Deutsche Börse
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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.
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Q4 2025 earnings summary12 Feb, 2026

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.

What mitigates the ongoing treasury result decline?
Key drivers for disproportionate operating profit growth?
Which high-growth sub-segments sustain 2026 targets?
SimCorp US market tipping point validation
Allfunds antitrust confidence basis
ISS STOXX AI moat details
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Frequently asked questions

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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