Deutsche Boerse AG

DB1: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Deutsche Boerse Earnings: Revenue Within Expectations as Increased Volatility Is a Positive

Niklas Kammer

Apr 29, 2025

Deutsche Boerse reported first-quarter revenue of EUR 1,507 million, 2% shy of company-compiled consensus estimates. As we expected, the treasury result formed a headwind, declining to EUR 230 million from EUR 262 million last year. We maintain our EUR 220 fair value estimate and wide economic moat.

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Deutsche Boerse AG

Deutsche Boerse Earnings: Revenue Within Expectations as Increased Volatility Is a Positive

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