BofA Expects 'Strong' Q3 for Deutsche Börse, Sees Upside Potential to FY26 Revenue Outlook

MT Newswires · 2d ago
02:45 AM EDT, 10/09/2026 (MT Newswires) -- BofA Global Research expects Deutsche Börse (DB1.F) to report a 10% year-over-year net revenue increase to 1.58 billion euros in its third-quarter results, while seeing potential upside to the exchange operator's full-year 2026 revenue guidance. Excluding a 208 million-euro treasury result, the research firm said Thursday that it expects Deutsche Börse to post an 11% year-over-year third-quarter revenue increase, with top-line growth bolstered by sustained momentum in fund services and securities services. The company is scheduled to publish its third-quarter results on Oct. 20. "EPS is slightly lower into Q3 results due to higher comp costs from the increase in share price adding ~EUR25m in the quarter. That said, we still expect 2026 costs to be in-line with guidance of +3% YoY ex-ALLFG-related acquisition charges," analysts said in a third-quarter preview note focused on European exchanges. "Our EBITDA is EUR3.9bn compared to guidance of >EUR3.8bn. Overall, we expect a strong Q326 with topline +10% YoY as T&C (+12%) benefits from continued volatility, particularly in interest rate derivatives where Sept is the second-best month ever." According to BofA, higher treasury results from interest rates provide scope for Deutsche Börse to beat its 2026 outlook, forecasting total revenues of 6.5 billion euros and a treasury result of 800 million euros, above the company's respective targets of over 6.4 billion euros and more than 700 million euros. The research firm has a buy rating and a price objective of 305 euros on the stock.