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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.
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Q2 2025 earnings summary24 Jul, 2025

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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Frequently asked questions

DWS Group offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. Its products include cash funds, equity investments, fixed income securities and installment products, as well as construction finance portfolios with a wide range of property-related asset classes.

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