Deutsche Börse posted double-digit growth in the third quarter, supported by strong performance across its financial market products and the ongoing tailwind of higher interest rates. On Tuesday evening in Frankfurt, the group announced an upward revision to its 2026 treasury result forecast by an additional roughly 100 million euros, citing key interest rate developments and higher cash balances. Consequently, the company slightly lifted its targets for net revenue and operating earnings.
Chief Financial Officer Jens Schulte stated that shifting interest rate expectations have stimulated activity across interest rate and financing markets while strengthening the treasury result. For the first time since 2024, the treasury result increased year-on-year, confirming the anticipated turnaround. Schulte also highlighted a structural trend in which increasing amounts of capital from institutional and private investors in Europe flow into capital market-based investment products. This dynamic drives rising assets under custody and growing transaction volumes within the fund services and securities services segments. Supported by infrastructure spanning the entire value chain, the financial group views itself as well-positioned to benefit from these developments over the long term and expresses strong confidence in the full-year outlook.
For operating earnings, measured as EBITDA, Deutsche Börse now expects an increase of approximately 11 percent to more than 3.9 billion euros. Previously, the company had projected more than 3.8 billion euros. The net revenue forecast was raised to more than 6.5 billion euros, representing an approximate 8 percent increase compared to the previous year. Targets for revenues excluding the effects of rising interest rates were reaffirmed. During the third quarter, net revenue expanded by 13 percent to 1.63 billion euros, bolstered by structural trends and a supportive cyclical market environment. Six out of eight business segments recorded double-digit growth rates, while operating earnings climbed 16 percent to 978 million euros, exceeding expert expectations.
The company's shares initially gained nearly one percent to 311.40 euros on the Tradegate trading platform following the after-hours announcement, approaching the record high of 312.20 euros reached on Monday. Profit-taking subsequently emerged, pushing the price slightly below its Xetra closing level. Over the course of the year, the stock has risen by roughly 38 percent, ranking among the strongest performers in the DAX index during this period. In 2025, during the first year of Chief Executive Stephan Leithner's tenure, the share price had stagnated. Since Leithner took over as sole chief executive at the beginning of 2025, the company's market capitalization has climbed by nearly 40 percent to 57 billion euros, making Deutsche Börse the most valuable company at the Frankfurt financial center, compared to 54 billion euros for Deutsche Bank.
Deutsche Börse provides products along the entire value chain for financial market transactions, ranging from trade execution and clearing to securities custody, market data provision, and software solutions. The group has expanded its operations beyond traditional equity markets to reduce dependency on market fluctuations, continuing an acquisition strategy pursued by former chief executive Theodor Weimer. Leithner is maintaining this expansion course, having completed the full acquisition of US data and index provider ISS Stoxx for 1.1 billion euros earlier in the year. In January, the company announced plans to acquire fund platform Allfunds for slightly more than 5 billion euros, which would mark the largest acquisition in corporate history, with closing anticipated in 2027 pending regulatory approvals. These acquisitions are funded through operating cash flow alongside the issuance of a subordinated bond and a convertible bond in September, each valued at approximately 600 million euros.
