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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Deutsche Börse (DB1) investor relations material
Deutsche Börse CMD 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.CMD 2025 summary10 Dec, 2025
Strategic direction and growth outlook
Targeting €6.4 billion net revenues in 2025 and 8% annual net revenue growth through 2028, supported by secular trends, technology, and a balanced portfolio across four business segments.
Cost growth is capped at 3% per year, supporting margin expansion and 12% EBITDA growth, with a focus on technology, efficiency, and a global operating model.
Capital allocation prioritizes organic growth, regular share buybacks (e.g., €500 million in 2026), disciplined M&A, and a 30–40% dividend payout ratio.
Strategic M&A, including the proposed Allfunds acquisition, aims to enhance pan-European fund services and support the Savings and Investment Union.
The strategy emphasizes leading industry transformation in Europe and new asset classes, leveraging digitalization, AI, and cloud infrastructure.
Business segment highlights
Investment Management Solutions targets 8% CAGR to 2028, driven by SaaS transformation, cross-selling, US momentum, and expansion in alternatives and private assets, with SimCorp and ISS STOXX as core platforms.
Trading & Clearing expects 8% CAGR, leveraging secular trends in fixed income, commodities, FX, and digital assets, with technology leadership and product innovation.
Fund Services projects 11% CAGR to 2028, fueled by outsourcing, ETF growth, digital transfer agency, and expansion into alternatives and tokenized funds, with a potential Allfunds acquisition to create a €1 billion+ business.
Securities Services targets 8% CAGR, benefiting from digitization, pan-European infrastructure, and leadership in digital securities and tokenization, with a roadmap to become the first fully digital CSD.
All segments are expected to contribute to growth, with balanced exposure across the portfolio.
Technology and digital transformation
Over 74% of compute capacity is in the cloud, enabling rapid adoption of AI and digital solutions across all business lines.
Digital assets and tokenization are key focus areas, with the D7 platform and partnerships (e.g., Kraken, Circle) bridging traditional and digital finance.
AI is embedded in product development, operations, and client solutions, enhancing scalability and innovation.
SimCorp SaaS revenue change impact on Group growth
Share buyback plan beyond 2026
Allfunds acquisition: key strategic benefits
SimCorp rev rec change: What's the true impact?
Digital assets: End game and monetization strategy?
OneGroup model: How does it drive 3% cost growth?
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Next Deutsche Börse earnings date
Q4 202513 Mar, 2026
Next Deutsche Börse earnings date
Q4 202513 Mar, 2026
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Deutsche Boerse AG operates as an exchange organization in Europe, the United States, and the Asia-Pacific. It operates through two segments, Eurex & Other and XETRA. The company offers trading platforms for securities trading, including cash markets for equities, bonds, investment funds, ETFs, exchange traded commodities, structured products and warrants; and derivatives markets for index and single stock futures and options on equities, ETFs & ETNs, interest rates and stock index futures & options on fixed income & commodities.
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