Slides
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DWS Group Q3 2026 results October 28, 2026
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Strong organic growth supports ongoing revenue development / 2 Q3 2026 Key Financial Highlights Total revenues at €784mn,with management fees increasing 5% q-o-q Long-term net flows of €16.6bn, led by record Xtrackers inflows Investor Relations – DWS Group Q3 2026 results Assets under Management increased to €1,221bn, driven by €30.9bn net flows Profit before tax up 6% q-o-q to €325mn, supported by disciplined cost management
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Note: Throughout this presentation, totals may not sum due to rounding differences. / 3 Financial Performance Snapshot – Q3 2026 Organic growth and continued cost discipline drive profitability Long-term net flows (€bn) Cost-Income Ratio (%) 935935 Q3 2025 1,049 Q2 2026 1,064 Q3 2026 +14% +1% 754 Q3 2025 773 Q2 2026 784 Q3 2026 +4% +1% 435 Q3 2025 468 Q2 2026 459 Q3 2026 +6% -2% 219 Q3 2025 237 Q2 2026 230 Q3 2026 +5% -3% Management fee margin (bps) 24.8 24.525.210.3 11.6 16.6 58.657.7 60.5 EPS (€) 1.19 1.151.10 Investor Relations – DWS Group Q3 2026 results Costs (€mn) Total AuM (€bn) 1,054 1,190 1,221 Long-term AuM (€bn) Revenues (€mn) Net Income (€mn)
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Q3 Highlights Client Dynamics / 4 Positive net flows across all client segments and regions Investor Relations – DWS Group Q3 2026 results Q3 2026 Net flows (in €bn) Total Long-term 30.9 16.6 Private Wealth Institutional 21.9 8.9 Germany Americas EMEA ex Germany APAC 11.8 10.5 2.2 6.4 By region: By client segment: Overall: Strong underlying client activity, with continued ETF demand and increased allocations into liquid and defensive products amid lower risk appetite Private Wealth: Digital distribution channels remained the key growth driver, with demand broadening beyond ETFs to Cash products Institutional: Underlying momentum strengthened, supported by mandate wins across Insurance clients, renewed demand for Fixed Income solutions was offset by anticipated redemptions Regions: Net flows were positive across all regions, with notable institutional contributions from the Americas and APAC and broader Private Wealth demand in Europe
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Active Business / 5 Mixed flow dynamics across asset classes Q3 2026 AuM and net flows (in €bn) Q3 Highlights Investor Relations – DWS Group Q3 2026 results Flows 18% 12% 43% 27% 484 AuM Q3 Product Highlights 0.0 1.1 0.2 (0.3) (1.0) SQI1: Continued positive momentum, supported by mandate wins across Europe and the US Multi-Asset: Institutional mandate wins and sustained demand for DWS Concept Kaldemorgen Fixed Income: Strong demand for DWS Floating Rate Notes outweighed by anticipated mandate redemptions in the US and Europe Equity: Continued inflows into German retail products offset by a specific mandate redemption and moderate US private wealth outflows — DWS Invest CROCI Europe — DWS Invest Top Dividend Plus SQI Multi Asset Fixed Income Equity 1 1 Systematic and Quantitative Investments
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Xtrackers Business / 6 Strong momentum leading to record inflows Q3 Highlights Q3 Product Highlights Investor Relations – DWS Group Q3 2026 results AuM Flows — Xtrackers II EUR Investment Grade Corporate Bond Active UCITS ETF — Xtrackers II EUR High Yield Corporate Bond Active UCITS ETF — Xtrackers Euro Stoxx UCITS ETF — Xtrackers Galaxy MSCI Physical Crypto Market ETC Securities 73% 6% 73% 6% 20% 1% 475 Q3 2026 AuM and net-flows (in €bn) 15.8 European ETPs: Strong flow momentum continued, delivering record inflows, driven by core equity exposures such as S&P 500, World ex US and MSCI Emerging Markets, alongside strong demand for EUR Overnight Mandates & Solutions: Solid inflows into new and existing mandates US Domiciled ETFs: Continued inflows, primarily driven by High Yield and ESG strategies Active ETFs: Continued build-out of the active ETF franchise, supported by targeted distribution initiatives 13.0 1.4 1.2 0.2 European ETPs Mandates & Solutions US Domiciled ETFs Active ETFs
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Alternatives Business / 7 Infrastructure fundraising remained strong while interest rate environment weighed on Real Estate Q3 Highlights Q3 Product Highlights Investor Relations – DWS Group Q3 2026 results AuM Flows 20% 52% 27% 1% 105 — Direct Real Estate Strategy — DWS Growth Debt Strategy — Access vehicles for 4th vintage of the Pan-European Infrastructure strategy 1.3 (0.1) (0.4) Q3 2026 AuM and net-flows (€bn) 0.8 Infrastructure: Strong fundraising across equity and debt strategies Liquid Real Assets: Outflows from liquid real estate products partly offset by allocations into liquid precious metals Real Estate: High interest rate environment continued to weigh on capital formation, transaction volumes and overall flow development Private Credit: Fundraising activities progressing with first closings expected in Q4 1 Includes Private Equity and other alternative strategies Infrastructure Liquid Real Assets Real Estate Other 1
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Revenue Development / 8 Revenue growth driven by continued management fee increase — Total revenues at €784mn, up 1% q-o-q and 4% y-o-y — Management fees increased to €745mn, up 5% q-o-q and 14% y-o-y, driven by higher average AuM — Performance and transaction fees amounted to €7mn, reflecting anticipated seasonality — Other revenues decreased to €32mn, including a lower contribution from Harvest following an elevated Q2 Net revenues (in €mn) Q3 Highlights Investor Relations – DWS Group Q3 2026 results 655 50 48 Q3 2025 709 11 54 Q2 2026 745 7 32 Q3 2026 754 773 784 +4% +1% Management fees and other recurring revenues Performance and transaction fees Other revenues
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Cost Development / 9 Lower quarterly costs reflect maintained cost discipline Costs (in €mn) — Costs were €459mn, down (2)% q-o-q and up 6% y-o-y — Compensation & Benefits decreased (1)% q-o-q to €229mn, driven by lower share price-related retention costs — G&A expenses amounted to €230mn, down (2)% q-o-q, benefitting from lower discipline-based costs, while volume-based costs increased — Cost-income ratio improved to 58.6% in Q3 and at 57.7% YTD 60.5 58.657.7Cost-Income Ratio (%) Q3 Highlights Investor Relations – DWS Group Q3 2026 results 217 218 Q3 2025 232 236 Q2 2026 229 230 Q3 2026 435 468 459 +6% -2% Compensation & Benefits General & Administrative expenses
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Cost & Growth Priorities Global Hausbank as one core growth lever 10% – 15% EPS Growth p.a. 2026 – 2028 <55% Cost-Income-Ratio by 2027 Reduction of Discipline-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 / 10Investor Relations – DWS Group Q3 2026 results
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Appendix
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/ 12 Market Environment Source: Bloomberg Investor Relations – DWS Group Q3 2026 results Equities (%) FX (€/$) Volatility (VIX Index) Interest rates, yield (%) 90 100 110 120 95 105 115 11/25 01/26 03/26 05/26 07/26 09/26 M-Dax Dax MSCI World Eurostoxx 50 1.1 1.2 11/25 01/26 03/26 05/26 07/26 09/26 12.5 17.5 22.5 27.5 32.5 11/25 01/26 03/26 05/26 07/26 09/26 2 3 4 5 6 11/25 01/26 03/26 05/26 07/26 09/26 10Y Bund 10Y Treasury Barclays Global Aggregate 30Y Euro Swap
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100 12 82 125 17 14 4 1 140 453 489 484 107 105 105 376 455 475 Total AuM Development / 13 1 Represents FX impact from non-Euro denominated products; excludes performance impact from FX Active Passive Alternatives 100 12 82 125 17 14 4 1 140 453 489 484 107 105 105 376 455 475 Cash & Adv. Flows Market Impact 18 Sep-25 Other 17 Sep-26 26 Long-term net flows 20 FX1 Market Impact (5) Other 16 Jun-26 Long-term net flows (5) Cash & Adv. Flows 1,054 1,190 1,221 FX Cash Advisory Services Investor Relations – DWS Group Q3 2026 results AuM development in €bn 1
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Other Revenues / 14 NII Harvest FVoG Miscellaneous 48 54 39 56 Total other revenues Investor Relations – DWS Group Q3 2026 results 32 Other Revenue development in €mn 3Q-25 4Q-25 1Q-26 3Q-26 2Q-26 23 22 18 23 20 16 24 15 21 11 10 12 (1) 0 (1) (2) 7 9 2 (1)
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DWS Financial Performance / 15Investor Relations – DWS Group Q3 2026 results FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2026 vs. Q2 2026 Q3 2026 vs. Q3 2025 9M 2025 9M 2026 9M 2026 vs. 9M 2025 Management fees and other recurring revenues 2,479 639 630 655 673 2,597 673 709 745 5 % 14 % 1,924 2,127 11 % Performance, transaction fees and other non-recurring revenues 148 37 58 50 173 318 109 11 7 (39)% (87)% 145 126 (13)% Other revenues 138 78 58 48 56 240 39 54 32 (40)% (34)% 185 125 (32)% Total net revenues 2,765 753 746 754 902 3,155 821 773 784 1 % 4 % 2,253 2,378 6 % Compensation and benefits 883 243 221 217 248 929 239 232 229 (1)% 6 % 681 700 3 % General and administrative expenses 931 226 220 218 238 902 205 236 230 (2)% 5 % 664 671 1 % Total noninterest expenses 1,814 469 442 435 486 1,831 444 468 459 (2)% 6 % 1,345 1,372 2 % Profit before tax 951 284 304 319 416 1,324 377 305 325 6 % 2 % 907 1,006 11 % Income tax expenses 298 85 90 100 121 396 112 68 94 39 % (5)% 275 274 (0)% Net income 652 199 214 219 296 928 265 237 230 (3)% 5 % 632 732 16 % Net income attributable to DWS Group shareholders 649 199 214 219 295 927 264 237 230 (3)% 5 % 632 731 16 % Resources Employees (full-time equivalent, at period end) 4,567 4,598 4,628 4,722 4,826 4,826 4,872 4,811 4,879 1 % 3 % 4,722 4,879 3 % Assets (at period end)1 11,871 11,817 11,133 11,440 11,775 11,775 12,133 12,021 12,446 4 % 9 % 11,440 12,446 9 % Management fee margin (in bps) 26.1 25.3 25.1 25.2 24.8 25.0 24.7 24.8 24.5 (0.2)bps (0.6)bps 25.1 24.6 (0.5)bps Long-term management fee margin (in bps) 28.9 27.9 27.7 27.7 27.3 27.6 27.3 27.4 27.4 (0.0)bps (0.3)bps 27.7 27.3 (0.3)bps Assets under management (at period end, in € bn) 1,012 1,010 1,010 1,054 1,085 1,085 1,093 1,190 1,221 3 % 16 % 1,054 1,221 16 % Long-term assets under management (at period end, in € bn) 900 891 893 935 963 963 966 1,049 1,064 1 % 14 % 935 1,064 14 % Average assets under management (at period end, in € bn) 949 1,025 1,007 1,033 1,077 1,038 1,103 1,147 1,204 5 % 17 % 1,024 1,154 13 % Average long-term assets under management (at period end, in € bn) 839 910 888 915 955 920 980 1,014 1,057 4 % 16 % 907 1,019 12 % Net flows (in € bn) 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9 24 % 155 % 40.5 66.7 65 % Long-term net flows (in € bn) 32.9 11.7 3.7 10.3 8.0 33.7 6.6 11.6 16.6 44 % 61 % 25.7 34.8 35 % Earnings per share (in €) 3.25 0.99 1.07 1.10 1.48 4.64 1.32 1.19 1.15 (3)% 5 % 3.16 3.66 16 % Efficiency Ratios Cost-income ratio 65.6 % 62.2 % 59.2 % 57.7 % 53.9 % 58.0 % 54.1 % 60.5 % 58.6 % (1.9)ppt 0.9 ppt 59.7 % 57.7 % (2.0)ppt
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1 Systematic and Quantitative Investments / 16 Historical AuM Development Investor Relations – DWS Group Q3 2026 results FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Change in AuM by driver Total net flows 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9 FX 25.6 (19.5) (33.8) (0.7) (1.0) (54.9) 8.1 5.1 3.7 Markets 64.3 (2.8) 26.9 32.3 20.3 76.7 (10.4) 72.2 (5.2) Other (0.2) 0.5 (1.4) 0.7 0.4 0.2 0.2 (5.5) 1.1 Total change in AuM 115.5 (2.0) 0.2 44.4 30.3 73.0 8.9 96.7 30.5 FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 AuM Active Equity 111 107 108 113 117 117 114 133 132 Active Multi Asset 54 53 54 54 54 54 53 56 56 Active SQI1 77 76 77 78 80 80 81 90 89 Active Fixed Income 213 210 203 208 209 209 209 211 207 Passive 335 338 346 376 395 395 396 455 475 Alternatives 110 106 105 107 108 108 112 105 105 Total Long-term 900 891 893 935 963 963 966 1049 1064 Cash 93 98 100 100 106 106 111 125 140 Advisory Services 18 20 17 18 16 16 16 16 17 DWS Group 1,012 1,010 1,010 1,054 1,085 1,085 1,093 1,190 1,221 AuM by region Americas 231 224 213 214 222 222 220 239 250 EMEA excl. Germany 267 272 274 294 297 297 306 331 339 Germany 458 458 466 488 510 510 511 561 571 Asia Pacific 55 55 57 58 55 55 56 59 61 DWS Group 1,012 1,010 1,010 1,054 1,085 1,085 1,093 1,190 1,221 AuM by client channel Private Wealth 499 502 507 540 565 565 575 647 671 Institutional 513 508 503 514 519 519 518 543 549 DWS Group 1,012 1,010 1,010 1,054 1,085 1,085 1,093 1,190 1,221
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1 Systematic and Quantitative Investments / 17 Historical Net Flows Investor Relations – DWS Group Q3 2026 results FY 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Q1 2026 Q2 2026 Q3 2026 Net flows by asset class Active Equity (5.5) (2.0) (1.0) (0.6) 0.2 (3.4) (1.2) 1.1 (1.0) Active Multi Asset (1.9) (0.7) 0.4 (1.4) (0.1) (1.8) 0.3 (0.0) 0.2 Active SQI1 2.4 1.4 0.2 1.5 0.9 4.0 1.6 1.1 1.1 Active Fixed Income (0.7) 1.1 (1.3) 0.2 0.2 0.2 (0.8) (1.6) (0.3) Passive 41.8 12.7 3.0 10.3 6.6 32.6 6.5 11.7 15.8 Alternatives (3.2) (0.8) 2.4 0.3 0.3 2.2 0.2 (0.7) 0.8 Total Long-term 32.9 11.7 3.7 10.3 8.0 33.7 6.6 11.6 16.6 Cash 2.1 8.3 6.7 0.3 4.8 20.1 4.6 12.9 13.9 Advisory Services (9.3) (0.1) (1.9) 1.5 (2.3) (2.8) (0.2) 0.4 0.4 DWS Group 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9 Net flows by region Americas (5.9) 0.4 3.3 (4.7) 5.7 4.7 (5.1) 10.8 10.5 EMEA excl. Germany 15.0 10.4 0.7 8.8 (2.4) 17.6 7.7 3.2 6.4 Germany 10.5 8.4 1.4 8.5 10.4 28.6 7.9 10.5 11.8 Asia Pacific 6.2 0.6 3.1 (0.4) (3.2) 0.1 0.5 0.3 2.2 DWS Group 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9 Net flows by client channel Private Wealth 36.5 15.0 1.1 12.2 12.4 40.6 12.9 18.9 21.9 Institutional (10.8) 4.9 7.4 (0.1) (1.9) 10.4 (1.9) 5.9 8.9 DWS Group 25.7 19.9 8.5 12.1 10.5 51.0 11.0 24.8 30.9
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Q3 2026 Detailed Investment Outperformance / 18 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 September 30, 2026, Direct Real Estate and Other Alternatives as of June 30, 2026). 2 <10bn AuM with BM and hence ratios not representative 1Y 3Y 5Y Equity 79% 49% 58% Multi Asset2 30% 19% 19% SQI2 33% 45% 31% Fixed Income 70% 79% 95% Cash2 100% 100% 100% Total 77% 59% 66% Equity2 63% 45% 41% Multi Asset 46% 54% 37% SQI 55% 68% 74% Fixed Income 53% 68% 83% Cash2 99% 100% 94% Total 58% 69% 77% Equity 78% 49% 56% Multi Asset 45% 52% 36% SQI 49% 61% 60% Fixed Income 55% 69% 84% Cash 100% 100% 98% Total 66% 65% 72% Direct Real Estate 76% 84% 96% Liquid Real Assets 25% 53% 45% Other Alternatives2 100% 12% 100% Total 61% 62% 79% Total DWS 65% 65% 73% Active Total Active Private Wealth Active Institutional Alternatives Investor Relations – DWS Group Q3 2026 results
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Investor Relations / 19 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 Q3 2026 results
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Cautionary Statement (1/2) / 20 Investor Relations – DWS Group Q3 2026 results 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 Quarterly Results | DWS Group.
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Cautionary Statement (2/2) / 21 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 Q3 2026 results