Company: ADZCF
Filing Date: 2025-11-26
Form Type: 424B2
Source: 0000950103-25-015337
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-11-26
Form: 424B2
Chunk 1
---
 2025 
 November 28, 2025 |
|:----------------------|:------------------|
| Final Valuation Date: | November 26, 2032 |
| Maturity Date:        | November 30, 2032 |

| 1 | The Final Valuation Date and the Maturity Date are subject to postponement. See “Terms of the Notes” on page PS-6 of this pricing supplement. |

| Notice to investors: The Notes are significantly riskier than conventional debt instruments. You may receive only your Face Amount at maturity and you may not receive any positive return on the Notes. This market risk is in addition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Notes if you do not understand or are not comfortable with the significant risks involved in investing in the Notes. |

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 Notes. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Notes. The Notes will not be listed on any securities exchange.

| Note Offering |

We are offering Market Linked Notes linked to the
S&P 500 Index. The return on the Notes is subject to the predetermined Maximum Gain and the corresponding maximum
payment at maturity per Note. The Initial Underlying Value is the Closing Value (as defined below) of the Underlying on the Trade Date.
The Notes are offered at a minimum investment of $1,000 and integral multiples of $1,000.

| Underlying           | Maximum Gain | Maximum Payment at Maturity per Note | Participation Rate | Initial Underlying Value | CUSIP/ ISIN              |
| S&P 500® Index (SPX) | 58.00%       |                            $1,580.00 | 100.00%            |                 6,765.88 | 25160YEZ7 / US25160YEZ79 |

The Issuer’s estimated value of the Notes on the Trade Date is $934.70 per $1,000.00 Face Amount of Notes, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of this pricing