Deutsche Boerse AG: Q2 26 First Look: Earnings ahead on revenue, but mix in focus

研报英文原文证据摘录

Deutsche Boerse AG: Q2 26 First Look: Earnings ahead on revenue, but mix in focus

Equity Research

European Diversified Financials

22 July 2026

Deutsche Boerse AG

Q2 26 First Look: Earnings ahead

on revenue, but mix in focus First Look

Overall decent EPS beat on revenue (4%), although mix in DB1Gn.DE/DB1 GR OVERWEIGHT

POSITIVEfocus. Rev 2% ahead on strong Securities Services & T&C – EuropeanFinancials Diversified

albeit latter includes €9m one-off (ex this, rev 1% ahead). Price Target EUR 310.00

However, expect focus on IMS softness, with SimCorp/ISS Price (22-Jul-26) EUR 253.80 Potential Upside/Downside +22.1%

Source: Bloomberg, Barclays Researchboth below BARCe. All FY26 guidance is reiterated.

EBIT 3% ahead on revenue, mostly Trading & Clearing and Securities Services, partially European Diversified Financials

offset by softer IMS. All FY26 guidance is reiterated. Grace Dargan

+44 (0)20 3555 4065

• Total net revenue is 2% above cons (+7% YoY), including treasury income 2% ahead (-1% grace.dargan@barclays.com

Barclays, UK YoY); net revenue ex treasury is 2% above cons (9% YoY). Split by segment ex treasury:

Michael Sanderson

° IMS is 3% below cons (+4% YoY), including SimCorp +7% YoY (supported by the acquisition +44 (0)20 3134 2487

of new clients in Europe and Asia; -3% vs BARCe) and ESG & Index +4% YoY (with the michael.sanderson@barclays.com

Corporate and Governance Solutions business impacted by challenging market conditions Barclays, UK

particularly in the US, despite the Index business stronger yoy; -9% vs BARCe); Krystal Han

+44 (0)20 7116 1890

° Trading and Clearing is 3% above cons (+7% YoY), mainly driven by Financial Derivatives krystal.han@barclays.com

and Cash equities while Commodities seeing a noticeable normalisation from the prior Barclays, UK