Deutsche Boerse AG

Latest Results (03.09.2025):

Deutsche Börse AG reported its financial results for the second quarter of 2025, showcasing continued secular growth and strong operating leverage. The company exceeded its net revenue expectations and remains on track to achieve its full-year financial targets despite facing market volatility and foreign exchange headwinds.

Revenue Growth

In Q2 2025, Deutsche Börse AG achieved a net revenue of €1.505 billion, surpassing expectations with a growth of over 10% excluding the treasury result. This growth was primarily driven by sustained secular expansion and significant inflows into European assets.

Robust EBITDA Performance

The company's EBITDA for Q2 2025 reached €684 million, reflecting a 19% increase without the treasury result. This strong performance was fueled by double-digit growth in Trading & Clearing, particularly in commodities, cash equities, and foreign exchange markets.

Positive Net Profit and Earnings Per Share

Deutsche Börse AG reported a net profit of €536 million for Q2 2025, marking a 4% increase compared to the same period last year. Additionally, the Cash EPS rose to €2.96, underscoring the company's solid financial health.

Operating Costs Aligned with Expectations

Operating costs increased by 3% in Q2 2025, in line with the company's projections. This growth was mainly driven by inflation, strategic investments, and a reduction in exceptional costs related to Investment Management Solutions and EEX.

Confirmed Full-Year Guidance for 2025

Deutsche Börse AG reaffirmed its guidance for the full year 2025, anticipating net revenue of approximately €5.2 billion and EBITDA of around €2.7 billion. The outlook is supported by ongoing secular growth and continued inflows into European assets, despite challenges from equity market volatility and currency fluctuations.