Q1 2026 DWS Group GmbH & Co KgaA Earnings Call Transcript
Key Points
- DWS Group GmbH & Co KGaA (WBO:DWS) reported a solid first quarter with earnings per share at EUR1.32, surpassing consensus expectations.
- Revenues increased by 9% year-on-year to EUR821 million, while net income rose by 33% year-on-year to EUR265 million.
- The company achieved a reported cost/income ratio of 54.1%, an improvement of 8.1 percentage points year-on-year, indicating strong cost discipline.
- Total assets under management increased by 8% year-on-year, reaching EUR1.093 trillion.
- DWS Group GmbH & Co KGaA (WBO:DWS) reconfirmed its target of 10% to 15% EPS growth for the full year, assuming markets remain constructive.
- The geopolitical developments and market uncertainty in March led to a slowdown in overall client activity, impacting net flows.
- Institutional net outflows amounted to EUR1.9 billion, with client activity more restrained amid heightened market uncertainty.
- The Americas experienced net outflows of EUR5.1 billion, mainly due to institutional cash outflows driven by seasonal tax payment effects.
- Active equity reported net outflows of EUR1.2 billion, reflecting client derisking in response to heightened market volatility.
- The company faces challenges in the institutional segment, losing market share to strong competitors, and plans to make changes in its value chain to address this issue.
Ladies and gentlemen, welcome to the DWS Q1 2026 results with investor and analyst conference call. I am Shari, the Chorus Call operator. (Operator Instructions) The conference is being recorded. (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.
Yes. Thank you very much, operator, and good morning from sunny Frankfurt. This is Oliver Flade from Investor Relations, and I would like to welcome everybody to our earnings call for the first quarter of 2026. Now before we start, I would like to remind you, as usual, that the upcoming Deutsche Bank analyst call will outline the Asset Management segment results, which have a different parameter basis to the DWS results that we are presenting now. I'm joined also as usual, by Stefan Hoops, our CEO; and Markus Kobler, our CFO.
And Stefan will start with some opening remarks as well as some closing remarks, and Markus will
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