Slides
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Analyst and Investor Conference Call October 21, 2026 Structural Momentum Confirmed And Guidance Upgraded Q3/2026 Financial Results
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1 Structural momentum confirmed and further upgrade of full-year guidance Deutsche Börse Group │ October 21, 2026 €1,633m Net revenue +14%1 1 Q3 26 Q3/2026: Growth reaccelerating, treasury result inflection complete Net revenue growth of +14%¹, with six out of eight businesses delivering double digit growth; approximately 3/4 was secular growth in Q3 Treasury result growth turned positive for the first time since 2024 (+7%), lifting total net revenue growth to +13% 9M/2026: Consistent delivery with expanding margins Broad-based net revenue growth of +12%¹, with Financial Derivatives (+20%), Fund Services (+16%) and Securities Services (+14%) as strongest contributors Revenue growth significantly outpacing cost growth, resulting in +17% EBITDA growth¹ Full-year outlook: Targets raised again Core targets: net revenue ~€5.7 billion1 (potential to slightly exceed), EBITDA ~€3.1 billion1 Treasury result now expected >€0.8 billion; total net revenue >€6.5 billion and total EBITDA ~€3.9 billion Operating cost growth ~3%, excluding Allfunds exceptionals €978m EBITDA +19%1 €4,888m Net revenue +12%19M 26 €2,964m EBITDA +17%1 1) Without treasury result (net interest income & margin fees)
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2 Group financials 9M/2026 Deutsche Börse Group │ October 21, 2026 +12% w/o TR1 +17% w/o TR1 Net revenue | €m EBITDA | €m 1) Without treasury result (net interest income & margin fees) 2) Incl. €136m PPA effects 3) EPS before purchase price allocation Detailed income statement Operating cost Financial investments Depreciation2 Financial result Net profit Cash EPS3 €390m €−128m €1,917m +5% €1,713m +14% €10.01 €−7m +14% 3,812 4,261 641 627 9M/25 9M/26 Treasury result Net revenue w/o treasury result 4,452 4,888 2,004 2,337 641 627 9M/25 9M/26 Treasury result EBITDA w/o treasury result 2,645 2,964
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3 Group financials Q3/2026 Deutsche Börse Group │ October 21, 2026 +14% w/o TR1 +19% w/o TR1 Net revenue | €m EBITDA | €m 1) Without treasury result (net interest income & margin fees) 2) Allocated to Trading & Clearing and Securities Services (50/50) 3) EPS before purchase price allocation (€44m PPA effect in Q3/26) Net revenue growth of +14%¹, with six of eight businesses double-digit; approximately 3/4 secular growth and 1/4 cyclical (mainly September) Treasury result grew +7%, first year- on-year growth since 2024; total net revenue growth reached +13% Operating costs +7%, primarily driven by a €22 million increase of share- based payments (SBP); underlying cost growth 3%, excluding SBP and Allfunds exceptionals (€4 million2) Cash EPS3 increased 18% to €3.28 Detailed income statement 1,237 1,415 203 218 Q3/25 Q3/26 Treasury result Net revenue w/o treasury result 1,440 1,633 639 760 203 218 Q3/25 Q3/26 Treasury result EBITDA w/o treasury result 842 978 +13% total +16% total
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4 Investment Management Solutions Q3/2026 Deutsche Börse Group │ October 21, 2026 +7% –24% Detailed income statement Software Solutions +10%, with SaaS growing +13%; full year target of ~10% net revenue growth confirmed ARR at €727 million, up 13% constant currency (15% as reported) and within the 13–18% guidance range; driven by ~30 new client and expansion deals YTD ESG & Index: Index +16% on record ETF AuM and structured products; ESG broadly stable; market intelligence continuing to decline EBITDA driven by negative result from financial investments (€−18 million) and higher costs (largely phasing) Net revenue | €m EBITDA | €m 157 173 151 158 Q3/25 Q3/26 ESG & Index │+4% Software Solutions │+10% 308 331 115 88 Q3/25 Q3/26
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5 275 357 139 15586 88 45 51 57 62 Q3/25 Q3/26 Treasury result │+7% FX & Digital Assets │+13% Cash Equities │+3% Commodities │+11% Financial Derivatives │+30% 603 714 Trading & Clearing Q3/2026 362 476 Q3/25 Q3/26 Deutsche Börse Group │ October 21, 2026 Detailed income statement Financial Derivatives +30%, by far the strongest quarterly growth since 2022 Fixed income +48%, driven by secular and cyclical factors; deepening of our euro yield curve ecosystem and improving OTC clearing revenue quality Commodities +11% after Q2 normalization; underlying secular drivers intact Cash Equities +3%, with seasonally lower activity and small infrastructure one-offs in Q3/25 FX & Digital Assets +13% through continued client wins Net revenue | €m EBITDA | €m 1) Without treasury result (margin fees) +19% w/o TR (margin fees)1 +36% w/o TR (margin fees)1
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6 77 92 28 3317 19 14 16 Q3/25 Q3/26 Treasury result │+11% Other2 │+13% Fund Distribution │+19% Fund Processing │+19% 137 160 Fund Services Q3/2026 84 103 Q3/25 Q3/26 Deutsche Börse Group │ October 21, 2026 Fund processing +19%, driven by record assets under custody (€5.2tr, +24%) and strong settlement activity (+25%) Fund distribution +19%, driven by record assets under distribution (+25%) Third consecutive quarter of mid-to- high-teens growth, reflecting outsourcing trends, capital markets- based retirement savings and index levels Detailed income statement Net revenue | €m EBITDA | €m +18% w/o TR (NII)1 +26% w/o TR (NII)1 1) Without treasury result (net interest income) 2) Incl. net revenue from connectivity and fund data
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7 182 200 36 42 44 46 132 140 Q3/25 Q3/26 Treasury result │+7% Other2 │+5% Settlement │+19% Custody │+10% 392 429 Securities Services Q3/2026 282 311 Q3/25 Q3/26 Deutsche Börse Group │ October 21, 2026 Custody +10%, driven by records in assets under custody (€17.7tr, +8%) and collateral management (€1.1tr, +25%) Settlement +19%, mainly driven by retail activity Treasury result +7%, mainly driven by higher cash balances (+10%) Detailed income statement Net revenue | €m EBITDA | €m +10% w/o TR (NII)1 +14% w/o TR (NII)1 1) Without treasury result (net interest income) 2) Incl. net revenue from connectivity, account services and reporting
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8 0.8 2.7 2025 >0.8 ~3.1 2026E Treasury result EBITDA w/o treasury result 3.5 ~3.9 Upgrading our 2026 guidance FY/2026 Deutsche Börse Group │ October 21, 2026 0.8 5.2 2025 >0.8 ~5.7 2026E Treasury result Net revenue w/o treasury result 6.0 >6.5 Net revenue w/o treasury result: ~€5.7 billion (with potential to slightly exceed) and EBITDA w/o treasury result: ~€3.1 billion (reaffirmed; includes exceptional costs related to the Allfunds acquisition) Treasury result: >€0.8 billion (upgraded from >€0.7 billion) Total net revenue: >€6.5 billion (upgraded from >€6.4 billion) and total EBITDA: ~€3.9 billion (upgraded from >€3.8 billion) Operating cost growth: ~3%, excluding exceptional costs related to the Allfunds acquisition (reaffirmed) Net revenue | €bn EBITDA | €bn
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9 Appendix Deutsche Börse Group │ October 21, 2026
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10 Deutsche Börse Group – Performance Dashboard 9M/2026 Deutsche Börse Group │ October 21, 2026 1) Without treasury result (net interest income & margin fees) 2) Constant currency Investment Management Solutions Guidance 2026 Net Revenue w/o TR €5.7bn 9M/2026: €4.3bn (75%) EBITDA w/o TR €3.1bn 9M/2026: €2.3bn (75%) Trading & Clearing Fund Services Securities Services Net Revenue EBITDA €964m +5% €276m –11% 20% of group 29% margin Net Revenue EBITDA €2,155m +12% €1,434m +19% Net Revenue EBITDA €461m +14% €292m +18% Net Revenue EBITDA €1,308m +9% €964m +10% Net Revenue Operating Costs EBITDA €4,888m +10% w/o TR1 €4,261m +12% €1,917m +5% €2,964m +12% w/o TR1 €2,337m +17% Dividend – paid Dividend €4.20 Payout ratio 38% Share buybacks – completed Program 2026 €500m as of June 26, 2026: €500m (100%) w/o TR1 w/o TR1 €964m +5% €276m –10% 44% of group 67% margin w/o TR1 w/o TR1 €1,995m +13% €1,273m +22% 9% of group 63% margin w/o TR1 w/o TR1 €418m +16% € 249m +22% 27% of group 74% margin w/o TR1 w/o TR1 €884m +14% € 540m +19% Treasury Result €627m –2% 61% margin Cash EPS €10.01 +14% Net Profit €1,713m +14% (+7%2)
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11 Income Statement – Group Level Deutsche Börse Group │ October 21, 2026 Back to group overview Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Sales revenue 1,845 1,573 17 5,473 4,804 14 Other operating income 6 6 7 27 29 –5 Volume-related costs –436 –342 28 –1,239 –1,021 21 Net revenue w/o Treasury result from banking business and similar business 1,415 1,237 14 4,261 3,812 12 Treasury result from banking business and similar business 218 203 7 627 641 –2 Net revenue 1,633 1,440 13 4,888 4,452 10 Staff costs –458 –413 11 –1,343 –1,285 5 Other operating expenses –188 –191 –1 –574 –540 6 Operating costs –646 –604 7 –1,917 –1,825 5 Result from financial investments –9 5 –284 –7 18 –139 Earnings before interest, tax, depreciation and amortisation (EBITDA) 978 842 16 2,964 2,645 12 EBITDA w/o Treasury result from banking business and similar business 760 639 19 2,337 2,004 17 Depreciation, amortisation and impairment losses –131 –124 5 –390 –375 4 Earnings before interest and tax (EBIT) 847 718 18 2,574 2,270 13 Financial result –47 –40 17 –128 –118 9 Earnings before tax (EBT) 800 678 18 2,446 2,152 14 Income tax expense and other tax –216 –179 21 –658 –564 17 Net profit for the period 584 499 17 1,789 1,588 13 thereof attributable to Deutsche Börse shareholders 559 473 18 1,713 1,507 14 thereof attributable to non-controlling interests 25 26 –4 76 81 –6 Earnings per share (basic) (€) 3.10 2.59 20 9.46 8.22 15 Earnings per share before purchase price allocations (Cash EPS) (€) 3.28 2.78 18 10.01 8.79 14
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12 Detailed Income Statement – Investment Management Solutions Deutsche Börse Group │ October 21, 2026 Back to segmental overview 1) Incl. ETF, exchange licences and other licences 2) ISS non-ESG business Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 331 308 7 964 914 5 Treasury result 0 0 - 0 0 –50 Net revenue w/o Treasury result 331 308 7 964 914 5 Software Solutions 173 157 10 521 478 9 On-premises 58 52 11 168 146 15 SaaS (incl. Analytics) 74 66 13 232 207 12 Other 41 40 4 122 125 –2 ESG & Index 158 151 4 443 436 2 ESG 74 74 –0 192 199 –4 Index 1 60 52 16 179 159 13 Other 2 24 26 –5 73 79 –8 Operating costs –226 –195 16 –659 –619 6 Result from financial investments –18 2 - –30 12 - EBITDA 88 115 –24 276 308 –11 EBITDA w/o Treasury result 88 115 –24 276 308 –10
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13 Detailed Income Statement – Trading & Clearing Deutsche Börse Group │ October 21, 2026 Back to segmental overview 1) Incl. index and equity derivatives 2) Incl. interest rate derivatives, OTC clearing, Repo 3) Incl. Eurex data and Eurex other 4) Incl. power spot and power derivatives 5) Incl. Xetra data, listing and Xetra other 6) Incl. trading and 360T other Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 714 603 18 2,155 1,929 12 Treasury result 62 57 7 161 170 –5 Net revenue w/o Treasury result 652 546 19 1,995 1,759 13 Financial Derivatives 357 275 30 1,091 908 20 Equities 1 113 95 18 380 345 10 Fixed Income 2 181 122 48 518 384 35 Other 3 64 58 10 192 179 7 Commodities 155 139 11 477 456 5 Power 4 87 76 15 264 251 5 Gas 28 29 –3 91 93 –2 Other 40 34 16 122 112 9 Cash Equities 88 86 3 278 260 7 Trading 43 39 9 143 131 9 Other 5 45 47 –3 135 129 4 FX & Digital Assets 6 51 45 13 149 136 10 Operating costs –247 –245 1 –743 –725 2 Result from financial investments 9 4 >100 21 6 >100 EBITDA 476 362 31 1,434 1,210 19 EBITDA w/o Treasury result 414 305 36 1,273 1,040 22
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14 Detailed Income Statement – Fund Services Deutsche Börse Group │ October 21, 2026 Back to segmental overview 1) Incl. custody and settlement Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 160 137 17 461 405 14 Treasury result 16 14 11 43 43 –0 Net revenue w/o Treasury result 144 122 18 418 362 16 Fund Processing 1 92 77 19 268 227 18 Fund Distribution 33 28 19 91 81 12 Other 19 17 13 59 53 11 Operating costs –57 –53 8 –169 –157 8 Result from financial investments 0 0 - 0 0 - EBITDA 103 84 24 292 248 18 EBITDA w/o Treasury result 87 69 26 249 205 22
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15 Detailed Income Statement – Securities Services Deutsche Börse Group │ October 21, 2026 Back to segmental overview 1) Incl. custody and collateral management 2) Incl. net revenue from connectivity, account services and reporting Income statement | €m Q3/26 Q3/25 Change % 9M/26 9M/25 Change % Net revenue 429 392 9 1,308 1,204 9 Treasury result 140 132 7 424 428 –1 Net revenue w/o Treasury result 288 261 10 884 777 14 Custody 1 200 182 10 600 535 12 Settlement 42 36 19 138 113 22 Other 2 46 44 5 146 129 14 Operating costs –117 –110 6 –347 –324 7 Result from financial investments –1 –1 - 2 –1 - EBITDA 311 282 10 964 880 10 EBITDA w/o Treasury result 171 150 14 540 452 19
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16 Quarterly statistics Deutsche Börse Group │ October 21, 2026 Asset class / Service Unit Q3/25 Change % 9M/26 9M/25 Change %Q3/26 Investment Management Solutions Assets under Management in DAX & STOXX ETFs €bn 226 170 +33% 214 156 +37% Exchange licenses Index derivatives contracts (in m) 146 138 +6% 514 504 +2% Trading & Clearing Total derivatives contracts (in m) 578 454 +27% 1,804 1,589 +13% Index derivatives contracts (in m) 154 146 +6% 541 547 -1% Equity derivatives contracts (in m) 79 59 +34% 284 231 +23% Fixed Income derivatives contracts (in m) 344 247 +39% 977 801 +22% OTC clearing - notional outstanding €bn 57,120 45,839 +25% 54,524 42,441 +28% Power spot volume TW h 266 218 +22% 792 675 +17% Power derivatives volume TW h 3,449 2,768 +25% 10,303 9,310 +11% Gas volume TW h 2,029 2,124 -4% 6,736 6,688 +1% FX markets - average daily volume €bn 192 169 +14% 191 167 +14% Orderbook volume - cash equities €bn 447 399 +12% 1,514 1,357 +12% Fund Services Assets under Custody €bn 5,222 4,204 +24% 4,983 4,102 +21% Settlement transactions m 21 17 +25% 63 51 +23% Securities Services Assets under Custody €bn 17,668 16,358 +8% 17,356 16,122 +8% Settlement transactions m 27 30 -10% 91 85 +7% Collateral management outstandings €bn 1,082 869 +25% 1,007 782 +29% Total cash balances €m 18,733 17,075 +10% 18,880 18,045 +5%
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17 Financial Calendar and Contact Details Deutsche Börse Group │ October 21, 2026 Deutsche Börse AG Investor Relations Mergenthalerallee 61 65760 Eschborn Germany Phone: +49 69 211 11670 E−Mail: ir@deutsche-boerse.com www.deutsche-boerse.com/ir_e November 11, 2026 UBS European Conference (London) November 23, 2026 Deutsches Eigenkapitalforum EKF (Frankfurt) November 30, 2026 Berenberg European Conference (London) December 8, 2026 Barclays European Select Conference (New York) January 7, 2027 ODDO BHF Forum (Lyon) January 12, 2027 Commerzbank ODDO BHF German Investment Seminar (New York) February 10, 2027 Publication Preliminary Results Q4 and FY 2026 (around 19:00 CET) February 11, 2027 Analyst and Investor Conference Q4/2026 and FY 2026 March 9, 2027 Morgan Stanley European Financials Conference (London) April 27, 2027 Publication Quarterly Statement Q1/2027 (around 19:00 CEST) April 28, 2027 Analyst and Investor Conference Q1/2027 May 12, 2027 Redburn Canada Conference (Toronto) May 13, 2027 Annual General Meeting 2027 July 27, 2027 Publication Half-yearly Financial Report 2027 (around 19:00 CEST) July 28, 2027 Analyst and Investor Conference Q2/2027 October 26, 2027 Publication Quarterly Statement Q3/2027 (around 19:00 CEST) October 27, 2027 Analyst and Investor Conference Q3/2027 Click here for Financial calendar Presentations Analysts’ estimates Financial reports Statistics Email sign-up
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Disclaimer Cautionary note with regard to forward-looking statements: This document contains forward-looking statements and statements of future expectations that reflect management's current views and assumptions with respect to future events. Such statements ar e subject to known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied and that are beyond Deutsche Börse AG's ability to control or estimate precisely. In addition to s tatements which are forward-looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, es timates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or ev ents may differ materially from those statements due to, without limitation, ( i) general economic conditions, (ii) future performance of financial markets, (iii) interest rate levels (iv) currency exchange rates (v) the behaviour of other market participants (vi) general competitive factors (vii) changes in laws and regulations (viii) changes in the policies of central banks, governmental regulators and/or (foreign) governments (ix) the ability to successfully integrate acquired and merged businesses and achieve anticipated synergies (x) reorganization measures, in each case on a local, national, regional and/or global basis. Deutsche Börse AG does not assume any obligation and does not intend to update any forward-looking statements to reflect events or circumstances after the date of these materials. No obligation to update information: Deutsche Börse AG does not assume any obligation and does not intend to update any information contained herein. No investment advice: This presentation is for information only and shall not constitute investment advice. It is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this presentation are for illustrative purposes only. © Deutsche Börse AG 2026. All rights reserved. www.deutsche -boerse.com/dbg- en/meta/disclaimer