Earnings release
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Preliminary results for 2025 11 February 2026 1 Highest net revenue, EBITDA, net income, and earnings per share in the company's history – annual forecast fully met despite cyclical headwinds. Due to strong operational growth, net revenue without treasury result, an important indicator for the Group, rose by 9 percent to €5.2 billion in financial year 2025, as expected. Operating costs, in contrast, rose by only 3 percent thanks to effective cost management. EBITDA without treasury result rose disproportionately by 14 percent to €2.7 billion. The Executive Board is proposing a 5 percent increase in the dividend to €4.20 per share for financial year 2025. In addition, a share buyback program with a volume of €500 million has already been announced and will start shortly. For financial year 2026, the Group expects net revenue without treasury result to increase to around €5.7 billion and EBITDA without treasury result to around €3.1 billion. Deutsche Börse Group has completed the most successful financial year in its history, achieving strong operational growth to which all segments contributed. The market environment was characterized by a variety of long-term structural drivers, which overall had a very positive effect on our business. The Trading & Clearing segment deserves special mention: demand for hedging products led to significant growth in interest rate derivatives and energy trading, particularly in gas. In addition, the cash equities business benefited from increased investor interest in European stocks, and the FX business benefited from dynamic market conditions. The Securities Services and Fund Services segments also made a significant contribution. Securities Services benefited from high issuance activity in fixed-income securities and increased settlement activity, driven in part by growing activity among private investors. This momentum also characterized the Fund Services segment, with continued double-digit growth in fund processing and distribution. In the Investment Management Solutions segment, growth was driven primarily by important new clients for the integrated SimCorp platform and by successful upselling and cross-selling, including more SaaS solutions. This broad operational strength provided the basis for more than offsetting the expected headwinds from the interest rate environment and negative currency effects. Net revenue without treasury result, our key operating performance indicator, rose by 9 percent to €5,189 million. This strong performance offset the expected interest rate-related decline of the treasury result by 20 percent to €837 million (2024: €1,050 million). Overall, the Group's net revenue thus increased by 3 percent to €6,026 million (2024: €5,829 million). Operating costs rose by 3 percent to €2,534 million (2024: €2,469 million), growing at a significantly lower rate than operating net revenue. This success is attributable to effective cost management, which was achieved despite the continued focus on growth investments and general price increases. Company Release Deutsche Börse Group Achieves Record Results in Financial Year 2025
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Preliminary results for 2025 11 February 2026 2 Earnings before interest, taxes, depreciation, and amortization (EBITDA), without treasury result, the key indicator of our operating profitability, grew by 14 percent to €2,675 million (2024: €2,346 million). Overall, the Group’s EBITDA increased by 3 percent to €3,512 million (2024: €3,396 million). Income from financial investments included in EBITDA amounted to €20 million (2024: €36 million) and was influenced by higher positive valuation effects from minority investments in the previous year. Our depreciation, amortization, and impairment charges remained stable at €502 million (2024: €496 million), reflecting the scheduled depreciation and amortization of our assets. Our financial result was also in-line with the previous year at €–154 million (2024: €–155 million). It continues to be driven mainly by interest expenses for our non-current financial liabilities. As a result, net profit attributable to Deutsche Börse Group shareholders rose by 2 percent to €1,995 million for the 2025 financial year (2024: €1,949 million). Basic earnings per share increased accordingly to €10.90 (2024: €10.60) with an average of 183.1 million shares outstanding. Earnings per share before purchase price allocation effects (Cash EPS) amounted to €11.65 (2024: €11.36). The Executive Board of Deutsche Börse Group is proposing a dividend of €4.20 per share for the 2025 financial year (2024: €4.00). This represents an increase of 5 percent and, with a payout ratio of 38%, and underlines our policy of attractive and reliable shareholder returns. The dividend is still subject to formal approval by the Supervisory Board of Deutsche Börse AG and the shareholders at the Annual General Meeting on May 13, 2026; the Supervisory Board has already expressed its support for the proposal. In addition, the Group successfully completed a share buyback program with a volume of €500 million in financial year 2025, repurchasing and already cancelling around 2 million of its own shares. Deutsche Börse Group expects further organic growth in the 2026 financial year. As communicated at the Capital Markets Day on December 10, 2025, as part of the ‘Leading the Transformation’ strategy, the company expects net revenue without treasury result to increase to around €5.7 billion and EBITDA without treasury result to around €3.1 billion. For the 2026 financial year, a lower interest rate environment with flattening cyclical headwinds is expected, and a further decline in treasury result to €0.7 billion is anticipated. Stephan Leithner, Chief Executive Officer of Deutsche Börse Group, comments on the results as follows: “In the past financial year, we have impressively demonstrated the strength and resilience of our diversified business portfolio. Strong secular growth more than offset the headwinds from the interest rate environment, low volatility, and currency effects. I would like to express my special thanks to our employees, who have contributed significantly to this success with their high level of commitment.” Jens Schulte, Chief Financial Officer of Deutsche Börse Group, adds: “At the same time, we managed our costs very effectively, resulting in a significantly disproportionate increase in our operating profit. Our shareholders will benefit directly from this positive development: the total distribution, including share buybacks, will exceed last year's level and rise to a new record of €1.3 billion.” On the outlook, Leithner says: “The 2025 result is an excellent starting point for our ‘Leading the Transformation’ strategy. In this environment, which is characterized by fundamental changes both geopolitically and technologically, we are the reliable and innovative partner for critical financial infrastructure in Europe and across the globe. The secular growth drivers in our businesses remain fully intact. We therefore look ahead to the current financial year with confidence and expect to achieve our operating targets for 2026.”
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Preliminary results for 2025 11 February 2026 3 Consolidated income statement Fourth quarter (Oct 01 – Dec 31) Full year (Jan 01 – Dec 31) € million 2025 2024 Change 2025 2024 Change Sales revenue 1,740 1,594 9% 6,543 5,972 10% Other operating income 6 6 2% 35 26 35% Volume-related costs –369 –314 18% –1,390 –1,219 14% Net revenue w/o treasury result from banking and similar business 1,377 1,286 7% 5,189 4,779 9% Treasury result from banking and similar business 197 262 –25% 837 1,050 –20% Net revenue 1,573 1,548 2% 6,026 5,829 3% Staff costs –437 –451 –3% –1,722 –1,681 2% Other operating expenses –272 –249 9% –812 –788 3% Operating costs –709 –700 1% –2,534 –2,469 3% Result from financial investments 2 23 –90% 20 36 –45% Earnings before interest, tax, depreciation and amortization (EBITDA) 867 870 –0% 3,512 3,396 3% EBITDA w/o treasury result from banking and similar business 670 609 10% 2,675 2,346 14% Depreciation, amortization and impairment losses –126 –129 –2% –502 –496 1% Earnings before interest and tax (EBIT) 741 742 –0% 3,010 2,900 4% Financial result –36 –32 13% –154 –155 –1% Earnings before tax (EBT) 705 710 –1% 2,857 2,745 4% Income tax expense and other tax –189 –177 7% –753 –699 8% Net profit for the period 516 534 –3% 2,104 2,046 3% thereof attributable to Deutsche Börse AG shareholders 488 507 –4% 1,995 1,949 2% thereof attributable to non-controlling interests 28 26 6% 109 98 11% Earnings per share (basic) (€) 2.68 2.76 –3% 10.90 10.60 3% Earnings per share before purchase price allocations (Cash EPS) (€) 2.86 2.95 –3% 11.65 11.36 3%
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Preliminary results for 2025 11 February 2026 4 Key indicators Investment Management Solutions segment Fourth quarter (Oct 01 – Dec 31) Full year (Jan 01 – Dec 31) € million 2025 2024 Change 2025 2024 Change Net revenue 416 386 8% 1,331 1,285 4% Treasury result 0 0 - 0 9 –96% Net revenue w/o treasury result 416 386 8% 1,330 1,276 4% Software Solutions 267 236 13% 745 694 7% On-premises 97 108 –10% 243 278 –13% SaaS (incl. Analytic) 124 83 50% 331 255 30% Other 46 45 2% 171 161 6% ESG & Index 149 150 –1% 585 582 1% ESG 62 65 –5% 260 260 0% Index 62 57 10% 221 210 5% Other 25 29 –13% 104 112 –7% Operating costs –235 –225 5% –854 –835 2% EBITDA 174 179 –2% 482 468 3% EBITDA w/o treasury result 174 179 –3% 482 459 5% Key indicators Trading & Clearing segment Fourth quarter (Oct 01 – Dec 31) Full year (Jan 01 – Dec 31) € million 2025 2024 Change 2025 2024 Change Net revenue 624 615 1% 2,553 2,407 6% Treasury result 52 63 –17% 222 261 –15% Net revenue w/o treasury result 571 552 3% 2,331 2,146 9% Financial derivatives 285 285 0% 1,193 1,157 3% Equities 102 112 –9% 447 465 –4% Interest rates 126 118 7% 509 463 10% Other 58 56 4% 237 230 3% Commodities 157 146 8% 612 530 16% Power 83 85 –2% 334 311 7% Gas 30 26 16% 123 98 26% Other 43 35 24% 155 121 28% Cash Equities 83 78 7% 343 296 16% Trading 39 36 8% 170 135 26% Other 45 42 6% 173 161 8% FX & Digital Assets 46 44 7% 182 163 12% Operating costs –272 –279 –2% –998 –975 2% EBITDA 361 342 6% 1,571 1,452 8% EBITDA w/o treasury result 309 279 11% 1,349 1,190 13%
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Preliminary results for 2025 11 February 2026 5 Key indicators Fund Services segment Fourth quarter (Oct 01 – Dec 31) Full year (Jan 01 – Dec 31) € million 2025 2024 Change 2025 2024 Change Net revenue 133 132 1% 537 494 9% Treasury result 13 15 –14% 56 67 –17% Net revenue w/o treasury result 120 117 3% 482 427 13% Funds processing 77 72 7% 304 261 17% Funds distribution 26 24 7% 107 91 17% Other 17 20 –17% 70 74 –5% Operating costs –62 –57 8% –219 –215 2% EBITDA 71 75 –5% 319 279 14% EBITDA w/o treasury result 58 60 –3% 263 211 24% Key indicators Securities Services segment Fourth quarter (Oct 01 – Dec 31) Full year (Jan 01 – Dec 31) € million 2025 2024 Change 2025 2024 Change Net revenue 401 415 –3% 1,605 1,643 –2% Treasury result 131 184 –29% 559 712 –21% Net revenue w/o treasury result 270 231 17% 1,046 931 12% Custody 187 166 13% 722 656 10% Settlement 41 31 35% 154 129 20% Other 42 35 18% 170 146 17% Operating costs –140 –140 0% –464 –444 4% EBITDA 260 276 –5% 1,140 1,197 –5% EBITDA w/o treasury result 129 92 41% 581 485 20%
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Preliminary results for 2025 11 February 2026 6 Consolidated balance sheet as of December 31, 2025 Consolidated balance sheet (extract) in €m Dec 31, 2025 Dec 31, 2024 ASSETS 297,178 222,112 Non-current assets 22,573 22,335 thereof intangible assets 12,312 12,643 thereof goodwill 8,137 8,354 thereof other intangible assets 2,772 2,969 thereof financial assets 9,029 8,507 thereof financial assets measured at amortized cost 566 1,342 thereof financial assets measured at FVOCI 148 192 thereof financial instruments held by central counterparties 8,181 6,815 Current assets 274,605 199,777 thereof financial instruments held by central counterparties 201,349 127,060 thereof restricted bank balances 52,139 48,972 thereof other cash and bank balances 1,782 1,872 EQUITY AND LIABILITIES 297,178 222,112 Equity 11,829 11,259 Liabilities 285,349 210,852 thereof non-current liabilities 14,676 14,561 thereof financial instruments held by central counterparties 8,181 6,815 thereof financial liabilities measured at amortized cost 5,533 6,748 thereof deferred tax liabilities 749 757 thereof current liabilities 270,673 196,291 thereof financial instruments held by central counterparties 198,732 126,020 thereof financial liabilities measured at amortised cost 18,760 20,203 thereof cash deposits by market participants 51,872 48,703
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Preliminary results for 2025 11 February 2026 7 Contact Investor Relations +49 (0) 69 211 14076 ir@deutsche-boerse.com Deutsche Börse Investor Relations Publication date 11 February 2026 Downloads Annual reports Interim reports Presentations Reprints, also of extracts, are only permitted with the written approval of the issuer List of registered trademarks www.deutsche-boerse.com/dbg-en/meta/trademarks