DWS Group GmbH & Co. KGaA

Ladies and gentlemen, welcome to the DVS Group Q3 2025 results with Investor and Analyst Conference Call. I'm Sergan, the Chorus Call Operator. I'd like to remind you that all participants will be in listen-only mode and the conference being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and then 1 on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Oliver Flade. Please go ahead.

Operator, thank you very much and good morning to everybody from Frankfurt. This is Oliver Flade from Investor Relations and I would like to welcome everybody to our earnings call for the third quarter of 2025. So before we start, I would like to remind you, as usual, that the upcoming Deutsche Bank analyst call will outline the asset management segments results, which have a different parameter basis to the DWS results that we're presenting now. I'm joined, as usual, by Stefan Hobbs, our CEO, and Markus Kobler, our CFO. Stefan will start with some opening remarks, as well as the deep dive on digital developments, and Markus will take you through the main part of the presentation. For the Q&A afterwards, please could you limit yourself to the two most important questions so that we can give as many people a chance to participate as possible. And I would also like to remind you that the presentation may contain forward-looking statements which may not develop as we currently expect. I therefore ask you to take note of the disclaimer and the precautionary warning on forward-looking statements at the end of our materials. And with that, I will now pass on to Stefan.

Thank you, Oliver. Good morning, ladies and gentlemen, and welcome to our Q3 2025 earnings call. As this is last quarterly update before concluding our three-year plan, I hope you can see the progress we've made over the past quarters, not only in our strategic initiatives, but also clearly demonstrated in our numbers. We said we would deliver on our long-term financial targets, and we're now on the final sprint to the finish. At the same time, we continue to invest for the long-term. something you will see reflected in today's digital deep dive. But before we get to that, let me start with the numbers. Our earnings per share came in at €1.10 this quarter. Assuming a similar EPS in Q4, we'll get to an EPS in the 420s by year end, exactly in line with our bridge from last quarter. On top of that, the seasonal performance fees from our flagship fund, Concept Kaldemorgen, are expected to contribute meaningfully in Q4. With this seasonal uplift still to come, we have a clear path towards our €4.50 EPS target. Turning to the highlights from the quarter. Long-term net flows were €10.3 billion, reflecting a solid quarter and continued investor confidence. Reported revenues came in at 754 million euros, up 10% year-on-year and 1% quarter-on-quarter. Net income rose to 219 million euros, an increase of 30% year-on-year and 2% quarter-on-quarter. Our cost-income ratio improved to 57.7%, a reduction of 6.6 percentage points year-on-year and 1.5 percentage points quarter-on-quarter. We also marked an important milestone with receiving the necessary licenses to open our new office in Abu Dhabi. Strengthening our regional presence and client engagement in the Middle East reinforces our position as the preferred gateway to Europe for global investors. With that, I will hand over to Markus, who will take you through the details of our financial performance.