Q2 2024 Deutsche Boerse AG Earnings Call Transcript
Key Points
- Deutsche Boerse AG (DBOEF) reported a strong 19% net revenue growth in Q2 2024, reaching EUR1.45 billion, exceeding initial expectations.
- The company's new investment management solutions segment saw a 7% organic net revenue increase, driven by client wins in software solutions.
- The trading and clearing segment grew net revenue by 11%, with the commodities business being the fastest-growing part.
- Fund services experienced a 10% net revenue increase, benefiting from a favorable market environment.
- The company increased its full-year guidance to more than EUR5.7 billion in net revenue and more than EUR3.3 billion of EBITDA, reflecting strong performance and positive outlook.
- The interest rate environment, which had been a tailwind, started to fade in the second quarter, impacting net interest income.
- The termination of the agreement with NASDAQ to acquire the Nordic power derivatives business resulted in exceptional costs of EUR15 million.
- The software solutions segment faced higher comparables from the previous year, affecting growth rates.
- The ESG business, despite an 8% growth, is facing a more muted sentiment, particularly in the United States due to the upcoming election.
- The company had to manage exceptional costs and impairments, including a EUR10 million exceptional impairment of software in the security services segment.
Good afternoon, ladies and gentlemen, and welcome to the Deutsche Post AG Olympic. And good afternoon, ladies and gentlemen, and welcome to the Deutsche Börse AG Analyst and Investor Conference Call. Regarding the Q2 2024 results. At this time, all participants have been placed on a listen only mode and the floor will be open for your questions following the presentation, let me now turn the floor over to lunch.
Yes, welcome, ladies and gentlemen, and thank you for joining us today to go through our second quarter 2024 results. With me are Theodor Weimer, Chief Executive Officer, and Greg port Meyer, Chief Financial Officer. Taylor and Gregor will take you through the presentation. And afterwards we will be happy to take your questions.
The link to the presentation materials for this call has been sent out via e-mail, and it can also be downloaded from the Investor Relations section of our website. As usual, this conference call is recorded and will be available for replay afterwards.
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