Deutsche Börse (AO) | Buy | Q2 results: slight beat, treasury-led guidance lift

Research evidence excerpt

Deutsche Börse (AO) | Buy | Q2 results: slight beat, treasury-led guidance lift

News comment

Release date: 22 July 2026

Tobias Lukesch, CIIA

Equity Research Analyst

+49 69 7569 6217

tlukesch@keplercheuvreux.com

BuyDeutsche Börse

Germany | Financial services Beta Profile: MCap: EUR45.3bn

Target Price: EUR300.00 Bloomberg: DB1 GR Reuters: DB1Gn.DE

Current Price: EUR252.50 Free float 100%

Up/downside: 18.8% Avg. daily volume (EURm) 198.2

YTD abs performance 12.9% Market data: 21 July 2026

52-week high/low (EUR) 267.30/203.30

Q2 results: slight beat, treasury-led guidance lift

Key points:

Q2-26 was slightly ahead at group level, with net revenue and EBITDA around 2-3% above consensus.

Management reaffirmed core targets and raised treasury assumptions, lifting total FY-26 guidance.

Stock reaction should be modestly positive, though FY-26 guidance floors are below consensus.

Results comment:

Q2-26 net revenue of EUR1,617m was 2% above consensus, while EBITDA was 3% above and EPS 4% above; operating costs were

broadly in line.

Growth was broad-based, led by Securities Services, Trading & Clearing and Fund Services, partly offset by weaker IMS and

normalised commodities activity. Net revenue was up 7% YOY, EBITDA was up 10% YOY, and EPS was up 14% YOY.

Overall quality looks solid, with core growth and cost discipline offsetting market normalisation and supporting operating

leverage.

Segmental highlights:

Investment Management Solutions: Net revenue rose 4% to EUR320m, 3% below consensus, with Software Solutions growth and

Index strength offset by ESG headwinds; EBITDA fell 4% on prior-year investment gains and cost phasing.

Trading & Clearing: Net revenue increased 6% to EUR705m, 3% above consensus, driven by Financial Derivatives, cash equities