Q4 2025 Deutsche Boerse AG Earnings Call Transcript
Key Points
- Deutsche Boerse AG (DBOEF) achieved record-breaking financial results in 2025, with net revenues increasing by 9% to EUR5.2 billion and EBITDA growing by 14%.
- The company demonstrated strong operating leverage, with disciplined cost management keeping operating cost growth at just 3%.
- A 5% dividend increase to EUR4.20 per share and a EUR500 million share buyback program were announced, resulting in a total shareholder payout of EUR1.3 billion.
- SimCorp solutions experienced outstanding growth, with an 18% increase in net revenue on a constant currency basis, driven by client wins and SaaS expansion.
- The Security Services business achieved a 17% increase in net revenue, driven by record highs in custody settlement and collateral management.
- Equity derivatives faced challenges due to modest market volatility, impacting performance in this area.
- The ESG index business experienced prolonged cycles due to political uncertainty, resulting in only 4% net revenue growth at constant currency.
- The acquisition of Allfunds, valued at EUR5.3 billion, involves significant financial commitments and regulatory hurdles.
- The minority buyout of ISS STOXX may involve complexities and costs, although specific synergy targets have not been quantified.
- There are potential headwinds from AI developments, although the company believes less than 5% of revenues are at risk.
Good afternoon, ladies and gentlemen, and welcome to the Deutsche Borse AG analyst and investor conference call regarding the preliminary Q4 and full year results of 2025. (Operator Instructions)
Let me open the floor to Mr. Jan Strecker.
Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the fourth quarter and the full year of 2025. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, our Chief Financial Officer. Stephan and Jens will take you through the presentation. And following their remarks, we will open the line for your questions.
The presentation materials have been distributed by 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, Stefan.
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