This article first appeared on GuruFocus .
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Net Revenue Growth:12% growth without treasury results.
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Total Net Revenue:Increased by 9% to EUR1.64 billion.
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EBITDA:Increased by 10% to over EUR1 billion, with a margin of 61%.
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Treasury Results:EUR204 million, marking the first sequential increase since 2024.
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Operating Costs:Increased by 4% to EUR626 million, including EUR13 million of exceptional costs.
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Software Solutions Revenue:16% annual recurring revenue growth.
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Trading and Clearing Revenue:14% growth without treasury results.
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Fund Services Revenue:14% growth without treasury results.
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Security Services Revenue:15% growth without treasury results.
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Dividend:EUR4.20 per share.
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Share Buyback Program:EUR500 million, with 42% executed to date.
Release Date: April 28, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Deutsche Boerse AG ( DBOEF ) reported a 12% net revenue growth without treasury results, driven by secular trends and heightened market activity.
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The company demonstrated broad-based strengths across its portfolio, achieving double-digit net revenue growth in five of its eight business areas.
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The strategic investment of USD 200 million in Kraken positions Deutsche Boerse AG ( DBOEF ) to capitalize on the growing digital assets market.
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The company's treasury results showed a positive inflection, reaching EUR 204 million, marking the first sequential increase since 2024.
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Deutsche Boerse AG ( DBOEF ) reaffirmed its ambitious full-year 2026 guidance, supported by strong Q1 performance and structural growth drivers.
Negative Points
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The treasury results were previously impacted by cyclical headwinds, although they are now subsiding.
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Activity levels have moderated across most asset classes in April, following heightened market volatility in March.
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The ESG and index business faced headwinds from prolonged sales cycles and FX impacts, with only 5% constant currency net revenue growth.
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The short-term interest rate derivatives market share was under pressure from heightened competition.
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The digital assets segment, while promising, currently contributes negligible revenue growth compared to other business areas.
Q & A Highlights
Q: Can you provide insights on the strong margin in securities and fund services and the upgraded treasury result guidance? A: Jens Schulte, Chief Financial Officer, explained that the margin reflects growth and product mix, and it's not advisable to extrapolate current levels into the future. The treasury result guidance was increased based on the rates outlook, assuming no rate cuts in the US and a further rate hike in the Eurozone, leading to a guidance of above EUR700 million.
Q: Could you elaborate on the strong progress in EEX and the contribution from newer countries? A: Jens Schulte noted growth in both power and gas submarkets, driven by derivatives and spot markets, respectively. Internationally, Japan is a significant contributor with a higher single-digit million euro amount annually, and there are early preparations in Brazil.
Q: How is the pipeline for IMS, and could AI developments affect the sales cycle? A: Stephan Leithner, Chief Executive Officer, stated that the pipeline remains strong with ARR growth of 16% in Q1. AI developments are not slowing the sales cycle; instead, they are enhancing client engagement and strategic discussions.
Q: What is the timeline for the Allfunds acquisition, and what milestones should we expect? A: Stephan Leithner mentioned ongoing work with the European Commission and other regulatory authorities, with more clarity expected in late H2. The acquisition is on track for completion in H1 2027.
Q: Can you discuss the impact of AI on efficiency and client workflows in IMS? A: Jens Schulte highlighted that AI contributes to the 3% cost growth target, improving efficiency compared to historical levels. Stephan Leithner added that AI is enhancing client workflows, particularly in middle office environments, with a comprehensive roadmap available from the SimCorp Global Summit.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
