Deutsche Börse (DB1) Q3 2024 earnings summary

Executive summary

• Strategy Horizon 2026 remains on track, with reaffirmed financial targets and a focus on organic growth, digital leadership, buy-side expansion, and disciplined capital allocation.

• Leadership transition, including CEO and Supervisory Board changes, is progressing smoothly with continuity in strategic direction.

• Net revenue increased by 18% year-over-year in Q3 2024 to €1,403.9 million, with all segments contributing to growth.

• EBITDA rose 17% to €801.8 million, and net profit attributable to shareholders was €444.9 million, up 11%.

• 2024 guidance was raised, now expecting net revenue of around €5.8 billion and EBITDA between €3.3 and €3.4 billion.

Financial highlights

• Q3 2024 net revenue: €1,403.9 million (+18% year-over-year); EBITDA: €801.8 million (+17%).

• 9M 2024 net revenue up 18% to €4,281 million; EBITDA up 15% to €1,769 million.

• SimCorp consolidation contributed 11% inorganic net revenue growth in 9M 2024.

• Organic net revenue growth was 9% in Q3, mainly from secular growth initiatives.

• Operating costs increased 3% organically in the first nine months, with tight cost management.

Outlook and guidance

• Full-year 2024 net revenue expected at around €5.8 billion, with EBITDA between €3.3 and €3.4 billion.

• Organic net revenue growth target of 7% per annum, with 10% CAGR including M&A, through 2026.

• Net revenue growth (excluding treasury results) expected to accelerate to 8% between 2024–2026.

• Organic cost growth for 2024 expected at ~3%.

• All segments expected to contribute to organic growth; interest rates seen as a cyclical headwind in 2025.