# EDGAR Filing Document

**Accession Number:** 0001159508
**File Stem:** 0001159508-26-000023
**Filing Date:** 2026-4
**Character Count:** 18906
**Document Hash:** ec9aa78b7eda59b0c46a8c2c66d6b4a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001159508-26-000023.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001159508-26-000023

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260401

**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:** 26825101

**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

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 March 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 1Q 2026**

On March 31, 2026, Deutsche Bank AG ("Deutsche Bank") published the attached Exhibit 99.1, which describes key

updates communicated during 1Q 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 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

<u>[Exhibit 99.1](db20260331991.htm)</u> Key updates communicated during 1Q 2026, March 31, 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 <br>Measure<br>|
| Net interest 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 <br>shareholders' equity, Tangible book value, Average <br>tangible book value<br>| Total shareholders' equity (book value) |
| Post-tax return on average tangible shareholders' equity <br>(based on Profit (loss) attributable to Deutsche Bank <br>shareholders after AT1 coupon)<br>| Post-tax return on average shareholders' equity |
| Tangible book value per basic share outstanding, Book <br>value per basic share outstanding<br>| 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 the sections "Supplementary Information (Unaudited): Non-GAAP Financial

Measures" of the non-SEC Annual Report 2025 and the SEC Annual Report 2025.

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:March 31, 2026

---

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

---

---

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

---

## Ex-1

![db-logoxsrgba.jpg](db-logoxsrgba.jpg)

**Exhibit 99.1**

**Key updates communicated during Q1 2026**

**March 31, 2026**

**Key updates communicated during Q1 2026**

**Revenues:**

-At the Morgan Stanley European Financials Conference, Christian Sewing stated that

the bank had **a good start to the year** and provided **additional guidance on Q1 2026** 

**revenue performance:**

-**Group revenues** are expected to be **flattish YoY** with the revenue mix moving

into the right direction

-**Private Bank** and **Asset Management** showed good development with

**revenues up YoY**

-**Corporate Bank revenues** are expected to show **YoY increases only in the** 

**second half of 2026**

-**Investment Bank revenues** are expected to be **approximately flat YoY**; **Fixed** 

**Income & Currencies (FIC) revenues** are expected to be **slightly lower YoY**,

negatively impacted by FX effects, and against a record Q1 2025

-Developments across other businesses are expected to compensate for **lower** 

**expected Corporate & Other revenues**

-At the Q4 2025 results, James von Moltke said that he expects **FY 2026 revenues to be** 

**around € 33bn**, aided by NII in key banking book segments and other funding growing

to € 14bn as well as growth in net commission and fee income; he also gave **guidance** 

**for FY 2026 divisional revenue performance,** which was then **supplemented by sub** 

**divisional** detail in Deutsche Bank's 2025 Annual Report published on March 12, 2026:

-**Private Bank** revenues are expected to be **higher YoY** driven by significantly

higher revenues in deposits and investment products; Personal Banking

revenues and Wealth Management revenues are both expected to be higher

-**Asset Management** revenues are expected to be **slightly higher YoY** driven by

increasing average assets under management

-**Corporate Bank** revenues are expected to be **slightly higher YoY**, with

accelerating sequential growth as the year progresses; Corporate Treasury

Services revenues are anticipated to be slightly higher, Institutional Client

Service revenues are expected to be essentially flat and Business Banking

revenues are expected to be slightly higher

-**Investment Bank** revenues are expected to be **slightly higher YoY**; FIC

revenues are expected to be essentially flat compared to a very strong FY

2025, while Investment Banking & Capital Markets revenues are expected to be

significantly higher, supported by prior period and planned investments

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

-At the Q4 2025 results, James von Moltke reiterated that wider asset quality remains

resilient and the bank continues **to expect CLPs to trend** towards a lower expected

average run rate of around 30bps for FY 2028

-An expected CLP improvement in FY 2026 was also envisaged by Christian Sewing at

the Morgan Stanley European Financials Conference, although he stated that the

**conflict in the Middle East added volatility and uncertainty**

-As stated in the 2025 Annual Report, although Deutsche Bank has limited direct

exposures to the Middle East, broader geopolitical destabilization could negatively

impact the bank's clients and **have an adverse effect on Deutsche Bank's financial** 

**results, including increases in allowance for credit losses**

**Costs:**

-At the Morgan Stanley European Financials Conference, Christian Sewing stated that

he is **very happy with the cost discipline** of the company shown in the first two

months of the year

-At the Q4 2025 results, James von Moltke stated that he expects **noninterest** 

**expenses for FY 2026 to increase slightly YoY to slightly above € 21bn**, which

includes around **€ 900m of incremental investments in FY 2026** to unlock growth and

efficiencies as early as this year; in the 2025 Annual Report, Deutsche Bank states that

it expects the **cost/income ratio to remain <65% for FY 2026**

-The 2025 Annual Report also provides guidance on **divisional noninterest expenses** 

**for FY 2026**:

-**Private Bank** noninterest expenses are expected to be **slightly higher YoY**,

driven by investments into business growth as well as transformation initiatives

and efficiency programs

-**Asset Management** noninterest expenses are expected to be **essentially flat** 

**YoY**

-**Corporate Bank** noninterest expenses are expected to be **slightly higher YoY**,

driven by investments in growth initiatives

-**Investment Bank** noninterest expenses are expected to be **slightly higher YoY** 

with strategic growth initiatives, technology investments and expected

increased litigation expenses expected to be partially offset by lower bank levy

charges and more broad-based cost efficiencies

**Profitability:** 

-At the Q4 2025 results, James von Moltke stated that, in line with guidance provided

at its Investor Deep Dive 2025, **Deutsche Bank plans to show improvements in** 

**operating performance every year**; this was reiterated by Christian Sewing at the

Morgan Stanley European Financials Conference

-**Corporate & Other** is expected to generate a pre-tax loss of approximately € 200m per

quarter in FY 2026 driven by shareholder expenses, certain funding and liquidity

impacts, the reversal of noncontrolling interests reported in the business segments,

primarily from DWS, as well as valuation and timing differences

**Capital and capital distribution:**

-At the Q4 2025 results, Christian Sewing shared that Deutsche Bank received

supervisory authorization for a **€ 1bn share buyback program** (up to 100m shares); on

February 26, 2026, Deutsche Bank announced that it intends **to commence** the share

buyback program **on February 26, 2026**; management also reiterated its **intention to** 

**propose a dividend of € 1.00 per share in respect of FY 2025**, **corresponding to** 

**approximately € 1.9bn**

-At the Q4 2025 results, Christian Sewing also re-emphasized the **increased payout** 

**ratio target of 60% starting this year** 

-At the Morgan Stanley European Financials Conference, Christian Sewing **confirmed** 

**the outlook for FY 2028 RWA of € 385bn**; he also stated that the guidance for RWAs

to be significantly higher in 2026, which was provided in the 2025 Annual Report, was

driven by the FY 2025 exit rate with RWAs being lower than expected

-As stated in the 2025 Investor Deep Dive and reiterated in the 2025 Annual Report,

Deutsche Bank aims for a CET1 ratio between 13.5-14.0%, while maintaining a

minimum buffer of 200bps above MDA

**Other:**

-In the 2025 Annual Report, Deutsche Bank revised the numerical ranges associated

with the wording conventions used to describe trends in the outlook section of the

Annual Report; new wording conventions will be applied for all guidance going

forward; this refinement has no impact on the bank's FY 2028 financial targets,

strategic ambitions, and capital objectives, or underlying FY 2026 guidance

---

| | |
|:---|:---|
| **Wording convention** | **Guidance range**  |
| Essentially flat  | +/- 1%  |
| Slightly higher/lower  | +/- 2-5%  |
| Higher/lower  | +/- 6-10%  |
| Significantly higher/lower  | >+10% / <-10% |

---

**Management Board changes:**

-On March 19, 2026, Deutsche Bank announced Management Board changes intended

to support the bank's Scaling the Global Hausbank strategy:

oStefan Hoops, in his role as CEO of Deutsche Bank's asset manager DWS, will

be appointed to the Group's Management Board, effective May 1, 2026

oMarie-Jeanne Deverdun has been appointed to the Management Board as

Chief Technology, Data and Innovation Officer, also effective May 1, 2026;

Bernd Leukert has informed the bank he will not be seeking another term when

his contract expires at the end of June 2026

oFabrizio Campelli has been appointed President by the Supervisory Board,

effective July 1, 2026

oClaudio de Sanctis and Alexander von zur Mühlen will have their respective

contracts extended until 2029

**Issuance / Credit Ratings:**

-~€ 3.8bn issued YTD out of € 10-15bn funding plan for the year, including EUR 1bn

Tier 2, USD 1bn Senior Non-Preferred and CNY 5.5bn Senior Preferred Panda Bond

dual tranche issued in the first quarter

-On February 19, 2026, Moody's Ratings raised the outlook on Deutsche Bank's Deposit

Rating to "Positive", citing stronger earnings, robust capital and a resilient risk profile

**Next significant events:**

-April 8, 2026 – Expected publication of the agenda for the Annual General Meeting

-April 29, 2026 – Q1 2026 results – Analyst Conference Call

-April 30, 2026 – Q1 2026 results – Fixed Income Call

-May 28, 2026 – Annual General Meeting

-June 2, 2026 – Expected dividend payment date for FY 2025

**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.*