Deutsche Börse (DB1) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong results, with net revenue up 12% year-over-year (excluding treasury result), driven by structural growth drivers, secular trends, and heightened market volatility in March.

• EBITDA rose 18% year-over-year (excluding treasury result), with broad-based double-digit net revenue growth in five of eight business segments and economies of scale.

• The business model demonstrated resilience amid high market volatility and macroeconomic uncertainty.

• Strategic initiatives in digital assets, tokenization, and regulatory alignment are gaining momentum, including a €200 million investment in Kraken.

• The Allfunds acquisition is progressing as planned, with regulatory milestones underway and expected completion in H1 2027.

Financial highlights

• Net revenue including treasury result grew 9% year-over-year to €1.64 billion in Q1 2026; net revenue excluding treasury result up 12%.

• EBITDA including treasury result increased 10% to €1,007 million, with a 61% EBITDA margin; EBITDA excluding treasury result rose 18%.

• Net profit attributable to shareholders grew 11% year-over-year to €614 million; cash EPS reached €3.40.

• Operating costs rose 4% to €626 million, including €13 million in exceptional Allfunds acquisition costs.

• Treasury result rebounded to €204 million, marking the first sequential increase since 2024.

Outlook and guidance

• Full-year 2026 guidance reaffirmed, expecting continued strong performance and normalized trading activity.

• Treasury result for 2026 now expected to exceed €700 million, reflecting higher cash balances and interest rate dynamics.

• Operating costs expected to increase by 3% in 2026, excluding exceptional items.

• Clear path to sustained and profitable growth through 2028.