Slide 1: Q4 and FY/2023 preliminary financial results
Q4 and FY/2023 preliminary financial results Analyst and Investor Conference Call 8 February 2024
Slide 2: Development in 2023 significantly exceeded original expectations, leading to another record year
Development in 2023 significantly exceeded original expectations, leading to another record year Net revenue | €bn EBITDA | €bn Cash EPS | € ▪ Organic net revenue growth of 12% in 2023 17% 17% 16% significantly exceeded original expectations ▪ Key driver was the extraordinary net interest 5.1 income
Slide 3: Outlook for 2024 is in-line with the Horizon 2026 growth trajectory
Outlook for 2024 is in-line with the Horizon 2026 growth trajectory Net revenue | €bn Strategic priorities in 2024 ~6.4 >5.6 Support further secular growth 5.1 ▪ Leverage momentum in fixed income: expansion of repo offering, increase of 4.3 market share in OTC clearing and move into short term inter
Slide 4: Group financials FY/2023
Group financials FY/2023 Net revenue | €m EBITDA | €m Cash EPS1 | € Note +17% +17% +16% €961m +12% (organic) +17% (organic) +19% (organic) Treasury result +81% €2,118m 5,077 Operating cost +16% 4,338 9.98 Financial investments €−14m 8.61 Depreciation2 €419m 2,944 2,526 Financial result €
Slide 5: Operating costs
Operating costs FY/2023 Operating cost bridge | €m Note ▪ Organic operating cost growth in 16% 2023 in-line with original expectation, despite higher variable compen- Organic sation, share-based payments and +5% inflation bonus in Q4/23 2,118 2,012 106 ▪ Creation of Investment Management Solutions
Slide 6: Group financials Q4/2023
Detailed income statement Group financials Q4/2023 Net revenue | €m EBITDA | €m Cash EPS1 | € Note +23% +23% +15% ▪ Continued secular net revenue +5% (organic) +13% (organic) +13% (organic) growth complemented by cyclical tailwinds from increased interest 1,437 rates, which offset lower
Slide 7: Investment Management Solutions
Detailed income statement Investment Management Solutions Q4/2023 Net revenue | €m EBITDA | €m Business development +98% +75% ▪ SimCorp’s net revenue of €198 million was above expectations; software solutions overall benefited from new 367 clients and renewals, with especially good momentum in a
Slide 8: Trading & Clearing
Detailed income statement Trading & Clearing Q4/2023 Net revenue | €m EBITDA | €m Business development +8% +21% ▪ Financial derivatives benefitted mainly from higher fixed income activity (futures and repo), while lower equity 582 volatility resulted in a decline of 540 35 Foreign exchange │ +4%
Slide 9: Fund Services
Detailed income statement Fund Services Q4/2023 Net revenue | €m EBITDA | €m Business development +21% +40% ▪ In fund distribution and processing, outflows from active equity funds to passive and fixed income were 116 compensated by new clients ▪ In Q4/22, distribution included 96 38 Other1 │ +9
Slide 10: Securities Services
Detailed income statement Securities Services Q4/2023 Net revenue | €m EBITDA | €m Business development +7% +7% ▪ Custody and settlement positively affected by ongoing high level of fixed income issuance activity and higher 372 index levels 347 33 Other1 │ –4% 35 ▪ Net interest income: much high
Slide 11: Dividend proposal
Dividend proposal FY/2023 Dividend per share and pay-out Capital management Payout ratio (%) ▪ To reflect increased earnings and the Dividend per share (€) 6% strong growth outlook, we adjusted our dividend payout ratio target to 30-40% of the annual net profit ▪ Within this range, we manage the 3.8
Slide 12: Appendix
Appendix Deutsche Börse Group │ 8 February 2024 11
Slide 13: Outlook FY/2024
Outlook FY/2024 Net revenue | €bn EBITDA | €bn 2024 target ▪ In addition to organic growth based on secular growth >5.6 opportunities, the consolidation of SimCorp will make a 5.1 significant contribution (net revenue of ~€600 million and EBITDA pre synergies of ~€200 million in 2024) 2024 ▪ We curr
Slide 14: Income statement – group level
Back to group overview Income statement – group level Q4/23 Q4/22 Change Income statement | €m Q4/23 Q4/22 Change % €m €m % Sales revenue 1,491.4 1,186.3 26 Treasury result from banking business 228.7 233.8 –2 Other operating income 13.0 20.1 –35 Total revenue 1,733.1 1,440.2 20 Volume-related costs
Slide 15: Detailed income statement – Investment Management Solutions
Back to segmental overview Detailed income statement – Investment Management Solutions Income Income statement ‒ Investment Management Solutions statement Volume Volumes Revenue Revenue per volume per volume Q4/23 Q4/22 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 366.7 185.1 98
Slide 16: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement ‒ Trading & Clearing Income statement Volume Volumes Revenue Revenue per volume per volume Q4/23 Q4/22 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 582.4 540.2 8 Financial derivatives 312.
Slide 17: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement ‒ Fund Services Income statement Volume Volumes Revenue Revenue per volume per volume Q4/23 Q4/22 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 115.9 95.9 21 1 Fund processing 56.1 51.8 8 AuC (€
Slide 18: Detailed income statement – Securities Services
Back to segmental overview Detailed income statement – Securities Services Income statement ‒ Securities Services Income statement Volume Volumes Revenue Revenue per volume per volume Q4/23 Q4/22 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 371.5 346.8 7 1 Custody 152.6 147.6 3
Slide 19: Financial calendar and contact details
Financial calendar and contact details Financial calendar Deutsche Börse AG 21 February 2024 BofA US Financials Conference (Miami) Investor Relations 5 March 2024 RBC Global Financials Conference (New York) Mergenthalerallee 61 14 March 2024 Morgan Stanley European Financials Conference (London) 657