We continue to manage our business primarily on the basis of net revenue without treasury result, as this excludes cyclical interest rate effects and reflects operating performance. In line with our strategy and based on organic growth opportunities, we expect net revenue without treasury result to rise to around €5.7 billion in fiscal 2026. We expect the treasury result, which comprises net interest income and margin fees, to amount to around €0.7 billion. Overall, we therefore expect net revenue of around €6.4 billion. We anticipate an increase in operating costs of around 3 percent in 2026 due to a combination of strategic investments in our organic growth opportunities and measures to further increase efficiency. On this basis, we expect earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around €3.1 billion. This corresponds to EBITDA including treasury result of around €3.8 billion.

Forecast for results of operations 2026

In financial year 2025, Deutsche Börse Group revised its management-relevant targets in order to increase transparency and align itself with current market practice. In this context, the Diversity, Equity & Inclusion (DEI) target and the proportion of women in leadership were combined in the new Equal Opportunities Index. In addition, it was decided to no longer define the system availability of customer-facing IT as a management-relevant key performance indicator.

For financial year 2026, Deutsche Börse Group will continue to pursue the following two sustainability targets:

Sustainability targets

We expect that cash flow from operating activities, which is our primary source of financing, will remain significantly positive in future. We expect that three significant factors will influence changes in liquidity in the forecast period: We are planning at group level with an investment volume of around €600 million, of which around €350 to €400 million will be capitalized in intangible assets and property, plant, and equipment. These investments will serve primarily to develop new products and services in our growth areas and to enhance existing ones. We also launched a share buyback program with a volume of €500 million in February 2026. In May 2026 we will propose a dividend of €4.20 per share to the Annual General Meeting. This would represent a cash outflow of about €765 million The acquisition of the remaining 19.7 percent minority stake in ISS STOXX GmbH, which was decided in February 2026, will result in a cash outflow and a reduction in equity of €1.1 billion in the first quarter of 2026, which will be financed with cash. In addition, the closing of the acquisition of Allfunds Group plc, which is expected in 2027, could already be completed in financial year 2026 in an unlikely scenario and lead to a cash outflow. The transaction is to be settled 30 percent with own shares and 70 percent in cash. The additional liquidity requirements arising in connection with both transactions will be covered by specifically selected financing instruments. Furthermore, at the time of preparing the combined management report, we do not anticipate any other significant factors affecting the Group's liquidity. As in previous years, we assume that we will have a sound liquidity base in the forecast period due to positive cash flow from operating activities, adequate credit lines (for details see Note 26 to the consolidated financial statements), and our flexible management and planning systems.

As part of our dividend strategy we will aim to distribute dividends equivalent to 30–40 percent of the net profit for the period attributable to the shareholders of Deutsche Börse AG. The dividend per share is planned to increase going forward. In addition, available liquidity can be invested in the Group’s further inorganic development, as in the past. In the event of any surplus liquidity, the company intends to supplement the dividend with share buybacks.

To maintain its strong credit ratings at Group level, we aim for a ratio of net debt to EBITDA of no more than 2.25, and a ratio of free funds from operations to net debt of at least 40 percent. Due to the positive cash flow from operating activities, we expect to fulfill this requirement again in 2026.

The Executive Board believes that Deutsche Börse Group is very well positioned for the future thanks to its diversified business model and advanced technology and data expertise, and therefore expects positive revenue development to continue. The measures embedded in our new strategy, ‘Leading the Transformation’, underpin this growth. The Group will continue to focus on being technology-driven and customer-centric in order to further expand its position as one of the world's leading market infrastructure providers.

Based on the organic growth opportunities in our segments, the Management Board continues to forecast an increase in net revenue without treasury result to around €5.7 billion for the forecast period. Together with efficient and focused cost management, we therefore expect EBITDA without treasury result to rise to around €3.1 billion.

In addition, we anticipate a slight decline in treasury result to around €0.7 billion. On this basis, the Management Board expects cash flow from operating activities to remain strong overall, ensuring a very solid liquidity position. This overall statement by the Management Board is valid at the time of publication of this summarized management report.