Deutsche Boerse earnings increased in the third quarter of 2026 as stronger trading activity and a return to growth in treasury income helped the exchange operator raise its full-year outlook for a second time. Results released on October 20, followed by an October 21 earnings call, showed total net revenue rose 13% to €1.633 billion and EBITDA increased 16% to €978 million.
Key Takeaways
- Revenue excluding treasury income grew 14%, accelerating from 9% in the second quarter.
- Treasury income rose 7% to €218 million, its first year-over-year increase since 2024.
- Management raised annual guidance while maintaining an underlying operating-cost growth expectation of about 3%.
Table of Contents
- Deutsche Boerse earnings outpace revenue growth
- Derivatives and post-trade services drive expansion
- Reported costs rise faster than underlying spending
- Higher annual targets leave fourth-quarter execution in focus
- Conclusion
Deutsche Boerse earnings outpace revenue growth
Deutsche Boerse’s third-quarter results announcement showed net revenue excluding the treasury result reached €1.415 billion, with six of its eight businesses delivering double-digit growth. EBITDA on the same basis increased 19% to €760 million, outpacing revenue as the company benefited from economies of scale.
Quarterly net profit attributable to shareholders rose 18% to €559 million. Cash earnings per share, which exclude purchase price allocation effects, increased 18% to €3.28, compared with basic earnings per share of €3.10.
For the first nine months, total net revenue reached about €4.9 billion and attributable net profit increased 14% to €1.7 billion. The EBITDA margin expanded to 61%, while revenue and EBITDA excluding treasury income grew 12% and 17%, respectively.
| Item | Details |
|---|---|
| 2026 net revenue excluding treasury | Around €5.7 billion, with potential to slightly exceed |
| 2026 EBITDA excluding treasury | Around €3.1 billion |
| 2026 treasury result | More than €0.8 billion |
| 2026 total net revenue | More than €6.5 billion |
| 2026 total EBITDA | Around €3.9 billion |
Derivatives and post-trade services drive expansion
Trading and clearing revenue excluding treasury income rose 19% to €652 million, with EBITDA up 36%. Financial derivatives revenue increased 30% to €357 million, including a 48% rise in fixed-income derivatives revenue to a record €181 million.
Chief Financial Officer Jens Schulte said changing interest-rate expectations stimulated fixed-income and funding-market activity and strengthened the treasury result. The return of treasury income to year-over-year growth meant it contributed to the quarter’s expansion rather than offsetting gains elsewhere.
Fund services revenue excluding treasury income increased 18% to €144 million. Securities services revenue on the same basis rose 10% to €288 million, supported by settlement and collateral management. Assets under custody reached approximately €18 trillion in securities services and exceeded €5.2 trillion in fund services.
Growth was less uniform in investment-related businesses. Software solutions revenue rose 10% to €173 million, but ESG and index revenue increased only 4%. Index revenue grew 16%, while ESG was broadly stable and market intelligence declined at a mid-single-digit rate.
Reported costs rise faster than underlying spending
Third-quarter operating costs increased 7% to €646 million. The increase included €22 million of additional share-based compensation and €4 million of exceptional costs related to the planned Allfunds transaction. Excluding those effects, cost growth was about 3%.
Over nine months, operating costs increased 5%, including approximately €23 million of Allfunds-related exceptional expenses. Management said underlying cost growth remained around 3%, highlighting the distinction between ongoing spending and transaction-related charges.
Higher annual targets leave fourth-quarter execution in focus
Management expects full-year revenue excluding treasury income to be around €5.7 billion, with potential to slightly exceed that level. On the earnings call, the company indicated an expectation of €5.7 billion–€5.8 billion. Its updated annual targets are set out below.
Chief Executive Officer Stephan Leithner expressed confidence in SimCorp’s fourth-quarter sales pipeline, while acknowledging that contract timing remains a factor. Annual recurring revenue in software solutions reached €727 million, up 13% at constant currency.
Schulte said treasury income should remain broadly stable from its year-end level, rather than presenting the third-quarter increase as a promise of sustained growth. He also said share buybacks would continue even with the planned Allfunds acquisition closing, with their size to be determined early in 2027.
Conclusion
The raised outlook reflects stronger trading, expanding post-trade activity and a recovery in treasury income. Fourth-quarter contract timing at SimCorp remains a stated execution factor, while management plans to determine the next share-buyback size early in 2027.
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