Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q1 2026 Earnings Presentation
21 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Apr 29, 2026
Slide 1: DWS Group Q1 2026 results
DWS Group Q1 2026 results April 29, 2026
Slide 2: Q1 2026 key financial highlights
Q1 2026 key financial highlights On track towards our medium-term financial targets Total net inflows of €11bn, with long-term flows remaining a key growth driver Total revenue reached €821mn, 9% increase y-o-y, predominantly driven by performance fees Total costs at €444mn, 5% decrease y-o-y, mainl
Slide 3: Financial performance snapshot – Q1 2026
Financial performance snapshot – Q1 2026 Operating leverage driving positive EPS momentum Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 11.7 8.0 6.6 fee margin 25.3 24.8 24.7 (bps) +8% 0% +9% -9% 891 963 966 902 821 753 Total AuM (€bn) 1,010 1,085 1,093 Q1-25 Q4-25 Q1-26 Q1
Slide 4: Client Dynamics
Client Dynamics Flow momentum shaped by geopolitical developments Q1 2026 Net-flows (in €bn) Q1 Highlights Total 11.0 Overall: Solid start in the beginning of the quarter, slowed down in Long-term 6.6 March resulting from geopolitical developments. By client type: Retail: Positive net flows despite
Slide 5: Active Business
Active Business Active flow picture reflects heightened market volatility Q1 2026 AuM and net flows (in €bn) Q1 Highlights AuM Flows (0.1) (1.2) Equity: Faced pressure with outflows in March due to client de-risking 25% 0.3 Multi Asset: Positive flow contribution in Q1 across both retail and 46% 458
Slide 6: Xtrackers Business
Xtrackers Business Further accomplishments attained during a demanding quarter Q1 2026 AuM and net-flows (in €bn) Q1 Highlights AuM Flows 6.5 Flow momentum: Weakened considerably in March after a solid start of 22% 3.8 the quarter 6% 396 (0.2) UCITS: Flow rotation from traditional benchmarks towards
Slide 7: Alternatives Business
Alternatives Business Alternatives flows supported by inflows into Liquid Real Assets Q1 2026 AuM and net-flows (€bn) Q1 Highlights AuM Flows 1 0.2 1% Real estate: European retail client appetite for real estate remains weak 0.6 27% while institutional client interest in the US and Europe remains re
Slide 8: Revenue development
Revenue development Revenues increased 9% year-over-year, mainly driven by performance fees Net revenues (in €mn) Q1 Highlights — Total revenues reached €821mn, up +9% -9% 9% y-o-y and down (9)% q-o-q 902 56 821 — Management fees at €673mn, stable 753 39 q-o-q, despite fewer calendar days 173 78 109
Slide 9: Cost development
Cost development Total costs decreased, reflecting our sustained pro-active cost management Costs (in €mn) Q1 Highlights Cost-Income 62.2 53.9 54.1 — Total costs at €444mn, down (5)% y-o-y Ratio (%) and down (9)% q-o-q — Compensation & Benefits amounted to -5% -9% €239mn, down (4)% q-o-q, mainly dri
Slide 10: Cost & Growth Priorities
Cost & Growth Priorities Update on focused measures to support financial targets Reduction of Discipline-Based Costs Growth Priorities GatewayToEurope Offer attractive European investment opportunities Human Capital Management Promote internal mobility & limit external hiring FutureOfFinance 10% – 1
Slide 11: Appendix
Appendix
Slide 12: Market environment
Market environment Equities (%) FX (€/$) S-Dax Dax MSCI World Eurostoxx 50 130 1.3 120 1.2 110 100 1.1 90 80 1.0 04/25 07/25 10/25 01/26 04/26 04/25 07/25 10/25 01/26 04/26 Volatility (VIX Index) Interest rates, yield (%) 55 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 50 5.0 45 4.5
Slide 13: Total AuM development
Total AuM development AuM development in €bn 80 1,085 7 4 0 1,093 22 (35) 1,010 0 8 (10) 9 Passive 395 396 338 Alternatives 106 108 112 Active 447 460 458 Cash 98 106 111 Advisory 20 16 16 Services March 2025 Long-term Cash & FX1 Markets Other Dec 2025 Long-term Cash & FX1 Markets Other Mar 2026 net
Slide 14: Other Revenues
Other Revenues Other Revenue development in €mn Net interest Total Harvest FVoG Miscellaneous income Other Revenues Q1-25 25 14 16 22 78 Q2-25 26 12 23 (3) 58 Q3-25 23 16 10 (1) 48 Q4-25 22 24 12 (2) 56 Q1-26 18 15 (1) 7 39 Investor Relations – DWS Group Q1 2026 results / 14
Slide 15: DWS financial performance
DWS financial performance In €mn, unless stated otherwise Actuals % Delta Absolute Delta Q1 2026 vs Q1 2026 vs Q1 2026 vs Q1 2026 vs Q1 2026 Q4 2025 Q1 2025 Q4 2025 Q1 2025 Q4 2025 Q1 2025 Management fees and other recurring revenues 673 673 639 (0)% 5% (0) 34 Performance and transaction fees 109 17
Slide 16: Historical AuM development
Historical AuM development In €bn FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 AuM Active Equity 111 107 108 113 117 117 114 Active Multi Asset 54 53 54 54 54 54 53 Active SQI 1 77 76 77 78 80 80 81 Active Fixed Income 213 210 203 208 209 209 209 Passive 335 338 346 376 395 395 396 Altern
Slide 17: Historical net flows
Historical net flows In €bn FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Net flows by asset class Active Equity (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) (1.2) Active Multi Asset (1.9) (0.7) 0.4 (1.4) (0.1) (1.8) 0.3 Active SQI 1 2.4 1.4 0.2 1.5 0.9 4.0 1.6 Active Fixed Income (0.7) 1.1 (1.3) 0.2
Slide 18: DEEP DIVE: Q1 2026 detailed investment outperformance
DEEP DIVE: Q1 2026 detailed investment outperformance Investment performance, in %1 1Y 3Y 5Y Equity 72% 49% 39% Active Retail Multi Asset2 24% 24% 21% SQI2 49% 31% 58% Fixed Income 61% 77% 98% Cash2 100% 100% 100% Total 72% 59% 58% Equity2 68% 44% 37% Active Institutional Multi Asset 59% 33% 29% SQI
Slide 19: 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 20: 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 21: 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 — Q1 2026 Earnings Presentation on 6ix