EL7.AI
StocksMedium•20 October 2026•
4 min read

Deutsche Boerse profit rises 18% as revenue and treasury income forecasts increase

Key Facts

1Profit attributable to Deutsche Boerse shareholders rose 18% to 559 million euros, compared with 473 million euros a year earlier.
2Total net revenue increased 13% to 1,633 million euros, compared with 1,440 million euros in the corresponding period.
3The company raised its annual total net revenue forecast to more than 6.5 billion euros.
4The company raised its annual treasury income forecast to more than 0.8 billion euros.
5Annual earnings before interest, taxes, depreciation and amortisation, including treasury income, are now forecast at around 3.9 billion euros.

Profit attributable to Deutsche Boerse shareholders rose 18% in the third quarter of 2026 as the German exchange operator raised its annual forecasts linked to treasury income. The company said in its quarterly earnings disclosure that profit attributable to shareholders reached 559 million euros in the period, compared with 473 million euros in the third quarter of 2025. The profit growth was accompanied by an increase in total net revenue, which includes business revenue and treasury income, according to the same disclosure. Total net revenue reached 1,633 million euros in the third quarter of this year, compared with 1,440 million euros in the corresponding period. This represented year-on-year growth of 13% in the group's total net revenue. Profit attributable to shareholders thus grew faster than total net revenue during the quarter.

Across its businesses, net revenue excluding treasury income rose to 1,415 million euros in the third quarter, according to the company's quarterly statement. Revenue on this basis was 1,237 million euros in the corresponding quarter of 2025, representing year-on-year growth of 14%. Treasury income reached 218 million euros in the period, compared with 203 million euros a year earlier, an increase of 7%. Revenue excluding treasury income thus grew faster than treasury income itself in the third-quarter year-on-year comparison. Explaining the business drivers, Chief Financial Officer Jens Schulte said in the earnings statement that "changing interest rate expectations stimulated business in fixed-income and funding markets." Schulte thus linked the improvement in these businesses to shifting interest rate expectations, as the group recorded increases in both business revenue and treasury income.

On expenses, Deutsche Boerse's operating costs reached 646 million euros in the third quarter of 2026, according to the group's quarterly disclosure. The company attributed the increase primarily to higher share-based compensation and expenses related to the planned Allfunds transaction. It said in the earnings statement that expenses included "higher share-based compensation" and "expenses related to the planned Allfunds transaction." Earnings before interest, taxes, depreciation and amortisation, including treasury income, reached 978 million euros in the same period. On a per-share basis, the group reported earnings of 3.28 euros before purchase price allocation effects in its third-quarter results. The quarterly results thus combined higher profit attributable to shareholders with compensation costs and transaction-related expenses that the company cited among the reasons for the increase in costs.

For the full year, Deutsche Boerse raised its total net revenue forecast for 2026 to more than 6.5 billion euros. When announcing its first-half results, the group had forecast annual total net revenue of more than 6.4 billion euros. The latest revision centres on treasury income estimates, supported by interest rates and higher client cash balances, with a corresponding impact on the annual total. The company now expects treasury income to exceed 0.8 billion euros this year, according to its third-quarter disclosure. That compares with its previous forecast, included in the first-half earnings report, that this income would exceed 0.7 billion euros. The forecast update thus links improved treasury income estimates with a higher annual total net revenue target for the group.

The treasury income revision also affected the annual forecast for earnings before interest, taxes, depreciation and amortisation, according to Deutsche Boerse's third-quarter disclosure. The group now estimates this measure, including treasury income, at around 3.9 billion euros for the current year. In its financial report for the first half of 2026, the company had forecast that these earnings would exceed 3.8 billion euros. The latest estimate is expressed as an approximate level of annual earnings, whereas the previous forecast specified a level the group expected to exceed. The projected earnings include the contribution from treasury operations, whose income estimates the company raised in its earnings update, alongside the group's other businesses. The increase in this estimate is linked to the improved treasury outlook, as is the revision announced for total net revenue this year.

The third-quarter results follow Deutsche Boerse's profit attributable to shareholders of 569 million euros in the second quarter of 2026. That profit had risen 12% from the second quarter of the previous year, according to the first-half financial report. Comparing the consecutive periods, profit attributable to shareholders was lower in the third quarter than in the second, while its year-on-year growth accelerated. The company will hold its results conference for analysts and investors on 21 October 2026, according to the date published in its financial calendar. The conference is scheduled to begin at 14 Central European Summer Time, following the announcement of quarterly results and updated annual forecasts.