We present the first observational evidence for a circumplanetary disk around the protoplanet PDS 70 b, based on a new spectrum in the K band acquired with VLT/SINFONI. We tested three hypotheses to explain the spectrum: Atmospheric emission from the planet with either (1) a single value of extinction or (2) variable extinction, and (3) a combined atmospheric and circumplanetary disk model. Goodness-of-fit indicators favour the third option, suggesting circumplanetary material contributing excess thermal emission -most prominent at λ 2.3µm. Inferred accretion rates (∼ 10 −7.8 -10 −7.3 M J yr −1 ) are compatible with observational constraints based on the Hα and Brγ lines. For the planet, we derive an effective temperature of 1500-1600 K, surface gravity log(g) ∼ 4.0, radius ∼ 1.6R J , mass ∼ 10M J , and possible thick clouds. Models with variable extinction lead to slightly worse fits. However, the amplitude (∆A V 3mag) and timescale of variation ( years) required for the extinction would also suggest circumplanetary material.