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Deutsche Börse (DB1) investor relations material
Deutsche Börse Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record financial results for 2025, with net revenue (ex-treasury) up 9% to €5.2 billion and EBITDA (ex-treasury) up 14%, fully in line with guidance and driven by disciplined cost management and strong execution across all segments.
Q4 2025 net revenue reached €1,573 million (+7% YoY) and EBITDA €867 million (+10% YoY), led by Software Solutions and Securities Services.
Proposed a 5% dividend increase to €4.20 per share and a €500 million share buyback, resulting in a record €1.3 billion distribution to shareholders (38% payout ratio).
Major strategic moves include the acquisition of Allfunds for €5.3 billion and full ownership of ISS STOXX, both expected to drive long-term value and market leadership.
Operating cost growth was contained at 3%, with effective cost management and exceptionals related to ISS STOXX IPO preparations.
Financial highlights
Total net revenue exceeded €6 billion, EBITDA surpassed €3.5 billion, and cash EPS reached €11.65.
FY 2025 net profit was €1,995 million (+2% YoY); basic EPS up to €10.90.
Q4 2025 net profit was €516 million, with basic EPS of €2.68.
Treasury result for FY 2025 was €1,050 million, declining 20% due to interest rate environment.
Operating costs for FY 2025 were €2,534 million (+3% YoY), below the rate of revenue growth.
Outlook and guidance
2026 targets: net revenue (ex-treasury) of €5.7 billion and EBITDA (ex-treasury) of €3.1 billion, with 8% organic net revenue CAGR targeted through 2028.
Treasury result for 2026 expected at €0.7 billion.
Strategy focuses on secular growth, market transformation, operating model evolution, and refined capital allocation.
AI and cloud adoption seen as key enablers for operational efficiency and product innovation, with less than 5% of revenues potentially affected by AI disruption.
Operating cost CAGR expected at 3% through 2028.
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