Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Investor Day (December 2025)
83 slides from Deutsche Boerse's investor day presentation, Dec 10, 2025
Slide 1: Capital Markets Day: Leading the Transformation
Capital Markets Day ”Leading the Transformation” London, December 10, 2025
Slide 2: Agenda
Agenda Stephan Leithner Strategy Update Chief Executive Officer Christian Kromann Investment Management Solutions Member of the Executive Board Thomas Book Trading & Clearing Member of the Executive Board Stephanie Eckermann Fund Services & Securities Services Member of the Executive Board Jens Schu
Slide 3: Strategy Update: Leading the Transformation
Strategy Update “Leading the Transformation” Stephan Leithner Chief Executive Officer 3
Slide 4: Key messages
LEADING THE TRANSFORMATION | STRATEGY UPDATE Key messages 1 Strong starting point – Horizon 2026 on-track We remain on track and committed to our 2026 targets, our synergistic and diversified business model catering well for slightly different mix across the segments Continued high 8% organic ne
Slide 5: We have successfully built a global operating model
LEADING THE TRANSFORMATION | STRATEGY UPDATE We have successfully built a global operating model Focus on scalability and qualitative improvement going forward Unique integrated … building on leading … with innovation, …featuring global market infrastructure brands and business at resilience, and re
Slide 6: The team to take it forward
LEADING THE TRANSFORMATION | STRATEGY UPDATE The team to take it forward The Executive Board The management team at the CMD MEB: Member of the Executive Board Deutsche Börse Group │ December 10, 2025 6 MEB: Member of the Executive Board
Slide 7: We have a proven, long-term track record of sustained growth
LEADING THE TRANSFORMATION | STRATEGY UPDATE We have a proven, long-term track record of sustained growth Net revenue (€bn) +11% CAGR We built a strong track record for leading the capital markets w/o treasury result transformation over the last 25+ years Over the past two strategy cycles, we ac
Slide 8: We remain on track and committed to our 2026 targets
LEADING THE TRANSFORMATION | STRATEGY UPDATE We remain on track and committed to our 2026 targets Slightly different mix between the segments Change in composition of net revenue target for 2026 (€bn) Horizon strategy objectives achieved Secular growth, building a leading buy-side franchise, 6.4 6.4
Slide 9: Our consistent performance is driven by our well-balanced, synergistic portfolio
LEADING THE TRANSFORMATION | STRATEGY UPDATE Our consistent performance is driven by our well-balanced, synergistic portfolio of businesses Investment Management Trading & Clearing Fund Services Securities Services Solutions (IMS) Solutions “Spearheading a leading “A leading global fund platform, “A
Slide 10: Leading the Transformation: four building blocks
LEADING THE TRANSFORMATION | STRATEGY UPDATE “Leading the Transformation” Strategy framework consists of four building blocks Sustained high net Executing secular growth, … Driving transformation themes … revenue growth … to drive 8% CAGR organic net revenue … to unlock long-term growth and scaling
Slide 11: We address existing secular trends to further scale our business
LEADING THE TRANSFORMATION | STRATEGY UPDATE We address existing secular trends to further scale our business Trading & Fund Securities IMS Clearing Services Services Buy-side We have positioned us as neutral, at-scale, long-term partner in a growing market Digitization Digital operating model and n
Slide 12: Buy-side opportunity
LEADING THE TRANSFORMATION | STRATEGY UPDATE Buy-side opportunity We have positioned us as neutral, at-scale, long-term partner Partner for the buy-side Deutsche Börse Group 36% of net revenue generated Buy-side opportunity transformation with buy-side directly Growing TAM with 8% Acquisition of
Slide 13: Digital operating model and new technologies
LEADING THE TRANSFORMATION | STRATEGY UPDATE Digital operating model and new technologies Strong basis for further growth Digital core of Deutsche Börse Group We are uniquely positioned to capitalize Investment Trading & Fund & Management Clearing Securities on the potential of AI Solutions Services
Slide 14: Our cyclical exposure has become more manageable
LEADING THE TRANSFORMATION | STRATEGY UPDATE Our cyclical exposure has become more manageable Treasury result (€bn) Margin fees Net interest income (NII) 1.0 1.0 Interest rate headwinds are expected to fade 0.8 in 2026, resulting in increase of overall growth 0.7 0.7 0.7 0.5 The NII mid-term is
Slide 15: The European capital markets transformation
LEADING THE TRANSFORMATION | STRATEGY UPDATE The European capital markets transformation Opportunities far beyond 2028 Significant tailwinds … … offering ample opportunities for us Pension / Retail B2B2C Home of the Euro Improvements to channel savings into productive investment to lead to momentum
Slide 16: We are well positioned for fast-growing asset classes
LEADING THE TRANSFORMATION | STRATEGY UPDATE We are well positioned for fast-growing asset classes Digital assets and Alternatives in focus Becoming the first fully hybrid market infrastructure provider Hybrid offering (e.g., tokenization of existing AuC, CBL/CF Digital assets securities link, DLT
Slide 17: All segments are benefiting from our growth opportunities
LEADING THE TRANSFORMATION | STRATEGY UPDATE All segments are benefiting from our growth opportunities Strong and balanced growth potential across all segment Net revenue growth Key drivers CAGR w/o TR 2024-28E Investment Further expansion in Software Solutions (client wins, front office build-out,
Slide 18: Complementing organic growth with M&A to maximize growth
LEADING THE TRANSFORMATION | STRATEGY UPDATE Complementing organic growth with M&A to maximize growth Possible acquisition of Allfunds in line with M&A framework General M&A guidelines Key strategic elements of proposal Very compelling strategic, commercial and financial rationale for Within the
Slide 19: Refined capital allocation principles
LEADING THE TRANSFORMATION | STRATEGY UPDATE Refined capital allocation principles Combining strong investment capacity and attractive shareholder returns Investments in growth Shareholder distributions Organic growth Dividends Organic growth driven by secular trends continues We are targeting a div
Slide 20: Current net revenue growth rates are expected to continue until at least 2028
LEADING THE TRANSFORMATION | STRATEGY UPDATE Current net revenue growth rates are expected to continue until at least 2028, and very likely beyond Net revenue 8 + % Mid-term guidance 2024-28E w/o treasury result CAGR 2024-28E We will continue to deliver strong net revenue growth w/o treasury resul
Slide 21: Investment Management Solutions (IMS)
Investment Management Solutions (IMS) “Spearheading a leading infrastructure proposition to the buy-side, anchored on top technology, data, analytics and index offerings” Christian Kromann Member of the Executive Board
Slide 22: IMS spearheads the Group's proposition for the buy-side
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS IMS spearheads the Group’s proposition for the buy-side Unique tech, data, analytics and index offerings Mission-critical data, analytics Core tech proposition & indices proposition SimCorp ONE as integrated, cross-asset front- High-qualit
Slide 23: IMS serves the growing buy-side TAM
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS IMS serves the growing buy-side TAM and acts as gateway for the Group’s holistic buy-side ecosystem The buy-side is a highly attractive client group … …which we cover holistically Group net revenue split TAM, €bn 6-8% %, 2025E Strongly 34
Slide 24: Our proposition as partner of choice for the buy-side is highly valued
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS Our proposition as partner of choice for the buy-side is highly valued by our clients, enabling a strong foundation for growth Serving over 55 of top-100 asset managers and Serving 94 of top-100 asset managers over 15 of top-20 European as
Slide 25: Investment Management Solutions delivered healthy growth and initial margin expansion
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS Investment Management Solutions delivered healthy growth and initial margin expansion Net revenue ~16% SimCorp ARR growth (CAGR €bn 9% CAGR FX-adj2. ~12% 2022-25) in line with target Healthy 0.7 0.8 New SimCorp platform client 0.6 growth w
Slide 26: We have significant growth opportunities beyond 2026
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS We have significant growth opportunities beyond 2026 Continue growth on the back of our client Continue margin expansion and position franchise, while expanding margin to reaccelerate top line growth 1 | Ongoing SaaS transformation 1 | Cus
Slide 27: Our strategy will further build out our global position
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS Our strategy will further build out our global position with clear leadership in Europe and strong US growth momentum Positioning Ambition Europe 75% Market leading Increase SimCorp’s share of Distinct home market positioning of top 20 E
Slide 28: Investment Management Solutions: expectations until 2028
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS Investment Management Solutions Our expectations until 2028 Net revenue growth 2024-28 CAGR Net revenue Strong market momentum of buy-side accelerating €bn transformation with clear preference for F2B solutions ~8% CAGR pro forma1 Streng
Slide 29: We have significant growth opportunities beyond 2026 (SimCorp)
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS SIMCORP We have significant growth opportunities beyond 2026 Continue growth on the back of our client Continue margin expansion and position franchise, while expanding margin to reaccelerate top line growth 1 | Ongoing SaaS transformation
Slide 30: SimCorp's revenue recognition for SaaS contracts will change in 2027
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS SIMCORP Following the progressed SaaS transition, SimCorp’s revenue recognition for SaaS contracts will change in 2027 Shifting revenue recognition from upfront to ratable … Rationale and scope Example: €12 million total SaaS contract valu
Slide 31: SimCorp is extending its natively integrated alternatives offering
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS SIMCORP SimCorp is extending its natively integrated alternatives offering Ambition to build out solution to leading cross-asset tech with fully native total portfolio view for both LP and GPs … Public and private markets on the same platf
Slide 32: SimCorp One is well positioned to leverage the potential of AI
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS SIMCORP SimCorp One is well positioned to leverage the potential of AI SimCorp is well position to capture the full potential of AI … AI-driven client solutions will fundamentally reimagining how financial professionals make decisions… I
Slide 33: Successful integration of SimCorp and synergy initiatives
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS SIMCORP Successful integration of SimCorp and synergy initiatives establish the Group as partner of choice for the buy-side Ongoing product and sales synergies Trade connectivity Joint GTM with 360T FX EMS and closer product collaboration
Slide 34: We have significant growth opportunities beyond 2026 (ISS STOXX)
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS ISS STOXX We have significant growth opportunities beyond 2026 Continue growth on the back of our client Continue margin expansion and position franchise, while expanding margin to reaccelerate top line growth 1 | Ongoing SaaS transformati
Slide 35: Room for growth despite market headwinds
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS ISS STOXX Room for growth despite market headwinds Stewardship Solutions – Custom growth Index – European buy-side despite headwinds for benchmark voting …and is expected to Custom voting already Strong momentum for … and continued surge o
Slide 36: ISS STOXX is well protected against AI disruption
LEADING THE TRANSFORMATION | INVESTMENT MANAGEMENT SOLUTIONS ISS STOXX ISS STOXX is not only well protected against AI disruption, but also started to capture the long-term AI potential Well defined moats to protect business against AI disruption Key long-term AI opportunities • Most extensive globa
Slide 37: Trading & Clearing
Trading & Clearing “The Powerhouse of Multi-Asset Trading and Clearing Platforms” Thomas Book Member of the Executive Board Deutsche Börse Group │ December 10, 2025
Slide 38: Trading & Clearing portfolio gives unique platforms to lead the market
LEADING THE TRANSFORMATION | TRADING & CLEARING Trading & Clearing portfolio gives Deutsche Börse Group unique platforms to lead the market transformation Financial Derivatives Commodities Cash Equities FX & Digital Assets Global leader in derivatives World´s largest power #1 for German equities and
Slide 39: Multi-asset business platforms with strong synergies
LEADING THE TRANSFORMATION | TRADING & CLEARING Multi-asset business platforms with strong synergies Strategic positioning Flywheel effects driving diversification and growth Global Home of the Euro Yield Curve Global Product Financial Derivatives Global gateway to European equity and Equity dis
Slide 40: Trading & Clearing – Development 2022-25E
LEADING THE TRANSFORMATION | TRADING & CLEARING Trading & Clearing – Development 2022-25E Investment highlights Net revenue €bn 7% CAGR w/o TR Growth >€450 million net revenue “The Powerhouse growth without treasury result (TR) 2.5 0.2 of Multi-Asset 2.2 0.2 Drivers 10%+ CAGR in Fixed Income, Tradin
Slide 41: On track to achieving our goals for Horizon 2026
LEADING THE TRANSFORMATION | TRADING & CLEARING On track to achieving our goals for Horizon 2026 Net revenue Focusing on achieving the 2026 targets €bn 7% CAGR w/o TR Financial Derivatives – 2.8 1 Strong growth in Fixed Income (12% CAGR 2022-2025E); Equity & Index in low-volatility 2.5 market enviro
Slide 42: Trading & Clearing well-positioned to capitalize on key market drivers
LEADING THE TRANSFORMATION | TRADING & CLEARING Trading & Clearing well-positioned to capitalize on key market drivers and lead market transformation to 2028 and beyond Scaling of the business & Utilizing opportunities as Positioning for fast- underlying secular trends the gateway to Europe growing
Slide 43: Trading & Clearing to reach €2.9 billion net revenue by 2028
LEADING THE TRANSFORMATION | TRADING & CLEARING Trading & Clearing is all set to reach €2.9 billion in net revenue by 2028 Net revenue Main topline contributions Net Revenue €bn w/o TR CAGR 2024-28E Fixed Income Derivatives – Continue strong growth pattern through cross-product propositions, 10-12%
Slide 44: Eurex on track to deliver the Fixed Income Roadmap
LEADING THE TRANSFORMATION | TRADING & CLEARING SCALING OF THE BUSINESS Eurex on track to deliver the ambitious Fixed Income Roadmap, with recent momentum accelerating FI Listed Derivatives Repo Global Home of the LTIR all time >950m contracts in Euro-Yield-Curve Major strategic record: 2025E, +65%
Slide 45: Equity & Index business with strong strategic basis
LEADING THE TRANSFORMATION | TRADING & CLEARING SCALING OF THE BUSINESS Equity & Index business with strong strategic basis to capitalize on returning market momentum Strong foundation for future growth… … capitalizing on unique value proposition Transition of underlying indices Global gateway t
Slide 46: Commodities business poised to continue its growth trajectory
LEADING THE TRANSFORMATION | TRADING & CLEARING SCALING OF THE BUSINESS Commodities business poised to continue its outstanding growth trajectory – a truly unique success story An outstanding story Double-digit growth markets setting the stage for continued success Renewables-driven volatility and
Slide 47: Cash Equities well positioned to profit from mobilization of private capital
LEADING THE TRANSFORMATION | TRADING & CLEARING SCALING OF THE BUSINESS Cash Equities well positioned to profit from mobilization of private capital and support capital-raising requirements Mobilization of private capital ETF Growth Top European IPOs & New Listings ~15% Retail market development ~15
Slide 48: FX to continue driving a holistic product and trading suite
LEADING THE TRANSFORMATION | TRADING & CLEARING SCALING OF THE BUSINESS FX is set to continue driving a holistic and complete product and trading suite on a global scale FX market growth Structural industry driver 360T’s formula to outperform 5-10% FX market: Global, large >15% Shift to electronic >
Slide 49: Our industry is at the edge to a new S-Curve
LEADING THE TRANSFORMATION | TRADING & CLEARING Our industry is at the edge to a new S-Curve led by new technologies S-Curve momentum through technology wave …unlocks significant industry growth Next technology-induced New Assets & S-Curve AI-driven Trading Data Analytics Workflows Agentic execution
Slide 50: Pioneering the future – expanding leading digital solutions
LEADING THE TRANSFORMATION | TRADING & CLEARING ASSET CLASS EXPANSION Pioneering the future – Continue expanding leading digital solutions Connecting capabilities across the value chain… Live ( ) Live client cases In development Achievements Product Primary market Secondary market Post-trade service
Slide 51: Clearstream powering post-trade excellence and growth
LEADING THE TRANSFORMATION | FUND SERVICES & SECURITIES SERVICES Clearstream powering Deutsche Börse Group’s post-trade excellence and growth trajectory Fund Services Securities Services A leading hub for fund Globally leading in securities distribution and processing post-trade services €4.5 trilli
Slide 52: Fund Services
Fund Services “A leading global fund platform, delivering fund solutions across Stephanie Eckermann the entire value chain” Member of the Executive Board Deutsche Börse Group │ December 10, 2025
Slide 53: Well on track to deliver high revenue growth ambition of Horizon 2026
LEADING THE TRANSFORMATION | FUND SERVICES Well on track to deliver high revenue growth ambition set in Horizon 2026 Net revenue Strong 2022-24 CAGRs €bn across all volume drivers 12% +22% w/o TR “A leading global fund Assets under custody1 9% y-o-y platform, delivering CAGR w/o TR fund solutions ac
Slide 54: Beyond 2026: Structural trends to accelerate Fund Services growth
LEADING THE TRANSFORMATION | FUND SERVICES Beyond 2026: Structural trends anticipated to further accelerate Fund Services growth in coming cycle European capital Asset class Business scaling market transformation expansion Funds projected to grow at 6% CAGR New fund services solutions to allow Inves
Slide 55: Clearstream will lead the Funds transformation
LEADING THE TRANSFORMATION | FUND SERVICES Clearstream will lead the Funds transformation to deliver double-digit net revenue growth Net revenue €bn Platform Post-trade momentum Sustained high growth Business scaling Retail wealth enablement 11% and scaling Technology enabled core CAGR + w/o T
Slide 56: Business scaling: Win next large global mandates
LEADING THE TRANSFORMATION | FUND SERVICES SCALING OF THE BUSINESS Business scaling: Win next large global mandates and capture growing retail and wealth opportunity Proof points Accelerate outsourcing momentum with onboarding White-label Vestima Platform of global mandates and scalable solutions
Slide 57: Best outsourcing partner for Tier 1 aggregators
LEADING THE TRANSFORMATION | FUND SERVICES SCALING OF THE BUSINESS We have proven – and continue to invest – to be the best outsourcing partner for Tier 1 aggregators Fund platform outsourcing Why clients choose us? A real facilitator of Buy- and Sell-side in funds momentum continues Share of platfo
Slide 58: Leading the European capital markets transformation for ETFs
LEADING THE TRANSFORMATION | FUND SERVICES EUROPEAN CAPITAL MARKETS TRANSFORMATION Leading the European capital markets transformation for ETFs The Group: Market-leading value chain coverage for ETFs Expand pan-European ETF infrastructure Creation Proactively consolidate European ETF post-trade flow
Slide 59: Asset Class Expansion: Alternatives and Transfer Agent software
LEADING THE TRANSFORMATION | FUND SERVICES ASSET CLASS EXPANSION Asset Class Expansion: Expanding our leading technology platform to Alternatives and Transfer Agent software services Proof points Bring superior processing capabilities to Alternatives via +€340bn Post-trade established channels and
Slide 60: Potential acquisition of Allfunds
LEADING THE TRANSFORMATION | FUND SERVICES Potential acquisition of Allfunds: Completing the build-up of a €1 bn+ revenue fund platform and driving SIU contribution Complementary client, regional and services footprint Combination of distinct footprint strengths enables Hubs in Central Europe Hubs i
Slide 61: Securities Services
Securities Services “A leading modular, trusted, and innovative securities infrastructure in Stephanie Eckermann Europe” Member of the Executive Board Deutsche Börse Group │ December 10, 2025
Slide 62: Targets for 2026 achieved a year ahead of schedule
LEADING THE TRANSFORMATION | SECURITIES SERVICES Targets for 2026 achieved a year ahead of schedule Strong 2022-24 CAGR Net revenue across all volume drivers €bn underpins strategy 8% w/o TR +7% Growth in y-o-y “A leading modular, Assets under Custody 9% CAGR trusted, and w/o TR innovative securitie
Slide 63: Beyond 2026: Secular industry trends intact
LEADING THE TRANSFORMATION | SECURITIES SERVICES Beyond 2026: Secular industry trends intact with anticipated acceleration of Digitization for coming cycle European capital Asset class Business scaling market transformation expansion Direct-to-infrastructure access Surge in EU public issuance Instit
Slide 64: Securities Services to deliver 8% net revenue CAGR
LEADING THE TRANSFORMATION | SECURITIES SERVICES Securities Services uniquely positioned to address market trends and deliver 8% net revenue CAGR Net revenue €bn B2B2C plug-and-play access Sustained high growth Business scaling Collateral Mgmt. PaaS innovation 8% CAGR and scaling Next-gen tech
Slide 65: Business scaling: Expanding our client footprint
LEADING THE TRANSFORMATION | SECURITIES SERVICES BUSINESS SCALING Business scaling: Expanding our client footprint along Retail, Buy-side and FMI segments, enabled by technology Proof points B2B2C Enable post-trade access for retail banks/brokers Live flagship partners plug-and-play Close operat
Slide 66: Clearstream uniquely positioned to lead European SIU efforts
LEADING THE TRANSFORMATION | SECURITIES SERVICES EUROPEAN CAPITAL MARKET TRANSFORMATION Clearstream uniquely positioned to lead European SIU efforts Clearstream Clearstream Global (ICSD) Europe Scale Meets Simplicity Single access point for One platform. One partner. Harmonized ICSD and Global gatew
Slide 67: Asset Class Expansion: first fully Digital CSD
LEADING THE TRANSFORMATION | SECURITIES SERVICES ASSET CLASS EXPANSION Asset Class Expansion Enhancing our leading role by becoming first fully Digital CSD Global leader in Digital Securities Connecting TradFi with the new digital world Institutional crypto custody Only CSD with an institutional c
Slide 68: Financial perspective
Financial perspective “Expansion. Efficiency. Returns.” Jens Schulte Chief Financial Officer
Slide 69: We have proven our growth potential and are on track for 2026
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE We have proven our growth potential and are on track for 2026 Net revenue EBITDA €bn €bn 10% Strong EBITDA margin Operating 11% 2026 target all-in CAGR Growth 58% ~58% ~60% Leverage delivered Delivered Increasing all-in CAGR 6.4 11% 6.0 0.7 Treasury
Slide 70: All segments have contributed to our net revenue growth
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE All segments have contributed to our net revenue growth, with a further increase in the share of recurring revenues Net revenue €bn 11% CAGR w/o TR Well balanced portfolio 6.0 allows for consistent delivery and has 9% 9% 0.8 proven to be robust agai
Slide 71: Committed to 2026 targets; underlying growth drivers changed slightly
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE We are committed to our targets for 2026 – however, the underlying growth drivers have changed slightly Target 2026 (Nov 2023) Net revenue w/o TR €5.7bn €0.7bn €6.4bn Investment ESG: headwinds from prolonged sales cycles Management Solutions Ind
Slide 72: Our 2028 ambition builds on attractive financial economics
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE Our 2028 ambition builds on highly attractive financial economics of our unique business model P&L structure 2025E €bn Revenue Growth A Revenue Growth B Scalability C Financial Capacity Sustained growth momentum for the last years (11% CAGR w/o trea
Slide 73: All segments are contributing to our targets for 2028
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE REVENUE GROWTH All segments are contributing to our targets for 2028 Net revenue Segmental growth contributions and CAGR 2024-28E w/o treasury result €bn Investment 20% 8% Management +0.3 8% 1 CAGR €bn Solutions w/o TR Organic growth momentum expect
Slide 74: Revenue recognition changes for SaaS contracts have no material impact
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE REVENUE GROWTH Changes in revenue recognition for SaaS contracts in Software Solutions will have no material impact on overall growth Group net revenue development Change of revenue recognition €bn; w/o treasury result Advantages Not affected: 8% CA
Slide 75: Net interest income headwinds expected to fade in 2026
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE REVENUE GROWTH Net interest income headwinds are expected to fade in 2026 – through levels far above previous cycles Treasury result & interest rate development €bn Margin fees Net interest income FED ECB 6% 1.05 0.96 The treasury result consists
Slide 76: Our refined 'OneGroup' operating model
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE SCALABILITY Our refined ‘OneGroup’ operating model will help us to further improve our efficiency Evolution of operating model Operating efficiency benefit Operating costs (€bn) ‘OneGroup’ 3 + % Leverage global footprint to CAGR Global people model
Slide 77: Investment budget to drive growth
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE SCALABILITY Past investments and efficiency gains allow for reasonable and future proof investment budget to drive growth Break-down of 2026 investment budget State-of-the-art technology Shared IT today is the result of forward-looking Operating Cap
Slide 78: Delivering accelerated EBITDA growth through operating leverage
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE SCALABILITY Delivering accelerated EBITDA growth through operating leverage EBITDA growth % cumulated EBITDA 58% ~62% margin all-in Resilient Growth Our diversified business model ensures robust and sustainable +12% EBITDA CAGR w/o TR top-line gro
Slide 79: Strong cash generation and high strategic flexibility
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE FINANCIAL CAPACITY Based on strong cash generation and despite prudent capital management, we have high strategic flexibility Debt maturity profile Net debt / EBITDA FFO / net debt €bn multiple % Target: <2.25x Target: >40% 2.4 2.2 68 1.8 1.7 1.5 ~1
Slide 80: Strong rationale for combining Allfunds with Fund Services
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE Strong strategic and financial rationale for combining Allfunds with our Fund Services business Terms of non-binding proposal for Allfunds Acquisition of the entire issued and to be issued share of capital of Allfunds Strong cash generation and
Slide 81: Committed to steadily increasing dividends and regular annual buybacks
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE We are committed to steadily increasing dividends and regular annual buybacks Dividend, payout-ratio and share buyback development €m €3.00 €3.20 €3.60 €3.80 €4.00 DPS Refined capital allocation principles 51% 49% 44% 40% 38% Payout-ratio combine st
Slide 82: Current net revenue growth rates expected to continue until at least 2028
LEADING THE TRANSFORMATION | FINANCIAL PERSPECTIVE Current net revenue growth rates are expected to continue until at least 2028, and very likely beyond Net revenue Costs EBITDA Mid-term guidance until 2028 €bn €bn €bn Net revenue w/o TR EBITDA w/o TR Treasury result (TR) Treasury result (TR) We w
Slide 83: 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