Business Context and Reporting Period
Company: Deutsche Bank Aktiengesellschaft (Deutsche Bank AG)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Date: March 12, 2026
Context: This filing announces the publication of the Annual Report 2025 and Pillar 3 Report 2025. The filing serves as a notification that these reports are attached as exhibits and clarifies the differences between the "non-SEC" version (attached) and the "SEC" version (filed separately on Form 20-F).
Key Financial Metrics
The provided text does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The filing acts as a cover document referencing the attached Annual Report 2025 for detailed financial data.
Accounting Standards Note: The filing highlights a material difference in accounting treatment between the two versions of the Annual Report:
- SEC Version: Prepared in accordance with IFRS as issued by the IASB.
- Non-SEC Version (Attached): Prepared in accordance with IFRS as endorsed by the EU, including the application of fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) under the EU carve-out version of IAS 39.
Material Changes and Differences
The filing details structural differences between the attached non-SEC Annual Report and the SEC-filed Form 20-F:
- Accounting Policies: The non-SEC version utilizes the EU carve-out for fair value macro hedges, which is not present in the SEC version.
- Financial Statement Notes: Notes 42, 43, and 44 (addressing non-U.S. requirements) are deleted in the SEC version. A new Note 42 addressing U.S. requirements is added to the SEC version.
- Content Omissions: Certain sections in the non-SEC Annual Report are omitted from the SEC version as they are not required for Form 20-F filings.
Guidance, Outlook, and Risks
Forward-Looking Statements: The document contains forward-looking statements regarding intentions, beliefs, and expectations. Management disclaims any obligation to update these statements.
Key Risks Identified:
- Conditions in financial markets (Germany, Europe, U.S.) affecting trading revenues.
- Potential defaults of borrowers or trading counterparties.
- Implementation of strategic initiatives.
- Reliability of risk management policies and procedures.
Non-GAAP Measures: The filing lists several non-GAAP measures used by the company (e.g., Net interest in key banking book segments, Adjusted costs, Tangible shareholders' equity). It explicitly states that future non-GAAP measures cannot be predicted or quantified relative to IFRS measures due to unknown future events and adjustments.
Investor Verification Checklist
- Verify the specific impact of the EU carve-out for fair value macro hedges on the reported financial results in the attached non-SEC Annual Report.
- Compare the "SEC" version of the Annual Report (Form 20-F) with the "non-SEC" version to reconcile differences in Notes 42, 43, and 44.
- Review the detailed "Risk Factors" section in the 2025 Annual Report on Form 20-F for a comprehensive list of potential adverse events.
- Examine the "Supplementary Information" sections in both report versions to understand the adjustments made to derive non-GAAP financial measures.