Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 0

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
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<div align='center'>The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying underlying supplement, product supplement, prospectus supplement and prospectus do not constitute an offer to sell nor do they seek an offer to buy the Securities in any jurisdiction where the offer or sale is not permitted.

Subject to Completion, dated September 22, 2025</div>

| Pricing Supplement No. A23 dated September   , 2025  
 (To Underlying Supplement No.1 dated April 26, 2024, 
 Product Supplement B dated April 26, 2024,           
 Prospectus Supplement dated April 26, 2024           
 and Prospectus dated April 26, 2024)                 | Registration Statement No. 333-278331 
 Rule 424(b)(2)                        |

Deutsche Bank AG Trigger GEARS

Linked to the S&P 500 ®Index due on or about September 28, 2035

| Investment Description |

The Trigger GEARS (the “Securities”)
are unsecured and unsubordinated obligations of Deutsche Bank AG (the “Issuer”) with returns linked to the performance
of the S&P 500 Index (the “Underlying”). If the Underlying Return is positive, the Issuer
will pay the Face Amount of the Securities at maturity plus a return equal to the Underlying Return multiplied by the Upside Gearing.
The Upside Gearing will be set on the Trade Date. If the Underlying Return is zero or negative but the Final Underlying Value is greater
than or equal to the Downside Threshold, the Issuer will repay the Face Amount of the Securities at maturity. However, if the Final Underlying
Value is less than the Downside Threshold, the Issuer will pay you a cash payment at maturity that is less than the Face Amount, if anything,
resulting in a percentage loss on the Face Amount of the Securities equal to the negative Underlying Return. In this case, you will have
full downside exposure to the Underlying from the Initial Underlying Value to the Final Underlying Value, and will lose a significant
portion, and possibly all, of your initial investment. Investing in the Securities involves significant risks. You may lose a significant portion or all of your initial investment. You will not receive any interest payments or dividends on the securities included in the Underlying. The Final Underlying Value is observed relative to the Downside Threshold only on the Final Valuation Date,