Business · NEWS EXPLAINER
Deutsche Börse lifts its 2026 outlook after broad Q3 growth; costs remain the caveat
Net profit rose 18% to €559 million and six of eight businesses posted double-digit growth, while reported operating costs increased 7%.
Deutsche Börse raised its 2026 outlook again after third-quarter revenue and profit grew across most of the exchange group. Net profit attributable to shareholders increased 18% to €559 million, matching analyst expectations reported by Reuters.
The operating picture was broad, but not cost-free: reported operating costs rose 7%. The company said underlying cost growth was around 3% after excluding share-based compensation and expenses linked to the planned Allfunds transaction.
Revenue grew across most of the group
Deutsche Börse said third-quarter net revenue excluding treasury result rose 14% to €1.415 billion, with six of eight businesses recording double-digit growth. Including the €218 million treasury result, total net revenue increased 13% to €1.633 billion.
Profit increased faster than revenue
EBITDA excluding treasury result rose 19% to €760 million. Including treasury result, EBITDA increased 16% to €978 million. Net profit attributable to shareholders reached €559 million, up 18% from €473 million a year earlier; Reuters said that result was in line with analyst expectations.
Higher rates and capital-market activity helped
The treasury result grew 7% year over year, its first increase since 2024, as higher interest rates and customer cash balances contributed. The company also cited stronger fixed-income, funding and clearing activity, while assets under custody and settlement volumes benefited from flows into funds and ETFs.
The cost line needs a careful read
Operating costs rose 7% to €646 million, mainly because of higher share-based compensation and expenses tied to the planned Allfunds transaction. Excluding those two effects, the company said operating-cost growth was around 3%. The distinction matters because the adjusted figure is not the same as the reported cost increase.
Management raised revenue guidance again
Deutsche Börse raised its 2026 total net revenue outlook to more than €6.4 billion and EBITDA outlook to more than €3.8 billion, while expecting treasury result above €700 million. The company presents these as full-year forecasts, not completed results; transaction costs, market activity and interest-rate conditions remain variables.
