DWS Group (DWS) Q4 2025 earnings summary

Executive summary

• Exceeded strategic and financial targets for 2025, with EPS up 43% to EUR 4.64 and cost-income ratio well below target.

• Achieved record revenues, profit before tax, net income, net inflows, and assets under management, supported by disciplined cost management.

• Launched digital business initiatives, including stablecoin ventures and crypto ETPs, and expanded digital distribution.

• Proposed ordinary dividend of EUR 3.00 per share for 2025, a 36% increase from the prior year.

• Set new, more ambitious financial targets through 2028, aiming for continued growth and efficiency.

Financial highlights

• Revenues rose 14% year-over-year to EUR 3,155 million in 2025, the highest since IPO.

• Net income reached up to EUR 928 million, up 43% versus 2024.

• Q4 2025 revenues were EUR 902 million, up 20% quarter-over-quarter and 23% year-over-year.

• Cost-income ratio improved to 58% for 2025 and 53.9% in Q4.

• Total assets under management increased 7% year-over-year to EUR 1,085 billion.

Outlook and guidance

• New targets: EPS growth of 10%-15% per annum until 2028, cost-income ratio below 55% by 2027.

• Cumulative long-term net flows expected to exceed EUR 160 billion for 2026–2028.

• Performance and transaction fees targeted at 4%-8% of net revenues per annum.

• Ordinary dividend payout ratio set at around 65%, with a proposal for an extraordinary dividend in 2027 if excess capital is not deployed.

• Margin compression expected to be less than one basis point going forward, with optimism on alternatives and active products.