Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Boerse Ag Namen — Q1 2026 Earnings Presentation
17 slides from Deutsche Boerse's earnings presentation, Apr 28, 2026
Slide 1: Good Start to 2026: Growth & Resilience
Good Start to 2026: Growth & Resilience Q1/2026 Financial Results Analyst and Investor Conference Call April 28, 2026
Slide 2: Good start to 2026: structural growth delivers and the model thrives amid volatility
Good start to 2026: structural growth delivers and the model thrives amid volatility Q1/2026 ▪ Delivered strong Q1/2026 net revenue growth of 12% (w/o treasury result), fueled by continued underlying secular trends and heightened geopolitical tensions in March Net revenue ▪ Demonstrated broad-based
Slide 3: Group financials
Detailed income statement Group financials Q1/2026 Net revenue | €m EBITDA | €m +12% w/o TR1 +18% w/o TR1 ▪ Strong net revenue performance fueled by continued underlying secular growth and higher volatility in March 1,638 ▪ Operating costs increased by 4% to 1,507 204 Treasury result €626 millio
Slide 4: Investment Management Solutions
Detailed income statement Investment Management Solutions Q1/2026 Net revenue | €m EBITDA | €m +5% → –1% +10% (constant currency) ▪ Software Solutions experienced good net revenue growth (+15% constant currency) due to the ongoing SaaS 313 transformation and customer renewals 298 ▪ Software Solu
Slide 5: Trading & Clearing
Detailed income statement Trading & Clearing Q1/2026 Net revenue | €m EBITDA | €m +14% w/o TR (margin fees)1 +22% w/o TR (margin fees)1 ▪ Financial Derivatives: Fixed income derivatives net revenue +31% on strong secular and cyclical growth; equity 737 derivatives benefited from volatility in 49
Slide 6: Fund Services
Detailed income statement Fund Services Q1/2026 Net revenue | €m EBITDA | €m +14% w/o TR (NII)1 +18% w/o TR (NII)1 ▪ Fund Processing revenues increased due to record levels of assets under custody, as well as settlement activity 150 ▪ Fund Distribution with further growth 13 Treasury result │+4%
Slide 7: Securities Services
Detailed income statement Securities Services Q1/2026 Net revenue | €m EBITDA | €m +15% w/o TR (NII)1 +18% w/o TR (NII)1 ▪ Securities Services benefited from record levels of assets under custody (international debt issuance), collateral 438 management outstandings (up 32%) 417 and settlement ac
Slide 8: Reaffirming our 2026 guidance
Reaffirming our 2026 guidance FY/2026 Net revenue | €bn EBITDA | €bn ▪ Given our good start to the year, we are 6.4 reaffirming our 2026 guidance: 6.0 0.7 Treasury result ▪ €5.7 billion net revenue and 0.8 3.8 3.5 ▪ €3.1 billion EBITDA, 0.7 Treasury result both without treasury result 0.8 ▪ In addit
Slide 9: Appendix
Appendix Deutsche Börse Group │ April 28, 2026 8
Slide 10: Deutsche Börse Group – Performance Dashboard
Deutsche Börse Group – Performance Dashboard Q1/2026 Net Revenue w/o TR1 Treasury Result Operating Costs EBITDA w/o TR1 Net Profit Cash EPS 61% €1,638m €1,434m €204m €626m €1,007m €803m margin €585m €3.40 +9% +12% –11% +4% +10% +18% +11% +11% Investment Management Solutions Trading & Clearing Fund S
Slide 11: Income Statement – Group Level
Back to group overview Income Statement – Group Level Income statement | €m Q1/26 Q1/25 Change % 3M/26 3M/25 Change % Sales revenue 1,821 1,636 11 1,821 1,636 11 Other operating income 4 4 –18 4 4 –18 Volume-related costs –390 –364 7 –390 –364 7 Net revenue w/o Treasury result from banking business
Slide 12: Detailed Income Statement – Investment Management Solutions
Back to segmental overview Detailed Income Statement – Investment Management Solutions Income statement | €m Q1/26 Q1/25 Change % 3M/26 3M/25 Change % Net revenue 313 298 5 313 298 5 Treasury result 0 0 - 0 0 0 Net revenue w/o Treasury result 313 298 5 313 298 5 Software Solutions 168 153 10 168 153
Slide 13: Detailed Income Statement – Trading & Clearing
Back to segmental overview Detailed Income Statement – Trading & Clearing Income statement | €m Q1/26 Q1/25 Change % 3M/26 3M/25 Change % Net revenue 737 660 12 737 660 12 Treasury result 49 59 –17 49 59 –17 Net revenue w/o Treasury result 688 601 14 688 601 14 Financial Derivatives 372 317 17 372 3
Slide 14: Detailed Income Statement – Fund Services
Back to segmental overview Detailed Income Statement – Fund Services Income statement | €m Q1/26 Q1/25 Change % 3M/26 3M/25 Change % Net revenue 150 132 13 150 132 13 Treasury result 13 12 4 13 12 4 Net revenue w/o Treasury result 137 120 14 137 120 14 Fund Processing 1 88 76 16 88 76 16 Fund Distri
Slide 15: Detailed Income Statement – Securities Services
Back to segmental overview Detailed Income Statement – Securities Services Income statement | €m Q1/26 Q1/25 Change % 3M/26 3M/25 Change % Net revenue 438 417 5 438 417 5 Treasury result 143 160 –11 143 160 –11 Net revenue w/o Treasury result 296 258 15 296 258 15 Custody 1 197 174 13 197 174 13 Set
Slide 16: Financial Calendar and Contact Details
Financial Calendar and Contact Details May 12, 2026 Redburn Conference (Toronto) May 13, 2026 Annual General Meeting 2026 May 19, 2026 Berenberg European Conference (New York) Deutsche Börse AG May 21, 2026 Barclays European Leadership Conference (London) Investor Relations May 27, 2026 dbAccess Eur
Slide 17: 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
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