Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — Deutsche Boerse Ag Namen — Q4 2025 Earnings Presentation
20 slides from Deutsche Boerse's earnings presentation, Feb 12, 2026
Slide 1: Delivering Record 2025 Results & Accelerating Our Strategy
Delivering Record 2025 Results & Accelerating Our Strategy Q4 and FY/2025 Preliminary Financial Results Analyst and Investor Conference Call February 12, 2026
Slide 2: Deutsche Börse Group delivers record results in 2025
Deutsche Börse Group delivers record results in 2025 FY/2025 Thanks to our diversified and resilient business portfolio, our FY/2025 results are fully in-line with our guidance, despite cyclical headwinds from low volatility and ongoing challenges in ESG Net revenue +9%1 Operating cost growth of
Slide 3: Executing on strategic acquisitions to solidify our position
Executing on strategic acquisitions to solidify our position Create a European Investment Fund Champion Buy-out of ISS STOXX minorities enables us to accelerate the strategic execution Compelling strategic and financial rationale, while strengthening the European capital market and SIU Agreement
Slide 4: On track to achieve our 2026 targets
On track to achieve our 2026 targets under the “Leading the Transformation” strategy cycle Net revenue (€bn) Drive sustained growth: Targeting 8% organic net revenue CAGR through 2028, fueled by secular trends and technology leadership Net revenue w/o TR Treasury result (TR) Strong buy-side partner:
Slide 5: Group Financials FY/2025
Detailed income statement Group Financials FY/2025 Net revenue | €m EBITDA | €m Note +9% w/o TR1 +14% w/o TR1 €2,534m Operating cost +3% Financial investments €20m 6,026 5,829 837 Treasury result 1,050 Depreciation2 €502m Financial result €−154m 3,396 3,512 €1,995m 837 Treasury result Net profit
Slide 6: Group Financials Q4/2025
Detailed income statement Group Financials Q4/2025 Net revenue | €m EBITDA | €m Note +7% w/o TR1 +10% w/o TR1 Sustained underlying secular net revenue growth driven mainly by double-digit growth in Software Solutions and Securities Services, 1,548 1,573 partly offset by weakness in equity 197
Slide 7: Investment Management Solutions
Detailed income statement Investment Management Solutions Q4/2025 Net revenue | €m EBITDA | €m Business development +8% –2% +12% (constant currency) Software Solutions annual recurring revenue (ARR) of €680 million, up 18% (constant currency) due to 416 upselling and client wins 386 Softwa
Slide 8: Trading & Clearing
Detailed income statement Trading & Clearing Q4/2025 Net revenue | €m EBITDA | €m Business development +3% w/o TR (margin fees)1 +11% w/o TR (margin fees)1 Financial Derivatives benefited from strong OTC clearing and repo business in fixed income (+7%), but demand for 615 624 equity/index deri
Slide 9: Fund Services
Detailed income statement Fund Services Q4/2025 Net revenue | €m EBITDA | €m Business development +3% w/o TR (NII)1 –3% w/o TR (NII)1 In Fund Processing further growth of custody and settlement volumes to new record levels 132 133 Fund Distribution with further growth 13 Treasury result │–14
Slide 10: Securities Services
Detailed income statement Securities Services Q4/2025 Net revenue | €m EBITDA | €m Business development +17% w/o TR (NII)1 +41% w/o TR (NII)1 Securities Services positively impacted by continued strong fixed income issuance and higher equity 415 market levels, resulting in record 401 levels of
Slide 11: Delivering superior shareholder distributions
Delivering superior shareholder distributions Dividend and share buyback | €m Capital management €3.00 €3.20 €3.60 €3.80 €4.00 €4.20 DPS (+5%) Consistent execution of the refined 51% 49% 44% 40% 38% 38% Payout-ratio capital allocation principles with new record distribution in 2026 Dividend prop
Slide 12: Reaffirming our 2026 guidance
Reaffirming our 2026 guidance FY/2026 Net revenue | €bn EBITDA | €bn Guidance for 2026 reaffirmed at 6.4 6.0 €5.7 billion net revenue and 0.7 Treasury result 0.8 3.8 €3.1 billion EBITDA, 3.5 both without treasury result 0.7 Treasury result 0.8 In addition, we continue to expect a treasury re
Slide 13: Appendix
Appendix Deutsche Börse Group │ February 12, 2026 12
Slide 14: Income Statement – Group Level
Back to group overview Income Statement – Group Level Income statement | €m Q4/25 Q4/24 Change % FY/25 FY/24 Change % Sales revenue 1,740 1,594 9 6,543 5,972 10 Other operating income 6 6 2 35 26 35 Volume-related costs –369 –314 18 –1,390 –1,219 14 Net revenue w/o Treasury result from banking busin
Slide 15: Detailed Income Statement – Investment Management Solutions
Back to segmental overview Detailed Income Statement – Investment Management Solutions Income statement | €m Q4/25 Q4/24 Change % FY/25 FY/24 Change % Net revenue 416 386 8 1,331 1,285 4 Treasury result 0 0 - 0 9 –96 Net revenue w/o Treasury result 416 386 8 1,330 1,276 4 Software Solutions 267 236
Slide 16: Detailed Income Statement – Trading & Clearing
Back to segmental overview Detailed Income Statement – Trading & Clearing Income statement | €m Q4/25 Q4/24 Change % FY/25 FY/24 Change % Net revenue 624 615 1 2,553 2,407 6 Treasury result 52 63 –17 222 261 –15 Net revenue w/o Treasury result 571 552 3 2,331 2,146 9 Financial Derivatives 285 285 0
Slide 17: Detailed Income Statement – Fund Services
Back to segmental overview Detailed Income Statement – Fund Services Income statement | €m Q4/25 Q4/24 Change % FY/25 FY/24 Change % Net revenue 133 132 1 537 494 9 Treasury result 13 15 –14 56 67 –17 Net revenue w/o Treasury result 120 117 3 482 427 13 Fund Processing 1 77 72 7 304 261 17 Fund Dist
Slide 18: Detailed Income Statement – Securities Services
Back to segmental overview Detailed Income Statement – Securities Services Income statement | €m Q4/25 Q4/24 Change % FY/25 FY/24 Change % Net revenue 401 415 –3 1,605 1,643 –2 Treasury result 131 184 –29 559 712 –21 Net revenue w/o Treasury result 270 231 17 1,046 931 12 Custody 1 187 166 13 722 65
Slide 19: Financial Calendar and Contact Details
Financial Calendar and Contact Details 11 March 2026 RBCCM Global Financial Institutions Conference (New York) 18 March 2026 Morgan Stanley European Financials Conference (London) Deutsche Börse AG 27 April 2026 Publication Quarterly Statements Q1/2026 (around 19:00 CEST) Investor Relations 28 April
Slide 20: 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
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