Interim report
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 1 Q3/2026: Deutsche Börse Group Continues Strong Growth in the Third Quarter and Raises Its Total Net Revenue Guidance for 2026 Again Overview of Quarterly Results Our net revenue without treasury result rose by 14 percent to €1,415 million in the third quarter of 2026. This growth was driven by ongoing structural trends but was also supported by the cyclical market environment; six of eight businesses achieved double-digit growth rates. Including treasury result of €218 million, net revenue totaled €1,633 million, representing a 13 percent increase. With a 7 percent rise compared with the same quarter of the previous year, the treasury result has confirmed the indi- cated inflection point for the first time since 2024. Operating costs rose by 7 percent to €646 million, driven primarily by higher share-based compensation due to share price performance and expenses re- lated to the planned Allfunds transaction. Adjusted for these effects, cost growth was around 3 percent. Our EBITDA without treasury result increased by 19 percent to €760 million as a result of revenue growth and operational economies of scale. Including treasury result, EBITDA rose by 16 percent to €978 million. Net profit for the period attributable to our shareholders was €559 million, up 18 percent from the same quarter of the previous year. Earnings per share be- fore purchase price allocation effects (cash EPS) amounted to €3.28 (basic EPS: €3.10). Material Events of the Third Quarter On September 2, 2026, Deutsche Börse AG issued a subordinated hybrid bond with a notional amount of €600 million and a coupon of 4.2 percent. The bond matures in September 2052 and has a first call date in September 2032. The share buyback program with a volume of €500 million was completed in June 2026. A total of 2,100,000 shares were cancelled on September 15, 2026. The cancellation resulted in a reduction of the share capital by €2.1 million. Since then, the share capital has amounted to €184.2 million and is divided into the same number of registered no-par value shares. On September 16, 2026, Deutsche Börse AG issued, for the first time, a sen- ior, unsecured convertible bond with a notional amount of €600 million. The conversion right of €48 million increased the capital reserve, and the remain- ing amount increased other non -current financial liabilities measured at amor- tized cost. The bond matures in September 2031 and has a coupon of 0.5 percent. Unless the convertible bond is previously converted, repaid, or repur- chased and canceled, it will be redeemed at maturity on September 16, 2031, at its accrued amount, which corresponds to 107.85 percent of the notional value. The net proceeds from the issuance will be used for general corporate purposes, including the refinancing of existing liabilities. The bond has an im- pact on diluted earnings per share.
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 2 On September 28, 2026, Deutsche Börse AG redeemed a bond issued in 2023 as scheduled upon maturity. The outstanding notional amount was €1.0 billion. The redemption resulted in a corresponding reduction in current other financial liabilities measured at amortized cost. Changes in the Scope of Consolidation In the first nine months of 2026, there were no significant changes in the scope of consolidation. On January 21, 2026, Deutsche Börse AG signed a binding agreement to ac- quire Allfunds. The transaction is still subject to antitrust and regulatory ap- provals, as well as other customary closing conditions. The transaction is ex- pected to close in the first half of 2027. The agreement, structured under a UK Scheme of Arrangement, includes standard market compensation payments in the event of non -closing. We expect the transaction to close and consider it unlikely that the compensation provisions under the Sch eme of Arrangement will be invoked. On February 11, 2026, Deutsche Börse AG signed an agreement to acquire the remaining 19.69 percent minority stake in ISS STOXX GmbH. This stake was previously held by General Atlantic. The transaction was finalized at the end of March; the total purchase p rice was €1.15 billion. The acquisition of the shares constituted a transaction with equity investors and resulted in a re- duction in equity of €1.15 billion. Results of Operations The market environment in the third quarter of 2026 continued to be shaped by geopolitical uncertainty and significant disruptions in the energy and finan- cial markets. The renewed escalation of the conflict in the Middle East, along with the resulting restrictions on energy and commodity shipments through the Strait of Hormuz, led to a significant rise in oil and gas prices and increased inflationary pressure. Against this backdrop, expectations regarding monetary policy shifted. Both the European Central Bank and the U.S. Federal Reserve raised their key inter- est rates in September. At the same time, yields on the bond markets rose, and volatility in the intere st rate environment increased. Global stock markets remained comparatively robust despite the uncertainty. This environment supported trading and hedging activity in several asset clas- ses relevant to our Group, particularly in interest rate derivatives as well as in the repo and OTC clearing business. Higher interest rates also had a positive impact on the trea sury result. The ongoing trend toward capital -market-based investment products, particularly funds and ETFs, as well as higher stock mar- ket valuations, continued to drive growth in assets under custody and settle- ment transaction volumes in Fund Services and Securities Services. Securities Services also benefited from the persistently high level of issuance activity in the bond markets. In this environment, our Group increased net revenue without treasury result by 14 percent to €1,415 million (Q3/25: €1,237 million) in the third quarter of 2026. Six of our eight businesses recorded double -digit growth rates. This growth was driven by ong oing structural trends but was also supported by the cyclical market environment, particularly by the high level of market activity in September.
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 3 The treasury result amounted to €218 million (Q3/25: €203 million) in the third quarter, representing a 7 percent increase compared with the same quar- ter of the previous year. This marks the first time since 2024 that the treasury result has risen year -over-year. The positive development was primarily driven by higher interest rates resulting from key interest rate hikes, as well as higher average cash balances held by our customers. Overall, our Group’s net revenue increased by 13 percent to €1,633 million (Q3/25: €1,440 million). Operating costs rose by 7 percent in the third quarter to €646 million (Q3/25: €604 million). The increase was primarily due to higher expenses for share - based compensation, which were attributable to the positive share price per- formance in the reporting quarter and the lower comparison base from the prior year. Investments in secular growth and inflation -driven cost increases were offset by continued cost discipline. In addition, operating costs included expenses related to the planned acquisition of Allfunds. Adjusted for share - based compensation and transaction -related expenses associated with All- funds, operating costs grew by around 3 percent. EBITDA without treasury result increased by 19 percent to €760 million (Q3/25: €639 million) as a result of net revenue growth and continued econo- mies of scale. This included a result from financial investments of −€9 million (Q3/25: €5 million), which was primarily impacted by a negative valuation ef- fect resulting from the sale of a minority stake in the Investment Management Solutions segment. Including the treasury result, EBITDA amounted to €978 million (Q3/25: €842 million) –an increase of 16 percent. Depreciation, amortization, and impairment losses totaled €131 million (Q3/25: €124 million) in the third quarter. The financial result, which primar- ily consists of interest expenses on outstanding corporate bonds, amounted to −€47 million (Q3/25: −€40 mil lion) due to the issuance of new bonds. Net profit for the period attributable to Deutsche Börse AG shareholders in- creased by 18 percent in the third quarter of 2026 to €559 million (Q3/25: €473 million). Earnings per share (basic) amounted to €3.10 (Q3/25: €2.59) based on an average of 180.2 mi llion shares. Earnings per share before pur- chase price allocation effects (cash EPS) totaled €3.28 (Q3/25: €2.78). Jens Schulte, Chief Financial Officer of Deutsche Börse Group, commented on the results as follows: “In the third quarter, we once again benefited from the broad-based positioning of our business model. Changing interest rate expecta- tions have stimulated b usiness in the fixed income and funding markets and also strengthened our treasury result. For the first time since 2024, the treas- ury result has thus risen year- over-year – the indicated inflection point has been confirmed. Furthermore, we are seeing a structural trend that is becom- ing increasingly important for us: more and more assets from institutional and private investors in Europe are flowing into capital market -based investment products. This is leading to rising assets under custody and growing settlement transaction volumes in our Fund Services and Securities Services seg ments. With our infrastructure along the entire value chain, we are exceptionally well - positioned to benefit long -term. Given this sustained strong momentum, we are very confident about the full year and are raising our forecast for 2026 once again.”
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 4 Risk Report On pages 43 to 64 of its Annual Report 2025, Deutsche Börse Group compre- hensively outlines the framework, strategy, principles, organi zation, processes, methods and concepts behind its risk management, as well as measures it im- plements to manage or reduce risks. A detailed description of the status of cur- rent litigation can be found in the Annual Report 2025 on pages 260 to 263. With regard to litigations and legal proceedings, the following significant changes occurred in financial year 2026: As previously reported, on March 31, 2026, a U.S. court in the so -called Pe- terson II case ( see Annual Report 2025, page 261 ) decided in favor of judg- ment creditors of Iran. They had brought a lawsuit seeking turnover of at least approximately US$ 1.7 billion that are attributed to the Iranian central bank (”Bank Markazi“) and held in custody at Clearstream Banking S.A. in Luxe m- bourg in a client account. On June 25, 2026, an oral hearing took place be- fore the U.S. court, and a turnover order regarding the mentioned approxi- mately US$ 1.7 billion (plus accrued interest) could be issued in the near term. In such event, Clearstream Banking S.A. will assess appealing the deci- sion of March 31, 2026. In connection with this matter, Clearstream Banking S.A. continues to work with competent authorities regarding a treatment under EU sanctions. As reported in previous annual reports ( see Annual Report 2025, page 262 ), the insolvency administrators of the funds Fairfield Sentry Ltd. and Fairfield Sigma Ltd. asserted claims against Clearstream Banking S.A. before U.S. courts for the restitution of US$13.5 million. Following the dismissal of the claims by the lower courts, on October 5, 2026, the U.S. Supreme Court de- nied the plaintiffs’ request for further review, so that the dismissal of the case is final and the matter closed. As disclosed on page 263 of the Annual Report 2025, ISS like other proxy ad- visory businesses continues to face scrutiny and investigations in the U.S., which include among others the instructions to the SEC, FTC and Department of Labor in the Executive Order as mentioned, but also a number of investiga- tions by U.S. state attorneys general; activity relating to this continues to pro- gress. In this context, multiple U.S. states filed complaints against ISS based on allegations of consumer protection violations, seeking injunctive relief and unspecified penalt ies. Additionally, ISS continues to defend its position against a number of U.S. state laws imposing additional requirements on proxy advi- sors; ISS has been granted preliminary injunctive relief in some of these law- suits, but the main proceedings continue. On September 4, 2026, the SEC commenced a court proceeding to compel ISS to produce certain information, including data concerning client voting decisions, pursuant to a subpoena the SEC issued to ISS on July 21, 2026. ISS will defend this proceeding. The SEC stated it has to date not concluded that any individual or entity violated the federal securities laws. With regard to litigation and legal proceedings, t he Executive Board has not identified any material change in the Group’s risk position at the present time.
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 5 Report on Expected Developments As outlined on pages 73 to 75 of the 2025 An nual Report, the forecast for net revenue without treasury result is confirmed at around €5.7 billion. However, based on the performance in the first nine months, we see potential to slightly exceed this level. EBITDA without treasury result is still expected to be around €3.1 billion. Following an initial upward revision at the half -year mark, we are again raising the forecast for the treasury result – due to the development of key interest rates and higher cash balances – to more than €0.8 billion (previously: more than €0.7 billion). Accordingly, for the financial year 2026, we expect total net revenue of more than €6.5 billion (previously: more than €6.4 billion) and total EBITDA of around €3.9 billion (previously: more than €3.8 billion). Growth in operating costs – adjusted for expenses related to the Allfunds trans- action – is still expected to be around 3 percent. Report on Post-Balance Sheet Date Events There have been no material events after the balance sheet date.
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 6 Consolidated Income Statement Third Quarter First Nine Months Jul 1 - Sep 30 Jan 1 - Sep 30 in €m 2026 2025 Change 2026 2025 Change Sales revenue 1,845 1,573 17 % 5,473 4,804 14 % Other operating income 6 6 8 % 27 29 – 5 % Volume-related costs – 436 – 341 28 % – 1,239 – 1,021 21 % Total net revenue excluding treasury result from banking and similar business 1,415 1,237 14 % 4,261 3,812 12 % Treasury result from banking 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 expense s – 188 – 191 – 1 % – 574 – 540 6 % Operating costs – 646 – 604 7 % – 1,917 – 1,825 5 % Result from financial investments – 9 5 n.a. – 7 18 n.a. Result from associates accounted for using the equity method 8 4 n.a. 17 7 n.a. Other result – 17 2 n.a. – 24 11 n.a. Earnings before interest, tax, depreciation and amortisation (EBITDA) 978 842 16 % 2,964 2,645 12 % 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 income 12 12 – 4 % 31 38 – 18 % Financial expense – 59 – 52 12 % – 159 – 155 2 % Earnings before tax (EBT) 800 678 18 % 2,446 2,152 14 % Income tax expense – 216 – 179 21 % – 657 – 564 17 % Net profit for the period 584 499 17 % 1,789 1,588 13 % thereof attributable to Deutsche Börse AG 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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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 7 Segment Reporting Key Indicators Investment Management Solutions Segment Third Quarter First Nine Months Jul 1 - Sep 30 01 Jan - 30 Sep 2026 2025 Change 2026 2025 Change Net revenue 331 308 7 % 964 914 5 % Treasury result 0 0 0 % 0 0 – 50 % Net revenue without 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. analytic) 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 60 52 16 % 179 159 13 % Other 24 26 – 5 % 73 79 – 8 % Operating costs – 226 – 195 16 % – 659 – 619 6 % EBITDA 88 115 – 24 % 276 308 – 11 % EBITDA without treasury result 88 115 – 24 % 276 308 – 10 %
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 8 Key Indicators Trading & Clearing Segment Third Quarter First Nine Months Jul 1 - Sep 30 Jan 1 - Sep 30 in €m 2026 2025 Change 2026 2025 Change Net revenue 714 603 18 % 2,155 1,929 12 % Treasury result 62 57 7 % 161 170 – 5 % Net revenue without treasury result 652 546 19 % 1,995 1,759 13 % Financial derivatives 357 275 30 % 1,091 908 20 % Equities 113 95 18 % 380 345 10 % Interest rates 181 122 48 % 518 384 35 % Other 64 58 10 % 192 179 7 % Commodities 155 139 11 % 477 456 5 % Power 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 45 47 – 3 % 135 129 4 % FX & Digital Assets 51 45 13 % 149 136 10 % Operating costs – 247 – 245 1 % – 743 – 725 2 % EBITDA 476 362 31 % 1,434 1,210 19 % EBITDA without treasury result 414 305 36 % 1,273 1,040 22 %
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 9 Key Indicators Fund Services Segment Third Quarter First Nine Months Jul 1 - Sep 30 Jan 1 - Sep 30 in €m 2026 2025 Change 2026 2025 Change Net revenue 160 137 17 % 461 405 14 % Treasury result 16 14 11 % 43 43 – % Net revenue without treasury result 144 122 18 % 418 362 16 % Fund processing 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 % EBITDA 103 84 24 % 292 248 18 % EBITDA without treasury result 87 69 26 % 249 205 22 % Key Indicators Securities Services Segment Third Quarter First Nine Months Jul 1 - Sep 30 Jan 1 - Sep 30 in €m 2026 2025 Change 2026 2025 Change Net revenue 429 392 9 % 1,308 1,204 9 % Treasury result 140 132 7 % 424 428 – 1 % Net revenue without treasury result 288 261 10 % 884 777 14 % Custody 200 182 10 % 600 535 12 % Settlement 42 36 19 % 138 113 22 % Other 46 44 5 % 146 129 14 % Operating costs – 117 – 110 6 % – 347 – 324 7 % EBITDA 311 282 10 % 964 880 10 % EBITDA without treasury result 171 150 14 % 540 452 19 %
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Publication of results Deutsche Börse Group – Quarterly Statement Q3/202 6 10 Balance Sheet Consolidated Balance Sheet (extract) in €m Sep 30, 2026 Dec 31, 2025 ASSETS 408,966 297,156 Non-current assets 25,220 22,573 Intangible assets 12,402 12,312 Property, plant and equipment 606 630 Financial instruments held by central counterparties 10,658 8,181 Other non-current assets 1,555 1,451 CURRENT ASSETS 383,745 274,582 Restricted bank balances 68,987 52,139 Financial instruments held by central counterparties 284,652 201,349 Other current assets 30,107 21,093 Consolidated Balance Sheet (extract) in €m Sep 30, 2026 Dec 31, 2025 EQUITY AND LIABILITIES 408,966 297,156 EQUITY 11,413 11,829 Shareholders‘ equity 11,011 11,312 Non-controlling interests 402 517 NON-CURRENT LIABILITIES 18,901 14,676 Financial instruments held by central counterparties 10,658 8,181 Other non-current liabilities 8,243 6,495 CURRENT LIABILITIES 378,652 270,651 Cash deposits by market participants 68,650 51,872 Financial instruments held by central counterparties 280,987 198,732 Other current liabilities 29,015 20,046
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Publication of results Deutsche Börse Group – Quarterly statemen t Q3/2026 11 Contact Investor Relations Telephone +49 (0) 69 211 11670 Fax +49 (0) 69 211 14608 Email ir@deutsche -boerse.com http://www.deutsche -boerse.com/ir Publication date October 20, 2026 Downloads Annual reports https://www.deutsche -boerse.com/dbg -en/investor -relations/financial -reports/annual -reports Interim reports https://www.deutsche -boerse.com/dbg -en/investor -relations/financial -reports/interim -reports Reprints, also of extracts, are only permitted with the written approval of the issuer. Disclaimer and list of registered trademarks 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 are 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 statements which are forward-looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or events 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 partici- pants (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 document 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 document are for illustrative purposes only. © Deutsche Börse AG 2026. All rights reserved. https://www.deutsche -boerse.com/dbg -en/meta/disclaimer