Deutsche Börse Flexes Muscle with 4% Net Revenue Surge

Frankfurt’s financial powerhouse just posted a bullish earnings beat—proving even old-school exchanges can still squeeze out growth.

Numbers don’t lie: That 4% net revenue bump wasn’t magic. It was ruthless efficiency (and maybe some creative accounting).

Behind the curtain: While crypto eats their lunch on innovation, Deutsche Börse keeps milking the institutional cash cow. TradFi gonna TradFi.

One cynical take? Call it the ‘inflation tax’—when even stagnant giants float higher on hot money tides.

Deutsche Börse Group has just published its half-yearly financial report 2025 including the figures for the second quarter. Please scroll down for the LINK to the entire report.

Overview of the results:

• Our net revenue rose by 4 percent to €1,505 million in the second quarter of 2025, mainly due to secular growth factors and despite lower treasury result.
• Net revenue without the treasury result, which is relevant for the management of the Group, increased by 10 percent to €1,298 million and was again slightly above our own expectations.
• Operating costs saw an expected increase of 3 percent to €620 million.
• Our earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €891 million, an increase of 5 percent. EBITDA without the treasury result even grew by 19 percent to €684 million.
• Net income attributable to our shareholders was €509 million, 2 percent higher than in the same quarter of the previous year, which benefited from a positive tax effect. Earnings per share before purchase price allocation effects (Cash EPS) amounted to €2.96.
• Despite the normalization of equity market volatility and a weaker US dollar exchange rate, we confirm our forecast of net revenue without the treasury result of around €5.2 billion and EBITDA without the treasury result of around €2.7 billion for 2025.
• Gregor Pottmeyer, CFO of Deutsche Börse AG, commented on the results as follows: “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.”

• Half-yearly financial report 2025 – Deutsche Börse Group (24/07/2025)