Q2 2026 DWS Group GmbH & Co KgaA Earnings Call Transcript
Key Points
- DWS Group GmbH & Co KGaA (WBO:DWS) achieved a record high in assets under management (AUM), reaching EUR 1.19 trillion, with significant improvement in net flows.
- The company reported its best ever first half, with earnings per share (EPS) increasing by 21% year-on-year.
- Management fees grew strongly, up 13% year-on-year, driven by higher average assets under management.
- The company has reorganized its structure to enhance client focus and accountability, which has led to improved decision-making and investment focus.
- DWS Group GmbH & Co KGaA (WBO:DWS) is well-positioned to benefit from the upcoming German pension reform, which is expected to channel significant retirement savings into capital markets.
- Total costs increased by 6% year-on-year, driven by higher volume-driven costs and share price-linked compensation.
- The cost-income ratio rose to 60.5%, an increase of 1.3 percentage points year-on-year, partly due to higher AUM and stock price-related costs.
- Performance and transaction fees were significantly lower compared to the previous quarter, affecting overall revenue growth.
- The alternatives business reported net outflows, influenced by capital distributions to clients, which are recorded as outflows.
- There is a concern about the durability of the improvement in active equity flows, given the long-term industry trend towards passive investments.
Ladies and gentlemen. Welcome to this DWS Q2 2026 Results with Investor and Analyst Conference Call and Live Webcast.
I am Sandra, the course call operator.
I would like to remind you that all participants have been listen-only mode and the conference is being recorded.
The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone.
For operator assistance, please press star and 0.
The conference must not be recorded for publication or broadcast.
At this time, it is my pleasure to hand over to Oliver Flade. Please go ahead, sir.
Operator, thank you very much and good morning to everybody from Frankfurt. This is Oliver Flade from Investor Relations and I would like to welcome everybody to our earnings call for the second quarter of 2026.
Before we start, I would like to remind you that the upcoming Deutsche Bank Analyst Call will outline the Asset
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