Slide 1: Q2/2025 financial results
Q2/2025 financial results Analyst and Investor Conference Call July 25, 2025
Slide 2: Further secular growth and strong operating leverage in Q2/25
Deutsche Börse Group records further secular Q2/2025 growth and strong operating leverage in Q2/25 Net revenue €1,505m ▪ Net revenue w/o treasury result in Q2/25 again slightly exceeded our own expectations; in addition to +10% (w/o treasury result) continued underlying secular growth, results benef
Slide 3: Group financials H1/2025
Detailed income statement Group financials H1/2025 Net revenue | €m EBITDA | €m Note +10% w/o TR1 +15% w/o TR1 €1,221m Operating cost +5% Financial investments €12m 3,012 2,877 437 Treasury result 536 Depreciation2 €251m Financial result €−78m 1,723 1,803 €1,034m 536 437 Treasury result Net prof
Slide 4: Operating costs
Operating costs H1/2025 Operating costs | €m Note ▪ Underlying operating cost growth of 3% in H1/25 in-line with expectations, Growth mainly driven by inflation, additional investments and lower level of +3% 1,221 exceptional costs (related to IMS and EEX: €14 million in H1/25 vs. €33 million in H
Slide 5: Group financials Q2/2025
Detailed income statement Group financials Q2/2025 Net revenue | €m EBITDA | €m Note +10% w/o TR1 +19% w/o TR1 ▪ Continued underlying secular net revenue growth, complemented by inflows into European assets 1,505 ▪ Small exceptional effect in net revenue 1,450 207 Treasury result from partial re
Slide 6: Investment Management Solutions
Detailed income statement Investment Management Solutions Q2/2025 Net revenue | €m EBITDA | €m Business development +4% w/o TR1 +31% w/o TR1 ▪ Software Solutions annual recurring revenue (ARR) of €621 million, up 18% (constant currency) mainly due 304 308 to significant client wins Treasury 9 re
Slide 7: Trading & Clearing
Detailed income statement Trading & Clearing Q2/2025 Net revenue | €m EBITDA | €m Business development +14% w/o TR (margin fees)1 +19% w/o TR (margin fees)1 ▪ Financial Derivatives benefited from growth in fixed income (+11%), but equity volatility normalized after the 666 peak in April 607 54 T
Slide 8: Fund Services
Detailed income statement Fund Services Q2/2025 Net revenue | €m EBITDA | €m Business development +15% w/o TR (NII)1 +31% w/o TR (NII)1 ▪ Fund Services segment benefited from higher equity market levels, growth from new clients and portfolios, 136 and inflows into European assets 121 16 Treasury
Slide 9: Securities Services
Detailed income statement Securities Services Q2/2025 Net revenue | €m EBITDA | €m Business development +9% w/o TR (NII)1 +9% w/o TR (NII)1 ▪ Securities Services positively impacted by continued strong fixed income issuance and higher equity 417 market levels, resulting in continued 395 high lev
Slide 10: Outlook
Outlook FY/2025 Net revenue | €bn EBITDA | €bn ▪ We confirm our guidance for 2025, which is based on further secular growth and 5.8 inflows into European assets, despite the >0.8 Treasury result normalization of equity market volatility 1.0 and slight FX headwinds 3.4 ▪ Guidance for 2025 at ~€5.2 bi
Slide 11: Appendix
Appendix Deutsche Börse Group │ July 25, 2025 10
Slide 12: Income statement – group level
Back to group overview Income statement – group level Income statement | €m Q2/25 Q2/24 Change % H1/25 H1/24 Change % Sales revenue 1,594.3 1,471.5 8% 3,230.6 2,926.4 10% Other operating income 18.8 4.0 370% 23.2 13.0 78% Volume-related costs –315.0 –300.5 5% –679.1 –598.6 13% Net revenue w/o Treasu
Slide 13: Detailed income statement – Investment Management Solutions
Back to segmental overview Detailed income statement – Investment Management Solutions Income statement Volume Revenue per volume Q2/25 Q2/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 308.0 304.0 1 Treasury result 0.0 9.2 - Net revenue w/o Treasury result 308.0 294.8 4 Softwa
Slide 14: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement Volume Revenue per volume Q2/25 Q2/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 666.1 606.8 10 Treasury result 54.0 67.6 –20 Net revenue w/o Treasury result 612.1 539.2 14 Financial Der
Slide 15: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement Volume Revenue per volume Q2/25 Q2/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 136.0 121.3 12 Treasury result 16.2 17.3 –6 Net revenue w/o Treasury result 119.8 104.0 15 Fund Processing 1 7
Slide 16: Detailed income statement – Securities Services
Back to segmental overview Detailed income statement – Securities Services Income statement Volume Revenue per volume Q2/25 Q2/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 394.8 417.4 –5 Treasury result 136.6 180.4 –24 Cash balances (€m) 17,681 4 % p.a. 3.090 –27 Net revenue
Slide 17: Financial calendar and contact details
Financial calendar and contact details Financial calendar 3 September 2025 Commerzbank & ODDO BHF Corporate Conference (Frankfurt) Deutsche Börse AG 8 September 2025 Barclays Global Financial Services Conference (New York) Investor Relations 16 September 2025 Bank of America Annual Financials CEO Co
Slide 18: Disclaimer
Disclaimer Cautionary note with regard to forward-looking statements: This document contains forward-looking statements and statements of future expectations that reflect management's current views and assumptions with respect to future events. Such statements are subject to known and unknown risks