DWS Group GmbH & Co. KGaA (0SAY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everybody from snowy Frankfurt. This is Oliver Flade from Investor Relations, and I would like to welcome everybody to our earnings call for the fourth quarter and full year of 2025. Before we start, my usual reminder that the upcoming Deutsche Bank analyst call will outline the asset management segments results, which have a different parameter basis to the DWS results we're presenting now. So I'm joined also as usual. Stefan Hobbs, our CEO, and Markus Kobler, our CFO. I'm pretty sure you have seen our notification yesterday evening and the material that we published this morning. So Stefan will start with some opening and some closing remarks, and Markus will take you through the main part of the presentation as usual. For the Q&A afterwards, please could you limit yourself to the two most important questions so that we can give as many people a chance to participate as possible. And I would also like to remind you that the presentation may contain forward-looking statements, which may not develop as we currently expect. I therefore ask you to take note of the disclaimer and the precautionary warning on the forward-looking statements at the end of our materials. And with that, I will now pass on to Stefan. Good morning, ladies and gentlemen, and welcome to our Q4 and full-year 2025 earnings call. Even though today marks not only the end of our 2025 financial year, but also of our three-year strategic plan, we would like to spend most of our time looking forward at where we see DWS heading over the next three years. But let me begin with a brief recap of our financial plan before handing over to Markus to walk you through the numbers in more detail. This is not intended as a victory lap. That is not our style. Rather, it is a fact-based assessment of...