Investment Recommendation Disclosures
The investment recommendation expressed in the messages to which these disclosures relate are prepared and issued by the Sales and Trading function (“Sales and Trading”) of the Investment Bank division of Deutsche Bank AG (“DB”). Such investment recommendations are those of the relevant author or individual sender (“Author”) acting as an agent of DB and may differ from the opinions expressed by other DB departments, affiliates or subsidiaries (together “DB group”), including by DB’s research department (“Research”). These investment recommendation messages by Sales and Trading are subject to further disclaimers as set out in the Sales and Trading Disclaimer.
The Sales and Trading function is separate from the Research function. The work of and material released by the Sales and Trading function, including these investment recommendations, will not have been prepared, reviewed or edited by the Research function. To the extent that the investment recommendation provided is aligned to the views expressed by the Research function, you are advised to read the full research analysis and the further explanation of the valuation or methodology and the underlying assumptions on the Research website. For more information regarding the Author of or an investment recommendation itself, including the basis of the valuations or methodologies and underlying assumptions used to evaluate the relevant financial instruments or issuers, please contact the relevant Author or your DB representative.
DB or any member of DB group may take into account the relevant investment recommendations in deciding to hold or trade as principal in the relevant securities or related derivatives. DB, any member of DB group or the relevant Author (where permitted) may also engage in transactions for its own account or with its clients in a manner consistent or inconsistent with the views taken in an investment recommendation, including, among others, acting as market maker or liquidity provider in the relevant securities, or as lead manager or co-lead manager in a public offer of the relevant securities, or entering into agreements with or providing services of an investment firm to the issuer of the relevant securities, including the services as set out in Sections A and B of Annex I to Directive 2014/65/EU and/or where such services or agreements may give rise to the payment or receipt of compensation.
The remuneration of the relevant Authors is not tied to investment services provided to the issuers to which the relevant recommendations relate. However, the Authors are paid in part based on the fulfilment of the strategic objectives of DB group, which includes revenues from all business divisions of DB, including the Investment Bank (which may provide services to the issuers referred to in the relevant recommendations). In addition, the Authors are paid in part based on the fulfilment of the strategic objectives of the DB’s Investment Bank. This means that the remuneration of the Authors may also be in part (indirectly) dependent on the overall amount of fees or commissions that DB’s Investment Bank earns from clients for the execution of transactions and investment advisory mandates in, or linked to, the securities that are discussed in the relevant recommendations. Therefore, the relevant investment recommendations should not be relied upon as entirely independent from the interest of DB or its associated personnel, whose interest may conflict with yours.
Investment recommendations may contain projections, forecasts and/or price targets that constitute the current judgment of the Author as of the date and time of the relevant investment recommendations which may only be valid at such relevant time on such relevant date. DB does not represent that the projections, forecast and/or price target in its investment recommendations are accurate or complete. Any investment recommendation may be subject to change without notice. Whilst at any time DB may in its sole discretion update an investment recommendation or any part thereof, DB does not commit or intend to review or update its investment recommendations or the content therein subsequently to their release or distribution.
Please discuss with the relevant Author if anything is not clear in the investment recommendations, including the use of any terminologies or concepts. The meaning of certain terminologies used in investment recommendations is set out below:
- Buy: Based on the methodology and assumptions mentioned in the relevant recommendations, DB recommends that investors buy the ISIN.
- Hold: Based on the methodology and assumptions mentioned in the relevant recommendations, DB takes a neutral view on the ISIN and does not recommend either buying or selling the ISIN.
- Sell: Based on the methodology and assumptions mentioned in the relevant recommendations, DB recommends that investors sell the ISIN.
DB maintains information barriers which are designed to restrict information flows between different areas of DB. These information barriers and other measures are put in place to enable DB to carry out business on behalf of clients and/or itself without being influenced by other information held within DB that may give rise to a potential conflict of interest. Further information regarding Deutsche Bank’s global conflicts of interest policy is available online.
The publication of the relevant recommendations and the information contained therein, as well as the distribution of the financial instruments named therein are only allowed in such countries, where it is permissible under the applicable legal provisions.
Further information regarding the investment positions in financial instruments and/or issuers held by DB which may be relevant to the assessment of these investment recommendations can be found on the Position / Relationship page.
Further information regarding historic investment recommendations issued by DB can be found on the Investment Recommendation History page.
Deutsche Bank AG is authorised under German Banking and Securities Law and is subject to the supervision by the European Central Bank (ECB) and by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany’s Federal Financial Supervisory Authority.
This page was last updated in February 2026.