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DWS Group (DWS) investor relations material
DWS Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 EPS rose to €1.07, with net income up 32% year-on-year, reflecting strong cost management and diversified revenues.
Assets under management (AuM) stable at €1,010bn, with €8.5bn net inflows in Q2 and long-term net flows of €3.7bn.
Cost-income ratio improved to 59.2%, down from 62.2% in Q1 and 65.8% in Q2 2024, reflecting effective cost discipline.
Strong capital position with €0.8bn in excess capital and a planned dividend payout ratio of around 65% from 2025.
Continued investment in digital infrastructure, alternatives, and talent, including the AllUnity stablecoin venture and expansion in India and the Philippines.
Financial highlights
Revenues stable at €746m, up 7% year-on-year; management fees at €630m and performance fees at €58m.
Net income reached €240m in Q2, up 32% year-on-year, with EPS at €1.07.
Total costs declined 6% quarter-on-quarter to €442m, driven by lower compensation and general expenses.
Management fee margin slightly declined to 25.1 bps annualized.
Dividend of €2.20 per share for FY 2024 approved, totaling €440m.
Outlook and guidance
On track to achieve €4.5 EPS for 2025, with performance fees largely locked in and additional upside from Q4 drivers.
Targeting 10% annual EPS growth in 2026 and 2027, assuming 2% annual cost growth and 5.5% revenue growth.
Expecting cumulative net new assets of €150bn over 2025–2027, with growth from active, extractors, and alternatives businesses.
Cost-income ratio expected to improve further, with continued investment in growth and innovation.
Passive AuM expected to be considerably higher and Alternatives slightly higher by year-end.
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