Global Markets
Deutsche Börse lifts 2026 revenue guidance again as quarterly profit rises 18%
The Frankfurt exchange operator beat a key broker forecast as six of eight business units grew at double-digit rates and its treasury income rose for the first time since 2024.
HedgeWeekly News Desk ·
Deutsche Börse raised its full-year 2026 net revenue guidance on Tuesday, the second upgrade this year, after third-quarter net profit attributable to shareholders climbed 18% to €559 million from €473 million a year earlier.
Total net revenue rose 13% to €1,633 million, ahead of the €1.58 billion Bank of America had forecast in a note earlier this month. Excluding the treasury result, which reflects interest earned on cash collateral and customer balances, net revenue grew 14% to €1,415 million, with six of the group's eight business units growing at double-digit rates. The treasury result itself rose 7% to €218 million, its first year-on-year gain since 2024. EBITDA excluding treasury rose 19% to €760 million.
Operating costs rose 7% to €646 million, or about 3% after stripping out share-based pay and costs tied to the planned Allfunds takeover. Earnings per share before purchase price allocation effects were €3.28. In September the group sold €600 million of hybrid bonds and €600 million of convertible bonds and redeemed a €1.0 billion bond.
The company had entered the year guiding to about €6.4 billion of total net revenue and €3.8 billion of EBITDA including treasury, and lifted the treasury forecast to more than €0.7 billion in July. A second raise points to sustained trading, clearing and data activity across Europe's largest exchange group. Investors will look for the revised targets at Wednesday's analyst call, alongside timing on the Allfunds deal, which still needs regulatory approval and is expected to close in the first half of 2027.