Deutsche Bank (DBK) investor relations material

Macro and industry outlook

• Germany saw a 50% increase in foreign direct investment and 0.3% GDP growth in Q2, with positive corporate sentiment and rising VC funding, though SME confidence lags.

• Political landscape is decentralized, with ongoing reforms and infrastructure spending; activity continues despite election-related uncertainties.

• European consolidation and new competitors in German deposits are influencing the market, but the bank is well-positioned.

Strategic plan and business performance

• Record first half with RoTE near 12%; Private Bank asset gathering and wealth management revenues up, with €60bn net new assets in H1.

• Corporate Bank turnaround evident in Q2; Investment Bank, especially Fixed Income, remains a strong performer.

• 60% of revenue now from non-Investment Banking, with pension reform expected to accelerate diversification.

• Asset management and retail wealth management continue to see strong inflows and product innovation.

Revenue trends and guidance

• Private Bank and Corporate Bank expect continued growth; Investment Bank likely flat to slightly down versus a record prior year.

• FIC business remains robust, with no long-term gloom expected; diversification and product mix support stability.

• Net interest income guidance of €14bn for 2026 and beyond is likely to be exceeded, with upside increasing in 2027 and 2028 due to structural hedges.