Slides
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Deutsche Bank Investor Relations July 24, 2025 Q2 2025 results
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 On track to deliver 2025 targets due to disciplined execution H1 2025 6% growth puts revenues on course toward full-year ~€ 32bn goal Noninterest expenses down 15% and flat adjusted costs, in line with guidance Materially improved profitability, driven by positive operating leverage Strong capital generation supports business growth and shareholder distributions Focus on target delivery and increasing shareholder value beyond 2025 2 € 16.3bn Revenues € 10.1bn Adjusted costs1 14.2% CET1 ratio 11.0% RoTE2 Notes: throughout this presentation totals may not sum due to rounding differences and percentages may not precisely reflect the absolute figures; for footnotes refer to slides 43 and 44 62% CIR
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Positive operating leverage drives increasing profitability In € bn, unless stated otherwise 3 Pre-provision profit1 Revenues3 Notes: NII – net interest income; for footnotes refer to slides 43 and 44 +4% Net commission and fee income YoY Stable NII in key banking book segments YoY5 5.6 1.3 3.8 4.7 H1 2024 6.0 1.5 3.8 4.8 H1 2025 15.4 16.3 Investment Bank Asset Management Corporate Bank Private Bank H1 2024 H1 2025 3.4 6.2 +83% 74% More predictable revenue streams4 Noninterest expenses H1 2024 H1 2025 12.0 10.2 (15)% ~90% Targeted operational efficiencies achieved +6% +29% adjusted2 for Postbank takeover litigation impacts (4)% adjusted2 for Postbank takeover litigation impacts Flat Adjusted costs YoY +37% adjusted2 +115% reported Pre-tax profit YoY 10% adjusted2 21% reported Operating leverage Positive operating leverage driving significant profit growth Higher revenues reflect diversified and complementary business mix Reduction in noninterest expenses with disciplined cost management
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Continued execution ofdivisional strategies to drive further growth and profitability RoTE 4 13% FY 2024 16% H1 2025 13% H1 2025 10% H1 2025 24% H1 2025 9% FY 2024 18% FY 2024 5% FY 2024 Driving profitable growth via breadth of product offering, trusted partnerships and active cost management As Gateway to Europe, strongly positioned to help clients unlock investment opportunitiesthrough expertise and innovation, e.g. Private Credit cooperation with IB and issuance of €-denominated stablecoin Improved profitability with delivery on retail transformation and growth in WM strategic markets #1 Private Bank in Germany3, positioned to provide tailored advice in wealth-allocation and personal finances, e.g. advising clients on pension gap solutions Further scale Global Hausbank model, with targeted fee growth while leveraging tech investments Supporting clients through evolving markets given specialized coverage and leading market position at home and abroad Consolidate position as leading European FIC franchise1 and target growth in O&A Leading O&A franchise in Germany2 and dedicated sector coverage team to help clients serve the German and European infrastructure and defense agenda Resilient and diverse franchise positioned to benefit from tailwinds in Germany, Europe and globally Corporate Bank Well-positioned for profitable growth Investment Bank Continued focus on supporting client needs Private Bank Delivering on transformation and growth Asset Management Clients’ Gateway to Europe Notes: FIC – Fixed Income & Currencies, O&A – Origination & Advisory, WM – Wealth Management; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Progress on strategic agenda for delivery in 2025 and beyond 5 Notes: CAGR - compound annual growth rate; for footnotes refer to slides 43 and 44 Focused on target delivery for 2025 > 10% Post-tax RoTE target in 2025 5.5-6.5% Revenue CAGR1 ‘21-’25 € 2.5bn Op. efficiencies € 25-30bn RWA reductions 5.9% ~90% € 30bn Q2 2025 Targeted Achieved Progressing on cost saving initiatives, with ~90% of operating efficiencies executed, to offset investments in businesses and inflation, delivering flat operating costs for the full year Executed ~85% of € 2.1bn announced capital return through dividend and share buyback; applied for a second share buyback Delivering on agenda for 2025 Delivering targeted revenue growth in dynamic environment, reflecting diversified and complementary business mix Achieved further capital optimization of € 2bn RWA in Q2 through securitization transactions, reaching the upper end of the FY 2025 target range Management focus beyond 2025 Growing value generation Target operating model re-engineering Purpose driven leadership and culture Poised for further profitable growth
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 6 Group financials
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Key performance indicators In % 7 CIR developmentRevenue CAGR1 Q2 2025 LTM vs FY 2021 11.2 CET1 ratio developmentRoTE development >10% FY 2025 target 5.5-6.5% Group revenue CAGR target 2021-2025 <65% FY 2025 target 13.5-14.0% capital objective On track to deliver on full-year targets for 2025 Sound liquidity and funding base, with LCR2 at 136% and NSFR3 at 120% in Q2 Significant improvement in RoTE and CIR to 11.0% and 62%, respectively Solid capital ratios, benefitting from strong earnings generation and continued capital efficiency measures Notes: LCR – liquidity coverage ratio, NSFR – net stable funding ratio; for footnotes refer to slides 43 and 44 75 76 62 FY 2023 FY 2024 H1 2025 YE 2023 YE 2024 Q2 2025 13.7 13.8 14.2 7.4 4.7 11.0 FY 20234 FY 2024 H1 2025 11.2 3.8 4.1 1.2 5.9 CB IB PB AM Group
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Q2 2025 highlights In € bn, unless stated otherwise 8 Financial results Divisional revenues Key highlights Financial performance in line with the bank’s broader objectives and targets Diversified and complementary business mix continues to drive revenue performance Demonstrated continued cost discipline with noninterest expenses in line with guidance for FY 2025; CIR below 65% Loan demand remains subdued but expected to pick-up following fiscal stimulus, particularly in the Corporate Bank Profitability in Q2 underpins the path to deliver >10% RoTE target in FY 2025 Continued positive net flows in competitive markets Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 7.8 3% (8)% Provision for credit losses 0.4 (11)% (10)% Noninterest expenses 5.0 (26)% (5)% Adjusted costs1 5.0 (1)% (2)% Profit (loss) before tax 2.4 n.m. (15)% Pre-provision profit1 2.8 n.m. (14)% Profit (loss) 1.7 n.m. (14)% Balance sheet and resources Average interest earning assets 1,026 5% (1)% Loans2 472 (2)% (2)% Deposits 653 2% (2)% Sustainable Finance volumes (cumulative)3 417 30% 7% Risk-weighted assets 341 (4)% (3)% Leverage exposure 1,276 1% (2)% Performance measures and ratios RoTE 10.1% 11.1ppt (1.7)ppt Cost/income ratio 63.6% (24.8)ppt 2.4ppt Provision for credit losses, bps of avg. loans4 36 (4)bps (4)bps CET1 ratio 14.2% 74bps 42bps Leverage ratio 4.7% 12bps 8bps Per share information Diluted earnings per share € 0.48 n.m. (51)% TBV per basic share outstanding € 29.50 3% (3)% 1.9 2.6 2.3 0.7 0.1 Q2 2024 1.9 2.7 2.4 0.7 0.1 Q2 2025 Corporate Bank Investment Bank Private Bank Asset Management C&O 7.6 7.8 +3% +3% (1)% +3% +2% +9% Δ vs. Q2 2024 Notes: C&O – Corporate & Other, TBV – tangible book value; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 9 Group development Key banking book segment1 development 1.3 1.2 1.3 1.2 1.2 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 1.4 1.4 1.5 1.5 1.5 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 0.7 0.6 0.7 0.7 0.8 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net interest margin 3.3 3.3 3.4 3.3 3.4 (0.3) 0.3 0.4 0.4 Q2 2024 (0.0) Q3 2024 Q4 2024 Q1 2025 Q2 2025 3.0 3.3 3.7 3.7 3.8 Key banking book segments and other funding1 Accounting asymmetry driven2 Corporate BankFIC Financing Private Bank Notes: for footnotes refer to slides 43 and 44 2.2% 1.2% 4.1% 3.9% 2.3%2.2% 1.4%1.3% 1.4% 3.6% 2.4% 2.8% 2.8% Net interest income (NII) / Net interest margin (NIM) In € bn, unless stated otherwise 1.5% 3.8% 3.6% 2.3% 2.7% 3.0% 3.0%
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Adjusted costs – Q2 2025 (YoY) In € m, unless stated otherwise 10 Key highlights Cost discipline maintained in Q2, with adjusted costs of € 5.0bn in line with expectations; excluding FX effects, adjusted costs ex-bank levies increased by € 42m, essentially flat Compensation costs slightly lower year on year with wage growth more than offset by workforce optimization and favorable FX impacts 5 9 Q2 2024 ex- bank levies (12)Compensation and benefits1 (10)Information technology (22)Professional services Other Q2 2025 ex- bank levies Bank levies Q2 2025 5,035 4,995 5,004 -1%(1)% FX impact (57) (9) (13) (82) (3) Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Provision for credit losses In € m, unless stated otherwise 11 Key highlights Q2 provisions lower quarter on quarter, driven by a model update benefitting the Private Bank and Corporate Bank, but adversely impacting the Investment Bank Stage 1 and 2 provisions remain elevated and include effects from model updates, moderate charges from macroeconomic forecasts as well as portfolio effects Reduced Stage 3 provisions with benefits from the model update, predominantly affecting the Private Bank; Investment Bank remains on elevated level driven by CRE; Corporate Bank in line with expectations Currently anticipating lower provisioning levels in H2; solid underlying portfolio performance despite continued uncertainty from developments in CRE and macroeconomic environment 471 441 482 415 341 300 (32) 35 130 123 Q1 Q2 12 Q3 6 Q4 Q1 Q2 439 476 494 420 471 423 Stage 1+2 Stage 3 In bps of average loans annualized1 2024 2025 Notes: FLI – Forward-looking information; for footnotes refer to slides 43 and 44 37 41 3540 39 36
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Capital metrics Movements in basis points (bps), unless stated otherwise, period end CET1 ratio Leverage ratio MREL / TLAC, in € bn Notes: for footnotes refer to slides 43 and 44 12 Leverage ratio up 8bps compared to Q1 2025: 7bps decrease from higher leverage exposure, principally driven by higher trading inventory 9bps Tier 1 capital change, driven by CET1 capital movements € 11bn of Tier 1 capital buffer over leverage requirement 9 32 Q1 2025 0 FX effect RWA change Capital change Q2 2025 13.8% 14.2% 7 9 Q1 2025 FX effect (7) Leverage exposure change Capital change Q2 2025 4.6% 4.7% CET1 ratio up by 42bps compared to Q1 2025: 32bps increase due to capital effects from Q2 2025 earnings net of deductions for AT1 and dividends as well as lower DTA deductions 9bps increase from RWA, mainly driven by capital efficiency measures € 10bn of CET1 capital buffer over CET1 requirement Surplus above requirements 23 106 MREL requirement 30 86 TLAC requirement 13 49 7 12 49 Q2 2025 available MREL/TLAC2 Senior preferred1 Senior non- preferred T2 AT1 CET1 129
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 13 CRR 3 does not change distribution policy or financial targets CRR 3 RWA, in € bn, unless stated otherwise, as of March 31, 2025 Illustrative, as of March 2025 Pro-forma OF impact of ~€ 64bn expected to reduce: ~€ 15bn reduction resulting from application of CRR 3 FRTB rules and low-risk mortgage transitional relief ~€ 30bn reduction via market risk exposure optimization and hedging, SFT/derivatives netting and loan book collateral optimization Remaining impact to be mitigated by application of SVA measures These measures delay output floor becoming binding by 2 years to 2030, earliest Pro-forma OF impact of ~€ 54bn arising from expiration of TA1 to be mitigated by: Estimated ~€ 15bn of countermeasures driven by private rating agency coverage expansion, mortgage securitization and other measures Additional mitigation from application of SVA measures No additional impact in case TA are extended or made permanent post rule reviews mandated by CRR 3 Comprehensive mitigation path to materially reduce or eliminate hypothetical RWA impact € 118bn unmitigated 2033 CRR 3 impact2 Notes: CRR - Capital Requirements Regulation, SFT – Securities financing transactions; for footnotes refer to slides 43 and 44 Multiple outcomes depending on transitional arrangement (TA) changes 64 2030 OF pro- forma unmitigated ~(15) Application of final rules ~(30) Low cost mitigation measures SVA measures 54 Additional 2033 OF impact from TA3 Potential impact Assuming all TAs become permanent Assuming no TAs become permanent or ~0 ~(15) TA-related mitigation measures SVA measures Output floor (OF) mitigation by 2030 OF mitigation under transitional arrangements (TA) by 2033
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 14 Segment results
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Corporate Bank In € m, unless stated otherwise 15 Financial results Revenue performance Key highlights Profitability remains high, with RoTE and CIR improving sequentially and year on year Reported revenues were essentially flat year on year Interest hedging gains, higher average deposits and net commission and fee income growth offset ongoing margin normalization and FX headwinds Higher loan and deposit volumes offset by currency translation effects Lower noninterest expenses driven by a litigation provision release Provision for credit losses down, supported by a Stage 1 and 2 benefit from a model update 527 316 Corporate Treasury Services Institutional Client Services Business Banking Corporate Bank 1,053 1,896 (0)% (1)% (6)% (1)% Δ vs. Q2 2024 Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 1,896 (1)% 2% Provision for credit losses 22 (84)% (72)% Noninterest expenses 1,137 (4)% (2)% Adjusted costs1 1,156 1% 0% Profit (loss) before tax 738 22% 17% Pre-provision profit1 760 3% 7% Balance sheet and resources Loans, in € bn2 117 (0)% 0% Deposits, in € bn 302 (0)% (4)% Leverage exposure, in € bn 323 3% (3)% Risk-weighted assets, in € bn 72 (3)% (4)% Provision for credit losses, bps of avg. loans3 8 (40)bps (20)bps Performance measures and ratios Net interest margin 3.6% (0.5)ppt 0.0ppt Cost/income ratio 59.9% (1.5)ppt (2.1)ppt RoTE4 17.6% 2.4ppt 3.2ppt Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Investment Bank In € m, unless stated otherwise 16 Financial results Revenue performance Key highlights Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 2,687 3% (20)% Provision for credit losses 259 59% 58% Noninterest expenses 1,600 (5)% (3)% Adjusted costs1 1,579 (0)% (4)% Profit (loss) before tax 826 11% (47)% Pre-provision profit1 1,086 18% (37)% Balance sheet and resources Loans, in € bn2 108 2% (4)% Deposits, in € bn 24 27% (10)% Leverage exposure, in € bn 589 4% (0)% Risk-weighted assets, in € bn 132 (2)% (4)% Provision for credit losses, bps of avg. loans3 94 31bps 36bps Performance measures and ratios Cost/income ratio 59.6% (5.0)ppt 10.5ppt RoTE4 8.6% 0.3ppt (9.3)ppt +11% (29)% (75)% +3% Δ vs. Q2 2024 416 (11) 915 Fixed Income & Currencies Origination & Advisory Research & Other Investment Bank 2,2821,367 2,687 Financing +17% YoY Ex-Financing +7% YoY Notes: for footnotes refer to slides 43 and 44 Revenues up 3% year on year, with strong FIC performance partially offset by O&A Strong momentum in FIC Financing, with higher revenues from targeted balance sheet investment and robust fee income FIC Ex-Financing increased despite the extreme volatility seen early in the quarter driven by strength in Macro products Continued client engagement through periods of market uncertainty drove year-on-year increase in activity across client groups O&A revenues significantly lower compared to strong prior year and impacted by market uncertainty, most notably in our areas of strength, in addition to the delay of some material transactions into H2 Advisory performance was robust with revenues increasing, while pipeline for H2 is encouraging Provision for credit losses significantly higher year on year reflecting increased Stage 1 and 2 provisions, with Stage 3 impairments lower
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Private Bank In € m, unless stated otherwise 17 Financial results Revenue and AuM performance Key highlights Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 2,371 2% (3)% Provision for credit losses 118 (21)% (46)% Noninterest expenses 1,647 (8)% (5)% Adjusted costs1 1,651 (5)% (2)% Profit (loss) before tax 606 56% 24% Pre-provision profit1 723 35% 2% Balance sheet and resources Assets under management, in € bn2 645 5% 2% Loans, in € bn3 248 (4)% (2)% Deposits, in € bn 318 1% 0% Leverage exposure, in € bn 327 (2)% (3)% Risk-weighted assets, in € bn 93 (4)% (2)% Provision for credit losses, bps of avg. loans4 19 (4)bps (15)bps Performance measures and ratios Net interest margin 2.4% 0.2ppt 0.2ppt Cost/income ratio 69.5% (7.4)ppt (1.5)ppt RoTE5 10.8% 3.8ppt 2.5ppt Revenues +1% +2% +2% Net flows, in € bn6 346 351 127 128 100 101 58 Q1 2025 66 Q2 2025 632 645 PeB - Deposits WM & PrB - Deposits PeB - Inv. products WM & PrB - Inv. products 1.5 0.9 3.6 0.3 Q2 2025 6.3 AuM, in € bn6 Δ vs. Q2 2024 Personal Banking Wealth Mgmt & Private Banking Private Bank 1,307 1,064 2,371 Notes: PeB – Personal Banking, WM & PrB – Wealth Management & Private Banking; for footnotes refer to slides 43 and 44 Strategy execution driving strong operating leverage and profit before tax up 56% year on year Revenues up, with better net interest income and net commission and fee income year on year; seasonal decline sequentially PeB increased revenues from deposit and investment products in Germany offset by lower revenues in capital intense loan products, in line with strategy WM & PrB revenue growth driven by discretionary portfolio mandates Good business momentum with € 6bn net inflows Costs further declining, mainly reflecting savings from transformation, predominantly in PeB; cost/income ratio improved by more than 7ppts year on year to 69% Provision for credit losses benefitted from updated loss given default model assumptions while underlying portfolio quality remained stable
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 18 Financial results Revenue and AuM performance Key highlights Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 725 9% (1)% Provision for credit losses (0) n.m. n.m. Noninterest expenses 438 (3)% (6)% Adjusted costs1 436 (3)% (5)% Profit (loss) before tax 225 41% 10% Pre-provision profit1 287 37% 9% Balance sheet and resources Assets under management, in € bn2 1,010 8% 0% Net flows, in € bn 8 n.m. (57)% Leverage exposure, in € bn 9 6% (5)% Risk-weighted assets, in € bn 13 (29)% (3)% Performance measures and ratios Management fee margin, in bps 25.1 (1.3)bps (0.2)bps Cost/income ratio 60.4% (8.0)ppt (3.6)ppt RoTE3 26.0% 8.2ppt 4.0ppt Profit before tax increased by 41% year on year driven by higher revenues Revenue growth supported by a continued increase in performance fees and recognition of management fees Noninterest expenses remained essentially flat compared to the previous year due to active cost management Strong result reflected in 8ppts increase year on year in RoTE to 26% Sustained strong business momentum reflected in € 8bn of net inflows in Q2, marking the fourth consecutive quarter of positive net flows +3% n.m. +9% (6)% Net flows, in € bn AuM, in € bn2 447 442 338 346 20 98 106 Q1 2025 17100 105 Q2 2025 1,010 1,010 3.0 2.4 6.7 (1.9) (1.7) Q2 2025 8.5 Advisory Cash Alternatives Passive Active ex-Cash Revenues Δ vs. Q2 2024 Asset Management In € m, unless stated otherwise 630 58 37 725 Mgmt. fees Perf. & trans. feesOtherAM Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Outlook 19 H1 2025 revenues in line with CAGR target of 5.5-6.5%; remain on course to deliver on our ~€ 32bn FY 2025 revenue ambition Cost discipline delivers clear path to CIR target of <65% for FY 2025 Solid underlying portfolio performance supports lower provisioning levels in H2; continued uncertainty from developments in CRE and macroeconomic environment Applied for a second share buyback and remain committed to outperforming € 8bn total distribution target 1 On track to achieve >10% RoTE target in FY 2025; poised to deliver further improving returns thereafter
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 20 Appendix
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 2025 financial targets and capital objectives 21 Capital objectivesFinancial targets 13.5-14.0% CET1 ratio 50% Total payout ratio from 2025 > 10% Post-tax RoTE in 2025 5.5-6.5% Revenue CAGR 2021-2025 < 65% Cost/income ratio in 2025 Updated operating range, maintaining a strong capital position Confirm 2025+ payout guidance and committed to outperform € 8bn target1 Well-positioned to drive returns above cost of equity based on sustained operating leverage over the period Increased revenue momentum supported by further balance sheet optimization and greater shift to capital- light businesses CIR target reflects investments to drive continued progress beyond 2025 Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Committed to increasing shareholder distributions 22 Cumulative paid and announced capital distributions of € 5.4bn since 2022 Reaffirm dividend guidance of € 1.00 per share in respect of FY 2025, subject to 50% payout ratio Committed to outperform total distribution target of € 8bn1 and plan to distribute excess capital when sustainably exceeding 14.0% CET1 ratio Organic capital generation from net income and improved capital efficiency support shareholder distributions, as well as business growth Payout trajectory details ~€ 2.2bn ~€ 1.9bn ~€ 3.2bn Anticipated cumulative payout for FY 2021 - 2025, paid in 2022-2026 Dividends Executed or announced buybacks Additional buybacks Total payout1 € 8bn original distribution target1 Upside potential 300 450 675 2022 2023 2024 750 2025 2026 Share buybacks Executed in FY, in € m 406 610 883 2022 2023 2024 2025 2026 1,315 ~1,900 Dividends Paid in FY, in respect of previous FY, in € m € 0.68 € 0.45 € 0.30 € 0.20Per share € 0.68 dividend per share (€ 1.3bn) paid in respect of FY 2024; 2025 share buyback of € 750m, two-thirds completed € 1.00 +50% p.a. +50% p.a. Applied for second share buyback Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Sustainability Q2 2025 highlights 23 Recent achievements Sustainable Finance1 volumes € 417bn Cumulative volumes since 2020 € 500bn Target by 2025 Reported volumes by segment and product type, in € bn QoQ deltaxx +17 +7 +5 (0) Increased Sustainable Finance volumes by € 28bn to € 417bn1 (cumulative since 2020) 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 consortium (ACCIONA, COBRA, Endeavor Energy); this project marks the successful financing of Australia’s first ever Renewable Energy Zone transmission network Public Private Partnership (“PPP”), initially unlocking up to 4.5GW of new network capacity, and is expected to supply electricity to more than two million homes annually Investment Bank (FIC) acted as Global Coordinator to NeXtWind in € 1.4bn 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 Investment Bank (O&A/FIC) acted as Joint Lead Manager for the Republic of Slovenia's inaugural € 1bn 10-year Sustainability Linked Bond; the bond features a step-up/step-down mechanism for the final coupon payment, determined by the issuer’s performance against specified sustainability performance targets related to reducing total annual greenhouse gas emissions Sustainable Finance Publication of updated Human Rights Statement, the Supply Chain Due Diligence Act (SCDDA) Policy Statement as well as 2024 Modern Slavery and Human Trafficking Statement Policies & Commitments Deutsche Bank received the 2025 OutFront Award at Outright International’s Celebration of Courage, recognizing DB’s ongoing commitment to supporting LGBTQI+ inclusion The bank carried out an extended ‘+diversity’ audit in Germany and is now one of the first 18 certificate holders of ‘berufundfamilie +vielfalt’ in Germany for being a family-friendly and inclusive employer Deutsche Bank celebrated 25 years of the bank’s employee network dbPride at Deutsche Börse in Frankfurt and sponsored the London edition of the inaugural global ‘Ring the Bell for LGBTIQ+ Equality’ as part of the UN Sustainable Stock Exchange Initiative People & Own Operations Deutsche Bank’s sustainability team was strongly represented at the 2025 Hamburg Sustainability Conference (HSC) with several panel participations; the HSC is a pivotal forum for advancing global sustainability agendas amid escalating geopolitical fragmentation and economic uncertainty At the UN Climate Conference in Bonn (SB 61), Deutsche Bank held a workshop with rainforest nations representatives on the development of carbon credits Deutsche Bank sponsored CDP’s annual DACH disclosure workshop in Frankfurt am Main, where CDP convened 80 prominent companies in Europe to share critical insights on CDP disclosure and discuss sustainability reporting trends such as nature, biodiversity, and earth-positive action Thought Leadership & Stakeholder Engagement 81 58 10 173 80 1 Investment Bank Corporate Bank 16 Private Bank Corporate & Other 253 74 Financing Issuance Market making AuM Pension plan assets Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Indicative divisional currency mix Q2 2025 24 Net revenues Noninterest expenses 61% 34% 87% 56% 58% 6% 22% 17% 40% 5% 19% 26% 22% 20% 8% 4% 14% 0% CB IB 0% PB AM 2% Group EUR GBP USD Other1 59% 9% 85% 55% 48% 7% 42% 22% 19% 19% 34% 4% 23% 17% 16% 16% 9% 15% CB IB 1% PB 0% AM Group Notes: classification is based primarily on the currency of DB Group’s office, in which the revenues and noninterest expensesare recorded and therefore only provide an indicative approximation; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 25 Income from long-term hedge portfolio (excl. equity)1 Notes: for footnotes refer to slides 43 and 44 Interest rate hedge In € bn, unless stated otherwise Key highlights Hedge contribution expected to grow further with limited sensitivity to short-term rates Higher hedge income for 2025 and following years driven by additional hedges executed over last months Stabilizes future income by shifting income from short-term to long-term hedges Further NII tailwind from hedges in outer years Long-term hedge notional increased to ~€ 245bn in the quarter including equity Average hedge duration of ~4-5 years (i.e. more than 90% of hedge NII is locked already for FY 2025 and FY 2026) 1.7%1.5%0.6% 0.9% 1.2% 1.9% Average yield 2.9 3.0 3.0 0.3 0.8 1.9% 2022 3.0% 2023 2.5% 2024 2.5% 0.8% 0.0 2025 2.7% 0.3% 2026 2.8% 1.0% 2027 1.0 1.8 2.4 2.9 3.3 3.8 10y EUR swap Yield of maturing EUR hedges Locked-in Roll-over Illustrative EUR roll-over benefit
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Net interest income (NII) sensitivity Hypothetical +/-25bps shift in yield curve, in € m 26 Net interest income (NII) sensitivity1 Breakdown of sensitivity by currency for +25bps shift in yield curve 2025 2026 2027 ~(10) ~50 ~95 EUR 2025 2026 2027 ~5 ~10 ~15 2025 2026 2027 ~10 ~25 ~25 USD Other ~5~(5) 2025 ~85 ~(95) 2026 ~135 ~(140) 2027 +25bps shift in yield curve -25bps shift in yield curve Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Group Trading Book Value-at-Risk (VaR)1 and stressed Value-at-Risk (sVaR)1 As of June 30, 2025, in € m, 99% confidence level 27 -600 -500 -400 -300 -200 -100 0 100 200 300 400 500 (80) (40) 0 40 80 120 160 1-day VaR (LHS axis) 10-day sVaR (RHS axis)Trading P&L (LHS axis) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Trading P&L2, VaR sVaR 27 24 25 27 250 152 192 207 Notes: averages refer to 1-day VaR and 10-day sVaR of each quarter respectively; LHS – left-hand side, RHS – right-hand side, P&L – Profit and Loss; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Loan and deposit development In € bn, unless stated otherwise; loan-to-deposit ratio 72% 28 Loan development1,2 Key highlights Deposit development2 Notes: for footnotes refer to slides 43 and 44 Loans slightly increased by € 3bn, or 1%, during the quarter adjusted for FX: Sustained growth momentum in FIC Financing driven by new loan originations Corporate Bank loan book has grown in Trade Finance & Lending Further portfolio reviews and strategic reductions in Private Bank mortgage portfolio 260 256 257 253 248 117 115 117 116 117 106 105 110 112 108 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Private Bank Corporate Bank Investment Bank 482 472477 485 482 Deposits slightly increased by € 4bn, or 1%, during the quarter adjusted for FX: Corporate Bank balances remain at strong levels with underlying growth in sight deposits Strategic growth in German retail segment on the back of ongoing deposit campaigns314 314 320 318 318 303 310 313 313 302 19 Q2 2024 20 Q3 2024 22 Q4 2024 27 Q1 2025 24 Q2 2025 Private Bank Corporate Bank Investment Bank 666650641 665 653 2% (1)% 2% (3)% 2% 9% FX-adjusted3 1%1% 0% (2)% (0)% (4)% (4)% 2% (2)%(2)% Reported QoQ YoY QoQ YoY (0)% 1% 3% 2% FX-adjusted3 4%1% (4)% 0% (0)% 1% 2%(2)% Reported QoQ YoY QoQ YoY
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Loan book composition Q2 2025, IFRS loans: € 472bn1 29 Key highlights 53% of loan portfolio in Private Bank, consisting of retail mortgages mainly in Personal Banking (Germany) and collateralized lending in Wealth Management & Private Banking 25% of loan portfolio in Corporate Bank, predominantly in Corporate Treasury Services (Trade Finance & Lending and Cash Management mainly to corporate clients) followed by Business Banking (various loan products primarily to SME clients in Germany) 23% of loan portfolio in Investment Bank, comprising well-secured, mainly asset backed loans, commercial real estate loans and collateralized financing; well-positioned to withstand downside risks due to conservative underwriting standards and risk appetite frameworks limiting concentration risk Private BankInvestment Bank OtherCorporate Bank 31% 2% 5% 3% 11% 20% 4% 4% 7% 12% German Mortgages and Home Loans & Savings International Mortgages Consumer Finance Business Finance Wealth Management 0% Other PB Corporate Treasury Services4 Business Banking Commercial Real Estate Asset Backed Securities 1% Leveraged Debt Capital Markets Other IB3 0% Other2 Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Provision for credit losses and Stage 3 loans 30 Provision for credit losses, in € m Stage 3 at amortized cost, in € bn Group CB PB IB 41 44 52 32 40 47 23 63 149 205 278 219 118 135 126 77 163 135 101 163 259 Q2 2024 Q3 2024 23 Q4 2024 Q1 2025 22 Q2 2025 476 494 420 471 423 Private Bank Corporate Bank Investment Bank Provision for credit losses (bps of loans)1 Group CB PB IB 7.3 7.8 7.9 7.4 7.4 3.0 2.9 3.0 2.7 2.6 3.4 3.4 3.5 2.9 3.6 0.8 Q2 2024 0.7 Q3 2024 0.6 Q4 2024 0.6 Q1 2025 0.6 Q2 2025 15.1 15.7 15.8 14.3 14.9 PB (ex-POCI) CB (ex-POCI) IB (ex-POCI) POCI Coverage ratio3,4 Group Stage 3 loans at amortized cost %2 3.1% 3.3% 3.3% 8 43 37 35 39% 36% 17% 31%29% 34% 34% 20% 28% 37% 31% 20% 29% 33% 21% 33% 3.0% 39 27 34 58 3.1% 38% 36% 23% 32%36 8 19 94 Notes: provision for credit losses in the Corporate & Other and Asset Management segments are not shown on this chart but areincluded in Group totals; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Office Hospitality Residential Retail Other Office HospitalityResidential Retail Other US EU APAC Commercial Real Estate (CRE) As of June 30, 2025 31 By region By sector By sectorBy region By sector US CRE CLPs per quarter € 13bn CLPs YTD CLPs YTD 82% 18% US EU 1% APAC 66% 7% 19% Office 6% Hospitality Residential 2% Retail Other € 27bn € 399m3 € 399m3 € 27bn 2024 2025 112 118 85 86 98 143 84 9 Q1 12 Q2 (16) Q3 (6) Q4 0 Q1 Q2 121 130 68 80 98 227Stage 1+2 Stage 3 Notes: LTV – loan-to-value, CLP – provision for credit losses, LGD - loss given default; for footnotes refer to slides 43 and 44 41% 12% 10% 13% 25% 51% 41% 7% 46% 12% 10% 5% 27% CRE portfolio CRE in scope of severe stress test US CRE In € m, unless stated otherwise CRE non-recourse portfolio of € 33bn, 7% of total loans1 € 27bn higher risk CRE loans € 6bn deemed as lower risk € 27bn higher risk CRE loans in scope of severe stress test2 63% weighted average LTV € 13bn US CRE in scope of severe stress test 80% weighted average LTV in US Office Portfolio trends / management Q2 CLP increase in Stage 3 due to uneven Office recovery in the US; Stage 1 and 2 provisions impacted by LGD model update YTD CLP driven by incremental Stage 3 provisions on existing cases, particularly on the US West Coast Advanced stage of the downcycle reached but US Office headwinds remain Targeted portfolio actions planned to mitigate impacts from longer-than-originally-expected recovery
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Asset quality in Germany 32 German loan book well diversified Broadly stable baseline CLPs6 75% 24% Private Bank1 Corporate Bank 1% Investment Bank € 212bn Q2 20252 0 10 20 30 40 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 Solid fundamentals in home market 0.4% / 2.1% Low dpd90+5 across mortgages / consumer finance 14years Average duration of interest fixing in mortgage portfolio € 240k Average loan exposure per client of which ~88% mortgages and home loans & savings Asset quality remains resilient and broadly stable Convergence of reported versus baseline in absence of larger idiosyncratic events and no further Postbank integration impact as expected Reported CLP benefitted from LGD model update impacting PB in Q2 Portfolio fundamentals solid; key leading portfolio quality indicators are closely monitored CB loans well diversified by name and industry; dedicated screening for more vulnerable sectors PB loans driven by lower risk mortgages; average duration of interest fixing is 14 years Loan book well diversified across businesses 72% of the loan book either collateralized or supported by financial guarantees; additional hedges3 in place Well-positioned to withstand downside risks due to conservative underwriting standards, resilient portfolio quality and extensive risk mitigation Provision for credit losses, in bps Germany (baseline)7 Germany (reported)67% flat QoQ Investment grade4 rated 3.1% +0.1ppt QoQ Stage 3 loans Corporate BankPrivate Bank 2025 Notes: CLP – provision for credit losses, LGD - loss given default; for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Level 3 assets and liabilities As of June 30, 2025, in € bn 33 Assets: € 26bn Liabilities: € 13bn Key highlights Level 3 is an indicator of valuation uncertainty and not of asset quality The Group classifies financial instruments as Level 3 if an unobservable element impacts the fair value by 5% or more The movements in Level 3 assets reflect that the portfolios are not static with significant turnover during the period Variety of mitigants to valuation uncertainty: Uncertain inputs often hedged, e.g. in Level 3 liabilities Exchange of collateral with derivative counterparties Prudent Valuation capital deductions3 specific to Level 3 balances of ~€ 0.7bn Movements in balances Movements in balances Dec 31, 2024 5 Purchases/ Issuances (5) Sales/ Settlements (0) Others Jun 30, 2025 26 26 Dec 31, 2024 2 Issuances 1 (1) Settlements (2) Others2 Jun 30, 2025 13 13 Notes: for footnotes refer to slides 43 and 44 8 Derivative Assets 10 Loans 5 Debt securities 3 Other 8 Derivative Liabilities 5Debt Securities 0 Other
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Leverage exposure and risk-weighted assets CRD4, in € bn, period end 34 Leverage exposure Risk-weighted assets 136 Q2 2025 59 27 20 139 48 44 40131 Trading assets Derivatives1 Lending Lending commitments2 144 Reverse repo / securities borrowed Cash and deposits with banks Other 124 467 128 148 159 Q1 2025 143 124 455 Q2 2025 123 150 1,302 1,276 341 144 59 22 4 256 Q2 2025 Operational risk RWA Market risk RWA Credit valuation adjustments Credit risk RWA 341 Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Litigation update In € bn, unless stated otherwise, period end 35 Notes: figures reflect current status of individual matters and provisions; litigation provisions and contingent liabilities are subject to potential further developments; litigation provisions and contingent liabilities include civil litigation and regulatory enforcement matters Litigation provisions Key highlights Contingent liabilities Litigation provisions decreased by € 0.3bn quarter on quarter, mainly driven by utilizations of provisions in connection with settlements and corresponding releases Contingent liabilities increased by € 0.4bn quarter on quarter; contingent liabilities include possible obligations where an estimate can be made and outflow is more than remote, but less than probable Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 2.7 2.0 2.1 2.0 1.7 0.5 0.6 0.7 0.8 1.2 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Investment products Assets under management – Private Bank In € bn, unless stated otherwise 36 AuM1,2 – by client segments and product group AuM – net flows3 336 345 346 346 351 125 127 129 127 12897 56 Q2 2024 98 56 Q3 2024 101 57 Q4 2024 100 58 Q1 2025 101 66 Q2 2025 613 626 634 632 645 +5% +2% PeB - Deposits WM & PrB - Deposits PeB - Inv. products WM & PrB - Inv. products 391 401 403 416 +5% +2% 0.6 0.5 Q2 2024 0.8 0.4 Q3 2024 0.40.5 Q4 2024 (0.2) 0.7 Q1 2025 0.3 0.9 Q2 2025 7.3 8.4 1.9 5.9 6.3 3.8 2.4 4.3 2.9 3.6 (2.6) (1.0) 6.4 3.6 1.5 Notes: PeB – Personal Banking, WM & PrB – Wealth Management & Private Banking; for footnotes refer to slides 43 and 44 405
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Assets under management – Asset Management In € bn, unless stated otherwise 37 AuM development AuM by asset class1 Q1 2025 Average AuM21% 5% 11% 8%33% 11% 10% 2% Fixed Income Multi Asset Equity SQI Passive Alternatives Cash Advisory Q2 2025 Average AuM20% 5% 11% 8%34% 10% 10% 2%21% 6% 12% 8% 31% 11% 9% 2% 1,010 1,010933 Q2 2024 Average AuM Q2 2025Q1 2025Q2 2024 934 1,025 1,007 65 50 Q2 2024 AuM Net flows (37) FX Market performance (1) Other Q2 2025 AuM 933 1,010 27 Q1 2025 AuM 8 Net flows (34) FX Market performance (1) Other Q2 2025 AuM 1,010 1,010 26.4 25.1 25.3 25.1Quarterly mgmt. fee margin, in bpsYear-on-year Quarter-on-quarter Notes: for footnotes refer to slides 43 and 44
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Corporate & Other In € m, unless stated otherwise 38 Financial results Profit (loss) before tax Key highlights Q2 2025 Δ vs. Q2 2024 Δ vs. Q1 2025 Statement of income Revenues 125 69% (2)% Provision for credit losses 25 (15)% 108% Noninterest expenses 136 (91)% (35)% Adjusted costs1 182 33% 1% Noncontrolling interests (65) 8% 5% Profit (loss) before tax 28 n.m. n.m. Balance sheet and resources Leverage exposure, in € bn 27 (23)% (12)% Risk-weighted assets, in € bn 31 (5)% (2)% Profit before tax of € 28m driven by positive revenues in valuation and timing differences from partial reversal of prior period losses and market moves from interest rates and FX; this is partially offset by shareholders expenses and other funding and liquidity impacts This compares to a loss before tax of € 1.5bn in the prior year quarter; the year-on-year delta is driven by Postbank takeover litigation provision recorded in the prior year quarter (49) 216 (36) (167) 65 28 Funding & liquidity Valuation & timing differences2 Legacy portfolios3 Shareholder expenses Other centrally held items Noncontrolling interests4 Profit (loss) before tax (0) (2) +0 +108 (13) +1,420 +5 +1,518 Notes: for footnotes refer to slides 43 and 44 Abs. Δ vs. Q2 2024
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Pre-provision profit, CAGR and operating leverage In € m, unless stated otherwise 39 Notes: for footnotes refer to slides 43 and 44 FY 2021 Q2 2025 LTM CAGR2 FY 2021 – Q2 2025 LTM Q2 2024 Q2 2025 Q2 2024 vs Q2 2025Q3 2024 Q4 2024 Q1 2025 Q2 2025 Net revenues Corporate Bank 5,153 1,841 1,864 1,866 1,896 7,468 11.2% 1,922 1,896 (1)% Investment Bank 9,631 2,523 2,390 3,362 2,687 10,961 3.8% 2,599 2,687 3% Private Bank 8,233 2,319 2,359 2,439 2,371 9,488 4.1% 2,331 2,371 2% Asset Management 2,708 660 709 730 725 2,824 1.2% 663 725 9% Corporate & Other (314) 157 (98) 127 125 311 74 125 69% Group 25,410 7,501 7,224 8,524 7,804 31,052 5.9% 7,589 7,804 3% Operating leverage YoY3Noninterest expenses Corporate Bank (4,547) (1,171) (1,502) (1,157) (1,137) (4,967) (1,182) (1,137) (4)% 2% Investment Bank (6,087) (1,578) (1,771) (1,651) (1,600) (6,600) (1,679) (1,600) (5)% 8% Private Bank (7,920) (1,801) (1,919) (1,730) (1,647) (7,098) (1,793) (1,647) (8)% 10% Asset Management (1,670) (441) (473) (467) (438) (1,819) (453) (438) (3)% 13% Corporate & Other (1,281) 246 (555) (211) (136) (656) (1,594) (136) (91)% Group (21,505) (4,744) (6,221) (5,216) (4,959) (21,140) (6,702) (4,959) (26)% 29% Pre-provision profit1 Corporate Bank 606 671 362 709 760 2,502 740 760 3% Investment Bank 3,544 945 618 1,712 1,086 4,361 920 1,086 18% Private Bank 313 518 440 708 723 2,390 538 723 35% Asset Management 1,038 220 236 263 287 1,005 210 287 37% Corporate & Other (1,595) 404 (653) (84) (12) (345) (1,521) (12) (99)% Group 3,905 2,757 1,003 3,308 2,844 9,912 887 2,844 221%
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Adjusted costs – Q2 2025 In € m, unless stated otherwise 40 Q2 2025 Q2 2024 Q1 2025 CB IB PB AM C&O Group CB IB PB AM C&O Group CB IB PB AM C&O Group Noninterest expenses 1,137 1,600 1,647 438 136 4,959 1,182 1,679 1,793 453 1,594 6,702 1,157 1,651 1,730 467 211 5,216 Nonoperating costs Impairment of goodwill and other intangible assets - - - - - - - - - - - - - - - - - - Litigation charges, net (33) 3 (11) (0) (53) (94) 23 70 5 0 1,455 1,554 2 (7) (7) 6 30 26 Restructuring & severance 14 18 7 2 8 49 18 28 53 5 3 106 5 9 51 2 0 68 Adjusted costs 1,156 1,579 1,651 436 182 5,004 1,141 1,581 1,736 448 137 5,042 1,150 1,648 1,686 459 180 5,122 Bank levies 9 7 21 Adjusted costs ex-bank levies 4,995 5,035 5,101
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Key metrics ex-Postbank takeover litigation provision impacts In € m, unless stated otherwise 41 Q2 2024 Q2 2025 H1 2024 H1 2025 Reported Revenues 7,589 7,804 15,368 16,328 Noninterest expenses (6,702) (4,959) (12,006) (10,175) Pre-provision profit 887 2,844 3,362 6,153 Provision for credit losses (476) (423) (915) (894) Profit (loss) before tax 411 2,421 2,446 5,258 Revenue change (in %) 3 6 Expense change (in %) (26) (15) Operating leverage (in %) 29 21 Adjustments Noninterest expenses: Postbank takeover litigation impact (1,336) 85 (1,336) 85 Adjusted Revenues 7,589 7,804 15,368 16,328 Noninterest expenses (5,366) (5,045) (10,670) (10,260) Pre-provision profit 2,223 2,759 4,698 6,067 Provision for credit losses (476) (423) (915) (894) Profit (loss) before tax 1,747 2,336 3,782 5,173 Revenue change (in %) 3 6 Expense change (in %) (6) (4) Operating leverage (in %) 9 10
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Definition of certain financial measures 42 Adjusted costs Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charge s and (iii) restructuring and severance (in total referred to as nonoperating costs) from noninterest expenses under IFRS as shown on slide 40 Operating leverage Operating 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 expenses as shown on slide 39 Post-tax return on average tangible shareholders’ equity (RoTE) The Group post tax return on average tangible shareholders’ equity (RoTE) is calculated as profit (loss) attributable to Deut sche Bank shareholders after Additional Tier 1 (AT1) coupon as a percentage of average tangible shareholders’ equity. Profit (loss) attributable to Deutsche Bank shareholders aft er AT1 coupon for the segments is a non GAAP financial measure and is defined as profit (loss) excluding post tax profit (loss) attributable to noncontrolling interests a nd after AT1 coupon, which are allocated to segments based on their allocated average tangible shareholders’ equity Pre-provision profit Pre-provision profit is calculated as reported net revenues less reported noninterest expenses as shown on slide 39 Key banking book segments Key banking book segments are defined as Deutsche Bank business segments for which net interest income from banking book acti vities represent a material part of the overall revenue
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Footnotes 1 / 2 43 Slide 10 – Adjusted costs – Q2 2025 (YoY) 1. Excludes severance of € 49m in Q2 2025 and € 152m in Q2 2024, as this is excluded from adjusted costs Slide 11 – Provision for credit losses 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost Slide 12 – Capital metrics 1. Plain vanilla instruments and structured notes eligible for MREL 2. Includes adjustments to regulatory Tier 2 capital; available TLAC does not include senior preferred debt Slide 13 – CRR 3 does not change distribution policy or financial targets 1. As per Article 465 CRR 2. Implied March 2025 CRR 3 RWA inflation, which represents the difference between RWAs calculated using full standardized approach at 72.5% and total actual RWAs (as per Pillar 3 Report as of March 31, 2025, page 12, table EU CMS1) 3. Includes ~€ 30bn for unrated corporates Slide 15 – Corporate Bank 1. Detailed on slides 39 and 40 2. Loans gross of allowance at amortized cost 3. Provision for credit losses as basis points of average loans gross of allowances for loan losses 4. Post-tax return on average tangible shareholders’ equity applying a 28% tax rate; allocated average tangible shareholders’ equity Q2 2025: € 11.2bn, Q1 2025: € 11.6bn, Q2 2024: € 10.7bn; RoE: Q2 2025: 16.2% Slide 16 – Investment Bank 1. Detailed on slides 39 and 40 2. Loans gross of allowance at amortized cost 3. Provision for credit losses as basis points of average loans gross of allowances for loan losses 4. Post-tax return on average tangible shareholders’ equity applying a 28% tax rate; allocated average tangible shareholders’ equity Q2 2025: € 23.8bn, Q1 2025: € 23.1bn, Q2 2024: € 22.9bn; RoE: Q2 2025: 8.3% Slide 17 – Private Bank 1. Detailed on slides 39 and 40 2. Includes deposits if they serve investment purposes; detailed on slide 36 3. Loans gross of allowance at amortized cost 4. Provision for credit losses as basis points of average loans gross of allowances for loan losses 5. Post-tax return on average tangible shareholders’ equity applying a 28% tax rate; allocated average tangible shareholders’ equity Q2 2025: € 14.3bn, Q1 2025: € 14.8bn, Q2 2024: € 13.9bn; RoE: Q2 2025: 10.4% 6. Detailed on slide 36 Slide 18 – Asset Management 1. Detailed on slides 39 and 40 2. Detailed on slide 37 3. Post-tax return on average tangible shareholders’ equity applying a 28% tax rate; allocated average tangible shareholders’ equity Q2 2025: € 2.4bn, Q1 2025: € 2.5bn, Q2 2024: € 2.4bn; RoE: Q2 2025: 11.6% Slide 2 – On track to deliver 2025 targets due to disciplined execution 1. Defined on slide 42 and detailed on slide 40 2. Throughout this presentation post-tax return on average tangible shareholders’ equity (RoTE) is calculated on net income after AT1 coupons as defined on slide 42; Group average tangible shareholders’ equity: H1 2025: € 59.2bn, H1 2024: € 57.7bn,: Group post-tax return on average shareholders’ equity ( RoE): H1 2025: 9.9% Slide 3 – Positive operating leverage drives increasing profitability 1. Defined on slide 42 and detailed on slide 39 2. Adjusted for Postbank takeover litigation impacts: H1 2024: € (1.3)bn, H1 2025: € 0.1bn; detailed on slide 41 3. Corporate & Other revenues (H1 2025: € 252m, H1 2024: € (65)m) are not shown on these charts but are included in totals 4. Ratio of more predictable revenue streams over total revenues of operating businesses; more predictable revenue streams including Corporate Bank, Private Bank, Asset Management and Investment Bank FIC Financing 5. Detailed on slide 9 Slide 4 – Continued execution of divisional strategies to drive further growth and profitability 1. Deutsche Bank is the top European bank in global FIC for FY 2024. Source: Coalition Greenwich Competitor Analytics FY 2024. Index Revenues are based on the leading Index banks (Bank of America, Barclays, BNP Paribas, Citigroup, Deutsche Bank (private), Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Société Générale, UBS, Wells Fargo). This analysis is based on Deutsche Bank’s product taxonomy and organization structure, and Deutsche Bank’s own revenue numbers 2. Source: Dealogic; FY 2024 and H1 2025 for O&A, #1 in Germany; FY 2024 data for Aerospace & Defense, #1 in Germany 3. Source: Euromoney Awards 2025 Slide 5 – Progress on strategic agenda for delivery in 2025 and beyond 1. Compound annual growth rate (CAGR); detailed on slide 39 Slide 7 – Key performance indicators 1. Compound annual growth rate (CAGR); detailed on slide 39 2. Liquidity coverage ratio and high-quality liquid assets based on weighted EUR amounts in line with Commission Delegation Regulation 2015/61 as amended by Regulation 2018/162 3. Preliminary Q2 2025 net stable funding ratio and available stable funding based on weighted EUR amounts in line with regulation 575/2013 as amended by regulation 2019/876 4. Includes € 1.0bn tax benefit from a deferred tax asset valuation adjustment driven by strong UK performance Slide 8 – Q2 2025 highlights 1. Detailed on slides 39 and 40 2. Loans gross of allowance at amortized cost 3. Detailed on slide 23 4. Provision for credit losses as basis points of average loans gross of allowances for loan losses Slide 9 – Net interest income (NII) / Net interest margin (NIM) 1. Defined on slide 42 2. Accounting asymmetry primarily arises from funding costs associated with trading positions where the funding cost is reported in net interest income but is offset by revenues on the underlying positions recorded in noninterest revenues. 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 t he underlying position is recorded as interest income, but the hedge impact is recorded as a noninterest revenue. These effects primarily occur in the Investment Bank (ex FIC Financing), Asset Management and C&O including Treasury other than held in the key banking book segments
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 Footnotes 2 / 2 44 Slide 31 – Commercial Real Estate (CRE) 1. Based on Deutsche Bank’s definition of non-recourse CRE loans as detailed in FY 2024 Annual Report 2. Bespoke internal stress testing scenario on the bank’s higher-risk non-recourse CRE portfolio, including US CRE 3. € 399m CLPs for higher risk non-recourse CRE portfolio; € 430m CLPs for total non-recourse CRE portfolio Slide 32 – Asset quality in Germany 1. Includes portfolio hedge accounting program 2. Based on the counterparty domicile 3. CDS and CLO enhancements reference both on and off-balance sheet exposures 4. Based on internal rating bands 5. Loans with days past due (dpd) 90 – 269dpd divided by Loans with 0 – 269dpd 6. Quarterly provision for credit losses annualized in bps 7. Baseline adjusted for CLPs related to Postbank integration, two larger events in the European and German corporate segment in 2024 as well as the non-recourse CRE portfolio and benefit from LGD model update in the Private Bank in Q2 2025 Slide 33 – Level 3 assets and liabilities 1. Issuances include cash amounts paid/ received on the primary issuance of a loan to a borrower 2. Includes other transfers into (out of) Level 3 and mark-to-market adjustments 3. Additional value adjustments deducted from CET 1 capital pursuant to Article 34 of Regulation (EU) No. 2019/876 (CRR) Slide 34 – Leverage exposure and risk-weighted assets 1. Includes credit risk RWA related to derivatives and CVA RWA, excludes any derivatives -related market risk RWA, which have been fully allocated to non-derivatives trading assets 2. Includes contingent liabilities Slide 36 – Assets under management – Private Bank 1. Investment Products also include insurances under discretionary and wealth advisory mandates in Wealth Management 2. Deposits are considered assets under management if they serve investment purposes; this includes all term and savings deposit s in the Private Bank; in Wealth Management and Private Banking it is assumed that all customer deposits are held primarily for investment purposes 3. Net flows also include shifts between deposits and investment products Slide 37 – Assets under management – Asset Management 1. Average AuM are generally calculated using AuM at the beginning of the period and the end of each calendar month (e.g. 13 reference points for a full year, 4 reference points for a quarter) Slide 38 – Corporate & Other 1. Detailed on slide 40 2. Valuation & timing reflects the mismatch in revenue from instruments accounted for on an accrual basis under IFRS that are economically hedged with derivatives that are accounted for on a mark -to-market basis 3. Legacy portfolios previously reported as the Capital Release Unit until Q4 2022 4. Reversal of noncontrolling interests reported in operating business segments (mainly Asset Management) Slide 39 – Pre-provision profit, CAGR and operating leverage 1. Pre-provision profit defined as net revenues less noninterest expenses 2. Compound annual growth rates of the total of net revenues of the last twelve months over the 42 months between FY 2021 and Q2 2025 3. Operating leverage defined as the difference between the year -on-year growth rates of revenues and noninterest expenses Slide 19 – Outlook 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 2026) subject to meeting strategic targets and German corporate law requirements, AGM authorization and regulatory approvals Slide 21 – 2025 financial targets and capital objectives 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 2026) subject to meeting strategic targets and German corporate law requirements, AGM authorization and regulatory approvals Slide 22 – Committed to increasing shareholder distributions 1. € 8bn anticipated cumulative payout in respect of FY 2021-2025 (including distributions in respect of 2025, payable in 2026) subject to meeting strategic targets and German corporate law requirements, AGM authorization and regulatory approvals Slide 23 – Sustainability 1. Cumulative figures include sustainable financing and ESG investment activities as defined in DB’s Sustainable Finance Framework and ESG Investments Framework, which are published on Deutsche Bank's website Slide 24 – Indicative divisional currency mix 1. For net revenues primarily includes Singapore Dollar (SGD), Indian Rupee (INR) and Australian Dollar (AUD); for noninterest expenses primarily includes INR, SGD and Hong Kong Dollar (HKD) Slide 25 – Interest rate hedge 1. Based on current market-implied forward rates as of June 30, 2025 Slide 26 – Net interest income (NII) sensitivity 1. Based on balance sheet per May 31, 2025, vs. current market -implied forward rates as of June 30, 2025 Slide 27 – Group Trading Book Value-at-Risk (VaR) and stressed Value-at-Risk (sVaR) 1. Timeline in the graph reflects the Trading P&L date whereas VaR/SVaR is as of the previous date for comparative purpose 2. Defined as actual income of trading units Slide 28 – Loan and deposit development 1. Loans gross of allowances at amortized costs 2. Totals represent reported Group level balances whereas the graph shows only reported Corporate Bank, Investment Bank and Private Bank exposures for materiality reasons 3. FX movements provide indicative approximations based on major currencies Slide 29 – Loan book composition 1. Loans gross of allowances at amortized costs 2. Mainly includes Corporate & Other and Institutional Client Services in the Corporate Bank 3. Other businesses with exposure ~4% each or lesser 4. Includes Strategic Corporate Lending Slide 30 – Provision for credit losses and Stage 3 loans 1. Quarterly provision for credit losses annualized as basis points of average loans gross of allowance at amortized cost 2. IFRS 9 Stage 3 assets at amortized cost including POCI as % of loans at amortized cost (€ 472bn as of June 30, 2025). IFRS 9 Stage 3 assets at amortized cost including POCI as % of assets at amortized cost (€745bn as of June 30, 2025) amounted to 2.0 % as of June 30, 2025, which is closely aligned with NPL ratio in accordance with EBA guidance 3. IFRS 9 Stage 3 allowance for credit losses for assets at amortized cost excluding POCI divided by Stage 3 assets at amortized cost excluding POCI 4. IFRS 9 stage 1 coverage ratio for assets at amortized cost (excluding country risk allowance) is 0.1% and IFRS 9 stage 2 cove rage ratio for assets at amortized cost (excluding country risk allowance) is 1.4% as of June 30, 2025
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Deutsche Bank Investor Relations Q2 2025 results, July 24, 2025 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 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 revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, 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 SEC Form 20-F of March 13, 2025 under the heading “Risk Factors.” Copies of this document are readily available upon request or can be downloaded from investor-relations.db.com Non-IFRS financial measures This presentation also contains non-IFRS financial measures. For a reconciliation to directly comparable figures reported under IFRS, to the extent such reconciliation is not provided in this presentation, refer to the Q2 2025 Financial Data Supplement, which is accompanying this presentation and available at investor-relations.db.com EU carve out Results are 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”), including application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (the “EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. For the three- month period ended June 30, 2025, application of the EU carve-out had a negative impact of € 535 million on profit before taxes and of € 383 million on profit. For the same time period in 2024, the application of the EU carve-out had a positive impact of € 280 million on profit before taxes and of € 198 million on profit. The Group’s regulatory capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. As of June 30, 2025, the application of the EU carve-out had a negative impact on the CET1 capital ratio of about 75 basis points compared to a negative impact of about 26 basis points as of June 30, 2024. In any given period, the net effect of the EU carve-out can be positive or negative, depending on the fair market value changes in the positions being hedged and the hedging instruments ESG Classification Sustainable 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. Given the cumulative definition of the sustainable financing and ESG investment target, 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. For details on ESG product classification of DWS, please refer to the section “Sustainability in Our Product Suite and Investment Approach – Our Product Suite” in DWS Annual Report 2024 45