Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — Q1 2025 Earnings Presentation
18 slides from Deutsche Boerse's earnings presentation, Apr 29, 2025
Slide 1: Q1/2025 financial results
Q1/2025 financial results Analyst and Investor Conference Call 29 April 2025
Slide 2: Deutsche Börse Group starts 2025 with further growth that exceeds initial expectations
Deutsche Börse Group starts 2025 with further growth that exceeds initial expectations Q1/2025 Net revenue w/o treasury result in Q1/25 (+10%) slightly exceeded expectations; in addition to continued underlying growth, results benefited from increased market volatility since March Net revenue De
Slide 3: Recent developments in Europe are expected to have a positive impact on many parts of our business model
Recent developments in Europe are expected to have a positive impact on many parts of our integrated business model Mid- to long-term opportunities beyond existing growth drivers Investment flows into European equities Resurgence of flows into European equites and funds, driven by geopolitical unc
Slide 4: Group financials
Detailed income statement Group financials Q1/2025 Net revenue | €m EBITDA | €m Note +10% w/o TR1 +11% w/o TR1 €601m Operating cost +6% Financial investments €6m 1,507 1,427 230 Treasury result 262 Depreciation2 €126m Financial result €−39m 875 912 €525m 262 230 Treasury result Net profit Net re
Slide 5: Operating costs
Operating costs Q1/2025 Operating costs | €m Note Higher provisions for share-based compensation and stronger US$ at Growth the beginning of the year result in overall operating cost growth of 6% +3% 601 Underlying operating cost growth of ~19 3% in-line with expectations, mainly driven by inf
Slide 6: Investment Management Solutions
Detailed income statement Investment Management Solutions Q1/2025 Net revenue | €m EBITDA | €m Business development –1% –14% Software Solutions annual recurring revenue (ARR) of €618 million, up 15% (guidance: 13-18%) due to 300 298 significant client wins in the US Software Solutions benefi
Slide 7: Trading & Clearing
Detailed income statement Trading & Clearing Q1/2025 Net revenue | €m EBITDA | €m Business development +12% w/o TR (margin fees)1 +14% w/o TR (margin fees)1 Financial Derivatives benefited from higher fixed income activity and an improvement in index activity in March, 660 while margin fees de
Slide 8: Fund Services
Detailed income statement Fund Services Q1/2025 Net revenue | €m EBITDA | €m Business development +20% w/o TR (NII)1 +34% w/o TR (NII)1 Fund Services segment benefited from higher equity market levels, growth from new clients and portfolios, 132 and inflows into Europe, resulting in 12 Treasur
Slide 9: Securities Services
Detailed income statement Securities Services Q1/2025 Net revenue | €m EBITDA | €m Business development +11% w/o TR (NII)1 +14% w/o TR (NII)1 Securities Services positively impacted by continued strong fixed income issuance and higher equity 417 market levels, resulting in record 406 levels of
Slide 10: Outlook
Outlook FY/2025 Net revenue | €bn EBITDA | €bn 5.8 Guidance for 2025 remains unchanged >0.8 Treasury result at ~€5.2 billion net revenue w/o treasury 1.0 result and ~€2.7 billion EBITDA w/o 3.4 treasury result, but upside to guidance if higher market volatility persists >0.8 Treasury result 1.0
Slide 11: Appendix
Appendix Deutsche Börse Group │ 29 April 2025 10
Slide 12: Income statement – group level
Back to group overview Income statement – group level Income statement | €m Q1/25 Q1/24 Change % Sales revenue 1,636.3 1,454.9 12% Other operating income 4.4 9.0 –51% Volume-related costs –364.1 –298.1 22% Net revenue w/o Treasury result from banking business and similar business 1,276.6 1,165.8 10%
Slide 13: Detailed income statement – Investment Management Solutions
Back to segmental overview Detailed income statement – Investment Management Solutions Income statement Volume Revenue per volume Q1/25 Q1/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 298.0 300.0 –1 Treasury result 0.1 0.0 - Net revenue w/o Treasury result 297.9 300.0 –1 Soft
Slide 14: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement Volume Revenue per volume Q1/25 Q1/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue w/o Treasury result 601.3 534.5 12 Treasury result 58.5 69.4 –16 Net revenue 659.8 603.9 9 Financial Deri
Slide 15: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement Volume Revenue per volume Q1/25 Q1/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 132.2 117.6 12 Treasury result 12.3 17.7 –31 Net revenue w/o Treasury result 119.9 99.9 20 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 Q1/25 Q1/24 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 417.0 405.8 3 Treasury result 159.5 174.4 –9 Cash balances (€m) 19,379 17 % p.a. 3.292 –22 Net revenue w
Slide 17: Financial calendar and contact details
Financial calendar and contact details Financial calendar 14 May 2025 Annual General Meeting Deutsche Börse AG 15 May 2025 Redburn Canada Conference (Toronto) Investor Relations 21 May 2025 Berenberg European Conference (New York) Mergenthalerallee 61 28 May 2025 dbAccess European Champions Conferen
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