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, in the
section entitled “Risk Factors” on pages 11 through 40. 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 Measure |
Profit (loss) attributable to Deutsche Bank shareholders for the segments, Profit (loss) attributable to Deutsche Bank shareholders and additional equity components for the segments | | |
Net interest income in the key banking book segments | | |
Revenues on a currency-adjusted basis | | |
Adjusted costs, Costs on a currency-adjusted basis, Nonoperating costs | | |
| | |
Tangible shareholders’ equity, Average tangible shareholders’ equity, Tangible book value, Average tangible book value | | Total shareholders’ equity (book value) |
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) | | Post-tax return on average shareholders’ equity |
Tangible book value per basic share outstanding, Book value per basic share outstanding | | 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 October 29, 2025, (ii) the section “Supplementary Information (Unaudited): Non-GAAP
Financial Measures” on pages 422 to 428 of Deutsche Bank’s 2024 Annual Report on Form 20-F and (iii) Exhibit 99.9
hereto.
When used with respect to future periods, the non-GAAP financial measures that Deutsche Bank uses are 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.