Deutsche Börse (DB1) Q2 2025 earnings summary

Executive summary

• Q2 2025 net revenue (excluding treasury) rose 10% year-over-year to €1,298 million, with EBITDA up 19% to €684 million, reflecting strong operating leverage and secular growth; total net revenue reached €1,505 million.

• H1 2025 net revenue was €3,012 million (+10%) and EBITDA €1,803 million (+15%), driven by inflows into European assets and robust segment performance.

• Operating costs increased 3% year-over-year, mainly due to inflation and strategic investments, with cost discipline maintained.

• Leadership transition announced: CFO Gregor Pottmeyer to step down after 15 years, with Jens Schulte set to assume the role in October.

• Guidance for 2025 is reaffirmed, expecting further secular growth despite normalization in equity volatility and FX headwinds.

Financial highlights

• Net revenue (excluding treasury) increased 10% to €1,298 million in Q2 2025; total net revenue up 4% to €1,505 million.

• EBITDA (excluding treasury) grew 19% year-over-year to €684 million; cash EPS reached €2.96.

• Net profit for Q2 2025 was €509 million, with basic EPS at €2.77.

• Operating costs rose 3% to €620 million, mainly due to higher investments and inflation.

• Treasury result declined due to lower interest rates, impacting overall revenue growth.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: net revenue (excluding treasury) around €5.2 billion and EBITDA around €2.7 billion.

• Treasury result expected to exceed €0.8 billion, with internal forecast at €830 million.

• Operating expense growth for 2025 maintained at 3%, reflecting disciplined cost management.

• Confident in achieving fixed income roadmap with €300 million step-up by 2026, supported by client activation, new regulations, and strong market share in €STR derivatives.

• Guidance reaffirmed despite normalization of equity market volatility and weaker US dollar.