Deutsche Bank reiterates FY2026 expense guidance slightly above € 21 billion

• Deutsche Bank reiterated FY 2026 expense guidance at slightly above EUR 21 billion, citing a phased EUR 0.9 billion investment program.
• Q2 expenses expected to rise on investment catch-up, Private Bank restructuring and severance, hiring, plus about EUR 100 million from business exits.
• FY 2026 revenue outlook maintained at around EUR 33 billion, supported by net fee growth, net interest income in key banking-book segments.
• Q2 credit-loss provisions to include about EUR 100 million from exiting non-performing exposures; expected lower quarter-on-quarter, above consensus.
• CET1 ratio expected to stay within the 13.5%-14.0% operating range through FY 2026; a 2026 share buyback not dependent on CET1 above 14%.

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