Deutsche Börse (DB1) Q1 2025 earnings summary

Executive summary

• Q1 2025 net revenue without treasury result rose 10% year-over-year to €1,507 million, slightly exceeding expectations due to strong double-digit growth in Cash Equities, Fund Services, and FX, with all business lines performing in line with plan.

• EBITDA without treasury result increased 11% year-over-year to €912 million, reflecting strong operational performance and scalability despite a 6% rise in operating costs.

• Net profit attributable to shareholders was €551.9 million, up 5% year-over-year; basic EPS rose 6% to €2.86 and Cash EPS to €3.05.

• Share buyback program of €500 million initiated, with €78 million repurchased by late April and €422 million remaining to be executed by November.

• Market volatility since March provided additional tailwinds, with platforms handling record volumes smoothly.

Financial highlights

• Net revenue increased by 6% to €1.5 billion; excluding treasury, net revenue rose 10% year-over-year.

• EBITDA margin (excluding treasury result) improved to 60.6% in Q1 2025.

• Operating costs increased 6% year-over-year, mainly due to share-based compensation, investments, inflation, and FX effects; underlying cost growth was 3%.

• Treasury result declined 12% year-over-year to €230.4 million.

• Effective tax rate fell below the forecast 27% due to positive one-off effects.

Outlook and guidance

• Full-year 2025 guidance maintained: net revenue without treasury result expected at ~€5.2 billion and EBITDA at ~€2.7 billion.

• Double-digit net revenue growth expected in Software Solutions for Q2 and the remainder of the year.

• Upside to guidance possible if elevated market volatility persists; treasury result for 2025 expected to exceed €0.8 billion.

• Operating costs projected to rise ~3% for the full year.