Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015315
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 1
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 Trade Date:                                                                                                                                  
 Settlement Date:                                                                                                                             | November 25, 2025 
 November 28, 2025 |
|:---------------------------------------------------------------------------------------------------------------------------------------------|:------------------|
| Observation Date:                                                                                                                            | December 2, 2026  |
| Call Settlement Date:                                                                                                                        | December 4, 2026  |
| Final Valuation Date:                                                                                                                        | November 25, 2030 |
| Maturity Date:                                                                                                                               | November 27, 2030 |
| 1	The                                                                                                                                        
 Observation Date, the Call Settlement Date, the Final Valuation Date and the Maturity Date are subject to postponement or early acceleration 
 in the event of a change-in-law event. See “Terms of the Securities” on page PS-6 of this pricing supplement.                                |                   |

Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have the full downside market risk of the Basket. This market risk is in addition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Securities if you do not understand or are not comfortable with the significant risks involved in investing in the Securities.

You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–8 of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement, page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus before purchasing any Securities. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Securities. You may lose a significant portion or all of your initial investment. The Securities will not be listed on any securities exchange.

| Security 
 Offering |

We are offering Trigger Autocallable GEARS linked
to an unequally weighted basket. The Initial Underlying Value of each Underlying is its Closing Value (as defined below) on the Trade
Date. The Securities are offered at a minimum investment of $1,000 (100 Securities).

| Underlying             | Basket 
 Weight |          Initial 
 Underlying Value | Call   
 Return |  Upside 
 Gearing |      Initial 
 Basket Value | Autocall                                  
 Barrier                                   | Downside                                 
 Threshold                                | CUSIP          
 / ISIN         |
| EURO                   
 STOXX 50