Deutsche Boerse Ag Namen (DBOEF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Deutsche Börse AG analyst and investor conference call regarding the preliminary Q4 and full year results of 2025. At this time, all participants have been placed on listen-only mode, and the floor will be open for questions following the presentation. Let me now turn the floor over to Mr. Jan Strecker. Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the fourth quarter and the full year of 2025. Present on today's call are Stefan Leitner, our Chief Executive Officer, and Jens Schulte, our Chief Financial Officer. Stefan and Jens will take you through the presentation, and following their remarks, we will open the line for your questions. The presentation materials have been distributed by email and are also available for download on our investor relation website. This call has been recorded and a replay will be made available shortly after the conclusion of today's session. With that, let me now hand over to you, Stefan. Thank you, Jan, and welcome, everyone. In 2025, we achieved record-breaking top and bottom line financial results, successfully executing our strategy and delivering on our guidance. This demonstrates the strength and resilience of our diversified business model. Net revenues without treasury results increased by a strong 9% reaching the targeted level of 5.2 billion euro. Importantly, we showed significant and operating leverage with EBITDA without treasury result growing even faster at 14%. This performance was underpinned by our very disciplined cost management with operating cost growth held at just 3%, right in line with our expectations. These record results confirm that we are on the right path, successfully executing our strategy des...