Q2 2025 Deutsche Boerse AG Earnings Call Transcript
Key Points
- Deutsche Boerse AG (DBOEF) reported a 10% growth in net revenue without treasury results, exceeding expectations.
- The company experienced strong demand for European assets, reflecting growing investor confidence in European markets.
- Investment Management Solutions saw double-digit growth, particularly in the Software Solutions business, driven by SaaS net revenues.
- The Trading and Clearing segment achieved double-digit growth in most markets, with significant gains in the commodities and FX businesses.
- The company maintained a disciplined approach to cost management, achieving a 19% increase in EBITDA without treasury results.
- The ISS STOXX segment faced challenges with long sales cycles and delays in regulations, impacting growth.
- Equity derivatives experienced headwinds due to market dynamics, with reduced hedging needs from market participants.
- Operating costs increased by 5% in the first half of 2025, driven by higher provisions for share-based compensation and a stronger US dollar.
- The treasury result declined significantly compared to the previous year, impacting overall net revenue growth.
- The company anticipates minor foreign exchange headwinds for the remainder of the year, potentially affecting revenue.
Good afternoon, ladies and gentlemen, and welcome to the Deutsche Borse AG Analyst and Investor conference call regarding the Q2 2025 results. (Operator Instructions)
Let me now turn the floor over to Jan Strecker.
Welcome, ladies and gentlemen. Thank you for joining us today to review our financial results for the second quarter of 2025. Present on today's call are Stephan Leithner, our Chief Executive Officer; Gregor Pottmeyer, Chief Financial Officer; and Jen Schulte, member of the Executive Board. Stephan and Gregor will provide an overview of our performance and key developments during the quarter.
Following their remarks, we will open the line for your questions. The presentation materials have been distributed via e-mail and are also available for download on our Investor Relations website. As usual, 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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