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6-K 1 db202609306k.htm 6-K db202609306k

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 September 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 ☐

Explanatory note

Key updates communicated during 3Q 2026

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

updates communicated during 2Q 2026.

Deutsche Bank generally publishes its financial results prepared in accordance with International Financial Reporting

Standards (IFRS) as endorsed by the European Union, including application of portfolio fair value hedge accounting for non-

maturing deposits and fixed rate mortgages with pre-payment options (“EU IFRS”, using the “EU carve-out”). Fair value

hedge accounting under the EU carve-out is employed to minimize the accounting exposure to both positive and negative

moves in interest rates in each tenor bucket thereby reducing the volatility of reported revenue from Treasury activities. In

addition, Deutsche Bank’s financial targets and capital objectives are based on its financial results prepared in accordance

with EU IFRS. Exhibit 99.4 hereto presents financial information using EU IFRS.

For U.S. reporting purposes, Deutsche Bank also prepare versions of certain of its financial reports in accordance with IFRS

as issued by the International Accounting Standards Board (IASB), which does not permit use of the EU carve-out (“IASB

IFRS”), but which is otherwise the same as EU IFRS. For example, Deutsche Bank’s 2025 Annual Report on Form 20-F has

been prepared using IASB IFRS, and the impact of the EU carve-out is described in Note 1, “Material accounting policies

and critical accounting estimates – Basis of accounting – EU carve-out” to the consolidated financial statements contained

therein.

This Report on Form 6-K and Exhibit 99.1 hereto are hereby incorporated by reference into Registration Statement No.

333-278331 of Deutsche Bank AG.

Exhibits

Exhibit 99.1 Key updates communicated during 3Q 2026, September 30, 2026 (EU IFRS).

Forward-looking statements contain risks

This report contains forward-looking statements. Forward-looking statements are statements that are not historical facts;

they include statements about our beliefs and expectations. Any statement in this report that states our intentions, beliefs,

expectations or predictions (and the assumptions underlying them) is a forward-looking statement. These statements are

based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-

looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly

any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could

therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors

include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we

derive a substantial portion of our trading revenues, potential defaults of borrowers or trading counterparties, the

implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other

risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our

2025 Annual Report on Form 20-F filed with the SEC, under the heading “Risk Factors.” Copies of this document are readily

available upon request or can be downloaded from www.deutsche-bank.com/ir.

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 Measure
Net interest income in the key banking book segments		Net interest income
Revenues on a currency-adjusted basis		Net revenues
Costs on a currency-adjusted basis		Noninterest expenses
Net assets (adjusted)		Total assets
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value		Total shareholders’ equity (book value)
Post-tax return on average tangible shareholders’ equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon)		Post-tax return on average shareholders’ equity
Tangible book value per basic share outstanding, Book value per basic share outstanding		Book value per share outstanding

For descriptions of these non-GAAP financial measures and the adjustments made to the most directly comparable financial

measures under IFRS, please refer to (i) the section “Non-GAAP financial measures” of Exhibit 99.1 to Deutsche Bank’s

Report on Form 6-K dated June 30, 2026 (filed July 1, 2026) and (ii) the section “Supplementary Information (Unaudited):

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

When used with respect to future periods, non-GAAP financial measures used by Deutsche Bank are also forward-looking

statements. Deutsche Bank cannot predict or quantify the levels of the most directly comparable financial measures under

IFRS that would correspond to these measures for future periods. This is because neither the magnitude of such IFRS

financial measures, nor the magnitude of the adjustments to be used to calculate the related non-GAAP financial measures

from such IFRS financial measures, can be predicted. Such adjustments, if any, will relate to specific, currently unknown,

events and in most cases can be positive or negative, so that it is not possible to predict whether, for a future period, the

non-GAAP financial measure will be greater than or less than the related IFRS financial measure.

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:September 30, 2026


By:	_/s/ Andrea Schriber____________
Name:	Andrea Schriber
Title:	Managing Director


By:	_/s/ Joseph C. Kopec____________
Name:	Joseph C. Kopec
Title:	Managing Director and Senior Counsel

EX-1 2 db20260930991.htm EX-1 db20260930991

Exhibit 99.1

Key updates communicated during Q3 2026

September 30, 2026

Key updates communicated during Q3 2026

Provision for credit losses (CLPs):

-As stated by Raja Akram at the Bank of America Financials Conference, the underlying

quality of the loan book remains sound, with Deutsche Bank not seeing any elevated

stress despite the economic environment; Q3 2026 CLPs are expected to be between

Q1 2026 and Q2 2026 levels, given the continued CRE portfolio de-risking and an

idiosyncratic charge related to a single-name exposure in the Corporate Bank in Asia

-As indicated at the Q2 2026 results, the bank will continue to evaluate limited and

targeted portfolio actions where these are capital-accretive and support further de-

risking of the portfolio

Revenues:

-At the Bank of America Financials Conference, Raja Akram provided insights into

revenue dynamics across the Group, including a statement on Q3 2026 revenue

performance in the Investment Bank:

-Private Bank revenues are expected to show continued momentum, supported by

strong deposit inflows, ongoing asset gathering, and continued uptake of

investment products

-Asset Management revenues are expected to benefit from continued strong

inflows, with management expressing confidence in the business segment’s Q3

2026 performance

-Corporate Bank revenues are expected to continue their positive trajectory in H2

2026, with the business segment expected to exit the year with a mid- to high-

single-digit revenue growth rate

-In the Investment Bank, Investment Banking & Capital Markets (IBCM) revenues

are expected to be broadly flat YoY, with strong activity in M&A, ECM, and DCM

offset by LDCM timing effects; Fixed Income & Currencies (FIC) revenues are

expected to be flat or slightly down versus the record Q3 2025, with most

products expected to be up excluding the Credit Trading business given its strong

performance in Q3 2025; overall, Investment Bank revenues are expected to be

flat to slightly down YoY in Q3 2026

-At the Q2 2026 results, management reiterated confidence in FY 2026 Group

revenues reaching around € 33bn; Corporate Bank revenues are expected to

increase sequentially in Q3 and Q4 2026, while IBCM revenues are expected to be

stronger in H2 than in H1 2026; for NII across the key banking book segments and

other funding, the bank expects NII to slightly exceed the previously indicated

level of around € 14bn, with the benefits from recent rate decisions expected to

become more pronounced starting in FY 2027 and increase further in FY 2028 and

beyond, reflecting the benefits from the structural hedging approach

Costs:

-At the Bank of America Financials Conference, Raja Akram reiterated Deutsche Bank’s

FY 2026 expense expectation and described it as an investment year, with

investments expected to continue through the cycle and be offset by operating

efficiencies

-At the Q2 2026 results, Christian Sewing confirmed the unchanged FY 2026

noninterest expense expectation of slightly above € 21bn, or around € 21.3bn,

reflecting continued investments in technology, Wealth Management, and IBCM, while

reiterating that management retains flexibility to adjust the pace of investments if the

environment changes; at the Bank of America Financials Conference, Raja Akram

added that the bank, as planned, is also investing in corporate client coverage in the

Corporate Bank in order to further increase market share in Germany

Profitability:

-At the Q2 2026 results, Raja Akram stated that H1 2026 profitability lays a solid

foundation for strong operating performance in 2026

-Christian Sewing reiterated confidence in delivering a RoTE above 13% in FY 2028

and highlighted potential upside from German reforms, AI-driven productivity gains,

the Savings and Investments Union, and a more growth-supportive regulatory

environment, while emphasizing that it remains too early to update the target; at the

Bank of America Financials Conference, management indicated increased confidence

in the upside potential versus the target for FY 2028

-Raja Akram stated at the conference that once the bank has delivered FY 2026 in line

with plans, it may provide an update on FY 2028 targets

Capital and capital distribution:

-At the Bank of America Financials Conference, Raja Akram reaffirmed Deutsche

Bank’s 13.5–14.0% near-term CET1 operating range, noting that the bank is

comfortable operating within this range and that excess capital distributions would

become a priority once it is sustainably above 14%; at the Q2 2026 results, Raja

Akram stated that this was likely to be beyond 2026 and reiterated that further

actions were lined up to support capital optimization

-Following the completion of Deutsche Bank’s € 1.0bn share buyback program at a

volume-weighted average price of € 28.00 per share, a new € 500m program was

announced and completed on September 28, 2026, at a volume-weighted average

price of € 33.19 per share

Issuance and credit ratings:

-At the Q2 2026 Fixed Income Investor Call, Richard Stewart stated that the 2026

issuance plan is well advanced compared to the FY 2026 target of € 10-15bn, with

the remaining issuances expected primarily in senior instruments; highlights during Q3

2026 included the issuance of USD 2.5bn Senior Preferred instruments on September

14, 2026, and EUR 1.25bn AT1 notes on September 21, 2026, and the inaugural CHF

150m Tier 2 instrument on August 26, 2026; on the same day as the AT1 issuance, the

bank also called a EUR 1.25bn AT1 instrument; YTD issuance of funding instruments

totaled approximately € 13bn

Next significant events:

-October 28, 2026 – Q3 2026 results – Analyst Conference Call

-October 29, 2026 – Q3 2026 results – Fixed Income Call

Disclaimer:

This presentation contains forward-looking statements. Forward-looking statements

are statements that are not historical facts; they include statements about Deutsche

Bank’s beliefs and expectations and the assumptions underlying them. These

statements are based on plans, estimates and projections as they are currently

available to the management of Deutsche Bank. Forward-looking statements therefore

speak only as of the date they are made, and the bank undertakes no obligation to

update publicly any of them in light of new information or future events.

By their very nature, forward-looking statements involve risks and uncertainties. A

number of important factors could therefore cause actual results to differ materially

from those contained in any forward-looking statement. Such factors include the

conditions in the financial markets in Germany, in Europe, in the United States and

elsewhere from which the bank derives a substantial portion of its revenues and in

which it holds a substantial portion of its assets, the development of asset prices and

market volatility, potential defaults of borrowers or trading counterparties, the

implementation of its strategic initiatives, the reliability of its risk management policies,

procedures and methods, and other risks referenced in the bank’s filings with the U.S.

Securities and Exchange Commission. Such factors are described in detail in Deutsche

Bank’s SEC Form 20-F of March 12, 2026, under the heading “Risk Factors.” Copies of

this document are readily available upon request or can be downloaded from investor-

relations.db.com.