v3.25.4
Financial Instruments Carried at Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Financial Instruments carried at Fair Value [Abstract]  
Carrying Value of The Financial Instruments held at Fair Value Financial instruments held at fair value
Dec 31, 2025
Dec 31, 2024
in € m.
Quoted
prices in
active market
(Level 1)
Valuation
technique
observable
parameters
(Level 2)
Valuation
technique
unobservable
parameters
(Level 3)
Quoted
prices in
active market
(Level 1)
Valuation
technique
observable
parameters
(Level 2)
Valuation
technique
unobservable
parameters
(Level 3)
Financial assets held at fair value:
Trading assets
64,552
78,554
10,705
52,387
78,237
9,148
Trading securities
62,958
63,987
3,635
52,387
69,507
2,964
Other trading assets
1,593
14,567
7,070
—
8,730
6,184
Positive market values from derivative
financial instruments
1,273
233,373
7,008
940
282,927
7,933
Non-trading financial assets mandatory
at fair value through profit or loss
1,570
117,244
5,681
1,346
107,173
5,805
Financial assets designated at fair value
through profit or loss
—
—
—
—
—
—
Financial assets at fair value through
other comprehensive income
25,262
16,034
2,348
21,901
16,806
3,383
Other financial assets at fair value
1,594
(821)1
22
1,460
(1,135)1
12
Total financial assets held at fair value
94,250
444,384
25,764
78,034
484,008
26,281
Financial liabilities held at fair value:
Trading liabilities
33,727
9,127
25
30,765
12,614
119
Trading securities
33,727
7,391
23
30,765
11,073
26
Other trading liabilities
—
1,735
2
—
1,542
93
Negative market values from derivative
financial instruments
2,770
217,119
5,938
2,238
265,464
8,707
Financial liabilities designated at fair
value through profit or loss
154
109,354
5,547
—
87,479
4,569
Investment contract liabilities
—
469
—
—
454
—
Other financial liabilities at fair value
375
(193)1
362
539
3,1011
(13)2
Total financial liabilities held at fair value
37,025
335,875
11,547
33,543
369,113
13,382
1Predominantly relates to derivatives qualifying for hedge accounting
2Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is bifurcated and
reported separately. The separated embedded derivatives may have a positive or a negative fair value and classification presented in this table is consistent with the
classification of the host contract
Reconciliation of Financial Instruments Categorized in Level 3 Reconciliation of financial instruments classified in Level 3
Dec 31, 2025
in € m.
Balance,
beginning
of year
Changes in the
group of
consolidated
companies
Total gains/
losses1
Purchases
Sales
Issuances2
Settlements3
Transfers into
Level 34
Transfers out of
Level 34
Balance,
end of
year
Financial assets held at fair value:
Trading securities
2,964
—
39
2,986
(1,837)
4
(402)
508
(626)
3,635
Positive market values from derivative financial instruments
7,933
—
949
—
—
—
(351)
1,535
(3,058)
7,008
Other trading assets
6,184
—
(362)
1,231
(2,144)
3,301
(1,380)
447
(208)
7,070
Non-trading financial assets mandatory at fair value through profit or loss
5,805
(3)
(135)
1,849
(190)
782
(1,117)
71
(1,380)
5,681
Financial assets designated at fair value through profit or loss
—
—
—
—
—
—
—
—
—
—
Financial assets at fair value through other comprehensive income
3,383
—
(229)5
700
(431)
482
(1,552)
407
(412)
2,348
Other financial assets at fair value
12
—
(6)
—
—
—
—
20
(4)
22
Total financial assets held at fair value
26,281
(3)
2556,7
6,766
(4,602)
4,569
(4,802)
2,988
(5,688)
25,764
Financial liabilities held at fair value:
Trading securities
26
—
1
—
—
—
(4)
—
—
23
Negative market values from derivative financial instruments
8,707
—
(1,122)
—
—
—
217
1,182
(3,047)
5,938
Other trading liabilities
93
—
1
—
—
—
(92)
—
—
2
Financial liabilities designated at fair value through profit or loss
4,569
—
(134)
—
—
3,255
(690)
508
(1,960)
5,547
Other financial liabilities at fair value
(13)
—
118
—
—
—
(1)
13
(81)
36
Total financial liabilities held at fair value
13,382
—
(1,136)6,7
—
—
3,255
(569)
1,704
(5,088)
11,547
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged with
instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the year they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly, for instruments transferred out
of Level 3 the table does not show any gains or losses or cash flows on the instruments during the year since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a gain of € 14 million recognized in other comprehensive income, net of tax and a gain of € 1 million recognized in the income statement presented in net gains (loss)
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a loss of € 802 million and for total financial liabilities held at fair value this is a gain of € 206 million
7For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains
Dec 31, 2024
in € m.
Balance,
beginning
of year
Changes in the
group of
consolidated
companies
Total gains/
losses1
Purchases
Sales
Issuances2
Settlements3
Transfers into
Level 34
Transfers
out of
Level 34
Balance,
end of
year
Financial assets held at fair value:
Trading securities
2,995
—
230
1,985
(1,558)
—
(482)
371
(577)
2,964
Positive market values from derivative financial instruments
8,198
—
454
—
—
—
(583)
2,257
(2,394)
7,933
Other trading assets
6,226
—
77
814
(1,378)
2,513
(2,016)
706
(756)
6,184
Non-trading financial assets mandatory at fair value through profit or loss
5,226
(1)
88
1,736
(80)
736
(1,098)
365
(1,170)
5,805
Financial assets designated at fair value through profit or loss
—
—
—
—
—
—
—
—
—
—
Financial assets at fair value through other comprehensive income
2,949
—
1265
776
(378)
978
(1,322)
716
(462)
3,383
Other financial assets at fair value
5
—
3
—
—
—
—
5
(1)
12
Total financial assets held at fair value
25,599
(1)
9776,7
5,311
(3,393)
4,227
(5,501)
4,421
(5,359)
26,281
Financial liabilities held at fair value:
Trading securities
26
—
—
—
—
—
—
—
—
26
Negative market values from derivative financial instruments
7,666
—
1,186
—
—
—
(175)
2,156
(2,126)
8,707
Other trading liabilities
—
—
—
—
—
—
93
—
—
93
Financial liabilities designated at fair value through profit or loss
3,248
—
129
—
—
2,958
(474)
377
(1,669)
4,569
Other financial liabilities at fair value
(85)
—
102
—
—
—
18
1
(49)
(13)
Total financial liabilities held at fair value
10,856
—
1,4176,7
—
—
2,958
(537)
2,533
(3,844)
13,382
1Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated statement of income. The total also includes net gains (losses) on financial assets at fair value through other comprehensive income reported in other comprehensive income, net of tax. Further, certain instruments are hedged with
instruments in Level 1 or Level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally, both observable and unobservable parameters may be used to determine the fair value of an instrument classified within Level 3
2Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower
3Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes periodic and lump sum principal payments. For derivatives all cash flows are presented in settlements
4Transfers in and transfers out of Level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the beginning of year. For instruments transferred into Level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred at the beginning of the year. Similarly for instruments transferred
out of Level 3 the table does not show any gains or losses or cash flows on the instruments during the period since the table is presented as if they have been transferred out at the beginning of the year
5Total gains and losses on financial assets at fair value through other comprehensive income include a gain of € 29 million recognized in other comprehensive income, net of tax
6This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a gain of € 362 million and for total financial liabilities held at fair value this is a loss of € 19 million
7For assets positive balances represent gains, negative balances represent losses. For liabilities positive balances represent losses, negative balances represent gains
Sensitivity Analysis by Type of Instrument Breakdown of the sensitivity analysis by type of instrument1
Dec 31, 2025
Dec 31, 2024
in € m.
Positive fair
value
movement from
using
reasonable
possible
alternatives
Negative fair
value
movement from
using
reasonable
possible
alternatives
Positive fair
value
movement from
using
reasonable
possible
alternatives
Negative fair
value
movement from
using
reasonable
possible
alternatives
Securities:
Debt securities
237
219
308
276
Commercial mortgage-backed securities
13
13
17
17
Mortgage and other asset-backed securities
10
9
11
11
Corporate, sovereign and other debt securities
214
197
280
248
Equity securities
102
74
78
77
Derivatives:
Credit
261
127
207
105
Equity
74
36
36
33
Interest related
660
339
798
337
Foreign Exchange
64
46
56
24
Other
222
61
110
105
Loans
475
394
458
387
Other
—
—
—
—
Total
2,094
1,294
2,052
1,343
1Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table
Quantitative Information about Unobservable Inputs Financial instruments classified in Level 3 and quantitative information about unobservable inputs
Dec 31, 2025
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)¹
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair
value -Non-Derivative financial
instruments held at fair value:
Mortgage and other asset backed
securities held for trading:
Commercial mortgage-backed
securities
42
—
Price based
Price
0%
101%
Discounted cash flow
Credit spread (bps)
194
1,019
Mortgage- and other asset-
backed
securities
91
—
Price based
Price
0%
105%
Discounted cash flow
Credit spread (bps)
98
1,166
Recovery rate
7%
85%
Constant default rate
0%
4%
Constant prepayment rate
1%
37%
Total mortgage- and other asset-
backed
securities
133
—
Debt securities and other debt
obligations
5,320
5,503
Price based
Price
0%
300%
Held for trading
3,447
19
Discounted cash flow
Credit spread (bps)
5
696
Corporate, sovereign and
other debt securities
3,447
Non-trading financial assets
mandatory at fair value through
profit or loss
1,474
Designated at fair value
through profit or loss
0
5,484
Financial assets at fair value
through other comprehensive
income
399
Equity securities
816
4
Market approach
Price per net asset value
0%
100%
Held for trading
55
4
Enterprise value/EBITDA
(multiple)
1
14
Enterprise value/Revenue
(multiple)
4
14
Non-trading financial assets
mandatory at fair value through
profit or loss
761
Discounted cash flow
Weighted average cost
capital
9%
20%
Designated at fair value
through profit or loss
0
Price based
Price
0%
2500%
Loans
11,293
2
Price based
Price
0%
300%
Held for trading
6,913
2
Discounted cash flow
Credit spread (bps)
94
3,106
Non-trading financial assets
mandatory at fair value through
profit or loss
2,490
Designated at fair value
through profit or loss
0
Recovery rate
40%
75%
Financial assets at fair value
through other comprehensive
income
1,890
Loan commitments
2
Discounted cash flow
Credit spread (bps)
153
978
Recovery rate
70%
84%
Loan pricing model
Utilization
0%
100%
Other financial instruments
1,1722
613
Discounted cash flow
IRR
7%
13%
Repo rate (bps)
8
285
Total non-derivative financial
instruments held at fair value
18,734
5,572
1 Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 157 million of other trading assets, € 1 billion of other non-trading financial assets mandatory at fair value, and € 59 million other financial
assets at fair value through other comprehensive income
3Other financial liabilities include € 61 million of securities sold under repurchase agreements designated at fair value
Dec 31, 2025
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair
value:
Market values from derivative
financial instruments:
Interest rate derivatives
3,798
2,950
Discounted cash flow
Swap rate (bps)
(720)
3,818
Inflation swap rate
0%
8%
Constant default rate
1%
11%
Constant prepayment rate
2%
16%
Option pricing model
Inflation volatility
0%
8%
Interest rate volatility
0%
2%
IR - IR correlation
(10)%
95%
Hybrid correlation
(56)%
95%
Credit derivatives
556
603
Discounted cash flow
Credit spread (bps)
12
1,277
Recovery rate
15%
94%
Option pricing model
Credit volatility
5%
90%
Correlation pricing
model
Credit correlation
Equity derivatives
481
572
Option pricing model
Stock volatility
1%
101%
Index volatility
6%
17%
Index - index correlation
Stock - stock correlation
Stock Forwards
0%
5%
Index Forwards
0%
6%
FX derivatives
1,523
1,561
Option pricing model
Volatility
(9)%
57%
Quoted Vol
Discounted cash flow
Swap rate (bps)
(2)
100
Other derivatives
673
2891
Discounted cash flow
Credit spread (bps)
201
568
Option pricing model
Index volatility
0%
116%
Price
0%
677%
Commodity correlation
(22)%
98%
Total market values from
derivative
financial instruments
7,030
5,974
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
Dec 31, 2024
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)¹
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair
value – Non-Derivative financial
instruments held at fair value:
Mortgage and other asset backed
securities held for trading:
Commercial mortgage-backed
securities
31
—
Price based
Price
0%
102%
Discounted cash flow
Credit spread (bps)
167
1,486
Mortgage- and other asset-
backed
securities
93
—
Price based
Price
0%
107%
Discounted cash flow
Credit spread (bps)
106
1,027
Recovery rate
60%
85%
Constant default rate
0%
4%
Constant prepayment rate
4%
18%
Total mortgage- and other asset-
backed
securities
124
—
Debt securities and other debt
obligations
4,379
4,537
Price based
Price
0%
300%
Held for trading
2,726
26
Discounted cash flow
Credit spread (bps)
9
651
Corporate, sovereign and
other
debt securities
2,726
Non-trading financial assets
mandatory at fair value through
profit or loss
1,499
Designated at fair value
through profit or loss
—
4,512
Financial assets at fair value
through other comprehensive
income
154
Equity securities
809
—
Market approach
Price per net asset value
0%
100%
Held for trading
114
—
Enterprise value/EBITDA
(multiple)
5
14
Enterprise value/Revenue
(multiple)
1
15
Non-trading financial assets
mandatory at fair value through
profit or loss
695
Discounted cash flow
Weighted average cost
capital
9%
20%
Designated at fair value
through profit or loss
—
Price based
Price
0%
100%
Loans
10,817
93
Price based
Price
0%
123%
Held for trading
5,931
93
Discounted cash flow
Credit spread (bps)
100
1,621
Non-trading financial assets
mandatory at fair value through
profit or loss
1,779
Designated at fair value
through profit or loss
—
—
Recovery rate
40%
84%
Financial assets at fair value
through other comprehensive
income
3,107
Loan commitments
—
6
Discounted cash flow
Credit spread (bps)
226
954
Recovery rate
40%
84%
Loan pricing model
Utilization
0%
100%
Other financial instruments
2,2082
513
Discounted cash flow
IRR
7%
13%
Repo rate (bps)
30
285
Total non-derivative financial
instruments held at fair value
18,336
4,688
1Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position
2Other financial assets include € 253 million of other trading assets, € 1.8 billion of other non-trading financial assets mandatory at fair value, and € 123 million other
financial assets at fair value through other comprehensive income
3Other financial liabilities include € 51 million of securities sold under repurchase agreements designated at fair value
Dec 31, 2024
Fair value
in € m.
(unless stated otherwise)
Assets
Liabilities
Valuation technique(s)
Significant unobservable
input(s) (Level 3)
Range
Financial instruments held at fair
value:
Market values from derivative
financial instruments:
Interest rate derivatives
5,218
5,207
Discounted cash flow
Swap rate (bps)
(4,176)
3,975
Inflation swap rate
0%
5%
Constant default rate
0%
12%
Constant prepayment rate
4%
16%
Option pricing model
Inflation volatility
0%
6%
Interest rate volatility
0%
3%
IR - IR correlation
(10)%
99%
Hybrid correlation
(70)%
55%
Credit derivatives
510
562
Discounted cash flow
Credit spread (bps)
15
1,148
Recovery rate
0%
40%
Correlation pricing
model
Credit correlation
0%
0%
Equity derivatives
642
1,201
Option pricing model
Stock volatility
2%
86%
Index volatility
9%
27%
Index - index correlation
0%
0%
Stock - stock correlation
0%
0%
Stock Forwards
0%
1%
Index Forwards
0%
1%
FX derivatives
995
1,470
Option pricing model
Volatility
(9)%
33%
Quoted Vol
0%
0%
Discounted cash flow
Swap rate (bps)
(3)
100
Other derivatives
580
2541
Discounted cash flow
Credit spread (bps)
286
626
Option pricing model
Index volatility
0%
160%
Price
17%
75%
Commodity correlation
0%
87%
Total market values from
derivative
financial instruments
7,945
8,694
1Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated
Unrealized Gains or Losses on Level 3 Instruments held or in Issue at the Reporting Date
in € m.
Dec 31, 2025
Dec 31, 2024
Financial assets held at fair value:
Trading securities
38
113
Positive market values from derivative financial instruments
1,574
1,535
Other trading assets
(218)
(54)
Non-trading financial assets mandatory at fair value through profit or loss
93
57
Financial assets designated at fair value through profit or loss
—
—
Financial assets at fair value through other comprehensive income
—
(4)
Other financial assets at fair value
5
(3)
Total financial assets held at fair value
1,491
1,645
Financial liabilities held at fair value:
Trading securities
(1)
—
Negative market values from derivative financial instruments
(73)
(1,930)
Other trading liabilities
(1)
—
Financial liabilities designated at fair value through profit or loss
124
(104)
Other financial liabilities at fair value
(123)
(102)
Total financial liabilities held at fair value
(75)
(2,135)
Total
1,416
(490)
Recognitions of Trade Date Profit
in € m.
2025
2024
Balance, beginning of year
691
577
New trades during the period
513
343
Amortization
(223)
(141)
Matured trades
(71)
(53)
Subsequent move to observability1
(38)
(36)2
Exchange rate changes
(5)
1
Balance, end of year
866
691
1This includes situations where an input remains unobservable but has become insignificant in relation to the deferred trade date profit in periods subsequent to the trade
date
2During the second quarter of 2024, the Group refined its methodology for the significance test of unobservable inputs subsequent to the trade date. This resulted in
release of € 15 million in the second quarter of 2024