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 $lambda gtrsim 2.3 mu$m. Inferred accretion rates ($sim 10^{-7.8}$--$10^{-7.3} M_J$ yr$^{-1}$) are compatible with observational constraints based on the H$alpha$ and Br$gamma$ lines. For the planet, we derive an effective temperature of 1500--1600 K, surface gravity $log(g)sim 4.0$, radius $sim 1.6 R_J$, mass $sim 10 M_J$, and possible thick clouds. Models with variable extinction lead to slightly worse fits. However, the amplitude ($Delta A_V gtrsim 3$mag) and timescale of variation ($lesssim$~years) required for the extinction would also suggest circumplanetary material.
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