Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Q3 2026 Earnings Presentation
19 slides from Deutsche Boerse's earnings presentation, Oct 21, 2026
Slide 1: Structural Momentum Confirmed And Guidance Upgraded
Structural Momentum Confirmed And Guidance Upgraded Q3/2026 Financial Results Analyst and Investor Conference Call October 21, 2026
Slide 2: Structural momentum confirmed and further upgrade of full-year guidance
Structural momentum confirmed and further upgrade of full-year guidance Q3/2026: Growth reaccelerating, treasury result inflection complete Net revenue Net revenue growth of +14%¹, with six out of eight businesses delivering double digit €1,633m growth; approximately 3/4 was secular growth in Q3 Q
Slide 3: Group financials 9M/2026
Detailed income statement Group financials 9M/2026 Net revenue | €m EBITDA | €m +12% w/o TR1 +17% w/o TR1 €1,917m Operating cost +5% 4,888 Financial investments €−7m 4,452 627 Treasury result 641 Depreciation2 €390m 2,964 Financial result €−128m 2,645 627 Treasury result €1,713m Net revenue 641
Slide 4: Group financials Q3/2026
Detailed income statement Group financials Q3/2026 Net revenue | €m EBITDA | €m +14% w/o TR1 +19% w/o TR1 Net revenue growth of +14%¹, with six +13% total +16% total of eight businesses double-digit; approximately 3/4 secular growth and 1,633 1/4 cyclical (mainly September) 1,440 218 Treas
Slide 5: Investment Management Solutions
Detailed income statement Investment Management Solutions Q3/2026 Net revenue | €m EBITDA | €m +7% –24% Software Solutions +10%, with SaaS growing +13%; full year target of ~10% net revenue growth confirmed 331 308 ARR at €727 million, up 13% constant currency (15% as reported) and within th
Slide 6: Trading & Clearing
Detailed income statement Trading & Clearing Q3/2026 Net revenue | €m EBITDA | €m +19% w/o TR (margin fees)1 +36% w/o TR (margin fees)1 Financial Derivatives +30%, by far the strongest quarterly growth since 2022 714 Fixed income +48%, driven by secular and cyclical factors; deepening of our
Slide 7: Fund Services
Detailed income statement Fund Services Q3/2026 Net revenue | €m EBITDA | €m +18% w/o TR (NII)1 +26% w/o TR (NII)1 Fund processing +19%, driven by record assets under custody (€5.2tr, +24%) and strong settlement activity 160 (+25%) 16 Treasury result │+11% 137 Fund distribution +19%, driven
Slide 8: Securities Services
Detailed income statement Securities Services Q3/2026 Net revenue | €m EBITDA | €m +10% w/o TR (NII)1 +14% w/o TR (NII)1 Custody +10%, driven by records in assets under custody (€17.7tr, +8%) and collateral management (€1.1tr, 429 +25%) 392 Settlement +19%, mainly driven by 140 Treasury resu
Slide 9: Upgrading our 2026 guidance
Upgrading our 2026 guidance FY/2026 Net revenue | €bn EBITDA | €bn Net revenue w/o treasury result: ~€5.7 billion (with potential to slightly exceed) >6.5 and EBITDA w/o treasury result: ~€3.1 6.0 billion (reaffirmed; includes exceptional >0.8 Treasury result ~3.9 costs related to the Allfunds acq
Slide 10: Appendix
Appendix Deutsche Börse Group │ October 21, 2026 9
Slide 11: Deutsche Börse Group – Performance Dashboard
Deutsche Börse Group – Performance Dashboard 9M/2026 Net Revenue w/o TR1 Treasury Result Operating Costs EBITDA w/o TR1 Net Profit Cash EPS 61% €4,888m €4,261m €627m €1,917m €2,964m €2,337m margin €1,713m €10.01 +10% +12% –2% +5% +12% +17% +14% +14% Investment Management Solutions Trading & Clearing
Slide 12: Income Statement – Group Level
Back to group overview Income Statement – Group Level Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Sales revenue 1,845 1,573 17 5,473 4,804 14 Other operating income 6 6 7 27 29 –5 Volume-related costs –436 –342 28 –1,239 –1,021 21 Net revenue w/o Treasury result from banking busi
Slide 13: Detailed Income Statement – Investment Management Solutions
Back to segmental overview Detailed Income Statement – Investment Management Solutions Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 331 308 7 964 914 5 Treasury result 0 0 - 0 0 –50 Net revenue w/o Treasury result 331 308 7 964 914 5 Software Solutions 173 157 10 521 4
Slide 14: Detailed Income Statement – Trading & Clearing
Back to segmental overview Detailed Income Statement – Trading & Clearing Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 714 603 18 2,155 1,929 12 Treasury result 62 57 7 161 170 –5 Net revenue w/o Treasury result 652 546 19 1,995 1,759 13 Financial Derivatives 357 275 3
Slide 15: Detailed Income Statement – Fund Services
Back to segmental overview Detailed Income Statement – Fund Services Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 160 137 17 461 405 14 Treasury result 16 14 11 43 43 –0 Net revenue w/o Treasury result 144 122 18 418 362 16 Fund Processing 1 92 77 19 268 227 18 Fund Di
Slide 16: Detailed Income Statement – Securities Services
Back to segmental overview Detailed Income Statement – Securities Services Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 429 392 9 1,308 1,204 9 Treasury result 140 132 7 424 428 –1 Net revenue w/o Treasury result 288 261 10 884 777 14 Custody 1 200 182 10 600 535 12 Se
Slide 17: Quarterly statistics
Quarterly statistics Asset class / Service Unit Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Investment Management Solutions Assets under Management in DAX & STOXX ETFs €bn 226 170 +33% 214 156 +37% Exchange licenses Index derivatives contracts (in m) 146 138 +6% 514 504 +2% Trading & Clearing Total de
Slide 18: Financial Calendar and Contact Details
Financial Calendar and Contact Details November 11, 2026 UBS European Conference (London) November 23, 2026 Deutsches Eigenkapitalforum EKF (Frankfurt) November 30, 2026 Berenberg European Conference (London) Deutsche Börse AG December 8, 2026 Barclays European Select Conference (New York) Investor
Slide 19: 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