DWS GmbH : Financial Reporting Document (DE)

DWS GROUP - Q2 2021 RESULTS

July 28, 2021

MAINTAINING THE MOMENTUM: STRONG RESULTS IN Q2

First half of 2021 marks a successful start to phase two of DWS's corporate journey

RECAP: PHASE TWO

KEY ACHIEVEMENTS Q2 2021

Financials

− Record net flows of €20bn overall; from all

regions, Active, Passive & Alternatives

− Record levels in AuM of €859bn

− Adjusted CIR better than expected for H1 2021

FY 2020

• Invest into transformation for further efficiency and targeted growth

− Differentiated leadership:

ESG, Passive, high margin strategies

− Take active role in M&A activities

Differentiated leadership

− ESG: €4bn1 net flows, further expanded range

of innovative ESG offerings, e.g. DWS Invest Low

Carbon Bonds Fund, DWS Concept Blue Economy

supported by WWF

− Passive: continued to strengthen market share

in European ETP / ETFs

− High-margin strategies: strong demand in

those asset classes, e.g. PEIF III2 with total size

of €3bn achieved

− Strategic partnerships: intensified

collaboration, e.g. launched Secured Income

Fund with Tikehau Capital

TRANSFORM, GROW AND LEAD

1 Please refer to p. 18 regarding ESG definition 2 Pan European Infrastructure Fund

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Investor Relations	July 28, 2021

Q2 2021 KEY FINANCIAL HIGHLIGHTS

Strong revenue generation supports profit growth

• Strong quarter with adjusted profit before tax of €247m supported by record AuM
• Adjusted cost income ratio continues to stay at a very low level of 60.6% in Q2
• Net flows of €20bn and €14bn ex Cash in Q2, with €4bn of net flows into ESG products
• On track to achieve flow target of >4% on average in the medium-term

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Investor Relations	July 28, 2021

FINANCIAL PERFORMANCE SNAPSHOT - Q2 2021

Strong business momentum in Q2

AUM (€BN)

Net flows	8.7	1.0	19.7
(€bn)
Net flows	2.4	9.7	14.2
ex Cash
	+15%		+5%
(€bn)

ADJUSTED REVENUES (€M)

Manage-
ment fee 28.1	27.9	28.1

margin (bps)

+14%(1)%

745

820859

634625

551

Q2-20

Q1-21

Q2-21

Q2-20

Q1-21

Q2-21

ADJUSTED COSTS (€M)					ADJUSTED PROFIT BEFORE TAX (€M)
Adjusted	65.7	60.7	60.6
CIR (%)
	+5%		(2)%					+31%		(1)%
				385	379					249	247
		362
							189

Q2-20

Q1-21

Q2-21

Q2-20

Q1-21

Q2-21

Note: Throughout this presentation totals may not sum due to rounding differences

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Investor Relations	July 28, 2021

MARKET ENVIRONMENT

Global equities support AuM growth in Q2

EQUITIES (%)

160	S-DAX	DAX
	MSCI World	Eurostoxx 50
140
120
100
80	Jul Aug Sep Oct	Nov Dec Jan Feb Mar Apr May Jun
	2020	2021

FX (€/$)

1.25

1.22

1.19

1.16

1.13

1.1

Jul Aug Sep Oct	Nov Dec Jan Feb Mar Apr May Jun
2020	2021

VOLATILITY (VIX INDEX)		INTEREST RATES, YIELD (%)
			10Y Bund	10Y Treasury
40			1.75
		Barclays Global Aggregate	30Y Euro Swap
			1.25
30			0.75
			0.25
20			-0.25
			-0.75
Jul Aug Sep Oct Nov	Dec Jan Feb Mar Apr May Jun	Jul Aug Sep Oct Nov	Dec Jan Feb Mar Apr May Jun
10	2020	2021	2020	2021
Source: Bloomberg
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Investor Relations		July 28, 2021