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Investing.com -- Deutsche Börse reported a 4% rise in second-quarter net revenue to €1.51 billion, driven by secular growth trends despite a weaker treasury result and softer market volatility.
Net revenue excluding the treasury result, a key measure, rose 10% to €1.30 billion, slightly ahead of the company’s expectations.
Net income attributable to shareholders increased 2% to €509 million, as the prior-year period benefited from a favorable tax effect. Operating costs rose 3% to €620 million.
Deutsche Börse reported second-quarter 2025 EBITDA approximately 1% ahead of consensus, driven by a 1% revenue beat, though costs were about 1% worse than expected.
By division, Investment Management Solutions came in 3% below consensus, primarily due to weakness in ESG and Index services. Fund Services performed better, exceeding expectations by 3%, while Trading and Clearing was 2% ahead of forecasts.
Despite the mixed quarterly performance, Deutsche Börse maintained its full-year 2025 guidance, projecting approximately €6 billion in net revenues and EBITDA of around €3.5 billion.
Shares of Deutsche Börse fell 2.8% on Friday after the results.
Morgan Stanley (NYSE:MS) expects revision risks to tilt to the downside (with their 2025–27 EPS estimates 2–4% below Visible Alpha consensus).
They note that financial derivatives activity continues to soften, with equity derivatives volumes tracking more than 20% lower year-over-year in July, although interest rate derivatives remain relatively stronger.