Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q3 2025 Earnings Presentation
22 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Oct 29, 2025
Slide 1: DWS Group Q3 2025 results
DWS Group Q3 2025 results October 29, 2025
Slide 2: Q3 2025 Key Financial Highlights
Q3 2025 Key Financial Highlights On track to reach our Full Year 2025 EPS target Long-term net flows of €10.3bn and total net flows of €12.1bn Revenues improved to €754mn, driven by management fee growth Reported cost-income-ratio at 57.7%, below our Full Year 2025 target EPS increased to €1.10, a t
Slide 3: Financial Performance Snapshot – Q3 2025
Financial Performance Snapshot – Q3 2025 DWS achieved improvement on all key financials in Q3 Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 16.7 3.7 10.3 fee margin 26.2 25.1 25.2 (bps) +9% +5% +10% +1% 860 893 935 746 754 685 Total AuM (€bn) 963 1,010 1,054 Q3 2024 Q2 2025
Slide 4: Client Dynamics
Client Dynamics Strong business momentum in Q3 especially driven by Retail business in EMEA Q3 2025 Net-flows (in €bn) Q3 Highlights Total 12.1 Overall: While clients remain cautious overall, they have increased their Long-term 10.3 market exposure through more liquid offerings, such as Xtrackers, S
Slide 5: Active Business
Active Business Inflows into SQI and Fixed Income products were offset by Equity and Multi Asset outflows Q3 2025 AuM and net flows (in €bn) Q3 Highlights AuM Flows (0.3) 12% 1.5 SQI: Continued positive flow momentum driven by successful product 17% 0.2 launches 46% 453 (0.6) Fixed Income: Return to
Slide 6: Xtrackers Business
Xtrackers Business Solid quarter emphasized by strong momentum in digital distribution Q3 2025 AuM and net-flows (in €bn) Q3 Highlights AuM Flows 10.3 Flow momentum: Turnaround q-o-q with more than €10bn net flows 7% added to platform 9.4 21% UCITS: Flows driven by Equity ETFs with strong momentum i
Slide 7: Alternatives Business
Alternatives Business Infrastructure remains a growth contributor supported by positive flows in LRA Q3 2025 AuM and net-flows (in €bn) Q3 Highlights AuM Flows1 0.3 Infrastructure: Investors buying into European Transformation 25% 0.4 with a particular focus on mid-caps 107 52% 0.3 Liquid Real Asset
Slide 8: Revenue Development
Revenue Development Total net revenues increased ten percent year-over-year Net revenues (in €mn) Q3 Highlights +10% +1% 746 754 — Total revenues increased to €754mn, reflecting strong development of 684 58 48 management fees 50 46 58 12 — Management fees at €655mn, up 4% q-o-q, supported by higher
Slide 9: Cost Development
Cost Development Strong cost control drives Cost-Income-Ratio below Full Year 2025 guidance Costs (in €mn) Q3 Highlights Cost-Income Ratio (%) 64.3 59.2 57.7 — Costs at €435mn, down 2% q-o-q and hence well on track for essentially flat costs in FY2025 -1% -2% — Compensation & Benefits 440 442 435 am
Slide 10: CMD 2022 Recap
CMD 2022 Recap Announced digital priorities as part of “Build” bucket of DWS’ corporate strategy Market growth potential Build Growth Seed-funding Expanding true areas with high areas of strength potential Capabilities Reduce Value Re-allocating Maintaining resources to priority leadership in growth
Slide 11: Future of Finance
Future of Finance DWS building digital capabilities to address trends with most disruptive potential Milestones Vision Embedded Investment Solutions − Develop an API platform to offer DWS capabilities as-a-service Embedding our investment expertise Delivering comprehensive portfolio seamlessly into
Slide 12: Appendix
Appendix
Slide 13: Market Environment
Market Environment Equities (%) FX (€/$) MDax Dax MSCI World Eurostoxx 50 130 1.2 120 110 1.1 100 90 80 1.0 10/24 01/25 04/25 07/25 10/25 Volatility (VIX Index) Interest rates, yield (%) 55 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 5 45 4 35 3 25 2 1 15 0 10/24 01/25 04/25 07/25
Slide 14: Total AuM Development
Total AuM Development AuM development in €bn 32 1 1,054 17 (23) 24 (1) 1,010 10 2 (1) 30 963 Passive 376 346 307 Alternatives 106 105 107 Active 447 442 453 Cash Advisory Services 84 100 100 19 17 18 Sept.-24 Long-term Cash & FX1 Market Other June 2025 Long-term Cash & FX 1 Market Other Sept.-25 net
Slide 15: Other Revenues
Other Revenues Other Revenue development in €mn NII Harvest FVoG Miscellaneous Total other revenues 3Q-24 31 15 (5) 6 46 4Q-24 29 7 (37) (22) (24) 1Q-25 25 13 16 24 78 2Q-25 26 11 23 (2) 58 3Q-25 21 16 10 2 48 Investor Relations – DWS Group Q3 2025 results / 15
Slide 16: DWS Financial Performance
DWS Financial Performance Actuals In €mn, unless stated otherwise % Delta Absolute Delta Actuals Q3 2025 vs Q3 2025 vs 9M 2025 vs Q3 2025 vs Q3 2025 vs 9M 2025 vs Q3 2025 Q2 2025 Q3 2024 9M 2025 9M 2024 Q2 2025 Q3 2024 9M 2024 Q2 2025 Q3 2024 9M 2024 Management fees and other recurring revenues 655
Slide 17: 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 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 FX (12.2) 7.2 2.4 (14.2) 30.2 25.6 (19.5) (33.8) (0.7) Markets 57.5 2
Slide 18: Historical Net Flows
Historical Net Flows In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 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) (1.0) (0.6) Active Multi Asset (1.7) (0.5) (0.5) (1.0) 0.1 (1.9) (0.7) 0.4 (1.4
Slide 19: Q3 2025 Detailed Investment Outperformance
Q3 2025 Detailed Investment Outperformance Investment performance, in %1 1Y 3Y 5Y Equity 19% 7% 14% Active Retail Multi Asset2 6% 20% 20% SQI2 55% 62% 45% Fixed Income 56% 76% 97% Cash2 100% 100% 100% Total 35% 33% 40% Equity2 63% 35% 35% Active Institutional Multi Asset 52% 44% 35% SQI 60% 72% 75%
Slide 20: 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 21: 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 22: 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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