Germany · Delayed Price · Currency is EUR Deutsche Börse AG Earnings Call Transcripts
Fiscal Year 2025
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Record 2025 results with 9% net revenue and 14% EBITDA growth, driven by software and securities services. Strategic acquisitions of Allfunds and ISS STOXX, increased shareholder returns, and strong 2026–2028 growth outlook supported by disciplined cost management and AI initiatives.
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Delivered 9% revenue growth and strong segment performance, with five units exceeding 10% growth. Announced a EUR 500 million share buyback, increased dividend, and major acquisitions, while maintaining robust financial metrics and a positive outlook.
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Management targets 8% annual net revenue growth and 3% cost growth through 2028, driving margin expansion and 12% EBITDA growth. Strategic priorities include digital transformation, buy-side expansion, and disciplined M&A, with Allfunds as a key target. Regular share buybacks and robust cash generation underpin attractive shareholder returns.
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Q3 2025 saw solid net revenue growth, with five of eight business units achieving double-digit gains and strong performance in software, trading, fund, and security services. Full-year guidance and Horizon 2026 targets are confirmed, supported by disciplined cost management and strategic investments.
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Q2 2025 saw 10% net revenue growth (ex-treasury), strong EBITDA leverage, and robust performance across most segments, driven by inflows into European assets and disciplined cost management. Full-year guidance is reaffirmed, with continued focus on strategic growth and regulatory simplification.
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The AGM highlighted strong financial growth, a 5% dividend increase, and a €500 million share buyback. Leadership transitions, strategic digital initiatives, and robust governance were emphasized, with all resolutions approved and key risks including market volatility and regulatory changes addressed.
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Q1 2025 saw strong double-digit net revenue growth in key segments, with ARR in Software Solutions up 15% year-over-year. Full-year guidance is maintained, with upside potential if market volatility persists, and a share buyback program is underway.
Fiscal Year 2024
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Total net revenues rose to EUR 5.8 billion in 2024, with 8% organic growth ex-treasury and strong EBITDA leverage. Guidance targets 8% annual net revenue growth through 2026, a EUR 4 dividend, and a EUR 500 million buyback, supported by robust segment performance and disciplined capital allocation.
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Net revenue grew 18% in the first nine months of 2024, driven by both organic growth and SimCorp consolidation. Updated 2024 guidance expects €5.8bn in net revenues and €3.3bn–€3.4bn EBITDA, with all segments contributing to strong momentum and disciplined capital allocation.
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Q2 2024 net revenue rose 19% year-over-year to EUR 1.45 billion, with strong growth across all segments and upgraded full-year guidance to over EUR 5.7 billion net revenue and EUR 3.3 billion EBITDA. SimCorp integration and secular growth initiatives drove performance, while cost discipline and strong cash flow supported financial strength.