Deutsche Bank AG

Ladies and gentlemen, welcome to the Q3 2026 analyst conference call and live webcast. I'm Moritz, your chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Silke Nicole Zyper, Deputy Head of Investor Relations. Please go ahead.

Thank you for joining our third quarter 2026 results call. As usual, our Chief Executive Officer Christian Sewing will speak first, followed by our Chief Financial Officer Raja Akram. The presentation, as always, is available to download in the Investor Relations section of our website at db.com. Before we get started, Let me just remind you that this presentation contains forward-looking statements that may not develop as we currently expect. We therefore ask you to take note of the precautionary warning at the end of our materials. With that, let me hand over to Christian.

Thank you, Silke, and good morning, everyone. Let me start with a few words on what we believe are the key takeaways today. We are growing, particularly where we want to grow. Our asset gathering businesses performed strongly. The corporate bank delivered strong growth and our investment bank continued to perform well. Revenue mix is improving with growing commissions and fees and record net inflows and business mix continues to shift to a more sustainable and stable revenue base. And Germany, a vital element of our growth strategy, is starting to deliver. With that, let's turn to where we stand on strategy execution on slide two. We delivered record performance and strong momentum in the first nine months of 2026. We grew revenues to 25.5 billion euros, well on track to meet our full year ambition of around 33 billion euros. We have now completed a large portion of this year's investments and we continue to maintain cost discipline As planned, we have largely self-funded incremental investments with efficiency gains. This enabled us to deliver a record profit before tax of 8.4 billion euros for the first nine months of the year, along with a record third quarter. Post-tax ROTE was 11.5% and our cost-income ratio was 61.4%. Our CET1 capital ratio was 14.0%. We continue to drive business growth while making distribution deductions in line with our 60% payout ratio. We have already completed our second share buyback of the year, bringing total buybacks in 2026 to 1.5 billion euros. Now, a few words on our progress on scaling our global house bank on slide 3. We made tangible progress on all three levers of our strategy in the first nine months of the year. We continued to deliver focused growth. Revenues grew by 5% for this last year, in line with our planned growth trajectory through to 2028. Our focused growth areas contributed nearly 80% of the increase and grew by 6%. Franchise momentum was strong across all businesses, with growth rates above our IDD targets. Furthermore, we continue to build business volumes which support future revenue growth. Assets under management rose by nearly a quarter of a trillion euros year-on-year to just under 2 trillion euros supported by record inflows across our asset-gathering businesses. Loans and deposits grew year-on-year supported by broad-based business activity. We maintained strict capital discipline. Our capital initiatives included further capital accretive actions on non-performing exposures and progress with our secularization programs. And third, we made further progress on our scalable operating model. We continued to simplify our processes and made targeted investments in upgrading our infrastructure. The private bank reached an important milestone in its technology transformation. Selecting its first cloud-based platform as it is moving from 15 banking platforms to just two. And in IBCM, we have started to roll out Farsight, an AI-enabled tool designed to improve efficiency and provide more granular client insights, further supporting client experience and engagement. Across all three levers, we are driving strong performance across our businesses, investing in growth and efficiencies, and reinforcing connectivity between businesses. This allows us to deliver the bank to clients, for example, by combining coverage across financing, investment solutions, and product distribution. Turning to slide four. All divisions delivered ROTE of 12% or higher, while each division increased profit before tax in every quarter of the year. Private bank net flows reached 17 billion euros, a record for the private bank with around two-thirds from wealth management. Year-to-date inflows have already exceeded the full-year 2025 level. Client assets increased to 865 billion euros, up 75 billion euros year-to-date and well on track toward our 1 trillion target by the end of 2028. Asset management grew assets under management to over 1.2 trillion euros with record net flows of 31 billion euros in the third quarter. The corporate bank delivered record quarterly revenues, Thank you very much. were close to the record prior year quarter, despite less favorable market conditions, and in IBCM we increased our EMEA market share by 160 basis points year on year. We are also pleased that our global foreign exchange business was awarded World's Best FX Bank at the recent Euromoney Awards for the second consecutive year. So our nine months performance strengthens my confidence yet further that we are on track to deliver on our 2026 objectives. Our franchise, business performance and balance sheet have remained resilient despite heightened fiscal uncertainty across Europe in an already challenging global economic backdrop. We have seen no meaningful adverse impact to date. Passed to our 2028 targets and objectives has become clearer as we make progress against our strategic priorities. They strengthen our view that an ROTE of above 13% represents a flaw. Last quarter, I highlighted trends which support further upside to our 2028 targets. German reforms and fiscal stimulus, AI, savings and investment union, and the regulatory environment. In Germany, we see encouraging signs in the political and economic environment reinforced by our client conversations. Reform progress continues with gross competitiveness and investment firmly on the political agenda. Exports, entrepreneurial activity and foreign investment are showing signs of improvement. Corporate sentiment is improving and translating into investments while the Mittelstand remains resilient. We expect German growth to come in ahead of consensus, but faster and more decisive government action is needed to sustain this momentum. On regulation, we are encouraged by plans for a legislative package in the first quarter of 2027 to further integrate Europe's banking sector and boost its competitiveness. We also continued to see further upside from initiatives that are largely in our control, particular technology and process simplification and AI-led productivity gains. And we intend to provide further detail on these opportunities with our full year results in January. With that, let me hand over to Raja.