Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q2 2026 Earnings Presentation
22 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Jul 29, 2026
Slide 1: DWS Group Q2 2026 results
DWS Group Q2 2026 results July 29, 2026
Slide 2: Q2 2026 Key Financial Highlights
Q2 2026 Key Financial Highlights Significant AuM increase as strong driver for earnings growth Total AuM reached €1,190bn, gaining almost €100bn in the second quarter Long-term net flows of €11.6bn, significantly contributing to total net flows of €24.8bn Total revenues at €773mn, including 5% incre
Slide 3: Financial Performance Snapshot – Q2 2026
Financial Performance Snapshot – Q2 2026 Positive AuM development driven by favourable markets and total net flows Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 3.7 6.6 11.6 fee margin 25.1 24.7 24.8 (bps) +17% +9% +4% -6% 966 1,049 746 821 773 893 Total AuM (€bn) 1,010 1,0
Slide 4: Client Dynamics
Client Dynamics Flows remain positive and resilient across all client segments and regions Q2 2026 Net flows (in €bn) Q2 Highlights Total 24.8 Overall: Accelerated client activity and increased risk appetite Long-term 11.6 drove strong business momentum and positive net flows. By client segment: Pri
Slide 5: Active Business
Active Business Positive flows resulting from a positive turnaround in Active Equity and continued flows into SQI Q2 2026 AuM and net flows (in €bn) Q2 Highlights AuM Flows 0.5 Equity: Positive turnaround, driven by improved fund 27% 1.1 performance and rising client risk appetite, particularly in o
Slide 6: Xtrackers Business
Xtrackers Business Focused business actions resulting in improved flow picture Q2 2026 AuM and net-flows (in €bn) Q2 Highlights AuM Flows 11.7 UCITS: Inflows primarily into core exposures, particularly S&P 500 21% 12.6 and MSCI World, supported by continued demand for key strategies 6% such as EUR O
Slide 7: Alternatives Business
Alternatives Business Positive fundraising momentum continues across core businesses Q2 2026 AuM and net-flows (€bn) Q2 Highlights AuM Flows (0.7) 18% Liquid Real Asset: Minor outflows driven by reallocations into private 1% 0.0 markets, in line with market trend (0.0) 105 28% Real Estate: Ongoing b
Slide 8: Revenue Development
Revenue Development Total revenues driven by management fee growth Net revenues (in €mn) Q2 Highlights +4% -6% — Total revenues at €773mn, down 821 (6%) q-o-q, but up 4% y-o-y 39 773 746 109 54 58 11 — Management fees at €709mn, 58 up 5% q-o-q and 13% y-o-y, driven by rising AuM — Performance and tr
Slide 9: Cost Development
Cost Development Positive business development drive volume-based costs Costs (in €mn) Q2 Highlights Cost-Income — Costs at €468mn, up 5% q-o-q and 6% Ratio (%) 59.2 54.1 60.5 y-o-y, but on track for flat costs in 2026 +6% +5% — Compensation & Benefits amounted 468 to €232mn, down (3)% from Q1, 442
Slide 10: #BullishGermany | Structural growth opportunity for DWS
#BullishGermany | Structural growth opportunity for DWS A shift towards funded, capital-markets-based retirement provisions German pension system Pillar 1 Pillar 2 Pillar 3 State pension Occupational pension Private pension − Mandatory contribution system − Voluntary workplace schemes − Private life
Slide 11: Appendix
Appendix
Slide 12: Deep-Dive: Economic Balance Sheet and Capital Position
Deep-Dive: Economic Balance Sheet and Capital Position Excess Capital stands at €1.2bn Simple and Stable Economic Balance Sheet in €bn... …with a Strong Capital Position in €bn 9.2 9.2 Liquidity Position 1.7 3.8 Corporate Investments 3.0 0.0 3.7 Tangible equity 7.5 Goodwill & Intangibles 1.2 Excess
Slide 13: Market Environment
Market Environment Equities (%) FX (€/$) S-Dax Dax MSCI World Eurostoxx 50 1.3 120 1.2 100 80 1.1 07/25 10/25 01/26 04/26 07/26 07/25 10/25 01/26 04/26 07/26 Volatility (VIX Index) Interest rates, yield (%) 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 32.5 5 27.5 4 22.5 3 17.5 12.5
Slide 14: Total AuM Development
Total AuM Development AuM development in €bn 1,190 12 13 5 72 (6) 1 1,093 6 42 1,010 9 Passive 25 455 396 346 Alternatives 105 112 105 Active 489 Cash 442 458 Advisory Services 100 111 125 17 16 16 Jun-25 Long-term Cash & FX1 Market Other Mar-26 Long-term Cash & FX 1 Market Other Jun-26 net flows Ad
Slide 15: Other Revenues
Other Revenues Other Revenue development in €mn NII Harvest FVoG Miscellaneous Total other revenues 2Q-25 26 12 23 (3) 58 3Q-25 23 16 10 (1) 48 4Q-25 22 24 12 (2) 56 1Q-26 18 15 (1) 7 39 2Q-26 23 21 0 9 54 Investor Relations – DWS Group Q2 2026 results / 15
Slide 16: DWS Financial Performance
DWS Financial Performance Q2 2026 vs. Q2 2026 vs. H1 2026 vs. FY 2024 Q1 2025 Q2 2025 H1 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 H1 2026 Q1 2026 Q2 2025 H1 2025 Management fees and other recurring revenues 2,479 639 630 1,268 655 673 2,597 673 709 1,382 5% 13 % 9% Performance, transaction fees
Slide 17: Historical AuM Development
Historical AuM Development In € bn FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Change in AuM by driver Total net flows 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 FX 25.6 (19.5) (33.8) (0.7) (1.0) (54.9) 8.1 5.1 Markets 64.3 (2.8) 26.9 32.3 20.3 76.7 (10.4) 72.2 Other (0.2) 0.5 (1.4)
Slide 18: Historical Net Flows
Historical Net Flows In € bn FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Net flows by asset class Active Equity (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) (1.2) 1.1 Active Multi Asset (1.9) (0.7) 0.4 (1.4) (0.1) (1.8) 0.3 (0.0) Active SQI1 2.4 1.4 0.2 1.5 0.9 4.0 1.6 1.1 Active Fixed Inco
Slide 19: Q2 2026 Detailed Investment Outperformance
Q2 2026 Detailed Investment Outperformance Investment performance, in %1 1Y 3Y 5Y Equity 82% 63% 56% Active Private Wealth Multi Asset2 20% 20% 20% SQI2 39% 72% 27% Fixed Income 99% 79% 98% Cash2 100% 100% 100% Total 83% 69% 65% Equity2 83% 60% 42% Active Institutional Multi Asset 74% 46% 45% SQI 71
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
DWS Group GmbH & Co. KGaA — Q2 2026 Earnings Presentation on 6ix