Deutsche Börse Group has just published its financial report for the first quarter of 2025.

Net revenue rose by 6% to €1,507.0 million (Q1/2024: €1,427.3 million) in the first quarter of 2025. The treasury result, which primarily includes net interest income and margin fees, amounted to €230.4 million (Q1/2024: €261.5 million). Accordingly, net revenue without treasury result rose to €1,276.6 million (Q1/2024: €1,165.8 million), which corresponds to a growth rate of 10%.

Earnings before interest, taxes, depreciation and amortization (EBITDA) grew to €912.3 million (Q1/2024: €875.3 million), an increase of 4%. EBITDA without treasury result recorded growth of 11% to €681.9 million (Q1/2024: €613.8 million). The income from financial investments included in EBITDA amounted to €6.3 million (Q1/2024:€12.5 million), where the same quarter of the previous year benefited from a more positive development of various minority shareholdings.

The financial result, which mainly includes interest expenses for bonds outstanding, was –€38.7 million (Q1/2024: –42.1 million) almost on a par with the same period of the previous year. Income taxes include positive one-off effects, which led to the effective tax rate falling below the forecast rate of 27 per cent for the quarter.

Deutsche Börse AG’s net profit for the period attributable to shareholders thus amounted to €524.9 million (Q1/2024: €497.6 million) in the first quarter of 2025. This represents an increase of 5 per cent compared to the first quarter of the previous year.

Earnings per share amounted to €2.86 (Q1/2024: €2.70) with an average of 183.8 million shares. Earnings per share before purchase price allocation (Cash EPS) amounted to €3.05 (Q1/2024: €2.89).

Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented:

“In the first quarter, dynamic market developments and changing environmental conditions led to ongoing uncertainty in the markets.

In this environment, we support our customers as a reliable partner in trading effectively and managing risks – across the entire investment process. Together with the planned growth, our net revenue and profit were therefore slightly above our initial expectations. Our outlook for the full year 2025 remains unchanged. In case of continued higher market volatility, the outlook could be raised during the course of the year.”