Deutsche Börse Group

Half-yearly financial report Quarter 2/2025

Q2/2025: Deutsche Börse Group reports further secular growth and strong operational economies of scale

Overview of quarterly results

Group

Our net revenue rose by 4 percent to €1,505 million in the second quarter of 2025, mainly due to secular growth factorsand despite lower treasury result.
Net revenue without the treasury result, which is relevant for the management of the Group, increased by 10 percent to €1,298 million and was again slightly above our own expectations.
Operating costs saw anexpected increase of 3 percentto €620 million.
Our earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to€891 million, an increase of 5 percent. EBITDA without the treasury result even grew by19 percent to€684 million.
Net income attributable to our shareholders was €509 million, 2 percent higher than in the same quarter of the previous year, which benefited from a positive tax effect. Earnings per share before purchase price allocation effects (Cash EPS) amounted to€2.96.
Despite the normalization of equity market volatility and a weaker US dollar exchange rate, we confirm our forecast of net revenue without the treasury result of around €5.2 billion and EBITDA without the treasury result of around €2.7 billion for 2025.

Overview of material events

The share buyback program announced by Deutsche Börse AG on February 11, 2025, started at the end of February 2025. The share buyback program has a volume of 500 million. Of this amount, shares worth 235.3 million were repurchased by July 18, 2025.

Consolidated interim management report Q2/2025

Fundamental information about the Group

The fundamental information about the Group provided on pages 21 to 23 of the Annual report 2024 continues to apply.

Comparability of figures

In the 2024 financial year, we adjusted our reporting structure in the consolidated income statement to better reflect the changed internal company management for organic growth. In this context, a new item 'Net revenue excluding treasury result from banking and similar business' was introduced in the consolidated income statement, which will serve as a key performance indicator for management purposes from now on. The figures for the previous year have been adjusted accordingly.

Changes in the basis of consolidation

There were no material changes in the basis of consolidation in the first half-year 2025.

Material business relationships with related parties

Details of material business relationships with related parties are disclosed in Note 15 to the condensed consolidated interim financial statements.

Report on economic position

In the first half of 2025, capital and financial markets were impacted by a complex combination of geopolitical tensions, monetary policy decisions, and macroeconomic uncertainty. The economic policy course pursued by the US administration and ongoing trade disputes—particularly with China—led to considerable uncertainty among market participants at the beginning of the second quarter. Despite these challenges, the equities markets recovered after a short correction and proved to be very robust overall. Market volatility declined noticeably over the course of the quarter, but remained slightly above the prior-year level. On the fixed-income market, the European Central Bank (ECB) continued its policy of monetary easing. With its eighth consecutive interest rate cut, including four in 2025, it lowered the deposit rate to 2.0 percent in June 2025. This decision reflects the decline in inflation in the eurozone, which is approaching the target of 2 percent, and the need to support the economic recovery. In the US, however, the US Federal Reserve kept its key interest rate unchanged at 4.25–4.50 percent, further widening the interest rate gap between the eurozone and the US. The US dollar exchange rate was affected by opposing factors. Political and structural factors, as well as greater uncertainty, outweighed the interest rate effect and ultimately led to a weakening of the US dollar against the euro. While the exchange rate was still at 1.04 US\$ per euro at the beginning of the year, it rose to an annual high of 1.18 US\$ at the end of June. On average for the quarter, the US dollar weakened against the euro by 8 percent compared with the first quarter and by 5 percent compared with the same quarter of the previous year. The solid economic situation in the eurozone and capital inflows into European markets further favored the strengthening of the euro.

Beyond the effects described above, the general conditions have not changed significantly compared with the presentation in the Annual Report 2024 (page 75).

Results of operations

Key figures on results of operations of Deutsche Börse Group

	Se d Q rte con ua r			Fir Ha lf-y st ear
	r 1 30 Ap - J un			1 30 Jan - J un
€m	20 25	1 20 24	Ch ang e	20 25	1 20 24	Ch ang e
Sa les re ven ue	59 4.3 1,	1, 47 1.5	8 %	3, 23 0.6	2, 92 6.4	10 %
Oth ing in rat er ope com e	18 .8	4.0	37 0 %	23 .2	13 .0	78 %
Vo lum ela ted sts e-r co	– 3 15 .0	– 3 00 .5	5 %	– 6 79 .1	– 5 98 .6	13 %
Tot al wit hou fro ba nki and si mi lar bus ine t tr rev en ue eas ury m ng ss	1, 29 8.1	1, 17 5.0	10 %	2, 57 4.7	2, 34 0.8	10 %
Tre ult fro ba nk ing d s im ilar bu sin asu ry res m an ess	20 6.8	27 4.5	– 2 5 %	7.2 43	5 36 .0	– 1 8 %
Ne t re ven ue	1, 50 4.9	1, 44 9.5	4 %	3, 01 1.9	2, 87 6.8	5 %
Sta ff c ost s	– 4 39 .9	– 4 09 .5	7 %	– 8 71 .9	– 8 05 .3	8 %
Oth ing rat er ope ex pen se	– 1 80 .5	– 1 91 .5	– 6 %	– 3 49 .5	– 3 60 .2	– 3 %
Op tin ost era g c s	– 6 20 .4	– 6 01 .0	3 %	– 1 22 1.4 ,	– 1 16 5.5 ,	5 %
Ne t in e f fin ial inv est nts com rom anc me	6.1	– 0 .4	– 1 62 5 % ,	12 .4	12 .1	2 %
Ea rni be for e i de cia tio nd isa tio n ( EB ITD A) nte t, tax ort ngs res pre n a am ,	89 0.6	84 8.1	5 %	1, 80 2.9	1, 72 3.4	5 %
Ea rni be for e i de cia tio nd isa tio n ( EB ITD A w ith ult ) nte t, tax ort out tre ngs res pre n a am asu ry res ,	68 3.8	57 3.6	19 %	1, 36 5.7	1, 18 7.4	15 %
De cia tio ort isa tio nd im irm ent lo pre n, am n a pa sse s	25 – 1 .1	28 .2 – 1	– 2 %	– 2 50 .9	– 2 45 .7	2 %
Ea rni be for e i nte t a nd tax ( EB IT) ngs res	76 5.5	71 9.9	6 %	1, 55 2.0	1, 47 7.7	5 %
Fin ial Res ult anc	– 3 9.2	– 3 7.6	4 %	– 7 7.9	– 7 9.7	– 2 %
Ea rni be for ( EB T) e t ngs ax	72 6.3	68 2.3	6 %	1, 47 4.1	1, 39 8.0	5 %
Tax	89 – 1 .5	62 .3 – 1	% 17	– 3 85 .4	– 3 .0 54	9 %
Ne t p rof it	53 6.8	52 0.0	3 %	1, 08 8.7	1, 04 4.0	4 %
AG att rib uta ble to De uts che Bö sh hol de rse are rs	50 8.7	49 8.6	2 %	03 3.6 1,	99 6.2	4 %
rib ble roll ing in att uta to ont ter est no n-c s	28 .1	21 .4	31 %	55 .1	47 .8	15 %
Ea rni ha ( bas is) ( € ) ngs pe r s re	2.7 7	2.7 2	2 %	5.6 3	5.4 2	4 %
EP S b efo rch ice al loc ati ( Ca sh EP S) ( € ) re pu ase pr ons	2.9 6	2.9 1	2 %	6.0 1	5.8 0	4 %

1) Prior year adjusted, see Note 3.

Group interim management report

Report on economic position

In the context of the economic environment described above and further secular growth, our Group was able to continue the development of the first quarter in the second quarter. In the Software Solutions segment, we further expanded our presence in the North American market, won new clients for our software solutions, and expanded existing client relationships. The geopolitical uncertainty on the capital markets led to only a temporary sharp increase in market volatility, but generally supported demand for European investment opportunities. As a result, valuations of German and European equities and funds rose in the second quarter. Trading as well as settlement and custody of securities benefited particularly from this trend. In addition, fixed-income products recorded further growth due to the increase in outstanding debt and higher hedging requirements. The treasury result, which is influenced by interest rates in the Securities and Fund Services segments, declined significantly as a consequence of further interest rate cuts by the ECB.

Group interim financial statements Notes Further information

Against this backdrop, our Group's net revenue rose by 4 percent to 1,504.9 million in the second quarter (Q2/2024: 1,449.5 million). The treasury result, which mainly comprises net interest income and margin fees, amounted to 206.8 million (Q2/2024: 274.5 million). Net revenue without the treasury result therefore increased to 1,298.1 million (Q2/2024: 1,175.0 million). This represents growth of 10 percent. Net revenue in the Trading & Clearing, Commodities, segment include a positive non-recurring effect of around 10 million from the reimbursement of a compensation payment following the termination of the agreement between EEX and Nasdaq to acquire the electricity trading and clearing business for the Nordic market in the second quarter of 2024.

Our operating costs of 620.4 million (Q2/2024: 601.0 million) increased by 3 percent compared to the previous year, mainly due to higher investments and inflation. Operating costs in the same quarter of the previous year included an extraordinary effect of around 15 million from the terminated agreement between EEX and Nasdaq.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 5 percent to 890.6 million (Q2/2024: 848.1 million). EBITDA excluding treasury income amounted to 683.8 million (Q2/2024: 573.6 million), a significant increase of 19 percent. Income from financial investments included in EBITDA rose to 6.1 million (Q2/2024: 0.4 million).

Depreciation, amortization, and impairment losses were slightly below the prior-year quarter at 125.1 million (Q2/2024: 128.2 million). Our financial result, which mainly includes interest expense on corporate bonds issued, came to –39.2 million (Q2/2024: –37.6 million). Income taxes in the prioryear quarter were positively impacted by tax gains of 28 million relating to prior periods.

In the second quarter of 2025, net profit attributable to Deutsche Börse AG shareholders thus amounted to 508.7 million (Q2/2024: 498.6 million). Earnings per share totaled 2.77 (Q2/2024: 2.72) based on an average of 183.5 million shares. Our earnings per share before purchase price allocation effects (cash EPS) stood at 2.96 (Q2/2024: 2.91).

Gregor Pottmeyer, Chief Financial Officer of Deutsche Börse AG, commented on the results as follows: "Our Group achieved further secular growth in the second quarter. This is the result of our long-term growth strategy, which focuses in particular on product innovation, new client acquisition as well as market share gains. In addition, increased capital inflows into Europe are driving growth in many areas of the Group. Combined with notably underproportional cost growth, we also achieved strong operational economies of scale in the second quarter. We are therefore very confident about the second half of the year and confirm our forecast for the full year despite declining equity market volatility."

Investment Management Solutions segment

Key indicators Investment Management Solutions segment

		Se d q rte con ua r Ap r 1 Ju n 3 0 –			Fir st Ha lf-y ear
€m in					Jan 1 – J 30 un
	20 25	1 20 24	Ch ang e	20 25	1 20 24	Ch ang e
Ne t re ven ue	30 8.0	30 4.0	1 %	60 6.0	60 4.0	0 %
Tre ult asu ry res	0.0	9.2	– 1 00 %	0.1	9.2	– 9 9 %
Ne wit ho Tre ult t re ut ven ue asu ry res	30 8.0	29 4.8	4 %	60 5.9	59 4.8	2 %
Sof re S olu tio twa ns	16 8.5	15 3.7	10 %	32 1.2	31 5.1	2 %
On ise -pr em s	.9 47	50 .0	% – 4	94 .2	7.8 11	– 2 0 %
Saa S ( inc l. A nal tics ) y	76 .8	63 .5	21 %	14 1.7	11 8.7	19 %
Oth er	43 .8	40 .2	9 %	85 .3	78 .6	9 %
ES G & I nde x	13 9.5	14 1.1	– 1 %	28 4.7	27 9.7	2 %
ES G	60 .6	62 .0	– 2 %	12 4.7	12 1.8	2 %
Ind ex	5 2.8	50 .9	4 %	10 6.9	10 2.4	4 %
Oth er	26 .1	28 .2	– 7 %	5 3.1	55 .5	– 4 %
Op tin ost era g c s	– 2 11 .7	– 2 10 .2	1 %	– 4 23 .5	– 4 10 .9	3 %
EB ITD A	10 1.8	86 .7	% 17	19 3.3	19 2.8	0 %
EB ITD A w ith t T ult ou rea su ry res	10 1.8	77 .5	31 %	19 3.2	18 3.6	5 %

1) Prior year adjusted, see Note 3.

In the Software Solutions unit, significant momentum came from both the successful gain of new clients as well as the focused expansion of existing client relationships. Demand was particularly high for Software-as-a-Service (SaaS) solutions, which were the main drivers of new business in the reporting period. Existing clients focused on expanding and completing their existing systems, particularly in the area of front-end solutions. As a result, the Software Solutions unit further increased its net revenue by 10 percent to 168.5 million (Q2/2024: 153.7 million).

The ESG & Index unit also saw robust demand for ESG products in the second quarter of 2025. Corporates showed continued interest in ISS's Corporate Solutions, particularly in the areas of Corporate Governance and Corporate Sustainability. Demand for ESG ratings and data also remained stable, underlining the relevance of these products in the context of regulatory requirements and sustainability-oriented investment strategies. This overall positive business development was offset by longer sales cycles, particularly in the market intelligence business, and a weaker US dollar exchange rate. The index business benefited from increased demand for European equities and higher index levels. License

revenues from structured products and exchange-traded funds (ETFs) developed positively, as they depend on the volume invested in funds based on STOXX® and DAX® indices. This was offset, however, by a slight decline in exchange license revenues from the trading volume of equity index derivatives on Eurex. The Other line item included a positive special effect of around

9 million from the business of ISS's Security Class Action Services (SCAS) in the prior-year quarter. As a result, net revenue without the treasury result in the ESG & Index unit were slightly below the prior-year level at 139.5 million (Q2/2024: 141.1 million).

Trading & Clearing segment

Key indicators Trading & Clearing segment

		Se d q rte con ua r			Fir Ha lf-y st ear
		Ap r 1 Ju n 3 0 –			Jan 1 – J 30 un
in €m	20 25	1 20 24	Ch ang e	20 25	1 20 24	Ch ang e
Ne t re ven ue	66 6.1	60 6.8	10 %	1, 32 5.9	1, 21 0.7	10 %
Tre ult asu ry res	54 .0	67 .6	– 2 0 %	11 2.5	13 7.0	– 1 8 %
Ne wit ho Tre ult t re ut ven ue asu ry res	61 2.1	5 39 .2	14 %	1, 21 3.4	1, 07 3.7	13 %
Fin ial der iva tive anc s	31 5.6	29 9.3	% 5	63 2.5	59 1.8 1	7 %
Eq uit ies	12 5. 2	12 3.5	1 %	24 9.7	24 0.8	4 %
Inte t ra tes res	13 0.2	11 7.1	11 %	26 2.1	23 5.6	11 %
Oth er	60 .2	5 8.7	3 %	12 0.7	11 5.4	5 %
Co od itie mm s	16 4.4	12 5.0	32 %	31 6.4	25 7.2	23 %
Pow er	85 .4	73 .6	16 %	17 5. 3	15 2.5	15 %
Ga s	33 .0	23 .6	40 %	63 .8	49 .0	30 %
Oth er	46 .0	27 .8	65 %	77 .3	55 .7	39 %
Ca sh itie equ s	86 .9	.3 75	% 15	3.9 17	7.2 14	18 %
Tra din g	44 .9	34 .0	32 %	91 .7	68 .2	34 %
Oth er	42 .0	41 .3	2 %	8 2.2	79 .0	4 %
FX & D ig ita l A ts sse	45 .2	39 .6	14 %	90 .6	77 .5	17 %
Op tin ost era g c s	– 2 43 .8	– 2 36 .6	3 %	79 .9 – 4	56 – 4 .1	% 5
EB ITD A	42 2.5	37 7.8	12 %	84 7.8	76 7.8	10 %
EB ITD A w ith t T ult ou rea su ry res	36 8.5	31 0.2	19 %	73 5. 3	63 0.8	17 %

1) Prior year adjusted, see Note 3.

The Financial Derivatives business was affected at the beginning of the second quarter by emerging trade conflicts and the related uncertainties on the financial markets. Only a temporary increase in market volatility, as measured by the VSTOXX, quickly eased again, reducing the hedging requirements of market participants. In addition, the equity markets in particular proved to be very robust, which contributed to further stabilization. By contrast, trading activity in fixed income products remained strong. Interest rate derivatives and financing instruments such as repo transactions and the clearing of over-the-counter (OTC) interest rate products continued to be used intensively. The outstanding nominal volume in OTC clearing increased by 23 percent year-on-year to around 43 trillion. In addition, selected adjustments to the pricing structure and product range had a positive impact on the average prices of interest rate and equity index derivatives. In the second quarter of 2025, net revenues without treasury results in the Financial Derivatives unit rose to 315.6 million (Q2/2024: 299.3 million).

In the Commodities unit, growth on the spot and power derivatives markets continued in the second quarter. The gain of new clients, the market entry of professional traders, as well as stronger growth in new geographies such as Japan were the main reasons for this. Volume growth on the gas markets, meanwhile, was attributable to a comparably cold winter, which significantly reduced gas storage levels in Europe. Many countries began refilling their storage facilities at an early stage, which noticeably increased demand for gas. In addition, the unit recorded a positive non-recurring effect of around 10 million from the reimbursement of a compensation payment following the termination

of the agreement between EEX and Nasdaq to take over the electricity trading and clearing business for the Nordic market in the second quarter of 2024. Net revenue without treasury result in the Commodities unit increased to 164.4 million in the reporting period (Q2/2024: 125.0 million). In the same quarter of the previous year, the costs of the Trading & Clearing, Commodities, segment included a negative non-recurring effect of around 15 million due to the aforementioned termination.

Following a sharp equity market correction at the beginning of the second quarter of 2025 as a result of emerging trade conflicts, cash equity trading benefited overall from a combination of solid corporate data, stable macroeconomic conditions and continued high liquidity in the market. The German blue-chip index DAX reached a new all-time high at the beginning of June before the markets moved sideways in the further course of the quarter. Trading volumes rose, particularly due to increased volatility and portfolio reallocations by investors triggered by geopolitical uncertainties as well as fiscal and defense policy investment impulses. Accordingly, net revenues without treasury result in the Cash Equities unit climbed to 86.9 million (Q2/2024: 75.3 million) compared with the same quarter of the previous year.

The FX & Digital Assets unit recorded a further rise in average daily volume traded in the second quarter. The growth was spread across all client segments and products. In addition to new clients, the phase-wise increase in FX volatility was also a strong driver of the higher trading activity. The unit increased its net revenue without treasury result to 45.2 million (Q2/2024: 39.6 million).

Fund Services segment

Key indicators Fund Services segment

in €m		Se d q rte con ua r r 1 n 3 0 Ap Ju –			Fir Ha lf-y st ear 1 30 Jan – J un

	20 25	1 20 24	Ch ang e	20 25	20 24 1	Ch an ge
Ne t re ven ue	13 6.0	12 1.3	12 %	26 8. 2	23 8.9	12 %
Tre ult asu ry res	16 .2	17 .3	– 6 %	28 .5	35 .0	– 1 9 %
Ne wit hou t T lt t re ven ue rea sur y r esu	11 9.8	10 4.0	15 %	23 9.7	20 3.9	18 %
Fu nd sin pro ces g	.3 74	62 .8	18 %	0.0 15	12 3.0	22 %
Fu nd dis trib uti on	28 .0	23 .3	20 %	5 3.4	44 .4	20 %
Oth er	17 .5	17 .9	– 2 %	36 .3	36 .5	– 1 %
Op tin ost era g c s	– 5 3.2	– 5 3.3	– 0 %	– 1 04 .1	– 1 01 .7	2 %
EB ITD A	8 2.8	68 .0	22 %	16 4.1	13 7.2	20 %
EB ITD A w ith t T ult ou rea su ry res	66 .6	50 .7	31 %	13 5.6	10 2.2	33 %

1) Prior year adjusted, see Note 3.

The Fund Services segment continued to grow across all business units in the second quarter. The Fund Processing unit benefited in custody services for funds from capital inflows into European investment alternatives and from higher average equity markets. The average volume of assets under custody for funds grew by 10 percent to 4.0 trillion. In this context, the volume of fund settlements increased by 27 percent year-on-year to 17 million executed transactions. The Fund Distribution unit also benefited from developments on the

capital markets as well as from the winning and transfer of client portfolios to our fund distribution platform. As a result, we recorded an increase in assets under administration on our platform to more than 700 billion at the end of the quarter. By contrast, interest rate cuts by the ECB had a negative impact on the treasury result. Overall, the segment increased its net revenue without treasury result to 119.8 million (Q2/2024: 104.0 million).

Securities Services segment

Key indicators Securities Services segment

	Sec ond arte qu r				Firs t H alf- yea r
	Ap r 1 – J 30 un				Jan 1 – J 30 un
€m in	20 25	1 20 24	Ch ang e	20 25	1 20 24	Ch ang e
Ne t re ven ue	39 4.8	41 7.4	% – 5	81 1.8	8 23 .2	% – 1
Tre ult asu ry res	13 6.6	18 0.4	– 2 4 %	29 6.1	35 4.8	– 1 7 %
Ne wit hou t T lt t re ven ue rea sur y r esu	25 8.2	23 7.0	9 %	51 5.7	46 8.4	10 %
Cu dy sto	17 9.3	16 8.3	7 %	35 3.3	32 9.3	7 %
Set tle nt me	38 .6	32 .8	18 %	.6 77	65 .6	18 %
Oth er	40 .3	35 .9	12 %	84 .8	73 .5	15 %
Op tin ost era g c s	– 1 11 .7	– 1 00 .9	11 %	– 2 13 .9	– 1 96 .8	9 %
EB ITD A	28 3.5	31 5.6	– 1 0 %	59 7.7	62 5.6	– 4 %
EB ITD A w ith t T ult ou rea su ry res	6.9 14	13 2 5.	9 %	30 1.6	27 0.8	% 11

1) Prior year adjusted, see Note 3.

Favorable market conditions and greater willingness to invest led to further bond issues by companies and the public sector in the second quarter of 2025. This was reflected in a 6 percent increase in the assets under custody to an average of around 16 trillion. The business of securities settlement at our international central securities depository (ICSD) also recorded strong growth of 18 percent to 28 million transactions settled, mainly attributable to active trading in equities and fixed-income securities. Our customers' cash balances related to the settlement increased by 4 percent to an average of 17.7 billion in the reporting period. However, this was offset by interest rate cuts by national banks compared with the previous year, which led to lower overall treasury result for the segment. Net revenue without treasury result in the Securities Services segment rose to 258.2 million (Q2/2024: 237.0 million).

Group interim management report Report on economic position

Financial position

Cash flow

Deutsche Börse Group generated a positive cash flow of 251.6 million in the first half of 2025 (H1/2024: 442.8 million).

Cash flow from operating activities before changes in CCP positions as of the reporting date amounted to 1,291.4 million (H1/2024: 1,306.4 million). This was mainly due to net income for the period of 1,088.7 million (H1/2024: 1,044.0 million) and the change in working capital. In the first half-year of 2025, cash outflows from investing activities came to 18.9 million (H1/2024: cash inflows of 282.9 million) and were mainly driven by fluctuations in short and long-term customer deposits. In addition, cash outflows from investments in intangible assets and property, plant and equipment amounted to 167.5 million (H1/2024: 160.8 million) which was similar to the prior year period. Cash flow from financing activities resulted in cash outflows of 1,060.2 million (H1/2024: 1,146.7 million) and mainly includes in addition to the distribution of a dividend for the 2024 financial year to shareholders of Deutsche Börse AG in the amount of 733.9 million (H1/2024: 697.8 million) and the distribution of dividends by subsidiaries to non-controlling shareholders in the amount of 60.2 million (H1/2024: 39.6 million). In addition, the share buybacks in amount of 187.4 million led to a cash outflow.

Cash and cash equivalents thus amounted to 4,193.2 million on June 30, 2025 (June 30, 2024: 3,373.7 million). Cash on hand and bank balances totaled 1,710.7 million (June 30, 2024: 1,690.6 million).

Capital management

In general, our clients expect us to have conservative interest coverage and leverage ratios and thus achieve a good credit rating. We aim to maintain our "AA- "rating at Group level. Furthermore, we endeavor to maintain the strong AA credit ratings of our subsidiaries Clearstream Banking S.A., Clearstream Banking AG and Clearstream Fund Centre S.A. in order to ensure their long-term success in securities settlement and custody. The activities of our Eurex Clearing AG subsidiary also require strong credit quality.

Dividend

We aim for a dividend payout ratio between 30 and 40 per cent of net profit for the period attributable to Deutsche Börse AG shareholders. Within this range, we primarily manage the actual payout ratio based on our business development. In doing so, we also consider aspects of continuity. The remaining available funds are intended to be primarily invested in our external development. If these funds cannot be invested by the Group, additional distributions represent an alternative use. These include, in particular, share buybacks.

In 2025, we paid dividend of 4.00 per share for the fiscal year 2024 (in 2024 for the 2023 financial year: 3.80). This resulted in a payout ratio of around 38 per cent (in 2024 for the 2023 financial year: 40 per cent). Given 183.5 million no-par shares bearing dividend rights, this resulted in a total dividend payment of 733.9 million (2024: 697.8 million with 183.6 million shares with dividend rights).

Net assets

Extracts from the consolidated balance sheet are shown below, together with a description of the main changes in net assets. The complete consolidated balance sheet can be found in the condensed consolidated interim financial statements.

The increase in total assets compared to December 31, 2024 is primarily due to fluctuations in financial instruments from central counterparties, receivables and liabilities from the banking business and cash deposits of market participants. The level of these positions vary daily depending on the needs and activities of the customers as well as market volatility.

Consolidated balance sheet (extract)

in €m	Jun 30 20 25 ,	De c 3 1, 20 24
AS SE TS	29 4, 26 9.8	22 2, 11 1.7
No ent set n-c urr as s	24 25 0.1 ,	22 33 4.8 ,
the f in ible tan set reo g as s	12 24 3.6 ,	12 64 2.7 ,
the f g ood wil l reo	8, 08 6.9	8, 35 4.5
the f o the r in ible tan set reo g as s	2, 8 23 .4	2, 96 9.4
the f fi cia l as set reo nan s	10 88 6.9 ,	8, 50 6.7
f st the rate ic i stm ent reo g nve s	8. 2 17	19 1.5
the f fi cia l as d a rtiz ed set t a ts reo nan s m eas ure mo cos	1, 11 0.5	1, 34 2.2
the f fi cia l in s h eld by al c rtie str ent ntr nte reo nan um ce ou rpa s	9, 44 9.3	6, 81 5.1
Cu nt ets rre ass	27 0, 01 9.7	19 9, 77 6.9
the f fi cia l in s h eld by al c rtie str ent ntr nte reo nan um ce ou rpa s	19 0, 48 0.4	12 7, 05 9.6
the f re str icte d b k b ala reo an nce s	50 03 7.7 ,	2.4 48 97 ,
the f o the sh and ba nk bal reo r ca anc es	1, 71 0.7	1, 87 2.3

EQ UIT Y A ND LI AB ILI TIE S	29 4, 26 9.8	22 2, 11 1.7
Eq uity	01 9.1 11 ,	25 9.3 11 ,
Lia bil itie s	28 3, 25 0.6	21 0, 85 2.5
the f n liab iliti nt reo on- cu rre es	16 60 9.4 ,	14 56 1.4 ,
the f fi cia l in s h eld by al c rtie str ent ntr nte reo nan um ce ou rpa s	9, 44 9.3	6, 81 5.1
the f fi cia l lia bili ties d a t a rtiz ed t reo nan m eas ure mo cos	22 2.1 6,	8. 2 6, 74
the f d efe rred x li ab iliti ta reo es	72 9.9	75 7.1
the f c lia bili ties ent reo urr	26 6, 64 1.3	19 6, 29 1.1
the f fi cia l in s h eld by al c rtie str ent ntr nte reo nan um ce ou rpa s	18 9, 11 8.4	12 6, 01 9.6
f fi the cia l lia bili ties d a t a rtiz ed t reo nan m eas ure mo cos	25 80 6.2 ,	19 9.8 17 ,
the f ca sh dep osi by rke icip ts t p art ant reo ma s	49 77 0.6 ,	48 70 3.2 ,

Risk report

On pages 46 to 68 of its Annual Report 2024, Deutsche Börse Group comprehensively outlines the framework, strategy, principles, organization, processes, monitoring, methods and concepts behind its risk management, as well as measures it implements to manage or reduce risks.

Risk at Deutsche Börse Group is expressed in terms of required economic capital (REC), which is calculated based on assumptions. Deutsche Börse Group's REC (based on a confidence level of 99.9 per cent) slightly decreased by less than 1 per cent from 1,473 million as at 31 December 2024 to 1,468 million as at June 30, 2025. These risks are covered by a risk-bearing capacity of 11.3 billion.

In general, the Group's risk profile has not changed significantly compared with 2024. The majority of the Deutsche Börse Group's risks are operational in nature. These include system unavailability, service deficiencies, damage to physical assets, as well as legal disputes and unethical business practices. Details on operational risks and the measures taken to mitigate them are presented on pages 53 to 55 of Deutsche Börse Group's Annual Report 2024. Risks may also result from or manifest themselves in legal disputes and legal proceedings. They may arise for example if Deutsche Börse Group companies infringe laws or rules, when disputes occur within contractual relations, or in the event of new or different case law. Comments on substantial legal disputes and proceedings and on tax risks are presented in Note 14 to the consolidated interim financial statements. The Group's operational risks amount to approximately 67 per cent of required economic capital (REC) as of the reporting date, which represents a decrease of around 1 percentage point compared with the ratio at year-end 2024.

Financial risks manifest themselves within Deutsche Börse Group in the form of credit, market and liquidity risk across predominantly the financial institutions of the Clearstream Holding Group, Eurex Clearing AG and at European

Commodity Clearing AG. In addition, the Group's financial investments and receivables are subject to credit risk. Financial investments are predominantly realized through short-term collateralized transactions. This minimizes liquidity risks as well as market price risks from the investment of funds. In terms of financial risks, the Group's risk profile has not changed significantly compared with 2024. Credit and market risks account for 26 per cent of total capital requirements, which represents a slight increase of roughly one percentage point compared with the ratio at year-end 2024. Details of the Group's financial risks are presented on pages 73 to 76 of the Annual Report 2024.

Pensions for past and present employees are managed in a variety of pension funds. Pension risk is the risk of rising costs from the current measurement of pension provisions due to higher life expectancies, salary increases and higher inflation rates. It is calculated with the support of actuaries during the first quarter of the financial year. As at the reporting date, the pension risk for the Group amounts to around 7 per cent of REC.

Business risk describes the unexpected residual loss that would occur if earnings at risk exceed the forecast net income after tax, which can be due to the competitive environment (e.g. customer action, investment loss, sector developments), macro-economic and geopolitical developments or strategic management errors. Factors influencing this residual loss include lower revenue or higher costs than originally planned. Business risk is reported when the calculated value at risk is higher than the budgeted net income for the next four quarters. In terms of business risks, Deutsche Börse Group's risk profile has not changed significantly compared to 2024. Business risks are continuously monitored by the business units. Details of the business risks can be found in the Annual Report 2024 on page 60.

The Group continuously assesses and monitors its risk situation. The main tool it uses to quantify risk is the value at risk (VaR) model. The purpose of the VaR model is to determine the amount of capital – given a confidence interval defined ex ante – required to cover potential losses incurred within twelve months. In addition, the Group conducts stress tests to simulate extreme but plausible events and their impact on its risk-bearing capacity. Complementary risk metrics are other risk monitoring methods used by the Group.

Taking into account all the risk quantification tools mentioned above as well as the risk management system which it considers to be effective, the Executive Board of Deutsche Börse AG concludes that the risk coverage amount is sufficient. The Executive Board is therefore not currently aware of any significant change in the Group's risk situation as described in the Annual Report 2024.

Report on opportunities

The description of opportunities and opportunities management has not changed significantly since the presentation in the Annual Report 2024 (pages 69 to 74).

Report on expected developments

In the Report on expected developments in the Annual Report 2024 on pages 75 to 77, we expected net revenue without treasury result to increase to around 5.2 billion in 2025 and earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around 2.7 billion. In addition, the Executive Board is expecting a treasury result of more than 0.8 billion. The forecast is based on further secular growth and capital inflow into European assets and is reaffirmed despite the normalization of equity market volatility and a weaker US dollar exchange rate.

First half-year

Consolidated income statement

for the period January 1 to June 30 2025

Jan 1 – Jun 30 in m Note 2025 20241 Sales revenue 4 3,230.6 2,926.4 Other operating income 23.2 13.0 Volume-related costs – 679.1 – 598.6 Total net revenue excluding treasury result from banking and similar business 2,574.7 2,340.8 Treasury result from banking and similar business 437.2 536.0 Net revenue 3,011.9 2,876.8 Staff costs – 871.9 – 805.3 Other operating expenses 5 – 349.5 – 360.2 Operating costs – 1,221.4 – 1,165.5 Result from financial investments 12.4 12.1 Result of the equity method measurement of associates 3.1 2.6 Other result 9.4 9.5 Earnings before interest, tax, depreciation and amortization (EBITDA) 1,802.9 1,723.4 Depreciation, amortization and impairment losses – 250.9 – 245.7 Earnings before interest and tax (EBIT) 1,552.0 1,477.7

		Jan 1 – J 30 un
€m in	No te	20 25	20 24 1
Ea rni be for e i nd ( EB IT) nte t a tax ngs res		1, 55 2.0	1, 47 7.7
Fin cia l in an com e		25 .2	28 .0
Fin cia l ex an pen se		– 1 03 .1	– 1 07 .7
Ea rni be for ( EB T) e t ngs ax		1, 47 4.1	1, 39 8.0

Inc e t om ax exp ens e	6	– 3 85 .4	– 3 .0 54
Ne rof it f the rio d t p or pe		1, 08 8.7	1, 04 4.0
Ne rof it f the rio d a ttri but ab le t t p or pe o De che Bö AG sh ho lde uts rse are rs		1, 03 3.6	99 6.2
rof it f Ne t p the rio d a ttri but ab le t or pe o llin int tro sts no n-c on g ere		55 .1	47 .8

Ea rni ha ( bas ic) ( € ) ngs pe r s re	12	5.6 3	5.4 2
( d) ( € ) Ea rni ha dil ute ngs pe r s re	12	5.6 2	2 5.4

First half-year

1) Previous year adjusted, see Note 3. Group interim management report Group interim financial statements Consolidated statement of comprehensive income

Notes Further information

Consolidated statement of comprehensive income

for the period January 1 to June 30, 2025

		Fir ha st	lf-y ear
		Jan 1 – J 30 un
in €m	No te	20 25	20 24
Ne rof it f the riod ted in lida ted in t p tat ent or pe re por co nso com e s em		1, 08 8.7	1, 04 4.0
Ite th wil l no t b ecl ifie d t rof it o r lo at ms e r ass o p ss:
Ch fro def ine d b efit ob liga tio an ges m en ns		12 .4	35 .0
Eq uit inv d a t fa ir v alu hro h O CI est nts e t y me m eas ure ug		– 1 1.4	– 3 8.8
De fer red ta xes		– 2 .4	– 5 .5
		– 1 .4	– 9 .4
Ite th be las sifi ed sub tly fit los at to ms ma y rec seq uen pro or s:
dif fer Exc ha te nge ra en ces		– 3 69 .1	3.6 5
Oth he nsi inc e f in sin the uity eth od tm ent er com pre ve om rom ves s u g eq m		– 0 .8	0.0
Re of sh flo hed ent me asu rem ca w ges		5.0	– 1 1.0
De fer red ta xes		– 0 .7	2.1
		– 3 65 .7	44 .7
Oth hen siv e i af ter ta er com pre nco me x		– 3 67 .0	35 .3
Tot al hen siv e i com pre nco me		72 1.6	1, 07 9.2
f D G s the eut sch e B örs e A har eho lde reo rs		68 3.4	02 7.8 1,
the f n llin inte tro ts reo on- con g res		38 .2	51 .4

Consolidated balance sheet

as at June 30, 2025

Assets

in €m	No te	Jun 30 20 25 ,	De c 3 1, 20 24
NO N-C UR RE NT AS SE TS		24 25 0.1 ,	22 33 4.8 ,
Int ible set ang as s	7	12 24 3.6 ,	12 64 2.7 ,
So ftw are		12 8.4 1,	9.2 1, 15
Go odw ill		8, 08 6.9	8, 35 4.5
Pay d a de nts nt ts me on ac cou an sse un r dev elo ent pm		20 4.9	15 9.6
Oth int ible set er an g as s		2, 8 23 .4	2, 96 9.4
Pro ty, lan t a nd uip nt per p eq me	7	64 0.3	68 5.1
Lan d a nd bu ild ing s		48 9.4	51 8.7
Fix d f itti tur ngs es an		43 .9	48 .5
ffic IT ha rdw ati d o ip are , o per ng an e e qu ll a l nt me as we s c arp oo		92 .9	10 5. 8
Pay d c ion in nts nt str uct me on ac cou an on pro gre ss		14 .1	12 .1
Fin cia l as set an s	8	10 88 6.9 ,	8, 50 6.7
Fin cia l as d a t F VO CI set an s m eas ure
Str ic i ate stm ent g nve s		17 8. 2	19 1.5
Fin cia l as d a rtiz ed set t a t an s m eas ure mo cos	8	1, 11 0.5	1, 34 2.2
Fin cia l as set t F VP L an s a
Fin ial ins he ld b ral tru nts ent anc me y c rtie nte cou rpa s		9, 44 9.3	6, 81 5.1
Oth fin ial FV PL ets at er anc ass		14 8.8	15 7.9
Inv est nt in oci ate me ass s		8 11 5.	4.8 11
Oth ent set er no n-c urr as s		34 1.7	36 0.8
De fer red ta ts x a sse		21 .8	24 .8

As	set	s

in €m	No te	Jun 30 20 25 ,	De c 3 1, 20 24
CU RR EN T A SS ET S		27 0, 01 9.7	19 9, 77 6.9
Fin cia l as d a rtiz ed set t a t an s m eas ure mo cos	8
Tra de eiv ab les rec		2, 07 8.9	1, 25 7.5
Oth fin ial ets at ort ize d c ost er anc ass am		24 29 7.1 ,	18 90 4.6 ,
Res tric ted ba nk bal anc es		50 03 7.7 ,	48 97 2.4 ,
Oth h a nd ban k b ala er cas nce s		1, 71 0.7	1, 87 2.3
Fin cia l as t F VP L set an s a	8
Fin ial ins he ld b ral tru nts ent anc me y c rtie nte cou rpa s		19 0, 48 0.4	12 7, 05 9.6
Oth fin ial FV PL ets at er anc ass		28 .2	25 .9
Inc e t ets om ax ass		26 0.8	22 5.9
Oth nt ets er cu rre ass		12 6.0 1,	8.7 1, 45
Tot al ets ass		29 4, 26 9.8	22 2, 11 1.7

Consolidated balance sheet

Equity and liabilities

Eq uity d l iab ilit ies an
-----------------------------------------------	--

No te	Jun 30 20 25 ,	1 De c 3 1, 20 24
10
	18 8.3	18 8.3
	1, 56 2.0	1, 5 29 .9
	– 6 19 .1	– 4 5 2.3
	21 3.5	9.5 57
	9, 21 1.3	8, 92 5.1
	10 55 6.0 ,	10 77 0.5 ,
	46 3.1	48 8.7
	11 01 9.1 ,	11 25 9.3 ,
	16 60 9.4 ,	14 56 1.4 ,
9	11 2.8	13 0.4
	.8 44	46 .6
8	6, 22 2.1	6, 74 8. 2
8
	9, 44 9.3	6, 81 5.1
	33 .5	48 .6
	16 .8	15 .4
	72 9.9	75 7.1

in €m	No te	Jun 30 20 25 ,	De c 3 1, 20 24
CU RR EN T L IAB ILI TIE S		26 6, 64 1.3	19 6, 29 1.1
Inc liab ilit ies e t om ax		45 6.3	51 8.9
Cu nt loy liab ilit ies rre em p ee	9	23 1.3	36 3.1
Oth vis ion nt er cu rre pro s		12 1.6	11 9.8
Fin cia l lia bil itie rtiz ed t a t an s a mo cos	8
Tra de ab les pay		1, 67 9.9	89 8.3
Oth fin ial liab iliti ize d c at ort ost er anc es am		24 12 6.2 ,	18 28 1.4 ,
Ca sh de its by rke t p art icip ts pos ma an		49 77 0.6 ,	3.2 48 70 ,
Fin cia l lia bil itie t F VP L an s a	8
Fin ial ins he ld b ral tru nts ent anc me y c rtie nte cou rpa s		18 9, 11 8.4	12 6, 01 9.6
Oth fin ial liab iliti at FV PL er anc es		7.2	27 .6
Oth liab ilit ies nt er cu rre		1, 12 9.7	1, 35 9.2
Tot al liab ilit ies		28 3, 25 0.6	21 0, 85 2.5
Tot al uity d l iab ilit ies eq an		29 4, 26 9.8	22 2, 11 1.7

1) Previous year adjusted, see Note 3.

Consolidated cash flow statement

Jan 1 – Jun 30

for the period January 1 to June 30, 2025

First half-year

in €m	20 25	20 24
Ne rof it f the rio d t p or pe	1, 08 8.7	1, 04 4.0
De cia tio iza tio nd im irm ort ent pre n, am n a pa los ses	25 0.9	24 5.7
De in ovi sio ent cre ase no n-c urr pr ns	– 7 .0	– 1 2.4
De fer red x i ta nco me	– 9 .5	– 8 .1
Oth ash se/ ( inc e) er no n-c ex pen om	14 4.7	– 4 5. 8
Ch fro in set nd liab ilit ies an ges as s a m tin ctiv itie fte dju fo stm ent op era g a s a r a r ash ite no n-c ms :	– 1 76 .4	83 .0
Inc in eiv ab les d o the set rea se rec an r as s	– 9 20 .0	– 4 21 .4
Inc in ab les d o the r lia bili ties rea se pay an	3.7 74	50 4.4
Ca sh flo fro rat ing tiv itie ws m ope ac s lud ing CC P p osi tio exc ns	1, 29 1.4	1, 30 6.4
Ch in lia bil itie s f C CP sit ion an ges rom po s	28 8.8	– 6 68 .9
Ch in cei ble s f C CP sit ion an ges re va rom po s	– 2 49 .4	66 9.1
Ca sh flo fro ing tiv itie rat ws m ope ac s	1, 33 0.7	1, 30 6.6

in €m	20 25	20 24
Pay nts to ire int ible set me ac qu an g as s	– 1 47 .5	.6 – 1 41
Pay ire lan nd nts to rty t a me ac qu pro pe , p uip nt eq me	– 2 0.0	– 1 9.2
Pay ire fin cia l in nts to str ent me ac qu an um s	– 3 06 .6	– 1 23 .9
Pay nts to ire inv est nts in me ac qu me oci ate ass s	– 4 .4	– 2 .8
Pay ire bsi dia ries of nts to et me ac qu su , n h a uir ed cas cq	–	– 9 .8
Ne t d e i cei ble nd ent ecr eas n c urr re va s a uri ties fro ba nk ing sec m bu sin ith ori ina l te tha eat ess an g rm gr er n w thr nth ee mo s	–	91 3.0
Ne t d e i lia bil itie s f ent ecr eas n c urr rom ba nk ing bu sin ith ori ina l te ess w an g rm r th thr nth ate gre an ee mo s	–	– 4 34 .2
Pro ds fro dis als of in ible tan set g cee m pos as s	–	0.8
fro of fin Pro ds dis als cia l cee m pos an ins tru nts me	45 9.6	10 0.5
Ca sh flo fro inv ing tiv itie est ws m ac s	– 1 8.9	28 2.9

Deutsche Börse Group| Half-yearly financial report 2025 20

First half-year

		Jan 1 – J 30 un
€m in	No te	20 25	20 24
Pu rch of sha tre ase asu ry res		– 1 87 .4	– 2 97 .8
Pro ds fro sal f tr sh cee m e o eas ury are s		0.1	–
Pay ( div ide nd s) llin nts to tro me no n-c on g int sts ere		– 6 0.2	– 3 9.6
Re of lon fin cin nt ter pay me g- m an g		– 3 3.9	0
of fin Re nt sho rt-t cin pay me erm an g		–	05 .0 – 7
Pro ds fro sho fin cin rt-t cee m erm an g		–	64 0.0
Pay of le lia bil itie s i rda nts me ase n a cco nce wit h I FR S 1 6		– 4 4.9	– 4 6.4
Div ide nd aid s p		33 .9 – 7	– 6 97 .8
Ca sh flo fro fin ing tiv itie ws m anc ac s		– 1 06 0.2 ,	– 1 14 6.7 ,
Ne t c ha in sh and sh uiv ale nts nge ca ca eq		25 1.6	44 2.8

		Jan 1 – J 30 un
€m in	No tes	20 25	20 24
Ne ha in sh d c ash uiv ale t c nts nge ca an eq ( rd) bro ht for ug wa		25 1.6	2.8 44
Eff of ch e d iffe ect rat ex an ge ren ces		18 .1	– 2 4.3
Ca sh d c ash uiv ale be inn ing of nts at g an eq rio d pe		3, 92 3.5	2, 95 2 5.
Ca sh and sh uiv ale nts at d o f p eri od ca eq en	11	4, 19 3.2	3, 37 3.7
Ad dit ion al info ati nts in clu ded rm on on pay me in h f low s f tin ctiv itie cas rom op era g a s:
Int sim ilar in ive d st- ere com e r ece		1, 11 0.8	1, 54 9.6
Div ide nd ive d s r ece		9.2	5.4
1 Int id st ere pa		– 7 16 .4	– 1 05 1.1 ,
Inc id e t om ax pa		– 4 89 .7	– 4 79 .4

1) Interest paid is generally presented in cash flows from operating activities, while interest paid from long-term financing in amount of 33.9 million is presented in cash flows from financing activities.

Group interim management report Group interim financial statements Consolidated statement of changes in equity

Notes Further information

Consolidated statement of changes in equity

for the period January 1 to June 30, 2024

	Att rib ble f D sch e B örs e A G uta to eut ow ner s o
in €m	Su bsc rib ed ita l cap	Sh are mi pre um	Tre asu ry sha res	Re val u ati on lus sur p	Re tai ned nin gs ear	Sh are ho lde rs' uity eq	No n llin tro g con int sts ere	Tot al uity eq
Ba lan De ber 3 1, 20 23 at ce as cem	19 0.0	1, 50 1.6	– 3 51 .0	44 2.3	7, 87 8.6	9, 66 1.5	43 8.7	10 10 0.2 ,
1 Re tro ctiv dju stm ent spe e a	–	–	–	3.4 – 1	13 .4	–	–	–
Ba lan at Jan 1, 20 24 ce as ua ry	19 0.0	1, 50 1.6	– 3 51 .0	42 8.9	7, 89 2.0	9, 66 1.5	43 8.7	10 10 0.2 ,
Ne rof it fo r th erio d t p e p	–	–	–	–	99 6.2	99 6.2	47 .8	1, 04 4.0
Oth hen siv e i af ter tax er com pre nco me	–	–	–	1.3	30 .3	31 .6	3.6	35 .3
Tot al hen siv e i com pre nco me	–	–	–	1.3	1, 02 6.5	1, 02 7.8	51 .4	1, 07 9.2
Tra nsf of g ain di sal of FV O CI ity er on spo equ ins tai ned rni (n f ta x) tru nts to et o ngs me re ea	–	–	–	– 2 .8	2.8	–	–	–
Tra ctio wit h s har eho lde nsa ns rs
Pu rch of har tre ase asu ry s es	–	–	– 2 97 .8	–	–	– 2 97 .8	–	– 2 97 .8
Inc in s har e-b d p ent rea se ase aym s	–	0.0	0.0	–	–	0.0	–	0.0
Inc in s har e-b d p ent rea se ase aym s	–	6.2	6.7	– 7 .9	– 1 .0	4.1	0.6	4.7
Ch fro bus ine bin atio ang es m ss com ns	–	4.5	4.1	–	– 5 .7	2.8	– 3 .1	– 0 .3
Div ide nds id pa	–	–	–	–	– 6 97 .8	– 6 97 .8	– 3 9.6	– 7 37 .4
Tra ctio wit h s ha reh old nsa ns ers	–	10 .7	– 2 87 .0	– 7 .9	– 7 04 .5	– 9 88 .7	– 4 2.2	– 1 03 0.9 ,
Ba lan Ju 30 20 24 at ce as ne ,	19 0.0	1, 51 2.3	– 6 38 .0	41 9.5	8, 21 6.8	9, 70 0.6	44 7.9	10 14 8.6 ,

1) Previous year adjusted, see Note 3.

Group interim management report Group interim financial statements Consolidated statement of changes in equity

Notes Further information

Consolidated statement of changes in equity

for the period January 1 to June 30, 2025

	Att rib ble f D sch e B örs e A G uta to eut ow ner s o
in €m	Su bsc rib ed ita l cap	Sh are mi pre um	Tre asu ry sha res	Re val u ati on lus sur p	Re tai ned nin ear gs	Sh are ho lde rs' uity eq	No n llin tro con g int sts ere	Tot al uity eq
Ba lan Jan 1, 20 25 at ce as ua ry	18 8.3	1, 52 9.9	– 4 52 .3	57 9.5	8, 92 5.1	10 77 0.5 ,	48 8.7	11 25 9.3 ,
Pro fit for th erio d e p	–	–	–	–	1, 03 3.6	1, 03 3.6	55 .1	1, 08 8.7
Oth hen siv e i er com pre nco me	–	–	–	– 3 5 8.9	8.7	– 3 50 .2	– 1 6.9	– 3 67 .0
Tot al hen siv e i com pre nco me	–	–	–	– 3 58 .9	1, 04 2.3	68 3.4	38 .2	72 1.6
Oth adj ust nts er me	–	–	–	–	–	–	1.5	1.5
Tra ctio wit h s ha reh old nsa ns ers
of Pu rch ha ase ow n s res	–	–	87 – 1 .4	–	–	87 – 1 .4	–	87 – 1 .4
Sa les der th e G Sh Pl un rou p are an	–	0.0	0.0	8.7	–	8.8	–	8.8
Inc in s har e-b d p ent rea se ase aym s	–	15 .3	9.7	– 1 5.9	–	9.1	0.3	9.4
Tra ctio wit h n olli sha reh old ntr ng nsa ns on -co ers	–	16 .8	10 .9	–	– 2 2.2	5.5	– 5 .5	–
Div ide nds id pa	–	–	–	–	33 .9 – 7	33 .9 – 7	– 6 0.2	94 – 7 .1
Tra ctio wit h s ha reh old nsa ns ers	–	32 .1	– 1 66 .8	– 7 .1	– 7 56 .1	– 7 10 .4	– 6 3.9	– 7 74 .3
Ba lan Ju 30 20 25 at ce as ne ,	18 8.3	1, 56 2.0	– 6 19 .1	21 3.5	9, 21 1.3	10 55 6.0 ,	46 3.1	11 01 9.1 ,

Notes on the condensed consolidated interim financial statements

Basis of preparation

01 General principles

Basis of reporting

The consolidated interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and the related interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the European Union in accordance with Regulation No. 1606/2002 of the European Parliament and of the Council on the application of international accounting standards. These consolidated interim financial statements were prepared pursuant to the provisions of the German Securities Trading Act (Wertpapierhandelsgesetz; WpHG) as well as in accordance with International Accounting Standard IAS 34 "Interim Financial Reporting" and are subject to a review by external auditors. In accordance with IAS 34, a condensed scope of reporting was selected as compared with the consolidated financial statements as at December 31, 2024.

The interim financial statements should be read in conjunction with the audited and published consolidated financial statements as at December 31, 2024 and the disclosures published in the notes.

Disclosures on risks are included in the risk section of the consolidated interim management report and form an integral part of the half-yearly financial report.

Deutsche Börse AG's consolidated interim financial statements have been prepared in euros, the functional currency of Deutsche Börse AG. Unless stated otherwise, all amounts are shown in millions of euros (m). Due to rounding, actual amounts may differ from unrounded or disclosed figures. This may cause slight deviations from the figures disclosed in the previous year.

Income tax expenses in the consolidated interim financial statements are calculated on the basis of the best-possible estimate of the weighted average tax rate for the entire financial year in accordance with IAS 34. In doing so, the future tax rates that will apply as at the balance sheet date or have already been enacted due to statutory regulations are taken into account.

Accounting policies

The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied and presented in the consolidated financial statements for 2024.

Amended accounting standards – applied in the period under review

All the mandatory standards and applications endorsed by the European Commission were applied. The application was not premature.

Standard/Amendment/Interpretation

		Eff ive da ect te	Eff ect s
IAS 2 1	Am dm o I AS 2 1: Lac k o f e xch bil ity ent s t en an gea	Ja n 1 20 25 ,	No ne

New accounting standards – not yet implemented

The IASB has adopted the following new and amended standards and interpretations which were not applied in the reporting period because adoption by the EU is still pending or application is not yet mandatory. The new and amended standards and interpretations must be applied to financial years beginning on or after the effective date. Even though early application may be permitted for some standards, Deutsche Börse Group does usually not use any early application options.

New accounting standards – not yet implemented

Standard/Amendment/Interpretation

		Eff ive da ect te	Eff ect s
IFR S 9 d I FR S 7 an	Ch in th e d nit ion of fin an ges ere cog an ific cia l lia bil itie the cl ati d s, ass on an ent of fin cia l in str ent me asu rem an um s, d t he rela ted di scl in th ote an osu res e n s	Ja n 1 20 26 ,	Se ote e n s
IFR S 9 d I FR S 7 an	Ch efe cin to ntr act an ges co s r ren g -de de ele icit nat nt ctr ure pen y	Ja n 1 20 26 ,	No ne
IFR S 1 8	Pre tat ion d d isc los s i n t he sen an ure fin cia l st : IF RS 18 ins ate nts nta an me co uir s f the tio nd ent nta req em or pr ese n a dis clo of inf ati in fin cia l su re orm on an sta tem ent s f all nie s t hat ly or com pa ap p IFR S.	Ja n 1 20 27 ,	Se ote e n s
IFR S 1 9	Su bsi dia ries ith t P ub lic w ou Ac bil ity: D isc los nta cou ure s	Ja n 1 20 27 ,	No ne

IFRS 9 and IFRS 7 Amendments on the classification, measurement and disclosure of financial instruments

Amendments to IFRS 9 and IFRS 7 published in May 2024, which are mandatory from January 1, 2026, provide significant clarifications on the classification and measurement of financial instruments. Among other things, the new rules clarify the derecognition date for electronic payments, the SPPI criterion, and extended disclosure requirements for financial instruments with contingent cash flows and for equity instruments that are measured at FVOCI. The Group does not expect to have any effect on our financial position and financial performance.

IFRS 18 Presentation and Disclosures in Financial Statements The new accounting standard IFRS 18 published in April 2024 contains requirements for the presentation and disclosure of information in financial statements and replaces IAS 1 Presentation of Financial Statements. IFRS 18

aims to set out requirements for the presentation and disclosure of information in general-purpose financial statements to help ensure they provide relevant information that faithfully represents an entity's assets, liabilities, equity, income and expenses. The standard applies to financial years starting on or after January 1, 2027 and may be applied early. The standard has not yet been endorsed by the EU, but it is expected to be endorsed in good time. Deutsche Börse AG has already conducted initial analyses, but no assessment can be made as at the reporting date as to what effects the application will have.

02 Basis of consolidation

There were no material changes in the basis of consolidation in the first half-year of 2025.

03 Adjustments

The tax treatment of the valuation of an investment was adjusted retroactively to January 1, 2024. This results in an increase in the revaluation reserve of 13.4 million and a corresponding decrease in retained earnings.

In fiscal year 2024, we adjusted the reporting structure of our consolidated income statement to better reflect the change in internal corporate governance for

organic growth, which will take effect on January 1, 2025. In this context, a new item, "total net revenue without treasury result from banking and similar business," was introduced in the consolidated income statement and will serve as an important performance indicator for management purposes going forward. The figures for the previous year have been adjusted accordingly.

Notes on the consolidated statement of income

04 Revenue

We report our sales revenue on the basis of our segment structure. Revenue recognition for the segments' main product lines, as broken down and reported by the Group, are described in Note 4 of the Annual Report 2024.

Composition of sales revenue (part 2)

Composition of sales revenue (part 1)

Jan 1 – Jun 30 in m 2025 2024 Investment Management Solutions Software Solutions 359.7 343.6 On-premises 96.9 120.6 SaaS (incl. Analytics) 179.8 144.7 Other 83.0 78.3 ESG & Index 312.4 302.2 Index 121.8 113.4 ESG 132.8 128.5 Other 57.8 60.3 672.1 645.8 Trading & Clearing Financial Derivatives1 699.8 659.5 Equities 285.9 280.5 Fixed Income 291.2 259.7 Other 122.7 119.3 Commodities 326.2 274.2 Power 187.0 162.4 Gas 65.3 50.5 Other 73.9 61.3 Cash equities 210.0 178.0 Trading 108.5 82.6 Other 101.5 95.4 FX & Digital Assets 92.4 79.7 1,328.4 1,191.4

	Fir ha lf-y st ear
	Jan 1 – J	30 un
in €m	20 25	20 24
Fu nd Se rvic es
Fu nd sin g pro ces	16 0.9	13 3.0
Fu nd dis trib uti on	40 5.5	33 5.6
Oth er	48 .2	.3 47
	61 4.6	51 5.9
Se riti Se rvic cu es es
Cu dy sto	44 4.5	42 8.5
Set tle nt me	12 0.6	10 1.8
Oth er	10 3.5	89 .8
	66 8.6	62 0.1
Tot al	3, 28 3.7	2, 97 3.2
Co lida tio f in l re ter nso n o na ven ue	– 5 3.1	– 4 6.8
the f In tm ent M ent So lut ion reo ves ana gem s	– 3 7.2	– 3 3.4
the f T rad ing & Cle ari reo ng	– 7 .1	– 7 .1
the f F und Se rvic reo es	– 3 .3	– 2 .7
the f S ritie s S ice reo ecu erv s	– 5 .5	– 3 .6
Gro up	3, 23 0.6	2, 92 6.4

1) In the Trading & Clearing segment, Financial Derivatives business, revenue from fixed income, OTC clearing and repo business, which were previously reported in "Other," are now reported together in "Fixed Income". In addition, in the Financial Derivatives business, fees for collateral deposited, which were previously reported separately, are now allocated to the "Equities"" and "Fixed Income" business according to their economic content. The prior-year figures have been adjusted accordingly.

First half-year

Deutsche Börse Group| Half-yearly financial report 2025 28

05 Other operating expenses

Composition of other operating expenses

	Fir ha lf-y st ear
	Jan 1 – J 30 un
in €m	20 25	20 24
IT ts cos	12 2.0	11 3.6
Co fo r IT rvic ide nd oth ltin ice sts se e p rov rs a er con su g s erv s	11 0.5	10 6.8
No ab le inp ut tax n-r eco ver	18 .1	30 .8
Pre mis es exp ens es	23 .4	21 .7
Tra vel inm d c hos ita lity nte rta ent te , e an orp ora p ex pen ses	15 .5	16 .9
Ad tis ing d m ark eti ts ver an ng cos	16 .8	16 .0
Ins ium trib uti nd fee ura nce pr em s, con on s a s	14 .4	14 .0
Sh ort -te le rm ase s	2.9	2.8
Su rvis Bo ard ion ( inc l. s ub sid iar ies ) rat pe ory re mu ne	3.5	2.8
Mis cel lan eou s	22 .4	34 .8
Tot al	34 9.5	36 0.2

The costs of IT service providers and other consulting services mainly relate to expenses in connection with software development.

These costs also include expenses for strategic consultancy and legal advice, as well as for auditing.

06 Income taxes

The Deutsche Börse Group falls within the scope of the OECD Pillar II Model Rules. As our subsidiaries and permanent establishments are predominantly located in jurisdictions whose nominal tax rate exceeds the minimum tax rate of 15 percent, no significant tax effects are expected for the 2025 fiscal year.

In the reporting period, a current tax expense of approximately 3.8 million was recognized for the affected subsidiaries and permanent establishments. This relates primarily to business activities in Switzerland and represents less than 1.0 percent of income tax expense for the reporting period (December 31, 2024: 1.5 percent).

Notes on the consolidated statement of financial position

07 Intangible assets and property, plant and equipment

Intangible assets consist mainly of goodwill of 8,086.9 million (December 31, 2024: 8,354.5 million), other intangible assets (licenses, trademarks and customer relations) of 2,823.4 million (December 31, 2024: 2,969.4 million) and internally developed and purchased software of 1,128.4 million (December 31, 2024: 1,159.2 million).

Property, plant and equipment as at June 30, 2025 came to 640.3 million (December 31, 2024: 685.1 million). Deutsche Börse Group leases a large number of different assets. These mainly include buildings and cars. The corresponding carrying amounts are presented in the table below:

Right-of-Use Assets

in €m	Jun 30 20 25 ,	De c 3 1, 20 24
Lan d a nd Bu ild ing s	48 9.4	51 8.7
IT ha rdw ati d o ffic ipm ell ent are , o per ng an e e qu as as w l car poo	7.2	7.6
Tot al	49 6.6	52 6.3

In case of subleases classified as operating leases the leased asset is recognized as an asset at amortized cost in property, plant and equipment.

08 Financial instruments

Financial investments

Non-current financial assets (excluding financial instruments of the central counterparties) amounted to 1,437.6 million as at June 30, 2025 (December 31, 2024: 1,691.6 million). The main reason for the reduction of debt instruments measured at amortized cost was the reclassification of securities into short-term financial assets valued at 460.7 million. This was only partially offset by purchases totaling 294.2 million. An additional reduction is coming from foreign exchange effects.

Financial liabilities at amortized cost

Deutsche Börse Group had outstanding lease liabilities of 537.6 million as at June 30, 2025 (December 31, 2024: 567.1 million).

In the first half of 2025, the amount of commercial paper outstanding did not change significantly.

Fair value hierarchy

Financial assets and liabilities measured at fair value are categorized within the following three-level hierarchy:

Level 1: Financial instruments with a quoted price for identical assets and liabilities in an active market.
Level 2: Financial instruments with no quoted prices for identical instruments on an active market and whose fair value is determined using valuation methods based on observable market parameters.
Level 3: Financial instruments where the fair value is determined using one or more unobservable significant inputs. This does not apply to listed equity instruments.

In the first half of 2025, there were no transfers between the levels for assets or liabilities measured at fair value.

	Fai alu t r v e a s a Jun 30 20 25 ,
		the f a ttri but ab le t reo o:
in €m		Lev el 1	Lev el 2	Lev el 3
Fin cia l as set d a t fa ir v alu e t hro h o the hen siv e i ( FV OC I) an s m eas ure ug r c om pre nco me
Str ic i ate stm ent g nve s	17 8. 2	15 .4	–	16 2.8
Fin cia l as d a t fa ir v alu hro h p rof it o r lo ( FV PL ) set e t an s m eas ure ug ss
No fin ial ins he ld b ral rtie ent tru nts ent nte n-c urr anc me y c cou rpa s	9, 44 9.3	–	9, 44 9.3	–
Oth nt f ina nci al a ts er non -cu rre sse	8.8 14	15 .4	–	13 3.4
Cu nt f ina nci al ins he ld b ral rtie tru nts ent nte rre me y c cou rpa s	19 0, 48 0.4	–	19 0, 48 0.4	–
Oth nt f ina nci al a ts er cu rre sse	28 .2	7.6	14 .6	6.0
Tot al ets ass	20 0, 28 4.9	38 .4	19 9, 94 4.3	30 2.2
Fin cia l lia bil itie d a t fa ir v alu hro h p rof it o r lo ( FV PL ) e t ug an s m eas ure ss
fin No ent ial ins tru nts he ld b ent ral nte rtie n-c urr anc me y c cou rpa s	9, 9.3 44	–	9, 9.3 44	–
Oth nt f ina nci al liab iliti er non -cu rre es	33 .5	–	–	33 .5
Cu nt f ina nci al ins he ld b ral rtie tru nts ent nte rre me y c cou rpa s	18 9, 11 8.4	–	18 9, 11 8.4	–
Oth nt f ina nci al liab iliti er cu rre es	7.2	–	7.2	–
Tot al liab ilit ies	19 8, 60 8.5	–	19 8, 57 4.9	33 .5

Fair value hierarchy

	De c 3 1, 20 24
		f a the ttri but ab le t reo		o:
in €m		Lev el 1	Lev el 2	Lev el 3
t fa ( OC I) Fin cia l as set d a ir v alu e t hro h o the hen siv e i FV an s m eas ure r c om nco me
ug pre Str ic inv ate est nts g me	19 1.5	10 .8	–	18 0.7
Fin cia l as d a t fa ir v alu hro h p rof it o r lo ( FV PL ) set e t an s m eas ure ug ss
No fin cia l as s h eld by al rtie ent set ntr nte n-c urr an ce cou rpa s	6, 81 5.1	–	6, 81 5.1	–
Oth fin ent cia l as set er no n-c urr an s	7.9 15	20 .0	–	13 7.9
Cu nt fin cia l as set s h eld by ntr al nte rtie rre an ce cou rpa s	12 7, 05 9.6	–	12 7, 05 9.6	–
Oth fin cia l as nt set er cu rre an s	25 .9	4.9	15 .1	5. 8
Tot al ets ass	13 4, 25 0.0	35 .7	13 3, 88 9.8	32 4.4
Fin cia l lia bil itie d a t fa ir v alu hro h p rof it o r lo ( FV PL ) e t ug an s m eas ure ss
fin No ent cia l in str ent s h eld by ntr al nte rtie n-c urr an um ce cou rpa s	6, 81 5.1	–	6, 81 5.1	–
Oth fin cia l lia bil itie ent er no n-c urr an s	48 .6	–	–	48 .6
Cu fin cia l in s h eld by al rtie nt str ent ntr nte rre an um ce cou rpa s	12 6, 01 9.6	–	12 6, 01 9.6	–
Oth fin cia l lia bil itie nt er cu rre an s	27 .6	–	27 .6	–
Tot al liab ilit ies	13 2, 91 0.9	–	13 2, 86 2.3	48 .6

Level 2 other non-current and current assets and liabilities include foreign exchange forwards. The basis for measuring the market value of the foreign exchange forwards is the forward rate at the reporting date for the remaining term. They are based on observable market prices. The basis for measuring the market value of financial instruments held by central counterparties are market transactions for identical or similar assets on non-active markets and option pricing models based on observable prices.

The following table presents the valuation techniques, including material unobservable inputs, used to determine the fair value of Level 3 financial instruments (FVPL/FVOCI).

Fair value as at

Measurement methods and inputs for the fair value hierarchy Level 3

Fin cia l in str ent an um	Me ent M eth od asu rem	Ma ter ial bse ble in ts uno rva pu	Co ctio n b etw ate ria l u nob vab le i nne een m ser n ts d f air lue nt pu an va m eas ure me
De riva tive s	Int al Bla ck/ Me n/ Sc ho les tio ric ing rto ern op n p	Va lue of uity Ri sk/ fre e i nte t ra te eq res Vo lat ility Div ide nd ield y	Th sti ted fa ir v alu ld ( dow n), if: e e ma e w ou go up f th - th cte d v alu ity low e e xpe e o e e qu we re er ( hig he r) - th isk -fre e i low ( hig he r) nte t ra te e r res we re er - th ola tili hig he r ( low er) ty e v we re r ( er) - d ivid end ield hi he low y s w ere g
Eq uity in str ent um s	Dis d C ash flo Mo de l/ Mu ltip les nte cou w	Me usi dis d h flo ent nte asu rem ng cou cas w de ls (ne alu ch ) o sin t p ent mo res e a pp roa r u g v ltip les (m ark lue ach ). A s itiv ity et mu va ap pro ens aly sis is not ovi ded in th is c an pr ase	n .a.
Int in in stit uti al inv fun ds sts est nt ere on me	Ne t A t V alu sse e	Th in s i lud riva uity fu nd tm ent te ese ves nc e p eq s d alt ativ inv h eld b De ch est nts uts an ern e me e y Bö G Th lue d b the fu nd rse rou p ey are va y ma n r b d o et et lue . N et et lue is age ase n n ass va ass va det ine d usi ub lic inf ati fro erm ng no n-p orm on m the tiv iva uity te res pec e pr eq ma nag ers De che B e G nly h lim ited in sig ht uts örs rou p o as cif fu int o t he ic i uts ed by the nd spe np us ma nag . T he ref o d rip tive nsi tiv ity aly sis ers ore , n esc se an is p ide d. rov	n .a.
Co nti rch ice nt ent nge pu ase pr co mp on s	Dis d C ash flo Mo de l nte cou w	Va lue of uity eq	Th sti ted fa ir v alu ld ( dow n), if e e ma e w ou go up f t the cte d lue he uity h ig he e xpe va o eq w ere r ( low er)

The table below presents the reconciliation of the opening balance with the closing balance for Level 3 fair values.

Changes in level 3 financial instruments

		Ass ets
in €m	Fin cia l as set an s red at me asu fai alu r v e thr h o the oug r hen siv com pre e inc om e	Fin ial ets anc ass red at me asu fai alu r v e thr h p rof it oug los or s	Fin cia l lia bil i an tie d s m eas ure fai alu at r v e thr h p rof it oug los or s
1, 20 25 Ba lan at Jan ce as	18 0.7	14 3.7	48 .6
Ad dit ion s	1.5	4.7	–
s/ ( ) re fit Un lize d g ain los niz ed in los rea ses cog pro or s	–	– 9 .1	– 1 5.1
Ch niz ed in the lua tio lus an ges re cog re va n s urp	– 6 .2	–	–
Eff s f nsl ati niz ed in uity ect tra rom cu rre ncy on rec og eq	– 1 3.3	–	–
Ba lan Ju n 3 0, 20 25 at ce as	16 2.8	13 9.3	33 .5

The reduction of financial assets measured at FVOCI is mainly due to the negative fair value movement of strategic investments of 6.2 million and negative FX valuation effects of 13.3 million. The reduction was recognized in the revaluation surplus with no effect on profit or loss.

For financial assets measured at FVPL, the 4.7 million additions mainly came from the acquisition of fund shares. FX valuation effects resulted in a loss of 9.1 million. For financial liabilities measured FVPL we benefited from positive valuation effects of 15.1 million that mainly resulted from the valuation of put options.

The unobservable inputs can generally consist of a range of values that are considered probable. The sensitivity analysis determines the fair values of the financial instruments using input factors that lie at the lower or upper limit of

the possible range. The fair values of the Level 3 financial instruments would change as follows when using these inputs:

Sensitivity analysis of the financial assets and financial liabilities allocated to Level 3 depending on unobservable input parameters.

		Fai alu ha r v e c nge
in €m	1) cha in t p ter nge pu ara me	Inc rea se	De cre ase
Fin cia l lia bil itie an s
Op tio ns	Exp ed lue of uity ect va eq ( 10 % Ch ) an ge	– 1 0.7	17 .1
	Vo lat ility ( 10 % Ch ) ge an	6.4	– 5 .9

1) A possible change in one of the significant unobservable input factors with the other input factors remaining unchanged would have the effects shown in the table above.

The fair values of the other financial assets and liabilities not measured at fair value were determined as follows:

The financial assets measured at amortized cost held by us include debt instruments with a fair value of 1,879.5 million (December 31, 2024:

2,096.2 million). They are recognized as part of debt instruments measured at amortized cost. The fair value of the securities was determined by reference to published price quotations in an active market. The securities were allocated to Level 1.

The bonds issued had a fair value of 7,046.5 million as at June 30, 2025 (December 31, 2024: 7,003.9 million) and are disclosed under liabilities measured at amortized cost. Their fair value is based on the bonds' quoted prices. Due to insufficient market liquidity, the bonds are allocated to Level 2.

The financial instrument's carrying amount represents a reasonable approximation of fair value for all other positions.

09 Employee benefits

Employee benefits consist of:

provisions for pensions,
provisions for all current and non-current employee benefits and
provisions for termination benefits

Composition of employee benefits

		Jun 30 20 25 ,		De	24
€m in	No n nt cu rre	Cu nt rre	Tot al	No n-c ur- t ren	Cu nt rre	Tot al
s fo Pro vis ion ion r p ens s	21 .6	–	21 .6	32 .8	–	32 .8
Pro vis ion s fo r loy ben efit em p ee s	77 .1	21 8.7	29 5. 8	79 .8	34 0.8	42 0.7
Sh ba sed are nt pay me	54 .8	22 .9	77 .8	55 .8	38 .9	94 .7
Bo nus es	10 .1	12 0.0	13 0.1	12 .7	23 6.6	24 9.3
Va ion title cat en flex tim nd nts me e a , rtim ove e	–	67 .3	67 .3	–	60 .5	60 .5
Oth nel er per son vis ion pro s	12 .2	8.4	20 .6	11 .3	4.8	16 .1
Pro vis ion he n t s o of asi ter mi nat ion occ on of loy nt em p me	14 .1	12 .6	26 .7	17 .8	22 .3	40 .0
Ear ly r etir ent em ent agr eem s	14 .1	–	14 .1	17 .8	–	17 .8
Sev era nce ent agr eem s	–	12 .6	12 .6	–	22 .3	22 .3
Tot al ben efit s t o loy em p ees	11 2.8	23 1.3	34 4.0	13 0.4	36 3.1	49 3.5

Pension provisions were measured using the projected unit credit method in accordance with IAS 19. As at June 30, 2025, the discount rate for pensions and similar obligations in Germany and Luxembourg stood at 3.6 percent (December 31, 2024: 3.4 percent). The actuarial gains and losses of 12.4 million resulting from the remeasurement were recognised in equity in the item "Retained earnings" and are part of other comprehensive income in the statement of comprehensive income.

10 Equity

The proposed dividend of 4.00 per share for the 2024 financial year was approved by the Annual General Meeting on May 14, 2025 and distributed to our shareholders on May 19, 2025 (2024 for the 2023 financial year: 3.80 per share).

In addition, dividens paid to non-controlling interests in amount of 60.2 million were made, which reduced the non-controlling interests accordingly.

Other disclosures

11 Reconciliation to cash and cash equivalents

In order to determine diluted earnings per share, all subscription rights, for which a cash settlement has not been determined are assumed to be settled with equity instruments – regardless of actual accounting in accordance with IFRS 2.

Reconciliation to cash and cash equivalents

in €m	Jun 30 20 25 ,	Jun 30 20 24 ,
Re icte d b k b ala str an nce s	50 03 7.7 ,	50 68 5.7 ,
Oth h a nd ba nk ba lan er cas ces	1, 71 0.7	1, 69 0.6
f fi Ne t p osi tio nci al ins tru nts he ld by n o na me l co rtie tra ter cen un pa s	1, 36 2.0	18 9.0
Cu fin cia l in d a rtiz ed nt str ent t a t rre an um s m eas ure mo cos	24 29 7.1 ,	21 68 7.8 ,
les s fi cia l in ith orig ina l m rity str ent atu nan um s w an 3 eed ing nth exc mo s	39 – 1 5 .1 ,	– 2 13 1.5 ,
Cu fin cia l lia bil itie d a rtiz ed nt t a t rre an s m eas ure mo cos	– 2 4, 12 6.2	– 2 0, 01 7.6
les s fi cia l in ith orig ina l m rity str ent atu nan um s w an eed ing 3 nth exc mo s	2, 22 1.6	1, 68 6.6
Cu fro nt liab ilit ies h d sits by ark et rtic ipa nts rre m cas epo m pa	9, 0.6 – 4 77	0, 7.0 – 5 41
Ca sh and sh uiv ale nts ca eq	4, 19 3.2	3, 37 3.7

12 Earnings per share

Under IAS 33, earnings per share are calculated by dividing the net income for the period attributable to Deutsche Börse AG shareholders (net income) by the weighted average number of shares outstanding.

In order to determine diluted earnings per share, potentially dilutive ordinary shares that may be acquired under the share-based payment programs are added to the average number of shares.

Calculation of earnings per share (basic and diluted)

	Fir ha lf-y st ear
	Jan 1 – J 30 un
	20 25	20 24
Nu mb of sha din t b inn ing of rio d tst er res ou an g a s a eg pe	18 3, 77 8, 37 9	18 5, 11 2, 46 0
Nu mb of sha din nd of riod tst t e g a er res ou an s a pe	18 3, 27 3, 38 1	18 3, 62 2, 62 1
We ig hte d a mb of sha din tst ver age nu er res ou an g	18 3, 64 2, 47 2	18 3, 63 4, 26 5
Nu mb of ten tia lly dil utiv rdi sha er po e o na ry res	37 81 1, 9	12 16 9, 9
We ig hte d a mb of sha ed dil d to te ute ver age nu er res us com pu rni ha ngs ea pe r s re	18 4, 01 4, 29 1	18 3, 80 3, 39 4
Ne t in e f the riod ( €m ) com or pe	1, 03 3.6	99 6.2
( ic) ( € ) Ea rni ha bas ngs pe r s re	5.6 3	2 5.4
Ea rni ha ( dil ute d) ( € ) ngs pe r s re	5.6 2	5.4 2

13 Segment reporting

Deutsche Börse divides its business into four segments: This structure is used for the internal Group controlling and forms the basis for the financial reporting.

Segment reporting

	Inv Ma est nt ent nag me em So lut ion s Fir st ha lf-y ear Jan 1 – J 30 un		Tra din & Cle ari g ng Fir st ha lf-y ear Jan 1 – J 30 un		Fu nd	Se rvic es		Se riti Se rvic cu es es		Gro up
					Fir st ha lf-y ear Jan 1 – J 30 un		Fir st ha lf-y ear Jan 1 – J 30 un		Fir st ha lf-y ear Jan 1 – J 30 un

	20 25	20 24 1	20 25	1 20 24	20 25	1 20 24	20 25	1 20 24	20 25	1 20 24
fro Ne t re wit ho ut tre ult ba nk ing d ven ue asu ry res m an sim ilar bu sin ( €m ) ess	60 5.9	59 4.8	1, 21 3.4	1, 07 3.7	23 9.7	20 3.9	51 5.7	46 8.4	2, 57 4.7	2, 34 0.8
Tre ult fro ba nk ing d s im ilar bu sin asu ry res m an ess ( €m )	0.1	9.2	11 2.5	13 7.0	28 .5	35 .0	29 6.1	35 4.8	43 7.2	5 36 .0
€m Ne t re ( ) ven ue	60 6.0	60 4.0	1, 32 5.9	1, 21 0.7	26 8. 2	23 8.9	81 1.8	8 23 .2	3, 01 1.9	2, 87 6.8
Sta ff c s ( €m ) ost	– 3 26 .6	– 3 12 .3	– 3 11 .8	– 2 83 .8	– 7 5. 2	– 7 0.9	– 1 5 8.3	– 1 38 .3	– 8 71 .9	– 8 05 .3
Oth tin s ( €m ) er op era g e xpe nse	– 9 6.9	– 9 8.6	– 1 68 .1	– 1 72 .3	– 2 8.9	– 3 0.8	– 5 5.6	– 5 8.5	– 3 49 .5	– 3 60 .2
Re lt f fin cia l in tm ent su rom an ves s	10 .8	– 0 .3	1.8	13 .2	–	–	– 0 .2	– 0 .8	12 .4	12 .1
f: r f th of the lt o ity tho d m nt reo esu e e qu me eas ure me oci ate ass s	0.0	0.2	4.0	3.3	–	–	– 1 .0	– 0 .8	3.1	2.6
EB ITD A ( €m )	19 3.3	19 2.8	84 7.8	76 7.8	16 4.1	13 7.2	59 7.7	62 5.6	1, 80 2.9	1, 72 3.4
EB ITD A m in ( %) arg	31 .9	31 .9	63 .9	63 .4	61 .2	57 .4	73 .6	76 .0	59 .9	59 .9
lt f EB ITD A w ith t tr ba nk ing d s im ou eas ury re su rom an ilar bu sin ( €m ) ess	19 3.2	18 3.6	73 5. 3	63 0.8	13 5.6	10 2.2	30 1.6	27 0.8	1, 36 5.7	1, 18 7.4
EB ITD A m in wit ho ult fro ba nk ing ut tre arg asu ry res m d s im ilar bu sin ( %) an ess	31 .9	30 .9	60 .6	5 8.8	56 .6	50 .1	5 8.5	57 .8	5 3.0	50 .7
De cia tio ort iza tio nd im irm ent lo pre n, am n a pa sse s ( €m )	– 1 05 .3	– 1 00 .5	– 8 0.2	– 7 4.8	– 2 5. 8	– 2 3.3	– 3 9.6	– 4 7.1	– 2 50 .9	– 2 45 .7
EB IT ( €m )	88 .0	92 .3	76 7.6	69 3.0	13 8.3	11 3.9	55 8.1	57 8.5	1, 55 2.0	1, 47 7.7
Em loy (a t J e 3 0) p ees s a un	7, 45 3	6, 95 5	4, 50 3	4, 30 2	1, 38 2	1, 40 9	2, 49 7	2, 42 7	15 83 5 ,	15 09 3 ,

1) Previous year adjusted, see Note 3.

Group interim management report Group interim financial statements Notes Further information

14 Other risks

Deutsche Börse Group is, from time to time, involved in various legal disputes arising from the course of its ordinary business. We recognise provisions for legal disputes and regulatory matters when there is a present obligation from an event in the past, it is probable that there will be an outflow of resources embodying economic benefits to settle the obligation and the amount of this obligation can be estimated reliably. In such cases, a risk of losses may arise that is higher than the corresponding provisions. If the above conditions are not met, the Group does not recognise provisions. When a legal dispute or regulatory matter arises, the Group assesses on an ongoing basis whether the conditions for the recognition of a provision are met. The Group may not be able to predict what the potential loss or range of loss will be in respect of these matters. Based on the information currently available, Deutsche Börse Group as a whole does not expect the outcome of any of these proceedings to have a material adverse effect on its assets, liabilities, financial position and profit and loss.

Legal risks

A detailed description of the status of current litigation can be found in the Annual Report 2024 on pages 283 to 287.

With regard to litigation, the following material change occurred in the first half-year of 2025:

On July 23, 2021, Clearstream Banking AG was served with a lawsuit that Air Berlin PLC i.L. had announced by way of an ad hoc announcement on June 25, 2021. The insolvency administrator in connection with the assets of Air Berlin PLC i.L. claims the payment of approximately 497.8 million from Clearstream Banking AG as personally liable partner of Air Berlin PLC i.L. due to Brexit, and seeks declaratory relief that Clearstream Banking AG is liable for all debts which have not already been approved to the insolvency table in the course of the insolvency proceedings concerning the assets of Air Berlin PLC (see Annual Report 2024, page 286). By judgement of March 28, 2025, the lawsuit was dismissed at first instance as inadmissible; on May 8, 2025, the plaintiff filed an appeal against the judgment. .

Tax risks

Due to its business activities in various countries, Deutsche Börse Group is exposed to tax risks. A process has been developed to recognise and evaluate these risks, which are initially recognised based on their probability of occurrence. These risks are then measured on the basis of their expected value. A tax liability is recognised in the event that it is more probable than not that the risks will occur. We continuously review whether the conditions for recognising corresponding tax liabilities are met.

15 Related party disclosures

Related parties as defined by IAS 24 are members of the executive bodies of Deutsche Börse AG and their close family members, as well as the companies classified as associates of Deutsche Börse AG, investors and investees and companies that are controlled or significantly influenced by members of the executive bodies.

Business relationships with related parties

The following table shows transactions entered into within the scope of business relationships with non-consolidated companies of Deutsche Börse AG in the first half-year of 2025. All transactions took place on standard market terms.

Transactions with related parties

	Am of the ctio nt tra ou nsa ns: rev en ue lf-y Ha ear		Am of the ctio nt tra ou nsa ns: exp ens es lf-y Ha ear		Ou and ing ba lan tst ces : eiv ab les rec		Ou and ing ba lan tst ces : liab ilit ies

	Jan 1 – J 30 un		Jan 1 – J 30 un
in €m	20 25	20 24	20 25	20 24	Jun 30 20 25 ,	De c 3 1, 20 24	Jun 30 20 25 ,	De c 3 1, 20 24
As iate soc s	9.7	8.3	17 .0	13 .5	5. 2	3.3	0.9	1.0
Tot al s of bu sin ctio tra um ess nsa ns	9.7	8.3	17 .0	13 .5	5.2	3.3	0.9	1.0

Business relationships with key management personnel

Key management personnel are persons who directly or indirectly have authority and responsibility for planning, directing and controlling the company's activities. The Group only defines the members of the Executive Board and Supervisory Board of Deutsche Börse AG who were active in the reporting period as key management personnel for the purposes of IAS 24. In the first half-year of 2025, no material transactions took place with key management personnel.

16 Events after the end of the reporting period

There have been no events after the balance sheet date.

Responsibility statement by the Executive Board

To the best of our knowledge, and in accordance with the applicable reporting principles for half-year financial reporting, the condensed consolidated interim financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the consolidated interim

management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.

Frankfurt am Main, den 24 July 2025

Deutsche Börse AG

Executive Board

Certificate following auditor's review

To Deutsche Börse Aktiengesellschaft, Frankfurt am Main

We have carried out an auditor's review of the condensed consolidated interim financial statements – consisting of the consolidated balance sheet, consolidated income statement, consolidated statement of comprehensive income, consolidated cash flow statement, consolidated statement of changes in equity and selected notes to the financial statements – and the consolidated interim management report of Deutsche Börse Aktiengesellschaft, Frankfurt am Main, for the period from January 1 to June 30, 2025, which form part of the halfyear financial report pursuant to Section 115 Securities Trading Act (WpHG). The entity's Executive Board is responsible for preparing the condensed consolidated interim financial statements according to the IFRS for interim financial reporting as applicable in the EU, and the consolidated interim management report according to the applicable WpHG provisions for consolidated interim management reports. Our responsibility is to issue a certificate on the condensed consolidated interim financial statements and the consolidated interim management report on the basis of our auditor's review.

We carried out the auditor's review of the condensed consolidated interim financial statements and the consolidated interim management report in accordance with the German generally accepted standards for the auditor's review of financial statements as promulgated by the Institute of Public Auditors in Germany (IDW). They require that the auditor's review is planned and carried out so that by critical analysis we can rule out with a certain assurance that the condensed consolidated interim financial statements have not been prepared in material respects in accordance with the IFRS for interim financial reporting as applicable in the EU, and that the consolidated interim management report has not been prepared in material respects in accordance with the WpHG provisions for consolidated interim management reports. An auditor's review is primarily limited to questioning company employees and analytical assessments,

and so does not offer the assurance possible with an audit. Since in line with our engagement we did not conduct an audit, we cannot provide an auditor's report.

On the basis of our auditor's review we did not become aware of any circumstances that cause us to assume that the condensed consolidated interim financial statements have not been prepared in material respects in accordance with the IFRS for interim financial reporting as applicable in the EU, and that the consolidated interim management report have not been prepared in material respects in accordance with the WpHG provisions for consolidated interim management reports.

Frankfurt am Main, July 24, 2025

PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft

Auditor Auditor

Marc Billeb Dr. Michael Rönnberg

AI Terminal

Deutsche Börse AG

101_rns_2025-08-08_ab8ba497-1057-4a35-a279-7d810093ab59.pdf

Half-yearly financial report Quarter 2/2025

Q2/2025: Deutsche Börse Group reports further secular growth and strong operational economies of scale

Consolidated interim management report Q2/2025

Fundamental information about the Group

Comparability of figures

Changes in the basis of consolidation

Material business relationships with related parties

Report on economic position

Results of operations

Key figures on results of operations of Deutsche Börse Group

Investment Management Solutions segment

Key indicators Investment Management Solutions segment

Trading & Clearing segment

Key indicators Trading & Clearing segment

Fund Services segment

Key indicators Fund Services segment

Securities Services segment

Key indicators Securities Services segment

Group interim management report Report on economic position

Financial position

Cash flow

Capital management

Dividend

Net assets

Consolidated balance sheet (extract)

Risk report

Report on opportunities

Report on expected developments

Consolidated income statement

for the period January 1 to June 30 2025

Consolidated statement of comprehensive income

Consolidated balance sheet

Consolidated cash flow statement

First half-year

First half-year

Deutsche Börse Group| Half-yearly financial report 2025 20

First half-year

First half-year

Consolidated statement of changes in equity

Consolidated statement of changes in equity

Notes on the condensed consolidated interim financial statements

Basis of preparation

01 General principles

Company information

Basis of reporting

Accounting policies

Standard/Amendment/Interpretation

New accounting standards – not yet implemented

Standard/Amendment/Interpretation

IFRS 9 and IFRS 7 Amendments on the classification, measurement and disclosure of financial instruments

02 Basis of consolidation

03 Adjustments

Notes on the consolidated statement of income

04 Revenue

Composition of sales revenue (part 1)

First half-year

Deutsche Börse Group| Half-yearly financial report 2025 28

05 Other operating expenses

Composition of other operating expenses

06 Income taxes

Notes on the consolidated statement of financial position

07 Intangible assets and property, plant and equipment

Right-of-Use Assets

08 Financial instruments

Financial investments

Fair value hierarchy

Fair value hierarchy

Measurement methods and inputs for the fair value hierarchy Level 3

Changes in level 3 financial instruments

Sensitivity analysis of the financial assets and financial liabilities allocated to Level 3 depending on unobservable input parameters.

09 Employee benefits

Composition of employee benefits

10 Equity

Other disclosures

11 Reconciliation to cash and cash equivalents

Reconciliation to cash and cash equivalents

12 Earnings per share