Deutsche Börse (DB1) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record results for FY 2025, with net revenue of €6,026m (+9% year-over-year) and EBITDA of €3,512m (+14% year-over-year), fully in line with guidance despite low volatility and ESG challenges.

• Five out of eight business units posted over 10% growth, with significant contributions from ETF trading, international expansion, and strong segment performance in Trading & Clearing and Fund Services.

• Proposed a 5% dividend increase to €4.20 per share, payout ratio of 38%, and completed a €500 million share buyback, with total shareholder returns reaching €1.3 billion.

• Diversified business portfolio and effective cost management supported performance, with operating costs up 3% as expected.

• Continued transformation strategy and technology focus, with major acquisitions (ISS STOXX, Allfunds) and expansion in digital assets and AI.

Financial highlights

• Net revenue (excluding treasury results) grew 9% year-over-year to €5.2 billion; total net revenue reached €6.0 billion.

• EBITDA (excluding treasury result) increased 14% to €2.7 billion; total EBITDA up 3% to €3.5 billion.

• Net profit reached €1,995 million for FY 2025; basic EPS up 3% to €10.90; cash EPS before PPA effects rose 3% to €11.65.

• Operating costs increased by 3% to €2.5 billion, demonstrating effective cost management.

• Treasury result contributed €837 million, declining 20% due to interest rate environment.

Outlook and guidance

• 2026 guidance reaffirmed: net revenue (ex-treasury) of €5.7 billion and EBITDA (ex-treasury) of €3.1 billion.

• Treasury result expected to decline further to €0.7 billion in 2026, with operating costs projected to rise by 3%.

• Targeting 8% organic net revenue CAGR through 2028, driven by technology and market trends.

• Confident in achieving ambitious targets under the "Leading the Transformation" strategy cycle.