Deutsche Börse Q3 Revenue Up 14%, Guidance Raised
Deutsche Börse has raised its 2026 net revenue guidance again, after third-quarter net revenue excluding treasury result rose 14% to €1,415m. The group runs the Eurex derivatives exchange and clearing house and the Clearstream custody and settlement business. It published the figures in its own results release after the London close yesterday.
Six of its eight businesses grew by double digits. The treasury result, which is net interest income on client cash and collateral, rose 7% to €218m. Net revenue including treasury result reached €1,633m, up 13%.
| Third quarter 2026 | Amount | Year on year |
|---|---|---|
| Net revenue excluding treasury result | €1,415m | +14% |
| Net revenue including treasury result | €1,633m | +13% |
| Treasury result | €218m | +7% |
| EBITDA excluding treasury result | €760m | +19% |
| EBITDA including treasury result | €978m | +16% |
| Net profit attributable to shareholders | €559m | +18% |
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew faster than revenue. Cash earnings per share (EPS) before purchase price allocation, the accounting write-down of acquired assets, were €3.28, and basic EPS were €3.10.
The treasury result rose year on year for the first time since 2024. Chief financial officer Jens Schulte said in the release:
For the first time since 2024, the treasury result has thus risen year-over-year – the indicated inflection point has been confirmed.
Jens Schulte, chief financial officer, Deutsche Börse
Costs and the Allfunds deal
Operating costs rose 7% to €646m. The group attributed the increase to share-based compensation and planned transaction expenses for Allfunds Group plc, a London-listed fund distribution platform. Excluding those items, costs rose about 3%.
Deutsche Börse AG entered a binding agreement to acquire Allfunds on 21 January 2026.
Schulte said institutional and private investors in Europe are moving assets into capital-market-based products, lifting assets under custody and settlement volumes. He added: “Given this sustained strong momentum, we are very confident about the full year and are raising our forecast for 2026 once again.”
The Allfunds acquisition remains pending.
