Q2 2026 Deutsche Boerse AG Earnings Call Transcript
Key Points
- Deutsche Boerse AG (DBOEF) reported a 9% net revenue growth and a 13% EBITDA growth in Q2 2026, demonstrating strong performance even in a normalized market environment.
- Six out of eight business areas delivered net revenue growth, showcasing the breadth and balance of the company's portfolio.
- The treasury results showed a minimal decline of only 1%, indicating a positive inflection point and reducing the drag on total net revenue growth.
- Security services, financial derivatives, and fund services were the strongest contributors to revenue growth, each delivering mid-teens growth driven by structural factors.
- The company completed a EUR500 million share buyback program, reinforcing its commitment to capital returns alongside a progressive dividend policy.
- The ESG business faced headwinds due to slower activity and prolonged sales cycles, particularly in market intelligence and corporate solutions.
- Commodities experienced a significant normalization of activity, with volumes declining after an exceptional Q1, partly due to geopolitical easing and higher collateral requirements.
- The treasury result in Trading and Clearing declined by 7%, reflecting the impact of lower margin fees due to higher netting efficiency for clients.
- Operating costs increased by 4% in the first half, including EUR20 million of exceptional costs related to acquisitions, which could impact profitability if not managed carefully.
- The on-premise revenue in SimCorp was stronger than expected, indicating a slower-than-anticipated shift towards SaaS, which could affect long-term strategic goals.
Good afternoon, ladies and gentlemen, and welcome to the Deutsche Boerse AG Analyst and Investor conference call regarding the second quarter of 2026. (Operator Instructions) The conference is being recorded.
Let me now turn the floor over to Mr. Jan Strecker.
Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the second quarter of 2026. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jan Schulte, Chief Financial Officer. Stephan and Jens will take you through the presentation, and following their remarks, we will open the lines for your questions.
The presentation materials have been distributed via e-mail and can also be downloaded from our investor relations website. The 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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