Deutsche Börse (DB1) Q2 2026 earnings summary

Executive summary

• H1 2026 exceeded expectations with strong secular growth, operating leverage, and upgraded full-year outlook; six of eight business areas delivered net revenue growth, highlighting portfolio breadth and resilience.

• Operating leverage accelerated, supported by disciplined cost management and progress in AI and digitization.

• Upgraded full-year 2026 outlook, reaffirming core guidance and raising treasury result expectations.

• Net revenue without treasury result rose 9% year-over-year in Q2 2026 to €1,412 million, with total net revenue up 7% to €1,617 million including treasury result.

• Completed €500 million share buyback program and paid €4.20 per share dividend for 2025.

Financial highlights

• H1 2026 net revenue without treasury result grew 11% to €2,846 million; total net revenue up 8% to €3,255 million; EBITDA without treasury result up 16% to €1,578 million; including treasury result, EBITDA up 10% to €1,987 million.

• Q2 2026 net revenue (excluding treasury) up 9% to €1,412 million; EBITDA up 13% to €775 million.

• Net profit for H1 2026 grew 12% to €1,154 million; cash EPS up 12% to €6.73.

• Operating costs rose 4% in H1, including €20 million exceptional Allfunds acquisition costs; underlying growth at 3% excluding exceptional items.

• EBITDA margin for H1 2026 reached 61% (total), 49% (excluding treasury result).

Outlook and guidance

• Upgraded 2026 treasury result expected to exceed €0.7 billion, lifting total net revenue above €6.4 billion and all-in EBITDA above €3.8 billion.

• Core guidance confirmed: €5.7 billion net revenue and €3.1 billion EBITDA (excluding treasury), with half delivered in H1.

• Operating costs for 2026 expected to rise ~3%, excluding exceptional Allfunds acquisition costs.