For 2023, Deutsche Börse has announced net proceeds of between 4.5 and 4.7 billion euros.
(Photo: dpa)
Frankfurt Higher interest rates and lively trading in electricity derivatives helped Deutsche Börse to jump in sales and profits in the second quarter. “Due to the very good development in the first half of 2023 and the outlook for the rest of the year, we expect to exceed our forecast for 2023,” said the stock exchange operator on Tuesday evening.
He did not give exact figures. For 2023, the group had forecast net sales of between 4.5 and 4.7 (2022: 4.34) billion euros and an EBITDA of 2.6 to 2.8 (2022: 2.5) billion euros.
In the second quarter, net revenue climbed 20 percent to 1.2 billion euros, “driven largely by strong net interest income from banking business,” as Deutsche Börse explained. The operating result (Ebitda) increased by 25 percent to 733 million euros. Both clearly exceeded the analysts’ expectations of Deutsche Börse.
While business was still driven by the high trading volume due to the turbulence in the banking sector in the first quarter, the second quarter was more subdued. In some cases, the trading volumes in equity derivatives were significantly below those of the previous year, it said.
On the other hand, trading activity in electricity derivatives, which had been dampened by the energy crisis in the previous year, picked up. In addition to the Xetra stock trading platform, Deutsche Börse also operates the EEX energy exchange, the Eurex derivatives exchange and the 360T foreign exchange trading platform.
The increase in the forecast for the full year does not yet include the expected contribution from the Danish financial software specialist SimCorp, which Deutsche Börse intends to take over for 3.9 billion euros. The transaction is expected to be completed by the end of the third quarter once all approvals have been received.
“We are right on schedule,” explained Chief Financial Officer Gregor Pottmeyer. The acquisition, with which the group wants to strengthen its data analytics business, has already delayed the presentation of the new strategy that Deutsche Börse actually wanted to present in June. It is now planned for the fall.
More: Swiss investor lawyers want to sue for compensation for shareholders