Q1 2025 Deutsche Boerse AG Earnings Call Transcript
Key Points
- Deutsche Boerse AG (DBOEF) reported a strong 10% increase in net revenue without the treasury side, driven by double-digit growth in cash equities, fund services, and FX.
- Annual recurring revenue (ARR) increased by 15% year-on-year, reaching a record level of EUR618 million, indicating strong client momentum.
- The company achieved a 12% increase in net revenues in Trading and Clearing, with significant growth in cash equities and FX due to increased market volatility.
- Fund Services and Securities Services reached new all-time highs in custody and settlement, resulting in double-digit net revenue growth.
- Deutsche Boerse AG (DBOEF) has identified significant medium- to long-term growth opportunities from European equities inflows, defense and infrastructure investments, and the EU's Savings and Investment Union initiative.
- Investment Management Solutions experienced stable net revenue performance due to high comparables from 2024, leading to lower upfront license revenues.
- Operating costs increased by 6% due to higher provisions for share-based compensation and a stronger US dollar, although underlying costs grew by 3%.
- The treasury result declined by 12% in the first quarter, impacting overall net revenue growth.
- There was a 25% decline in repo business revenue, attributed to strong prior year comparisons and sufficient market liquidity.
- The transition from on-premise to SaaS in Software Solutions led to a 32% decline in on-premise revenues, affecting overall revenue perception despite strong ARR growth.
Good afternoon, ladies and gentlemen, and welcome to the Deutsche Börse AG Analyst and Investor Conference Call regarding the Q1 2025 financial results. (Operator Instructions) Let me now turn the floor over to Mr. Jan Strecker.
Welcome, ladies and gentlemen, and thank you for joining us today to go through our first quarter 2025 results. With me are Stephan Leithner, CEO; and Gregor Pottmeyer, CFO. Stephan and Gregor will take you through the presentation. And afterwards, we will be happy to take your questions.
The link to the presentation materials for this call have been sent out via e-mail and can also be downloaded from the Investor Relations section of our website. As usual, this conference call is recorded and will be available for replay afterwards.
With this, let me now hand over to you, Stephan.
Thank you, Jan. Welcome, ladies and
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