Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q1 2025 Earnings Presentation
24 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Apr 29, 2025
Slide 1: DWS Group Q1 2025 results
DWS Group Q1 2025 results April 29, 2025
Slide 2: Q1 2025 key financial highlights
Q1 2025 key financial highlights Steady progress towards 2025 financial targets Strong long-term net flows of €12bn and total net flows of €20bn Positive revenue development to €753mn, up 3% q-o-q and 15% y-o-y Increased net income to €199mn, driven by operating leverage Reported Cost-income-ratio a
Slide 3: Financial performance snapshot – Q1 2025
Financial performance snapshot – Q1 2025 Strong net income improvement driven by continued operating leverage Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 7.9 14.4 11.7 fee margin 26.0 25.9 25.3 (bps) +8% -1% +15% +3% 827 900 891 653 731 753 Total AuM (€bn) 941 1,012 1,010
Slide 4: Client Dynamics
Client Dynamics Strong flows carried by Wholesale and Institutional clients Q1 2025 Net-flows (in €bn) Q1 Highlights Total 19.9 Wholesale Long-term 11.7 9th consecutive quarter with positive net flows, leading to ~€50bn net flows since end of 2023 By client type: Strong flows from both traditional a
Slide 5: Active Business
Active Business Inflows into short-term and systematic solutions offset outflows from Equities and Multi Asset Q1 2025 AuM and net flows (in €bn) Q1 Highlights AuM Flows (0.2) (2.0) 24% Active Equity and Multi- Assets: Continued outflows (0.7) 47% 447 Positive net flows into selected thematic produc
Slide 6: Xtrackers Business
Xtrackers Business Continued strong net flows supported by flow momentum towards European equities Q1 2025 AuM and net-flows (in €bn) Q1 Highlights AuM Flows 12.7 UCITS: Ongoing strong flow momentum supported by institutional 22% 8.9 Mandates 7% 338 0.9 Strong flow performance in European and German
Slide 7: Alternatives Business – Overview
Alternatives Business – Overview Deep expertise across asset classes APAC AuM by channel Retail AuM by region 11% 29% EUR 106bn 86% Alternatives Assets under Global Alternatives Management AuM outperforming1 Americas Europe Institutional 40% 49% 71% FY 2024 AuM Rev. Margin Flagship products Capabili
Slide 8: Alternatives Business
Alternatives Business Strategic cooperation with Deutsche Bank to accelerate Private Credit business Q1 2025 AuM and net-flows (€bn) Q1 Highlights AuM Flows (0.8) 1% Real estate: Signs of relief with redemptions decreasing (0.1) 24% (0.5) Infrastructure: Continued positive flow development, outflow
Slide 9: Alternatives Business – Strategic Initiatives and Outlook
Alternatives Business – Strategic Initiatives and Outlook Positioning DWS to successfully participate in growth areas Strategic Initiatives Medium-term outlook Real Estate ─ Building out new products in response to client demand ─ Product lineup well positioned for recovery in flows ─ Participate in
Slide 10: Revenue development
Revenue development Revenue growth supported by management fees and favourable development of other revenues Net revenues (in €mn) Q1 Highlights +15% +3% — Total revenues increased to 731 753 €753mn, up 3% q-o-q 108 78 653 37 44 — Management fee at €639mn, down 17 (1%) q-o-q, being mainly impacted b
Slide 11: Cost development
Cost development Improved cost-income ratio due to positive operating leverage Costs (in €mn) Q1 Highlights Cost-Income Ratio (%) 68.0 64.6 62.2 — Costs at €469mn, down (1)% q-o-q, with increase in volume-based cost being offset by discipline-based +6% -1% cost efficiencies 472 469 — Compensation &
Slide 12: Outlook
Outlook Creating Alpha in a challenging Beta environment Success factors and DWS’ positioning 1 Diversification 2 Discipline 3 Gateway to Europe ̶ > €100 billion in Active Equity, ̶ Continued disciplined cost ̶ Strong positioning in Europe fuelled Active Fixed Income, Active Multi management, drivin
Slide 13: Appendix
Appendix
Slide 14: Market environment
Market environment Equities (%) FX (€/$) S-Dax Dax MSCI World Eurostoxx 50 04/24 07/24 10/24 01/25 04/25 04/24 07/24 10/24 01/25 04/25 Volatility (VIX Index) Interest rates, yield (%) 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 04/24 07/24 10/24 01/25 04/25 04/24 07/24 10/24 01/25
Slide 15: Total AuM development
Total AuM development AuM development in €bn 35 1,012 12 8 0 1,010 25 18 941 (1) (19) (3) (7) Passive 335 338 275 Alternatives 109 110 106 Active 443 456 447 Cash 85 93 98 Advisory 29 18 20 Services March 2024 Long-term Cash & FX1 Markets Other Dec 2024 Long-term Cash & FX1 Markets Other Mar 2025 ne
Slide 16: Other revenues
Other revenues Other Revenue development in €mn NII Harvest FVoG Miscellaneous Total other revenues Q1-24 38 14 (24) 16 44 Q2-24 37 13 15 7 72 Q3-24 31 15 (5) 5 46 Q4-24 29 7 (37) (23) (24) Q1-25 25 13 16 24 78 Investor Relations – DWS Group Q1 2025 results / 16
Slide 17: Reported Cost-income-ratio
Reported Cost-income-ratio 2.5 pp <61.5% <59% Adjusted CIR Cost Reported CIR (2025 Target) Adjustments (2025 equivalent) Note: Cost adjustments include severance payments, restructuring activities, impairments of goodwill & other intangible assets, material non-recurring expenses, transformational c
Slide 18: DWS financial performance
DWS financial performance Flash % Delta Absolute Delta In €mn, unless stated otherwise Q1 2025 vs Q4 Q1 2025 vs Q1 Q1 2025 vs Q4 Q1 2025 vs Q1 Q1 2025 Q4 2024 Q1 2024 2024 2024 2024 2024 Management fees and other recurring revenues 639 647 592 (1)% 8% (8) 47 Performance and transaction fees 37 108 1
Slide 19: Historical AuM development
Historical AuM development In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 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 FX (12.2) 7.2 2.4 (14.2) 30.2 25.6 (19.5) Markets 57.5 29.6 8.5 26.3 (0.1) 64.3 (2.8) Other 1.
Slide 20: Historical net flows
Historical net flows In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 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) Active Multi Asset (1.7) (0.5) (0.5) (1.0) 0.1 (1.9) (0.7) Active SQI1 (1.5) 1.5 0.4 (0.0) 0.5
Slide 21: Q1 2025 detailed investment outperformance
Q1 2025 detailed investment outperformance Investment performance, in %1 1Y 3Y 5Y Equity 10% 8% 13% Active Retail Multi Asset2 6% 21% 21% SQI2 16% 67% 50% Fixed Income 83% 90% 96% Cash2 100% 100% 100% Total 34% 37% 40% Equity2 22% 43% 38% Active Institutional Multi Asset 26% 29% 37% SQI 62% 73% 79%
Slide 22: 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 23: 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 24: 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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