v3.25.4
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Employee Benefits [Abstract]  
Basic Terms of Share Plans The following table sets forth the basic terms of these share plans:
Grant year(s)
Deutsche Bank Equity Plan
Vesting schedule
Eligibility
2022-20254
Annual Award
1/4: 12 months1
Select employees as
1/4: 24 months1
annual performance-based
1/4: 36 months1
compensation
1/4: 48 months1
(CB/IB/CRU and InstVV MRTs)
Annual Award
1/3: 12 months1
Select employees as
1/3: 24 months1
annual performance-based
1/3: 36 months1
compensation (non-CB/IB/CRU)
Annual Award
1/5: 12 months1
Select employees as
1/5: 24 months1
annual performance-based
1/5: 36 months1
compensation (Senior Management)
1/5: 48 months1
1/5: 60 months1
Retention/New Hire
Individual specification
Select employees to attract and retain the best talent
Severance
Individual specification
Regulatory requirement for certain employees to defer
severance payments
Annual Award – Upfront
Vesting immediately at grant3
Selected employees
2019-20214
Annual Award
1/4: 12 months1
Select employees as
1/4: 24 months1
annual performance-based
1/4: 36 months1
compensation
1/4: 48 months1
(CB/IB/CRU and InstVV MRTs in a Material Business
Unit)2
Annual Award
1/3: 12 months1
Select employees as
1/3: 24 months1
annual performance-based
1/3: 36 months1
compensation (non-CB/IB/CRU)2
Annual Award
1/5: 12 months1
Select employees as
1/5: 24 months1
annual performance-based
1/5: 36 months1
compensation (Senior Management)
1/5: 48 months1
1/5: 60 months1
Retention/New Hire/Off-Cycle5
Individual specification
Select employees to attract and retain the best talent
Severance
Individual specification
Regulatory requirement for certain employees to defer
severance payments
Annual Award – Upfront
Vesting immediately at grant3
Regulated employees
1For InstVV-regulated employees (and Senior Management) a further retention period of twelve months applies
2For grant year 2019 divisions were called CIB, for grant years 2020 and 2021 CIB is split into CB/IB/CRU
3Share delivery takes place after a further retention period of twelve months
4Annual and Retention/New Hire awards include grants made under the Restricted Share Plan from 2019-2025
5Off-Cycle awards granted up to 2020
Movements in Share Award Units The following table sets out the movements in share award units, including grants under the cash plan variant of the
Deutsche Bank Equity Plan.
Share units (in thousands)
2025
2024
Balance outstanding as of January 01
116,589
128,628
Granted
33,457
41,167
Released
(44,091)
(50,015)
Forfeited
(2,844)
(3,491)
Other movements
78
300
Balance outstanding as of December 31
103,189
116,589
Awards Granted Released and Remaining The following table sets out key information regarding awards granted, released and remaining in the year.
2025
2024
Weighted
average fair
value per award
granted in year
Weighted
average share
price at release
in year
Weighted
average
remaining
contractual life
in years
Weighted
average fair
value per award
granted in year
Weighted
average share
price at release
in year
Weighted
average
remaining
contractual life
in years
DB Equity Plan
€17.47
€21.77
1.35
€10.30
€12.92
1.4
DWS Basic Terms of Share Plans The following table sets forth the basic terms of the DWS share-based plans:
Grant year(s)
Deutsche Bank Equity Plan
Vesting schedule
Eligibility
2024-2025
Annual Awards
1/3: 12 months1
Select employees as annual
1/3: 24 months1
performance-based
1/3: 36 months1
compensation
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
1/5: 48 months1
1/5: 60 months1
Annual Award - Upfront
Vesting immediately at grant1
Regulated employees
Retention/New Hire
Individual specification
Select employees to attract and retain the best talent
2023
Annual Awards
1/4: 12 months1
Select employees as annual
1/4: 24 months1
performance-based
1/4: 36 months1
compensation (InstVV MRTs)
1/4: 48 months1
Annual Awards
1/3: 12 months1
Select employees as annual
1/3: 24 months1
performance-based
1/3: 36 months1
compensation (non-InstVV MRTs)
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
1/5: 48 months1
1/5: 60 months1
Retention/New Hire
Individual specification
Select employees to attract and retain the best talent
Severance
Individual specification
Regulatory requirement for certain employees to defer
severance payments
2022
Annual Awards
1/4: 12 months1
Select employees as annual
1/4: 24 months1
performance-based
1/4: 36 months1
compensation (InstVV MRTs)
1/4: 48 months1
Annual Awards
1/3: 12 months1
Select employees as annual
1/3: 24 months1
performance-based
1/3: 36 months1
compensation (non-InstVV MRTs)
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
1/5: 48 months1
1/5: 60 months1
Retention/New Hire
Individual specification
Select employees to attract and retain the best talent
Severance
Individual specification
Regulatory requirement for certain employees to defer
severance payments
2021
Annual Awards
1/4: 12 months1
Select employees as annual
1/4: 24 months1
performance-based
1/4: 36 months1
compensation (InstVV MRTs)
1/4: 48 months1
Annual Awards
1/3: 12 months1
Select employees as annual
1/3: 24 months1
performance-based
1/3: 36 months1
compensation (non-InstVV MRTs)
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
1/5: 48 months1
1/5: 60 months1
Retention/New Hire
Individual specification
Select employees to attract and retain the best talent
2020
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
Grant year(s)
Deutsche Bank Equity Plan
Vesting schedule
Eligibility
1/5: 48 months1
1/5: 60 months1
Severance
Individual specification
Regulatory requirement for certain employees to defer
severance payments
2019
Annual Awards (Senior
Management)
1/5: 12 months1
Members of the Executive Board
1/5: 24 months1
1/5: 36 months1
1/5: 48 months1
1/5: 60 months1
Performance Share Unit Award
1/3: March 20221
Members of the Executive Board
(one-off IPO related award
granted in 2019)
1/3: March 20231
1/3: March 20241
2018
Performance Share Unit Award
1/3: March 20221
Select Senior Managers
(one-off IPO related award )1
1/3: March 20231
1/3: March 20241
SAR Award (one-off IPO related
award)
For non-MRTs:
1 June 20213
all DWS employees2
For MRTs:
1 March 20231,3
1Depending on their individual regulatory status, a six month retention period (AIFMD/UCITS MRTs) or a twelve month retention period (InstVV, and/or IFD MRTs starting
from 2023) applies after vesting
2Unless the employee received Performance Share Unit Award
3For outstanding awards, a 4-year exercise period applies following vesting/retention period
Movements in DWS Share Award The following table sets out the movements in share award units.
DWS Equity Plan
DWS SAR Plan
2025
2024
2025
2024
Share units (in thousands)
Number of
Awards
Number of
Awards
Number of
Awards
Weighted-
average exercise
price
Number of
Awards
Weighted-
average exercise
price
Outstanding at beginning of year
2,017
2,377
367
€22.33
735
€24.65
Granted
699
938
—
35
22.33
Issued or Exercised
(1,007)
(1,342)
(305)
€22.33
(369)
€24.35
Forfeited
(29)
(41)
—
—
€—
Expired
—
—
(38)
€22.33
(18)
€23.40
Other Movements
46
86
—
€22.33
(16)
€22.33
Outstanding at end of year
1,726
2,017
23
€22.33
367
€22.33
Of which, exercisable
—
—
23
€22.33
367
€22.33
DWS Awards Granted Released and Remaining The following table sets out key information regarding awards granted, released and remaining in the year.
2025
2024
Weighted
average fair value
per award
granted in year
Weighted
average share
price at release/
exercise in year
Weighted
average
remaining
contractual life in
years
Weighted
average fair
value per award
granted in year
Weighted
average share
price at release/
exercise in year
Weighted
average
remaining
contractual life in
years
DWS Equity Plan
37.92
49.18
1.45
31.59
35.79
1.4
DWS SAR Plan
0
48.73
1.73
13.4
38.78
0.8
DWS Share based Plans
Measurement
date Dec 31,
2025
Measurement
date Dec 31,
2024
Units (in thousands)
23
367
Fair value
€34.36
€17.72
Share price
€56.50
€39.80
Exercise price
€22.33
€22.33
Expected volatility (weighted-average)
33%
33%
Expected life (weighted-average) in years
1.7
0.8
Expected dividends (% of income)
65%
65%
Breakdown of Benefit Obligation
Dec 31, 2025
in € m.
Germany
U.K.
U.S.
Other
Total
Defined benefit obligation related to
Active plan participants
2,816
210
202
699
3,927
Participants in deferred status
1,673
1,135
470
82
3,360
Participants in payment status
4,860
1,333
417
218
6,828
Total defined benefit obligation
9,349
2,678
1,089
999
14,115
Fair value of plan assets
9,632
3,505
944
1,158
15,239
Funding ratio (in %)
103%
131%
87%1
116%
108%
1U.S. Total defined benefit obligation is inclusive of the unfunded U.S. Medicare Plan € 105 million in addition to defined benefit pension plans. The U.S. defined benefit
pension funding ratio excluding Medicare is 96%
Dec 31, 2024
in € m.
Germany
U.K.
U.S.
Other
Total
Defined benefit obligation related to
Active plan participants
3,084
272
229
715
4,300
Participants in deferred status
1,805
1,321
526
84
3,736
Participants in payment status
5,075
1,210
461
229
6,975
Total defined benefit obligation
9,964
2,803
1,216
1,028
15,011
Fair value of plan assets
10,237
3,678
1,050
1,141
16,106
Funding ratio (in %)
103%
131%
86%1
111%
107%
1U.S. Total defined benefit obligation is inclusive of the unfunded U.S. Medicare Plan € 120 million in addition to defined benefit pension plans. The U.S. defined benefit
pension funding ratio excluding Medicare is 96%
Benefits Expected to be paid by the Retirement Benefit Plans (Impact on Cashflows)
in € m.
Germany
U.K.
U.S.
Other
Total
Actual benefit payments 2025
554
109
89
72
824
Benefits expected to be paid 2026
580
131
78
72
861
Benefits expected to be paid 2027
582
139
77
72
870
Benefits expected to be paid 2028
601
148
83
70
902
Benefits expected to be paid 2029
616
160
84
72
932
Benefits expected to be paid 2030
630
165
81
70
946
Benefits expected to be paid 2031 - 2035
3,221
891
418
392
4,922
Weighted average duration of defined benefit
obligation (in years)
10
12
9
9
10
Defined Benefit Obligation Actuarial Assumptions
December 31, 2025
December 31, 2024
Germany
U.K.
U.S.1
Other
Germany
U.K.
U.S.1
Other
Discount rate (in %)
4.06%
5.54%
5.22%
3.52%
3.52%
5.48%
5.51%
3.20%
Rate of price inflation (in %)
2.02%
3.17%
2.30%
1.51%
2.06%
3.46%
2.20%
1.60%
Rate of nominal increase in
future compensation levels (in %)
2.20%
3.17%
2.40%
3.10%
2.25%
3.46%
2.30%
2.96%
Rate of nominal increase for
pensions in payment (in %)
2.02%
2.96%
2.30%
0.55%
2.06%
3.18%
2.20%
0.59%
Assumed life expectancy
at age 65
For a male aged 65
at measurement date
21.5
23.5
22.7
22.1
21.5
23.2
22.1
22.0
For a female aged 65
at measurement date
22.9
25.1
23.9
24.1
23.7
25.1
23.5
24.1
For a male aged 45
at measurement date
22.8
24.8
24.0
23.7
22.8
24.4
23.5
23.6
For a female aged 45
at measurement date
24.0
26.5
25.3
25.6
24.8
26.4
24.9
25.6
Mortality tables applied
2025
Modified
Richttafel
n
Heubeck
2018G
SAPS4
Light/Very
Light with
CMI 2024
projection
s
PRI-2012
with
adjusted
MP-2021
projection
Country
specific
tables
2019
Modified
Richttafel
n
Heubeck
2018G
SAPS3
Light/Very
Light with
CMI 2023
projection
s
PRI-2012
with
MP-2021
projection
Country
specific
tables
1Cash balance interest crediting rate in line with the 30-year U.S. government bond yield
Reconciliation in Movement of Liabilities and Assets - Impact on Financial Statements Reconciliation in Movement of Liabilities and Assets – Impact on Financial Statements
2025
in € m.
Germany
U.K.
U.S.
Other
Total
Change in the present value of the defined benefit obligation:
Balance, beginning of year
9,964
2,803
1,216
1,028
15,011
Defined benefit cost recognized in Profit & Loss
Current service cost
106
7
6
39
158
Interest cost
343
145
59
31
578
Past service cost and gain or loss arising from settlements
14
2
—
12
28
Defined benefit cost recognized in Other Comprehensive
Income
Actuarial gain or loss arising from changes in financial
assumptions
(517)
(87)
28
(25)
(601)
Actuarial gain or loss arising from changes in demographic
assumptions
(56)
1
9
1
(45)
Actuarial gain or loss arising from experience
54
64
5
14
137
Cash flow and other changes
Contributions by plan participants
1
—
—
16
17
Benefits paid
(554)
(109)
(89)
(73)
(825)
Payments in respect to settlements
—
—
—
(6)
(6)
Acquisitions/Divestitures
(6)
—
—
—
(6)
Exchange rate changes
—
(148)
(145)
(38)
(331)
Other
—
—
—
—
—
Balance, end of year
9,349
2,678
1,089
999
14,115
thereof:
Unfunded
—
8
122
62
192
Funded
9,349
2,670
967
937
13,923
Change in fair value of plan assets:
Balance, beginning of year
10,237
3,678
1,050
1,141
16,106
Defined benefit cost recognized in Profit & Loss
Interest income
354
191
51
34
630
Defined benefit cost recognized in Other Comprehensive
Income
Return from plan assets less interest income
(443)
(58)
28
21
(452)
Cash flow and other changes
Contributions by plan participants
1
—
—
16
17
Contributions by the employer
43
—
19
47
109
Benefits paid1
(554)
(109)
(76)
(65)
(804)
Payments in respect to settlements
—
—
—
—
—
Acquisitions/Divestitures
(6)
—
—
—
(6)
Exchange rate changes
—
(194)
(126)
(35)
(355)
Other
—
—
—
—
—
Plan administration costs
—
(3)
(2)
(1)
(6)
Balance, end of year
9,632
3,505
944
1,158
15,239
Funded status, end of year
283
827
(145)
159
1,124
Change in irrecoverable surplus (asset ceiling)
Balance, beginning of year
—
—
—
(111)
(111)
Interest cost
—
—
—
(1)
(1)
Changes in irrecoverable surplus
—
—
—
(32)
(32)
Exchange rate changes
—
—
—
(1)
(1)
Balance, end of year
—
—
—
(145)
(145)
Net asset (liability) recognized
283
827
(145)
14
9792
Fair value of reimbursement rights
—
—
—
3
3
1For funded plans only
2Thereof € 1.2 billion recognized in Other assets and € 261 millionin Other liabilities
2024
in € m.
Germany
U.K.
U.S.
Other
Total
Change in the present value of the defined benefit
obligation:
Balance, beginning of year
10,504
3,026
1,172
979
15,681
Defined benefit cost recognized in Profit & Loss
Current service cost
119
8
7
37
171
Interest cost
343
137
58
32
570
Past service cost and gain or loss arising from
settlements
14
1
—
—
15
Defined benefit cost recognized in Other Comprehensive
Income
Actuarial gain or loss arising from changes in financial
assumptions
(549)
(398)
(13)
13
(947)
Actuarial gain or loss arising from changes in
demographic assumptions
—
10
—
3
13
Actuarial gain or loss arising from experience
71
(12)
(1)
11
69
Cash flow and other changes
Contributions by plan participants
1
—
—
16
17
Benefits paid
(539)
(113)
(85)
(62)
(799)
Payments in respect to settlements
—
—
—
—
—
Acquisitions/Divestitures
—
—
—
—
—
Exchange rate changes
—
142
78
(1)
219
Other
—
2
—
—
2
Balance, end of year
9,964
2,803
1,216
1,028
15,011
thereof:
Unfunded
—
10
139
68
217
Funded
9,964
2,793
1,077
960
14,794
Change in fair value of plan assets:
Balance, beginning of year
10,532
3,912
1,003
1,071
16,518
Defined benefit cost recognized in Profit & Loss
Interest income
350
177
50
34
611
Defined benefit cost recognized in Other Comprehensive
Income
Return from plan assets less interest income
(148)
(479)
4
34
(589)
Cash flow and other changes
Contributions by plan participants
1
—
—
16
17
Contributions by the employer
41
—
—
36
77
Benefits paid1
(539)
(112)
(71)
(54)
(776)
Payments in respect to settlements
—
—
—
—
—
Acquisitions/Divestitures
—
—
—
—
—
Exchange rate changes
—
185
67
4
256
Other
—
—
—
1
1
Plan administration costs
—
(5)
(3)
(1)
(9)
Balance, end of year
10,237
3,678
1,050
1,141
16,106
Funded status, end of year
273
875
(166)
113
1,095
Change in irrecoverable surplus (asset ceiling)
Balance, beginning of year
—
—
—
(102)
(102)
Interest cost
—
—
—
(1)
(1)
Changes in irrecoverable surplus
—
—
—
(9)
(9)
Exchange rate changes
—
—
—
1
1
Balance, end of year
—
—
—
(111)
(111)
Net asset (liability) recognized
273
875
(166)
2
9842
Fair value of reimbursement rights
—
—
—
3
3
1For funded plans only
2Thereof € 1.3 billion recognized in Other assets and € 317 million in Other liabilities
Plan Asset Allocation
December 31, 2025
December 31, 2024
in € m.
Germany
U.K.
U.S.
Other
Total
Germany
U.K.
U.S.
Other
Total
Cash and cash equivalents
431
137
(18)
60
610
305
163
3
66
537
Equity instruments1
1,189
124
89
280
1,682
1,060
—
111
256
1,427
Investment-grade bonds2
Government
1,608
168
288
196
2,260
1,814
77
277
214
2,382
Non-government bonds
3,817
358
429
360
4,964
4,090
531
474
358
5,453
Non-investment-grade bonds
Government
96
—
4
5
105
86
—
4
4
94
Non-government bonds
359
43
9
23
434
380
17
19
25
441
Securitized and other Debt
Investments
32
48
46
19
145
37
21
85
16
159
Insurance
—
2,626
—
18
2,644
—
2,756
—
16
2,772
Alternatives
Real estate
632
—
—
104
736
719
—
—
99
818
Commodities
77
—
—
4
81
54
—
—
2
56
Private equity
—
—
—
—
—
—
—
—
4
4
Other3
945
—
—
65
1,010
989
—
—
60
1,049
Derivatives (Market Value)
Interest rate
443
—
(29)
11
425
730
113
(49)
13
807
Credit
(12)
—
36
—
24
(18)
—
57
—
39
Inflation
—
—
—
11
11
—
—
—
14
14
Foreign exchange
15
1
—
2
18
(17)
—
—
(6)
(23)
Other
—
—
90
—
90
8
—
69
—
77
Total fair value of plan assets
9,632
3,505
944
1,158
15,239
10,237
3,678
1,050
1,141
16,106
1Allocation of equity exposure is broadly in line with the typical index in the respective market, e.g., the equity portfolio’s benchmark of the UK retirement benefit plans is
the MSCI All Countries World Index
2Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A
3This position contains commingled funds which could not be segregated into the other asset categories
Plan Asset Allocation Level 1 The following table sets out the Group’s funded defined benefit plan assets only invested in “quoted” assets, i.e., Level 1
assets in accordance with IFRS 13.
December 31, 2025
December 31, 2024
in € m.
Germany
U.K.
U.S.
Other
Total
Germany
U.K.
U.S.
Other
Total
Cash and cash
equivalents1
56
16
(18)
9
63
(118)
(56)
3
12
(159)
Equity instruments2
868
124
89
56
1,137
757
—
110
45
912
Investment-grade bonds3
Government
558
168
268
57
1,051
599
77
256
52
984
Non-government bonds
—
—
—
—
—
—
—
—
—
—
Non-investment-grade
bonds
Government
5
—
—
—
5
2
—
1
—
3
Non-government bonds
—
—
—
—
—
—
—
—
—
—
Securitized and other Debt
Investments
—
19
—
—
19
—
—
—
—
—
Insurance
—
—
—
—
—
—
—
—
—
—
Alternatives
Real estate
—
—
—
—
—
—
—
—
—
—
Commodities
—
—
—
—
—
—
—
—
—
—
Private equity
—
—
—
—
—
—
—
—
—
—
Other
—
—
—
—
—
—
—
—
—
—
Derivatives (Market Value)
Interest rate
—
—
(32)
—
(32)
—
—
(57)
—
(57)
Credit
—
—
—
—
—
—
—
—
—
—
Inflation
—
—
—
—
—
—
—
—
—
—
Foreign exchange
—
—
—
—
—
—
—
—
—
—
Other
—
—
—
—
—
8
—
—
—
8
Total fair value of quoted
plan assets
1,487
327
307
122
2,243
1,248
21
313
109
1,691
1Negative amounts relate to short-term liabilities
2Allocation of equity exposure is broadly in line with the typical index in the respective market, e.g., the equity portfolio’s benchmark of the UK retirement benefit plans is
the MSCI All Countries World Index
3Investment-grade means BBB and above. Average credit rating exposure for the Group’s main plans is around A
Regional Asset Break Down The following tables show the asset allocation of the “quoted” and “other” defined benefit plan assets by key geography
in which they are invested.
Dec 31, 2025
in € m.
Germany
United
Kingdom
United
States
Other
Eurozone
Other
developed
countries
Emerging
markets
Total
Cash and cash equivalents
(26)
135
(5)
465
19
22
610
Equity instruments
74
102
568
497
354
87
1,682
Government bonds
(investment-grade and above)
329
166
307
860
135
463
2,260
Government bonds
(non-investment-grade)
—
—
—
6
—
99
105
Non-government bonds
(investment-grade and above)
533
441
1,809
1,608
507
66
4,964
Non-government bonds
(non-investment-grade)
4
20
27
378
3
2
434
Securitized and other Debt
Investments
18
31
45
22
28
1
145
Subtotal
932
895
2,751
3,836
1,046
740
10,200
Share (in %)
9%
9%
27%
38%
10%
7%
100%
Other asset categories
5,039
Fair value of plan assets
15,239
Dec 31, 2024
in € m.
Germany
United
Kingdom
United
States
Other
Eurozone
Other
developed
countries
Emerging
markets
Total
Cash and cash equivalents
(20)
172
30
311
20
24
537
Equity instruments
29
30
818
345
150
55
1,427
Government bonds
(investment-grade and above)
376
77
300
980
207
442
2,382
Government bonds
(non-investment-grade)
2
—
1
—
—
91
94
Non-government bonds
(investment-grade and above)
500
632
1,843
2,021
392
65
5,453
Non-government bonds
(non-investment-grade)
26
27
22
359
3
4
441
Securitized and other Debt
Investments
23
21
83
15
17
—
159
Subtotal
936
959
3,097
4,031
789
681
10,493
Share (in %)
9%
9%
30%
38%
8%
6%
100%
Other asset categories
5,613
Fair value of plan assets
16,106
Sensitivity Analysis on Funded Status
December 31, 2025
December 31, 2024
in € m.
Germany
U.K.
U.S.
Other
Germany
U.K.
U.S.
Other
Interest rate (–50 bps):
(Increase) in DBO
(455)
(165)
(25)
(40)
(525)
(210)
(25)
(45)
Expected increase in plan assets1
415
150
15
15
465
225
20
15
Expected net impact on funded status (de-)
increase
(40)
(15)
(10)
(25)
(60)
15
(5)
(30)
Interest rate (+50 bps):
Decrease in DBO
435
155
25
40
500
195
25
40
Expected (decrease) in plan assets1
(415)
(140)
(15)
(15)
(465)
(205)
(20)
(15)
Expected net impact on funded status (de-)
increase
20
15
10
25
35
(10)
5
25
Credit spread (–50 bps):
(Increase) in DBO
(455)
(165)
(50)
(45)
(525)
(210)
(55)
(50)
Expected increase in plan assets1
285
155
30
10
305
220
35
10
Expected net impact on funded status (de-)
increase
(170)
(10)
(20)
(35)
(220)
10
(20)
(40)
Credit spread (+50 bps):
Decrease in DBO
435
155
45
45
500
195
50
45
Expected (decrease) in plan assets1
(285)
(145)
(30)
(10)
(305)
(200)
(35)
(10)
Expected net impact on funded status (de-)
increase
150
10
15
35
195
(5)
15
35
Rate of price inflation (–50 bps):2
Decrease in DBO
140
115
5
10
165
150
5
10
Expected (decrease) in plan assets1
(180)
(120)
—
(5)
(260)
(150)
—
(5)
Expected net impact on funded status (de-)
increase
(40)
(5)
5
5
(95)
—
5
5
Rate of price inflation (+50 bps):2
(Increase) in DBO
(250)
(115)
(5)
(10)
(280)
(160)
(5)
(10)
Expected increase in plan assets1
180
120
—
5
260
160
—
5
Expected net impact on funded status (de-)
increase
(70)
5
(5)
(5)
(20)
—
(5)
(5)
Rate of real increase in future compensation
levels (–50 bps):
Decrease in DBO, net impact on funded status
20
—
—
10
25
5
—
10
Rate of real increase in future compensation
levels (+50 bps):
(Increase) in DBO, net impact on funded status
(20)
—
—
(10)
(25)
(5)
—
(10)
Longevity improvements by 10%:3
(Increase) in DBO
(190)
(55)
(20)
(10)
(205)
(60)
(20)
(10)
Expected increase in plan assets
—
55
—
—
—
55
—
—
Expected net impact on funded status (de-)
increase
(190)
—
(20)
(10)
(205)
(5)
(20)
(10)
1Expected changes in the fair value of plan assets contain the simulated impact from the biggest plans in Germany, the U.K., the U.S., Channel Islands, Switzerland and
Belgium which cover over 99% of the total fair value of plan assets. The fair value of plan assets for other plans is assumed to be unchanged for this presentation
2Incorporates sensitivity to changes in pension benefits to the extent linked to the price inflation assumption
3Estimated to be equivalent to an increase of around 1 year in overall life expectancy
Expected Cash Flows The following table shows expected cash flows for post-employment benefits in 2026, including contributions to the
Group’s external pension trusts in respect of funded plans, direct payment to beneficiaries in respect of unfunded plans,
as well as contributions to defined contribution plans.
2026
in € m.
Total
Expected contributions to
Defined benefit plan assets
95
BVV
60
Other defined contribution plans
280
Expected benefit payments for unfunded defined benefit plans
20
Expected total cash flow related to post-employment benefits
455
Expenses for Defined Benefit Plans (Impact on Expense) The following table presents a breakdown of specific expenses according to the requirements of IAS 19 and IFRS 2.
in € m.
2025
2024
2023
Expenses for defined benefit plans:
Service cost1
173
171
164
Net interest cost (income)
(51)
(40)
(45)
Total expenses defined benefit plans
122
131
119
Expenses for defined contribution plans:
BVV
60
61
55
Other defined contribution plans
280
282
265
Total expenses for defined contribution plans
341
343
320
Total expenses for post-employment benefit plans
462
474
439
Employer contributions to state-mandated pension plans
Pensions related payments social security in Germany
243
232
218
Contributions to pension fund for Postbank´s postal civil servants
55
51
57
Further pension related state-mandated benefit plans
260
258
248
Total employer contributions to state-mandated benefit plans
557
541
523
Expenses for share-based payments:
Expenses for share-based payments, equity settled2
493
426
436
Expenses for share-based payments, cash settled2
86
64
43
Expenses for cash retention plans2
459
471
448
Expenses for severance payments3
162
487
293
1Severance related items under Service Costs are reclassified to Expenses for Severance payments
2Including expenses for new hire awards and the acceleration of expenses not yet amortized due to the discontinuation of employment including those amounts which are
recognized as part of the Group’s restructuring expenses
3Excluding the acceleration of expenses for deferred compensation awards not yet amortized. Severance related items under Service Costs were reclassified to Expense
for Severance payments