Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q2 2025 Earnings Presentation
23 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Jul 24, 2025
Slide 1: DWS Group Q2 2025 results
DWS Group Q2 2025 results July 24, 2025
Slide 2: Path to Financial Targets 2025
Path to Financial Targets 2025 On track to achieve EPS target of €4.50 by 2025 Committed to clear and tangible bridge back in April 2024 EPS target achievable, assuming stable run-rate incl. Q4 seasonality 4.50 Q4 seasonality: ~0.25 Performance fees and pick- up from PEIF IV closing >1.07 >1.07 1.07
Slide 3: Q2 2025 Key Financial Highlights
Q2 2025 Key Financial Highlights Strong EPS increase to €1.07 in challenging environment Long-term net flows of €3.7bn and total net flows of €8.5bn Stable revenues at €746mn despite lower average Assets under Management Net income improved to €214mn, driven by active cost management Reported cost-i
Slide 4: Financial Performance Snapshot – Q2 2025
Financial Performance Snapshot – Q2 2025 Strong net income growth of 32% y-o-y, driven by continued operating leverage Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) (6.0) 11.7 3.7 fee margin 26.4 25.3 25.1 (bps) +8% +0% +7% -1% 830 891 893 695 753 746 Total AuM (€bn) 933 1,
Slide 5: Client Dynamics
Client Dynamics Flows remain positive and resilient across all client segments and regions Q2 2025 Net-flows (in €bn) Q2 Highlights Total 8.5 Overall: Positive net flows across all client segments and Long-term 3.7 regions, despite heightened political and macroeconomic uncertainty By client segment
Slide 6: Active Business
Active Business Net inflows in SQI and Multi-asset alongside ongoing expansion of Active ETF product suite Q2 2025 AuM and net flows (in €bn) Q2 Highlights AuM Flows (1.7) 12% Multi-Asset: Positive flow momentum driven by institutional mandate 0.4 wins 17% 46% 0.2 442 SQI: Market developments leadin
Slide 7: Xtrackers Business
Xtrackers Business On track with strategic development, despite challenging environment Q2 2025 AuM and net-flows (in €bn) Q2 Highlights AuM Flows 3.0 7% Flow momentum: Impacted by reduction of US exposure and rule-based 1.9 outflows 22% 346 UCITS: Strong momentum in key areas and for top-selling pr
Slide 8: Alternatives Business
Alternatives Business Infrastructure remains a growth contributor supported by positive flows in LRA Q2 2025 AuM and net-flows (€bn) Q2 Highlights AuM Flows 2.4 Infrastructure: Inflow representing a new fund management mandate 24% 3.9 Liquid Real Asset: Renewed interest from institutional investors
Slide 9: Revenue Development
Revenue Development Stable revenues despite challenging market environment Net revenues (in €mn) Q2 Highlights +7% -1% 753 746 — Total revenues were resilient at €746mn, highlighting the strength 695 78 58 of our diversified revenue base 72 37 58 10 — Management fees at €630mn, down (1%) q-o-q, driv
Slide 10: Cost Development
Cost Development Active cost management reduces reported cost-income ratio by 3p.p. in Q2 Costs (in €mn) Q2 Highlights Cost-Income Ratio (%) 65.8 62.2 59.2 — Costs at €442mn, down (6)% q-o-q, on track for essentially flat costs in FY2025 -4% -6% — Compensation & Benefits 458 469 amounted to €221mn,
Slide 11: Deep-Dive: Economic Balance Sheet and Capital Position
Deep-Dive: Economic Balance Sheet and Capital Position Excess Capital stands at €0.8bn Simple and Stable Economic Balance Sheet in €bn... …with a Strong Capital Position in €bn 8.8 8.8 Liquidity Position 1.9 3.7 Corporate Investments 2.8 0.0 6.9 3.3 Tangible equity 0.8 Excess capital Goodwill & Inta
Slide 12: Outlook on Medium-term Financial Targets
Outlook on Medium-term Financial Targets Focus remains on revenue growth and active cost management Financial target for 2026 & 2027 – Continued active management of disciplined-based costs ~2% Cost – Volume-based costs closely monitored; increases resulting from business growth Growth p.a. – Minima
Slide 13: Appendix
Appendix
Slide 14: Market Environment
Market Environment Equities (%) FX (€/$) S-Dax Dax MSCI World Eurostoxx 50 140 1.2 130 120 1.1 110 100 90 1.0 07/24 10/24 01/25 04/25 07/25 07/24 10/24 01/25 04/25 07/25 Volatility (VIX Index) Interest rates, yield (%) 55 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 50 5.0 45 4.5 40
Slide 15: Total AuM Development
Total AuM Development AuM development in €bn 23 0 1,010 4 5 (34) 27 (1) 1010 43 14 (4) 933 Passive 338 346 290 Alternatives 106 105 107 Active 447 442 433 Cash Advisory Services 84 98 100 18 20 17 Jun 2024 Long-term Cash & FX1 Market Other Mar 2025 Long-term Cash & FX Market Other Jun 2025 net flows
Slide 16: Other Revenues
Other Revenues Other Revenue development in €mn NII Harvest FVoG Miscellaneous Total other revenues 2Q-24 37 13 15 7 72 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 Investor Relations – DWS Group Q2 2025 results / 16
Slide 17: DWS Financial Performance
DWS Financial Performance In €mn, unless stated otherwise Flash % Delta Q2 2025 vs. Q2 2025 vs. 1H 2025 vs. Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Q1 2025 Q2 2024 1H 2024 Management fees and other recurring revenues 630 639 613 1,268 1,205 (1)% 3% 5% Performance and transaction fees 58 37 10 95 27
Slide 18: Historical AuM Development
Historical AuM Development In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 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 FX (12.2) 7.2 2.4 (14.2) 30.2 25.6 (19.5) (33.8) Markets 57.5 29.6 8.5 26.3 (0.1)
Slide 19: Historical Net Flows
Historical Net Flows In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 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) Active Multi Asset (1.7) (0.5) (0.5) (1.0) 0.1 (1.9) (0.7) 0.4 Active SQI1 (1.5)
Slide 20: Q2 2025 Detailed Investment Outperformance
Q2 2025 Detailed Investment Outperformance Investment performance, in %1 1Y 3Y 5Y Equity 16% 16% 11% Active Retail Multi Asset2 4% 20% 24% SQI2 40% 59% 45% Fixed Income 54% 94% 96% Cash2 100% 100% 100% Total 33% 42% 39% Equity2 42% 43% 41% Active Institutional Multi Asset 49% 31% 39% SQI 45% 69% 76%
Slide 21: 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 22: 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 23: 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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