Deutsche Börse (DB1) Investor presentation summary

Strategic positioning and business model

• Operates a unique, integrated market infrastructure with global relevance, European leadership, and local roots, leveraging leading brands and technology for scalability and innovation.

• Covers over 110 markets in more than 60 countries, maintaining system availability above 99.9% and employing over 16,000 people.

• Focuses on scalability, qualitative improvement, and resilience, with a proven track record in capital markets transformation over 25+ years.

Financial performance and growth

• Achieved 11% CAGR in net revenue and 14% CAGR in EBITDA (excluding treasury result) over recent strategy cycles, with an increasing share of organic growth.

• Mid-term guidance targets 8% CAGR in net revenue (excluding treasury result) and 12% CAGR in EBITDA through 2028, with operating costs growing at only 3% CAGR.

• EBITDA margin is expected to rise to approximately 62% by 2028, with overall growth improving as interest rate headwinds fade.

• H1 2026 results show net revenue (excluding treasury result) of €2.85bn (+11%), EBITDA of €1.99bn (+10%), and net profit of €1.58bn (+16%).

Strategic framework and capital allocation

• Strategy framework 'Leading the Transformation' focuses on sustained high net revenue growth, scaling, and capturing European growth opportunities.

• Organic growth remains the top capital allocation priority, complemented by M&A when strategically and financially attractive.

• Targets a dividend payout ratio of 30-40% with regular annual share buybacks, subject to excess liquidity.

• Completed €500m share buyback and paid a €4.20 dividend in 2026, with a payout ratio of 38%.