Dws Group Gmbh & Co. Kgaa · XETR:DWS
Dws Group Gmbh & Co. Kgaa — Q3 2026 Earnings Presentation
21 slides from Dws Group Gmbh & Co. Kgaa's earnings presentation, Oct 28, 2026
Slide 1: DWS Group Q3 2026 results
DWS Group Q3 2026 results October 28, 2026
Slide 2: Q3 2026 Key Financial Highlights
Q3 2026 Key Financial Highlights Strong organic growth supports ongoing revenue development Assets under Management increased to €1,221bn, driven by €30.9bn net flows Long-term net flows of €16.6bn, led by record Xtrackers inflows Total revenues at €784mn, with management fees increasing 5% q-o-q Pr
Slide 3: Financial Performance Snapshot – Q3 2026
Financial Performance Snapshot – Q3 2026 Organic growth and continued cost discipline drive profitability Long-term AuM (€bn) Revenues (€mn) Long-term Management net flows (€bn) 10.3 11.6 16.6 fee margin 25.2 24.8 24.5 (bps) +14% +1% +4% +1% 1,049 1,064 754 773 784 935 Total AuM (€bn) 1,054 1,190 1,
Slide 4: Client Dynamics
Client Dynamics Positive net flows across all client segments and regions Q3 2026 Net flows (in €bn) Q3 Highlights Total 30.9 Overall: Strong underlying client activity, with continued ETF demand Long-term 16.6 and increased allocations into liquid and defensive products amid lower risk appetite By
Slide 5: Active Business
Active Business Mixed flow dynamics across asset classes Q3 2026 AuM and net flows (in €bn) Q3 Highlights AuM Flows 0.0 18% SQI1: Continued positive momentum, supported by mandate wins 27% 1.1 across Europe and the US 0.2 12% 484 Multi-Asset: Institutional mandate wins and sustained demand for (0.3)
Slide 6: Xtrackers Business
Xtrackers Business Strong momentum leading to record inflows Q3 2026 AuM and net-flows (in €bn) Q3 Highlights AuM Flows 15.8 6% European ETPs: Strong flow momentum continued, delivering record 1% 13.0 inflows, driven by core equity exposures such as S&P 500, World ex US 20% and MSCI Emerging Markets
Slide 7: Alternatives Business
Alternatives Business Infrastructure fundraising remained strong while interest rate environment weighed on Real Estate Q3 2026 AuM and net-flows (€bn) Q3 Highlights AuM Flows 0.8 1% Infrastructure: Strong fundraising across equity and debt strategies 20% 1.3 Liquid Real Assets: Outflows from liquid
Slide 8: Revenue Development
Revenue Development Revenue growth driven by continued management fee increase Net revenues (in €mn) Q3 Highlights +4% +1% — Total revenues at €784mn, up 1% 773 784 q-o-q and 4% y-o-y 754 32 48 54 7 11 50 — Management fees increased to €745mn, up 5% q-o-q and 14% y-o-y, driven by higher average AuM
Slide 9: Cost Development
Cost Development Lower quarterly costs reflect maintained cost discipline Costs (in €mn) Q3 Highlights Cost-Income — Costs were €459mn, down (2)% q-o-q Ratio (%) 57.7 60.5 58.6 and up 6% y-o-y +6% -2% — Compensation & Benefits decreased (1)% q-o-q to €229mn, driven by 468 459 lower share price-relat
Slide 10: Cost & Growth Priorities
Cost & Growth Priorities Global Hausbank as one core growth lever Reduction of Discipline-Based Costs Growth Priorities GatewayToEurope Offer attractive European investment opportunities Human Capital Management Promote internal mobility & limit external hiring FutureOfFinance 10% – 15% Build digita
Slide 11: Appendix
Appendix
Slide 12: Market Environment
Market Environment Equities (%) FX (€/$) M-Dax Dax MSCI World Eurostoxx 50 120 115 110 1.2 105 100 95 90 1.1 11/25 01/26 03/26 05/26 07/26 09/26 11/25 01/26 03/26 05/26 07/26 09/26 Volatility (VIX Index) Interest rates, yield (%) 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap 32.5 6 2
Slide 13: Total AuM Development
Total AuM Development AuM development in €bn 17 14 4 1,221 (5) 1,190 (5) 12 82 1 1,054 20 26 Passive 455 475 376 Alternatives 105 105 107 Active 489 484 453 Cash Advisory 140 Services 100 125 18 16 17 Sep-25 Long-term Cash & FX1 Market Other Jun-26 Long-term Cash & FX 1 Market Other Sep-26 net flows
Slide 14: Other Revenues
Other Revenues Other Revenue development in €mn NII Harvest FVoG Miscellaneous Total other revenues 3Q-25 23 16 10 (1) 48 4Q-25 22 24 12 (2) 56 1Q-26 18 15 (1) 7 39 2Q-26 23 21 0 9 54 3Q-26 20 11 (1) 2 32 Investor Relations – DWS Group Q3 2026 results / 14
Slide 15: DWS Financial Performance
DWS Financial Performance Q3 2026 vs. Q3 2026 vs. 9M 2026 vs. FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Q2 2026 Q3 2025 9M 2025 9M 2026 9M 2025 Management fees and other recurring revenues 2,479 639 630 655 673 2,597 673 709 745 5% 14 % 1,924 2,127 11 % Performance, tra
Slide 16: Historical AuM Development
Historical AuM Development FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Change in AuM by driver Total net flows 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9 FX 25.6 (19.5) (33.8) (0.7) (1.0) (54.9) 8.1 5.1 3.7 Markets 64.3 (2.8) 26.9 32.3 20.3 76.7 (10.4) 72.2 (5.2) Other (
Slide 17: Historical Net Flows
Historical Net Flows FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Net flows by asset class Active Equity (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) (1.2) 1.1 (1.0) Active Multi Asset (1.9) (0.7) 0.4 (1.4) (0.1) (1.8) 0.3 (0.0) 0.2 Active SQI1 2.4 1.4 0.2 1.5 0.9 4.0 1.6 1.1 1.1 Act
Slide 18: Q3 2026 Detailed Investment Outperformance
Q3 2026 Detailed Investment Outperformance Investment performance, in %1 1Y 3Y 5Y Equity 79% 49% 58% Active Private Wealth Multi Asset2 30% 19% 19% SQI2 33% 45% 31% Fixed Income 70% 79% 95% Cash2 100% 100% 100% Total 77% 59% 66% Equity2 63% 45% 41% Active Institutional Multi Asset 46% 54% 37% SQI 55
Slide 19: Investor Relations
Investor Relations Contact details Oliver Flade Maneli Farsi [email protected] [email protected] [email protected] [email protected] Tel: +49 (69) 910 41049 Tel: +49 (69) 910 63072 Agatha Klimek [email protected] [email protected] Tel: +49 (69) 910 48767
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
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