Präsentation: Q3/2022 results - analyst and investor conference call (20. Oktober 2022)

Q3/2022

Financial results

Analyst and Investor Conference Call

20 October 2022

Strong organic growth performance in 9M/2022 due to secular growth and continued cyclical tailwinds

Organic net revenue grow th		M&A contribution Operating costs

9M/2022 Net revenue

+20%

+8% secular+12% cyclical

+3% net revenue growth from M&A

Organic operating costs in line with expectations

€3,170m

+23%

EBITDA

€1,915m

+24%

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

• Strong cyclical tailwinds continued in the third quarter
• Main drivers were higher volatility and increased client hedging needs in almost all asset classes because of high inflation and rising interest rates

• M&A contribution mainly from ISS (Jan-Feb 2022)
• Further contribution from Discovery Data, Crypto Finance (both Dec 21) and Kneip (Mar 22)

• Constant currency organic operating cost increase of 8% in 9M/22
• Rise mainly driven by inflationary effects and provisions for variable/share-based compensation

Outlook FY/2022

• Further increase of guidance for 2022 because of ongoing cyclical tailwinds
• We now expect net revenue of >€4.1 billion and EBITDA of >€2.3 billion

Deutsche Börse Group │ 20 October 2022

1

Group financials

9M/2022

Net revenue | € m	EBITDA | € m	Cash EPS 1 | €
 + 2 3 %	 + 2 4 %	 + 2 2 %

Note

 + 2 0 % ( o r g a n i c )

 + 2 4 % ( o r g a n i c )

 + 2 1 % ( o r g a n i c )

3,170		6.53
2,575		5.34
	1,915
	1,539
9M/21 9M/22	9M/21 9M/22	9M/21 9M/22

Net interest income

Operating cost

Financial investments

Depreciation2

Financial result

Net profit

EPS

€298m +199%

€1,284m +16%

+8% (organic w/o FX)

€29m

€259m

€−56m

€1,135m +22%

€6.18

Deutsche Börse Group │ 20 October 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. ~€88m ppa effects

Operating cost development
9M/2022 │ €m
	M&A	FX effect	Organic ( w / o	F X )		N o t e
	 + 5 %	 + 3 %	 +8%				 M&A effects (+5%) mainly driven by
		+ 1 6 %					ISS as well as Discovery Data, Crypto
						1,284	Finance and Kneip
					42		 Stronger US-Dollar resulted in 3%
			49				operating cost increase (but more
						beneficial to revenue development)
		32
1,106	55						 Unprecedented environment resulted
					in higher inflationary effects: building
							operations, general purchasing and
							higher staff costs
							 Favourable financial development and
							relative share price performance
							resulted in higher provisions for
							variable and share-based
							compensation
9M/21	M&A	FX effect	Inflation	Compensation	9M/22
							Note: Numbers may not add up due to rounding
Deutsche Börse Group │ 20 October 2022				3

Group financials

Q3/2022

Net revenue | € m	EBITDA | € m	Cash EPS 1 | €
 + 3 0 %	 + 2 9 %	 + 2 4 %

1,090
		2.15
838		1.74
	642
	500
Q3/21 Q3/22	Q3/21 Q3/22	Q3/21 Q3/22

Deutsche Börse Group │ 20 October 2022

4

Detailed income statement

Note

• Continued strong net revenue growth: 8% secular + 20% cyclical + 2% M&A
• Constant currency organic operating cost increased by 12% (mainly driven by inflationary effects, variable/share- based compensation and IT investments)
• EBITDA in Q3/21 included a positive valuation effect of ~€32 million from the minority investment in Clarity AI
• Depreciation includes some one-off software impairments
• Financial result includes higher interest on bonds and some FX effects

1. EPS before purchase price allocation (ppa)