Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Q2 2022 Earnings Presentation
18 slides from Deutsche Boerse's earnings presentation, Jul 27, 2022
Slide 1: Q2/2022 Financial results – Analyst and Investor Conference Call
Q2/2022 Financial results Analyst and Investor Conference Call 27 July 2022
Slide 2: Strong organic growth performance in H1/2022 due to secular growth and cyclical tailwinds
Strong organic growth performance in H1/2022 due to continued secular growth and cyclical tailwinds Organic net revenue grow th M&A contribution Operating costs +16% +3% net revenue Organic operating costs in-line with expectations +8% secular +8% cyclical growth from M&A H1/2022 Net revenue Conti
Slide 3: Group financials H1/2022
Group financials H1/2022 Net revenue | €m EBITDA | €m Cash EPS1 | € Note +20% +22% +22% +16% (organic) +21% (organic) +20% (organic) Net interest €139m income +106% €839m 2,079 4.38 Operating cost +15% +6% (organic w/o FX) 1,737 3.60 Financial investments €32m 1,272 Depreciation2 €166m 1
Slide 4: Operating cost development
Operating cost development H1/2022 │ €m M&A FX effect Organic (w/o FX) Note +6% +2% +6% M&A effects (+6%) mainly driven by +15% ISS as well as Discovery Data, Crypto Finance and Kneip 839 21 Stronger US-Dollar resulted in 26 operating cost increase (but also 18 beneficial to revenue develo
Slide 5: Group financials Q2/2022
Detailed income statement Group financials Q2/2022 Net revenue | €m EBITDA | €m Cash EPS1 | € Note +15% +13% + 11 % Continued strong net revenue growth: 8% secular + 6% cyclical + 1% M&A 1.98 Q2/21 numbers included book gain of 1.79 €40 million due to the full purchase of Fund Centre Con
Slide 6: Data & Analytics
Detailed income statement Data & Analytics Q2/2022 │ €m Net revenue EBITDA Business development +32% +9% +27% (excl. Clarity AI effect) Double digit organic net revenue growth across all business lines driven by trend towards ESG, solid new client 155 pipeline and higher market activity 31 O
Slide 7: Trading & Clearing
Detailed income statement Trading & Clearing Q2/2022 │ €m Net revenue EBITDA Business development +22% +24% The Trading & Clearing segment benefitted from higher volatility and increased client hedging needs 537 32 Foreign exchange │ +27% Financial derivatives were driven by index derivative
Slide 8: Fund Services
Detailed income statement Fund Services Q2/2022 │ €m Net revenue EBITDA Business development +14%1 +4%1 Continued onboarding of new clients and funds more than offset cyclical headwinds from market 123 performance Agreement with Italian online Book gain1 40 94 broker Directa to provide Itali
Slide 9: Securities Services
Detailed income statement Securities Services Q2/2022 │ €m Net revenue EBITDA Business development +15% +34% Headwinds from equity market performance and lower retail participation was overcompensated 231 by solid levels of fixed income 27 Other1 │ –14% issuance activity and FX effects on 202
Slide 10: Outlook
Outlook FY/2022 │ €bn Net revenue EBITDA Note Initial guidance for 2022 was for net 2022 revenue of ~€3.8 billion and EBITDA target of ~€2.2 billion >3.8 Meanwhile, we expect net revenue to increase to significantly more than €3.8 billion and EBITDA to 2.9 significantly more than €2.2 billion 20
Slide 11: Appendix
Appendix Deutsche Börse Group │ 27 July 2022 10
Slide 12: Income statement – group level
Back to group overview Income statement – group level Q2/22 Q2/21 Change €m €m % Sales revenue 1,151.7 1,031.0 12 Treasury result from banking business 78.2 32.6 140 Other operating income 23.6 49.3 –52 Total revenue 1,253.5 1,112.9 13 Volume-related costs –235.7 –231.2 2 Net revenue 1,017.8 881.7 1
Slide 13: Detailed income statement – Data & Analytics
Back to segmental overview Detailed income statement – Data & Analytics Income statement ‒ Data & Analytics Volumes Revenue per volume Q2/22 Q2/21 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 155.2 117.5 32 AuM (€bn) 105 –7 Index 1 50.4 42.4 19 Contracts (m) 208 17 Analytics 18.
Slide 14: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement ‒ Trading & Clearing Volumes Revenue per volume Q2/22 Q2/21 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 537.1 439.8 22 Financial derivatives 307.8 243.7 26 Equities 1 129.6 108.1 20 Contr
Slide 15: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement ‒ Fund Services Volumes Revenue per volume Q2/22 Q2/21 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 94.2 122.9 –23 Fund processing 1 52.2 49.6 5 AuC (€bn) 3,250 2 bps p.a. 0.642 3 Fund distribu
Slide 16: Detailed income statement – Securities Services
Back to segmental overview Detailed income statement – Securities Services Income statement ‒ Securities Services Volumes Revenue per volume Q2/22 Q2/21 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 231.3 201.5 15 Custody 1 150.0 130.8 15 AuC (€bn) 13,337 4 bps p.a. 0.450 11 Sett
Slide 17: Financial calendar and contact details
Financial calendar and contact details Financial calendar Deutsche Börse AG Investor Relations 24 Aug. 2022 Berenberg Copenhagen Top Picks Seminar Mergenthalerallee 61 07 Sep. 2022 Morningstar Management Behind The Moat Conference (virtual/ Chicago) 65760 Eschborn 19 Sep. 2022 Goldman Sachs German C
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