Deutsche Börse (DB1) investor relations material

Executive summary

• Q3 net revenue excluding treasury result rose 14% to EUR 1,415m; six of eight businesses recorded double-digit growth, with ~3/4 of growth attributed to structural trends.

• Total net revenue increased 13% to EUR 1,633m and EBITDA rose 16% to EUR 978m; nine-month delivery supported a second FY2026 guidance upgrade.

Financial highlights

• Q3 EBITDA excluding treasury result rose 19% to EUR 760m; nine-month net revenue excluding treasury result increased 12% and EBITDA excluding treasury result rose 17%.

• Nine-month net profit attributable to shareholders increased 14% to EUR 1,713m; cash EPS rose 14% to EUR 10.01.

• Q3 operating costs rose 7% to EUR 646m; growth was ~3% excluding share-based compensation and Allfunds-related expenses.

• Q3 EBIT rose 18% to EUR 847m, earnings before tax increased 18% to EUR 800m, and net profit for the period rose 17% to EUR 584m.

Outlook and guidance

• FY2026 net revenue excluding treasury result is expected at ~EUR 5.7bn, with potential to slightly exceed; EBITDA excluding treasury result remains expected at ~EUR 3.1bn.

• Treasury result guidance increased to >EUR 0.8bn from >EUR 0.7bn; total net revenue guidance rose to >EUR 6.5bn from >EUR 6.4bn.

• FY2026 total EBITDA is expected at ~EUR 3.9bn, raised from >EUR 3.8bn; operating-cost growth guidance remains ~3%, excluding Allfunds transaction expenses.

• Q4 activity remained supportive; fixed-income volatility was expected to remain elevated into 2027, and the SimCorp pipeline was described as strong.