Deutsche Boerse Ag · XETR:DB1
Deutsche Boerse — ISS Stoxx — H1 2025 Earnings Presentation
15 slides from Deutsche Boerse's earnings presentation, August 2025
Slide 1: 1H25 Update
1H25 Update August 2025 I S S - S T OX X . C O M
Slide 2: Revenue Dynamics Supported by Continued Strong Index Performance
Revenue Dynamics Supported by Continued Strong Index Performance • Continued positive trends in Index, FX Adj. benefiting from higher asset & in €MM 1H 2024 1H 2025 YoY Growth transaction-based fees both in terms of YoY Growth(2) AuM in Europe and higher volumes/transactions volatility in addition t
Slide 3: Income Statement Overview
Income Statement Overview in €MM 1H 2024 1H 2025 • 1H25 OOI in line with longer term average (1H24 figure benefited from €9MM gain in Security Class Action Revenue(1) 301.9 311.1 Services (SCAS)) Other Operating Income (OOI) 10.1 0.6 • Compensation expenses in 1H25 reflect benefits from synergy real
Slide 4: 2025E & Medium-Term Guidance (1/2)
2025E & Medium-Term Guidance (1/2) 2024 Actual 2025E Medium-Term Guidance(2) 3.1-4.6% FX Adj. YoY Growth Revenue €628MM - €635-645MM(3) Other Operating Income €11MM c.€1MM <€1MM Total Income €638MM €636-646MM - Segmental Revenue(1) Mid-to-High Single-Digit CAGR Stewardship Solutions €171MM Closer to
Slide 5: 2025E & Medium-Term Guidance (2/2)
2025E & Medium-Term Guidance (2/2) 2024 Actual 2025E Medium-Term Guidance(6) Adjusted EBITDA Margin + >100bps margin accretion High 40s 44.3% (Excluding SBC) to the 44.3% adjusted margin in 2024 actuals Inclusive of c.€10MM in recurring listing costs 43.3% excl. OOI Share-Based Comp. €10-15MM expens
Slide 6: Capital Structure in the Near-Term
Capital Structure in the Near-Term in €MM Expected in the Near-Term Loan Term / Maturity • ISS STOXX expected to have a 2.0x LTM gross leverage ratio in the near-term Current Loan from Deutsche Börse 197.5(1) 3.5% fixed rate / February 2028 (Related to Discovery Data acquisition in 2021) • Current l
Slide 7: Additional materials
Additional materials Appendix I S S - S T OX X . C O M
Slide 8: Historical P&L – Overview
Historical P&L – Overview in €MM FY 2024 1H 2024 1H 2025 Revenue 627.7 301.9 311.1 Other operating income 10.7 10.1 0.6 Total income 638.3 312.1 311.6 Compensation expenses (276.0) (140.7) (138.2) Other operating expenses (111.3) (56.9) (61.5) Depreciation, amortization and impairment losses (80.3)
Slide 9: EBITDA Adjustments Bridge
EBITDA Adjustments Bridge in €MM FY 2024 1H 2024 1H 2025 Profit for the period 134.1 60.5 54.0 + Income tax expense 29.6 11.3 10.8 + Financial expenses 15.1 5.6 9.0 - Financial income 8.5 2.5 3.6 = Result from Operating Activities 170.3 74.9 70.2 + Depreciation, amortization and impairment losses 80
Slide 10: Net Income Adjustments Bridge
Net Income Adjustments Bridge in €MM FY 2024 1H 2024 1H 2025 Profit for the period 134.1 60.5 54.0 + Adjustment for Acquisition, Divestment & Restructuring 4.2 1.5 2.5 + Adjustment for Management Incentive Programs (MIP) 21.0 12.4 5.6 + Adjustment for One-Time Bonus (0.1) (0.1) - + Adjustment for Pr
Slide 11: Revenue and Cost Breakdown by FX
Revenue and Cost Breakdown by FX Average FX in P&L vs. Euro (€) ISS STOXX generates most of its revenue in US dollars and euros, while its expenses are primarily in US dollars Average Rate Average Rate 1H 2025 FY 2024 2024 Total Income 1 US Dollar 1.0934 1.0820 2024 Expenses 2 British Pound 0.8425 0
Slide 12: Glossary
Glossary Term Definition Adjusted EBITDA is defined as profit for the period before (i) income tax expense, (ii) financial expense, (iii) financial income, (iv) profit/loss after tax for the period from discontinued operations, (v) depreciation, amortization and impairment losses and (vi) certain ad
Slide 13: Disclaimer
Disclaimer Please read the following before continuing. By accessing this presentation, you agree to be bound by the following limitations. This material should be considered in the context in which it is provided, and should not be taken out of context. This presentation has been prepared for infor
Slide 14: Disclaimer (Cont’d)
Disclaimer (Cont’d) This presentation includes "forward-looking statements". Many of the forward-looking statements can be identified by the use of forward-looking words such as “aim”, “anticipate”, “believe”, “can”, “could”, “expect”, “should”, “plan”, “project” “intend”, “estimate” “target”, “will
Slide 15: Independence
Independence ISS STOXX is principally owned by Deutsche Börse AG (“DB1”), a public company headquartered in Germany. ISS STOXX and DB1 have formally adopted policies on non-interference and potential conflicts of interest related to DB1. Among other things, these policies are intended to establish a