DWS Group (DWS) Q3 2025 earnings summary

Executive summary

• Q3 2025 EPS reached EUR 1.10, up from EUR 1.07 in Q2 and EUR 0.83 in Q3 2024, with a clear path to the EUR 4.50 full-year target, supported by expected Q4 performance fees from Concept Kaldemorgen.

• Net income rose 30% year-on-year to EUR 219 million, and revenues increased 10% year-on-year to EUR 754 million.

• Long-term net flows were EUR 10.3 billion, reflecting strong investor confidence and positive momentum across most regions.

• Cost-income ratio improved to 57.7%, down 6.6 percentage points year-on-year and below the full-year target.

• Strategic digital initiatives in embedded investment solutions, digital assets, and AI are progressing, with first revenues from digital platforms already realized.

Financial highlights

• Revenues reached EUR 754 million, up 10% year-on-year and 1% quarter-on-quarter.

• Net income was EUR 219 million, up 30% year-on-year and 2% quarter-on-quarter.

• Total assets under management (AUM) rose to EUR 1.054 trillion, up 4% quarter-on-quarter and 10% year-on-year.

• Costs declined 2% quarter-on-quarter to EUR 435 million, reflecting disciplined cost management.

• Performance and transaction fees totaled EUR 50 million, with lower real estate performance fees offset by higher transaction fees in EMEA.

Outlook and guidance

• Confident in achieving the EUR 4.50 EPS target for 2025, with a clear path supported by seasonal performance fees.

• Guidance for 10% EPS growth in both 2026 and 2027, based on 5.5% revenue growth and 2% cost growth assumptions.

• Cost-income ratio expected to remain below 61.5% for full year 2025; management expects essentially flat costs for FY2025.