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DWS Group Q4 & FY 2025 preliminary results January 29, 2026
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Recap since Capital Markets Day 2022 Strong delivery against FY 2025 targets Growth Expanding true areas of strength Build Seed-funding areas with high potential Reduce Re-allocating resources to priority growth areas Value Maintaining leadership in mature markets Market growth potential Capabilities 2025 Outlook Ambition to increase share of funds with EUR >1bn in AuM byActive AuM CAGR 2022-2025Passive AuM CAGR 2022-2025Alternatives Digital Ambition to innovate and establish product value chain 20% >12% >10% Investor Relations – DWS Group Q4 & FY 2025 preliminary results EUR 4.50 EPS target in 2025 <59% Adj. CIR target in 2025 / 2
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Outperformance of FY 2025 financial targets / 3 FY 2025 Key Financial Highlights Total revenues at €3,155mn, up 14% year-over-year EPS increased to €4.64, more than 40% increase vs. FY 2024 Investor Relations – DWS Group Q4 & FY 2025 preliminary results Reported Cost-Income-Ratio at 58.0%, improved by 7.6 percentage points vs. FY 2024 1 Subject to Annual General Meeting approval on June 03, 2026 Proposal of ordinary dividend of €3.00 per share1 Long-term net flows of €33.7bn and total net flows of €51.0bn
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Note: Throughout this presentation, totals may not sum due to rounding differences. / 4 Financial Performance Snapshot – FY 2025 Revenue growth and operating leverage drive positive EPS momentum Long-term net flows (€bn) Cost-Income Ratio (%) 783 900 963 FY 2023 FY 2024 FY 2025 +23% 7% Management fee margin (bps) 26.1 25.027.116.5 32.9 33.7 58.070.3 65.6 EPS (€) 3.25 4.642.76 Costs (€mn) Total AuM (€bn) 896 1,012 1,085 Long-term AuM (€bn) Revenues (€mn) Net Income (€mn) 1,837 1,814 1,831 FY 2023 FY 2024 FY 2025 0% 1% 553 652 928 FY 2023 FY 2024 FY 2025 +68% 42% 2,614 2,765 3,155 FY 2023 FY 2024 FY 2025 +21% 14% Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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/ 5 Financial Performance Snapshot – Q4 2025 Significant earnings increase supported by continued AuM growth Long-term net flows (€bn) Cost-Income Ratio (%) 900 935 963 Q4 2024 Q3 2025 Q4 2025 7% 3% Management fee margin (bps) 25.2 24.825.914.4 10.3 8.0 53.964.6 57.7 EPS (€) 1.10 1.480.88 Costs (€mn) Total AuM (€bn) 1,012 1,054 1,085 Long-term AuM (€bn) Revenues (€mn) Net Income (€mn) 472 435 486 Q4 2024 Q3 2025 Q4 2025 3% 12% 175 219 296 Q4 2024 Q3 2025 Q4 2025 69% 35% 731 754 902 Q4 2024 Q3 2025 Q4 2025 23% 20% Investor Relations – DWS Group Q4 & FY 2025 preliminary results Note: Throughout this presentation, totals may not sum due to rounding differences.
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Q4 Highlights Client Dynamics / 6 Positive contribution across all client segments and regions Q4 2025 Net-flows (in €bn) 10.5 8.0 Total Long-term 6.9 1.1 Retail Institutional 4.2 2.0 1.1 0.8 Germany EMEA ex Germany Americas APAC By region (long-term): By client segment (long-term): Overall: Investor sentiment remained cautious but constructive despite the government shutdown in US and central bank interest rate decisions. Overall flows were driven by Passive, Infrastructure and SQI solutions with Active, Passive and Alternatives delivering positive flows and net new revenues in Q4 Retail: Germany Wholesale as one key driver of retail success. Particularly high-margin SQI flows supporting net new revenue results and confirming the positive Active development. Global Equity flows further supported strong Retail picture Institutional: Positive flow picture with limited dynamics towards year-end as clients focused on re-allocations in Q1 2026 Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Active Business / 7 Turnaround to positive flows in Active Q4 2025 AuM and net flows (in €bn) Q4 Highlights Flows 17% 25% 45% 12% 460 AuM Q4 Active product launches 1.1 — DB Global Equity Strategy — DB StepIn Global Equity II — Xtrackers Floating Rate Notes Active UCITS ETF Investor Relations – DWS Group Q4 & FY 2025 preliminary results 0.9 0.2 0.2 (0.1) SQI Equity Fixed Income Multi Asset Positive turnaround in Active, primarily supported by SQI and Active Equity SQI: Continued positive flow momentum driven by inflows into successful product launches and inflows into our pension strategies Equity: Positive flows in the fourth quarter, reflecting a gradual recovery, mainly driven by Retail Fixed Income: Growing positive momentum with new institutional RFPs and flows into credit strategies. Continued inflows into DWS Floating Rate Notes, partially offset by some institutional outflows Multi-Asset: Some outflows, driven by specific sales channels Active ETF: Proven Floating Rate Notes strategy successfully extended into Active ETF launch
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Xtrackers Business / 8 Solid flow development for Xtrackers supporting to significant AuM increase Q4 Highlights Q4 Product launches AuM Flows — Xtrackers II Salam USD Global Aggregate Sukuk UCITS ETF — Xtrackers Zurich ESG Allocation Equities UCITS ETF — Xtrackers Europe Market Leaders ETF — Xtrackers Nifty 500 India ETF 73% 21% 6% UCITS Mandates & Solutions 1940 Act 395 Q4 2025 AuM and net-flows (in €bn) 6.6 1 ETFGI European League Table December 2025 6.1 1.0 (0.6) Investor Relations – DWS Group Q4 & FY 2025 preliminary results Flow momentum: Solid quarter with more than €6.5bn net flows added to platform UCITS: Flows driven by Equity UCITS ETFs, mainly Emerging Markets and Japanese Equity UCITS ETFs. Fixed Income driven by EUR Overnight. Strong momentum in Digital distribution and partnerships Mandates & Solutions: Extended our partnership product range with Xtrackers Zurich ESG Allocation Equities UCITS ETF. Continued inflows into our partnership with digital partners US domiciled ETFs: Xtrackers Europe Market Leaders ETF and Xtrackers Nifty 500 India ETF successfully launched ETP market share in Europe at 10.4%1 Further expanding strategic footprint with new Digital Distribution Partnership in Germany and EMEA
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Alternatives Business / 9 Positive infrastructure momentum while real restate remains constrained Q4 Highlights Q4 Product updates AuM Flows1 25% 51% 23% 108 — Creating German investment opportunities by leveraging our strong partnerships with DB and KFW to open new pathways for global investors into Germany — Launch of 3 LRA mandates on regional and global real estate strategies 0.8 0.1 (0.9) Q4 2025 AuM and net-flows (in €bn) 0.3 Infrastructure: Fundraising for our flagship infrastructure equity strategy has maintained strong momentum Liquid Real Asset: Strong institutional interest in both core strategies and tailored solutions Real Estate: Environment continues to be challenging, overall momentum continues to build slowly Private Credit: Strong institutional interest in our European Corporate Credit and growth debt strategy 1 Total flows and AuM include minor inflows and AuM in other alternative strategies 2 European Long-Term Investment Fund Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Revenue Development / 10 23% net revenue increase year-over-year — Total revenues increased to €902mn, mainly driven by performance fees — Management fees at €673mn, up 3% q-o-q, supported by higher average AuM — Performance & transaction fees reached €173mn, including significant contributions from Concept Kaldemorgen and PEIF II — Other revenues stand at €56mn, up 16% q-o-q, driven by higher contribution from Harvest, increased NII and FVoG, offset by miscellaneous items Net revenues (in €mn) Q4 Highlights 647 655 673 108 50 17348 56 (24) Q4 2024 Q3 2025 Q4 2025 731 902 754 +23% +20% Management fees and other recurring revenues Performance and transaction fees Other revenues Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Harvest Fund Management / 11 Increased revenue contribution from our 30% stake in Harvest Fund Management Harvest AuM development — Revenue contribution of €24mn and €67mn in FY 2025, supported by increased performance fees as well as a non-operating one-off tax item — Harvest ranked as 6th largest Asset Mangers in China1 — AuM of €219bn in 2025 increased by 2% y-o-y, driven by positive flows into Passive Equity funds and Fixed Income Retail products alongside with CNY appreciation against EUR, partly offset by negative market performance Note: Preliminary and unaudited numbers provided by Harvest Fund Management Co., Ltd; DWS holding 30% of HFM, Other shareholders: Lixin Investment 30%, China Credit Trust 40% 1 In terms of mutual fund size excluding money market funds Revenue contribution to DWS 56 49 FY 2023 FY 2024 196 214 219 FY 2023 FY 2024 FY 2025 EUR bn EUR mn Q4 14 12 16 24 FY 2025 67 Q3 Q2 Q1 Investor Relations – DWS Group Q4 & FY 2024 preliminary results FY / Q4 Highlights
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Cost Development / 12 Cost-Income Ratio improved by over 10 percentage points year-over-year Costs (in €mn) — Total costs at €486mn, up 12% q-o-q and almost flat year over year — Compensation & Benefits amounted to €248mn, up €31mn q-o-q, reflecting higher performance related compensation and severance — G&A expenses stood at €238mn, mainly stemming from seasonal year-end adjustments — Reported cost-income ratio improved to 53.9%, down 10.7 percentage points vs Q4 2024 57.7 53.964.6Cost-Income Ratio (%) 255 218 238 218 217 248 Q4 2024 Q3 2025 Q4 2025 473 435 486 +3% +12% Compensation & Benefits General & Administrative expenses Q4 Highlights Investor Relations – DWS Group Q4 & FY 2025 preliminary results Performance-fee related carried interest Severance Share-price related costs 18 7 12 Including
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DWS medium-term financial targets until 2028 / 13 Uplifting our financial ambitions as a result of strong business momentum EPS growth p.a. 10-15% CIR by 2027 <55% Performance & Transaction Fees of net revenues p.a. 4-8% Cumulative long-term net flows over 2026–2028 >€160bn Ordinary dividend payout-ratio ~65% Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Outlook | Cost & Growth Priorities Focused measures to support uplift of financial targets 10% – 15% EPS Growth p.a. 2026 – 2028 <55% Cost-Income-Ratio by 2027 Reduction of Disciplined-Based Costs Growth Priorities GatewayToEurope Offer attractive European investment opportunities FutureOfFinance Build digital distribution channels & assets Top5InTop5 Grow in Top 5 economies BullishGermany Benefit from home market opportunities Global Hausbank Leverage DB partnership across value chain Human Capital Management Promote internal mobility & limit external hiring Target Operating Model Streamlining teams and capabilities IT & Ops Optimization Automation, AI, and near-shoring / 14Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Appendix
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/ 16 Market Environment Source: Bloomberg Equities (%) FX (€/$) Volatility (VIX Index) Interest rates, yield (%) 01/25 07/25 01/26 80 90 100 110 120 130 140 04/25 10/25 Mdax Dax MSCI World Eurostoxx 50 0 1 2 3 4 5 01/25 07/25 01/2604/25 10/25 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap Investor Relations – DWS Group Q4 & FY 2025 preliminary results 01/25 04/25 07/25 10/25 01/26 10 20 30 40 50 60 01/25 07/25 01/26 1.0 1.1 04/25 10/25
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Total AuM Development / 17 1 Represents FX impact from non-Euro denominated products; excludes performance impact from FX Active Passive Alternatives 85 93 26 15 56 100 8 2 20 106 427 456 453 460 109 110 107 108 246 335 376 395 FY 2023 18 (1) 0 Market Impact Other 16 FY 2025Cash & Adv. Flows Long-term net flows Q3 2025 18 Other 0 28 Market Impact FX1Cash & Adv. Flows Long-term net flows FX 896 1,012 1,054 1,085 (54) FY 2024 Cash Advisory Services AuM development in €bn Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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7 49 239220775228495472FY 2024 7 56 257220771229494563FY 2025 2,479 2,597 Management fee and margin development / 18 Management fee growth while margins remain in line with guidance — Management fees increased y-o-y, primarily driven by strong growth in Passive and SQI — Passive management fees increased by 19% y-o-y, underlining the profitability of our platform and supporting our growth ambitions — SQI management fees improved by 8% y-o-y, supported by net inflows with higher margin — Equity margin decreased by 2 bps. y-o-y, largely reflecting the renegotiation of a major distribution agreement — Overall management fee margin of 25.0bps decreased 1.1bps y-o-y in line with our guidance, mainly driven by flow mix effects, partly offset by positive market performance 26.1 25.0 Margin Equity Passive Alternatives FI MA SQI Cash Active Margin 16 46 11 71 639 33 16 46 11 69 40 33 Fees in EUR mn, Margins in bps Management fees1 and margin by asset class 1 Management fees and other recurring revenues, non-product related management fees of €(5)m in 2024 and €1m in 2025 excluded inasset class breakdown Advisory 3 46 FY Highlights Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Other Revenues / 19 Net interest income Harvest FVoG Miscellaneous (24) 48 58 78 Total Other revenues 56 Other Revenue development in €mn 4Q-24 1Q-25 3Q-25 2Q-25 29 25 26 21 22 7 14 12 16 24 (37) 16 23 10 12 (22) 22 (3) 1 (3)4Q-25 Investor Relations – DWS Group Q4 & FY 2025 preliminary results 240FY 2025
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Economic Balance Sheet and Capital Position \ 20 Excess Capital position standing at €1.0bn Corporate Investments Other Assets Non-controlling Interests Other Liabilities Goodwill & Intangibles Shareholder equity Liquidity Position 3.0 1.3 3.5 1.4 Assets 1.7 0.0 7.5 Liabilities 9.2 9.2 Excess capital Target capitalization Since IPO, DWS returned €3.44bn of capital DWS applies dividend payout ratio of around 65% starting 2025 7.5 2.5 4.0 1.0 Shareholder equity Deductions Tangible equity 3.5 Tangible equity + Tangible equity is our key capital supply metric against which we measure regulatory and economic capital demand Excess capital represents the surplus of tangible equity above our target capitalization, available to be deployed for growth initiatives or distribution to shareholders Target capitalization considers all sources of regulatory and economic capital demands, incl. appropriate buffers Together with a Strong Capital Position in €bnSimple and Stable Economic Balance Sheet in €bn Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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DWS Financial Performance / 21 In €mn, unless stated otherwise Investor Relations – DWS Group Q4 & FY 2025 preliminary results Actuals % Delta Absolute Delta Q4 2025 Q3 2025 Q4 2024 FY 2025 FY 2024 Q4 2025 vs Q3 2025 Q4 2025 vs Q4 2024 FY 2025 vs FY 2024 Q4 2025 vs Q3 2025 Q4 2025 vs Q4 2024 FY 2025 vs FY 2024 Profit & Loss Management fees and other recurring revenues 673 655 647 2,597 2,479 3% 4% 5% 18 26 118 Performance and transaction fees 173 50 108 318 148 245% n/m n/m 123 65 170 Other revenues 56 48 (24) 240 138 16% (333)% 74% 8 80 102 Net revenues 902 754 731 3,155 2,765 20% 23% 14% 148 170 390 Compensation & Benefits (248) 217 218 (929) 883 14% 14% 5% 31 30 46 General & administrative expenses (238) 218 254.53 (902) 931 9% (7)% (3)% 20 (17) (29) Total noninterest expenses (486) (435) (472) (1,831) (1,814) 12% 3% 1% 51 14 17 Profit before tax 416 319 259 1,324 951 31% 61% 39% 97 157 373 Tax expense (121) 100 85 (396) 298 21% 42% 33% 21 36 97 Net income 296 219 175 928 652 35% 69% 42% 76 121 276 Net income attributable to DWS Group shareholders 295 219 176 927 649 35% 68% 43% 76 120 278 Other Key Performance Measures Reported CIR 53.9% 57.7% 64.6% 58.0% 65.6% (3.8) ppt (10.7) ppt (7.6)ppt FTE (#) 4,826 4,722 4,567 4,826 4,567 2% 6% 6% 103 259 259 AuM (in €bn) 1,085 1,054 1,012 1,085 1,012 3% 7% 7% 30 73 73 Long term AuM (in €bn) 963 935 900 963 900 3% 7% 7% 27 62 62 Net flows (in €bn) 10.5 12.1 18.4 51.0 25.7 (13)% (43)% n/m (1.6) (7.9) 25.2 Long term net flows (in €bn) 8.0 10.3 14.4 33.733 32.9 (22)% (44)% 2% (2.3) (6.4) 0.8 Management fee margin (bps - annualized) 24.8 25.2 25.9 25.0 26.1 (1)% (4)% (4)% (0.4) (1.1) (1.1) Long term management fee margin (bps - annualized) 27.3 27.7 28.5 27.6 28.9 (1)% (4)% (5)% (0.4) (1.2) (1.3) Average AuM (in €bn) 1,077 1,033 994 1,038 949 4% 8% 9% 44 83 89 Average Long term AuM (in €bn) 955 915 884 920 839 4% 8% 10% 40 72 80 Earnings per share (in €) 1.48 1.10 0.88 4.64 3.25 35% 68% 43% 0.38 0.60 1.39
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1 Systematic and Quantitative Investments / 22 Historical AuM Development In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY2025 Change in AuM by driver (after separation of Advisory Services) Total net flows 28.3 7.8 (18.7) 18.3 18.4 25.7 19.9 8.5 12.1 10.49 50.99 FX (12.2) 7.2 2.4 (14.2) 30.2 25.6 (19.5) (33.8) (0.7) (0.99) (54.99) Markets 57.5 29.6 8.5 26.3 (0.1) 64.3 (2.8) 26.9 32.3 20.33 76.73 Other 1.1 0.5 (0.3) (0.6) 0.2 (0.2) 0.5 (1.4) 0.7 0.43 0.23 Total change in AuM 74.6 45.2 (8.1) 29.7 48.6 115.5 (2.0) 0.2 44.4 30.27 72.87 AuM Active Equity 103 109 111 110 111 111 107 108 113 116.7 116.7 Active Multi Asset 56 58 58 54 54 54 53 54 54 54.0 54.0 Active SQI1 66 70 71 75 77 77 76 77 78 80.3 80.3 Active Fixed Income 202 205 194 207 213 213 210 203 208 208.6 208.6 Passive 246 275 290 307 335 335 338 346 376 395.0 395.0 Alternatives 109 109 107 106 110 110 106 105 107 108.1 108.1 Total Long-term 783 827 830 860 900 900 891 893 935 962.7 962.7 Cash 85 85 84 84 93 93 98 100 100 105.7 105.7 Advisory Services 28 29 18 19 18 18 20 17 18 16.1 16.1 DWS Group 896 941 933 963 1,012 1,012 1,010 1,010 1,054 1,084.51 1,084.51 AuM by region Americas 218 225 212 214 231 231 224 213 214 510.3 510.3 EMEA excl. Germany 222 235 239 252 267 267 272 274 294 221.8 221.8 Germany 411 435 434 445 458 458 458 466 488 297.4 297.4 Asia Pacific 45 47 48 52 55 55 55 57 58 55.0 55.0 DWS Group 896 941 933 963 1,012 1,012 1,010 1,010 1,054 1,084.5 1,084.5 AuM by client channel Retail 407 441 457 470 499 499 502 507 540 565.4 565.4 Institutional 489 500 476 493 513 513 508 503 514 519.1 519.1 DWS Group 896 941 933 963 1,012 1,012 1,010 1,010 1,054 1,084.5 1,084.5 Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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1 Systematic and Quantitative Investments / 23 Historical Net Flows In €bn FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Net flows by asset class (after separation of Advisory Services) Active Equity (2.3) (1.8) (0.9) (1.6) (1.1) (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) Active Multi Asset (1.7) (0.5) (0.5) (1.0) 0.1 (1.9) (0.7) 0.4 (1.4) (0.1) (1.8) Active SQI1 (1.5) 1.5 0.4 (0.0) 0.5 2.4 1.4 0.2 1.5 0.9 4.0 Active Fixed Income 0.6 1.7 (12.1) 10.3 (0.5) (0.7) 1.1 (1.3) 0.2 0.2 0.2 Passive 21.2 9.3 8.5 9.5 14.5 41.8 12.7 3.0 10.3 6.6 32.6 Alternatives 0.2 (2.2) (1.4) (0.5) 1.0 (3.2) (0.8) 2.4 0.3 0.3 2.2 Total Long-term 16.5 7.9 (6.0) 16.7 14.4 32.9 11.7 3.7 10.3 8.0 33.7 Cash 5.7 (1.5) (1.8) 1.2 4.2 2.1 8.3 6.7 0.3 4.8 20.1 Advisory Services 6.2 1.4 (10.8) 0.4 (0.2) (9.3) (0.1) (1.9) 1.5 (2.3) (2.8) DWS Group 28.3 7.8 (18.7) 18.3 18.4 25.7 19.9 8.5 12.1 10.5 51.0 Net flows by region Americas 11 (0.9) (14.4) 4.1 5.3 (5.9) 0.4 3.3 (4.7) 5.7 4.7 EMEA excl. Germany 0.7 1.3 1.8 8.5 3.4 15.0 10.4 0.7 8.8 0.7 17.6 Germany 14.3 6.7 (7.5) 3.7 7.5 10.5 8.4 1.4 8.5 10.4 28.6 Asia Pacific 2.3 0.7 1.3 2.0 2.1 6.2 0.6 3.1 (0.4) (3.2) 0.1 DWS Group 28.3 7.8 (18.7) 18.3 18.4 25.7 19.9 8.5 12.1 10.5 51.0 Net flows by client channel Retail 11.3 9.8 6.7 8.0 12.1 36.5 15.0 1.1 12.2 12.4 40.6 Institutional 17.0 (2.0) (25.4) 10.2 6.3 (10.8) 4.9 7.4 (0.1) (1.9) 10.4 DWS Group 28.3 7.8 (18.7) 18.3 18.4 25.7 19.9 8.5 12.1 10.5 51.0 Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Q4 2025 Detailed Investment Outperformance / 24 Investment performance, in %1 1 ) Aggregate asset-weighted gross outperformance of Active and Alternatives products that have benchmark spreads (gross and net) available over respective periods (Active and Liquid Real Assets as of December, 2025, Direct Real Estate and Other Alternatives as of September 30, 2025). 2 <10bn AuM with BM and hence ratios not representative 1Y 3Y 5Y Equity 62% 7% 18% Multi Asset2 4% 20% 20% SQI2 59% 73% 62% Fixed Income 56% 75% 97% Cash2 100% 100% 100% Total 63% 32% 42% Equity2 66% 37% 44% Multi Asset 54% 47% 35% SQI 60% 66% 74% Fixed Income 72% 80% 89% Cash2 76% 100% 93% Total 70% 76% 81% Equity 63% 10% 20% Multi Asset 41% 45% 33% SQI 60% 67% 70% Fixed Income 70% 79% 90% Cash 86% 100% 97% Total 67% 60% 65% Direct Real Estate 80% 80% 95% Liquid Real Assets 27% 71% 86% Other Alternatives2 100% 100% 100% Total 63% 79% 92% Total DWS 67% 62% 69% Active Total Active Retail Active Institutional Alternatives Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Investor Relations / 25 Contact details oliver.flade@dws.com investor.relations@dws.com Tel: +49 (69) 910 63072 maneli.farsi@dws.com investor.relations@dws.com Tel: + 49 (69) 910 41049 Maneli FarsiOliver Flade agatha-dominika.klimek@dws.com investor.relations@dws.com Tel: +49 (69) 910 48767 Agatha Klimek Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Cautionary Statement (1/2) / 26 This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of DWS Group GmbH & Co. KGaA. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update any of them publicly in light of new information or future events. By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks. This presentation contains alternative performance measures (APMs). For a description of these APMs, please refer to the Interim Report, which is available at https://group.dws.com/ir/reports-and-events/financial-results/ Investor Relations – DWS Group Q4 & FY 2025 preliminary results
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Cautionary Statement (2/2) / 27 To measure outperformance, each fund or mandate of DWS which has a benchmark and where both gross and net outperformance is available has its performance (gross of fees) measured against that benchmark. In certain cases, for Illiquid portfolios where no benchmark is available, but a target return is defined, we use this target return instead of a benchmark for outperformance calculation. Where a fund or mandate outperforms its benchmark, the AuM held by such fund or mandate is included in the total proportion of our AuM included in outperformance figures. Fund of Funds are counted as products, e.g. when showing the absolute or relative number of products but are accounted with zero AuM for the purpose of AuM-based outperformance figures. Performance data is based on our internal performance review database and measured gross of fees. The outperformance ratio is defined as the AuM of all funds and mandates of DWS that outperformed their benchmark over the respective period divided by the AuM of all funds and mandates that have a benchmark assigned and performance data available. Outperformance is only one factor among many that influences the levels of our AuM, and the levels of our AuM are only one factor that contributes to our results of operations and financial position. Historical outperformance statistics should not be considered a substitute for financial information and trends in outperformance do not correlate with changes in net income. Investor Relations – DWS Group Q4 & FY 2025 preliminary results