德意志银行美股招股说明书(2026-02-23版)

Linked to the Least Performing of the Russell 2000®Index and the S&P 500® Investment Description The Trigger Autocallable Contingent Yield Notes (the “Notes”) are unsecured and unsubordinated obligations of DeutscheBank AG (the “Issuer”) linked to the least performing of the Russell 2000®Index and the S&P 500®Index (each an“Underlying” and together the “Underlyings”). On a quarterly basis, unless the Notes have been previously called, theIssuer will pay you a coupon (the “Contingent Coupon”) if the Closing Value of each Underlying on the applicableCoupon Observation Date is greater than or equal to its Coupon Barrier. However, if the Closing Value of any Underlyingon a Coupon Observation Date is less than its Coupon Barrier, you will not receive any Contingent Coupon for therelevant quarter. If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to itsClosing Value on the Trade Date (the “Initial Underlying Value”), the Notes will be automatically called, and the Issuerwill pay you the Face Amount of the Notes plus the Contingent Coupon, and no further payments will be made on theNotes. If the Notes are not automatically called and the Closing Value of each Underlying on the Final Valuation Date (the“Final Underlying Value”) is greater than or equal to its Downside Threshold (which is set equal to its Coupon Barrier),the Issuer will repay the Face Amount at maturity plus any final Contingent Coupon otherwise due. However, if the FinalUnderlying Value of any Underlying is less than its Downside Threshold, the Issuer will pay you a cash payment atmaturity that is less than the Face Amount, if anything, resulting in a percentage loss on the Face Amount of the Notesequal to the negative Underlying Return of the Underlying with the lowest Underlying Return (the “Least PerformingUnderlying”). In this case, you will have full downside exposure to the Least Performing Underlying from its InitialUnderlying Value to its Final Underlying Value, and will lose a significant portion, and possibly all, of your initialinvestment.Investing in the Notes involves significant risks. You may lose a significant portion or all of your initialinvestment. You may receive few or no Contingent Coupons during the term of the Notes. You will be exposed tothe market risk of each Underlying and any decline in the value of one Underlying may negatively affect yourreturn and will not be offset or mitigated by a lesser decline or any potential increase in the value of any otherUnderlying. You will not participate in any appreciation of any Underlying and will not receive any dividends onthe securities included in any Underlying. The Final Underlying Value of each Underlying is observed relative toits Downside Threshold only on the Final Valuation Date, and the contingent repayment of principal featureapplies only if you hold the Notes to maturity. Generally, the higher the Contingent Coupon Rate on a Note, thegreater the risk of loss on that Note. Any payment on the Notes, including any payment of the Face Amount atmaturity, is subject to the credit of Deutsche Bank AG. If Deutsche Bank AG were to default on its paymentobligations or become subject to a resolution measure, you might not receive any amounts owed to you underthe Notes and you could lose your entire investment. Key Dates Features Trade Date:February 20, 2026Settlement Date:February 25, 2026CouponObservationDates1:Quarterly (see pagePS-8)Call ObservationDates1:Quarterly, beginningafter six months (seepage PS-8)Final ValuationDate1:February 20, 2031Maturity Date1:February 25, 20311Subject to postponement. See “Termsof the Notes” on page PS-6 of thispricing supplement. Contingent Coupon:On each Contingent Coupon Payment Date, theIssuer will pay you a Contingent Coupon if the Closing Value of eachUnderlying on the related Coupon Observation Date is greater than orequalto its Coupon Barrier.However,if the Closing Value of anyUnderlying on any Coupon Observation Date is less than its CouponBarrier,you will not receive any Contingent Coupon on the relatedContingent Coupon Payment Date.Automatic Call:If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to its Initial Underlying Value, theNotes will be automatically called, and the Issuer will pay you the FaceAmount of the Notes plus the Contingent Coupon, and no further paymentswill be made on the Notes.Downside Exposure with Contingent Repayment of Principal at Maturity:If the Notes are not automatically called and the Final Underlying Value of each Underlying is greater than or equal to its DownsideThreshold, the Issuer will repay the Face Amount at maturity plus any finalContingent Coupon otherwise due. However, if the Final Underlying Valueof any Underlying is less than its Downside Threshold, the Issuer will repayless than the Face Amount at maturity, if anything, resulting in a percentageloss on your investment equal to the negative Under