Media Release
March 12, 2026
Deutsche Bank publishes 2025 Annual Report and confirms outlook for 2026
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Charlie Olivier Deutsche Bank AG, Media Relations +44 (207) 54-57866 charlie.olivier@db.com
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Eduard Stipic Deutsche Bank AG Media Relations +49(69)910-41864 eduard.stipic@db.com
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Investor Relations +49 800 910-8000 (Frankfurt) db.ir@db.com
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Christian Streckert Deutsche Bank AG Media Relations +49(69)910-38079 christian.streckert@db.com
Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today published its 2025 Annual Report containing the bank’s audited results for the year. There were no divergences from the bank’s 2025 preliminary unaudited full-year results published on January 29, 2026. The Annual Report 2025 includes, amongst others, the bank’s Consolidated Financial Statements, Sustainability Statement, Compensation Report and management’s outlook for 2026.
“We said 2025 would be a decisive milestone for Deutsche Bank, and so it proved,” said Christian Sewing, Chief Executive Officer. “In an environment shaped by geopolitical tensions, economic uncertainties and challenging market conditions, we achieved or exceeded all the ambitious financial goals we had set ourselves. We also delivered the most profitable year in Deutsche Bank’s history.”
He added: “This underscores the strength and resilience of our Global Hausbank. Clients rely on us to help them navigate safely through times of change and uncertainty, and this is more important than ever in the world we face today.”
2025: record results and delivery to shareholders above original goals
The 2025 audited results confirmed Deutsche Bank’s record profitability, delivery on all financial targets and capital objectives and highlights the bank’s 50% increase in capital distributions to shareholders. The 2025 audited financial results included:
The next phase of Deutsche Bank’s strategy: scaling the Global Hausbank
The Annual Report 2025 outlines the next phase of Deutsche Bank’s strategy, Scaling the Global Hausbank for the period 2026-2028 on the path towards the bank’s long-term vision: to be the European champion. As outlined on pages XX-XXVII of the Annual Report, key financial targets and capital objectives include:
Outlook: growth across businesses in 2026
The Annual Report also outlines Deutsche Bank’s outlook for 2026. As outlined on pages 38-43, the bank’s expectations for 2026, compared to 2025, include:
Group net revenues: slightly higher year on year at around € 33 billion, reflecting:
Noninterest expenses: slightly higher, driven by incremental investments planned through 2028; for 2026, the bank expects its cost/income ratio to remain below 65%.
Provision for credit losses: slightly lower, supported by continued resilience in overall asset quality, with provisions trending moderately lower as Commercial Real Estate provisions ameliorate and other portfolios normalize.
CET1 capital ratio: slightly lower compared to 2025 when the ratio was above the bank’s targeted operating range, reflecting higher risk weighted assets on a net basis, driven by capital-efficient business growth.
Compensation Report: 2025 compensation reflects record performance
The Compensation Report, on pages 614-667 of the Annual Report, provides further information on Deutsche Bank’s compensation principles, frameworks, policies and governance, together with further details on compensation of Management Board members, Supervisory Board members and employees.
2025 compensation reflects the bank’s record financial results and delivery against performance metrics, notably post-tax RoTE of above 10% and a cost/income ratio of below 65%, in an environment marked by geopolitical uncertainties and macroeconomic challenges.
Compensation of Deutsche Bank employees is made up of fixed pay and performance-based variable compensation, supplemented by benefits. Total compensation awarded was € 11.1 billion in 2025, up slightly compared to 2024. Within this total, fixed pay was stable at € 8.1 billion, while year-end performance-based variable compensation for 2025 was € 2.7 billion, up 7% from € 2.5 billion in 2024. The increase in year-end performance-based variable compensation reflects strong performance across the bank.
Compensation of Management Board members comprises base salary, short-term incentive and long-term incentive components. Compensation reflects performance against the targets set individually for each Management Board member in respect of short-term incentives. On a pro forma basis and assuming 100% achievement of the 2025 Long-Term incentive target over the period 2025-2027, total compensation excluding benefits would be € 68.9 million in 2025. In 2024, compensation for Management Board members was € 68.1 million, likewise on a pro forma basis and assuming 100% achievement of the Long-Term incentive target.
Sustainability Statement: progress on multiple fronts in 2025
Deutsche Bank’s 2025 Sustainability Statement, published on pages 202-404 of the Annual Report, provides information on the bank’s Environmental, Social and Governance (ESG) activities, policies, frameworks and progress during 2025 including governance, strategy and stakeholder engagement, and provides details of the 2025 highlights and contributions to Group targets in the bank’s businesses.
In 2025, Deutsche Bank’s progress included:
Growing Sustainable Financing and ESG investment volumes³ to € 471 billion cumulatively since January 1, 2020 (excluding DWS). In 2025, volumes were € 98 billion, the second highest since 2020 and up from € 93 billion in 2024. Additionally, DWS reported € 85 billion in assets under management falling within ESMA guidelines in 2025.
Launching a raised target of € 900 billion in sustainable and transition financing and ESG investment volumes (ex-DWS) by 2030, including the volumes achieved to date, with additional focus on supporting clients in realizing their transition planning.
Publishing the bank’s initial Transition Finance Framework, defining rules for financing clients’ net zero transitions in hard-to-abate sectors.
Introducing a nature ambition to facilitate 300 transactions by the end of 2027, supporting biodiversity as well as ecosystem conservation and restoration.
Extending Scope 3 category 15 emissions coverage to include facilitated emissions.
Continuing to decarbonize Deutsche Bank’s loan portfolio. In the carbon-intensive sectors in Deutsche Bank’s corporate loan portfolio that are covered by net zero targets, Deutsche Bank achieved overall reductions by year-end 2025 compared with the respective baseline year.
Progress in key sectors since baseline year included:
Further improving Deutsche Bank’s ratings with leading independent agencies. Progress during 2025 included:
Other financial and regulatory reports
Today, Deutsche Bank also published its 2025 Pillar 3 Report and 2025 Annual Financial Statements of Deutsche Bank AG under German accounting rules (HGB). The Form 20-F 2025 will also be made available.
Final and audited results at a glance
Final and audited results at a glance
All figures in € billion unless otherwise stated.
¹ For a description of this and other non-GAAP financial measures, see ‘Use of non-GAAP financial measures’ below, and on pp 15-22 of the fourth quarter 2025 Financial Data Supplement.
² With effect from the first quarter of 2026, Deutsche Bank will discontinue the separate reporting of adjusted costs and nonoperating costs
³ Cumulative ESG volumes include sustainable financing (flow) and ESG investments (stock) in the Corporate Bank, Investment Bank, Private Bank and Corporate & Other from January 1, 2020 to date. Products in scope include capital market issuance (bookrunner share only), market making activities (annual average volume of eligible bond inventory), sustainable financing, period-end assets under management and period-end pension plan assets (gross assets). Cumulative volumes and targets do not include ESG assets under management within DWS, which are reported separately by DWS.
ESG Classification
Deutsche Bank defined its sustainable financing and investment activities in the “Sustainable Financing Framework – and “Deutsche Bank ESG Investments Framework” which is available at investor-relations.db.com. Given the cumulative definition of the bank’s target, in cases where validation against the Framework cannot be completed before the end of the reporting quarter, volumes are reported upon completion of the validation in subsequent quarters. In Asset Management, DWS introduced its ESG Product Classification Framework (“ESG Framework”) in 2021 taking into account relevant legislation (including Regulation (EU) 2019/2088 – SFDR), market standards and internal developments. The ESG Framework is further described in the Annual Report 2021 of DWS under the heading ”Our Product Suite – Key Highlights / ESG Product Classification Framework” which is available at https://group.dws.com/ir/reports-and-events/annual-report/. There is no change in the ESG Framework in the fourth quarter of 2024. DWS will continue to develop and refine its ESG Framework in accordance with evolving regulation and market practice. In Asset Management, for details on ESG product classification of DWS, please refer to the section “Our Responsibility – Sustainable Action – Our Product Suite” in DWS Annual Report 2025.
Availability
All reports can be downloaded on the Investor Relations website. The Form 20-F 2025, which is scheduled for filing with the U.S. Securities and Exchange Commission today, will also be made available following submission (English only) on the website. The Financial Data Supplement and Sustainability Data Compendium can be downloaded on the Quarterly Results page.
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements contain risks
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about the 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 the 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 the bank’s 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 the bank’s strategic initiatives, the reliability of its risk management policies, procedures and methods, and other risks referenced in the filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our 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 www.db.com/ir.
Basis of Accounting
Results are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (“IASB”) and endorsed by the European Union (“EU”), including, from 2020, application of portfolio fair value hedge accounting for non-maturing deposits and fixed rate mortgages with pre-payment options (the “EU carve-out”). Fair value hedge accounting under the EU carve-out is employed to minimise 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.
For the full-year 2025, application of the EU carve-out had a positive impact of € 662 million on profit before taxes and of € 325 million on profit. For the same period in 2024, the application of the EU carve-out had a negative impact of € 1.4 billion on profit before taxes and of € 976 million on profit. The Group’s regulatory capital and ratios thereof are also reported on the basis of the EU carve-out version of IAS 39. As of December 31, 2025, application of the EU carve-out had a negative impact on the CET1 capital ratio of about 60 basis points compared to a negative impact of about 68 basis points as of December 31, 2024. In any given period, the net effect of the EU carve-out can be positive or negative, depending on the fair market value changes in the positions being hedged and the hedging instruments.
Use of non-GAAP financial measures
This report and other documents Deutsche Bank have published or may publish contain non-GAAP financial measures. Non-GAAP financial measures are measures of the bank’s 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 the bank’s financial statements.
Examples of the bank’s non-GAAP financial measures, and the most directly comparable IFRS financial measures, are as follows:
Revenues and costs on a currency-adjusted basis are calculated by translating prior period revenues that were generated or incurred in non-euro currencies into euros at the foreign exchange rates that prevailed during the current period. These adjusted figures, and period-to-period percentage changes based thereon, are intended to provide information on the development of underlying business volumes.
Adjusted costs are calculated by deducting (i) impairment of goodwill and other intangible assets, (ii) net litigation charges and (iii) restructuring and severance, in total referred to as nonoperating costs, from noninterest expenses under IFRS.
Tangible shareholders’ equity is shareholders’ equity as reported in the Consolidated Balance Sheet excluding goodwill and other intangible assets.
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