DWS Group GmbH & Co. KGaA (ETR:DWS) used its 2026 annual general meeting to highlight record 2025 results, new medium-term targets and a continued push into growth areas including ETFs, alternative investments, digital assets and international partnerships.
Supervisory Board Chairman Karl von Rohr opened the meeting by noting that it was the company’s first in-person AGM in several years and said DWS plans to hold physical shareholder meetings “at regular intervals” going forward. The AGM was held as DWS marked its 70th anniversary.
Record 2025 Results and Higher Dividend
Chief Executive Officer Stefan Hoops said 2025 was “a special year” for DWS, as the company completed its three-year strategic plan and exceeded its original financial targets.
For 2025, Hoops reported revenue of EUR 3.155 billion, profit before tax of EUR 1.324 billion and net income of EUR 927 million. Assets under management reached a record EUR 1.085 trillion at year-end, supported by EUR 33.7 billion of long-term net flows and EUR 51 billion of total net flows including cash and advisory services.
Costs totaled EUR 1.831 billion, which Hoops described as “virtually unchanged year-on-year.” The cost-income ratio improved to 58%, below the company’s target of 61.5%. Earnings per share were EUR 4.64, exceeding the EUR 4.50 target.
DWS proposed an ordinary dividend of EUR 3 per share for the 2025 financial year. Hoops said that, including the proposed payment, DWS will have distributed more than EUR 4 billion in dividends since its 2018 IPO. He also said DWS had approximately EUR 1 billion of excess capital at the end of 2025 and intends to propose using a substantial portion of that for an extraordinary dividend in 2027, subject to capital commitments for organic and inorganic growth initiatives.
First-Quarter Results and 2028 Targets
Hoops said the first quarter of 2026 was shaped by geopolitical uncertainty, including tariffs, regional conflicts and market volatility. He said clients reduced risk positions, causing long-term net inflows to decline year over year, though they remained positive.
For the first quarter, DWS reported earnings per share of EUR 1.32, a cost-income ratio of 54.1%, revenues of EUR 821 million and net income of EUR 265 million. Hoops said DWS reconfirmed its full-year financial targets and specified full-year cost expectations of around EUR 1.80 billion, representing a 2% reduction from 2025.
The company also outlined medium-term goals through 2028, including:
- Annual earnings per share growth of 10% to 15% over the next three years, assuming constructive markets;
- A cost-income ratio below 55% by 2027;
- Cumulative long-term net inflows of more than EUR 160 billion from 2026 through 2028;
- An ordinary dividend payout ratio of around 65%.
Hoops said the company is focused on cost discipline, operational leverage and a more dynamic earnings profile. He cited workforce development, adjustments to the operating model and IT and operations optimization as areas where DWS expects further efficiencies.
Growth Initiatives Include India, Digital Assets and Deutsche Bank Cooperation
Von Rohr and Hoops both highlighted progress on strategic initiatives. In India, DWS signed binding agreements in March 2026 to acquire a minority stake in Nippon Life India AIF Management Limited, following a memorandum of understanding with Nippon Life India Asset Management in November 2025. Hoops said the partnership is intended to build a scalable India-focused investment platform, particularly in alternative investments.
DWS also pointed to its AllUnity joint venture, which launched EURAU, described by the company as the first fully regulated MiCA-compliant euro-denominated stablecoin in Germany. Hoops said a Swiss franc-denominated stablecoin, CHFAU, followed this year. He said DWS will continue supporting AllUnity as it scales its offerings and expands tokenization capabilities.
The CEO also emphasized cooperation with Deutsche Bank, calling it a “significant competitive advantage” that provides access to origination and distribution capabilities. Hoops, who was appointed to Deutsche Bank’s Management Board as of May 1 while remaining DWS CEO, said his focus would remain on DWS. In response to shareholder questions about potential conflicts of interest, he said DWS had reviewed the issue and did not see a structural conflict. He added that, if conflicts arose in individual cases, he would abstain where required and “when in doubt” act in favor of DWS.
Supervisory Board Changes and Auditor Vote
Von Rohr said the Supervisory Board held 30 meetings in 2025, including seven full-board meetings, with average attendance above 98%. He said key topics included DWS’s strategic positioning, the comprehensive strategic review, organic and inorganic growth opportunities, sustainability, IT, data strategy, HR strategy and internal controls.
The AGM elected Bas NieuweWeme to the Supervisory Board as a shareholder representative. NieuweWeme introduced himself as the former global CEO of Aegon Asset Management and said he has more than 25 years of experience in global asset management and financial services. He replaces Ute Wolf, who stepped down at the close of the AGM. Von Rohr thanked Wolf for her work since DWS’s IPO, including as deputy chairperson and chair of the Audit and Risk Committee.
Shareholders also approved EY as auditor for the annual and consolidated financial statements for 2026 and, if applicable under German implementation of the EU Corporate Sustainability Reporting Directive, as auditor for sustainability reporting. KPMG audited the 2025 annual and consolidated financial statements and issued unqualified audit opinions.
Shareholder Questions Focus on ESG, Defense, Costs and Strategy
During the general debate, shareholder representatives questioned management on the company’s medium-term assumptions, cost-income ratio targets, private credit exposure, alternative investments, ESG controls and sustainability policies.
Klaus Nieding, vice president of the German Association for Private Investors, praised the return to an in-person AGM but questioned how much of DWS’s profit growth was structural versus market-driven. Hoops replied that the increase reflected higher revenues and disciplined cost management, with 2025 revenue growth driven by performance and transaction fees, higher management fees from assets under management and net inflows.
Representatives of the Dachverband der Kritischen Aktionärinnen und Aktionäre pressed DWS on investments in fossil fuel companies, human rights engagement and defense-sector exposure. Dirk Goergen, DWS’s Chief Commercial Officer, said DWS offers products with different investment strategies and exclusion criteria reflecting client interests, and that ESG and sustainability-related funds have product-specific restrictions. He said DWS temporarily suspended dialogue with U.S. companies in 2025 before resuming it in the fourth quarter.
At the conclusion of the meeting, shareholders approved all agenda items, including the appropriation of distributable profit, ratification of management and supervisory board actions, the compensation report, supervisory board election, authorized capital measures and authorization to issue hybrid debt securities. Attendance represented 89.75% of the company’s share capital including absentee votes.
About DWS Group GmbH & Co. KGaA (ETR:DWS)
DWS Group GmbH & Co KGaA offers asset management services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. The company's products and solutions cover equities, fixed income, cash, real estate, infrastructure, and private equity, as well as a range of sustainable investments. Within private equity, the firm specializes in co-investment, emerging markets, small and medium-sized companies, direct buyout, secondaries PE markets and structured capital solutions to private equity firms.
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