Deutsche Boerse Ag · XETR:DB1

Deutsche Boerse — Deutsche Börse Group — Q3 2020 Earnings Presentation

21 slides from Deutsche Boerse's earnings presentation, Oct 29, 2020

  1. Slide 1: Q3/2020 Financial results

    Q3/2020 Financial results Analyst and Investor Conference Call 29 October 2020 Deutsche Börse Group | 29 October 2020 |

  2. Slide 2: Summary Q3/2020 results presentation

    Summary Q3/2020 results presentation Net revenue decreased by −4%1 to €708 million in Q3/20, with secular net revenue growth of +4% and consolidation effects of +2% partially offsetting strong cyclical headwinds (−9%). +4% Secular net revenue growth Q3/20 Flat organic operating cost development in Q

  3. Slide 3: Group financials Q3/2020

    Group financials Q3/2020 | €m Net revenue Operating cost EBITDA Net profit Note  −4%  +5%  −7%  −11%  −5% (organic) → 0% (organic)  −6% (organic)  −8% (organic)  +4% (secular) Net interest €38m €50m income income −38% -24% 734 708 Exceptional Exceptional cost cost €42m €32m items items €62m

  4. Slide 4: Eurex (financial derivatives)

    Eurex (financial derivatives) Q3/2020 | €m Net revenue EBITDA Business activity  −9%  −19% Total 370m derivatives −22% 256 25 232 Index 193m 16 28 Other1 derivatives −22% 13 10 15 Eurex data 10 183 22 Margin fees2 Fixed income 124m 55 13 OTC clearing3 149 derivatives −16% 8 Equity 46 Fixed income

  5. Slide 5: EEX (commodities)

    EEX (commodities) Q3/2020 | €m Net revenue EBITDA Business activity  −6%  −12% Power 146 TWh spot +1% 70 66 Power 1,320 TWh 17 derivatives −8% 18 Other1 10 Gas 466 TWh 9 Gas −32% 37 32 27 23 Power derivatives 17 16 Power spot Q3/19 Q3/20 Q3/19 Q3/20 Note: EBITDA adjusted for exceptional items. 1)

  6. Slide 6: 360T (foreign exchange)

    360T (foreign exchange) Q3/2020 | €m Net revenue EBITDA Business activity  −1%  +3% Average daily €83bn volumes (ADV) −4% 24 24 4 5 Other1 12 12 21 19 Trading Q3/19 Q3/20 Q3/19 Q3/20 Note: EBITDA adjusted for exceptional items. 1) Including net revenue from connectivity and member fees. Deutsche B

  7. Slide 7: Xetra (cash equities)

    Xetra (cash equities) Q3/2020 | €m Net revenue EBITDA Business activity  +5%  +33%  +4% (organic)  +31% (organic) Order book volume2 €364bn Equities +8% 86 81 11 Other1 Order book volume2 €49bn 11 ETF, ETC, ETN +25% 65 28 Xetra data 28 49 5 Listing 5 43 Trading & clearing 38 EBITDA includes €12.

  8. Slide 8: Clearstream (post-trading)

    Clearstream (post-trading) Q3/2020 | €m Net revenue EBITDA Business activity  −8%  −11% Assets under €12.1tr custody +4% 208 20 191 Settlement 16.3m 5 Other1 22 transactions (ICSD) +13% 19 5 Third party services 18 Collateral management 46 Cash balances €12.8bn 14 Net interest income 128 total vol

  9. Slide 9: IFS (investment fund services)

    IFS (investment fund services) Q3/2020 | €m Net revenue EBITDA Business activity  +14%  +34%  +12% (organic)  +33% (organic) Assets under €2.7tr custody +8% 55 48 Settlement 9.1m 15 Other1 transactions +25% 14 32 17 Settlement 14 24 21 22 Custody Clearstream creates Fund Centre after completing

  10. Slide 10: Qontigo (index and analytics business)

    Qontigo (index and analytics business) Q3/2020 | €m Net revenue EBITDA Business activity  +19%  −7%  − 3% (organic) → 0% (organic) ETF assets under €89bn management −4% 54 Exchange licences 180m 45 15 Analytics traded contracts −22% 6 29 22 27 24 Other licences 8 7 Exchange licences 9 9 ETF Q3/19

  11. Slide 11: Group financials 9M/2020

    Group financials 9M/2020 | €m Net revenue Operating cost EBITDA Net profit Note  +10%  +12%  +9%  + 8%  + 8% (organic)  + 6% (organic)  +9% (organic)  +10% (organic)  + 6% (secular) Net interest €50m €156m €50m income income −18% -24% -24% 2,400 2,179 Exceptional Exceptional cost cost €42m

  12. Slide 12: Secular growth trend remains intact

    Secular growth trend remains intact 9M/2020 | €m Consolidation Secular growth Cyclical growth Note  +2%  +6%  +2% +10% Consolidation effects mainly driven by Qontigo (Axioma) and a small 2,400 contribution from IFS (Ausmaq). 38 All segments with positive secular 134 growth contribution, with good

  13. Slide 13: Operating cost development

    Operating cost development 9M/2020 | €m Variable-/ share Consolidation Investments Net inflation based comp. Note  +6%  +6% → 0% → 0% +6% (organic) Consolidation effects mainly driven by Qontigo (Axioma) and a small 879 contribution from IFS (Ausmaq). 2 2 47 Higher investments in growth and techno

  14. Slide 14: Outlook

    Outlook FY/2020 | €m Net profit guidance Note Mid-term target Despite weaker Q3 development, +10-15% CAGR guidance for 2020 remains un- changed, subject to an increase of market activity in Q4. +10% ~1.20bn +17% 1,106 For FY/2020 Deutsche Börse 1,003 expects: 857 Continued secular net revenue growth

  15. Slide 15: Appendix

    Appendix Deutsche Börse Group | 29 October 2020 | 14

  16. Slide 16: Income statement – group level reported

    Income statement – group level reported Quarter ended Quarter ended (in €m) 30 Sep 2020 30 Sep 2019 Sales revenue 773.5 766.6 Net interest income from banking business 37.5 60.6 Other operating income 2.6 3.3 Total revenue 813.6 830.5 Volume-related costs –106.1 –96.7 Net revenue 707.5 733.8 Staff c

  17. Slide 17: Income statement – group level adjusted

    Income statement – group level adjusted Quarter ended Quarter ended (in €m) 30 Sep 2020 30 Sep 2019 Sales revenue 773.5 766.6 Net interest income from banking business 37.5 60.6 Other operating income 2.6 3.3 Total revenue 813.6 830.5 Volume-related costs –106.1 –96.7 Net revenue 707.5 733.8 Staff c

  18. Slide 18: Income statement – segmental level I/II

    Income statement – segmental level I/II Eurex EEX 360T Xetra (financial derivatives) (commodities) (foreign exchange) (cash equities) (in €m) Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Net revenue 231.8 255.9 66.2 70.4 24.2 24.4 85.5 81.3 Staff costs adj. –48.0 –45.4 –21.0 –20.1 –8.8 –9.1 –22.1

  19. Slide 19: Income statement – segmental level II/II

    Income statement – segmental level II/II Clearstream IFS Qontigo (post-trading) (investment fund services) (index and analytics business) (in €m) Q3/20 Q3/19 Q3/20 Q3/19 Q3/20 Q3/19 Net revenue 191.2 208.4 54.5 48.0 54.1 45.4 Staff costs adj. –54.3 –53.6 –15.4 –17.6 –20.3 –10.2 Other operating expen

  20. Slide 20: Financial calendar and contact details

    Financial calendar and contact details Financial calendar 09 Nov 2020 UBS European Virtual Conference 2020 (virtual/ London) 11 Nov 2020 Deutsche Börse AG 17 Nov 2020 Deutsches Eigenkapitalforum 2020 (virtual/ Frankfurt) Investor Relations 18 Nov 2020 Investor Day 2020 (Frankfurt & virtual) Mergenth

  21. Slide 21: 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

Deutsche Börse Group — Q3 2020 Earnings Presentation on 6ix