Präsentation: Q2/2022 results - analyst and investor conference call (27. Juli 2022)

Q2/2022

Financial results

Analyst and Investor Conference Call

27 July 2022

Strong organic growth performance in H1/2022 due to continued secular growth and cyclical tailwinds

Organic net revenue grow th

M&A contribution Operating costs

H1/2022

+16%

+8% secular+8% cyclical

+3% net revenue growth from M&A

Organic operating costs in-line with expectations

Net revenue

€2,079m

+20%

EBITDA

€1,272m

+22%

• Continued strong secular net revenue growth, above expectations
• Key contributors were: financial derivatives (OTC clearing, product innovation), ESG products in Data & Analytics and market share in commodities

• After a very strong first quarter, cyclical tailwinds continued in the second quarter
• Main drivers were higher volatility and increased client hedging needs in almost all asset classes because of inflation and higher interest rates

• M&A contribution mainly from ISS (Jan-Feb 2022)
• Further contribution from Discovery Data, Crypto Finance and Kneip

• Constant currency organic operating cost increase of 6% in H1/22
• Rise mainly driven by some inflationary effects and provisions for variable/share-based compensation
• Investments in growth and infrastructure on previous year's level

Note: Numbers may not add up due to rounding

Deutsche Börse Group │ 27 July 2022

1

Group financials

H1/2022

Net revenue | € m	EBITDA | € m	Cash EPS 1 | €
 + 2 0 %	 + 2 2 %	 + 2 2 %

Note

 + 1 6 % ( o r g a n i c )

 + 2 1 % ( o r g a n i c )

 + 2 0 % ( o r g a n i c )

2,079		4.38
1,737		3.60
	1,272
	1,039
H1/21 H1/22	H1/21 H1/22	H1/21 H1/22

Net interest income

Operating cost

Financial investments

Depreciation2

Financial result

Net profit

EPS

€139m +106%

€839m +15%

+6% (organic w/o FX)

€32m

€166m

€−35m

€762m +21%

€4.15

Deutsche Börse Group │ 27 July 2022

2

Note: Organic growth incl. ISS (incl. Discovery Data), Crypto Finance, REGIS-TR and Kneip like-for-like

1. EPS before purchase price allocation (ppa)
2. Incl. ~€57m ppa effects and ~€6m one-off impairments (Q1/22)

Operating cost development
H1/2022 │ €m
	M&A	FX effect	Organic ( w / o	F X )	N o t e
	 + 6 %	 + 2 %	 +6%				M&A effects (+6%) mainly driven by
			+ 1 5 %			
						ISS as well as Discovery Data, Crypto
						839	Finance and Kneip
					21
			26			Stronger US-Dollar resulted in
						operating cost increase (but also
		18					beneficial to revenue development)
730	45						Unprecedented environment resulted
						in slightly higher inflationary effects:
							building operations, general
							purchasing and higher staff costs
							Favourable financial development and
							share price performance resulted in
							higher provisions for variable/share-
							based compensation
H1/21			Inflation	Compensation	H1/22
						Note: Numbers may not add up due to rounding
Deutsche Börse Group │ 27 July 2022				3

Group financials

Q2/2022

Net revenue | € m	EBITDA | € m	Cash EPS 1 | €
 + 1 5 %	 + 1 3 %	 + 11 %

			1.98
			1.79
1,018
882
	518	585
Q2/21 Q2/22	Q2/21 Q2/22	Q2/21 Q2/22

Deutsche Börse Group │ 27 July 2022

4

Detailed income statement

Note

• Continued strong net revenue growth: 8% secular + 6% cyclical + 1% M&A
• Q2/21 numbers included book gain of €40 million due to the full purchase of Fund Centre
• Constant currency organic operating cost increased 6%, mainly driven by some inflationary pressure and variable/share-based compensation
• Result from financial investments includes partial reversal of fair value gain on FairX disposal (€−6 million)
• Financial result includes €−6 million interest on tax provisions

1. EPS before purchase price allocation (ppa)