Slide 1: Q4 and FY/2024 preliminary financial results
Q4 and FY/2024 preliminary financial results Analyst and Investor Conference Call 12 February 2025
Slide 2: Strategic continuity with Horizon 2026: trends intact and good progress on implementation
Strategic continuity with Horizon 2026: trends intact and good progress on implementation Progress on strategy implementation Secular industry trends are fully intact, and we are well on-track to achieve Strong organic I our targets; new steering KPI (net revenue without treasury result) expected gr
Slide 3: Development in 2024 and outlook for 2025 in line with Horizon 2026 growth trajectory
Development in 2024 and outlook for 2025 are fully in-line with the Horizon 2026 growth trajectory Net revenue | €bn Key net revenue growth drivers ~0.7 Treasury result Investment Management Solutions – 9% CAGR 2024-26E2 >0.8 1.0 Software Solutions: growing demand for best-in-class front-to-back i
Slide 4: In 2025, we will consistently implement our refined capital allocation principles
In 2025, we will also consistently implement our refined capital allocation principles Organic growth driven by secular industry trends continues to have the highest 1 Organic growth capital allocation priority “key priority” To support organic net revenue growth (8% CAGR 2024-26 w/o treasury re
Slide 5: Group financials FY/2024
Group financials FY/2024 Net revenue | €m EBITDA | €m Note +15% +15% €1,050m +16% w/o treasury result (TR)1 +18% w/o treasury result (TR)1 Treasury result +9% +8% organic w/o TR1 +14% organic w/o TR1 €2,469m Operating cost 5,829 +17% (+3% org.) 5,077 1,050 Treasury result Financial inves
Slide 6: Operating costs
Operating costs FY/2024 Operating costs | €m Note M&A base effect mainly due to SimCorp consolidation Organic +3% Organic operating cost growth of 3%, 2,469 which was mainly driven by inflation, additional investments and share 2,394 75 based payments 276 Exceptional operating costs in 2024:
Slide 7: Group financials Q4/2024
Detailed income statement Group financials Q4/2024 Net revenue | €m EBITDA | €m Note +8% +15% Continued secular net revenue growth +7% w/o TR1 +18% w/o TR1 complemented by growth from treasury result (higher cash balances) 1,548 1,437 Operating cost growth of 2%, which 262 Treasury resul
Slide 8: Investment Management Solutions
Detailed income statement Investment Management Solutions Q4/2024 Net revenue | €m EBITDA | €m Business development +5% +39% Software Solutions (SimCorp/Axioma) annual recurring revenue (ARR) stood at €608 million at year end, a y-o-y 386 increase of 17% (guidance: 13-18%) 367 Software Solut
Slide 9: Trading & Clearing
Detailed income statement Trading & Clearing Q4/2024 Net revenue | €m EBITDA | €m Business development +6% +6% Financial derivatives benefitted from +7% w/o TR (margin fees)1 +10% w/o TR (margin fees)1 higher fixed income activity (futures and OTC clearing), while equity 615 volatility con
Slide 10: Fund Services
Detailed income statement Fund Services Q4/2024 Net revenue | €m EBITDA | €m Business development +14% +31% Fund Services segment benefitted +17% w/o TR (NII)1 +47% w/o TR (NII)1 from higher equity market levels and growth from new clients and portfolios, 132 resulting in record levels of
Slide 11: Securities Services
Detailed income statement Securities Services Q4/2024 Net revenue | €m EBITDA | €m Business development +12% +11% Securities Services positively affected +7% w/o TR (NII)1 0% w/o TR (NII)1 by ongoing high level of fixed income issuance activity and higher equity 415 market levels, resultin
Slide 12: Shareholder returns
Shareholder returns FY/2024 Dividend and share buyback | €m Capital management Consistent execution of the refined €3.00 €3.20 €3.60 €3.80 €4.00 Dividend per share capital allocation principles 24% Dividend proposal for 2024 of €4.00 per share, a pay-out ratio of 38% (AGM 14 May 2025) 1.235
Slide 13: Outlook
Outlook FY/2025 Net revenue | €bn EBITDA | €bn 5.8 ~6.0 >0.8 Treasury result Guidance for 2025 is for around €5.2 billion of net 1.0 revenue without treasury result and around €2.7 billion 3.4 ~3.5 EBITDA without treasury result >0.8 Treasury result Based on current interest rate expectations an
Slide 14: Appendix
Appendix Deutsche Börse Group │ 12 February 2025 13
Slide 15: Income statement – group level
Back to group overview Income statement – group level Income statement | €m Q4/24 Q4/23 Change % FY/24 FY/23 Change % Sales revenue 1,593.5 1,491.3 7% 5,971.9 5,133.2 16% Treasury result from banking business and similar business 261.9 228.8 14% 1,050.0 961.5 9% Other operating income 5.9 13.0 –55%
Slide 16: Detailed income statement – Investment Management Solutions
Back to segmental overview Detailed income statement – Investment Management Solutions Income statement Volume Revenue per volume Q4/24 Q4/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue w/o Treasury result 385.7 366.7 5 Treasury result 0.1 0.0 - Net revenue 385.8 366.7 5 Softwa
Slide 17: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement Volume Revenue per volume Q4/24 Q4/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue w/o Treasury result 552.1 515.0 7 Treasury result 62.9 67.4 –7 Net revenue 615.0 582.4 6 Financial Deriva
Slide 18: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement Volume Revenue per volume Q4/24 Q4/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue w/o Treasury result 615.0 582.4 6 1 Treasury result 15.0 16.4 –9 Net revenue 131.7 115.9 14 Fund Processing 72
Slide 19: Detailed income statement – Securities Services
Back to segmental overview Detailed income statement – Securities Services Income statement Volume Revenue per volume Q4/24 Q4/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue w/o Treasury result 231.3 226.5 73 3 Treasury result 184.0 145.0 27 Net revenue 415.3 371.5 12 1 Custody
Slide 20: Financial calendar and contact details
Financial calendar and contact details Financial calendar 4 March 2025 RBC Global Financials Conference (New York) Deutsche Börse AG 19 March 2025 Morgan Stanley European Financials Conference (London) Investor Relations 28 April 2025 Publication quarterly statement Q1/2025 (around 7pm CET) Mergenth