Q3 2025 Deutsche Boerse AG Earnings Call Transcript

Oct 28, 2025 / 01:00PM GMT

Release Date Price: $25.98 (-2.82%)

Transcript

Key Points

Positve

Deutsche Boerse AG (DBOEF) reported solid net revenue growth driven by broad-based momentum, with five out of eight business units achieving double-digit growth.
The acquisition of Domos enhances Deutsche Boerse AG (DBOEF)'s Software Solutions business, positioning it to capture growing demand for alternative investments.
Cash Equities delivered a 21% net revenue growth, driven by robust demand for European equities, particularly from retail flows.
The company maintained strong cost discipline, with operating expense growth slightly below expectations, aiding in achieving a 16% increase in EBITDA.
Deutsche Boerse AG (DBOEF) confirmed its guidance for 2025, supported by strong secular growth trends and continued inflows into European assets.

Negative

The ISS STOXX segment faced challenges, particularly in the US, due to a changed attitude towards certain products and FX headwinds.
Equity index derivatives remained under pressure due to subdued volatility and challenging market conditions.
The treasury results continued to decline, primarily driven by lower interest rates despite stable cash balances.
The activation rate of new accounts in OTC clearing remains relatively muted, with only around 20% activated.
The company faces modest FX headwinds and low equity market volatility, impacting certain segments.

Operator

Good afternoon, ladies and gentlemen, and welcome to the Deutsche Boerse AG analyst and investor conference call regarding the Q3 2025 results. (Operator Instructions) Let me now turn the floor over to Mr. Jan Strecker.

Jan Strecker;Stephan Leithner

Deutsche Boerse AG - Head of Investor Relations;Deutsche

Welcome, ladies and gentlemen, and thank you for joining us today to review financial results for the third quarter of 2025. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, Chief Financial Officer. Stephan and Jens will provide an overview of our performance and key developments during the quarter. Following their remarks, we will open the line for your questions.

As usual, the presentation materials have been distributed via e-mail and are also available for download on our Investor Relations website. This call is being recorded, and a replay will be made available shortly after the conclusion of today's session.

With that, let me now hand over to you, Stephan.

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