Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Debt Investor Presentation (October 2026)
31 slides from Deutsche Bank's debt investor presentation, Oct 29, 2026
Slide 1: Q3 2026 Fixed Income Investor Conference Call
Deutsche Bank Investor Relations Q3 2026 Fixed Income Investor Conference Call October 29, 2026
Slide 2: Strategy execution delivers record 9M results and underpins path to targets
Strategy execution delivers record 9M results and underpins path to targets Strong revenue performance supported by a high- 11.5% 61.4% quality business mix and record net flows Return on tangible equity1 Cost/income ratio FY 2028 target: >13% FY 2028 target: <60% Record profit before tax of € 8.4bn
Slide 3: All divisions delivered a RoTE of 12% or higher
All divisions delivered a RoTE of 12% or higher Performance indicators in 9M Key achievements in Q3 RoTE1 CIR ▪ Private Bank client assets rose to € 865bn3, with record AuM net Private Bank 12.3% 67.1% flows of € 17bn +1.8ppt YoY (2.5)ppt YoY ▪ Asset Management generated record AuM net flows of € 31
Slide 4: Balance sheet
Balance sheet Performance measures in Q3 Net balance sheet1 In € bn € 497bn Assets Liabilities & Equity Loans +€ 22bn vs. Q3 2025 1,215 1,215 Deposits € 716bn HQLA2 242 203 Trading and related liabilities3 +€ 53bn vs. Q3 2025 70 Other liabilities5 Liquidity Coverage Ratio 143% Trading and +3ppt vs.
Slide 5: Provision for credit losses
Provision for credit losses In € m, unless stated otherwise In bps of average loans annualized1 In bps for LTM2 43 41 38 35 33 39 ▪ Portfolio quality remains strong with underlying performance in line with expectations 519 501 460 417 ▪ Close monitoring of segments subject to economic and 395 geopol
Slide 6: Capital metrics
Capital metrics Risk-weighted assets CET1 ratio1 In € bn Movements in bps 367 1 43 3 365 11 14.0% 13.9% (26) (5) (16) (0) Q2 2026 FX impact Business Other Q3 2026 Q2 2026 FX impact RWA Net Distribution Other Q3 2026 growth change income2 deductions ▪ Risk-weighted assets down by € 3bn (ex-FX impact)
Slide 7: Capital and leverage ratio requirements
Capital and leverage ratio requirements In % of RWA, unless stated otherwise, as of September 30, 2026 Solvency Leverage MDA 10bn 15bn 12bn 12bn buffer (€ / bps) 283bps 407bps 321bps 19.2 82bps 1.9 4.4 16.0 3.3 AT1 0.8 T21 2.7 3.6 13.2 requirement G-SIB 0.5 AT11 SyRB 11.2 requirement 2.0 Pillar 2 0.
Slide 8: MREL/TLAC ratio requirements
MREL/TLAC ratio requirements In % of RWA, unless stated otherwise, as of September 30, 2026 MDA buffer 12bn 19bn 24bn (€ / bps) 321bps 533bps 670bps 37.1 135 5.3 SP 19 30.4 Senior preferred 26.5 requirement 3.9 12.6 SNP 46 Senior non- 10.5 preferred 1.9 T2 7 16.0 requirement 3.3 AT1 12 T2 2.7 26.5 A
Slide 9: Loans
Loans In € bn, unless stated otherwise Loan development1 Loan book composition Key highlights Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank ▪ Private Bank: Strong growth in Wealth Management with further targeted reductions +5% +1% in select non-SVA accretiv
Slide 10: Deposits
Deposits In € bn, unless stated otherwise Deposit development1 Deposit split Key highlights Private Bank Investment Bank Private Bank Investment Bank Corporate Bank Corporate Bank +8% +3% Investment Bank term deposits ▪ Private Bank: Portfolio growth primarily driven 716 Other2 692 687 698 Corporate
Slide 11: Net interest income (NII) and net interest margin (NIM)
Net interest income (NII) and net interest margin (NIM) In € bn, unless stated otherwise Group Key banking book1 Segments Key banking book1 and other funding2 Deposits Loans Divisional NIM Accounting asymmetry driven3 Private Bank 1.5% 1.6% 1.6% 1.7% 1.5% 2.8% 2.9% 2.9% 2.9% 2.9% 2.5% 2.6% 2.6% 2.7%
Slide 12: Interest rate hedge
Interest rate hedge In € bn, unless stated otherwise Income from long-term hedge portfolio1 Key highlights 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Average ▪ Hedge strategy stabilizes deposit NII and yield 1.2% 1.5% 1.8% 2.1% 2.3% gradually reprices over time ▪ Hedge contributio
Slide 13: Liquidity
Liquidity Liquidity coverage ratio (LCR)1 High-quality liquid assets Net stable funding ratio (NSFR)2 in € bn Surplus above requirement 260 Surplus above requirement in bn 245 242 in bn 234 237 80 69 73 100 106 106 100 113 67 68 Q3 2025 Q4 Q1 Q2 Q3 2026 Quarter-end LCR Quarter-end NSFR in % in % 140
Slide 14: 2026 issuance plan
2026 issuance plan FY 2026 issuances Contractual maturities1,2 in € bn in € bn Total 10-15 15.0 contractual 17bn 9bn 12bn 15bn 12bn 0.5-1 0.4 2026 2027 2028 2029 2030 maturities 3.5-4 5.4 Covered 3.2 bonds 1.5 1.3 0.8 0.8 Senior 5.9 5.2 preferred 3.1 2.7 3.1 5-7 5.5 Senior non- 8.4 8.0 7.9 preferred
Slide 15: Outlook
Outlook Revenues Strong 9M 2026 performance supports FY 2026 revenue ambition of above € 33bn Costs On track to deliver FY 2026 expenses in line with plan while investing and delivering operating efficiencies Provision for Underlying credit quality remains resilient and in line with expectations; pr
Slide 16: Appendix
Appendix Deutsche Bank Investor Relations Q3 2026 Fixed Income Conference Call, October 29, 2026 16
Slide 17: 2028 financial targets and capital objectives
2028 financial targets and capital objectives Financial targets Capital objectives1 >13% 13.5-14.0% Return on tangible equity CET1 ratio FY 2028 operating range2 <60% 60% + Excess Cost/income ratio Payout ratio capital FY 2028 2026-2028 Notes: for footnotes refer to slides 29 and 30 Deutsche Bank In
Slide 18: Rating overview
Rating overview As of October 29, 2026 Moody’s S&P Global Fitch Ratings Bank ratings Bank rating1 A1 A A+ Outlook Stable/ Positive3 Positive Positive Short-term rating P-1 A-1 F1 Product ratings Deposits A1 A A+ Senior preferred2 A1 A A+ Senior non-preferred Baa1 BBB A- Tier 2 Baa3 BBB- BBB Addition
Slide 19: Capital markets issuance outstanding
Capital markets issuance outstanding In € bn, as of September 30, 2026 By product1 By currency1 Other AT1 / Tier 2 GBP 7 2 21 Covered bonds 9 Senior 54 non-preferred 109 109 60 EUR USD 40 9 Senior structured 16 Senior preferred Notes: for footnotes refer to slides 29 and 30 Deutsche Bank Investor Re
Slide 20: Net interest income sensitivity
Net interest income sensitivity In € m, hypothetical +/-25bps shift in yield curve Net interest income sensitivity1 +25bps shift in yield curve -25bps shift in yield curve ~75 ~(5) ~0 ~25 ~(35) ~(95) 2026 2027 2028 Breakdown of sensitivity by currency For +25bps shift in yield curve ~50 ~20 ~15 ~10
Slide 21: Q3 2026 highlights
Q3 2026 highlights In € bn, unless stated otherwise Financial highlights Profit before tax by segment3 Statement of income Q3 2026 Δ YoY Δ QoQ Net revenues 8.3 4% (2)% +8% Provision for credit losses 0.5 20% 9% 2.6 Noninterest expenses 5.2 0% (3)% 2.4 Profit (loss) before tax 2.6 8% (2)% 0.7 Profit
Slide 22: Revenue performance
Revenue performance In € bn, unless stated otherwise Revenues by segment Revenues by type Net commission and fee income1 Private Bank Corporate Bank C&O Net interest income Trading and other Private Bank Corporate Bank Asset Management Investment Bank Net commission and fee income Asset Management I
Slide 23: Noninterest expenses
Noninterest expenses In € bn, unless stated otherwise, year-on-year development 0% 5.2 0.3 (0.2) 5.2 ▪ Incremental investments in modernizing technology 0.1 (0.1) infrastructure, Private Bank operating model optimization, hiring in Wealth Management and IBCM and expansion of Corporate Bank solutions
Slide 24: Group Trading Book Value-at-Risk (VaR) and stressed VaR
Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 In € m, 99% confidence level, as of September 30, 2026 Trading P&L2, VaR sVaR 600 160 500 400 120 211 300 208 195 169 200 80 100 33 33 32 0 40 29 (100) (200) 0 (300) (40) (400) (500) (80) (600) Q4 2025 Q1 2026
Slide 25: Provision for credit losses: trends and outlook
Provision for credit losses Trends and outlook In bps annualized (LTM) Group PB1 CB1 IB 30bps through the cycle guidance 100 ▪ Group provisioning levels include impacts of proactive, capital 75 accretive de-risking strategy and valuation updates on legacy 50 defaulted CRE portfolio with no evidence
Slide 26: Commercial Real Estate (CRE)
Commercial Real Estate (CRE) CRE portfolio US CRE portfolio (24)% € 30bn (31)% € 22bn 61% (42)% € 11bn 38% 76% Total non-recourse portfolio1, Higher risk portfolio in scope of Weighted average net LTV of Higher risk portfolio in scope of US CRE allocated in US Weighted average net LTV in since 2022
Slide 27: Sustainability strategy progress
Sustainability strategy progress Q3 2026 Selected ESG ratings Key achievements Rating agency1 DB score ▪ Contributed to € 1bn syndicated guarantee facility for 2019 Q3 2026 ENERCON3; facility supports the production, distribution and MSCI BBB AA servicing of onshore wind turbines4 S&P Global CSA 48
Slide 28: FX translation impact and indicative divisional currency mix
FX translation impact and indicative divisional currency mix In € m, unless stated otherwise FX translation impact Indicative divisional currency mix Statement of income Q3 2025 Q2 2026 Q3 2026 Δ QoQ Δ YoY Net revenues Net revenues - as reported 8,043 8,479 8,335 (2)% 4% 3% FX translation impact 24
Slide 29: Definition of certain financial measures and footnotes 1/2
Definition of certain financial measures and footnotes 1 / 2 Definition of certain financial measures Slide 5 – Provision for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost 2. Last twelve months provision for cr
Slide 30: Definition of certain financial measures and footnotes 2/2
Definition of certain financial measures and footnotes 2 / 2 Slide 13 – Liquidity Slide 25 – Provision for credit losses: trends and outlook 1. Liquidity coverage ratio and high-quality liquid assets based on weighted EUR amounts in line with Commission Delegated Regulation 1. Increase in Private Ba
Slide 31: Cautionary statements
Cautionary statements Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based
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