Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Boerse Ag Namen — Q2 2026 Earnings Presentation
19 slides from Deutsche Boerse's earnings presentation, Jul 23, 2026
Slide 1: Broad-Based Secular Growth and Operating Leverage
Broad-Based Secular Growth and Operating Leverage Q2/2026 Financial Results Analyst and Investor Conference Call July 23, 2026
Slide 2: Broad-based secular growth, operating leverage and outlook upgraded
Broad-based secular growth, operating leverage and outlook upgraded Q2/2026: Secular growth results in continued momentum Net revenue €1,617m Net revenue growth of +9%¹ in Q2, driven by the diversified business portfolio with six of Q2 +9% 1 eight businesses delivering growth Treasury result sta
Slide 3: Group financials H1/2026
Detailed income statement Group financials H1/2026 Net revenue | €m EBITDA | €m +11% w/o TR1 +16% w/o TR1 €1,271m Operating cost +4% 3,255 Financial investments €3m 3,012 409 Treasury result 437 Depreciation2 €259m 1,987 Financial result €−82m 1,803 409 Treasury result €1,154m Net revenue 437 Ne
Slide 4: Group financials Q2/2026
Detailed income statement Group financials Q2/2026 Net revenue | €m EBITDA | €m +9% w/o TR1 +13% w/o TR1 Broad-based net revenue growth +7% total +10% total fueled by continued underlying secular drivers, despite normalization of the 1,617 market environment post Q1 and strong 1,505 prior-
Slide 5: Investment Management Solutions
Detailed income statement Investment Management Solutions Q2/2026 Net revenue | €m EBITDA | €m +4% –4% Software Solutions delivered solid net revenue growth, driven by a broad base of wins and upsells, against significant 320 tier 1 client wins in the prior year 308 Software Solutions ARR re
Slide 6: Trading & Clearing
Detailed income statement Trading & Clearing Q2/2026 Net revenue | €m EBITDA | €m +7% w/o TR (margin fees)1 +11% w/o TR (margin fees)1 Financial Derivatives: Fixed income derivatives net revenue +27%, driven by strong secular and cyclical growth 705 (OTC clearing +49%; Repo +41%); 666 50 Treas
Slide 7: Fund Services
Detailed income statement Fund Services Q2/2026 Net revenue | €m EBITDA | €m +14% w/o TR (NII)1 +20% w/o TR (NII)1 Fund Processing net revenue increased, driven by record levels of assets under custody (€5tr; +25%) and 151 higher settlement activity (+23%) 136 14 Treasury result │–14% Fund D
Slide 8: Securities Services
Detailed income statement Securities Services Q2/2026 Net revenue | €m EBITDA | €m +16% w/o TR (NII)1 +27% w/o TR (NII)1 Securities Services benefited from record levels of assets under custody (€17tr; +8%), driven mainly by 441 international debt issuance; in addition, collateral management o
Slide 9: Upgrading our 2026 guidance
Upgrading our 2026 guidance FY/2026 Net revenue | €bn EBITDA | €bn €5.7 billion net revenue and €3.1 billion EBITDA, both without treasury result, >6.4 reaffirmed 6.0 >0.7 Treasury result The treasury result for 2026 is now 0.8 >3.8 3.5 expected to exceed €0.7 billion, driven >0.7 Treasury resul
Slide 10: Appendix
Appendix Deutsche Börse Group │ July 23, 2026 9
Slide 11: Deutsche Börse Group – Performance Dashboard
Deutsche Börse Group – Performance Dashboard H1/2026 Net Revenue w/o TR1 Treasury Result Operating Costs EBITDA w/o TR1 Net Profit Cash EPS 61% €3,255m €2,846m €409m €1,271m €1,987m €1,578m margin €1,154m €6.73 +8% +11% –6% +4% +10% +16% +12% +12% Investment Management Solutions Trading & Clearing F
Slide 12: Income Statement – Group Level
Back to group overview Income Statement – Group Level Income statement | €m Q2/26 Q2/25 Change % H1/26 H1/25 Change % Sales revenue 1,807 1,594 13 3,628 3,231 12 Other operating income 18 19 –6 21 23 –8 Volume-related costs –413 –315 31 –803 –679 18 Net revenue w/o Treasury result from banking busin
Slide 13: Detailed Income Statement – Investment Management Solutions
Back to segmental overview Detailed Income Statement – Investment Management Solutions Income statement | €m Q2/26 Q2/25 Change % H1/26 H1/25 Change % Net revenue 320 308 4 633 606 4 Treasury result 0 0 - 0 0 0 Net revenue w/o Treasury result 320 308 4 633 606 4 Software Solutions 180 169 7 348 321
Slide 14: Detailed Income Statement – Trading & Clearing
Back to segmental overview Detailed Income Statement – Trading & Clearing Income statement | €m Q2/26 Q2/25 Change % H1/26 H1/25 Change % Net revenue 705 666 6 1,442 1,326 9 Treasury result 50 54 –7 99 113 –12 Net revenue w/o Treasury result 655 612 7 1,343 1,213 11 Financial Derivatives 362 316 15
Slide 15: Detailed Income Statement – Fund Services
Back to segmental overview Detailed Income Statement – Fund Services Income statement | €m Q2/26 Q2/25 Change % H1/26 H1/25 Change % Net revenue 151 136 11 301 268 12 Treasury result 14 16 –14 27 29 –6 Net revenue w/o Treasury result 137 120 14 274 240 14 Fund Processing 1 88 74 19 176 150 17 Fund D
Slide 16: Detailed Income Statement – Securities Services
Back to segmental overview Detailed Income Statement – Securities Services Income statement | €m Q2/26 Q2/25 Change % H1/26 H1/25 Change % Net revenue 441 395 12 880 812 8 Treasury result 141 137 3 283 296 –4 Net revenue w/o Treasury result 301 258 16 596 516 16 Custody 1 203 179 13 400 353 13 Settl
Slide 17: Quarterly statistics
Quarterly statistics Asset class / Service Unit Q2/26 Q2/25 Change % H1/26 H1/25 Change % Investment Management Solutions Assets under Management in DAX & STOXX ETFs €bn 213 156 +37% 207 149 +39% Exchange licenses Index derivatives contracts (in m) 173 178 -3% 367 366 +0% Trading & Clearing Total de
Slide 18: Financial Calendar and Contact Details
Financial Calendar and Contact Details September 1, 2026 Commerzbank ODDO BHF Corporate Conference (Frankfurt) September 10, 2026 Kepler Cheuvreux Autumn Conference (Paris) September 14, 2026 Barclays Global Financials CEO Conference (New York) Deutsche Börse AG September 16, 2026 UBS Fintech One-on
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
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