Deutsche Börse (DB1) Investor presentation summary

Growth track record

• Net revenue grew at an 11% CAGR and EBITDA at a 14% CAGR, both excluding treasury result, across the past two strategy cycles; organic growth contribution increased.

• Global operating model built around integrated market infrastructure, leading brands, innovation, resilience and technology; presence in more than 60 countries and coverage of over 110 markets.

Strategy and financial outlook

• Strategy targets 8% organic net revenue CAGR and 3% operating cost CAGR for 2024-28, excluding treasury result; EBITDA excluding treasury result is expected to grow at 12% CAGR.

• 2028 EBITDA margin is expected to reach ~62%; outlook is based on constant portfolio and currency at $1.17/€.

• Organic growth from secular trends has the highest capital allocation priority; M&A may complement it when strategically and financially attractive.

• Target dividend payout ratio is 30-40%, with a continuously increasing dividend per share and regular annual buybacks subject to excess liquidity.

• Growth priorities include buy-side investment, digitization, fixed income, migration from OTC to platforms, and expanding global reach.

Business priorities

• Investment Management Solutions: accelerate ESG and index growth through product innovation and cross-selling; expand SimCorp SaaS, front-office and alternatives offerings, and pursue US client growth.

• Trading & Clearing: scale electronic FX, European retail equities and ETFs, expand power and gas globally, and execute the fixed-income roadmap.

• Fund Services: build on outsourcing mandates and platform scale, develop pan-European ETF infrastructure, and expand alternative-asset and tokenized-fund services.

• Securities Services: expand digital issuance through D7, develop post-trade access and collateral services, and support pan-European market integration.