德意志银行美股招股说明书(2026-01-21版)

RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. A27 dated January 20, 2026Product Supplement B dated April 26, 2024,Prospectus Supplement dated April 26, 2024 $100,000 Deutsche Bank AG Trigger Autocallable Contingent Yield NotesLinked to the WTI Crude Oil Futures Contracts due January 24, 2028 Investment Description The Trigger Autocallable Contingent Yield Notes (the “Notes”) are unsecured and unsubordinated obligations of DeutscheBank AG (the “Issuer”) linked to the performance of the relevant nearby month’s West Texas Intermediate (WTI) LightSweet Crude Oil (“WTI Crude Oil”) futures contract (the “Underlying”) as traded on the CME Globex (“CME”). On aquarterly basis, unless the Notes have been previously called, the Issuer will pay you a coupon (the “ContingentCoupon”) if the Closing Value of the Underlying on the applicable Coupon Observation Date is greater than or equal tothe Coupon Barrier. However, if the Closing Value of the Underlying on a Coupon Observation Date is less than theCoupon Barrier, you will not receive any Contingent Coupon for the relevant quarter. If the Closing Value of the Underlyingon any Call Observation Date is greater than or equal to the Closing Value on the Trade Date (the “Initial UnderlyingValue”), the Notes will be automatically called, and the Issuer will pay you the Face Amount of the Notes plus theContingent Coupon, and no further payments will be made on the Notes. If the Notes are not automatically called and theClosing Value of the Underlying on the Final Valuation Date (the “Final Underlying Value”) is greater than or equal to theDownside Threshold (which is set equal to the Coupon Barrier), the Issuer will repay the Face Amount at maturity plus anyfinal Contingent Coupon otherwise due. However, if the Final Underlying Value is less than the Downside Threshold, the Key Dates Features Trade Date:January 20, 2026Settlement Date:January 22, 2026CouponObservationDates1:Quarterly (see pagePS-8)Call ObservationDates1:Quarterly (see pagePS-8) Maturity Date1:January 24, 20281Subject to postponement or early Downside Exposure with Contingent Repayment of Principal atMaturity:If the Notes are not automatically called and the Final UnderlyingValue is greater than or equal to the Downside Threshold, the Issuer willrepay the Face Amount at maturity plus any final Contingent Couponotherwise due. However, if the Final Underlying Value is less than the Notice to investors: The Notes are significantly riskier than conventional debt instruments. The Issuer is notnecessarily obligated to repay the full Face Amount of the Notes at maturity, and the Notes may have the fulldownside market risk of the Underlying. This market risk is in addition to the credit risk inherent in purchasing a You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–9of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement,page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus beforepurchasing any Notes. Events relating to any of those risks, or other risks and uncertainties, could adversely Note Offering We are offering Trigger Autocallable Contingent Yield Notes linked to the relevant nearby month’s WTI Light Sweet CrudeOil futures contract traded on CME. The Initial Underlying Value is the Closing Value (as defined below) of the Underlying The Issuer’s estimated value of the Notes on the Trade Date is $9.775 per $10.00 Face Amount of Notes, which isless than the Issue Price. Please see “Issuer’s Estimated Value of the Notes” on page PS-2 of this pricingsupplement for additional information. Resolution Measure(as defined below)by the competent resolution authority,which may include the write downof all,or a portion,of any payment on the Notes or the conversion of the Notes into ordinary shares or otherinstruments of ownership.If any Resolution Measure becomes applicable to us,you may lose some or all of yourinvestmentin the Notes.Please see“Resolution Measures”beginning on page 75 in the accompanying disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or theaccompanying product supplement, prospectus supplement or prospectus. Any representation to the contrary is a criminal offense. Corporation or any other U.S.or foreign governmental agency or instrumentality. Issuer’s Estimated Value of the Notes The Issuer’s estimated value of the Notes is equal to the sum of our valuations of the following two components of theNotes: (i) a bond and (ii) an embedded derivative(s). The value of the bond component of the Notes is calculated basedon the present value of the stream of cash payments associated with a conventional bond with a principal amount equal tothe Face Amount of Notes, discounted at an internal funding rate, which is determined primarily based on our market-based yield curve, adj