Präsentation: Q1/2026 results – analyst and investor conference call (28.04.2026)

About this update from Deutsche Boerse Ag

‌Good Start to 2026: Growth & Resilience‌ Q1/2026 Financial Results Analyst and Investor Conference Call April 28, 2026 ‌Q1/2026 Net revenue € 1,638 m + 12 % (w/o treasury result) EBITDA € 1,007 m + 18 % (w/o treasury result) Good start to 2026: structural growth delivers and the model thrives amid volatility Delivered strong Q1/2026 net revenue growth of 12% (w/o treasury result), fueled by continued underlying secular trends and heightened geopolitical tensions in March Demonstrated broad-based strength across the portfolio, achieving double-digit net revenue growth (w/o treasury result) in five of our eight businesses again Treasury result inflected positively , reaching €204 million, marking the first sequential increase since 2024 driven by higher cash balances Accelerated all-in performance as interest rate headwinds subside , with total net revenue growing 9% and EBITDA increasing 10% Strong first quarter performance provides good momentum; reaffirming ambitious full-year 2026 guidance Allfunds acquisition remains firmly on track : successful vote on UK scheme of arrange- ment and customary pre-notification discussions with the European Commission initiated Deutsche Börse Group │ April 28, 2026 1 ‌ Detailed income statement ‌ Group financials Q1/2026 Net revenue | €m EBITDA | €m Strong net revenue performance fueled by continued underlying secular growth and higher volatility in March Operating costs increased by 4% to €626 million, but included €13 million exceptional costs related to the Allfunds acquisition 2 ; underlying constant currency operating cost growth amounted to 3% and was driven by inflation and increased investments Result from financial investments (€−5 million) included a €10 million impairment of a minority stake Cash EPS increased 11% and amounted to €3.40 3 +12% w/o TR 1 +18% w/o TR 1 1,638 1,507 Treasury result 912 1,007 Treasury result Net revenue w/o treasury result EBITDA w/o treasury result 682 803 230 204 1,277 1,434 230 204 Q1/25 Q1/26 Q1/25 Q1/26 Without treasury result (net interest income & margin fees) Allocated to Trading & Clearing and Securities Services (50/50) ‌ Detailed income statement ‌ Investment Management Solutions Q1/2026 Net revenue | €m EBITDA | €m Software Solutions experienced good net revenue growth (+15% constant currency) due to the ongoing SaaS transformation and customer renewals Software Solutions annual recurring revenue (ARR) stood at €702 million, up 16% in constant currency ESG & Index: headwinds from prolonged sales cycles and FX persist; however, constant currency net revenue growth was 5%; as part of that, Index benefitted from strong licensing business (+15%) EBITDA was impacted by the minority stake impairment; adjusted EBITDA growth at 18% +5% -1% +10% (constant currency) 298 ESG & Index │0% 92 91 Software Solutions │+10% 153 168 145 145 313 Q1/25 Q1/26 Q1/25 Q1/26 ‌ Detailed income statement ‌ Trading & Clearing Q1/2026 Net revenue | €m EBITDA | €m Financial Derivatives: Fixed income derivatives net revenue +31% on strong secular and cyclical growth; equity derivatives benefited from volatility in March, product mix and pricing Commodities with record activity in power and gas; gas mainly driven by a surge in derivatives Cash equities trading positively influenced by volatility and an ongoing demand for both European equities and ETFs FX was mainly driven by currency volatility with ADV crossing €200 billion for the first time in March +14% w/o TR (margin fees) 1 +22% w/o TR (margin fees) 1 737 660 Treasury result │-17% FX & Digital Assets │+8% Cash Equities │+9% 497 Commodities │+14% 425 Financial Derivatives │+17% 317 372 152 173 87 45 95 59 49 49 Q1/25 Q1/26 Q1/25 Q1/26 1) Without treasury result (margin fees) ‌ Detailed income statement ‌ Fund Services Q1/2026 Net revenue | €m EBITDA | €m Fund Processing revenues increased due to record levels of assets under custody, as well as settlement activity Fund Distribution with further growth based on an increase in assets under distribution +14% w/o TR (NII) 1 +18% w/o TR (NII) 1 150 132 Treasury result │+4% Other 2 │+11% Fund Distribution │+12% 95 81 Fund Processing │+16% 76 88 25 28 19 12 21 13 Q1/25 Q1/26 Q1/25 Q1/26 Without treasury result (net interest income) Incl. net revenue from connectivity and fund data ‌ Detailed income statement ‌ Securities Services Q1/2026 Net revenue | €m EBITDA | €m Securities Services benefited from record levels of assets under custody (international debt issuance), collateral management outstandings (up 32%) and settlement activity (retail flows) The treasury result (NII) was mainly affected by lower interest rates +15% w/o TR (NII) 1 +18% w/o TR (NII) 1 417 Treasury result │-11% 314 325 Other 2 │+13% Settlement │+24% Custody │+13% 174 197 39 48 45 50 160 143 438 Q1/25 Q1/26 Q1/25 Q1/26 Without treasury result (net interest income) Incl. net revenue from connectivity, account services and reporting ‌Reaffirming our 2026 guidance FY/2026 Net revenue | €bn EBITDA | €bn 6.0 Treasury result 3.8 3.5 Treasury result Net revenue w/o treasury result EBITDA w/o treasury result 2.7 3.1 0.8 5.2 0.7 5.7 0.8 0.7 6.4 2025 2026E 2025 2026E Given our good start to the year, we are reaffirming our 2026 guidance : €5.7 billion net revenue and €3.1 billion EBITDA , both without treasury result In addition, the treasury result for 2026 is now expected to exceed €700 million Operating costs are still expected to increase by ~ 3% in 2026, excluding exceptional costs related to the Allfunds acquisition ‌Appendix 8 Deutsche Börse Group │ April 28, 2026 ‌Deutsche Börse Group - Performance Dashboard Q1/2026 Net Revenue w/o TR 1 € 1,638 m +9% € 1,434 m +12% Treasury Result € 204 m -11% Operating Costs € 626 m +4% EBITDA w/o TR 1 € 1,007 m +10% € 803 m +18% margin 61% Net Profit € 585 m +11% Cash EPS € 3.40 +11% Investment Management Solutions Net Revenue € 313 m +5% (+10% 2 ) w/o TR 1 € 313 m +5% of group 19% EBITDA € 91 m -1% w/o TR 1 € 91 m -1% margin 29% Trading & Clearing Net Revenue € 737 m +12% w/o TR 1 € 688 m +14% of group 45% EBITDA € 497 m +17% w/o TR 1 € 448 m +22% margin 67% Fund Services Net Revenue € 150 m +13% w/o TR 1 € 137 m +14% o f grou 9% p EBITDA € 95 m +16% w/o TR 1 € 82 m +18% margin 63% Securities Services Net Revenue € 438 m +5% w/o TR 1 € 296 m +15% of group 27% EBITDA € 325 m +3% w/o TR 1 € 182 m +18% margin 74% Guidance FY2026 - confirmed Net Revenue w/o TR € 5.7 bn EBITDA w/o TR € 3.1 bn Q1/2026: €1.4bn (25%) Q1/2026: €0.8bn (26%) Share buybacks Program 2026 until July 31, 2026 € 500 m as of April 24, 2026: €212m (42%) Dividend payment AGM 2026 Dividend proposal Payout ratio € 4.20 38 % Without treasury result (net interest income & margin fees) Constant currency 3M/26 3M/25 Change % 1,821 1,636 11 4 4 -18 -390 -364 7 1,434 1,277 12 204 230 -11 1,638 1,507 9 -440 -432 2 -187 -169 11 -626 -601 4 -5 6 -171 1,007 912 10 803 682 18 -130 -126 3 877 787 12 -39 -39 1 838 748 12 -224 -196 15 614 552 11 585 525 11 29 27 9 3.21 2.86 12 3.40 3.05 11 Change % ‌Income Statement - Group Level‌ Back to group overview Income statement | €m Q1/26 Q1/25 Sales revenue 1,821 1,636 11 Other operating income 4 4 -18 Volume-related costs -390 -364 7 Net revenue w/o Treasury result from banking business and similar business 1,434 1,277 12 Treasury result from banking business and similar business 204 230 -11 Net revenue 1,638 1,507 9 Staff costs -440 -432 2 Other operating expenses -187 -169 11 Operating costs -626 -601 4 Result from financial investments -5 6 -171 Earnings before interest, tax, depreciation and amortisation (EBITDA) 1,007 912 10 EBITDA w/o Treasury result from banking business and similar business 803 682 18 Depreciation, amortisation and impairment losses -130 -126 3 Earnings before interest and tax (EBIT) 877 787 12 Financial result -39 -39 1 Earnings before tax (EBT) 838 748 12 Income tax expense and other tax -224 -196 15 Net profit for the period 614 552 11 thereof attributable to Deutsche Börse shareholders 585 525 11 thereof attributable to non-controlling interests 29 27 9 Earnings per share (basic) (€) 3.21 2.86 12 Earnings per share before purchase price allocations (Cash EPS) (€) 3.40 3.05 11 ‌ Back to segmental overview ‌ 3M/26 3M/25 Change % 313 298 5 0 0 0 313 298 5 168 153 10 52 46 12 78 65 19 39 42 -7 145 145 0 60 64 -7 62 54 15 23 27 -13 -211 -212 -0 -11 5 -315 91 92 -1 91 91 -1 Net revenue Treasury result Net revenue w/o Treasury result Detailed Income Statement - Investment Management Solutions Income statement | €m Q1/26 Q1/25 Change % 313 298 5 0 0 - 313 298 5 Software Solutions 168 153 10 On-premises 52 46 12 SaaS (incl. Analytics) 78 65 19 Other 39 42 -7 ESG & Index 145 145 0 ESG 60 64 -7 Index 1 62 54 15 Other 2 23 27 -13 Operating costs -211 -212 -0 Result from financial investments -11 5 -315 EBITDA 91 92 -1 EBITDA w/o Treasury result 91 91 -1 Incl. ETF, exchange licences and other licences ISS non-ESG business ‌Detailed Income Statement - Trading & Clearing‌ Back to segmental overview Income statement | €m Q1/26 Q1/25 Change % Net revenue 737 660 12 Treasury result 49 59 -17 Net revenue w/o Treasury result 688 601 14 Financial Derivatives 372 317 17 Equities 1 136 125 9 Fixed Income 2 173 132 31 Other 3 63 61 3 Commodities 173 152 14 Power 4 101 90 13 Gas 36 31 15 Other 36 31 15 Cash Equities 95 87 9 Trading 51 47 10 Other 5 43 40 8 FX & Digital Assets 6 49 45 8 Operating costs -247 -236 5 Result from financial investments 8 2 369 EBITDA 497 425 17 EBITDA w/o Treasury result 448 367 22 3M/26 3M/25 Change % 737 660 12 49 59 -17 688 601 14 372 317 17 136 125 9 173 132 31 63 61 3 173 152 14 101 90 13 36 31 15 36 31 15 95 87 9 51 47 10 43 40 8 49 45 8 -247 -236 5 8 2 369 497 425 17 448 367 22 Incl. index and equity derivatives Incl. interest rate derivatives, OTC clearing, Repo Incl. power spot and power derivatives Incl. Xetra data, listing and Xetra other 3M/26 3M/25 Change % 150 132 13 13 12 4 137 120 14 88 76 16 28 25 12 21 19 11 -55 -51 9 0 0 - 95 81 16 82 69 18 Net revenue Treasury result Net revenue w/o Treasury result ‌Detailed Income Statement - Fund Services‌ Back to segmental overview Income statement | €m Q1/26 Q1/25 Change % 150 132 13 13 12 4 137 120 14 Fund Processing 1 88 76 16 Fund Distribution 28 25 12 Other 21 19 11 Operating costs -55 -51 9 Result from financial investments 0 0 - EBITDA 95 81 16 EBITDA w/o Treasury result 82 69 18 Incl. custody and settlement 3M/26 3M/25 Change % 438 417 5 143 160 -11 296 258 15 197 174 13 48 39 24 50 45 13 -113 -102 10 -1 -1 0 325 314 3 182 155 18 Net revenue Treasury result Net revenue w/o Treasury result ‌Detailed Income Statement - Securities Services‌ Back to segmental overview Income statement | €m Q1/26 Q1/25 Change % 438 417 5 143 160 -11 296 258 15 Custody 1 197 174 13 Settlement 48 39 24 Other 2 50 45 13 Operating costs -113 -102 10 Result from financial investments -1 -1 - EBITDA 325 314 3 EBITDA w/o Treasury result 182 155 18 Incl. custody and collateral management Incl. net revenue from connectivity, account services and reporting ‌Financial Calendar and Contact Details May 12, 2026 Redburn Conference (Toronto) May 13, 2026 Annual General Meeting 2026 May 19, 2026 Berenberg European Conference (New York) May 21, 2026 Barclays European Leadership Conference (London) May 27, 2026 dbAccess European Champions Conference (Frankfurt) May 28, 2026 Deutsche Bank Global Financial Services Conference (New York) June 2,2026 Goldman Sachs European Financials Conference (Zurich) June 3, 2026 BNP Paribas Exane CEO Conference (Paris) June 16-17, 2026 Barrenjoey Global Select Conference (Sydney) June 23, 2026 Jefferies German & Swiss Corporate Conference (Baden-Baden) July 22, 2026 Publication Half-yearly Financial Report 2026 (around 19:00 CEST) July 23, 2026 Analyst and Investor Conference Q2/2026 September 1, 2026 Commerzbank ODDO BHF Corporate Conference (Frankfurt) September 10, 2026 Kepler Cheuvreux Autumn Conference (Paris) September 14, 2026 Barclays Global Financials CEO Conference (New York) September 21, 2026 Goldman Sachs German Corporate Conference (Munich) September 23, 2026 Bank of America Annual Financials CEO Conference (London) October 20, 2026 Publication Quarterly Statement Q3/2026 (around 19:00 CEST) October 21, 2026 Analyst and Investor Conference Q3/2026 November 11, 2026 UBS European Conference (London) November 19, 2026 JP Morgan European Financials Conference (London) Deutsche Börse AG Investor Relations Mergenthalerallee 61 65760 Eschborn Germany Phone: +49 69 211 11670 E−Mail: [email protected] om www.deutsche - boerse.com/ir_e Click here for Financial calendar Presentations Analysts' estimates Financial reports Statistics Email sign - up ‌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 and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied and that are beyond Deutsche Börse AG's ability to control or estimate precisely. In addition to statements which are forward-looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those statements due to, without limitation, (i) general economic conditions, (ii) future performance of financial markets, (iii) interest rate levels (iv) currency exchange rates (v) the behaviour of other market participants (vi) general competitive factors (vii) changes in laws and regulations (viii) changes in the policies of central banks, governmental regulators and/or (foreign) governments (ix) the ability to successfully integrate acquired and merged businesses and achieve anticipated synergies (x) reorganization measures, in each case on a local, national, regional and/or global basis. Deutsche Börse AG does not assume any obligation and does not intend to update any forward-looking statements to reflect events or circumstances after the date of these materials. No obligation to update information : Deutsche Börse AG does not assume any obligation and does not intend to update any information contained herein. No investment advice : This presentation is for information only and shall not constitute investment advice. It is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this presentation are for illustrative purposes only. © Deutsche Börse AG 2026. All rights reserved. https://www.deutsche-boerse.com/dbg-en/meta/disclaimer

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