Presentation: Q4 and FY/2020 preliminary results - Analyst and Investor Conference Call (11 February 2021)

Q4 and FY/2020

Preliminary financial results

Analyst and Investor Conference Call 11 February 2021

Summary Q4 and FY/2020 preliminary results presentation

+9% million; secular growth of 5% as planned.

Net revenue growth 2020

Net revenue increased 9% to €3,214

+10% p.a. growth and increasing M&A contribution.

Net revenue and earnings growth target 2023

Compass 2023 targets continued secular

€1.2bn

Net profit (adj.)

2020

Despite all challenges in 2020 net profit reached exactly the full year guidance.

~€3.5bn expected for 2021.

Net revenue target for 2021

Net revenue of ~€3.5 billion (incl. ISS)

€

Dividend per share for 2020

3.00 Dividend of €3.00 proposed for 2020 (+3%); pay-out of 46% of adjusted net profit.

Preliminary group financials

814

757

Operating cost  −4%  −5% (organic)

347

334

Q4/19 Q4/20

490

411

Net profit  +14%  +12% (organic)

242

276

Q4/19 Q4/20

Net interest income Exceptional cost itemsDepreciationFinancial resultTax rateEPS

€36m −38% €46m €73m €−26m 26% €1.51 +14%

Note: Adjusted for exceptional items. Organic growth incl. Börse Berlin (Xetra), Quantitative Brokers (Eurex) and UBS Fondcenter (IFS) like-for-like.

Eurex (financial derivatives)

35 Other1

Eurex data Margin fees2 OTC clearing3 Equity

48 Fixed incomeIndex

170

151

Total derivatives Index derivativesFixed income derivatives Equity derivatives OTC notional outstanding (avg.)OTC notional cleared (incl. compr.)

424m −8% 229m 0% 127m +2% 68m −35% €18tr +36% €8.8tr +18%

Note: EBITDA adjusted for exceptional items. Organic growth incl. Quantitative Brokers (Q4/19) like-for-like.

• 1) Including net revenue from connectivity and member fees.

• 2) Including NII and securities collateral fee.

• 3) Including margin fees on OTC clearing related collateral.

EEX (commodities)

Net revenue  +12%

83

Other1

Gas

• 31 Power derivatives

• 20 Power spot

EBITDA  +37%

40

30

Power spot Power derivatives Gas

162 TWh +8% 1,673 TWh +7% 594 TWh −1%

Note: EBITDA adjusted for exceptional items.

1) Including net revenue from connectivity, member fees and emission allowances.

360T (foreign exchange)

Net revenue  +7%EBITDA  +19%

Average daily volumes (ADV)

€88bn +3%

Other1

12

10

Trading

Note: EBITDA adjusted for exceptional items.

1) Including net revenue from connectivity and member fees.

Xetra (cash equities)

110

Other1

Xetra data

• 6 Listing

• 46 Trading & clearing

81

46

•  Xetra data with proceeds of ~€20m due to disposal ofRegulatory Reporting Hub.

•  EBITDA includes €9.5m equity method valuation result from Tradegate AG Wertpapier-handelsbank.

Note: EBITDA adjusted for exceptional items. Organic growth incl. Börse Berlin (Q4/19) like-for-like.

• 1) Including net revenue from connectivity and member fees.

• 2) Xetra, Börse Frankfurt and Tradegate.

Order book volume2 Equities Order book volume2 ETF, ETC, ETN

€424bn +27% €60bn +61%

Clearstream (post-trading)

Net revenue  −11%

211

24 Other1

• 5 Third party services

• 19 Collateral management

• 13 Net interest income

• 21 27 SettlementCustody

  EBITDA  −12%

  114

  101

  Assets under custody Settlement transactions (ICSD) Cash balances total volumet/o US-DollarCollateral outstandings

  €12.2tr +3% 17.9m +25% €13.7bn −14% €6.3bn −25% €518bn +13%

  Note: EBITDA adjusted for exceptional items.

  1) Including net revenue from connectivity, account services and reporting.

IFS (investment fund services)

72

13 Other1

• 14 Fund distribution

• 20 Settlement

• 24 Custody

44

22

•  Clearstream createsFund Centre after completing acquisition of majority stake in Fondcenter AG from UBS on 30 Sep 2020.

Note: EBITDA adjusted for exceptional items. Organic growth incl. UBS Fundcenter (Q4/19) like-for-like.

1) Including net revenue from connectivity.

Assets under custody Settlement transactions

€2.9tr +11% 10.8m +44%

Qontigo (index and analytics business)

Net revenue  +9%

74

AnalyticsOther licences

• 9 Exchange licences

  EBITDA  +13%

  43

  38

• 10 ETF

ETF assets under management Exchange licences traded contracts

€94bn −4% 214m +1%

Note: EBITDA adjusted for exceptional items.

Preliminary group financials

3,214 2,936

2019 2020

Operating cost  +7%  +3% (organic)

1,130 1,213

2019 2020

2,025 1,813

2019 2020

Net profit  +9%  +11% (organic)

1,106 1,204

2019 2020

Net interest income Exceptional cost itemsDepreciationFinancial resultTax rateEPS (adj.)

€197m −21% €147m €259m €−77m 26% €6.57 +9%

Note: Adjusted for exceptional items.

Secular growth trend remains intact

Consolidation	Secular growth	Cyclical growth
 +2%	 +5%	 +2%

2,936

2019

2020

+9%

•  Consolidation effects mainly driven by Axioma (Qontigo) and UBS Fondcenter (IFS) as well as small impacts from Ausmaq (IFS), Börse Berlin (Xetra) and Quantitative Brokers (Eurex).

•  All segments with positive secular growth contribution; good progress at Eurex, IFS, Qontigo and 360T.

•  Cyclical growth mainly driven by exceptionally high volatility in Q1 due to the COVID-19 situation, but increasing headwinds since Q2.

Operating cost development

Consolidation  +5%

1,130

Investments  +2%

Net Inflation  0%

Variable-/ share based comp.

 0%

2019

2020

•  Consolidation effects mainly driven by Axioma (Qontigo) and UBS Fundcenter (IFS).

•  Higher investments in growth and technology and increase in personnel to support growth.

•  Inflationary pressures off-set by increase of operating efficiency.

•  Variable-/ share based compen-sation flat, mainly due to share price development.

Note: Numbers may not add up due to rounding.

2018

Dividend per share and pay-out

Pay-out ratio (in % of adjusted net profit)

49

48

46

2019

2020 (proposal)

•  Deutsche Börse aims to distribute 40%-60% of annual net profit to shareholders in form of the regular dividend.

•  Within this range, pay-out mainly depends on the business development and dividend continuity considerations.

•  Remaining free cash is planned to be reinvested into the business to support the Group's M&A strategy.

•  With increasing earnings, payout ratio is expected to decrease.

Income statement reconciliation 2020 (€m)

KPIs going forward will be based on reported income statement

Adjusted	Exceptionals	Reported
Net revenue	3,214	3,214
Operating costs	−1,213	−147	−1,361
EBITDA	2,025	−147	1,877
EBIT	1,766	−153	1,613
Net profit	1,204	−117	1,088
Earnings per share (€)	6.57	−0.64	5.93

Outlook

Net revenue guidance

2019

EBITDA (reported) guidance

2020

2021E

2023E

2019

2020

2021E

2023E

•  Compass 2023 mid-term plan targets 10% net revenue growth CAGR (5% secular + 5% M&A) and 10% EBITDA (reported) growth CAGR.

•  For 2021 Deutsche Börse expects:

  • − Overall net revenue of around €3.5 billion (including continued 5% secular growth)

  • − EBITDA (reported) of around €2.0 billion.

  • − This includes all closed and announced M&A transactions to date (incl. ISS)

Appendix

Income statement - group level reported

(in €m)	Quarter ended 31 Dec 2020	Quarter ended 31 Dec 2019
Sales revenue Net interest income from banking business Other operating income	948.8 36.3 34.4	791.4 58.5 5.4
Total revenue Volume-related costs	1,019.5 -205.5	855.3 -98.7
Net revenue Staff costs Other operating expenses	814.0 -212.0 -167.9	756.6 -191.0 -189.2
Operating costs Net income from strategic investments	-379.9 10.5	-380.2 1.3
Earnings before interest, tax, depreciation and amortization (EBITDA) Depreciation, amortization and impairment losses	444.6 -76.9	377.7 -63.8
Earnings before interest and tax (EBIT) Financial result	367.7 -26.2	313.9 -8.4
Earnings before tax (EBT) Income tax expense and other tax	341.5 -91.3	305.5 -82.8
Net profit for the period thereof attributable to Deutsche Börse shareholders thereof attributable to non-controlling interests	250.2 236.8 13.4	222.7 213.2 9.5
Earnings per share (basic) (€)	1.29	1.16

Income statement - group level adjusted

(in €m)	Quarter ended 31 Dec 2020	Quarter ended 31 Dec 2019
Sales revenue Net interest income from banking business Other operating income	948.8 36.3 34.4	791.4 58.5 5.4
Total revenue Volume-related costs	1,019.5 -205.5	855.3 -98.7
Net revenue Staff costs Other operating expenses	814.0 -206.2 -127.9	756.6 -192.1 -155.3
Operating costs Net income from strategic investments	-334.1 10.5	-347.4 1.3
Earnings before interest, tax, depreciation and amortization (EBITDA) Depreciation, amortization and impairment losses	490.4 -72.9	410.5 -61.7
Earnings before interest and tax (EBIT) Financial result	417.5 -26.2	348.8 -8.4
Earnings before tax (EBT) Income tax expense and other tax	391.3 -101.8	340.4 -88.5
Net profit for the period thereof attributable to Deutsche Börse shareholders thereof attributable to non-controlling interests	289.5 276.1 13.4	251.9 242.4 9.5
Earnings per share (basic) (€)	1.51	1.32

Income statement - segmental level I/II

Eurex (financial derivatives)EEX (commodities) 360T Xetra (foreign exchange) (cash equities)
(in €m) Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19
Net revenue	260.7	247.8	83.0	74.0	26.1	24.5	110.4	81.9
Staff costs adj. Other operating expenses adj.	-48.4 -44.7	-45.6 -52.5	-24.6 -17.3	-24.2 -20.2	-10.3 -3.4	-9.8 -4.3	-23.5 -16.5	-20.4 -16.8
Operating costs adj.	-93.1	-98.1	-41.9	-44.4	-13.7	-14.1	-40.0	-37.2
Operating costs reported Result from equity investments EBITDA adj.	-106.3 2.3 169.9	-103.5 1.0 150.7	-49.0 -0.7 40.4	-54.0 -0.1 29.5	-13.2 0.0 12.4	-15.7 0.0 10.4	-48.2 10.1 80.5	-42.1 1.1 45.8

Income statement - segmental level II/II

Clearstream (post-trading) IFS Qontigo (investment fund services) (index and analytics business)
(in €m) Q4/20 Q4/19 Q4/20 Q4/19 Q4/20 Q4/19
Net revenue	187.7	210.8	71.9	49.8	74.2	67.8
Staff costs adj. Other operating expenses adj.	-57.4 -28.6	-53.3 -42.5	-18.8 -9.4	-17.4 -10.5	-23.2 -8.0	-21.4 -8.5
Operating costs adj.	-86.0	-95.8	-28.2	-27.9	-31.2	-29.9
Operating costs reported Result from equity investments EBITDA adj.	-105.3 -0.9 100.8	-100.0 -0.7 114.3	-26.8 -0.1 43.6	-31.7 0.0 21.9	-31.1 -0.2 42.8	-33.2 0.0 37.9

Financial calendar and contact details

Financial calendar

24 Feb. 2021

Credit Suisse Annual Financial Services Forum (virtual/Miami)

09 Mar. 2021

16-18 Mar. 2021

29 Mar. - 01 Apr. 2021

21 Apr. 2021

RBC Capital Markets Global Financial Institutions Conference (virtual/New York) Morgan Stanley Virtual European Financials Conference (virtual/London) HSBC West Coast Financials Conference (virtual/San Francisco) Publication quarterly statement Q1/2021

22 Apr. 2021

Analyst and investor conference call Q1/2021

19 May 2021

Annual General Meeting

02 Jun. 2021

16-17 Jun. 2021

Deutsche Bank FinTech / Info Services Conference (virtual/NewYork) Deutsche Bank dbAccess Berlin Conference (virtual)

• 27 Jul. 2021

• Publication half-yearly financial report 2021

• 28 Jul. 2021

Analyst and investor conference call Q2/2021

Deutsche Börse AG Investor Relations Mergenthalerallee 61 65760 Eschborn Germany

Phone: [phone] Fax: [phone] E−Mail:[e-mail]/ir_e

Disclaimer

Cautionary note with regard to forward-looking statements: This document contains forward-looking statements and statements of future expectations that reflect management's current views and assumptions with respect to future events. Such statements are subject to known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied and that are beyond Deutsche Börse AG's ability to control or estimate precisely. In addition to statements which are forward-looking by reason of context, the words 'may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue' and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those statements due to, without limitation, (i) general economic conditions, (ii) future performance of financial markets, (iii) interest rate levels (iv) currency exchange rates (v) the behaviour of other market participants (vi) general competitive factors (vii) changes in laws and regulations (viii) changes in the policies of central banks, governmental regulators and/or (foreign) governments (ix) the ability to successfully integrate acquired and merged businesses and achieve anticipated synergies (x) reorganization measures, in each case on a local, national, regional and/or global basis. Deutsche Börse AG does not assume any obligation and does not intend to update any forward-looking statements to reflect events or circumstances after the date of these materials.

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All descriptions, examples and calculations contained in this presentation are for illustrative purposes only. © Deutsche Börse AG 2021. All rights reserved.