DWS Group (DWS) Q1 2026 earnings summary

Executive summary

• Delivered solid Q1 2026 results in a volatile and unpredictable market environment, with strong investment performance in flagship retail funds and disciplined cost management.

• Achieved total net inflows of EUR 11 billion in Q1 2026, with long-term flows as a key growth driver.

• Revenues rose 9% year-over-year to EUR 821 million, mainly due to higher performance fees.

• Net income increased 33% year-over-year to EUR 265 million, while EPS rose to EUR 1.32, above consensus.

• Reported cost-income ratio improved to 54.1%, down 8.1 percentage points year-on-year.

Financial highlights

• Revenues were EUR 821 million, up 9% year-on-year but down 9% quarter-on-quarter.

• Net income rose 33% year-on-year to EUR 265 million, but fell 10% sequentially.

• Total costs decreased 5% year-on-year and 9% quarter-on-quarter to EUR 444 million.

• Management fees stable at EUR 673 million; performance and transaction fees EUR 109 million, mainly from infrastructure and PIF II.

• Average AuM for Q1 2026 was EUR 1,103 billion, up 8% year-on-year.

Outlook and guidance

• Full-year EPS growth target of 10%-15% reconfirmed, with cost guidance tightened to around EUR 1.80 billion.

• Targeting cost-income ratio below 55% by 2027.

• Performance fees expected at the upper end of 4%-8% of revenues, with most remaining fees to be booked in Q4 2026.

• Strategic focus on digital distribution, European investment opportunities, and leveraging DB partnership.

• Market volatility and geopolitical uncertainty remain key risks, but cost discipline and efficiency levers are expected to offset revenue gaps.