Q2 2025 DWS Group GmbH & Co KgaA Earnings Call Transcript
Key Points
- DWS Group GmbH & Co KGaA (WBO:DWS) is on track to achieve its EUR4.50 EPS target for 2025, with a clear path to 10% annual EPS growth in 2026 and 2027.
- The company demonstrated resilience in a challenging environment, delivering an increased EPS of EUR1.07 in Q2 2025.
- DWS Group GmbH & Co KGaA (WBO:DWS) reported robust net flows of EUR3.7 billion in long-term net flows and EUR8.5 billion in total net flows.
- The company has a healthy capital position with EUR0.8 billion in excess capital, providing flexibility for growth opportunities and shareholder returns.
- DWS Group GmbH & Co KGaA (WBO:DWS) is investing in long-term growth areas such as digital infrastructure and alternative platforms, including the launch of a EUR-denominated stablecoin.
- The flow momentum in the Xtrackers business was impacted in Q2 2025, with EUR3 billion in net flows, which is lower than previous quarters.
- The real estate segment faced challenges, with EUR1.9 billion in outflows in Q2 2025, partly due to a single redemption in the US real estate portfolio.
- The company experienced negative forex movements, which affected the average assets under management and management fees.
- DWS Group GmbH & Co KGaA (WBO:DWS) is cautious about the market conditions, which could impact the achievement of its financial targets.
- The company's cost-income ratio, although improved, still requires active management to ensure it remains below the full-year guidance of less than 61.5%.
Good morning ladies and gentlemen, and welcome to the DWS Group Q2 2025 conference call and live webcast. I am Yusuf, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and that this conference is being recorded. The presentation will be followed by a Q&A session. (Operator instructions) The conference must not be recorded for publication or broadcast.
At this time, it's my pleasure to hand over to Oliver Flade. Please go ahead.
Yeah, thank you very much, operator. And good morning to everybody from Sunny Frankfurt. This is Oliver from Investor Relations, and I would like to welcome everybody to our earnings call for the second quarter of 2025. Before we start, I would like to remind you that the upcoming Deutsche Bank analyst call will outline the asset management segment result, which have a different parameter basis to the DWS results that we're presenting now.
I'm joined as usual by Stefan Hopes, our CEO,
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