Presentation: Q1/2026 results – analyst and investor conference call (April 28, 2026)

‌Good Start to 2026: Growth & Resilience‌ Q1/2026 Financial Results

Analyst and Investor Conference Call

April 28, 2026

‌Q1/2026

Net revenue

€1,638m

+12% (w/o treasury result)

EBITDA

€1,007m

+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 acquisition2; 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 €3.403

+12% w/o TR1 +18% w/o TR1

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

1. Without treasury result (net interest income & margin fees)

2. 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

45

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%

Other2 │+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

1. Without treasury result (net interest income)

2. 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

Other2 │+13%

Settlement │+24%

Custody │+13%

174

197

39

48

45

50

160

143

438

Q1/25 Q1/26

Q1/25 Q1/26

1. Without treasury result (net interest income)

2. 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 TR1

€1,638m

+9%

€1,434m

+12%

Treasury Result

€204m -11%

Operating Costs

€626m

+4%

EBITDA

w/o TR1

€1,007m

+10%

€803m

+18%

margin

61%

Net Profit

€585m

+11%

Cash EPS

€3.40

+11%

Investment Management Solutions

Net Revenue

€313m

+5%(+10%2)

w/o TR1

€313m

+5%

of group

19%

EBITDA

€91m -1%

w/o TR1

€91m -1%

margin

29%

Trading & Clearing

Net Revenue

€737m

+12%

w/o TR1

€688m

+14%

of group

45%

EBITDA

€497m

+17%

w/o TR1

€448m

+22%

margin

67%

Fund Services

Net Revenue

€150m

+13%

w/o TR1

€137m

+14%

o

f grou

9%

p

EBITDA

€95m

+16%

w/o TR1

€82m

+18%

margin

63%

Securities Services

Net Revenue

€438m

+5%

w/o TR1

€296m

+15%

of group

27%

EBITDA

€325m

+3%

w/o TR1

€182m

+18%

margin

74%

Guidance FY2026 - confirmed

Net Revenue w/o TR

€5.7bn

EBITDA w/o TR

€3.1bn

Q1/2026: €1.4bn (25%)

Q1/2026: €0.8bn (26%)

Share buybacks

Program 2026 until July 31, 2026

€500m

as of April 24, 2026: €212m (42%)

Dividend payment AGM 2026

Dividend proposal Payout ratio

€4.20 38%

1. Without treasury result (net interest income & margin fees)

2. 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

   
   
   

   1. Incl. ETF, exchange licences and other licences

   2. ISS non-ESG business

‌Detailed Income Statement - Trading & Clearing‌

Back to segmental overview

Income statement | €m

Q1/26

Q1/25

Change %

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

1. Incl. index and equity derivatives

2. Incl. interest rate derivatives, OTC clearing, Repo

1. Incl. power spot and power derivatives

2. 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

   1. 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

‌Detailed Income Statement - Securities Services‌

Back to segmental overview

1. Incl. custody and collateral management

2. Incl. net revenue from connectivity, account services and reporting

‌Financial Calendar and Contact Details

Deutsche Börse AG

Investor Relations Mergenthalerallee 61

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Germany

Phone: +49 69 211 11670

E−Mail: ir@deutsche-boerse.com www.deutsche-boerse.com/ir_e

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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.

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