans (owing
to flawed assumptions), ineffective plan execution or a lack of responsiveness to material plan deviations
–Portfolio concentration risk is the risk of exposures to common drivers, including on a country, industry or asset class
basis
–
Treasury risk relates to the structural balance sheet risks inherent to the banking activities, including interrelated risks
such as liquidity & funding risk, and capital risk:
–Capital risk is the risk that Deutsche Bank has an insufficient level or composition of capital supply to support its
current and planned business activities and associated risks during normal and stressed conditions
–Liquidity & funding risk relates to the risk that Deutsche Bank is unable to meet its payment obligations as they fall
due or can only meet its obligations at an excessive cost; for more detailed information please refer to the Liquidity
Risk section of this report
–
The Enterprise & Treasury Risk Management (ETRM) function establishes strategies and processes to manage enterprise
and treasury risks. This includes inter alia the establishment of an appropriate risk governance, setting of a risk appetite
and risk measurement and reporting. ETRM also acts as the risk controlling function for credit risk including frameworks,
risk appetite, reporting and portfolio analytics, as well as model monitoring.
Enterprise & Treasury Risk Management is also responsible for defining a bank-wide framework for risk management,
integrating and aggregating risks to provide greater enterprise risk transparency and support decision making,
commissioning forward-looking stress tests and managing group recovery plans.
The stress test framework defined by Enterprise & Treasury Risk Management satisfies internal as well as external stress
test requirements. The internal stress tests are based on in-house developed methods and inform a variety of risk
management use cases (risk type specific as well as cross risk). Internal stress tests form an integral part of Deutsche
Bank’s risk management framework, complementing traditional risk measures. The cross-risk stress test framework, the
Group Wide Stress Test (GWST), serves a variety of bank management processes, in particular the strategic planning
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process, the ICAAP, the risk appetite framework and capital allocation. Capital plan stress testing is performed to assess
the resilience of the bank’s capital plan in adverse circumstances and to demonstrate a clear link between risk appetite,
business strategy, capital plan and stress testing. The time-horizon of internal stress tests is between one and five years,
depending on the use-case and scenario assumptions. In addition to the internal stress test approach, regulatory stress
tests, e.g. the EBA stress test and the US-based CCAR (Comprehensive Capital Analysis and Review) stress tests are
performed which strictly follow the processes and methodologies prescribed by the regulatory authorities.
Deutsche Bank’s internal stress tests are performed on a regular basis to assess the impact of a severe economic
downturn as well as adverse bank-specific events on the bank’s risk profile and financial position. The stress test
framework comprises regular, sensitivity-based and scenario-based approaches addressing different severities and is
aligned to increased geopolitical uncertainties. The Group includes all material risk types in its stress testing activities.
These activities are complemented by portfolio- and country-specific downside analysis as well as further regulatory
requirements, such as reverse stress tests and additional stress tests requested by the regulators at group or legal entity
level. The results of the stress tests also inform the bank’s recovery planning. The bank’s methodologies undergo regular
scrutiny from Deutsche Bank’s internal validation team (Model Risk Management) to ensure they correctly capture the
impact of a given stress scenario.
Scope and nature of risk measurement and reporting systems
Article 435 (1)(c), Article 435 (2)(e) CRR (EU OVA)
Overview
Deutsche Bank’s risk measurement systems support regulatory reporting and external disclosures, as well as internal
management reporting across all risk types. The risk infrastructure incorporates the relevant legal entities and business
divisions and provides the basis for reporting on risk positions, capital adequacy and limits, thresholds, or targets
utilization to the relevant functions on a regular and ad-hoc basis. Established units within the CFO and CRO function
assume responsibility for measurement, analysis and reporting of risk while promoting sufficient quality and integrity of
risk-related data and consider, where relevant, the principles for effective risk data aggregation and risk reporting as per
the Basel Committee on Banking Supervision's regulation number 239 (“BCBS 239”). The Group’s risk management
systems are reviewed by Group Audit following a risk-based audit approach.
Deutsche Bank’s reporting is an integral part of Deutsche Bank’s risk management framework and as such aligns with the
organizational setup by delivering consistent information on Group level and for material legal entities as well as
breakdowns by risk types, business division and material business units.
The following principles guide Deutsche Bank’s risk measurement and reporting practices:
–Deutsche Bank monitors risks taken against risk appetite and risk-reward considerations on various levels across the
Group, e.g. Group, business divisions, material business units, material legal entities, risk types, material asset classes,
portfolio and counterparty levels
–Risk reporting is required to be accurate, clear, useful and complete and must convey reconciled and validated risk
data to communicate information in a concise manner to ensure, across material Financial and Non-Financial Risks,
the bank’s risk profile is clearly understood
–Senior risk committees, such as the Group Risk Committee, as well as the Management Board who are responsible for
risk and capital management receive regular reporting (as well as ad-hoc reporting as required)
–Dedicated teams within Deutsche Bank proactively manage material financial and non-financial risks and must ensure
that required management information is in place to enable proactive identification and management of risks and
avoid undue concentrations within a specific risk type and across risks (cross-risk view)
In applying the previously mentioned principles, Deutsche Bank maintains a common basis for all risk reports and aims to
minimize segregated reporting efforts to allow Deutsche Bank to provide consistent information, which only differs by
granularity and audience focus.
Key risk metrics
The Bank identifies a large number of metrics within its risk measurement systems which support regulatory reporting
and external disclosures, as well as internal management reporting across risks and for material risk types. Deutsche Bank
designates a subset of those as “Key Risk Metrics” that represent the most critical ones for which the Bank places an
appetite, limit, threshold or target at Group level and / or are reported routinely to senior management for discussion or
decision making. The identified Key Risk Metrics include Capital Adequacy and Liquidity metrics; further details can be
found in the section “Key risk metrics”.
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Key Risk Reports
While a large number of reports are used across the Bank, Deutsche Bank designates a subset of these as “Key Risk
Reports” that are critical to support Deutsche Bank’s Risk Management Framework through the provision of risk
information to senior management and therefore enable the relevant governing bodies to monitor, steer and control the
Bank’s risk taking activities effectively. To ensure that Key Risk Reports meet recipients’ requirements, report producing
functions regularly check whether the Key Risk Reports are clear and useful.
The main reports on risk and capital management that are used to provide Deutsche Bank’s central governance bodies
with information relating to the Group risk profile are the following:
–The monthly Risk and Capital Profile report is a Cross-Risk report, provides a comprehensive view of Deutsche Bank’s
risk profile and is used to inform the the Group Risk Committee as well as the Management Board and subsequently
the Risk Committee of the Supervisory Board; the Risk and Capital Profile includes risk type-specific and Business-
aligned overviews and Enterprise-wide risk topics; it also includes updates on Key Group Risk Appetite Metrics and
other Key Portfolio Risk Type Control Metrics as well as updates on Key Risk Developments, highlighting areas of
particular interest with updates on corresponding risk management strategies
–The Weekly Risk Report is a weekly briefing covering high-level topical issues across key risk areas and is submitted
every Friday to the Members of the Group Risk Committee and the Management Board and subsequently to the
Members of the Risk Committee of the Supervisory Board; the Weekly Risk Report is characterized by the ad-hoc
nature of its commentary as well as coverage of themes and focuses on more volatile risk metrics
–Deutsche Bank runs several Group-wide macroeconomic stress tests. A monthly Risk Appetite scenario serves the
purpose to set and regularly monitor the bank’s stress loss appetite; in addition, there are topical scenarios which are
presented to senior management up to the Management Board if deemed necessary; the stressed key performance
indicators are benchmarked against the Group Risk Appetite thresholds.
While the above reports are used at a Group level to monitor and review the risk profile of Deutsche Bank holistically,
there are other, supplementing standard and ad-hoc management reports, including for risk types or focus portfolios,
which are used to monitor and control the risk profile.
Policies for hedging and mitigating risk
Article 435 (1)(d) CRR (EU OVA)
The bank utilizes a variety of risk mitigation techniques to manage financial and non-financial risk exposures. More
detailed risk type specific considerations can be found in the following chapters.
Concise risk statement approved by the board
Article 435 (1)(f) CRR (EU OVA & EU LIQA)
Deutsche Bank’s Management Board approves, for the purpose of Article 435 CRR, this concise risk statement succinctly
describing the institution's overall risk profile associated with the business strategy.
The Group’s business model inherently involves taking risks. Risk types as reflected in the risk type taxonomy include
credit risk, market risk, treasury risk, enterprise risk, model risk, reputational risk and operational risk.
The risk management framework aims to align the bank’s planned and actual risk taking with the risk appetite as
expressed by the Management Board, while being in line with the bank’s available capital and liquidity. Deutsche Bank’s
risk management framework consists of various components including risk governance, risk organization, risk culture, risk
appetite, strategy & planning, risk identification & assessment, mitigation & controls, risk measurement & reporting, stress
planning & execution.
Risk appetite is an integral element in the business planning processes via the bank’s risk strategy and plan, to promote
the appropriate alignment of risk, capital and performance targets, while at the same time considering risk capacity and
appetite constraints from both financial and non-financial risks. Compliance of the plan with risk appetite and capacity is
also tested under stressed market conditions. Top-down risk appetite serves as the limit for risk-taking for the bottom-up
planning from the business functions.
The table below shows Deutsche Bank’s overall risk position as measured by the economic capital demand calculated for
the dates specified. Deutsche Bank’s overall economic risk position also considers diversification benefits across risk
types.
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Risk profile of Deutsche Bank’s business divisions as measured by economic capital
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| in € m. (unless<br><br>stated otherwise) | Corporate Bank | Investment<br><br>Bank | Private Bank | Asset<br><br>Management | Corporate &<br><br>Other | Total | Total<br><br>(in %) |
| Credit risk | 3,720 | 4,650 | 2,255 | 45 | 2,725 | 13,395 | 51 |
| Market risk | 507 | 2,004 | 789 | 316 | 6,354 | 9,970 | 38 |
| Operational risk | 821 | 1,390 | 1,187 | 393 | 1,168 | 4,960 | 19 |
| Strategic risk | 0 | 0 | 0 | 0 | 1,980 | 1,980 | 8 |
| Diversification benefit¹ | (780) | (1,339) | (863) | (238) | (1,013) | (4,234) | (16) |
| Total EC | 4,269 | 6,706 | 3,368 | 516 | 11,213 | 26,071 | 100 |
| Total EC in % | 16 | 26 | 13 | 2 | 43 | 100 | N/M |
1 Diversification benefit across credit, market, operational and strategic risk
Deutsche Bank’s mix of business activities results in diverse risk-taking. The Group measures key risks inherent to the
respective business models (credit, market, operational and strategic risk) through the economic capital metric, which
captures the business segment’s risk profile and considers cross-risk effects at Group level.
Corporate Bank’s risk profile mainly arises from the products and services offered in Corporate Treasury Services
(including Trade Finance, Lending and Corporate Cash Management), Strategic Corporate Lending and Business Banking.
Economic capital demand in these segments arises largely from credit risk.
Investment Bank’s risk profile is dominated by its financing and trading activities, which give rise to all major risk types.
Credit risk in the Investment Bank is broadly distributed across business units but most prominent in Fixed Income &
Currencies and Leveraged Debt Capital Markets. Market risk arises mainly from trading and market making activities.
Private Bank’s risk profile comprises credit risks from business with German and international retail clients, business
clients and wealth management clients as well as non-trading market risks mainly from modeling of client deposits.
Asset Management, as a fiduciary asset manager, invests money on behalf of clients. As such, the main risk drivers are of
operational nature. The economic capital demand for market risk is mainly driven by non-trading market risks, which arise
from guaranteed products and co-investments in the funds.
Corporate & Other’s risk profile embeds a range of different risk drivers including those pertaining to Treasury, certain
corporate items, and legacy portfolios. The economic capital demand mainly comprises non-trading market risk from
interest rate risk in Treasury, structural foreign exchange risk and equity compensation risk, credit risk from Treasury’s
investments, strategic risk from tax-related risks and software asset risks and operational risk from legacy portfolios.
The table below shows the results of the bank’s stressed Net Liquidity Position (sNLP) under various scenarios. The sNLP
is an internal liquidity risk management tool.
Global All Currency Daily Stress Testing Results
| Dec 31, 2025 | Dec 31, 2024 | |||||
|---|---|---|---|---|---|---|
| in € bn. | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position | Funding Gap1 | Gap Closure2 | Net Liquidity<br><br>Position |
| Systemic market risk | 187 | 306 | 119 | 208 | 265 | 56 |
| 1 notch downgrade (DB specific) | 39 | 215 | 176 | 34 | 174 | 140 |
| Severe downgrade (DB specific) | 107 | 235 | 128 | 142 | 241 | 99 |
| Combined³ | 231 | 325 | 94 | 216 | 275 | 59 |
1Funding gap caused by impaired rollover of liabilities and other projected outflows
2Based on liquidity generation through Liquidity Reserves and other business mitigants
3Combined impact of systemic market risk and severe downgrade
As part of the stress testing and scenario analysis the business portfolios are categorized under various liquidity risk
drivers and appropriate models are defined for each of the liquidity risk drivers to arrive at the above results. The
Corporate Bank and Private Bank are primarily loan and deposit businesses, which on a net basis generate liquidity for
Deutsche Bank due to their surplus deposits, i.e. in excess of their loan portfolios. This surplus liquidity is passed to Group
Treasury. The Investment Bank by contrast is a net consumer of liquidity, predominantly due to its large loan and
securities portfolios, and borrows from Group Treasury. The Investment Bank holds a portion of its liquid securities
unencumbered as part of Deutsche Bank’s liquidity reserves. Group Treasury raises funding primarily from long-term
debt issuance, participation in central bank money market operations as well as short-term wholesale deposits. Group
Treasury holds Deutsche Bank’s liquidity reserves in the form of Central Bank cash and a highly liquid unencumbered
securities portfolio.
Additional key risk ratios and figures are included in EU KM1, EU KM2, EU OVC and the various risk type specific sections.
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Information on capital and risk measurement is based on the principles of consolidation. Intragroup transactions and
transactions with related parties do not have any material impact on the Group’s capital risk profile. For the Bank’s
consolidated LCR, NSFR (Pillar 1) and sNLP (Pillar 2), available surplus that resides in entities with restriction to transfer
liquidity to other group entities, for example due to regulatory lending requirements, is considered to be trapped and as
such not counted in the calculation of the consolidated group liquidity surplus.
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Credit risk and credit risk mitigation
General qualitative information on credit risk
Credit risk management strategies and processes
Article 435 (1)(a) CRR (EU OVA & EU CRA)
Credit risk arises from all transactions where actual, contingent or potential claims against any counterparty, borrower,
obligor or issuer (which Deutsche Bank refers to collectively as “counterparties”) exist, including those claims that
Deutsche Bank plans to distribute. It captures the risk of loss because of a deterioration of a counterparty’s
creditworthiness or the failure of a counterparty to meet the terms of any contract with DB Group or otherwise
performed as agreed.
Based on the Risk Type Taxonomy, credit risk is grouped into four material categories, namely default/migration risk,
transaction/settlement risk (exposure risk), mitigation risk and concentration risk. This is complemented by a regular risk
identification and materiality assessment.
–Default/migration risk as the main element of credit risk, is the risk that a counterparty defaults on its payment
obligations or experiences material credit quality deterioration increasing the likelihood of a default
–Transaction/settlement risk (exposure risk) is the risk that arises from any existing, contingent or potential future
positive exposure
–Mitigation risk is the risk of higher losses due to risk mitigation measures not performing as anticipated
–Credit concentration risk is the risk of an adverse development in a specific single counterparty, country, industry or
product leading to a disproportionate deterioration in the risk profile of Deutsche Bank’s credit exposures to that
counterparty, country, industry or product
An appropriate set of credit metrics is used to properly monitor Deutsche Bank Group’s Credit Risk:
To manage counterparties and portfolios the Bank uses gross/ net credit limits and other credit exposure metrics. Where
deemed appropriate, additional risk metrics (Probability of Default (PD), Excepted Loss (EL), Loss Given Default (LGD),
loan loss provisions) are applied and related capital consumption (EC, RWA) as well as risk/ reward are referenced.
Enhanced focus is put on balance sheet consumption and stress losses.
The management of Credit Risk follows clearly defined and documented credit processes.
Key elements are:
–deriving a credit rating for the counterparties
–approving individual counterparty credit limits with the required credit authority
–setting credit limits for certain counterparties or portfolios, the latter in line with the allocated risk appetite also
ensuring adequate limit/ exposure reflection in risk systems
–deciding on the requirement for credit risk mitigation (including collateral and risk transfer)
–monitoring of the credit exposures on a counterparty level; monitoring on a portfolio level including specific stress
testing to ensure adherence to the allocated risk appetite (in addition to the tasks of the independent Risk Control
function)
–managing higher risk counterparties via watchlist process and transfer to Workout Units
–proactively managing concentration risks and identifying quality trends to adhere to the allocated risk appetite.
The credit rating is an essential part of Deutsche Bank’s credit process and builds – amongst others – the basis for
maximum credit limit determination on a borrower level and adequate pricing of the transaction and credit decision. The
bank performs an appropriate risk assessment of all borrowers and the associated exposure on at least an annual basis.
Ongoing active monitoring and management of individual credit risk positions is an integral part of credit risk
management and is regarded as the responsibility of all functions being part of the credit process. A credit rating is a
prerequisite for any credit limit established approved. For each credit rating the appropriate rating approach has to be
applied and the derived credit rating has to be established in the relevant systems. Different rating approaches have
been established to best reflect the specific characteristics of exposure classes, including specific product types, central
governments and central banks, institutions, corporates and retail.
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Counterparties in the bank’s non-homogenous portfolios are rated by Deutsche Bank’s independent Credit Risk
Management function. Country risk ratings are provided by Enterprise and Treasury Risk Management Risk Research.
Deutsche Bank’s rating analysis is based on a combination of qualitative and quantitative factors. When rating a
counterparty Deutsche Bank applies in-house assessment methodologies as well as the bank’s 21-grade rating scale.
Deutsche Bank measures risk-weighted assets to determine the regulatory capital demand for credit risk using
“advanced”, “foundation” and “standard” approaches of which “advanced” and “foundation” are approved by the bank’s
regulator.
The advanced Internal Ratings Based Approach (IRBA) is the most sophisticated approach available under the regulatory
framework for credit risk and allows Deutsche Bank to make use of the bank’s internal credit rating models as well as
internal estimates of specific further risk parameters. These methods and parameters represent long-used key
components of the internal risk measurement and management process supporting the credit approval process, the
economic capital and expected loss calculation and the internal monitoring and reporting of credit risk. The relevant
parameters include the PD, LGD and the maturity (M) driving the regulatory risk-weight and the credit conversion factor
(CCF) as part of the regulatory exposure at default (EAD) estimation. For the majority of derivative counterparty
exposures as well as securities financing transactions (SFT), Deutsche Bank makes use of the internal model method
(IMM) in accordance with the CRR in order to calculate EAD. For most of the bank’s internal rating systems more than
seven years of historical information is available to assess these parameters. Deutsche Bank’s internal rating
methodologies aim at point-in-time rather than a through-the-cycle rating, but in line with regulatory solvency
requirements, they are calibrated based on long-term averages of observed default rates.
The foundation IRBA is an approach available under the regulatory framework for credit risk allowing institutions to make
use of their internal rating methodologies while using pre-defined regulatory values for all other risk parameters.
Parameters subject to internal estimates include the PD while the LGD and the CCF are defined in the regulatory
framework. Foundation IRBA is applied mandatorily for some exposure classes since introduction of CRR3 and some
exposures stemming from ex-Postbank.
Deutsche Bank applies the standardized approach to a subset of the bank’s credit risk exposures. The standardized
approach measures credit risk either pursuant to fixed risk weights, which are predefined by the regulator, or through the
application of external ratings. Deutsche Bank assigns certain credit exposures permanently to the standardized
approach. Exposures to central governments or central banks make up the majority of the exposures carried in the
standardized approach and receive predominantly a risk weight of zero percent. Sovereign exposures that were treated
under IRBA previously have been moved to standardized approach under art. 494d CRR in 2025. For internal purposes,
however, these exposures are subject to an internal credit assessment and fully integrated in the risk management and
economic capital processes.
In addition to the above-described regulatory capital demand, Deutsche Bank determines the internal capital demand
for credit risk via an economic capital model.
Deutsche Bank calculates economic capital for the default risk, country risk and settlement risk as elements of credit risk.
In line with the bank’s economic capital framework, economic capital for credit risk is set at a level to absorb with a
probability of 99.9% very severe aggregate unexpected losses within one year. Deutsche Bank’s economic capital for
credit risk is derived from the loss distribution of a portfolio via Monte Carlo Simulation of correlated rating migrations.
The loss distribution is modeled in two steps. First, individual credit exposures are specified based on parameters for the
probability of default, exposure at default and loss given default. In a second step, the probability of joint defaults is
modeled through the introduction of economic factors, which correspond to geographic regions and industries. The
simulation of portfolio losses is then performed by an internally developed model, which takes rating migration and
maturity effects into account. Effects due to wrong-way derivatives risk (i.e., the credit exposure of a derivative in the
default case is higher than in non-default scenarios) are modeled by applying the bank’s own alpha factor when deriving
the exposure at default for derivatives and securities financing transactions under the CRR. Deutsche Bank allocates
expected losses and economic capital derived from loss distributions down to transaction level to enable management
on transaction, customer and business level.
In determining the credit limit for a counterparty, Deutsche Bank considers the counterparty’s credit quality by reference
to its internal credit rating. Credit limits and credit exposures are both measured on a gross and net basis where net is
derived by deducting hedges and certain collateral from respective gross figures. For derivatives, Deutsche Bank looks at
current market values and the potential future exposure over the relevant time horizon which is based upon the bank’s
legal agreements with the counterparty. Deutsche Bank also takes into consideration the risk-return characteristics of
individual transactions and portfolios. Risk-return metrics explain the development of client revenues as well as capital
consumption.
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Credit risk management structure and organization
Article 435 (1)(b) CRR EU OVA & EU CRA
Deutsche Bank manages its credit risk using the following principles:
–Credit Risk is only accepted:
–for adopted clients
–after completed proper due diligence involving the Business as 1st LoD
–for explicitly approved businesses, products and locations; new, products and changes to existing products having
been assessed within the Group’s Product Lifecycle Policy
–if a Rating has been assigned in line with agreed and approved processes
–if all credit relevant exposures are correctly reflected in the relevant risk systems
–if plans for an orderly termination of the risk positions have been considered
–Credit Risk is assumed within the applicable risk appetite
–Profit & Loss responsibility for credit exposures is kept and remains with the sponsoring Corporate Division
–Risk taken needs to be adequately compensated
–Risk must be continuously monitored and managed across 1LoD and CRM / "Marktfolge" as well as 2LoD
–Credit standards are applied consistently across all Units in order to maintain a favorable risk profile in line with the
risk appetite
–Collateral or other risk mitigating, hedging or rating transfer instruments which can be an alternative source of
repayment do not substitute for underwriting standards and a thorough assessment of the debt service ability of the
counterparty has to be performed during the credit process
–Deutsche Bank strives to adequately secure, guarantee or hedge outright cash risk and longer tenor exposures with
acceptable remuneration. This approach does usually not include lower risk short-term transactions and facilities
supporting specific trade finance or other lower risk products where the margin allows for adequate loss coverage
–Deutsche Bank measures and consolidates globally all exposure and facilities to the same obligor. A Key Contact
Person (KCP) within a Credit Team is assigned to each group of connected clients (Obligor) to globally co-ordinate the
Credit Risk process for the respective Obligor
–Deutsche Bank has established within Credit Risk Management – where appropriate – specialized teams for deriving
internal client ratings, analyzing and approving transactions or covering workout clients; for transaction approval
purposes, structured credit risk management teams are aligned to the respective lending business areas to ascertain
adequate product expertise
–Where required, Deutsche Bank has established processes to manage credit exposures at a legal entity level
–To meet the requirements of Article 190 CRR, DB Group has allocated the various control requirements for the credit
processes to units / role holders that are best suited to perform such controls
The model change process and the relevant governance bodies are described in the chapter “Role of the function in the
credit risk model process, scope and main content of credit risk models”.
Climate and environmental risks are integrated across the different stages of the credit lifecycle including transaction
approval / client onboarding, risk classification and credit ratings, portfolio analysis and monitoring and, collateral
valuation.
Climate and environmental risks are incorporated into the credit approval process for corporate clients via enhanced due
diligence requirements. New loan requests (defined as increments, renewals/tenor extensions) above selected tenor and
rating-based thresholds to corporate clients in high-carbon intensive sectors as well as those in sectors vulnerable to
climate-physical and nature (or “other environmental”) risks require dedicated climate risk assessment from the front
office and review by Credit Risk Management. More information on additional controls and processes around the
appetite and management of environmental risks in the bank’s lending portfolio are reported in the following sections of
this chapter.
Scope and nature of credit risk measurement and reporting systems
Article 435 (1)(c) CRR (EU OVA & EU CRA)
Both credit and non-credit risk measurement systems support credit risk related management reporting and provide the
basis for reporting on credit risk positions and utilization under established limits to relevant stakeholders on a regular
and ad-hoc basis. Established units within the Chief Risk Officer function assume responsibility for measurement,
analysis and reporting of risk while promoting sufficient quality and integrity of credit risk-related data.
The main reports on credit risk that are used to provide stakeholders with information relating to the group credit risk
profile are the following:
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–The Key Risk Report focused on credit risk is the credit risk appetite & Portfolio Management Report, issued monthly;
this Key Risk Report holistically covers credit risk across Deutsche Bank Group; it has been established to monitor and
promote discussion on qualitative and quantitative credit portfolio developments and the current macroeconomic
environment including market trends and events; the material typically covers key credit risk themes, the credit
portfolio risk profile, credit portfolio appetite, informs on potential counterparty and portfolio concentrations,
provides information on the development of financial resources such as credit risk RWA and credit risk economic
capital including stress testing, updates on credit portfolio risk mitigation across the banking and trading book
positions and wrong way risk as well as the development and outlook of Credit Loss Provisions (CLP)
–The Weekly Credit Risk Wrap, a summary that provides an update of latest credit risk developments over the week,
including recent news, CLP, and underwriting pipeline trends
While the above reports are used at a Group level to monitor and review the credit risk profile of Deutsche Bank
holistically, there are other, supplementing standard and ad-hoc management reports, including for sub- and focus
portfolios, asset classes as well as legal entities, which are used to monitor and control the risk profile. Fully automated
credit portfolio overview reports can be also utilized and show, for the selected portfolio scope, key credit risk metrics
and various portfolio splits, such as top movers by product classification, tenor and country. In addition, credit risk feeds
information into the bank’s cross risk reports as outlined earlier.
Policies for hedging and mitigating credit risk
Article 435 (1)(d) CRR (EU OVA & EU CRA)
Deutsche Bank has regulated the acceptance, valuation and management of risk mitigating and hedging instruments in a
framework of approved global, local and product or business specific documents which determine the bank´s standards
and consider legal and regulatory requirements. Tasks, responsibilities and respective authorities are dedicated here
while the processes are executed mainly decentralized or locally or in specific teams with delegated tasks.
Under the framework of the “Principles for Managing Credit Risk” as well as the “Policy for Managing Credit Risk” the
bank´s main respective documents for hedging and mitigating credit risk are:
–The Global Collateral Management Guide (for Banking Book Collateral)
–The Global Collateral Guideline (for Derivatives and Securities Financing Transactions)
–Mandated Hedge Guidance for CPM Framework
–Leveraged and Hedge Funds Process Guide - CRO CRM
supplemented by divisional credit policies and process guides and a comprehensive regime of local, divisional and
business specific collateral management and valuation procedures, directives and manuals. All these regulations are
reviewed, updated and approved at least annually and distributed to the relevant staff as well as accessible on the bank´s
Policy Portal.
Article 431 (5) CRR
Deutsche Bank Group, if requested, provides explanations of rating decisions to small and medium entities and other
corporates.
Definitions of past due and impairment
Article 442 (a) CRR (EU CRB)
Exposures are considered to be past due if contractually agreed payments of principal and/or interest remain unpaid by
the borrower, except if those are acquired through consolidation. The latter are considered to be past due if payments of
principal and/or interest, which were expected at a certain payment date at the time of the initial consolidation of the
loans, are unpaid by the borrower.
The Group has aligned its definition of “credit impaired” under IFRS 9 to the default definition as per Art. 178 of the
Capital Requirements Regulation for regulatory purposes. As a consequence, credit impaired financial assets (or Stage 3
financial assets) consist of two types of defaulted financial assets: financial assets where the Group expects an
impairment loss and the amount is reflected in the allowance for credit losses and financial assets, where the Group does
not expect an impairment loss (e.g., due to high quality collateral or sufficient expected future cash flows following
thorough due diligence).
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Credit risk adjustments
Article 442 (b) CRR (EU CRB)
The determination of impairment losses and allowances is based on the expected credit loss model under IFRS 9, where
allowances for loan losses are recorded upon initial recognition of the financial asset, based on expectations of potential
credit losses at the time of initial recognition.
The impairment requirements of IFRS 9 apply to all credit exposures that are measured at amortized cost or fair value
through other comprehensive income and to off balance sheet lending commitments, such as loan commitments and
financial guarantees. For purposes of the Group’s impairment approach, the bank refers to these instruments as financial
assets.
The Group determines its allowance for credit losses in accordance with IFRS 9 as follows:
–Stage 1 reflects financial instruments where it is assumed that credit risk has not increased significantly after initial
recognition
–Stage 2 contains all financial assets, that are not defaulted, but have experienced a significant increase in credit risk
since initial recognition
–Stage 3 consists of financial assets of clients which are defaulted in accordance with Deutsche Bank’s policies on
regulatory default, which are based on the Capital Requirements Regulation (CRR) under Art. 178; the Group defines
these financial assets as impaired, non-performing and defaulted
–Significant increase in credit risk is determined using quantitative and qualitative information based on the Group’s
historical experience, credit risk assessment and forward-looking information
–Purchased or Originated Credit Impaired (POCI) financial assets are assets where at the time of initial recognition
there is objective evidence of impairment
The IFRS 9 impairment approach is an integral part of the Group’s Credit Risk Management procedures. The estimation of
expected credit losses (ECL’s) is either performed via the automated, parameter based ECL calculation using the Group’s
ECL model or determined by Credit Officers. In both cases, the calculation takes place for each financial asset
individually. Similarly, the determination of the need to transfer between stages is made on an individual asset basis. The
Group’s ECL model is used to calculate the allowance for credit losses for all financial assets in Stage 1 and Stage 2, as
well as for Stage 3 in the homogeneous portfolio (i.e. retail and small business loans with similar credit risk
characteristics). For financial assets in the bank’s non-homogeneous portfolio in Stage 3 and for POCI assets, the
allowance for credit losses is determined by Credit Officers.
The Group uses three main components to measure ECL. These are PD, LGD and EAD. The Group leverages existing
parameters used for determination of capital demand under the Basel Internal Ratings Based Approach and internal risk
management practices as much as possible to calculate ECL. These parameters are adjusted where necessary to comply
with IFRS 9 requirements (e.g. use of point in time ratings and removal of downturn add-ons in the regulatory
parameters). Incorporating forecasts of future economic conditions into the measurement of expected credit losses
influences the allowance for credit losses. In order to calculate lifetime expected credit losses, the Group’s calculation
derives the corresponding lifetime PDs from migration matrices that reflect economic forecasts.
General quantitative information on credit risk
Residual maturity breakdown of credit exposure
Article 442 (g) CRR
Table EU CR1-A provides the net credit exposures by maturities and exposure classes. The exposure amount includes on-
balance sheet items, whereby the net exposure value is calculated by deducting credit risk adjustments from its gross
carrying amount. The net exposure is split into the below 5 categories based on the residual contractual maturity of the
instrument.
–On demand: where the counterparty has a choice of when the amount is repaid
–Bucketing remaining maturity: 0 to 1 year, 1 to 5 years, and more than 5 years
–No stated maturity: where an exposure has no stated maturity for reasons other than the counterparty having the
choice of the repayment date
The breakdown into the exposure classes follows those as defined for the IRBA (i.e., combining the advanced and
foundation IRB) as well as for the standardized approach. In the IRB approach, the line item “Central governments and
central banks” includes exposures to regional governments or local authorities, public sector entities, multilateral
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|---|---|
| Pillar 3 Report as of December 31, 2025 | General qualitative information on credit risk |
developments banks and international organizations. The exposure class “Other items” within the standardized approach
includes all exposures not covered in the other categories.
EU CR1-A – Maturity of exposures
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | f | |
| Net exposure value | ||||||
| in € m. | On demand | <= 1 year | > 1 year<br><br><= 5 years | > 5 years | No stated<br><br>maturity | Total |
| Loans and advances | 17,723 | 112,309 | 131,819 | 196,451 | 0 | 458,301 |
| Debt securities | 0 | 10,165 | 15,942 | 49,772 | 0 | 75,878 |
| Total | 17,723 | 122,473 | 147,761 | 246,222 | 0 | 534,179 |
| Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | |
| Net exposure value | ||||||
| in € m. | On demand | <= 1 year | > 1 year<br><br><= 5 years | > 5 years | No stated<br><br>maturity | Total |
| Loans and advances | 19,591 | 113,143 | 129,514 | 191,571 | 0 | 453,819 |
| Debt securities | 0 | 8,907 | 14,850 | 46,901 | 0 | 70,658 |
| Total | 19,591 | 122,050 | 144,364 | 238,472 | 0 | 524,477 |
Quality of non-performing exposures by geography
The following tables (EU CQ4, EU CQ5, EU CR1, EU CQ3, EU CR2 and EU CQ1) provide information on performing and
non-performing exposures.
Relevant exposures are debt instruments (debt securities, loans, advances, cash at central bank balances, demand
deposits) as well as off-balance sheet exposures (loan commitments given, financial guarantees given and any other
commitments) excluding those exposures held for trading.
The amounts shown are based on the IFRS gross carrying and nominal values according to the regulatory scope of
consolidation. The gross carrying amount reflects the exposure value before deduction of accumulated impairment,
provisions and accumulated negative changes due to credit risk for non-performing exposures.
An exposure is being classified as non-performing if it meets the non-performing criteria in Article 47a of the CRR and an
exposure is classified as defaulted if it meets the definition of default as per Article 178 of the CRR. Exposures subject to
impairment under IFRS 9 include debt instruments at amortized cost and fair value through OCI as well as off-balance
sheet exposures.
Article 442 (c+e) CRR
Table EU CQ4 provides information about performing and non-performing exposures broken down by individual
significant countries for both, December 31, 2025 and June 30, 2025. For each reporting period Deutsche Bank
considers the top 25 countries exceeding an individual exposure greater than € 5.2 billion to be significant, as it
represents more than 90% of the Group’s total exposure. Immaterial exposures, with individual exposures being below
€ 5.2 billion, are included in “Other countries”. The geographical distribution is based on the legal domicile of the
counterparty or issuer.
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| Pillar 3 Report as of December 31, 2025 | General qualitative information on credit risk |
EU CQ4 – Quality of non-performing exposures by geography
| b | c | d | e | f | g | ||
| Accumulated<br><br>impairment | Provisions on<br><br>off-balance-<br><br>sheet<br><br>commitments<br><br>and financial<br><br>guarantees | Accumulated<br><br>negative<br><br>changes in fair<br><br>value due to<br><br>credit risk on<br><br>non-performing<br><br>exposures | |||||
| of which non-performing | of which subject<br><br>to impairment | ||||||
| in m. | of which<br><br>defaulted | ||||||
| 1 | On-balance-sheet exposures¹ | 16,054 | 16,030 | 888,083 | (6,233) | — | (17) |
| 2 | Australia | 107 | 107 | 7,904 | (26) | — | 0 |
| 3 | Austria | 2 | 2 | 5,513 | (2) | — | 0 |
| 4 | Belgium | 54 | 54 | 11,590 | (5) | — | 0 |
| 5 | Canada | 64 | 64 | 3,506 | (24) | — | 0 |
| 6 | Cayman Islands | 111 | 111 | 11,273 | (6) | — | 0 |
| 7 | China | 17 | 17 | 6,303 | (2) | — | 0 |
| 8 | Czech Republic | 0 | 0 | 5,386 | (1) | — | 0 |
| 9 | France | 427 | 427 | 21,912 | (132) | — | 0 |
| 10 | Germany | 4,945 | 4,929 | 305,596 | (2,909) | — | 0 |
| 11 | Hong Kong | 146 | 146 | 3,777 | (99) | — | 0 |
| 12 | India | 144 | 144 | 11,991 | (50) | — | 0 |
| 13 | Ireland | 207 | 207 | 7,644 | (109) | — | 0 |
| 14 | Italy | 1,082 | 1,080 | 40,807 | (721) | — | 0 |
| 15 | Japan | 43 | 43 | 12,155 | (15) | — | 0 |
| 16 | Jersey | 20 | 20 | 2,490 | (20) | — | 0 |
| 17 | Luxembourg | 175 | 173 | 25,916 | (83) | — | 0 |
| 18 | Netherlands | 223 | 223 | 10,638 | (65) | — | (13) |
| 19 | Poland | 67 | 66 | 6,609 | (27) | — | 0 |
| 20 | Singapore | 128 | 128 | 10,865 | (45) | — | 0 |
| 21 | Spain | 863 | 862 | 20,384 | (399) | — | 0 |
| 22 | Sweden | 307 | 307 | 1,783 | (7) | — | 0 |
| 23 | Switzerland | 41 | 41 | 8,597 | (19) | — | 0 |
| 24 | Turkey | 98 | 98 | 5,439 | (3) | — | 0 |
| 25 | U.S. | 5,421 | 5,419 | 231,689 | (1,048) | — | 0 |
| 26 | United Kingdom | 102 | 102 | 47,056 | (54) | — | 0 |
| 27 | Other countries | 1,260 | 1,260 | 61,260 | (362) | — | (4) |
| 28 | Off-balance-sheet exposures | 2,853 | 2,851 | — | — | (404) | — |
| 29 | Australia | 1 | 1 | — | — | (4) | — |
| 30 | Austria | 0 | 0 | — | — | 0 | — |
| 31 | Belgium | 1 | 1 | — | — | (1) | — |
| 32 | Canada | 1 | 1 | — | — | (3) | — |
| 33 | Cayman Islands | 2 | 2 | — | — | (1) | — |
| 34 | China | 0 | 0 | — | — | 0 | — |
| 35 | Czech Republic | 0 | 0 | — | — | 0 | — |
| 36 | France | 100 | 100 | — | — | (5) | — |
| 37 | Germany | 433 | 430 | — | — | (140) | — |
| 38 | Hong Kong | 7 | 7 | — | — | (4) | — |
| 39 | India | 2 | 2 | — | — | (3) | — |
| 40 | Ireland | 7 | 7 | — | — | (5) | — |
| 41 | Italy | 26 | 26 | — | — | (16) | — |
| 42 | Japan | 9 | 9 | — | — | 0 | — |
| 43 | Jersey | 0 | 0 | — | — | 0 | — |
| 44 | Luxembourg | 99 | 99 | — | — | (12) | — |
| 45 | Netherlands | 59 | 59 | — | — | (10) | — |
| 46 | Poland | 1 | 1 | — | — | (2) | — |
| 47 | Singapore | 9 | 9 | — | — | (1) | — |
| 48 | Spain | 64 | 64 | — | — | (14) | — |
| 49 | Sweden | 11 | 11 | — | — | (2) | — |
| 50 | Switzerland | 14 | 14 | — | — | (4) | — |
| 51 | Turkey | 0 | 0 | — | — | 0 | — |
| 52 | U.S. | 1,743 | 1,743 | — | — | (113) | — |
| 53 | United Kingdom | 33 | 33 | — | — | (16) | — |
| 54 | Other countries | 231 | 232 | — | — | (48) | — |
| 55 | Total | 18,907 | 18,881 | 888,083 | (6,233) | (404) | (17) |
All values are in Euros.
1The on-balance sheet exposure includes debt securities and loans and advances.
76
| Deutsche Bank | Credit risk and credit risk mitigation | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | General qualitative information on credit risk | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| b | c | d | e | f | g | ||
| Accumulated<br><br>impairment | Provisions on<br><br>off-balance-<br><br>sheet<br><br>commitments<br><br>and financial<br><br>guarantees | Accumulated<br><br>negative<br><br>changes in fair<br><br>value due to<br><br>credit risk on<br><br>non-performing<br><br>exposures | |||||
| of which non-performing | of which subject<br><br>to impairment | ||||||
| in m. | of which<br><br>defaulted | ||||||
| 1 | On-balance-sheet exposures¹ | 15,354 | 15,340 | 837,385 | (6,040) | — | (17) |
| 2 | Australia | 60 | 60 | 7,993 | (14) | — | 0 |
| 3 | Austria | 30 | 30 | 4,493 | (2) | — | 0 |
| 4 | Belgium | 58 | 58 | 9,576 | (4) | — | 0 |
| 5 | Canada | 188 | 188 | 3,336 | (10) | — | 0 |
| 6 | Cayman Islands | 108 | 108 | 11,234 | (5) | — | 0 |
| 7 | China | 16 | 16 | 6,083 | (6) | — | 0 |
| 8 | France | 437 | 437 | 20,547 | (113) | — | 0 |
| 9 | Germany | 4,826 | 4,819 | 292,946 | (2,965) | — | 0 |
| 10 | Hong Kong | 212 | 212 | 4,490 | (172) | — | 0 |
| 11 | India | 136 | 136 | 12,576 | (56) | — | 0 |
| 12 | Ireland | 230 | 230 | 7,493 | (103) | — | 0 |
| 13 | Italy | 1,067 | 1,067 | 38,241 | (665) | — | 0 |
| 14 | Japan | 50 | 50 | 13,129 | (5) | — | 0 |
| 15 | Jersey | 21 | 21 | 2,501 | (17) | — | 0 |
| 16 | Luxembourg | 135 | 135 | 25,269 | (64) | — | 0 |
| 17 | Netherlands | 284 | 284 | 11,290 | (61) | — | (13) |
| 18 | Poland | 73 | 72 | 6,323 | (31) | — | 0 |
| 19 | Singapore | 128 | 128 | 10,891 | (39) | — | 0 |
| 20 | Spain | 934 | 933 | 20,079 | (394) | — | 0 |
| 21 | Sweden | 286 | 286 | 1,678 | (3) | — | 0 |
| 22 | Switzerland | 41 | 41 | 10,029 | (16) | — | 0 |
| 23 | Turkey | 99 | 99 | 5,458 | (2) | — | 0 |
| 24 | U.S. | 4,431 | 4,427 | 202,436 | (863) | — | 0 |
| 25 | United Kingdom | 84 | 84 | 49,417 | (66) | — | 0 |
| 26 | Virgin Islands, British | 241 | 241 | 4,239 | (33) | — | 0 |
| 27 | Other countries | 1,180 | 1,180 | 55,639 | (331) | — | (4) |
| 28 | Off-balance-sheet exposures | 2,662 | 2,661 | — | — | (345) | — |
| 29 | Australia | 0 | 0 | — | — | (3) | — |
| 30 | Austria | 0 | 0 | — | — | 0 | — |
| 31 | Belgium | 1 | 1 | — | — | 0 | — |
| 32 | Canada | 1 | 1 | — | — | (3) | — |
| 33 | Cayman Islands | 0 | 0 | — | — | (1) | — |
| 34 | China | 0 | 0 | — | — | 0 | — |
| 35 | France | 217 | 217 | — | — | (8) | — |
| 36 | Germany | 426 | 424 | — | — | (107) | — |
| 37 | Hong Kong | 8 | 8 | — | — | (6) | — |
| 38 | India | 2 | 2 | — | — | (4) | — |
| 39 | Ireland | 2 | 2 | — | — | (4) | — |
| 40 | Italy | 24 | 24 | — | — | (13) | — |
| 41 | Japan | 6 | 6 | — | — | 0 | — |
| 42 | Jersey | 0 | 0 | — | — | 0 | — |
| 43 | Luxembourg | 90 | 90 | — | — | (14) | — |
| 44 | Netherlands | 74 | 74 | — | — | (12) | — |
| 45 | Poland | 1 | 1 | — | — | 0 | — |
| 46 | Singapore | 11 | 11 | — | — | (1) | — |
| 47 | Spain | 46 | 46 | — | — | (13) | — |
| 48 | Sweden | 14 | 14 | — | — | (1) | — |
| 49 | Switzerland | 14 | 14 | — | — | (2) | — |
| 50 | Turkey | 0 | 0 | — | — | 0 | — |
| 51 | U.S. | 1,280 | 1,280 | — | — | (100) | — |
| 52 | United Kingdom | 27 | 27 | — | — | (15) | — |
| 53 | Virgin Islands, British | 51 | 51 | — | — | (2) | — |
| 54 | Other countries | 366 | 366 | — | — | (32) | — |
| 55 | Total | 18,016 | 18,000 | 837,385 | (6,040) | (345) | (17) |
All values are in Euros.
1The on-balance sheet exposure includes debt securities and loans and advances.
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|---|---|
| Pillar 3 Report as of December 31, 2025 | General qualitative information on credit risk |
Credit quality of loans and advances to non-financial corporations by industry
Article 442 (c+e) CRR
Table EU CQ5 provides information about performing and non-performing exposures to non-financial corporations
broken down by industry. The industry classification is based on NACE codes. NACE (Nomenclature des Activités
Économiques dans la Communauté Européenne) is a European industry standard classification system for classifying
business activities.
EU CQ5 – Credit quality of loans and advances to non-financial corporations by industry
| b | c | d | e | f | ||
| Accumulated<br><br>impairment | Accumulated<br><br>negative<br><br>changes in fair<br><br>value due to<br><br>credit risk on<br><br>non-performing<br><br>exposures | |||||
| of which non-performing | of which loans<br><br>and advances<br><br>subject to<br><br>impairment | |||||
| in m. | of which<br><br>defaulted | |||||
| 1 | Agriculture, forestry and fishing | 11 | 11 | 288 | (6) | 0 |
| 2 | Mining and quarrying | 29 | 29 | 1,912 | (19) | 0 |
| 3 | Manufacturing | 1,249 | 1,248 | 26,916 | (600) | 0 |
| 4 | Electricity, gas, steam and air conditioning supply | 161 | 161 | 4,890 | (81) | 0 |
| 5 | Water supply | 8 | 8 | 625 | (6) | 0 |
| 6 | Construction | 232 | 232 | 3,877 | (99) | 0 |
| 7 | Wholesale and retail trade | 928 | 928 | 20,703 | (461) | 0 |
| 8 | Transport and storage | 267 | 267 | 4,934 | (77) | 0 |
| 9 | Accommodation and food service activities | 78 | 78 | 3,094 | (32) | 0 |
| 10 | Information and communication | 501 | 501 | 9,325 | (116) | 0 |
| 11 | Financial and insurance activities | 3,987 | 3,987 | 43,997 | (839) | (4) |
| 12 | Real estate activities | 978 | 976 | 46,515 | (463) | 0 |
| 13 | Professional, scientific and technical activities | 199 | 199 | 6,655 | (111) | 0 |
| 14 | Administrative and support service activities | 140 | 140 | 6,542 | (47) | 0 |
| 15 | Public administration and defense, compulsory social security | 0 | 0 | 406 | 0 | 0 |
| 16 | Education | 7 | 7 | 256 | (2) | 0 |
| 17 | Human health services and social work activities | 109 | 109 | 1,831 | (21) | 0 |
| 18 | Arts, entertainment and recreation | 28 | 28 | 666 | (8) | 0 |
| 19 | Other service activities | 388 | 388 | 18,720 | (174) | 0 |
| 20 | Total | 9,298 | 9,295 | 202,153 | (3,162) | (4) |
All values are in Euros.
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| Deutsche Bank | Credit risk and credit risk mitigation | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | General qualitative information on credit risk | |||||
| --- | --- | --- | --- | --- | --- | --- |
| b | c | d | e | f | ||
| Accumulated<br><br>impairment | Accumulated<br><br>negative<br><br>changes in fair<br><br>value due to<br><br>credit risk on<br><br>non-performing<br><br>exposures | |||||
| of which non-performing | of which loans<br><br>and advances<br><br>subject to<br><br>impairment | |||||
| in m. | of which<br><br>defaulted | |||||
| 1 | Agriculture, forestry and fishing | 11 | 11 | 464 | (6) | 0 |
| 2 | Mining and quarrying | 6 | 6 | 2,353 | (9) | 0 |
| 3 | Manufacturing | 1,260 | 1,256 | 27,377 | (609) | 0 |
| 4 | Electricity, gas, steam and air conditioning supply | 138 | 138 | 4,429 | (73) | 0 |
| 5 | Water supply | 5 | 5 | 674 | (4) | 0 |
| 6 | Construction | 290 | 290 | 4,477 | (100) | 0 |
| 7 | Wholesale and retail trade | 1,045 | 1,045 | 22,361 | (527) | 0 |
| 8 | Transport and storage | 147 | 147 | 4,723 | (76) | 0 |
| 9 | Accommodation and food service activities | 80 | 80 | 3,574 | (39) | 0 |
| 10 | Information and communication | 289 | 289 | 9,268 | (90) | 0 |
| 11 | Financial and insurance activities | 1,079 | 1,079 | 53,890 | (642) | 0 |
| 12 | Real estate activities | 3,475 | 3,475 | 49,711 | (749) | (4) |
| 13 | Professional, scientific and technical activities | 246 | 246 | 9,771 | (129) | 0 |
| 14 | Administrative and support service activities | 163 | 163 | 8,290 | (65) | 0 |
| 15 | Public administration and defense, compulsory social security | 0 | 0 | 305 | 0 | 0 |
| 16 | Education | 6 | 6 | 281 | (3) | 0 |
| 17 | Human health services and social work activities | 182 | 182 | 3,950 | (33) | 0 |
| 18 | Arts, entertainment and recreation | 42 | 42 | 740 | (7) | 0 |
| 19 | Other service activities | 566 | 566 | 18,764 | (189) | 0 |
| 20 | Total | 9,030 | 9,025 | 225,403 | (3,351) | (4) |
All values are in Euros.
Performing and non-performing exposures and related provisions
Article 442 (c) CRR
Table EU CR1 provides information about performing and non-performing exposures broken down by Supervisory
Reporting counterparty classes.
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|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
EU CR1 - Performing and non-performing exposures and related provisions
| Dec 31, 2025 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | |
| Gross carrying amount/nominal amount | Accumulated impairment, accumulated negative changes<br><br>in fair value due to credit risk and provisions | ||||||||||||||
| Performing exposures | Non-performing exposures | Performing exposures - accumulated<br><br>impairment and provisions | Non-performing exposures -<br><br>accumulated impairment, accumulated<br><br>negative changes in fair value due to<br><br>credit risk and provisions | Collaterals and financial<br><br>guarantees received on | |||||||||||
| in € m. | Total | of which:<br><br>stage 1 | of which:<br><br>stage 2 | Total | of which:<br><br>stage 2 | of which:<br><br>stage 3 | Total | of which:<br><br>stage 1 | of which:<br><br>stage 2 | Total | of which:<br><br>stage 2 | of which:<br><br>stage 3 | Accumula-<br><br>ted partial<br><br>write-off | performing<br><br>exposures | non-<br><br>performing<br><br>exposures |
| Cash balances at central banks<br><br>and other demand deposits | 170,039 | 169,180 | 859 | 47 | 0 | 47 | (8) | (3) | (5) | 0 | 0 | 0 | 0 | 17 | 0 |
| Loans and advances | |||||||||||||||
| Central banks | 2,383 | 1,551 | 2 | 9 | 0 | 9 | 0 | 0 | 0 | (8) | 0 | (8) | 0 | 1,892 | 0 |
| General governments | 27,553 | 24,997 | 1,215 | 571 | 0 | 548 | (8) | (3) | (5) | (41) | 0 | (41) | 0 | 7,016 | 483 |
| Credit institutions | 46,178 | 37,965 | 102 | 9 | 0 | 0 | (3) | (3) | 0 | 0 | 0 | 0 | 0 | 24,208 | 0 |
| Other financial corporations | 267,506 | 161,040 | 3,503 | 966 | 0 | 905 | (73) | (46) | (27) | (240) | 0 | (237) | (3) | 163,569 | 474 |
| Non-financial corporations | 196,121 | 168,369 | 24,630 | 9,298 | 3 | 8,646 | (590) | (193) | (397) | (2,576) | 0 | (2,333) | (318) | 101,446 | 4,735 |
| of which: SMEs | 40,621 | 32,392 | 7,778 | 3,973 | 1 | 3,790 | (174) | (45) | (129) | (794) | 0 | (778) | (213) | 30,551 | 2,960 |
| Households | 201,044 | 178,093 | 22,950 | 4,784 | 20 | 4,716 | (614) | (150) | (464) | (2,029) | 0 | (2,005) | (17) | 152,221 | 2,000 |
| Total Loans and advances | 740,785 | 572,015 | 52,401 | 15,638 | 23 | 14,824 | (1,289) | (396) | (893) | (4,895) | (1) | (4,624) | (339) | 450,352 | 7,691 |
| Debt securities | |||||||||||||||
| Central banks | 1,776 | 1,776 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 62,728 | 62,032 | 38 | 13 | 0 | 0 | (6) | (4) | (2) | 0 | 0 | 0 | 0 | 98 | 13 |
| Credit institutions | 4,819 | 4,707 | 10 | 5 | 0 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 8,705 | 6,846 | 332 | 132 | 0 | 119 | (16) | (3) | (13) | (20) | 0 | (7) | (6) | 508 | 0 |
| Non-financial corporations | 3,609 | 2,014 | 207 | 219 | 0 | 35 | (14) | (4) | (10) | (2) | 0 | (2) | (32) | 1,622 | 173 |
| Total Debt securities | 81,637 | 77,374 | 587 | 369 | 0 | 159 | (36) | (12) | (25) | (22) | 0 | (9) | (38) | 2,228 | 186 |
| Off-balance sheet exposures | |||||||||||||||
| Central banks | 224 | 224 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 118 | 0 |
| General governments | 11,021 | 10,720 | 302 | 133 | 0 | 133 | (2) | (1) | (1) | (2) | 0 | (2) | 0 | 722 | 0 |
| Credit institutions | 7,501 | 7,423 | 78 | 0 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 1,382 | 0 |
| Other financial corporations | 62,802 | 61,425 | 1,377 | 83 | 0 | 83 | (19) | (14) | (5) | (7) | 0 | (7) | 0 | 11,862 | 7 |
| Non-financial corporations | 235,786 | 219,552 | 16,234 | 2,584 | 2 | 2,560 | (155) | (72) | (83) | (169) | 0 | (167) | 0 | 26,037 | 344 |
| Households | 27,864 | 26,832 | 1,033 | 53 | 0 | 53 | (28) | (20) | (8) | (20) | 0 | (20) | 0 | 6,959 | 11 |
| Total Off-balance sheet exposures | 345,198 | 326,175 | 19,024 | 2,853 | 2 | 2,829 | (206) | (109) | (97) | (198) | 0 | (196) | 0 | 47,081 | 362 |
| Total¹ | 992,461 | 1,144,744 | 72,871 | 18,907 | 26 | 17,859 | (1,539) | (519) | (1,020) | (5,115) | (1) | (4,830) | (377) | 499,677 | 8,239 |
1 Total including Cash balances at central banks and other demand deposits.
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| Deutsche Bank | Credit risk and credit risk mitigation | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk | ||||||||||||||
| Jun 30, 2025 | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | |
| Gross carrying amount/nominal amount | Accumulated impairment, accumulated negative changes<br><br>in fair value due to credit risk and provisions | ||||||||||||||
| Performing exposures | Non-performing exposures | Performing exposures - accumulated<br><br>impairment and provisions | Non-performing exposures -<br><br>accumulated impairment, accumulated<br><br>negative changes in fair value due to<br><br>credit risk and provisions | Collaterals and financial<br><br>guarantees received on | |||||||||||
| in € m. | Total | of which:<br><br>stage 1 | of which:<br><br>stage 2 | Total | of which:<br><br>stage 2 | of which:<br><br>stage 3 | Total | of which:<br><br>stage 1 | of which:<br><br>stage 2 | Total | of which:<br><br>stage 2 | of which:<br><br>stage 3 | Accumula-<br><br>ted partial<br><br>write-off | performing<br><br>exposures | non-<br><br>performing<br><br>exposures |
| Cash balances at central banks<br><br>and other demand deposits | 142,443 | 135,403 | 7,040 | 46 | 0 | 46 | (6) | (2) | (4) | 0 | 0 | 0 | 0 | 7 | 0 |
| Loans and advances | |||||||||||||||
| Central banks | 1,669 | 941 | 168 | 11 | 0 | 11 | 0 | 0 | 0 | (7) | 0 | (7) | 0 | 1,378 | 3 |
| General governments | 24,042 | 22,865 | 461 | 557 | 0 | 557 | (3) | (2) | (1) | (25) | 0 | (25) | 0 | 4,753 | 489 |
| Credit institutions | 49,036 | 38,708 | 21 | 5 | 0 | 2 | (2) | (2) | 0 | 0 | 0 | 0 | 0 | 26,011 | 2 |
| Other financial corporations | 237,555 | 137,914 | 2,691 | 950 | 0 | 876 | (55) | (46) | (9) | (84) | 0 | (82) | 0 | 142,765 | 612 |
| Non-financial corporations | 219,418 | 182,114 | 34,402 | 9,030 | 5 | 8,400 | (712) | (267) | (444) | (2,643) | 0 | (2,432) | (269) | 124,774 | 4,249 |
| of which: SMEs | 44,250 | 34,214 | 9,705 | 2,999 | 1 | 2,842 | (180) | (48) | (132) | (673) | 0 | (651) | (122) | 32,895 | 1,939 |
| Households | 186,140 | 165,120 | 21,020 | 4,361 | 9 | 4,308 | (570) | (147) | (423) | (1,883) | 0 | (1,861) | (11) | 139,756 | 1,821 |
| Total Loans and advances | 717,861 | 547,660 | 58,763 | 14,915 | 14 | 14,155 | (1,342) | (465) | (877) | (4,643) | (1) | (4,407) | (280) | 439,438 | 7,175 |
| Debt securities | |||||||||||||||
| Central banks | 2,138 | 2,138 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 58,109 | 53,823 | 3,874 | 0 | 0 | 0 | (5) | (4) | (1) | 0 | 0 | 0 | 0 | 88 | 0 |
| Credit institutions | 3,279 | 3,251 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 7,718 | 6,991 | 0 | 19 | 0 | 0 | (1) | (1) | 0 | (13) | 0 | 0 | 0 | 423 | 0 |
| Non-financial corporations | 4,990 | 2,848 | 601 | 375 | 0 | 186 | (28) | (4) | (24) | (19) | 0 | (19) | (4) | 2,086 | 174 |
| Total Debt securities | 76,234 | 69,051 | 4,475 | 393 | 0 | 186 | (34) | (9) | (25) | (32) | 0 | (19) | (4) | 2,597 | 174 |
| Off-balance sheet exposures | |||||||||||||||
| Central banks | 196 | 196 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 111 | 0 |
| General governments | 9,069 | 8,750 | 320 | 190 | 0 | 190 | (1) | 0 | 0 | (2) | 0 | (2) | 0 | 97 | 0 |
| Credit institutions | 7,939 | 7,821 | 118 | 0 | 0 | 0 | (1) | (1) | 0 | 0 | 0 | 0 | 0 | 1,600 | 0 |
| Other financial corporations | 56,497 | 54,158 | 2,339 | 112 | 0 | 112 | (18) | (15) | (3) | (8) | 0 | (8) | 0 | 12,676 | 14 |
| Non-financial corporations | 233,179 | 214,424 | 18,756 | 2,269 | 1 | 2,245 | (151) | (82) | (69) | (139) | 0 | (136) | 0 | 28,421 | 204 |
| Households | 18,992 | 17,997 | 996 | 91 | 0 | 91 | (9) | (3) | (6) | (16) | 0 | (16) | 0 | 2,616 | 62 |
| Total Off-balance sheet exposures | 325,873 | 303,345 | 22,527 | 2,662 | 1 | 2,637 | (180) | (101) | (78) | (165) | 0 | (162) | 0 | 45,521 | 280 |
| Total¹ | 1,262,411 | 1,055,460 | 92,806 | 18,016 | 15 | 17,024 | (1,562) | (578) | (984) | (4,840) | (1) | (4,589) | (284) | 487,563 | 7,629 |
1 Total including Cash balances at central banks and other demand deposits.
81
| Deutsche Bank | Credit risk and credit risk mitigation |
|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
Credit quality of performing and non-performing exposures by days past due
Article 442 (c-d) CRR
Table EU CQ3 provides information about performing and non-performing exposures by days past due broken down by
Supervisory Reporting counterparty classes.
82
| Deutsche Bank | Credit risk and credit risk mitigation |
|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
EU CQ3 – Credit quality of performing and non-performing exposures by past due days
| Dec 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | |
| Performing exposures | Non-performing exposure | |||||||||||
| in € m. | Total | Not past<br><br>due<br><br>or past<br><br>due<br><br><= 30 days | Past due<br><br>>30d<br><br>and <=90d | Total | Unlikely to<br><br>pay that<br><br>are not<br><br>past due<br><br>or past<br><br>due <=<br><br>90d | Past due<br><br>>90d<br><br>and<br><br><=180d | Past due<br><br>>180d<br><br>and <=1yr | Past due<br><br>>1yr<br><br>and<br><br><=2yrs | Past due<br><br>>2 and<br><br><=5 yrs | Past due<br><br>>5 and<br><br><=7yrs | Past due<br><br>>7 years | of which<br><br>defaulted |
| Cash balances at central banks and other demand deposits | 170,039 | 169,506 | 533 | 47 | 47 | 0 | 0 | 0 | 0 | 0 | 0 | 47 |
| Loans and advances | ||||||||||||
| Central banks | 2,383 | 2,383 | 0 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| General governments | 27,553 | 27,551 | 2 | 571 | 328 | 0 | 1 | 0 | 241 | 0 | 0 | 571 |
| Credit institutions | 46,178 | 46,153 | 25 | 9 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Other financial corporations | 267,506 | 267,175 | 331 | 966 | 845 | 4 | 33 | 14 | 63 | 0 | 7 | 966 |
| Non-financial corporations | 196,121 | 195,462 | 659 | 9,298 | 6,377 | 409 | 556 | 903 | 616 | 99 | 338 | 9,295 |
| of which: SME's | 40,621 | 40,483 | 138 | 3,973 | 2,432 | 280 | 261 | 618 | 292 | 21 | 69 | 3,972 |
| Households | 201,044 | 200,415 | 629 | 4,784 | 1,635 | 454 | 691 | 862 | 915 | 79 | 147 | 4,764 |
| Total Loans and advances | 740,785 | 739,140 | 1,645 | 15,638 | 9,204 | 867 | 1,282 | 1,779 | 1,836 | 178 | 493 | 15,614 |
| Debt securities | ||||||||||||
| Central banks | 1,776 | 1,776 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 62,728 | 62,728 | 0 | 13 | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 13 |
| Credit institutions | 4,819 | 4,819 | 0 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Other financial corporations | 8,705 | 8,705 | 0 | 132 | 132 | 0 | 0 | 0 | 0 | 0 | 0 | 132 |
| Non-financial corporations | 3,609 | 3,609 | 0 | 219 | 211 | 0 | 0 | 0 | 8 | 0 | 0 | 219 |
| Total Debt securities | 81,637 | 81,637 | 0 | 369 | 360 | 0 | 0 | 0 | 8 | 0 | 0 | 369 |
| Off-balance sheet exposures | ||||||||||||
| Central banks | 224 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 11,021 | 0 | 0 | 133 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133 |
| Credit institutions | 7,501 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 62,802 | 0 | 0 | 83 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 83 |
| Non-financial corporations | 235,786 | 0 | 0 | 2,584 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,582 |
| Households | 27,864 | 0 | 0 | 53 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 53 |
| Total Off-balance sheet exposures | 345,198 | 0 | 0 | 2,853 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,851 |
| Total¹ | 1,337,659 | 990,283 | 2,178 | 18,907 | 9,611 | 867 | 1,282 | 1,779 | 1,844 | 178 | 493 | 18,881 |
1Total including Cash balances at central banks and other demand deposits.
83
| Deutsche Bank | Credit risk and credit risk mitigation | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk | |||||||||||
| Jun 30, 2025 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | |
| Performing exposures | Non-performing exposure | |||||||||||
| in € m. | Total | Not past<br><br>due<br><br>or past due<br><br><= 30 days | Past due<br><br>>30d<br><br>and <=90d | Total | Unlikely to<br><br>pay that are<br><br>not past<br><br>due or past<br><br>due <= 90d | Past due<br><br>>90d<br><br>and <=180d | Past due<br><br>>180d<br><br>and <=1yr | Past due<br><br>>1yr<br><br>and <=2yrs | Past due<br><br>>2 and <=5<br><br>yrs | Past due<br><br>>5 and<br><br><=7yrs | Past due<br><br>>7 years | of which<br><br>defaulted |
| Cash balances at central banks and other demand deposits | 142,443 | 141,959 | 484 | 46 | 46 | 0 | 0 | 0 | 0 | 0 | 0 | 46 |
| Loans and advances | ||||||||||||
| Central banks | 1,669 | 1,669 | 0 | 11 | 9 | 0 | 0 | 0 | 0 | 0 | 2 | 11 |
| General governments | 24,042 | 24,036 | 6 | 557 | 317 | 0 | 0 | 0 | 239 | 0 | 0 | 557 |
| Credit institutions | 49,036 | 49,024 | 12 | 5 | 5 | 0 | 0 | 0 | 0 | 0 | 0 | 5 |
| Other financial corporations | 237,555 | 237,433 | 121 | 950 | 885 | 24 | 16 | 14 | 3 | 0 | 7 | 950 |
| Non-financial corporations | 219,418 | 218,765 | 654 | 9,030 | 5,992 | 275 | 697 | 870 | 689 | 151 | 356 | 9,025 |
| of which: SME's | 44,250 | 44,144 | 106 | 2,999 | 1,846 | 58 | 277 | 505 | 217 | 17 | 79 | 2,998 |
| Households | 186,140 | 185,448 | 691 | 4,361 | 1,660 | 420 | 606 | 793 | 674 | 79 | 130 | 4,352 |
| Total Loans and advances | 717,861 | 716,376 | 1,485 | 14,915 | 8,868 | 719 | 1,320 | 1,678 | 1,605 | 231 | 495 | 14,901 |
| Debt securities | ||||||||||||
| Central banks | 2,138 | 2,138 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 58,109 | 58,109 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Credit institutions | 3,279 | 3,279 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 7,718 | 7,718 | 0 | 19 | 19 | 0 | 0 | 0 | 0 | 0 | 0 | 19 |
| Non-financial corporations | 4,990 | 4,990 | 0 | 375 | 366 | 0 | 0 | 0 | 8 | 0 | 0 | 375 |
| Total Debt securities | 76,234 | 76,234 | 0 | 393 | 385 | 0 | 0 | 0 | 8 | 0 | 0 | 393 |
| Off-balance sheet exposures | ||||||||||||
| Central banks | 196 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| General governments | 9,069 | 0 | 0 | 190 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 190 |
| Credit institutions | 7,939 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 56,497 | 0 | 0 | 112 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 112 |
| Non-financial corporations | 233,179 | 0 | 0 | 2,269 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,268 |
| Households | 18,992 | 0 | 0 | 91 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 91 |
| Total Off-balance sheet exposures | 325,873 | 0 | 0 | 2,662 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,661 |
| Total¹ | 1,262,411 | 934,569 | 1,969 | 18,016 | 9,299 | 719 | 1,320 | 1,678 | 1,613 | 231 | 495 | 18,000 |
1Total including Cash balances at central banks and other demand deposits.A
84
| Deutsche Bank | Credit risk and credit risk mitigation |
|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
Development of non-performing loans and advances
Article 442 (f) CRR
EU CR2 – Changes in the stock of non-performing loans and advances
| Dec 31, 2025 | Jun 30, 2025 | ||
|---|---|---|---|
| a | a | ||
| in € m. | Gross carrying<br><br>amount | Gross carrying<br><br>amount | |
| 1 | Initial stock of non-performing loans and advances | 14,915 | 15,938 |
| 2 | Inflows to non-performing portfolios | 3,062 | 3,540 |
| 3 | Outflows from non-performing portfolios | (2,338) | (4,564) |
| 4 | Outflows due to write-offs | (535) | (442) |
| 5 | Outflow due to other situations¹ | (1,804) | (4,121) |
| 6 | Final stock of non-performing loans and advances | 15,638 | 14,915 |
1Inflows and outflows include restructurings and modifications
Credit quality of forborne exposures
Article 442 (c) CRR
Exposures are being classified as forborne according to the criteria in Article 47b of the CRR.
EU CQ1 – Credit quality of forborne exposures
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | |
| Gross carrying amount of forborne exposures | Accumulated impairment,<br><br>accumulated negative<br><br>changes<br><br>in fair value due to credit risk<br><br>and provisions | Collateral received and<br><br>financial guarantees received<br><br>on forborne exposures | ||||||
| in € m. | Performing<br><br>forborne | Non-<br><br>performing<br><br>forborne | Non-<br><br>performing<br><br>forborne, of<br><br>which<br><br>defaulted | Non-<br><br>performing<br><br>forborne, of<br><br>which<br><br>impaired | on<br><br>performing<br><br>forborne<br><br>exposures | on non-<br><br>perfor-<br><br>ming<br><br>forborne<br><br>exposures | Total | of which,<br><br>non-<br><br>performing<br><br>ex-<br><br>posures with<br><br>forbearance<br><br>measures |
| Cash balances at central banks<br><br>and other demand deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loans and advances | 7,345 | 6,791 | 6,770 | 6,652 | (154) | (1,682) | 8,723 | 3,731 |
| Central banks | 0 | 9 | 9 | 9 | 0 | (8) | 0 | 0 |
| General governments | 7 | 42 | 42 | 42 | 0 | (17) | 23 | 17 |
| Credit institutions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 271 | 481 | 481 | 481 | (2) | (27) | 580 | 356 |
| Non-financial corporations | 5,979 | 5,535 | 5,531 | 5,413 | (114) | (1,350) | 7,468 | 3,068 |
| Households | 1,088 | 725 | 707 | 707 | (38) | (279) | 652 | 290 |
| Debt securities | 119 | 21 | 21 | 21 | (0) | (2) | 119 | 0 |
| Loan commitments given | 1,354 | 746 | 743 | 743 | (9) | (69) | 271 | 123 |
| Total¹ | 8,818 | 7,557 | 7,535 | 7,417 | (163) | (1,753) | 9,113 | 3,854 |
1Total including Cash balances at central banks and other demand deposits.
85
| Deutsche Bank | Credit risk and credit risk mitigation | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk | |||||||
| Jun 30, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | |
| Gross carrying amount of forborne exposures | Accumulated impairment,<br><br>accumulated negative<br><br>changes<br><br>in fair value due to credit risk<br><br>and provisions | Collateral received and<br><br>financial guarantees received<br><br>on forborne exposures | ||||||
| in € m. | Performing<br><br>forborne | Non-<br><br>performing<br><br>forborne | Non-<br><br>performing<br><br>forborne, of<br><br>which<br><br>defaulted | Non-<br><br>performing<br><br>forborne, of<br><br>which<br><br>impaired | on<br><br>performing<br><br>forborne<br><br>exposures | on non-<br><br>perfor-<br><br>ming<br><br>forborne<br><br>exposures | Total | of which,<br><br>non-<br><br>performing<br><br>ex-<br><br>posures with<br><br>forbearance<br><br>measures |
| Cash balances at central banks<br><br>and other demand deposits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loans and advances | 8,406 | 5,845 | 5,835 | 5,748 | (141) | (1,483) | 9,240 | 2,991 |
| Central banks | 0 | 9 | 9 | 9 | 0 | (7) | 0 | 0 |
| General governments | 6 | 3 | 3 | 3 | 0 | 0 | 6 | 1 |
| Credit institutions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other financial corporations | 132 | 422 | 422 | 422 | (1) | (14) | 421 | 331 |
| Non-financial corporations | 7,157 | 4,830 | 4,825 | 4,738 | (104) | (1,225) | 8,151 | 2,421 |
| Households | 1,112 | 581 | 576 | 576 | (37) | (237) | 662 | 238 |
| Debt securities | 119 | 40 | 40 | 40 | (0) | (1) | 134 | 14 |
| Loan commitments given | 1,337 | 562 | 561 | 561 | (9) | (56) | 221 | 27 |
| Total¹ | 9,863 | 6,446 | 6,435 | 6,348 | (151) | (1,541) | 9,595 | 3,033 |
1Total including Cash balances at central banks and other demand deposits.
Minimum loss coverage for non-performing exposure
Minimum loss coverage for non-performing exposure under Pillar 1
On April 25, 2019 the European Commission published the amendment on Regulation (EU) 2019/630 on minimum loss
coverage on non-performing exposure. This regulation established a prudential treatment for NPEs arising from loans
originated from April 26, 2019 onwards (“CRR – new NPE’s originated after April 26, 2019”) and represents a Pillar 1
measure which is legally binding and applies to all banks established in the EU.
The CRR regulation on minimum loss coverage for non-performing exposure does not focus on NPEs arising from loans
originated before April 26, 2019 (“CRR - NPE Stock”).
The following table provides an overview on Deutsche Bank’s CRR – new NPE’s originated after April 26, 2019 as of
December 31, 2025 and June 30, 2025.
CRR – new NPE’s originated after April 26, 2019
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 9,613 | 3,306 | 0 | 12,919 |
| Exposure value¹ | 10,999 | 3,623 | 0 | 14,623 |
| Total minimum coverage requirement | 0 | 1,820 | 0 | 1,820 |
| Total provisions and adjustments or deductions (uncapped) | 3,914 | 1,991 | 0 | 5,904 |
| Total provisions and adjustments or deductions (capped) | 0 | 1,287 | 0 | 1,287 |
| Applicable amount of insufficient coverage | 0 | 533 | 0 | 533 |
1Exposure value in accordance with Article 47c CRR
| Jun 30, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 8,308 | 2,654 | 0 | 10,962 |
| Exposure value¹ | 9,298 | 2,954 | 0 | 12,251 |
| Total minimum coverage requirement | 0 | 1,263 | 0 | 1,263 |
| Total provisions and adjustments or deductions (uncapped) | 2,896 | 1,588 | 0 | 4,484 |
| Total provisions and adjustments or deductions (capped) | 0 | 918 | 0 | 918 |
| Applicable amount of insufficient coverage | 0 | 345 | 0 | 345 |
1Exposure value in accordance with Article 47c CRR
86
| Deutsche Bank | Credit risk and credit risk mitigation |
|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
Minimum loss coverage for non-performing exposure under Pillar 2
Non-performing exposures arising from clients defaulting after April 1, 2018
In March 2018 ECB published its “Addendum to the ECB Guidance to banks on non-performing loans: supervisory
expectations for prudential provisioning of non-performing exposures”. The guidance focuses on NPEs arising from
clients defaulting after April 1, 2018 (“ECB – new NPE’s after April 1, 2018”). Like for the CRR – new NPE’s originated
after April 26, 2019 a time dependent minimum loss coverage is required. The ECB guidance represents a Pillar 2
measure and its application is subject to a supervisory dialog between the bank and the ECB in context of the annual
SREP process.
The ECB – new NPE’s after April 1, 2018 and the CRR – new NPE’s originated after April 26, 2019 differ in the following
three key aspects:
–Timing of application: Exposures defaulting after April 1, 2018 are in scope of the ECB – new NPE’s after April 1, 2018,
but are only in scope of the CRR – new NPE’s originated after April 26, 2019, if loans are originated after April 26,
2019
–Treatment of loans in the trading book / traded assets: the CRR – new NPE’s originated after April 26, 2019 excludes
all loans in the regulatory trading book whereas the ECB – new NPE’s after April 1, 2018 excludes traded assets in
accordance with the accounting classifications
–Treatment of Forbearance Measuring: the CRR – new NPE’s originated after April 26, 2019 considers a one year freeze
period of minimum loss coverage for exposures where a forbearance measure has been granted. This freeze period for
loans with forbearance measure does not exist under the ECB – new NPE’s after April 1, 2018
As long as the aforementioned differences exist, Deutsche Bank will report in the following table all NPE exposures
under the ECB – new NPE’s after April 1, 2018, which are not covered in the CRR – new NPE’s originated after April 26,
2019.
The following table provides an overview on Deutsche Bank’s ECB – new NPE’s after April 1, 2018 as of December 31,
2025 and June 30, 2025, not reflected within the CRR – new NPE’s originated after April 26, 2019:
ECB – new NPE’s after April 1, 2018
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 2,344 | 2,605 | 0 | 4,949 |
| Exposure value¹ | 2,471 | 2,554 | 0 | 5,025 |
| Total minimum coverage requirement | 0 | 1,264 | 0 | 1,264 |
| Total provisions and adjustments or deductions (uncapped) | 748 | 1,470 | 0 | 2,218 |
| Total provisions and adjustments or deductions (capped) | 0 | 1,160 | 0 | 1,160 |
| Applicable amount of insufficient coverage | 0 | 105 | 0 | 105 |
1Exposure value in accordance with Article 47c CRR
| Jun 30, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 3,373 | 2,648 | 0 | 6,021 |
| Exposure value¹ | 3,447 | 2,682 | 0 | 6,129 |
| Total minimum coverage requirement | 0 | 1,342 | 0 | 1,342 |
| Total provisions and adjustments or deductions (uncapped) | 751 | 1,756 | 0 | 2,507 |
| Total provisions and adjustments or deductions (capped) | 0 | 1,309 | 0 | 1,309 |
| Applicable amount of insufficient coverage | 0 | 33 | 0 | 33 |
1 Exposure value in accordance with Article 47c CRR
Non-performing exposures arising from clients defaulting before April 1, 2018
ECB announced on July 11, 2018 that legacy stock of NPEs would be addressed by discussing bank-specific supervisory
expectations for the provisioning of NPEs.
In August 2019, the ECB published its “Communication on supervisory coverage expectations for NPEs” introducing a
minimum loss coverage expectation for NPEs arising from clients defaulting before April 1, 2018 (ECB – NPE Stock).
87
| Deutsche Bank | Credit risk and credit risk mitigation |
|---|---|
| Pillar 3 Report as of December 31, 2025 | General quantitative information on credit risk |
In a first step, banks were allocated to three comparable groups on the basis of the bank’s net NPL ratios at the end of
2017 and in a second step an assessment of capacity regarding the potential impact was carried out for each individual
bank with a horizon of end 2026.
Deutsche Bank has been assigned to Group 1, which requires 100% minimum loss coverage by year end 2024 for secured
loans and by year end 2023 for unsecured loans.
The following table provides an overview on Deutsche Bank’s ECB - NPE Stock as of December 31, 2025 and June 30,
2025.
ECB – NPE Stock
| Dec 31, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 0 | 576 | 462 | 1,038 |
| Exposure value¹ | 0 | 1,275 | 1,028 | 2,304 |
| Total minimum coverage requirement | 0 | 1,275 | 1,028 | 2,304 |
| Total provisions and adjustments or deductions (uncapped) | 0 | 1,386 | 1,055 | 2,441 |
| Total provisions and adjustments or deductions (capped) | 0 | 1,270 | 1,014 | 2,285 |
| Applicable amount of insufficient coverage | 0 | 5 | 14 | 19 |
1Exposure value in accordance with Article 47c CRR
| Jun 30, 2025 | ||||
|---|---|---|---|---|
| Time passed since exposures classified as non-<br><br>performing | ||||
| in € m. | up to 2yrs | >2 and <=9yrs | >9yrs | Total |
| Non-Performing Exposure | 0 | 621 | 411 | 1,033 |
| Exposure value¹ | 0 | 1,456 | 937 | 2,393 |
| Total minimum coverage requirement | 0 | 1,439 | 937 | 2,376 |
| Total provisions and adjustments or deductions (uncapped) | 0 | 1,621 | 961 | 2,582 |
| Total provisions and adjustments or deductions (capped) | 0 | 1,437 | 922 | 2,359 |
| Applicable amount of insufficient coverage | 0 | 2 | 15 | 17 |
1Exposure value in accordance with Article 47c CRR
The shortfall between the minimum loss coverage requirements for non-performing exposure for the CRR – new NPE’s
originated after April 26, 2019, the ECB – new NPE’s after April 1, 2018 and the ECB - NPE Stock and the risk reserves
recorded in line with IFRS 9 for defaulted (Stage 3) assets amounted to € 0.7 billion as of December 31, 2025 versus € 0.4
billion as of June 30, 2025 and was deducted from CET 1. This additional CET 1 charge can be considered as additional
regulatory loss reserve and led to a € 2.6 billion RWA relief as of December 31, 2025 and € 2.3 billion as of June 30, 2025.
Reconciliation of non-performing exposure
The following table reconciles the non-performing exposure reported in template EU CR1 into the minimum loss
coverage framework.
Reconciliation of non-performing exposure
| Dec 31, 2025 | ||
|---|---|---|
| in € m. | Exposure | Provisions |
| Total Non-Performing Exposure and related provisions | 18,907 | 5,115 |
| of which: | ||
| CRR – new NPE’s originated after April 26, 2019¹ | 12,919 | 1,407 |
| ECB – new NPE’s after April 1, 2018¹ | 4,949 | 3,259 |
| ECB – NPE Stock | 1,038 | 450 |
1Treatment of loans in the Trading Book / Traded Assets: the CRR – new NPE’s originated after April 26, 2019 exclude all loans in the regulatory Trading Book whereas the
ECB – new NPE’s after April 1, 2018 exclude Traded Assets in accordance with the accounting classifications
| Jun 30, 2025 | ||
|---|---|---|
| in € m. | Exposure | Provisions |
| Total Non-Performing Exposure and related provisions | 18,016 | 4,840 |
| of which: | ||
| CRR – new NPE’s originated after April 26, 2019¹ | 10,962 | 1,585 |
| ECB – new NPE’s after April 1, 2018¹ | 6,021 | 2,784 |
| ECB – NPE Stock | 1,033 | 470 |
1Treatment of loans in the Trading Book / Traded Assets: the CRR – new NPE’s originated after April 26, 2019 exclude all loans in the regulatory Trading Book whereas the
ECB – new NPE’s after April 1, 2018 exclude Traded Assets in accordance with the accounting classifications
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Collateral obtained by taking possession
Article 442 (c) CRR
Table EU CQ7 provides information about the collateral that has been obtained at the reporting date. Collateral obtained
by taking possession includes assets that were not pledged by the debtor as collateral but obtained in exchange for the
cancellation of debt.
The value at initial recognition reflects the gross carrying amount at the point in time of the initial recognition in the
Group’s balance sheet, while accumulated negative changes reflect the difference between the value at initial
recognition and the carrying amount at the reporting date.
EU CQ7 – Collateral obtained by taking possession and execution processes
| Dec 31, 2025 | Jun 30, 2025 | ||||
|---|---|---|---|---|---|
| a | b | a | b | ||
| Collateral obtained by taking<br><br>possession | Collateral obtained by taking<br><br>possession | ||||
| in € m. | Value at initial<br><br>recognition | Accumulated<br><br>negative<br><br>changes | Value at initial<br><br>recognition | Accumulated<br><br>negative<br><br>changes¹ | |
| 1 | Property, plant and equipment (PP&E) | 0 | 0 | 0 | 0 |
| 2 | Other than PP&E | 403 | (104) | 406 | (101) |
| 3 | Residential immovable property | 50 | (31) | 52 | (32) |
| 4 | Commercial immovable property | 348 | (71) | 349 | (69) |
| 5 | Movable property (auto, shipping, etc.) | 0 | 0 | 0 | 0 |
| 6 | Equity and debt instruments | 0 | 0 | 0 | 0 |
| 7 | Other | 5 | (1) | 5 | 0 |
| 8 | Total | 403 | (104) | 406 | (101) |
General qualitative information on credit risk mitigation
Article 453 (a-e) CRR (EU CRC)
Use of on- and off-balance sheet netting
Article 453 (a) CRR
Netting (i.e. credit line netting for purpose of the internal capital adequacy assessment process under the Capital
Requirements Directive (Directive 2013/36/EU) and regulatory netting under CRR) is applicable to both exchange traded
derivatives and OTC derivatives. Netting is also applied to securities financing transactions (e.g. repurchase, securities
lending and margin lending transactions) as far as documentation, structure and nature of the risk mitigation allow
netting with the underlying credit risk in accordance with applicable law and the bank’s Financial Contracts Netting and
Collateral KOD– Legal (“Netting Policy”). While cross-product netting between derivatives and securities financing
transactions may be used in certain cases, the bank does not make use of cross-product netting for regulatory purposes.
All exchange traded derivatives are cleared through central counterparties (CCPs), which interpose themselves between
the trading entities by becoming the counterparty to each of the entities. Where legally required or where available and
to the extent agreed with the bank’s counterparties, Deutsche Bank also uses CCP clearing for its OTC derivative
transactions.
The Dodd-Frank Act and related Commodity Futures Trading Commission (CFTC) rules require CCP clearing in the
United States for certain standardized OTC derivative transactions, including certain interest rate swaps and index credit
default swaps, subject to limited exceptions when facing certain counterparties. The European Regulation (EU) No
648/2012 on OTC Derivatives, Central Counterparties and Trade Repositories (EMIR) and the Commission Delegated
Regulations (EU) 2015/2205, (EU) 2015/592 and (EU) 2016/1178 based thereupon introduced mandatory CCP clearing
in the EU for certain standardized OTC derivatives transactions. Mandatory CCP clearing in the EU began for certain
interest rate derivatives on June 21, 2016 and for certain iTraxx-based credit derivatives and additional interest rate
derivatives on February 9, 2017. Article 4 (2) of EMIR authorizes competent authorities to exempt intragroup transactions
from mandatory CCP clearing, provided certain requirements, such as full consolidation of the intragroup transactions
and the application of an appropriate centralized risk evaluation, measurement and control procedure are met. The bank
successfully applied for the clearing exemption for a number of its regulatory consolidated subsidiaries with intragroup
derivatives, including e.g., Deutsche Bank Securities Inc. and Deutsche Bank Luxembourg S.A. The extent of the
exemptions granted differs as not all entities enter into relevant transaction types subject to the clearing obligation. Of
the exempted intragroup relationships, approximately two thirds are relationships where one entity is established in a
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third country (Third Country Relationship). Third Country Relationships required repeat applications for each new asset
class being subject to the clearing obligation; the process took place in the course of 2017. Due to “Brexit”, the status of
some group entities has changed from an EU entity to a third country entity, but there has not been an impact for the
bank in respect of clearing exemptions. Since 2017, no new clearing exemption application has been filed. EMIR
amendments in force since December 24, 2024 change the requirements for intragroup exemptions, but, as a matter of
principle, Deutsche Bank is able to continue the use of pre-existing clearing exemptions.
The rules and regulations of CCPs typically allow for the bilateral set off of all amounts payable on the same day and in
the same currency (“payment netting”) thereby reducing the bank’s settlement risk. Depending on the business model
applied by the CCP, this payment netting applies either to all of the bank’s derivatives cleared by the CCP or at least to
those that form part of the same class of derivatives. Many CCPs’ rules and regulations also provide for the termination,
close-out and netting of all cleared transactions upon the CCP’s default (close-out netting), which reduces the bank’s
credit risk further. In its risk measurement and risk assessment processes Deutsche Bank applies close-out netting only to
the extent Deutsche Bank believes that the relevant CCP’s close-out netting provisions are legally valid and enforceable
and enforceable and have been approved in accordance with the bank’s Netting Policy.
In order to reduce the credit risk resulting from OTC derivative transactions, where CCP clearing is not available,
Deutsche Bank regularly seeks the execution of standard master agreements with the bank’s counterparties (such as
master agreements for derivatives published by the International Swaps and Derivatives Association, Inc. (ISDA) or the
“German Master Agreement for Financial Derivative Transactions” sponsored by the German Banking Association). A
master agreement, upon the counterparty’s default, allows for the close-out netting of rights and obligations arising
under derivative transactions that have been entered into under such an agreement, resulting in a single net claim owed
by or to the counterparty. Payment netting may be agreed from time to time with the bank’s counterparties for multiple
transactions having the same payment dates (e.g., foreign exchange transactions) pursuant to the terms of master
agreement which can reduce the bank’s settlement risk. In its risk measurement and risk assessment processes, Deutsche
Bank applies close-out netting only to the extent Deutsche Bank has concluded that the master agreement is legally
valid and enforceable in all relevant jurisdictions and the recognition of close-out netting has been approved in
accordance with the bank’s Netting Policy.
Deutsche Bank also enters into credit support annexes (CSAs) to master agreements in order to further reduce the bank’s
derivatives-related credit risk. These annexes generally provide risk mitigation through periodic, usually daily, margining
of the covered exposure. The CSAs also provide for the right to terminate the related derivative transactions upon the
counterparty’s failure to honor a margin call. As with netting, when Deutsche Bank believes the annex is enforceable,
Deutsche Bank reflects this in its exposure measurement.
Certain CSAs to master agreements provide for rating-dependent triggers, where additional collateral must be pledged if
a party’s rating is downgraded. Deutsche Bank also enters into master agreements that provide for an additional
termination event upon a party’s rating downgrade. These downgrade provisions in CSAs and master agreements usually
apply to both parties but in some agreements may apply to Deutsche Bank only. Deutsche Bank analyzes and monitors
its potential contingent payment obligations resulting from a rating downgrade in its stress testing and liquidity coverage
ratio approach for liquidity risk on an ongoing basis. For an assessment of the quantitative impact of a downgrading of
the bank’s credit rating please refer to table “Stress Testing Results” in the section “Liquidity Risk”.
The Dodd-Frank Act and CFTC rules thereunder, including CFTC rule § 23.504, as well as EMIR and Commission
Delegated Regulation based thereon, namely Commission Delegated Regulation (EU) 2016/2251, introduced the
mandatory use of master agreements and related CSAs, which must be executed prior to or contemporaneously with
entering into an uncleared OTC derivative transaction. Certain documentation is also required by the U.S. margin rules
adopted by U.S. prudential regulators. Under the U.S. prudential regulators’ margin rules, Deutsche Bank is required to
post and collect initial margin for its uncleared derivatives exposures with other derivatives dealers, as well as with the
bank’s counterparties that (a) are “financial end users,” as that term is defined in the U.S. margin rules, and (b) have an
average daily aggregate notional amount of uncleared swaps, uncleared security-based swaps, foreign exchange
forwards and foreign exchange swaps exceeding U.S.$ 8 billion in June, July and August of the previous calendar year.
The U.S. margin rules additionally require Deutsche Bank to post and collect variation margin for its derivatives with
other derivatives dealers and certain financial end user counterparties. These margin requirements are subject to a U.S.$
50 million threshold for initial margin, but no threshold for variation margin, with a combined U.S.$ 500,000 minimum
transfer amount. The U.S. margin requirements have been in effect for large banks since September 2016, with additional
variation margin requirements having come into effect March 1, 2017, and additional initial margin requirements being
phased in from September 2017 through September 2022.
Under Commission Delegated Regulation (EU) 2016/2251, which implements the EMIR margin requirements, the CSA
must provide for daily valuation and daily variation margining based on a zero threshold and a minimum transfer amount
of not more than € 500,000. For large derivative exposures exceeding € 8 billion, initial margin has to be posted as well.
The variation margin requirements under EMIR apply as of March 1, 2017; the initial margin requirements originally were
subject to a staged phase-in until September 1, 2021. However, legislative changes published on February 17, 2021
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extended deadlines into 2023. Under Article 31 of Commission Delegated Regulation (EU) 2016/2251, an EU party may
decide to not exchange margin with counterparties in certain non-netting jurisdictions provided certain requirements are
met. Pursuant to Article 11 (5) to (10) of EMIR, competent authorities are authorized to exempt intragroup transactions
from the margining obligation, provided certain requirements are met. While some of those requirements are the same as
for the EMIR clearing exemptions (see above), there are additional requirements such as the absence of any current or
foreseen practical or legal impediment to the prompt transfer of funds or repayment of liabilities between intragroup
counterparties. The bank is making use of this exemption. The bank has successfully applied for the collateral exemption
for some of its regulatory-consolidated subsidiaries with intragroup derivatives, including, e.g., Deutsche Securities Inc.
and Deutsche Bank Luxembourg S.A. The bank is allowed to use intragroup exemptions from the EMIR collateral
obligation for a number of bilateral intragroup relationships which are published under https://www.db.com/legal-
resources/european-market-infrastructure-regulation/intra-group-exemptions-margining. For some bilateral intragroup
relationships, the EMIR margining exemption may be used based on Article 11 (5) of EMIR, i.e. without the need for any
application, because both entities are established in the same EU Member State. For third country subsidiaries, the
intragroup exemption was originally limited until the earlier of June 30, 2025 and four months after the publication of an
equivalence decision by the EU Commission under Article 13(2) EMIR, unless, in the case of an equivalence decision
being applicable, a follow-up exemption application is made and granted. With the EMIR amendments having entered
into force on December 24, 2024 (Regulation (EU) 2024/2987), a so-called “equivalence decision” is no longer a
requirement for a margin exemption. As a matter of principle, Deutsche Bank is able to continue to use pre-existing
margin exemptions.
Collateral evaluation and management
Article 453 (b) CRR
Deutsche Bank’s processes seek to ensure that the collateral accepted for risk mitigation purposes is of high quality. This
includes processes to generally ensure legally effective and enforceable documentation for realizable and measurable
collateral or assets which are evaluated within the on-boarding process by dedicated internal appraisers or teams with
the respective qualification, skills and experience or adequate external valuers mandated in regulated processes. The
applied valuations follow generally accepted valuation methods or models and include the identification of material
climate physical and transition risks. Ongoing correctness of values is monitored by collateral type specific appropriate
frequent and event-driven reviews considering relevant risk parameters. Revaluations are applied in cases of identified
probable material deteriorations and future monitoring may be adjusted respectively. The assessment of the suitability of
collateral for a specific transaction is part of the credit decision and must be undertaken in a conservative way. Deutsche
Bank strives to avoid “wrong-way” risk characteristics where the counterparty’s risk is positively correlated with the risk of
deterioration in the collateral value. If collateral with material correlation risk is accepted anyhow, a potential impact on
its value is considered conservatively in the valuation. For unfunded credit protection like guarantees, the process for the
analysis of the guarantor’s creditworthiness is aligned to the credit assessment process for credit-relevant
counterparties.
For funded collateral, the value depends on the type and quality of the respective collateral as well as its suitability for
third-party use, its lifespan and other value-influencing factors. Haircuts reflecting risks of liquidation in a default
scenario are implicitly considered in the LGD estimation. Collateral can either move in value over time (dynamic value) or
not (static value). Deutsche Bank uses value deductions to reflect i.a.:
–price fluctuations
–insufficient third-party usability
–limitations on liquidation / realization
–currency mismatch between the secured exposure and the collateral
–maturity mismatch
–environmental risks
–asset specific aspects (age-related discounts, encumbrances and restrictions)
–correlation between the performance of the borrower and the value of the collateral, e.g., in the case of the pledge of
a borrower’s own shares or securities (in this case generally full correlation leads to a 100% value deduction)
–
These value deductions are either applied within the scope of the assessment and hence directly considered in the
market value or deducted afterwards.
Main types of collateral
Article 453 (c) CRR
Deutsche Bank regularly agrees on collateral to be received from customers that are subject to credit risk or to be
provided by third parties agreed by legally effective and enforceable contracts, documented by a written and reasoned
legal opinion. Collateral is credit protection in the form of (funded) assigned or pledged assets or (unfunded) third-party
obligations that serves to mitigate the inherent risk of credit loss in an exposure, by either improving recoveries in the
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event of a default or substituting the counterparty default risk. Deutsche Bank generally takes all types of valuable and
eligible collateral for its respective businesses but may limit accepted collateral types for specific businesses or regions
as customary in the respective market or driven by purpose of efficiency. While collateral can be an alternative source of
repayment, it does not replace the necessity of high-quality underwriting standards and a thorough assessment of the
debt service ability of the counterparty in line with Article 194 (9) CRR.
Deutsche Bank distinguishes the following two types of credit protection approaches:
–Funded credit protection in forms of financial and other collateral, which enables Deutsche Bank to recover all or part
of the outstanding exposure by liquidating the collateral asset provided, in cases where the counterparty is unable or
unwilling to fulfill its primary obligations. Cash collateral, securities (equity, bonds), collateral pledges or assignments
of other claims or inventory, movable assets (i.e., plant, machinery, ships and aircraft) and real estate typically fall into
this category; all financial collateral is regularly, mostly daily, revalued and measured against the respective credit
exposure; the value of other collateral, including real estate, is monitored based upon established processes that
include regular reviews or revaluations by internal and/or external experts with appropriate qualification, skills and
experience
–Unfunded credit protection in forms of guarantees, which complements the counterparty’s ability to fulfill its
obligation under the legal contract and as such is provided by uncorrelated third parties. Letters of credit, credit
insurance, export credit insurance, guarantees, credit derivatives and (unfunded) risk participations typically fall into
this category. Guarantees and strong letters of comfort provided by correlated group members of customers
(generally the parent company) are also accepted and considered in approved rating approaches; guarantee collateral
with a non-investment grade rating of the guarantor is limited
Main types of guarantor and credit derivative counterparties
Article 453 (d) CRR
Deutsche Bank accepts different types of unfunded credit protection, which complements the counterparty’s ability to
fulfill its obligation under the legal contract and as such is provided by uncorrelated third parties with checked
creditworthiness. The process for the analysis of the guarantor’s creditworthiness is aligned to the credit assessment
process for counterparties. Letters of credit, credit insurance, export credit insurance, guarantees, credit derivatives and
risk participations typically fall into this category. Main guarantor types are banks, export credit agencies and other
public-sector undertakings and insurance companies whose obligations are recognized via several methodologies, e.g.
substitution of risk parameters approach or modelling approach. Also, corporate clients play an important role in
providing declarations of liability. Guarantees and strong letters of comfort provided by correlated group members of
customers (generally the parent company) are accepted and considered in approved rating approaches. Guarantee
collateral with a non-investment grade rating of the guarantor is limited.
Risk concentrations within credit risk mitigation
Article 453 (e) CRR
Concentrations within credit risk mitigations taken may occur if a number of guarantors and credit derivative providers
with similar economic characteristics are engaged in comparable activities with changes in economic or industry
conditions affecting their ability to meet contractual obligations. Concentration risk may also occur in collateral
portfolios (e.g. multiple claims and receivables against third parties) which are considered conservatively within the
valuation process and/or on-site inspections where applicable. Deutsche Bank uses a range of tools and metrics to
monitor concentrations in its credit risk mitigating activities and initiate respective actions if deemed necessary.
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General quantitative information on credit risk mitigation
Overview of credit risk mitigation techniques
Article 453 (f) CRR
The table EU CR3 below shows a breakdown of unsecured and secured credit risk exposures and credit risk exposures
secured by various credit risk mitigants for all loans and debt securities including the carrying amounts of the total
population which are in default. Exposures unsecured (column a) represent the carrying amount of credit risk exposures
(net of credit risk adjustments) that do not benefit from a credit risk mitigation technique, regardless of whether this
technique is recognized in the CRR. Exposures secured (column b) represent the carrying amount of exposures that have
at least one credit risk mitigation mechanism (collateral, financial guarantees, credit derivatives) associated with them.
Exposure secured by various credit risk mitigants (column c-e) are the carrying amount of exposures (net of credit risk
adjustments) partly or totally secured by collateral, financial guarantees and credit derivatives, whereby only the secured
portion of the overall exposure is presented. The allocation of the carrying amount of multi-secured exposures to their
different credit risk mitigation mechanisms is made by order of priority, starting with the credit risk mitigation mechanism
expected to be called first in the event of a loss, and within the limits of the carrying amount primarily observed of the
secured exposures. Moreover, no overcollateralization is considered.
EU CR3 – Credit Risk Mitigation techniques – Overview
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | ||
| Secured carrying amount | ||||||
| Of which secured by financial<br><br>guarantees | ||||||
| in € m. | Unsecured<br><br>carrying amount | Secured<br><br>carrying<br><br>amount, Total | Of which<br><br>secured by<br><br>collateral | Of which<br><br>secured by<br><br>financial<br><br>guarantees,<br><br>Total | Of which<br><br>secured by<br><br>credit<br><br>derivatives | |
| 1 | Loans and advances | 462,274 | 458,043 | 406,901 | 51,141 | 0 |
| 2 | Debt securities | 79,533 | 2,414 | 2,357 | 57 | — |
| 3 | Total | 541,807 | 460,457 | 409,259 | 51,198 | 0 |
| 4 | of which: non-performing exposures | 3,213 | 7,877 | 6,762 | 1,115 | 0 |
| EU-5 | of which: defaulted | 3,189 | 7,859 | — | — | — |
| Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| Secured carrying amount | ||||||
| Of which secured by financial<br><br>guarantees | ||||||
| in € m. | Unsecured<br><br>carrying amount | Secured<br><br>carrying<br><br>amount, Total | Of which<br><br>secured by<br><br>collateral | Of which<br><br>secured by<br><br>financial<br><br>guarantees,<br><br>Total | Of which<br><br>secured by<br><br>credit<br><br>derivatives | |
| 1 | Loans and advances | 422,936 | 446,337 | 398,708 | 47,629 | 0 |
| 2 | Debt securities | 73,791 | 2,771 | 2,579 | 193 | — |
| 3 | Total | 496,727 | 449,108 | 401,287 | 47,821 | 0 |
| 4 | of which: non-performing exposures | 3,284 | 7,349 | 6,188 | 1,161 | 0 |
| EU-5 | of which: defaulted | 3,270 | 7,274 | — | — | — |
Secured and unsecured total exposures increased to € 1,002 billion in December 2025 compared to € 946 billion in June
2025, driven by increase in unsecured exposure by € 45.1 billion and secured exposure by € 11.3 billion.
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Credit risk and credit risk mitigation in the
standardized approach
Qualitative information on the use of the standardized
approach
Deutsche Bank applies the standardized approach to a subset of the credit risk exposures. The standardized approach
measures credit risk either pursuant to fixed risk weights, which are regulatory predefined or determined through the
application of external ratings.
Certain credit exposures are permanently assigned to the standardized approach. Exposures to central governments or
central banks make up the majority of the exposures carried in the standardized approach and receive predominantly a
risk weight of zero percent. Exposures to central governments or central banks that were treated under IRBA previously
have been moved to standardized approach under article 494d CRR in 2025.
For internal purposes, however, these exposures are subject to an internal credit assessment and fully integrated in the
risk management and economic capital processes.
External ratings in the standardized approach and usage of issue rating
Article 444 (a-d) CRR and EU CRD
In order to calculate the regulatory capital requirements under the standardized approach, Deutsche Bank uses eligible
external ratings from Standard & Poor’s, Moody’s, Fitch Ratings and in some cases from DBRS. Ratings are applied to all
relevant exposure classes in the standardized approach. If more than one rating is available for a specific counterparty,
the selection criteria as set out in Article 138 CRR are applied in order to determine the relevant risk weight for the
capital calculation.
Given the low volume of exposures covered under the standardized approach and the high percentage of (externally
rated) central government exposures therein, Deutsche Bank principally does not consider impacts from inferring issue
ratings from issuer ratings.
This information does not need to be disclosed separately as Deutsche Bank complies with the standard association
published by EBA.
Quantitative information on the use of the standardized
approach
Standardized approach exposure by risk weight before and after credit mitigation
Article 444 (e) CRR and Article 453 (g-i) CRR
The table below shows the credit risk exposure before and post credit conversion factors and credit risk mitigation
obtained in the form of eligible financial collateral, guarantees and credit derivatives based on the exposure-at-default
(EAD) in the standardized approach as well as related RWA and average risk weights broken down by regulatory exposure
classes and a split into on- and off-balance sheet exposures.
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EU CR4 – Standardized approach – credit risk exposure and credit risk mitigation (CRM) effects
| Dec 31, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | ||
| in € m.<br><br>(unless stated otherwise) | Exposures before CCF and<br><br>CRM | Exposures post-CCF and<br><br>CRM | RWEAs and RWEA density | ||||
| Exposure classes | On-balance<br><br>sheet<br><br>amount | Off-balance<br><br>sheet<br><br>amount | On-balance<br><br>sheet<br><br>amount | Off-balance<br><br>sheet<br><br>amount | RWEAs | RWEAs<br><br>density<br><br>[in %] | |
| 1 | Central governments or central banks | 236,429 | 4,592 | 242,442 | 3,031 | 15,007 | 6.11% |
| 2 | Non-central government public sector entities | 5,667 | 5,378 | 6,964 | 4,094 | 114 | 1.03% |
| EU 2a | Regional government or local authorities | 1,778 | 5,325 | 2,583 | 4,078 | 111 | 1.67% |
| EU 2b | Public sector entities | 3,889 | 52 | 4,381 | 16 | 3 | 0.06% |
| 3 | Multilateral development banks | 4,330 | 0 | 5,598 | 306 | 0 | 0.00% |
| EU 3a | International organizations | 6,711 | 0 | 6,711 | 0 | 0 | 0.00% |
| 4 | Institutions | 324 | 82 | 485 | 100 | 517 | 88.31% |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 6 | Corporates | 13,238 | 5,386 | 14,178 | 1,894 | 13,267 | 82.55% |
| 6.1 | Of which: Specialized Lending | 38 | 112 | 37 | 45 | 83 | 101.90% |
| 7 | Subordinated debt exposures and equity | 2,539 | 476 | 2,539 | 476 | 6,590 | 218.57% |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0.00% |
| EU 7b | Equity | 2,539 | 476 | 2,539 | 476 | 6,590 | 218.57% |
| 8 | Retail | 1,799 | 1,430 | 1,692 | 166 | 1,348 | 72.54% |
| 9 | Secured by mortgages on immovable property and<br><br>ADC exposures | 5,056 | 214 | 4,765 | 45 | 1,916 | 39.82% |
| 9.1 | Secured by mortgages on residential immovable<br><br>property - non IPRE | 4,205 | 176 | 3,918 | 41 | 1,375 | 34.73% |
| 9.2 | Secured by mortgages on residential immovable<br><br>property - IPRE | 35 | 0 | 33 | 0 | 9 | 25.97% |
| 9.3 | Secured by mortgages on commercial immovable<br><br>property - non IPRE | 795 | 38 | 794 | 3 | 516 | 64.71% |
| 9.4 | Secured by mortgages on commercial immovable<br><br>property - IPRE | 21 | 0 | 20 | 0 | 16 | 77.93% |
| 9.5 | Acquisition, Development and Construction (ADC) | 0 | 0 | 0 | 0 | 0 | 150.00% |
| 10 | Exposures in default | 1,206 | 233 | 838 | 4 | 1,011 | 120.11% |
| EU 10a | Claims on institutions and corporates with a short-<br><br>term credit assessment | 0 | 0 | 0 | 0 | 0 | 0.00% |
| EU 10b | Collective investments undertakings (CIU) | 628 | 18,822 | 628 | 4,407 | 7,286 | 144.71% |
| EU 10c | Other items | 10,294 | 69 | 10,294 | 69 | 8,708 | 84.03% |
| 12 | Total | 288,222 | 36,681 | 297,136 | 14,593 | 55,764 | 17.89% |
95
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | ||||||
| Jun 30, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | ||
| in € m.<br><br>(unless stated otherwise) | Exposures before CCF and<br><br>CRM | Exposures post-CCF and<br><br>CRM | RWEAs and RWEA density | ||||
| Exposure classes | On-balance<br><br>sheet<br><br>amount | Off-balance<br><br>sheet<br><br>amount | On-balance<br><br>sheet<br><br>amount | Off-balance<br><br>sheet<br><br>amount | RWEAs | RWA<br><br>density<br><br>[in %] | |
| 1 | Central governments or central banks | 85,843 | 303 | 91,892 | 1,064 | 85 | 0.09% |
| 2 | Non-central government public sector entities | 5,053 | 5,333 | 5,892 | 4,043 | 24 | 0.24% |
| EU 2a | Regional government or local authorities | 1,115 | 5,283 | 1,313 | 4,036 | 6 | 0.11% |
| EU 2b | Public sector entities | 3,938 | 50 | 4,579 | 7 | 18 | 0.40% |
| 3 | Multilateral development banks | 2,023 | 0 | 2,031 | 2 | 0 | 0.00% |
| EU 3a | International organizations | 5,526 | 0 | 5,526 | 0 | 0 | 0.00% |
| 4 | Institutions | 235 | 64 | 1,049 | 21 | 305 | 28.50% |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0.00% |
| 6 | Corporates | 13,309 | 4,457 | 10,465 | 1,518 | 11,113 | 92.74% |
| 6.1 | Of which: Specialized Lending | 17 | 51 | 11 | 15 | 29 | 111.74% |
| 7 | Subordinated debt exposures and equity | 2,675 | 473 | 2,675 | 473 | 6,646 | 211.06% |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0.00% |
| EU 7b | Equity | 2,675 | 473 | 2,675 | 473 | 6,646 | 211.06% |
| 8 | Retail | 1,368 | 1,397 | 1,246 | 155 | 1,026 | 73.24% |
| 9 | Secured by mortgages on immovable property and<br><br>ADC exposures | 5,068 | 192 | 4,867 | 31 | 2,037 | 41.58% |
| 9.1 | Secured by mortgages on residential immovable<br><br>property - non IPRE | 3,994 | 149 | 3,795 | 27 | 1,320 | 34.55% |
| 9.2 | Secured by mortgages on residential immovable<br><br>property - IPRE | 31 | 0 | 31 | 0 | 9 | 30.22% |
| 9.3 | Secured by mortgages on commercial immovable<br><br>property - non IPRE | 1,012 | 41 | 1,011 | 3 | 680 | 67.00% |
| 9.4 | Secured by mortgages on commercial immovable<br><br>property - IPRE | 31 | 2 | 31 | 1 | 27 | 87.31% |
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 150.00% |
| 10 | Exposures in default | 1,200 | 17 | 1,157 | 6 | 1,470 | 126.38% |
| EU 10a | Claims on institutions and corporates with a short-<br><br>term credit assessment | 0 | 0 | 0 | 0 | 0 | 0.00% |
| EU 10b | Collective investments undertakings (CIU) | 927 | 16,639 | 927 | 3,716 | 5,715 | 123.08% |
| EU 10c | Other items | 10,350 | 69 | 10,350 | 69 | 8,765 | 84.13% |
| 12 | Total | 133,577 | 28,944 | 138,078 | 11,097 | 37,186 | 24.93% |
RWA for credit risk (excluding CCR) in the standardized approach were € 55.8 billion as of December 31, 2025, compared
to € 37.2 billion as of June 30, 2025. The increase of € 18.6 billion was mainly driven by a simplification of the internal
rating-based approach resulting in the calculation of exposures to "Central governments and central banks" using the
standardized approach. Additionally, the increase in exposure class "corporates" is mainly driven by higher exposures and
the increase in exposure class "Collective investments undertakings (CIU)” is due to increased exposures along with
higher risk weights. These increases were partly offset by reduced exposures in exposure class “Exposures in default”.
In the following tables the EAD per regulatory exposure class are assigned to their standardized risk weights. Deducted
or unrated items are split out separately. The exposures are shown after the shift to the exposure class of the protection
seller, if applicable.
96
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR5 – Standardized approach
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Risk Weight | |||||||
| a | b | c | d | e | f | g | ||
| Exposure classes | 0% | 2% | 4% | 10% | 20% | 30% | 35% | |
| 1 | Central governments or central banks | 233,303 | 0 | 0 | 0 | 2,235 | 0 | 0 |
| 2 | Non-central government public sector entities | 10,488 | 0 | 0 | 0 | 570 | 0 | 0 |
| EU 2a | Regional governments or local authorities | 6,106 | 0 | 0 | 0 | 556 | 0 | 0 |
| EU 2b | Public sector entities | 4,382 | 0 | 0 | 0 | 14 | 0 | 0 |
| 3 | Multilateral development banks | 5,904 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 3a | International organizations | 6,711 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Institutions | 0 | 0 | 0 | 0 | 82 | 210 | 0 |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Corporates | 0 | 0 | 170 | 0 | 2,956 | 0 | 0 |
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 | Subordinated debt exposures and equity | 107 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7b | Equity | 107 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 0 | 184 |
| 9 | Secured by mortgages on immovable property<br><br>and ADC exposures | 3 | 0 | 0 | 0 | 3,074 | 3 | 3 |
| 9.1 | Secured by mortgages on residential<br><br>immovable property - non IPRE | 3 | 0 | 0 | 0 | 3,048 | 3 | 0 |
| 9.1.1 | no loan splitting applied | 2 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 3,048 | 3 | 0 |
| 9.1.3 | loan splitting applied (unsecured) | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.2 | Secured by mortgages on residential<br><br>immovable property - IPRE | 0 | 0 | 0 | 0 | 26 | 0 | 3 |
| 9.3 | Secured by mortgages on commercial<br><br>immovable property - non IPRE | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.4 | Secured by mortgages on commercial<br><br>immovable property - IPRE | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10a | Claims on institutions and corporates with a<br><br>short-term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10b | Collective investment undertakings (CIU) | 1,286 | 0 | 0 | 0 | 324 | 0 | 0 |
| EU 10c | Other items | 1,635 | 0 | 0 | 0 | 25 | 0 | 0 |
| EU 11c | Total | 259,438 | 0 | 170 | 0 | 9,267 | 213 | 187 |
97
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||||
| Dec 31, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | |||||||
| h | i | j | k | l | m | n | ||
| Exposure classes | 40% | 45% | 50% | 60% | 70% | 75% | 80% | |
| 1 | Central governments or central banks | 0 | 0 | 2,557 | 0 | 0 | 0 | 0 |
| 2 | Non-central government public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 2a | Regional governments or local authorities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 2b | Public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Multilateral development banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Institutions | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Corporates | 0 | 0 | 567 | 0 | 0 | 3 | 0 |
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 | Subordinated debt exposures and equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7b | Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 1,421 | 0 |
| 9 | Secured by mortgages on immovable property<br><br>and ADC exposures | 0 | 2 | 0 | 690 | 2 | 560 | 0 |
| 9.1 | Secured by mortgages on residential<br><br>immovable property - non IPRE | 0 | 0 | 0 | 0 | 0 | 558 | 0 |
| 9.1.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 27 | 0 |
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.1.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 532 | 0 |
| 9.2 | Secured by mortgages on residential<br><br>immovable property - IPRE | 0 | 2 | 0 | 0 | 0 | 1 | 0 |
| 9.3 | Secured by mortgages on commercial<br><br>immovable property - non IPRE | 0 | 0 | 0 | 687 | 0 | 1 | 0 |
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 687 | 0 | 0 | 0 |
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| 9.4 | Secured by mortgages on commercial<br><br>immovable property - IPRE | 0 | 0 | 0 | 3 | 2 | 0 | 0 |
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10a | Claims on institutions and corporates with a<br><br>short-term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10b | Collective investment undertakings (CIU) | 0 | 0 | 49 | 0 | 0 | 0 | 0 |
| EU 10c | Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 11c | Total | 0 | 2 | 3,175 | 690 | 2 | 1,985 | 0 |
98
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | Risk Weight | ||||||||||
| o | p | q | r | s | t | u | |||||
| Exposure classes | 90% | 100% | 105% | 110% | 130% | 150% | 250% | ||||
| 1 | Central governments or central banks | 0 | 1,776 | 0 | 0 | 0 | 217 | 0 | |||
| 2 | Non-central government public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2a | Regional governments or local authorities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2b | Public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 3 | Multilateral development banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 4 | Institutions | 0 | 0 | 0 | 0 | 0 | 291 | 0 | |||
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 6 | Corporates | 0 | 12,257 | 0 | 0 | 15 | 97 | 0 | |||
| 6.1 | Of which: Specialized Lending | 0 | 67 | 0 | 0 | 15 | 0 | 0 | |||
| 7 | Subordinated debt exposures and equity | 0 | 136 | 0 | 0 | 0 | 0 | 1,917 | |||
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 7b | Equity | 0 | 136 | 0 | 0 | 0 | 0 | 1,917 | |||
| 8 | Retail | 0 | 226 | 0 | 0 | 0 | 27 | 0 | |||
| 9 | Secured by mortgages on immovable property<br><br>and ADC exposures | 13 | 457 | 0 | 0 | 0 | 3 | 0 | |||
| 9.1 | Secured by mortgages on residential<br><br>immovable property - non IPRE | 0 | 348 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.1 | no loan splitting applied | 0 | 182 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.3 | loan splitting applied (unsecured) | 0 | 166 | 0 | 0 | 0 | 0 | 0 | |||
| 9.2 | Secured by mortgages on residential<br><br>immovable property - IPRE | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |||
| 9.3 | Secured by mortgages on commercial<br><br>immovable property - non IPRE | 0 | 109 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.1 | no loan splitting applied | 0 | 51 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.3 | loan splitting applied (unsecured) | 0 | 58 | 0 | 0 | 0 | 0 | 0 | |||
| 9.4 | Secured by mortgages on commercial<br><br>immovable property - IPRE | 13 | 0 | 0 | 0 | 0 | 1 | 0 | |||
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 10 | Exposures in default | 0 | 503 | 0 | 0 | 0 | 339 | 0 | |||
| EU 10a | Claims on institutions and corporates with a<br><br>short-term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 10b | Collective investment undertakings (CIU) | 0 | 711 | 0 | 0 | 0 | 84 | 2,480 | |||
| EU 10c | Other items | 0 | 8,703 | 0 | 0 | 0 | 0 | 0 | |||
| EU 11c | Total | 13 | 24,768 | 0 | 0 | 15 | 1,057 | 4,398 |
99
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | ||||||
| Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | ||||||
| v | w | x | y | z | aa | ||
| Exposure classes | 370% | 400% | 1250% | Others | Total | Of which:<br><br>unrated | |
| 1 | Central governments or central banks | 0 | 0 | 0 | 5,385 | 245,474 | 119,202 |
| 2 | Non-central government public sector entities | 0 | 0 | 0 | 0 | 11,058 | 4,614 |
| EU 2a | Regional governments or local authorities | 0 | 0 | 0 | 0 | 6,661 | 3,992 |
| EU 2b | Public sector entities | 0 | 0 | 0 | 0 | 4,397 | 622 |
| 3 | Multilateral development banks | 0 | 0 | 0 | 0 | 5,904 | 1,574 |
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 6,711 | 0 |
| 4 | Institutions | 0 | 0 | 0 | 0 | 585 | 585 |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Corporates | 0 | 0 | 8 | 0 | 16,072 | 15,845 |
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 82 | 82 |
| 7 | Subordinated debt exposures and equity | 0 | 17 | 0 | 838 | 3,015 | 2,584 |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7b | Equity | 0 | 17 | 0 | 838 | 3,015 | 2,584 |
| 8 | Retail | 0 | 0 | 0 | 1 | 1,859 | 1,859 |
| 9 | Secured by mortgages on immovable property and ADC<br><br>exposures | 0 | 0 | 0 | 0 | 4,810 | 4,810 |
| 9.1 | Secured by mortgages on residential immovable property -<br><br>non IPRE | 0 | 0 | 0 | 0 | 3,959 | 3,959 |
| 9.1.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 210 | 210 |
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 3,051 | 3,051 |
| 9.1.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 699 | 699 |
| 9.2 | Secured by mortgages on residential immovable property -<br><br>IPRE | 0 | 0 | 0 | 0 | 33 | 33 |
| 9.3 | Secured by mortgages on commercial immovable property -<br><br>non IPRE | 0 | 0 | 0 | 0 | 797 | 797 |
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 51 | 51 |
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 687 | 687 |
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 59 | 59 |
| 9.4 | Secured by mortgages on commercial immovable property -<br><br>IPRE | 0 | 0 | 0 | 0 | 20 | 20 |
| 9.5 | Acquisition, Development and Construction (ADC) | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 842 | 420 |
| EU 10a | Claims on institutions and corporates with a short-term credit<br><br>assessment | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10b | Collective investment undertakings (CIU) | 0 | 4 | 6 | 91 | 5,035 | 1,668 |
| EU 10c | Other items | 0 | 0 | 0 | 0 | 10,363 | 10,338 |
| EU 11c | Total | 0 | 21 | 14 | 6,315 | 311,728 | 163,500 |
100
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||||
| Jun 30, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | |||||||
| a | b | c | d | e | f | g | ||
| Exposure classes | 0% | 2% | 4% | 10% | 20% | 30% | 35% | |
| 1 | Central governments or central banks | 92,859 | 0 | 0 | 0 | 15 | 0 | 0 |
| 2 | Non-central government public sector entities | 9,826 | 0 | 0 | 0 | 107 | 0 | 0 |
| EU 2a | Regional governments or local authorities | 5,322 | 0 | 0 | 0 | 26 | 0 | 0 |
| EU 2b | Public sector entities | 4,504 | 0 | 0 | 0 | 81 | 0 | 0 |
| 4 | Multilateral development banks | 2,032 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 3a | International organizations | 5,526 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Institutions | 0 | 0 | 0 | 0 | 882 | 126 | 0 |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Corporates | 0 | 0 | 376 | 0 | 368 | 0 | 0 |
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 | Subordinated debt exposures and equity | 83 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7b | Equity | 83 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 0 | 185 |
| 9 | Secured by mortgages on immovable property and<br><br>ADC exposures | 0 | 0 | 0 | 0 | 2,953 | 10 | 13 |
| 9.1 | Secured by mortgages on residential immovable<br><br>property - non IPRE | 0 | 0 | 0 | 0 | 2,951 | 0 | 0 |
| 9.1.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 2,951 | 0 | 0 |
| 9.1.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.2 | Secured by mortgages on residential immovable<br><br>property - IPRE | 0 | 0 | 0 | 0 | 2 | 10 | 13 |
| 9.3 | Secured by mortgages on commercial immovable<br><br>property - non IPRE | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.4 | Secured by mortgages on commercial immovable<br><br>property - IPRE | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10a | Claims on institutions and corporates with a short-<br><br>term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10b | Collective investment undertakings (CIU) | 1,412 | 0 | 0 | 0 | 412 | 0 | 0 |
| EU 10c | Other items | 1,630 | 0 | 0 | 0 | 29 | 0 | 0 |
| EU 11c | Total | 113,369 | 0 | 376 | 0 | 4,765 | 135 | 197 |
101
| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | Risk Weight | ||||||||||
| h | i | j | k | l | m | n | |||||
| Exposure classes | 40% | 45% | 50% | 60% | 70% | 75% | 80% | ||||
| 1 | Central governments or central banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 2 | Non-central government public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2a | Regional governments or local authorities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2b | Public sector entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 4 | Multilateral development banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 4 | Institutions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 6 | Corporates | 0 | 0 | 74 | 0 | 0 | 28 | 0 | |||
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 7 | Subordinated debt exposures and equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 7b | Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 964 | 0 | |||
| 9 | Secured by mortgages on immovable property and<br><br>ADC exposures | 0 | 6 | 0 | 810 | 4 | 546 | 0 | |||
| 9.1 | Secured by mortgages on residential immovable<br><br>property - non IPRE | 0 | 0 | 0 | 0 | 0 | 544 | 0 | |||
| 9.1.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 19 | 0 | |||
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 526 | 0 | |||
| 9.2 | Secured by mortgages on residential immovable<br><br>property - IPRE | 0 | 6 | 0 | 0 | 0 | 1 | 0 | |||
| 9.3 | Secured by mortgages on commercial immovable<br><br>property - non IPRE | 0 | 0 | 0 | 810 | 0 | 1 | 0 | |||
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 810 | 0 | 0 | 0 | |||
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 0 | 1 | 0 | |||
| 9.4 | Secured by mortgages on commercial immovable<br><br>property - IPRE | 0 | 0 | 0 | 0 | 4 | 0 | 0 | |||
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 10a | Claims on institutions and corporates with a short-<br><br>term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 10b | Collective investment undertakings (CIU) | 0 | 0 | 28 | 0 | 0 | 0 | 0 | |||
| EU 10c | Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 11c | Total | 0 | 6 | 103 | 810 | 4 | 1,539 | 0 |
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| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | Risk Weight | ||||||||||
| o | p | q | r | s | t | u | |||||
| Exposure classes | 90% | 100% | 105% | 110% | 130% | 150% | 250% | ||||
| 1 | Central governments or central banks | 0 | 82 | 0 | 0 | 0 | 0 | 0 | |||
| 2 | Non-central government public sector entities | 0 | 2 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2a | Regional governments or local authorities | 0 | 1 | 0 | 0 | 0 | 0 | 0 | |||
| EU 2b | Public sector entities | 0 | 1 | 0 | 0 | 0 | 0 | 0 | |||
| 4 | Multilateral development banks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 4 | Institutions | 0 | 4 | 0 | 0 | 0 | 58 | 0 | |||
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 6 | Corporates | 0 | 10,964 | 0 | 0 | 26 | 18 | 0 | |||
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 26 | 0 | 0 | |||
| 7 | Subordinated debt exposures and equity | 0 | 201 | 0 | 0 | 0 | 0 | 1,658 | |||
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 7b | Equity | 0 | 201 | 0 | 0 | 0 | 0 | 1,658 | |||
| 8 | Retail | 0 | 225 | 0 | 0 | 0 | 27 | 0 | |||
| 9 | Secured by mortgages on immovable property and<br><br>ADC exposures | 1 | 526 | 0 | 22 | 0 | 4 | 0 | |||
| 9.1 | Secured by mortgages on residential immovable<br><br>property - non IPRE | 0 | 323 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.1 | no loan splitting applied | 0 | 168 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.1.3 | loan splitting applied (unsecured) | 0 | 155 | 0 | 0 | 0 | 0 | 0 | |||
| 9.2 | Secured by mortgages on residential immovable<br><br>property - IPRE | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3 | Secured by mortgages on commercial immovable<br><br>property - non IPRE | 0 | 203 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.1 | no loan splitting applied | 0 | 84 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 9.3.3 | loan splitting applied (unsecured) | 0 | 119 | 0 | 0 | 0 | 0 | 0 | |||
| 9.4 | Secured by mortgages on commercial immovable<br><br>property - IPRE | 1 | 0 | 0 | 22 | 0 | 4 | 0 | |||
| 9.5 | Acquisition, Development and Construction<br><br>(ADC) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| 10 | Exposures in default | 0 | 549 | 0 | 0 | 0 | 614 | 0 | |||
| EU 10a | Claims on institutions and corporates with a short-<br><br>term credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| EU 10b | Collective investment undertakings (CIU) | 0 | 532 | 0 | 0 | 0 | 24 | 0 | |||
| EU 10c | Other items | 0 | 8,759 | 0 | 0 | 0 | 0 | 0 | |||
| EU 11c | Total | 1 | 21,844 | 0 | 22 | 26 | 746 | 1,658 |
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| Deutsche Bank | Credit risk and credit risk mitigation in the standardized approach | ||||||
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| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | ||||||
| Jun 30, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | ||||||
| v | w | x | y | z | aa | ||
| Exposure classes | 370% | 400% | 1250% | Others | Total | Of which:<br><br>unrated | |
| 1 | Central governments or central banks | 0 | 0 | 0 | 0 | 92,956 | 60,836 |
| 2 | Non-central government public sector entities | 0 | 0 | 0 | 0 | 9,935 | 3,892 |
| EU 2a | Regional governments or local authorities | 0 | 0 | 0 | 0 | 5,349 | 3,154 |
| EU 2b | Public sector entities | 0 | 0 | 0 | 0 | 4,586 | 737 |
| 4 | Multilateral development banks | 0 | 0 | 0 | 0 | 2,032 | 13 |
| EU 3a | International organizations | 0 | 0 | 0 | 0 | 5,526 | 5 |
| 4 | Institutions | 0 | 0 | 0 | 0 | 1,070 | 1,065 |
| 5 | Covered bonds | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Corporates | 0 | 0 | 0 | 128 | 11,983 | 11,517 |
| 6.1 | Of which: Specialized Lending | 0 | 0 | 0 | 0 | 26 | 26 |
| 7 | Subordinated debt exposures and equity | 0 | 3 | 0 | 1,199 | 3,145 | 2,705 |
| EU 7a | Subordinated debt exposures | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 7b | Equity | 0 | 3 | 0 | 1,199 | 3,145 | 2,705 |
| 8 | Retail | 0 | 0 | 0 | 1 | 1,401 | 1,401 |
| 9 | Secured by mortgages on immovable property and ADC<br><br>exposures | 0 | 0 | 0 | 3 | 4,898 | 4,898 |
| 9.1 | Secured by mortgages on residential immovable property -<br><br>non IPRE | 0 | 0 | 0 | 3 | 3,821 | 3,821 |
| 9.1.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 187 | 187 |
| 9.1.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 2,951 | 2,951 |
| 9.1.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 3 | 683 | 683 |
| 9.2 | Secured by mortgages on residential immovable property -<br><br>IPRE | 0 | 0 | 0 | 0 | 31 | 31 |
| 9.3 | Secured by mortgages on commercial immovable property -<br><br>non IPRE | 0 | 0 | 0 | 0 | 1,014 | 1,014 |
| 9.3.1 | no loan splitting applied | 0 | 0 | 0 | 0 | 84 | 84 |
| 9.3.2 | loan splitting applied (secured) | 0 | 0 | 0 | 0 | 810 | 810 |
| 9.3.3 | loan splitting applied (unsecured) | 0 | 0 | 0 | 0 | 120 | 120 |
| 9.4 | Secured by mortgages on commercial immovable property -<br><br>IPRE | 0 | 0 | 0 | 0 | 31 | 31 |
| 9.5 | Acquisition, Development and Construction (ADC) | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Exposures in default | 0 | 0 | 0 | 0 | 1,163 | 1,090 |
| EU 10a | Claims on institutions and corporates with a short-term credit<br><br>assessment | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 10b | Collective investment undertakings (CIU) | 0 | 0 | 0 | 2,234 | 4,643 | 1,690 |
| EU 10c | Other items | 0 | 0 | 0 | 0 | 10,419 | 10,390 |
| EU 11c | Total | 0 | 3 | 0 | 3,566 | 149,171 | 99,502 |
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Credit risk exposure and credit risk mitigation in the
internal-rating-based approach
Qualitative information on the use of the IRB approach
Approval status for IRB approaches
Article 452 (a) CRR
For the majority of the Group’s credit portfolios, the bank applies the advanced IRBA to calculate the regulatory capital
requirements according to the CRR/CRD 4 framework, based on respective approvals received from BaFin and ECB.
Overall, IRB approved models cover all of the bank’s material exposures in the IRB eligible exposure classes “Institutions”,
“Corporates”, and “Retail”. For the exposure class “Central governments and central banks”, the Group reverted to
standardized approach in 2025.
The Group’s exposures reported under foundation IRB include exposure classes where foundation IRB is mandatory since
introduction of CRR3 and parts of former Postbank’s corporate portfolios, which partially receive regulatory risk weights
using the so-called ‘supervisory slotting criteria’ approach. Further details of the Foundation Approach are provided in
the section “Foundation Internal Ratings Based Approach”.
At Group level, the bank assigns some portfolios to the standardized approach. Details of the standardized approach and
the standardized approach exposures are discussed in the section “Credit risk and credit risk mitigation in the
standardized approach” within this report.
The bank is in regular exchange with ECB on model enhancements, changes in the IRB model landscape and other model
related changes that are monitored jointly with ECB based on a model map.
Details on the number of IRB approved models and their performance are shown in the section “Model Validation
Results”.
Scope of the use of IRB and SA approaches
Article 452 (b) CRR (EU CRE)
The table EU CR6-A below shows exposures and percentages covered by the IRB and standardized approaches, also
showing exposures subject to the permanent partial use. It splits the exposures further down into the major regulatory
exposure classes.
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| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
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EU CR6-A - Scope of the use of IRB and SA approaches
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | ||
| in € m. (unless stated otherwise) | Exposure<br><br>value as<br><br>defined in<br><br>Article 166<br><br>CRR for<br><br>exposures<br><br>subject to IRB<br><br>approach | Total<br><br>exposure<br><br>value for<br><br>exposures<br><br>subject to the<br><br>Standardized<br><br>approach and<br><br>to the IRB<br><br>approach | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to the<br><br>permanent<br><br>partial use of<br><br>the SA | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to IRB<br><br>Approach | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to a roll-out<br><br>plan | |
| 1 | Central governments or central banks | 0 | 246,883 | 100.00 | 0.00 | 0.00 |
| 2 | Regional governments or local authorities | 0 | 1,962 | 100.00 | 0.00 | 0.00 |
| 3 | Public sector entities | 496 | 4,403 | 88.23 | 11.77 | 0.00 |
| 4 | Institutions | — | 17,188 | 4.24 | 95.76 | 0.00 |
| 5 | Corporates | 305,075 | 346,185 | 7.80 | 92.20 | 0.00 |
| of which: | ||||||
| 5.1 | General | 0 | 275,112 | 9.81 | 90.19 | 0.00 |
| 5.2 | Specialized lending | — | 51,319 | 0.00 | 100.00 | 0.00 |
| of which: | ||||||
| 5.2.1 | excluding slotting approach | — | 50,999 | 0.00 | 100.00 | 0.00 |
| 5.2.2 | including slotting approach | — | 320 | 0.00 | 100.00 | 0.00 |
| 5.3 | Purchased Receivables | 0 | 19,754 | 0.00 | 100.00 | 0.00 |
| 6 | Retail | 202,000 | 191,856 | 1.02 | 98.98 | 0.00 |
| of which: | ||||||
| 6.1 | Qualifying revolving | — | 3,121 | 0.00 | 100.00 | 0.00 |
| 6.2 | Secured by residential immovable property | — | 140,942 | 0.00 | 100.00 | 0.00 |
| 6.3 | Purchased receivables | 68 | 67 | 0.00 | 100.00 | 0.00 |
| 6.4 | Other retail exposures | 44,022 | 43,045 | 0.00 | 100.00 | 0.00 |
| 7 | Equity | 0 | 1,483 | 100.00 | 0.00 | 0.00 |
| EU 7a | Collective investment undertakings (CIU) | 1,948 | 5,139 | 85.39 | 14.61 | 0.00 |
| 8 | Other non-credit obligation assets | 0 | 730 | 100.00 | 0.00 | 0.00 |
| 9 | Total | 526,927 | 815,828 | 35.43 | 64.57 | 0.00 |
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| in € m. (unless stated otherwise) | Exposure<br><br>value as<br><br>defined in<br><br>Article 166<br><br>CRR for<br><br>exposures<br><br>subject to IRB<br><br>approach | Total<br><br>exposure<br><br>value for<br><br>exposures<br><br>subject to the<br><br>Standardized<br><br>approach and<br><br>to the IRB<br><br>approach | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to the<br><br>permanent<br><br>partial use of<br><br>the SA | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to IRB<br><br>Approach | Percentage<br><br>of total<br><br>exposure<br><br>value subject<br><br>to a roll-out<br><br>plan | |
| 1 | Central governments or central banks | 128,696 | 205,981 | 43.35 | 56.65 | 0.00 |
| of which: | ||||||
| 1.1 | Regional governments or local authorities | — | 1,353 | 100.00 | 0.00 | 0.00 |
| 1.2 | Public sector entities | — | 691 | 100.00 | 0.00 | 0.00 |
| 2 | Institutions | 15,331 | 13,860 | 0.72 | 99.28 | 0.00 |
| 3 | Corporates | 329,598 | 389,488 | 4.37 | 95.63 | 0.00 |
| of which: | ||||||
| 3.1 | Corporates - Specialised lending, excluding slotting approach | — | 52,882 | 0.00 | 100.00 | 0.00 |
| 3.2 | Corporates - Specialised lending under slotting approach | — | 486 | 0.00 | 100.00 | 0.00 |
| 4 | Retail | 212,024 | 203,497 | 2.82 | 97.18 | 0.00 |
| of which: | ||||||
| 4.1 | Retail – Secured by real estate SMEs | — | 983 | 0.00 | 100.00 | 0.00 |
| 4.2 | Retail – Secured by real estate non-SMEs | — | 160,471 | 0.00 | 100.00 | 0.00 |
| 4.3 | Retail – Qualifying revolving | — | 1,989 | 0.00 | 100.00 | 0.00 |
| 4.4 | Retail – Other SMEs | — | 4,395 | 0.00 | 100.00 | 0.00 |
| 4.5 | Retail – Other non-SMEs | — | 29,912 | 0.00 | 100.00 | 0.00 |
| 5 | Equity | 5,069 | 4,041 | 2.55 | 97.45 | 0.00 |
| 6 | Other non-credit obligation assets | 11,056 | 10,340 | 0.11 | 99.89 | 0.00 |
| 7 | Total | 701,774 | 827,207 | 13.57 | 86.43 | 0.00 |
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| Pillar 3 Report as of December 31, 2025 | Qualitative information on the use of the IRB approach |
Relationship between the risk management function and the internal audit
function
Article 452 (c)(i) CRR (EU CRE)
As discussed in the Enterprise and Treasury Risk section “Risk Management structure and organization”, Deutsche Bank’s
risk management framework consists of various components and the organizational structures follow the 3LoD model
with a clear definition of roles and responsibilities for all risk types.
Group Audit is a part of the 3LoD and an instrument of the Management Board and the Global Head of Group Audit
reports administratively to the CEO. Group Audit supports the Management Board in identifying significant known and
emerging weaknesses in the control framework, assessing whether risks, including the potential occurrences of fraud, are
appropriately identified and managed. Group Audit is also responsible for assessing the effectiveness and efficiency of
risk management, internal controls, governance processes and systems in a holistic and forward-looking manner. Group
Audit is not responsible for the design, installation, procedures, or operations of the institution's internal control.
Rating system review
Article 452 (c)(ii) CRR (EU CRE)
The 2nd LoD for model risk is Model Risk Management. The Model Risk Management function comprises the Credit
Validation unit which performs different types of independent validations across the rating system’s lifecycle in
accordance with the standards set in the applicable Model Risk Management Policy.
Procedure of independence between reviewing function and development
function
Article 452 (c)(iii) CRR (EU CRE)
A high level of independence of the Model Risk Management function (including the Credit Validation unit) is ensured
through organizational set-up independent from the Credit Risk Control Unit (comprising credit model owners and
developers). The Head of Model Risk Management reports into the Chief Risk Officer. The independent Credit Validation
unit reports into the Head of Model Risk Management.
Procedure to ensure accountability of development and reviewing function
Article 452 (c)(iv) CRR (EU CRE)
The model development function is accountable for reflecting IRB requirements in the design, development and
documentation of IRB models. Furthermore, it is accountable to provide model users, model owners and control
functions with accurate information on IRB models including relevant assumptions and limitations.
Credit Validation unit as part of Model Risk Management function is accountable for ongoing review of IRB models and
assumptions taken in the development of these models.
Group Audit as 3rd LoD is accountable for providing independent and objective assurance on the adequacy of the
design, operating effectiveness and efficiency of the risk management system and systems of internal control.
Role of the function in the credit risk model process, scope and main content of
credit risk models
Model change process
New model development or changes to existing models are agreed between model developers within Group Strategic
Analytics and users of the models within CRM. Other departments of the bank are involved as required e.g., to support on
the provision of data required for model development or on the implementation of models in production systems.
Changes to existing credit models and introduction of new models are approved by the Regulatory Credit Risk Model
Committee chaired by the Head of CRM before the models are used for credit decisions and capital calculation for the
first time or before they are significantly changed. Separately, an approval by the Head of Model Risk Management is
required. Where appropriate, less significant changes can be approved by a delegate or function under a delegated
authority – mainly to the Regulatory Credit Risk Model Forum. Proposals with high impact are recommended for approval
to the Group Risk Committee. Regulatory notification or approval may also be required.
The model validation is performed independently of model development by Model Risk Management. The results of the
regular validation processes as stipulated by internal policies are brought to the attention of the Regulatory Credit Risk
Model Forum and the Regulatory Credit Risk Model Committee, even if the validation results do not lead to a change.
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Credit Risk Model reporting
Aggregate model risk for credit risk is reported on a quarterly basis by Model Risk Management in a dedicated credit risk
section of the CRO Model Risk Profile report. The main scope of the credit risk section of this report is to inform on model
usages in credit risk contributing to or towards a breach of the Group Risk Appetite metrics for model risk related to
Model Risk Framework requirements like unapproved model use, material validation findings remediation, and gaps in
ongoing performance monitoring.
Significant model risk matters and model risk contribution to Risk Appetite metrics for model risk are outlined by
individual model usage. Reported details cover amongst others, key issue for contribution, status of remedial actions, the
responsible issue owner and duration of issue since identification. The latter builds the basis for the assessment of
application of internal consequences in case remediation exceeds the remediation timeline.
Furthermore, there is also a standing agenda item on Credit Risk Models in the Regulatory Credit Risk Model Committee
that covers model risk focus topics as well as the status and development of Credit Risk Models and remediation of
related validation findings.
Internal rating-based approaches
Article 452 (f) CRR (EU CRE)
Advanced Internal Ratings Based Approach
The advanced IRBA is the most sophisticated approach available under the regulatory framework for credit risk and
allows Deutsche Bank to make use of internal rating methodologies as well as internal estimates of specific other risk
parameters. These methods and parameters represent long-used key components of the internal risk measurement and
management process supporting the credit approval process, the economic capital and expected loss calculation and
the internal monitoring and reporting of credit risk. The relevant parameters include the probability of default, the loss-
given-default and the maturity driving the regulatory risk-weight and the credit conversion factor as part of the
regulatory exposure at default estimation. For most of Deutsche Bank’s internal rating systems more than seven years of
historical information is available to assess these parameters. Deutsche Bank’s internal rating methodologies aim at
point-in-time rather than a through-the-cycle rating.
The probability of default for customers is derived from Deutsche Bank’s internal rating systems. A probability of default
is assigned to each relevant counterparty credit exposure as a function of a transparent and consistent 21-grade master
rating scale for all of Deutsche Bank’s exposure. The probability of default used for RWA calculation is subject to the
regulatory probability of default floors.
A prerequisite for the development of rating methodologies and the determination of risk parameters is a proper
definition, identification and recording of the default event of a customer. A default definition is applied in accordance
with the requirements of Article 178 CRR as confirmed by the BaFin and ECB as part of the IRBA approval process. In
2022, modifications to Deutsche Bank’s definition of default reflecting EBA/RTS/2016/06 and EBA/GL/2016/07 were
implemented after ECB approval.
The borrower ratings are derived on the grounds of internally developed rating models which specify consistent and
distinct customer-relevant criteria and assign a rating grade based on a specific set of criteria as given for a certain
customer. The set of criteria is generated from information sets relevant for the respective customer segments like
general customer behavior, financial and external data. The methods in use range from statistical scoring models to
expert-based models taking into account the relevant available quantitative and qualitative information. For the majority
of exposures the statistical scoring or hybrid models combining both approaches are commonly used. Expert-based
rating models, calibrated to internal default rates are partially applied for counterparts in the exposure classes
“Institutions” and “Corporates”. Quantitative rating methodologies are developed based on applicable statistical
modeling techniques, such as logistic regression. In line with Article 174 CRR, these models are complemented by
human judgment and oversight to review model-based assignments and are intended to ensure that the models are used
appropriately. When Deutsche Bank assigns internal risk ratings, it allows the comparison with external risk ratings
assigned to Deutsche Bank’s counterparties by the major international rating agencies, where possible, as Deutsche
Bank’s internal rating scale has been designed to principally correspond to the external rating scales from rating
agencies.
The majority of ratings for “Corporates” and “Institutions” combine quantitative analysis of financial information with
qualitative assessments of, inter alia, industry trends, market position and management experience. Financial analysis has
a specific focus on cash flow generation and the counterparty’s capability to service its debts, also in comparison to
peers. Deutsche Bank supplements the analysis of financials by an internal forecast of the counterparty’s financial profile
where deemed to be necessary. For purchased corporate receivables the corporate rating approach is applied. The
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exposure classes “Institutions” and “Corporates” hold customer segments which often only have few observed
occurrences of defaults, so-called “low default portfolios”. For low-default portfolios, a larger amount of expert
judgment enters the rating and related probability of default assignment than for other segments. Such ratings are
subject to rigorous reviews by Deutsche Bank’s Asset Quality Review team.
Ratings for SME clients are based on automated sub-ratings for e.g. financial aspects and behavior on their bank account.
Specialized lending is managed by specific credit risk management teams, e.g. for real estate, ship finance or leveraged
transactions. Following the individual characteristic of the underlying credit transactions Deutsche Bank have developed
bespoke scorecards where appropriate to derive credit ratings.
In Deutsche Bank’s retail business, creditworthiness checks and counterparty ratings are generally derived by utilizing an
automated decision engine. The decision engine incorporates quantitative aspects (i.e., financial figures), behavioral
aspects, credit bureau information (such as SCHUFA in Germany) and general customer data. These input factors are
used by the decision engine to determine the creditworthiness of the borrower and, after consideration of collateral, the
expected loss. The established rating procedures in Deutsche Bank’s retail business are based on multivariate statistical
methods.
They are used to support Deutsche Bank’s individual credit decisions for the retail portfolio as well as to continuously
monitor it in an automated fashion. In case elevated risks are identified as part to this monitoring process or new
regulatory requirements apply, credit ratings are reviewed.
Although different rating methodologies are applied to the various customer segments in order to properly reflect
customer-specific characteristics, they all adhere to the same risk management principles. Credit process policies
provide guidance on the classification of customers into the various rating systems.
Drivers for differences between probability of default and actual default rates are described in the section on
Article 452 (h).
Deutsche Bank applies internally estimated loss-given-default factors as part of the advanced IRBA capital requirement
calculation as approved by the ECB. Loss-given-default is defined as the likely loss intensity in case of a counterparty
default. It provides an estimation of the exposure that cannot be recovered in a default event and therefore captures the
severity of a loss. Conceptually, loss-given-default estimates are independent of a customer’s probability of default. The
loss-given-default models ensure that the main drivers for losses (i.e. different levels and quality of collateralization,
customer or product types or seniority of facility) are reflected in specific loss-given-default factors. Deutsche Bank’s
loss-given-default parameters are derived from statistical models based on empirical realized loss-given-defaults. In
some portfolios, loss-given-default parameters incorporate further available information in addition to empirical loss-
given-defaults, in particular for low-default portfolios.
Loss-given-default estimates used for regulatory purposes are estimated to be appropriate for an economic downturn.
As part of the application of the advanced IRBA specific credit conversion factors are applied in order to calculate an
exposure at default value. Conceptually the exposure at default is defined as the expected amount of the credit
exposure to a counterparty at the time of its default. For advanced IRBA calculation purposes general principles as
defined in Article 166 CRR are applied to determine the exposure at default of a transaction. In instances, however,
where a transaction involves an unused limit, a percentage share of this unused limit is added to the outstanding amount
in order to appropriately reflect the expected outstanding amount in case of a counterparty default. This reflects the
assumption that for commitments the utilization at the time of default might be higher than the current utilization. When
a transaction involves an additional contingent component (i.e., guarantees) a further percentage share (usage factor) is
applied as part of the credit conversion factor model in order to estimate the amount of guarantees drawn in case of
default. Where allowed under the advanced IRBA, the credit conversion factors are internally estimated. The calibrations
of such parameters are based on statistical analysis of internal historical data and consider customer and product type
specifics. As part of the approval process, the ECB assessed Deutsche Bank’s credit conversion factor models and stated
their appropriateness for use in the process of regulatory capital requirement calculations.
The exposure at default for Deutsche Bank’s derivatives and securities financing transactions (“SFT”) portfolios are
primarily calculated based on the IMM approach as described in the section “Counterparty credit risk” of this report.
Foundation Internal Ratings Based Approach
The foundation IRBA is an approach available under the regulatory framework for credit risk allowing institutions to make
use of their internal rating methodologies while using pre-defined regulatory values for all other risk parameters.
Parameters subject to internal estimates include the probability of default while the loss-given-default and the credit
conversion factor are defined in the regulatory framework.
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A probability of default is assigned to each relevant counterparty credit exposure as a function of a transparent and
consistent rating master scale. The borrower ratings assigned are derived on the grounds of internally developed rating
models which specify consistent and distinct customer-relevant criteria and assign a rating grade based on a specific set
of criteria as given for a certain customer following the approaches as outlined for Deutsche Bank’s Advanced IRBA
rating systems. Currently, exposure classes not qualifying for application of internal estimates of LGD or CCF under
CRR3 art. 151 as well as the former Postbank rating systems Factoring and Special Rating are reported under the
foundation IRBA. For the latter, regulatory risk weights are applied using the so-called ‘supervisory slotting criteria’
approach as defined by Article 153 (5) CRR.
For the foundation IRBA the same default definition is applied as for Advanced IRBA in accordance with the
requirements of Article 178 CRR as confirmed by the BaFin and ECB as part of its IRBA approval process.
Assignment to regulatory exposure classes
The advanced and foundation IRBA requires differentiating a bank’s credit portfolio into various regulatory defined
exposure classes. The relevant regulatory exposure class for each exposure is identified by considering factors like
customer-specific characteristics, the rating system used as well as certain materiality thresholds which are regulatory
defined.
All investments in equity positions in the banking book are treated under the credit risk standardized approach since
- This includes exposures attracting a risk weight of 250% according to Article 48 (4) for significant investments in
the CET 1 instruments of financial sector entities which are subject to the threshold exemptions as outlined in Article 48
CRR. Exposures which are assigned to the exposure class “Other non-credit obligation assets” are now assigned to the
CRSA exposure class "Other items" and receive a risk weight of 0% in case of cash positions and a risk weight of 100% for
all other cases.
For collective investment undertakings a “look through”-approach is applied, where applicable, and the risk weighs are
derived based on the underlying positions. In case a look-through approach cannot be applied the fall-back position is to
use a risk weight of 1,250%.
Quantitative information on the use of the IRB approach
Foundation IRB exposure
Article 452 (g) (i-v) CRR
The following series of tables details Deutsche Bank´s foundation internal rating based (FIRB) exposures distributed on its
internal rating scale for all relevant regulatory exposure classes. The tables exclude the counterparty credit risk position
from derivatives and securities financing transactions which are presented separately in the section “Counterparty credit
risk” in this report.
The tables show the on-balance sheet as well as the off-balance sheet exposure with their corresponding exposure-
weighted credit conversion factors. In addition, the exposure post credit conversion factor (CCF) and credit risk
mitigation (CRM) is presented in conjunction with exposures-weighted average PD, LGD, maturity as well as well as the
RWA and the average risk weight. The tables provide the defaulted exposure separately. Further details in the tables are
number of obligors, regulatory expected loss and provisions comprising specific risk adjustments.
110
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR6 – FIRB approach – Credit risk exposures by exposure class and PD range
| Dec 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l |
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet exposures | Off-balance-<br><br>sheet exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions |
| Central governments<br><br>and central banks | ||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Sub-total | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Regional governments<br><br>and local authorities | ||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Sub-total | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
111
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet exposures | Off-balance-<br><br>sheet exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Public sector entities | |||||||||||||||
| 0.00 to <0.15 | 1 | 1 | 0.00 | 1 | 0.03 | 0.0 | 54.14 | 2.5 | 0 | 9.79 | 0 | 0 | |||
| 0.00 to <0.10 | 1 | 1 | 0.00 | 1 | 0.03 | 0.0 | 54.14 | 2.5 | 0 | 9.79 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.20 | 0.0 | 45.00 | 2.5 | 0 | 20.61 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.27 | 0.0 | 11.48 | 2.5 | 0 | 9.26 | 0 | 0 | |||
| 0.50 to <0.75 | 1 | 1 | 0.00 | 1 | 0.54 | 0.0 | 54.13 | 2.5 | 1 | 66.97 | 0 | 0 | |||
| 0.75 to <2.50 | 1 | 1 | 0.02 | 1 | 1.03 | 0.0 | 66.54 | 2.5 | 1 | 126.56 | 0 | 0 | |||
| 0.75 to <1.75 | 1 | 1 | 0.02 | 1 | 1.03 | 0.0 | 66.54 | 2.5 | 1 | 126.56 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 5.34 | 0.0 | 17.31 | 2.5 | 0 | 70.43 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 5.34 | 0.0 | 17.31 | 2.5 | 0 | 70.43 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 3 | 3 | 0.01 | 3 | 0.76 | 0.0 | 57.32 | 2.5 | 2 | 76.92 | 0 | 0 | |||
| Institutions | |||||||||||||||
| 0.00 to <0.15 | 7,061 | 12,150 | 37.54 | 11,623 | 0.07 | 0.4 | 54.11 | 2.5 | 1,660 | 14.28 | 3 | 2 | |||
| 0.00 to <0.10 | 5,183 | 10,383 | 37.24 | 9,049 | 0.06 | 0.3 | 56.54 | 2.5 | 1,111 | 12.28 | 2 | 1 | |||
| 0.10 to <0.15 | 1,879 | 1,767 | 39.34 | 2,574 | 0.11 | 0.1 | 45.56 | 2.5 | 549 | 21.31 | 1 | 0 | |||
| 0.15 to <0.25 | 442 | 933 | 15.83 | 590 | 0.18 | 0.1 | 41.30 | 2.5 | 179 | 30.37 | 0 | 0 | |||
| 0.25 to <0.50 | 1,746 | 1,395 | 34.45 | 2,227 | 0.37 | 0.2 | 30.69 | 2.5 | 780 | 35.01 | 3 | 1 | |||
| 0.50 to <0.75 | 163 | 140 | 26.45 | 200 | 0.66 | 0.1 | 43.40 | 2.5 | 161 | 80.40 | 1 | 0 | |||
| 0.75 to <2.50 | 1,900 | 779 | 35.23 | 2,174 | 1.16 | 0.1 | 45.53 | 2.5 | 1,944 | 89.41 | 14 | 5 | |||
| 0.75 to <1.75 | 1,892 | 766 | 35.05 | 2,161 | 1.16 | 0.1 | 45.66 | 2.5 | 1,938 | 89.66 | 14 | 5 | |||
| 1.75 to <2.5 | 7 | 12 | 46.18 | 13 | 2.00 | 0.0 | 23.67 | 2.5 | 6 | 48.44 | 0 | 0 | |||
| 2.50 to <10.00 | 104 | 128 | 34.86 | 149 | 6.24 | 0.0 | 43.07 | 2.5 | 249 | 167.70 | 6 | 2 | |||
| 2.50 to <5 | 22 | 110 | 33.87 | 60 | 3.42 | 0.0 | 38.66 | 2.5 | 67 | 112.27 | 1 | 1 | |||
| 5 to <10 | 81 | 18 | 40.86 | 89 | 8.13 | 0.0 | 46.02 | 2.5 | 182 | 204.89 | 5 | 1 | |||
| 10.00 to <100.00 | 18 | 5 | 0.27 | 18 | 22.01 | 0.0 | 26.57 | 2.5 | 26 | 140.28 | 1 | 0 | |||
| 10 to <20 | 15 | 5 | 0.27 | 15 | 15.68 | 0.0 | 27.66 | 2.5 | 21 | 145.80 | 1 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 4 | 0 | 40.00 | 4 | 46.77 | 0.0 | 22.33 | 2.5 | 4 | 118.70 | 0 | 0 | |||
| 100.00 (Default) | 70 | 13 | 14.60 | 72 | 100.00 | 0.0 | 44.86 | 2.5 | 0 | 0.06 | 30 | 36 | |||
| Sub-total | 11,505 | 15,543 | 35.69 | 17,053 | 0.76 | 1.0 | 49.23 | 2.5 | 4,998 | 29.31 | 58 | 46 |
112
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet exposures | Off-balance-<br><br>sheet exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Corporates | |||||||||||||||
| 0.00 to <0.15 | 26,184 | 87,171 | 31.17 | 53,353 | 0.08 | 22.6 | 40.41 | 2.5 | 10,445 | 19.58 | 18 | 2 | |||
| 0.00 to <0.10 | 16,527 | 50,011 | 32.22 | 32,640 | 0.06 | 6.8 | 40.45 | 2.5 | 5,361 | 16.42 | 9 | 0 | |||
| 0.10 to <0.15 | 9,658 | 37,160 | 29.75 | 20,713 | 0.11 | 15.8 | 40.35 | 2.5 | 5,084 | 24.54 | 9 | 2 | |||
| 0.15 to <0.25 | 10,275 | 33,785 | 30.44 | 20,559 | 0.17 | 5.8 | 40.65 | 2.5 | 6,545 | 31.84 | 14 | 6 | |||
| 0.25 to <0.50 | 17,238 | 33,678 | 26.14 | 26,042 | 0.33 | 5.0 | 37.66 | 2.5 | 11,100 | 42.62 | 34 | 19 | |||
| 0.50 to <0.75 | 6,115 | 9,985 | 26.65 | 8,766 | 0.68 | 6.7 | 38.29 | 2.5 | 5,542 | 63.22 | 33 | 11 | |||
| 0.75 to <2.50 | 7,060 | 14,938 | 30.95 | 11,684 | 1.34 | 7.2 | 37.71 | 2.5 | 9,479 | 81.13 | 65 | 33 | |||
| 0.75 to <1.75 | 5,710 | 11,344 | 30.10 | 9,125 | 1.18 | 6.6 | 37.31 | 2.5 | 7,124 | 78.07 | 44 | 23 | |||
| 1.75 to <2.5 | 1,350 | 3,594 | 33.62 | 2,558 | 1.93 | 0.6 | 39.13 | 2.5 | 2,355 | 92.04 | 21 | 10 | |||
| 2.50 to <10.00 | 2,978 | 6,447 | 36.67 | 5,342 | 4.50 | 2.6 | 36.20 | 2.5 | 6,234 | 116.70 | 100 | 61 | |||
| 2.50 to <5 | 1,723 | 5,078 | 37.31 | 3,618 | 3.33 | 1.4 | 36.08 | 2.5 | 3,815 | 105.46 | 48 | 27 | |||
| 5 to <10 | 1,255 | 1,369 | 34.28 | 1,724 | 6.95 | 1.2 | 36.44 | 2.5 | 2,418 | 140.27 | 51 | 34 | |||
| 10.00 to <100.00 | 522 | 1,019 | 29.71 | 825 | 20.19 | 0.3 | 33.84 | 2.5 | 1,397 | 169.26 | 59 | 37 | |||
| 10 to <20 | 395 | 516 | 41.59 | 610 | 14.55 | 0.1 | 36.86 | 2.5 | 1,093 | 179.24 | 34 | 27 | |||
| 20 to <30 | 37 | 126 | 1.14 | 38 | 22.54 | 0.1 | 38.78 | 2.5 | 80 | 207.67 | 4 | 0 | |||
| 30.00 to <100.00 | 90 | 377 | 23.19 | 177 | 39.00 | 0.1 | 22.47 | 2.5 | 224 | 126.58 | 21 | 10 | |||
| 100.00 (Default) | 2,045 | 1,054 | 45.87 | 2,515 | 100.00 | 0.3 | 39.50 | 2.5 | 46 | 1.84 | 947 | 924 | |||
| Sub-total | 72,417 | 188,076 | 30.14 | 129,086 | 2.56 | 50.4 | 39.27 | 2.5 | 50,788 | 39.34 | 1,270 | 1,092 | |||
| of which: | |||||||||||||||
| General | |||||||||||||||
| 0.00 to <0.15 | 20,798 | 81,937 | 33.05 | 47,879 | 0.08 | 2.7 | 40.56 | 2.5 | 9,971 | 20.83 | 16 | 2 | |||
| 0.00 to <0.10 | 13,790 | 48,278 | 33.24 | 29,838 | 0.06 | 1.4 | 40.53 | 2.5 | 5,313 | 17.81 | 8 | 0 | |||
| 0.10 to <0.15 | 7,008 | 33,659 | 32.78 | 18,041 | 0.11 | 1.3 | 40.61 | 2.5 | 4,658 | 25.82 | 8 | 1 | |||
| 0.15 to <0.25 | 7,078 | 31,661 | 32.48 | 17,362 | 0.17 | 1.6 | 40.86 | 2.5 | 5,792 | 33.36 | 12 | 5 | |||
| 0.25 to <0.50 | 12,543 | 30,672 | 28.66 | 21,334 | 0.34 | 3.6 | 37.27 | 2.5 | 9,437 | 44.24 | 28 | 17 | |||
| 0.50 to <0.75 | 5,075 | 8,751 | 30.40 | 7,726 | 0.68 | 0.9 | 38.37 | 2.5 | 4,983 | 64.50 | 30 | 10 | |||
| 0.75 to <2.50 | 5,305 | 13,410 | 34.44 | 9,924 | 1.35 | 1.7 | 37.67 | 2.5 | 8,167 | 82.30 | 56 | 30 | |||
| 0.75 to <1.75 | 4,315 | 10,118 | 33.71 | 7,726 | 1.18 | 1.3 | 37.33 | 2.5 | 6,120 | 79.22 | 38 | 21 | |||
| 1.75 to <2.5 | 990 | 3,293 | 36.70 | 2,198 | 1.92 | 0.3 | 38.88 | 2.5 | 2,047 | 93.10 | 18 | 9 | |||
| 2.50 to <10.00 | 2,456 | 6,058 | 38.93 | 4,814 | 4.54 | 0.7 | 35.79 | 2.5 | 5,662 | 117.62 | 91 | 57 | |||
| 2.50 to <5 | 1,396 | 4,801 | 39.34 | 3,285 | 3.34 | 0.5 | 35.58 | 2.5 | 3,482 | 106.00 | 44 | 26 | |||
| 5 to <10 | 1,060 | 1,257 | 37.35 | 1,529 | 7.12 | 0.3 | 36.24 | 2.5 | 2,181 | 142.57 | 47 | 31 | |||
| 10.00 to <100.00 | 473 | 889 | 33.93 | 774 | 20.08 | 0.2 | 33.42 | 2.5 | 1,284 | 165.86 | 55 | 36 | |||
| 10 to <20 | 375 | 511 | 41.62 | 588 | 14.62 | 0.1 | 36.56 | 2.5 | 1,032 | 175.64 | 33 | 26 | |||
| 20 to <30 | 14 | 7 | 20.18 | 15 | 25.28 | 0.0 | 40.45 | 2.5 | 36 | 231.66 | 2 | 0 | |||
| 30.00 to <100.00 | 84 | 370 | 23.59 | 171 | 38.39 | 0.1 | 21.98 | 2.5 | 216 | 126.27 | 20 | 10 | |||
| 100.00 (Default) | 2,041 | 1,052 | 45.94 | 2,510 | 100.00 | 0.2 | 39.49 | 2.5 | 46 | 1.85 | 945 | 918 | |||
| Sub-total | 55,769 | 174,430 | 32.44 | 112,323 | 2.86 | 11.7 | 39.30 | 2.5 | 45,344 | 40.37 | 1,232 | 1,076 |
113
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet exposures | Off-balance-<br><br>sheet exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Specialized lending | |||||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 2.5 | 0 | 0.00 | 0 | 0 | |||
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 2.5 | 0 | 0.00 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 132 | 0 | 40.00 | 132 | 0.18 | 0.0 | 45.00 | 2.5 | 63 | 47.68 | 0 | 0 | |||
| 0.25 to <0.50 | 165 | 18 | 39.50 | 172 | 0.37 | 0.0 | 36.95 | 2.5 | 73 | 42.21 | 0 | 0 | |||
| 0.50 to <0.75 | 44 | 1 | 40.00 | 45 | 0.64 | 0.0 | 41.63 | 2.5 | 28 | 61.76 | 0 | 0 | |||
| 0.75 to <2.50 | 632 | 11 | 40.00 | 636 | 1.27 | 0.0 | 39.55 | 2.5 | 545 | 85.69 | 3 | 1 | |||
| 0.75 to <1.75 | 581 | 11 | 40.00 | 586 | 1.20 | 0.0 | 39.08 | 2.5 | 500 | 85.32 | 3 | 1 | |||
| 1.75 to <2.5 | 51 | 0 | 0.00 | 51 | 2.08 | 0.0 | 45.00 | 2.5 | 46 | 89.90 | 0 | 0 | |||
| 2.50 to <10.00 | 251 | 15 | 40.00 | 257 | 4.34 | 0.0 | 45.75 | 2.5 | 314 | 122.08 | 5 | 3 | |||
| 2.50 to <5 | 140 | 15 | 40.00 | 146 | 3.37 | 0.0 | 46.32 | 2.5 | 160 | 109.49 | 2 | 1 | |||
| 5 to <10 | 111 | 0 | 0.00 | 111 | 5.62 | 0.0 | 45.00 | 2.5 | 154 | 138.62 | 3 | 2 | |||
| 10.00 to <100.00 | 20 | 5 | 25.30 | 22 | 13.47 | 0.0 | 44.88 | 2.5 | 60 | 275.73 | 1 | 0 | |||
| 10 to <20 | 20 | 5 | 40.00 | 22 | 12.67 | 0.0 | 45.00 | 2.5 | 60 | 275.73 | 1 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 2.29 | 0 | 100.00 | 0.0 | 32.00 | 2.5 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 40.00 | 0 | 100.00 | 0.0 | 45.00 | 2.5 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 1,244 | 50 | 38.37 | 1,264 | 1.85 | 0.0 | 41.19 | 2.5 | 1,083 | 85.66 | 10 | 4 | |||
| Purchased receivables | |||||||||||||||
| 0.00 to <0.15 | 5,386 | 5,234 | 1.68 | 5,474 | 0.08 | 20.2 | 39.11 | 2.5 | 474 | 8.65 | 2 | 0 | |||
| 0.00 to <0.10 | 2,736 | 1,733 | 3.76 | 2,802 | 0.06 | 5.5 | 39.62 | 2.5 | 48 | 1.71 | 1 | 0 | |||
| 0.10 to <0.15 | 2,650 | 3,501 | 0.65 | 2,672 | 0.11 | 14.7 | 38.57 | 2.5 | 426 | 15.94 | 1 | 0 | |||
| 0.15 to <0.25 | 3,065 | 2,124 | 0.03 | 3,065 | 0.16 | 4.4 | 39.26 | 2.5 | 690 | 22.51 | 2 | 1 | |||
| 0.25 to <0.50 | 4,530 | 2,988 | 0.22 | 4,536 | 0.32 | 1.8 | 39.49 | 2.5 | 1,590 | 35.05 | 6 | 2 | |||
| 0.50 to <0.75 | 996 | 1,233 | 0.00 | 996 | 0.68 | 5.8 | 37.57 | 2.5 | 532 | 53.39 | 3 | 1 | |||
| 0.75 to <2.50 | 1,123 | 1,516 | 0.00 | 1,123 | 1.36 | 5.7 | 37.00 | 2.5 | 767 | 68.24 | 6 | 1 | |||
| 0.75 to <1.75 | 814 | 1,215 | 0.00 | 814 | 1.12 | 5.4 | 35.89 | 2.5 | 504 | 61.93 | 3 | 1 | |||
| 1.75 to <2.5 | 309 | 301 | 0.00 | 309 | 2.00 | 0.3 | 39.93 | 2.5 | 262 | 84.87 | 2 | 0 | |||
| 2.50 to <10.00 | 270 | 374 | 0.00 | 270 | 3.90 | 1.9 | 34.37 | 2.5 | 257 | 95.22 | 4 | 1 | |||
| 2.50 to <5 | 187 | 262 | 0.00 | 187 | 3.16 | 1.0 | 36.94 | 2.5 | 174 | 92.99 | 2 | 0 | |||
| 5 to <10 | 83 | 112 | 0.00 | 83 | 5.56 | 0.9 | 28.59 | 2.5 | 84 | 100.22 | 2 | 1 | |||
| 10.00 to <100.00 | 29 | 126 | 0.00 | 29 | 28.11 | 0.1 | 36.70 | 2.5 | 53 | 179.67 | 3 | 1 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 17.68 | 0.0 | 39.98 | 2.5 | 0 | 180.99 | 0 | 0 | |||
| 20 to <30 | 23 | 119 | 0.00 | 23 | 20.71 | 0.1 | 37.66 | 2.5 | 44 | 191.65 | 2 | 0 | |||
| 30.00 to <100.00 | 6 | 6 | 0.00 | 6 | 55.86 | 0.0 | 36.16 | 2.5 | 8 | 134.89 | 1 | 0 | |||
| 100.00 (Default) | 5 | 2 | 0.00 | 5 | 100.00 | 0.1 | 45.43 | 2.5 | 0 | 0.00 | 2 | 5 | |||
| Sub-total | 15,404 | 13,597 | 0.70 | 15,499 | 0.45 | 39.9 | 38.91 | 2.5 | 4,362 | 28.14 | 28 | 12 | |||
| All exposure classes | |||||||||||||||
| Total | 83,925 | 203,622 | 30.57 | 146,142 | 2.35 | 51.4 | 40.43 | 2.5 | 55,789 | 38.17 | 1,328 | 1,139 |
114
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | June 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Central governments<br><br>and central banks | |||||||||||||||
| 0.00 to <0.15 | 3,358 | 1,959 | 36.68 | 4,076 | 0.01 | 0.0 | 45.00 | 2.5 | 101 | 2.48 | 0 | 0 | |||
| 0.00 to <0.10 | 3,358 | 1,959 | 36.68 | 4,076 | 0.01 | 0.0 | 45.00 | 2.5 | 101 | 2.48 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.15 | 0.0 | 16.88 | 2.5 | 0 | 9.49 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 3,358 | 1,959 | 36.68 | 4,076 | 0.01 | 0.0 | 45.00 | 2.5 | 101 | 2.48 | 0 | 0 | |||
| Regional governments<br><br>and local authorities | |||||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
115
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | June 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Public sector entities | |||||||||||||||
| 0.00 to <0.15 | 1 | 1 | 0.00 | 1 | 0.08 | 0.0 | 50.47 | 2.5 | 1 | 36.51 | 0 | 0 | |||
| 0.00 to <0.10 | 1 | 1 | 0.00 | 1 | 0.03 | 0.0 | 53.59 | 2.5 | 0 | 13.55 | 0 | 0 | |||
| 0.10 to <0.15 | 1 | 0 | 0.00 | 1 | 0.11 | 0.0 | 48.23 | 2.5 | 0 | 52.94 | 0 | 0 | |||
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.27 | 0.0 | 11.48 | 2.5 | 0 | 9.26 | 0 | 0 | |||
| 0.50 to <0.75 | 1 | 1 | 0.00 | 1 | 0.54 | 0.0 | 50.98 | 2.5 | 1 | 64.49 | 0 | 0 | |||
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.97 | 0.0 | 53.62 | 2.5 | 0 | 146.78 | 0 | 0 | |||
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.97 | 0.0 | 53.62 | 2.5 | 0 | 146.78 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 5.34 | 0.0 | 53.62 | 2.5 | 0 | 218.18 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 5.34 | 0.0 | 53.62 | 2.5 | 0 | 218.18 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 3 | 2 | 0.00 | 3 | 0.46 | 0.0 | 50.53 | 2.5 | 2 | 55.92 | 0 | 0 | |||
| Institutions | |||||||||||||||
| 0.00 to <0.15 | 7,582 | 47,581 | 39.86 | 10,316 | 0.07 | 0.4 | 52.44 | 2.5 | 1,427 | 13.83 | 3 | 0 | |||
| 0.00 to <0.10 | 6,782 | 47,112 | 39.94 | 9,365 | 0.06 | 0.3 | 53.19 | 2.5 | 1,228 | 13.11 | 2 | 0 | |||
| 0.10 to <0.15 | 800 | 469 | 32.23 | 951 | 0.11 | 0.1 | 45.14 | 2.5 | 199 | 20.94 | 0 | 0 | |||
| 0.15 to <0.25 | 157 | 343 | 25.41 | 244 | 0.16 | 0.1 | 44.97 | 2.5 | 103 | 42.06 | 0 | 0 | |||
| 0.25 to <0.50 | 591 | 665 | 28.14 | 778 | 0.34 | 0.1 | 41.21 | 2.5 | 450 | 57.79 | 1 | 0 | |||
| 0.50 to <0.75 | 75 | 12 | 40.74 | 80 | 0.58 | 0.0 | 37.11 | 2.5 | 40 | 49.96 | 0 | 0 | |||
| 0.75 to <2.50 | 1,417 | 376 | 22.88 | 1,503 | 0.92 | 0.1 | 44.90 | 2.5 | 1,442 | 95.92 | 9 | 3 | |||
| 0.75 to <1.75 | 1,374 | 351 | 23.04 | 1,455 | 0.88 | 0.1 | 44.79 | 2.5 | 1,382 | 94.97 | 8 | 2 | |||
| 1.75 to <2.5 | 43 | 25 | 20.63 | 48 | 2.08 | 0.0 | 48.34 | 2.5 | 60 | 124.84 | 1 | 0 | |||
| 2.50 to <10.00 | 30 | 7 | 31.49 | 33 | 4.96 | 0.0 | 41.87 | 2.5 | 47 | 143.29 | 1 | 0 | |||
| 2.50 to <5 | 21 | 2 | 40.00 | 21 | 2.69 | 0.0 | 38.50 | 2.5 | 21 | 96.32 | 0 | 0 | |||
| 5 to <10 | 10 | 5 | 28.23 | 11 | 9.30 | 0.0 | 48.30 | 2.5 | 26 | 232.78 | 1 | 0 | |||
| 10.00 to <100.00 | 1 | 0 | 39.49 | 1 | 11.89 | 0.0 | 20.67 | 2.5 | 1 | 106.24 | 0 | 0 | |||
| 10 to <20 | 1 | 0 | 39.49 | 1 | 11.88 | 0.0 | 20.66 | 2.5 | 1 | 106.19 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 33.85 | 0.0 | 45.00 | 2.5 | 0 | 227.68 | 0 | 0 | |||
| 100.00 (Default) | 58 | 91 | 64.79 | 2 | 100.00 | 0.0 | 24.96 | 2.5 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 9,910 | 49,075 | 39.52 | 12,956 | 0.22 | 0.6 | 50.63 | 2.5 | 3,508 | 27.07 | 14 | 4 |
116
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | June 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Corporates | |||||||||||||||
| 0.00 to <0.15 | 28,819 | 138,541 | 35.07 | 53,399 | 0.08 | 24.5 | 41.20 | 2.5 | 11,167 | 20.91 | 18 | 3 | |||
| 0.00 to <0.10 | 24,070 | 131,663 | 35.78 | 47,179 | 0.07 | 8.6 | 41.16 | 2.5 | 9,225 | 19.55 | 15 | 2 | |||
| 0.10 to <0.15 | 4,749 | 6,878 | 21.38 | 6,219 | 0.12 | 15.9 | 41.45 | 2.5 | 1,942 | 31.23 | 3 | 1 | |||
| 0.15 to <0.25 | 9,486 | 47,611 | 33.61 | 17,076 | 0.16 | 6.0 | 40.49 | 2.5 | 5,239 | 30.68 | 13 | 6 | |||
| 0.25 to <0.50 | 17,223 | 39,254 | 28.03 | 24,728 | 0.35 | 5.1 | 39.02 | 2.5 | 11,514 | 46.56 | 35 | 16 | |||
| 0.50 to <0.75 | 7,892 | 12,887 | 29.22 | 10,727 | 0.64 | 6.9 | 38.85 | 2.5 | 6,653 | 62.02 | 34 | 13 | |||
| 0.75 to <2.50 | 8,429 | 14,545 | 31.73 | 13,021 | 1.44 | 7.3 | 36.97 | 2.5 | 10,827 | 83.15 | 77 | 39 | |||
| 0.75 to <1.75 | 5,903 | 9,758 | 30.32 | 8,865 | 1.13 | 6.6 | 36.61 | 2.5 | 6,980 | 78.74 | 38 | 20 | |||
| 1.75 to <2.5 | 2,527 | 4,787 | 34.61 | 4,156 | 2.11 | 0.7 | 37.75 | 2.5 | 3,847 | 92.57 | 39 | 18 | |||
| 2.50 to <10.00 | 2,614 | 4,648 | 35.23 | 4,298 | 4.64 | 2.3 | 37.40 | 2.5 | 5,207 | 121.16 | 86 | 43 | |||
| 2.50 to <5 | 1,488 | 3,275 | 34.48 | 2,664 | 3.51 | 1.3 | 37.97 | 2.5 | 2,991 | 112.28 | 39 | 21 | |||
| 5 to <10 | 1,126 | 1,374 | 37.00 | 1,634 | 6.47 | 1.1 | 36.47 | 2.5 | 2,216 | 135.62 | 47 | 22 | |||
| 10.00 to <100.00 | 607 | 1,382 | 30.54 | 1,029 | 16.87 | 0.3 | 35.99 | 2.5 | 1,625 | 157.90 | 58 | 31 | |||
| 10 to <20 | 465 | 765 | 42.25 | 788 | 12.42 | 0.1 | 35.53 | 2.5 | 1,292 | 163.98 | 36 | 22 | |||
| 20 to <30 | 91 | 212 | 6.98 | 106 | 24.66 | 0.1 | 38.54 | 2.5 | 247 | 233.34 | 11 | 3 | |||
| 30.00 to <100.00 | 51 | 405 | 20.75 | 135 | 36.75 | 0.1 | 36.70 | 2.5 | 86 | 63.43 | 11 | 6 | |||
| 100.00 (Default) | 1,702 | 1,312 | 49.28 | 2,132 | 100.00 | 0.2 | 38.77 | 2.5 | 4 | 0.20 | 782 | 757 | |||
| Sub-total | 76,773 | 260,180 | 33.31 | 126,410 | 2.31 | 52.6 | 39.83 | 2.5 | 52,236 | 41.32 | 1,105 | 908 | |||
| of which: | |||||||||||||||
| General | |||||||||||||||
| 0.00 to <0.15 | 23,788 | 133,506 | 36.36 | 48,332 | 0.08 | 2.5 | 41.51 | 2.5 | 10,774 | 22.29 | 16 | 2 | |||
| 0.00 to <0.10 | 19,947 | 129,377 | 36.38 | 43,020 | 0.07 | 2.2 | 41.30 | 2.5 | 8,960 | 20.83 | 14 | 2 | |||
| 0.10 to <0.15 | 3,841 | 4,129 | 35.61 | 5,312 | 0.12 | 0.3 | 43.22 | 2.5 | 1,814 | 34.15 | 3 | 0 | |||
| 0.15 to <0.25 | 7,137 | 45,528 | 35.15 | 14,729 | 0.16 | 1.7 | 40.85 | 2.5 | 4,718 | 32.03 | 12 | 6 | |||
| 0.25 to <0.50 | 12,753 | 35,867 | 30.68 | 20,356 | 0.35 | 3.7 | 39.03 | 2.5 | 9,959 | 48.92 | 29 | 16 | |||
| 0.50 to <0.75 | 6,775 | 11,621 | 32.40 | 9,610 | 0.64 | 1.0 | 39.19 | 2.5 | 6,079 | 63.26 | 31 | 13 | |||
| 0.75 to <2.50 | 6,998 | 13,014 | 35.46 | 11,585 | 1.45 | 1.7 | 37.21 | 2.5 | 9,893 | 85.39 | 71 | 37 | |||
| 0.75 to <1.75 | 4,842 | 8,646 | 34.21 | 7,799 | 1.13 | 1.2 | 36.81 | 2.5 | 6,327 | 81.12 | 34 | 19 | |||
| 1.75 to <2.5 | 2,156 | 4,368 | 37.93 | 3,786 | 2.12 | 0.5 | 38.04 | 2.5 | 3,566 | 94.19 | 37 | 18 | |||
| 2.50 to <10.00 | 2,366 | 4,358 | 37.57 | 4,050 | 4.68 | 0.5 | 37.96 | 2.5 | 5,020 | 123.96 | 84 | 42 | |||
| 2.50 to <5 | 1,311 | 3,090 | 36.55 | 2,487 | 3.53 | 0.3 | 38.64 | 2.5 | 2,865 | 115.18 | 38 | 21 | |||
| 5 to <10 | 1,055 | 1,268 | 40.07 | 1,563 | 6.50 | 0.2 | 36.87 | 2.5 | 2,156 | 137.95 | 46 | 21 | |||
| 10.00 to <100.00 | 553 | 1,201 | 35.15 | 975 | 16.43 | 0.2 | 36.57 | 2.5 | 1,563 | 160.32 | 54 | 30 | |||
| 10 to <20 | 453 | 760 | 42.54 | 777 | 12.39 | 0.1 | 35.73 | 2.5 | 1,283 | 165.28 | 36 | 22 | |||
| 20 to <30 | 67 | 48 | 30.60 | 81 | 25.93 | 0.0 | 42.23 | 2.5 | 213 | 261.99 | 9 | 3 | |||
| 30.00 to <100.00 | 33 | 393 | 21.40 | 117 | 36.59 | 0.0 | 38.26 | 2.5 | 67 | 57.10 | 9 | 5 | |||
| 100.00 (Default) | 1,698 | 1,310 | 49.33 | 2,127 | 100.00 | 0.2 | 38.76 | 2.5 | 4 | 0.20 | 781 | 755 | |||
| Sub-total | 62,068 | 246,406 | 35.16 | 111,765 | 2.54 | 11.6 | 40.10 | 2.5 | 48,011 | 42.96 | 1,078 | 901 |
117
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | June 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Specialized lending | |||||||||||||||
| 0.00 to <0.15 | 51 | 0 | 0.00 | 51 | 0.07 | 0.0 | 41.00 | 2.5 | 9 | 18.27 | 0 | 0 | |||
| 0.00 to <0.10 | 51 | 0 | 0.00 | 51 | 0.07 | 0.0 | 41.00 | 2.5 | 9 | 18.27 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 54 | 0 | 40.00 | 54 | 0.18 | 0.0 | 31.02 | 2.5 | 20 | 36.47 | 0 | 0 | |||
| 0.25 to <0.50 | 68 | 0 | 196.64 | 68 | 0.26 | 0.0 | 33.30 | 2.5 | 31 | 45.11 | 0 | 0 | |||
| 0.50 to <0.75 | 94 | 1 | 76.19 | 95 | 0.68 | 0.0 | 36.89 | 2.5 | 59 | 61.64 | 0 | 0 | |||
| 0.75 to <2.50 | 210 | 12 | 10.73 | 215 | 1.51 | 0.0 | 35.09 | 2.5 | 170 | 78.83 | 1 | 0 | |||
| 0.75 to <1.75 | 127 | 12 | 10.73 | 131 | 1.15 | 0.0 | 37.87 | 2.5 | 103 | 78.04 | 0 | 0 | |||
| 1.75 to <2.5 | 84 | 0 | 0.00 | 84 | 2.08 | 0.0 | 30.73 | 2.5 | 67 | 80.07 | 0 | 0 | |||
| 2.50 to <10.00 | 46 | 0 | 0.00 | 46 | 3.48 | 0.0 | 30.75 | 2.5 | 35 | 75.12 | 0 | 0 | |||
| 2.50 to <5 | 46 | 0 | 0.00 | 46 | 3.48 | 0.0 | 30.75 | 2.5 | 35 | 75.12 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 524 | 14 | 21.29 | 529 | 1.10 | 0.0 | 34.96 | 2.5 | 322 | 60.94 | 1 | 0 | |||
| Purchased<br><br>receivables | |||||||||||||||
| 0.00 to <0.15 | 4,980 | 5,035 | 0.88 | 5,015 | 0.09 | 22.2 | 38.16 | 2.5 | 383 | 7.64 | 2 | 0 | |||
| 0.00 to <0.10 | 4,073 | 2,286 | 1.94 | 4,108 | 0.08 | 6.6 | 39.73 | 2.5 | 255 | 6.21 | 1 | 0 | |||
| 0.10 to <0.15 | 908 | 2,748 | 0.00 | 908 | 0.11 | 15.6 | 31.07 | 2.5 | 128 | 14.12 | 0 | 0 | |||
| 0.15 to <0.25 | 2,296 | 2,083 | 0.05 | 2,293 | 0.16 | 4.4 | 38.39 | 2.5 | 501 | 21.86 | 1 | 0 | |||
| 0.25 to <0.50 | 4,402 | 3,387 | 0.02 | 4,304 | 0.34 | 1.8 | 39.07 | 2.5 | 1,524 | 35.41 | 6 | 1 | |||
| 0.50 to <0.75 | 1,022 | 1,264 | 0.00 | 1,022 | 0.66 | 6.0 | 35.91 | 2.5 | 515 | 50.39 | 3 | 1 | |||
| 0.75 to <2.50 | 1,221 | 1,519 | 0.00 | 1,221 | 1.34 | 5.7 | 35.05 | 2.5 | 765 | 62.67 | 6 | 1 | |||
| 0.75 to <1.75 | 934 | 1,100 | 0.00 | 934 | 1.14 | 5.5 | 34.79 | 2.5 | 551 | 58.94 | 4 | 1 | |||
| 1.75 to <2.5 | 287 | 419 | 0.00 | 287 | 1.99 | 0.3 | 35.91 | 2.5 | 214 | 74.83 | 2 | 0 | |||
| 2.50 to <10.00 | 202 | 290 | 0.00 | 202 | 4.03 | 1.8 | 27.70 | 2.5 | 152 | 75.39 | 2 | 1 | |||
| 2.50 to <5 | 131 | 185 | 0.00 | 131 | 3.12 | 1.0 | 27.80 | 2.5 | 92 | 70.30 | 1 | 0 | |||
| 5 to <10 | 71 | 105 | 0.00 | 71 | 5.71 | 0.9 | 27.54 | 2.5 | 60 | 84.73 | 1 | 0 | |||
| 10.00 to <100.00 | 54 | 181 | 0.00 | 54 | 24.84 | 0.1 | 25.49 | 2.5 | 62 | 114.09 | 4 | 1 | |||
| 10 to <20 | 12 | 5 | 0.00 | 12 | 14.33 | 0.0 | 22.39 | 2.5 | 9 | 77.64 | 0 | 0 | |||
| 20 to <30 | 24 | 163 | 0.00 | 24 | 20.40 | 0.1 | 26.29 | 2.5 | 34 | 138.07 | 2 | 0 | |||
| 30.00 to <100.00 | 18 | 12 | 0.00 | 18 | 37.78 | 0.0 | 26.41 | 2.5 | 19 | 105.06 | 2 | 0 | |||
| 100.00 (Default) | 4 | 1 | 0.00 | 4 | 100.00 | 0.1 | 44.90 | 2.5 | 0 | 0.00 | 2 | 2 | |||
| Sub-total | 14,181 | 13,760 | 0.34 | 14,116 | 0.51 | 42.3 | 37.85 | 2.5 | 3,903 | 27.65 | 26 | 7 |
118
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | June 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| All exposure classes | |||||||||||||||
| Total | 90,043 | 311,216 | 34.31 | 143,445 | 2.05 | 12.2 | 40.92 | 2.5 | 55,847 | 38.93 | 1,120 | 911 |
119
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
Advanced IRB exposure
Article 452 (g) (i-v) CRR
The following series of tables details Deutsche Bank´s advanced internal rating based (AIRB) exposures distributed on its
internal rating scale for all relevant regulatory exposure classes. The tables exclude the counterparty credit risk position
from derivatives and securities financing transactions which are presented separately in the section “Counterparty credit
risk” in this report.
The tables show the on-balance sheet as well as the off-balance sheet exposure with their corresponding exposure-
weighted credit conversion factors. In addition, the exposure post CCF and CRM is presented in conjunction with
exposures-weighted average PD, LGD, maturity as well as RWA and average risk weight. The tables provide the defaulted
exposure separately, where Deutsche Bank applies an LGD estimate already incorporating potential unexpected losses in
the loss rate estimate as required by Article 181 (1) (h) CRR. Further details in the tables are number of obligors,
regulatory expected loss and provisions comprising specific risk adjustments.
120
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR6 – AIRB approach – Credit risk exposures by exposure class and PD range
| Dec 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l |
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions |
| Central governments<br><br>and central banks | ||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Sub-total | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Regional governments and local<br><br>authorities | ||||||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.50 to <0.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
| Sub-total | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 |
121
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Public sector entities | |||||||||||||||
| 0.00 to <0.15 | 400 | 5 | 91.66 | 404 | 0.06 | 0.1 | 27.36 | 2.7 | 59 | 14.64 | 0 | 14,737 | |||
| 0.00 to <0.10 | 371 | 5 | 95.14 | 375 | 0.06 | 0.1 | 26.96 | 2.6 | 50 | 13.47 | 0 | 9,763 | |||
| 0.10 to <0.15 | 29 | 0 | 55.24 | 29 | 0.11 | 0.0 | 32.41 | 4.0 | 9 | 29.61 | 0 | 4,974 | |||
| 0.15 to <0.25 | 20 | 1 | 44.48 | 20 | 0.16 | 0.0 | 31.34 | 4.9 | 8 | 41.30 | 0 | 5,019 | |||
| 0.25 to <0.50 | 1 | 19 | 49.04 | 10 | 0.28 | 0.0 | 45.06 | 2.4 | 5 | 50.84 | 0 | 7,953 | |||
| 0.50 to <0.75 | 3 | 1 | 28.11 | 4 | 0.65 | 0.0 | 28.09 | 4.6 | 2 | 64.52 | 0 | 2,902 | |||
| 0.75 to <2.50 | 0 | 15 | 40.00 | 6 | 1.38 | 0.0 | 41.88 | 3.3 | 7 | 111.98 | 0 | 14,995 | |||
| 0.75 to <1.75 | 0 | 13 | 40.00 | 5 | 1.27 | 0.0 | 40.11 | 4.0 | 6 | 116.12 | 0 | 11,520 | |||
| 1.75 to <2.5 | 0 | 2 | 40.03 | 1 | 1.90 | 0.0 | 50.61 | 0.0 | 1 | 91.59 | 0 | 3,476 | |||
| 2.50 to <10.00 | 0 | 0 | 41.03 | 0 | 3.64 | 0.0 | 65.51 | 1.6 | 0 | 179.13 | 0 | 386 | |||
| 2.50 to <5 | 0 | 0 | 41.03 | 0 | 3.64 | 0.0 | 65.51 | 1.6 | 0 | 179.13 | 0 | 386 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 100.00 | 0 | 24.74 | 0.0 | 68.12 | 0.4 | 0 | 322.53 | 0 | 963 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 17.06 | 0.0 | 69.25 | 0.0 | 0 | 312.40 | 0 | 2 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 100.00 | 0 | 39.84 | 0.0 | 65.92 | 1.0 | 0 | 342.45 | 0 | 961 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 100.00 | 0.0 | 100.00 | 0.0 | 0 | 0.00 | 0 | 5,223 | |||
| Sub-total | 424 | 40 | 50.67 | 444 | 0.10 | 0.1 | 28.14 | 2.8 | 82 | 18.41 | 0 | 52,179 | |||
| Corporates | |||||||||||||||
| 0.00 to <0.15 | 31,128 | 26,683 | 38.47 | 41,394 | 0.07 | 11.3 | 18.70 | 1.8 | 2,811 | 6.79 | 6 | 71 | |||
| 0.00 to <0.10 | 23,683 | 22,216 | 38.41 | 32,217 | 0.06 | 7.9 | 19.08 | 1.7 | 1,881 | 5.84 | 4 | 69 | |||
| 0.10 to <0.15 | 7,445 | 4,466 | 38.78 | 9,177 | 0.12 | 3.3 | 17.36 | 2.0 | 930 | 10.13 | 2 | 1 | |||
| 0.15 to <0.25 | 13,368 | 8,638 | 41.64 | 16,965 | 0.20 | 5.1 | 19.72 | 2.1 | 2,683 | 15.81 | 7 | 3 | |||
| 0.25 to <0.50 | 23,632 | 12,087 | 42.07 | 28,717 | 0.38 | 7.3 | 21.28 | 2.3 | 7,166 | 24.95 | 23 | 15 | |||
| 0.50 to <0.75 | 14,629 | 7,502 | 44.42 | 17,962 | 0.69 | 5.8 | 19.76 | 2.7 | 5,895 | 32.82 | 25 | 19 | |||
| 0.75 to <2.50 | 34,415 | 12,533 | 45.44 | 40,110 | 1.48 | 12.0 | 22.79 | 2.6 | 18,135 | 45.21 | 121 | 117 | |||
| 0.75 to <1.75 | 20,438 | 8,274 | 44.32 | 24,104 | 1.16 | 8.4 | 23.53 | 2.6 | 11,114 | 46.11 | 66 | 52 | |||
| 1.75 to <2.5 | 13,977 | 4,259 | 47.64 | 16,006 | 1.97 | 3.6 | 21.67 | 2.6 | 7,020 | 43.86 | 55 | 65 | |||
| 2.50 to <10.00 | 20,874 | 4,829 | 46.02 | 23,097 | 4.71 | 4.8 | 18.52 | 2.2 | 11,938 | 51.69 | 205 | 179 | |||
| 2.50 to <5 | 12,100 | 3,187 | 47.01 | 13,598 | 3.38 | 2.7 | 19.84 | 2.3 | 7,213 | 53.04 | 95 | 79 | |||
| 5 to <10 | 8,774 | 1,642 | 44.10 | 9,498 | 6.61 | 2.1 | 16.63 | 1.9 | 4,725 | 49.75 | 110 | 100 | |||
| 10.00 to <100.00 | 2,410 | 317 | 51.88 | 2,574 | 21.67 | 2.7 | 20.32 | 2.6 | 2,407 | 93.49 | 117 | 116 | |||
| 10 to <20 | 1,377 | 211 | 57.90 | 1,499 | 14.02 | 1.4 | 19.99 | 2.7 | 1,442 | 96.20 | 48 | 54 | |||
| 20 to <30 | 715 | 63 | 37.81 | 739 | 24.78 | 0.4 | 16.64 | 2.4 | 573 | 77.51 | 30 | 43 | |||
| 30.00 to <100.00 | 317 | 43 | 42.96 | 336 | 48.99 | 0.9 | 29.87 | 2.7 | 391 | 116.56 | 39 | 19 | |||
| 100.00 (Default) | 10,172 | 835 | 46.55 | 10,560 | 100.00 | 5.2 | 51.63 | 2.3 | 6,217 | 58.87 | 5,008 | 3,685 | |||
| Sub-total | 150,628 | 73,424 | 41.88 | 181,379 | 7.22 | 54.2 | 22.13 | 2.3 | 57,250 | 31.56 | 5,512 | 4,206 | |||
| of which: |
122
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| General | |||||||||||||||
| 0.00 to <0.15 | 30,408 | 26,579 | 38.57 | 40,661 | 0.07 | 11.2 | 18.71 | 1.8 | 2,760 | 6.79 | 6 | 70 | |||
| 0.00 to <0.10 | 23,261 | 22,114 | 38.53 | 31,783 | 0.06 | 7.9 | 19.05 | 1.7 | 1,857 | 5.84 | 4 | 69 | |||
| 0.10 to <0.15 | 7,147 | 4,465 | 38.77 | 8,878 | 0.12 | 3.3 | 17.48 | 1.9 | 904 | 10.18 | 2 | 1 | |||
| 0.15 to <0.25 | 12,755 | 8,590 | 41.55 | 16,324 | 0.20 | 5.1 | 19.30 | 2.0 | 2,499 | 15.31 | 6 | 3 | |||
| 0.25 to <0.50 | 15,972 | 10,238 | 40.94 | 20,163 | 0.37 | 7.1 | 24.27 | 2.2 | 5,667 | 28.10 | 18 | 11 | |||
| 0.50 to <0.75 | 9,690 | 4,516 | 43.54 | 11,656 | 0.68 | 5.6 | 22.55 | 2.5 | 4,129 | 35.43 | 18 | 13 | |||
| 0.75 to <2.50 | 20,063 | 8,452 | 43.86 | 23,770 | 1.46 | 11.5 | 28.71 | 2.5 | 13,324 | 56.05 | 84 | 67 | |||
| 0.75 to <1.75 | 12,626 | 6,036 | 42.29 | 15,179 | 1.20 | 8.1 | 28.12 | 2.7 | 8,578 | 56.51 | 50 | 36 | |||
| 1.75 to <2.5 | 7,436 | 2,416 | 47.79 | 8,591 | 1.92 | 3.4 | 29.74 | 2.2 | 4,746 | 55.24 | 33 | 31 | |||
| 2.50 to <10.00 | 10,532 | 3,063 | 43.98 | 11,880 | 4.35 | 4.5 | 23.48 | 2.3 | 7,780 | 65.49 | 122 | 98 | |||
| 2.50 to <5 | 7,334 | 2,069 | 45.35 | 8,272 | 3.38 | 2.6 | 24.11 | 2.4 | 5,374 | 64.96 | 69 | 51 | |||
| 5 to <10 | 3,199 | 994 | 41.13 | 3,608 | 6.56 | 1.9 | 22.05 | 2.1 | 2,406 | 66.70 | 53 | 47 | |||
| 10.00 to <100.00 | 1,023 | 203 | 54.73 | 1,134 | 22.93 | 2.6 | 30.21 | 2.8 | 1,440 | 126.92 | 67 | 50 | |||
| 10 to <20 | 720 | 152 | 59.49 | 811 | 13.92 | 1.4 | 30.20 | 2.7 | 1,046 | 129.09 | 34 | 29 | |||
| 20 to <30 | 46 | 9 | 29.48 | 48 | 23.55 | 0.3 | 35.86 | 3.4 | 89 | 183.53 | 4 | 4 | |||
| 30.00 to <100.00 | 257 | 43 | 42.96 | 276 | 49.29 | 0.9 | 29.26 | 3.0 | 305 | 110.63 | 29 | 17 | |||
| 100.00 (Default) | 5,585 | 461 | 51.72 | 5,823 | 100.00 | 5.1 | 61.03 | 1.7 | 2,628 | 45.13 | 3,406 | 2,492 | |||
| Sub-total | 106,028 | 62,102 | 40.87 | 131,411 | 5.45 | 52.8 | 24.19 | 2.1 | 40,227 | 30.61 | 3,728 | 2,803 | |||
| Specialized Lending | |||||||||||||||
| 0.00 to <0.15 | 534 | 60 | 22.30 | 547 | 0.11 | 0.0 | 14.46 | 2.6 | 33 | 5.96 | 0 | 0 | |||
| 0.00 to <0.10 | 267 | 58 | 21.75 | 280 | 0.09 | 0.0 | 18.11 | 2.1 | 11 | 3.89 | 0 | 0 | |||
| 0.10 to <0.15 | 267 | 2 | 43.43 | 268 | 0.13 | 0.0 | 10.64 | 3.0 | 22 | 8.13 | 0 | 0 | |||
| 0.15 to <0.25 | 607 | 48 | 57.08 | 635 | 0.18 | 0.0 | 30.17 | 2.7 | 182 | 28.60 | 0 | 0 | |||
| 0.25 to <0.50 | 7,647 | 1,849 | 48.32 | 8,541 | 0.38 | 0.3 | 14.14 | 2.5 | 1,490 | 17.44 | 5 | 5 | |||
| 0.50 to <0.75 | 4,937 | 2,986 | 45.74 | 6,303 | 0.72 | 0.2 | 14.56 | 3.3 | 1,762 | 27.96 | 7 | 5 | |||
| 0.75 to <2.50 | 14,293 | 4,081 | 48.72 | 16,281 | 1.51 | 0.4 | 14.03 | 2.7 | 4,750 | 29.17 | 37 | 50 | |||
| 0.75 to <1.75 | 7,799 | 2,238 | 49.77 | 8,913 | 1.09 | 0.3 | 15.64 | 2.5 | 2,518 | 28.26 | 16 | 16 | |||
| 1.75 to <2.5 | 6,494 | 1,843 | 47.44 | 7,369 | 2.02 | 0.2 | 12.09 | 3.0 | 2,231 | 30.28 | 22 | 34 | |||
| 2.50 to <10.00 | 10,328 | 1,766 | 49.56 | 11,203 | 5.09 | 0.3 | 13.24 | 2.1 | 4,148 | 37.03 | 82 | 82 | |||
| 2.50 to <5 | 4,763 | 1,118 | 50.08 | 5,323 | 3.37 | 0.1 | 13.17 | 2.3 | 1,835 | 34.48 | 26 | 28 | |||
| 5 to <10 | 5,565 | 648 | 48.67 | 5,880 | 6.65 | 0.1 | 13.30 | 1.9 | 2,313 | 39.33 | 56 | 53 | |||
| 10.00 to <100.00 | 1,370 | 114 | 46.81 | 1,423 | 20.75 | 0.1 | 12.22 | 2.5 | 939 | 66.00 | 49 | 66 | |||
| 10 to <20 | 640 | 60 | 53.84 | 672 | 14.11 | 0.0 | 7.24 | 2.7 | 368 | 54.84 | 13 | 25 | |||
| 20 to <30 | 670 | 55 | 39.14 | 691 | 24.87 | 0.0 | 15.30 | 2.4 | 485 | 70.11 | 26 | 40 | |||
| 30.00 to <100.00 | 60 | 0 | 0.00 | 60 | 47.64 | 0.0 | 32.65 | 1.5 | 86 | 143.86 | 9 | 2 | |||
| 100.00 (Default) | 4,582 | 374 | 40.18 | 4,732 | 100.00 | 0.1 | 40.06 | 3.0 | 3,586 | 75.79 | 1,599 | 1,192 | |||
| Sub-total | 44,298 | 11,278 | 47.59 | 49,665 | 11.93 | 1.4 | 16.58 | 2.6 | 16,890 | 34.01 | 1,780 | 1,401 |
123
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Purchased receivables | |||||||||||||||
| 0.00 to <0.15 | 185 | 44 | 0.00 | 185 | 0.08 | 0.0 | 29.30 | 0.9 | 18 | 9.46 | 0 | 0 | |||
| 0.00 to <0.10 | 155 | 44 | 0.00 | 155 | 0.08 | 0.0 | 26.78 | 1.0 | 13 | 8.70 | 0 | 0 | |||
| 0.10 to <0.15 | 31 | 0 | 0.00 | 31 | 0.12 | 0.0 | 42.06 | 0.5 | 4 | 13.30 | 0 | 0 | |||
| 0.15 to <0.25 | 6 | 0 | 40.00 | 6 | 0.18 | 0.0 | 50.41 | 1.0 | 2 | 30.26 | 0 | 0 | |||
| 0.25 to <0.50 | 13 | 0 | 40.00 | 13 | 0.44 | 0.0 | 66.59 | 2.1 | 10 | 75.78 | 0 | 0 | |||
| 0.50 to <0.75 | 3 | 0 | 0.00 | 3 | 0.72 | 0.0 | 86.98 | 2.3 | 3 | 105.49 | 0 | 0 | |||
| 0.75 to <2.50 | 59 | 0 | 0.00 | 59 | 1.83 | 0.0 | 56.74 | 0.8 | 61 | 103.09 | 1 | 0 | |||
| 0.75 to <1.75 | 12 | 0 | 0.00 | 12 | 1.20 | 0.0 | 80.72 | 2.7 | 18 | 143.42 | 0 | 0 | |||
| 1.75 to <2.5 | 47 | 0 | 0.00 | 47 | 2.00 | 0.0 | 50.33 | 0.3 | 43 | 92.31 | 0 | 0 | |||
| 2.50 to <10.00 | 14 | 0 | 0.00 | 14 | 5.12 | 0.0 | 30.81 | 0.2 | 10 | 72.85 | 0 | 0 | |||
| 2.50 to <5 | 3 | 0 | 0.00 | 3 | 3.31 | 0.0 | 53.41 | 0.8 | 4 | 117.03 | 0 | 0 | |||
| 5 to <10 | 11 | 0 | 0.00 | 11 | 5.69 | 0.0 | 23.72 | 0.1 | 6 | 58.99 | 0 | 0 | |||
| 10.00 to <100.00 | 17 | 0 | 0.00 | 17 | 14.66 | 0.0 | 37.78 | 3.5 | 28 | 163.38 | 1 | 0 | |||
| 10 to <20 | 17 | 0 | 0.00 | 17 | 14.66 | 0.0 | 37.78 | 3.5 | 28 | 163.38 | 1 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 5 | 0 | 0.00 | 5 | 100.00 | 0.0 | 59.66 | 2.0 | 2 | 49.85 | 3 | 1 | |||
| Sub-total | 302 | 44 | 0.00 | 302 | 3.16 | 0.2 | 38.24 | 1.1 | 133 | 44.16 | 4 | 2 | |||
| Retail | |||||||||||||||
| 0.00 to <0.15 | 37,876 | 17,113 | 45.75 | 45,685 | 0.09 | 2,822.5 | 24.42 | — | 1,849 | 4.05 | 11 | 3 | |||
| 0.00 to <0.10 | 21,408 | 2,606 | 51.70 | 22,746 | 0.07 | 255.4 | 18.72 | — | 747 | 3.28 | 3 | 1 | |||
| 0.10 to <0.15 | 16,467 | 14,508 | 44.69 | 22,939 | 0.11 | 2,567.2 | 30.07 | — | 1,102 | 4.80 | 8 | 2 | |||
| 0.15 to <0.25 | 24,086 | 4,029 | 47.20 | 25,964 | 0.18 | 811.0 | 22.34 | — | 1,928 | 7.43 | 11 | 3 | |||
| 0.25 to <0.50 | 37,830 | 3,660 | 52.29 | 39,670 | 0.36 | 909.2 | 23.10 | — | 5,133 | 12.94 | 33 | 10 | |||
| 0.50 to <0.75 | 12,049 | 1,306 | 53.66 | 12,749 | 0.55 | 380.6 | 25.11 | — | 2,405 | 18.86 | 18 | 8 | |||
| 0.75 to <2.50 | 50,418 | 2,683 | 58.03 | 51,888 | 1.46 | 1,671.1 | 27.94 | — | 19,377 | 37.34 | 218 | 110 | |||
| 0.75 to <1.75 | 35,571 | 2,147 | 56.98 | 36,736 | 1.11 | 1,171.5 | 27.07 | — | 11,681 | 31.80 | 114 | 54 | |||
| 1.75 to <2.5 | 14,846 | 536 | 62.21 | 15,151 | 2.29 | 499.5 | 30.07 | — | 7,697 | 50.80 | 104 | 56 | |||
| 2.50 to <10.00 | 14,403 | 602 | 64.44 | 14,753 | 5.52 | 584.6 | 34.92 | — | 12,113 | 82.11 | 297 | 205 | |||
| 2.50 to <5 | 7,452 | 381 | 61.78 | 7,665 | 4.18 | 345.6 | 36.76 | — | 6,311 | 82.34 | 134 | 85 | |||
| 5 to <10 | 6,951 | 220 | 69.03 | 7,087 | 6.98 | 239.1 | 32.93 | — | 5,802 | 81.86 | 163 | 120 | |||
| 10.00 to <100.00 | 5,921 | 180 | 57.11 | 6,017 | 24.09 | 225.9 | 32.13 | — | 6,689 | 111.16 | 462 | 279 | |||
| 10 to <20 | 3,162 | 113 | 59.93 | 3,227 | 14.14 | 135.6 | 32.17 | — | 3,249 | 100.70 | 145 | 103 | |||
| 20 to <30 | 794 | 24 | 61.22 | 807 | 27.74 | 34.7 | 35.66 | — | 1,002 | 124.15 | 80 | 48 | |||
| 30.00 to <100.00 | 1,966 | 43 | 47.41 | 1,984 | 38.79 | 55.6 | 30.61 | — | 2,438 | 122.89 | 236 | 128 | |||
| 100.00 (Default) | 4,332 | 101 | 46.42 | 4,376 | 100.00 | 228.8 | 64.72 | — | 1,773 | 40.51 | 2,674 | 2,071 | |||
| Sub-total | 186,914 | 29,674 | 48.66 | 201,100 | 3.83 | 7,633.7 | 26.72 | — | 51,266 | 25.49 | 3,723 | 2,689 | |||
| of which: |
124
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Qualifying Revolving | |||||||||||||||
| 0.00 to <0.15 | 244 | 13,431 | 44.26 | 6,188 | 0.10 | 2,437.9 | 57.95 | — | 225 | 3.63 | 4 | 1 | |||
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 0.10 to <0.15 | 244 | 13,431 | 44.26 | 6,188 | 0.10 | 2,437.9 | 57.95 | — | 225 | 3.63 | 4 | 1 | |||
| 0.15 to <0.25 | 120 | 2,707 | 47.48 | 1,405 | 0.18 | 598.6 | 59.84 | — | 83 | 5.92 | 2 | 0 | |||
| 0.25 to <0.50 | 188 | 2,020 | 56.29 | 1,325 | 0.34 | 524.0 | 62.47 | — | 137 | 10.30 | 3 | 1 | |||
| 0.50 to <0.75 | 72 | 625 | 58.02 | 435 | 0.53 | 182.0 | 59.19 | — | 60 | 13.91 | 1 | 1 | |||
| 0.75 to <2.50 | 293 | 1,203 | 69.72 | 1,131 | 1.34 | 410.7 | 63.07 | — | 333 | 29.42 | 10 | 4 | |||
| 0.75 to <1.75 | 209 | 979 | 67.22 | 867 | 1.06 | 319.1 | 63.17 | — | 217 | 25.01 | 6 | 2 | |||
| 1.75 to <2.5 | 84 | 224 | 80.59 | 265 | 2.25 | 91.5 | 62.74 | — | 116 | 43.86 | 4 | 2 | |||
| 2.50 to <10.00 | 131 | 203 | 97.64 | 330 | 5.29 | 105.0 | 62.93 | — | 257 | 78.02 | 11 | 5 | |||
| 2.50 to <5 | 65 | 122 | 90.57 | 175 | 3.73 | 59.0 | 62.34 | — | 109 | 62.18 | 4 | 2 | |||
| 5 to <10 | 67 | 81 | 108.28 | 154 | 7.07 | 46.0 | 63.61 | — | 148 | 96.00 | 7 | 3 | |||
| 10.00 to <100.00 | 94 | 68 | 79.39 | 149 | 22.24 | 52.7 | 59.91 | — | 225 | 151.65 | 20 | 11 | |||
| 10 to <20 | 50 | 44 | 84.92 | 88 | 13.88 | 30.7 | 59.24 | — | 114 | 130.36 | 7 | 4 | |||
| 20 to <30 | 19 | 11 | 81.59 | 28 | 28.22 | 9.5 | 61.41 | — | 51 | 179.88 | 5 | 2 | |||
| 30.00 to <100.00 | 25 | 12 | 57.13 | 32 | 39.64 | 12.5 | 60.41 | — | 60 | 184.50 | 8 | 4 | |||
| 100.00 (Default) | 23 | 14 | 59.76 | 31 | 100.00 | 14.9 | 76.09 | — | 17 | 54.09 | 22 | 18 | |||
| Sub-total | 1,165 | 20,271 | 48.48 | 10,993 | 1.02 | 4,325.7 | 59.54 | — | 1,337 | 12.16 | 72 | 40 | |||
| Secured by residential<br><br>immovable property | |||||||||||||||
| 0.00 to <0.15 | 31,188 | 345 | 45.48 | 31,325 | 0.09 | 231.2 | 16.61 | — | 1,118 | 3.57 | 5 | 1 | |||
| 0.00 to <0.10 | 17,412 | 195 | 45.62 | 17,493 | 0.07 | 127.8 | 16.38 | — | 500 | 2.86 | 2 | 1 | |||
| 0.10 to <0.15 | 13,776 | 150 | 45.29 | 13,833 | 0.12 | 103.3 | 16.90 | — | 618 | 4.47 | 3 | 1 | |||
| 0.15 to <0.25 | 20,589 | 192 | 43.32 | 20,649 | 0.18 | 145.1 | 17.24 | — | 1,328 | 6.43 | 6 | 2 | |||
| 0.25 to <0.50 | 32,352 | 300 | 41.52 | 32,406 | 0.36 | 197.6 | 17.92 | — | 3,529 | 10.89 | 21 | 5 | |||
| 0.50 to <0.75 | 9,541 | 52 | 45.73 | 9,564 | 0.55 | 55.7 | 18.97 | — | 1,507 | 15.76 | 10 | 3 | |||
| 0.75 to <2.50 | 38,246 | 284 | 41.74 | 38,281 | 1.45 | 206.7 | 19.27 | — | 11,770 | 30.75 | 111 | 44 | |||
| 0.75 to <1.75 | 27,235 | 213 | 42.03 | 27,268 | 1.11 | 152.8 | 18.90 | — | 7,034 | 25.79 | 60 | 21 | |||
| 1.75 to <2.5 | 11,011 | 71 | 40.86 | 11,012 | 2.30 | 54.0 | 20.21 | — | 4,736 | 43.01 | 51 | 22 | |||
| 2.50 to <10.00 | 8,980 | 85 | 41.68 | 8,979 | 5.85 | 60.2 | 20.71 | — | 7,366 | 82.04 | 130 | 88 | |||
| 2.50 to <5 | 4,215 | 49 | 42.21 | 4,214 | 4.54 | 37.7 | 21.29 | — | 3,654 | 86.70 | 62 | 38 | |||
| 5 to <10 | 4,765 | 36 | 40.97 | 4,765 | 7.01 | 22.5 | 20.20 | — | 3,713 | 77.92 | 67 | 50 | |||
| 10.00 to <100.00 | 3,855 | 26 | 41.25 | 3,859 | 24.57 | 18.2 | 20.07 | — | 4,130 | 107.03 | 190 | 98 | |||
| 10 to <20 | 2,016 | 16 | 40.97 | 2,020 | 14.37 | 9.4 | 19.93 | — | 2,040 | 101.00 | 57 | 37 | |||
| 20 to <30 | 442 | 2 | 44.40 | 442 | 27.37 | 2.2 | 19.09 | — | 489 | 110.73 | 23 | 11 | |||
| 30.00 to <100.00 | 1,396 | 7 | 40.80 | 1,397 | 38.44 | 6.5 | 20.59 | — | 1,601 | 114.59 | 110 | 50 | |||
| 100.00 (Default) | 1,852 | 10 | 40.59 | 1,854 | 100.00 | 12.5 | 36.01 | — | 740 | 39.94 | 625 | 354 | |||
| Sub-total | 146,602 | 1,293 | 43.06 | 146,916 | 2.80 | 927.2 | 18.42 | — | 31,490 | 21.43 | 1,099 | 596 |
125
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures<br><br>pre-CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD<br><br>(%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Purchased receivables | |||||||||||||||
| 0.00 to <0.15 | 25 | 103 | 9.67 | 35 | 0.10 | 0.5 | 40.16 | — | 3 | 8.99 | 0 | 0 | |||
| 0.00 to <0.10 | 7 | 38 | 8.77 | 11 | 0.06 | 0.2 | 39.89 | — | 1 | 5.35 | 0 | 0 | |||
| 0.10 to <0.15 | 18 | 65 | 10.19 | 24 | 0.11 | 0.3 | 40.28 | — | 3 | 10.59 | 0 | 0 | |||
| 0.15 to <0.25 | 3 | 12 | 10.12 | 5 | 0.21 | 0.1 | 40.83 | — | 1 | 12.92 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 0.50 to <0.75 | 6 | 29 | 9.98 | 9 | 0.54 | 0.2 | 39.96 | — | 2 | 22.79 | 0 | 0 | |||
| 0.75 to <2.50 | 11 | 27 | 10.02 | 14 | 1.30 | 0.2 | 36.50 | — | 4 | 30.45 | 0 | 0 | |||
| 0.75 to <1.75 | 11 | 27 | 10.02 | 14 | 1.30 | 0.2 | 35.81 | — | 4 | 30.15 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 40.00 | 0 | 1.91 | 0.0 | 83.71 | — | 0 | 81.25 | 0 | 0 | |||
| 2.50 to <10.00 | 4 | 6 | 14.30 | 5 | 4.54 | 0.1 | 36.41 | — | 2 | 40.70 | 0 | 0 | |||
| 2.50 to <5 | 2 | 2 | 10.01 | 2 | 3.09 | 0.0 | 36.89 | — | 1 | 39.67 | 0 | 0 | |||
| 5 to <10 | 2 | 4 | 15.91 | 3 | 5.34 | 0.1 | 36.15 | — | 1 | 41.27 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 1 | 17.81 | 1 | 100.00 | 0.0 | 52.45 | — | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 1 | 17.81 | 1 | 100.00 | 0.0 | 52.45 | — | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 13.10 | 0 | 100.00 | 0.0 | 53.75 | — | 0 | 113.65 | 0 | 0 | |||
| Sub-total | 49 | 178 | 10.01 | 67 | 1.63 | 1.0 | 39.27 | — | 12 | 17.81 | 0 | 0 | |||
| Other retail exposures | |||||||||||||||
| 0.00 to <0.15 | 6,419 | 3,235 | 53.14 | 8,137 | 0.08 | 230.6 | 28.90 | — | 503 | 6.18 | 2 | 1 | |||
| 0.00 to <0.10 | 3,989 | 2,373 | 52.88 | 5,243 | 0.06 | 138.8 | 26.48 | — | 246 | 4.70 | 1 | 0 | |||
| 0.10 to <0.15 | 2,430 | 862 | 53.89 | 2,894 | 0.11 | 91.8 | 33.28 | — | 257 | 8.87 | 1 | 0 | |||
| 0.15 to <0.25 | 3,374 | 1,118 | 47.60 | 3,905 | 0.18 | 150.7 | 35.84 | — | 516 | 13.21 | 3 | 1 | |||
| 0.25 to <0.50 | 5,289 | 1,340 | 48.67 | 5,938 | 0.36 | 325.5 | 42.54 | — | 1,468 | 24.71 | 9 | 4 | |||
| 0.50 to <0.75 | 2,431 | 600 | 51.92 | 2,742 | 0.57 | 182.5 | 41.08 | — | 835 | 30.44 | 6 | 4 | |||
| 0.75 to <2.50 | 11,868 | 1,169 | 51.06 | 12,462 | 1.49 | 1,225.8 | 51.38 | — | 7,271 | 58.34 | 97 | 63 | |||
| 0.75 to <1.75 | 8,117 | 928 | 50.99 | 8,587 | 1.14 | 826.0 | 49.35 | — | 4,426 | 51.54 | 48 | 30 | |||
| 1.75 to <2.5 | 3,751 | 241 | 51.35 | 3,874 | 2.28 | 399.8 | 55.88 | — | 2,845 | 73.42 | 49 | 33 | |||
| 2.50 to <10.00 | 5,288 | 307 | 49.73 | 5,439 | 5.00 | 476.4 | 56.68 | — | 4,487 | 82.50 | 156 | 112 | |||
| 2.50 to <5 | 3,171 | 208 | 49.90 | 3,274 | 3.73 | 280.6 | 55.30 | — | 2,548 | 77.82 | 68 | 45 | |||
| 5 to <10 | 2,117 | 99 | 49.38 | 2,165 | 6.92 | 195.8 | 58.77 | — | 1,939 | 89.58 | 88 | 66 | |||
| 10.00 to <100.00 | 1,971 | 86 | 44.62 | 2,009 | 23.28 | 182.4 | 53.21 | — | 2,333 | 116.12 | 251 | 170 | |||
| 10 to <20 | 1,095 | 53 | 44.66 | 1,119 | 13.74 | 109.8 | 52.15 | — | 1,095 | 97.83 | 81 | 62 | |||
| 20 to <30 | 332 | 10 | 41.92 | 336 | 28.17 | 28.0 | 55.23 | — | 461 | 137.07 | 52 | 35 | |||
| 30.00 to <100.00 | 544 | 22 | 45.73 | 554 | 39.59 | 44.6 | 54.15 | — | 777 | 140.35 | 119 | 73 | |||
| 100.00 (Default) | 2,457 | 77 | 44.87 | 2,491 | 100.00 | 211.8 | 85.95 | — | 1,016 | 40.77 | 2,027 | 1,699 | |||
| Sub-total | 39,097 | 7,932 | 50.90 | 43,123 | 8.04 | 2,985.7 | 46.61 | — | 18,428 | 42.73 | 2,552 | 2,053 | |||
| All exposure classes | |||||||||||||||
| Total | 337,965 | 103,138 | 43.84 | 382,922 | 5.43 | 7,688.5 | 24.55 | 2.3 | 108,598 | 28.36 | 9,235 | 6,894 |
126
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Central governments<br><br>and central banks | |||||||||||||||
| 0.00 to <0.15 | 119,266 | 2,078 | 41.70 | 120,133 | 0.00 | 0.1 | 65.93 | 1.3 | 1,200 | 1.00 | 2 | 0 | |||
| 0.00 to <0.10 | 119,068 | 1,992 | 41.78 | 119,900 | 0.00 | 0.1 | 65.94 | 1.3 | 1,170 | 0.98 | 2 | 0 | |||
| 0.10 to <0.15 | 198 | 86 | 39.97 | 233 | 0.14 | 0.0 | 59.58 | 1.7 | 29 | 12.50 | 0 | 0 | |||
| 0.15 to <0.25 | 646 | 325 | 37.77 | 769 | 0.23 | 0.0 | 58.44 | 1.7 | 449 | 58.36 | 1 | 0 | |||
| 0.25 to <0.50 | 1,113 | 13 | 39.56 | 1,118 | 0.39 | 0.0 | 66.08 | 0.4 | 704 | 62.94 | 3 | 0 | |||
| 0.50 to <0.75 | 166 | 8 | 20.12 | 168 | 0.65 | 0.0 | 11.54 | 0.0 | 155 | 92.32 | 1 | 0 | |||
| 0.75 to <2.50 | 4,378 | 505 | 39.22 | 4,576 | 1.66 | 0.0 | 93.91 | 4.4 | 10,187 | 222.61 | 5 | 0 | |||
| 0.75 to <1.75 | 494 | 497 | 39.21 | 689 | 1.09 | 0.0 | 64.36 | 1.0 | 541 | 78.53 | 5 | 0 | |||
| 1.75 to <2.5 | 3,884 | 7 | 39.71 | 3,887 | 1.76 | 0.0 | 99.14 | 5.0 | 9,646 | 248.15 | 0 | 0 | |||
| 2.50 to <10.00 | 115 | 71 | 27.86 | 135 | 6.01 | 0.0 | 45.39 | 3.9 | 317 | 235.53 | 5 | 2 | |||
| 2.50 to <5 | 72 | 45 | 25.70 | 84 | 4.82 | 0.0 | 51.61 | 4.2 | 174 | 207.60 | 2 | 1 | |||
| 5 to <10 | 43 | 26 | 31.71 | 51 | 7.95 | 0.0 | 45.25 | 3.6 | 144 | 281.31 | 3 | 1 | |||
| 10.00 to <100.00 | 721 | 1 | 40.00 | 721 | 17.27 | 0.0 | 66.41 | 0.7 | 2,109 | 292.38 | 81 | 4 | |||
| 10 to <20 | 550 | 1 | 40.00 | 551 | 13.01 | 0.0 | 66.31 | 0.9 | 1,530 | 277.90 | 46 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 171 | 0 | 50.00 | 171 | 31.01 | 0.0 | 66.72 | 0.1 | 579 | 339.10 | 35 | 4 | |||
| 100.00 (Default) | 194 | 1 | 40.01 | 195 | 100.00 | 0.0 | 68.78 | 3.7 | 236 | 121.49 | 127 | 28 | |||
| Sub-total | 126,600 | 3,002 | 40.47 | 127,814 | 0.32 | 0.2 | 66.80 | 1.4 | 15,357 | 12.02 | 225 | 34 | |||
| Regional governments<br><br>and local authorities | |||||||||||||||
| 0.00 to <0.15 | 543 | 55 | 40.22 | 566 | 0.06 | 0.0 | 33.70 | 4.4 | 144 | 25.39 | 0 | 0 | |||
| 0.00 to <0.10 | 543 | 55 | 40.22 | 566 | 0.06 | 0.0 | 33.70 | 4.4 | 144 | 25.39 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.15 to <0.25 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 40.00 | 0 | 0.25 | 0.0 | 42.02 | 1.0 | 0 | 32.46 | 0 | 0 | |||
| 0.50 to <0.75 | 0 | 0 | 40.00 | 0 | 0.70 | 0.0 | 41.32 | 1.4 | 0 | 61.09 | 0 | 0 | |||
| 0.75 to <2.50 | 0 | 0 | 0.00 | 0 | 1.93 | 0.0 | 42.02 | 1.0 | 0 | 88.23 | 0 | 0 | |||
| 0.75 to <1.75 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 1.93 | 0.0 | 42.02 | 1.0 | 0 | 88.23 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| Sub-total | 543 | 55 | 40.22 | 566 | 0.06 | 0.0 | 33.70 | 4.4 | 144 | 25.39 | 0 | 0 |
127
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Public sector entities | |||||||||||||||
| 0.00 to <0.15 | 301 | 5 | 86.73 | 305 | 0.05 | 0.1 | 27.02 | 2.2 | 33 | 10.91 | 0 | 0 | |||
| 0.00 to <0.10 | 301 | 5 | 95.17 | 305 | 0.05 | 0.1 | 27.02 | 2.2 | 33 | 10.90 | 0 | 0 | |||
| 0.10 to <0.15 | 0 | 1 | 25.24 | 0 | 0.12 | 0.0 | 31.20 | 1.4 | 0 | 15.88 | 0 | 0 | |||
| 0.15 to <0.25 | 9 | 1 | 24.74 | 9 | 0.15 | 0.0 | 31.42 | 4.5 | 3 | 38.44 | 0 | 0 | |||
| 0.25 to <0.50 | 2 | 2 | 51.42 | 2 | 0.39 | 0.0 | 32.08 | 2.5 | 1 | 39.87 | 0 | 0 | |||
| 0.50 to <0.75 | 3 | 0 | 20.71 | 3 | 0.68 | 0.0 | 28.51 | 3.8 | 2 | 60.44 | 0 | 0 | |||
| 0.75 to <2.50 | 1 | 10 | 39.69 | 5 | 1.03 | 0.0 | 51.31 | 1.1 | 4 | 83.66 | 0 | 0 | |||
| 0.75 to <1.75 | 1 | 10 | 39.68 | 5 | 1.03 | 0.0 | 51.31 | 1.1 | 4 | 83.63 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 46.95 | 0 | 2.31 | 0.0 | 70.78 | 0.0 | 0 | 138.53 | 0 | 0 | |||
| 2.50 to <10.00 | 0 | 0 | 100.00 | 0 | 6.17 | 0.0 | 59.40 | 1.0 | 0 | 200.09 | 0 | 0 | |||
| 2.50 to <5 | 0 | 0 | 0.00 | 0 | 3.83 | 0.0 | 0.00 | 0.0 | 0 | 286.40 | 0 | 0 | |||
| 5 to <10 | 0 | 0 | 100.00 | 0 | 6.19 | 0.0 | 59.40 | 1.0 | 0 | 199.04 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 0.00 | 0 | 100.00 | 0.0 | 99.81 | 0.0 | 0 | 131.11 | 0 | 0 | |||
| Sub-total | 315 | 17 | 54.00 | 325 | 0.09 | 0.1 | 27.60 | 2.3 | 44 | 13.52 | 0 | 0 | |||
| Corporates | |||||||||||||||
| 0.00 to <0.15 | 29,432 | 33,552 | 28.21 | 40,970 | 0.08 | 12.1 | 17.18 | 2.0 | 3,006 | 7.34 | 11 | 143 | |||
| 0.00 to <0.10 | 18,147 | 24,904 | 27.08 | 26,965 | 0.06 | 8.6 | 18.50 | 1.8 | 1,704 | 6.32 | 8 | 141 | |||
| 0.10 to <0.15 | 11,284 | 8,648 | 31.46 | 14,005 | 0.12 | 3.5 | 14.62 | 2.2 | 1,302 | 9.29 | 2 | 2 | |||
| 0.15 to <0.25 | 10,054 | 8,004 | 29.93 | 14,011 | 0.20 | 5.5 | 19.76 | 2.0 | 2,300 | 16.42 | 6 | 4 | |||
| 0.25 to <0.50 | 22,183 | 10,340 | 33.29 | 25,800 | 0.37 | 8.3 | 20.44 | 2.3 | 6,072 | 23.54 | 20 | 17 | |||
| 0.50 to <0.75 | 13,925 | 8,158 | 33.65 | 17,182 | 0.63 | 6.5 | 21.15 | 2.6 | 5,410 | 31.48 | 24 | 13 | |||
| 0.75 to <2.50 | 36,600 | 13,451 | 40.88 | 42,126 | 1.46 | 13.4 | 22.03 | 2.4 | 17,855 | 42.38 | 140 | 179 | |||
| 0.75 to <1.75 | 25,007 | 8,773 | 39.72 | 28,492 | 1.17 | 9.5 | 20.20 | 2.4 | 11,237 | 39.44 | 84 | 116 | |||
| 1.75 to <2.5 | 11,593 | 4,678 | 43.05 | 13,634 | 2.05 | 3.9 | 25.86 | 2.3 | 6,618 | 48.54 | 56 | 62 | |||
| 2.50 to <10.00 | 19,480 | 4,825 | 40.98 | 21,457 | 4.40 | 5.1 | 17.58 | 2.3 | 10,563 | 49.23 | 172 | 192 | |||
| 2.50 to <5 | 13,979 | 3,629 | 41.42 | 15,482 | 3.44 | 2.9 | 16.93 | 2.3 | 6,739 | 43.53 | 90 | 110 | |||
| 5 to <10 | 5,501 | 1,196 | 39.63 | 5,975 | 6.91 | 2.2 | 19.26 | 2.3 | 3,824 | 64.00 | 82 | 83 | |||
| 10.00 to <100.00 | 2,112 | 264 | 44.29 | 2,229 | 18.27 | 3.2 | 23.88 | 1.8 | 2,135 | 95.78 | 93 | 68 | |||
| 10 to <20 | 1,777 | 210 | 46.80 | 1,876 | 13.77 | 1.6 | 24.38 | 1.7 | 1,825 | 97.29 | 62 | 50 | |||
| 20 to <30 | 96 | 8 | 21.82 | 98 | 23.65 | 0.4 | 14.25 | 2.9 | 69 | 70.82 | 3 | 3 | |||
| 30.00 to <100.00 | 239 | 46 | 36.61 | 256 | 49.23 | 1.2 | 23.93 | 2.2 | 241 | 94.24 | 28 | 15 | |||
| 100.00 (Default) | 9,237 | 840 | 42.12 | 9,765 | 100.00 | 5.4 | 53.53 | 1.8 | 5,331 | 54.60 | 4,687 | 3,486 | |||
| Sub-total | 143,024 | 79,433 | 32.72 | 173,541 | 6.91 | 59.3 | 21.62 | 2.2 | 52,672 | 30.35 | 5,154 | 4,103 | |||
| of which: |
128
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| General | |||||||||||||||
| 0.00 to <0.15 | 28,279 | 33,546 | 28.21 | 39,815 | 0.08 | 12.0 | 17.33 | 1.9 | 2,934 | 7.37 | 11 | 143 | |||
| 0.00 to <0.10 | 17,870 | 24,899 | 27.08 | 26,686 | 0.06 | 8.5 | 18.53 | 1.8 | 1,687 | 6.32 | 8 | 141 | |||
| 0.10 to <0.15 | 10,410 | 8,646 | 31.45 | 13,129 | 0.12 | 3.5 | 14.89 | 2.2 | 1,246 | 9.49 | 2 | 2 | |||
| 0.15 to <0.25 | 8,552 | 7,837 | 29.59 | 12,431 | 0.21 | 5.4 | 20.72 | 2.0 | 2,170 | 17.46 | 5 | 3 | |||
| 0.25 to <0.50 | 12,773 | 9,311 | 31.81 | 15,910 | 0.36 | 8.0 | 23.92 | 2.2 | 4,413 | 27.74 | 14 | 10 | |||
| 0.50 to <0.75 | 10,645 | 6,059 | 31.95 | 13,094 | 0.61 | 6.4 | 23.65 | 2.5 | 4,504 | 34.39 | 21 | 11 | |||
| 0.75 to <2.50 | 19,286 | 8,904 | 39.85 | 22,861 | 1.40 | 12.9 | 28.62 | 2.3 | 12,423 | 54.34 | 82 | 59 | |||
| 0.75 to <1.75 | 14,813 | 5,946 | 37.89 | 17,066 | 1.19 | 9.2 | 23.36 | 2.4 | 8,129 | 47.63 | 49 | 33 | |||
| 1.75 to <2.5 | 4,473 | 2,958 | 43.77 | 5,795 | 2.01 | 3.7 | 44.08 | 2.2 | 4,294 | 74.10 | 33 | 26 | |||
| 2.50 to <10.00 | 9,594 | 2,420 | 38.98 | 10,537 | 4.18 | 4.9 | 21.96 | 2.4 | 6,469 | 61.39 | 101 | 80 | |||
| 2.50 to <5 | 7,544 | 1,780 | 38.06 | 8,221 | 3.42 | 2.8 | 19.82 | 2.4 | 4,257 | 51.78 | 55 | 48 | |||
| 5 to <10 | 2,050 | 639 | 41.55 | 2,316 | 6.85 | 2.1 | 29.57 | 2.4 | 2,212 | 95.50 | 46 | 32 | |||
| 10.00 to <100.00 | 879 | 210 | 45.58 | 975 | 16.52 | 3.1 | 32.80 | 1.9 | 1,323 | 135.70 | 50 | 30 | |||
| 10 to <20 | 734 | 161 | 48.88 | 813 | 12.44 | 1.6 | 33.61 | 1.8 | 1,114 | 137.16 | 34 | 20 | |||
| 20 to <30 | 19 | 8 | 21.61 | 21 | 25.32 | 0.4 | 38.32 | 1.0 | 33 | 160.61 | 2 | 2 | |||
| 30.00 to <100.00 | 126 | 42 | 37.27 | 142 | 38.65 | 1.1 | 27.39 | 2.2 | 175 | 123.67 | 14 | 8 | |||
| 100.00 (Default) | 5,477 | 594 | 43.08 | 5,907 | 100.00 | 5.3 | 61.99 | 1.5 | 2,486 | 42.08 | 3,379 | 2,534 | |||
| Sub-total | 95,486 | 68,880 | 31.25 | 121,531 | 5.78 | 57.9 | 24.04 | 2.1 | 36,721 | 30.22 | 3,663 | 2,870 | |||
| Specialized Lending | |||||||||||||||
| 0.00 to <0.15 | 1,110 | 6 | 41.67 | 1,112 | 0.11 | 0.0 | 11.05 | 2.2 | 68 | 6.14 | 0 | 0 | |||
| 0.00 to <0.10 | 237 | 4 | 42.27 | 239 | 0.07 | 0.0 | 13.66 | 2.6 | 13 | 5.62 | 0 | 0 | |||
| 0.10 to <0.15 | 873 | 2 | 40.04 | 874 | 0.12 | 0.0 | 10.34 | 2.1 | 55 | 6.29 | 0 | 0 | |||
| 0.15 to <0.25 | 1,493 | 167 | 46.00 | 1,570 | 0.17 | 0.1 | 11.89 | 2.2 | 126 | 8.04 | 0 | 0 | |||
| 0.25 to <0.50 | 9,392 | 1,029 | 46.62 | 9,872 | 0.39 | 0.3 | 14.74 | 2.3 | 1,646 | 16.68 | 6 | 7 | |||
| 0.50 to <0.75 | 3,267 | 2,099 | 38.53 | 4,076 | 0.70 | 0.1 | 12.91 | 3.0 | 890 | 21.84 | 4 | 2 | |||
| 0.75 to <2.50 | 17,290 | 4,547 | 42.91 | 19,240 | 1.53 | 0.5 | 14.15 | 2.4 | 5,401 | 28.07 | 58 | 119 | |||
| 0.75 to <1.75 | 10,185 | 2,826 | 43.58 | 11,417 | 1.15 | 0.3 | 15.42 | 2.4 | 3,096 | 27.12 | 35 | 83 | |||
| 1.75 to <2.5 | 7,105 | 1,720 | 41.80 | 7,824 | 2.08 | 0.2 | 12.29 | 2.4 | 2,305 | 29.46 | 23 | 36 | |||
| 2.50 to <10.00 | 9,872 | 2,405 | 42.99 | 10,906 | 4.62 | 0.2 | 13.30 | 2.3 | 4,075 | 37.36 | 71 | 112 | |||
| 2.50 to <5 | 6,430 | 1,848 | 44.66 | 7,255 | 3.45 | 0.1 | 13.65 | 2.3 | 2,479 | 34.17 | 35 | 62 | |||
| 5 to <10 | 3,443 | 557 | 37.42 | 3,651 | 6.95 | 0.1 | 12.62 | 2.3 | 1,596 | 43.72 | 36 | 51 | |||
| 10.00 to <100.00 | 1,215 | 53 | 39.23 | 1,235 | 19.72 | 0.0 | 16.63 | 1.8 | 782 | 63.27 | 42 | 38 | |||
| 10 to <20 | 1,024 | 49 | 40.00 | 1,044 | 14.79 | 0.0 | 16.95 | 1.6 | 680 | 65.09 | 27 | 30 | |||
| 20 to <30 | 77 | 0 | 40.00 | 77 | 23.20 | 0.0 | 7.81 | 3.4 | 36 | 46.79 | 1 | 2 | |||
| 30.00 to <100.00 | 113 | 4 | 29.85 | 114 | 62.35 | 0.0 | 19.64 | 2.2 | 66 | 57.76 | 14 | 7 | |||
| 100.00 (Default) | 3,756 | 246 | 39.78 | 3,854 | 100.00 | 0.1 | 40.56 | 2.3 | 2,844 | 73.79 | 1,306 | 951 | |||
| Sub-total | 47,395 | 10,553 | 42.37 | 51,866 | 9.58 | 1.4 | 15.87 | 2.4 | 15,832 | 30.53 | 1,487 | 1,230 |
129
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Purchased<br><br>receivables | |||||||||||||||
| 0.00 to <0.15 | 42 | 0 | 0.00 | 42 | 0.08 | 0.0 | 30.81 | 0.9 | 4 | 8.85 | 0 | 0 | |||
| 0.00 to <0.10 | 41 | 0 | 0.00 | 41 | 0.08 | 0.0 | 28.53 | 0.8 | 3 | 7.83 | 0 | 0 | |||
| 0.10 to <0.15 | 2 | 0 | 0.00 | 2 | 0.13 | 0.0 | 80.69 | 1.7 | 1 | 31.12 | 0 | 0 | |||
| 0.15 to <0.25 | 10 | 0 | 40.00 | 10 | 0.17 | 0.0 | 55.69 | 1.4 | 4 | 37.05 | 0 | 0 | |||
| 0.25 to <0.50 | 17 | 0 | 40.00 | 17 | 0.44 | 0.0 | 63.02 | 2.1 | 12 | 70.82 | 0 | 0 | |||
| 0.50 to <0.75 | 13 | 0 | 0.00 | 13 | 0.74 | 0.0 | 77.67 | 3.0 | 16 | 125.84 | 0 | 0 | |||
| 0.75 to <2.50 | 25 | 0 | 40.00 | 25 | 1.73 | 0.1 | 72.05 | 1.7 | 31 | 126.27 | 0 | 0 | |||
| 0.75 to <1.75 | 9 | 0 | 0.00 | 9 | 1.22 | 0.0 | 84.17 | 2.0 | 13 | 136.14 | 0 | 0 | |||
| 1.75 to <2.5 | 15 | 0 | 40.00 | 15 | 2.04 | 0.0 | 64.65 | 1.5 | 19 | 120.24 | 0 | 0 | |||
| 2.50 to <10.00 | 14 | 0 | 40.00 | 14 | 5.24 | 0.0 | 51.59 | 1.3 | 19 | 140.69 | 0 | 0 | |||
| 2.50 to <5 | 6 | 0 | 40.00 | 6 | 3.72 | 0.0 | 31.99 | 0.3 | 3 | 59.10 | 0 | 0 | |||
| 5 to <10 | 8 | 0 | 0.00 | 8 | 6.28 | 0.0 | 64.90 | 2.0 | 16 | 196.08 | 0 | 0 | |||
| 10.00 to <100.00 | 19 | 0 | 0.00 | 19 | 14.32 | 0.0 | 38.39 | 4.4 | 31 | 162.54 | 1 | 0 | |||
| 10 to <20 | 19 | 0 | 0.00 | 19 | 14.32 | 0.0 | 38.38 | 4.4 | 31 | 162.54 | 1 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 4 | 0 | 0.00 | 4 | 100.00 | 0.0 | 59.62 | 2.3 | 2 | 44.44 | 2 | 2 | |||
| Sub-total | 144 | 0 | 40.00 | 144 | 5.84 | 0.2 | 51.45 | 1.9 | 119 | 82.57 | 4 | 3 | |||
| Retail | |||||||||||||||
| 0.00 to <0.15 | 38,930 | 16,961 | 38.06 | 45,385 | 0.09 | 3,268.5 | 25.81 | — | 3,344 | 7.37 | 70 | 57 | |||
| 0.00 to <0.10 | 22,560 | 6,263 | 15.86 | 23,553 | 0.07 | 1,048.5 | 21.43 | — | 2,158 | 9.16 | 63 | 55 | |||
| 0.10 to <0.15 | 16,371 | 10,698 | 51.05 | 21,832 | 0.11 | 2,220.1 | 30.55 | — | 1,185 | 5.43 | 8 | 2 | |||
| 0.15 to <0.25 | 24,767 | 4,007 | 41.44 | 26,427 | 0.18 | 834.4 | 23.79 | — | 2,207 | 8.35 | 12 | 4 | |||
| 0.25 to <0.50 | 41,173 | 3,690 | 44.55 | 42,817 | 0.36 | 1,318.1 | 26.21 | — | 6,588 | 15.39 | 42 | 11 | |||
| 0.50 to <0.75 | 11,913 | 1,360 | 45.52 | 12,533 | 0.55 | 273.7 | 24.04 | — | 2,301 | 18.36 | 17 | 8 | |||
| 0.75 to <2.50 | 51,042 | 2,640 | 51.28 | 52,396 | 1.42 | 1,459.0 | 28.06 | — | 19,512 | 37.24 | 211 | 108 | |||
| 0.75 to <1.75 | 36,829 | 2,118 | 49.81 | 37,884 | 1.10 | 1,090.5 | 27.75 | — | 12,235 | 32.30 | 116 | 56 | |||
| 1.75 to <2.5 | 14,213 | 522 | 57.26 | 14,512 | 2.28 | 368.4 | 28.90 | — | 7,277 | 50.15 | 95 | 52 | |||
| 2.50 to <10.00 | 13,836 | 610 | 61.11 | 14,209 | 5.61 | 510.2 | 35.39 | — | 12,110 | 85.23 | 297 | 204 | |||
| 2.50 to <5 | 6,826 | 384 | 56.71 | 7,044 | 4.22 | 275.8 | 36.37 | — | 6,030 | 85.60 | 125 | 81 | |||
| 5 to <10 | 7,010 | 226 | 68.58 | 7,165 | 6.97 | 234.4 | 34.42 | — | 6,080 | 84.86 | 172 | 124 | |||
| 10.00 to <100.00 | 5,356 | 150 | 69.52 | 5,460 | 23.63 | 211.3 | 34.58 | — | 6,480 | 118.69 | 442 | 259 | |||
| 10 to <20 | 2,949 | 98 | 69.24 | 3,017 | 14.04 | 131.5 | 34.25 | — | 3,232 | 107.12 | 145 | 93 | |||
| 20 to <30 | 655 | 19 | 85.38 | 670 | 27.45 | 34.3 | 41.85 | — | 936 | 139.66 | 77 | 44 | |||
| 30.00 to <100.00 | 1,752 | 34 | 61.64 | 1,773 | 38.53 | 45.6 | 32.40 | — | 2,312 | 130.44 | 221 | 122 | |||
| 100.00 (Default) | 4,345 | 99 | 51.24 | 4,395 | 100.00 | 241.6 | 61.89 | — | 1,695 | 38.57 | 2,669 | 2,036 | |||
| Sub-total | 191,362 | 29,517 | 41.53 | 203,622 | 3.70 | 8,116.7 | 27.79 | — | 54,237 | 26.64 | 3,760 | 2,688 | |||
| of which: |
130
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Qualifying Revolving | |||||||||||||||
| 0.00 to <0.15 | 46 | 8,317 | 59.58 | 5,001 | 0.10 | 1,938.5 | 59.52 | — | 187 | 3.73 | 3 | 0 | |||
| 0.00 to <0.10 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 0.10 to <0.15 | 46 | 8,317 | 59.58 | 5,001 | 0.10 | 1,938.5 | 59.52 | — | 187 | 3.73 | 3 | 0 | |||
| 0.15 to <0.25 | 38 | 1,467 | 67.93 | 1,035 | 0.18 | 401.9 | 59.71 | — | 62 | 5.96 | 1 | 0 | |||
| 0.25 to <0.50 | 106 | 1,059 | 77.43 | 926 | 0.34 | 384.7 | 64.27 | — | 99 | 10.67 | 2 | 0 | |||
| 0.50 to <0.75 | 37 | 337 | 80.71 | 309 | 0.52 | 113.4 | 58.27 | — | 42 | 13.41 | 1 | 0 | |||
| 0.75 to <2.50 | 241 | 602 | 106.62 | 882 | 1.35 | 454.6 | 66.59 | — | 276 | 31.32 | 8 | 3 | |||
| 0.75 to <1.75 | 169 | 489 | 103.20 | 673 | 1.06 | 316.8 | 66.33 | — | 177 | 26.36 | 5 | 1 | |||
| 1.75 to <2.5 | 72 | 113 | 121.40 | 209 | 2.27 | 137.8 | 67.41 | — | 99 | 47.29 | 3 | 1 | |||
| 2.50 to <10.00 | 131 | 121 | 150.61 | 314 | 5.43 | 224.0 | 69.05 | — | 274 | 87.33 | 12 | 5 | |||
| 2.50 to <5 | 62 | 70 | 135.59 | 157 | 3.76 | 111.2 | 67.66 | — | 106 | 67.70 | 4 | 2 | |||
| 5 to <10 | 70 | 51 | 171.43 | 157 | 7.12 | 112.8 | 70.43 | — | 168 | 107.03 | 8 | 3 | |||
| 10.00 to <100.00 | 115 | 40 | 156.43 | 177 | 22.76 | 104.0 | 64.04 | — | 290 | 164.02 | 26 | 12 | |||
| 10 to <20 | 60 | 30 | 139.85 | 102 | 14.06 | 67.8 | 62.71 | — | 142 | 139.35 | 9 | 4 | |||
| 20 to <30 | 24 | 6 | 197.80 | 35 | 28.46 | 17.1 | 65.96 | — | 67 | 193.63 | 6 | 3 | |||
| 30.00 to <100.00 | 31 | 4 | 226.85 | 40 | 40.02 | 19.0 | 65.76 | — | 81 | 201.31 | 10 | 5 | |||
| 100.00 (Default) | 169 | 5 | 170.98 | 177 | 100.00 | 111.9 | 80.69 | — | 149 | 83.93 | 139 | 130 | |||
| Sub-total | 883 | 11,948 | 66.44 | 8,821 | 2.93 | 3,732.9 | 61.56 | — | 1,378 | 15.62 | 192 | 151 | |||
| Secured by<br><br>residential immovable<br><br>property | |||||||||||||||
| 0.00 to <0.15 | 31,885 | 298 | 42.30 | 32,011 | 0.09 | 231.3 | 18.35 | — | 1,269 | 3.96 | 5 | 2 | |||
| 0.00 to <0.10 | 18,192 | 171 | 42.16 | 18,264 | 0.07 | 133.8 | 18.35 | — | 590 | 3.23 | 2 | 1 | |||
| 0.10 to <0.15 | 13,693 | 127 | 42.50 | 13,747 | 0.12 | 97.5 | 18.35 | — | 679 | 4.94 | 3 | 1 | |||
| 0.15 to <0.25 | 20,850 | 178 | 41.36 | 20,924 | 0.18 | 146.0 | 18.49 | — | 1,463 | 6.99 | 7 | 2 | |||
| 0.25 to <0.50 | 32,679 | 259 | 41.42 | 32,787 | 0.36 | 208.1 | 18.92 | — | 3,791 | 11.56 | 22 | 7 | |||
| 0.50 to <0.75 | 9,627 | 85 | 41.31 | 9,662 | 0.54 | 52.5 | 19.28 | — | 1,540 | 15.94 | 10 | 4 | |||
| 0.75 to <2.50 | 39,390 | 278 | 40.71 | 39,504 | 1.45 | 212.8 | 19.87 | — | 12,391 | 31.37 | 117 | 52 | |||
| 0.75 to <1.75 | 28,206 | 194 | 40.83 | 28,285 | 1.11 | 157.6 | 19.56 | — | 7,469 | 26.41 | 63 | 25 | |||
| 1.75 to <2.5 | 11,184 | 85 | 40.42 | 11,219 | 2.30 | 55.2 | 20.65 | — | 4,922 | 43.88 | 53 | 27 | |||
| 2.50 to <10.00 | 8,995 | 102 | 41.39 | 9,037 | 5.86 | 61.8 | 21.30 | — | 7,632 | 84.45 | 135 | 105 | |||
| 2.50 to <5 | 4,168 | 66 | 41.81 | 4,196 | 4.60 | 38.7 | 21.89 | — | 3,774 | 89.94 | 65 | 45 | |||
| 5 to <10 | 4,827 | 35 | 40.61 | 4,841 | 6.95 | 23.1 | 20.78 | — | 3,858 | 79.68 | 70 | 60 | |||
| 10.00 to <100.00 | 3,558 | 22 | 40.50 | 3,567 | 24.01 | 17.8 | 20.78 | — | 3,946 | 110.61 | 178 | 99 | |||
| 10 to <20 | 1,934 | 14 | 40.46 | 1,940 | 14.13 | 9.4 | 20.50 | — | 2,012 | 103.72 | 56 | 40 | |||
| 20 to <30 | 347 | 1 | 40.13 | 347 | 27.00 | 2.0 | 20.45 | — | 412 | 118.58 | 19 | 9 | |||
| 30.00 to <100.00 | 1,277 | 7 | 40.63 | 1,280 | 38.17 | 6.4 | 21.28 | — | 1,522 | 118.88 | 103 | 50 | |||
| 100.00 (Default) | 1,918 | 12 | 40.68 | 1,923 | 100.00 | 13.2 | 34.25 | — | 737 | 38.34 | 629 | 356 | |||
| Sub-total | 148,903 | 1,234 | 41.43 | 149,415 | 2.76 | 943.5 | 19.40 | — | 32,768 | 21.93 | 1,104 | 627 |
131
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l | |||
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions | |||
| Purchased<br><br>receivables | |||||||||||||||
| 0.00 to <0.15 | 29 | 90 | 9.57 | 37 | 0.10 | 0.5 | 36.80 | — | 3 | 8.64 | 0 | 0 | |||
| 0.00 to <0.10 | 6 | 26 | 8.26 | 8 | 0.06 | 0.2 | 38.35 | — | 0 | 4.97 | 0 | 0 | |||
| 0.10 to <0.15 | 23 | 65 | 10.08 | 30 | 0.11 | 0.3 | 36.39 | — | 3 | 9.60 | 0 | 0 | |||
| 0.15 to <0.25 | 2 | 11 | 8.71 | 3 | 0.21 | 0.1 | 40.00 | — | 0 | 12.92 | 0 | 0 | |||
| 0.25 to <0.50 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 0.50 to <0.75 | 3 | 30 | 15.23 | 7 | 0.54 | 0.1 | 51.88 | — | 2 | 29.65 | 0 | 0 | |||
| 0.75 to <2.50 | 11 | 33 | 12.40 | 15 | 1.40 | 0.2 | 38.45 | — | 5 | 33.40 | 0 | 0 | |||
| 0.75 to <1.75 | 11 | 33 | 12.40 | 15 | 1.40 | 0.2 | 38.45 | — | 5 | 33.40 | 0 | 0 | |||
| 1.75 to <2.5 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 2.50 to <10.00 | 4 | 10 | 15.15 | 5 | 4.16 | 0.1 | 39.65 | — | 2 | 43.69 | 0 | 0 | |||
| 2.50 to <5 | 2 | 4 | 11.26 | 3 | 3.03 | 0.0 | 36.14 | — | 1 | 38.57 | 0 | 0 | |||
| 5 to <10 | 1 | 7 | 17.34 | 3 | 5.34 | 0.0 | 43.33 | — | 1 | 49.06 | 0 | 0 | |||
| 10.00 to <100.00 | 0 | 1 | 18.04 | 1 | 99.00 | 0.0 | 51.36 | — | 0 | 0.00 | 0 | 0 | |||
| 10 to <20 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 20 to <30 | 0 | 0 | 0.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | 0 | 0 | |||
| 30.00 to <100.00 | 0 | 1 | 18.04 | 1 | 99.00 | 0.0 | 51.36 | — | 0 | 0.00 | 0 | 0 | |||
| 100.00 (Default) | 0 | 0 | 16.86 | 0 | 100.00 | 0.0 | 82.27 | — | 0 | 41.79 | 0 | 0 | |||
| Sub-total | 49 | 176 | 11.40 | 69 | 1.55 | 0.9 | 39.25 | — | 13 | 19.18 | 0 | 0 | |||
| Other retail exposures | |||||||||||||||
| 0.00 to <0.15 | 6,971 | 8,255 | 16.53 | 8,336 | 0.08 | 1,327.5 | 34.22 | — | 1,885 | 22.61 | 62 | 55 | |||
| 0.00 to <0.10 | 4,362 | 6,066 | 15.15 | 5,281 | 0.07 | 947.5 | 32.05 | — | 1,568 | 29.69 | 60 | 55 | |||
| 0.10 to <0.15 | 2,609 | 2,189 | 20.35 | 3,055 | 0.12 | 380.0 | 37.95 | — | 317 | 10.39 | 1 | 1 | |||
| 0.15 to <0.25 | 3,877 | 2,350 | 25.05 | 4,465 | 0.19 | 459.7 | 40.26 | — | 682 | 15.27 | 3 | 2 | |||
| 0.25 to <0.50 | 8,388 | 2,372 | 30.22 | 9,105 | 0.38 | 910.8 | 48.57 | — | 2,698 | 29.64 | 17 | 3 | |||
| 0.50 to <0.75 | 2,246 | 908 | 33.87 | 2,554 | 0.58 | 155.5 | 37.84 | — | 717 | 28.10 | 6 | 3 | |||
| 0.75 to <2.50 | 11,400 | 1,727 | 34.45 | 11,995 | 1.36 | 971.6 | 52.21 | — | 6,839 | 57.02 | 86 | 53 | |||
| 0.75 to <1.75 | 8,443 | 1,403 | 33.33 | 8,911 | 1.06 | 750.7 | 50.80 | — | 4,583 | 51.43 | 48 | 29 | |||
| 1.75 to <2.5 | 2,957 | 324 | 39.29 | 3,084 | 2.21 | 220.9 | 56.29 | — | 2,256 | 73.15 | 38 | 25 | |||
| 2.50 to <10.00 | 4,706 | 377 | 38.95 | 4,853 | 5.15 | 289.1 | 59.46 | — | 4,202 | 86.59 | 151 | 94 | |||
| 2.50 to <5 | 2,594 | 243 | 38.69 | 2,689 | 3.66 | 159.7 | 57.14 | — | 2,148 | 79.91 | 56 | 34 | |||
| 5 to <10 | 2,112 | 133 | 39.42 | 2,164 | 7.00 | 129.4 | 62.33 | — | 2,054 | 94.88 | 95 | 60 | |||
| 10.00 to <100.00 | 1,682 | 87 | 37.93 | 1,715 | 22.92 | 125.2 | 60.26 | — | 2,245 | 130.85 | 238 | 148 | |||
| 10 to <20 | 956 | 53 | 36.74 | 975 | 13.86 | 73.8 | 58.62 | — | 1,078 | 110.51 | 80 | 49 | |||
| 20 to <30 | 284 | 12 | 37.11 | 288 | 27.88 | 22.0 | 64.75 | — | 457 | 158.59 | 51 | 32 | |||
| 30.00 to <100.00 | 443 | 22 | 41.30 | 452 | 39.32 | 29.4 | 60.92 | — | 710 | 157.05 | 107 | 67 | |||
| 100.00 (Default) | 2,257 | 82 | 45.28 | 2,294 | 100.00 | 142.4 | 83.60 | — | 809 | 35.26 | 1,901 | 1,550 | |||
| Sub-total | 41,528 | 16,159 | 23.45 | 45,317 | 6.99 | 4,381.6 | 48.85 | — | 20,078 | 44.31 | 2,464 | 1,909 |
132
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||||||||
| Jun 30, 2025 | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | a | b | c | d | e | f | g | h | i | j | k | l |
| (unless stated otherwise)<br><br>Exposure class/<br><br>PD scale | On-balance<br><br>sheet<br><br>exposures | Off-balance-<br><br>sheet<br><br>exposures pre-<br><br>CCF | Exposure<br><br>weighted<br><br>average CCF<br><br>(in %) | Exposure post<br><br>CCF and post<br><br>CRM | Exposure<br><br>weighted<br><br>average PD (%) | Number of<br><br>obligors (in<br><br>1,000s) | Exposure<br><br>weighted<br><br>average LGD<br><br>(%) | Exposure<br><br>weighted<br><br>average<br><br>maturity (in<br><br>years)¹ | Risk weighted<br><br>exposure<br><br>amount after<br><br>supporting<br><br>factors | Density of risk<br><br>weighted<br><br>exposure<br><br>amount (in %) | Expected Loss<br><br>amount | Value<br><br>adjustments<br><br>and Provisions |
| All exposure classes | ||||||||||||
| Total | 461,845 | 112,025 | 35.26 | 505,868 | 3.94 | 8,176.4 | 35.54 | 1.9 | 122,454 | 24.21 | 9,139 | 6,825 |
133
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
Total IRB exposure covered by credit derivatives
Article 453 (j) CRR
The table below presents the Group’s IRB exposures, split into FIRB and AIRB. The table shows the RWA by the relevant
exposure classes prior and after the usage of CRM techniques in the form of credit derivatives, where the exposure is
then assigned to the exposure class of the protection seller.
EU CR7 – IRB approach – Effect on the RWAs of credit derivatives used as CRM techniques
| Dec 31, 2025 | Jun 30, 2025 | ||||
|---|---|---|---|---|---|
| a | b | a | b | ||
| in € m. | pre-credit<br><br>derivatives RWA | Actual RWA | pre-credit<br><br>derivatives RWA | Actual RWA | |
| 1 | Central governments and central banks - F-IRB | 0 | 0 | 101 | 101 |
| EU 1a | Regional governments and local authorities -F-IRB | 0 | 0 | 0 | 0 |
| EU 1b | Public sector entities - F-IRB | 2 | 2 | 2 | 2 |
| 2 | Central governments and central banks - A-IRB | 0 | 0 | 15,357 | 15,357 |
| EU 2a | Regional governments and local authorities -A-IRB | 0 | 0 | 144 | 144 |
| EU2b | Public sector entities - A-IRB | 82 | 82 | 44 | 44 |
| 3 | Institutions - F-IRB | 4,961 | 4,998 | 3,477 | 3,508 |
| 5 | Corporates - F-IRB | 51,494 | 50,982 | 52,868 | 52,441 |
| of which: | |||||
| EU 5a | General | 45,856 | 45,344 | 48,467 | 48,012 |
| EU 5b | Specialized lending | 1,276 | 1,276 | 496 | 526 |
| EU 5c | Purchased receivables | 4,363 | 4,362 | 3,905 | 3,903 |
| 6 | Corporates - A-IRB | 57,250 | 57,250 | 52,672 | 52,672 |
| of which: | |||||
| EU 6a | General | 40,227 | 40,227 | 36,721 | 36,721 |
| EU 6b | Specialized lending | 16,890 | 16,890 | 15,832 | 15,832 |
| EU 6c | Purchased receivables | 133 | 133 | 119 | 119 |
| EU 8a | Retail - A-IRB | 51,266 | 51,266 | 54,237 | 54,237 |
| of which: | |||||
| 9 | Qualifying revolving (QRRE) | 1,337 | 1,337 | 1,378 | 1,378 |
| 10 | Secured by residential immovable property | 31,490 | 31,490 | 32,768 | 32,768 |
| EU 10a | Purchased receivables | 12 | 12 | 13 | 13 |
| EU 10b | Other retail exposures | 18,428 | 18,428 | 20,078 | 20,078 |
| 17 | Exposures under F-IRB | 56,457 | 55,982 | 56,447 | 56,051 |
| 18 | Exposures under A-IRB | 108,598 | 108,598 | 122,454 | 122,454 |
| 19 | Total Exposures | 165,055 | 164,580 | 178,901 | 178,505 |
Deutsche Bank´s RWA for exposures under the IRB approach were € 164.6 billion as of December 31, 2025, in
comparison to € 178.5 billion as of June 30, 2025. The decrease of € 13.9 billion was predominantly driven by a decrease
in RWA within the Group’s AIRB mainly due to a simplification of the internal rating-based approach resulting in the
calculation of exposures to "Central governments and central banks" using the standardized approach. Additionally,
RWA within the Group´s AIRB decreased for exposure classes "Retail – Other retail exposures” and “Retail – Secured by
residential immovable property" as well as within the Group´s FIRB mainly driven by the exposure class "Corporates -
General". This decrease was partly offset by an increase within the Group’s AIRB for the exposure classes “Corporates -
General" and "Corporates - Specialized lending" as well as within the Group´s FIRB for the exposure classes "Institutions",
"Corporates - Specialized lending" and "Corporates - Purchased receivables". RWA for corporate exposures mainly
benefitted from the application of credit derivatives.
Total IRB exposure covered by the use of CRM techniques
Article 453 (g) CRR
The two tables below present the Group´s FIRB and AIRB exposures and the extent of the use of CRM techniques broken
down by exposure classes. The CRM techniques are separately shown for funded credit protection and unfunded credit
protection. For funded credit protection the table also presents a split between the part of exposures covered by other
eligible collateral and the part of exposures covered by other funded credit protection. Additionally, the RWA without
substitution effects (reduction effects only) and the RWA with substitution effects (both reduction and substitution
effects) are shown.
134
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR7-A – Foundation IRB approach – Extent of the use of CRM techniques
| b | c | d | e | f | g | h | i | j | k | l | m | n | ||
| Credit risk Mitigation<br><br>methods in the calculation of<br><br>RWEAs | ||||||||||||||
| Funded credit protection (FCP) | Unfunded credit protection<br><br>(UFCP) | RWA<br><br>without<br><br>substitution<br><br>effects<br><br>(reduction<br><br>effects only) | RWA with<br><br>substitution<br><br>effects<br><br>(both<br><br>reduction<br><br>and<br><br>substitution<br><br>effects) | |||||||||||
| Part of<br><br>exposures<br><br>covered by<br><br>Financial<br><br>Collaterals<br><br>(%) | Part of exposures covered by Other eligible collaterals (%) | Part of exposures covered by Other funded credit protection<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Guarantees<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Credit<br><br>Derivatives<br><br>(%) | ||||||||||
| in m. (unless stated otherwise) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Immovable<br><br>property<br><br>Collaterals<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Receivables<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Other<br><br>physical<br><br>collateral (%) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Cash on<br><br>deposit (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Life<br><br>insurance<br><br>policies (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Instruments<br><br>held by a<br><br>third party<br><br>(%) | ||||||
| 1 | Central governments and central banks | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 |
| 2 | Regional governments and local authorities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 |
| 3 | Public sector entities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4 | 2 |
| 4 | Institutions | 2.85 | 4.01 | 1.34 | 2.67 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6,410 | 4,998 |
| 5 | Corporates | 1.69 | 3.39 | 1.49 | 1.90 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 51,497 | 50,982 |
| of which: | 0.00 | 0.00 | ||||||||||||
| 5.1 | General | 1.95 | 3.60 | 1.45 | 2.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 45,561 | 45,344 |
| 5.2 | Specialized lending | 0.00 | 21.82 | 19.27 | 2.54 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,336 | 1,276 |
| 5.3 | Purchased receivables | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,601 | 4,362 |
| 6 | Total | 1.83 | 3.46 | 1.47 | 1.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 57,911 | 55,982 |
All values are in Euros.
135
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | c | d | e | f | g | h | i | j | k | l | m | n | ||
| Credit risk Mitigation<br><br>methods in the calculation of<br><br>RWEAs | ||||||||||||||
| Funded credit protection (FCP) | Unfunded credit protection<br><br>(UFCP) | RWA<br><br>without<br><br>substitution<br><br>effects<br><br>(reduction<br><br>effects only) | RWA with<br><br>substitution<br><br>effects<br><br>(both<br><br>reduction<br><br>and<br><br>substitution<br><br>effects) | |||||||||||
| Part of<br><br>exposures<br><br>covered by<br><br>Financial<br><br>Collaterals<br><br>(%) | Part of exposures covered by Other eligible collaterals (%) | Part of exposures covered by Other funded credit protection<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Guarantees<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Credit<br><br>Derivatives<br><br>(%) | ||||||||||
| in m. (unless stated otherwise) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Immovable<br><br>property<br><br>Collaterals<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Receivables<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Other<br><br>physical<br><br>collateral (%) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Cash on<br><br>deposit (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Life<br><br>insurance<br><br>policies (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Instruments<br><br>held by a<br><br>third party<br><br>(%) | ||||||
| 1 | Central governments and central banks | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 101 |
| 2 | Regional governments and local authorities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 |
| 3 | Public sector entities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2 | 2 |
| 4 | Institutions | 4.12 | 0.98 | 0.76 | 0.22 | 0.00 | -0.00 | -0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 4,025 | 3,508 |
| 5 | Corporates | 4.35 | 3.25 | 1.77 | 1.48 | 0.00 | -0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 51,509 | 52,441 |
| of which: | ||||||||||||||
| 5.1 | General | 4.93 | 3.21 | 1.53 | 1.68 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 46,829 | 48,012 |
| 5.2 | Specialized lending | 0.00 | 62.30 | 62.30 | 0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 557 | 526 |
| 5.3 | Purchased receivables | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,123 | 3,903 |
| 6 | Total | 4.20 | 2.95 | 1.63 | 1.32 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 55,536 | 56,051 |
All values are in Euros.
136
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR7-A – Advanced IRB approach – Extent of the use of CRM techniques
| b | c | d | e | f | g | h | i | j | k | l | m | n | ||
| Credit risk Mitigation<br><br>methods in the calculation<br><br>of RWEAs | ||||||||||||||
| Funded credit protection (FCP) | Unfunded credit protection<br><br>(UFCP) | RWA<br><br>without<br><br>substitution<br><br>effects<br><br>(reduction<br><br>effects only) | RWA with<br><br>substitution<br><br>effects<br><br>(both<br><br>reduction<br><br>and<br><br>substitution<br><br>effects) | |||||||||||
| Part of<br><br>exposures<br><br>covered by<br><br>Financial<br><br>Collaterals<br><br>(%) | Part of exposures covered by Other eligible collaterals (%) | Part of exposures covered by Other funded credit<br><br>protection (%) | Part of<br><br>exposures<br><br>covered by<br><br>Guarantees<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Credit<br><br>Derivatives<br><br>(%) | ||||||||||
| in m. (unless stated otherwise) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Immovable<br><br>property<br><br>Collaterals<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Receivables<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Other<br><br>physical<br><br>collateral<br><br>(%) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Cash on<br><br>deposit (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Life<br><br>insurance<br><br>policies (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Instruments<br><br>held by a<br><br>third party<br><br>(%) | ||||||
| 1 | Central governments and central banks | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 |
| 2 | Regional governments and local authorities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0 |
| 3 | Public sector entities | 0.06 | 0.68 | 0.68 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 102 | 82 |
| 5 | Corporates | 26.55 | 34.79 | 29.68 | 1.16 | 3.95 | 0.64 | 0.15 | 0.48 | 0.00 | 0.60 | 0.00 | 58,360 | 57,250 |
| of which: | ||||||||||||||
| 5.1 | General | 36.49 | 26.70 | 24.15 | 1.44 | 1.11 | 0.87 | 0.20 | 0.67 | 0.00 | 0.83 | 0.00 | 40,815 | 40,227 |
| 5.2 | Specialized lending | 0.42 | 56.39 | 44.49 | 0.41 | 11.48 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 17,406 | 16,890 |
| 5.3 | Purchased receivables | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 2.94 | 2.94 | 0.00 | 0.00 | 0.00 | 0.00 | 139 | 133 |
| 6 | Retail | 3.23 | 71.02 | 70.82 | 0.19 | 0.01 | 0.21 | 0.00 | 0.21 | 0.00 | 0.19 | 0.00 | 51,279 | 51,266 |
| of which: | ||||||||||||||
| 6.1 | Qualifying revolving | 0.08 | 0.05 | 0.03 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,337 | 1,337 |
| 6.2 | Secured by residential immovable property | 2.32 | 92.20 | 92.05 | 0.15 | 0.00 | 0.20 | 0.00 | 0.19 | 0.00 | 0.04 | 0.00 | 31,490 | 31,490 |
| 6.3 | Purchased receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 12 | 12 |
| 6.4 | Other retail exposures | 7.10 | 17.06 | 16.65 | 0.36 | 0.04 | 0.33 | 0.01 | 0.32 | 0.00 | 0.75 | 0.00 | 18,441 | 18,428 |
| 7 | Total | 14.27 | 53.77 | 51.25 | 0.65 | 1.88 | 0.41 | 0.07 | 0.34 | 0.00 | 0.38 | 0.00 | 109,742 | 108,598 |
All values are in Euros.
137
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | c | d | e | f | g | h | i | j | k | l | m | n | ||
| Credit risk Mitigation<br><br>methods in the calculation<br><br>of RWEAs | ||||||||||||||
| Funded credit protection (FCP) | Unfunded credit protection<br><br>(UFCP) | RWA<br><br>without<br><br>substitution<br><br>effects<br><br>(reduction<br><br>effects only) | RWA with<br><br>substitution<br><br>effects<br><br>(both<br><br>reduction<br><br>and<br><br>substitution<br><br>effects) | |||||||||||
| Part of<br><br>exposures<br><br>covered by<br><br>Financial<br><br>Collaterals<br><br>(%) | Part of exposures covered by Other eligible collaterals (%) | Part of exposures covered by Other funded credit<br><br>protection (%) | Part of<br><br>exposures<br><br>covered by<br><br>Guarantees<br><br>(%) | Part of<br><br>exposures<br><br>covered by<br><br>Credit<br><br>Derivatives<br><br>(%) | ||||||||||
| in m. (unless stated otherwise) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Immovable<br><br>property<br><br>Collaterals<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Receivables<br><br>(%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Other<br><br>physical<br><br>collateral<br><br>(%) | Total | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Cash on<br><br>deposit (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Life<br><br>insurance<br><br>policies (%) | of which:<br><br>Part of<br><br>exposures<br><br>covered by<br><br>Instruments<br><br>held by a<br><br>third party<br><br>(%) | ||||||
| 1 | Central governments and central banks | 0.03 | 0.02 | 0.02 | 0.00 | 0.00 | 0.02 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 | 16,719 | 15,357 |
| 2 | Regional governments and local authorities | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 144 | 144 |
| 3 | Public sector entities | 0.15 | 0.99 | 0.99 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 44 | 44 |
| 5 | Corporates | 26.67 | 37.13 | 32.43 | 1.26 | 3.44 | 1.11 | 0.44 | 0.67 | 0.00 | 0.59 | 0.00 | 53,551 | 52,672 |
| of which: | ||||||||||||||
| 5.1 | General | 36.97 | 27.30 | 24.65 | 1.80 | 0.85 | 1.56 | 0.60 | 0.96 | 0.00 | 0.84 | 0.00 | 37,240 | 36,721 |
| 5.2 | Specialized lending | 2.61 | 60.28 | 50.76 | 0.00 | 9.52 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 16,185 | 15,832 |
| 5.3 | Purchased receivables | 1.67 | 0.00 | 0.00 | 0.00 | 0.00 | 4.43 | 4.43 | 0.00 | 0.00 | 0.00 | 0.00 | 125 | 119 |
| 6 | Retail | 2.82 | 71.22 | 71.02 | 0.18 | 0.01 | 0.24 | 0.00 | 0.24 | 0.00 | 0.16 | 0.00 | 54,237 | 54,237 |
| of which: | ||||||||||||||
| 6.1 | Qualifying revolving | 0.41 | 0.10 | 0.05 | 0.05 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 | 0.00 | 1,378 | 1,378 |
| 6.2 | Secured by residential immovable property | 2.20 | 91.93 | 91.80 | 0.14 | 0.00 | 0.17 | 0.00 | 0.17 | 0.00 | 0.04 | 0.00 | 32,769 | 32,768 |
| 6.3 | Purchased receivables | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13 | 13 |
| 6.4 | Other retail exposures | 5.35 | 16.86 | 16.46 | 0.36 | 0.04 | 0.52 | 0.01 | 0.51 | 0.00 | 0.59 | 0.00 | 20,078 | 20,078 |
| 5 | Total | 10.29 | 41.41 | 39.72 | 0.51 | 1.18 | 0.48 | 0.15 | 0.33 | 0.00 | 0.27 | 0.00 | 124,694 | 122,454 |
All values are in Euros.
138
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
Development of credit risk RWA
Article 438 (h) CRR
The following table provides an analysis of key drivers for RWA movements observed for credit risk, excluding
counterparty credit risk, covered in the IRB approaches in the current and previous reporting period.
EU CR8 – RWA flow statement of credit risk exposures under the IRB approach
| Three months<br><br>ended Dec 31,<br><br>2025 | Three Months<br><br>Ended Sep 30,<br><br>2025 | ||
|---|---|---|---|
| a | a | ||
| in € m. | RWA | RWA | |
| 1 | Risk weighted exposure amount as at the end of the previous reporting period | 166,299 | 169,241 |
| 2 | Asset size | (2,003) | 860 |
| 3 | Asset quality | 1,143 | 26 |
| 4 | Model updates | 583 | 1,065 |
| 5 | Methodology and policy | (1,028) | (4,734) |
| 6 | Acquisitions and disposals | 0 | 0 |
| 7 | Foreign exchange movements | (91) | (158) |
| 8 | Other | 0 | 0 |
| 9 | Risk weighted exposure amount as at the end of the reporting period | 164,903 | 166,299 |
Organic changes in the Group’s portfolio size and composition are considered in the category “Asset size”. The category
“Asset quality” represents the effects from portfolio rating migrations, loss given default, model parameter recalibrations
as well as collateral coverage and netting activities. “Model updates” include model refinements and further roll out of
advanced internal models. RWA movements resulting from externally, regulatory-driven changes, e.g., applying new
regulations, are considered in the “Methodology and policy” section. “Acquisition and disposals” is related to significant
exposure movements which can be clearly assigned to acquisition or disposal related activities. Changes that cannot be
attributed to the above categories are reflected in the category “other”.
RWA for credit risk exposures under the IRB approach decreased by € 3.1 billion or 1.6% since September 30, 2025,
mainly resulting from the categories “Asset size”, “Methodology and policy” and “Foreign exchange movements”, partly
offset by categories “Asset quality” and “Model updates”. The decrease in category “Asset size” is mainly reflecting the
impacts of new synthetic securitizations and reduced exposures in "Corporate & Other". The decrease in category
“Methodology and policy” is mainly driven by impacts from the remediation of regulatory obligations. The mentioned
decreases were partly offset by an increase in category “Asset quality”, primarily driven by improved data quality and
counterparty rating deteriorations. Furthermore, the increase in category “Model updates” is primarily due to refinements
of Deutsche Bank´s IRBA model along with updated margin of conservatism applied on a key model input.
Model validation results
Article 452 (h) CRR
Foundation IRBA – Model validation results
The below table EU CR9 aims at providing backtesting information for probabilities of default in comparing the PD used
in the foundation IRB capital calculations with the effective obligors’ default rates presented on a five year average by
regulatory exposure classes. CRR3 introduced new exposure classes and therefore the observed five year average
default rate will be phased-in over the upcoming years across all classes. The conceptual design as well as the structural
limitations to be considered are described in the introduction of the advanced IRB backtesting table further down below
in this report.
139
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR9 IRB backtesting of PD per exposure class for Foundation IRBA
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a/b | c | d | e | f | g | h |
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures weighted<br><br>average PD (%) | Average PD (%) | Average historical<br><br>annual default rate<br><br>(%) | ||
| Exposure class/<br><br>PD scale | Total | of which number of<br><br>obligors which<br><br>defaulted in the<br><br>year | ||||
| Central governments<br><br>and central banks | ||||||
| 0.00 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00 to <0.10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.10 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.15 to <0.25 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.50 to <0.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.75 to <2.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.75 to <1.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <10.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 100.00% | N/M |
| Regional governments<br><br>and local authorities | ||||||
| 0.00 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00 to <0.10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.10 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.15 to <0.25 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.50 to <0.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.75 to <2.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.75 to <1.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <10.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 100.00% | N/M |
| Public sector entities | ||||||
| 0.00 to <0.15 | 5 | 0 | 0.00% | 0.03% | 0.07% | 0.00% |
| 0.00 to <0.10 | 4 | 0 | 0.00% | 0.03% | 0.05% | 0.00% |
| 0.10 to <0.15 | 1 | 0 | 0.00% | 0.00% | 0.11% | 0.00% |
| 0.15 to <0.25 | 2 | 0 | 0.00% | 0.20% | 0.21% | 0.00% |
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.27% | 0.00% | 0.00% |
| 0.50 to <0.75 | 3 | 0 | 0.00% | 0.54% | 0.54% | 0.00% |
| 0.75 to <2.50 | 4 | 0 | 0.00% | 1.03% | 0.97% | 0.00% |
| 0.75 to <1.75 | 4 | 0 | 0.00% | 1.03% | 0.97% | 0.00% |
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <10.00 | 1 | 0 | 0.00% | 5.34% | 5.34% | 0.00% |
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 5 to <10 | 1 | 0 | 0.00% | 5.34% | 5.34% | 0.00% |
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 100.00% | N/M |
140
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures weighted<br><br>average PD (%) | Average PD (%) | Average historical<br><br>annual default rate<br><br>(%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number of<br><br>obligors which<br><br>defaulted in the<br><br>year | |||||||
| Institutions | |||||||||
| 0.00 to <0.15 | 243 | 2 | 0.82% | 0.07% | 0.07% | 0.82% | |||
| 0.00 to <0.10 | 193 | 2 | 1.04% | 0.06% | 0.06% | 1.04% | |||
| 0.10 to <0.15 | 50 | 0 | 0.00% | 0.11% | 0.11% | 0.00% | |||
| 0.15 to <0.25 | 49 | 0 | 0.00% | 0.18% | 0.18% | 0.00% | |||
| 0.25 to <0.50 | 49 | 0 | 0.00% | 0.37% | 0.44% | 0.00% | |||
| 0.50 to <0.75 | 7 | 0 | 0.00% | 0.66% | 0.61% | 0.00% | |||
| 0.75 to <2.50 | 42 | 0 | 0.00% | 1.16% | 1.17% | 0.00% | |||
| 0.75 to <1.75 | 36 | 0 | 0.00% | 1.16% | 1.00% | 0.00% | |||
| 1.75 to <2.5 | 6 | 0 | 0.00% | 2.00% | 2.18% | 0.00% | |||
| 2.50 to <10.00 | 12 | 0 | 0.00% | 6.24% | 6.19% | 0.00% | |||
| 2.50 to <5 | 5 | 0 | 0.00% | 3.42% | 3.42% | 0.00% | |||
| 5 to <10 | 7 | 0 | 0.00% | 8.13% | 8.16% | 0.00% | |||
| 10.00 to <100.00 | 8 | 0 | 0.00% | 22.01% | 15.54% | 0.00% | |||
| 10 to <20 | 8 | 0 | 0.00% | 15.68% | 15.54% | 0.00% | |||
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 46.77% | 0.00% | 0.00% | |||
| 100.00 (Default) | 1 | 0 | N/M | 100.00% | 100.00% | 0.00% | |||
| Corporates | |||||||||
| 0.00 to <0.15 | 3,428 | 0 | 0.00% | 0.08% | 0.09% | 0.00% | |||
| 0.00 to <0.10 | 1,719 | 0 | 0.00% | 0.06% | 0.06% | 0.00% | |||
| 0.10 to <0.15 | 1,709 | 0 | 0.00% | 0.11% | 0.12% | 0.00% | |||
| 0.15 to <0.25 | 2,439 | 13 | 0.53% | 0.17% | 0.19% | 0.53% | |||
| 0.25 to <0.50 | 3,573 | 2 | 0.06% | 0.33% | 0.34% | 0.06% | |||
| 0.50 to <0.75 | 1,605 | 4 | 0.25% | 0.68% | 0.59% | 0.25% | |||
| 0.75 to <2.50 | 2,465 | 40 | 1.62% | 1.34% | 1.32% | 1.62% | |||
| 0.75 to <1.75 | 1,944 | 17 | 0.87% | 1.18% | 1.08% | 0.87% | |||
| 1.75 to <2.5 | 521 | 23 | 4.41% | 1.93% | 2.20% | 4.41% | |||
| 2.50 to <10.00 | 615 | 39 | 6.34% | 4.50% | 4.80% | 6.34% | |||
| 2.50 to <5 | 388 | 19 | 4.90% | 3.33% | 3.63% | 4.90% | |||
| 5 to <10 | 227 | 20 | 8.81% | 6.95% | 6.80% | 8.81% | |||
| 10.00 to <100.00 | 231 | 22 | 9.52% | 20.19% | 23.24% | 9.52% | |||
| 10 to <20 | 110 | 18 | 16.36% | 14.55% | 13.59% | 16.36% | |||
| 20 to <30 | 71 | 4 | 5.63% | 22.54% | 27.13% | 5.63% | |||
| 30.00 to <100.00 | 50 | 0 | 0.00% | 39.00% | 38.94% | 0.00% | |||
| 100.00 (Default) | 191 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| of which: | |||||||||
| General | |||||||||
| 0.00 to <0.15 | 2,714 | 0 | 0.00% | 0.08% | 0.09% | 0.00% | |||
| 0.00 to <0.10 | 1,364 | 0 | 0.00% | 0.06% | 0.07% | 0.00% | |||
| 0.10 to <0.15 | 1,350 | 0 | 0.00% | 0.11% | 0.12% | 0.00% | |||
| 0.15 to <0.25 | 1,840 | 12 | 0.65% | 0.17% | 0.18% | 0.65% | |||
| 0.25 to <0.50 | 2,743 | 0 | 0.00% | 0.34% | 0.34% | 0.00% | |||
| 0.50 to <0.75 | 1,090 | 0 | 0.00% | 0.68% | 0.58% | 0.00% | |||
| 0.75 to <2.50 | 1,743 | 28 | 1.61% | 1.35% | 1.28% | 1.61% | |||
| 0.75 to <1.75 | 1,420 | 8 | 0.56% | 1.18% | 1.06% | 0.56% | |||
| 1.75 to <2.5 | 323 | 20 | 6.19% | 1.92% | 2.22% | 6.19% | |||
| 2.50 to <10.00 | 430 | 34 | 7.91% | 4.54% | 5.02% | 7.91% | |||
| 2.50 to <5 | 270 | 15 | 5.56% | 3.34% | 3.75% | 5.56% | |||
| 5 to <10 | 160 | 19 | 11.88% | 7.12% | 7.16% | 11.88% | |||
| 10.00 to <100.00 | 181 | 22 | 12.15% | 20.08% | 21.75% | 12.15% | |||
| 10 to <20 | 108 | 18 | 16.67% | 14.62% | 13.59% | 16.67% | |||
| 20 to <30 | 34 | 4 | 11.76% | 25.28% | 26.63% | 11.76% | |||
| 30.00 to <100.00 | 39 | 0 | 0.00% | 38.39% | 40.08% | 0.00% | |||
| 100.00 (Default) | 177 | 0 | N/M | 100.00% | 100.00% | N/M |
141
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures weighted<br><br>average PD (%) | Average PD (%) | Average historical<br><br>annual default rate<br><br>(%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number of<br><br>obligors which<br><br>defaulted in the<br><br>year | |||||||
| Specialized Lending | |||||||||
| 0.00 to <0.15 | 4 | 0 | 0.00% | 0.00% | 0.11% | 0.00% | |||
| 0.00 to <0.10 | 2 | 0 | 0.00% | 0.00% | 0.08% | 0.00% | |||
| 0.10 to <0.15 | 2 | 0 | 0.00% | 0.00% | 0.14% | 0.00% | |||
| 0.15 to <0.25 | 2 | 0 | 0.00% | 0.18% | 0.18% | 0.00% | |||
| 0.25 to <0.50 | 13 | 0 | 0.00% | 0.37% | 0.34% | 0.00% | |||
| 0.50 to <0.75 | 14 | 0 | 0.00% | 0.64% | 0.70% | 0.00% | |||
| 0.75 to <2.50 | 19 | 0 | 0.00% | 1.27% | 1.50% | 0.00% | |||
| 0.75 to <1.75 | 13 | 0 | 0.00% | 1.20% | 1.21% | 0.00% | |||
| 1.75 to <2.5 | 6 | 0 | 0.00% | 2.08% | 2.13% | 0.00% | |||
| 2.50 to <10.00 | 4 | 0 | 0.00% | 4.34% | 4.14% | 0.00% | |||
| 2.50 to <5 | 3 | 0 | 0.00% | 3.37% | 3.39% | 0.00% | |||
| 5 to <10 | 1 | 0 | 0.00% | 5.62% | 6.39% | 0.00% | |||
| 10.00 to <100.00 | 1 | 0 | 0.00% | 13.47% | 10.60% | 0.00% | |||
| 10 to <20 | 1 | 0 | 0.00% | 12.67% | 10.60% | 0.00% | |||
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 100.00% | 0.00% | 0.00% | |||
| 100.00 (Default) | 2 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Purchased<br><br>receivables | |||||||||
| 0.00 to <0.15 | 908 | 0 | 0.00% | 0.08% | 0.09% | 0.00% | |||
| 0.00 to <0.10 | 443 | 0 | 0.00% | 0.06% | 0.06% | 0.00% | |||
| 0.10 to <0.15 | 465 | 0 | 0.00% | 0.11% | 0.12% | 0.00% | |||
| 0.15 to <0.25 | 738 | 1 | 0.14% | 0.16% | 0.19% | 0.14% | |||
| 0.25 to <0.50 | 1,062 | 2 | 0.19% | 0.32% | 0.35% | 0.19% | |||
| 0.50 to <0.75 | 582 | 4 | 0.69% | 0.68% | 0.60% | 0.69% | |||
| 0.75 to <2.50 | 820 | 12 | 1.46% | 1.36% | 1.38% | 1.46% | |||
| 0.75 to <1.75 | 613 | 9 | 1.47% | 1.12% | 1.12% | 1.47% | |||
| 1.75 to <2.5 | 207 | 3 | 1.45% | 2.00% | 2.17% | 1.45% | |||
| 2.50 to <10.00 | 190 | 5 | 2.63% | 3.90% | 4.29% | 2.63% | |||
| 2.50 to <5 | 123 | 4 | 3.25% | 3.16% | 3.37% | 3.25% | |||
| 5 to <10 | 67 | 1 | 1.49% | 5.56% | 5.99% | 1.49% | |||
| 10.00 to <100.00 | 50 | 0 | 0.00% | 28.11% | 28.64% | 0.00% | |||
| 10 to <20 | 2 | 0 | 0.00% | 17.68% | 13.79% | 0.00% | |||
| 20 to <30 | 37 | 0 | 0.00% | 20.71% | 27.59% | 0.00% | |||
| 30.00 to <100.00 | 11 | 0 | 0.00% | 55.86% | 34.90% | 0.00% | |||
| 100.00 (Default) | 13 | 0 | N/M | 100.00% | 100.00% | N/M |
142
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which<br><br>number of<br><br>obligors which<br><br>defaulted in the<br><br>year | |||||||
| Central governments<br><br>and central banks | |||||||||
| 0.00 to <0.15 | 2 | 0 | 0.00% | 0.00% | 0.04% | 0.00% | |||
| 0.00 to <0.10 | 2 | 0 | 0.00% | 0.00% | 0.04% | 0.00% | |||
| 0.10 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.15 to <0.25 | 1 | 0 | 0.00% | 0.00% | 0.18% | 0.00% | |||
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.50 to <0.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.75 to <2.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.75 to <1.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <10.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 100.00% | N/M | |||
| Sub-total | 3 | 0 | 0.00% | 0.00% | 0.09% | 0.00% | |||
| Institutions | |||||||||
| 0.00 to <0.15 | 23 | 0 | 0.00% | 0.05% | 0.07% | 0.00% | |||
| 0.00 to <0.10 | 19 | 0 | 0.00% | 0.05% | 0.05% | 0.00% | |||
| 0.10 to <0.15 | 4 | 0 | 0.00% | 0.11% | 0.13% | 0.00% | |||
| 0.15 to <0.25 | 6 | 0 | 0.00% | 0.19% | 0.16% | 0.00% | |||
| 0.25 to <0.50 | 2 | 0 | 0.00% | 0.00% | 0.32% | 0.00% | |||
| 0.50 to <0.75 | 4 | 0 | 0.00% | 0.54% | 0.68% | 0.00% | |||
| 0.75 to <2.50 | 0 | 0 | 0.00% | 0.97% | 0.00% | 0.00% | |||
| 0.75 to <1.75 | 0 | 0 | 0.00% | 0.97% | 0.00% | 0.00% | |||
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <10.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 100.00% | N/M | |||
| Sub-total | 35 | 0 | 0.00% | 0.19% | 0.17% | 0.00% | |||
| Corporates | |||||||||
| 0.00 to <0.15 | 1,666 | 2 | 0.12% | 0.11% | 0.06% | 0.09% | |||
| 0.00 to <0.10 | 1,380 | 2 | 0.14% | 0.07% | 0.05% | 0.07% | |||
| 0.10 to <0.15 | 286 | 0 | 0.00% | 0.12% | 0.12% | 0.12% | |||
| 0.15 to <0.25 | 1,644 | 0 | 0.00% | 0.19% | 0.17% | 0.10% | |||
| 0.25 to <0.50 | 1,741 | 4 | 0.23% | 0.33% | 0.36% | 0.23% | |||
| 0.50 to <0.75 | 1,065 | 2 | 0.19% | 0.57% | 0.63% | 0.31% | |||
| 0.75 to <2.50 | 1,418 | 20 | 1.41% | 1.38% | 1.54% | 1.18% | |||
| 0.75 to <1.75 | 839 | 12 | 1.43% | 1.05% | 1.16% | 1.22% | |||
| 1.75 to <2.5 | 579 | 8 | 1.38% | 2.33% | 2.09% | 1.04% | |||
| 2.50 to <10.00 | 418 | 9 | 2.15% | 4.38% | 3.96% | 2.57% | |||
| 2.50 to <5 | 390 | 8 | 2.05% | 3.79% | 3.77% | 2.71% | |||
| 5 to <10 | 28 | 1 | 3.57% | 6.37% | 6.54% | 2.01% | |||
| 10.00 to <100.00 | 48 | 3 | 6.25% | 28.76% | 23.10% | 10.81% | |||
| 10 to <20 | 13 | 0 | 0.00% | 13.79% | 14.13% | 5.01% | |||
| 20 to <30 | 24 | 2 | 8.33% | 28.11% | 20.01% | 10.77% | |||
| 30.00 to <100.00 | 11 | 1 | 9.09% | 38.53% | 40.47% | 5.40% | |||
| 100.00 (Default) | 49 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 8,049 | 40 | 0.50% | 1.75% | 1.43% | 1.58% | |||
| of which: |
143
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which<br><br>number of<br><br>obligors which<br><br>defaulted in the<br><br>year | |||||||
| SMEs | |||||||||
| 0.00 to <0.15 | 83 | 0 | 0.00% | 0.09% | 0.06% | 0.00% | |||
| 0.00 to <0.10 | 69 | 0 | 0.00% | 0.05% | 0.05% | 0.00% | |||
| 0.10 to <0.15 | 14 | 0 | 0.00% | 0.13% | 0.11% | 0.00% | |||
| 0.15 to <0.25 | 67 | 0 | 0.00% | 0.22% | 0.16% | 0.00% | |||
| 0.25 to <0.50 | 133 | 1 | 0.75% | 0.40% | 0.36% | 0.54% | |||
| 0.50 to <0.75 | 55 | 0 | 0.00% | 0.59% | 0.69% | 1.20% | |||
| 0.75 to <2.50 | 120 | 2 | 1.67% | 1.94% | 1.70% | 1.72% | |||
| 0.75 to <1.75 | 55 | 1 | 1.82% | 1.22% | 1.21% | 2.55% | |||
| 1.75 to <2.5 | 65 | 1 | 1.54% | 2.36% | 2.11% | 0.31% | |||
| 2.50 to <10.00 | 53 | 3 | 5.66% | 4.17% | 4.05% | 5.92% | |||
| 2.50 to <5 | 47 | 2 | 4.26% | 3.71% | 3.70% | 5.76% | |||
| 5 to <10 | 6 | 1 | 16.67% | 5.84% | 6.79% | 6.67% | |||
| 10.00 to <100.00 | 8 | 0 | 0.00% | 28.23% | 24.12% | 3.20% | |||
| 10 to <20 | 5 | 0 | 0.00% | 13.79% | 16.90% | 15.67% | |||
| 20 to <30 | 0 | 0 | 0.00% | 28.24% | 0.00% | 1.43% | |||
| 30.00 to <100.00 | 3 | 0 | 0.00% | 32.87% | 36.16% | 6.25% | |||
| 100.00 (Default) | 7 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 526 | 6 | 1.14% | 13.30% | 2.69% | 1.83% | |||
| Specialized Lending | |||||||||
| 0.00 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.00 to <0.10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.10 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.15 to <0.25 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.50 to <0.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.75 to <2.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.75 to <1.75 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <10.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 2.50 to <5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 100.00 (Default) | 0 | 0 | N/M | 0.00% | 0.00% | N/M | |||
| Sub-total | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| Other | |||||||||
| 0.00 to <0.15 | 1,583 | 2 | 0.13% | 0.11% | 0.06% | 0.09% | |||
| 0.00 to <0.10 | 1,311 | 2 | 0.15% | 0.07% | 0.05% | 0.08% | |||
| 0.10 to <0.15 | 272 | 0 | 0.00% | 0.12% | 0.12% | 0.12% | |||
| 0.15 to <0.25 | 1,577 | 0 | 0.00% | 0.19% | 0.17% | 0.11% | |||
| 0.25 to <0.50 | 1,608 | 3 | 0.19% | 0.33% | 0.36% | 0.21% | |||
| 0.50 to <0.75 | 1,010 | 2 | 0.20% | 0.56% | 0.62% | 0.29% | |||
| 0.75 to <2.50 | 1,298 | 18 | 1.39% | 1.30% | 1.52% | 1.18% | |||
| 0.75 to <1.75 | 784 | 11 | 1.40% | 1.04% | 1.16% | 1.17% | |||
| 1.75 to <2.5 | 514 | 7 | 1.36% | 2.32% | 2.08% | 1.33% | |||
| 2.50 to <10.00 | 365 | 6 | 1.64% | 4.45% | 3.95% | 2.15% | |||
| 2.50 to <5 | 343 | 6 | 1.75% | 3.81% | 3.79% | 2.46% | |||
| 5 to <10 | 22 | 0 | 0.00% | 6.52% | 6.48% | 0.76% | |||
| 10.00 to <100.00 | 40 | 3 | 7.50% | 30.10% | 22.90% | 10.95% | |||
| 10 to <20 | 8 | 0 | 0.00% | 0.00% | 12.40% | 2.58% | |||
| 20 to <30 | 24 | 2 | 8.33% | 27.68% | 20.01% | 10.88% | |||
| 30.00 to <100.00 | 8 | 1 | 12.50% | 38.61% | 42.08% | 3.13% | |||
| 100.00 (Default) | 42 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 7,523 | 34 | 0.45% | 0.93% | 1.34% | 1.57% | |||
| Total | 8,087 | 40 | 0.49% | 1.74% | 1.42% | 1.83% |
144
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
Advanced IRBA – Model validation results
The validation reviews conducted in 2025 for advanced IRBA credit models led to the assessments shown below. The
model definition is aligned with the bank’s IRBA model map as reported to ECB on a quarterly basis. The assessment
categories follow the ECB validation reporting requirements where following definitions apply:
| –Adequate with no deficiencies: | No deficiencies detected by the validation function, i.e. no follow-<br><br>up needed |
|---|---|
| –Adequate with minor deficiencies: | Minor deficiencies detected that do not lead to any significant<br><br>bias of risk estimates |
| –Major deficiencies identified: | Identified deficiencies indicate a significant bias of risk parameter<br><br>estimates, such as a potential quantitative impact of +/-5% or<br><br>more on RWEA, but below +/-10% in the application of the model. |
| –Severe deficiencies identified: | Identified deficiencies indicate a severe bias of risk parameter<br><br>estimates, such as a potential quantitative impact of +/-10% or<br><br>more on RWEA in the application of the model. |
Validation results for risk parameters used in advanced IRBA credit models
| 2025 | ||||||
|---|---|---|---|---|---|---|
| PD | LGD | EAD | ||||
| Count | EAD in % | Count | EAD in % | Count | EAD in % | |
| Adequate with no deficiencies | 1 | 0.2 | 0 | 0.0 | 0 | 0.0 |
| Adequate with minor deficiencies | 21 | 80.5 | 16 | 100.0 | 7 | 80.8 |
| Major deficiencies identified | 2 | 7.2 | 0 | 0.0 | 3 | 19.2 |
| Severe deficiencies | 2 | 12.0 | 0 | 0.0 | 0 | 0.0 |
| Total | 26 | 100.0 | 16 | 100.0 | 10 | 100.0 |
| 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| PD | LGD | EAD | ||||
| Count | EAD in % | Count | EAD in % | Count | EAD in % | |
| Adequate with no deficiencies | 2 | 2.2 | 2 | 4.7 | 1 | 96.5 |
| Adequate with minor deficiencies | 22 | 86.5 | 13 | 95.3 | 4 | 3.5 |
| Major deficiencies identified | 5 | 11.1 | 0 | 0.0 | 0 | 0.0 |
| Severe deficiencies | 1 | 0.1 | 0 | 0.0 | 0 | 0.0 |
| Total | 30 | 100.0 | 15 | 100.0 | 5 | 100.0 |
For models not validated as ‘adequate with no deficiencies’ the identified weaknesses were raised as validation findings.
The breakdown for PD, LGD and EAD is showing the number of respective models as well as their relative EAD as of
December 31, 2025 and December 31, 2024, respectively.
The validations during 2025 detected some major or severe deficiencies. Major deficiencies were already materially
mitigated by end of 2025. One of the severe deficiencies for PD models was already fully mitigated by end of 2025 while
the remaining severe deficiency for another PD model will be mitigated by end of June 2026.
The below table EU CR9 aims at providing backtesting information for probabilities of default (PD). It compares the PD
used in the advanced IRB capital calculations with the effective obligors’ default rates presented on a five-year average
by regulatory exposure classes. CRR3 introduced new exposure classes and therefore the observed five year average
default rate will be phased-in over the upcoming years across all classes. Moreover, some limitations have to be
considered when comparing the below backtesting results with the above presented PD model validation results: Whilst
in line with the bank’s internal procedures, model validation is conducted on the level of the rating model and the model
validation results provided above reflect this practice, for the below presentation by regulatory exposure classes the
underlying ratings models have been assigned subsequently to the relevant regulatory exposure class. This different way
of aggregation applied for the below backtesting information may result in some bias for the below backtesting results in
contrast to the above model validation results.
145
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
EU CR9 IRB backtesting of PD per exposure class for Advanced IRBA
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a/b | c | d | e | f | g | h |
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures<br><br>weighted average<br><br>PD (%) | Average PD (%) | Average historical<br><br>annual default<br><br>rate (%) | ||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors which<br><br>defaulted in the<br><br>year | ||||
| Central governments<br><br>and central banks | ||||||
| 0.00 to <0.15 | 65 | 0 | 0.00% | 0.00% | 0.02% | 0.00% |
| 0.00 to <0.10 | 64 | 0 | 0.00% | 0.00% | 0.02% | 0.00% |
| 0.10 to <0.15 | 1 | 0 | 0.00% | 0.00% | 0.14% | 0.00% |
| 0.15 to <0.25 | 7 | 0 | 0.00% | 0.00% | 0.22% | 0.00% |
| 0.25 to <0.50 | 9 | 0 | 0.00% | 0.00% | 0.39% | 0.00% |
| 0.50 to <0.75 | 11 | 0 | 0.00% | 0.00% | 0.63% | 0.00% |
| 0.75 to <2.50 | 14 | 0 | 0.00% | 0.00% | 1.42% | 0.00% |
| 0.75 to <1.75 | 7 | 0 | 0.00% | 0.00% | 1.07% | 0.00% |
| 1.75 to <2.5 | 7 | 0 | 0.00% | 0.00% | 1.76% | 0.00% |
| 2.50 to <10.00 | 34 | 0 | 0.00% | 0.00% | 5.76% | 0.00% |
| 2.5 to <5 | 22 | 0 | 0.00% | 0.00% | 4.56% | 0.00% |
| 5 to <10 | 12 | 0 | 0.00% | 0.00% | 7.95% | 0.00% |
| 10.00 to <100.00 | 6 | 0 | 0.00% | 0.00% | 19.01% | 0.00% |
| 10 to <20 | 4 | 0 | 0.00% | 0.00% | 13.01% | 0.00% |
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 30.00 to <100.00 | 2 | 0 | 0.00% | 0.00% | 31.01% | 0.00% |
| 100.00 (Default) | 6 | 0 | N/M | 0.00% | 100.00% | N/M |
| Regional governments and local<br><br>authorities | ||||||
| 0.00 to <0.15 | 13 | 0 | 0.00% | 0.00% | 0.06% | 0.00% |
| 0.00 to <0.10 | 13 | 0 | 0.00% | 0.00% | 0.06% | 0.00% |
| 0.10 to <0.15 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.15 to <0.25 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.25 to <0.50 | 1 | 0 | 0.00% | 0.00% | 0.25% | 0.00% |
| 0.50 to <0.75 | 2 | 0 | 0.00% | 0.00% | 0.70% | 0.00% |
| 0.75 to <2.50 | 1 | 0 | 0.00% | 0.00% | 1.17% | 0.00% |
| 0.75 to <1.75 | 1 | 0 | 0.00% | 0.00% | 1.17% | 0.00% |
| 1.75 to <2.5 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 2.50 to <10.00 | 1 | 0 | 0.00% | 0.00% | 4.82% | 0.00% |
| 2.5 to <5 | 1 | 0 | 0.00% | 0.00% | 4.82% | 0.00% |
| 5 to <10 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 20 to <30 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 30.00 to <100.00 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% |
| 100.00 (Default) | 1 | 0 | N/M | 0.00% | 100.00% | N/M |
| Public sector entities | ||||||
| 0.00 to <0.15 | 46 | 0 | 0.00% | 0.06% | 0.07% | 0.00% |
| 0.00 to <0.10 | 33 | 0 | 0.00% | 0.06% | 0.05% | 0.00% |
| 0.10 to <0.15 | 13 | 0 | 0.00% | 0.11% | 0.12% | 0.00% |
| 0.15 to <0.25 | 19 | 0 | 0.00% | 0.16% | 0.19% | 0.00% |
| 0.25 to <0.50 | 17 | 0 | 0.00% | 0.28% | 0.34% | 0.00% |
| 0.50 to <0.75 | 5 | 0 | 0.00% | 0.65% | 0.64% | 0.00% |
| 0.75 to <2.50 | 16 | 0 | 0.00% | 1.38% | 1.30% | 0.00% |
| 0.75 to <1.75 | 13 | 0 | 0.00% | 1.27% | 1.12% | 0.00% |
| 1.75 to <2.5 | 3 | 0 | 0.00% | 1.90% | 2.07% | 0.00% |
| 2.50 to <10.00 | 2 | 0 | 0.00% | 3.64% | 7.55% | 0.00% |
| 2.5 to <5 | 0 | 0 | 0.00% | 3.64% | 0.00% | 0.00% |
| 5 to <10 | 2 | 0 | 0.00% | 0.00% | 7.55% | 0.00% |
| 10.00 to <100.00 | 1 | 0 | 0.00% | 24.74% | 29.88% | 0.00% |
| 10 to <20 | 0 | 0 | 0.00% | 17.06% | 0.00% | 0.00% |
| 20 to <30 | 1 | 0 | 0.00% | 0.00% | 29.88% | 0.00% |
| 30.00 to <100.00 | 0 | 0 | 0.00% | 39.84% | 0.00% | 0.00% |
| 100.00 (Default) | 3 | 0 | N/M | 100.00% | 100.00% | N/M |
146
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures<br><br>weighted average<br><br>PD (%) | Average PD (%) | Average historical<br><br>annual default<br><br>rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors which<br><br>defaulted in the<br><br>year | |||||||
| Corporates | |||||||||
| 0.00 to <0.15 | 13,732 | 2 | 0.01% | 0.07% | 0.09% | 0.01% | |||
| 0.00 to <0.10 | 7,783 | 1 | 0.01% | 0.06% | 0.07% | 0.01% | |||
| 0.10 to <0.15 | 5,949 | 1 | 0.02% | 0.12% | 0.13% | 0.02% | |||
| 0.15 to <0.25 | 18,426 | 1 | 0.01% | 0.20% | 0.19% | 0.01% | |||
| 0.25 to <0.50 | 39,431 | 32 | 0.08% | 0.38% | 0.37% | 0.08% | |||
| 0.50 to <0.75 | 6,577 | 24 | 0.36% | 0.69% | 0.63% | 0.36% | |||
| 0.75 to <2.50 | 34,764 | 129 | 0.37% | 1.48% | 1.30% | 0.37% | |||
| 0.75 to <1.75 | 27,288 | 76 | 0.28% | 1.16% | 1.08% | 0.28% | |||
| 1.75 to <2.5 | 7,476 | 53 | 0.71% | 1.97% | 2.11% | 0.71% | |||
| 2.50 to <10.00 | 7,780 | 125 | 1.61% | 4.71% | 4.69% | 1.61% | |||
| 2.5 to <5 | 4,958 | 72 | 1.45% | 3.38% | 3.42% | 1.45% | |||
| 5 to <10 | 2,822 | 53 | 1.88% | 6.61% | 6.93% | 1.88% | |||
| 10.00 to <100.00 | 2,579 | 148 | 5.74% | 21.67% | 22.76% | 5.74% | |||
| 10 to <20 | 1,583 | 51 | 3.22% | 14.02% | 14.55% | 3.22% | |||
| 20 to <30 | 201 | 15 | 7.46% | 24.78% | 26.13% | 7.46% | |||
| 30.00 to <100.00 | 795 | 82 | 10.31% | 48.99% | 38.28% | 10.31% | |||
| 100.00 (Default) | 6,109 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| of which: | |||||||||
| General | |||||||||
| 0.00 to <0.15 | 13,699 | 2 | 0.01% | 0.07% | 0.09% | 0.01% | |||
| 0.00 to <0.10 | 7,767 | 1 | 0.01% | 0.06% | 0.07% | 0.01% | |||
| 0.10 to <0.15 | 5,932 | 1 | 0.02% | 0.12% | 0.13% | 0.02% | |||
| 0.15 to <0.25 | 18,377 | 1 | 0.01% | 0.20% | 0.19% | 0.01% | |||
| 0.25 to <0.50 | 39,200 | 26 | 0.07% | 0.37% | 0.37% | 0.07% | |||
| 0.50 to <0.75 | 6,494 | 22 | 0.34% | 0.68% | 0.63% | 0.34% | |||
| 0.75 to <2.50 | 34,336 | 120 | 0.35% | 1.46% | 1.30% | 0.35% | |||
| 0.75 to <1.75 | 26,998 | 72 | 0.27% | 1.20% | 1.08% | 0.27% | |||
| 1.75 to <2.5 | 7,338 | 48 | 0.65% | 1.92% | 2.11% | 0.65% | |||
| 2.50 to <10.00 | 7,555 | 102 | 1.35% | 4.35% | 4.69% | 1.35% | |||
| 2.5 to <5 | 4,820 | 69 | 1.43% | 3.38% | 3.41% | 1.43% | |||
| 5 to <10 | 2,735 | 33 | 1.21% | 6.56% | 6.93% | 1.21% | |||
| 10.00 to <100.00 | 2,543 | 147 | 5.78% | 22.93% | 22.78% | 5.78% | |||
| 10 to <20 | 1,559 | 51 | 3.27% | 13.92% | 14.57% | 3.27% | |||
| 20 to <30 | 196 | 14 | 7.14% | 23.55% | 26.16% | 7.14% | |||
| 30.00 to <100.00 | 788 | 82 | 10.41% | 49.29% | 38.18% | 10.41% | |||
| 100.00 (Default) | 5,999 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Specialized Lending | |||||||||
| 0.00 to <0.15 | 25 | 0 | 0.00% | 0.11% | 0.11% | 0.00% | |||
| 0.00 to <0.10 | 9 | 0 | 0.00% | 0.09% | 0.09% | 0.00% | |||
| 0.10 to <0.15 | 16 | 0 | 0.00% | 0.13% | 0.13% | 0.00% | |||
| 0.15 to <0.25 | 48 | 0 | 0.00% | 0.18% | 0.18% | 0.00% | |||
| 0.25 to <0.50 | 220 | 6 | 2.73% | 0.38% | 0.38% | 2.73% | |||
| 0.50 to <0.75 | 75 | 2 | 2.67% | 0.72% | 0.68% | 2.67% | |||
| 0.75 to <2.50 | 446 | 6 | 1.35% | 1.51% | 1.44% | 1.35% | |||
| 0.75 to <1.75 | 305 | 2 | 0.66% | 1.09% | 1.12% | 0.66% | |||
| 1.75 to <2.5 | 141 | 4 | 2.84% | 2.02% | 2.13% | 2.84% | |||
| 2.50 to <10.00 | 221 | 22 | 9.95% | 5.09% | 4.86% | 9.95% | |||
| 2.5 to <5 | 137 | 3 | 2.19% | 3.37% | 3.50% | 2.19% | |||
| 5 to <10 | 84 | 19 | 22.62% | 6.65% | 7.08% | 22.62% | |||
| 10.00 to <100.00 | 35 | 1 | 2.86% | 20.75% | 21.85% | 2.86% | |||
| 10 to <20 | 24 | 0 | 0.00% | 14.11% | 13.51% | 0.00% | |||
| 20 to <30 | 4 | 1 | 25.00% | 24.87% | 21.36% | 25.00% | |||
| 30.00 to <100.00 | 7 | 0 | 0.00% | 47.64% | 50.74% | 0.00% | |||
| 100.00 (Default) | 103 | 0 | N/M | 100.00% | 100.00% | N/M |
147
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures<br><br>weighted average<br><br>PD (%) | Average PD (%) | Average historical<br><br>annual default<br><br>rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors which<br><br>defaulted in the<br><br>year | |||||||
| Purchased receivables | |||||||||
| 0.00 to <0.15 | 16 | 0 | 0.00% | 0.08% | 0.09% | 0.00% | |||
| 0.00 to <0.10 | 12 | 0 | 0.00% | 0.08% | 0.08% | 0.00% | |||
| 0.10 to <0.15 | 4 | 0 | 0.00% | 0.12% | 0.15% | 0.00% | |||
| 0.15 to <0.25 | 9 | 0 | 0.00% | 0.18% | 0.22% | 0.00% | |||
| 0.25 to <0.50 | 39 | 0 | 0.00% | 0.44% | 0.41% | 0.00% | |||
| 0.50 to <0.75 | 29 | 0 | 0.00% | 0.72% | 0.73% | 0.00% | |||
| 0.75 to <2.50 | 57 | 3 | 5.26% | 1.83% | 1.46% | 5.26% | |||
| 0.75 to <1.75 | 38 | 2 | 5.26% | 1.20% | 1.16% | 5.26% | |||
| 1.75 to <2.5 | 19 | 1 | 5.26% | 2.00% | 2.05% | 5.26% | |||
| 2.50 to <10.00 | 25 | 1 | 4.00% | 5.12% | 4.70% | 4.00% | |||
| 2.5 to <5 | 15 | 0 | 0.00% | 3.31% | 3.36% | 0.00% | |||
| 5 to <10 | 10 | 1 | 10.00% | 5.69% | 6.70% | 10.00% | |||
| 10.00 to <100.00 | 5 | 0 | 0.00% | 14.66% | 23.90% | 0.00% | |||
| 10 to <20 | 2 | 0 | 0.00% | 14.66% | 13.97% | 0.00% | |||
| 20 to <30 | 2 | 0 | 0.00% | 0.00% | 29.34% | 0.00% | |||
| 30.00 to <100.00 | 1 | 0 | 0.00% | 0.00% | 32.87% | 0.00% | |||
| 100.00 (Default) | 20 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Retail | |||||||||
| 0.00 to <0.15 | 2,757,313 | 623 | 0.02% | 0.09% | 0.10% | 0.02% | |||
| 0.00 to <0.10 | 2,031,501 | 341 | 0.02% | 0.07% | 0.09% | 0.02% | |||
| 0.10 to <0.15 | 725,812 | 282 | 0.04% | 0.11% | 0.12% | 0.04% | |||
| 0.15 to <0.25 | 717,320 | 506 | 0.07% | 0.18% | 0.19% | 0.07% | |||
| 0.25 to <0.50 | 908,795 | 1,988 | 0.22% | 0.36% | 0.37% | 0.22% | |||
| 0.50 to <0.75 | 231,745 | 610 | 0.26% | 0.55% | 0.56% | 0.26% | |||
| 0.75 to <2.50 | 1,545,173 | 12,435 | 0.80% | 1.46% | 1.45% | 0.80% | |||
| 0.75 to <1.75 | 1,084,234 | 6,491 | 0.60% | 1.11% | 1.11% | 0.60% | |||
| 1.75 to <2.5 | 460,939 | 5,944 | 1.29% | 2.29% | 2.25% | 1.29% | |||
| 2.50 to <10.00 | 650,767 | 17,053 | 2.62% | 5.52% | 5.12% | 2.62% | |||
| 2.5 to <5 | 372,656 | 6,899 | 1.85% | 4.18% | 3.72% | 1.85% | |||
| 5 to <10 | 278,111 | 10,154 | 3.65% | 6.98% | 6.99% | 3.65% | |||
| 10.00 to <100.00 | 218,465 | 29,363 | 13.44% | 24.09% | 22.02% | 13.44% | |||
| 10 to <20 | 133,419 | 7,645 | 5.73% | 14.14% | 13.94% | 5.73% | |||
| 20 to <30 | 24,546 | 4,850 | 19.76% | 27.74% | 27.02% | 19.76% | |||
| 30.00 to <100.00 | 60,500 | 16,868 | 27.88% | 38.79% | 37.80% | 27.88% | |||
| 100.00 (Default) | 223,612 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| of which: | |||||||||
| Qualifying Revolving | |||||||||
| 0.00 to <0.15 | 1,987,556 | 108 | 0.01% | 0.10% | 0.11% | 0.01% | |||
| 0.00 to <0.10 | 1,487,718 | 63 | 0.00% | 0.00% | 0.10% | 0.00% | |||
| 0.10 to <0.15 | 499,838 | 45 | 0.01% | 0.10% | 0.12% | 0.01% | |||
| 0.15 to <0.25 | 413,782 | 49 | 0.01% | 0.18% | 0.19% | 0.01% | |||
| 0.25 to <0.50 | 393,906 | 239 | 0.06% | 0.34% | 0.35% | 0.06% | |||
| 0.50 to <0.75 | 113,292 | 42 | 0.04% | 0.53% | 0.54% | 0.04% | |||
| 0.75 to <2.50 | 465,962 | 665 | 0.14% | 1.34% | 1.46% | 0.14% | |||
| 0.75 to <1.75 | 327,027 | 433 | 0.13% | 1.06% | 1.10% | 0.13% | |||
| 1.75 to <2.5 | 138,935 | 232 | 0.17% | 2.25% | 2.30% | 0.17% | |||
| 2.50 to <10.00 | 219,245 | 731 | 0.33% | 5.29% | 5.42% | 0.33% | |||
| 2.5 to <5 | 109,573 | 281 | 0.26% | 3.73% | 3.84% | 0.26% | |||
| 5 to <10 | 109,672 | 450 | 0.41% | 7.07% | 6.99% | 0.41% | |||
| 10.00 to <100.00 | 109,218 | 1,782 | 1.63% | 22.24% | 21.21% | 1.63% | |||
| 10 to <20 | 71,813 | 524 | 0.73% | 13.88% | 13.83% | 0.73% | |||
| 20 to <30 | 7,309 | 150 | 2.05% | 28.22% | 27.77% | 2.05% | |||
| 30.00 to <100.00 | 30,096 | 1,108 | 3.68% | 39.64% | 37.22% | 3.68% | |||
| 100.00 (Default) | 100,005 | 0 | N/M | 100.00% | 100.00% | N/M |
148
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed average<br><br>default rate (%) | Exposures<br><br>weighted average<br><br>PD (%) | Average PD (%) | Average historical<br><br>annual default<br><br>rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors which<br><br>defaulted in the<br><br>year | |||||||
| Secured by residential<br><br>immovable property | |||||||||
| 0.00 to <0.15 | 260,461 | 177 | 0.07% | 0.09% | 0.09% | 0.07% | |||
| 0.00 to <0.10 | 136,357 | 104 | 0.08% | 0.07% | 0.07% | 0.08% | |||
| 0.10 to <0.15 | 124,104 | 73 | 0.06% | 0.12% | 0.12% | 0.06% | |||
| 0.15 to <0.25 | 168,094 | 163 | 0.10% | 0.18% | 0.19% | 0.10% | |||
| 0.25 to <0.50 | 227,560 | 348 | 0.15% | 0.36% | 0.37% | 0.15% | |||
| 0.50 to <0.75 | 44,694 | 110 | 0.25% | 0.55% | 0.61% | 0.25% | |||
| 0.75 to <2.50 | 203,846 | 758 | 0.37% | 1.45% | 1.32% | 0.37% | |||
| 0.75 to <1.75 | 168,400 | 561 | 0.33% | 1.11% | 1.15% | 0.33% | |||
| 1.75 to <2.5 | 35,446 | 197 | 0.56% | 2.30% | 2.15% | 0.56% | |||
| 2.50 to <10.00 | 82,630 | 1,067 | 1.29% | 5.85% | 4.53% | 1.29% | |||
| 2.5 to <5 | 60,040 | 524 | 0.87% | 4.54% | 3.48% | 0.87% | |||
| 5 to <10 | 22,590 | 543 | 2.40% | 7.01% | 7.32% | 2.40% | |||
| 10.00 to <100.00 | 16,435 | 2,022 | 12.30% | 24.57% | 25.81% | 12.30% | |||
| 10 to <20 | 6,709 | 333 | 4.96% | 14.37% | 14.13% | 4.96% | |||
| 20 to <30 | 3,845 | 377 | 9.80% | 27.37% | 23.93% | 9.80% | |||
| 30.00 to <100.00 | 5,881 | 1,312 | 22.31% | 38.44% | 40.38% | 22.31% | |||
| 100.00 (Default) | 13,962 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Purchased receivables | |||||||||
| 0.00 to <0.15 | 20,647 | 3 | 0.01% | 0.10% | 0.10% | 0.01% | |||
| 0.00 to <0.10 | 5,139 | 1 | 0.02% | 0.06% | 0.06% | 0.02% | |||
| 0.10 to <0.15 | 15,508 | 2 | 0.01% | 0.11% | 0.11% | 0.01% | |||
| 0.15 to <0.25 | 3,558 | 0 | 0.00% | 0.21% | 0.21% | 0.00% | |||
| 0.25 to <0.50 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 0.50 to <0.75 | 5,797 | 0 | 0.00% | 0.54% | 0.54% | 0.00% | |||
| 0.75 to <2.50 | 5,022 | 0 | 0.00% | 1.30% | 1.28% | 0.00% | |||
| 0.75 to <1.75 | 4,974 | 0 | 0.00% | 1.30% | 1.26% | 0.00% | |||
| 1.75 to <2.5 | 48 | 0 | 0.00% | 1.91% | 2.48% | 0.00% | |||
| 2.50 to <10.00 | 1,916 | 1 | 0.05% | 4.54% | 4.27% | 0.05% | |||
| 2.5 to <5 | 838 | 0 | 0.00% | 3.09% | 2.90% | 0.00% | |||
| 5 to <10 | 1,078 | 1 | 0.09% | 5.34% | 5.34% | 0.09% | |||
| 10.00 to <100.00 | 20 | 0 | 0.00% | 100.00% | 28.24% | 0.00% | |||
| 10 to <20 | 0 | 0 | 0.00% | 0.00% | 0.00% | 0.00% | |||
| 20 to <30 | 20 | 0 | 0.00% | 0.00% | 28.24% | 0.00% | |||
| 30.00 to <100.00 | 0 | 0 | 0.00% | 100.00% | 0.00% | 0.00% | |||
| 100.00 (Default) | 79 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Other retail exposures | |||||||||
| 0.00 to <0.15 | 634,029 | 335 | 0.05% | 0.08% | 0.08% | 0.05% | |||
| 0.00 to <0.10 | 428,516 | 173 | 0.04% | 0.06% | 0.07% | 0.04% | |||
| 0.10 to <0.15 | 205,513 | 162 | 0.08% | 0.11% | 0.12% | 0.08% | |||
| 0.15 to <0.25 | 248,621 | 294 | 0.12% | 0.18% | 0.19% | 0.12% | |||
| 0.25 to <0.50 | 439,127 | 1,401 | 0.32% | 0.36% | 0.38% | 0.32% | |||
| 0.50 to <0.75 | 100,762 | 458 | 0.45% | 0.57% | 0.57% | 0.45% | |||
| 0.75 to <2.50 | 1,021,804 | 11,012 | 1.08% | 1.49% | 1.46% | 1.08% | |||
| 0.75 to <1.75 | 700,446 | 5,497 | 0.78% | 1.14% | 1.11% | 0.78% | |||
| 1.75 to <2.5 | 321,358 | 5,515 | 1.72% | 2.28% | 2.24% | 1.72% | |||
| 2.50 to <10.00 | 407,106 | 15,254 | 3.75% | 5.00% | 5.11% | 3.75% | |||
| 2.5 to <5 | 235,081 | 6,094 | 2.59% | 3.73% | 3.72% | 2.59% | |||
| 5 to <10 | 172,025 | 9,160 | 5.32% | 6.92% | 7.01% | 5.32% | |||
| 10.00 to <100.00 | 122,832 | 25,559 | 20.81% | 23.28% | 22.79% | 20.81% | |||
| 10 to <20 | 70,578 | 6,788 | 9.62% | 13.74% | 14.15% | 9.62% | |||
| 20 to <30 | 17,283 | 4,323 | 25.01% | 28.17% | 27.33% | 25.01% | |||
| 30.00 to <100.00 | 34,971 | 14,448 | 41.31% | 39.59% | 37.97% | 41.31% | |||
| 100.00 (Default) | 130,810 | 0 | N/M | 100.00% | 100.00% | N/M |
149
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a/b | c | d | e | f | g | h |
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | ||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors<br><br>which defaulted<br><br>in the year | ||||
| Central governments<br><br>and central banks | ||||||
| 0.00 to <0.15 | 79 | 0 | 0.00% | 0.00% | 0.05% | 0.00% |
| 0.00 to <0.10 | 66 | 0 | 0.00% | 0.00% | 0.03% | 0.00% |
| 0.10 to <0.15 | 13 | 0 | 0.00% | 0.14% | 0.13% | 0.00% |
| 0.15 to <0.25 | 8 | 0 | 0.00% | 0.23% | 0.21% | 0.00% |
| 0.25 to <0.50 | 17 | 0 | 0.00% | 0.39% | 0.34% | 0.00% |
| 0.50 to <0.75 | 16 | 0 | 0.00% | 0.64% | 0.59% | 0.00% |
| 0.75 to <2.50 | 25 | 0 | 0.00% | 1.68% | 1.28% | 0.00% |
| 0.75 to <1.75 | 16 | 0 | 0.00% | 1.07% | 1.01% | 0.00% |
| 1.75 to <2.5 | 9 | 0 | 0.00% | 1.76% | 1.76% | 0.00% |
| 2.50 to <10.00 | 31 | 0 | 0.00% | 6.06% | 5.60% | 7.75% |
| 2.5 to <5 | 19 | 0 | 0.00% | 4.82% | 4.20% | 6.56% |
| 5 to <10 | 12 | 0 | 0.00% | 7.95% | 7.82% | 9.76% |
| 10.00 to <100.00 | 10 | 0 | 0.00% | 18.06% | 28.24% | 3.33% |
| 10 to <20 | 5 | 0 | 0.00% | 13.01% | 12.11% | 4.00% |
| 20 to <30 | 1 | 0 | 0.00% | 0.00% | 22.01% | 0.00% |
| 30.00 to <100.00 | 4 | 0 | 0.00% | 31.01% | 49.97% | 0.00% |
| 100.00 (Default) | 7 | 0 | N/M | 100.00% | 100.00% | N/M |
| Sub-total | 193 | 0 | 0.00% | 0.31% | 6.26% | 1.04% |
| Institutions | ||||||
| 0.00 to <0.15 | 373 | 0 | 0.00% | 0.07% | 0.07% | 0.08% |
| 0.00 to <0.10 | 292 | 0 | 0.00% | 0.06% | 0.06% | 0.05% |
| 0.10 to <0.15 | 81 | 0 | 0.00% | 0.12% | 0.13% | 0.22% |
| 0.15 to <0.25 | 75 | 0 | 0.00% | 0.17% | 0.21% | 0.34% |
| 0.25 to <0.50 | 84 | 0 | 0.00% | 0.36% | 0.38% | 0.13% |
| 0.50 to <0.75 | 44 | 0 | 0.00% | 0.68% | 0.61% | 0.00% |
| 0.75 to <2.50 | 54 | 0 | 0.00% | 1.24% | 1.39% | 0.54% |
| 0.75 to <1.75 | 30 | 0 | 0.00% | 1.10% | 1.03% | 0.00% |
| 1.75 to <2.5 | 24 | 0 | 0.00% | 2.09% | 1.84% | 1.34% |
| 2.50 to <10.00 | 35 | 0 | 0.00% | 3.57% | 3.85% | 0.50% |
| 2.5 to <5 | 31 | 0 | 0.00% | 3.37% | 3.42% | 0.74% |
| 5 to <10 | 4 | 0 | 0.00% | 6.68% | 7.20% | 0.00% |
| 10.00 to <100.00 | 9 | 0 | 0.00% | 15.41% | 25.68% | 1.05% |
| 10 to <20 | 7 | 0 | 0.00% | 15.41% | 12.97% | 1.25% |
| 20 to <30 | 0 | 0 | 0.00% | 29.88% | 0.00% | 0.00% |
| 30.00 to <100.00 | 2 | 0 | 0.00% | 100.00% | 70.16% | 0.00% |
| 100.00 (Default) | 4 | 0 | N/M | 100.00% | 100.00% | N/M |
| Sub-total | 678 | 0 | 0.00% | 0.19% | 1.39% | 0.19% |
| Corporates | ||||||
| 0.00 to <0.15 | 10,913 | 28 | 0.26% | 0.08% | 0.07% | 0.13% |
| 0.00 to <0.10 | 7,301 | 24 | 0.33% | 0.06% | 0.05% | 0.13% |
| 0.10 to <0.15 | 3,612 | 4 | 0.11% | 0.12% | 0.12% | 0.14% |
| 0.15 to <0.25 | 6,290 | 22 | 0.35% | 0.19% | 0.18% | 0.20% |
| 0.25 to <0.50 | 9,750 | 42 | 0.43% | 0.35% | 0.35% | 0.30% |
| 0.50 to <0.75 | 5,268 | 46 | 0.87% | 0.59% | 0.62% | 0.60% |
| 0.75 to <2.50 | 8,619 | 181 | 2.10% | 1.43% | 1.40% | 1.39% |
| 0.75 to <1.75 | 6,021 | 88 | 1.46% | 1.16% | 1.12% | 0.93% |
| 1.75 to <2.5 | 2,598 | 93 | 3.58% | 2.13% | 2.04% | 2.08% |
| 2.50 to <10.00 | 3,013 | 176 | 5.84% | 4.44% | 4.74% | 3.61% |
| 2.5 to <5 | 2,050 | 91 | 4.44% | 3.41% | 3.65% | 2.99% |
| 5 to <10 | 963 | 85 | 8.83% | 6.76% | 7.08% | 5.11% |
| 10.00 to <100.00 | 656 | 62 | 9.45% | 40.19% | 23.78% | 9.20% |
| 10 to <20 | 315 | 31 | 9.84% | 12.50% | 13.43% | 8.93% |
| 20 to <30 | 107 | 8 | 7.48% | 24.14% | 24.00% | 8.56% |
| 30.00 to <100.00 | 234 | 23 | 9.83% | 85.50% | 37.62% | 10.52% |
| 100.00 (Default) | 2,609 | 0 | N/M | 99.74% | 100.00% | N/M |
| Sub-total | 47,118 | 557 | 1.18% | 5.49% | 6.61% | 0.76% |
| of which: |
150
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors<br><br>which defaulted<br><br>in the year | |||||||
| SMEs | |||||||||
| 0.00 to <0.15 | 2,904 | 3 | 0.10% | 0.08% | 0.08% | 0.07% | |||
| 0.00 to <0.10 | 1,660 | 1 | 0.06% | 0.05% | 0.06% | 0.03% | |||
| 0.10 to <0.15 | 1,244 | 2 | 0.16% | 0.12% | 0.11% | 0.15% | |||
| 0.15 to <0.25 | 2,290 | 7 | 0.31% | 0.21% | 0.17% | 0.14% | |||
| 0.25 to <0.50 | 4,909 | 15 | 0.31% | 0.36% | 0.36% | 0.31% | |||
| 0.50 to <0.75 | 2,019 | 7 | 0.35% | 0.63% | 0.70% | 0.40% | |||
| 0.75 to <2.50 | 3,276 | 56 | 1.71% | 1.34% | 1.47% | 1.34% | |||
| 0.75 to <1.75 | 2,070 | 29 | 1.40% | 1.12% | 1.17% | 1.02% | |||
| 1.75 to <2.5 | 1,206 | 27 | 2.24% | 2.02% | 1.99% | 1.98% | |||
| 2.50 to <10.00 | 1,511 | 98 | 6.49% | 4.75% | 4.75% | 3.70% | |||
| 2.5 to <5 | 1,024 | 54 | 5.27% | 3.43% | 3.63% | 3.04% | |||
| 5 to <10 | 487 | 44 | 9.03% | 6.72% | 7.11% | 5.43% | |||
| 10.00 to <100.00 | 300 | 42 | 14.00% | 19.76% | 24.22% | 11.10% | |||
| 10 to <20 | 130 | 21 | 16.15% | 13.80% | 13.70% | 9.85% | |||
| 20 to <30 | 53 | 5 | 9.43% | 23.64% | 23.38% | 9.65% | |||
| 30.00 to <100.00 | 117 | 16 | 13.68% | 35.74% | 36.30% | 16.29% | |||
| 100.00 (Default) | 427 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 17,636 | 228 | 1.29% | 6.77% | 3.73% | 0.84% | |||
| Specialized Lending | |||||||||
| 0.00 to <0.15 | 43 | 0 | 0.00% | 0.11% | 0.12% | 0.16% | |||
| 0.00 to <0.10 | 4 | 0 | 0.00% | 0.09% | 0.06% | 0.27% | |||
| 0.10 to <0.15 | 39 | 0 | 0.00% | 0.12% | 0.12% | 0.00% | |||
| 0.15 to <0.25 | 65 | 0 | 0.00% | 0.18% | 0.18% | 0.20% | |||
| 0.25 to <0.50 | 232 | 2 | 0.86% | 0.38% | 0.37% | 0.51% | |||
| 0.50 to <0.75 | 153 | 1 | 0.65% | 0.71% | 0.69% | 1.14% | |||
| 0.75 to <2.50 | 369 | 4 | 1.08% | 1.54% | 1.54% | 1.78% | |||
| 0.75 to <1.75 | 231 | 2 | 0.87% | 1.18% | 1.28% | 1.23% | |||
| 1.75 to <2.5 | 138 | 2 | 1.45% | 2.12% | 1.97% | 2.26% | |||
| 2.50 to <10.00 | 326 | 20 | 6.13% | 4.64% | 4.37% | 3.80% | |||
| 2.5 to <5 | 232 | 10 | 4.31% | 3.49% | 3.45% | 3.22% | |||
| 5 to <10 | 94 | 10 | 10.64% | 6.81% | 6.64% | 5.11% | |||
| 10.00 to <100.00 | 31 | 4 | 12.90% | 26.77% | 24.42% | 9.36% | |||
| 10 to <20 | 18 | 0 | 0.00% | 12.96% | 13.42% | 7.60% | |||
| 20 to <30 | 4 | 0 | 0.00% | 21.40% | 25.82% | 4.35% | |||
| 30.00 to <100.00 | 9 | 4 | 44.44% | 60.10% | 45.80% | 14.60% | |||
| 100.00 (Default) | 119 | 0 | N/M | 99.26% | 100.00% | N/M | |||
| Sub-total | 1,338 | 31 | 2.32% | 11.07% | 11.11% | 2.36% | |||
| Other | |||||||||
| 0.00 to <0.15 | 7,994 | 25 | 0.31% | 0.08% | 0.07% | 0.15% | |||
| 0.00 to <0.10 | 5,661 | 23 | 0.41% | 0.06% | 0.05% | 0.16% | |||
| 0.10 to <0.15 | 2,333 | 2 | 0.09% | 0.12% | 0.12% | 0.17% | |||
| 0.15 to <0.25 | 3,942 | 15 | 0.38% | 0.19% | 0.19% | 0.23% | |||
| 0.25 to <0.50 | 4,616 | 25 | 0.54% | 0.35% | 0.34% | 0.35% | |||
| 0.50 to <0.75 | 3,100 | 38 | 1.23% | 0.57% | 0.56% | 0.66% | |||
| 0.75 to <2.50 | 4,995 | 121 | 2.42% | 1.38% | 1.34% | 1.29% | |||
| 0.75 to <1.75 | 3,735 | 57 | 1.53% | 1.15% | 1.08% | 0.85% | |||
| 1.75 to <2.5 | 1,260 | 64 | 5.08% | 2.16% | 2.10% | 2.25% | |||
| 2.50 to <10.00 | 1,187 | 58 | 4.89% | 4.13% | 4.82% | 3.36% | |||
| 2.5 to <5 | 805 | 27 | 3.35% | 3.31% | 3.72% | 2.74% | |||
| 5 to <10 | 382 | 31 | 8.12% | 6.67% | 7.14% | 4.88% | |||
| 10.00 to <100.00 | 325 | 16 | 4.92% | 44.73% | 23.31% | 7.39% | |||
| 10 to <20 | 167 | 10 | 5.99% | 12.29% | 13.22% | 7.61% | |||
| 20 to <30 | 50 | 3 | 6.00% | 27.97% | 24.50% | 8.48% | |||
| 30.00 to <100.00 | 108 | 3 | 2.78% | 91.43% | 38.36% | 6.23% | |||
| 100.00 (Default) | 2,063 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 28,222 | 298 | 1.06% | 4.12% | 8.18% | 0.66% |
151
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | |||
| a/b | c | d | e | f | g | h | |||
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | |||||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors<br><br>which defaulted<br><br>in the year | |||||||
| Retail | |||||||||
| 0.00 to <0.15 | 2,727,822 | 1,510 | 0.06% | 0.09% | 0.07% | 0.05% | |||
| 0.00 to <0.10 | 1,970,231 | 724 | 0.04% | 0.06% | 0.06% | 0.04% | |||
| 0.10 to <0.15 | 757,591 | 786 | 0.10% | 0.12% | 0.12% | 0.09% | |||
| 0.15 to <0.25 | 769,901 | 1,343 | 0.17% | 0.19% | 0.19% | 0.15% | |||
| 0.25 to <0.50 | 826,200 | 3,033 | 0.37% | 0.37% | 0.35% | 0.32% | |||
| 0.50 to <0.75 | 377,664 | 1,693 | 0.45% | 0.61% | 0.59% | 0.48% | |||
| 0.75 to <2.50 | 1,577,492 | 23,343 | 1.48% | 1.39% | 1.46% | 1.19% | |||
| 0.75 to <1.75 | 943,574 | 10,158 | 1.08% | 1.16% | 1.09% | 0.91% | |||
| 1.75 to <2.5 | 633,918 | 13,185 | 2.08% | 2.18% | 2.02% | 1.57% | |||
| 2.50 to <10.00 | 799,886 | 44,643 | 5.58% | 5.10% | 4.72% | 4.15% | |||
| 2.5 to <5 | 537,015 | 19,642 | 3.66% | 3.79% | 3.63% | 3.14% | |||
| 5 to <10 | 262,871 | 25,001 | 9.51% | 7.22% | 6.94% | 6.35% | |||
| 10.00 to <100.00 | 260,871 | 57,587 | 22.07% | 24.88% | 20.84% | 21.35% | |||
| 10 to <20 | 168,141 | 21,074 | 12.53% | 14.13% | 13.53% | 12.64% | |||
| 20 to <30 | 21,739 | 5,778 | 26.58% | 24.65% | 25.06% | 21.29% | |||
| 30.00 to <100.00 | 70,991 | 30,735 | 43.29% | 40.11% | 36.85% | 43.32% | |||
| 100.00 (Default) | 229,116 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 7,568,952 | 133,152 | 1.76% | 3.66% | 4.66% | 1.33% | |||
| of which: | |||||||||
| Secured by real estate property - SME | |||||||||
| 0.00 to <0.15 | 14,625 | 8 | 0.05% | 0.07% | 0.07% | 0.06% | |||
| 0.00 to <0.10 | 10,230 | 3 | 0.03% | 0.05% | 0.06% | 0.05% | |||
| 0.10 to <0.15 | 4,395 | 5 | 0.11% | 0.11% | 0.11% | 0.08% | |||
| 0.15 to <0.25 | 5,202 | 16 | 0.31% | 0.20% | 0.17% | 0.17% | |||
| 0.25 to <0.50 | 9,459 | 29 | 0.31% | 0.35% | 0.36% | 0.22% | |||
| 0.50 to <0.75 | 720 | 3 | 0.42% | 0.60% | 0.55% | 0.43% | |||
| 0.75 to <2.50 | 7,411 | 77 | 1.04% | 1.31% | 1.26% | 0.75% | |||
| 0.75 to <1.75 | 5,761 | 56 | 0.97% | 1.11% | 1.00% | 0.61% | |||
| 1.75 to <2.5 | 1,650 | 21 | 1.27% | 2.13% | 2.14% | 1.12% | |||
| 2.50 to <10.00 | 2,097 | 116 | 5.53% | 4.31% | 5.20% | 3.40% | |||
| 2.5 to <5 | 1,143 | 39 | 3.41% | 3.58% | 3.61% | 2.40% | |||
| 5 to <10 | 954 | 77 | 8.07% | 6.47% | 7.12% | 5.59% | |||
| 10.00 to <100.00 | 555 | 133 | 23.96% | 21.33% | 24.83% | 20.06% | |||
| 10 to <20 | 243 | 37 | 15.23% | 14.46% | 14.90% | 12.43% | |||
| 20 to <30 | 130 | 26 | 20.00% | 24.06% | 26.25% | 17.70% | |||
| 30.00 to <100.00 | 182 | 70 | 38.46% | 33.06% | 37.06% | 37.73% | |||
| 100.00 (Default) | 454 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 40,523 | 382 | 0.94% | 2.98% | 2.10% | 0.69% | |||
| Secured by real estate property - Non-<br><br>SME | |||||||||
| 0.00 to <0.15 | 306,931 | 628 | 0.20% | 0.09% | 0.08% | 0.13% | |||
| 0.00 to <0.10 | 181,894 | 276 | 0.15% | 0.06% | 0.06% | 0.10% | |||
| 0.10 to <0.15 | 125,037 | 352 | 0.28% | 0.12% | 0.12% | 0.20% | |||
| 0.15 to <0.25 | 201,984 | 619 | 0.31% | 0.19% | 0.19% | 0.23% | |||
| 0.25 to <0.50 | 222,342 | 722 | 0.32% | 0.37% | 0.36% | 0.28% | |||
| 0.50 to <0.75 | 95,284 | 465 | 0.49% | 0.61% | 0.62% | 0.39% | |||
| 0.75 to <2.50 | 193,152 | 1,462 | 0.76% | 1.36% | 1.40% | 0.66% | |||
| 0.75 to <1.75 | 145,108 | 940 | 0.65% | 1.17% | 1.11% | 0.55% | |||
| 1.75 to <2.5 | 48,044 | 522 | 1.09% | 2.16% | 2.28% | 0.90% | |||
| 2.50 to <10.00 | 61,930 | 1,817 | 2.93% | 5.08% | 5.05% | 2.45% | |||
| 2.5 to <5 | 39,603 | 787 | 1.99% | 3.84% | 3.85% | 1.77% | |||
| 5 to <10 | 22,327 | 1,030 | 4.61% | 7.35% | 7.17% | 3.84% | |||
| 10.00 to <100.00 | 19,446 | 4,382 | 22.53% | 25.86% | 25.30% | 16.60% | |||
| 10 to <20 | 9,408 | 1,025 | 10.89% | 14.11% | 14.08% | 8.92% | |||
| 20 to <30 | 2,032 | 330 | 16.24% | 23.79% | 24.37% | 16.89% | |||
| 30.00 to <100.00 | 8,006 | 3,027 | 37.81% | 41.03% | 38.73% | 35.77% | |||
| 100.00 (Default) | 11,849 | 0 | N/M | 100.00% | 100.00% | N/M | |||
| Sub-total | 1,112,918 | 10,095 | 0.91% | 2.63% | 2.21% | 0.76% |
152
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach | |||||
| Dec 31, 2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a/b | c | d | e | f | g | h |
| Number of obligors at the end of the<br><br>previous year | Observed<br><br>average default<br><br>rate (%) | Exposures<br><br>weighted<br><br>average PD (%) | Average PD (%) | Average<br><br>historical annual<br><br>default rate (%) | ||
| Exposure class/<br><br>PD scale | Total | of which number<br><br>of obligors<br><br>which defaulted<br><br>in the year | ||||
| Qualifying revolving | ||||||
| 0.00 to <0.15 | 2,104,925 | 704 | 0.03% | 0.07% | 0.07% | 0.04% |
| 0.00 to <0.10 | 1,597,880 | 395 | 0.02% | 0.06% | 0.06% | 0.03% |
| 0.10 to <0.15 | 507,045 | 309 | 0.06% | 0.12% | 0.12% | 0.07% |
| 0.15 to <0.25 | 405,516 | 490 | 0.12% | 0.19% | 0.19% | 0.11% |
| 0.25 to <0.50 | 378,313 | 1,463 | 0.39% | 0.35% | 0.34% | 0.33% |
| 0.50 to <0.75 | 126,087 | 720 | 0.57% | 0.54% | 0.54% | 0.62% |
| 0.75 to <2.50 | 470,170 | 10,853 | 2.31% | 1.37% | 1.43% | 1.73% |
| 0.75 to <1.75 | 326,972 | 5,061 | 1.55% | 1.08% | 1.08% | 1.30% |
| 1.75 to <2.5 | 143,198 | 5,792 | 4.04% | 2.30% | 2.23% | 2.62% |
| 2.50 to <10.00 | 247,789 | 25,321 | 10.22% | 5.50% | 5.33% | 5.99% |
| 2.5 to <5 | 120,970 | 7,568 | 6.26% | 3.80% | 3.78% | 4.46% |
| 5 to <10 | 126,819 | 17,753 | 14.00% | 7.24% | 6.81% | 7.88% |
| 10.00 to <100.00 | 123,969 | 28,560 | 23.04% | 23.40% | 20.56% | 19.74% |
| 10 to <20 | 84,561 | 13,420 | 15.87% | 14.38% | 13.58% | 12.84% |
| 20 to <30 | 5,200 | 1,614 | 31.04% | 27.70% | 26.32% | 20.11% |
| 30.00 to <100.00 | 34,208 | 13,526 | 39.54% | 37.63% | 36.95% | 38.06% |
| 100.00 (Default) | 96,632 | 0 | N/M | 100.00% | 100.00% | N/M |
| Sub-total | 3,953,401 | 68,111 | 1.72% | 2.66% | 3.70% | 0.90% |
| Other - SME | ||||||
| 0.00 to <0.15 | 49,721 | 69 | 0.14% | 0.10% | 0.08% | 0.08% |
| 0.00 to <0.10 | 31,587 | 23 | 0.07% | 0.06% | 0.06% | 0.05% |
| 0.10 to <0.15 | 18,134 | 46 | 0.25% | 0.11% | 0.12% | 0.11% |
| 0.15 to <0.25 | 13,121 | 46 | 0.35% | 0.19% | 0.18% | 0.17% |
| 0.25 to <0.50 | 18,915 | 86 | 0.45% | 0.36% | 0.38% | 0.26% |
| 0.50 to <0.75 | 5,995 | 46 | 0.77% | 0.58% | 0.60% | 0.49% |
| 0.75 to <2.50 | 24,589 | 363 | 1.48% | 1.43% | 1.33% | 1.15% |
| 0.75 to <1.75 | 16,906 | 218 | 1.29% | 1.22% | 1.03% | 0.92% |
| 1.75 to <2.5 | 7,683 | 145 | 1.89% | 2.02% | 2.00% | 1.57% |
| 2.50 to <10.00 | 12,567 | 510 | 4.06% | 4.53% | 4.87% | 3.33% |
| 2.5 to <5 | 9,000 | 274 | 3.04% | 3.15% | 3.81% | 2.65% |
| 5 to <10 | 3,567 | 236 | 6.62% | 6.10% | 7.56% | 4.90% |
| 10.00 to <100.00 | 3,836 | 817 | 21.30% | 22.80% | 21.60% | 18.93% |
| 10 to <20 | 1,868 | 205 | 10.97% | 14.04% | 13.49% | 9.70% |
| 20 to <30 | 962 | 173 | 17.98% | 25.14% | 24.17% | 16.05% |
| 30.00 to <100.00 | 1,006 | 439 | 43.64% | 35.89% | 34.18% | 38.21% |
| 100.00 (Default) | 4,220 | 0 | N/M | 100.00% | 100.00% | N/M |
| Sub-total | 132,964 | 1,937 | 1.46% | 5.74% | 4.63% | 1.04% |
| Other - Non-SME | ||||||
| 0.00 to <0.15 | 654,917 | 383 | 0.06% | 0.08% | 0.08% | 0.05% |
| 0.00 to <0.10 | 441,592 | 193 | 0.04% | 0.06% | 0.06% | 0.04% |
| 0.10 to <0.15 | 213,325 | 190 | 0.09% | 0.12% | 0.12% | 0.09% |
| 0.15 to <0.25 | 250,805 | 367 | 0.15% | 0.19% | 0.19% | 0.17% |
| 0.25 to <0.50 | 328,331 | 1,231 | 0.37% | 0.39% | 0.36% | 0.34% |
| 0.50 to <0.75 | 193,619 | 730 | 0.38% | 0.60% | 0.59% | 0.48% |
| 0.75 to <2.50 | 1,033,582 | 12,763 | 1.23% | 1.51% | 1.48% | 1.12% |
| 0.75 to <1.75 | 561,112 | 5,192 | 0.93% | 1.13% | 1.09% | 0.85% |
| 1.75 to <2.5 | 472,470 | 7,571 | 1.60% | 2.24% | 1.95% | 1.40% |
| 2.50 to <10.00 | 527,509 | 19,430 | 3.68% | 5.15% | 4.43% | 3.71% |
| 2.5 to <5 | 395,301 | 12,023 | 3.04% | 3.71% | 3.56% | 2.98% |
| 5 to <10 | 132,208 | 7,407 | 5.60% | 7.03% | 7.03% | 5.65% |
| 10.00 to <100.00 | 141,919 | 30,278 | 21.33% | 23.14% | 21.04% | 22.97% |
| 10 to <20 | 87,768 | 7,972 | 9.08% | 14.13% | 13.54% | 13.34% |
| 20 to <30 | 15,749 | 4,272 | 27.13% | 27.49% | 24.95% | 22.60% |
| 30.00 to <100.00 | 38,402 | 18,034 | 46.96% | 38.42% | 36.59% | 47.35% |
| 100.00 (Default) | 134,317 | 0 | N/M | 100.00% | 100.00% | N/M |
| Sub-total | 3,264,999 | 65,182 | 2.00% | 9.50% | 6.32% | 2.11% |
| Total | 7,616,696 | 133,705 | 1.76% | 3.76% | 4.67% | 1.31% |
153
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on the use of the IRB approach |
The vast majority of the bank’s exposures facing non-sovereign counterparties (institutions, corporates and retail) is
calculated based on the IRB (above 90% coverage within internal models). The total number of obligors with short-term
contracts at the disclosure date for foundation and advanced approach is 6.1 million with the majority of customers in
the exposure class “Retail - qualifying revolving and other retail non-SMEs”.
Specialized lending and equity exposures in the banking book
Article 438 (e) CRR
The table below summarizes the foundation approach exposure for specialized lending where a former Postbank
portfolio is part of the “Income-producing real estate and high volatility commercial real estate” slotting category.
Deutsche Bank does not treat any further exposures under the slotting approach as they are covered under the AIRB.
Consequently, Deutsche Bank does not disclose tables for “Project finance”, “Object finance” and “Commodities
finance”. For the calculation of minimum capital requirements regulatory risk weights are applied where potential risk
mitigating factors are already considered in the assignment of the risk weight. The table presents the on- and off-
balance-sheet exposures, the EAD and RWA as well as the associated regulatory expected losses.
EU CR10.02 – Specialized lending: Income-producing real estate and high volatility commercial real estate (Slotting approach)
| in m.(unless stated otherwise) | Dec 31, 2025 | |||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | f | |
| Regulatory categories | On-balance<br><br>sheet amount | Off-balance<br><br>sheet amount | Risk weight | Exposure<br><br>amount | Risk weighted<br><br>exposure<br><br>amount | Expected loss<br><br>amount |
| Category 1 | 40 | 2 | 50% | 42 | 14 | 0 |
| 202 | 0 | 70% | 202 | 141 | 1 | |
| Category 2 | 70 | 0 | 70% | 70 | 42 | 0 |
| 1 | 0 | 90% | 1 | 2 | 0 | |
| Category 3 | 0 | 0 | 115% | 0 | 0 | 0 |
| 0 | 0 | 115% | 0 | 0 | 0 | |
| Category 4 | 0 | 0 | 250% | 0 | 0 | 0 |
| 0 | 0 | 250% | 0 | 0 | 0 | |
| Category 5 | 22 | 3 | — | 22 | 0 | 10 |
| 0 | 0 | — | 0 | 0 | 0 | |
| Total | 132 | 5 | — | 134 | 57 | 10 |
| 203 | 0 | — | 203 | 143 | 1 |
All values are in Euros.
| in m.(unless stated otherwise) | Jun 30, 2025 | |||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | f | |
| Regulatory categories | On-balance<br><br>sheet amount | Off-balance<br><br>sheet amount | Risk weight | Exposure<br><br>amount | Risk weighted<br><br>exposure<br><br>amount | Expected loss<br><br>amount |
| Category 1 | 0 | 0 | 50% | 0 | 0 | 0 |
| 146 | 0 | 70% | 146 | 110 | 1 | |
| Category 2 | 181 | 17 | 70% | 189 | 101 | 0 |
| 1 | 0 | 90% | 1 | 2 | 0 | |
| Category 3 | 0 | 0 | 115% | 0 | 0 | 0 |
| 0 | 0 | 115% | 0 | 0 | 0 | |
| Category 4 | 0 | 0 | 250% | 0 | 0 | 0 |
| 0 | 0 | 250% | 0 | 0 | 0 | |
| Category 5 | 0 | 0 | — | 0 | 0 | 0 |
| 0 | 0 | — | 0 | 0 | 0 | |
| Total | 181 | 17 | — | 189 | 101 | 0 |
| 146 | 0 | — | 146 | 111 | 1 |
All values are in Euros.
As part of the advanced IRBA Deutsche Bank uses supervisory defined risk weights according to the simple risk weight
approach for the Group’s equity positions. The table below presents the on- and off-balance-sheet exposures, the EAD,
RWA and capital requirements for the categories of equity exposures as set out in Article 155 (2) CRR. For all these
positions no credit risk mitigation techniques have been applied.
154
| Deutsche Bank | Credit risk exposure and credit risk mitigation in the internal-rating-based approach |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Specialized lending and equity exposures in the banking book |
The following table shows equity exposures under the standardized approach by risk weights defined in Article 133 CRR
in conjunction with Article 495a CRR. The table presents the on- and off-balance-sheet exposures, the EAD, RWA and
expected loss amount.
EU CR10.05 – Equity exposures
| in m.(unless stated otherwise) | Dec 31, 2025 | |||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | f | |
| Categories | On-balance<br><br>sheet exposure | Off-balance<br><br>sheet exposure | Risk weight | Exposure<br><br>value | Risk weighted<br><br>exposure<br><br>amount | Expected<br><br>loss amount |
| Risk weight 0% | 107 | 0 | 0% | 107 | 0 | 0 |
| Risk weight 100% | 136 | 0 | 100% | 136 | 136 | 0 |
| Risk weight 190% | 834 | 4 | 190% | 838 | 1,593 | 0 |
| Risk weight 250% | 1,446 | 471 | 250% | 1,917 | 4,793 | 0 |
| Risk weight 370% | 0 | 0 | 370% | 0 | 1 | 0 |
| Risk weight 400% | 17 | 0 | 400% | 17 | 67 | 0 |
| Total | 2,539 | 476 | — | 3,015 | 6,590 | 0 |
All values are in Euros.
| in m.(unless stated otherwise) | Jun 30, 2025 | |||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | f | |
| Categories | On-balance<br><br>sheet exposure | Off-balance<br><br>sheet exposure | Risk weight | Exposure<br><br>value | Risk weighted<br><br>exposure<br><br>amount | Expected<br><br>loss amount |
| Risk weight 0% | 83 | 0 | 0% | 83 | 0 | 0 |
| Risk weight 100% | 201 | 0 | 100% | 201 | 201 | 0 |
| Risk weight 190% | 1,199 | 4 | 190% | 1,203 | 2,286 | 0 |
| Risk weight 250% | 1,189 | 469 | 250% | 1,658 | 4,146 | 0 |
| Risk weight 370% | 0 | 0 | 370% | 0 | 1 | 0 |
| Risk weight 400% | 3 | 0 | 400% | 3 | 13 | 0 |
| Total | 2,675 | 473 | — | 3,149 | 6,646 | 0 |
All values are in Euros.
155
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Internal capital and credit limits for counterparty credit risk exposures |
Counterparty credit risk (CCR)
Internal capital and credit limits for counterparty credit risk
exposures
Article 439 (a) CRR (EU CCRA)
Counterparty credit exposure (CCR) arises from business activities in derivatives and securities financing transactions
(SFT) and is the risk that the counterparty to a transaction may default before completing the satisfactory settlement of
the transaction. The exposure to CCR is calculated by using the internal model method (IMM) and the standardized
approach for counterparty credit risk (SA-CCR) for derivatives and the financial collateral comprehensive method for SFT
respectively.
As the replacement values of derivatives portfolios fluctuate with movements in market rates and with changes in the
transactions in the portfolios, the potential future replacement costs of the portfolios are estimated over their lifetimes
or, in case of collateralized portfolios, over appropriate unwind periods. The potential future exposure is measured
against a limit set for the counterparty for this type of transactions.
Limits for CCR exposures are established based on the principles for assigning credit limits as described in the sections
"General qualitative information on credit risk" and “General qualitative information on credit risk mitigation”. For the
purpose of limit setting, CCR exposures are also considered in the context of the overall credit exposure to the obligor
and the group of borrowers under the one obligor principle.
The potential future exposure analysis is supplemented with stress tests to estimate the immediate impact of extreme
market events on the exposures (such as event risk in the Emerging Markets portfolio).
For the majority of derivative counterparty exposures as well as for SFT, the internal model method is used in accordance
with Article 283 et seq. CRR. In this respect SFT encompass repurchase transactions, securities or commodities lending
and borrowing as well as margin lending transactions. By applying this approach, the EAD calculations are based on a
Monte Carlo simulation of the transactions’ future market values. Within this simulation process, interest and foreign
exchange rates, credit spreads, equity and commodity prices are modeled by stochastic processes and each derivative
and securities financing transaction is revalued at each point of a pre-defined time grid. As a result of this process, a
distribution of future market values for each transaction at each time grid point is generated. From these distributions, by
considering the appropriate netting and collateral agreements, the exposure measures potential future exposure,
average expected exposure, expected positive exposure and effective expected positive exposure are derived.
The potential future exposure measure which Deutsche Bank uses is generally given by a time profile of simulated
positive market values of each counterparty’s derivatives portfolio, for which netting and collateralization are considered.
For limit monitoring the 95th quantile of the resulting distribution of market values is employed, internally referred to as
potential future exposure. The average exposure profiles generated by the same calculation process are used to derive
the so-called average expected exposure measure, which Deutsche Bank uses to reflect expected future replacement
costs within the credit risk economic capital, and the expected positive exposure measure driving Deutsche Bank´s
regulatory capital requirements. While average expected exposure and expected positive exposure are generally
calculated with respect to a time horizon of one year, the potential future exposure is measured over the entire lifetime
of a transaction or netting set for uncollateralized portfolios and over an appropriate unwind period for collateralized
portfolios, respectively. The aforementioned calculation process is employed to derive stressed exposure results for
input into the credit portfolio stress testing.
The potential future exposure profile of each counterparty is compared daily to the potential future exposure limit profile
set by the respective credit officer. Potential future exposure limits are an integral part of the overall counterparty credit
exposure management in line with other limit types. Breaches of potential future exposure limits at any one profile time
point are highlighted for action within the credit risk management process. The expected positive exposure is an input to
the Pillar 1 capital requirement, whereas average expected exposure feeds as a loan equivalent into the Group’s credit
portfolio model (economic capital, applied under Pillar 2) where it is combined with all other credit exposure to a
counterparty.
156
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Collateral in the event of a rating downgrade |
Collateral and credit reserves for counterparty credit risk
Article 439 (b) CRR (EU CCRA)
To reduce the credit risk resulting from OTC derivative transactions, where clearing via a central counterparty is not
available, Deutsche Bank regularly seeks the execution of standard master agreements (such as master agreements for
derivatives published by the International Swaps and Derivatives Association, Inc. (ISDA) or the German Master
Agreement for Financial Derivative Transactions) with the counterparties. A master agreement allows for the close-out
netting of rights and obligations arising under derivative transactions that have been entered into under such a master
agreement upon the counterparty’s default, resulting in a single net claim owed by or to the counterparty. For certain
parts of the derivatives business (e.g., foreign exchange transactions), Deutsche Bank also enters into master agreements
under which payment netting applies with respect to transactions covered by such master agreements, reducing
settlement risk. The risk measurement and risk assessment processes apply close-out netting only to the extent it is
believed that the master agreement is legally valid and enforceable in all relevant jurisdictions.
ISDA Master Agreements are generally accompanied by credit support annexes (CSAs) to master agreements in order to
further reduce the derivatives-related credit risk. These annexes generally provide risk mitigation through periodic,
usually daily, margining of the covered exposure. The CSAs also provide for the right to terminate the related derivative
transactions upon the counterparty’s failure to honor a margin call. As with netting, when Deutsche Bank believes the
annex is enforceable, it is reflected in the exposure measurement.
Deutsche Bank also establishes counterparty credit valuation adjustments (CVA) for OTC derivative transactions to cover
expected credit losses. The adjustment amount is determined by assessing the potential credit exposure to a given
counterparty and taking into account any collateral held, the effect of any relevant netting arrangements, expected loss
given default and the credit risk, based on available market information, including CDS spreads.
Management of wrong-way risk exposures
Article 439 (c) CRR (EU CCRA)
Wrong-way risk occurs when exposure to a counterparty is adversely correlated with the credit quality of that
counterparty. In compliance with Article 291(2) and (4) CRR Deutsche Bank has a monthly process to monitor several
layers of wrong-way risk (specific wrong-way risk, general explicit wrong-way risk at country/industry/region levels and
general implicit wrong-way risk), whereby relevant exposures arising from transactions subject to wrong-way risk are
automatically selected and presented for comment to the responsible credit officer. A wrong-way risk report is then sent
to credit risk senior management on a monthly basis. In addition, the bank utilizes its established process for calibrating
its own alpha factor (as defined in Article 284 (9) CRR) to estimate the overall wrong-way risk in the bank’s derivatives
and securities financing transactions portfolio.
Collateral in the event of a rating downgrade
Article 439 (d) CRR (EU CCRA)
Certain CSAs to master agreements provide for rating-dependent triggers, where additional collateral must be pledged if
a party’s rating is downgraded. The Group also enters into master agreements that provide for an additional termination
event upon a party’s rating downgrade. These downgrade provisions in CSAs and master agreements usually apply to
both parties but in some agreements may apply only to Deutsche Bank. The Group analyzes and monitors its potential
contingent payment obligations resulting from a rating downgrade in the bank’s stress testing and liquidity coverage
ratio approach for liquidity risk on an ongoing basis.
The following table presents the amount needed to meet collateral requirements from contractual obligations in the
event of a one- or two-notch downgrade by rating agencies for all currencies.
Contractual Obligations
| Dec 31, 2025 | Dec 31, 2024 | |||
|---|---|---|---|---|
| in € m. | One-notch<br><br>downgrade | Two-notch<br><br>downgrade | One-notch<br><br>downgrade | Two-notch<br><br>downgrade |
| Contractual derivatives funding or margin requirements | 161 | 212 | 182 | 309 |
| Other contractual funding or margin requirements | 0 | 0 | 0 | 0 |
157
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures by model approach and development |
Estimate of alpha factor
Article 439 (k) CRR
Under the internal model method (IMM) approach the exposure value is calculated as the product of the effective
expected positive exposure and a multiplier ‘alpha’ (α). The scaling factor alpha is applied inter alia to correct for wrong-
way risk, correlations between counterparties, concentration risk, and to account for the level of volatility/correlation
that might coincide with a downturn. Deutsche Bank received regulatory approval to use its own calibrated alpha factor.
For its regulatory capital calculation, however, a regulatory minimum level of 1.20 needs to be applied.
CCR exposures by model approach and development
Article 439 (f, g, k) CRR
The following table shows the methods used for calculating the regulatory requirements for CCR exposure including the
main parameters for each method. Exposures relevant for CVA charges and exposures cleared through a central
counterparty are presented separately in table EU CCR3 and EU CCR8, respectively. Deutsche Bank does not make use
of the original exposure method for derivatives nor the financial collateral simple method for SFTs. Deutsche Bank also
uses the new SA-CCR to calculate the exposure at default for derivatives. This approach still consists of a replacement
cost and a potential future exposure but also considers a multiplier. The multiplier differentiates between margined and
non-margined trades and recognizes netting and hedging benefits as well as collateralization. Under the IMM only the
effective expected positive exposure and the exposure at default are presented. For the calculation of CCR RWA the
higher of the stressed effective expected positive exposure and the unstressed effective expected positive exposure is
taken into consideration. The simulation process of future market values in the internal model also includes the impact
from regulatory netting and collateralization across all asset classes.
EU CCR1 – Analysis of CCR exposure by approach
| Dec 31, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | ||
| in € m.<br><br>(unless stated otherwise) | Replacement<br><br>cost (RC) | Potential<br><br>future<br><br>exposure<br><br>(PFE) | EEPE | Alpha used<br><br>for<br><br>computing<br><br>regulatory<br><br>exposure<br><br>value | Exposure<br><br>value pre-<br><br>CRM | Exposure<br><br>value post-<br><br>CRM | Exposure<br><br>value | RWA | |
| EU1 | EU - Original Exposure<br><br>Method (for derivatives) | 0 | 0 | — | 1.4 | 0 | 0 | 0 | 0 |
| EU2 | EU - Simplified SA-CCR (for<br><br>derivatives) | 0 | 0 | — | 1.4 | 0 | 0 | 0 | 0 |
| 1 | SA-CCR (for derivatives) | 2,331 | 1,639 | — | 1.4 | 6,969 | 5,558 | 5,558 | 1,567 |
| 2 | IMM (for derivatives and<br><br>SFTs) | — | — | 59,727 | 1.25 | 1,064,744 | 74,658 | 72,792 | 14,635 |
| of which: | |||||||||
| 2a | Securities financing<br><br>transactions netting sets | — | — | 30,517 | 0 | 961,188 | 38,147 | 37,002 | 2,501 |
| 2b | Derivatives and long<br><br>settlement transactions<br><br>netting sets | — | — | 29,209 | 0 | 103,556 | 36,512 | 35,790 | 12,134 |
| 2c | from Contractual cross-<br><br>product netting sets | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Financial collateral simple<br><br>method (for SFTs) | — | — | — | 0 | 0 | 0 | 0 | 0 |
| 4 | Financial collateral<br><br>comprehensive method (for<br><br>SFTs) | — | — | — | 0 | 149,200 | 14,160 | 14,160 | 2,076 |
| 5 | VaR for SFTs | — | — | — | 0 | 0 | 0 | 0 | 0 |
| 6 | Total | — | — | — | 0 | 1,220,913 | 94,377 | 92,511 | 18,278 |
158
| Deutsche Bank | Counterparty credit risk (CCR) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures development | ||||||||
| Jun 30, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | ||
| in € m.<br><br>(unless stated otherwise) | Replacement<br><br>cost (RC) | Potential<br><br>future<br><br>exposure<br><br>(PFE) | EEPE | Alpha used<br><br>for<br><br>computing<br><br>regulatory<br><br>exposure<br><br>value | Exposure<br><br>value pre-<br><br>CRM | Exposure<br><br>value post-<br><br>CRM | Exposure<br><br>value | RWA | |
| EU1 | EU - Original Exposure<br><br>Method (for derivatives) | 0 | 0 | — | 1.4 | 0 | 0 | 0 | 0 |
| EU2 | EU - Simplified SA-CCR (for<br><br>derivatives) | 0 | 0 | — | 1.4 | 0 | 0 | 0 | 0 |
| 1 | SA-CCR (for derivatives) | 2,054 | 1,631 | — | 1.4 | 6,057 | 5,158 | 5,158 | 1,805 |
| 2 | IMM (for derivatives and<br><br>SFTs) | — | — | 63,704 | 1.25 | 956,398 | 79,630 | 79,378 | 16,436 |
| of which: | |||||||||
| 2a | Securities financing<br><br>transactions netting sets | — | — | 29,841 | 0 | 845,611 | 37,301 | 37,301 | 2,810 |
| 2b | Derivatives and long<br><br>settlement transactions<br><br>netting sets | — | — | 33,863 | 0 | 110,787 | 42,329 | 42,077 | 13,625 |
| 2c | from Contractual cross-<br><br>product netting sets | — | — | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Financial collateral simple<br><br>method (for SFTs) | — | — | — | 0 | 0 | 0 | 0 | 0 |
| 4 | Financial collateral<br><br>comprehensive method (for<br><br>SFTs) | — | — | — | 0 | 22,206 | 7,794 | 7,794 | 1,278 |
| 5 | VaR for SFTs | — | — | — | 0 | 0 | 0 | 0 | 0 |
| 6 | Total | — | — | — | 0 | 984,661 | 92,582 | 92,330 | 19,518 |
The size of Deutsche Bank´s on- and off-balance-sheet derivative business was € 519.6 billion as of December 31, 2025
(€ 534.3 billion as of June 30, 2025), which represents around 36% of its total assets.
Deutsche Bank´s CCR RWA stands at € 18.3 billion as of December 31, 2025, reflecting a decrease of € 1.2 billion from
June 30, 2025. The decrease reflects predominantly reduced exposures for derivatives and SFTs under IMM as well as
reduced risk weights for derivatives under SA-CCR, partly offset by increased exposures for SFTs under financial
collateral comprehensive method.
CCR exposures development
Article 438 (h) CRR
The following table provides an analysis of key drivers for RWA movements observed for counterparty credit risk
exposures calculated under the internal model method (IMM) in the current and previous reporting period.
EU CCR7 – RWA flow statement of counterparty credit risk exposures under the internal model method
| Three months<br><br>ended Dec 31,<br><br>2025 | Three Months<br><br>Ended Sep 30,<br><br>2025 | ||
|---|---|---|---|
| a | a | ||
| in € m. | RWA | RWA | |
| 1 | Counterparty credit risk RWA under the IMM opening balance | 15,787 | 17,014 |
| 2 | Asset size | (762) | (534) |
| 3 | Credit quality of counterparties | (43) | 81 |
| 4 | Model updates (IMM only) | (90) | (805) |
| 5 | Methodology and policy (IMM only) | 0 | 0 |
| 6 | Acquisitions and disposals | 0 | 0 |
| 7 | Foreign exchange movements | 45 | 31 |
| 8 | Other | 0 | 0 |
| 9 | Counterparty credit risk RWA under the IMM closing balance | 14,936 | 15,787 |
Organic changes in portfolio size and composition are considered in the category “Asset size”. The category “Credit
quality of counterparties” represents the effects from portfolio rating migrations, loss given default, model parameter
recalibrations as well as collateral coverage and netting activities. “Model updates (IMM only)” include model refinements
159
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures to central counterparties |
and further roll out of advanced internal models. RWA movements resulting from externally, regulatory-driven changes,
e.g., applying new regulations, are considered in the “Methodology and policy (IMM only)” category. “Acquisition and
disposals” is relating to significant exposure movements which can be clearly assigned to acquisition or disposal related
activities. Changes that cannot be attributed to the above categories are reflected in the category “Other”.
RWA for counterparty credit risk exposures under the IMM decreased by € 0.9 billion or 5.4% since September 30, 2025,
primarily driven by the category “Asset size”, reflecting reduced exposures for derivatives and SFTs. Additionally, the
reduction in category “Model updates (IMM only)” is driven by refinements of internal models.
CCR exposures to central counterparties
Article 439 (i) CRR
The table below presents an overview of Deutsche Bank´s exposures and RWA to central counterparties arising from
transactions, margins and contributions to default funds. As of December 31, 2025, Deutsche Bank mainly reported
exposures to qualifying central counterparties (QCCP) as defined in Article 4 (88) CRR.
EU CCR8 – Exposures to CCPs
| Dec 31, 2025 | Jun 30, 2025 | ||||
|---|---|---|---|---|---|
| a | b | a | b | ||
| in € m. | Exposure value | RWA | Exposure value | RWA | |
| 1 | Exposures to QCCPs (total) | — | 884 | — | 863 |
| 2 | Exposures for trades at QCCPs (excluding initial margin and<br><br>default fund contributions) | 10,028 | 201 | 11,759 | 235 |
| of which: | |||||
| 3 | (i) OTC derivatives | 3,496 | 70 | 6,389 | 128 |
| 4 | (ii) Exchange-traded derivatives | 3,052 | 61 | 2,260 | 45 |
| 5 | (iii) Securities financing transactions | 3,480 | 70 | 3,109 | 62 |
| 6 | (iv) Netting sets where cross-product netting has been approved | 0 | 0 | 0 | 0 |
| 7 | Segregated initial margin | 8,338 | — | 8,299 | — |
| 8 | Non-segregated initial margin | 3,061 | 61 | 3,749 | 75 |
| 9 | Pre-funded default fund contributions | 2,700 | 622 | 1,739 | 553 |
| 10 | Unfunded default fund contributions | 2,226 | 0 | 2,620 | 0 |
| 11 | Exposures to non-QCCPs (total) | — | 2,559 | — | 2,817 |
| 12 | Exposures for trades at non-QCCPs (excluding initial margin and<br><br>default fund contributions) | 50 | 50 | 297 | 297 |
| of which: | |||||
| 13 | (i) OTC derivatives | 27 | 27 | 230 | 230 |
| 14 | (ii) Exchange-traded derivatives | 1 | 1 | 4 | 4 |
| 15 | (iii) Securities financing transactions | 22 | 22 | 62 | 62 |
| 16 | (iv) Netting sets where cross-product netting has been approved | 0 | 0 | 0 | 0 |
| 17 | Segregated initial margin | 0 | — | 0 | — |
| 18 | Non-segregated initial margin | 0 | 0 | 0 | 0 |
| 19 | Prefunded default fund contributions | 35 | 437 | 34 | 429 |
| 20 | Unfunded default fund contributions | 166 | 2,071 | 167 | 2,091 |
Deutsche Bank´s RWA for central counterparties were € 3.4 billion as of December 31, 2025, reflecting a decrease of
€ 0.2 billion from June 30, 2025. The development was predominantly driven by reduced exposures to non-QCCPs.
160
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures in the standardized approach |
CCR exposures in the standardized approach
Article 444 (e) CRR
The following table provides the counterparty credit risk exposures in the standardized approach broken down by risk
weights and regulatory exposure classes. This table excludes risk weighted exposure amounts derived from own funds
requirements for CVA risk but includes exposures cleared through a CCP.
EU CCR3 – Standardized approach – CCR exposures by regulatory portfolio and risk
| Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € m. | Risk Weight | |||||||
| a | b | c | d | e | f | g | ||
| Exposure classes | 0% | 2% | 4% | 10% | 20% | 50% | 70% | |
| 1 | Central governments or central banks | 18,201 | 0 | 0 | 0 | 247 | 531 | 0 |
| 2 | Regional governments or local authorities | 110 | 0 | 0 | 0 | 1,937 | 3 | 0 |
| 3 | Public sector entities | 229 | 0 | 0 | 0 | 6 | 0 | 0 |
| 4 | Multilateral development banks | 190 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | International organizations | 964 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Institutions | 0 | 13,088 | 2 | 0 | 10 | 0 | 0 |
| 7 | Corporates | 16 | 0 | 0 | 0 | 13 | 1 | 0 |
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 | Institutions and corporates with a short-term<br><br>credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 11 | Total | 19,710 | 13,088 | 2 | 0 | 2,213 | 534 | 0 |
| Dec 31, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | ||
| in € m. | Risk Weight | |||||||
| h | i | j | k | l | ||||
| Exposure classes | 75% | 100% | 150% | Others | Total | |||
| 1 | Central governments or central banks | 0 | 167 | 7 | 0 | 19,154 | ||
| 2 | Regional governments or local authorities | 0 | 0 | 0 | 0 | 2,050 | ||
| 3 | Public sector entities | 0 | 9 | 0 | 0 | 244 | ||
| 4 | Multilateral development banks | 0 | 0 | 0 | 0 | 190 | ||
| 5 | International organizations | 0 | 0 | 0 | 0 | 964 | ||
| 6 | Institutions | 0 | 0 | 11 | 0 | 13,111 | ||
| 7 | Corporates | 0 | 699 | 0 | 0 | 729 | ||
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | ||
| 9 | Institutions and corporates with a short-term credit assessment | 0 | 0 | 0 | 0 | 0 | ||
| 10 | Other items | 0 | 0 | 1 | 0 | 1 | ||
| 11 | Total | 0 | 875 | 19 | 0 | 36,442 | ||
| Jun 30, 2025 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | |||||||
| a | b | c | d | e | f | g | ||
| Exposure classes | 0% | 2% | 4% | 10% | 20% | 50% | 70% | |
| 1 | Central governments or central banks | 1,862 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | Regional governments or local authorities | 102 | 0 | 0 | 0 | 0 | 0 | 0 |
| 3 | Public sector entities | 255 | 0 | 0 | 0 | 10 | 0 | 0 |
| 4 | Multilateral development banks | 398 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | International organizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | Institutions | 0 | 15,507 | 6 | 0 | 8 | 0 | 0 |
| 7 | Corporates | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | Retail | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 | Institutions and corporates with a short-term<br><br>credit assessment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Other items | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 11 | Total | 2,617 | 15,507 | 6 | 0 | 18 | 0 | 0 |
161
| Deutsche Bank | Counterparty credit risk (CCR) | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures in the standardized approach | |||||
| Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| in € m. | Risk Weight | |||||
| h | i | j | k | l | ||
| Exposure classes | 75% | 100% | 150% | Others | Total | |
| 1 | Central governments or central banks | 0 | 0 | 0 | 0 | 1,862 |
| 2 | Regional governments or local authorities | 0 | 0 | 0 | 0 | 102 |
| 3 | Public sector entities | 0 | 0 | 0 | 0 | 265 |
| 4 | Multilateral development banks | 0 | 0 | 0 | 0 | 398 |
| 5 | International organizations | 0 | 0 | 0 | 0 | 0 |
| 6 | Institutions | 0 | 0 | 4 | 0 | 15,526 |
| 7 | Corporates | 0 | 999 | 0 | 0 | 999 |
| 8 | Retail | 1 | 0 | 0 | 0 | 1 |
| 9 | Institutions and corporates with a short-term credit assessment | 0 | 0 | 0 | 0 | 0 |
| 10 | Other items | 0 | 0 | 2 | 0 | 2 |
| 11 | Total | 1 | 999 | 5 | 0 | 19,154 |
CCR exposures within the foundation IRBA
Article 452 (g) CRR
The following tables disclose Deutsche Bank´s foundation IRBA counterparty credit risk exposures, i.e., derivatives and
securities financing transactions, distributed on its internal rating scale for exposure classes central governments and
central banks, regional governments and local authorities, public sector entities, institutions as well as corporates with its
relevant subcategories. CVA charges or exposures cleared through a CCP are excluded.
Deutsche Bank discloses the exposure after CCF and CRM, where exposures covered by guarantees or credit derivatives
are assigned to the protection seller.
The exposure after CCF and CRM is presented in conjunction with exposures-weighted average PD, RWAs, the average
risk weight and the number of obligors. In addition, it provides the average LGD and average maturity, which is regulatory
pre-defined in the foundation IRB. The tables provide the defaulted exposure separately.
162
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the foundation IRBA |
EU CCR4 – FIRB approach – CCR exposures by portfolio and PD scale
| in € m. | Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|
| (unless stated otherwise) | a | b | c | d | e | f | g |
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) |
| Central governments<br><br>and central banks | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Regional governments<br><br>and local authorities | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Public sector entities | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Institutions | |||||||
| 0.00 to <0.15 | 12,011 | 0.06 | 0.4 | 45.00 | 1.5 | 1,606 | 13.37 |
| 0.15 to <0.25 | 332 | 0.17 | 0.1 | 45.00 | 1.9 | 105 | 31.72 |
| 0.25 to <0.50 | 355 | 0.37 | 0.1 | 45.00 | 1.9 | 172 | 48.36 |
| 0.50 to <0.75 | 0 | 0.62 | 0.0 | 45.00 | 2.5 | 0 | 83.97 |
| 0.75 to <2.50 | 1,708 | 0.85 | 0.1 | 45.00 | 0.9 | 1,318 | 77.15 |
| 2.50 to <10.00 | 3 | 3.53 | 0.0 | 45.00 | 2.5 | 3 | 119.92 |
| 10.00 to <100.00 | 0 | 24.50 | 0.0 | 45.00 | 2.5 | 0 | 237.81 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 14,409 | 0.17 | 0.6 | 45.00 | 1.5 | 3,205 | 22.24 |
| Corporates | |||||||
| 0.00 to <0.15 | 8,759 | 0.07 | 1.0 | 43.38 | 2.0 | 1,620 | 18.49 |
| 0.15 to <0.25 | 3,132 | 0.17 | 0.5 | 41.60 | 2.2 | 1,003 | 32.04 |
| 0.25 to <0.50 | 3,964 | 0.32 | 0.9 | 41.24 | 2.3 | 2,044 | 51.57 |
| 0.50 to <0.75 | 408 | 0.68 | 0.2 | 41.01 | 2.5 | 292 | 71.45 |
| 0.75 to <2.50 | 1,349 | 1.19 | 0.5 | 41.22 | 2.5 | 1,203 | 89.17 |
| 2.50 to <10.00 | 624 | 4.90 | 0.1 | 40.88 | 2.3 | 844 | 135.13 |
| 10.00 to <100.00 | 207 | 27.76 | 0.0 | 41.47 | 2.0 | 445 | 214.88 |
| 100.00 (Default) | 138 | 100.00 | 0.0 | 40.00 | 2.5 | 0 | 0.00 |
| Sub-total | 18,582 | 1.45 | 3.3 | 42.28 | 2.2 | 7,451 | 40.10 |
| of which: |
163
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the foundation IRBA | in € m. | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| General | ||||||||||
| 0.00 to <0.15 | 8,759 | 0.07 | 1.0 | 43.38 | 2.0 | 1,620 | 18.49 | |||
| 0.15 to <0.25 | 3,132 | 0.17 | 0.5 | 41.60 | 2.2 | 1,003 | 32.04 | |||
| 0.25 to <0.50 | 3,964 | 0.32 | 0.9 | 41.24 | 2.3 | 2,044 | 51.57 | |||
| 0.50 to <0.75 | 408 | 0.68 | 0.2 | 41.01 | 2.5 | 292 | 71.45 | |||
| 0.75 to <2.50 | 1,348 | 1.19 | 0.5 | 41.22 | 2.5 | 1,202 | 89.15 | |||
| 2.50 to <10.00 | 621 | 4.90 | 0.1 | 40.86 | 2.3 | 840 | 135.18 | |||
| 10.00 to <100.00 | 207 | 27.76 | 0.0 | 41.47 | 1.9 | 445 | 214.88 | |||
| 100.00 (Default) | 138 | 100.00 | 0.0 | 40.00 | 2.5 | 0 | 0.00 | |||
| Sub-total | 18,578 | 1.45 | 3.3 | 42.28 | 2.2 | 7,446 | 40.08 | |||
| Specialized Lending | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.38 | 0.0 | 40.00 | 2.5 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.69 | 0.0 | 40.00 | 2.5 | 0 | 0.00 | |||
| 0.75 to <2.50 | 1 | 1.20 | 0.0 | 43.31 | 2.5 | 1 | 110.24 | |||
| 2.50 to <10.00 | 3 | 4.24 | 0.0 | 45.00 | 2.5 | 4 | 123.68 | |||
| 10.00 to <100.00 | 0 | 100.00 | 0.0 | 40.00 | 2.5 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 4 | 1.51 | 0.0 | 41.50 | 2.5 | 5 | 119.71 | |||
| Purchased receivables | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Total | 32,991 | 0.89 | 3.9 | 43.47 | 1.8 | 10,656 | 32.30 |
164
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the foundation IRBA | in € m. | Jun 30, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| Central governments<br><br>and central banks | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Regional governments<br><br>and local authorities | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Public sector entities | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Institutions | ||||||||||
| 0.00 to <0.15 | 10,455 | 0.06 | 0.3 | 45.00 | 1.5 | 1,572 | 15.04 | |||
| 0.15 to <0.25 | 249 | 0.16 | 0.1 | 45.00 | 2.1 | 84 | 33.62 | |||
| 0.25 to <0.50 | 501 | 0.34 | 0.1 | 45.00 | 2.0 | 258 | 51.43 | |||
| 0.50 to <0.75 | 1 | 0.67 | 0.0 | 45.00 | 2.5 | 1 | 63.14 | |||
| 0.75 to <2.50 | 668 | 0.89 | 0.1 | 45.00 | 1.4 | 564 | 84.48 | |||
| 2.50 to <10.00 | 5 | 4.82 | 0.0 | 45.00 | 2.5 | 6 | 122.67 | |||
| 10.00 to <100.00 | 1,041 | 99.66 | 0.0 | 47.19 | 2.5 | 277 | 26.57 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 12,919 | 8.14 | 0.5 | 45.18 | 1.6 | 2,761 | 21.37 | |||
| Corporates | ||||||||||
| 0.00 to <0.15 | 8,679 | 0.08 | 0.9 | 42.63 | 2.1 | 1,895 | 21.84 | |||
| 0.15 to <0.25 | 3,260 | 0.16 | 0.5 | 41.77 | 2.4 | 1,041 | 31.94 | |||
| 0.25 to <0.50 | 3,439 | 0.33 | 0.9 | 41.70 | 2.2 | 1,706 | 49.62 | |||
| 0.50 to <0.75 | 895 | 0.65 | 0.3 | 40.83 | 2.4 | 599 | 66.96 | |||
| 0.75 to <2.50 | 1,581 | 1.33 | 0.4 | 41.23 | 2.4 | 1,613 | 102.06 | |||
| 2.50 to <10.00 | 293 | 5.09 | 0.1 | 40.89 | 2.1 | 396 | 134.84 | |||
| 10.00 to <100.00 | 398 | 33.94 | 0.0 | 41.47 | 2.2 | 768 | 193.02 | |||
| 100.00 (Default) | 191 | 100.00 | 0.0 | 40.18 | 2.5 | 0 | 0.00 | |||
| Sub-total | 18,736 | 2.07 | 3.2 | 42.03 | 2.2 | 8,019 | 42.80 | |||
| of which: |
165
| Deutsche Bank | Counterparty credit risk (CCR) | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the foundation IRBA | ||||||
| General | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| 0.00 to <0.15 | 8,679 | 0.08 | 0.9 | 42.63 | 2.1 | 1,895 | 21.84 |
| 0.15 to <0.25 | 3,259 | 0.16 | 0.5 | 41.77 | 2.4 | 1,041 | 31.93 |
| 0.25 to <0.50 | 3,439 | 0.33 | 0.9 | 41.70 | 2.2 | 1,706 | 49.62 |
| 0.50 to <0.75 | 895 | 0.65 | 0.3 | 40.83 | 2.4 | 599 | 66.96 |
| 0.75 to <2.50 | 1,581 | 1.33 | 0.4 | 41.23 | 2.4 | 1,613 | 102.06 |
| 2.50 to <10.00 | 293 | 5.09 | 0.1 | 40.89 | 2.1 | 396 | 134.84 |
| 10.00 to <100.00 | 398 | 33.94 | 0.0 | 41.47 | 2.2 | 768 | 193.02 |
| 100.00 (Default) | 191 | 100.00 | 0.0 | 40.18 | 2.5 | 0 | 0.00 |
| Sub-total | 18,735 | 2.08 | 3.2 | 42.03 | 2.2 | 8,019 | 42.80 |
| Specialized Lending | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 1 | 0.19 | 0.0 | 45.00 | 2.5 | 1 | 61.03 |
| 0.25 to <0.50 | 0 | 0.25 | 0.0 | 45.00 | 2.5 | 0 | 74.65 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 2.5 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 2.5 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 2.5 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 1 | 0.19 | 0.0 | 45.00 | 2.5 | 1 | 61.04 |
| Purchased<br><br>receivables | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Total | 31,655 | 4.55 | 3.7 | 43.32 | 2.0 | 10,780 | 34.05 |
CCR exposures within the advanced IRBA
Article 452 (g) CRR
The following tables disclose Deutsche Bank´s advanced IRBA counterparty credit risk exposures, i.e. derivatives and
securities financing transactions, distributed on its internal rating scale for exposure classes central governments and
central banks, regional governments and local authorities, public sector entities as well as corporates and retail with its
relevant subcategories. CVA charges or exposures cleared through a CCP are excluded.
Deutsche Bank discloses the exposure after CCF and CRM, where exposures covered by guarantees or credit derivatives
are assigned to the protection seller.
The exposure after CCF and CRM is presented in conjunction with exposure-weighted average PD, LGD, and maturity as
well as the RWA, the average risk weight (RW) and the number of obligors. The tables provide the defaulted exposure
separately, where Deutsche Bank applies an LGD estimate already incorporating potential unexpected losses in the loss
rate estimate as required by Article 181 (1)(h) CRR.
166
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA |
EU CCR4 – AIRB approach – CCR exposures by portfolio and PD scale
| in € m. | Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|
| (unless stated otherwise) | a | b | c | d | e | f | g |
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) |
| Central governments<br><br>and central banks | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Regional governments<br><br>and local authorities | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Public sector entities | |||||||
| 0.00 to <0.15 | 179 | 0.08 | 0.0 | 27.64 | 1.4 | 21 | 11.74 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.25 to <0.50 | 11 | 0.46 | 0.0 | 50.61 | 5.0 | 13 | 114.29 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 |
| Sub-total | 191 | 0.10 | 0.0 | 29.00 | 1.6 | 34 | 17.83 |
| Corporates | |||||||
| 0.00 to <0.15 | 27,904 | 0.05 | 5.7 | 23.27 | 0.8 | 2,244 | 8.04 |
| 0.15 to <0.25 | 1,074 | 0.20 | 0.5 | 30.77 | 2.4 | 314 | 29.27 |
| 0.25 to <0.50 | 5,076 | 0.34 | 1.2 | 45.71 | 1.0 | 2,082 | 41.00 |
| 0.50 to <0.75 | 1,077 | 0.71 | 0.5 | 39.96 | 0.7 | 556 | 51.65 |
| 0.75 to <2.50 | 759 | 1.37 | 0.7 | 40.32 | 1.7 | 561 | 74.00 |
| 2.50 to <10.00 | 276 | 5.05 | 0.2 | 26.09 | 3.0 | 219 | 79.09 |
| 10.00 to <100.00 | 20 | 82.86 | 0.1 | 25.61 | 2.7 | 12 | 60.16 |
| 100.00 (Default) | 52 | 100.00 | 0.0 | 87.98 | 2.5 | 39 | 74.54 |
| Sub-total | 36,240 | 0.07 | 8.9 | 27.37 | 0.9 | 6,028 | 16.63 |
| of which: | |||||||
| General | |||||||
| 0.00 to <0.15 | 27,901 | 0.05 | 5.7 | 23.27 | 0.8 | 2,244 | 8.04 |
| 0.15 to <0.25 | 1,073 | 0.20 | 0.5 | 30.78 | 2.4 | 314 | 29.29 |
| 0.25 to <0.50 | 5,007 | 0.34 | 1.2 | 46.11 | 0.9 | 2,060 | 41.14 |
| 0.50 to <0.75 | 1,005 | 0.71 | 0.5 | 41.71 | 0.6 | 535 | 53.30 |
| 0.75 to <2.50 | 596 | 1.35 | 0.6 | 46.17 | 1.3 | 497 | 83.47 |
| 2.50 to <10.00 | 112 | 3.72 | 0.2 | 41.21 | 2.4 | 130 | 116.19 |
| 10.00 to <100.00 | 6 | 104.20 | 0.0 | 53.07 | 0.5 | 10 | 155.04 |
| 100.00 (Default) | 52 | 100.00 | 0.0 | 87.98 | 2.5 | 39 | 74.54 |
| Sub-total | 35,752 | 0.00 | 8.7 | 27.51 | 0.9 | 5,830 | 16.31 |
167
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA | in € m. | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| Specialized Lending | ||||||||||
| 0.00 to <0.15 | 3 | 0.10 | 0.0 | 12.50 | 1.5 | 0 | 4.38 | |||
| 0.15 to <0.25 | 1 | 0.17 | 0.0 | 16.82 | 1.4 | 0 | 11.26 | |||
| 0.25 to <0.50 | 69 | 0.42 | 0.0 | 16.73 | 4.4 | 22 | 31.16 | |||
| 0.50 to <0.75 | 73 | 0.72 | 0.0 | 15.91 | 2.9 | 21 | 28.88 | |||
| 0.75 to <2.50 | 163 | 1.47 | 0.1 | 18.93 | 3.2 | 64 | 39.43 | |||
| 2.50 to <10.00 | 164 | 5.96 | 0.1 | 15.74 | 3.4 | 88 | 53.70 | |||
| 10.00 to <100.00 | 14 | 73.44 | 0.0 | 13.49 | 3.7 | 3 | 18.28 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 487 | 4.78 | 0.2 | 16.89 | 3.4 | 198 | 40.60 | |||
| Purchased receivables | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Retail | ||||||||||
| 0.00 to <0.15 | 5 | 0.08 | 0.2 | 30.94 | — | 0 | 6.08 | |||
| 0.15 to <0.25 | 1 | 0.17 | 0.0 | 58.51 | — | 0 | 17.49 | |||
| 0.25 to <0.50 | 1 | 0.33 | 0.0 | 32.22 | — | 0 | 16.06 | |||
| 0.50 to <0.75 | 1 | 0.57 | 0.0 | 37.96 | — | 0 | 27.02 | |||
| 0.75 to <2.50 | 2 | 1.70 | 0.1 | 53.79 | — | 1 | 51.86 | |||
| 2.50 to <10.00 | 1 | 4.22 | 0.0 | 38.67 | — | 0 | 45.94 | |||
| 10.00 to <100.00 | 0 | 41.08 | 0.0 | 31.38 | — | 0 | 79.86 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 12 | 1.12 | 0.3 | 40.44 | — | 3 | 23.54 | |||
| of which: | ||||||||||
| Qualifying Revolving | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Secured by residential<br><br>immovable property | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
168
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA | in € m. | Dec 31, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of risk<br><br>weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| Purchased receivables | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Other retail exposures | ||||||||||
| 0.00 to <0.15 | 5 | 0.08 | 0.2 | 30.94 | — | 0 | 6.08 | |||
| 0.15 to <0.25 | 1 | 0.17 | 0.0 | 58.51 | — | 0 | 17.49 | |||
| 0.25 to <0.50 | 1 | 0.33 | 0.0 | 32.22 | — | 0 | 16.06 | |||
| 0.50 to <0.75 | 1 | 0.57 | 0.0 | 37.96 | — | 0 | 27.02 | |||
| 0.75 to <2.50 | 2 | 1.70 | 0.1 | 53.79 | — | 1 | 51.86 | |||
| 2.50 to <10.00 | 1 | 4.22 | 0.0 | 38.67 | — | 0 | 45.94 | |||
| 10.00 to <100.00 | 0 | 41.08 | 0.0 | 31.38 | — | 0 | 79.86 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 12 | 1.12 | 0.3 | 40.44 | — | 3 | 23.54 | |||
| Total (all exposure<br><br>classes) | 36,442 | 0.07 | 9.3 | 27.38 | 0.9 | 6,065 | 16.64 |
169
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA | in € m. | Jun 30, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure<br><br>value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of<br><br>risk weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| Central governments<br><br>and central banks | ||||||||||
| 0.00 to <0.15 | 16,884 | 0.01 | 0.1 | 63.20 | 0.9 | 372 | 2.20 | |||
| 0.15 to <0.25 | 220 | 0.22 | 0.0 | 49.07 | 1.6 | 129 | 58.64 | |||
| 0.25 to <0.50 | 292 | 0.39 | 0.0 | 60.99 | 3.0 | 221 | 75.64 | |||
| 0.50 to <0.75 | 1 | 0.64 | 0.0 | 66.72 | 1.0 | 1 | 88.06 | |||
| 0.75 to <2.50 | 120 | 1.07 | 0.0 | 66.65 | 1.9 | 154 | 128.61 | |||
| 2.50 to <10.00 | 25 | 7.51 | 0.0 | 65.99 | 1.7 | 60 | 240.90 | |||
| 10.00 to <100.00 | 35 | 16.31 | 0.0 | 68.56 | 1.0 | 74 | 208.43 | |||
| 100.00 (Default) | 0 | 100.00 | 0.0 | 92.18 | 1.0 | 1 | 200.98 | |||
| Sub-total | 17,577 | 0.07 | 0.1 | 62.15 | 1.0 | 1,011 | 5.75 | |||
| Regional governments and local authorities | ||||||||||
| 0.00 to <0.15 | 1,664 | 0.03 | 0.0 | 12.65 | 0.3 | 27 | 1.63 | |||
| 0.15 to <0.25 | 28 | 0.18 | 0.0 | 40.07 | 3.2 | 12 | 42.74 | |||
| 0.25 to <0.50 | 5 | 0.34 | 0.0 | 43.93 | 3.4 | 3 | 68.52 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 71 | 3.51 | 0.0 | 40.07 | 5.0 | 104 | 146.81 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 1,768 | 0.18 | 0.0 | 14.27 | 0.6 | 147 | 8.30 | |||
| Public sector entities | ||||||||||
| 0.00 to <0.15 | 369 | 0.05 | 0.0 | 19.42 | 1.0 | 23 | 6.17 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 1 | 0.46 | 0.0 | 50.60 | 5.0 | 1 | 118.25 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 370 | 0.06 | 0.0 | 19.51 | 1.0 | 24 | 6.49 | |||
| Corporates | ||||||||||
| 0.00 to <0.15 | 28,029 | 0.05 | 6.1 | 24.80 | 0.6 | 1,593 | 5.68 | |||
| 0.15 to <0.25 | 1,197 | 0.21 | 0.6 | 32.25 | 2.8 | 388 | 32.44 | |||
| 0.25 to <0.50 | 3,154 | 0.38 | 0.9 | 45.30 | 1.2 | 1,480 | 46.93 | |||
| 0.50 to <0.75 | 1,936 | 0.64 | 0.7 | 41.43 | 0.8 | 1,031 | 53.22 | |||
| 0.75 to <2.50 | 2,749 | 1.35 | 1.0 | 38.72 | 1.5 | 1,960 | 71.31 | |||
| 2.50 to <10.00 | 249 | 4.02 | 0.3 | 41.33 | 2.6 | 246 | 98.75 | |||
| 10.00 to <100.00 | 216 | 72.21 | 0.0 | 40.18 | 2.2 | 117 | 54.06 | |||
| 100.00 (Default) | 54 | 100.00 | 0.0 | 89.29 | 2.8 | 40 | 74.17 | |||
| Sub-total | 37,585 | 0.76 | 9.5 | 28.87 | 0.8 | 6,855 | 18.24 | |||
| of which: | ||||||||||
| General | ||||||||||
| 0.00 to <0.15 | 28,024 | 0.05 | 6.1 | 24.80 | 0.6 | 1,593 | 5.68 | |||
| 0.15 to <0.25 | 1,191 | 0.21 | 0.5 | 32.31 | 2.8 | 388 | 32.54 | |||
| 0.25 to <0.50 | 3,094 | 0.37 | 0.9 | 45.85 | 1.2 | 1,467 | 47.40 | |||
| 0.50 to <0.75 | 1,896 | 0.64 | 0.7 | 41.97 | 0.8 | 1,017 | 53.66 | |||
| 0.75 to <2.50 | 2,445 | 1.32 | 0.9 | 41.45 | 1.3 | 1,848 | 75.61 | |||
| 2.50 to <10.00 | 149 | 3.60 | 0.2 | 56.54 | 2.0 | 191 | 127.89 | |||
| 10.00 to <100.00 | 152 | 95.85 | 0.0 | 49.91 | 1.0 | 57 | 37.68 | |||
| 100.00 (Default) | 54 | 100.00 | 0.0 | 89.29 | 2.8 | 40 | 74.17 | |||
| Sub-total | 37,006 | 0.72 | 9.3 | 29.06 | 0.8 | 6,602 | 17.84 |
170
| Deutsche Bank | Counterparty credit risk (CCR) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA | in € m. | Jun 30, 2025 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| (unless stated otherwise) | a | b | c | d | e | f | g | |||
| Exposure class/<br><br>PD scale | Exposure<br><br>value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of<br><br>risk weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |||
| Specialized Lending | ||||||||||
| 0.00 to <0.15 | 5 | 0.07 | 0.0 | 22.30 | 1.8 | 0 | 6.87 | |||
| 0.15 to <0.25 | 6 | 0.17 | 0.0 | 19.70 | 1.3 | 1 | 11.23 | |||
| 0.25 to <0.50 | 60 | 0.42 | 0.0 | 17.20 | 2.9 | 14 | 22.47 | |||
| 0.50 to <0.75 | 40 | 0.72 | 0.0 | 16.34 | 3.5 | 13 | 32.41 | |||
| 0.75 to <2.50 | 304 | 1.60 | 0.1 | 16.80 | 3.0 | 112 | 36.74 | |||
| 2.50 to <10.00 | 99 | 4.64 | 0.1 | 18.45 | 3.5 | 55 | 54.92 | |||
| 10.00 to <100.00 | 64 | 16.05 | 0.0 | 17.08 | 5.0 | 60 | 92.97 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 579 | 3.51 | 0.2 | 17.20 | 3.3 | 254 | 43.81 | |||
| Purchased receivables | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | 0.0 | 0 | 0.00 | |||
| Retail | ||||||||||
| 0.00 to <0.15 | 6 | 0.09 | 0.2 | 35.48 | — | 0 | 7.05 | |||
| 0.15 to <0.25 | 1 | 0.22 | 0.0 | 47.27 | — | 0 | 17.37 | |||
| 0.25 to <0.50 | 1 | 0.35 | 0.1 | 41.48 | — | 0 | 21.04 | |||
| 0.50 to <0.75 | 1 | 0.58 | 0.0 | 47.12 | — | 0 | 31.90 | |||
| 0.75 to <2.50 | 2 | 1.33 | 0.1 | 42.95 | — | 1 | 38.21 | |||
| 2.50 to <10.00 | 1 | 3.67 | 0.0 | 40.57 | — | 1 | 47.81 | |||
| 10.00 to <100.00 | 0 | 14.18 | 0.0 | 60.77 | — | 0 | 88.86 | |||
| 100.00 (Default) | 0 | 100.00 | 0.0 | 100.56 | — | 0 | 81.08 | |||
| Sub-total | 13 | 1.78 | 0.4 | 41.19 | — | 3 | 22.78 | |||
| of which: | ||||||||||
| Qualifying Revolving | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Secured by residential immovable<br><br>property | ||||||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 | |||
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
171
| Deutsche Bank | Counterparty credit risk (CCR) | ||||||
|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA | ||||||
| in € m. | Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| (unless stated otherwise) | a | b | c | d | e | f | g |
| Exposure class/<br><br>PD scale | Exposure<br><br>value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of<br><br>risk weighted<br><br>exposure<br><br>amounts<br><br>(in %) |
| Purchased receivables | |||||||
| 0.00 to <0.15 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 0.15 to <0.25 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 0.25 to <0.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 0.50 to <0.75 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 0.75 to <2.50 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 2.50 to <10.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 10.00 to <100.00 | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| 100.00 (Default) | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| Sub-total | 0 | 0.00 | 0.0 | 0.00 | — | 0 | 0.00 |
| Other retail exposures | |||||||
| 0.00 to <0.15 | 6 | 0.09 | 0.2 | 35.48 | — | 0 | 7.05 |
| 0.15 to <0.25 | 1 | 0.22 | 0.0 | 47.27 | — | 0 | 17.37 |
| 0.25 to <0.50 | 1 | 0.35 | 0.1 | 41.48 | — | 0 | 21.04 |
| 0.50 to <0.75 | 1 | 0.58 | 0.0 | 47.12 | — | 0 | 31.90 |
| 0.75 to <2.50 | 2 | 1.33 | 0.1 | 42.95 | — | 1 | 38.21 |
| 2.50 to <10.00 | 1 | 3.67 | 0.0 | 40.57 | — | 1 | 47.81 |
| 10.00 to <100.00 | 0 | 14.18 | 0.0 | 60.77 | — | 0 | 88.86 |
| 100.00 (Default) | 0 | 100.00 | 0.0 | 100.56 | — | 0 | 81.08 |
| Sub-total | 13 | 1.78 | 0.4 | 41.19 | — | 3 | 22.78 |
| Total (all exposure classes) | 57,313 | 0.53 | 10.1 | 38.57 | 0.8 | 8,040 | 14.03 |
EU CCR4 - Total FIRB & ARIB approach
| in € m. | Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|---|
| (unless stated otherwise) | a | b | c | d | e | f | g |
| Exposure<br><br>value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of<br><br>risk weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |
| Total FIRB approach | 32,991 | 0.89 | 3.9 | 43.47 | 1.8 | 10,656 | 32.30 |
| Total ARIB approach | 36,442 | 0.07 | 9.3 | 27.38 | 0.9 | 6,065 | 16.64 |
| Total | 69,433 | 0.46 | 13.2 | 35.02 | 1.4 | 16,721 | 24.08 |
| in € m. | Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- | --- |
| (unless stated otherwise) | a | b | c | d | e | f | g |
| Exposure<br><br>value | Average PD<br><br>(in %) | Number of<br><br>obligors<br><br>(in 1,000) | Average LGD<br><br>(in %) | Average<br><br>maturity<br><br>(in years) | RWA | Density of<br><br>risk weighted<br><br>exposure<br><br>amounts<br><br>(in %) | |
| Total FIRB approach | 31,655 | 4.55 | 3.7 | 43.32 | 2.0 | 10,780 | 34.05 |
| Total ARIB approach | 57,313 | 0.53 | 10.1 | 38.57 | 0.8 | 8,040 | 14.03 |
| Total | 88,968 | 1.96 | 13.8 | 40.26 | 1.2 | 18,820 | 21.15 |
172
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | CCR exposures within the advanced IRBA |
CCR exposures after credit risk mitigation
Article 439 (e) CRR
The following table presents information on Deutsche Bank´s counterparty credit risk (CCR) exposure and the
composition of collateral used in both derivatives transactions and securities financing transactions (SFTs).
Table EU CCR5 discloses a breakdown of all types of collateral posted or received to support or reduce CCR exposures
related to derivatives and SFTs. For SFTs, collateral (received or posted) refers to the security leg of the transaction as
well as initial and variation margin.
EU CCR5 – Composition of collateral for exposures to CCR
| Dec 31, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | ||
| Collateral used in derivative transactions | Collateral used in SFTs | ||||||||
| Fair value of collateral received | Fair value of posted collateral | Fair value of collateral received | Fair value of posted collateral | ||||||
| in € m. | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | |
| 1 | Cash – domestic<br><br>currency | 2,098 | 30,358 | 0 | 26,719 | 0 | 0 | 0 | 0 |
| 2 | Cash – other<br><br>currencies | 5,607 | 37,057 | 2 | 22,263 | 0 | 1 | 0 | 0 |
| 3 | Domestic sovereign<br><br>debt | 0 | 203 | 0 | 1,203 | 40 | 25,181 | 38 | 29,362 |
| 4 | Other Sovereign<br><br>debt | 0 | 0 | 0 | 0 | 1,373 | 290,525 | 1,721 | 257,790 |
| 5 | Government agency<br><br>debt | 0 | 0 | 0 | 0 | 0 | 414 | 0 | 3,131 |
| 6 | Corporate bonds | 2,688 | 24,303 | 184 | 7,300 | 476 | 59,604 | 90 | 38,823 |
| 7 | Equity securities | 0 | 1,618 | 0 | 0 | 0 | 440 | 0 | 3,731 |
| 8 | Other collateral | 494 | 6,843 | 8,812 | 4,983 | 715 | 48,300 | 774 | 29,271 |
| 9 | Total | 10,887 | 100,382 | 8,998 | 62,468 | 2,603 | 424,465 | 2,623 | 362,107 |
| Jun 30, 2025 | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | ||
| Collateral used in derivative transactions | Collateral used in SFTs | ||||||||
| Fair value of collateral received | Fair value of posted collateral | Fair value of collateral received | Fair value of posted collateral | ||||||
| in € m. | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | Segregated | Unsegregated | |
| 1 | Cash – domestic<br><br>currency | 2,153 | 35,813 | 0 | 32,529 | 0 | 0 | 0 | 0 |
| 2 | Cash – other<br><br>currencies | 5,098 | 43,063 | 10 | 26,620 | 0 | 1 | 0 | 0 |
| 3 | Domestic sovereign<br><br>debt | 1 | 245 | 0 | 1,110 | 44 | 26,245 | 43 | 30,469 |
| 4 | Other Sovereign<br><br>debt | 0 | 0 | 0 | 0 | 904 | 369,591 | 1,584 | 305,161 |
| 5 | Government agency<br><br>debt | 0 | 0 | 0 | 0 | 0 | 283 | 0 | 4,100 |
| 6 | Corporate bonds | 2,148 | 21,618 | 229 | 4,139 | 518 | 58,426 | 93 | 37,719 |
| 7 | Equity securities | 0 | 1,511 | 0 | 0 | 0 | 826 | 0 | 8,239 |
| 8 | Other collateral | 516 | 4,364 | 9,079 | 7,877 | 413 | 75,967 | 324 | 32,827 |
| 9 | Total | 9,915 | 106,613 | 9,318 | 72,275 | 1,878 | 531,339 | 2,044 | 418,514 |
173
| Deutsche Bank | Counterparty credit risk (CCR) |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Credit derivatives exposures |
Credit derivatives exposures
Article 439 (j) CRR
The table below discloses the exposure of the credit derivative transactions split into protection bought and sold, as well
as a split into product types.
EU CCR6 – Credit derivatives exposures
| Dec 31, 2025 | Jun 30, 2025 | ||||
|---|---|---|---|---|---|
| a | b | a | b | ||
| in € m. | Protection bought | Protection sold | Protection bought | Protection sold | |
| Notionals | |||||
| 1 | Single-name credit default swaps | 162,042 | 151,626 | 149,733 | 138,703 |
| 2 | Index credit default swaps | 456,640 | 444,238 | 426,263 | 414,825 |
| 3 | Total return swaps | 29,334 | 4,626 | 24,002 | 6,541 |
| 4 | Credit options | 18,378 | 19,790 | 22,297 | 19,296 |
| 5 | Other credit derivatives | 0 | 0 | 0 | 0 |
| 6 | Total notionals | 666,395 | 620,279 | 622,294 | 579,366 |
| Fair values | |||||
| 7 | Positive fair value (asset) | 2,241 | 14,466 | 2,596 | 12,467 |
| 8 | Negative fair value (liability) | (14,937) | (1,949) | (12,736) | (1,938) |
Deutsche Bank´s total notionals for credit derivative exposures were € 1,286.7 billion as of December 31, 2025, an
increase of € 85.0 billion from June 30, 2025, which was predominately driven by index credit default swaps and single-
name credit default swaps.
Credit valuation adjustment risk
Article 445a CRR
Deutsche Bank determines CVA capital in accordance with CRR Article 384 using the Full Basic Approach with the
recognition of hedges. The Simplified Approach under CRR Article 385 is not applicable for Deutsche Bank, as the
respective regulatory conditions regarding the derivative volumes are not met.
Under BA‑CVA, exposures are identified per CRR Article 382 and measured using either the Internal Model Method or
SA‑CCR, as applicable for Counterparty Credit Risk (CCR) purposes. The regulatory BA‑CVA is applied with the
recognition of hedges. A set of controls is in place to ensure completeness and accuracy via pre‑run controls, run
reviews, and key performance indicators. The ongoing monitoring incorporates movements in risk levels, market data,
model updates, and regulatory methodology changes. CVA capital is mitigated through eligible single‑name and index
CDS hedges as prescribed in CRR Article 386. Controls are in place to ensure hedge eligibility, while hedge effectiveness
is measured and any change to the effectiveness is monitored as part of the ongoing monitoring process.
As of December 31, 2025, the capital for CVA amounted to € 207 million, representing a decrease of € 67 million (24%)
compared to December 31, 2024. This included a € 137 million decrease due to movement in risk levels (primarily driven
by reduced exposure as well as hedging activities) and a € 69 million increase attributable to methodology and policy
updates associated with the introduction of the new Basic Approach under CRR3.
EU CVA2 - Credit valuation adjustment risk under the Full Basic Approach (F-BA)
| Dec 31, 2025 | |||
|---|---|---|---|
| a | EU b | ||
| in € m. | Own funds<br><br>requirements | Notional of CVA<br><br>hedges | |
| 1 | BACVAcsr-unhedged | 706 | N/M |
| 2 | BACVAcsr-hedged | 189 | N/M |
| 3 | Total | 207 | N/M |
| EU 4 | Single-name CDS | N/M | 622 |
| EU 5 | Index CDS | N/M | 3,698 |
| EU 6 | Total | N/M | 4,320 |
N/M - Not meaningful
174
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Objectives in relation to securitization activity |
Exposure to securitization positions
Objectives in relation to securitization activity
Article 449 (a) CRR (EU SECA)
Deutsche Bank engages in various business activities that use securitization structures. The main purposes are to provide
investor clients with access to risk and returns related to specific portfolios of assets, to provide borrowing clients with
access to funding and to manage its own credit risk exposure. In order to achieve its business objectives, Deutsche Bank
acts as originator, sponsor and investor in the securitization markets.
Article 4(1)(61) CRR defines which types of transactions and positions must be classified as securitization transactions
and securitization positions for regulatory reporting.
Securitization transactions are defined as transactions in which the credit risk of a securitized portfolio is divided into at
least two securitization tranches and where the payments to the holders of the tranches depend on the performance of
the securitized portfolio. The different tranches are in a subordinate relationship that determines the order and the
amount of payments or losses assigned to the holders of the tranches (waterfall-concept). Loss allocations to a junior
tranche will not already lead to a termination of the entire securitization transaction, i.e., senior tranches survive loss
allocations to subordinate tranches.
Securitization positions can be acquired in various forms including investments in securitization tranches, and derivative
transactions for hedging interest rate and currency risks in the securitization trust.
In the banking book, Deutsche Bank acts as originator, sponsor and investor. As an originator the Group uses
securitizations primarily as a strategy to reduce credit risk, mainly through the Strategic Corporate Lending. Strategic
Corporate Lending uses, among other means, synthetic securitizations to manage the credit risk of loans and lending-
related commitments of the Institutional Corporate Credit portfolio (primarily unsecured, investment grade corporates),
Leveraged Debt Capital Markets portfolio (primarily secured, non-investment grade corporates) and the Corporate Bank
Cash Lending MidCap portfolio, primarily domiciled in Germany and the Netherlands. In addition, the Corporate Bank,
through the Global Transaction Banking division, also manages some of its risk on trade finance exposures separately
through synthetic securitizations. For all of the above portfolios, the credit risk is predominantly transferred to
counterparties through synthetic securitizations, which may be in form of a simple transparent and standardized
securitization (Article 18 of Regulation (EU) 2017/2402)), principally through the issuance of credit linked notes providing
first loss protection.
By using these techniques, Deutsche Bank was able to reduce its credit risk RWA as of December 31, 2025 by
€ 18.6 billion and in addition, the CET1 capital deduction for the expected loss shortfall by € 0.1 billion. Both items
combined had a beneficiary effect of 76 basis point on the CET1 ratio.
Additionally, on a limited basis Deutsche Bank has entered into securitization transactions as part of an active liquidity
risk management strategy. These transactions do not transfer credit risk and are therefore not included in the
quantitative part of this section.
Within its existing role as sponsor, the Group continues to establish and manage securitization schemes in which special
purpose entities purchase exposures from third-party entities on behalf of investors. In these transactions, the Group has
substantial influence on the selection of the purchased exposures and ultimate composition of the securitized portfolios.
Furthermore, Deutsche Bank acts as an investor in third party securitizations through the purchase of tranches from third
party-issued securitizations including simple transparent and standardized securitizations, or by providing liquidity,
credit support or other form of financing. Additionally, the Group assists third party securitizations by providing
derivatives related to securitization structures. These include currency, interest rate and credit derivatives.
Primary recourse for securitization exposures lies with the underlying assets. The related risk is mitigated by credit
enhancement typically in the form of over-collateralization, subordination, reserve accounts, excess interest, or other
support arrangements. Additional protection features include performance triggers, financial covenants and events of
default stipulated in the legal documentation which, when breached, provide for the acceleration of repayment, rights of
foreclosure and/or other remediation.
The initial due diligence for new banking book exposures usually includes any or all of the following: (a) the review and
negotiation of financing terms, the relevant documents, which may include term sheets, servicer reports or other
historical performance data, third-party assessment reports such as rating agency analysis (if externally rated), etc., (b)
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| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Objectives in relation to securitization activity |
modeling of base and downside scenarios through asset-class specific cash-flow models, (c) originator and servicer
reviews to assess the robustness of the originators and servicer’s underwriting’s standards, processes and financial
strength. The result of this due diligence is summarized in a credit and rating review which requires approval by
appropriate level of credit authority, depending on the size of exposure and internal rating assigned.
In compliance with the regulatory requirements for risk retention, due diligence and monitoring according to the
applicable regulatory requirements is part of the Group’s initial and ongoing credit review process and the relevant data
is gathered for reporting purposes with the support of the IT systems used for the credit review and financial reporting
process.
Ongoing regular performance reviews include checks of the periodic servicer reports against any performance triggers/
covenants in the loan documentation, as well as the overall performance trend in the context of economic, geographic,
sector and servicer developments.
For lending-related commitments an internal rating review is required at least annually. Significant negative or positive
changes in asset performance can trigger an earlier review date. Full credit reviews are also required annually, or, for
highly rated exposures, every other year. Furthermore, there is a separate, usually quarterly, watch list process for
exposures identified to be at a higher risk of loss, which requires a separate assessment of asset and servicer
performance. It includes a review of the exposure strategy and identifies next steps to be taken to mitigate loss potential.
Evaluation of operational risk is another important component of risk management for securitization, focusing on the
various types of protections of a securitization as defined in the legal documentation (i.e., perfection of security interest,
segregation of payment flows, and rights to audit). The evaluation for each securitization is performed by a dedicated
team who engages third-party auditors, determines audit scopes, and reviews the results of such external audits. The
results of these risk reviews and assessments complement the credit and rating review process performed by Credit Risk
Management.
In the trading book, Deutsche Bank acts as originator, sponsor and investor. In the role of investor, its main objective is to
serve as a market maker in the secondary market. The market making function consists of providing liquidity for its
customers and providing two way markets (buy and sell) to generate flow trading revenues. In the role of originator, the
Group finances loans to be securitized, predominantly in the commercial real estate business. Trading book activities
where the Group has the role of a sponsor (excluding activities derived from multi-seller originator transactions) as
described above are minimal.
The bank's Market Risk Management Governance Framework applies to all securitization positions held within the trading
book. The Risk Governance Framework applied to securitization includes policies and procedures with respect to new
product approvals, new transaction approvals, risk models and measurements, as well as inventory management systems
and trade entry. All securitization positions held within the trading book are captured, reported and limited within the
Risk Governance Framework at the global, regional and product levels. Any changes in credit and market risks are also
reported.
The limit structure includes value-at-risk and product specific thresholds. Asset class market value limits are based on
seniority/rating and liquidity, where lower rated positions or positions in less liquid asset class are given a lower trading
threshold. The limit monitoring system captures exposures and flags any threshold breaches. Market Risk Management
approval is required for any trades over the limit or threshold.
The Market Risk Management governance framework also captures issuer (credit) risk for securitization positions in the
trading book. MRM’s process manages concentration risks and sets thresholds at the position level. The limit structure is
based on asset class and rating where less liquid positions and those with lower ratings are assigned lower trading
thresholds. When the limit monitoring system captures positions that exceed their respective market value thresholds on
a global basis, MRM approval is required. Further due diligence is performed on positions that require trade approval. This
includes analyzing the credit performance of the security and evaluating risks of the trade. In addition, collateral level
stress testing and performance monitoring is incorporated into the risk management process.
In compliance with Article 5 of Regulation (EU) 2017/2402, pre-trade due diligence is performed on all relevant
positions. It is the responsibility of the respective trading desk to perform the pre-trade due diligence and then record
the appropriate data records at trade execution to indicate whether relevant due diligence items have been performed.
The pre-trade due diligence items include confirmations of deal structural features, performance monitoring of the
underlying portfolio, and any related retention disclosures.
The Product Control Group within Finance then reviews trade inputs for errors or flag changes, distributes regulatory
control reports and serves as the subject matter escalation contact. Upon validation of flag changes or trading desk
errors, the Product Control Group within Finance will then communicate and action the changes accordingly. Further
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| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Objectives in relation to securitization activity |
pre-trade due diligence is performed by Market Risk Management for CRR, as applicable for relevant positions exceeding
predefined limits (process as described above).
Assets originated or acquired with the intent to securitize follow the general approach for the assignment to the
regulatory banking or trading book. Further details are described in chapter “Trading book allocation and prudent
valuation”, section “Allocation of positions to the regulatory trading book” in this report.
Nature of other risks in securitized assets
Article 449 (b) CRR (EU SECA)
Overall, the securitization positions are exposed to the performance of diverse asset classes, including primarily
corporate senior secured loans or unsecured debt, consumer debt such as auto loans or student loans, as well as
residential or commercial first and second lien mortgages. Deutsche Bank is active across the entire capital structure
with an emphasis on the more senior tranches. The subset of re-securitization is predominantly backed by securitizations
with corporate obligations in the underlying pools. However, the subset of re-securitization is not part of an active
investment strategy anymore and is only representing a very marginal part of the overall securitization portfolio.
The Group’s securitization desks trade assets across all capital structures, from senior bonds with large subordination to
first loss subordinate tranches. Securitization positions consist mostly of residential mortgage backed securities and
commercial mortgage backed securities backed by first and second lien loans, collateralized loan obligations backed by
corporate senior secured loans and unsecured debt and consumer asset backed securities, backed by secured and
unsecured credit.
Similar to other fixed income and credit assets, securitized trading volume is linked to global growth and geopolitical
events which affect liquidity and can lead to lower trading volumes, as observed during the crisis. Current and proposed
changes to regulation and uncertainty over final implementation may lead to increased volatility and decreased liquidity/
trading volumes across securitized products. Other potential risks that exist in securitized assets are prepayment, default,
loss severity and servicer performance. Note that trading book assets are marked-to-market and the previous mentioned
risks are reflected in the position’s price. Securitization activities have an impact on Deutsche Bank’s liquidity activity. For
example, the Group enters into securitization transactions as part of an active liquidity risk management strategy.
However, the Group also faces risk of potential drawdown under the revolving commitments provided under certain
securitization facilities. This liquidity risk is monitored by its Treasury department and is included in its liquidity planning
and regular stress testing.
RWA calculation approaches for securitization positions
Article 449 (c) CRR (EU SECA)
The approach for the calculation of the regulatory capital requirements for banking book and trading book securitization
positions is prescribed by the CRR.
The securitization framework determines the regulatory capital requirements for the credit risk of banking book
securitizations pursuant to Articles 242 to 270e CRR and distinguishes between the Securitization Internal Ratings-
Based Approach (SEC-IRBA), the Securitization Standardized Approach (SEC-SA) and the Securitization External
Ratings-Based Approach (SEC-ERBA). These rules also provide a specific framework for Simple, Transparent and
Standardized (STS) securitizations, which are defined in Regulation (EU) 2017/2402 and are subject to a beneficial
capital treatment in the CRR.
The SEC-IRBA is applied for securitization positions, where at least 95% of the securitized portfolio is in scope of an IRBA
rating model and where sufficient information in relation to the securitized portfolio is available to calculate the risk-
weighted exposure amounts under the IRB approach. Note that the ECB may preclude the application of the SEC-IRBA
on a case-by-case basis as per Article 258 CRR. Currently, there are no securitization positions for which the ECB has
precluded the application of the SEC-IRBA.
In general, the SEC-SA must be applied to all re-securitizations and for all securitizations for which the SEC-IRBA must
not or cannot be applied, but the information required to apply the SEC-SA is available. Note, however, that instead of
the SEC-SA, the SEC-ERBA must be applied for securitization positions with at least one eligible external rating or where
a rating might be inferred:
–Where the application of the SEC-SA would result in a risk weight higher than 25%, or
–Where, for positions not qualifying as positions in an STS securitization, the application of the SEC-ERBA would result
in a risk weight higher than 75%, or
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| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | RWA calculation approaches for securitization positions |
–For securitization transactions backed by pools of auto loans, auto leases and equipment leases.
Where the SEC-SA may not be used, the SEC-ERBA must be applied for securitization positions with at least one eligible
external rating or where an external rating can be inferred. External ratings must satisfy certain eligibility criteria for
being used in the risk weight calculation. If more than one eligible rating is available for a specific securitization position,
the relevant external rating is determined as the second best eligible rating in accordance with the provisions set forth in
Article 270d CRR.
Deutsche Bank does not make use of the option provided in Article 254 (3) CRR to consistently apply the SEC-ERBA
instead of the SEC-SA for all securitization positions for which an eligible external rating is available or for positions for
which such a rating can be inferred.
In addition to the above approaches to determine capital requirements, Article 267 CRR specifies a risk weight cap for
senior securitization positions based on the average risk weight of the securitized portfolio. Article 268 CRR provides a
maximum capital requirement for all securitization positions of a specific securitization transaction based on the capital
requirement applicable to the securitized portfolio.
Based on Article 254 (5) CRR, an Internal Assessment Approach may be applied for unrated positions in ABCP programs.
As the Group ceased the use of ABCP programs in 2015, there are no securitizations positions subject to the Internal
Assessment Approach as of December 31, 2025.
Approved rating agencies include Standard & Poor’s, Moody’s, Fitch Ratings, DBRS Morningstar and Kroll.
More than half of the total banking book securitization exposure was subject to SEC-IRBA. This approach was
predominantly used to assess positions backed by corporate loans, auto-related receivables and commercial and
residential real estate loans. The risk weight of securitization positions subject to the SEC-IRBA is determined based on a
formula, which takes as input the capital requirement of the securitized portfolio and the seniority of the securitization
position in the waterfall, amongst others. When applying the SEC-IRBA, Deutsche Bank estimates the risk parameters PD
and LGD for the assets included in the securitized portfolio, by using internally developed rating systems approved for
such assets. The rating systems are based on historical default and loss information from comparable assets. The risk
parameters PD and LGD are derived on risk pool level.
The approach SEC-SA was used in most cases where SEC-IRBA was not applicable, and it was used for positions backed
by a variety of asset classes including corporate loans, real estate loans and diverse ABS positions such as backed by
aircraft leasing, credit card loans and consumer loans. The approach SEC-ERBA was only applied to a minority of
securitization exposures. The great majority of securitization positions with an eligible external or inferred external credit
assessment were securitization positions held as investor backed by residential mortgages. The rest of the securitization
exposures were treated by getting assigned a risk weight of 1,250% as none of the other approaches qualified.
Calculation of regulatory capital requirements for trading book securitizations
Overall, the regulatory capital requirements for the market risk of trading book securitizations consist of a general and
specific market risk component. The capital requirement for the general market risk of trading book securitization
positions is determined as the sum of (i) the value-at-risk based capital requirement for market risk and (ii) the stressed
value-at-risk based capital requirement for market risk. The capital requirement for specific market risk is principally
calculated based on the market risk standardized approach pursuant to Article 337 CRR. For this, the market risk
standardized approach risk weight for trading book securitization positions is calculated by using the same
methodologies, which apply to banking book securitization positions. The market risk standardized approach based
capital requirement for specific risk is determined as the sum of the capital requirements for all net long and all net short
securitization positions. The securitization positions included in the market risk standardized approach calculations for
specific risk are additionally included in the value-at-risk and stressed value-at-risk calculations for general risk.
Trading book securitizations subject to MRSA treatment include various asset classes differentiated by the respective
underlying collateral types:
–Residential mortgage backed securities (RMBS)
–Commercial mortgage backed securities (CMBS)
–Collateralized loan obligations (CLO)
–Collateralized debt obligations (CDO)
–Asset backed securities (incl. credit cards, auto loans and leases, student loans, equipment loans and leases, dealer
floorplan loans, etc.)
They also include synthetic credit derivatives and commonly-traded indices based on the above listed instruments.
178
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | RWA calculation approaches for securitization positions |
Please refer to section “Characteristics of the market risk models” of this Pillar 3 report for general information on the
Group’s market risk quantification approaches.
Principally all the same methods for assessing the own funds requirements for securitizations, which are used in the non-
trading book, are also available in the trading book. The predominantly used method for assessing risk-weighted assets in
the trading book was the SEC-ERBA. To a lesser extent the SEC-SA was used. The method SEC-IRBA was only used for a
minority of exposure. Another minor part of the exposure values were assigned directly a risk-weight of 1,250% as no
other approach qualified.
SSPE-related activities
Article 449 (d+f) CRR (EU SECA)
Where Deutsche Bank acts as originator and uses a securitization special purpose entity (SSPE) for transferring
securitized assets it occasionally retains exposure to the securitization special purpose entities. The types of exposure to
the securitization special purpose entities were either liquidity facilities or derivatives, and in that case foremost interest
rate swaps.
Deutsche Bank occasionally uses securitization special purpose entities to securitize third-party exposures where the
Group acts as sponsor. In certain cases Deutsche Bank also retains some of the securitized exposures. Most of these
positions are secured by mortgages on residential properties. The Group also retains occasionally exposures to
securitization special purpose entities where it acts as sponsor. The exposure types of such positions were liquidity
facilities or derivative positions.
As of December 31, 2025, the portion of retained exposures to securitization special purpose entities is an immaterial
part of all retained positions where Deutsche Bank was originator or sponsor.
When Deutsche Bank acts as originator or sponsor of a securitization transaction, it sells securitization tranches (or
arranges for such sale through mandated market making institutions) solely on an “execution only” basis and only to
sophisticated operative corporate clients that rely on their own risk assessment. In the ordinary course of business, the
Group does not offer such tranches to operative corporate clients to which, at the same time, the Group offers
investment advisory services.
Deutsche Bank’s business division Asset Management provides asset management services to undertakings for collective
investments, including mutual funds and alternative investment funds, and private individuals offering access to
traditional and alternative investments across all major asset classes, including securitization positions. As of December
31, 2025 only a small minority of those positions consisted of tranches in securitization transactions where Deutsche
Bank acted as originator or sponsor.
Deutsche Bank generally does not provide securitization related services to securitization special purpose entities which
are out of its regulatory scope of consolidation and for which the Group claims risk transfer or where the Group acts as
sponsor.
For the purpose of regulatory reporting and as of December 31, 2025, there were no securitization special purpose
entities, which were in Deutsche Bank’s regulatory scope of consolidation.
Article 449 (e) CRR
Deutsche Bank has not provided any implicit support to its securitization vehicles. In consequence, as of December 31,
2025 there was no need to report any positions as representing implicit support according to the requirements of article
250 CRR.
Accounting policies for securitizations
Article 449 (g) CRR (EU SECA)
The most relevant accounting policies for the securitization programs originated by the Group, and where it holds assets
purchased with the intent to securitize, are “Principles of consolidation”, “Financial assets”, “Financial liabilities” and
“Derecognition of financial assets and liabilities” below.
For measurement and quantification of both banking and trading book securitizations of Deutsche Bank, please refer to
section Banking and trading book securitization exposures” further below in this report.
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| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Accounting policies for securitizations |
Principles of consolidation
The Group’s subsidiaries are those entities which it directly or indirectly controls. Control over an entity is evidenced by
the Group’s ability to exercise its power in order to affect any variable returns that the Group is exposed to through its
involvement with the entity.
The Group sponsors the formation of structured entities and interacts with structured entities sponsored by third parties
for a variety of reasons, including allowing clients to hold investments in separate legal entities, allowing clients to invest
jointly in alternative assets, for asset securitization transactions, and for buying or selling credit protection.
Financial assets
The Group classifies financial assets in line with the classification and measurement requirements of IFRS 9, where
financial assets are classified based on both the business model used for managing the financial assets and the
contractual cash flow characteristics of the financial asset (known as Solely Payments of Principal and Interest or “SPPI”).
There are three business models available:
–Hold to Collect - Financial assets held with the objective to collect contractual cash flows; they are subsequently
measured at amortized cost and are recorded in multiple lines on the Group’s consolidated balance sheet.
–Hold to Collect and Sell - Financial assets held with the objective of both collecting contractual cash flows and selling
financial assets; they are recorded as financial assets at Fair Value through Other Comprehensive Income on the
Group’s consolidated balance sheet.
–Other - Financial assets that do not meet the criteria of either “Hold to Collect” or “Hold to Collect and Sell”; they are
recorded as Financial Assets at Fair Value through Profit or Loss on the Group’s consolidated balance sheet.
The assessment of business model requires judgment based on facts and circumstances upon initial recognition. If the
Group holds a financial asset either in a Hold to Collect or a Hold to Collect and Sell business model, then an assessment
at initial recognition to determine whether the contractual cash flows of the financial asset are Solely Payments of
Principal and Interest on the principal amount outstanding at initial recognition is required to determine the business
model classification. Contractual cash flows, that are SPPI on the principal amount outstanding, are consistent with a
basic lending arrangement.
–Financial assets are classified at fair value through profit or loss if they are held in the other business model because
they are either held for trading or because they do not meet the criteria for Hold to Collect or Hold to Collect and Sell;
financial assets classified as financial assets at fair value through profit or loss are measured at fair value with realized
and unrealized gains and losses included in Net gains (losses) on financial assets/liabilities at fair value through profit
or loss.
–A financial asset shall be classified and measured at Fair Value through Other Comprehensive Income (“FVOCI”), if the
financial asset is held in a Hold to Collect and Sell business model and the contractual cash flows are SPPI, unless
designated under the fair value option; under FVOCI, a financial asset is measured at its fair value with any changes
being recognized in Other Comprehensive Income (”OCI”) and is assessed for impairment under the IFRS 9 expected
credit loss model where provisions are recorded through profit or loss (recognized based on expectations of potential
credit losses).
–A financial asset is classified and subsequently measured at amortized cost if the financial asset is held in a Hold to
Collect business model and the contractual cash flows are SPPI; under this measurement category, the financial asset
is measured at fair value at initial recognition; subsequently the carrying amount is reduced for principal payments,
plus or minus the cumulative amortization using the effective interest method; the financial asset is assessed for
impairment under the IFRS 9 expected credit loss model where provisions are recognized based on expectations of
potential credit losses.
Financial liabilities
Under IFRS 9 financial liabilities are measured at amortized cost using the effective interest method, except for financial
liabilities at fair value through profit or loss.
Financial liabilities at fair value through profit or loss include Trading Liabilities, Financial Liabilities Designated at Fair
Value through Profit or Loss and Non-Participating Investment Contracts. Financial liabilities classified at fair value
through profit or loss are recognized or derecognized on trade date. Trading liabilities consist primarily of derivative
liabilities (including certain loan commitments) and short positions. This also includes loan commitments where the
resulting loan upon funding is allocated to the other business model such that the undrawn loan commitment is
classified as derivatives held for trading.
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| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Accounting policies for securitizations |
Derecognition of financial assets and liabilities
Financial asset derecognition
A financial asset is considered for derecognition when the contractual rights to the cash flows from the financial asset
expire, or the Group has either transferred the contractual right to receive the cash flows from that asset, or has assumed
an obligation to pay those cash flows to one or more recipients, subject to certain criteria. The Group derecognizes a
transferred financial asset if it transfers substantially all the risks and rewards of ownership. The Group enters into
transactions in which it transfers previously recognized financial assets but retains substantially all the associated risks
and rewards of those assets.
In transactions in which substantially all the risks and rewards of ownership of a financial asset are neither retained nor
transferred, the Group derecognizes the transferred asset if control over that asset is not retained, i.e., if the transferee
has the practical ability to sell the transferred asset. The rights and obligations retained in the transfer are recognized
separately as assets and liabilities, as appropriate. If control over the asset is retained, the Group continues to recognize
the asset to the extent of its continuing involvement, which is determined by the extent to which it remains exposed to
changes in the value of the transferred asset.
Securitization
The Group securitizes various consumer and commercial financial assets, which is achieved via the transfer of these
assets to a structured entity, which issues securities to investors to finance the acquisition of the assets. Financial assets
awaiting securitization are classified and measured as appropriate under the policies in the “Financial Assets” and
“Financial Liabilities” sections. If the structured entity is not consolidated then the transferred assets may qualify for
derecognition in full or in part, under the policy on derecognition of financial assets. Synthetic securitization structures
typically involve derivative financial instruments. Those transfers that do not qualify for derecognition may be reported
as secured financing or result in the recognition of continuing involvement liabilities. The investors and the securitization
vehicles generally have no recourse to the Group’s other assets in cases where the issuers of the financial assets fail to
perform under the original terms of those assets.
Interests in the securitized financial assets may be retained in the form of senior or subordinated tranches, interest only
strips or other residual interests (collectively referred to as “retained interests”). Provided the Group’s retained interests
do not result in consolidation of a structured entity, nor in continued recognition of the transferred assets, these interests
are typically recorded in financial assets at fair value through profit or loss and carried at fair value. Consistent with the
valuation of similar financial instruments, the fair value of retained tranches or the financial assets is initially and
subsequently determined using market price quotations where available or internal pricing models that utilize variables
such as yield curves, prepayment speeds, default rates, loss severity, interest rate volatilities and spreads. The
assumptions used for pricing are based on observable transactions in similar securities and are verified by external pricing
sources, where available. Where observable transactions in similar securities and other external pricing sources are not
available, management judgment must be used to determine fair value. The Group may also periodically hold interests in
securitized financial assets and record them at amortized cost.
In situations where the Group has a present obligation (either legal or constructive) to provide financial support to an
unconsolidated securitization entity a provision will be created if the obligation can be reliably measured and it is
probable that there will be an outflow of economic resources required to settle it.
External rating agencies used for securitizations and internal
Assessment Approach
Article 449 (h-i) CRR (EU SECA)
According to Article 270 (d) CRR the Group has nominated the following list of external credit assessment institutes
(ECAIs), whose ratings are used in determining risk weights in line with Articles 263 and 264 CRR:
–DBRS Morningstar
–Fitch Ratings
–Kroll Bond Rating Agency
–Moody's Investors Service
–Standard & Poor's Ratings Services
181
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | External rating agencies used for securitizations and internal Assessment Approach |
All the rating information received from above listed external credit assessment institutes is used indiscriminately for all
securitization positions to which they apply, and there is no preference of external credit assessment institutes per
exposure type imposed by the Group.
As the Group ceased to use asset backed commercial paper (“ABCP”) programs in 2015, there were no securitizations
positions subject to the Internal Assessment Approach as of December 31, 2025. For a description of the RWA
calculation approaches used for securitization positions please refer to the section “Approaches to calculation of RWA
for securitizations mapped to types of exposures” in this Pillar 3 report.
Banking and trading book securitization exposures
Article 449 (j) CRR
The amounts reported in the following two tables provide details of the Group’s securitization exposures separately for
the regulatory non-trading and trading book. The details of the Group’s trading book securitization positions subject to
the market risk standardized approach (MRSA) are included in this chapter.
The table EU SEC1 details the total non-trading book securitization exposure split by exposure type that the Group has
securitized in its capacity as either originator or sponsor and finally positions which have been purchased through
investment activities as investor. Each table provides a break-down by traditional and synthetic as well as simple,
transparent and standardized (‘simple, transparent and standardised securitisation’ or ‘STS securitisation’ means a
securitisation that meets the requirements set out in Article 18 of Regulation (EU) 2017/2402) securitization
transactions. The originator and sponsor columns (a-k) also contain retained positions, even where the Group does not
achieve significant risk transfer (SRT) and shows the current retention of its contribution to the originated or sponsored
amount. The amounts reported are the securitized principal notional amounts where no significant risk transfer is
achieved. If significant risk transfer is achieved, then the EAD is shown. As the Group ceased to use any asset backed
commercial paper programs in 2015, there are no securitization positions subject to the internal assessment approach as
of December 31, 2025.
The table EU SEC2 provides the total purchased or retained securitization exposure held in the Group’s regulatory
trading book separately for originator, sponsor and investor activities split by exposure type of the securitized assets and
also further broken down into traditional and synthetic transactions as well as simple transparent and standardized
securitizations. The amounts reported are the EAD.
182
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Banking and trading book securitization exposures |
EU SEC1 – Securitization exposures in the non-trading book
| Dec 31, 2025 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | |
| Institution acts as originator | Institution acts as sponsor | Institution acts as investor | |||||||||||||
| Traditional | Synthetic | Traditional | Synthetic | Traditional | Synthetic | ||||||||||
| in € m. | STS | of which:<br><br>SRT | Non-STS | of which:<br><br>SRT | Total | of which:<br><br>SRT | Subtotal | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | ||
| Total exposures | 714 | 0 | 1,521 | 41 | 39,158 | 39,158 | 41,393 | 0 | 3,925 | 0 | 3,925 | 75 | 53,858 | 0 | 53,932 |
| Retail | 714 | 0 | 1,520 | 40 | 3,361 | 3,361 | 5,595 | 0 | 3,290 | 0 | 3,290 | 0 | 12,964 | 0 | 12,964 |
| of which: | |||||||||||||||
| Residential Mortgage | 500 | 0 | 1,520 | 40 | 0 | 0 | 2,020 | 0 | 3,254 | 0 | 3,254 | 0 | 4,667 | 0 | 4,667 |
| Credit Card | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 179 | 0 | 179 |
| Other retail exposures | 214 | 0 | 0 | 0 | 3,361 | 3,361 | 3,575 | 0 | 36 | 0 | 36 | 0 | 8,118 | 0 | 8,118 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Wholesale | 0 | 0 | 1 | 1 | 35,797 | 35,797 | 35,798 | 0 | 635 | 0 | 635 | 75 | 40,894 | 0 | 40,969 |
| of which: | |||||||||||||||
| Loans to corporates | 0 | 0 | 0 | 0 | 35,797 | 35,797 | 35,797 | 0 | 308 | 0 | 308 | 0 | 30,717 | 0 | 30,717 |
| Commercial Mortgage | 0 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 229 | 0 | 229 | 0 | 667 | 0 | 667 |
| Lease and receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 98 | 0 | 98 | 75 | 4,543 | 0 | 4,618 |
| Other wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,967 | 0 | 4,967 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jun 30, 2025 | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | |
| Institution acts as originator | Institution acts as sponsor | Institution acts as investor | |||||||||||||
| Traditional | Synthetic | Traditional | Synthetic | Traditional | Synthetic | ||||||||||
| in € m. | STS | of which:<br><br>SRT | Non-STS | of which:<br><br>SRT | Total | of which:<br><br>SRT | Subtotal | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | ||
| Total exposures | 714 | 0 | 1,609 | 75 | 38,790 | 38,790 | 41,113 | 0 | 3,703 | 0 | 3,703 | 175 | 50,648 | 0 | 50,823 |
| Retail | 714 | 0 | 1,567 | 32 | 2,635 | 2,635 | 4,916 | 0 | 2,682 | 0 | 2,682 | 82 | 13,246 | 0 | 13,328 |
| of which: | |||||||||||||||
| Residential Mortgage | 500 | 0 | 1,567 | 32 | 0 | 0 | 2,067 | 0 | 2,670 | 0 | 2,670 | 82 | 3,824 | 0 | 3,906 |
| Credit Card | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 217 | 0 | 217 |
| Other retail exposures | 214 | 0 | 0 | 0 | 2,635 | 2,635 | 2,849 | 0 | 12 | 0 | 12 | 0 | 9,206 | 0 | 9,206 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Wholesale | 0 | 0 | 42 | 42 | 36,155 | 36,155 | 36,198 | 0 | 1,021 | 0 | 1,021 | 93 | 37,401 | 0 | 37,494 |
| of which: | |||||||||||||||
| Loans to corporates | 0 | 0 | 0 | 0 | 36,155 | 36,155 | 36,155 | 0 | 760 | 0 | 760 | 0 | 27,122 | 0 | 27,122 |
| Commercial Mortgage | 0 | 0 | 42 | 42 | 0 | 0 | 42 | 0 | 179 | 0 | 179 | 0 | 587 | 0 | 587 |
| Lease and receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82 | 0 | 82 | 93 | 4,105 | 0 | 4,198 |
| Other wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5,587 | 0 | 5,587 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
183
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Banking and trading book securitization exposures |
EU SEC2 – Securitization exposures in the trading book
| Dec 31, 2025 | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | |||||||||||||||
| Institution acts as originator | Institution acts as sponsor | Institution acts as investor | ||||||||||||||||||||||||
| Traditional | Synthetic | Traditional | Synthetic | Traditional | Synthetic | |||||||||||||||||||||
| in € m. | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | |||||||||||||||||
| Total exposures | 0 | 85 | 0 | 85 | 0 | 0 | 0 | 0 | 0 | 3,015 | 0 | 3,015 | ||||||||||||||
| Retail | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,302 | 0 | 1,302 | ||||||||||||||
| of which: | ||||||||||||||||||||||||||
| Residential Mortgage | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,152 | 0 | 1,152 | ||||||||||||||
| Credit Card | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 34 | 0 | 34 | ||||||||||||||
| Other retail exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 115 | 0 | 115 | ||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
| Wholesale | 0 | 85 | 0 | 85 | 0 | 0 | 0 | 0 | 0 | 1,713 | 0 | 1,713 | ||||||||||||||
| of which: | ||||||||||||||||||||||||||
| Loans to corporates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 755 | 0 | 755 | ||||||||||||||
| Commercial Mortgage | 0 | 85 | 0 | 85 | 0 | 0 | 0 | 0 | 0 | 450 | 0 | 450 | ||||||||||||||
| Lease and receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 155 | 0 | 155 | ||||||||||||||
| Other wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 354 | 0 | 354 | ||||||||||||||
| Re-securitization | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Jun 30, 2025 | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| a | b | c | d | e | f | g | h | i | j | k | l | |||||||||||||||
| Institution acts as originator | Institution acts as sponsor | Institution acts as investor | ||||||||||||||||||||||||
| Traditional | Synthetic | Traditional | Synthetic | Traditional | Synthetic | |||||||||||||||||||||
| in € m. | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | STS | Non-STS | Subtotal | |||||||||||||||||
| Total exposures | 0 | 67 | 0 | 67 | 0 | 0 | 0 | 0 | 0 | 2,619 | 0 | 2,619 | ||||||||||||||
| Retail | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,061 | 0 | 1,061 | ||||||||||||||
| of which: | ||||||||||||||||||||||||||
| Residential Mortgage | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 947 | 0 | 947 | ||||||||||||||
| Credit Card | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 33 | 0 | 33 | ||||||||||||||
| Other retail exposures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 81 | 0 | 81 | ||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
| Wholesale | 0 | 67 | 0 | 67 | 0 | 0 | 0 | 0 | 0 | 1,558 | 0 | 1,558 | ||||||||||||||
| of which: | ||||||||||||||||||||||||||
| Loans to corporates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 691 | 0 | 691 | ||||||||||||||
| Commercial Mortgage | 0 | 67 | 0 | 67 | 0 | 0 | 0 | 0 | 0 | 502 | 0 | 502 | ||||||||||||||
| Lease and receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 146 | 0 | 146 | ||||||||||||||
| Other wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 219 | 0 | 219 | ||||||||||||||
| Re-securitization | 0 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
184
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Securitization exposures in the non-trading book and associated regulatory capital requirements - institution<br><br>acting as originator or as sponsor |
Overall, the aggregate exposure volume generated by the securitization business was € 102.4 billion as of December 31,
2025, an increase of € 4.0 billion compared to June 30, 2025. The majority of the exposure resided in the non-trading
book with € 99.3 billion, whereas the trading book portion represented only a minor contribution of € 3.1 billion
aggregate exposure value. Volume in the non-trading book increased by € 3.6 billion mainly driven by new originator
synthetic positions and new investor traditional positions while in the trading book, the exposure volume increased
marginally by € 0.4 billion compared to June 30, 2025.
As of December 31, 2025, the € 99.3 billion non-trading book exposure included two material contributions, which
together covered € 93.1 billion. One dominant part consisted of the traditional securitizations with a volume of
€ 53.9 billion, where the Group acted as investor by purchasing securitization investments. The other dominant part was
composed of the synthetic securitization transactions with a volume of € 39.2 billion, where the Group acted as
originator. Compared to June 30, 2025, the net increase of traditional securitization, where the Group acted as investor
was € 3.1 billion, and synthetic securitizations increased by € 0.4 billion, which reflects the Group’s increased activity in
issuing new synthetic originator securitizations.
From a securitized asset perspective, the material asset types were loans to corporates and other retail exposures in the
non-trading book, as well as mortgages (commercial mortgages and residential mortgages) and loans to corporates in
the trading book. In the non-trading book the loans to corporates represented € 66.8 billion, or 67% of the exposure
volume, other retail exposures covered € 11.7 billion, representing 12% of the exposure volume, and mortgages covered
€ 10.8 billion, representing 11% of the exposure volume. In the trading book the mortgages represented the dominant
part with € 1.7 billion of total € 3.1 billion, representing 54% of the exposure volume and the loans to corporates covered
€ 0.8 billion, representing 24% of the total exposure volume of that book. Together, the securitized asset types “Loans to
corporates”, “Other retail exposures”, “Commercial Mortgages” and “Residential Mortgages”, represented around
€ 91.9 billion of € 102.4 billion overall securitization position exposure, which was equivalent to 90% of that volume.
Of the overall volume of securitization business of € 102.4 billion only a minority of € 6.6 billion was classified as simple,
transparent and standardized (STS). This represented 6.4% of the overall exposure volume in securitizations.
Securitization exposures in the non-trading book and
associated regulatory capital requirements - institution acting
as originator or as sponsor
Article 449 (k)(i) CRR
The table EU SEC3 presents the retained or purchased non-trading book securitizations, where the Group acted as
originator or sponsor. Compared to EU SEC1, this table does not include any amounts, where no SRT is achieved, as
these amounts do not lead to exposure value in the securitization exposure class.
Firstly, the exposure values are broken down by risk-weight bands (columns a-e). Additionally, the Group presents the
exposure values, risk weighted exposure amounts and capital requirements separately for each regulatory RWA
calculation approach (columns f-q). All these are vertically broken down by traditional and synthetic transactions,
securitization and re-securitization, as well as by retail or wholesale and a specific row for STS traditional transactions.
For the meaning of the terms used in the following sections for the regulatory calculation approaches of the
securitization framework (SEC-IRBA, SEC-SA and SEC-ERBA), please see the short description below.
–SEC-IRBA (Articles 259 and 260 CRR): Approach to be used in case the securitized assets would be treated under the
IRB approach if not securitized and reside on the Group’s books; at least 95% of the exposure value of the securitized
assets need to be treated under the IRB approaches in order to apply this approach; there are a number of additional
requirements in order to apply this approach (see Article 258 CRR).
–SEC-SA (Articles 261 and 262 CRR): In case SEC-IRBA is not applicable, the SEC-SA is generally to be applied; for this
the capital requirement ratio under the standardized approach (KSA) of the pool of securitized assets needs to be
calculated as if it was not securitized and as if it was on the Group’s book; in addition, the delinquent asset ratio on the
pool level needs to be determined.
–SEC-ERBA (Articles 263 and 264 CRR): This can be applied, if an eligible external or inferred rating is available; the risk
weight is determined by a lookup table from the rating letter and the maturity of the position; in case the SEC-ERBA is
available there are certain rules to determine when the SEC-ERBA is to be used instead of the SEC-SA (for details see
Article 254 CRR).
–1,250%: In all other cases, a risk weight of 1,250% is applied.
185
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Securitization exposures in the non-trading book and associated regulatory capital requirements - institution<br><br>acting as originator or as sponsor |
EU SEC3 – Securitization exposures in the non-trading book and associated regulatory capital requirements - institution acting as originator or as sponsor
| Dec 31, 2025 | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | ||||||||||||||||||||
| Exposure values (by RW bands/deductions) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | Capital charge after cap | |||||||||||||||||||||||||||||||||
| in € m. | ≤20% RW | >20% to<br><br>50% RW | >50% to<br><br>100%<br><br>RW | >100% to<br><br><1250%<br><br>RW | 1250%<br><br>RW/<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | |||||||||||||||||||
| Total exposures | 40,639 | 2,331 | 91 | 26 | 37 | 42,481 | 35 | 571 | 37 | 6,448 | 79 | 152 | 465 | 510 | 4 | 12 | 37 | |||||||||||||||||||
| Traditional transactions | 3,793 | 132 | 14 | 26 | 0 | 3,360 | 35 | 571 | 0 | 508 | 79 | 152 | 0 | 35 | 4 | 12 | 0 | |||||||||||||||||||
| Securitization | 3,793 | 132 | 14 | 26 | 0 | 3,360 | 35 | 571 | 0 | 508 | 79 | 152 | 0 | 35 | 4 | 12 | 0 | |||||||||||||||||||
| Retail underlying | 3,166 | 132 | 12 | 19 | 0 | 2,742 | 32 | 556 | 0 | 411 | 71 | 96 | 0 | 27 | 3 | 8 | 0 | |||||||||||||||||||
| of which: | ||||||||||||||||||||||||||||||||||||
| STS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Wholesale | 628 | 0 | 2 | 6 | 0 | 617 | 4 | 15 | 0 | 96 | 8 | 56 | 0 | 8 | 1 | 4 | 0 | |||||||||||||||||||
| of which: | ||||||||||||||||||||||||||||||||||||
| STS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Synthetic transactions | 36,845 | 2,198 | 77 | 0 | 37 | 39,121 | 0 | 0 | 37 | 5,940 | 0 | 0 | 465 | 475 | 0 | 0 | 37 | |||||||||||||||||||
| Securitization | 36,845 | 2,198 | 77 | 0 | 37 | 39,121 | 0 | 0 | 37 | 5,940 | 0 | 0 | 465 | 475 | 0 | 0 | 37 | |||||||||||||||||||
| Retail underlying | 1,134 | 2,198 | 0 | 0 | 28 | 3,333 | 0 | 0 | 28 | 696 | 0 | 0 | 355 | 56 | 0 | 0 | 28 | |||||||||||||||||||
| Wholesale | 35,711 | 0 | 77 | 0 | 9 | 35,788 | 0 | 0 | 9 | 5,244 | 0 | 0 | 110 | 419 | 0 | 0 | 9 | |||||||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | Jun 30, 2025 | ||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||||||||||||||||
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | ||||||||||||||||||||
| Exposure values (by RW bands/deductions) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | Capital charge after cap | |||||||||||||||||||||||||||||||||
| in € m. | ≤20% RW | >20% to<br><br>50% RW | >50% to<br><br>100%<br><br>RW | >100% to<br><br><1250%<br><br>RW | 1250%<br><br>RW/<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | |||||||||||||||||||
| Total exposures | 39,572 | 2,924 | 15 | 26 | 30 | 41,891 | 17 | 629 | 30 | 6,519 | 50 | 95 | 377 | 514 | 2 | 8 | 30 | |||||||||||||||||||
| Traditional transactions | 3,632 | 103 | 15 | 26 | 0 | 3,131 | 17 | 629 | 0 | 635 | 50 | 95 | 5 | 44 | 2 | 8 | 0 | |||||||||||||||||||
| Securitization | 3,632 | 103 | 15 | 26 | 0 | 3,131 | 17 | 629 | 0 | 635 | 50 | 95 | 4 | 44 | 2 | 8 | 0 | |||||||||||||||||||
| Retail underlying | 2,701 | 0 | 13 | 0 | 0 | 2,209 | 13 | 492 | 0 | 331 | 42 | 74 | 2 | 22 | 1 | 6 | 0 | |||||||||||||||||||
| of which: | ||||||||||||||||||||||||||||||||||||
| STS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Wholesale | 932 | 103 | 2 | 26 | 0 | 922 | 4 | 137 | 0 | 304 | 8 | 21 | 2 | 21 | 1 | 2 | 0 | |||||||||||||||||||
| of which: | ||||||||||||||||||||||||||||||||||||
| STS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | |||||||||||||||||||
| Synthetic transactions | 35,940 | 2,820 | 0 | 0 | 30 | 38,760 | 0 | 0 | 30 | 5,884 | 0 | 0 | 372 | 471 | 0 | 0 | 30 | |||||||||||||||||||
| Securitization | 35,940 | 2,820 | 0 | 0 | 30 | 38,760 | 0 | 0 | 30 | 5,884 | 0 | 0 | 372 | 471 | 0 | 0 | 30 | |||||||||||||||||||
| Retail underlying | 0 | 2,616 | 0 | 0 | 19 | 2,616 | 0 | 0 | 19 | 606 | 0 | 0 | 232 | 48 | 0 | 0 | 19 | |||||||||||||||||||
| Wholesale | 35,940 | 204 | 0 | 0 | 11 | 36,144 | 0 | 0 | 11 | 5,278 | 0 | 0 | 140 | 422 | 0 | 0 | 11 | |||||||||||||||||||
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
186
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Securitization exposures in the non-trading book and associated regulatory capital requirements - institution<br><br>acting as originator or as sponsor |
The overall exposure volume of the securitization exposures in the non-trading book was € 97.1 billion by December 31,
2025, of which € 43.1 billion related to positions for which the Group acted as originator or sponsor, which was an
increase of € 0.6 billion compared to June 30, 2025. Compared to EU SEC1, EU SEC3 doesn't include the amount of
€ 2.2 billion, which is the securitized principal notional amount where no significant risk transfer is achieved. The
securitization exposures for these two roles were concentrated in the lowest risk-weight band, with risk-weights equal to
or lower than 20%. These positions were almost exclusively treated by the SEC-IRBA method of the securitization
framework of CRR. This reflected first and foremost the way the own synthetic on-balance sheet securitizations, which
covered € 39.2 billion or 91% of the € 43.1 billion of exposure volume, were structured, namely such that the senior
tranche, which attracts a minimal risk-weight, was kept, while subordinated tranches were transferred to third parties.
Consequently, the RWA before capping and the capital requirements were also concentrated under the method of SEC-
IRBA. Accordingly, the overall capital requirements for originators and sponsors increased by € 9.0 million from
€ 554.0 million as of June 30, 2025 to € 563.0 million as of December 31, 2025, of which € 510.1 million or around 91%
were treated under SEC-IRBA. As of December 31, 2025, exposure levels increased by 1% and capital requirements
increased by 2% compared to June 30, 2025, due to the increased activity in issuing new synthetic transactions by
Deutsche Bank.
Securitization exposures in the non-trading book and
associated regulatory capital requirements - institution acting
as investor
Article 449 (k)(ii) CRR
The table EU SEC4 presents the purchased non-trading book securitizations, where the Group acts as investor, i.e.
wherever the Group is not acting as originator or sponsor.
Firstly, the exposure values are broken down by risk-weight bands (columns a-e). Additionally, the Group presents the
exposure values, risk weighted exposure amounts and capital requirements for securitization positions provided
separately for each regulatory RWA calculation approach (columns f-q). All these values are vertically broken down by
traditional and synthetic transactions, securitization and re-securitization, as well as by retail or wholesale and a specific
row for STS for traditional transactions.
187
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Securitization exposures in the non-trading book and associated regulatory capital requirements - institution<br><br>acting as investor |
EU SEC4 – Securitization exposures in the non-trading book and associated regulatory capital requirements - institution acting as investor
| Dec 31, 2025 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | |
| Exposure values (by RW bands/deductions) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | Capital charge after cap | ||||||||||||||
| in € m. | ≤20% RW | >20% to<br><br>50% RW | >50% to<br><br>100%<br><br>RW | >100% to<br><br><1250%<br><br>RW | 1250%<br><br>RW/<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns |
| Total exposures | 49,454 | 2,322 | 1,905 | 207 | 44 | 18,114 | 331 | 35,444 | 44 | 3,311 | 695 | 7,105 | 546 | 256 | 43 | 517 | 44 |
| Traditional transactions | 49,454 | 2,322 | 1,905 | 207 | 44 | 18,114 | 331 | 35,444 | 44 | 3,311 | 695 | 7,105 | 546 | 256 | 43 | 517 | 44 |
| Securitization | 49,454 | 2,322 | 1,905 | 207 | 44 | 18,114 | 331 | 35,444 | 44 | 3,311 | 695 | 7,104 | 546 | 256 | 43 | 517 | 44 |
| Retail underlying | 10,623 | 1,287 | 949 | 101 | 3 | 7,147 | 182 | 5,632 | 3 | 1,450 | 280 | 1,297 | 34 | 107 | 14 | 96 | 3 |
| of which: | |||||||||||||||||
| STS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Wholesale | 38,831 | 1,035 | 956 | 106 | 41 | 10,967 | 149 | 29,811 | 41 | 1,862 | 414 | 5,807 | 512 | 149 | 29 | 421 | 41 |
| of which: | |||||||||||||||||
| STS | 75 | 0 | 0 | 0 | 0 | 0 | 0 | 75 | 0 | 0 | 0 | 7 | 0 | 0 | 0 | 1 | 0 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Synthetic transactions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retail underlying | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jun 30, 2025 | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | |
| Exposure values (by RW bands/deductions) | Exposure values (by regulatory approach) | RWA (by regulatory approach) | Capital charge after cap | ||||||||||||||
| in € m. | ≤20% RW | >20% to<br><br>50% RW | >50% to<br><br>100%<br><br>RW | >100% to<br><br><1250%<br><br>RW | 1250%<br><br>RW/<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns | SEC-IRBA | SEC-<br><br>ERBA(incl<br><br>uding<br><br>IAA) | SEC-SA | 1250% /<br><br>deductio<br><br>ns |
| Total exposures | 46,611 | 2,268 | 1,742 | 180 | 22 | 18,822 | 475 | 31,504 | 22 | 3,256 | 628 | 6,413 | 270 | 238 | 44 | 486 | 22 |
| Traditional transactions | 46,611 | 2,268 | 1,742 | 180 | 22 | 18,822 | 475 | 31,504 | 22 | 3,256 | 628 | 6,413 | 270 | 238 | 44 | 486 | 22 |
| Securitization | 46,611 | 2,268 | 1,742 | 180 | 21 | 18,822 | 475 | 31,504 | 21 | 3,256 | 628 | 6,413 | 268 | 238 | 44 | 486 | 21 |
| Retail underlying | 11,662 | 869 | 392 | 125 | 5 | 8,119 | 146 | 4,783 | 5 | 1,557 | 226 | 1,122 | 61 | 102 | 15 | 79 | 5 |
| of which: | |||||||||||||||||
| STS | 82 | 0 | 0 | 0 | 0 | 0 | 12 | 70 | 0 | 0 | 1 | 9 | 0 | 0 | 0 | 1 | 0 |
| Wholesale | 34,949 | 1,399 | 1,350 | 55 | 17 | 10,702 | 328 | 26,722 | 17 | 1,699 | 403 | 5,291 | 206 | 136 | 29 | 406 | 17 |
| of which: | |||||||||||||||||
| STS | 93 | 0 | 0 | 0 | 0 | 0 | 0 | 93 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 1 | 0 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 0 | 0 | 0 | 0 |
| Synthetic transactions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retail underlying | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Wholesale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Re-securitization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
188
| Deutsche Bank | Exposure to securitization positions |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Securitization exposures in the non-trading book and associated regulatory capital requirements - institution<br><br>acting as originator or as sponsor |
The overall exposure volume of the securitization exposures in the non-trading book was € 97.1 billion by December 31,
2025, for € 53.9 billion or 56% of which the Group acted as investor, which was an increase of € 3.1 billion compared with
June 30, 2025. With € 49.5 billion, or 92% of the exposure volume, the majority of the exposure volume of the investor
portfolio was concentrated in the lowest risk-weight bucket, with risk-weights below or equal to 20%. A minor portion of
€ 2.3 billion or 4% was allocated to the second lowest risk-weight bucket of risk-weights greater than 20% and lower than
or equal to 50%. The two most important methods applied to the investor portfolio were the SEC-IRBA and the SEC-SA.
The SEC-SA was applied to an exposure volume of € 35.4 billion or 66% and the SEC-IRBA was applied to € 18.1 billion or
34% of the full investor exposure amount. A minority portion of € 0.3 billion was covered by the SEC-ERBA. The least
beneficial approach resulting in 1250% risk-weight had to be applied to € 44 million exposure volume of this portfolio.
Consequently, also with respect to capital requirements after the cap, the two approaches SEC-IRBA and SEC-SA
covered the major part, therein € 773 million or 90% of the investor portfolio capital requirements. The SEC-SA covered
€ 517 million or 60% and the SEC-IRBA covered € 256 million or 30% of the investor portfolio capital requirements after
cap of € 860 million, an increase of € 70.0 million compared to June 30, 2025 with an amount of € 790 million.
Compared to June 30, 2025, the overall securitization exposure volume in the non-trading book increased by
€ 3.7 billion. That movement was mainly resulting from an increase of € 3.1 billion in the investor activities and an
increase of € 0.6 billion in the originator and sponsor business, which was mainly due to new synthetic originator
transactions. The two main components of that € 3.7 billion movement were an increase of € 3.9 billion within the lowest
risk-weight bucket, with risk-weights below or equal to 20% and an increase of € 0.2 billion within the risk-weight bucket
with risk-weights greater than 50% and lower than or equal to 100%. As a result, the overall capital requirements of the
non-trading book increased by 6% from € 1,344 million as of June 30, 2025, to € 1,423 million by December 31, 2025.
Exposures securitized by the institution - Exposures in default
and specific credit risk adjustments
Article 449 (l) CRR
The table EU SEC5 presents the outstanding nominal amounts where the Group acts as originator or sponsor along with
exposures which have been classified as defaulted according to Article 178 CRR and its relating specific credit risk
adjustments in accordance with Article 110 CRR. The amounts are broken down by the exposure type of the securitized
exposures. The outstanding nominal amounts shown correspond to the share of the Group’s contribution to the
securitized assets.
EU SEC5 – Exposures securitized by the institution - Exposures in default and specific credit risk adjustments
| Dec 31, 2025 | |||
|---|---|---|---|
| a | b | c | |
| Exposures securitized by the institution -<br><br>Institution acts as originator or as sponsor | |||
| Total outstanding nominal<br><br>amount | Total amount<br><br>of specific<br><br>credit risk<br><br>adjustments<br><br>made during<br><br>the period | ||
| in € m. | Total | of which<br><br>exposures in<br><br>default | |
| Total exposures | 178,195 | 6,721 | 417 |
| Retail (total) | 81,716 | 1,316 | 157 |
| Residential mortgage | 73,465 | 1,183 | 99 |
| Credit card | 0 | 0 | 0 |
| Other retail exposures | 8,160 | 133 | 58 |
| Re-securitization | 91 | 0 | 0 |
| Wholesale (total) | 96,479 | 5,405 | 260 |
| Loans to corporates | 43,163 | 430 | 260 |
| Commercial mortgage | 53,165 | 4,958 | 0 |
| Lease and receivables | 133 | 0 | 0 |
| Other wholesale | 0 | 0 | 0 |
| Re-securitization | 17 | 17 | 0 |
189
| Deutsche Bank | Exposure to securitization positions | ||
|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Exposures securitized by the institution - Exposures in default and specific credit risk adjustments | ||
| Jun 30, 2025 | |||
| --- | --- | --- | --- |
| a | b | c | |
| Exposures securitized by the institution -<br><br>Institution acts as originator or as sponsor | |||
| Total outstanding nominal<br><br>amount | Total amount<br><br>of specific<br><br>credit risk<br><br>adjustments<br><br>made during<br><br>the period | ||
| in € m | Total | of which<br><br>exposures in<br><br>default | |
| Total exposures | 179,611 | 6,566 | 296 |
| Retail (total) | 81,756 | 1,369 | 76 |
| Residential mortgage | 74,352 | 1,249 | 45 |
| Credit card | 0 | 0 | 0 |
| Other retail exposures | 7,310 | 120 | 31 |
| Re-securitization | 95 | 0 | 0 |
| Wholesale (total) | 97,855 | 5,197 | 221 |
| Loans to corporates | 43,684 | 404 | 221 |
| Commercial mortgage | 54,013 | 4,791 | 0 |
| Lease and receivables | 141 | 0 | 0 |
| Other wholesale | 0 | 0 | 0 |
| Re-securitization | 17 | 1 | 0 |
The total outstanding nominal amount of securitized assets where the Group acted as originator or sponsor was
€ 178.2 billion as of December 31, 2025, a decrease of € 1.4 billion compared with June 30, 2025. The key drivers were a
decrease in residential mortgages by € 0.9 billion and a decrease of € 0.8 billion in commercial mortgages. The
outstanding nominal amount where the Group acted as originator contributed € 171.5 billion or 96% of the total
outstanding nominal amount. The outstanding nominal amount where the Group acted as sponsor was represented by
€ 6.7 billion or 4% of the total outstanding amount. The total outstanding nominal amount of securitized assets consisted
of € 53.2 billion commercial mortgages, € 73.5 billion residential mortgages and € 43.2 billion loans to corporates. In
relative terms mortgages contributed 71% and loans to corporates 24% of the total outstanding nominal amount.
Securitized assets flagged as defaulted by December 31, 2025 added up to a total of € 6.7 billion, which were split into
€ 5.0 billion commercial mortgages, € 1.2 billion residential mortgages and € 0.4 billion loans to corporates. In relative
terms the defaulted asset ratios were 9.3% for commercial mortgages, 1.6% for residential mortgages and 1.0% for loans
to corporates. Overall, the ratio of defaulted assets in the pools of these securitizations was at 3.8%, an increase of 0.1
percentage points compared to June 30, 2025.
190
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Market risk
Risk management objectives and policies
Market risk management strategies and processes
Article 435 (1)(a) CRR (EU OVA & EU MRA)
The vast majority of the Group’s businesses are subject to market risk, defined as the potential for change in the market
value of the trading and invested positions. Risk can arise from changes in interest rates, credit spreads, foreign exchange
rates, equity prices, commodity prices and other relevant parameters, such as market volatility and market implied
default probabilities. The market risk can affect accounting, economic and regulatory views of the exposure.
Market Risk Management governance is designed and established to promote oversight of all market risks, effective
decision making and timely escalation to senior management. Market Risk Management defines and implements a
framework to systematically identify, assess, monitor and report the market risk. Market risk managers identify market
risks through active portfolio analysis and engagement with the business units.
Market risk management structure and organization
Article 435 (1)(b) CRR (EU OVA & EU MRA)
Market Risk framework
Market Risk Management is part of the Group’s independent Risk function and sits within the Market and Valuations Risk
Management group. One of the primary objectives of Market Risk Management is to ensure that the business units’ risk
exposure is within the approved risk appetite commensurate with its defined strategy. To achieve this objective, Market
Risk Management works closely together with risk takers (“the business units”) and other control and support groups.
The market risk can be distinguished between three substantially different types:
–Trading market risk arises primarily through the market-making and client facilitation activities of the Investment Bank
division; this involves taking positions in debt, equity, foreign exchange, other securities and commodities as well as in
equivalent derivatives
–Traded default risk arising from defaults and rating migrations relating to trading instruments
–Nontrading market risk arises from market movements, primarily outside the activities of the trading units, in the
banking book and from off-balance sheet items; this includes interest rate risk, credit spread risk, investment risk and
foreign exchange risk as well as market risk arising from the Group’s pension schemes, guaranteed funds and equity
compensation; nontrading market risk also includes risk from the modeling of client deposits as well as savings and
loan products
The aim is to accurately measure all types of market risks by a comprehensive set of risk metrics embedding accounting,
economic and regulatory considerations.
Scope and nature of market risk measurement and reporting systems
Article 435 (1)(c) CRR (EU OVA & EU MRA)
The scope and nature of the market risk measurement and reporting systems are described in the section “Risk
management objectives and policies - Enterprise and Treasury Risk - Scope and nature of risk measurement and
reporting systems ” of this document.
Policies for hedging and mitigating market risk
Article 435 (1)(d) CRR (EU OVA & EU MRA)
The approach to hedging and managing market risk is governed by policies explicitly designed to ensure that all hedging
activities are risk reducing, not proprietary in nature and are documented prior to trade execution. Hedging activities are
reviewed by the relevant business control forum.
The primary mechanism to manage trading market risk is the application of the Group’s risk appetite framework of which
the limit framework is a key component. The Management Board, supported by Market Risk Management, sets group-
wide value-at-risk, economic capital and portfolio stress testing limits for market risk in the trading book. Market Risk
Management allocates this overall appetite to the Corporate Divisions and their individual business units based on
191
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
established and agreed business plans. The business aligned heads within Market Risk Management also establish
business unit limits, by allocating the limit down to individual portfolios, geographical regions and types of market risks.
Value-at-risk, economic capital and portfolio stress testing limits are used for managing all types of market risk at an
overall portfolio level. As an additional and important complementary tool for managing certain portfolios or risk types,
Market Risk Management performs risk analysis and business specific stress testing. Limits are also set on sensitivity and
concentration/liquidity, exposure, business-level stress testing and event risk scenarios, taking into consideration
business plans and the risk versus return assessment.
The business units are responsible for adhering to the limits against which exposures are monitored and reported. The
market risk limits set by Market Risk Management are monitored on a daily, weekly and monthly basis, dependent on the
risk management tool being used.
Management of the Group’s non-trading market risk exposure is governed by the same established risk appetite and limit
framework used for trading market risks. At Group level those are captured by the management board set limits for
market risk economic capital capturing exposures to all market risks across asset classes as well as earnings and
economic value based limits for interest rate risk in the banking book. Those limits are cascaded down by market risk
management to the divisional or portfolio level. The limit framework for nontrading market risk exposure is further
complemented by a set of business specific stress tests, value-at-risk and sensitivity limits monitored on a daily or
monthly basis dependent on the risk measure being used.
Own funds requirements under the Market Risk Standardized Approach
Article 445 CRR
As of December 31, 2025, the securitization positions, for which the specific interest rate risk is calculated using the
market risk standardized approach, generated capital requirements of € 278 million corresponding to risk weighted-
assets of € 3.5 billion. As of June 30, 2025 these positions generated capital requirements of € 255 million corresponding
to risk weighted-assets of € 3.2 billion.
The capital requirement for Collective Investment Undertakings under the market risk standardized approach was € 9
million corresponding to risk weighted-assets of € 109 million as of December 31, 2025, compared with € 10 million and
€ 122 million, respectively, as of June 30, 2025.
EU MR1 – Market risk under the standardized approach
| Dec 31, 2025 | Jun 30, 2025 | ||
|---|---|---|---|
| a | a | ||
| in € m. | RWA | RWA | |
| Outright products | |||
| 1 | Interest rate risk (general and specific) | 53 | 100 |
| 2 | Equity risk (general and specific) | 36 | 36 |
| 3 | Foreign exchange risk | 21 | 27 |
| 4 | Commodity risk | 0 | 0 |
| Options | |||
| 5 | Simplified approach | 0 | 0 |
| 6 | Delta-plus method | 0 | 0 |
| 7 | Scenario approach | 0 | 0 |
| 8 | Securitization (specific risk) | 3,474 | 3,188 |
| 9 | Total | 3,584 | 3,351 |
192
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Qualitative information on the internal model approach
Characteristics of the market risk models
Article 455 (a)(i) CRR (EU MRB)
Market Risk Management aims to accurately measure all types of market risks by a comprehensive set of risk metrics
reflecting economic and regulatory requirements. In accordance with economic and regulatory requirements, the Group
measures market and related risks using several key risk metrics listed below:
Internally developed market risk models
–Value-at-risk (“VaR”) and stressed value-at-risk (“SVaR”)
–Incremental risk charge
Market risk standardized approaches
–Market Risk Standardized Approach (MRSA), applied to investment funds with no look through, MRSA-eligible
securitizations and positions subject to longevity risk
Stress testing measures
–Portfolio stress testing
–Business-level stress testing
–Event risk scenarios
Economic capital measures
–Market risk economic capital, including traded default risk
Other model derived and market observable metrics
–Sensitivities
–Market value/notional (concentration risk)
–Loss given default
These measures are viewed as complementary to each other and in aggregate define the market risk framework, by
which all businesses can be measured and monitored.
Value-at-Risk (VaR) at Deutsche Bank Group
VaR is a quantitative measure of the potential loss (in value) of Fair Value positions due to market movements that should
not be exceeded in a defined period of time and with a defined confidence level.
The Group’s value-at-risk for the trading businesses is based on historical simulation model (internal model approach).
Further details about the regulatory model approval are outlined in the disclosures to Article 455 (b).
The historical simulation approach provides more accurate modelling of the risks, enhances the Group’s analysis
capabilities and provides a more effective tool for risk management. Aside from enabling a more accurate view of market
risk, the implementation of historical simulation VaR has brought about an even closer alignment of the market risk
systems and models to the end of day pricing.
Risk management VaR is calibrated to a 99% confidence level and a one day holding period. This indicates a 1 in 100
chance that a mark-to-market loss from the trading positions will be at least as large as the reported VaR. For regulatory
capital purposes, the VaR model is calibrated to a 99% confidence interval and a ten day holding period.
The calculation employs a historical simulation technique that uses one year of historical market data as input and
observed correlations between the risk factors during this one year period.
The VaR model is designed to take into account a comprehensive set of risk factors across all asset classes. Key risk
factors are swap/government curves, index and issuer-specific credit curves, single equity and index prices, foreign
exchange rates, commodity prices as well as their implied volatilities. To help ensure completeness in the risk coverage,
second order risk factors, e.g. money market basis, implied dividends, option-adjusted spreads and precious metals lease
rates are also considered in the VaR calculation. The list of risk factors included in the VaR model is reviewed regularly
and enhanced as part of ongoing model performance reviews.
The model incorporates both linear and, especially for derivatives, nonlinear impacts predominantly through a full
revaluation approach but it also utilizes a sensitivity-based approach for certain portfolios. The full revaluation approach
193
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
uses the historical changes to risk factors as input to pricing functions. The sensitivity based approach uses sensitivities
to underlying risk factors in combination with historical changes to those risk factors.
For each business unit a separate VaR is calculated for each risk type, e.g. interest rate risk, credit spread risk, equity risk,
foreign exchange risk and commodity risk. “Diversification effect” reflects the fact that the total VaR on a given day will
be lower than the sum of the VaR relating to the individual risk types. Simply adding the VaR figures of the individual risk
types to arrive at an aggregate VaR would imply the assumption that the losses in all risk types occur simultaneously.
The VaR enables the Group to apply a consistent measure across the fair value exposures. It allows a comparison of risk in
different businesses, and also provides a means of aggregating and netting positions within a portfolio to reflect
correlations and offsets between different asset classes. Furthermore, it facilitates comparisons of the market risk both
over time and against the daily trading results.
When using VaR results a number of considerations should be taken into account. These include:
–The use of historical market data may not be a good indicator of potential future events, particularly those that are
extreme in nature; this “backward-looking” limitation can cause VaR to understate future potential losses (as in 2008),
but can also cause it to be overstated immediately following a period of significant stress (as in post COVID-19)
–The one day holding period does not fully capture the market risk arising during periods of illiquidity, when positions
cannot be closed out or hedged within one day
–VaR does not indicate the potential loss beyond the 99th quantile
–Intra-day risk is not reflected in the end of day VaR calculation
–There may be risks in the trading or banking book that are partially or not captured by the VaR model
The process of systematically capturing and evaluating risks currently not captured in the VaR model has been further
developed and improved. An assessment is made to determine the level of materiality of these risks and material items
are prioritized for inclusion in the internal model. Risks not in VaR are monitored and assessed on a regular basis through
the Risk Not In VaR (RNIV) framework. This framework is consistent with the Historical Simulation approach which in turn
yields a more accurate estimate of the contribution of these missing items and their potential capitalization.
The bank is committed to the ongoing development of the internal risk models, and allocates substantial resources to
reviewing, validating and improving them.
Stressed Value-at-Risk (SVaR)
Stressed Value-at-Risk (SVaR) calculates a stressed value-at-risk measure based on a one year period of significant
market stress. The Group calculates a stressed value-at-risk measure using a 99% confidence level. Stressed VaR is
calculated with a holding period of ten days. The SVaR calculation utilizes the same systems, trade information and
processes as those used for the calculation of value-at-risk. The only difference is that historical market data and
observed correlations from a period of significant financial stress (i.e., characterized by high volatilities) is used as an
input for the historical simulation.
The stress period selection process for the stressed value-at-risk calculation is based on the comparison of VaR
calculated using historical time windows compared to the current SVaR. If a historical window produces a VaR which is
higher than the current SVaR, it is further investigated and the SVaR window can then subsequently be updated
accordingly. This process runs on a quarterly basis.
During 2025, the stress period selection process for Deutsche Bank Group was conducted as outlined above. As a result,
the SVaR window used at various periods in 2025 included the European sovereign crisis of 2011/12 and the more recent
COVID-19 stress period of 2019/20.
Incremental risk charge
Article 455 (a)(ii),(f) CRR and EU MRB
The incremental risk charge (IRC) is based on the bank’s internal model and is intended to complement the value-at-risk
modeling framework. The bank uses a Monte Carlo Simulation for calculating incremental risk charge as the 99.9%
quantile of the portfolio loss distribution for allocating contributory incremental risk charge to individual positions. The
assessment is performed over a one year capital horizon under a constant position approach which corresponds to
applying a 12 months liquidity horizon to all instruments. The model captures the default and migration risk in an
accurate and consistent quantitative approach for all portfolios. Important parameters for the incremental risk charge
calculation are exposures, recovery rates, maturity, ratings with corresponding default and migration probabilities and
parameters specifying issuer correlations.
194
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
The incremental risk charge is calculated on a weekly basis. For regulatory reporting purposes, the charge is determined
as the higher of the most recent 12 week average of incremental risk charge and the most recent incremental risk charge.
The contributory incremental risk charge of individual positions, which is calculated by expected shortfall allocation,
provides the basis for identifying risk concentrations in the portfolio.
Default and rating migration probabilities are defined by rating migration matrices which are calibrated on historical
external rating data. Taking into account the trade-off between granularity of matrices and their stability, the model
applies a global corporate matrix and a sovereign matrix comprising the seven main rating non-default states and one
default state. Accordingly, issue or issuer ratings from the rating agencies Moody’s, S&P and Fitch are assigned to each
position.
To quantify a loss due to rating migration, a revaluation of a position is performed under the new rating. The probability
of joint rating downgrades and defaults is determined by the migration and rating correlations of the incremental risk
charge model. These correlations are specified through systematic factors that represent geographical regions and
industries and are calibrated on historical rating migration and equity time series. The simulation is based on the
assumption of a constant position approach where differences in maturities of long and short positions are taken into
account. As the default state is absorbing, defaulted positions do not generate any further losses from rating migrations.
The price risk of defaulted debt is modeled by stochastic recoveries.
Direct validation of the incremental risk charge through back-testing methods is not possible. The charge is subject to
validation principles such as the evaluation of conceptual soundness, ongoing monitoring and process and outcome
analysis. Model validation relies more on indirect methods including stress tests and sensitivity analyses. Relevant
parameters are included in the annual validation cycle established in the current regulatory framework.
Market risk stress testing
Article 455 (a)(iii) CRR (EU MRB)
Stress testing is a key risk management technique, which evaluates the potential effects of extreme market events and
extreme movements in individual risk factors. It is one of the core quantitative tools used to assess the market risk of
Deutsche Bank’s positions and complements VaR and Economic Capital. Market Risk Management performs several
types of stress testing to capture a variety of risks: portfolio stress testing, individual specific stress tests, event risk
scenarios, climate stress and also contributes to group wide stress testing. These are set at varying severities ranging
from mild for earning stability purposes to extreme for capital adequacy assessment. The bank also participates in a
number of Regulatory Stress Tests such as EBA, CCAR and MAS.
Portfolio stress testing measures the profit and loss impact of potential market events based on a broad range of
historical or hypothetical macro-economic scenarios considered to be severe and plausible. It is used to manage
systemic tail risk and informs on earnings stability and capital resilience.
For individual specific stress tests, market risk managers identify relevant idiosyncratic risk factors and develop stress
scenarios relating either to macro-economic or business-specific developments. Event risk scenario measures the impact
of historically observable events or hypothetical situations on trading positions for specific emerging market countries
and regions.
In addition, Market Risk Management participates in the group wide stress test process, where macro-economic
scenarios are defined by Enterprise Risk Management Risk Research and each risk department translates that same
scenario to the relevant shocks required to apply to their portfolio. This includes credit, market, operational and liquidity
risks.
Methodology for backtesting and model validation
Article 455 (a)(iv) CRR (EU MRB)
The Group continually analyzes potential weaknesses of the value-at-risk model using statistical techniques, such as
backtesting, and also rely on risk management experience.
Backtesting is a procedure used to assess the predictive accuracy of the value-at-risk calculations involving the
comparison of hypothetical daily profits and losses under the buy-and-hold assumption (‘daily buy-and hold income’) to
the daily value-at-risk. Under this assumption, the P&L impact on a portfolio for a trading day valued with current market
prices and parameters assuming it had been left untouched for that day is estimated and compared with the estimates
from the value-at-risk model from the preceding day. The calculation of hypothetical daily profits and losses (buy & hold
income) excludes gains and losses from intraday trading, fees and commissions, carry (including net interest margins),
reserves and other miscellaneous revenues. An outlier is a hypothetical buy-and-hold trading loss that exceeds the
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| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
value-at-risk from the preceding day. Backtesting is also carried out by comparing daily value-at-risk to actual income
where actual income represents total P&L excluding fees, commissions, NII and credit and debt valuation adjustments
but includes intraday trading. On average, 99% confidence level should give rise to two to three outliers (calculated as
maximum of outliers on buy & hold or actual income) representing 1% of approximately 260 trading days in any one year.
Market risk analyzes and documents underlying reasons for outliers and classifies them either as due to market
movements, risks not included in the value-at-risk model, model or process shortcomings. The results are used for further
enhancement of the value-at-risk methodology. Formal communications explaining the reasons behind any outlier on
Group level are provided to the BaFin and the ECB.
In addition to the standard backtesting analysis at the value-at-risk quantile, the value-at-risk model performance is
further verified by analyzing the distributional fit across the whole of the distribution (full distribution backtesting).
Regular backtesting is also undertaken on hypothetical portfolios to test value-at-risk performance of particular
products and their hedges.
There are various backtesting forums, with participation from Market Risk Management, Market Risk Analysis and Control,
Model Validation, and Finance, that regularly review backtesting results as a whole and of individual businesses. They
analyze performance fluctuations and assess the predictive power of the value-at-risk model, which allows the bank to
improve and adjust the risk estimation process accordingly.
A model validation team reviews all quantitative aspects of the Value-at-Risk model on a regular basis. The review
covers, but is not limited to, model assumptions, calibration approaches for risk parameters, and model performance.
Regulatory approval for market risk models
Article 455 (b) CRR (EU MRB)
The Group’s value-at-risk for the trading businesses is based on historical simulation model (internal model approach)
predominantly utilizing full revaluation, although some portfolios remain on a sensitivity-based approach. The approach
is used for both Risk Management and capital requirements.
The Group also has approval to use the internally-developed models described above in the calculation of regulatory
capital for the Incremental Risk Charge.
Trading book allocation and prudent valuation
Article 455 (c) CRR (EU MRB)
For regulatory purposes all of Deutsche Bank’s positions must be assigned to either the trading book or the banking
book. This classification of a position impacts its regulatory treatment, in particular the calculation of the regulatory
capital charges for the position. Deutsche Bank defines the criteria for the allocation of positions to either the trading
book or banking book in internal policy documents, which are based on the respective requirements applicable to the
Group contained in Articles 102 to 106 of the CRR. In line with the EBA opinions dated February 27, 2023, August 12,
2024 and August 8, 2025 Deutsche Bank continues to apply the rules on inclusion of position to either the trading book
or banking book, reclassifications and internal hedges as defined by Regulation (EU) No 575/2013 in force as of 27 June
- A central function in Finance is responsible for the policy guidance and is the center of competence with regard to
questions concerning its application. The Finance functions for the individual business areas are responsible for the
classification of positions in line with the policy requirements.
Deutsche Bank includes positions in the trading book that are financial instruments or commodities which are held with
trading intent or which are held for the purpose of hedging other trading book positions. Positions included in the trading
book must be free of any restrictive covenants regarding their transferability or able to be hedged. Moreover, positions
assigned to the trading book must be revalued daily and changes in the value of those positions must be reported in the
profit and loss account. Further information on the valuation methodology that Deutsche Bank uses is provided below.
As part of the ongoing procedures to confirm that the inclusion of positions in the trading book continues to be in line
with the above referenced internal policy guidance, the Finance functions for the bank’s trading businesses carry out a
global review of the classification of positions on a quarterly basis. The results of the review are documented and
presented to the respective Divisional Control Forums with representatives from Finance.
Re-allocations of positions between the trading book and the banking book may only be carried out in line with the
internal policy guidance. They must be documented and are subject to approval by the heads of the Finance functions
for the respective business areas.
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| Deutsche Bank | Market risk |
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| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
Prudent valuation
The Group has an established valuation control framework which governs internal control standards, methodologies, and
procedures over the valuation process.
Prices Quoted in Active Markets
The fair value of instruments that are quoted in active markets are determined using the quoted prices where they
represent prices at which regularly and recently occurring transactions take place.
Valuation Techniques
The Group uses valuation techniques to establish the fair value of instruments where prices, quoted in active markets, are
not available. Valuation techniques used for financial instruments include modelling techniques, the use of indicative
quotes for proxy instruments, quotes from recent and less regular transactions and broker quotes.
For some financial instruments a rate or other parameter, rather than a price, is quoted. Where this is the case then the
market rate or parameter is used as an input to a valuation model to determine fair value. For some instruments,
modelling techniques follow industry standard models, for example, discounted cash flow analysis and standard option
pricing models. These models are dependent upon estimated future cash flows, discount factors and volatility levels. For
more complex or unique instruments, more sophisticated modelling techniques are required, and may rely upon
assumptions or more complex parameters such as correlations, prepayment speeds, default rates and loss severity.
Frequently, valuation models require multiple parameter inputs. Where possible, parameter inputs are based on
observable data or are derived from the prices of relevant instruments traded in active markets. Where observable data is
not available for parameter inputs, then other market information is considered. For example, indicative broker quotes
and consensus pricing information are used to support parameter inputs where they are available. Where no observable
information is available to support parameter inputs then they are based on other relevant sources of information such as
prices for similar transactions, historic data, economic fundamentals, and research information, with appropriate
adjustment to reflect the terms of the actual instrument being valued and current market conditions.
Valuation Adjustments
Valuation adjustments are an integral part of the valuation process. In making appropriate valuation adjustments, the
Group follows methodologies that consider factors such as bid-offer spreads, counterparty/own credit and funding risk.
Bid-offer spread valuation adjustments are required to adjust mid-market valuations to the appropriate bid or offer
valuation. The bid or offer valuation is the best representation of the fair value for an instrument, and therefore its fair
value. The carrying value of a long position is adjusted from mid to bid, and the carrying value of a short position is
adjusted from mid to offer. Bid-offer valuation adjustments are determined from bid-offer prices observed in relevant
trading activity and in quotes from other broker-dealers or other knowledgeable counterparties. Where the quoted price
for the instrument is already a bid-offer price then no additional bid-offer valuation adjustment is necessary. Where the
fair value of financial instruments is derived from a modelling technique, then the parameter inputs into that model are
normally at a mid-market level. Such instruments are generally managed on a portfolio basis and, when specified criteria
are met, valuation adjustments are taken to reflect the cost of closing out the net exposure the Bank has to individual
market or counterparty risks. These adjustments are determined from bid-offer prices observed in relevant trading
activity and quotes from other broker-dealers.
Where complex valuation models are used, or where less-liquid positions are being valued, then bid-offer levels for those
positions may not be available directly from the market, and therefore for the close-out cost of these positions, models
and parameters must be estimated. When these adjustments are designed, the Group closely examines the valuation
risks associated with the model as well as the positions themselves, and the resulting adjustments are closely monitored
on an ongoing basis.
CVAs are required to cover expected credit losses to the extent that the valuation technique does not already include an
expected credit loss factor relating to the non-performance risk of the counterparty. The CVA amount is applied to all
relevant over-the-counter (OTC) derivatives, and is determined by assessing the potential credit exposure to a given
counterparty and taking into account any collateral held, the effect of any relevant netting arrangements, expected loss
given default and the probability of default, based on available market information, including CDS spreads. Where
counterparty CDS spreads are not available, relevant proxies are used.
The fair value of the Group’s financial liabilities at fair value through profit or loss (i.e., OTC derivative liabilities and issued
note liabilities designated at fair value through profit or loss) incorporates valuation adjustments to measure the change
in the Group’s own credit risk (i.e. debt valuation adjustments (DVA) for derivatives and own credit adjustment (OCA) for
structured notes). For derivative liabilities the Group considers its own creditworthiness by assessing all counterparties’
expected future exposure to the Group, taking into account any collateral posted by the Group, the effect of relevant
netting arrangements, the probability of default of the Group, based on the Group’s market CDS level and the expected
loss given default, taking into account the seniority of derivative claims under resolution (statutory subordination). Issued
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| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
note liabilities are discounted utilizing the spread at which similar instruments would be issued or bought back at the
measurement date as this reflects the value from the perspective of a market participant who holds the identical item as
an asset. This spread is further parameterized into a market level of funding component and an idiosyncratic own credit
component. Under IFRS 9 the change in the own credit component is reported under Other Comprehensive Income
(OCI).
When determining CVA and DVA, additional adjustments are made where appropriate to achieve fair value, due to the
expected loss estimate of a particular arrangement, or where the credit risk being assessed differs in nature to that
described by the available CDS instrument.
Funding valuation adjustments (FVA) are required to incorporate the market implied funding costs into the fair value of
derivative positions. The FVA reflects a discounting spread applied to uncollateralized and partially collateralized
derivatives and is determined by assessing the market-implied funding costs on both assets and liabilities.
Where there is uncertainty in the assumptions used within a modelling technique, an additional adjustment is taken to
calibrate the model price to the expected market price of the financial instrument. Typically, such transactions have bid-
offer levels which are less observable, and these adjustments aim to estimate the bid-offer by computing the liquidity-
premium associated with the transaction. Where a financial instrument is of sufficient complexity that the cost of closing
it out would be higher than the cost of closing out its component risks, then an additional adjustment is taken to reflect
this.
Valuation Control
The Group has an independent specialized valuation control group within the Risk function which governs and develops
the valuation control framework and manages the valuation control processes. The mandate of this specialist function
includes the performance of the independent valuation control process for all businesses, the continued development of
valuation control methodologies and techniques, as well as devising and governing the formal valuation control policy
framework. Special attention of this independent valuation control group is directed to areas where management
judgment forms part of the valuation process.
Results of the valuation control process are collected and analyzed as part of a standard monthly reporting cycle.
Variances of differences outside of preset and approved tolerance levels are escalated both within the Finance function
and with Senior Business Management for review, resolution and, if required, adjustment.
For instruments where fair value is determined from valuation models, the assumptions and techniques used within the
models are independently validated by an independent specialist model validation group that is part of the Group’s Risk
Management function.
Quotes for transactions and parameter inputs are obtained from a number of third party sources including exchanges,
pricing service providers, firm broker quotes and consensus pricing services. Price sources are examined and assessed to
determine the quality of fair value information they represent, with greater emphasis given to those possessing greater
valuation certainty and relevance. The results are compared against actual transactions in the market to ensure the
model valuations are calibrated to market prices.
Price and parameter inputs to models, assumptions and valuation adjustments are verified against independent sources.
Where they cannot be verified to independent sources due to lack of observable information, the estimate of fair value is
subject to procedures to assess its reasonableness. Such procedures include performing revaluation using independently
generated models (including where existing models are independently recalibrated), assessing the valuations against
appropriate proxy instruments and other benchmarks, and performing extrapolation techniques. Assessment is made as
to whether the valuation techniques produce fair value estimates that are reflective of market levels by calibrating the
results of the valuation models against market transactions where possible.
Regulatory prudent valuation of assets carried at fair value
Pursuant to Article 34 CRR institutions shall apply the prudent valuation requirements of Article 105 CRR to all assets
measured at fair value and shall deduct from CET 1 capital the amount of any additional value adjustments necessary.
Deutsche Bank determined the amount of the additional value adjustments based on the methodology defined in the
Commission Delegated Regulation (EU) 2016/101.
As of December 31, 2025, the amount of the additional value adjustments was € 1.7 billion. The December 31, 2024,
amount was € 1.7 billion. No material changes noted year-on-year.
198
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on the internal model approach |
As of December 31, 2025, the reduction of the expected loss from subtracting the additional value adjustments was € 80
million compared to € 96 million as of December 31, 2024. This partly mitigated the negative impact of the additional
value adjustments on Deutsche Bank's CET 1 capital.
Own funds requirements for market risk under the IMA
Regulatory capital requirements for market risk
Article 455 (e) CRR
The table below presents all internal model-related components relevant for the capital requirement calculation for
market risk.
EU MR2-A – Market Risk under the internal models approach (IMA)
| Dec 31, 2025 | Jun 30, 2025 | ||||
|---|---|---|---|---|---|
| a | b | a | b | ||
| in € m. | RWA | Capital<br><br>requirements | RWA | Capital<br><br>requirements | |
| 1 | VaR (higher of values a and b) | 2,716 | 217 | 3,489 | 279 |
| a) | Previous day's VaR (Article 365(1) (VaRt-1)) | — | 67 | — | 67 |
| b) | Multiplication factor (mc) x average of previous 60 working days<br><br>(VaRavg) | — | 217 | — | 279 |
| 2 | SVaR (higher of values a and b) | 8,907 | 713 | 8,474 | 678 |
| a) | Latest SVaR (sVaRt-1) | — | 226 | — | 348 |
| b) | Multiplication factor (ms) x average of previous 60 working days<br><br>(sVaRavg) | — | 713 | — | 678 |
| 3 | Incremental risk charge -IRC (higher of values a and b) | 5,651 | 452 | 6,089 | 487 |
| a) | Most recent IRC value | — | 361 | — | 369 |
| b) | 12 weeks average IRC measure | — | 452 | — | 487 |
| 4 | Comprehensive Risk Measure – CRM (higher of values a, b and c) | — | — | — | — |
| a) | Most recent risk measure of comprehensive risk measure | — | — | — | — |
| b) | 12 weeks average of comprehensive risk measure | — | — | — | — |
| c) | Comprehensive risk measure Floor | — | — | — | — |
| 5 | Other¹ | 192 | 15 | 447 | 36 |
| 6 | Total | 17,466 | 1,397 | 18,498 | 1,480 |
1Includes Risk not in VaR
As of December 31, 2025, the Internal Models Approach (IMA) components for market risk totaled € 17.5 billion, which is
a decrease of € 1.0 billion since June 30, 2025. The decrease was driven by lower value-at-risk RWA and incremental risk
charge RWA due to overall reduced risk levels in the fourth quarter 2025 under Fixed Income and Currencies Trading
business.
Development of market risk RWA
Article 438 (h) CRR
The following table provides an analysis of key drivers for movements observed for market risk RWA covered by internal
models (i.e. value-at-risk, stressed value-at-risk, incremental risk charge and comprehensive risk measure) in the current
and previous reporting period. It also shows the corresponding movements in capital requirements, derived from RWA
with an 8% capital ratio.
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| Deutsche Bank | Market risk |
|---|---|
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EU MR2-B – RWA flow statements of market risk exposures under the IMA
| Three months ended Dec 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | ||
| in € m. | VaR | SVaR | IRC | Compre-<br><br>hensive<br><br>risk<br><br>measure | Other² | Total<br><br>RWA | Total<br><br>capital<br><br>requireme<br><br>nts | |
| 1 | Market Risk RWA opening balance | 2,328 | 5,451 | 6,611 | — | 1,149 | 15,539 | 1,243 |
| 1a | Regulatory adjustment¹ | (1,328) | (2,691) | (1,172) | — | 0 | (5,192) | (415) |
| 1b | RWA at the previous quarter-end (end of the day) | 1,000 | 2,759 | 5,439 | — | 1,149 | 10,347 | 828 |
| 2 | Movement in risk levels | (164) | (1,645) | (762) | — | (957) | (3,529) | (282) |
| 3 | Model updates/changes | 5 | (6) | (168) | — | 0 | (170) | (14) |
| 4 | Methodology and policy | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 5 | Acquisitions and disposals | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 6 | Foreign exchange movements | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 7 | Other3 | 1 | 1,713 | 0 | — | 0 | 1,713 | 137 |
| 8a | RWA at the end of the reporting period (end of the day) | 842 | 2,820 | 4,508 | — | 192 | 8,362 | 669 |
| 8b | Regulatory adjustment¹ | 1,874 | 6,087 | 1,143 | — | 0 | 9,104 | 728 |
| 8 | Market Risk RWA closing balance | 2,716 | 8,907 | 5,651 | — | 192 | 17,466 | 1,397 |
1Indicates the difference between reported RWA (based on 60day average) and RWA (based on VaR / SVaR as of quarter-end) at the beginning (1b) and end (8a) of the
reporting period
2Includes Risk not in VaR
3Other reflects Market data changes and recalibrations, which was reported as a separate line item, that was removed in the context of template standardization and the
Pillar 3 data hub
| Three Months Ended Sep 30, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| a | b | c | d | e | f | g | ||
| in € m. | VaR | SVaR | IRC | Compre-<br><br>hensive<br><br>risk<br><br>measure | Other² | Total<br><br>RWA | Total<br><br>capital<br><br>requireme<br><br>nts | |
| 1 | Market Risk RWA opening balance | 3,489 | 8,474 | 6,089 | — | 447 | 18,498 | 1,480 |
| 1a | Regulatory adjustment¹ | (2,655) | (4,118) | (1,472) | — | 0 | (8,245) | (660) |
| 1b | RWA at the previous quarter-end (end of the day) | 834 | 4,355 | 4,616 | — | 447 | 10,252 | 820 |
| 2 | Movement in risk levels | 133 | (1,625) | 822 | — | 492 | (178) | (14) |
| 3 | Model updates/changes | 8 | 60 | 0 | — | 7 | 75 | 6 |
| 4 | Methodology and policy | 0 | 0 | 0 | — | 203 | 203 | 16 |
| 5 | Acquisitions and disposals | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 6 | Foreign exchange movements | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 6a | Market data changes and recalibrations | 25 | (32) | 0 | — | 0 | (6) | 0 |
| 7 | Other | 0 | 0 | 0 | — | 0 | 0 | 0 |
| 8a | RWA at the end of the reporting period (end of the day) | 1,000 | 2,759 | 5,439 | — | 1,149 | 10,347 | 828 |
| 8b | Regulatory adjustment¹ | 1,328 | 2,691 | 1,172 | — | 0 | 5,192 | 415 |
| 8 | Market Risk RWA closing balance | 2,328 | 5,451 | 6,611 | — | 1,149 | 15,539 | 1,243 |
1Indicates the difference between reported RWA (based on 60day average) and RWA (based on VaR / SVaR as of quarter-end) at the beginning (1b) and end (8b) of the
reporting period.
The market risk RWA movements due to position changes are represented in line “Movement in risk levels”. Changes to
the Group’s market risk RWA internal models, such as methodology enhancements or risk scope extensions, are included
in the category of “Model updates/changes”. In the “Methodology and policy” category the Group reflects regulatory
driven changes to its market risk RWA models and calculations. Significant acquisitions and disposals would be assigned
to the line item “Acquisition and disposals”. The impacts of “Foreign exchange movements” are not calculated for IMA
(Internal Models Approach) components. Changes in market data levels, return assumptions for negative market levels,
volatilities, correlations, liquidity and ratings are included under the “Other” category.
As of December 31, 2025, the IMA components for market risk totaled € 17.5 billion, an increase of € 1.9 billion since
September 30, 2025. The increase in RWA is driven by higher stressed value-at-risk (60 day average) due to SVaR window
change from COVID-19 period in the third quarter 2025 to Euro Crisis period in the fourth quarter 2025. This increase is
partially offset by lower incremental risk charge RWA due to reduction in sovereign bond inventory under Fixed Income
and Currencies Trading business.
200
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Own funds requirements for market risk under the IMA |
Other quantitative information for market risk under the
internal models approach
Overview of Value-at-Risk Metrics
Article 455 (d) CRR
The following table, EU MR3, displays the maximum, minimum, average and the ending for the reporting period values
resulting from the different types of models. This table is based on the spot values of the metrics as opposed to the
regulatory defined calculation (e.g. not considering any comparisons between spot and average values used in the actual
RWA calculations). The VaR and SVaR are both based on ten day holding periods.
EU MR3 – IMA values for trading portfolios1
| Dec 31, 2025 | Jun 30, 2025 | ||
|---|---|---|---|
| in € m. | a | a | |
| VaR (10 day 99%) | |||
| 1 | Maximum value | 86.4 | 166.1 |
| 2 | Average value | 57.4 | 84.2 |
| 3 | Minimum value | 37.7 | 44.1 |
| 4 | Period end | 61.2 | 61.6 |
| SVaR (10 day 99%) | |||
| 5 | Maximum value | 427.2 | 489.9 |
| 6 | Average value | 176.5 | 199.3 |
| 7 | Minimum value | 65.3 | 61.6 |
| 8 | Period end | 281.9 | 452.4 |
| IRC (99.9%) | |||
| 9 | Maximum value | 842.5 | 672.0 |
| 10 | Average value | 490.5 | 523.6 |
| 11 | Minimum value | 349.0 | 349.3 |
| 12 | Period end | 360.6 | 369.3 |
| Comprehensive risk capital charge (99.9%) | |||
| 13 | Maximum value | — | — |
| 14 | Average value | — | — |
| 15 | Minimum value | — | — |
| 16 | Period end | — | — |
1Amounts show the maximum, average and minimum for the preceding six-month period.
Comparison of end-of-day VaR measures with one-day changes in portfolio's
value
Article 455 (g) CRR
The following graph shows the trading units daily buy-and-hold and actual income in comparison to the value-at-risk
(one-day holding period) as of the close of the previous business day for the trading days of the reporting period. The
value-at-risk is presented in negative amounts to visually compare the estimated potential loss of the trading positions
with the buy and hold income given buy-and-hold is the relevant portion of daily profit and loss for comparison against
the previous day's value at risk which excludes new trades, reserves, and any carry profit and loss ordinarily part of Actual
income.
201
| Deutsche Bank | Market risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Other quantitative information for market risk under the internal models approach |
EU MR4 – Comparison of VaR estimates with gains and losses
During the reporting period (January 2025 – December 2025), the Group observed two outliers where the Group’s loss on
a buy-and-hold basis exceeded the value-at-risk of the Trading books. The outliers in early April 2025 were driven by
increased market volatility stemming from trade tariffs announcements from the U.S. administration. There were no
actual profit and loss negative outliers in the current one-year period.
Prudent valuation adjustments
Article 436 (e) CRR
Deutsche Bank determines the amount of the Prudent Valuation Adjustment based on the methodology defined in the
CRR for exposures from the trading book and the non-trading book that are adjusted in accordance with Article 34 and
Article 105, a breakdown of the amounts of the constituent elements of an institution's prudent valuation adjustment, by
type of risks, and the total of constituent elements separately for the trading book and non-trading book positions.
EU PV1 – Prudent valuation adjustments (PVA)
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | ||
| in € m. | Risk Category | |||||
| Category level AVA | Equity | Interest Rates | Foreign<br><br>Exchange | Credit | Commodities | |
| 1 | Market price uncertainty | 72 | 917 | 73 | 596 | 9 |
| 3 | Close-out cost | 39 | 349 | 89 | 146 | 0 |
| 4 | Concentrated positions | 4 | 94 | 9 | 68 | 0 |
| 5 | Early termination | 0 | 0 | 0 | 0 | 0 |
| 6 | Model risk | 1 | 55 | 10 | 4 | 0 |
| 7 | Operational risk | 6 | 67 | 9 | 38 | 0 |
| 10 | Future administrative costs | 0 | 38 | 0 | 22 | 0 |
| 12 | Total Additional Valuation Adjustments (AVAs) | 123 | 1,520 | 190 | 874 | 9 |
202
| Deutsche Bank | Market risk | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Prudent valuation adjustments | |||||||||||||
| Dec 31, 2025 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| EU e1 | EU e2 | f | g | h | ||||||||||
| in € m. | Category level AVA - Valuation<br><br>uncertainty | Total category level post-diversification | ||||||||||||
| Category level AVA | Unearned credit<br><br>spreads AVA | Investment and<br><br>funding costs<br><br>AVA | Total | Of which: Total<br><br>core approach<br><br>in the trading<br><br>book | Of which: Total<br><br>core approach<br><br>in the banking<br><br>book | |||||||||
| 1 | Market price uncertainty | 66 | 9 | 886 | 804 | 82 | ||||||||
| 3 | Close-out cost | 17 | 3 | 322 | 292 | 30 | ||||||||
| 4 | Concentrated positions | 0 | 0 | 174 | 158 | 16 | ||||||||
| 5 | Early termination | 0 | 0 | 0 | 0 | 0 | ||||||||
| 6 | Model risk | 133 | 3 | 103 | 93 | 10 | ||||||||
| 7 | Operational risk | 0 | 0 | 121 | 110 | 11 | ||||||||
| 10 | Future administrative costs | 0 | 0 | 60 | 54 | 6 | ||||||||
| 12 | Total Additional Valuation Adjustments (AVAs) | 217 | 15 | 1,666 | 1,512 | 154 | ||||||||
| Dec 31, 2024 | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| a | b | c | d | e | ||||||||||
| in € m. | Risk Category | |||||||||||||
| Category level AVA | Equity | Interest Rates | Foreign<br><br>Exchange | Credit | Commodities | |||||||||
| 1 | Market price uncertainty | 70 | 997 | 78 | 595 | 0 | ||||||||
| 3 | Close-out cost | 30 | 421 | 89 | 154 | 0 | ||||||||
| 4 | Concentrated positions | 3 | 142 | 9 | 80 | 0 | ||||||||
| 5 | Early termination | 0 | 0 | 0 | 0 | 0 | ||||||||
| 6 | Model risk | 0 | 21 | 4 | 1 | 0 | ||||||||
| 7 | Operational risk | 0 | 0 | 0 | 0 | 0 | ||||||||
| 10 | Future administrative costs | 0 | 33 | 1 | 21 | 0 | ||||||||
| 12 | Total Additional Valuation Adjustments (AVAs) | 104 | 1,615 | 182 | 851 | 0 | Dec 31, 2024 | |||||||
| --- | --- | --- | --- | --- | --- | --- | ||||||||
| EU e1 | EU e2 | f | g | h | ||||||||||
| in € m. | Category level AVA - Valuation<br><br>uncertainty | Total category level post-diversification | ||||||||||||
| Category level AVA | Unearned credit<br><br>spreads AVA | Investment and<br><br>funding costs<br><br>AVA | Total | Of which: Total<br><br>core approach<br><br>in the trading<br><br>book | Of which: Total<br><br>core approach<br><br>in the banking<br><br>book | |||||||||
| 1 | Market price uncertainty | 93 | 5 | 930 | 857 | 73 | ||||||||
| 3 | Close-out cost | 10 | 2 | 353 | 326 | 28 | ||||||||
| 4 | Concentrated positions | 0 | 0 | 235 | 216 | 18 | ||||||||
| 5 | Early termination | 0 | 0 | 0 | 0 | 0 | ||||||||
| 6 | Model risk | 154 | 7 | 106 | 98 | 8 | ||||||||
| 7 | Operational risk | 0 | 0 | 0 | 0 | 0 | ||||||||
| 10 | Future administrative costs | 0 | 0 | 55 | 51 | 4 | ||||||||
| 12 | Total Additional Valuation Adjustments (AVAs) | 257 | 14 | 1,680 | 1,548 | 132 |
203
| Deutsche Bank | Exposure to interest rate risk in the banking book |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on interest rate risk in the banking book |
Exposure to interest rate risk in the banking book
Qualitative information on interest rate risk in the banking book
Article 448 (1)(c-g) CRR (EU IRRBBA)
Interest rate risk in the banking book (IRRBB) is the current or prospective risk, to both the Group's capital and earnings,
arising from movements in interest rates, which affect the Group's banking book exposures. This includes gap risk, which
arises from the term structure of banking book instruments, basis risk, which describes the impact of relative changes in
interest rates for financial instruments that are priced using different interest rate curves, as well as option risk, which
arises from option derivative positions or from optional elements embedded in financial instruments.
The Group manages its IRRBB exposures using economic value as well as earnings based measures. The Group Treasury
function is mandated to manage the interest rate risk centrally, with Enterprise and Treasury Risk Management acting as
“2nd Line of Defense”. The Group Asset & Liability Committee (“ALCo”) oversees and steers the Group’s structural
interest risk position and the management of the net interest income. The ALCo monitors the sensitivity of financial
resources and associated metrics to key market parameters such as interest rate curves and oversees adherence to
divisional/business financial resource limits.
Economic value based measures look at the change in economic value of banking book assets, liabilities and off-balance
sheet exposures resulting from interest rate movements, independent of the accounting treatment. Thereby the Group
measures the change in economic value of equity (∆EVE) as the maximum decrease of the banking book economic value
under the six standard scenarios defined by the EBA in addition to internal stress scenarios for risk steering purposes. For
the reporting of internal stress scenarios and risk appetite the Group applies several modelling assumptions as used in
this disclosure. When aggregating the change in the economic value of equity ∆EVE across different currencies, the
Group adds up negative and positive changes without applying weight factors for positive changes. Furthermore, the
Group is using behavioral model assumptions for the interest rate duration of own equity capital as well as non-maturity
deposits from financial institutions.
Earnings-based measures look at the expected change in net interest income (NII) resulting from interest rate
movements over a defined time horizon, compared to a defined benchmark scenario. Thereby the Group measures the
change in net interest income (∆NII) as the maximum reduction under the six standard scenarios defined by the EBA in
addition to internal stress scenarios for risk steering purposes, compared to a market implied curve scenario, over a
period of 12 months.
The Group employs mitigation techniques to hedge the interest rate risk arising from nontrading positions within given
limits. The interest rate risk arising from nontrading asset and liability positions is managed by the Treasury Markets &
Investments team, part of Group Treasury. Thereby the Group uses derivatives and applies different hedge accounting
techniques such as fair value hedge accounting or cash flow hedge accounting. For fair value hedges, the Group uses
interest rate swaps and options contracts to manage the fair value movements of fixed rate financial instruments due to
changes in benchmark interest rates. For hedges in the context of the cash flow hedge accounting, the Group uses
interest rate swaps to manage the exposure to cash flow variability of the variable rate instruments as a result of changes
in benchmark interest rates.
The Group assesses and measures hedge effectiveness of a hedging relationship based on the change in the fair value or
cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item
attributable to the hedged risk.
The Model Risk Management function performs independent validation of models used for IRRBB measurement, as per
all market risk models, in line with Deutsche Bank's Group-wide risk governance framework.
The calculation of VaR and sensitivities of interest rate risk is performed daily, whereas the measurement and reporting of
economic value interest rate and earnings risk is performed on a monthly basis. The Group generally uses the same
metrics in its internal management systems as it applies for the disclosure in this report.
Deutsche Bank’s key modelling assumptions are applied to the positions in the Private Bank and Corporate Bank
divisions. Those positions are subject to risk of changes in clients’ behavior with regard to their deposits as well as loan
products. The Group regularly tests (at least annually) the assumptions and updates them where appropriate following a
defined governance process.
The Group manages the interest rate risk exposure of its non-maturity deposits through a replicating portfolio approach
to determine the average repricing maturity of the portfolio. For the purpose of constructing the replicating portfolio,
204
| Deutsche Bank | Exposure to interest rate risk in the banking book |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on interest rate risk in the banking book |
the portfolio of non-maturity deposits is clustered by dimensions such as business unit, currency, product and
geographical location. The main dimensions influencing the repricing maturity are elasticity of deposit rates to market
interest rates, volatility of deposit balances and observable client behavior. For the reporting period the average
repricing maturity assigned across all such replicating portfolios is 2.44 years and Deutsche Bank uses 15 years as the
longest repricing maturity.
In the loan and some of the term deposit products Deutsche Bank considers early prepayment/withdrawal behavior of its
customers. The parameters are based on historical observations, statistical analyses and expert assessments.
Furthermore, the Group generally calculates IRRBB related metrics in contractual currencies and aggregates the
resulting metrics for reporting purposes. When calculating economic value based metrics the commercial margin is
excluded for material parts of the balance sheet.
Changes in the economic value of equity and net interest
income
Article 448 (a-b,d) CRR
The following table shows the impact on the Group’s economic value of equity and net interest income in the banking
book from interest rate changes under the six standard scenarios defined by the EBA.
EU IRRBB1 - Changes in the economic value of equity and net interest income under six supervisory shock scenarios
| Changes of the economic value of<br><br>equity | Changes of the net interest income¹ | |||
|---|---|---|---|---|
| in € m. | Dec 31, 2025 | Jun 30, 2025 | Dec 31, 2025 | Jun 30, 2025 |
| Parallel up | (6,702) | (6,755) | 36 | 93 |
| Parallel down | 1,430 | 2,094 | (592) | (687) |
| Steepener | (744) | (1,243) | (48) | (13) |
| Flattener | (832) | (356) | (110) | (308) |
| Short rates up | (2,510) | (2,181) | (78) | (240) |
| Short rates down | 791 | 766 | (426) | (347) |
| Maximum | (6,702) | (6,755) | (592) | (687) |
1Changes of the net interest income (NII) reflects the difference between projected NII in the respective scenario with shifted rates vs. market implied rates. Sensitivities
are based on a static balance sheet at constant exchange rates, excluding trading positions and DWS. Figures do not include Mark to Market (MtM) / Other
Comprehensive Income (OCI) effects on centrally managed positions not eligible for hedge accounting
The maximum economic value of equity (EVE) loss was € (6.7) billion as of December 2025, compared to € (6.8) billion as
of June 2025. As per December 2025 the maximum EVE loss represents 11.0% of Tier 1 Capital.
The maximum economic value of equity loss for the “Parallel up” interest rate scenario remained stable, attributable to
Group Treasury's prudent risk management positioning and hedging strategies across Deutsche Bank's key portfolios in
alignment with the Group's net interest income (NII) stabilization objective.
The maximum one-year loss in net interest income (NII) was € (0.6) billion as of December 2025, compared to € (0.7)
billion as of June 2025.
The decrease in the maximum net interest income loss in the “Parallel down” scenario was mainly driven by Deutsche
Bank's proactive net interest income (NII) stabilization strategy.
205
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Operational risk
Risk management objectives and policies
Operational risk management strategies and processes
Article 435 (1)(a) CRR (EU OVA & EU ORA)
Deutsche Bank applies the European Banking Authority’s Single Rulebook definition of operational risk: “Operational risk
means the risk of losses stemming from inadequate or failed internal processes, people and systems or from external
events. Operational risk includes legal risks but excludes business and reputational risk and is embedded in all banking
products and activities.”
Deutsche Bank’s operational risk appetite defines the amount of operational risk it is willing to accept as a consequence
of conducting its business. The bank takes on operational risks consciously, both strategically and in day-to-day business.
While the bank has no appetite for certain types of operational risk events (such as violations of laws or regulations or
misconduct), other types of operational risk must be accepted for the bank is to achieve its business objectives. Where
residual risk is assessed to be outside risk appetite, risk-reducing actions must be undertaken, including risk remediation,
risk transfer through insurance, or ceasing business activity.
The Operational Risk Management Framework comprises a set of interrelated tools and processes used to identify,
assess, mitigate and monitor the bank’s operational risks. Its components are designed to work together to provide a
comprehensive, risk-based approach to managing the bank’s most material operational risks. The Framework includes the
Group’s approach to setting and adhering to operational risk appetite, the operational risk type and control taxonomies,
the policies and procedures governing operational risk management processes and tools, and the bank’s operational risk
capital calculation.
The Framework applies to operational sub‑risk types at a more granular level and enables the bank to aggregate, oversee,
and monitor its overall operational risk profile. These operational sub‑risk types are managed by various infrastructure
functions and include the following:
–ORM includes the Risk Type Head role for several operational risk types. Its mandate includes second line oversight of
controls related to transaction processing activities and infrastructure risks, to prevent technology or process
disruptions, maintain the confidentiality, integrity, and availability of data and records, ensure robust information
security, and confirm that business divisions and infrastructure functions have effective plans in place to recover
critical processes and functions in the event of disruption, including technical or building outages, cyber‑attacks,
natural disasters, or physical security and safety risk. ORM Risk Type Heads also manages risks arising from the bank’s
internal and external vendor engagements through the implementation of a comprehensive third‑party risk management
framework.
–The Compliance department performs an independent 2nd line control function that protects the bank’s license to
operate by promoting and enforcing compliance with the law and driving a culture of compliance and ethical conduct
in the bank. The Compliance department assists, reviews and challenges the business divisions and works with other
infrastructure functions and regulators to establish and maintain a risk-based approach to the management of the
bank’s compliance risks in accordance with the bank’s risk appetite and to help the bank detect, mitigate and prevent
breaches of laws, rules and regulations as well as internal policies. The Compliance department performs the
following principal activities: engaging with and managing regulatory matters in collaboration with the Regulatory and
Exam Management Group; identifying and assessing new and amended laws, rules, and regulations; acting as advisor
to the management board and performing independent review and challenge; performing second line controls; as
well as identifying, assessing, mitigating, monitoring, and reporting on compliance risk. The results of these
assessments and controls are regularly reported to both the Management Board and the Supervisory Board.
–Financial crime risks are managed by the Anti-Financial Crime (AFC), an independent Infrastructure second line
function. AFC maintains a dedicated program which is based on regulatory and supervisory requirements with defined
roles and responsibilities for the identification and management of financial crime risks resulting from money
laundering, terrorism financing, compliance with sanctions and embargoes, the facilitation of tax evasion as well as
other criminal activities including fraud, bribery and corruption and other crimes. AFC updates its strategy for financial
crime prevention via regular development of internal policies processes and controls, institution-specific risk
assessment and staff training.
–Group Governance defines, implements, and monitors the governance framework for Deutsche Bank globally in
support of the bank’s overall strategy, ensuring that governance structures are lean, transparent, and sustainable. The
unit develops and safeguards efficient corporate governance structures suitable to support effective individual and
joint decision-making that avoids and manages (structural and organizational) conflicts. It also establishes, maintains
and controls an appropriate and transparent policy taxonomy, landscape and tooling. The independency of Group
206
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Governance is ensured through direct reporting line into the Management Board and not into any business division,
and through a ring-fenced incentive system and compensation system where performance evaluation is tied
principally to risk management and not to business revenues.
–Legal is a fully independent infrastructure function, mandated to provide legal advice both to the Management Board
as well as to the business divisions and infrastructure functions and to manage the Bank’s litigation and contentious
regulatory matters. Legal has a monopoly for giving legal advice, retaining and controlling outside counsel. Legal’s
independence is supported by its reporting line to the Management Board and a compensation framework that
focuses on risk management.
–Deutsche Bank’s New Product Approval and Systematic Product Review processes form a control framework
designed to manage the risks associated with new products and services and their lifecycle management. These
processes are overseen by the New Business Office and Product & Structured Transaction Lifecycle teams within the
Operational Risk Management function. Existing products and services are reviewed on one‑ to three‑year cycles to
assess whether they remain fit for purpose and aligned with the characteristics and objectives of their respective
target markets. Each product or service must be sponsored by a business Managing Director, who retains ultimate
accountability for it. Breaches of the New Product Approval requirements fall within the scope of the bank’s Red Flag
consequence management process .
–
Operational risk management structure and organization
Article 435 (1)(b) CRR (EU OVA & EU ORA)
Operational risk is managed according to the principle that day‑to‑day responsibility lies with the divisions and
infrastructure functions where these risks originate. Operational Risk Management (“ORM”) provides independent
oversight of the Group’s operational risk profile, identifies and reports risk concentrations, and ensures consistent
application of the Operational Risk Management Framework across the bank. ORM forms part of the Group’s risk function
within the Chief Risk Office, led by the Chief Risk Officer. The Chief Risk Officer appoints the Head of ORM, who is
responsible for designing, overseeing, and maintaining an effective, efficient, and regulatory‑compliant Operational Risk
Management Framework, including the methodology for operational risk capital calculation. The Head of ORM monitors
and challenges the Framework’s Group‑wide implementation and tracks the overall operational risk levels against the
bank’s defined operational risk appetite.
Operational risk governance is aligned with the bank’s Three Lines of Defence (“3LoD”) model. The Operational Risk
Management Framework defines governance standards and outlines the core responsibilities of the 1st and 2nd LoD to
ensure effective risk management and appropriate independent challenge. The Operational Risk Committee governs and
coordinates the management of operational risk across the Group. Its mandate includes decision‑making and policy
responsibilities, as well as reviewing, advising on, and addressing operational risk matters that may influence the risk
profile of business divisions or infrastructure functions. A number of sub‑fora, with participants from both the First Line of
Defence (1st LoD) and Second Line of Defence (2nd LoD), support the Committee in fulfilling its responsibilities. In
addition to the Group‑level Committee, business divisions maintain 1st LoD operational risk fora to oversee and manage
operational risks at various organisational levels.
Risk owners within the 1st LoD have full accountability for the operational risks arising from their activities and are
responsible for managing these risks within the established risk appetite. As leaders of business divisions or infrastructure
functions, risk owners must determine the appropriate organisational structure to identify their operational risk profile,
actively manage operational risks, make decisions on mitigating or accepting risks to remain within appetite, and
establish and maintain effective 1st LoD controls.
Risk Type Heads serve as 2nd LoD control functions for all sub‑risk types within the overarching operational risk category.
They define the framework and Group‑level risk appetite for the risk type they oversee, establish minimum risk
management requirements and control objectives, and independently monitor and challenge the 1st LoD’s
implementation of these requirements. They provide independent oversight of the risk type and monitor adherence to
the defined risk appetite. As subject matter experts, they define the risk taxonomy, support implementation of the
Framework in the 1st LoD, and maintain independence by being located solely within infrastructure functions.
As the 2nd LoD risk control function for operational risk, ORM establishes and maintains the overarching Operational Risk
Management Framework.
–ORM defines the bank’s approach to operational risk appetite, monitors adherence, evaluates consequences of
breaches, and oversees remediation plans to return the operational risk profile to within appetite where needed. ORM
also regularly reports the Group’s operational risk profile, including any risks that fall outside the defined appetite.
–ORM provides independent assessments to support proactive operational risk management, engages with risk owners
in the 1st LoD, and facilitates consistent implementation of risk management requirements across the bank.
207
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
–ORM is responsible for designing, implementing, and maintaining the methodology to determine the appropriate
capital for operational risk, for recommendation to the Management Board. This includes calculating and allocating
operational risk capital demand and expected loss.
Scope and nature of Operational Risk measurement and reporting systems
Article 435 (1)(c) CRR (EU OVA & EU ORA)
The Operational Risk Management Framework (ORMF) enables the bank to determine its operational risk profile relative
to its defined risk appetite, identify systemic themes and concentrations, and establish mitigation measures and
priorities.
In 2025, the bank further enhanced the Framework by introducing cross‑risk types within the Operational Risk Type
Taxonomy to better reflect the bank’s operational risk profile. Additional improvements included operationalizing control
assessment, testing and certification within the new strategic tool for the operational risk controls inventory and
transitioning the Risk & Control Self‑Assessment to a more data‑driven approach.
Key sub-components include:
–Loss Data Collection: Internal operational risk events with a P&L impact of € 10,000 or more are recorded and
validated, and external events are assessed for their relevance to the group and business divisions. Material events
trigger a formal lessons‑learned and read‑across process conducted by the 1st Line of Defense in close collaboration
with business partners, risk control functions, and other infrastructure areas. Lessons‑learned reviews assess root
causes of significant events and document remediation actions to reduce recurrence. Read‑across analyses evaluate
whether similar weaknesses may exist elsewhere in the bank, even if they have not yet resulted in losses, thereby
facilitating preventative action. In 2025, the internal event database was enhanced particularly the mapping of
controls to events and automated read‑across triggers, and the external events review process was refined to assess
susceptibility of similar risks within the bank.
–Risk Appetite: Operational risk appetite defines the level of operational risk the bank is willing to accept to pursue its
strategy. The operational risk appetite framework provides a consistent approach to setting appetite levels across the
bank and monitoring exposures against these levels. The bank regularly monitors its operational risk profile against
defined appetite to alert the organization on impending problems in a timely fashion. In 2025, the bank implemented
previously introduced concepts of residual risk zones and operating conditions, including monitoring processes, and
further refined the granularity of risk appetite setting.
–Risk & Control Self‑Assessment: The Risk & Control Self‑Assessment (RCSA) comprises bottom‑up evaluations of risks
generated within business divisions and infrastructure functions, the effectiveness of associated controls, and
required remediation actions to ensure risks remain within appetite. Conducted at the global business level, the RCSA
covers all jurisdictions and is designed to assist Senior Management to determine whether operational risks are
managed and controlled adequately via a dynamic assessment approach covering all applicable Risk Types from the
Group’s Operational Risk Type Taxonomy (ORTT). The Risk & Control Self-Assessment puts a greater emphasis on
assessing and mitigating risks that are outside of appetite and risks that drive unethical and inappropriate market
conduct within the bank. In 2025, RCSA granularity was increased to provide more precise risk insights and ensure a
more accurate risk profile for comparison against defined appetite.
–Emerging risk: Emerging risk themes are derived from internal and external indicators. Operational risk outputs are
combined with external event data to identify emerging trends and concentrations. This analysis complements
insights from divisional emerging risk themes, dynamic RCSA results, findings, scenario analysis, internal and external
events, and industry developments, enabling Risk Owners to draw informed conclusions.
–Scenario Analysis: The operational risk profile is further substantiated through exploratory scenario analysis, which
supplements day‑to‑day risk management. Scenario analysis supports the identification of potential exposures,
highlights gaps in the current risk profile, and informs forward‑looking risk mitigation. Scenario development
incorporates themes from internal losses, emerging risk assessments, top risks, concentrations, findings, and external
peer loss events. Insights from actual and potential events are used to identify thematic vulnerabilities and drive
actions such as deep‑dive reviews or enhancements to risk profiles. In 2025, the capture and governance of scenario
analysis was migrated to the Event Management Application to improve data quality and oversight.
–Transformation Risk Assessment: A Transformation Risk Assessment (TRA) process is in place to appropriately identify
and manage risks arising from material change initiatives to assess the impact of transformation on the bank’s risk
profile. The TRA applies to all key deliverables including regulatory initiatives, technology migrations, risk mitigation
projects, strategy changes, organizational restructuring, real estate moves within the bank, as well as joint ventures
and strategic investments.
–Findings and Issue Management: The findings and issue management process supports the mitigation of risks arising
from known control weaknesses and deficiencies. It enables management to make risk-based decisions over the need
for further remediation or risk acceptance. Outputs from the findings management process must be able to
demonstrate to internal and external stakeholders that the bank is actively identifying its control weaknesses and
taking steps to manage associated risks within acceptable levels of risk appetite. In 2025, the process was
208
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
strengthened through more robust requirements for identifying correct findings owners, enhancing management
reporting, and the timely remediation of Action Plans.
Framework Adherence: As owner of the Operational Risk Management Framework, ORM performs regular independent
monitoring and testing to assess adherence by both the 1st and 2nd LoD:
–Annually, assess 1LoD and 2LoD Risk Type Head (RTH) implementation and adherence to the requirements of the
ORMF
–Adverse outcomes of adherence result in consequences being applied
–Adherence results also aim to proactively identify both design and implementation improvements (Framework,
Tooling, etc.)
In 2025, annual Framework Adherence results were incorporated in the ORM Composite KPI and made mandatory for all
divisions, creating a direct variable compensation impact via the Balanced Scorecard (BSC). Quarterly U.S. RCSA
Adherence reviews were also introduced.
Operational risk measurement
Article 446 CRR
Deutsche Bank measures risk-weighted assets to determine the regulatory capital demand for operational risk using the
“Standardized Measurement Approach” laid out in the European Capital Requirements Regulation (CRR3) introduced in
2025.
In addition to regulatory capital demand, Deutsche Bank continues to determine its internal economic capital demand
for operational risk using the Advanced Measurement Approach (AMA) methodology. The AMA capital calculation is
based on a loss distribution approach. Gross losses from historical internal and external loss data (Operational Risk data
eXchange Association consortium data) are used to estimate the risk profile (i.e., a loss frequency and a loss severity
distribution). The loss distribution approach model includes conservatism by recognizing losses on events that arise over
multiple years as single events in the historical loss profile.
Within the AMA model, the frequency and severity distributions are combined in a Monte Carlo simulation to generate
potential losses over a one-year time horizon. Correlation and diversification benefits are applied to the net losses to
arrive at a net loss distribution at Group level, covering expected and unexpected losses. The resulting economic capital
demand is then allocated to each of the business divisions considering qualitative adjustments after deducting expected
loss.
The economic capital requirements for operational risk is derived from the 99.9% percentile and calculated for a time
horizon of one year.
The economic capital demand calculation is performed on a quarterly basis.
ORM establishes and maintains the approach for capital demand quantification and ensures that appropriate
development, validation and change governance processes are in place, whereby the validation is performed by an
independent validation function and in line with the Group’s model risk management process..
Drivers for operational risk capital development
By design of the AMA capital calculation, Deutsche Bank’s operational risk economic capital demand is predominantly
driven by historical internal loss events.
In view of the relevance of legal risks within the bank’s operational risk profile, specific attention is dedicated to the
management and measurement of open civil litigation and regulatory enforcement matters where the bank relies both
on information from internal as well as external data sources to consider developments in legal matters that affect the
bank specifically but also the banking industry as a whole. Reflecting the multi-year nature of legal proceedings the
measurement of these risks furthermore takes into account changing levels of certainty by capturing the risks at various
stages throughout the lifecycle of a legal matter.
Conceptually, the bank measures operational risk including legal risk by determining the annual operational risk loss that
will not be exceeded with a given probability. This loss amount is driven by a component that due to the IFRS criteria is
reflected in the bank’s financial statements and a component beyond the amount reflected as provisions within the
bank’s financial statements.
209
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Operational risk measurement |
The legal losses which the bank expects with a likelihood of more than 50% are already reflected in the IFRS group
financial statements. These losses include net changes in provisions for existing and new cases in a specific period where
the loss is deemed probable and is reliably measurable in accordance with IAS 37.
Uncertain legal losses which are not reflected in the bank’s financial statements as provisions because they do not meet
the recognition criteria under IAS 37 are considered within the “economic capital demand”.
To quantify the litigation losses in the AMA model, the bank takes into account historical losses, provisions, contingent
liabilities and legal forecasts. Legal forecasts generally comprise ranges of potential losses covering risks of outflows
greater than the provision and adjustments which are deemed remote or relate to yet unknown matters. Such forecasts
may result from ongoing and new legal matters which are reviewed at least quarterly by the attorneys handling the legal
matters.
The legal forecasts are included in the loss data input into the AMA model. The projection range of the legal forecasts is
not restricted to the one year capital time horizon but goes beyond and conservatively assumes early settlement of the
underlying losses in the reporting period - thus considering the multi-year nature of legal matters.
AMA model validation and quality control concept
All AMA model components are independently validated. The results of the validations are summarized in validation
reports and identified issues are followed up for resolution. For example, the validation activities in the past years
detected areas of improvement for the forward-looking component of the AMA model, which have since been included.
The model’s input sources such as loss data, risk & control self-assessments, and expected loss are subject to
comprehensive quality controls in the business divisions and the control functions.
Operational risk management stress testing concept
Stress testing is conducted on a regular basis to complement the AMA methodology, by analyzing the impact of extreme
stress scenarios on capital and the profit-and-loss account. It also covers reputational impacts.
In 2025, ORM took part in all firm-wide stress test scenarios and assessed and contributed the impact of operational risk
to the various stress levels of the scenarios. The impact of operational risk on Group-wide stress test scenarios has been
moderate and remained in the expected range for the capital metrics. This is due to the fact that the AMA model already
applies a conservative multi-year view on loss sizes (including legal forecasts) even in non-stress mode.
Operational risk exposure
Article 446 CRR
The regulatory capital requirements for operational risk are calculated and measured using the “Standardized
Measurement Approach” (SMA) laid out in the European Capital Requirements Regulation (CRR3) introduced in 2025.
The following tables show an overview of Deutsche Bank´s operational risk losses as well as the SMA business indicator,
components and subcomponents and operational risk own funds requirements.
210
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|---|---|
| Pillar 3 Report as of December 31, 2025 | Operational risk exposure |
EU OR1 – Operational risk
| b | c | d | e | f | g | h | i | j | k | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in m., Number of losses in events | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Ten-year<br><br>average | |
| Using 20,000 threshold | |||||||||||
| 1 | Total amount of operational risk losses net of recoveries (no exclusions) | 2,166 | 830 | 556 | 653 | 325 | 608 | 364 | 1,188 | 3,251 | 1,018 |
| 2 | Total number of operational risk losses | 1,207 | 1,124 | 951 | 849 | 987 | 1,029 | 1,629 | 1,713 | 1,601 | 1,193 |
| 3 | Total amount of excluded operational risk losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 4 | Total number of excluded operational risk events | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 5 | Total amount of operational risk losses net of recoveries and net of excluded losses | 2,166 | 830 | 556 | 653 | 325 | 608 | 364 | 1,188 | 3,251 | 1,018 |
| Using 100,000 threshold | |||||||||||
| 6 | Total amount of operational risk losses net of recoveries (no exclusions) | 2,141 | 808 | 537 | 651 | 300 | 598 | 353 | 1,160 | 3,189 | 996 |
| 7 | Total number of operational risk losses | 405 | 426 | 397 | 374 | 387 | 397 | 531 | 485 | 463 | 414 |
| 8 | Total amount of excluded operational risk losses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 9 | Total number of excluded operational risk events | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Total amount of operational risk losses net of recoveries and net of excluded losses | 2,141 | 808 | 537 | 651 | 300 | 598 | 353 | 1,160 | 3,189 | 996 |
All values are in Euros.
211
| Deutsche Bank | Operational risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Operational risk exposure |
EU OR2 - Business Indicator, components and subcomponents
| a | b | c | d | ||
|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | Average value | ||
| 1 | Interest, lease and dividend component (ILDC) | — | — | — | 13,293 |
| EU 1 | ILDC related to the individual institution/consolidated Group<br><br>(excluding entities considered by Article 314(3) | — | — | — | 0 |
| 1a | Interest and lease income | 46,285 | 49,763 | 44,601 | 46,883 |
| 1b | Interest and lease expense | 31,670 | 37,606 | 31,809 | 33,695 |
| 1c | Total assets/Asset component | 1,104,487 | 1,062,695 | 1,031,982 | 1,066,388 |
| 1d | Dividend income/ dividend component | 103 | 93 | 120 | 105 |
| 2 | Services component (SC) | — | — | — | 13,977 |
| 2a | Fee and commission income | 13,952 | 13,102 | 11,559 | 12,871 |
| 2b | Fee and commission expense | 3,068 | 2,860 | 2,526 | 2,818 |
| 2c | Other operating income | 544 | 398 | 292 | 412 |
| 2d | Other operating expense | 344 | 2,266 | 708 | 1,106 |
| 3 | Financial component (FC) | — | — | — | 5,977 |
| 3a | Net profit or loss applicable to trading book (TB) | 4,725 | 5,577 | 4,919 | 5,074 |
| 3b | Net profit or loss applicable to banking book (BB) | 852 | 904 | 954 | 903 |
| EU 3c | Approach followed to determine the TB/BB boundary (PBA or<br><br>accounting approach) | — | — | — | 0 |
| 4 | Business Indicator (BI) | — | — | — | 33,248 |
| 5 | Business indicator component (BIC) | — | — | — | 5,055 |
| Disclosure on the BI: | |||||
| 6a | BI gross of excluded divested activities | 33,248 | — | — | — |
| 6b | Reduction in BI due to excluded divested activities | 0 | — | — | — |
| EU 6c | Impact in BI of mergers/acquisitions | 0 | — | — | — |
EU OR3 - Operational risk own funds requirements and risk exposure amounts
| Dec 31, 2025 | ||
|---|---|---|
| in € m. | a | |
| 1 | Business Indicator Component (BIC) | 5,055 |
| EU 1 | Alternative Standardised Approach (ASA) Own Funds Requirements (OROF) under Article 314(4) | 0 |
| 3 | Minimum Required Operational Risk Own Funds Requirements (OROF) | 5,055 |
| 4 | Operational Risk Exposure Amounts (REA) | 63,183 |
Use of the Advanced Measurement Approaches to operational
risk
Article 454 CRR
Description of the use of insurance and other risk transfer mechanisms for the
purpose of mitigation of this risk
The definition of insurance strategy and supporting insurance policy and guidelines is the responsibility of the specialized
unit Corporate Insurance/Deukona. Corporate Insurance/Deukona is responsible for the global corporate insurance
policy which is approved by the Management Board.
Corporate Insurance/Deukona is responsible for acquiring insurance coverage and for negotiating contract terms and
premiums. Corporate Insurance/Deukona also has a role in the allocation of insurance premiums to the businesses.
Insurance is not used for calculating the economic capital requirements for operational risk.
212
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ESG risks |
Environmental, social and governance (ESG) risks
Article 449a CRR
ESG disclosures are included in accordance with Article 449a CRR and the EBA ITS 2022/01. ESG risks are the risks of
current and future losses arising from any negative financial, operational and/or reputational impacts on Deutsche Bank‘s
clients, invested assets and/or operations as it relates to ESG factors.
Environmental risk includes both physical and transition risks related to climate change. Physical risks are the risks of
losses arising from any negative impact on the bank from acute near-term risks such as extreme weather events or
chronic longer-term impacts of rising temperatures. Transition risks are driven by policy, behavioral and technology
changes required to foster the transition to a low carbon economy and can also impact the bank’s clients and invested
assets. In addition, there are other environmental risks resulting from factors such as water stress, biodiversity loss, land
erosion and depletion. All of these environmental risks can impact the bank’s assets, operations and its clients.
Social risks include losses arising from any negative financial impact on Deutsche Bank because of current or prospective
impacts from social factors, such as matters related to human rights or workforce management: while governance risks
are the risk of losses arising from governance factors such as anti-financial crime or non-compliance with policies or
regulations. Both of these risks can impact the bank’s assets, operations and its clients.
As ESG disclosure requirements and metrics are evolving and are being newly implemented in the banking industry, there
remains uncertainty about how disclosure requirements could be interpreted and there are limitations on the amount
and granularity of available data. As a result, Deutsche Bank’s interpretations, methodologies, and availability of data will
be further enhanced in the future as additional guidance and information become available.
Governance
ESGT1-3
Deutsche Bank believes it is part of the Group’s responsibility to support and, where possible, accelerate the
transformation toward a more sustainable society and economy. Thus, the bank supports the European Commission’s
Action Plan on sustainable finance as a crucial contribution toward the European Union’s achievement of its climate
commitment under the Paris Agreement and its wider sustainability agenda.
The Management Board of Deutsche Bank AG as the parent company of the Deutsche Bank Group assumes ultimate
responsibility for matters relating to sustainability, including the supervision and management of the effects of
environmental risks (such as climate-physical, climate-transition and nature risks) in the short-, medium- and long-term.
To integrate these responsibilities into the organizational structure, the Management Board delegated the Group
Sustainability Committee, chaired by the bank’s Chief Executive Officer to act as the senior decision-making body for
sustainability-related matters at group level, including those related to ESG risks and the bank’s net zero interim (2030)
and long-term (2050) targets. Further key functions and elements of the bank’s sustainability governance include the
Chief Sustainability Office and the Sustainability Strategy Steering Committee, responsible for monitoring the timely and
complete implementation of the bank’s sustainability transformation agenda and escalating material risks or issues to the
Group Sustainability Committee. The bank also established the Net Zero Forum, responsible for the assessment of new
transactions with a significant impact on the bank’s financed emissions and/or net zero targets with representatives from
business divisions, the Chief Risk Office, and the Chief Sustainability Office. Both groups are chaired by the Chief
Sustainability Officer.
Within the Chief Risk Office, the Group Risk Committee, chaired by the Chief Risk Officer, is established by the
Management Board to serve as the central forum for review and decision making on matters related to risk, capital, and
liquidity. This includes the oversight of the Bank’s framework for the management of climate and environmental risks.
Other senior committees are responsible for the development and management of specific elements of climate and
environmental risk:
–The Operational Risk Management Committee which oversees, governs, and coordinates the management of
operational risks group-wide and establishes a cross-risk and holistic perspective of the bank’s key non-financial risks,
including risks to own infrastructure, employees, and key processes arising from climate and environmental risks
–The Group Reputational Risk Committee, a direct subcommittee of the Management Board since 2024, has the
responsibility to review, decide and manage all transactions, client relationships or other primary reputational risk
matters escalated in line with the underlying reputational risk policies and framework, including sustainability-related
matters
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| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ESG risks |
Responsibilities over the management of environmental risks in the short-, medium- and long-term are further cascaded
to business divisions and key infrastructure and control functions.
On the business side, each of Deutsche Bank’s core divisions integrates climate and broader ESG risks into its planning
and risk appetite statements as part of the bank’s annual strategic planning process, which is approved by the
Management Board. The first line of defense is also responsible for the identification and assessment of ESG risk factors
(including climate change and nature related) stemming from their activities.
In the second line of defense, risk functions are responsible for the overall control framework around climate and
environmental risks, which are considered by the bank as drivers of existing risk types. In this respect:
–The Head of Enterprise and Treasury Risk Management (ETRM), who reports to the Chief Risk Officer, owns the
Group’s overall management and appetite frameworks. This includes qualitative risk appetite principles, quantitative
risk appetite metrics, and holistic monitoring of climate and nature risks across different risk types and portfolios; a
dedicated team of Climate and Environmental risk specialists supports them in the exercise of these functions
–The Heads of the Credit, Market, Liquidity, Operational Risk functions (“Risk Type Controllers”) who report to the Chief
Risk Officer, are responsible for the establishment and operation of appropriate controls, and the monitoring and
appetite setting of climate and environmental risk drivers in their respective areas
To closely and visibly link the bank’s sustainability strategy and performance with the compensation of the Management
Board, the bank’s strategic sustainability goals are reflected in the compensation system, which forms the basis of the
Management Board's total compensation.
Management Board members receive fixed and variable compensation components. The latter consists of two elements
(Short-Term Award and Long-Term Award) and reflects the degree to which Group, divisional and individual objectives
are achieved. Both awards are linked to several ESG objectives. The aim is to closely align compensation to the bank´s
sustainability strategy. The ESG objectives for the Short-Term Award are contained in individual and divisional balanced
scorecards. They can also be part of a Management Board member’s individual objectives agreed at the beginning of a
financial year.
ESG objectives form a central performance assessment element in the Long-Term Award and have the highest
percentage weighting as a result. They are related to impactful Group ESG focus topics that are the responsibility of the
Management Board. The objectives, which are transparently disclosed in the Compensation Report section of the Annual
Report, include targets such as the amount of sustainable financing and investments, the reduction of electricity
consumption in the bank’s buildings, along with quantitative targets related to climate risk management as well as the
improvement in gender diversity. In addition, the objectives include employee feedback culture, as well as achievements
and positive developments regarding the bank’s control environment and remediation activities. The targets are linked to
measurable Key Performance Indicators (KPIs) to ensure an objective assessment of performance. Corresponding targets
and KPIs including target values, thresholds and caps are published in the Compensation Report 2025. The
compensation policy and the compensation system based on it – following approval by the Supervisory Board – are
implemented in individual but uniform and rule-compliant service contracts for all Management Board members in
compliance with banking law pursuant to Section 10 (4) of the German Remuneration Ordinance for Institutions
(InstitutsVergV). Using contract templates and standardized annexes, the variable compensation components are
directly linked to plan, rules, claw back and forfeiture conditions as well as shareholding obligations.
Strategy and processes
Sustainability is a key element of the bank’s “Global Hausbank” strategy. The bank is embedding sustainability into its
policies, processes, and products, focusing on four pillars:
–Sustainable Finance
–Policies & Commitments
–People & Operations
–Thought Leadership & Stakeholder Engagement
The bank’s business activities, own operations, relations with employees or suppliers, and respective processes are
covered by these four pillars and address the ESG-related risk factors. Managing these risks and providing solutions to
ESG-related challenges are part of the bank's sustainability strategy and risk management processes. Seizing business
opportunities arising from ESG challenges, Deutsche Bank aimed to achieve a total of € 500 billion in cumulative
sustainable finance volumes, as defined in the bank’s Sustainable Finance Framework, from the beginning of 2020 until
the end of 2025 (excluding DWS). While Deutsche Bank remains committed to its targets, the bank encountered
challenges in achieving its target of € 500 billion by the end of 2025. Progress towards the original target was impacted
by several factors over the period, including higher interest rates, regulatory developments as well as changes in the
214
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | ESG risks |
political environment. . Despite these constraints, the bank increased its incremental volume from € 93 billion in 2024 to
€ 98 billion in 2025. Based on this continued momentum, Deutsche Bank expects to meet its volume target of € 500
billion in 2026. The Sustainable Finance Framework outline the methodology and associated procedures for classifying
financial products and services offered by Deutsche Bank as sustainable. The framework specifies the classification logic,
the eligibility parameter criteria, the applicable environmental and social due diligence requirements, as well as the
verification and monitoring process. It is aligned to the extent possible with the requirements of the EU Taxonomy
Regulation.
Risk Management
Managing emerging ESG risks to the bank’s balance sheet and operations is a key component of the Group’s
sustainability strategy. Deutsche Bank has set interim (2030) and long term (2050) net zero aligned targets for eight
carbon intensive sectors and has established frameworks and processes for enhanced due diligence in relation to sectors
and clients identified as having elevated inherent environmental and social risks and/or elevated impacts on the bank’s
financed emissions and net zero pathways. In 2024, the bank updated its thermal coal policy and tightened criteria used
to determine the scope of the policy. Moreover, the bank’s Environmental and Social Due Diligence Framework prohibits
business activity in certain high impact areas. The bank’s Reputational Risk Framework is utilized to discuss any
counterparty concerns that are perceived to be in contradiction with Deutsche Bank’s code of conduct including those
driven by ESG factors. Deutsche Bank regularly performs a double materiality assessment to determine the relevance of
individual non-financial topics across ESG. Starting from the financial year 2024, Deutsche Bank conducts the
assessment in compliance with the requirements of the European Sustainability Reporting Standards (ESRS). The
assessment applies the concept of double materiality, i.e., it considers the potential positive and negative impacts
Deutsche Bank may have on the environment and society and the potential financial impacts for Deutsche Bank arising
from ESG topics. The results of the materiality assessment are considered in the bank's sustainability agenda and the
selection of topics reported in its Sustainability Statement 2025. In the year, unmitigated financial risks stemming from
impacts of Social and Governance factors on the bank’s counterparties were not deemed material.
In addition, the Chief Risk Office conducts a comprehensive and granular financial materiality assessment of ESG risks to
identify potential financial impacts across key impacted risk types. Results are integrated into the Group’s risk
identification processes and risk inventory and reviewed against internal controls.
Environmental risk
Business strategy and processes: integration of environmental factors and risks
ESGT1
Climate change and environmental degradation drivers, together with the bank’s negative impacts on climate and
nature, may lead to the emergence of new sources of financial and non-financial risks. Transition risks to the bank’s
portfolios may materialize in the short- to medium-term as governments introduce climate-related targets and policies,
as society adapts its behaviors, and as consumer and investor appetite for carbon intensive clients/sectors becomes
more climate-conscious. Acute and chronic physical climate and environmental risk factors arising from higher global
temperatures may increase in severity even if decarbonization efforts prove successful, impacting Deutsche Bank’s
operational risks and risks to the assets and activities of the bank’s clients.
Sustainability has been a central part of Deutsche Bank’s strategy since 2019. The management of risks stemming from
environmental factors has been an integral part of this strategy, first and foremost through Deutsche Bank’s
decarbonization targets and their incorporation into the bank’s risk management framework. Environmental risks are:
–Assessed through annual climate and environmental materiality assessment and internal stress test, across
businesses, portfolios and risk types (Credit, Market, Liquidity, Reputational and Operational)
–Monitored through monthly and quarterly dedicated reports (Climate and Environmental risk MI) discussed in senior
risk committees
–Managed through risk appetite thresholds, policies requirements and exclusions (Environmental and Social policy
framework), and portfolio Early Warning Indicators (EWIs)
–Considered within the bank’s business model and financial planning through the carbon budgets attributed to the
bank’s businesses (and derived from its decarbonization targets) and through the inclusion of environmental risks
within the Internal Capital Adequacy Assessment Process (ICAAP). Each of Deutsche Bank’s core businesses
integrates climate and environmental risks into planning and risk appetite statements as part of the bank’s annual
strategic planning process, approved by the Management Board.
Deutsche Bank has published net zero emissions reduction targets for eight key carbon-intensive sectors in the bank’s
corporate lending portfolio:
215
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Environmental risk |
–Oil and Gas (Upstream)
–Power Generation
–Automotives (Light Duty Vehicles)
–Steel production
–Coal mining
–Cement
–Shipping
–Commercial Aviation
Deutsche Bank publishes annually its financed emissions and progress towards net zero-aligned targets following the
standard from the Partnership for Carbon Accounting Financials, relevant international greenhouse gases emissions
reporting protocols and emerging best-practice climate portfolio alignment methodologies.
Business strategy and processes: objectives, targets and risk appetite
Net-Zero targets are established through a process led by the Chief Risk Office function. The selection focus is on
carbon-intensive sectors of sufficient materiality, and for which net zero alignment methodologies from reputable
international organizations are available, together with data of sufficient quality. The decarbonization pathways utilized
are science-based and leverage with the target setting guidelines of the Net-Zero Banking Alliance (NZBA), namely:
–the Net-Zero Emissions (NZE) by 2050 scenario of the International Energy Agency (IEA)
–the Poseidon Principles pathways, calibrated against the Revised International Maritime Organization (IMO) strategy;
–the Mission Possible Partnership Prudent Scenario for Commercial Aviation
Targets and pathways are discussed and agreed with the business divisions, approved by the Group Sustainability
Committee and then published externally.
Furthermore, a quantitative threshold for each target is integrated into the Group’s Risk Appetite Statement, together
with a broader threshold on the overall carbon footprint of the bank’s corporate loan commitments. Some deviation from
the net-zero pathway is allowed in earlier years under a simplified assumption of linear reduction and the potential for
portfolio and economic volatility to impact alignment. These thresholds express the bank’s appetite for deviation from
the set pathway and are a fundamental tool used by the bank to mitigate its exposure to risks associated with climate
transition risk factors. New transactions or limit extensions with a significant impact on the bank’s financed emissions
and/or net zero targets are reviewed by a dedicated Net Zero Forum. The forum’s review includes an assessment of client
sustainability disclosures, transition strategies, decarbonization targets, governance and, as a result, the overall
counterparty’s capacity to manage environmental risks. Moreover, following the establishment of Divisional carbon
budgets and risk appetite, the Investment Bank and the Commercial Bank each maintain their own Net Zero Forum, while
the Private Bank relies on the Group forum.
The bank monitors and manages portfolio concentrations of climate transition, physical, and other environmental risks
through Early Warning Indicators (EWIs). These indicators are established for its Corporates, Sovereigns and Financial
Institutions lending portfolios and include:
–Measures of exposure and appetite to counterparties and sectors vulnerable to climate change and nature
degradation (for instance in terms of Gross and Net Limits, Gross and Net Utilization, Expected Losses, Credit Risk
RWA, and YoY changes to these metrics)
–Proportion of these exposures/ appetite metrics related to facilities with tenor greater than 5 years (limiting the ability
of the bank to manage its exposures down if required)
–Proportion of these exposures/ appetite metrics related to counterparties below investment grade or with weak DB
transition risk scores (to identify counterparties with a lower capacity to manage environmental risks)
These EWIs are approved by the head of Enterprise and Treasury Risk Management as part of the Climate and
Environmental Risk management framework, established under the umbrella of the Group Risk Management Policy.
Lastly, the bank has sectoral requirements and restrictions stemming from its Environmental and Social Policy
Framework which are monitored and enforced through the Environmental and Social due diligence process and the
escalation requirements of the Reputational Risk Framework of the bank.
Business strategy and processes: investment activities towards environmental
objectives and EU Taxonomy-aligned activities
In accordance with Article 8 of the EU Taxonomy Regulation and the related Disclosures Delegated Acts, starting from
year end 2024, financial undertakings have to determine and disclose the proportion of exposures aligned to the EU
216
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Environmental risk |
Taxonomy in their covered assets (i.e., total assets less exposures toward central governments, central banks,
supranational issuers and the trading portfolio) for the climate change mitigation and adaptation objectives. Following
the adoption of the Delegated Act on the four remaining environmental objectives (water and marine resources, circular
economy, pollution prevention and control, biodiversity and ecosystems) in 2024, Taxonomy alignment with the non-
climate objectives will be reported starting from year-end 2026.
The identification of the Taxonomy-eligible and Taxonomy-aligned economic activities for the climate change mitigation
and adaptation objectives (set out in Article 9 of the EU Taxonomy Regulation) was performed for in-scope
counterparties, primarily undertakings subject to the Non-Financial Reporting Directive (NFRD) disclosure obligations
and households, as well as products defined in Article 8 of the EU Taxonomy Regulation and the related Disclosures
Delegated Acts. More information on this is included in section “Summary of key performance indicators on the
Taxonomy-aligned exposures” of this report and in the Sustainability Statement of the bank’s Annual Report.
Business strategy and processes: policies and procedures relating to direct and
indirect engagement with clients
As disclosed in the Group’s Initial Transition Plan, Deutsche Bank pursues three financing strategies for its corporate
clients: green/sustainable, transition and phase out:
–Green/Sustainable strategies include providing financing to companies that enable emissions reduction through their
range of green products and services
–Transition strategies reflect the bank’s commitment to support clients in their journey to decarbonize their business
models
–Phase out strategies for industries with no viable decarbonization pathways (such as thermal coal) or clients in carbon
intensive industries not willing to align to the bank’s transition pathway
The Chief Sustainability Office owns the policies regulating the bank’s engagement with clients on environmental and
social issues:
–The Sustainable Finance Framework and the Transition Finance Framework outline the methodology and associated
procedures for classifying transactions and financial products and services offered by Deutsche Bank as sustainable
and transition-related. The frameworks assess the use of proceeds, company profiles and (transaction-specific)
sustainability-linked KPIs
–The Environmental and Social (ES) Risk Framework, through which Deutsche Bank identifies transactions and/or
clients that might expose it to potential environmental issues and mitigate / manages the related risks
Through the Environmental and Social Risk framework, the bank has defined sectors having an inherently elevated
potential for negative environmental impacts and requires enhanced due diligence based on the provisions summarized
in the bank’s Environmental and Social Policy. The bank reviews the scope of sectors as well as related due diligence
requirements of the Environmental and Social Policy Framework annually or as events occur. For some sectors, the bank
has made specific commitments. For example, since 2016, Deutsche Bank no longer finance any new coal projects, be it
in power or thermal coal mining.
As part of its oversight responsibility, the Chief Sustainability Office conducts transactional and client reviews pursuant
to the bank’s Environmental and Social and Sustainable Finance standards, engaging, where required, with clients to
understand risks and mitigants associated with a transaction or a counterparty.
Deutsche Bank’s thermal coal guideline was last updated in 2023 and together with the bank’s net zero commitments
across various sectors, it reiterated and expanded on the continued tightening of the bank’s thermal coal expectations.
The commitments made in the 2023 guideline update remain in effect. For companies within scope, the bank requires
credible transition plans as a condition of financing: existing clients were asked to provide such plans by 2025, while new
clients must do so before entering any lending relationship.
Throughout 2024 and 2025, the bank carried out detailed reviews of the clients covered by this guideline. The interim
milestone set for 2025 was a central checkpoint: by this date, existing clients were expected to present transition plans
that showed credible plans toward phasing out coal by 2030 (OECD) or 2040 (non-OECD) respectively.
At the same time, national climate policies and energy transition commitments continued to evolve at different speeds
across regions than the bank initially expected in 2023. Taking these dynamics and developments into consideration, the
bank may consider for a very limited number of clients a time-bound, conditional engagement, provided there is
demonstrable, ongoing progress toward transitioning away from coal.
217
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Environmental risk |
Going forward, Deutsche Bank’s engagement with clients who remain within the scope of the guideline will be measured
and focused. Any ongoing support will be concentrated on financing that directly supports specifically Sustainable and
Transition Finance activities. This ensures that Deutsche Bank encourages credible decarbonization efforts while
maintaining safeguards against supporting coal‑related expansion. The bank will continue to monitor clients’ progress
closely, adapting its approach where necessary as global and country‑level climate commitments continue to evolve.
The bank also continued to perform the systematic review of its business activities in the oil and gas sector and
continued the dialogue with its clients on their decarbonization strategies. These strategies along with clients’ carbon
footprint are important criteria for how the bank continues to engage in this sector. Details on this process as well as on
Deutsche Bank’s strategy, processes and progress as of year-end 2025 regarding its commitment to align the bank’s
portfolio with net zero by 2050 are outlined in the “Strategy”, “Risk management strategy and processes” and “Risk
management, metrics and targets” sections of the “Climate and other environmental risks” chapter.
Governance
The overall governance and oversight of environmental risks are fully aligned and embedded in the ESG committees and
frameworks described in the “ESG Risks” section above.
The Chief Risk Office function of the bank produces climate and environmental risks reports to allow for the monitoring
of climate risk metrics in the bank’s portfolios at different levels of the organization:
–The Group Risk Committee and the Group Sustainability Committee receive a detailed quarterly climate and
environmental risk report that includes financed and facilitated emissions, exposure to carbon-intensive sectors,
alignment with portfolio decarbonization targets and other climate transition, climate physical, and nature risks KPIs,
Early Warning Indicators and other topics, including key industry and regulatory developments
–The Management Board receives monthly updates on financed emissions and net-zero alignment via the “Risk and
Capital Profile” report.
Risk management: financial effects of environmental factors
Climate change and environmental degradation may lead to the emergence of new sources of financial and non-financial
risks. Transition risks to the bank’s portfolios are increasingly likely to materialize in the medium- to long-term as
governments introduce climate-related targets and policies, as society adapts its behavior and as investor appetite for
carbon-intensive clients/ sectors becomes more selective. These risks include but are not limited to:
–Increased default risk and/or valuation losses on exposures to clients and assets that may be impacted by climate
physical and/or transition risks, such as climate-related developments in policy and regulations, the emergence of
disruptive technology or business models, shifting market sentiment, and societal preferences
–Reputational risks resulting from a failure to adapt to climate risks, which may also lead to litigation by parties seeking
compensation after suffering loss or damage, and
–Business disruption risks to the bank’s offices, employees, and processes in locations facing physical climate risks,
such as extreme weather events and/or disruptive longer-term increases in global temperatures
The Chief Risk Office conducts a comprehensive and granular financial materiality assessment of climate and other
environmental risks to identify potential financial impacts across key impacted risk types. The 2025 iteration of the
exercise used a range of scenarios and approaches to assess potential outcomes over the short (1-2 years), medium (3-5
years) and long-term (>5 years).
The results of the exercise indicate that short-term financial impacts are very limited. Even in the higher transition risk
scenarios, there is limited rebalancing away from fossil fuels and other demand/ technology shifts over such a short time
frame, while physical risks are not expected to materially change within this time frame.
In the medium-term, higher impacts linked to climate transition risk drivers in the net-zero emission scenario materialize
through credit, operational, strategic and reputational risks, driven by factors such as:
–Deterioration in Oil and Gas and Coal credit risk profiles with larger impacts starting to emerge for corporate clients in
other high carbon intensity sectors as well as for the most vulnerable sovereigns and financial institutions
–Valuation pressure on less energy efficient real estate exposures due to a tightening of energy efficiency minimum
standards and increased costs associated with energy consumption
–Foregone revenues due to exit of carbon intensive clients with no credible transition strategy and higher competition
for sustainable clients/ financing
–Potential reputational and litigation risks should the bank be seen as a negative outlier relative to peers in terms of the
execution of its sustainability commitments
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|---|---|
| Pillar 3 Report as of December 31, 2025 | Environmental risk |
–Potential for operational risk impacts from physical risk events
In the long-term, cumulative impacts are higher across all risk types and scenarios. Across the higher transition scenarios,
a broader range of clients are impacted and potential deterioration in portfolio credit quality becomes more pronounced.
Revenue attrition (strategic risk) and potential reputational impacts are also higher. Physical risks drive losses in the low
transition risk scenarios, materially impacting operational, credit, strategic and reputational risks. The ‘Disorderly
transition’ scenario yields the highest losses across all scenarios as clients face punitive carbon taxes and related policies
with limited time to adapt.
Risk management: integration of environmental factors and risks into the bank’s
risk framework
Climate and other environmental risks are considered as risk drivers of the main risk types of the bank (namely Credit,
Market, Liquidity, Operational, Reputational and Strategic risks) and are incorporated into their respective management
frameworks
Deutsche Bank’s framework for the management of environmental risks has four key elements and each one considers
the short-, medium- and long-term effects of environmental risks:
–Risk identification and materiality assessment
–Risk measurement, monitoring and mitigation, integration into risk type frameworks and processes
–Scenario analysis and stress testing, and
–Risk metrics, targets, and integration in appetite
Risk management: methodologies and international standards used
Deutsche Bank relies on several different industry frameworks and standards for the management of climate and other
environmental risks. The overall risk assessment and reporting framework reflects the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD). The estimation of financed emissions is based on the standard
from the Partnership for Carbon Accounting Financials (PCAF). Methodologies for the bank's sector decarbonization
targets are proprietary, leverage the Paris Agreement Capital Transition Assessment (PACTA) approaches and are in line
with those set by peers.
Risk management: process to identify, measure and monitor environmental risks
The Chief Risk Office function conducts comprehensive financial materiality assessments of climate and other
environmental risks to identify key impacts across potentially affected risk types. The drivers considered in the
materiality analysis are climate transition risks arising from policy, technology and behavioral changes, acute and chronic
physical risks and nature (other environmental) risks. Material climate and environmental risk drivers are then managed
through the relevant risk type frameworks of the bank (Credit, Market, Liquidity, Operational, Reputational and strategic
risks).
The impact assessment uses a combination of stress test results, other scenario and sensitivity analysis and qualitative
expert judgement.
Deutsche Bank is committed to align its loan portfolios with emissions reduction pathways needed to achieve net zero by
- The bank’s decarbonization targets, together with the quantitative risk appetite thresholds integrated into the
Group Risk Appetite Statement, are the main levers used to mitigate climate transition risks by progressively reducing the
carbon intensity of the bank's portfolio. In addition, Early Warning Indicators described above (section “Environmental
risk / Business Strategy and processes”) are used to monitor concentrations of climate-transition, climate-physical and
nature-related risks in the bank’s Corporates, Sovereigns and Financial Institutions portfolios. Lastly, Deutsche Bank's
Environmental and Social Policy Framework, including the bank’s provisions for the fossil fuel sectors outlines specific
restrictions and escalation requirements for sectors with inherently elevated potential for negative environmental
impacts. To support the bank’s materiality assessment, monitor portfolio alignment to decarbonization targets, and for
risk management purposes, Deutsche Bank uses several complementary KPI and metrics such as:
–Upstream Oil & Gas: Scope 3 Absolute financed emissions (million tons of CO2)
–Coal mining (million tons of CO2)
–Power Generation: Physical emission intensity (kgCO2e per MWh)
–Automotive (Light Duty Vehicles) sector: Physical emission intensity (gCO2e per vehicle km)
–Steel production sector: Physical emission intensity (kgCO2e per ton of steel)
–Shipping (Poseidon Principles portfolio alignment score, %)
–Cement (kgCO2e per ton of cement)
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–Aviation (Pegasus Guidelines portfolio alignment score, %)
–Corporate loan commitments: absolute financed emissions (scope 1 and 2, million tons of CO2e) and annual increase
in financed emissions
–Corporate loan outstanding: absolute financed emissions (scope 1 and 2, million tons of CO2e)
–Sectors in scope of net-zero targets: Share of net-zero clients
–Relevant sectors in scope of net-zero targets: Technology mix
–Financed emissions for selected mortgage and commercial real estate portfolios (using proxies based on Energy
Performance Certificate ratings and internal methodologies)
–Exposure to physical climate risk for uncollateralized loans and loans collateralized by Real Estate assets
–Facilitated emissions for the bank’s capital market activities in key carbon-intensive sectors
–Corporate, Sovereign and FI portfolio: KPIs established to monitor portfolio exposure, quality and tenor to clients and
sectors assessed as having higher vulnerability to climate transition, physical and nature-related risks
Furthermore, climate and broader environmental risk drivers are integrated into the frameworks and processes of
Deutsche Bank’s main risk types: Credit, Market, Liquidity and Non-Financial (Operational / Reputational) risks.
–Credit risk - climate risk drivers are integrated across the different stages of the transaction lifecycle, including
transaction approval / client onboarding, risk classification and credit ratings, portfolio analysis and monitoring,
collateral valuation
–Market risk - As part of the Market Risk Identification process individual business lines are asked to consider forward-
looking and/or idiosyncratic material risks including climate and other environmental risks; climate related risks are
currently managed within the existing risk framework and treated as a price trigger, in the same way as market events
such as central bank announcements or earnings announcements; furthermore, a new climate stress scenario used to
assess transition and physical risks in the trading book portfolio is now embedded into the bank’s market risk appetite
framework
–Liquidity risk - Deutsche Bank uses stress testing and pathway analysis to assess the impact of climate risk; in
particular, the bank’s stressed Net Liquidity Position Scenarios, run on a daily basis, include climate disasters as
possible triggers of stress
–Operational risk - climate risk identification takes place through analysis of past internal and external operational risk
events; exploratory scenario analysis is also used to analyze potential event situations and the effectiveness of related
controls to identify areas for further risk mitigation and strengthening of the control environment. Business Continuity
and Third-Party Risk Management frameworks are in place to manage risks of disruption to processes and services
taking an all-hazards approach
–Reputational risk - impacts arising from the bank’s business activities in higher risk sectors are managed through its
Environmental and Social Policy Framework, an integral part of the bank’s Reputational Risk Framework which
outlines specific restrictions, escalation and due diligence requirements for sectors with elevated environmental risks
Data and methodologies for measuring and assessing climate-related risks for selected products and portfolios are still
under development. The lack of availability of comprehensive and consistent climate and environmental risk disclosures
by clients means that risk analysis is heavily reliant on proxy emissions estimates and top-down, sectoral-/ product-based
taxonomies.
Risk management: commitments and other forms of risk mitigation
The orderly and progressive execution of the bank’s sustainability strategy, including net- zero targets, growth in
sustainable and transition financing, greater integration of Nature into the bank’s risk frameworks, as well as client,
product and regional strategies, is key to mitigate credit and reputational risk impacts over the long term.
In addition, the management of exposures to transition, physical and nature risks through a) risk appetite around the
decarbonization targets and overall financed emission and b) Early Warning Indicators and c) sectoral requirements and
restrictions is discussed in sub-section “Business strategy and processes: objectives, targets and risk appetite” of these
qualitative disclosures.
On the capital side, results of the materiality assessment are considered in the risk management frameworks, including
the risk inventory and ICAAP assessment. To ensure that the bank remains resilient to these shocks and adequately
capitalized, Deutsche Bank has in place an expert-driven add-on to its economic capital. This add-on is designed to
capture uncertainty related to tail losses that could arise in certain sectors from unexpected and abrupt changes in
carbon prices.
More broadly environmental risks are managed by the bank through incorporation into the frameworks of each of its main
risk types: Credit, Market, Liquidity and Non-Financial, discussed in more detail below.
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Credit risk framework
Climate and environmental risk drivers are integrated across the different stages of the transaction lifecycle, including
transaction approval/client onboarding, risk classification and credit ratings, portfolio analysis, and monitoring and
collateral valuation.
Climate and environmental risks are incorporated into the credit approval process for corporate clients via enhanced due
diligence requirements. New loan requests above selected tenor and rating-based thresholds to corporate clients in
carbon-intensive sectors as well as those in sectors vulnerable to climate-physical and nature (or other environmental)
risks require a dedicated risk assessment from the front office and review by Credit Risk Management.
As part of the internal credit rating process, climate and other environmental risks must be assessed and, where deemed
material, documented. For corporate clients, this assessment is supported by:
–A Transition risk scorecard, which use externally sourced data to assess the clients’ historical performance in terms of
their GHG emissions, the scope and governance of climate commitments of clients versus their peers
–A Physical risk scorecard, providing an indication of the financial impact a given client is likely to sustain, under a given
scenario, per natural hazard type, based on asset data held for the company by S&P; the scorecard is also used as a
basis for selected physical risk KPIs
The output of this assessment may lead to the adjustment of relevant inputs to the bank’s internal credit rating model.
Climate risks are considered as potential triggers for inclusion in the watchlist of groups or counterparties in carbon-
intensive industries and without adequate transition risk mitigation strategy in place and/or with limited financial
resources to finance their transition. The criteria take into consideration internal credit ratings and the scores from the
transition risk scorecards.
Lastly, Deutsche Bank's Environmental and Social Due Diligence Framework outlines specific restrictions, due diligence
and escalation requirements for sectors with inherently elevated potential for negative environmental impacts.
With regards to the valuation of collateral, the bank’s Global Collateral Management Guide (for Banking Book Collateral)
sets its environmental standards based on the requirements of the Capital Requirements Regulation for the initial
valuation, monitoring and review over the life of the loan. Deutsche Bank’s underwriting standards require real estate
collateral to be appropriately insured against relevant risks including applicable natural hazards. In some countries,
supplemental insurance against natural hazards is provided by the government. At year-end 2025, the European
residential real estate portfolio reached € 160.6 billion. Residential mortgages for private clients in Germany constitute
approximately 92% of this portfolio, encompassing around 1.1 million private residences in Germany. These properties,
financed by loans secured by immovable assets, are adequately insured against relevant risks, including applicable
natural hazards. The insurance cover by real estate owners is monitored and complemented or substituted by Deutsche
Bank´s own insurance.
In addition, new valuations and re-valuations require the identification of material environmental physical and transition
risks that could materialize. Any identified material risks must be reflected in the credit decision and/or valuation if not
mitigated by construction measures and/or insurance cover. Comparable requirements are in place for other physical
collateral, including large movable assets (such as airplanes and ships) and smaller assets (such as cars and machines).
Insurance coverage on loan collateral is monitored on a regular basis, including by means of onsite inspections.
Market risk framework
As part of the market risk identification process, individual business lines are asked to consider forward-looking and/or
idiosyncratic material risks, including climate and other environmental risks. These are integrated into the market risk
identification documentation. Additionally, as part of the new product and transaction approval control standards of the
Market and Valuation Risk Management function, climate and environmental drivers are required to be assessed and
recorded as part of the approval process.
Climate-related risks are managed within the existing market risk framework and treated as a price trigger, in the same
way as market events such as central bank announcements or earnings announcements. Market and Valuation Risk
Management function monitors and reports internally emissions in its traded credit portfolio, providing insights into the
top exposures, which are reported quarterly as a part of the Climate and Environmental Risk report.
Furthermore, a weekly climate stress scenario to assess transition and physical risks in the trading book portfolio is
embedded into the bank’s market risk appetite framework.
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Liquidity risk framework
Deutsche Bank uses stress testing and pathway analysis to assess the impact of climate risk on liquidity. In particular, the
bank’s stressed net liquidity position scenarios, which are run daily, include climate disasters as possible triggers of stress
(physical risks).
The analysis shows that physical risks are generally smaller than other risks for which the bank daily reserves liquidity.
Transition risk, which is expected to develop incrementally over many years, will be managed through the Group’s annual
funding planning processes. The bank also runs an internal climate stress test on liquidity.
Operational risk framework
Operational Risk Management has dedicated Risk Framework Guidelines detailing sustainability-related requirements for
business divisions and Risk Type Controllers. The team uses an ESG flag to identify operational risk types where key ESG
risk drivers are identified in the taxonomy.
The impacts of ESG risk drivers are assessed as part of the risk and control self assessment process of relevant
operational risk types.
A monthly forum is in place to support collaboration between business divisions, risk and control functions on the
introduction and monitoring of ESG as an integral element of Operational Risk Management. This forum serves as a
platform for sharing activities, new regulations, remediation activities and monitoring ESG risk drivers across Deutsche
Bank’s operational risk profile.
In 2025, several banking supervisors and regulators continued to focus on the topic of greenwashing. Several initiatives
have been conducted by Deutsche Bank to improve its control environment and raise internal awareness on
greenwashing, including:
–Conducting a deep dive risk review in relation to the existing control environment around greenwashing
–Applying scenario analysis as a standard risk management tool to investigate potential sources of ESG-related
litigation risks, understand the main drivers and causes of such scenarios (e.g., the misrepresentation of sustainability
information in corporate communication or public disclosures) as well as which controls or remediation activities can
mitigate such scenarios and what steps are to be taken to improve the control environment
–Continuous monitoring of external cases of greenwashing
–Conducting mandatory greenwashing training for all Deutsche Bank employees
Furthermore, there have been additional enhancements on the identification and management of social and governance
topics and their integration into the risk framework.
The management of reputational risk arising from climate and environmental risks is covered in the “ESG due diligence”
chapter within this Sustainability Statement.
Social risk
ESGT2
Deutsche Bank’s responsibility to support and, where possible, accelerate the transformation towards a more sustainable
society and economy is also reflected in its approach towards social rights, including human rights. Their infringement
can result in reputational risks to the bank in case the bank supports clients appearing not to adhere to social minimum
standards as well as financial risks, e.g. credit and market risks, if client creditworthiness is directly or indirectly impacted
by the emergence of inadequate management of social risks.
Compared to environmental risks, the potential evolution of social risks is considered more heterogenous in nature. In
developed economies and many larger Emerging Market economies, strict laws and policies exist which seek the respect
of human rights and prohibit their related impacts, which may drive social risks. Selected economies suffer from weaker
legislation and may continue to present sources of elevated risks going forward. Social and Governance risks are not
considered material across DB’s portfolios in the short- to medium-term. While not currently material, their long-term
impacts are subject to significant uncertainty, driven by the anticipated evolution of key emerging trends and increasing
regulatory burdens.
These trends will be subject to continuous monitoring and re-assessment as part of the bank's forward-looking risk
management framework. Over the long-term, however, demographic pressures, including those driven by climate-
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related factors, may lead to increased pressure on public services and fiscal budgets in countries which are key sources
of inward migration. This may raise social risks to Deutsche Bank's clients.
The bank works with its stakeholders to tackle social challenges with a current focus on human rights. Deutsche Bank has
a long-standing commitment to respecting human rights and has voluntarily endorsed international standards such as
the UN Guiding Principles on business and human rights. Internationally recognized human rights, as they relate to
business and human rights, at a minimum are those expressed in the International Bill of Human Rights and the principles
concerning fundamental rights set out in the International Labour Organization’s Declaration on Fundamental Principles
and Rights at Work. More details of Deutsche Bank’s commitment can be found in Deutsche Bank Group’s Statement on
Human Rights.
Deutsche Bank acknowledges the relevance of other social risks besides those relating to human rights. Specifically, the
bank recognizes that socio-economic developments, for example, as a result of climate change and the transition to a
low carbon economy, may have social impacts such as ending of certain jobs and skills. This risk is particularly relevant
for countries heavily dependent on fossil-fuel industries as well as for those with limited means of funding the
transformation to a more sustainable, climate-resilient economy. For this reason, the bank has committed to supporting a
socially just transition as outlined in its updated Transition Plan, published in August 2023 (updated in 2025), and its
Transition Finance Framework, published in November 2025. As the concept of a just transition continues to evolve, the
bank recognizes the need to further context-specific guidance to enable broader integration across the bank’s processes.
Governance
Deutsche Bank has integrated the oversight of sustainability-related matters into governance structures on several
levels. Ultimately, the Management Board of Deutsche Bank AG as the parent company of the Deutsche Bank Group
assumes responsibility for matters relating to sustainability, including the supervision and management of social risks,
such as those stemming from human rights, in the short-, medium- and long term.
To integrate these responsibilities into the organizational structure, the Management Board has delegated these tasks to
the Group Sustainability Committee. It is chaired by the bank’s Chief Executive Officer, the Chief Sustainability Officer is
acting as deputy. The Group Sustainability Committee is the senior decision-making body for sustainability-related
matters at group level, including those related to social risks.
Apart from the Group Sustainability Committee, there are further senior committees who are responsible for the
development and management of specific elements of social risks:
–The Group Reputational Risk Committee, a direct subcommittee of the Management Board since 2024, has the
responsibility to review, decide and manage all transactions, client relationships or other primary reputational risk
matters escalated in line with the underlying reputational risk policies and framework, including sustainability-related
matters
–The Operational Risk Committee which oversees, governs, and coordinates the group-wide management of
operational risks and establishes a cross-risk and holistic perspective of the bank’s key operational risks, including risks
to the bank's own infrastructure and employees arising from climate, environmental, and social risks
As part of Deutsche Bank’s overall sustainability strategy and building on its former Human Rights Working Group, the
bank established a group-wide Human Rights Forum with a mandate to oversee Deutsche Bank’s management of human
rights-related matters, monitor human rights-related trends, liaise with external experts, and initiate human rights-
related projects.
The Human Rights Forum, which met five times in 2025, is co-chaired by the Head of Transparency and Stakeholder
Engagement and the Head of Human Rights, both part of the Chief Sustainability Office. The forum reports to the bank's
Group Sustainability Committee. It consists of senior representatives from the bank's business divisions and
infrastructure functions, each responsible within their respective areas for addressing relevant human rights issues as
they arise and for monitoring the effectiveness of remedial actions.
The Forum complements the bank's established risk management and due diligence processes within its business
activities and operations. In line with the Group’s reputational risk management processes, individual cases involving
potential human rights challenges linked to a client profile or transaction may be escalated under the bank’s
Reputational Risk Framework. Following review and support by the business divisions, matters may be escalated to one
of the bank's Regional Reputational Risk Committees or referred to the Group Reputational Risk Committee chaired by
the Chief Risk Officer.
Deutsche Bank also engages with stakeholders from broader society to understand their perspectives on local and global
environmental and social trends and challenges. In 2025, key topics raised through this engagement included the
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financing of fossil fuels and the protection of nature. The bank responded to written requests, surveys, and
questionnaires, and repeatedly engaged with non-governmental organizations to discuss the issues they highlighted. The
Chief Sustainability Office is responsible for conducting this engagement and reports on related activities and topics to
the Reputational Risk Team within Operational Risk Management on a monthly basis.
The Reputational Risk Team provides monthly updates on reputational risk topics to the Secretaries of the Unit
Reputational Risk Assessment Process. The Risk and Capital Profile Report, which includes updates on reputational risks,
is distributed to the Management Board and Supervisory Board on a monthly basis. It includes details such as the number
of reputational risk issues assessed by the various committees and their decisions. Externally, Deutsche Bank provides
information on its human rights approach by publishing the Deutsche Bank Statement on Human Rights and the annual
Deutsche Bank Statement on Modern Slavery and Human Trafficking.
To further strengthen its human rights management, a dedicated Head of Human Rights within the bank’s Chief
Sustainability Office supports the management of human-rights-related initiatives and is responsible for advancing these
initiatives throughout the bank. The Head of Human Rights assumes responsibilities for overseeing Deutsche Bank’s
management of human rights and coordinating processes and communication channels to evaluate the effectiveness of
the bank’s human rights management approach. Further responsibilities of the Head of Human Rights include the
development of overarching standards for human rights management, defining risk management standards in
collaboration with risk management and other functions, coordinating strategic human rights projects, representing
Deutsche Bank in relevant networks, and acting as a point of escalation for human-rights-related concerns.
Strategy and processes
Deutsche Bank places strategic importance on social topics. This includes the social dimension of
–adherence to minimum human rights and related requirements
–its sustainable and transition finance and ESG investments volumes,
–specific restrictions on business activities with high-risk clients, as outlined in the bank’s Environmental and Social
Due Diligence Framework
While it remains the governments’ legal obligation to protect against human rights abuses by third parties, including
business enterprises, through appropriate policies, legislation, regulations, and adjudication, Deutsche Bank models its
corporate responsibility pursuant to the “Protect, Respect and Remedy” framework of the UN Guiding Principles on
Business and Human Rights.
This responsibility includes the need to respect human rights by avoiding causing or contributing to adverse human
rights impacts from the bank’s own activities and by seeking to identify, prevent, address, mitigate and manage actual
and potential adverse human rights impacts, which are directly linked to Deutsche Bank’s operations, products, or
services. As such, the bank has established a risk management framework, which also covers the management of human
rights risks. More details of Deutsche Bank’s commitment can be found in the Deutsche Bank Statement on Human
Rights and the Deutsche Bank Statement on Modern Slavery and Human Trafficking, which have been approved by the
Management Board and are publicly available.
Deutsche Bank's objectives in terms of the bank's contribution to identifying, preventing, addressing, mitigating,
measuring and managing actual and potential human rights-related risks and social challenges cover:
–Understanding where the bank might trigger human rights impacts by identifying the bank’s exposure to human rights
risks across its upstream and downstream value chain as well as own operations
–Identifying sectors and countries having inherently higher risks of negatively impacting human rights
–Ensuring that the bank's frameworks and processes adequately address human rights risks based on the bank’s
exposure
–Offering financial solutions helping to address human rights-related and other social challenges
–Providing transparency on the bank's human rights management approach
To reinforce employee’s awareness of activities linked to potential human rights violations, Deutsche Bank has
implemented several initiatives. The bank conducted dedicated awareness sessions in cooperation with external partners
and delivered periodic training to strengthen employees’ awareness of activities linked to potential human rights
incidents. One example is a mandatory 45-minute annual online course on anti-money laundering and the prevention of
terrorist and proliferation financing, which addresses topics that may be connected to human rights incidents. The
course explains the concept of modern slavery and human trafficking and includes a scenario illustrating how typical
risks can be identified. All Deutsche Bank employees worldwide, including contingent workers, are required to complete
the module every year. The completion rate in 2025 was 99.82%. Since 2023, a mandatory Risk Awareness online training
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has been delivered to International Private Bank employees every other year. The training includes a dedicated case
study on modern slavery, covering questions on typical risk indicators.
The Anti-Financial Crime Team at Deutsche Bank supports a strong risk culture through collaboration across all lines of
defense and with law enforcement, regulators, and the private sector, closely addressing topics related to financial
crime, including human trafficking. In 2025, Deutsche Bank continued its industry engagements through associations
such as the Wolfsberg Group, and public-private partnerships, and supported initiatives aimed at information sharing.
Deutsche Bank has a seat on the German Anti-Financial Crime Alliance Board. Additional partnerships include the
Europol’s Financial Intelligence public-private partnership and the United Kingdom’s Joint Money Laundering
Intelligence Taskforce. Deutsche Bank’ human rights governance also benefits from the exchange of ideas and
experiences from its membership in the Thun Group of Banks, econsense, UNEP FI, and UN Global Compact. The bank’s
Head of Human Rights is a member of the Thun Group’s steering committee.
By year-end 2025, at least € 10 billion of the bank’s total € 471 billion volumes in sustainable finance and ESG
investments were categorized as social, while € 18 billion were related to both, environmental and social activities
(excluding DWS). While the volume of social investments remains smaller than that of environmental investments, the
bank continuous to strengthen its social financing activities, particularly in support of social housing and just transition as
reflected in the inclusion of just transition activities in the bank’s Transition Finance Framework. These social financing
activities may involve components such as nature-based solutions, which aim to protect both indigenous communities
and the environment. To demonstrate its commitment, Deutsche Bank issued extended its Green Instruments Framework
to incorporate social criteria within the Sustainable Instruments Framework; an inaugural social bond of € 500 million was
issued in July 2024.
Downstream due diligence processes are holistically managed through Deutsche Bank’s Environmental and Social Due
Diligence Framework. The Framework defines rules and responsibilities for risk identification, assessment, decision-
making, and post-transaction monitoring, and specifies the requirements for environmental and social due diligence.
Social criteria are directly linked to human rights which include child and forced labor; modern slavery; occupational
health and safety; health, safety, and security of communities; protection of vulnerable groups such as Indigenous
People; land and resource rights; and cultural heritage. The environmental and social due diligence requirements are
embedded in the Sustainability Strategy Implementation Policy, complementary supporting documents and sectoral
guidelines, and where reputational risk considerations are identified, these are referred to the Reputational Risk
Framework, as appropriate. They build on international standards such as the UN Guiding Principles on Business and
Human Rights and the International Labour Organization’s Core Labor Standards.
Furthermore, Deutsche Bank has established enhanced due diligence requirements for clients active in sectors or
countries identified as being sensitive to negative human rights impacts. Environmental and social issues that deem to
pose at least a moderate reputational risk are subject to the established reputational risk review process. The respective
social due diligence provisions are developed by the Chief Sustainability Office and are embedded into Deutsche Bank’s
reputational risk procedures. While assessing a client's human rights related practices, the bank expects compliance with
respective national laws and regulations and, where appropriate, the bank embeds industry specific internationally
recognized best practices and standards. As a signatory to the Equator Principles, the bank's due diligence for project
related financing in scope of the Equator Principles application follows the respective requirements, including the
International Finance Corporation’s Performance Standards 5 and 7, which specifically addresses social topics such as
resettlement and indigenous people’s rights. Additionally, the bank is guided by the Human Rights due diligence
guidance provided under Equator principles 4, where, if applicable, Deutsche Bank expects clients to undertake Human
Rights due diligence in line with UN Guiding Principles on Business and Human Rights to assess their actual or potential
negative impacts on the human rights of affected communities and other stakeholders.
If Deutsche Bank has concerns about a client with regards to human rights, it consults with relevant stakeholders. This
might include direct engagement with the client as well as - in an anonymized form - with civil society representatives
that are familiar with the situation or affected communities. Where appropriate, the bank obtains the advice of
independent experts. Based on the available information and its assessment of the risks that have been identified, the
bank decides on the further course of action, which may include working closely with the client, introducing remediation
measures and seeking to encourage the client to prevent or mitigate the impact, or the termination of a business
relationship.
Risk Management
Deutsche Bank takes steps to identify, prevent, address, mitigate, measure, and manage actual or potential adverse
human rights risks by understanding where its business activities and operations might trigger a negative impact on
human rights. The bank’s minimum standards relating to human rights and other social risks, as long as they are not in
contradiction with regulatory or legal expectations, are:
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–No engagement in business activities where the bank has substantiated evidence of material adverse human rights
impacts and it is determined through its internal processes that such adverse human rights impacts cannot be avoided
or appropriately mitigated
–Enhanced due diligence requirements for a determined set of sectors, across project finance and in instances where
material controversies related to human rights have been identified
–Enhanced due diligence requirements in the defense sector with exclusions including controversial weapons, conflict
countries, private military security companies, as well as civilian-use automatic and semi-automatic firearms and
human-out-of-the-loop weapon systems
–Enhanced due diligence requirements with regard to adult entertainment, with exclusion of any business directly
associated with prostitution and/or pornography (commercial enterprises related to the sale or purchase of sex-
related services, ranging from individual workers in prostitution to the pornographic entertainment industry
–Enhanced due diligence required regarding gambling with exclusion of online gambling Business-to-Consumer
operators with exposure to markets where gambling is prohibited.
As a global bank, Deutsche Bank operates in numerous jurisdictions across the world and supports many market sectors
with its financial products and services. This provides an opportunity to help address relevant social challenges but may
also expose the bank to the risk of being linked to adverse social impacts, including financial crime risks, such as modern
slavery and human trafficking. The Anti-Money Laundering Policy and Know Your Client Policy set out the group-wide
minimum Anti-Money Laundering requirements including internal safeguarding measures and are complemented by
country supplements to ensure compliance with local regulatory requirements. Relevant employees are required, among
other things, to conduct due diligence on clients, including establishing the identity, ownership structure, and residency,
as well as the purpose and nature of the client relationship, If adverse social issues are identified, for example through
negative media coverage, the client must be referred to the Chief Sustainability Office for further assessment in line with
the bank’s requirements for enhanced due diligence requirements. Deutsche Bank's Group-wide framework for the
prevention of financial crime aims, among other things, to prevent, deter, and detect client activities that may be linked
to potential human rights violations. The Financial Crime Risk Management Framework sets out the responsibilities of the
Anti-Financial Crime function and all Deutsche Bank employees in managing financial crime risks. It also defines the
organizational requirements and processes for effective risk management across the first and second lines of defense.
In line with the policies and processes that define due‑diligence requirements for clients regarding social and human
rights management practices, Deutsche Bank’s policies and procedures also address potential sector‑specific adverse
social risks associated with product offering by certain market segments. The bank has established dedicated policies for
the defense, gaming, and adult entertainment sectors, which fall under the scope of the Reputational Risk Framework. In
accordance with this framework, matters related to these industries must be reviewed by subject matter experts.
Governance risk
Governance
ESGT3
Governance is a priority for Deutsche Bank which is embedded in the organization’s code of conduct. This forms the basis
for Deutsche Bank’s management of governance risks. Types of governance risk include counterparties with issues such
as transparency and inclusiveness, or clients involved in bribery and corruption scandals, or accused of tax avoidance or
optimization. Deutsche Bank addresses these concerns via different frameworks and processes including those relating
to reputational risk and AFC.
ESG risks and governance risks specifically are integrated into the Reputational Risk Framework and AFC frameworks as
deemed appropriate by the organization e.g. the Reputational Risk Framework would review any concerns regarding
counterparties the institution is engaging with that could cause potential moderate or material reputational risk. The
Reputational Risk Framework provides consistent standards for the identification, assessment, and management of
reputational risk issues. The Regional Reputational Risk Committees, which are 2nd LoD Committees serve as escalation
bodies for their respective regions of Deutsche Bank and the Group Reputational Risk Committee serves as the
escalation body at the group level on behalf of the Management Board. The oversight, governance and coordination of
the management of reputational risk at Deutsche Bank falls under the responsibility of the Head of ORM.
The escalation procedure for reputational risk requires that relevant stakeholders are consulted for input, such as
country management, key control functions, and other second-line subject matter experts. The Unit Reputational Risk
Assessment Process (Unit RRAP) is chaired by a business division’s relevant senior manager and applies to all matters
deemed to pose moderate or greater reputational risk. If a matter is considered to pose a material reputational risk and/
or meets one of the bank’s mandatory referral criteria, it is referred for further review to the relevant Regional
Reputational Risk Committee. In exceptional circumstances, matters are referred to the Group Reputational Risk
Committee.
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AFC acts as an independent function setting policies and minimum control standards for the management and
mitigation of financial crime risks at Deutsche Bank, including those relating to clients or counterparties that may be the
subject of allegations of bribery and corruption. Deutsche Bank’s business divisions are responsible and accountable for
the implementation and operationalization of these policies and standards. The Management Board ensures that AFC
can execute its tasks independently and effectively.
Strategy and processes
Deutsche Bank's Group Risk Appetite Statement (GRAS) covers the bank’s position on reputational risk and AFC risk
appetite which integrates governance risk concerns. The GRAS is owned by Enterprise and Treasury Risk Management,
reviewed by the Group Risk Committee and acknowledged by the Management Board on an annual basis.
Deutsche Bank has limited appetite for transactions or relationships with material reputational risk or in areas which
inherently pose a higher reputational risk, such as the defense, gaming, or adult entertainment sectors, where there are
ethical concerns and potential concerns of corruption and bribery. Specifically, matters are deemed to pose material
reputational risk if they are considered likely to: attract significant negative media attention (incl. repeated criticism
across various channels), NGO letters or formal campaigns; opposed by significant cross-sections of the public; result in
regulatory criticism, negative impact on Deutsche Bank’s relationship with supervisory authorities; criticism at the bank’s
annual general meeting; trigger client attrition; or, result in employees questioning how the matter fits in with DB’s code
of conduct. These cases are reviewed via the Reputational Risk Framework on a case-by-case basis considering views
from a broad range of stakeholders. Reputational risk, including governance risk, cannot be precluded as it can be driven
by unforeseeable changes in perception of the Group’s practices by various stakeholders (e.g. public, clients,
shareholders and regulators).
Deutsche Bank has no tolerance for its employees or third parties acting on its behalf engaging in bribery or corruption.
On an annual basis, Deutsche Bank undertakes an assessment of inherent bribery and corruption risks and corresponding
controls across all its businesses. Deutsche Bank has continued to reduce its exposure to areas that present a higher
inherent risk of bribery and corruption, such as the use of business development consultants. Deutsche Bank continues
to implement new, and further enhance its existing, controls in these key risk areas. These controls are both preventative
and detective and include enhanced due diligence on clients, vendors and other third parties, contractual
representations, and warranties, monitoring of relevant payment flows, as well as the monitoring of client, vendor, and
other third-party relationships. Potential instances of bribery or corruption are independently investigated, and any
employee determined to be engaged in such behavior would be subject to disciplinary action, including red flags, up to
and including termination of employment. All Deutsche Bank’s bribery and corruption policies and procedures also apply
to all temporary/contract employees. Identified instances of bribery and corruption would be reported to senior
management and relevant legal or regulatory authorities. See chapter on “Whistleblowing” for further information.
Deutsche Bank has policies, procedures and controls that cover those areas that present an increased risk of bribery and
corruption, the cornerstone of which is the Anti-Bribery and Corruption Policy. These policies cover all key areas of
Deutsche Bank’s bribery and corruption risk exposure, including gifts and entertainment, charitable donations, hiring
practices, joint ventures and strategic investments, vendor risk management, books and records, and political
contributions.
Deutsche Bank has also implemented a holistic fraud risk management framework across all lines of defense, defining
governance and minimum standards, and establishing key controls to mitigate the risk of fraud, such as mandatory time
away and fraud transaction monitoring. The Anti-Fraud Policy also sets out the applicable minimum requirements and
defines the prohibition of fraud including internal fraud by employees against Deutsche Bank, its clients and other third
parties, fraud by external parties against Deutsche Bank, the understanding and assessment of fraud risk, as well as the
escalation of internal and external fraud.
Risk management
Deutsche Bank uses a risk-based approach to identify counterparties of concern and determine appropriate escalation
steps. This means for governance risk that the bank will assess areas such as ethical considerations, strategy and risk
management, inclusiveness, transparency, conflict of interest management and internal communication on critical
concerns, if they have been deemed to carry an additional risk factor. For example, via the presence of adverse media,
allegations, or NGO activities regarding concerns with the governance of the counterparty. Once concerns are identified
they are escalated within the existing Reputational Risk and AFC frameworks as deemed appropriate. Deutsche Bank’s
Sustainability Statement (https://investor-relations.db.com/reports-and-events/annual-reports) provides further details
on the Rep Risk Framework and AFC/KYC processes.
The Reputational Risk Framework is in place to manage the process through which active decisions are taken on matters
which may pose a reputational risk, before the event, and in doing so to prevent damage to Deutsche Bank’s reputation
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| Pillar 3 Report as of December 31, 2025 | Governance risk |
wherever possible. Along with other reputational risk matters, this Framework assess any issues identified in relation to
the governance performance of counterparties, including the role of the counterparty’s top governing body. Such
concerns can be driven by allegations of corruption and bribery, aggressive business practices and/or issues around
transparent business dealings. The Framework also discusses reputational risks arising from, but not limited to,
counterparty concerns perceived to be in contradiction with Deutsche Bank’s code of conduct, and potential issues with
the business purpose/economic substance of the transaction or product, high risk industries, environmental and social
considerations, and the nature of the transaction or product or its structure and terms.
Under the Reputational Risk Framework, all employees are responsible for identifying potential reputational risks and
reporting them by means of the Unit RRAP. Each Business Division has an established process through which matters,
which are deemed to be a moderate or greater reputational risk are assessed (Unit RRAP). The Framework is applicable
across all Business and Infrastructure Divisions and Regions. Whilst every employee has a responsibility to protect
Deutsche Bank’s reputation, the primary responsibility for the identification, assessment, management, monitoring and, if
necessary, referring or reporting of reputational risk matters lies with Deutsche Bank’s Business Divisions as the primary
risk owners.
To the extent the bank engages with third parties either to act on its behalf or as part of a joint venture or strategic
investment, AFC will conduct appropriate levels of due diligence before entering into such a relationship to gain comfort
with regard to the counterparty’s controls and whether engaging with the counterparty is within risk appetite. Equally, all
new client adoptions are assessed for bribery and corruption concerns, and, where appropriate, will be reviewed as part
of the reputational risk process described above.
Climate change transition risk
Financed emissions are emissions that banks and investors finance through on-balance sheet lending and investing
activities. Greenhouse gases (GHG) can be distinguished into three categories: Scope 1, 2 and 3.
–Scope 1: Direct GHG emissions occur from sources owned or controlled by the counterparty
–Scope 2: Indirect GHG emissions from generation of purchased electricity, steam, heating, or cooling consumed by
the counterparty
–Scope 3: Other indirect GHG emissions not included in Scope 2 occurring in the value chain of the counterparty; it can
be further broken down into upstream emissions i.e., life cycle of materials, products or services up to the point of sale
and downstream emissions i.e., distribution, storage, use and end-of-life treatment of products and services
Table ESG1 highlights potential transition risks the Group is exposed to on loans and advances, debt securities and
equity instruments in the banking book as clients transition to a low-carbon and climate-resilient economy. Transition risk
is deemed to be higher for those exposures not aligned with the EU Paris-Benchmark and exposures with a longer
maturity, especially from clients operating in carbon-related sectors and highly contributing to climate change.
Starting June 30, 2025, Deutsche Bank reports the estimates of financed emissions (Scope 1,2 & 3) for exposures in the
banking book. The Bank calculates its financed emissions using the methodology described in the Sustainability
Statement 2025. Financed emissions reported in the table rely on MSCI data and the emission factors of the Partnership
for Carbon Accounting Financials (PCAF) where client-specific emissions data is not available. PCAF Data quality scores
are calculated according to the rules outlined in PCAF’s Global GHG Accounting and Reporting Standard for the
Financial Industry. They reflect the extent to which sectoral proxy estimates were utilized in the calculation of financed
emissions and are an indication of the challenges that the bank and the industry still face with getting access to
consistent and audited client-specific climate risk data.
Determination of clients not aligned with the EU Paris-Benchmark is done on a best-efforts basis, either based on
available third-party data or relevant NACE codes considered for the EU PAB benchmark exclusion which has further
been enhanced in December 2024 to include NACE codes as suggested by the Bundesverband Öffentlicher Banken
Deutschlands (association of public banks in Germany). The coverage of available information on counterparty exposures
is expected to improve over time and could result in further counterparties being identified as not aligned.
For exposures excluded from the EU-Paris aligned Benchmarks, the bank manages these exposures within its risk
management framework and in accordance with the bank’s net zero targets, its Environmental and Social Framework,
and related sectoral policies, where applicable.
The exposure towards sectors that highly contribute to climate change was € 140.6 billion as of December 31, 2025,
whereas the exposure towards sectors other than those that highly contribute to climate changes was € 222.0 billion.
The decline in total exposure of € 8.9 billion compared to € 371.3 billion as of June 30, 2025 was primarily driven by a
reclassification of approximately € 17 billion from Non‑Financial Corporations to Households, resulting from data quality
228
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|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk |
improvements that led to closer alignment with regulatory requirements. This effect was partially offset by an increase of
approximately € 6.7 billion in “K – Financial and insurance activities” within exposures to sectors other than those that
highly contribute to climate change. The average weighted maturity of “K - Financial and insurance activities” declined to
2.5 years, primarily due to updates to the complementary method, which enhanced data quality.
Exposures to financial corporates are included in “K - Financial and insurance activities” according to EBA Q&A
2022_6600. The industry classification is based on the counterparty’s NACE code. Determined exposures against holding
companies have been re-allocated to a different NACE code based on their economic operating model.
229
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|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk |
ESG1 – Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions and maturity
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting³ | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 1 | Exposures towards sectors that highly contribute to climate change* | 10,463 | 21,599 | 8,105 | (2,687) | (334) | (2,219) | 162 | 136 | — | 118,945 | 9,696 | 7,077 | 4,718 | 3.3 |
| 2 | A - Agriculture, forestry and fishing | 104 | 63 | 36 | (7) | (1) | (6) | 1 | 1 | — | 904 | 62 | 20 | 6 | 2.9 |
| 3 | B - Mining and quarrying | 2,496 | 437 | 31 | (33) | (4) | (26) | 13 | 8 | — | 2,005 | 210 | 278 | 3 | 2.9 |
| 4 | B.05 - Mining of coal and lignite | 73 | 70 | 2 | (3) | (1) | (2) | 1 | 0 | — | 73 | 0 | 0 | 0 | 3.6 |
| 5 | B.06 - Extraction of crude petroleum and natural gas | 1,598 | 250 | 25 | (27) | (3) | (22) | 9 | 5 | — | 1,169 | 158 | 272 | 0 | 3.4 |
| 6 | B.07 - Mining of metal ores | 53 | 25 | 0 | (0) | (0) | 0 | 0 | 0 | — | 47 | 0 | 3 | 3 | 5.1 |
| 7 | B.08 - Other mining and quarrying | 145 | 49 | 4 | (2) | (0) | (1) | 0 | 0 | — | 130 | 11 | 3 | 0 | 2.8 |
| 8 | B.09 - Mining support service activities | 626 | 43 | 0 | (1) | (0) | 0 | 2 | 1 | — | 586 | 41 | 0 | 0 | 1.4 |
| 9 | C - Manufacturing | 1,293 | 4,140 | 1,529 | (707) | (48) | (628) | 68 | 62 | — | 31,540 | 1,768 | 888 | 33 | 1.9 |
| 10 | C.10 - Manufacture of food products | 64 | 289 | 86 | (29) | (5) | (21) | 4 | 3 | — | 3,264 | 162 | 14 | 18 | 1.8 |
| 11 | C.11 - Manufacture of beverages | 3 | 56 | 38 | (10) | (1) | (8) | 0 | 0 | — | 721 | 31 | 0 | 0 | 1.1 |
| 12 | C.12 - Manufacture of tobacco products | 0 | 9 | 0 | (0) | (0) | (0) | 0 | 0 | — | 114 | 0 | 0 | 0 | 2.2 |
| 13 | C.13 - Manufacture of textiles | 0 | 47 | 25 | (11) | (1) | (10) | 1 | 1 | — | 287 | 27 | 22 | 0 | 2.5 |
| 14 | C.14 - Manufacture of wearing apparel | 0 | 27 | 28 | (16) | (0) | (15) | 0 | 0 | — | 140 | 16 | 11 | 0 | 2.5 |
| 15 | C.15 - Manufacture of leather and related products | 0 | 22 | 11 | (5) | (0) | (5) | 0 | 0 | — | 68 | 9 | 3 | 0 | 2.4 |
All values are in Euros.
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting³ | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 16 | C.16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 0 | 37 | 36 | (23) | (1) | (22) | 0 | 0 | — | 133 | 17 | 4 | 0 | 2.0 |
| 17 | C.17 - Manufacture of pulp, paper and paperboard | 0 | 173 | 20 | (11) | (1) | (9) | 1 | 1 | — | 608 | 76 | 18 | 0 | 2.1 |
| 18 | C.18 - Printing and service activities related to printing | 0 | 58 | 5 | (6) | (3) | (3) | 0 | 0 | — | 376 | 14 | 9 | 0 | 2.1 |
| 19 | C.19 - Manufacture of coke oven products | 565 | 67 | 15 | (1) | (0) | (0) | 4 | 4 | — | 498 | 66 | 0 | 0 | 1.2 |
| 20 | C.20 - Production of chemicals | 121 | 213 | 140 | (64) | (3) | (59) | 3 | 2 | — | 1,979 | 78 | 174 | 5 | 2.4 |
| 21 | C.21 - Manufacture of pharmaceutical preparations | 16 | 158 | 23 | (9) | (1) | (7) | 1 | 0 | — | 1,287 | 117 | 33 | 0 | 2.3 |
| 22 | C.22 - Manufacture of rubber products | 101 | 271 | 148 | (65) | (5) | (59) | 4 | 4 | — | 1,663 | 54 | 18 | 0 | 1.5 |
| 23 | C.23 - Manufacture of other non-metallic mineral products | 0 | 153 | 55 | (38) | (4) | (34) | 1 | 0 | — | 574 | 21 | 8 | 5 | 2.8 |
| 24 | C.24 - Manufacture of basic metals | 2 | 484 | 164 | (37) | (3) | (32) | 5 | 4 | — | 1,568 | 131 | 181 | 0 | 2.2 |
| 25 | C.25 - Manufacture of fabricated metal products, except machinery and equipment | 0 | 331 | 110 | (61) | (4) | (56) | 2 | 2 | — | 1,115 | 142 | 44 | 0 | 2.3 |
| 26 | C.26 - Manufacture of computer, electronic and optical products | 0 | 152 | 21 | (17) | (3) | (12) | 1 | 1 | — | 2,932 | 89 | 26 | 0 | 2.1 |
| 27 | C.27 - Manufacture of electrical equipment | 52 | 145 | 74 | (44) | (1) | (40) | 6 | 6 | — | 3,560 | 339 | 24 | 0 | 1.5 |
| 28 | C.28 - Manufacture of machinery and equipment n.e.c. | 68 | 305 | 200 | (87) | (3) | (80) | 7 | 6 | — | 3,120 | 156 | 48 | 1 | 1.8 |
All values are in Euros.
231
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting³ | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 29 | C.29 - Manufacture of motor vehicles, trailers and semi-trailers | 192 | 469 | 133 | (66) | (4) | (61) | 22 | 22 | — | 3,536 | 101 | 6 | 0 | 1.1 |
| 30 | C.30 - Manufacture of other transport equipment | 25 | 75 | 88 | (50) | (1) | (48) | 3 | 3 | — | 1,430 | 30 | 25 | 0 | 2.6 |
| 31 | C.31 - Manufacture of furniture | 0 | 56 | 13 | (10) | (1) | (9) | 0 | 0 | — | 236 | 3 | 5 | 0 | 1.3 |
| 32 | C.32 - Other manufacturing | 85 | 534 | 98 | (45) | (5) | (38) | 2 | 2 | — | 2,292 | 83 | 211 | 3 | 2.6 |
| 33 | C.33 - Repair and installation of machinery and equipment | 0 | 9 | 1 | (0) | (0) | (0) | 0 | 0 | — | 39 | 4 | 5 | 0 | 2.4 |
| 34 | D - Electricity, gas, steam and air conditioning supply | 3,667 | 521 | 182 | (87) | (4) | (77) | 14 | 6 | — | 4,938 | 652 | 451 | 175 | 3.8 |
| 35 | D35.1 - Electric power generation, transmission and distribution | 3,198 | 436 | 112 | (39) | (3) | (31) | 11 | 5 | — | 3,975 | 628 | 407 | 174 | 4.2 |
| 36 | D35.11 - Production of electricity | 2,479 | 349 | 88 | (31) | (3) | (26) | 7 | 4 | — | 2,172 | 379 | 221 | 174 | 5.1 |
| 37 | D35.2 - Manufacture of gas; distribution of gaseous fuels through mains | 445 | 83 | 69 | (47) | (1) | (46) | 1 | 1 | — | 523 | 17 | 40 | 0 | 3.0 |
| 38 | D35.3 - Steam and air conditioning supply | 24 | 2 | 1 | (0) | (0) | (0) | 2 | 0 | — | 439 | 7 | 4 | 0 | 0.4 |
| 39 | E - Water supply; sewerage, waste management and remediation activities | 0 | 277 | 8 | (10) | (5) | (4) | 1 | 0 | — | 726 | 147 | 55 | 10 | 3.6 |
| 40 | F - Construction | 98 | 437 | 241 | (109) | (11) | (92) | 4 | 3 | — | 4,008 | 551 | 347 | 375 | 5.4 |
| 41 | F.41 - Construction of buildings | 13 | 156 | 108 | (38) | (2) | (33) | 2 | 1 | — | 2,048 | 246 | 114 | 311 | 6.3 |
| 42 | F.42 - Civil engineering | 17 | 42 | 15 | (11) | (2) | (9) | 1 | 0 | — | 597 | 101 | 141 | 13 | 5.3 |
| 43 | F.43 - Specialized construction activities | 69 | 239 | 118 | (59) | (7) | (50) | 1 | 1 | — | 1,363 | 203 | 92 | 51 | 3.9 |
All values are in Euros.
232
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting³ | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 44 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 2,694 | 2,628 | 1,034 | (517) | (25) | (475) | 44 | 43 | — | 22,508 | 763 | 196 | 28 | 1.0 |
| 45 | H - Transportation and storage | 109 | 690 | 332 | (91) | (8) | (76) | 6 | 3 | — | 6,914 | 1,664 | 452 | 58 | 4.0 |
| 46 | H.49 - Land transport and transport via pipelines | 109 | 43 | 58 | (27) | (1) | (25) | 1 | 1 | — | 1,427 | 148 | 89 | 9 | 3.0 |
| 47 | H.50 - Water transport | 0 | 98 | 69 | (2) | (0) | (0) | 2 | 0 | — | 831 | 363 | 121 | 38 | 7.5 |
| 48 | H.51 - Air transport | 0 | 281 | 117 | (13) | (3) | (7) | 2 | 1 | — | 2,459 | 792 | 92 | 0 | 3.9 |
| 49 | H.52 - Warehousing and support activities for transportation | 0 | 267 | 87 | (49) | (4) | (43) | 1 | 1 | — | 1,821 | 361 | 148 | 11 | 3.7 |
| 50 | H.53 - Postal and courier activities | 0 | 1 | 1 | (0) | (0) | (0) | 0 | 0 | — | 376 | 1 | 1 | 0 | 0.2 |
| 51 | I - Accommodation and food service activities | 0 | 919 | 98 | (32) | (9) | (20) | 1 | 1 | — | 2,155 | 750 | 235 | 9 | 4.1 |
| 52 | L - Real estate activities | 2 | 11,486 | 4,614 | (1,094) | (220) | (816) | 10 | 10 | — | 43,248 | 3,129 | 4,156 | 4,023 | 4.8 |
| 53 | Exposures towards sectors other than those that highly contribute to climate change* | 477 | 7,786 | 2,492 | (878) | (90) | (677) | 0 | 0 | — | 201,047 | 13,106 | 4,464 | 3,337 | 2.6 |
| 54 | K - Financial and insurance activities¹ | 204 | 3,070 | 780 | (268) | (19) | (198) | 0 | 0 | — | 152,169 | 8,361 | 3,100 | 2,287 | 2.5 |
| 55 | Exposures to other sectors (NACE codes J, M - U) | 274 | 4,716 | 1,712 | (610) | (71) | (478) | 0 | 0 | — | 48,878 | 4,745 | 1,364 | 1,050 | 2.8 |
| 56 | Total | 10,940 | 29,385 | 10,597 | (3,565) | (424) | (2,895) | 162 | 136 | — | 319,992 | 22,802 | 11,541 | 8,055 | 2.9 |
All values are in Euros.
1 Includes exposures to financial corporates as per EBA Q&A 2022_6600
2 Based on % of turnover contributing to environmentally sustainable activities aligned with the EU Taxonomy CCM objectives.
3 The Bank can derive the % of gross carrying amount for Scope 1 & 2 based on company specific reporting, however Scope 3 is based on estimates hence not reported
233
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 1 | Exposures towards sectors that highly contribute to climate change* | 14,785 | 27,245 | 7,713 | (2,547) | (314) | (2,102) | 163 | 136 | — | 123,833 | 10,072 | 8,253 | 6,395 | 3.6 |
| 2 | A - Agriculture, forestry and fishing | 200 | 72 | 30 | (7) | (1) | (5) | 2 | 2 | — | 1,203 | 64 | 64 | 25 | 3.2 |
| 3 | B - Mining and quarrying | 3,480 | 373 | 16 | (23) | (5) | (15) | 16 | 10 | — | 3,182 | 99 | 193 | 6 | 1.9 |
| 4 | B.05 - Mining of coal and lignite | 82 | 34 | 2 | (3) | (1) | (2) | 1 | 0 | — | 80 | 2 | 0 | 0 | 4.1 |
| 5 | B.06 - Extraction of crude petroleum and natural gas | 2,504 | 309 | 11 | (18) | (3) | (12) | 12 | 9 | — | 2,231 | 86 | 186 | 1 | 1.9 |
| 6 | B.07 - Mining of metal ores | 106 | 21 | 0 | (0) | (0) | (0) | 1 | 0 | — | 103 | 0 | 0 | 3 | 1.4 |
| 7 | B.08 - Other mining and quarrying | 149 | 9 | 2 | (1) | (0) | (1) | 0 | 0 | — | 131 | 11 | 6 | 2 | 4.0 |
| 8 | B.09 - Mining support service activities | 640 | 0 | 0 | (1) | (0) | (0) | 3 | 0 | — | 638 | 0 | 1 | 0 | 1.1 |
| 9 | C - Manufacturing | 1,669 | 5,128 | 1,434 | (660) | (50) | (582) | 70 | 64 | — | 31,459 | 1,880 | 1,042 | 242 | 2.1 |
| 10 | C.10 - Manufacture of food products | 52 | 398 | 57 | (35) | (4) | (28) | 3 | 3 | — | 3,153 | 275 | 37 | 44 | 2.1 |
| 11 | C.11 - Manufacture of beverages | 0 | 83 | 13 | (6) | (2) | (3) | 0 | 0 | — | 700 | 37 | 4 | 1 | 1.5 |
| 12 | C.12 - Manufacture of tobacco products | 0 | 8 | 0 | (0) | (0) | (0) | 0 | 0 | — | 130 | 15 | 0 | 0 | 1.6 |
| 13 | C.13 - Manufacture of textiles | 0 | 39 | 33 | (14) | (1) | (13) | 1 | 1 | — | 340 | 32 | 34 | 9 | 3.3 |
| 14 | C.14 - Manufacture of wearing apparel | 0 | 38 | 31 | (17) | (0) | (16) | 0 | 0 | — | 171 | 22 | 21 | 39 | 7.1 |
| 15 | C.15 - Manufacture of leather and related products | 0 | 44 | 9 | (5) | (1) | (4) | 0 | 0 | — | 81 | 10 | 8 | 1 | 3.3 |
| 16 | C.16 - Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials | 0 | 58 | 23 | (22) | (2) | (20) | 0 | 0 | — | 181 | 22 | 9 | 4 | 3.1 |
| 17 | C.17 - Manufacture of pulp, paper and paperboard | 0 | 102 | 20 | (12) | (0) | (11) | 1 | 0 | — | 531 | 48 | 24 | 1 | 2.2 |
All values are in Euros.
234
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 18 | C.18 - Printing and service activities related to printing | 0 | 58 | 7 | (5) | (1) | (3) | 0 | 0 | — | 533 | 27 | 15 | 9 | 2.2 |
| 19 | C.19 - Manufacture of coke oven products | 539 | 123 | 0 | (1) | (0) | (0) | 3 | 3 | — | 501 | 36 | 1 | 1 | 0.8 |
| 20 | C.20 - Production of chemicals | 213 | 328 | 73 | (34) | (4) | (29) | 3 | 2 | — | 2,081 | 68 | 178 | 4 | 2.3 |
| 21 | C.21 - Manufacture of pharmaceutical preparations | 18 | 127 | 24 | (10) | (1) | (7) | 1 | 0 | — | 1,311 | 105 | 23 | 1 | 2.0 |
| 22 | C.22 - Manufacture of rubber products | 228 | 372 | 135 | (44) | (4) | (39) | 7 | 7 | — | 1,841 | 70 | 28 | 2 | 1.7 |
| 23 | C.23 - Manufacture of other non-metallic mineral products | 0 | 131 | 46 | (34) | (4) | (30) | 2 | 1 | — | 948 | 15 | 13 | 8 | 2.0 |
| 24 | C.24 - Manufacture of basic metals | 0 | 313 | 188 | (42) | (1) | (38) | 4 | 3 | — | 1,479 | 117 | 98 | 4 | 2.2 |
| 25 | C.25 - Manufacture of fabricated metal products, except machinery and equipment | 0 | 402 | 109 | (61) | (4) | (55) | 3 | 3 | — | 1,577 | 160 | 74 | 15 | 2.5 |
| 26 | C.26 - Manufacture of computer, electronic and optical products | 0 | 237 | 23 | (15) | (2) | (12) | 1 | 1 | — | 2,326 | 42 | 34 | 4 | 2.2 |
| 27 | C.27 - Manufacture of electrical equipment | 50 | 626 | 70 | (46) | (2) | (43) | 7 | 7 | — | 2,147 | 203 | 35 | 4 | 1.9 |
| 28 | C.28 - Manufacture of machinery and equipment n.e.c. | 41 | 344 | 145 | (76) | (5) | (68) | 9 | 8 | — | 3,354 | 131 | 85 | 9 | 1.8 |
| 29 | C.29 - Manufacture of motor vehicles, trailers and semi-trailers | 409 | 782 | 120 | (67) | (6) | (59) | 20 | 19 | — | 3,994 | 50 | 12 | 5 | 1.1 |
| 30 | C.30 - Manufacture of other transport equipment | 91 | 69 | 111 | (34) | (1) | (33) | 4 | 3 | — | 1,318 | 32 | 27 | 0 | 2.4 |
| 31 | C.31 - Manufacture of furniture | 0 | 36 | 15 | (11) | (0) | (10) | 0 | 0 | — | 195 | 9 | 17 | 7 | 3.4 |
| 32 | C.32 - Other manufacturing | 28 | 395 | 180 | (67) | (4) | (60) | 2 | 2 | — | 2,501 | 347 | 255 | 67 | 3.6 |
| 33 | C.33 - Repair and installation of machinery and equipment | 0 | 17 | 1 | (1) | (1) | (0) | 0 | 0 | — | 68 | 6 | 8 | 4 | 3.5 |
All values are in Euros.
235
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 34 | D - Electricity, gas, steam and air conditioning supply | 5,752 | 665 | 138 | (70) | (4) | (62) | 17 | 9 | — | 4,454 | 713 | 515 | 71 | 3.9 |
| 35 | D35.1 - Electric power generation, transmission and distribution | 5,101 | 560 | 96 | (32) | (3) | (25) | 16 | 8 | — | 3,972 | 594 | 467 | 69 | 3.9 |
| 36 | D35.11 - Production of electricity | 2,682 | 432 | 96 | (30) | (2) | (25) | 7 | 3 | — | 2,012 | 366 | 238 | 67 | 4.4 |
| 37 | D35.2 - Manufacture of gas; distribution of gaseous fuels through mains | 622 | 102 | 41 | (37) | (1) | (36) | 2 | 1 | — | 476 | 103 | 44 | 0 | 3.7 |
| 38 | D35.3 - Steam and air conditioning supply | 29 | 2 | 1 | (0) | (0) | (0) | 0 | 0 | — | 7 | 16 | 4 | 2 | 7.8 |
| 39 | E - Water supply; sewerage, waste management and remediation activities | 0 | 215 | 5 | (5) | (1) | (3) | 1 | 0 | — | 805 | 164 | 62 | 10 | 3.2 |
| 40 | F - Construction | 59 | 769 | 300 | (109) | (17) | (86) | 3 | 3 | — | 3,984 | 816 | 449 | 667 | 6.7 |
| 41 | F.41 - Construction of buildings | 42 | 261 | 120 | (39) | (4) | (32) | 2 | 1 | — | 1,905 | 321 | 143 | 406 | 7.5 |
| 42 | F.42 - Civil engineering | 0 | 70 | 7 | (6) | (2) | (3) | 0 | 0 | — | 501 | 133 | 58 | 28 | 4.7 |
| 43 | F.43 - Specialized construction activities | 16 | 439 | 173 | (64) | (11) | (51) | 1 | 1 | — | 1,578 | 362 | 247 | 234 | 6.4 |
| 44 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 3,406 | 3,759 | 1,116 | (567) | (31) | (516) | 37 | 36 | — | 22,539 | 818 | 972 | 487 | 2.0 |
| 45 | H - Transportation and storage | 199 | 1,078 | 226 | (82) | (8) | (67) | 6 | 2 | — | 5,519 | 1,366 | 422 | 131 | 4.2 |
| 46 | H.49 - Land transport and transport via pipelines | 199 | 96 | 41 | (16) | (2) | (13) | 0 | 0 | — | 662 | 134 | 26 | 24 | 4.3 |
| 47 | H.50 - Water transport | 0 | 417 | 1 | (3) | (1) | (0) | 2 | 0 | — | 796 | 305 | 136 | 9 | 5.8 |
| 48 | H.51 - Air transport | 0 | 264 | 84 | (16) | (2) | (12) | 2 | 1 | — | 1,671 | 630 | 106 | 1 | 4.0 |
| 49 | H.52 - Warehousing and support activities for transportation | 0 | 287 | 98 | (46) | (3) | (40) | 1 | 1 | — | 2,099 | 295 | 152 | 90 | 3.9 |
| 50 | H.53 - Postal and courier activities | 0 | 13 | 2 | (2) | (0) | (2) | 0 | 0 | — | 292 | 3 | 2 | 7 | 1.1 |
All values are in Euros.
236
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change transition risk | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Accumulated impairment,<br><br>accumulated negative changes in fair<br><br>value due to credit risk and provisions | GHG financed<br><br>emissions (scope 1,<br><br>scope 2 and scope 3<br><br>emissions of the<br><br>counterparty) (in Mtons<br><br>of CO2 equivalent) | GHG<br><br>emissions<br><br>(column i):<br><br>gross<br><br>carrying<br><br>amount<br><br>percentage<br><br>of the<br><br>portfolio<br><br>derived<br><br>from<br><br>company-<br><br>specific<br><br>reporting | <= 5 years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20 years | Average<br><br>weighted<br><br>maturity | ||||||||
| in m. | of which:<br><br>exposures<br><br>towards<br><br>companies excl.<br><br>from EU Paris-<br><br>aligned<br><br>Benchmarks in<br><br>accordance with<br><br>pts (d) to (g) of<br><br>Art. 12.1 and<br><br>Art. 12.2 of<br><br>Climate<br><br>Benchmark<br><br>Standards<br><br>Regulation | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>stage 2<br><br>exposures | of which:<br><br>non-<br><br>performing<br><br>exposures | of which:<br><br>Scope 3<br><br>financed<br><br>emissions | |||||||||
| 51 | I - Accommodation and food service activities | 0 | 1,017 | 101 | (38) | (11) | (25) | 0 | 0 | — | 2,314 | 864 | 298 | 119 | 5.1 |
| 52 | L - Real estate activities | 20 | 14,170 | 4,349 | (985) | (187) | (742) | 11 | 10 | — | 48,375 | 3,288 | 4,237 | 4,636 | 4.8 |
| 53 | Exposures towards sectors other than those that highly contribute to climate change* | 477 | 10,676 | 3,487 | (860) | (100) | (633) | 0 | 0 | — | 194,624 | 15,901 | 6,718 | 5,483 | 9.3 |
| 54 | K - Financial and insurance activities¹ | 212 | 3,878 | 949 | (287) | (18) | (204) | 0 | 0 | — | 145,028 | 9,520 | 2,829 | 1,847 | 11.3 |
| 55 | Exposures to other sectors (NACE codes J, M - U) | 265 | 6,798 | 2,538 | (573) | (82) | (430) | 0 | 0 | — | 49,596 | 6,381 | 3,889 | 3,637 | 4.3 |
| 56 | Total | 15,262 | 37,920 | 11,200 | (3,406) | (414) | (2,736) | 163 | 136 | — | 318,457 | 25,973 | 14,971 | 11,878 | 7.0 |
All values are in Euros.
1 Includes exposures to financial corporates as per EBA Q&A 2022_6600
2 Based on % of turnover contributing to environmentally sustainable activities eligible per the EU Taxonomy CCM objectives.
237
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Energy efficiency of real estate collateral |
Energy efficiency of real estate collateral
Table ESG2 provides insights into the energy efficiency of residential and commercial real estate collateralizing
Deutsche Bank’s loans, utilizing kWh/m² and Energy Performance Certificate (EPC) labels.
Energy efficiency information is unavailable for the majority of the collateral. Although certain local EPC databases exist
for Spain and Italy, a 92% of the Group’s portfolios is located in Germany without a fully public EPC database. However,
Deutsche Bank is able to derive EPC estimates using internal collateral attributes and external reference datasets,
including PCAF.
For contracts secured by multiple properties, the calculated kWh/m² figures are allocated to each property on a pro-rata
basis, using the weighted average lending value as the allocation key. In total, Deutsche Bank reaches a PCAF Data
Quality score of 3.9 for its EU residential real estate portfolio. The scores reflect the extent to which proxy estimates
were utilized.
Loans secured by immovable property predominantly stem from the bank’s German residential real estate portfolio
(€ 147.8 billion), where Deutsche Bank maintains strong market coverage and can reliably estimate energy efficiency
metric. Owing to the significant share of recently constructed properties in the German mortgage portfolio, a 26% of the
gross carrying amount is associated with low energy consumption levels.
Deutsche Bank began collecting EPC information for new residential real estate loans within its EU based portfolio in
- Due to data protection requirements, EPCs cannot be systematically obtained from private households, resulting
in limited availability of actual EPC labels for residential immovable property.
For private household clients, EPC documentation is collected only where clients are legally required to hold a valid EPC
for their property. The 92% of reported EPC labels currently originate from the German and Spanish mortgage portfolios.
The collection process of energy efficiency data including certificates for commercial immovable property remains under
development.
Loans secured by garages and plots (classified under residential immovable property) do not have an associated kWh/m²
estimate and are therefore recorded as 0 kWh/m² in column b. Exposures for which no EPC label is available are reported
without EPCs in column o. Where an EPC label exists but does not include kWh/m² data, the gross carrying amount is
reported under “Level of energy efficiency estimated“ in column a5.
For portfolios outside the EU, comprehensive and harmonized energy-efficiency standards comparable to EU
frameworks are generally not in place. However, the coverage of both EU and non‑EU portfolios with kWh/m² or EPC
information has increased substantially compared with the second quarter of 2025 driven by two key factors: model
enhancements and more comprehensive data collection.
238
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Energy efficiency of real estate collateral |
ESG2 – Banking book - Climate change transition risk: Loans collateralised by immovable property - Energy efficiency of the collateral
| b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Level of energy efficiency (EP score in kWh/m² of collateral) | Level of energy efficiency (EPC label of collateral) | Without EPC label of<br><br>collateral | ||||||||||||||
| in m. (unless stated otherwise) | 0; <= 100 | > 100; <=<br><br>200 | > 200; <=<br><br>300 | > 300; <=<br><br>400 | > 400; <=<br><br>500 | > 500 | A | B | C | D | E | F | G | of which:<br><br>level of<br><br>energy<br><br>efficiency<br><br>(EP score in<br><br>kWh/m² of<br><br>collateral)<br><br>estimated<br><br>(in %) | ||
| 1 | Total EU area | 59,039 | 72,979 | 44,227 | 2,039 | 378 | 346 | 1,618 | 1,159 | 1,731 | 2,657 | 4,152 | 2,273 | 4,252 | 169,545 | 95 |
| 2 | Of which Loans collateralized by commercial immovable property | 5,115 | 11,143 | 3,969 | 594 | 25 | 184 | 184 | 62 | 188 | 215 | 100 | 119 | 344 | 25,601 | 78 |
| 3 | Of which Loans collateralized by residential immovable property | 53,923 | 61,836 | 40,259 | 1,445 | 354 | 153 | 1,434 | 1,096 | 1,543 | 2,442 | 4,052 | 2,154 | 3,908 | 143,934 | 98 |
| 4 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 0 | 0 | 0 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 | 0 |
| 5 | Of which Level of energy efficiency (EP score in kWh/m² of collateral) estimated | 54,732 | 65,708 | 40,509 | 520 | 35 | 25 | — | — | — | — | — | — | — | 161,238 | 100 |
| 6 | Total non-EU area | 1,960 | 7,688 | 7,134 | 2,676 | 6,441 | 145 | 3 | 149 | 102 | 42 | 41 | 4 | 4 | 39,322 | 65 |
| 7 | Of which Loans collateralized by commercial immovable property | 1,838 | 6,288 | 7,080 | 2,561 | 6,436 | 145 | 0 | 147 | 97 | 34 | 27 | 0 | 0 | 34,790 | 69 |
| 8 | Of which Loans collateralized by residential immovable property | 123 | 1,400 | 54 | 114 | 5 | 0 | 3 | 2 | 6 | 8 | 14 | 4 | 4 | 4,532 | 37 |
| 9 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Of which Level of energy efficiency (EP score in kWh/m² of collateral) estimated | 1,948 | 7,643 | 7,129 | 2,675 | 6,440 | 145 | — | — | — | — | — | — | — | 25,699 | 100 |
All values are in Euros.
239
| Deutsche Bank | Environmental, social and governance (ESG) risks | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Energy efficiency of real estate collateral | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | ||
| Level of energy efficiency (EP score in kWh/m² of collateral) | Level of energy efficiency (EPC label of collateral) | Without EPC label of<br><br>collateral | ||||||||||||||
| in m. (unless stated otherwise) | 0; <= 100 | > 100; <=<br><br>200 | > 200; <=<br><br>300 | > 300; <=<br><br>400 | > 400; <=<br><br>500 | > 500 | A | B | C | D | E | F | G | of which:<br><br>level of<br><br>energy<br><br>efficiency<br><br>(EP score in<br><br>kWh/m² of<br><br>collateral)<br><br>estimated<br><br>(in %) | ||
| 1 | Total EU area | 56,670 | 65,606 | 42,630 | 1,342 | 736 | 2,281 | 1,285 | 869 | 1,249 | 2,083 | 3,641 | 1,887 | 3,592 | 176,441 | 88 |
| 2 | Of which Loans collateralized by commercial immovable property | 1,873 | 3,382 | 1,494 | 54 | 391 | 1,889 | 35 | 31 | 39 | 107 | 70 | 36 | 287 | 26,537 | 32 |
| 3 | Of which Loans collateralized by residential immovable property | 54,797 | 62,224 | 41,136 | 1,288 | 345 | 382 | 1,250 | 838 | 1,211 | 1,976 | 3,571 | 1,851 | 3,305 | 149,894 | 98 |
| 4 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 0 | 0 | 0 | 0 | 0 | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 | 0 |
| 5 | Of which Level of energy efficiency (EP score in kWh/m² of collateral) estimated | 53,250 | 59,799 | 39,496 | 223 | 436 | 1,919 | — | — | — | — | — | — | — | 155,123 | 100 |
| 6 | Total non-EU area | 127 | 1,311 | 51 | 3 | 8 | 8 | 1 | 4 | 4 | 7 | 40 | 3 | 4 | 41,879 | 3 |
| 7 | Of which Loans collateralized by commercial immovable property | 1 | 212 | 1 | 0 | 6 | 7 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | 37,214 | 1 |
| 8 | Of which Loans collateralized by residential immovable property | 126 | 1,099 | 50 | 3 | 2 | 1 | 1 | 4 | 4 | 7 | 13 | 3 | 4 | 4,665 | 27 |
| 9 | Of which Collateral obtained by taking possession: residential and commercial immovable properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Of which Level of energy efficiency (EP score in kWh/m² of collateral) estimated | 120 | 1,270 | 47 | 1 | 6 | 8 | — | — | — | — | — | — | — | 1,453 | 99 |
All values are in Euros.
240
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Exposures to Top 20 carbon-intensive firms |
Alignment metrics on relative scope 3 emissions
The following template discloses eight carbon intensive sectors currently tracked under Deutsche Bank’s Net Zero target
regime. This information is also available in the 2025 Sustainability Statement, where more details and context can be
found such as 2050 final decarbonization targets, year-on-year analysis, and high-level methodological details.
Deutsche Bank’s sectoral targets are calibrated using the International Energy Agency (IEA) Net Zero Emissions (NZE)
pathway, the decarbonization pathways from the Poseidon Principles methodology which follows the Revised
International Maritime Organisation (IMO) Strategy for shipping, and the Mission Possible Partnership Prudent Scenario
for Commercial Aviation.
Deutsche Bank’s Net Zero target regime reports the exposure in terms of total loan commitment (i.e., loan drawn and
undrawn) in line with the Sustainability Statement, instead of the gross carrying amount; the undrawn loan exposure is
included as it is a better reflection of the balance sheet commitment.
ESG3: Banking book - Indicators of potential climate change transition risk: Alignment metrics
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| c | d | e | f | g | ||
| Sector | Portfolio gross<br><br>carrying<br><br>amount¹<br><br>(in € m) | Alignment metric | Year of<br><br>reference | Distance to IEA<br><br>NZE2050 (in %)² | Target (year of<br><br>reference + 3<br><br>years)³ | |
| 1 | Power | 12,843 | 195 kgCO2e/MWh | 2024 | 70.6 | 114 |
| 3 | Automotive | 7,461 | 153 gCO2/v-km | 2024 | 98.6 | 77 |
| 4 | Aviation | 1,835 | 1% Pegasus Guidelines | 2024 | 1.0 | 0 |
| 5 | Maritime transport | 885 | 7.5% Poseidon Principles<br><br>(Revised-Striving) | 2024 | 7.5 | 0 |
| 6 | Cement, clinker and lime<br><br>production | 439 | 749 kgCO2e/t cement | 2024 | 55.3 | 483 |
| 7 | Iron and steel, coke, and metal<br><br>ore production | 1,788 | 1,231 kgCO2e/t steel | 2024 | 22.6 | 1,004 |
| 9 | Oil and Gas | 7,765 | 17.6 MtCO2/y | 2024 | -2.1 | 18 |
| 10 | Coal Mining | 1,220 | 5.3 MtCO2/y | 2024 | 32.2 | 4 |
1Includes drawn and undrawn loan commitments as of year end 2025
2% represented in terms of Distance to IEA NZE 2030, as the bank has not set a target with a 3-year horizon beyond the interim target set for 2030
3The bank has chosen to disclose the Target (2030) instead of the Target (year of reference + 3 years)
Exposures to Top 20 carbon-intensive firms
Table ESG4 highlights the aggregate exposure Deutsche Bank has towards the top 20 most carbon-intensive firms and
its subsidiaries in the world by gross carrying amount (including loans and advances, debt securities and equity
instruments) in the banking book and weighted average maturity. The underlying data source for identifying the top 20
most carbon-intensive firms is the publicly latest available list from the Carbon Majors Report 2020 with database as of
2018.
ESG4 – Exposures in the banking book to the top 20 carbon-intensive firms in the world
| Dec 31, 2025 | |||||
|---|---|---|---|---|---|
| a | b | d | e | ||
| in € m. | Gross carrying<br><br>amount<br><br>(aggregate) | Gross carrying<br><br>amount towards<br><br>the<br><br>counterparties<br><br>compared to<br><br>total gross<br><br>carrying amount<br><br>(aggregate in %) | Weighted<br><br>average<br><br>maturity | Number of top<br><br>20 polluting<br><br>firms included | |
| 1 | Top 20 polluting firms | 1,707 | 0.24 | 1.1 | 12 |
241
| Deutsche Bank | Environmental, social and governance (ESG) risks | ||||
|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Exposures to Top 20 carbon-intensive firms | ||||
| Jun 30, 2025 | |||||
| --- | --- | --- | --- | --- | --- |
| a | b | d | e | ||
| in € m. | Gross carrying<br><br>amount<br><br>(aggregate) | Gross carrying<br><br>amount towards<br><br>the<br><br>counterparties<br><br>compared to<br><br>total gross<br><br>carrying amount<br><br>(aggregate in %) | Weighted<br><br>average<br><br>maturity | Number of top<br><br>20 polluting<br><br>firms included | |
| 1 | Top 20 polluting firms | 2,088 | 0.30 | 1.0 | 13 |
Deutsche Bank’s exposure towards the Top 20 firms amounted to € 1.7 billion as per December 31, 2025, being
€ 0,4billion lower compared to June 30, 2025 where it stood at € 2.1 billion, resulting in a lower overall exposure ratio of
0.24%. The weighted average maturity remained broadly stable, with a slight increase to 1.1 years.
Climate change - physical risk
Physical risks arise from the increasing frequency, severity, and volatility of acute events, such as hurricanes, floods, and
wildfires, as well as chronic shifts in weather patterns, such as droughts disrupting agriculture production. These changes
can have a potential impact on economic output and productivity, can cause sudden damage to properties, disruption of
supply chains, and depreciation of assets, as well as additional cost related to operational downtime.
The bank utilizes data provided by Standard & Poor’s (S&P) to map locations as having acute or chronic hazard scores.
S&P’s exposure scores forecast climate event probabilities for eight hazards and four climate scenarios. The exposure
scores represent the likelihood of each climate hazard and scenario over the next eight decades. For the purpose of
determining physical risk, Deutsche Bank has selected the exposure scores from the Representative Concentration
Pathways 7 (RCP7) 2.1° by 2050) scenario projection for the 2040 decade.
Acute risks are defined by S&P as Coastal Flooding, Fluvial Flooding, Pluvial Flooding & Tropical Cyclones. Chronic risks
are defined by S&P as Extreme Heat, Extreme Cold, Wildfire, Water Stress, Drought and Landslide. A loan is considered
sensitive to impacts from climate change physical events if at least one or more of a loan’s physical exposure score
exceeds a threshold calibrated for a given natural hazard type.
If the loan has real estate as collateral, the bank uses the property zip code to determine the S&P exposure score. For
larger companies, with multiple, regionally diversified locations and for loans not secured by real estate, S&P provides an
exposure score from their internal assets and clients database, which aggregates the risk based on the company’s
multiple locations and operations. If the borrower is not in S&P’s database and does not have real estate as collateral, the
bank will use the clients domiciliation to determine the appropriate exposure score based on similar locations with
information available from S&P. As of December 31, 2025, the Group obtained exposure scores on 95% of the German
Private Bank real estate loans and 86% across Private Bank (excl. German Private Bank), Corporate Bank and Investment
Bank. Continuous enhancement to processes, refinement of methodology and forward-looking information can result in
changes to exposures subject to physical risk.
Table ESG5 provides information on exposures in the banking book (including loans and advances and debt securities)
towards non-financial corporates with a geographical grouping in four regions: Europe, the Middle East and Africa
(EMEA), Asia Pacific, North America and Latin America. The gross carrying amount of the loans do not consider any risk
mitigation, adaption or resilience measures the bank may have taken to reduce the risk of physical loss or any costs
related to climate change. The increase in exposures sensitive to impact from chronic climate change versus the prior
period is primarily driven by the inclusion of landslide hazards and the expanded asset level data coverage. In addition,
selected exposures were reclassified between the residential and commercial exposures in the EMEA region during the
second half of the year 2025 .
242
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk |
ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – EMEA
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 33 | 33 | 25 | 0 | 3.8 | 88 | 2 | 0 | 23 | 7 | (3) | (0) | (2) |
| 2 | B - Mining and quarrying | 53 | 194 | 5 | 0 | 2.3 | 165 | 86 | 1 | 52 | 3 | (2) | (0) | (1) |
| 3 | C - Manufacturing | 1,438 | 616 | 180 | 0 | 2.4 | 2,041 | 172 | 22 | 417 | 218 | (68) | (5) | (59) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 146 | 160 | 23 | 0 | 2.4 | 328 | 2 | 0 | 30 | 10 | (3) | (0) | (3) |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 36 | 20 | 1 | 0 | 2.0 | 56 | 0 | 0 | 26 | 5 | (3) | (0) | (3) |
| 6 | F - Construction | 284 | 98 | 101 | 11 | 3.5 | 489 | 5 | 0 | 110 | 49 | (28) | (2) | (26) |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 2,092 | 538 | 30 | 0 | 1.1 | 2,566 | 86 | 7 | 224 | 149 | (85) | (5) | (77) |
| 8 | H - Transportation and storage | 135 | 377 | 173 | 0 | 2.8 | 605 | 35 | 45 | 74 | 31 | (15) | (1) | (14) |
| 9 | L - Real estate activities | 1,458 | 948 | 615 | 195 | 5.3 | 2,895 | 206 | 116 | 345 | 111 | (52) | (2) | (44) |
| 10 | Loans collateralized by residential immovable property | 777 | 1,966 | 5,160 | 8,602 | 17.9 | 15,254 | 1,207 | 44 | 1,923 | 389 | (127) | (29) | (93) |
| 11 | Loans collateralized by commercial immovable property | 1,669 | 1,152 | 902 | 191 | 5.3 | 3,588 | 321 | 5 | 380 | 164 | (75) | (5) | (64) |
| 12 | Repossessed collaterals | 3 | 0 | 2 | 1 | 2.3 | 7 | 0 | 0 | 0 | 7 | 0 | 0 | (7) |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
243
| Deutsche Bank | Environmental, social and governance (ESG) risks | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 32 | 26 | 15 | 3 | 5.1 | 73 | 3 | 0 | 13 | 2 | (2) | (0) | (1) |
| 2 | B - Mining and quarrying | 66 | 107 | 22 | 1 | 3.6 | 102 | 93 | 2 | 1 | 1 | (0) | (0) | (0) |
| 3 | C - Manufacturing | 1,444 | 879 | 197 | 28 | 2.8 | 2,405 | 123 | 19 | 444 | 190 | (65) | (6) | (56) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 183 | 160 | 25 | 1 | 2.8 | 367 | 2 | 0 | 68 | 3 | (2) | (0) | (2) |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 21 | 22 | 2 | 2 | 4.0 | 48 | 0 | 0 | 14 | 1 | (1) | (0) | (1) |
| 6 | F - Construction | 302 | 121 | 177 | 72 | 6.2 | 660 | 11 | 1 | 159 | 99 | (27) | (2) | (25) |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 1,829 | 509 | 234 | 241 | 4.1 | 2,705 | 103 | 5 | 487 | 180 | (93) | (7) | (83) |
| 8 | H - Transportation and storage | 337 | 616 | 78 | 26 | 3.1 | 788 | 268 | 1 | 120 | 34 | (12) | (1) | (11) |
| 9 | L - Real estate activities | 1,659 | 788 | 523 | 235 | 5.1 | 2,871 | 332 | 2 | 381 | 118 | (52) | (2) | (46) |
| 10 | Loans collateralized by residential immovable property | 795 | 2,147 | 5,416 | 7,541 | 16.9 | 14,704 | 1,153 | 42 | 1,751 | 391 | (126) | (30) | (90) |
| 11 | Loans collateralized by commercial immovable property | 1,796 | 1,052 | 700 | 189 | 4.8 | 3,313 | 423 | 2 | 524 | 175 | (72) | (4) | (63) |
| 12 | Repossessed collaterals | 4 | 1 | 2 | 1 | 2.9 | 7 | 0 | 0 | 0 | 7 | 0 | 0 | (7) |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
244
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk |
ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – Asia Pacific
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 10 | 0 | 0 | 0 | 6.5 | 10 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 2 | B - Mining and quarrying | 151 | 82 | 270 | 0 | 6.8 | 404 | 26 | 73 | 98 | 0 | (1) | (1) | 0 |
| 3 | C - Manufacturing | 1,791 | 296 | 137 | 1 | 1.3 | 977 | 950 | 297 | 89 | 23 | (7) | (1) | (4) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 299 | 123 | 138 | 11 | 3.9 | 513 | 57 | 1 | 121 | 21 | (5) | (1) | (4) |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 50 | 0 | 1 | 0 | 1.1 | 49 | 1 | 1 | 48 | 0 | (0) | (0) | 0 |
| 6 | F - Construction | 347 | 23 | 107 | 0 | 1.5 | 166 | 265 | 46 | 74 | 3 | (1) | (1) | (0) |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 1,009 | 36 | 72 | 1 | 1.1 | 807 | 230 | 81 | 62 | 24 | (8) | (0) | (7) |
| 8 | H - Transportation and storage | 201 | 348 | 45 | 5 | 3.6 | 337 | 39 | 222 | 55 | 5 | (2) | (1) | (0) |
| 9 | L - Real estate activities | 507 | 21 | 56 | 4 | 3.6 | 459 | 33 | 96 | 36 | 2 | (1) | (0) | (0) |
| 10 | Loans collateralized by residential immovable property | 127 | 156 | 546 | 12 | 9.2 | 492 | 137 | 213 | 38 | 54 | (10) | (0) | (8) |
| 11 | Loans collateralized by commercial immovable property | 335 | 204 | 92 | 0 | 3.3 | 484 | 60 | 86 | 68 | 70 | (28) | (0) | (27) |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
245
| Deutsche Bank | Environmental, social and governance (ESG) risks | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 10 | 0 | 1 | 0 | 1.4 | 1 | 0 | 10 | 0 | 0 | (0) | 0 | 0 |
| 2 | B - Mining and quarrying | 287 | 99 | 185 | 0 | 4.8 | 436 | 66 | 70 | 108 | 0 | (1) | (1) | 0 |
| 3 | C - Manufacturing | 1,046 | 201 | 213 | 15 | 2.6 | 816 | 430 | 228 | 171 | 31 | (12) | (1) | (8) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 263 | 135 | 58 | 0 | 3.0 | 309 | 135 | 12 | 124 | 0 | (1) | (1) | 0 |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 68 | 0 | 2 | 0 | 0.0 | 67 | 1 | 1 | 0 | 1 | (0) | 0 | 0 |
| 6 | F - Construction | 369 | 39 | 116 | 0 | 2.0 | 187 | 275 | 61 | 4 | 4 | (1) | (0) | (1) |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 647 | 115 | 133 | 6 | 2.5 | 475 | 324 | 103 | 65 | 28 | (10) | (0) | (8) |
| 8 | H - Transportation and storage | 137 | 462 | 20 | 0 | 3.5 | 372 | 48 | 199 | 56 | 7 | (3) | (1) | (1) |
| 9 | L - Real estate activities | 194 | 113 | 86 | 0 | 4.2 | 206 | 60 | 128 | 1 | 0 | (0) | (0) | 0 |
| 10 | Loans collateralized by residential immovable property | 123 | 155 | 579 | 10 | 9.3 | 477 | 173 | 216 | 83 | 46 | (9) | (0) | (7) |
| 11 | Loans collateralized by commercial immovable property | 267 | 268 | 114 | 0 | 4.1 | 458 | 99 | 92 | 5 | 74 | (17) | (0) | (17) |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
246
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk |
ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – North America
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | B - Mining and quarrying | 2 | 0 | 0 | 4 | 16.4 | 0 | 6 | 0 | 3 | 2 | (0) | (0) | 0 |
| 3 | C - Manufacturing | 378 | 596 | 60 | 0 | 3.0 | 652 | 374 | 8 | 81 | 59 | (2) | (1) | (0) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 98 | 141 | 0 | 69 | 7.8 | 215 | 92 | 0 | 13 | 42 | (12) | (0) | (12) |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 4 | 57 | 0 | 9 | 8.2 | 9 | 61 | 0 | 4 | 0 | (0) | (0) | 0 |
| 6 | F - Construction | 549 | 49 | 0 | 27 | 2.8 | 273 | 261 | 92 | 15 | 0 | (1) | (0) | 0 |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 236 | 288 | 0 | 0 | 0.5 | 119 | 405 | 0 | 55 | 246 | (120) | (0) | (120) |
| 8 | H - Transportation and storage | 142 | 0 | 0 | 0 | 1.2 | 12 | 131 | 0 | 0 | 26 | (16) | (0) | (15) |
| 9 | L - Real estate activities | 6,010 | 1,866 | 111 | 395 | 2.8 | 4,806 | 2,746 | 829 | 2,650 | 1,827 | (239) | (54) | (174) |
| 10 | Loans collateralized by residential immovable property | 0 | 1 | 148 | 1,028 | 23.3 | 215 | 934 | 27 | 195 | 66 | (3) | (2) | (0) |
| 11 | Loans collateralized by commercial immovable property | 5,691 | 2,136 | 112 | 270 | 2.5 | 4,468 | 2,819 | 923 | 3,033 | 1,918 | (243) | (48) | (185) |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
247
| Deutsche Bank | Environmental, social and governance (ESG) risks | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 1 | 0 | 0 | 0 | 4.3 | 0 | 1 | 0 | 0 | 0 | (0) | 0 | 0 |
| 2 | B - Mining and quarrying | 1 | 23 | 0 | 5 | 6.5 | 23 | 6 | 0 | 3 | 2 | (0) | (0) | 0 |
| 3 | C - Manufacturing | 353 | 166 | 4 | 60 | 4.1 | 166 | 418 | 0 | 118 | 6 | (3) | (3) | (0) |
| 4 | D - Electricity, gas, steam and air conditioning supply | 108 | 130 | 0 | 33 | 5.6 | 142 | 128 | 0 | 0 | 0 | (0) | (0) | 0 |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 0 | 68 | 0 | 7 | 7.0 | 6 | 69 | 0 | 0 | 0 | (0) | 0 | 0 |
| 6 | F - Construction | 136 | 133 | 0 | 34 | 6.2 | 79 | 203 | 22 | 10 | 0 | (0) | (0) | 0 |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 557 | 108 | 0 | 14 | 1.2 | 122 | 495 | 61 | 40 | 261 | (120) | (0) | (119) |
| 8 | H - Transportation and storage | 107 | 47 | 0 | 9 | 3.4 | 39 | 124 | 0 | 9 | 0 | (0) | (0) | 0 |
| 9 | L - Real estate activities | 6,652 | 1,693 | 159 | 570 | 3.2 | 3,798 | 4,900 | 375 | 2,820 | 1,347 | (178) | (38) | (126) |
| 10 | Loans collateralized by residential immovable property | 3 | 1 | 137 | 1,025 | 23.5 | 182 | 981 | 2 | 253 | 77 | (3) | (3) | (0) |
| 11 | Loans collateralized by commercial immovable property | 6,767 | 1,952 | 124 | 285 | 2.7 | 3,822 | 4,906 | 399 | 3,368 | 1,242 | (183) | (42) | (127) |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
248
| Deutsche Bank | Environmental, social and governance (ESG) risks |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk |
ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – Latin America
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | B - Mining and quarrying | 1 | 0 | 0 | 0 | 0.2 | 1 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 3 | C - Manufacturing | 198 | 35 | 169 | 0 | 5.9 | 396 | 5 | 0 | 39 | 0 | (0) | (0) | 0 |
| 4 | D - Electricity, gas, steam and air conditioning supply | 142 | 63 | 0 | 0 | 1.7 | 154 | 0 | 51 | 0 | 0 | (0) | 0 | 0 |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | F - Construction | 17 | 0 | 0 | 0 | 0.7 | 17 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 100 | 22 | 0 | 0 | 1.0 | 122 | 0 | 0 | 97 | 0 | (0) | (0) | 0 |
| 8 | H - Transportation and storage | 14 | 99 | 0 | 0 | 3.0 | 31 | 1 | 79 | 19 | 12 | (1) | (1) | (0) |
| 9 | L - Real estate activities | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) | 0 |
| 10 | Loans collateralized by residential immovable property | 0 | 0 | 4 | 0 | 14.8 | 5 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 11 | Loans collateralized by commercial immovable property | 112 | 0 | 0 | 0 | 1.9 | 112 | 0 | 0 | 0 | 0 | (1) | 0 | 0 |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
249
| Deutsche Bank | Environmental, social and governance (ESG) risks | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Climate change - physical risk | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| c | d | e | f | g | h | i | j | k | l | m | n | o | ||
| of which: exposures sensitive to impact from climate change physical events | ||||||||||||||
| Breakdown by maturity bucket | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>chronic<br><br>climate<br><br>change<br><br>events | oh which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>from<br><br>acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>exposures<br><br>sensitive<br><br>to impact<br><br>both from<br><br>chronic<br><br>and acute<br><br>climate<br><br>change<br><br>events | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | Accumulated impairment,<br><br>accumulated negative changes in<br><br>fair value due to credit risk and<br><br>provisions | ||||||||
| in m. | <= 5<br><br>years | > 5 year<br><br><= 10<br><br>years | > 10 year<br><br><= 20<br><br>years | > 20<br><br>years | Average<br><br>weighted<br><br>maturity | of which:<br><br>Stage 2<br><br>exposures | of which:<br><br>non-per-<br><br>forming<br><br>exposures | |||||||
| 1 | A - Agriculture, forestry and fishing | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 2 | B - Mining and quarrying | 2 | 0 | 0 | 0 | 0.2 | 2 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 3 | C - Manufacturing | 163 | 17 | 150 | 0 | 6.8 | 268 | 3 | 60 | 26 | 0 | (0) | (0) | 0 |
| 4 | D - Electricity, gas, steam and air conditioning supply | 85 | 68 | 0 | 0 | 2.4 | 104 | 50 | 0 | 0 | 0 | (0) | 0 | 0 |
| 5 | E - Water supply; sewerage, waste management and remediation activities | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 6 | F - Construction | 13 | 0 | 0 | 0 | 0.5 | 13 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 7 | G - Wholesale and retail trade; repair of motor vehicles and motorcycles | 95 | 0 | 0 | 0 | 0.2 | 81 | 14 | 0 | 90 | 0 | (0) | (0) | 0 |
| 8 | H - Transportation and storage | 77 | 81 | 23 | 8 | 7.1 | 17 | 173 | 0 | 80 | 17 | (3) | (0) | (3) |
| 9 | L - Real estate activities | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 10 | Loans collateralized by residential immovable property | 0 | 0 | 4 | 1 | 0.0 | 5 | 0 | 0 | 0 | 0 | (0) | 0 | 0 |
| 11 | Loans collateralized by commercial immovable property | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 12 | Repossessed collaterals | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Other relevant sectors (breakdown below where relevant) | 0 | 0 | 0 | 0 | 0.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
All values are in Euros.
250
| Deutsche Bank | Liquidity risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Liquidity risk
Risk management objectives and policies
Liquidity risk management strategies and processes
Article 435 (1)(a) CRR (EU OVA & EU LIQA)
The Group’s liquidity risk management principles are documented in a policy document and the framework is described
in the framework document. Both the policy and framework documents adhere to and articulate how the eight key risk
management practices are applied to liquidity risk, with such key practices including 1) risk governance, 2) risk
organization (3 lines of defense), 3) risk culture, 4) risk appetite and -strategy, 5) risk identification and -assessment,
6) risk mitigation and controls, 7) risk measurement and reporting as well as 8) stress planning and execution. The
individual roles and responsibilities relevant to each of these practices are laid out and documented in the Global
Responsibility Matrix for liquidity risk, which provides further clarity and transparency on the roles and responsibilities
across all involved stakeholders.
Liquidity risk management structure and organization
Article 435 (1)(b) CRR (EU OVA & EU LIQA)
Liquidity and funding key risk metrics are embedded in the bank’s risk appetite framework and reviewed as well as
approved by the Management Board at least on an annual basis. The risk appetite is applied at the Group level and to
internally defined Key Liquidity Entities, e.g., Deutsche Bank AG, to monitor and control liquidity risk as well as the
Group’s long-term funding and issuance plan.
The Liquidity and Funding Risk Management Framework defines the organization of the liquidity managing functions in
alignment with the three lines of defense structure, which is described in the “Risk Management principles” under "Risk
Management structure and organization" section of this report, including the respective responsibilities of those
functions comprising of the three lines of defense. In the context of Liquidity and Funding risk framework, these
functions include the following:
–First Line of Defense: The Corporate divisions and Treasury
–Second Line of Defense: CRO - Enterprise and Treasury Risk Management (ETRM)
–Third Line of Defense: Group Audit
Scope and nature of liquidity risk measurement and reporting system
Article 435 (1)(c) CRR (EU OVA & EU LIQA)
The Finance teams Liquidity and Treasury Reporting & Analysis (LTRA) and Liquidity Data Measurement and Reporting
(LDMR) together own the overall accountability for the accurate and timely production of both external regulatory
liquidity reporting (Pillar 1) as well as internal management reporting (Pillar 2) for the liquidity risk of the Group. In
addition, LTRA is responsible for the development of management information systems and the related analysis to
support the liquidity risk framework and its governance for Enterprise and Treasury Risk Management.
Policies for hedging and mitigating liquidity risk
Article 435 (1)(d) CRR (EU OVA & EU LIQA)The Group’s liquidity risk management principles are documented in a policy
document and the framework is described in the Framework document. The Liquidity and Funding Risk Management
Framework defines the organization of the liquidity managing functions in alignment with the three lines of defense
structure, which is described in the “Risk Management principles” section of this report, including the respective
responsibilities of those functions comprising of the three lines of defense.
Approach to centralized group liquidity management and individual legal entity liquidity
management
Furthermore, the Group ensures at the level of each Liquidity Relevant Entity that all local liquidity metrics are managed
in compliance with the defined risk appetite. Local liquidity surpluses are pooled in Deutsche Bank AG hubs and local
liquidity shortfalls can be met through support from these hubs. Transfers of liquidity capacity between entities are
subject to the Intercompany Funding approval framework involving the Group’s liquidity steering function as well as the
local liquidity managers.
251
| Deutsche Bank | Liquidity risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
The bank's contingency funding plans
Deutsche Bank's Group Contingency Funding Plan (CFP) outlines how the bank would respond to an actual or
anticipated liquidity stress event. It includes a decisive set of actions that can be taken to raise cash and recover the
bank’s key liquidity metrics in times of liquidity stress. The CFP includes a clear governance structure and well-defined
liquidity risk indicators to ensure timely and effective decision-making, communication, and coordination during a
liquidity stress event. Deutsche Bank has established the Financial Resource Management Council (FRMC) which is
responsible for oversight of capital and liquidity across contingency, recovery, and resolution scenarios in a crisis
situation.
Liquidity stress testing and scenario analysis
Global internal liquidity stress testing and scenario analysis is used for measuring liquidity risk and evaluating the Group’s
short-term liquidity position within the liquidity framework. This complements the daily operational cash management
process. The long-term liquidity strategy based on baseline contractual or modelled maturities is represented by a long-
term metric known as the Funding Matrix (refer to Funding risk management and funding diversification section above for
additional information).
The global liquidity stress testing exposure is managed by Treasury in compliance with the respective risk appetite.
Treasury is responsible for the design of the overall stress test methodology, the choice of liquidity risk drivers and the
determination of appropriate assumptions (parameters) to translate input data into stress testing output. Enterprise and
Treasury Risk Management is responsible for the definition of the stress scenarios. Laid out by the Model Risk
Management Policy and Procedure, Liquidity Risk Management and Model Risk Management perform the independent
validation of liquidity risk models. Finance teams -Liquidity & Treasury Reporting & Analysis and Liquidity Data
Measurement and Reporting, are responsible for implementing these methodologies and performing the stress test
calculation in conjunction with Treasury, Liquidity Risk Management, Group Strategic Analytics and IT.
Stress testing and scenario analysis are used to describe and evaluate the impact of sudden and severe stress events on
the Group’s liquidity position. Deutsche Bank has selected four scenarios to calculate the Group’s stressed Net Liquidity
Position. These scenarios are designed to capture potential outcomes which may be experienced by the Group. The most
severe scenario assesses the potential consequences of a combined market-wide and severe idiosyncratic stress event,
including multi-notch downgrades of Deutsche Bank’s credit ratings. Under each of the scenarios, the impact of a
liquidity stress event over different time horizons and across multiple liquidity risk drivers, covering all business lines and
product areas and with that all portfolios and balance sheet, is considered. The output from this scenario analysis also
feeds the Group Wide Stress Test run by Enterprise Risk Management, which analyzes liquidity risk in conjunction with
the other defined risk types and evaluates their impact and interplay to both - Capital and Liquidity positions.
In addition, potential funding requirements from contingent liquidity risks which can arise under stress, including
drawdowns on lending facilities, increased collateral requirements under derivative agreements, and outflows from
deposits with a contractual rating linked trigger are included in the analysis. Subsequently, countermeasures, which are
the actions the Group would take to counterbalance the outflows incurred during a stress event, are also taken into
consideration. These countermeasures include the usage of the Group’s liquidity reserves and generating liquidity from
other unencumbered, marketable assets without causing any material impact on the Group’s business model.
Stress testing is conducted at a global level and for defined entities relevant for liquidity risk management. The stress
analysis covers a 3 month stress horizon which is considered to be the most critical time span during a liquidity crisis
requiring that liquidity is actively assessed and steered on a Group level. In addition to the consolidated currency stress
test, further stress tests are performed for material currencies, namely EUR and USD. At the global level as well as for the
U.S. entities liquidity stress tests also cover a twelve-months period for which a risk appetite limit has been set. Ad-hoc
analysis may be conducted to reflect the impact of potential downside events that could affect the Group such as
climate/ESG-related events. Relevant stress assumptions are applied to reflect liquidity flows from risk drivers and on-
balance sheet and off-balance sheet products. The suite of stress testing scenarios and assumptions are reviewed on a
regular basis and are updated when enhancements are made to stress testing methodologies.
Complementing daily liquidity stress testing, the Bank also conducts regular Group Wide Stress Testing (GWST) run by
Enterprise Risk Management (ERM) analyzing liquidity risks in conjunction with the other defined risk types and
evaluating their impact and interplay to both capital and liquidity positions.
252
| Deutsche Bank | Liquidity risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on LCR |
Qualitative information on LCR
Article 451a CRR (EU LIQB)
The Liquidity Coverage Ratio (LCR)
The LCR is intended to promote the short-term resilience of a bank’s liquidity risk profile over a 30 day stress scenario.
The ratio is defined as the amount of High Quality Liquid Assets (HQLA) that could be used to raise liquidity, measured
against the total volume of net cash outflows, arising from both contractual and modelled exposures, in a stressed
scenario.
The Group’s average Liquidity Coverage Ratio of 137% (twelve months average) as of December 31, 2025 has been
calculated in accordance with the Commission Delegated Regulation (EU) 2015/61 and the EBA Guidelines on LCR
disclosure to complement the disclosure of liquidity risk management under Article 435 CRR.
The Group’s Liquidity Coverage Ratio was 144% as of December 31, 2025, or € 80 billion of excess over the regulatory
minimum of 100%. This compares with September 30, 2025 LCR of 140% or € 67 billion of excess over the regulatory
minimum. The increase in surplus was predominantly driven by increased Private Bank and Corporate Bank deposits
through the second half of 2025.
Concentration of funding and liquidity sources
Diversification of the Group’s funding profile in terms of investor types, regions and products is an important element of
the Group’s liquidity risk management framework. The Group’s most stable funding sources stem from capital markets
issuances and equity, as well as from Private Bank and Corporate Bank deposits. Other customer deposits and secured
funding and short positions are additional sources of funding. Unsecured wholesale funding represents unsecured
wholesale liabilities sourced primarily by the Treasury Pool Management team. Given the relatively short-term nature of
these liabilities, it is predominantly used to fund liquid trading assets.
To promote the additional diversification of the Group’s refinancing activities, the bank holds a license to issue mortgage
Pfandbriefe. The Group continues to run a program for the purpose of issuing Covered Bonds under Spanish law
(Cedulas). Additionally, the Group also issues green bonds under the Group’s Sustainable Finance Framework. The Group
also issued a Panda bond, following recent regulatory changes by PBoC (People’s Bank of China) and SAFE (State
Administration of Foreign Exchange (of China)) to facilitate foreign remittance of Panda bond proceeds.
Unsecured wholesale funding comprises a range of institutional products, such as certificate of deposits, commercial
paper as well as Money Market deposits.
To avoid any unwanted reliance on these short-term funding sources, and to promote a sound funding profile which
complies with the defined risk appetite, the Group has implemented limits (across tenors) on these funding sources
which are derived from daily stress testing analysis. In addition, the bank limits the total volume of unsecured wholesale
funding to manage the reliance on this funding source as part of the overall funding diversification.
Composition of HQLA
The average HQLA of € 238 billion has been calculated in accordance with the Commission Delegated Regulation (EU)
2015/61 and the EBA Guidelines on LCR disclosure to complement the disclosure of liquidity risk management under
Article 435 CRR.
The HQLA as of December, 2025 of € 260 billion is primarily held in Level 1 cash and central bank reserves (55%) and
Level 1 high quality securities (40%). This compares to September 30, 2025 of which € 234 billion was primarily held in
Level 1 cash and central bank reserves (51%) and Level 1 high quality securities (44%)
Derivative exposures and potential collateral calls
The majority of outflows related to derivative exposures and other collateral requirements shown in item 11 below are in
relation to derivative contractual cash outflows that are offset by derivative cash inflows shown below in item 19 Other
cash inflows.
Other significant outflows included in item 11 relate to the impact of an adverse market scenario on derivatives based on
the 24 month historical look back approach and the potential posting of additional collateral as a result of a 3 notch
downgrade of Deutsche Bank’s credit rating (as per regulatory requirements).
253
| Deutsche Bank | Liquidity risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on LCR |
Currency mismatch in the LCR
The LCR is calculated for EUR and USD which have been identified as significant currencies (having liabilities > 5% of
total group liabilities excluding regulatory capital and off-balance sheet liabilities) in accordance with the Commission
Delegated Regulation (EU) 2015/61. In addition to the above the Group also calculates an LCR for the GBP currency. No
explicit LCR risk appetite is set for the significant currencies. However, limits have been defined over the respective
significant currency stressed Net Liquidity Position (sNLP). This allows the internal monitoring and management of risks
stemming from currency mismatches that may arise from liquidity inflows and outflows over the short-term horizon.
Other items in the LCR calculation that are not captured in the LCR disclosure
template but that the institution considers relevant for its liquidity profile
The Pillar 3 disclosure obligations require Banks to disclose twelve months rolling averages each quarter. The Group does
not consider anything else relevant for disclosure.
254
| Deutsche Bank | Liquidity risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on LCR |
Quantitative information on LCR
Article 451a CRR
EU LIQ1 – LCR disclosure template
| in € mn. (unless stated otherwise) | Total unweighted value (average) | Total weighted value (average) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| EU 1a | Quarter ending on | Dec 31,<br><br>2025 | Sep 30,<br><br>2025 | Jun 30,<br><br>2025 | Mar 31,<br><br>2025 | Dec 31,<br><br>2025 | Sep 30,<br><br>2025 | Jun 30,<br><br>2025 | Mar 31,<br><br>2025 |
| EU 1b | Number of data points used in the<br><br>calculation of averages | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| High-quality liquid assets | |||||||||
| 1 | Total high-quality liquid assets (HQLA) | — | — | — | — | 238,150 | 233,383 | 230,050 | 226,221 |
| Cash-outflows | |||||||||
| 2 | Retail deposits and deposits from<br><br>small business costumers | 288,259 | 286,505 | 283,309 | 280,544 | 16,050 | 15,802 | 15,338 | 14,876 |
| of which: | |||||||||
| 3 | Stable deposits | 120,483 | 120,501 | 121,400 | 123,007 | 6,030 | 6,031 | 6,076 | 6,156 |
| 4 | Less stable deposits | 77,058 | 74,580 | 69,964 | 65,555 | 9,951 | 9,695 | 9,153 | 8,608 |
| 5 | Unsecured wholesale funding | 254,933 | 252,934 | 253,735 | 251,724 | 112,319 | 111,325 | 111,051 | 109,971 |
| of which: | |||||||||
| 6 | Operational deposits (all<br><br>counterparties) and deposits in<br><br>network of cooperative banks | 81,576 | 77,907 | 75,748 | 73,226 | 20,242 | 19,326 | 18,786 | 18,155 |
| 7 | Non-operational deposits (all<br><br>counterparties) | 170,571 | 172,154 | 175,356 | 176,233 | 89,291 | 89,126 | 89,633 | 89,550 |
| 8 | Unsecured debt | 2,786 | 2,873 | 2,631 | 2,266 | 2,786 | 2,873 | 2,631 | 2,266 |
| 9 | Secured wholesale funding | — | — | — | — | 14,145 | 15,396 | 15,170 | 15,083 |
| 10 | Additional requirements | 241,457 | 240,336 | 239,205 | 238,889 | 86,088 | 85,651 | 82,901 | 80,164 |
| of which: | |||||||||
| 11 | Outflows related to derivative<br><br>exposures and other collateral<br><br>requirements | 27,532 | 27,110 | 26,583 | 25,909 | 25,114 | 24,677 | 23,553 | 22,382 |
| 12 | Outflows related to loss of funding<br><br>on debt products | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 13 | Credit and liquidity facilities | 213,925 | 213,226 | 212,622 | 212,980 | 60,973 | 60,974 | 59,348 | 57,782 |
| 14 | Other contractual funding obligations | 51,154 | 52,973 | 54,909 | 54,305 | 6,518 | 6,283 | 6,407 | 6,542 |
| 15 | Other contingent funding obligations | 328,673 | 323,181 | 316,364 | 308,983 | 3,392 | 3,268 | 3,198 | 3,108 |
| 16 | Total cash outflows | — | — | — | — | 238,512 | 237,725 | 234,064 | 229,743 |
| Cash - inflows | |||||||||
| 17 | Secured lending (e.g. reverse repos) | 318,468 | 312,223 | 303,503 | 289,440 | 13,989 | 14,730 | 14,109 | 13,713 |
| 18 | Inflows from fully performing<br><br>exposures | 48,000 | 47,568 | 46,867 | 46,346 | 36,746 | 36,601 | 36,192 | 35,911 |
| 19 | Other cash inflows | 16,825 | 15,465 | 12,762 | 10,920 | 16,825 | 15,465 | 12,762 | 10,920 |
| EU 19a | Difference between total weighted<br><br>inflows and total weighted outflows<br><br>arising from transactions in third<br><br>countries where there are transfer<br><br>restrictions or which are denominated<br><br>in non-convertible currencies | — | — | — | — | 2681 | 2,672 | 2,422 | 2,136 |
| EU 19b | Excess inflows from a related<br><br>specialized credit institution | — | — | — | — | 0 | — | — | — |
| 20 | Total cash inflows | 383,292 | 375,256 | 363,133 | 346,707 | 64879 | 64,124 | 60,641 | 58,408 |
| of which: | |||||||||
| EU 20a | Fully exempt inflows | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 20b | Inflows subject to 90% cap | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EU 20c | Inflows subject to 75% cap | 367,915 | 353,894 | 342,176 | 326,228 | 64,879 | 64,124 | 60,641 | 58,408 |
| Total adjusted value | |||||||||
| 21 | Liquidity buffer | — | — | — | — | 238,150 | 233,383 | 230,050 | 226,221 |
| 22 | Total net cash outflows | — | — | — | — | 173,633 | 173,601 | 173,423 | 171,335 |
| 23 | Liquidity coverage ratio (%) | — | — | — | — | 137.22 | 134.67 | 132.65 | 132.03 |
255
| Deutsche Bank | Unencumbered assets |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets |
Net Stable Funding Ratio
The NSFR requires banks to maintain a stable funding profile in relation to its on- and off-balance sheet activities. The
ratio is defined as the amount of available stable funding (the portion of capital and liabilities expected to be a stable
source of funding), relative to the amount of required stable funding (a function of the liquidity characteristics of various
assets held).
Deutsche Bank’s Net Stable Funding Ratio (NSFR) stood at 119% with a surplus of € 104 billion in the fourth quarter of
2025 compared to 120% with a surplus of € 107 billion in the second quarter of 2025. The reduction in surplus was
primarily due to a larger increase in Required Stable Funding (RSF) than Available Stable Funding (ASF), driven by
increased business inventory picked up during the forth quarter of 2025..
256
| Deutsche Bank | Unencumbered assets |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets |
EU LIQ2 – Net stable funding ratio template
| Dec 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| a | b | c | d | e | ||
| Unweighted value by residual maturity | Weighted<br><br>value | |||||
| in € m. (unless stated otherwise) | No maturity | < 6 months | 6 months to<br><br>< 1 year | ≥ 1 year | ||
| Available stable funding (ASF) Items | ||||||
| 1 | Capital items and instruments | 75,755 | 60 | 4 | 7,460 | 83,215 |
| 2 | Own funds | 75,755 | 60 | 4 | 6,991 | 82,746 |
| 3 | Other capital instruments | — | 0 | 0 | 469 | 469 |
| 4 | Retail deposits | — | 252,741 | 36,117 | 3,586 | 272,607 |
| 5 | Stable deposits | — | 154,761 | 26,222 | 2,380 | 174,314 |
| 6 | Less stable deposits | — | 97,980 | 9,894 | 1,206 | 98,293 |
| 7 | Wholesale funding: | — | 461,963 | 44,682 | 130,357 | 288,860 |
| 8 | Operational deposits | — | 84,654 | 0 | 0 | 42,327 |
| 9 | Other wholesale funding | — | 377,309 | 44,682 | 130,357 | 246,533 |
| 10 | Interdependent liabilities | — | 0 | 0 | 0 | 0 |
| 11 | Other liabilities: | 3,976 | 161,170 | 1,571 | 3,190 | 3,976 |
| 12 | NSFR derivative liabilities | 3,976 | — | — | — | — |
| 13 | All other liabilities and capital instruments not included in the above<br><br>categories | — | 161,170 | 1,571 | 3,190 | 3,976 |
| 14 | Total available stable funding (ASF) | — | — | — | — | 648,658 |
| Required stable funding (RSF) Items | ||||||
| 15 | Total high-quality liquid assets (HQLA) | — | — | — | — | 12,028 |
| EU 15a | Assets encumbered for more than 12m in cover pool | — | 12 | 33 | 18,951 | 16,146 |
| 16 | Deposits held at other financial institutions for operational purposes | — | 0 | 0 | 0 | 0 |
| 17 | Performing loans and securities: | — | 222,875 | 43,620 | 412,902 | 410,998 |
| 18 | Performing securities financing transactions with financial customers<br><br>collateralized by Level 1 HQLA subject to 0% haircut | — | 86,511 | 697 | 703 | 1,323 |
| 19 | Performing securities financing transaction with financial customers<br><br>collateralized by other assets and loans and advances to financial<br><br>institutions | — | 52,652 | 14,186 | 72,863 | 83,651 |
| 20 | Performing loans to non-financial corporate clients, loans to retail and small<br><br>business customers, and loans to sovereigns, and PSEs, | — | 43,542 | 20,466 | 143,043 | 154,993 |
| of which: | ||||||
| 21 | With a risk weight of less than or equal to 35% under the Basel II<br><br>Standardized Approach for credit risk | — | 1,846 | 155 | 5,036 | 4,291 |
| 22 | Performing residential mortgages, | — | 1,455 | 1,000 | 75,542 | 57,950 |
| of which: | ||||||
| 23 | With a risk weight of less than or equal to 35% under the Basel II<br><br>Standardized Approach for credit risk | — | 802 | 695 | 48,849 | 33,316 |
| 24 | Other loans and securities that are not default and do not qualify as HQLA,<br><br>including exchange-traded equities and trade finance on-balance sheet<br><br>products | — | 38,716 | 7,271 | 120,751 | 113,080 |
| 25 | Interdependent assets | — | 0 | 0 | 0 | 0 |
| 26 | Other assets: | 0 | 168,581 | 1,760 | 41,821 | 85,861 |
| 27 | Physical traded commodities | — | — | — | 9,685 | 8,232 |
| 28 | Assets posted as initial margin for derivative contracts and contributions to<br><br>default funds of CCPs | — | 6,655 | 0 | 0 | 5,657 |
| 29 | NSFR derivative assets | — | 15,617 | — | — | 15,617 |
| 30 | NSFR derivative liabilities before deduction of variation margin posted | — | 39,375 | — | — | 1,969 |
| 31 | All other assets not included in the above categories | — | 106,935 | 1,760 | 32,136 | 54,386 |
| 32 | Off-balance sheet items | — | 120,175 | 24,769 | 155,683 | 19,632 |
| 33 | Total required stable funding (RSF) | — | — | — | — | 544,664 |
| 34 | Net Stable Funding Ratio (in percent) | — | — | — | — | 119.09 |
257
| Deutsche Bank | Unencumbered assets | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets | |||||
| Sep 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| Unweighted value by residual maturity | Weighted<br><br>value | |||||
| in € m. (unless stated otherwise) | No maturity | < 6 months | 6 months to<br><br>< 1 year | ≥ 1 year | ||
| Available stable funding (ASF) Items | ||||||
| 1 | Capital items and instruments | 74,186 | 0 | 100 | 7,352 | 81,538 |
| 2 | Own funds | 74,186 | 0 | 100 | 6,908 | 81,095 |
| 3 | Other capital instruments | — | 0 | 0 | 443 | 443 |
| 4 | Retail deposits | — | 248,742 | 36,586 | 3,589 | 269,390 |
| 5 | Stable deposits | — | 153,578 | 26,550 | 2,359 | 173,481 |
| 6 | Less stable deposits | — | 95,164 | 10,036 | 1,229 | 95,910 |
| 7 | Wholesale funding: | — | 441,441 | 33,247 | 133,427 | 275,124 |
| 8 | Operational deposits | — | 73,396 | 0 | 0 | 36,698 |
| 9 | Other wholesale funding | — | 368,045 | 33,247 | 133,427 | 238,426 |
| 10 | Interdependent liabilities | — | 0 | 0 | 0 | 0 |
| 11 | Other liabilities: | 0 | 161,002 | 3,318 | 4,069 | 5,729 |
| 12 | NSFR derivative liabilities | 0 | — | — | — | — |
| 13 | All other liabilities and capital instruments not included in the above<br><br>categories | — | 161,002 | 3,318 | 4,069 | 5,729 |
| 14 | Total available stable funding (ASF) | — | — | — | — | 631,781 |
| Required stable funding (RSF) Items | ||||||
| 15 | Total high-quality liquid assets (HQLA) | — | — | — | — | 11,897 |
| EU 15a | Assets encumbered for more than 12m in cover pool | — | 11 | 26 | 19,821 | 16,879 |
| 16 | Deposits held at other financial institutions for operational purposes | — | 0 | 0 | 0 | 0 |
| 17 | Performing loans and securities: | — | 215,169 | 43,482 | 410,613 | 408,005 |
| 18 | Performing securities financing transactions with financial customers<br><br>collateralized by Level 1 HQLA subject to 0% haircut | — | 85,243 | 766 | 663 | 1,488 |
| 19 | Performing securities financing transaction with financial customers<br><br>collateralized by other assets and loans and advances to financial institutions | — | 46,146 | 12,920 | 71,126 | 80,601 |
| 20 | Performing loans to non-financial corporate clients, loans to retail and small<br><br>business customers, and loans to sovereigns, and PSEs, | — | 46,584 | 21,963 | 106,716 | 126,176 |
| of which: | ||||||
| 21 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 1,824 | 154 | 2,774 | 2,810 |
| 22 | Performing residential mortgages, | — | 2,231 | 1,126 | 109,468 | 85,925 |
| of which: | ||||||
| 23 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 702 | 694 | 49,348 | 33,597 |
| 24 | Other loans and securities that are not default and do not qualify as HQLA,<br><br>including exchange-traded equities and trade finance on-balance sheet<br><br>products | — | 34,965 | 6,708 | 122,640 | 113,816 |
| 25 | Interdependent assets | — | 0 | 0 | 0 | 0 |
| 26 | Other assets: | 0 | 165,899 | 947 | 37,447 | 80,997 |
| 27 | Physical traded commodities | — | — | — | 8,006 | 6,805 |
| 28 | Assets posted as initial margin for derivative contracts and contributions to<br><br>default funds of CCPs | — | 7,281 | 0 | 0 | 6,189 |
| 29 | NSFR derivative assets | — | 15,270 | — | — | 15,270 |
| 30 | NSFR derivative liabilities before deduction of variation margin posted | — | 35,720 | — | — | 1,786 |
| 31 | All other assets not included in the above categories | — | 107,628 | 947 | 29,441 | 50,946 |
| 32 | Off-balance sheet items | — | 102,800 | 32,891 | 157,648 | 18,984 |
| 33 | Total required stable funding (RSF) | — | — | — | — | 536,762 |
| 34 | Net Stable Funding Ratio (in percent) | — | — | — | — | 117.70 |
258
| Deutsche Bank | Unencumbered assets | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets | |||||
| Jun 30, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| Unweighted value by residual maturity | Weighted<br><br>value | |||||
| in € m. (unless stated otherwise) | No maturity | < 6 months | 6 months to<br><br>< 1 year | ≥ 1 year | ||
| Available stable funding (ASF) Items | ||||||
| 1 | Capital items and instruments | 75,365 | 0 | 139 | 7,322 | 82,688 |
| 2 | Own funds | 75,365 | 0 | 139 | 6,869 | 82,234 |
| 3 | Other capital instruments | — | 0 | 0 | 453 | 453 |
| 4 | Retail deposits | — | 244,893 | 33,595 | 5,275 | 264,667 |
| 5 | Stable deposits | — | 150,436 | 24,617 | 3,555 | 169,855 |
| 6 | Less stable deposits | — | 94,457 | 8,978 | 1,720 | 94,812 |
| 7 | Wholesale funding: | — | 428,842 | 34,764 | 138,067 | 280,257 |
| 8 | Operational deposits | — | 78,549 | 0 | 0 | 39,275 |
| 9 | Other wholesale funding | — | 350,293 | 34,764 | 138,067 | 240,982 |
| 10 | Interdependent liabilities | — | 0 | 0 | 0 | 0 |
| 11 | Other liabilities: | 0 | 153,942 | 2,854 | 4,072 | 5,499 |
| 12 | NSFR derivative liabilities | 0 | — | — | — | — |
| 13 | All other liabilities and capital instruments not included in the above<br><br>categories | — | 153,942 | 2,854 | 4,072 | 5,499 |
| 14 | Total available stable funding (ASF) | — | — | — | — | 633,110 |
| Required stable funding (RSF) Items | ||||||
| 15 | Total high-quality liquid assets (HQLA) | — | — | — | — | 13,745 |
| EU 15a | Assets encumbered for more than 12m in cover pool | — | 19 | 16 | 19,900 | 16,945 |
| 16 | Deposits held at other financial institutions for operational purposes | — | 0 | 0 | 0 | 0 |
| 17 | Performing loans and securities: | — | 214,351 | 40,208 | 412,687 | 403,566 |
| 18 | Performing securities financing transactions with financial customers<br><br>collateralized by Level 1 HQLA subject to 0% haircut | — | 90,990 | 3,239 | 1,725 | 3,950 |
| 19 | Performing securities financing transaction with financial customers<br><br>collateralized by other assets and loans and advances to financial institutions | — | 37,199 | 11,357 | 67,820 | 75,705 |
| 20 | Performing loans to non-financial corporate clients, loans to retail and small<br><br>business customers, and loans to sovereigns, and PSEs, | — | 49,628 | 18,375 | 137,595 | 152,198 |
| of which: | ||||||
| 21 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 2,864 | 144 | 2,338 | 3,042 |
| 22 | Performing residential mortgages, | — | 2,215 | 1,106 | 110,900 | 82,483 |
| of which: | ||||||
| 23 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 760 | 799 | 72,547 | 48,754 |
| 24 | Other loans and securities that are not default and do not qualify as HQLA,<br><br>including exchange-traded equities and trade finance on-balance sheet<br><br>products | — | 34,319 | 6,130 | 94,647 | 89,229 |
| 25 | Interdependent assets | — | 0 | 0 | 0 | 0 |
| 26 | Other assets: | 0 | 154,777 | 1,041 | 36,555 | 73,929 |
| 27 | Physical traded commodities | — | — | — | 6,491 | 5,518 |
| 28 | Assets posted as initial margin for derivative contracts and contributions to<br><br>default funds of CCPs | — | 7,223 | 0 | 0 | 6,139 |
| 29 | NSFR derivative assets | — | 10,816 | — | — | 10,816 |
| 30 | NSFR derivative liabilities before deduction of variation margin posted | — | 38,060 | — | — | 1,903 |
| 31 | All other assets not included in the above categories | — | 98,678 | 1,041 | 30,063 | 49,553 |
| 32 | Off-balance sheet items | — | 100,581 | 25,529 | 151,582 | 17,651 |
| 33 | Total required stable funding (RSF) | — | — | — | — | 525,836 |
| 34 | Net Stable Funding Ratio (in percent) | — | — | — | — | 120.40 |
259
| Deutsche Bank | Unencumbered assets | |||||
|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets | |||||
| Mar 31, 2025 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| a | b | c | d | e | ||
| Unweighted value by residual maturity | Weighted<br><br>value | |||||
| in € m. (unless stated otherwise) | No maturity | < 6 months | 6 months to<br><br>< 1 year | ≥ 1 year | ||
| Available stable funding (ASF) Items | ||||||
| 1 | Capital items and instruments | 76,503 | 1,745 | 0 | 9,716 | 86,219 |
| 2 | Own funds | 76,503 | 1,745 | 0 | 7,406 | 83,909 |
| 3 | Other capital instruments | — | 0 | 0 | 2,310 | 2,310 |
| 4 | Retail deposits | — | 243,699 | 33,952 | 3,639 | 262,315 |
| 5 | Stable deposits | — | 150,061 | 25,735 | 2,460 | 169,467 |
| 6 | Less stable deposits | — | 93,638 | 8,217 | 1,178 | 92,848 |
| 7 | Wholesale funding: | — | 440,816 | 36,720 | 134,000 | 277,691 |
| 8 | Operational deposits | — | 73,944 | 0 | 0 | 36,972 |
| 9 | Other wholesale funding | — | 366,872 | 36,720 | 134,000 | 240,719 |
| 10 | Interdependent liabilities | — | 0 | 0 | 0 | 0 |
| 11 | Other liabilities: | 0 | 182,436 | 2,198 | 4,605 | 5,704 |
| 12 | NSFR derivative liabilities | 0 | — | — | — | — |
| 13 | All other liabilities and capital instruments not included in the above<br><br>categories | — | 182,436 | 2,198 | 4,605 | 5,704 |
| 14 | Total available stable funding (ASF) | — | — | — | — | 631,929 |
| Required stable funding (RSF) Items | ||||||
| 15 | Total high-quality liquid assets (HQLA) | — | — | — | — | 15,132 |
| EU 15a | Assets encumbered for more than 12m in cover pool | — | 22 | 29 | 21,284 | 18,135 |
| 16 | Deposits held at other financial institutions for operational purposes | — | 0 | 0 | 0 | 0 |
| 17 | Performing loans and securities: | — | 220,579 | 41,266 | 415,063 | 407,793 |
| 18 | Performing securities financing transactions with financial customers<br><br>collateralized by Level 1 HQLA subject to 0% haircut | — | 85,297 | 3,311 | 1,379 | 3,175 |
| 19 | Performing securities financing transaction with financial customers<br><br>collateralized by other assets and loans and advances to financial institutions | — | 46,105 | 13,195 | 69,882 | 79,808 |
| 20 | Performing loans to non-financial corporate clients, loans to retail and small<br><br>business customers, and loans to sovereigns, and PSEs, | — | 50,262 | 15,901 | 139,382 | 152,961 |
| of which: | ||||||
| 21 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 902 | 938 | 1,939 | 2,210 |
| 22 | Performing residential mortgages, | — | 2,082 | 1,095 | 111,087 | 81,418 |
| of which: | ||||||
| 23 | With a risk weight of less than or equal to 35% under the Basel II Standardized<br><br>Approach for credit risk | — | 796 | 942 | 78,304 | 52,583 |
| 24 | Other loans and securities that are not default and do not qualify as HQLA,<br><br>including exchange-traded equities and trade finance on-balance sheet<br><br>products | — | 36,834 | 7,765 | 93,333 | 90,430 |
| 25 | Interdependent assets | — | 0 | 0 | 0 | 0 |
| 26 | Other assets: | 0 | 185,228 | 1,710 | 35,804 | 73,633 |
| 27 | Physical traded commodities | — | — | — | 4,719 | 4,011 |
| 28 | Assets posted as initial margin for derivative contracts and contributions to<br><br>default funds of CCPs | — | 7,178 | 0 | 0 | 6,101 |
| 29 | NSFR derivative assets | — | 9,300 | — | — | 9,300 |
| 30 | NSFR derivative liabilities before deduction of variation margin posted | — | 37,859 | — | — | 1,893 |
| 31 | All other assets not included in the above categories | — | 130,891 | 1,710 | 31,085 | 52,327 |
| 32 | Off-balance sheet items | — | 104,924 | 20,615 | 158,487 | 18,073 |
| 33 | Total required stable funding (RSF) | — | — | — | — | 532,765 |
| 34 | Net Stable Funding Ratio (in percent) | — | — | — | — | 118.61 |
260
| Deutsche Bank | Unencumbered assets |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Qualitative information on unencumbered assets |
Unencumbered assets
Qualitative information on unencumbered assets
Article 443 CRR and EU AE4
In accordance to the EBA ITS 2020/04 guideline the data on encumbered and unencumbered assets uses the median of
the last four quarterly data points. Therefore, the sum of sub-components does not necessarily add up in the quantitative
information disclosed below.
Encumbered assets primarily comprise those on- and off-balance sheet assets that are pledged as collateral against
secured funding, collateral swaps, and other collateralized obligations. Additionally, in line with the EBA technical
standards on regulatory asset encumbrance reporting, Deutsche Bank considers default funds and initial margins as
encumbered, as well as other assets pledged which cannot be freely withdrawn such as mandatory minimum reserves at
central banks. Deutsche Bank also includes derivative margin receivable assets as encumbered under these EBA
guidelines.
Quantitative information on unencumbered assets
Article 443 CRR
The below tables set out a breakdown of on- and off-balance sheet items, broken down between encumbered and
unencumbered. Any securities borrowed or purchased under resale agreements are shown based on the fair value of
collateral received. Following the European Commission’s disclosure guidance for asset encumbrance Deutsche Bank
has introduced the asset quality indicator concept “high-quality liquid assets” (HQLA) as defined under the Delegated
Act on Liquidity Coverage Ratio.
For December 2025, € 205 billion of the Group's on-balance sheet assets were encumbered. These assets primarily relate
to firm financing of trading inventory and other securities, funding (i.e. Pfandbriefe and covered bonds) secured against
loan collateral and cash collateral for derivative margin requirements.
For December 2025, the Group had received securities as collateral with a fair value of € 497 billion, of which
€ 384 billion were sold or on pledged. These pledges typically relate to trades to facilitate client activity, including prime
brokerage, collateral posted in respect of Exchange Traded Funds and derivative margin requirements.
‘Own debt securities issued other than covered bonds and asset backed securities’ refers to those own bond holdings
that are not derecognized from the balance sheet by a non-IFRS institution. This is not applicable for Deutsche Bank
Group.
EU AE1 – Encumbered and unencumbered assets
| 030 | 040 | 050 | 060 | 080 | 090 | 100 | ||
| Unencumbered assets | ||||||||
| Fair value | Carrying amount | Fair value | ||||||
| in m. | of which<br><br>notionally<br><br>eligible<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>notionally<br><br>eligible<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | ||||
| 030 | Equity instruments | 12 | — | — | 3,479 | 322 | — | — |
| 040 | Debt securities | 70,754 | 107,464 | 70,754 | 103,494 | 69,711 | 103,494 | 69,711 |
| of which: | ||||||||
| 050 | Covered bonds | 335 | 363 | 335 | 1,747 | 1,738 | 1,747 | 1,738 |
| 060 | Securitisations | 3,305 | 6,633 | 3,305 | 4,192 | 123 | 4,192 | 123 |
| 070 | Issued by general governments | 63,101 | 87,906 | 63,101 | 64,389 | 63,857 | 64,389 | 63,857 |
| 080 | Issued by financial corporations | 5,023 | 13,929 | 5,023 | 20,889 | 4,254 | 20,889 | 4,254 |
| 090 | Issued by non-financial corporations | 1,902 | 5,743 | 1,902 | 12,506 | 525 | 12,506 | 525 |
| 120 | Other assets | 13,200 | — | — | 1,090,837 | 125,311 | — | — |
| 010 | Total | 83,688 | — | — | 1,208,258 | 196,219 | — | — |
All values are in Euros.
261
| Deutsche Bank | Unencumbered assets | |||||||
|---|---|---|---|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on unencumbered assets | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 030 | 040 | 050 | 060 | 080 | 090 | 100 | ||
| Unencumbered assets | ||||||||
| Fair value | Carrying amount | Fair value | ||||||
| in m. | of which<br><br>notionally<br><br>eligible<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>notionally<br><br>eligible<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | ||||
| 030 | Equity instruments | 10 | — | — | 3,580 | 850 | — | — |
| 040 | Debt securities | 61,050 | 83,300 | 61,050 | 97,150 | 62,670 | 97,150 | 62,670 |
| of which: | ||||||||
| 050 | Covered bonds | 490 | 580 | 490 | 1,500 | 1,440 | 1,500 | 1,440 |
| 060 | Asset-backed securities | 620 | 4,010 | 620 | 3,780 | 310 | 3,780 | 310 |
| 070 | Issued by general governments | 57,700 | 69,620 | 57,700 | 63,450 | 59,980 | 63,450 | 59,980 |
| 080 | Issued by financial corporations | 1,920 | 9,500 | 1,920 | 19,030 | 2,640 | 19,030 | 2,640 |
| 090 | Issued by non-financial corporations | 1,720 | 4,820 | 1,720 | 11,090 | 800 | 11,090 | 800 |
| 120 | Other assets | 12,930 | — | — | 1,118,510 | 128,330 | — | — |
| 010 | Total | 73,260 | — | — | 1,178,050 | 191,090 | — | — |
All values are in Euros.
EU AE2 – Collateral received
| 030 | 040 | 060 | ||
| Unencumbered | ||||
| Fair value of collateral received<br><br>or own debt securities issued<br><br>available for encumbrance | ||||
| in m. | of which<br><br>notionally<br><br>eligible<br><br>EHQLA and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | ||
| 140 | Loans on demand | 0 | 0 | 0 |
| 150 | Equity instruments | 211 | 6 | 6 |
| 160 | Debt securities | 341,564 | 112,860 | 73,273 |
| of which: | ||||
| 170 | Covered bonds | 6,331 | 11,661 | 11,623 |
| 180 | Asset-backed securities | 2,095 | 8,679 | 157 |
| 190 | Issued by general governments | 329,277 | 73,454 | 60,914 |
| 200 | Issued by financial corporations | 8,901 | 33,536 | 11,164 |
| 210 | Issued by non-financial corporations | 3,535 | 7,290 | 1,099 |
| 220 | Loans and advances other than loans on demand | 0 | 0 | 0 |
| 230 | Other collateral received | 0 | 581 | 0 |
| 130 | Total collateral received | 341,758 | 113,448 | 73,279 |
| 240 | Own debt securities issued other than own covered bonds or securitizations | 0 | 0 | 0 |
| 241 | Own covered bonds and asset-backed securities issued and not yet pledged | — | 73,457 | 8,737 |
| 250 | Total Assets, collateral received and own debt securities issued | 428,312 | — | — |
All values are in Euros.
262
| Deutsche Bank | Unencumbered assets | |||
|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Quantitative information on unencumbered assets | |||
| --- | --- | --- | --- | --- |
| 030 | 040 | 060 | ||
| Unencumbered | ||||
| Fair value of collateral received<br><br>or own debt securities issued<br><br>available for encumbrance | ||||
| in m. | of which<br><br>notionally<br><br>eligible<br><br>EHQLA and<br><br>HQLA | of which<br><br>EHQLA<br><br>and<br><br>HQLA | ||
| 140 | Loans on demand | 0 | 0 | 0 |
| 150 | Equity instruments | 190 | 60 | 40 |
| 160 | Debt securities | 295,100 | 98,860 | 62,460 |
| of which: | ||||
| 170 | Covered bonds | 5,160 | 13,270 | 13,090 |
| 180 | Asset-backed securities | 3,010 | 8,690 | 620 |
| 190 | Issued by general governments | 281,230 | 61,990 | 48,930 |
| 200 | Issued by financial corporations | 8,760 | 31,250 | 11,620 |
| 210 | Issued by non-financial corporations | 3,210 | 5,620 | 660 |
| 220 | Loans and advances other than loans on demand | 0 | 370 | 0 |
| 230 | Other collateral received | 0 | 2,850 | 0 |
| 130 | Total collateral received | 295,710 | 101,930 | 62,490 |
| 240 | Own debt securities issued other than own covered bonds or asset-backed securities | 0 | 0 | 0 |
| 241 | Own covered bonds and asset-backed securities issued and not yet pledged | — | 32,430 | 6,510 |
| 250 | Total Assets, collateral received and own debt securities issued | 370,630 | — | — |
All values are in Euros.
The below table shows selected amounts for encumbered on- and off-balance sheet assets against the corresponding
liabilities that have given rise to the encumbrance. These include assets pledged for derivatives margin, collateral
required for repurchase agreements, and assets needed, for example, for the Group’s covered bond issuance portfolio.
EU AE3 – Sources of encumbrance
| Dec 31, 2025 | Dec 31, 2024 | ||||
|---|---|---|---|---|---|
| 010 | 030 | 010 | 030 | ||
| in € m. | Matching<br><br>liabilities,<br><br>contingent<br><br>liabilities<br><br>or securities lent | Assets,<br><br>collateral<br><br>received<br><br>and own debt<br><br>securities<br><br>issued other<br><br>than<br><br>covered bonds<br><br>and<br><br>ABSs<br><br>encumbered | Matching<br><br>liabilities,<br><br>contingent<br><br>liabilities<br><br>or securities lent | Assets,<br><br>collateral<br><br>received<br><br>and own debt<br><br>securities<br><br>issued other<br><br>than<br><br>covered bonds<br><br>and<br><br>ABSs<br><br>encumbered | |
| 010 | Carrying amount of selected financial liabilities | 448,987 | 467,919 | 406,200 | 424,300 |
263
| Deutsche Bank | Reputational Risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
Reputational Risk
Within the bank’s risk management process, reputational risk is defined as the risk of possible damage to Deutsche Bank’s
brand and reputation, and the associated risk to earnings, capital or liquidity arising from any association, action or
inaction which could be perceived by stakeholders to be inappropriate, unethical or inconsistent with Deutsche Bank’s
Code of Conduct.
Risk management objectives and policies
Reputational Risk Management strategies and processes
Article 435 (1)(a) CRR (EU OVA)
Deutsche Bank has limited appetite for transactions or relationships with material reputational risk or in areas which
inherently pose a higher reputational risk such as the defense, gaming, or adult entertainment sectors, or where there are
certain environmental concerns. Decisions about specific transactions or relationships are made based on a risk based,
individualized and objective assessment. Reputational risk cannot be precluded as it can be driven by unforeseeable
changes in perception of its practices by its various stakeholders (e.g. public, clients, shareholders and regulators).
The Reputational Risk Framework (the Framework) is in place to manage the process through which active decisions are
taken on matters which may pose a reputational risk, before the event, and in doing so to prevent damage to Deutsche
Bank’s reputation wherever possible. The Framework provides consistent standards for the identification, assessment
and management of reputational risk issues.
Reputational Risk could arise from multiple sources including, but not limited to, Deutsche Bank’s employees, business
strategies and activities, clients, and counterparties. Such events could contribute to among other consequences,
financial losses, litigation, regulatory enforcement actions, or monetary fines, as well as other reputational harm.
The modelling and quantitative measurement of reputational risk internal capital is implicitly covered in the bank’s
economic capital framework primarily within strategic risk.
Reputational Risk Management structure and organization
Article 435 (1)(b) CRR (EU OVA)
Deutsche Bank manages reputational risk through a framework. Under this framework, Deutsche Bank has established a
risk appetite statement and policies and controls embedded throughout our business and risk management processes,
with variances available when necessary to comply with applicable country laws, regulations and expectations. . Matters
specific to DWS are reviewed by the DWS Reputational Risk Committee and, if necessary, escalated to the DWS
Executive Board. Decisions are subject to the DWS and Deutsche Bank internal Corporate Governance policies.
Whilst every employee has a responsibility to protect Deutsche Bank's reputation, the primary responsibility for the
identification, assessment, management, monitoring and, if necessary, referring or reporting of reputational risk matters
lies with Deutsche Bank’s Business Divisions as the primary risk owners. Each Business Division has an established
process through which matters, which are deemed to be a moderate or greater reputational risk are assessed, the Unit
Reputational Risk Assessment Process.
The Unit Reputational Risk Assessment Process is required to refer any material reputational risk matters to the
respective Regional Reputational Risk Committee. The Framework also sets out a number of matters which are
considered inherently higher risk from a reputational risk perspective and are therefore mandatory referrals to the
Regional Reputational Risk Committees. The Regional Reputational Risk Committees are 2nd LoD Committees and meet
on an ad hoc basis as required. The Group Reputational Risk Committee (GRRC) reviews cases with a group-wide impact
and in exceptional circumstances, those that could not be resolved at a regional level. The Head of ORM is responsible
for ensuring the oversight, governance and coordination of the management of reputational risk of Deutsche Bank.
Scope and nature of reputational risk measurement and reporting systems
Article 435 (1)(c) CRR (EU OVA)
The Reputational Risk Team provides monthly updates on reputational risk topics to the secretaries of the Unit
Reputational Risk Assessment Process and the Regional Reputational Risk Committees. A monthly report is provided to
the Group Risk Committee covering material reputational risk discussions and breaches of the Reputational Risk
Framework. The Risk and Capital Profile report includes updates on reputational risk, which is distributed on a monthly
264
| Deutsche Bank | Reputational Risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
basis to the Management Board and Supervisory Board. This includes details such as the number of reputational risk
issues assessed by the various committees and their decisions.
Policies for hedging and mitigating reputational risk
Article 435 (1)(d) CRR (EU OVA)
The Reputational Risk Framework is governed by the Reputational Risk Policy and Framework. The Framework has a
group wide scope and is globally applicable. Regional and divisional reputational risk procedures have been implemented
where deemed appropriate. Specific guidance on reputational risk issues is provided in the Reputational Risk Guidance
Statements. Subject Matter Expert input is required for specific reputational risk drivers such as defense, gaming, and
environmental issues.
Model risk
Risk management objectives and policies
Model Risk Management strategies and processes
Article 435 (1)(a) CRR (EU OVA)
Model risk is overseen by the Chief Risk Officer through the setting of a quantitative and qualitative risk appetite
statement, and managed through:
–A Model Risk Management Policy and procedure, and supporting documents aligned to risk appetite, regulatory
requirements, and industry best practice, with clear roles and responsibilities for stakeholders
–Inventorization of all sources of model risk, supporting ongoing model risk framework components including risk
assessments and attestations
–Key controls for all sources of model risk from development through to decommissioning, including validation,
approval, deployment and monitoring:
–Independent Validations, and subsequent independent approvals, verify that models have been appropriately
designed and implemented for their intended scope and purpose, and that respective controls are in place to assure
that they continue to perform as expected during their use
–The controls identify limitations and weaknesses, resulting in findings and compensating controls, these may be
conditions for use, such as adjustments or overlays
–Model risk governance, including senior forums for monitoring and escalation of model risk related topics, as well as
monthly updates to the Management Board on the model risk appetite metrics, and periodic model risk updates to the
Supervisory Board.
Model Risk Management structure and organization
Article 435 (1)(b) CRR (EU OVA)
Model risk is managed in accordance with the segregation of duties set out in the Risk Management Policy. Model risk is
attached to those functions that generate and steer model risk directly such as Model Owners, Model Developers, Senior
Model Users, including infrastructure functions.
The control function for model risk is Model Risk Management (MoRM) with its independent validation unit for model risk.
The Head of MoRM is part of the Bank's Risk Division, reporting directly to the Chief Risk Officer. Group Audit is
responsible for overseeing the activities of both the functions owning and using models and MoRM as the risk type
control function.
MoRM fulfils all the responsibilities of a risk type control function, including:
–Defining and regularly updating the model risk framework by setting minimum risk management and/or control
standards to support the bank’s compliance with all applicable material rules and regulations
–Independently assessing the implementation of, and adherence to, the framework of functions that generate and
steer model risk directly, and reporting an overall assessment of the bank’s risk profile
–Acting as an advisor to these functions on how to identify, assess and manage risks and implement the framework
–Monitoring model risk adherence to the defined risk appetite, including escalating confirmed breaches, and
recommending matters for potential consequence management, which can be enforced at a divisional and individual
level
265
| Deutsche Bank | Model risk |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Risk management objectives and policies |
MoRM is also responsible for the approval of the use of models within the bank and the initial and ongoing validation of
models in line with policy. Independent model validation functions outside of Model Risk Management are required to
have a sufficient level of independence and expertise, and to apply MoRM standards.
Scope and nature of model risk measurement and reporting systems
Article 435 (1)(c) CRR (EU OVA)
The governance and monitoring of model risk is facilitated by a combination of individuals in the functions that directly
generate and manage model risk and MoRM model risk managers, supported by Model Risk Councils and forums, which
escalate to the Risk Committee of the Board of Directors. They support the management of model risk for individual
models, as well as in the aggregate.
The Model Inventory owned by MoRM is the repository for sources of model risk across the firm and provides the basis for
the reporting of model risk.
MoRM provides (at least) quarterly updates on model risk topics to divisional/regional Model Risk fora, escalating into the
Group Model Risk Council, as well as providing updates to certain Deutsche Bank AG Branches (London and New York),
the Group Risk Committee and stand-alone model risk sections in the risk and capital profile. The risk and capital profile
is distributed monthly to the Management Board and quarterly to the Supervisory Board.
Model risk profiles are produced by MoRM, to enable the monitoring, reporting and governance of model risk. Model risk
profiles include:
–Current and emerging model risks and
–Information to effectively monitor model risk and identify potential areas of concern
–Individual metrics showing Risk Appetite results for that reporting period, including remediation plans, ‘paths to
green/amber’ and any compensatory measures implemented
–Status of remediation of material problems; appropriate and timely responses to identified problems, with current and
forward-looking perspectives
–Reporting on overdue validation findings
Policies for mitigating model risk
Article 435 (1)(d) CRR (EU OVA)
The model risk framework is governed by the Model Risk Policy and Procedure. Model Risk is mitigated at a model level,
through appropriate actions independently verified as proportionate. These may be built into the model, as part of
development, or subsequently identified as part of the initial validation process or subsequent monitoring processes.
As part of independent validation, MoRM may identify the need for temporary or permanent mitigants prior to permitting
the use of a model. These mitigants may take the form of adjustments to the output, the allocation of a reserve/buffer,
limitations or restrictions on the use of a model, additional monitoring and/or restrictions or amendments to inputs and/
or parameters.
These mitigants, are tracked and monitored as part of periodic reviews. Reassessments may also be triggered by
significant changes to the model or its materiality, or potentially through the resolution of related weaknesses in the
model.
266
| Deutsche Bank | Remuneration policy |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Policy on diversity for board members |
Remuneration policy
Article 450 CRR, Article 435 (2)(a)-(c) CRR and EU OVB
Article 450 CRR, Article 435 (2)(a)-(c) CRR and related requirements such as table EU REMA and EU OVB and templates
EU REM1-5 are addressed by the following section from the Employee Compensation Report from within the Annual
Report 2025.
Number of directorships held by board members
Article 435 (2)(a) CRR (EU OVB)
The number of directorships held by members of the management board are listed below in the table:
Number of directorships
| Dec 31, 2025 | ||
|---|---|---|
| Number of executive<br><br>and non-executive<br><br>directorships | Number of<br><br>supervisory board<br><br>directorships | |
| Christian Sewing | 0 | 0 |
| James von Moltke | 0 | 0 |
| Raja Akram1 | 0 | 0 |
| Fabrizio Campelli | 0 | 0 |
| Marcus Chromik | 0 | 0 |
| Bernd Leukert | 0 | 1 |
| Alexander von zur Mühlen | 0 | 0 |
| Laura Padovani | 0 | 0 |
| Claudio de Sanctis | 0 | 0 |
| Rebecca Short | 0 | 0 |
1Raja Akram became a member of the Management Board on January 1, 2026, and will assume the role of Chief Financial Officer in March 2026
Recruitment policy for board members
Article 435 (2)(b) CRR (EU OVB)
Pursuant to the German Banking Act (KWG) the members of the Management Board must be professionally suitable and
reliable and devote sufficient time to their tasks. The Supervisory Board assesses the qualifications of the individual
members as well as the qualification of the Management Board as a whole (collective suitability). In this connection
diversity of backgrounds and mindsets plays an important role as well as gender, nationality and age. The Nomination
Committee supports the Supervisory Board in identifying suitable internal and external candidates to fill a position on
the bank’s Management Board while taking into account the applicable statutory and regulatory requirements. For this,
the Committee has developed a position description with a candidate profile and a statement of the related time
commitment for a Management Board member as well as questionnaires for the assessment of the knowledge, reliability
and time availability. The Nomination Committee and Supervisory Board regularly receive reports from the Management
Board on internal candidates for succession planning (“talent pipeline”) and the process from the perspective of the
Management Board. The members of the Supervisory Board have opportunities to meet selected senior managers at the
meetings of the Supervisory Board and its committees as well as bank-internal events. With a view to a sustainable,
ideally diverse succession planning while also taking gender diversity into consideration, the Supervisory Board also
works together with external service providers.
For the selection of suitable candidates, external and internal, the Nomination Committee takes into account the
strategic objectives of the bank, the area of functional responsibility on the Management Board, the qualifications,
reliability and time availability of the candidates as well as the balance and diversity of the knowledge, skills and
experience of all members of the Management Board, while also considering diversity principles. The appointment to a
Management Board position is always made in the interests of the company.
Building on the recommendation of the Nomination Committee, the Chairman’s Committee submits a recommendation
for the Supervisory Board’s resolution. Based on this, the Supervisory Board decides on the appointment of the
Management Board members. The first appointment period is for a maximum of three years. Management Board
members can be reappointed for one or several terms of office, which may be for a maximum of five years pursuant to
the law, whereby at Deutsche Bank such reappointments should generally also be for a maximum of three years.
267
| Deutsche Bank | Remuneration policy |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Policy on diversity for board members |
Policy on diversity for board members
Article 435 (2)(c) CRR (EU OVB)
The Stock Corporation Act (AktG) requires that a company that is listed on a stock exchange and has three or more
members of the Management Board, such as Deutsche Bank, must have at least one woman and one man as member of
its Management Board, failing which renders the appointment is rendered void. In addition, promoting cognitive diversity
on the Management Board is very important to the Supervisory Board, and it is actively working to ensure the on
Management Board has sufficient diversity, of thought, e.g., in terms of gender, nationality and age, as well as different
backgrounds and mindsets.
Moreover, the AktG requires that the Management Board of a listed company sets targets for the share of women in the
two management layers below the Management Board. The Supervisory Board and Management Board strive to and
should serve as role models for the bank to drive an inclusive culture. In accordance with the bank’s aim to embrace
dialogue and diverse views, diversity in the composition of the Supervisory Board and the Management Board also
facilitates the proper performance of the tasks and duties assigned to them by law, the Articles of Association and Terms
of Reference.
As an integral part of Deutsche Bank’s strategy as a leading European bank with a global reach and a strong home market
in Germany, diversity is a decisive factor for the bank’s success. With 160 nationalities represented across 55 countries in
2025, the bank is proud of its multicultural workforce. It sees the unique perspectives and experiences within its global
network as a competitive advantage as it fuels innovation, strengthens culture and drives more sustainable outcomes.
Age and gender as well as educational and professional backgrounds have long been accepted as key aspects of the far
more comprehensive understanding of diversity at Deutsche Bank.
As stated in its Code of Conduct, Deutsche Bank is committed to ensuring fair and equal opportunities for employees
from all backgrounds and experiences, an objective it advances through its multi-dimensional diversity and inclusion
strategy. Centered on five pillars - leadership accountability, adapting processes, driving behavioral change, thought
leadership, and ensuring legal compliance - the strategy is endorsed by the Management Board who monitors progress
against the agreed goals and objectives.
The targets for the proportion of women in management positions, the gender quota and the disclosure pursuant to
Section 96 (2) of the German Stock Corporation Act (AktG) are described in the "Sustainability Statement" in the section
"Own Workforce"
Diversity concept and succession planning for the Management Board
Through the composition of the Management Board, it has to be ensured that its members have, at all times, the required
knowledge, skills and experience necessary to properly perform their tasks. Accordingly, when selecting members for the
Management Board, care is to be taken that they collectively have sufficient expertise and diversity within the meaning
of the bank’s objectives specified above. Furthermore, the Supervisory Board and the Management Board should ensure
long-term succession planning.
The Act supplementing and amending the regulations for the equal participation of women and men in management
positions in the private sector and in the public service (“Zweites Führungspositionen Gesetz” - FüPoG II) stipulates that
at least one woman and one man are to be appointed to a board with more than three members, with no additional
targets to be set. As of December 31, 2025, the bank has fulfilled this requirement with two women on the Board. As a
rule, a member of the board of directors should not have exceeded the age limit for standard early retirement pension for
long-term insured persons in the German statutory pension insurance scheme by the expiry date of his or her
appointment.
Implementation
In accordance with the law, the Articles of Association and Terms of Reference, the Supervisory Board adopted a
candidate profile for the members of the Management Board, based on a proposal from the Nomination Committee. This
profile takes into account an “Expertise and Capabilities Matrix”, specifying, among other things, the required knowledge,
skills and experience to perform the tasks as Management Board member, in order to successfully develop and
implement the bank’s strategy in the respective market or the respective division and as a management body
collectively. The Management Board reviews succession plans for Management Board positions, both individually and as
a group. Individual succession plans are reviewed and internal succession candidates are discussed in detail based on
potential, leadership skills and experience as well as fit and proper suitability. As gender diversity is a key focus of
Deutsche Bank the respective succession metrics and data analytics support this process. After approval by the
268
| Deutsche Bank | Remuneration policy |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Policy on diversity for board members |
Management Board these plans are submitted to the Nomination Committee and the Supervisory Board, in principle at a
meeting for extensive deliberations.
In identifying candidates to fill a position on the bank’s Management Board, the Supervisory Board’s Nomination
Committee takes into account the appropriate diversity balance of all Management Board members collectively.
Furthermore, it also considers the targets set by the Supervisory Board in accordance with statutory requirements for the
percentage of women on the Management Board.
The Nomination Committee supports the Supervisory Board with the periodic assessment, to be performed at least once
a year, of the knowledge, skills and experience of the individual members of the Management Board and of the
Management Board in its entirety.
Results achieved in the 2025 financial year
As of December 31, 2025 the Management Board comprised two women (22%) and seven men. The age structure is
diverse, ranging from 50 to 59 years of age as of December 31, 2025.
In light of the bank’s strategy as a leading European bank with a global reach and a strong home market in Germany, five
of the nine Management Board members as of December 31, 2025 have a German background. Furthermore, the current
Management Board members are citizens of Italy, the United Kingdom, the U.S., Pakistan, Australia, New Zealand and
Switzerland. However, the ethnic diversity of the Management Board does not currently reflect the full diversity of the
markets where the bank do business or the diversity of the bank’s employees.
The diverse range of the members’ educational and professional backgrounds includes accounting, banking, business
administration, economics, engineering, finance, law, linguistics and philosophy.
The bank transparently reports on Management Board diversity in addition to the information presented above in this
Corporate Governance Statement in the section “Management Board and Supervisory Board” as well as on the bank’s
website: www.db.com (Heading Investor Relations, “Corporate Governance”, “Management Board”).
Compensation of the employees (unaudited)
The content of the 2025 Employee Compensation Report is based on the qualitative and quantitative remuneration
disclosure requirements outlined in Article 450 No. 1 (a) to (j) Capital Requirements Regulation (CRR) in conjunction with
Section 16 of the Remuneration Ordinance for Institutions (Institutsvergütungsverordnung – InstVV).
This Compensation Report takes a group-wide view and covers all consolidated entities of the Deutsche Bank Group. In
accordance with regulatory requirements, equivalent reports for 2025 are prepared for BHW Bausparkasse AG classified
as Significant Institution in the meaning of the German Banking Act as well as for other subsidiaries within Deutsche Bank
Group in accordance with local regulatory requirements.
Regulatory environment
Ensuring compliance with regulatory requirements is an overarching consideration in the bank’s Group Compensation
Strategy. The bank strives to be at the forefront of implementing regulatory requirements with respect to compensation
and will continue to maintain a close exchange with its prudential supervisor, the European Central Bank (ECB), to be in
compliance with all existing and new requirements.
As an EU-headquartered institution, Deutsche Bank is subject to the Capital Requirements Regulation/Directive (CRR/
CRD) globally, as transposed into German national law in the German Banking Act and InstVV. These rules are applied to
all of Deutsche Bank subsidiaries and branches world-wide to the extent required in accordance with Section 27 InstVV.
As a Significant Institution within the meaning of the German Banking Act, Deutsche Bank identifies all employees whose
work is deemed to have a material impact on the overall risk profile (Material Risk Takers or MRTs) in accordance with the
criteria stipulated in the German Banking Act and in the Commission Delegated Regulation 2021/923. MRT identification
is performed for Deutsche Bank Group as well as for institutions in the EU at institutional level.
Taking into account more specific sectorial legislation and in accordance with InstVV, some of Deutsche Bank’s
subsidiaries (in particular within the DWS Group) fall under sector specific remuneration rules, such as the Alternative
Investments Fund Managers Directive (AIFMD), the Undertakings for Collective Investments in Transferable Securities
Directive (UCITS) and the Investment Firm Directive (IFD) including the applicable local transpositions. MRTs are also
269
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Regulatory environment |
identified in these subsidiaries. Identified employees are subject to the remuneration provisions outlined in the applicable
Guidelines on sound remuneration policies published by the European Securities and Markets Authority (ESMA) and the
European Banking Authority (EBA).
Deutsche Bank takes into account the regulations targeted at employees who engage directly or indirectly with the
bank’s clients, for instance as per the local transpositions of the Markets in Financial Instruments Directive II – MiFID II.
Accordingly, specific provisions for employees deemed to be Relevant Persons are implemented with a view to ensuring
that they act in the best interest of the bank’s clients.
Where applicable, Deutsche Bank is also subject to specific rules and regulations implemented by local regulators. Many
of these requirements are aligned with the InstVV. However, where variations are apparent, proactive and open
discussions with regulators have enabled the bank to follow the local regulations whilst ensuring that any impacted
employees or locations remain within the bank’s overall Group Compensation Framework. This includes, amongst others,
the compensation structures applied to Covered Employees in the United States under the requirements of the Federal
Reserve Board as well as the requirements related to compensation recovery for executive officers in the event of an
accounting restatement as required by the U.S. Securities and Exchange Commission. In any case, the InstVV
requirements are applied as minimum standards globally.
Compensation governance
Deutsche Bank has a robust governance structure enabling it to operate within the clear parameters of its Compensation
Strategy and Policy. In accordance with the German two-tier board structure, the Supervisory Board governs the
compensation of the Management Board members while the Management Board oversees compensation matters for all
other employees in the Group. Both the Supervisory Board and the Management Board are supported by specific
committees and functions, in particular the Compensation Control Committee (CCC), the Compensation Officer, and the
Senior Executive Compensation Committee (SECC).
In line with their responsibilities, the bank’s control functions as per InstVV are involved in the design and application of
the bank’s remuneration systems, in the identification of MRTs and in determining the total amount of Variable
Compensation. This includes assessing the impact of employees’ behavior and the business-related risks, performance
criteria, granting of remuneration and severances as well as ex-post risk adjustments.
Reward governance structure
1Does not comprise a complete list of Supervisory Board Committees
270
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Compensation governance |
Compensation Control Committee (CCC)
The Supervisory Board has set up the CCC to support in establishing and monitoring the structure of the compensation
system for the Management Board Members of Deutsche Bank AG. Furthermore, the CCC monitors the appropriateness
of the compensation systems for the employees of Deutsche Bank Group, as established by the Management Board and
the SECC. The CCC reviews whether the total amount of Variable Compensation is affordable and set in accordance with
the risk, capital and liquidity situation as well as in alignment with the business and risk strategies. Furthermore, the CCC
supports the Supervisory Board in monitoring the bank’s MRT identification process.
Further details, including the composition and the number of meetings held, can be found in the Report of the
Supervisory Board within this Annual Report.
Compensation Officer
The Management Board, in cooperation with the CCC, has appointed a Group Compensation Officer to support the
Supervisory Boards of Deutsche Bank AG and of the bank’s Significant Institutions in Germany in performing their
compensation related duties. The Compensation Officer is involved in the conceptual review, development, monitoring
and application of the employees’ compensation systems, the MRT identification and remuneration disclosures on an
ongoing basis. The Compensation Officer performs all relevant monitoring obligations independently, provides an
assessment on the appropriateness of the design and strategy of the compensation systems for employees at least
annually and regularly supports and advises the CCC.
Senior Executive Compensation Committee (SECC)
The SECC is a delegated committee established by the Management Board which has the mandate to develop
sustainable compensation principles, to prepare recommendations on Total Compensation levels and to ensure
appropriate compensation governance and oversight. As part of this mandate, the SECC establishes the Compensation
and Benefits Strategy, Policy and corresponding guiding principles, which provide the overarching framework for both
Fixed Pay and Variable Compensation. This includes ensuring that the overall compensation structures are aligned with
regulatory requirements and the bank’s compensation principles. Moreover, using quantitative and qualitative factors,
the SECC assesses Group and divisional performance as a basis for compensation decisions and makes recommendations
to the Management Board regarding the total amount of annual Variable Compensation and its allocation across
business divisions and infrastructure functions.
In order to maintain its independence, only representatives from infrastructure and control functions who are not aligned
to any of the business divisions are members of the SECC. In 2025, the SECC’s membership comprised of the DB AG
Management Board member responsible for Human Resources and the Chief Financial Officer as Co-Chairpersons, the
Head of Compliance, the Head of Human Resources and the Head of Performance & Reward as well as an additional
representative from both Finance and Risk as voting members. The Compensation Officer and an additional
representative from Finance participated as non-voting members. The SECC generally meets on a monthly basis but with
more frequent meetings during the compensation determination process. It held 15 meetings in total with regard to the
compensation process for the performance year 2025.
Compensation and Benefits Strategy
Deutsche Bank recognizes that its compensation framework plays a vital role in supporting its strategic objectives. It
enables the bank to attract and retain the individuals required to achieve the bank’s objectives. The Compensation and
Benefits Strategy is built on three core pillars (Principles, Performance and Processes as outlined below) that support the
bank’s global, client-centric business and risk strategy, reinforced by safe and sound compensation practices that
operate within the bank’s profitability, solvency and liquidity position.
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| Pillar 3 Report as of December 31, 2025 | Compensation governance |
Group Compensation Framework
The compensation framework, generally applicable globally across all regions and business lines, emphasizes an
appropriate balance between Fixed Pay and Variable Compensation – together forming Total Compensation. It aligns
incentives for sustainable performance at all levels of Deutsche Bank whilst ensuring the transparency of compensation
decisions and their impact on shareholders and employees. The underlying principles of Deutsche Bank’s Compensation
Framework are applied to all employees equally and are supported by the key principle ‘equal pay for equal work or work
of equal value’ and the necessity for equal opportunities, irrespective of differences in, e.g., tenure, gender or ethnicity.
Pursuant to CRD and the requirements subsequently adopted in the German Banking Act, Deutsche Bank is subject to a
maximum ratio of 1:1 with regard to fixed-to-variable remuneration components, which was increased to 1:2 for a limited
population with shareholder approval on May 22, 2014 with an approval rate of 95.27%, based on valid votes by 27.68%
of the share capital represented at the Annual General Meeting. The remuneration of employees in control functions as
defined by InstVV (comprising Risk, Compliance and Anti-Financial Crime, Group Audit and the Group Compensation
Officer and his Deputy) is predominately based on Fixed Pay.
According to the bank’s compensation framework, all employees are entitled to individual Variable Compensation. The
standardized Variable Compensation orientation model, which incorporates orientation values determined by division,
profession, and seniority, indicates the average expected Variable Compensation as a percentage of Fixed Pay, thus
ensuring an appropriate balance between Fixed Pay and Variable Compensation.
Fixed Pay is the key and primary compensation element for most employees globally. It is a fixed regular payment based
on transparent and predetermined conditions. It is delivered in the form of base salary and where applicable local
specific fixed pay allowances. Fixed Pay reflects the value of the individual role and function within the organization,
regional and divisional specifics and rewards the factors an employee brings to the organization such as qualification,
skills and experience required for the role in line with remuneration levels in the specific geographic location and level of
responsibility.
Variable Compensation is a discretionary compensation component that reflects Group, Divisional risk-adjusted financial
and non-financial performance as well as individual contributions. It acknowledges that employees contribute to the
success of their Division and the Group as a whole. At the same time, Variable Compensation allows the bank to
differentiate individual contributions and to drive behavior and conduct through an incentive system that can positively
influence culture and the achievement of the bank’s strategic objectives and to apply consequences for falling below the
standards of delivery, behavior and conduct by reducing the Variable Compensation.
In the context of InstVV, severance payments are considered Variable Compensation. The bank’s severance framework
ensures full alignment with the respective InstVV requirements.
272
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Compensation governance |
Employee benefits are considered Fixed Pay from a regulatory perspective, as they have no direct link to performance or
discretion. They are granted in accordance with applicable local market practices and requirements. Pension expenses
represent the main element of the bank’s benefits portfolio globally.
Total Compensation is made up of defined Fixed Pay, Variable Compensation and is supplemented by benefits.
Employee groups with specific compensation structures
For some areas of the bank, compensation structures deviate in some respects from the Group Compensation Framework
outlined above, but within regulatory boundaries.
Postbank units
While executive staff of former Postbank generally follow the remuneration structure of Deutsche Bank, the
compensation for any other staff in Postbank units is based on specific frameworks agreed with trade unions or with the
respective workers’ councils. Where no collective agreements exist, compensation is subject to individual contracts. In
general, non-executive and tariff staff in Postbank units receive Variable Compensation, but the structure and portion of
Variable Compensation can differ between legal entities. Notwithstanding these specific frameworks, Variable
Compensation of Postbank units is subject to the bank’s overarching compensation governance overseen by the SECC.
DWS
DWS asset management entities and employees fall under AIFMD, UCITS or IFD regulation, and only DWS employees
who are deemed to have a material impact on the risk profile of Deutsche Bank Group remain in scope of the bank’s
Group InstVV requirements. DWS has established its own compensation governance, policy, and structures, as well as
Risk Taker identification process in line with its regulatory requirements. These structures and processes are aligned with
InstVV where required but tailored towards the Asset Management business. Pursuant to the ESMA/EBA Guidelines,
DWS’s compensation strategy is designed to ensure an appropriate ratio between Fixed and Variable Compensation.
Generally, DWS applies remuneration rules that are equivalent to the Deutsche Bank Group approach, but use DWS
Group-related parameters, where possible. Notable deviations from the Group Compensation Framework include the use
of share-based instruments linked to DWS shares and fund-linked instruments. These serve to improve the alignment of
employee compensation with DWS’ shareholders’ and investors’ interests.
Tariff staff
Tariff staff are either subject to a collective agreement (Tarifvertrag für das private Bankgewerbe und die öffentlichen
Banken), as negotiated between trade unions and employer associations, or subject to agreements as negotiated with
the respective trade unions directly. The remuneration of tariff staff is included in the quantitative disclosures in this
Report.
Determination of performance-based Variable Compensation
The bank puts a strong focus on its governance related to compensation decision-making processes. A robust set of rule-
based principles for compensation decisions with close links to the performance of both businesses and individuals were
applied.
The total amount of Variable Compensation for any given performance year is derived from an assessment of the bank’s
profitability, solvency, and liquidity position (affordability assessment), Group performance and the performance of
divisions and infrastructure functions in support of achieving the bank’s strategic objectives.
In a first step, Deutsche Bank assesses the bank’s affordability as well as other limitations (such as external financial
goals) to determine what the bank “can” award in line with regulatory and internal requirements. This assessment also
takes into account forward‑looking considerations of the bank’s multi‑year strategic plan including its multi-year capital
plan. In the next step, the bank assesses divisional risk-adjusted performance, i.e., what the bank “should” award in order
to provide an appropriate compensation for contributions to the bank’s success.
The proportion of the Variable Compensation pools related to Group performance, which has a weighting of 25%, is
determined based on the performance of a selected number of Group’s Key Performance Indicators (KPIs), including
Cost/Income Ratio (CIR), Post-Tax Return on Tangible Equity (RoTE), ESG: Environmental - Sustainable Financing and
ESG Investments, Social - Gender Diversity and Governance - Audit Control Risk Management Grade.
273
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Employee groups with specific compensation structures |
When assessing divisional performance, a range of considerations are referenced. Performance is assessed in the context
of financial and – based on Balanced Scorecards – non-financial targets. To ensure that performance is reviewed in its
entirety and that consideration is also given to criteria that are difficult to evaluate with a solely formulaic approach, the
SECC additionally conducts a qualitative review. Following the quantitative calculation of the combined performance
assessed Variable Compensation pools, the SECC will review a set of pre-defined qualitative criteria related to both
financial and non-financial performance and may decide to apply a maximum 10 percentage points up or down overlay
on the divisional performance assessment. The financial targets for front-office divisions are subject to appropriate risk-
adjustment, in particular by referencing the degree of future potential risks to which Deutsche Bank may be exposed, and
the amount of capital required to absorb severe unexpected losses arising from these risks. For the infrastructure
functions, the financial performance assessment is mainly based on the achievement of cost targets. While the allocation
of Variable Compensation to infrastructure functions, and in particular to control functions, depends on both Deutsche
Bank’s overall and their own performance, it is not dependent on the performance of the division(s) that these functions
oversee.
At the level of the individual employee, the Variable Compensation Guiding Principles are established, which detail the
factors and metrics that managers need to take into account when making Variable Compensation decisions. In doing so,
they must fully appreciate the risk-taking activities of individuals to ensure that Variable Compensation allocations are
balanced and risk-taking is not inappropriately incentivized. The factors and metrics to be considered include, but are not
limited to, (i) business delivery (“What”), i.e., quantitative and qualitative financial, risk-adjusted and non-financial
performance metrics, and (ii) behavior (“How”), i.e., culture, conduct and control considerations such as qualitative inputs
from control functions or disciplinary sanctions. Variable Compensation setting recommendations help managers to
translate individual performance (“What” and “How”) into appropriate pay outcomes. Generally, performance is assessed
based on a one-year period. However, for Management Board members of all Significant Institutions, a performance
period of three years is taken into account.
Variable Compensation structure
The compensation structures are designed to provide a mechanism that promotes and supports long-term performance
of employees and the bank. Whilst a portion of Variable Compensation is paid upfront, these structures require that an
appropriate portion is deferred to ensure alignment to the sustainable performance of the Group. For both parts of
Variable Compensation, Deutsche Bank shares are used as instruments and as an effective way to align compensation
with Deutsche Bank’s sustainable performance and the interests of shareholders.
The bank continues to go beyond regulatory requirements with the scope as well as the amount of Variable
Compensation that is deferred and the minimum deferral periods for certain employee groups. The deferral rate and
period are determined based on the risk categorization of the employee as well as the business unit. Where applicable,
the bank starts to defer parts of Variable Compensation for MRTs where Variable Compensation is set at or above
€ 50,000 or where Variable Compensation exceeds 1/3 of Total Compensation. For non-MRTs, deferrals start at higher
levels of Variable Compensation. MRTs are on average subject to deferral rates in excess of the minimum 40% (60% for
Senior Management) as required by InstVV. For MRTs in Material Business Units (MBU) the bank applies a deferral rate of
at least 50%. The Variable Compensation threshold for MRTs requiring at least 60% deferral is set at € 500,000. Moreover,
for all employees whose Fixed Pay exceeds the amount of € 600,000, the full amount of the Variable Compensation is
deferred.
As detailed in the table below, deferral periods range from three to five years, dependent on employee groups.
274
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Variable compensation structure |
Overview of 2025 award types (excluding DWS Group)
| Award Type | Description | Beneficiaries | Deferral Period | Retention<br><br>Period | Portion |
|---|---|---|---|---|---|
| Upfront:<br><br>Cash Variable<br><br>Compensation (VC) | Upfront cash | All eligible<br><br>employees | N/A | N/A | 100% of VC, except<br><br>employees with<br><br>deferred awards |
| Upfront:<br><br>Equity Upfront<br><br>Award (EUA) | Upfront equity (linked to<br><br>Deutsche Bank’s share price<br><br>over the retention period) | MRTs with VC ≥<br><br>€ 50,000 or where<br><br>VC exceeds 1/3 of<br><br>Total<br><br>Compensation<br><br>(TC)<br><br>Non-MRTs with<br><br>deferred awards<br><br>where 2025 TC ><br><br>€ 500,000 | N/A | 12 months | 50% of upfront VC |
| Deferred:<br><br>Restricted Incentive<br><br>Award (RIA) | Deferred cash | All employees<br><br>with deferred VC | Equal tranche vesting:<br><br>MRTs: 4 years<br><br>Senior Mgmt.1: 5 years<br><br>Non-MRTs: 3 years | N/A | 50% of deferred VC |
| Deferred:<br><br>Restricted Equity<br><br>Award (REA) | Deferred equity (linked to<br><br>Deutsche Bank’s share price<br><br>over the vesting and<br><br>retention period) | All employees<br><br>with deferred VC | Equal tranche vesting:<br><br>MRTs: 4 years<br><br>Senior Mgmt.1: 5 years<br><br>Non-MRTs: 3 years | 12 months<br><br>for MRTs | 50% of deferred VC |
N/A – Not applicable
1For the purpose of Performance Year 2025 annual awards, Senior Management is defined DB AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to
Co-Heads of CB and Co-Heads of IB; further individuals with significant business responsibilities; MB members of Significant Institutions in the meaning of the German
Banking Act; respective MB-1 positions with managerial responsibility; for the specific deferral rules for the Management Board of Deutsche Bank AG refer to the
Compensation Report for the Management Board
Employees are not allowed to sell, pledge, transfer or assign a deferred award or any rights in respect to the award. They
may not enter into any transaction having the economic effect of hedging any Variable Compensation, for example
offsetting the risk of price movement with respect to the equity-based award. Compliance, overseen by the
Compensation Officer, monitors that employee trading activity complies with this requirement.
275
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Ex-post risk adjustment of variable compensation |
Ex-post risk adjustment of Variable Compensation
In line with regulatory requirements relating to ex-post risk adjustment of Variable Compensation, the bank believes that
a long-term view on conduct and performance of its employees is a key element of deferred Variable Compensation. As a
result, under the Management Board’s oversight, all deferred awards are subject to performance conditions and
forfeiture provisions as detailed below.
Overview of Deutsche Bank Group performance conditions and forfeiture provisions of Variable Compensation granted for
Performance Year 2025
1Considering clearly defined and governed adjustments for relevant Profit and Loss items (e.g., business restructurings; impairments of goodwill or intangibles)
2Only applicable to InstVV MRTs in front office divisions
3Other provisions may apply as outlined in the respective plan rules
276
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure |
Material Risk Taker compensation disclosure
On a global basis, 1,522 employees were identified as MRTs according to CRD/InstVV for financial year 2025, compared
to 1,451 employees for 2024. The number of 2025 Group MRTs amounts to 1,287 individuals. Moreover, 298 individuals
were identified at an institutional level (thereof 63 Group MRTs). The remuneration elements for all those MRTs on a
consolidated basis are detailed in the tables below in accordance with Article 450 CRR. Where applicable, the EU REM
tables display the prescribed business lines as per Annex XXXIII of Regulation No 575/2013.
With regard to deferral arrangements and pay-out instruments, 42 MRTs, whose total remuneration amounts to
€ 9.7 million (thereof € 3.3 million variable remuneration including severance payments) benefit from a derogation laid
down in Article 94(3) CRD point (a) and 96 MRTs, whose total remuneration amounts to € 14.3 million (thereof
€ 2.7 million variable remuneration including severance payments) benefit from a derogation laid down in Article 94(3)
CRD point (b).
Remuneration for 2025 - Material Risk Takers (REM 1)
| 2025 | ||||||
|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board² | Manage-<br><br>ment<br><br>Board3 | Senior<br><br>Management4 | Other Material<br><br>Risk Takers | Group<br><br>Total | |
| Fixed Pay | Number of MRTs5 | 20 | 9 | 243 | 1,102 | 1,374 |
| Total Fixed Pay | 8 | 32 | 175 | 632 | 847 | |
| of which: cash-based | 8 | 28 | 169 | 599 | 804 | |
| of which: shares or equivalent ownership<br><br>interests | 0 | 0 | 0 | 0 | 0 | |
| of which: share-linked instruments or<br><br>equivalent non-cash instruments | 0 | 0 | 0 | 0 | 0 | |
| of which: other instruments | 0 | 0 | 0 | 0 | 0 | |
| of which: other forms | 0 | 3 | 6 | 33 | 43 | |
| Variable Pay | Number of MRTs5 | 0 | 9 | 240 | 1,061 | 1,310 |
| Total Variable Pay6 | 0 | 51 | 190 | 706 | 946 | |
| of which: cash-based | 0 | 13 | 96 | 362 | 472 | |
| of which: deferred | 0 | 2 | 83 | 264 | 349 | |
| of which: shares or equivalent ownership<br><br>interests | 0 | 37 | 86 | 343 | 466 | |
| of which: deferred | 0 | 28 | 81 | 264 | 373 | |
| of which: share-linked instruments or<br><br>equivalent non-cash instruments | 0 | 0 | 6 | 0 | 6 | |
| of which: deferred | 0 | 0 | 4 | 0 | 4 | |
| of which: other instruments | 0 | 0 | 2 | 0 | 2 | |
| of which: deferred | 0 | 0 | 2 | 0 | 2 | |
| of which: other forms | 0 | 0 | 0 | 0 | 0 | |
| of which: deferred | 0 | 0 | 0 | 0 | 0 | |
| Total Pay | 8 | 82 | 365 | 1,338 | 1,793 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Beneficiaries only as of December 31, 2025 (HC reported for Supervisory Board and Management Board, FTE reported for the remaining part); therefore, the totals do not
add up to the 1,522 individuals identified as MRTs; shows remuneration awarded to all MRTs (including 2025 leavers)
6Variable Pay includes Deutsche Bank´s year-end performance-based Variable Compensation for 2025, other Variable Compensation and severance payments; it also
includes fringe benefits and contractually agreed post-contractual non-compete compensation awarded to Management Board Members of Deutsche Bank AG which are
to be classified as variable remuneration, and reflects the newly implemented LTI Plan for Management Board members of Deutsche Bank AG set up for the performance
period 2025-2027, which during the 'transition phase' is shown with the target amount; the table does not include new hire replacement awards for lost entitlements
from previous employers (buyouts)
277
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure |
Guaranteed variable remuneration and severance payments - Material Risk Takers (REM 2)
| 2025 | |||||
|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board² | Manage-<br><br>ment<br><br>Board3 | Senior<br><br>Management4 | Other Material<br><br>Risk Takers | Group<br><br>Total |
| Guaranteed variable remuneration awards | |||||
| Number of MRTs5 | 0 | 0 | 3 | 8 | 11 |
| Total amount | 0 | 0 | 2 | 17 | 19 |
| of which: paid during financial year, not taken into<br><br>account in bonus cap | 0 | 0 | 0 | 8 | 8 |
| Severance payments awarded in previous periods, paid out<br><br>during financial year | |||||
| Number of MRTs5 | 0 | 0 | 0 | 0 | 0 |
| Total amount | 0 | 0 | 0 | 0 | 0 |
| Severance payments awarded during financial year | |||||
| Number of MRTs5 | 0 | 1 | 8 | 39 | 48 |
| Total amount6 | 0 | 6 | 4 | 10 | 21 |
| of which: paid during financial year | 0 | 3 | 4 | 10 | 16 |
| of which: deferred | 0 | 4 | 0 | 0 | 4 |
| of which: paid during financial year, not taken into<br><br>account in bonus cap | 0 | 3 | 4 | 10 | 16 |
| of which: highest payment that has been awarded to a<br><br>single person | 0 | 6 | 2 | 1 | 6 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Beneficiaries only (HC reported for all categories)
278
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure |
Deferred remuneration - Material Risk Takers (REM 3)
| 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Total amount<br><br>of deferred<br><br>remuneration<br><br>awarded for<br><br>previous<br><br>performance<br><br>periods | Of which due<br><br>to vest in the<br><br>financial year | Of which<br><br>vesting in<br><br>subsequent<br><br>financial years | Amount of<br><br>performance<br><br>adjustment<br><br>made in the<br><br>financial year<br><br>to deferred<br><br>remuneration<br><br>that was due<br><br>to vest in the<br><br>financial year | Amount of<br><br>performance<br><br>adjustment<br><br>made in the<br><br>financial year<br><br>to deferred<br><br>remuneration<br><br>that was due<br><br>to vest in<br><br>future<br><br>performance<br><br>years | Total amount<br><br>of adjustment<br><br>during the<br><br>financial year<br><br>due to ex post<br><br>implicit<br><br>adjustments5 | Total amount<br><br>of deferred<br><br>remuneration<br><br>awarded<br><br>before the<br><br>financial year<br><br>actually paid<br><br>out in the<br><br>financial year6 | Total of<br><br>amount of<br><br>deferred<br><br>remuneration<br><br>awarded for<br><br>previous<br><br>performance<br><br>period that<br><br>has vested<br><br>but is subject<br><br>to retention<br><br>periods |
| Supervisory Board2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Cash-based | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Shares or<br><br>equivalent<br><br>ownership interests | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other forms | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Management Board3 | 106 | 24 | 82 | 0 | 0 | 24 | 14 | |
| Cash-based | 48 | 11 | 38 | 0 | 0 | 11 | 0 | |
| Shares or<br><br>equivalent<br><br>ownership interests | 58 | 14 | 44 | 0 | 0 | 14 | 14 | |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other forms | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Senior management4 | 460 | 98 | 362 | 0 | 0 | 98 | 45 | |
| Cash-based | 218 | 47 | 171 | 0 | 0 | 47 | 0 | |
| Shares or<br><br>equivalent<br><br>ownership interests | 229 | 49 | 180 | 0 | 0 | 49 | 44 | |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | 10 | 2 | 8 | 0 | 0 | 2 | 1 | |
| Other instruments | 3 | 0 | 3 | 0 | 0 | 0 | 0 | |
| Other forms | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other Material Risk<br><br>Takers | 1,594 | 393 | 1,201 | 0 | 0 | 392 | 146 | |
| Cash-based | 770 | 191 | 579 | 0 | 0 | 191 | 0 | |
| Shares or<br><br>equivalent<br><br>ownership interests | 824 | 202 | 622 | 0 | 0 | 202 | 146 | |
| Share-linked<br><br>instruments or<br><br>equivalent non-<br><br>cash instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other instruments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Other forms | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Total amount | 2,160 | 516 | 1,644 | 0 | 0 | 515 | 205 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG
3Management Board represents the Management Board Members of Deutsche Bank AG
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Changes of value of deferred remuneration due to the changes of prices of instruments
6Defined as remuneration awarded before the financial year which vested in the financial year (including where subject to a retention period)
279
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure |
Remuneration of high earners – Material Risk Takers (REM 4)
| 2025 | 2024 | |
|---|---|---|
| in € | Number of<br><br>individuals | Number of<br><br>individuals |
| Total Pay1 | ||
| 1,000,000 to 1,499,999 | 339 | 331 |
| 1,500,000 to 1,999,999 | 123 | 125 |
| 2,000,000 to 2,499,999 | 71 | 59 |
| 2,500,000 to 2,999,999 | 32 | 48 |
| 3,000,000 to 3,499,999 | 31 | 25 |
| 3,500,000 to 3,999,999 | 16 | 14 |
| 4.000,000 to 4,499,999 | 8 | 6 |
| 4,500,000 to 4,999,999 | 9 | 5 |
| 5,000,000 to 5,999,999 | 7 | 9 |
| 6,000,000 to 6,999,999 | 4 | 3 |
| 7,000,000 to 7,999,999 | 4 | 12 |
| 8,000,000 to 8,999,999 | 4 | 3 |
| 9,000,000 to 9,999,999 | 6 | 3 |
| 10,000,000 to 10,999,999 | 1 | 3 |
| 11,000,000 to 11,999,999 | 2 | 0 |
| 17,000,000 to 17,999,999 | 0 | 1 |
| Total | 658 | 647 |
1Includes all components of Fixed Pay and Variable Compensation (including severances); buyouts are not included
In total, 658 MRTs received a Total Pay of € 1 million or more for 2025. The number of MRT high earners remains
essentially flat compared to 2024.
Compensation awards 2025 – Material Risk Takers (REM 5)
| Management Body Remuneration | Business Areas | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| in € m.<br><br>(unless stated otherwise)¹ | Super-<br><br>visory<br><br>Board2 | Manage-<br><br>ment<br><br>Board2 | Total<br><br>Manage-<br><br>ment Body | Invest-<br><br>ment<br><br>Banking2 | Retail<br><br>Banking2 | Asset<br><br>Manage-<br><br>ment2 | Corporate<br><br>Functions2 | Control<br><br>Functions2 | Total |
| Total number of Material Risk<br><br>Takers3 | 1,374 | ||||||||
| of which: Management Body | 20 | 9 | 29 | N/A | N/A | N/A | N/A | N/A | N/A |
| of which: Senior Management4 | N/A | N/A | N/A | 34 | 87 | 6 | 78 | 38 | 243 |
| of which: Other Material Risk<br><br>Takers | N/A | N/A | N/A | 634 | 251 | 1 | 114 | 102 | 1,102 |
| Total Pay of Material Risk Takers | 8 | 82 | 90 | 1,147 | 292 | 21 | 167 | 76 | 1,793 |
| of which: variable pay5 | 0 | 51 | 51 | 644 | 143 | 12 | 78 | 20 | 946 |
| of which: fixed pay | 8 | 32 | 40 | 504 | 149 | 10 | 89 | 56 | 847 |
1The table may contain marginal rounding differences
2Supervisory Board represents the Supervisory Board Members of Deutsche Bank AG, Management Board represents the Management Board Members of Deutsche Bank
AG; Investment Banking = Investment Bank; Retail Banking = Private Bank and Corporate Bank; Asset Management = Asset Management (DWS); Control Functions
include Chief Risk Office, Group Audit, Compliance and Anti-Financial Crime; Corporate Functions include any Infrastructure Function which is neither captured as a
Control Function nor part of any division
3HC as of December 31, 2025 reported for Supervisory Board and Management Board, FTE as of December 31, 2025 reported for the remaining part; therefore, the totals
do not add up to the 1,522 individuals identified as MRTs; shows remuneration awarded to all MRTs (including 2025 leavers)
4Senior Management is defined as Deutsche Bank AG MB-1 positions; incumbents of MB-2 positions in IB and CB reporting to Co-Heads of CB and Co-Heads of IB; further
individuals with significant business responsibilities; MB members of institutions required to identify MRTs at a solo institutional level and respective MB-1 positions with
managerial responsibility
5Variable Pay includes Deutsche Bank´s year-end performance-based Variable Compensation for 2025, other Variable Compensation and severance payments; it also
includes fringe benefits and contractually agreed post-contractual non-compete compensation awarded to Management Board Members of Deutsche Bank AG which are
to be classified as variable remuneration, and reflects the newly implemented LTI Plan for Management Board members of Deutsche Bank AG set up for the performance
period 2025-2027, which during the 'transition phase' is shown with the target amount; the table does not include new hire replacement awards for lost entitlements
from previous employers (buyouts)
280
| Deutsche Bank | Compensation of the employees |
|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure |
List of tables
| EU KM1 – Key metrics ................................................................................................................................................ | 8 |
|---|---|
| EU KM2 – Key metrics - MREL and G-SII Requirement for own funds and eligible liabilities (TLAC) ......... | 9 |
| EU CC1 – Composition of regulatory own funds .................................................................................................. | 10 |
| EU LI1 – Differences between accounting and regulatory scopes of consolidation and the mapping of<br><br>financial statement categories with regulatory risk categories ......................................................................... | 16 |
| EU LI2 – Main sources of differences between regulatory exposure amounts and carrying values in<br><br>financial statements ................................................................................................................................................... | 20 |
| EU CC2 – Reconciliation of regulatory own funds to balance sheet in the audited financial statements | 21 |
| EU LI3 – Outline of the differences in the scopes of consolidation (entity by entity) ................................... | 23 |
| Overview prudential requirements and additional buffers ................................................................................ | 29 |
| EU CCyB1 – Geographical distribution of credit exposures relevant for the calculation of the<br><br>countercyclical capital buffer .................................................................................................................................. | 31 |
| EU CCyB2 – Institution-specific countercyclical capital buffer ........................................................................ | 35 |
| G-SIB Assessment Exercise reporting template ................................................................................................... | 36 |
| EU TLAC1 – Composition of MREL and G-SII requirement for own funds end eligible liabilities ............... | 40 |
| Ranking of liabilities in an insolvency proceeding under German law ............................................................. | 42 |
| EU TLAC3a – Creditor ranking .................................................................................................................................. | 43 |
| Total economic capital supply and demand .......................................................................................................... | 49 |
| EU OV1 – Overview of RWA ...................................................................................................................................... | 50 |
| EU CMS1 – Comparison of modelled and standardized risk weighted exposure amounts at risk level .... | 52 |
| EU CMS2 – Comparison of modelled and standardized risk weighted exposure amounts for credit risk<br><br>at asset class level ...................................................................................................................................................... | 53 |
| EU CAE1 – Exposures to crypto-assets .................................................................................................................. | 55 |
| EU LR1 – LRSum: Summary reconciliation of accounting assets and leverage ratio exposures ................. | 57 |
| EU LR2 – LRCom: Leverage ratio common disclosure ......................................................................................... | 58 |
| EU LR3 – LRSpl: Split-up of on balance sheet exposures (excluding derivatives, SFTs and exempted<br><br>exposures) .................................................................................................................................................................... | 60 |
| Risk profile of Deutsche Bank’s business divisions as measured by economic capital .................................. | 67 |
| Global All Currency Daily Stress Testing Results ................................................................................................. | 67 |
| EU CR1-A – Maturity of exposures .......................................................................................................................... | 74 |
| EU CQ4 – Quality of non-performing exposures by geography ........................................................................ | 75 |
| EU CQ5 – Credit quality of loans and advances to non-financial corporations by industry ........................ | 77 |
| EU CR1 - Performing and non-performing exposures and related provisions ................................................ | 79 |
| EU CQ3 – Credit quality of performing and non-performing exposures by past due days .......................... | 82 |
| EU CR2 – Changes in the stock of non-performing loans and advances ......................................................... | 84 |
| EU CQ1 – Credit quality of forborne exposures ................................................................................................... | 84 |
| CRR – new NPE’s originated after April 26, 2019 ................................................................................................. | 85 |
| ECB – new NPE’s after April 1, 2018 ....................................................................................................................... | 86 |
| ECB – NPE Stock ......................................................................................................................................................... | 87 |
| Reconciliation of non-performing exposure .......................................................................................................... | 87 |
| EU CQ7 – Collateral obtained by taking possession and execution processes .............................................. | 88 |
| EU CR3 – Credit Risk Mitigation techniques – Overview .................................................................................... | 92 |
| EU CR4 – Standardized approach – credit risk exposure and credit risk mitigation (CRM) effects ............ | 94 |
| EU CR5 – Standardized approach ........................................................................................................................... | 96 |
| EU CR6-A - Scope of the use of IRB and SA approaches .................................................................................... | 105 |
| EU CR6 – FIRB approach – Credit risk exposures by exposure class and PD range ...................................... | 110 |
| EU CR6 – AIRB approach – Credit risk exposures by exposure class and PD range ...................................... | 120 |
| EU CR7 – IRB approach – Effect on the RWAs of credit derivatives used as CRM techniques ................... | 133 |
| EU CR7-A – Foundation IRB approach – Extent of the use of CRM techniques ............................................ | 134 |
| EU CR7-A – Advanced IRB approach – Extent of the use of CRM techniques ............................................... | 136 |
| EU CR8 – RWA flow statement of credit risk exposures under the IRB approach ......................................... | 138 |
281
| Deutsche Bank | Compensation of the employees | |||
|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure | EU CR9 IRB backtesting of PD per exposure class for Foundation IRBA ......................................................... | 139 | |
| --- | --- | |||
| Validation results for risk parameters used in advanced IRBA credit models ................................................. | 144 | |||
| EU CR9 IRB backtesting of PD per exposure class for Advanced IRBA............................................................ | 145 | |||
| EU CR10.02 – Specialized lending: Income-producing real estate and high volatility commercial real<br><br>estate (Slotting approach) ........................................................................................................................................ | 153 | |||
| EU CR10.05 – Equity exposures ............................................................................................................................... | 154 | |||
| Contractual Obligations ............................................................................................................................................ | 156 | |||
| EU CCR1 – Analysis of CCR exposure by approach ............................................................................................. | 157 | |||
| EU CCR7 – RWA flow statement of counterparty credit risk exposures under the internal model<br><br>method .......................................................................................................................................................................... | 158 | |||
| EU CCR8 – Exposures to CCPs ................................................................................................................................ | 159 | |||
| EU CCR3 – Standardized approach – CCR exposures by regulatory portfolio and risk ............................... | 160 | |||
| EU CCR4 – FIRB approach – CCR exposures by portfolio and PD scale ......................................................... | 162 | |||
| EU CCR4 – AIRB approach – CCR exposures by portfolio and PD scale ......................................................... | 166 | |||
| EU CCR4 - Total FIRB & ARIB approach ................................................................................................................. | 171 | |||
| EU CCR5 – Composition of collateral for exposures to CCR ............................................................................. | 172 | |||
| EU CCR6 – Credit derivatives exposures ............................................................................................................... | 173 | |||
| EU CVA2 - Credit valuation adjustment risk under the Full Basic Approach (F-BA) ...................................... | 173 | |||
| EU SEC1 – Securitization exposures in the non-trading book ........................................................................... | 182 | |||
| EU SEC2 – Securitization exposures in the trading book .................................................................................... | 183 | |||
| EU SEC3 – Securitization exposures in the non-trading book and associated regulatory capital<br><br>requirements - institution acting as originator or as sponsor ............................................................................. | 185 | |||
| EU SEC4 – Securitization exposures in the non-trading book and associated regulatory capital<br><br>requirements - institution acting as investor ......................................................................................................... | 187 | |||
| EU SEC5 – Exposures securitized by the institution - Exposures in default and specific credit risk<br><br>adjustments .................................................................................................................................................................. | 188 | |||
| EU MR1 – Market risk under the standardized approach .................................................................................... | 191 | |||
| EU MR2-A – Market Risk under the internal models approach (IMA) ................................................................ | 198 | |||
| EU MR2-B – RWA flow statements of market risk exposures under the IMA .................................................. | 199 | |||
| EU MR3 – IMA values for trading portfolios1 ........................................................................................................ | 200 | |||
| EU MR4 – Comparison of VaR estimates with gains and losses ......................................................................... | 201 | |||
| EU PV1 – Prudent valuation adjustments (PVA) ................................................................................................... | 201 | |||
| EU IRRBB1 - Changes in the economic value of equity and net interest income under six supervisory<br><br>shock scenarios ........................................................................................................................................................... | 204 | |||
| EU OR1 – Operational risk ......................................................................................................................................... | 210 | |||
| EU OR2 - Business Indicator, components and subcomponents ...................................................................... | 211 | |||
| EU OR3 - Operational risk own funds requirements and risk exposure amounts ........................................... | 211 | |||
| ESG1 – Banking book- Climate Change transition risk: Credit quality of exposures by sector, emissions<br><br>and maturity ................................................................................................................................................................. | 229 | |||
| ESG2 – Banking book - Climate change transition risk: Loans collateralised by immovable property -<br><br>Energy efficiency of the collateral ........................................................................................................................... | 238 | |||
| ESG3: Banking book - Indicators of potential climate change transition risk: Alignment metrics .............. | 240 | |||
| ESG4 – Exposures in the banking book to the top 20 carbon-intensive firms in the world .......................... | 240 | |||
| ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – EMEA ............ | 242 | |||
| ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – Asia Pacific .. | 244 | |||
| ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – North<br><br>America ......................................................................................................................................................................... | 246 | |||
| ESG5 – Banking book - Climate change physical risk: Exposures subject to physical risk – Latin<br><br>America ......................................................................................................................................................................... | 248 | |||
| EU LIQ1 – LCR disclosure template ........................................................................................................................ | 254 | |||
| EU LIQ2 – Net stable funding ratio template ........................................................................................................ | 256 | |||
| EU AE1 – Encumbered and unencumbered assets .............................................................................................. | 260 | |||
| EU AE2 – Collateral received .................................................................................................................................... | 261 | |||
| EU AE3 – Sources of encumbrance ......................................................................................................................... | 262 | |||
| Number of directorships ............................................................................................................................................ | 266 | |||
| Reward governance structure .................................................................................................................................. | 269 |
282
| Deutsche Bank | Compensation of the employees | |||
|---|---|---|---|---|
| Pillar 3 Report as of December 31, 2025 | Material Risk Taker compensation disclosure | Overview of 2025 award types (excluding DWS Group) ..................................................................................... | 274 | |
| --- | --- | |||
| Overview of Deutsche Bank Group performance conditions and forfeiture provisions of Variable<br><br>Compensation granted for Performance Year 2025 ............................................................................................ | 275 | |||
| Remuneration for 2025 - Material Risk Takers (REM 1) ........................................................................................ | 276 | |||
| Guaranteed variable remuneration and severance payments - Material Risk Takers (REM 2) ..................... | 277 | |||
| Deferred remuneration - Material Risk Takers (REM 3) ........................................................................................ | 278 | |||
| Remuneration of high earners – Material Risk Takers (REM 4) ........................................................................... | 279 | |||
| Compensation awards 2025 – Material Risk Takers (REM 5) .............................................................................. | 279 |
Contact for inquiries
Deutsche Bank AG
Frankfurt, Germany
Phone: +49 69 910-00
Contact for inquiries
Deutsche Bank AG
Frankfurt, Germany
Phone: +49 69 910-00