Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Börse Group — Q3 2025 Earnings Presentation
17 slides from Deutsche Boerse's earnings presentation, Oct 28, 2025
Slide 1: Q3/2025 Financial Results
Q3/2025 Financial Results Analyst and Investor Conference Call October 28, 2025
Slide 2: Deutsche Börse Group Delivers Robust Growth and Strong Operating Leverage in Q3/25
Deutsche Börse Group Delivers Robust Growth Q3/2025 and Strong Operating Leverage in Q3/25 Net revenue €1,440m Net revenue growth w/o treasury result in Q3/25 shows strength of diversified business model; weakness +7% (w/o treasury result) in equity derivatives and ESG & Index compensated by doubl
Slide 3: Group Financials 9M/2025
Detailed income statement Group Financials 9M/2025 Net revenue | €m EBITDA | €m Note +9% w/o TR1 +15% w/o TR1 €1,825m Operating cost +3% Financial investments €18m 4,452 4,281 641 Treasury result 788 Depreciation2 €375m Financial result €−118m 2,525 2,645 €1,507m 641 Treasury result Net profit N
Slide 4: Group Financials Q3/2025
Detailed income statement Group Financials Q3/2025 Net revenue | €m EBITDA | €m Note +7% w/o TR1 +16% w/o TR1 • Sustained underlying secular net revenue growth, partly offset by weakness in equity derivatives and ESG & Index 1,404 1,440 203 Treasury result • Total operating costs remained stable
Slide 5: Investment Management Solutions
Detailed income statement Investment Management Solutions Q3/2025 Net revenue | €m EBITDA | €m Business development +5% +18% Software Solutions annual recurring revenue (ARR) of €632 million, up 18% (constant currency) due to 308 upselling and client wins 295 Software Solutions benefited fro
Slide 6: Trading & Clearing
Detailed income statement Trading & Clearing Q3/2025 Net revenue | €m EBITDA | €m Business development +5% w/o TR (margin fees)1 +8% w/o TR (margin fees)1 Financial Derivatives benefited from growth in fixed income (+11%), but lower volatility was a headwind for 603 equity derivatives 581 57 T
Slide 7: Fund Services
Detailed income statement Fund Services Q3/2025 Net revenue | €m EBITDA | €m Business development +15% w/o TR (NII)1 +40% w/o TR (NII)1 Fund Services segment benefited from higher equity market levels, growth from new clients and portfolios, 137 and inflows into European assets 123 14 Treasury
Slide 8: Securities Services
Detailed income statement Securities Services Q3/2025 Net revenue | €m EBITDA | €m Business development +13% w/o TR (NII)1 +23% w/o TR (NII)1 Securities Services positively impacted by continued strong fixed income issuance and higher equity 404 market levels, resulting in record 392 levels of
Slide 9: Outlook FY/2025
Outlook FY/2025 Net revenue | €bn EBITDA | €bn We confirm our guidance for 2025, which is based on further secular growth and 5.8 inflows into European assets, despite the >0.8 Treasury result low equity market volatility and slight FX 1.0 headwinds 3.4 Guidance for 2025 at ~€5.2 billion net >0.
Slide 10: Appendix
Appendix Deutsche Börse Group │ October 28, 2025 9
Slide 11: Income Statement – Group Level
Back to group overview Income Statement – Group Level Income statement | €m Q3/25 Q3/24 Change % 9M/25 9M/24 Change % Sales revenue 1,573 1,452 8 4,804 4,378 10 Other operating income 6 7 –18 29 20 45 Volume-related costs –342 –307 11 –1,021 –906 13 Net revenue w/o Treasury result from banking busin
Slide 12: Detailed Income Statement – Investment Management Solutions
Back to segmental overview Detailed Income Statement – Investment Management Solutions Income statement | €m Q3/25 Q3/24 Change % 9M/25 9M/24 Change % Net revenue 308 295 5 914 899 2 Treasury result 0 0 - 0 9 –98 Net revenue w/o Treasury result 308 295 5 914 890 3 Software Solutions 157 143 10 478 4
Slide 13: Detailed Income Statement – Trading & Clearing
Back to segmental overview Detailed Income Statement – Trading & Clearing Income statement | €m Q3/25 Q3/24 Change % 9M/25 9M/24 Change % Net revenue 603 581 4 1,929 1,792 8 Treasury result 57 62 –7 170 199 –14 Net revenue w/o Treasury result 546 520 5 1,759 1,594 10 Financial Derivatives 275 280 –2
Slide 14: Detailed Income Statement – Fund Services
Back to segmental overview Detailed Income Statement – Fund Services Income statement | €m Q3/25 Q3/24 Change % 9M/25 9M/24 Change % Net revenue 137 123 11 405 362 12 Treasury result 14 17 –18 43 52 –18 Net revenue w/o Treasury result 122 106 15 362 310 17 Fund Processing 1 77 66 17 227 189 20 Fund
Slide 15: Detailed Income Statement – Securities Services
Back to segmental overview Detailed Income Statement – Securities Services Income statement | €m Q3/25 Q3/24 Change % 9M/25 9M/24 Change % Net revenue 392 404 –3 1,204 1,227 –2 Treasury result 132 173 –24 428 528 –19 Net revenue w/o Treasury result 261 231 13 777 699 11 Custody 1 182 161 13 535 491
Slide 16: Financial Calendar and Contact Details
Financial Calendar and Contact Details Financial calendar 12 November 2025 UBS European Conference (London) Deutsche Börse AG 2 December 2025 Redburn Atlantic CEO Conference (virtual) Investor Relations 10 December 2025 Capital Markets Day (London) Mergenthalerallee 61 9 January 2026 ODDO BHF Forum
Slide 17: 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