Deutsche Börse (DB1) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with net revenue up 12% year-over-year (excluding treasury result), driven by secular growth, structural factors, and March volatility.

• EBITDA rose 18% year-over-year (excluding treasury result), with broad-based double-digit net revenue growth in five of eight business segments and economies of scale.

• Treasury result turned positive sequentially for the first time since 2024, reaching €204 million due to higher cash balances, though it declined year-over-year.

• Net profit attributable to shareholders grew 11% year-over-year to €614 million; cash EPS reached €3.40 (+11%).

• The business model demonstrated resilience amid high market volatility and macroeconomic uncertainty.

Financial highlights

• Q1 2026 net revenue: €1,638m (+12% year-over-year, excluding treasury result); total net revenue up 9%.

• EBITDA: €1,007m (+18% year-over-year, excluding treasury result); total EBITDA up 10%.

• Operating costs increased 4% to €626m, including €13m exceptional costs for Allfunds acquisition, mainly due to inflation, investments, and acquisition-related expenses.

• EBIT rose 12% to €877m; EBT also up 12% to €838m.

• Result from financial investments included a €10m impairment of a minority stake.

Outlook and guidance

• Reaffirmed 2026 guidance: €5.7bn net revenue and €3.1bn EBITDA (both excluding treasury result); management confident in achieving ambitious goals.

• Treasury result for 2026 now expected to exceed €700m.

• Operating costs projected to rise ~3% in 2026, excluding exceptional acquisition costs.