Deutsche Börse (DB1) Q3 2025 earnings summary

Executive summary

• Achieved robust net revenue growth in Q3 2025, with five of eight business units posting double-digit gains, and EBITDA up 16% year-over-year, despite headwinds in index derivatives, ESG, and FX.

• Software solutions led with 10% net revenue growth and 22% SaaS revenue increase, supported by a strong client pipeline and the acquisition of Domos.

• Trading and clearing saw strong performance in cash equities (+21%), commodities (+10%), and FX (+7%), while equity index derivatives faced cyclical pressure.

• Fund services and security services posted net revenue growth of 15% and 13%, respectively, driven by record activity and new client wins.

• Operating expense growth was below expectations, supporting margin expansion and confirming full-year guidance.

Financial highlights

• Net revenue without treasury result grew 7% in Q3 and 9% year-to-date, reaching €1,237 million in Q3 2025.

• Total net revenue including treasury result rose 3% to €1,440 million, with treasury result declining due to lower interest rates.

• EBITDA without treasury result surged 16% to €639 million, with margin improvement.

• Cash EPS for Q3 2025 was €2.78, up 7% year-over-year.

• Share buyback program repurchased €441 million in shares, with €59 million remaining.

Outlook and guidance

• 2025 guidance confirmed: net revenue without treasury result around €5.2 billion and EBITDA without treasury result around €2.7 billion.

• Treasury result forecasted to exceed €0.8 billion for 2025, with operating expense growth on track at around 3%.

• Horizon 2026 targets reaffirmed, with a strategy update to be presented at Capital Markets Day in December.