DWS Group Q2 2026 Results

DWS Group reported second‑quarter 2026 profit before tax of €305 million, falling short of the average analyst consensus of €335 million. The miss led to a 4 % decline in the company’s share price on Wednesday.

Total net revenues for the quarter were €773 million, below the consensus estimate of €784 million. Total non‑interest expenses increased to €468 million, exceeding the consensus of €449 million. The higher cost base was driven primarily by expenses related to business growth and the rise in DWS’s own share price, while compensation and benefits costs were reduced.

The cost‑income ratio for Q2 came in at 60.5 %, compared with the consensus expectation of 57.3 %. Net income attributable to DWS Group shareholders was €237 million, essentially in line with the consensus figure of €236 million.

Assets under management reached a record €1.19 billion, surpassing the consensus estimate of €1.14 billion. Long‑term net inflows amounted to €11.6 billion, below the consensus of €12.7 billion, but total net flows—including cash products and advisory services—totaled €24.8 billion, well above the consensus of €15.6 billion. The strong total net flow figure was driven by passive inflows, including Xtrackers, cash products, and supported by active equity and active SQI inflows.

For the first half of 2026, DWS recorded long‑term net inflows of €18.2 billion and total net flows of €35.8 billion, setting a new first‑half record. First‑half revenues grew 6 % year‑on‑year to €1.594 billion, profit before tax rose 16 % YoY to €682 million, and net income increased 21 % YoY to €501 million. The half‑year cost‑income ratio improved by 3.5 percentage points year‑on‑year to 57.2 %, aligning with the company’s 2026 expectations.

In July, DWS announced that the German federal states of Hesse and Baden‑Württemberg together with the German federal government have mandated a consortium led by DWS to launch and manage an index‑based fund for pension reserves, targeting a volume between €3 billion and €6 billion.

The company reaffirmed the outlook presented in its 2025 Annual Report, assuming a supportive market environment.