Deutsche Boerse AG

Q3 performance: strong momentum + quality of growth - Net revenue without treasury result grew +14% YoY in Q3 (vs +9% in Q2). - 6 of 8 businesses delivered double-digit growth. - ~3/4 of growth (i.e., >10pp) was attributed to underlying fundamentals (buy-side transformation, euro fixed-income ecosystem, fund outsourcing/collateral management, and capital markets infrastructure demand), with additional cyclical tailwind from strong derivatives activity in September (synchronized ECB/Fed rate hikes).

Fixed income & derivatives were the key engine (most positive/surprising driver) - Financial derivatives grew +30% (exceptional quarter). - Fixed income derivatives up +48% to a new record net revenue level. - OTC clearing gained further traction: onboarded clients reaching ~2,600, activation rate ~20%, and >90 EU buy-side clients activated in 2026. - Notional outstanding crossed EUR 60tn (+25%) and market share in euro-denominated OTC clearing reached 24%. - Repo remains a smaller but ~structural tailwind (company indicated OTC clearing growth ~+40% ahead of volumes; repo business described as ~EUR 100m scale and largely structural demand for collateralized funding).

Guidance upgraded again (what investors care most) - Management raised full-year guidance for the second time in 2026. - Net revenue (without treasury): confirmed ~EUR 5.7bn, with expectation it may slightly exceed. - Treasury result: now expected >EUR 0.8bn (up from >EUR 0.7bn earlier), reflecting Fed/ECB rate path and higher cash balances. - Total net revenue: now expected >EUR 6.5bn. - EBITDA: expected around EUR 3.9bn (includes Allfunds-related exceptional costs assumed for 2026). - Operating cost growth: still ~3% underlying for 2026 excluding Allfunds exceptional costs. - Business comment: activity strength has continued into Q4, supporting confidence.