Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q4 2025 Earnings Presentation
27 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Jan 29, 2026
Slide 1: DWS Group Q4 & FY 2025 preliminary results
DWS Group Q4 & FY 2025 preliminary results January 29, 2026
Slide 2: Recap since Capital Markets Day 2022
Recap since Capital Markets Day 2022 Strong delivery against FY 2025 targets EUR 4.50 <59% EPS target in 2025 Adj. CIR target in 2025 Market growth potential 2025 Outlook Build Growth Ambition to increase share of funds Seed-funding Expanding true Active with EUR >1bn in AuM by 20% areas with high a
Slide 3: FY 2025 Key Financial Highlights
FY 2025 Key Financial Highlights Outperformance of FY 2025 financial targets EPS increased to €4.64, more than 40% increase vs. FY 2024 Total revenues at €3,155mn, up 14% year-over-year Reported Cost-Income-Ratio at 58.0%, improved by 7.6 percentage points vs. FY 2024 Long-term net flows of €33.7bn
Slide 4: Financial Performance Snapshot – FY 2025
Financial Performance Snapshot – FY 2025 Revenue growth and operating leverage drive positive EPS momentum Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 16.5 32.9 33.7 fee margin 27.1 26.1 25.0 (bps) +23% 7% +21% 14% 900 963 3,155 783 2,614 2,765 Total AuM (€bn) 896 1,012 1
Slide 5: Financial Performance Snapshot – Q4 2025
Financial Performance Snapshot – Q4 2025 Significant earnings increase supported by continued AuM growth Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 14.4 10.3 8.0 fee margin 25.9 25.2 24.8 (bps) 7% 3% 23% 20% 900 935 963 902 731 754 Total AuM (€bn) 1,012 1,054 1,085 Q4 20
Slide 6: Client Dynamics
Client Dynamics Positive contribution across all client segments and regions Q4 2025 Net-flows (in €bn) Q4 Highlights Total 10.5 Overall: Investor sentiment remained cautious but constructive despite Long-term 8.0 the government shutdown in US and central bank interest rate decisions. Overall flows
Slide 7: Active Business
Active Business Turnaround to positive flows in Active Q4 2025 AuM and net flows (in €bn) Q4 Highlights AuM Flows 1.1 Positive turnaround in Active, primarily supported by SQI 12% 17% 0.9 and Active Equity 460 0.2 SQI: Continued positive flow momentum driven by inflows into 25% successful product la
Slide 8: Xtrackers Business
Xtrackers Business Solid flow development for Xtrackers supporting to significant AuM increase Q4 2025 AuM and net-flows (in €bn) Q4 Highlights AuM Flows 6.6 Flow momentum: Solid quarter with more than €6.5bn net flows 6% added to platform 21% 6.1 UCITS: Flows driven by Equity UCITS ETFs, mainly Eme
Slide 9: Alternatives Business
Alternatives Business Positive infrastructure momentum while real restate remains constrained Q4 2025 AuM and net-flows (in €bn) Q4 Highlights AuM Flows1 0.3 Infrastructure: Fundraising for our flagship infrastructure equity 23% 0.8 strategy has maintained strong momentum 51% 108 0.1 Liquid Real Ass
Slide 10: Revenue Development
Revenue Development 23% net revenue increase year-over-year Net revenues (in €mn) Q4 Highlights +23% +20% 902 — Total revenues increased to €902mn, mainly driven by performance fees 56 731 754 173 — Management fees at €673mn, up 3% 48 q-o-q, supported by higher average 108 50 AuM — Performance & tra
Slide 11: Harvest Fund Management
Harvest Fund Management Increased revenue contribution from our 30% stake in Harvest Fund Management Harvest AuM development Revenue contribution to DWS FY / Q4 Highlights 214 219 — Revenue contribution of €24mn and 196 €67mn in FY 2025, supported by increased performance fees as well as 67 a non-op
Slide 12: Cost Development
Cost Development Cost-Income Ratio improved by over 10 percentage points year-over-year Costs (in €mn) Q4 Highlights Cost-Income Ratio (%) 64.6 57.7 53.9 — Total costs at €486mn, up 12% q-o-q and almost flat year over year — Compensation & Benefits amounted +3% +12% to €248mn, up €31mn q-o-q, reflec
Slide 13: DWS medium-term financial targets until 2028
DWS medium-term financial targets until 2028 Uplifting our financial ambitions as a result of strong business momentum 10-15% <55% EPS growth p.a. CIR by 2027 4-8% >€160bn ~65% Performance & Cumulative long-term Ordinary dividend Transaction Fees of net flows over payout-ratio net revenues p.a. 2026
Slide 14: Outlook | Cost & Growth Priorities
Outlook | Cost & Growth Priorities Focused measures to support uplift of financial targets Reduction of Disciplined-Based Costs Growth Priorities GatewayToEurope Offer attractive European investment opportunities Human Capital Management Promote internal mobility & limit external hiring FutureOfFina
Slide 15: Appendix
Appendix
Slide 16: Market Environment
Market Environment Equities (%) FX (€/$) Mdax Dax MSCI World Eurostoxx 50 140 130 120 1.1 110 100 90 80 1.0 01/25 04/25 07/25 10/25 01/26 01/25 04/25 07/25 10/25 01/26 Volatility (VIX Index) Interest rates, yield (%) 60 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 5 50 4 40 3 30 2 2
Slide 17: Total AuM Development
Total AuM Development AuM development in €bn 8 2 (1) 20 0 1,085 26 15 56 0 1,054 1,012 896 (54) Passive 376 395 335 246 Alternatives 110 107 108 109 Active 456 453 460 Cash 427 Advisory Services 85 93 100 106 28 18 18 16 FY 2023 FY 2024 Long-term Cash & FX1 Market Other Q3 2025 Long-term Cash & FX M
Slide 18: Management fee and margin development
Management fee and margin development Management fee growth while margins remain in line with guidance Management fees1 and margin by asset class FY Highlights Passive — Management fees increased y-o-y, primarily driven by strong growth in Passive and SQI 7 Alternatives FY 2024 472 495 228 775 220 2
Slide 19: Other Revenues
Other Revenues Other Revenue development in €mn Net interest Total Harvest FVoG Miscellaneous income Other revenues 4Q-24 29 7 (37) (22) (24) 1Q-25 25 14 16 22 78 2Q-25 26 12 23 (3) 58 3Q-25 21 16 10 1 48 4Q-25 22 24 12 (3) 56 FY 2025 240 Investor Relations – DWS Group Q4 & FY 2025 preliminary resul
Slide 20: Economic Balance Sheet and Capital Position
Economic Balance Sheet and Capital Position Excess Capital position standing at €1.0bn Simple and Stable Economic Balance Sheet in €bn Together with a Strong Capital Position in €bn 9.2 9.2 Liquidity Position 1.7 4.0 Corporate Investments 3.0 0.0 7.5 3.5 Tangible equity Goodwill & Intangibles 1.0 Ex
Slide 21: DWS Financial Performance
DWS Financial Performance Actuals % Delta Absolute Delta In €mn, unless stated otherwise Q4 2025 Q4 2025 FY 2025 Q4 2025 Q4 2025 FY 2025 Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 vs Q3 2025 vs Q4 2024 vs FY 2024 vs Q3 2025 vs Q4 2024 vs FY 2024 Management fees and other recurring revenues 673 655 647
Slide 22: Historical AuM Development
Historical AuM Development In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY2025 Change in AuM by driver (after separation of Advisory Services) Total net flows 28.3 7.8 (18.7) 18.3 18.4 25.7 19.9 8.5 12.1 10.49 50.99 FX (12.2) 7.2 2.4 (14.2) 30.2 25.6 (19.5)
Slide 23: Historical Net Flows
Historical Net Flows FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 In €bn Net flows by asset class (after separation of Advisory Services) Active Equity (2.3) (1.8) (0.9) (1.6) (1.1) (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) Active Multi Asset (1.7) (0.5) (0.5) (1.0
Slide 24: Q4 2025 Detailed Investment Outperformance
Q4 2025 Detailed Investment Outperformance Investment performance, in %1 1Y 3Y 5Y Equity 62% 7% 18% Active Retail Multi Asset2 4% 20% 20% SQI2 59% 73% 62% Fixed Income 56% 75% 97% Cash2 100% 100% 100% Total 63% 32% 42% Equity2 66% 37% 44% Active Institutional Multi Asset 54% 47% 35% SQI 60% 66% 74%
Slide 25: Investor Relations
Investor Relations Contact details Oliver Flade Maneli Farsi maneli.farsi@dws.com oliver.flade@dws.com investor.relations@dws.com investor.relations@dws.com Tel: + 49 (69) 910 41049 Tel: +49 (69) 910 63072 Agatha Klimek agatha-dominika.klimek@dws.com investor.relations@dws.com Tel: +49 (69) 910 4876
Slide 26: Cautionary Statement (1/2)
Cautionary Statement (1/2) This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates an
Slide 27: Cautionary Statement (2/2)
Cautionary Statement (2/2) To measure outperformance, each fund or mandate of DWS which has a benchmark and where both gross and net outperformance is available has its performance (gross of fees) measured against that benchmark. In certain cases, for Illiquid portfolios where no benchmark is availa
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