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Deutsche Börse lifts 2026 revenue outlook as Q3 profit climbs 18%
The exchange operator reported broad revenue growth, a rebound in treasury income and higher full-year targets.
Deutsche Börse raised its 2026 total net revenue outlook after third-quarter shareholder profit climbed 18% and six of eight businesses delivered double-digit growth.
The quarter combined structural growth in custody, settlement and market-based investment products with a cyclical lift from interest rates and trading activity. The new forecast increases the expected treasury contribution but remains subject to market conditions.
Revenue and profit rose at double-digit rates
Deutsche Börse reported third-quarter total net revenue of €1.633 billion, up 13% from a year earlier. Net revenue excluding the treasury result increased 14% to €1.415 billion, while net profit attributable to shareholders rose 18% to €559 million. Basic earnings per share increased to €3.10 from €2.59.
Rates and market activity helped the operating mix
The treasury result rose 7% to €218 million, its first year-on-year increase since 2024. The group said higher policy rates, larger customer cash balances, active interest-rate derivatives and repo markets, and growth in fund custody and settlement volumes supported the quarter. Total EBITDA rose 16% to €978 million, while operating costs increased 7% to €646 million; adjusted for share-based compensation and Allfunds-related expenses, cost growth was about 3%.
The full-year outlook was lifted again
Deutsche Börse now expects more than €6.5 billion in total net revenue for 2026, compared with more than €6.4 billion previously. It raised treasury-result guidance to more than €0.8 billion from more than €0.7 billion and now expects total EBITDA of around €3.9 billion, versus more than €3.8 billion before. Guidance remains a forward-looking company estimate rather than a guaranteed outcome.
