Deutsche Börse Group has just published its quarterly statement for the first quarter of 2026.

Overall, Group net revenue without treasury result increased by 12 percent to €1,434 million in the first quarter of 2026 (Q1 2025: €1,277 million). Growth was particularly pronounced in the trading and post-trading business segments.

By contrast, lower average interest rates and a slight decline in cash balances had a dampening effect on net interest income from banking business. The headwinds, however, eased compared to recent quarters. Accordingly, Deutsche Börse’s treasury result declined to €204 million (Q1/2025: €230 million). As a result, net revenue including the treasury result, grew by 9 percent to €1,638 million.

Due to the recent geopolitical tensions, market participants continuously reassessed the global implications and adjusted their risk positions. The resulting uncertainty was reflected in higher market volatility for equities and bonds, as well as in increased use of hedging products in the Trading & Clearing, Financial Derivatives, segment.

Similarly, the Commodities business segment, in addition to continuing its structural growth, saw an additional increase in trading of power and gas products, which was attributable to volatility in the energy markets.

Deutsche Börse’s Fund Services and Securities Services segments continued the strong structural growth seen last year. They reported higher securities settlement volumes and a further increase in assets under custody to new record highs.

Similarly, the software business within the Investment Management Solutions segment built on last year’s successes and achieved further significant growth.

Compared with the first quarter of the previous year, the U.S. dollar weakened by 11 percent against the euro to €1.17 per U.S. dollar. The currency effect had a particularly negative impact on net revenue in the Investment Management Solutions segment. The operating performance of the underlying business units remained unaffected and continued to show robust growth, with constant currency growth of 5 percent in the ESG & Index business and 15 percent in the Software Solutions business.

Operating costs amounted to €626 million (Q1 2025: €601 million), marking an increase of 4 percent. This was primarily due to inflation and investment effects, as well as a positive opposite currency effect. In addition, exceptional costs related to the planned acquisition of Allfunds were incurred during the quarter.

Deutsche Börse’s earnings before interest, taxes, depreciation, and amortization (EBITDA), without the treasury result, rose by 18 percent to €803 million (Q1 2025: €682 million). EBITDA including the treasury result increased by 10 percent to €1,007 million.

Net profit attributable to Deutsche Börse AG shareholders reached €585 million (Q1/2025: €525 million), an increase of 11 percent compared to the same quarter of the previous year. Earnings per share were €3.21 (Q1/2025: €2.86). Earnings per share before purchase price allocation allocations (Cash EPS) amounted to €3.40 (Q1/2025: €3.05).

Jens Schulte, Chief Financial Officer of Deutsche Börse Group, commented on the quarterly results as follows:

“The first quarter was marked by high volatility and geopolitical uncertainty. Our business model has once again impressively demonstrated its strength and scalability. Coupled with continued structural growth, we have achieved a strong operational performance. We again ensured stability and transparency in the market when they were most urgently needed.

This demonstrates once more that we, as a central pillar of the capital market, can be relied upon. This success is a team effort and a merit of our committed employees worldwide. With this good start to the year, we are fully on track to achieve our ambitious goals for the full year.”