# EDGAR Filing Document

**Accession Number:** 0001159508
**File Stem:** 0001159508-25-000032
**Filing Date:** 2025-7
**Character Count:** 17544
**Document Hash:** 148ee6a8956d3a3cee9e86cb6787d4f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001159508-25-000032.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001159508-25-000032

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250701

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DEUTSCHE BANK AKTIENGESELLSCHAFT
- **CENTRAL INDEX KEY:** 0001159508
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15242
- **FILM NUMBER:** 251094735

**BUSINESS ADDRESS:**
- **STREET 1:** DEUTSCHE BANK AG - LEGAL DEPARTMENT
- **STREET 2:** 1 COLUMBUS CIRCLE, 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-250-1306

**MAIL ADDRESS:**
- **STREET 1:** DEUTSCHE BANK AG - LEGAL DEPARTMENT
- **STREET 2:** 1 COLUMBUS CIRCLE, 19TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549<br>Form 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13 a -16 OR 15 d -16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025

Commission File Number 1-15242

**DEUTSCHE BANK CORPORATION** <br>(Translation of Registrant's Name Into English)

**Deutsche Bank Aktiengesellschaft**

**Taunusanlage 12** <br> **60325 Frankfurt am Main** <br> **Germany** <br>(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 ☐

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

Explanatory note

**Key updates communicated during 2Q 2025**

On June 30, 2025, Deutsche Bank published the attached Exhibit 99.1, which describes key updates communicated during 2Q 2025.

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 99.1 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 2024 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](db20250701991.htm): Key updates communicated during 2Q 2025, June 30, 2025 (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 Deutsche Bank's beliefs and expectations. Any statement in this report that states Deutsche Bank's 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 Deutsche 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 Deutsche Bank derives a substantial portion of its trading revenues, 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 its filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in Deutsche Bank's 2024 Annual Report on Form 20-F filed with the SEC on March 13, 2025, under the heading "Risk Factors." Copies of this document are readily available upon request or can be downloaded from www.deutsche-bank.com/ir.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Non-GAAP Financial Measure | &nbsp;&nbsp; Most Directly Comparable IFRS Financial Measure |
| &nbsp;&nbsp; Profit (loss) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments | &nbsp;&nbsp; Profit (loss) |
| &nbsp;&nbsp; Net interest income in the key banking book segments | &nbsp;&nbsp; Net interest income |
| &nbsp;&nbsp; Revenues on a currency-adjusted basis | &nbsp;&nbsp; Net revenues |
| &nbsp;&nbsp; Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs | &nbsp;&nbsp; Noninterest expenses |
| &nbsp;&nbsp; Net assets (adjusted) | &nbsp;&nbsp; Total assets |
| &nbsp;&nbsp; Tangible shareholders' equity, Average tangible shareholders' equity, Tangible book value, Average tangible book value | &nbsp;&nbsp; Total shareholders' equity (book value) |
| &nbsp;&nbsp; Post-tax return on average shareholders' equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon), Post-tax return on average tangible shareholders' equity (based on Profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon) | &nbsp;&nbsp; Post-tax return on average shareholders' equity |
| &nbsp;&nbsp; Tangible book value per basic share outstanding, Book value per basic share outstanding | &nbsp;&nbsp; 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 April 29, 2025 and (ii) the section "Supplementary Information (Unaudited): Non-GAAP Financial Measures" of Deutsche Bank's 2024 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

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: June 30, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; By:  | &nbsp;&nbsp; <u>_/s/ Andrea Schriber____________</u>  |
| &nbsp;&nbsp; Name:  | &nbsp;&nbsp; Andrea Schriber |
| &nbsp;&nbsp; Title: | &nbsp;&nbsp; Managing Director |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By:  | &nbsp;&nbsp; <u>_/s/ Joseph C. Kopec____________</u>  |
| &nbsp;&nbsp; Name:  | &nbsp;&nbsp; Joseph C. Kopec |
| &nbsp;&nbsp; Title: | &nbsp;&nbsp; Managing Director and Senior Counsel |

---

## Ex-1

![](imagelogo.jpg)

**Exhibit 99.1**

**Key updates communicated during Q2 2025**

#### June 30, 2025

**Key updates communicated during Q2 2025**

**Revenues:**

* - At the Goldman Sachs European Financials Conference , Christian Sewing provided 

**guidance on Q2 2025 revenue performance**
:

- 
**Investment Bank revenues** 
are expected 
**to be broadly in line YoY**
, while 
**Fixed Income & Currencies (FIC) revenues**
 are expected to be 
**up by a low single-digit percent YoY**
; in line with peers, 
**Origination & Advisory in Q2 2025 has been weaker and is currently behind plan for the year**
, although the pipeline remains robust with deals slipping from Q2 into Q3 2025

- 
**Corporate Bank revenues are anticipated to be up modestly** 
compared to Q1 2025

- 
**Private Bank revenues are in line with expectations**
 and 
**Asset Management is experiencing a strong quarter**

* - At the Q1 2025 results, Christian Sewing and James von Moltke 
**reiterated their confidence in achieving the € 32bn revenue target in FY 2025**

* - On net interest income (NII), Richard Stewart reiterated guidance at the Q1 2025 Fixed Income Investor Conference Call , that 
**NII across key banking book segments and other funding is expected to increase to ~€ 13.6bn**
 in FY 2025; he expected the increase to come primarily from the 
**Private Bank**
 supported by growth in 
**FIC Financing**
, while the 
**Corporate Bank**
 is expected to be flat for the year; the 
**hedge portfolio**
 is expected to add 
**€ 300m YoY**
 with more than 
**90% of the income**
 secured through existing positions

**Costs:**

* - At the Goldman Sachs European Financials Conference, Christian Sewing reiterated the 
**FY 2025 adjusted cost guidance of € 20.4bn**
, before FX effects, and added that 

**measures covering 85% of the € 2.5 billion operational efficiency target have been implemented**

* - At the 

Q1 2025 results, Christian Sewing 
**reaffirmed a clear path to deliver the** 

**cost/income ratio target of <65% for FY 2025**

**Provision for credit losses (CLPs):**

* - At the Goldman Sachs European Financials Conference, Christian Sewing guided for 
**modestly lower CLPs in Q2 2025 compared to Q1 2025**
; he also stated that the bank expects a gradual reduction over the course of the year and therefore 
**maintained the guidance of ~€ 1.6bn CLPs unchanged for the full year**
; he mentioned that there is no deterioration of the overall credit portfolio, however referred to continued pressure in Commercial Real Estate

* - At the 

Q1 2025 results, James von Moltke guided towards a 

**normalization of Stage 3 provisions**
 in FY 2025; 

however, 

he stated the 
**macroeconomic and geopolitical environment**
 may continue to impact model-based 
**Stage 1 and 2 provisions**

**Profitability:**

* - At the Goldman Sachs European Financials Conference ,
 **Christian Sewing reiterated** 
his confidence in achieving 
**>10% RoTE in FY 2025**

* - Looking at Q2 2025, he expects the 
**RoTE in Corporate Bank**
, 
**Private Bank**
 and 
**Asset Management**
 to 
**improve compared to Q1 2025**

**Capital and capital distribution:**

* - In his speech at the Annual General Meeting 2025 , Christian Sewing announced that the bank had applied for a further 
**share buyback** 

**for H2 2025**
; additionally, he also announced a 
**change in target for the CET1 ratio towards an operating range** 

**of 13.5%-14.0%** 
from the previous guidance of ~13% and at least 200bps above MDA; this change in target reflects the recent operating range and does not affect the stated payout policy of 50% of net income attributable to Deutsche Bank shareholders

* - At the Goldman Sachs European Financials Conference, Christian Sewing reaffirmed his confidence that the bank could 
**distribute more than € 8bn of capital in respect of FY 2021-2025**
; he added that the 
**bank intends to continue its distribution strategy** 

and 

noted the trajectory followed in recent years of increasing dividends and buybacks annually by 50%

* - At the Q1 2025 Fixed Income Investor Conference Call, Richard Stewart said that the BaFin's decision on April 30, 2025, to reduce the 
**sectoral systemic risk buffer for residential mortgage loans from 2% to 1%** 

will 

lower Deutsche Bank's 

**CET1 MDA** 

by 

just under 
**10bps**
 going forward

* - At the Q1 2025 results , James von Moltke emphasized that he saw the bank 
**achieving or exceeding the € 30bn RWA reduction**
 target in 2025

**Other:**

* - On June 26, 2025 , the Pillar 3 Report as of March 31, 2025 was published; pages 11 to 13 provide additional information on the "fully-loaded" RWA, including the impact of the output floor and no benefit from transitional arrangements, i.e. assuming a rule set, which under current law would not apply until January 1, 2033; the disclosure does not reflect any impact from mitigating actions the bank would take or potential legislative revisions which are currently under discussion, and it is based on a static balance sheet assumption; this analysis therefore represents a purely hypothetical scenario; the bank is in the process of implementing actions to mitigate the impact of these elements of the CRR3 package; 

the bank's strategy, financial targets and capital distribution goals are unaffected by this hypothetical scenario

**Issuance:**

* - The bank has now raised over € 10bn in capital market funding year to date, compared to a full year target range of € 15-20bn

* - Select Q2 2025 issuance highlights below:

* - May 6, 2025: USD 1.5bn 5.297% Senior Non-Preferred with maturity in 2031 (callable in 2030)

* - May 8, 2025: CHF 0.135bn tap of 1.5875% Senior Non-Preferred note with maturity in 2031 (callable in 2030)

* - May 22, 2025: JPY 69.6bn multi tranche: 39.3bn Senior Preferred and JPY 30.3bn Senior Non-Preferred across different tenors

* - June 10, 2025: EUR 1.5bn 3% Senior Non-Preferred with maturity in 2029 (callable in 2028)

**Next significant events:**

* - July 24, 2025 – Q2 2025 results – Analyst Conference Call

* - July 25, 2025 – Q2 2025 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 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.*