Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — FY2025 Earnings Presentation
17 slides from Deutsche Boerse's earnings presentation, Feb 12, 2026
Slide 1: Annual Press Conference Financial Year 2025
Annual Press Conference Financial Year 2025 Preliminary results February 12, 2026
Slide 2: Deutsche Börse Group Achieves Record Results in Financial Year 2025
Deutsche Börse Group Achieves Record Results in Financial Year 2025 ▪ Thanks to our diversified and resilient business portfolio, our FY/2025 FY/2025 results are fully in-line with our guidance, despite cyclical headwinds Net revenue from low volatility and ongoing challenges in ESG +9%1 €6,026m ▪ O
Slide 3: We Enable Growth, Innovation and Global Reach for Europe's Capital Markets
We Enable Growth, Innovation and Global Reach for Europe’s Capital Markets Powering Financing Pioneering European Champion Capital-Based Pensions Growth and Stability Financial Technology with a Global Footprint ▪ European ETF growth: ▪ Europe’s major IPOs: ▪ Cloud leadership: over ▪ SimCorp: major
Slide 4: Group Financials
Group Financials FY/2025 Net revenue | €m EBITDA | €m Note +9% w/o TR1 +14% w/o TR1 €2,534m Operating cost +3% Depreciation2 €502m 6,026 5,829 837 Treasury result 1,050 Financial result €−154m Net profit €1,995m 3,396 3,512 €11.65 837 Treasury result Cash EPS3 Net revenue 1,050 +3% 5,189 4,779 w
Slide 5: Investment Management Solutions
Investment Management Solutions FY/2025 Net revenue | €m EBITDA | €m Business development +4% +5% +6% (constant FX) ▪ Growing demand for best-in-class front-to-back investment management technology that helps to increase 1,331 efficiency for the buy-side 1,285 ▪ Software Solutions with strong
Slide 6: Trading & Clearing
Trading & Clearing FY/2025 Net revenue | €m EBITDA | €m Business development +9% w/o TR1 +13% w/o TR1 ▪ Financial derivatives benefited from strong OTC clearing and repo business in fixed income, while demand for 2,553 equity/index derivatives remained 2,407 222 Treasury result │–15% subdued due
Slide 7: Fund Services
Fund Services FY/2025 Net revenue | €m EBITDA | €m Business development +13% w/o TR (NII)1 +24% w/o TR (NII)1 ▪ Fund Services benefited from several trends: outsourcing, global investors turning to Europe, accelerated pension 537 savings investments growth, and high 494 56 Treasury result │–17%
Slide 8: Securities Services
Securities Services FY/2025 Net revenue | €m EBITDA | €m Business development +12% w/o TR (NII)1 +20% w/o TR (NII)1 ▪ Securities Services positively impacted by continued strong fixed income issuance and higher equity 1,643 1,605 market levels, resulting in record levels of assets under custody
Slide 9: Delivering Superior Shareholder Distributions
Delivering Superior Shareholder Distributions Dividend and share buyback | €m Capital management €3.00 €3.20 €3.60 €3.80 €4.00 €4.20 DPS (+5%) ▪ Consistent execution of the refined 51% 49% 44% 40% 38% 38% Payout-ratio capital allocation principles with new record distribution in 2026 ▪ Dividend prop
Slide 10: Reaffirming Our 2026 Guidance
Reaffirming Our 2026 Guidance FY/2026 Net revenue | €bn EBITDA | €bn ▪ Guidance for 2026 reaffirmed at 6.4 6.0 ▪ €5.7 billion net revenue and 0.7 Treasury result 0.8 3.8 ▪ €3.1 billion EBITDA, 3.5 both without treasury result 0.7 Treasury result 0.8 ▪ In addition, we continue to expect a treasury re
Slide 11: We Are on Track to Achieve Our 2026 Targets & Long-Term Ambitions
We Are on Track to Achieve Our 2026 Targets & Long-Term Ambitions under the “Leading the Transformation” Strategy Net revenue (€bn) ▪ Drive sustained growth across business portfolios: Targeting 8% organic net revenue CAGR through 2028, fueled by secular trends and Net revenue w/o TR technology lead
Slide 12: Buy-out of ISS STOXX Minorities Enables Us to Simplify the Strategic Execution
Buy-out of ISS STOXX Minorities Enables Us to Simplify the Strategic Execution ▪ Agreement with General Atlantic to acquire their 20% stake in ISS STOXX for €1.1 billion under former investment agreements ▪ The buyout reaffirms our strategic vision for ISS STOXX as a ISS STOXX leading provider of mi
Slide 13: We Create a European Investment Fund Champion through the Acquisition of Allfunds
We Create a European Investment Fund Champion through the Acquisition of Allfunds ▪ Compelling strategic and financial rationale, while strengthening the European capital market and SIU ▪ Creation of one of the leading future-proof fund platforms combining complementary client bases, geographies and
Slide 14: 25 Years IPO
Slide 15: 25 Years of Growth and Innovation
25 Years of Growth and Innovation Market capitalization | €bn Dividend per share | € One Global Team 1,123 16,475 50 employees employees 4.20 40 3.20 30 2.30 2.35 20 1.70 10 0.36 0 2001 2006 2011 2016 2021 2026 2001 2006 2011 2016 2021 2025 2001 Today (proposal) Main acquisitions & innovations Crypt
Slide 16: Q&A
Q&A Deutsche Börse Group │ February 12, 2026
Slide 17: Media Calendar and Contact
Media Calendar and Contact Media calendar 2026 Feb 12 Annual Press Conference 2026 Feb 12 Analyst and investor conference call Q4 and FY 2025 Feb 25-26 Derivatives Forum Frankfurt 2026 Deutsche Börse Group Media Relations Apr 27 Publication quarterly statement Q1/2026 (around 19:00) Apr 28 Analyst a