Deutsche Börse (DB1) Q2 2024 earnings summary

Executive summary

• Q2 2024 net revenue grew 19% year-over-year to approximately €1.45 billion, driven by strong organic growth and significant contribution from the SimCorp consolidation.

• EBITDA increased 16% year-over-year in Q2 2024 to €848 million, with H1 2024 EBITDA up 15% to €1,723 million, supported by operating leverage and cost management.

• Organic net revenue growth of 7% in H1 2024 was supported by client wins, secular growth initiatives, and market share gains.

• SimCorp consolidation contributed 10–11% inorganic net revenue growth in H1 2024; integration is progressing well with 80% of targeted cost synergies achieved in Q2.

• Guidance for 2024 was raised, reflecting strong H1 performance and higher net interest income expectations.

Financial highlights

• Q2 2024 net revenue reached €1,450 million, up 19% year-over-year; H1 2024 net revenue was €2,877 million, up 17%.

• Q2 2024 net profit was €520 million, up 13% year-over-year; H1 2024 net profit was €996 million, up 9%.

• Cash EPS for Q2 2024 was €2.91, up from €2.52 in Q2 2023; H1 2024 Cash EPS was €5.80, up 11%.

• Operating costs in H1 2024 increased 26–27% to €1,166 million, mainly due to SimCorp consolidation and exceptional costs.

• Fund assets under custody reached €3.7 trillion, and securities assets under custody hit €15.1 trillion in June.

Outlook and guidance

• Full-year 2024 guidance raised to over €5.7 billion net revenue and more than €3.3 billion EBITDA, reflecting strong H1 and higher net interest income expectations.

• Organic operating cost growth expected at or slightly below 4% for the full year.

• Net interest income for 2024 projected to be similar or slightly above €700 million, with commodities business outperforming initial forecasts.