Deutsche Börse (DB1) Q4 2025 earnings summary

Executive summary

• Achieved record financial results for 2025, with net revenue (ex-treasury) up 9% to €5.2 billion and EBITDA (ex-treasury) up 14%, fully in line with guidance and driven by disciplined cost management and strong execution across all segments.

• Q4 2025 net revenue reached €1,573 million (+7% YoY) and EBITDA €867 million (+10% YoY), led by Software Solutions and Securities Services.

• Proposed a 5% dividend increase to €4.20 per share and a €500 million share buyback, resulting in a record €1.3 billion distribution to shareholders (38% payout ratio).

• Major strategic moves include the acquisition of Allfunds for €5.3 billion and full ownership of ISS STOXX, both expected to drive long-term value and market leadership.

• Operating cost growth was contained at 3%, with effective cost management and exceptionals related to ISS STOXX IPO preparations.

Financial highlights

• Total net revenue exceeded €6 billion, EBITDA surpassed €3.5 billion, and cash EPS reached €11.65.

• FY 2025 net profit was €1,995 million (+2% YoY); basic EPS up to €10.90.

• Q4 2025 net profit was €516 million, with basic EPS of €2.68.

• Treasury result for FY 2025 was €1,050 million, declining 20% due to interest rate environment.

• Operating costs for FY 2025 were €2,534 million (+3% YoY), below the rate of revenue growth.

Outlook and guidance

• 2026 targets: net revenue (ex-treasury) of €5.7 billion and EBITDA (ex-treasury) of €3.1 billion, with 8% organic net revenue CAGR targeted through 2028.

• Treasury result for 2026 expected at €0.7 billion.

• Strategy focuses on secular growth, market transformation, operating model evolution, and refined capital allocation.

• AI and cloud adoption seen as key enablers for operational efficiency and product innovation, with less than 5% of revenues potentially affected by AI disruption.

• Operating cost CAGR expected at 3% through 2028.