Deutsche Börse Group today posted a set of solid financial metrics for the second quarter of 2025.
The FX & Digital Assets unit recorded a further rise in average daily volume traded in the second quarter. The growth was spread across all client segments and products. In addition to new clients, the phase-wise increase in FX volatility was also a strong driver of the higher trading activity. The unit increased its net revenue without treasury result to €45.2 million (Q2/2024: €39.6 million).
The Group’s net revenue rose by 4% from the year-ago quarter to €1,504.9 million in the second quarter (Q2/2024: €1,449.5 million). The treasury result, which mainly comprises net interest income and margin fees, amounted to €206.8 million (Q2/2024: €274.5 million).
Net revenue without the treasury result increased to €1,298.1 million (Q2/2024: €1,175.0 million). This represents growth of 10%.
Net revenue in the Trading & Clearing, Commodities, segment include a positive non-recurring effect of around €10 million from the reimbursement of a compensation payment following the termination of the agreement between EEX and Nasdaq to acquire the electricity trading and clearing business for the Nordic market in the second quarter of 2024.
Deutsche Börse’s operating costs of €620.4 million (Q2/2024: €601.0 million) increased by 3 percent compared to the previous year, mainly due to higher investments and inflation. Operating costs in the same quarter of the previous year included an extraordinary effect of around €15 million from the terminated agreement between EEX and Nasdaq.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5% to €890.6 million (Q2/2024: €848.1 million). EBITDA excluding treasury income amounted to €683.8 million (Q2/2024: €573.6 million), an increase of 19%.
Income from financial investments included in EBITDA rose to €6.1 million (Q2/2024: €0.4 million).
In the second quarter of 2025, net profit attributable to Deutsche Börse AG shareholders thus amounted to €508.7 million (Q2/2024: €498.6 million).
Earnings per share totaled €2.77 (Q2/2024: €2.72) based on an average of 183.5 million shares.
Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented:
“Our Group achieved further secular growth in the second quarter. This is the result of our long-term growth strategy, which focuses in particular on product innovation, new client acquisition as well as market share gains. In addition, increased capital inflows into Europe are driving growth in many areas of the Group.
Combined with notably underproportional cost growth, we also achieved strong operational economies of scale in the second quarter. We are therefore very confident about the second half of the year and confirm our forecast for the full year despite declining equity market volatility.”
