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Deutsche Börse (DB1) investor relations material
Deutsche Börse Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Q2 2025 net revenue without treasury result grew 10% year-over-year, slightly exceeding expectations, driven by secular growth and inflows into European assets.
EBITDA without treasury result rose 19% year-over-year, reflecting strong operating leverage.
Operating costs increased 3% year-over-year, mainly due to inflation and strategic investments.
2025 guidance reaffirmed: net revenue (ex-treasury) ~€5.2bn, EBITDA (ex-treasury) ~€2.7bn, with continued secular growth expected.
Leadership transition: CFO Gregor Pottmeyer to step down in September; Jens Schulte to assume CFO role in October.
Financial highlights
Q2 2025 net revenue (excl. treasury) rose 10% to €1,298m; EBITDA (excl. treasury) up 19% to €684m.
Net profit for Q2 2025 was €509 million, with basic EPS at €2.77 and cash EPS at €2.96.
Treasury result declined significantly year-over-year due to lower interest rates and ECB rate cuts.
SaaS revenues in Software Solutions up 21%, annual recurring revenue reached €621 million (+18% YoY at constant currency).
Fund Services assets under administration exceeded €700 billion, up from over €400 billion previously.
Outlook and guidance
2025 guidance reaffirmed: net revenue around €5.2 billion and EBITDA around €2.7 billion (both ex-treasury), in line with consensus.
Treasury result forecasted at approximately €830 million for 2025, slightly lower than prior expectations.
Operating cost growth expected at around 3% for 2025, including FX and variable compensation.
Confident in achieving fixed income roadmap with €300 million step-up by 2026, expecting higher growth rates in H2 2025.
Guidance reaffirmed despite normalization of equity market volatility and weaker US dollar.
Assess impact of ECB rate cuts on treasury results.
Explain drivers of growth in the Commodities unit.
How does Deutsche Börse manage pension risk?
What's driving confidence in European markets?
Elaborate on the ISS STOXX dual track process.
Quantify FX headwinds for the full year.
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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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