German exchange group reports historic first-quarter results driven by increased trading in volatile markets, alongside strategic growth in digital assets and post-trade services.
Deutsche Börse has delivered a record first quarter, buoyed by turbulent markets and a sharp rise in hedging activity as geopolitical tensions unsettled investors.
The German exchange group said EBITDA reached €1.007 billion in the three months to the end of March, up 10% from a year earlier and its strongest first-quarter result on record. Net revenue including the treasury result rose 9% to €1.638 billion, while net revenue excluding that item climbed 12% to €1.434 billion, reflecting what the company described as continued structural growth across its businesses.
The performance was driven largely by heightened volatility in equities, bonds and energy markets, especially after military tensions escalated in the Near and Middle East from March onwards. That backdrop prompted market participants to repeatedly reassess risk, supporting higher trading activity and stronger demand in clearing and post-trade services.
Trading & Clearing and Commodities were among the main beneficiaries, with increased hedging flows and firmer power and gas volumes. Fund Services and Securities Services also continued to expand, with assets under custody hitting new highs. Growth in Investment Management Solutions was partly offset by the weaker US dollar, which fell 11% against the euro over the period.
EBITDA excluding the treasury result rose 18% to €803 million, highlighting the operating leverage in Deutsche Börse’s core model. Net profit attributable to shareholders increased 11% to €585 million, while earnings per share came in at €3.21.
The company said the results confirmed the resilience of its diversified platform and reiterated its full-year 2026 guidance. Chief financial officer Jens Schulte said the group had once again shown the strength and scalability of its business model.
Deutsche Börse also said it was making progress on its planned purchase of Allfunds Group, with completion still expected in the first half of 2027.
The update comes after an especially busy start to the year for the company’s cash markets. In January, trading venues Xetra and Frankfurt recorded turnover of €171.49 billion, up from €129.01 billion a year earlier, with Xetra accounting for most of the volume.
The group has also continued to emphasise its broader strategic push into digital assets and post-trade infrastructure, as it seeks to build on the surge in market activity while maintaining growth in more stable parts of the business.
- https://www.leaprate.com/financial-services/exchanges/deutsche-borse-reports-record-q1-ebitda-as-geopolitical-volatility-drives-trading-volumes/ – Please view link – unable to able to access data
- https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342 – Deutsche Börse reported a strong start to 2026, with net revenue excluding treasury results rising by 12% to €1,434 million, driven by structural growth and geopolitical tensions in March. EBITDA excluding the treasury result increased by 18% to €803 million, underscoring significant economies of scale. The company reaffirmed its full-year guidance, highlighting the strength and scalability of its business model. ([deutsche-boerse.com](https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342?utm_source=openai))
- https://www.investing.com/news/earnings/deutsche-borse-beats-q1-estimates-on-broad-strength-93CH-4640474 – Deutsche Börse exceeded Q1 estimates, with EBITDA rising 10% to a record €1,007 million, surpassing consensus by 2%. Net revenue, including the treasury result, increased 9% to €1,638 million, ahead of projections by 2%. Excluding the treasury result, net revenue climbed 12% to €1,434 million, driven by structural growth and geopolitical tensions in March. ([investing.com](https://www.investing.com/news/earnings/deutsche-borse-beats-q1-estimates-on-broad-strength-93CH-4640474?utm_source=openai))
- https://www.marketbeat.com/instant-alerts/deutsche-brse-q1-earnings-call-highlights-2026-04-28/ – Deutsche Börse’s Q1 earnings call highlighted a strong performance, with net revenue growing 12% excluding treasury results. EBITDA increased 10% to over €1 billion, achieving an EBITDA margin of 61%, a first-quarter record. The company reaffirmed its full-year guidance and discussed strategic progress in digital assets and the planned acquisition of Allfunds. ([marketbeat.com](https://www.marketbeat.com/instant-alerts/deutsche-brse-q1-earnings-call-highlights-2026-04-28/?utm_source=openai))
- https://www.investing.com/news/company-news/deutsche-borse-q1-2026-slides-beats-forecasts-reaffirms-guidance-93CH-4641866 – Deutsche Börse’s Q1 2026 financial results exceeded analyst expectations, with earnings per share of €3.40, surpassing the consensus forecast of €3.18. Net revenue reached €1.64 billion, beating projections of €1.62 billion. The company celebrated 25 years since its initial public offering and emphasized structural growth and resilience amid heightened market volatility. ([investing.com](https://www.investing.com/news/company-news/deutsche-borse-q1-2026-slides-beats-forecasts-reaffirms-guidance-93CH-4641866?utm_source=openai))
- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/newsroom/press-releases/Deutsche-B-rse-Trading-Volumes-in-January-2026-4934358 – In January 2026, Deutsche Börse’s trading venues Xetra and Frankfurt generated a turnover of €171.49 billion, up from €129.01 billion the previous year. Xetra accounted for €165.15 billion, with an average daily trading volume of €7.86 billion. Equities accounted for €121.08 billion, and ETFs/ETCs/ETNs generated €47.37 billion in turnover. ([cashmarket.deutsche-boerse.com](https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/newsroom/press-releases/Deutsche-B-rse-Trading-Volumes-in-January-2026-4934358?utm_source=openai))
- https://www.marketscreener.com/news/deutsche-borse-capitalizes-on-crisis-driven-market-volatility-ce7f59dddf8df02c – Deutsche Börse capitalized on market turbulence and volatile price swings, with first-quarter revenue climbing 11% to €1.82 billion. EBITDA rose by 10% to just over €1 billion, and net profit increased by 11% to €585 million. CFO Jens Schulte reaffirmed the full-year guidance, stating the company is on track to achieve its ambitious targets. ([marketscreener.com](https://www.marketscreener.com/news/deutsche-borse-capitalizes-on-crisis-driven-market-volatility-ce7f59dddf8df02c?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on Deutsche Börse’s Q1 2026 earnings, published on April 27, 2026. ([deutsche-boerse.com](https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342?utm_source=openai)) The content is current and original, with no evidence of prior publication or recycling.
Quotes check
Score:
10
Notes:
The article includes direct quotes from CFO Jens Schulte, such as: “The first quarter was marked by high volatility and geopolitical uncertainty. Our business model has once again impressively demonstrated its strength and scalability.” ([deutsche-boerse.com](https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342?utm_source=openai)) These quotes are consistent across multiple reputable sources, confirming their authenticity.
Source reliability
Score:
8
Notes:
The primary source is Deutsche Börse’s official press release, which is reliable. ([deutsche-boerse.com](https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342?utm_source=openai)) The article is published on LeapRate, a niche financial news outlet. While it provides accurate reporting, its limited reach may affect the overall reliability score.
Plausibility check
Score:
10
Notes:
The reported financial figures align with those in Deutsche Börse’s official press release. ([deutsche-boerse.com](https://www.deutsche-boerse.com/dbg-en/media/news-stories/press-releases/Q1-2026-Good-Start-to-the-Year-Proven-Business-Model-in-Volatile-Times-Structural-Growth-as-Expected-5103342?utm_source=openai)) The claims about increased trading volumes due to geopolitical tensions are plausible and supported by multiple sources. ([investing.com](https://www.investing.com/news/earnings/deutsche-borse-beats-q1-estimates-on-broad-strength-93CH-4640474?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article provides current and original reporting on Deutsche Börse’s Q1 2026 earnings, with consistent and verifiable quotes. The primary source is reliable, and the content is free from paywall restrictions. While the source’s niche focus slightly limits the diversity of verification sources, the overall assessment is positive.