v3.25.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2025
Derivatives [Abstract]  
Value of Derivatives held as Fair Value Hedges Derivatives held as fair value hedges
Dec 31, 2025
2025
Dec 31, 2024
2024
in € m.
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Derivatives held as
fair value hedges
2,966
4,494
122,199
1,247
2,546
6,282
108,170
671
 
2025
2024
in € m.
Hedge
ineffectiveness
Hedge
ineffectiveness
Result of fair value hedges
370
454
Fair Value Hedges Financial instruments designated in fair value hedges
December 31, 2025
2025
Carrying amount of Financial
instruments designated as fair
value hedges
Accumulated amount of
fair value hedge
adjustments - Total
Accumulated amount of
fair value hedge
adjustments - Terminated
hedge relationships
Fair Value
changes used
for hedge
effectiveness
in € m.
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
Financial assets at fair value through
other comprehensive income
19,696
—
(1,200)
—
5
—
(113)
Bonds at amortized cost
22,223
—
(407)
—
(1)
—
(385)
Long-term debt
—
69,660
—
(3,064)
—
(85)
(373)
Deposits
—
1,046
—
(125)
—
—
(5)
Loans at amortized cost
—
—
—
—
(1)
—
—
 
December 31, 2024
2024
Carrying amount of Financial
instruments designated as fair
value hedges
Accumulated amount of
fair value hedge
adjustments - Total
Accumulated amount of
fair value hedge
adjustments - Terminated
hedge relationships
Fair Value
changes used
for hedge
effectiveness
in € m.
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
Financial assets at fair value through
other comprehensive income
17,305
—
(1,284)
—
1
—
(93)
Bonds at amortized cost
1,949
—
(21)
—
(1)
—
(10)
Long-term debt
—
73,946
—
(3,816)
—
(101)
(194)
Deposits
—
1,072
—
(162)
—
—
79
Loans at amortized cost
—
—
—
—
(1)
—
—
Value of Derivatives held as Cash Flow Hedges Derivatives held as cash flow hedges
Dec 31, 2025
2025
Dec 31, 2024
2024
in € m.
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Derivatives held as
cash flow hedges
240
354
98,862
(50)
58
183
109,671
(229)
Cash Flow Hedge Balances Cash flow hedge balances
in € m.
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Reported in Equity1
(49)
36
44
thereof relates to terminated programs
—
—
—
Gains (losses) posted to equity for the year ended
(42)
(242)
436
Gains (losses) removed from equity for the year ended
(44)
234
398
thereof relates to terminated programs
—
—
—
Changes of hedged item's value used for hedge effectiveness
(40)
(212)
434
Ineffectiveness recorded within P&L
(8)
13
101
1Reported in equity refers to accumulated other comprehensive income as presented in the Consolidated Balance Sheet.
Value of Derivatives held as Net Investment Hedges Derivatives held as net investment hedges
Dec 31, 2025
2025
Dec 31, 2024
2024
in € m.
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Assets
Liabilities
Nominal
amount
Fair Value
changes used
for hedge
effectiveness
Derivatives held as
net investment
hedges
709
102
41,875
3,572
189
1,595
45,517
(2,442)
Net Investment Hedge Balances Net Investment hedge balances
in € m.
2025
2024
Reported in Equity1 2
(4,153)
(925)
thereof relates to terminated programs
—
—
Gains (losses) posted to equity for the year ended
(588)
(405)
Gains (losses) removed from equity for the year ended
(17)
(23)
thereof relates to terminated programs 3
(17)
(23)
Changes of hedged item's value used for hedge effectiveness
(3,789)
2,356
Ineffectiveness recorded within P&L 4
(232)
(81)
1Reported in equity refers to the accumulated income and expenses as recognised in the Group’s Other Comprehensive Income.
2Reported in equity includes unhedged foreign currency capital revaluation in the financial year ended December 31, 2025 of (€ 2.6 billion) and € 1.2 billion in 2024.
3Termination P&L includes changes due to hedged and unhedged capital of subsidiaries.
4 This materially includes fair value gains and losses from FX spot vs. FX forward differences where the FX spot is designated for hedge accounting purposes.
Profile of NIH Hedging Instruments Profile of derivatives held as net investment hedges
in € m.
Within 1 year
1–3 years
3–5 years
Over 5 years
As of December 31, 2025
Nominal amount Foreign exchange forwards
31,947
230
167
—
Nominal amount Foreign exchange swaps
9,418
108
5
—
Total
41,365
338
172
—
As of December 31, 2024
Nominal amount Foreign exchange forwards
36,976
318
3
—
Nominal amount Foreign exchange swaps
7,990
230
—
—
Total
44,966
548
3
—