Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Investor Day (November 2025)
16 slides from Deutsche Bank's investor day presentation, Nov 17, 2025
Slide 1: Asset Management Investor Deep Dive 2025
Deutsche Bank Investor Relations Asset Management Investor Deep Dive 2025 November 17, 2025
Slide 2: Germany's #1 Asset Manager, Gateway to Europe, Growth in ETFs and Alternatives
Growth in Germany’s #1 Gateway to ETFs and Asset Manager Europe Alternatives Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 2
Slide 3: Asset Management at a glance
Asset Management at a glance Assets under Management Q3 2025, in € bn #1 Asset classes Regions Clients German retail 10% 5% fund manager1 11% 11% 20% #3 46% 13% 1,054 36% 1,054 49% 1,054 51% European ETF 28% manager by AuM2 20% Passive MA/SQI Equity Germany Americas Retail #5 FI Cash & Adv. Alts EME
Slide 4: Capabilities: strict capital discipline and improved financial profile
Strict capital discipline Significantly improved financial profile Strategy announced at DWS’ 2022 Capital Markets Day led to significant progress DWS net revenues Market growth potential in € bn ▪ Divested sub-scale businesses and self funded priority growth areas +14% Build Growth 2.7 ~3.1 ▪ Growt
Slide 5: Well positioned to capture future growth
Focused growth Well positioned to capture future growth Asset management industry growth driven by distinct drivers, and DWS can address all of them Industry Assets under Management1 Market drivers DWS positioning in € tn ETF supermarket in Europe, thematic ETFs in 8% CAGR ETFs APAC and Americas ~13
Slide 6: Focused growth with management actions
Focused growth Focused growth with management actions ConnectingTheDots across priorities with clear and tangible management actions GATEWAY TO EUROPE ▪ Infrastructure acceleration and investments for European transformation 1st point of contact for ▪ Expansion of private credit offerings in partner
Slide 7: Scalable operating model
Scalable operating model Scalable operating model Measures to scale operating model… … will bear fruit in the upcoming years Near-shoring and internalization Continued investment into Optimized Built up AM enabling functions growth while only allowing <60% platform increase of volume-based AM cost/i
Slide 8: Leveraging the Global Hausbank
Leveraging the Global Hausbank Significant competitive advantage for AM by unlocking Global Hausbank’s full potential ▪ #1 retail distribution partner Private ▪ Joint development of innovative products Bank ▪ Launch of digital investment solutions ▪ Cross-selling opportunities to corporate clients C
Slide 9: Our path forward: 2028 ambitions
Our path forward 2028 ambitions ▪ Diversified and proven business model with broad set of capabilities Long-term ▪ Strong business momentum driven by operating leverage >€ 160bn (2026-2028) net flows1 ▪ Clear strategic priorities defined for the years ahead: ~5% Revenue CAGR ▪ Becoming the Gateway t
Slide 10: Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops
Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 10
Slide 11: Appendix
Appendix Deutsche Bank Investor Deep Dive 2025 Asset Management, Stefan Hoops 11
Slide 12: Asset Management's development across key financials
Asset Management’s development across key financials Income statement, in € bn 2021 2022 2023 2024 9M 2025 DWS revenues1 2.7 2.7 2.6 2.8 2.3 Noninterest expenses 1.6 1.8 1.8 1.8 1.3 DWS profit before tax 1.1 0.9 0.8 1.0 0.9 Funding charges & other2 0.1 0.1 0.2 0.1 0.1 Noncontrolling interests 0.2 0.
Slide 13: Footnotes
Footnotes Note: Throughout this presentation, figures are rounded and totals may not sum due to Slide 9 – Out path forward rounding differences and percentages may not precisely reflect the absolute figures; 1. Net flows excluding flows from Cash and advisory forward-looking financials are based on
Slide 14: Glossary
Glossary Adv Advisory Alts Alternatives AM Asset Management APAC Asia Pacific API Application programming interface AuM Assets under Management Bps Basis points CAGR Compound annual growth rate CB Corporate Bank C&O Corporate & Other DB Deutsche Bank EMEA Europe, Middle East and Africa ETF Exchange
Slide 15: Speaker biography – Dr Stefan Hoops
Speaker biography – Dr Stefan Hoops Dr Stefan Hoops is Chief Executive Officer of DWS Group. He directly oversees DWS’ Alternatives business, and is also responsible for Audit, Communications and Corporate Strategy and M&A. Hoops first joined Deutsche Bank Group in Fixed Income Sales in 2003. Betwee
Slide 16: Cautionary statements
Cautionary statements Forward-Looking Statements 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