Deutsche Boerse AG (DB1Gn.DE): Estimate changes ahead of 2Q26

Research evidence excerpt

Deutsche Boerse AG (DB1Gn.DE): Estimate changes ahead of 2Q26

Equity Research

13 July 2026 | 9:36PM BST

We make minor changes to our estimates ahead of DB1’s 2Q26 results on July 22 Oliver Carruthers, CFA

+44(20)7552-9364 |

(post-market) to reflect the reported June volumes and business indicators as well as oliver.carruthers@gs.com

Goldman Sachs International

latest market dynamics. In the June metrics, we noted particular strength in

Anshika Mehrotra

sequential AuC growth and settlement transaction activity in Fund and Securities +1(212)934-7679 |

Services, while in Trading & Clearing, softer commodities volumes were broadly anshika.mehrotra@gs.comGoldman Sachs India SPL

offset by strength elsewhere. Reflecting these dynamics - as well as a slight increase Naimeh Sabourian

in our Treasury Result expectations given stronger cash balances - our EBITDA +44(20)7051-0573naimeh.sabourian@gs.com|

estimate for FY26E increases by c.1%, while outer years remain broadly unchanged. Goldman Sachs International

FergusonFollowing these changes and a one-quarter valuation roll forward, our price target Tom | +44(20)7051-0547

increases marginally to €273 (previously €266). Going forward and through 2Q tom.ferguson@gs.com Goldman Sachs International

results, we expect investors will focus on: (i) revenue trajectories across Trading &

Clearing, in particular the balance between cyclical and structural growth drivers in

Commodities given the moderation in EEX volumes in 2Q; (ii) the potential path for

both NII and cash balances over the near-to-medium term, given the current market

environment and interest rate trajectory; (iii) fixed income derivatives growth and

activity relating to the active account requirement under EMIR 3, with management