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Q1 2021 Quarterly Statement // DWS Frankfurt / Main April 28 , 2021 Q1 2021 : DWS with Strong Performance and Focus on Profitability ; High Net Flows ex Cash • • • • • Adjusted profit before tax improved to EUR 249m in Q1 ( Q4 2020 : EUR 212m ; Q1 2020 : EUR 179m ) , up 17 % q - o - q and 39 % y - o - y ; Net income at EUR 169m in Q1 , up 3 % q - o - q Total revenues increased to EUR 634m in Q1 ( Q4 2020 : EUR 605m ; Q1 2020 : EUR 524m ) , up 5 % q - o - q and 21 % y - o - y , among other things , due to higher performance fees and our stake in Harvest Adjusted Cost - Income Ratio ( CIR ) improved to 60.7 % in Q1 ( Q4 2020 : 64.9 % ; Q1 2020 : 65.8 % ) Overall net flows of EUR 1.0bn in Q1 ( Q4 2020 : EUR 13.6bn ) ; excluding Cash products , net inflows increased to EUR 9.7bn ( Q4 2020 : EUR 8.3bn ) Adjusted costs decreased by 2 % to EUR 385m in Q1 ( Q4 2020 : EUR 393m ; Q1 2020 : EUR 345m ) ; Up 12 % y - o - y primarily due to higher deferred compensation relating to DWS ' strong share price development since Q1 2020 AuM further up by EUR 28bn to EUR 820bn in Q1 ( Q4 2020 : EUR 793bn ; Q1 2020 : EUR 700bn ) Net Flows ( EUR bn ) & Revenues Adjusted CIR & Adjusted Costs Revenues ( EUR m ) 524 605 634 13.6 Adjusted CIR ( % ) 65.8 64.9 60.7 9.7 8.3 1.0 393 385 345 -2.5 -6.1 Q1 20 Q4 20 Net flows Q1 21 Net flows ex Cash " During the first three months of the year , our firm was again able to achieve strong results . Due to our successful barbell strategy with inflows into our passive business as well as our high - margin strategies , we generated strong net flows ex cash of almost EUR 10 billion . Phase 2 of our corporate journey is off to a great start of organic growth in flows and in our topline . While this is promising , we will not lose focus on our medium- term plan of transforming our organization and investing into growth , to become a true leader of the asset management industry . " Asoka Woehrmann , CEO Published by the Communications and IR Departments DWS Group GmbH & Co. KGaA https://group.dws.com Q1 20 Q4 20 Q1 21 Adjusted costs ( EUR m ) " The 21 percent increase of our revenues year - on - year enabled us to improve our adjusted Cost - Income Ratio to 61 percent in the first quarter . As we shift to focus on growth and transformation we expect incremental investment over the course of this year . Furthermore , we increased both our adjusted profit before tax and our net income by 39 percent , making the first quarter a very successful start to the year . " Claire Peel , CFO Mainzer Landstr . 11-17 60329 Frankfurt , Germany