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Deutsche Börse (DB1) investor relations material
Deutsche Börse Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Oct, 2025
Executive summary
Achieved robust net revenue growth in Q3 2025, with five of eight business units posting double-digit gains, and EBITDA up 16% year-over-year, despite headwinds in index derivatives, ESG, and FX.
Software solutions led with 10% net revenue growth and 22% SaaS revenue increase, supported by a strong client pipeline and the acquisition of Domos.
Trading and clearing saw strong performance in cash equities (+21%), commodities (+10%), and FX (+7%), while equity index derivatives faced cyclical pressure.
Fund services and security services posted net revenue growth of 15% and 13%, respectively, driven by record activity and new client wins.
Operating expense growth was below expectations, supporting margin expansion and confirming full-year guidance.
Financial highlights
Net revenue without treasury result grew 7% in Q3 and 9% year-to-date, reaching €1,237 million in Q3 2025.
Total net revenue including treasury result rose 3% to €1,440 million, with treasury result declining due to lower interest rates.
EBITDA without treasury result surged 16% to €639 million, with margin improvement.
Cash EPS for Q3 2025 was €2.78, up 7% year-over-year.
Share buyback program repurchased €441 million in shares, with €59 million remaining.
Outlook and guidance
2025 guidance confirmed: net revenue without treasury result around €5.2 billion and EBITDA without treasury result around €2.7 billion.
Treasury result forecasted to exceed €0.8 billion for 2025, with operating expense growth on track at around 3%.
Horizon 2026 targets reaffirmed, with a strategy update to be presented at Capital Markets Day in December.
Treasury result outlook post Fed rate cuts?
Next steps for capital allocation?
Key drivers of secular growth by segment?
ISS STOXX minority stake decision timeline
AI's role in new revenue streams
EMEA 3.0 impact on OTC clearing volumes
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Next Deutsche Börse earnings date
CMD 202510 Dec, 2025
Next Deutsche Börse earnings date
CMD 202510 Dec, 2025
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Deutsche Boerse AG operates as an exchange organization in Europe, the United States, and the Asia-Pacific. It operates through two segments, Eurex & Other and XETRA. The company offers trading platforms for securities trading, including cash markets for equities, bonds, investment funds, ETFs, exchange traded commodities, structured products and warrants; and derivatives markets for index and single stock futures and options on equities, ETFs & ETNs, interest rates and stock index futures & options on fixed income & commodities.
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