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

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:03.375 Good morning to everybody from snowy Frankfurt. 00:00:03.375 -- 00:00:07.181 This is Oliver Flade from Investor Relations, and I would like to welcome everybody to 00:00:07.181 -- 00:00:11.767 our earnings call for the fourth quarter and full year of 2025. 00:00:11.767 -- 00:00:15.852 Before we start, my usual reminder that the upcoming Deutsche Bank analyst call will 00:00:15.852 -- 00:00:20.018 outline the asset management segments results, which have a different parameter basis 00:00:20.018 -- 00:00:24.003 to the DWS results we're presenting now. 00:00:24.003 -- 00:00:30.329 So I'm joined also as usual. Stefan Hobbs, our CEO, and Markus Kobler, our CFO. 00:00:30.329 -- 00:00:35.257 I'm pretty sure you have seen our notification yesterday evening and the material that 00:00:35.257 -- 00:00:40.745 we published this morning. So Stefan will start with some opening 00:00:40.745 -- 00:00:45.372 and some closing remarks, and Markus will take you through the main part of the presentation 00:00:45.372 -- 00:00:46.874 as 00:00:46.874 -- 00:00:50.860 usual. For the Q&A afterwards, please could you limit yourself to the two most important 00:00:50.860 -- 00:00:56.293 questions so that we can give as many people a chance to participate as possible. 00:00:56.293 -- 00:01:00.797 And I would also like to remind you that the presentation may contain forward-looking 00:01:00.797 -- 00:01:04.161 statements, which may not develop as we currently expect. 00:01:04.161 -- 00:01:09.246 I therefore ask you to take note of the disclaimer and the precautionary warning on the 00:01:09.246 -- 00:01:12.909 forward-looking statements at the end of our materials. 00:01:12.909 -- 00:01:15.712 And with that, I will now pass on to Stefan. 00:01:15.712 -- 00:01:21...