Deutsche Borse AG Q3 2026 Earnings Recap

Shares rose 2.7% after earnings, a roughly flat reaction. Deutsche Börse reported accelerating revenue growth and raised its full-year outlook again, though it kept its core revenue guidance unchanged.

Key Takeaways

• Net revenue excluding treasury grew 14% in Q3, up from 9% in Q2; management attributed more than 10 percentage points to underlying business drivers.
• Six of eight businesses delivered double-digit growth. Financial derivatives grew 30%, fund services 18%, commodities 11%, and software solutions 10%.
• Treasury result increased 7% year over year, its first such growth since 2024. The company now expects it to exceed €0.8 billion.
• Full-year total net revenue is now expected to exceed €6.5 billion. Core net revenue guidance was confirmed, with management saying results could slightly exceed it.
• EBITDA excluding treasury grew 17% in the first nine months, and the overall EBITDA margin was 61% at Q3-end. Full-year operating cost growth is still expected to be around 3%, excluding Allfunds-related exceptional costs.