Deutsche Börse (DB1) Q4 2025 earnings summary

Executive summary

• Achieved record financial results for 2025, with net revenue of €6,026m (+9% YoY) and EBITDA of €3,512m (+14% YoY), fully in line with guidance despite low volatility and ESG challenges.

• All business segments contributed to strong operational growth, notably in Software Solutions, Securities Services, Trading & Clearing, and Fund Services.

• Proposed a 5% dividend increase to €4.20 per share and a €500 million share buyback, resulting in a record €1.3 billion distribution to shareholders (38% payout ratio).

• Major strategic moves include the announced €5.3 billion acquisition of Allfunds and full ownership of ISS STOXX, both expected to drive long-term value and reinforce leadership in capital markets infrastructure.

Financial highlights

• FY 2025 net revenue exceeded €6 billion and EBITDA surpassed €3.5 billion, with net profit at €1,995 million (+2% YoY).

• Cash EPS reached €11.65 for the year, with basic EPS at €10.90.

• Q4 2025 net revenue was €1,573m (+7% YoY) and EBITDA €867m (+10% YoY).

• Operating cost growth held at 3%, in line with guidance, with FY 2025 operating costs at €2,534m.

• Treasury result for FY 2025 was €1,050m, expected to decline to €0.7bn in 2026.

Outlook and guidance

• 2026 targets: net revenue of €5.7 billion and EBITDA of €3.1 billion (both ex-treasury result).

• Medium-term ambition: 8% organic net revenue CAGR through 2028, targeting €6.5 billion net revenue.

• Operating cost CAGR expected at 3%, supporting operating leverage and profitability.

• Treasury result for 2026 expected at €0.7 billion, with stable euro rates and modestly declining U.S. rates.