Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse — Q2 2024 Earnings Presentation
18 slides from Deutsche Boerse's earnings presentation, Jul 25, 2024
Slide 1: Q2/2024 financial results
Q2/2024 financial results Analyst and Investor Conference Call 25 July 2024
Slide 2: Good H1 performance and positive outlook lead to increased 2024 guidance
Due to the good performance in the first half of the year and the positive outlook, we increase our guidance for 2024 The consolidation of SimCorp contributed 10% inorganic net revenue growth in H1/2024; Software Solutions business performance is well on track to achieve our net revenue and synerg
Slide 3: Group financials H1/2024
Group financials H1/2024 Net revenue | €m EBITDA | €m Cash EPS1 | € Details +17% +15% +11% €536m +7% (organic) +10% (organic) Treasury result +10% €1,166m 2,877 Operating cost +26% 2,452 5.80 Financial investments €12m 5.22 Depreciation2 €246m 1,723 1,505 Financial result €−80m €996m Net p
Slide 4: Operating costs H1/2024
Operating costs H1/2024 Operating cost bridge | €m Note Organic M&A base effect mainly due to (w/o EEX/NDAQ) SimCorp consolidation +4% Organic cost growth of 5% was 1,166 driven by exceptional costs, inflation and additional investments 1,110 15 41 Exceptional operating costs in H1/24: 185 –
Slide 5: Group financials Q2/2024
Detailed income statement Group financials Q2/2024 Net revenue | €m EBITDA | €m Cash EPS1 | € Note +19% +16% +15% Continued secular net revenue +8% (organic) +12% (organic) growth complemented by slight cyclical tailwinds from temporary 1,450 increases of volatility 1,221 2.91 Organic
Slide 6: Investment Management Solutions Q2/2024
Detailed income statement Investment Management Solutions Q2/2024 Net revenue | €m EBITDA | €m Business development +84% +53% Software Solutions benefited from +7% (organic) +2% (organic) renewals, new clients and upsells at SimCorp, but saw higher point in time 304 comparables at Axioma;
Slide 7: Trading & Clearing Q2/2024
Detailed income statement Trading & Clearing Q2/2024 Net revenue | €m EBITDA | €m Business development +11% +16% Financial Derivatives positively impacted by temporarily higher equity market volatility and lower 607 comparables in Q2/23; continued high 40 FX & Digital Assets │ +17% fixed incom
Slide 8: Fund Services Q2/2024
Detailed income statement Fund Services Q2/2024 Net revenue | €m EBITDA | €m Business development +10% +31% Fund Services segment benefitted from higher equity market levels and growth from new clients and portfolios, 121 resulting in record levels of assets 111 under custody 20 Other1 │ +2% 1
Slide 9: Securities Services Q2/2024
Detailed income statement Securities Services Q2/2024 Net revenue | €m EBITDA | €m Business development +5% +6% Securities Services positively affected by ongoing high level of fixed income issuance activity and higher equity 417 market levels, resulting in record 399 levels of assets under cu
Slide 10: Outlook FY/2024
Outlook FY/2024 Net revenue | €bn EBITDA | €bn New 2024 guidance >5.7 (from >5.6) For 2024 we originally expected net revenue of more than 5.1 €5.6 billion and EBITDA of more than €3.2 billion New 2024 guidance Mainly because of the better-than-expected performance in >3.3 Commodities and higher
Slide 11: Appendix
Appendix Deutsche Börse Group │ 25 July 2024 10
Slide 12: Income statement – group level
Back to group overview Income statement – group level Income statement | €m Q2/24 Q2/23 Change % Sales revenue 1,471.5 1,191.0 24 Treasury result from banking business 274.5 259.8 6 Other operating income 4.0 18.8 –79 Total revenue 1,750.0 1,469.6 19 Volume-related costs –300.5 –249.0 21 Net revenue
Slide 13: Detailed income statement – Investment Management Solutions
Back to segmental overview Detailed income statement – Investment Management Solutions Income statement Volume Revenue per volume Q2/24 Q2/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 304.0 165.1 84 Software Solutions 153.7 26.2 487 ARR (€m) 549 14 On-premises 50.0 0.0 SaaS (
Slide 14: Detailed income statement – Trading & Clearing
Back to segmental overview Detailed income statement – Trading & Clearing Income statement Volume Revenue per volume Q2/24 Q2/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 606.8 545.6 11 Financial Derivatives 339.6 309.0 10 Equities 1 139.8 122.4 14 Contracts (m) 301 11 €/cont
Slide 15: Detailed income statement – Fund Services
Back to segmental overview Detailed income statement – Fund Services Income statement Volume Revenue per volume Q2/24 Q2/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 121.3 110.6 10 Fund Processing 1 62.8 52.7 19 AuC (€bn) 3,646 13 bps p.a. 0.689 5 Fund Distribution 23.3 23.2
Slide 16: Detailed income statement – Securities Services
Back to segmental overview Detailed income statement – Securities Services Income statement Volume Revenue per volume Q2/24 Q2/23 Change Unit Volume Change Unit RPV Change €m €m % % % Net revenue 417.4 399.3 5 Custody 1 168.3 157.4 7 AuC (€bn) 15,076 6 bps p.a. 0.447 1 Settlement 32.8 28.4 15 Transa
Slide 17: Financial calendar and contact details
Financial calendar and contact details Financial calendar 3 September 2024 Commerzbank & ODDO BHF Corporate Conference (Frankfurt) Deutsche Börse AG 3 September 2024 HSBC Milan Day (Milan) Investor Relations Mergenthalerallee 61 23 September 2024 Goldman Sachs German Corporate Conference (Munich) 65
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