Deutsche Börse Aktie

Good afternoon, ladies and gentlemen, and welcome to the Deutsche Borse AG Analyst and Investor Conference Call regarding the second quarter of 2026. [Operator Instructions] The conference is being recorded.

Let me now turn the floor over to Mr. Jan Strecker.

Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the second quarter of 2026. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, Chief Financial Officer. Stephan and Jens will take you through the presentation. And following their remarks, we will open the lines for your questions.

The presentation materials have been distributed via e-mail and can also be downloaded from our Investor Relations website. The call is being recorded, and a replay will be made available shortly after the conclusion of today's session.

With that, let me now hand over to you, Stephan.

Thank you, Jan, and welcome, everyone. The first half of 2026 exceeded our expectations on the treasury side and confirmed our strong core growth trajectory with broad-based secular revenue growth, accelerating operating leverage and an upgraded full-year outlook.

Let me take you through 5 key points and key themes that we really want to emphasize. The first key theme is our performance. You will recall that Q1 benefited from a significant increase in volatility, particularly in March. As we said at the time, we expected activity levels to normalize after that spike. This is exactly what we saw in Q2 and was fully consistent with our expectations.

What is important is that even in this more normalized environment and against a strong prior year quarter, we delivered 9% net revenue growth without the treasury result and 13% EBITDA growth on the same basis. 6 of our 8 business areas delivered net revenue growth in the quarter, demonstrating the breadth and balance of our portfolio. This speaks to the quality of our growth.

The long-term trends we have been investing into for years continue to support our performance. For the first half as a whole, net revenue grew by 11% and EBITDA by 16% without treasury results. This is a strong performance and shows the resilience and scalability of our model.

On the treasury result, in Q1, we said that we were beginning to see an inflection point. Q2 confirms that trend. The treasury results declined by only 1% at the group level. This is the inflection we have been signaling. As a result, the drag on total net revenue growth has almost faded with overall growth reaching 7% in Q2. A strong performance.

Let me come to the second point. The secular growth across our portfolio. In the first half, Security Services, Financial Derivatives and Fund Services have been the strongest contributors with each of the 3 delivering mid-teens net revenue growth driven mainly by structural factors.

Let me touch on each of the 3. In Securities Services, we continue to achieve broad-based growth across all key metrics with assets under custody reaching record levels due to strong fixed income issuance and elevated settlement activity driven by retail participation.

Collateral management outstandings crossed the EUR 1 trillion mark for the first time, a milestone that underscores the essential role of our infrastructure. Clearstream's role as a core part of European financial market infrastructure remains highly relevant in this environment.

Let me come to the second big contributor. In the financial derivatives, Eurex delivered strong performance in fixed income with net revenues up 27%. As part of that, OTC clearing net revenue grew 49%, driven not only by the active account requirements translating into real activity, but also by improved revenue quality. The key drivers remain intact, the build-out of the euro yield curve ecosystem, regulatory requirements and efficiencies for our clients.

Eurex is fully on track to deliver on its 2026 fixed income commitments. That's a far from self-fulfilling prophecy. I think it's really enormous hard work by the teams.

The third area of a very significant double-digit contribution is the Fund Services. We continue to benefit from outsourcing and fund distribution and the gradual shift towards more capital markets-based retirement savings in Europe. Assets under custody reached new record levels again.

Importantly, the strength across our portfolio more than compensated for slower activity in commodities, where volumes normalized after the exceptional Q1 and the well-known headwinds in the ESG business. This is exactly the benefit of our diversified business model. When individual areas face temporary headwinds, the breadth of our portfolio ensures continued delivery of our plans.

On ISS STOXX, with the minority buyout now complete, we are setting the course for the next chapter. Last week, we announced the appointment of Ginny Gomez as the new CEO effective August 3. She brings deep expertise in technology, data, and AI, and is the right leader to drive the next phase of growth, and we are very grateful to Gary Retelny.

Let me touch on the third theme, the operating leverage and capital returns. The first half again demonstrates the operating leverage of our model. This is supported not only by disciplined cost management, but also by the progress we are making on AI and digitization, our global location concept and the OneGroup operating model benefits, while at the same time, continuing to invest in the areas that support long-term growth. This balance between savings, efficiency, scaling and on the other side, investing is important. We are not reducing investments in the future of the business, but we are ensuring that revenue growth translates into stronger EBITDA growth.

The first half shows that the model is working as intended, 3% underlying cost growth, only 2% staff cost, and I think we will hear more on it from Jens in a minute.

On capital returns, during the quarter, we completed our EUR 500 million share buyback program. At the time of our Q1 call, less than half had been executed. Buybacks are now an established element of our capital return framework, complementing our progressive dividend policy.

As a fourth theme I would really want to leave with you is the progress on the transformation aspects. The themes set out in our Leading the Transformation: Strategy continue to gain momentum.

Starting with the broader European opportunity. I do not want to repeat the full strategic case we discussed last quarter. The key point for Q2 is that the policy momentum in Europe continues to move in a direction that is closely aligned with the strategic choices we have made over many years. This is closely connected to the themes behind our strategy, deeper and more transparent capital markets, stronger market infrastructure, more retail participation and more efficient financing of the real economy. We are structurally positioned to benefit from all of these developments.

As a concrete step in Germany's broader agenda to modernize the financial system, strengthen capital markets and mobilize private wealth, the government is actively reforming private pensions. The new tax-advantaged retirement savings depot, the Altersvorsorgedepot, and the early start pension for young people, the Fruhstart-Rente, are important steps towards broader capital markets-based savings.

In addition, at the end of June, a fast-track legislative process was initiated to introduce a capital-based component to the state pension scheme similar to what has happened many years ago in Sweden. Over time, this should further accelerate higher participation in capital markets with positive implications for our trading and post-trading services in equities and our fund offerings.

At the European level, we see increasing support and momentum. The recent joint initiative from the 6 large European economies underlined the shared ambition to deepen and integrate European capital markets. Among their top 5 points, number one was to strengthen fund and retail distribution, spot on for our Allfunds acquisition.

The priorities are clear: stronger support for transparent trading venues in order to reduce fragmentation, more resilient clearing infrastructure, higher retail participation, better mobilization of private capital. Each of these priorities, if implemented well, will deepen European capital markets and drive incremental activity through our platforms.

The same is true as a third area for the European Commission's market integration and supervision package. We have spent years building integrated technology-enabled and regulated market infrastructure. Taken together, the German Retirement Reform, the Savings and Investment Union, the E6 initiative and the EMIS, we see a more constructive long-term environment for European capital markets.

Deutsche Borse is well positioned to contribute to these developments and to benefit from them. We've invested ahead of the curve and we will continue to do so. That is what leading the transformation really means.

Let me come to the second aspect of our transformational themes. Turning to digital assets and tokenization. Here as well, the focus is for us on execution. We have been investing in regulated digital asset infrastructure for years. The incremental point this quarter is that tokenization is moving further from experimentation towards really institutional use cases. A key development is Clearstream's next-generation digital securities infrastructure, which we unveiled during the quarter. This is an important step in our digital strategy.

It is designed to support the issuance, settlement, custody and servicing of digital securities in a regulated and scalable environment and to connect digital instruments with existing institutional market infrastructure. We are ahead of the curve. We're ahead of what we see in other markets. This is exactly where we believe Deutsche Borse can add value, not by creating parallel unregulated markets, but by bringing digital securities into trusted, resilient and regulated infrastructure.

A concrete example from the last quarter is the recent tokenization commercial paper issuance by the European Investment Bank through our digital infrastructure. It is not a proof-of-concept. It has passed through all life cycle steps from issuance to settlement to custody. It is a real transaction with a leading supranational issuer, and it validates the strategic investments we have been making for years. It shows that leading institutional issuers are looking for trusted, regulated and operationally robust infrastructure when they enter tokenized markets.

Clearstream is well positioned in this space. Combined with our broader digital assets initiatives and our strategic investment in Canton, we are building a secure and compliant gateway for institutional clients. The regulatory environment in Europe, including MiCA, plays to our strengths. Clients want innovation, but they want it within a trusted and regulated framework. That is exactly where Deutsche Borse can add value.

So let me come to the fifth theme, our outlook. As always, we take a measured view. The post-Q1 normalization played out as anticipated. And the breadth of our first half performance reinforces our confidence. We are in a strong position to raise our targets.

The treasury result is now expected to exceed EUR 0.7 billion, lifting total net revenue to above EUR 6.4 billion. Jens will take you through the details.

So let me conclude. H1 was a strong first half. We delivered broad-based growth, demonstrated operating leverage, completed our buyback program and continued to execute on our strategic priorities. Therefore, the main message that I really want to reemphasize with you is straightforward. The business is performing well as a portfolio and proves its structural ability to grow. The strategy is progressing and the long-term environment for European capital markets remains constructive.

At the same time, we continue to build the infrastructure needed for the next phase of market development from integrated European capital markets to regulated digital securities. We are confident in our trajectory, fully on track to deliver on our 2026 goals and building the foundation for sustained growth through 2028 and beyond.

With that, let me hand it over to Jens.

Yes. Thank you, Stephan, and welcome, everyone. It's a pleasure to talk you through our financial results for the second quarter and first half of 2026.

Let me start with the first half overview on Page 2. The 11% net revenue growth without the treasury result is precisely the kind of broad-based resilient performance that our business model is designed to deliver. This was fueled by continued underlying secular trends across all 4 segments, and it builds on the strong momentum we established in Q1. Notably, this top line growth translated into bottom line performance.

EBITDA without the treasury result grew 5 percentage points ahead of revenue growth. This is the operating leverage story we have been articulating and the first half demonstrates it clearly. The overall EBITDA margin expanded to 61%.

Operating costs for the first half increased by 4%. This includes around EUR 20 million of exceptional costs related to the acquisition of Allfunds. Excluding these costs, underlying operating cost growth is fully in line with our guidance.

Net profit attributable to Deutsche Borse shareholders increased 12% to EUR 1.2 billion and cash EPS grew also 12% to EUR 6.73. These strong overall numbers reflect the quality of our earnings growth.

Turning to Page 3, the Q2 stand-alone view. Net revenue without the treasury result grew 9%. This is a strong result considering the post-Q1 market normalization that Stephan described and against a demanding comparison base. Q2 last year was itself a strong quarter with 10% net revenue growth without the treasury result, driven by heightened market activity around the U.S. tariff situation at that time. The growth this quarter was broad-based and fueled by continued underlying secular drivers.

Operating costs increased by 4% to EUR 644 million, but this included EUR 7 million of exceptional costs related to the Allfunds acquisition. Excluding these, underlying operating cost growth amounted to 3%, driven by inflation and investments, again, fully in line with our guidance.

The treasury result stabilized at EUR 205 million. As Stephan noted, the headwind has almost faded and total net revenue growth reached 7%.

The financial result came in at negative EUR 42 million. This includes the expected interest increase from the bond issuance we completed in March to finance the buyout of the ISS minority stake. EBITDA without the treasury results grew 13% and cash EPS, the overall measure of our profitability also increased 13% to EUR 3.33.

Now let me turn into the segments, starting with Investment Management Solutions on Page 4. Before going into the details, I would note that FX headwinds for the segment have largely faded. On a constant currency basis, growth rates for both the segment and its 2 businesses would have been around 1 percentage point higher.

In Software Solutions, net revenue grew 7% to EUR 180 million. This was against the demanding comparison base. Q2 of '25 included a significant Tier 1 client win in the U.S. This quarter also reflects the back-end-loaded shape of the '26 delivery calendar that we flagged on the Q1 call.

In addition, the signing of a Tier 1 EMEA client expansion moved from Q2 into Q3, and we expect this to close shortly. Together with the broader pipeline conversion, this supports double-digit growth for the full year.

What is important is the quality and breadth of the underlying momentum. Annual recurring revenue stood at EUR 717 million, up 14% in constant currency, in line with our guidance and against strong prior year comparables. Growth in '26 is broader-based than in '25 with incremental ARR spread across a wide range of land and expansion deals rather than concentrated in a few landmark signings.

The Americas delivered 25% ARR growth, confirming the structural momentum in the North American institutional market and APAC accelerated to 20% ARR growth, anchored by significant expansion with an Asian sovereign wealth fund and new logos in Southeast Asia.

SaaS net revenue grew 4% in Q2 against a strong prior year comparison that included substantial license fees from the large U.S. deal. The underlying recurring subscription engine remains fully intact with SaaS representing 45% of the H1 revenue mix. On-premise net revenue grew 21%, boosted by a stronger-than-usual renewal cycle.

On AI, roughly 15% of strategic R&D capacity is now dedicated to AI initiatives following through on the road map we presented at the SimCorp Global Summit. This is already in production and delivering results, positioning AI both as a client value driver and as a scalability lever on the cost side.

In ESG, headwinds from subdued demand increased moderately in Q2, particularly in Market Intelligence and Corporate Solutions, where prolonged sales cycles continued to weigh on net revenue. The political and legal environment around ESG-related services in some U.S. states also remains difficult, leading to a modest increase in legal costs in the quarter. We expect this to continue in the second half and are managing these costs within our overall cost guidance.

On the positive side, our ESG ratings and data business remained stable, underscoring the deep anchoring and continued relevance of our products. And Index grew 7%, supported by record levels of assets under management in ETFs. This continues the trajectory we saw in Q1. Overall, the solid performance in Software Solutions and Index more than offset the ESG headwinds.

Segment EBITDA of EUR 98 million reflected a higher prior year comparison base from financial investments and seasonal cost phasing. Adjusting for these effects, the underlying EBITDA trajectory remained positive.

Turning to Page 5, Trading & Clearing. Net revenue without the treasury result grew 7% and EBITDA without the treasury result increased 11%. These results demonstrate strong operating leverage, particularly given the normalization of market activity following the exceptional Q1.

Financial Derivatives was the standout performer again, with net revenue up 15%. The details tell a compelling story of broad-based strength. Fixed income derivatives net revenue grew 27% with all 3 pillars contributing strongly. This performance reflects the deepening of our euro yield curve ecosystem, supported by record Eurozone sovereign issuance, divergent fiscal trajectories, driving demand for our non-German LTF futures and growing institutional adoption across the curve.

This is most visible in OTC Clearing, which delivered an exceptional quarter with net revenue up 49%. This performance reflects higher volumes, the active account requirement beginning to translate into real activity and structural improvements in revenue quality, including a significant shift towards non-package volumes and adjusted partnership program terms.

Importantly, where the EU buy-side activation rate has not yet increased materially, the onboarded client base has grown to over 2,500 and the number of active clients has approximately doubled to around 500 over the last 18 months. With 80% of onboarded clients not yet active, there remains significant room to grow, and we are still in the early innings.

In short-term interest rate derivatives, an important part of our overall yield curve offering, we saw an improvement in market share from the lows we experienced in March. We have redesigned our incentive framework effective from July and will review the overall STIR approach after the summer to calibrate our strategy. We continue to believe that the broader benefits of the active account requirement will also support the build-out of our STIR franchise over time.

Repo continued to perform very well with net revenue up 41% and outstandings reaching a record EUR 1.4 trillion. The structural drivers remain firmly intact, declining ECB excess liquidity, rising sovereign issuance, and growing demand from public sector and buy-side entities.

Equity derivatives saw more modest growth following the March volatility spike, but the quality of revenue improved. This growth was driven by a favorable product mix and the benefits of pricing measures we implemented earlier this year against the strong Q2 last year.

Commodities experienced a significant normalization of activity in European power derivatives. As reflected in Q1, the exceptional performance driven by the surge in gas derivatives and elevated power market activity was unlikely to repeat with the same intensity. This is exactly what we are seeing.

Hedging demand moderated as the geopolitical situation in the Middle East began to ease, and we also saw some financially driven participants reducing their risk exposure during the quarter. In addition, the lingering impact of higher collateral requirements weighed on trading activity, creating a further headwind for volumes.

The long-term secular growth drivers of our commodities business remain firmly intact, growing global power consumption driven by electrification and data center demand, the energy transition, the continued shift of OTC onto exchanges, and our expanding global footprint. We remain on track to deliver on our Leading the Transformation targets for the commodities business.

Cash equities trading benefited from ongoing demand for both European equities and ETFs, with net revenue up 9%. This was supported by continued strong retail participation and the growing relevance of European equity markets and global portfolios, trends we view as structural rather than cyclical. And for FX and digital assets, business achieved solid growth of 8% through client wins, despite a normalization of the FX market environment following the currency volatility we saw in Q1.

Average daily volumes remained at all-time high levels, with June setting a new record, building on the milestone of crossing EUR 200 billion for the first time in March. The structural client acquisition momentum remains intact, and this is a business where we continue to gain market share quarter-by-quarter.

The treasury result in Trading & Clearing declined 7% to EUR 50 million, reflecting the continued impact of lower margin fees because of higher netting efficiency for our clients. Overall, Trading & Clearing delivered a strong quarter. EBITDA growth significantly outpaced revenue growth, a powerful demonstration of the operating leverage embedded in this business.

The details tell a compelling story, structural growth in financial derivatives, resilient performance in cash equities and FX, fully compensating the anticipated normalization in commodities, which does not change the long-term trajectories.

Now moving on to Fund Services on Page #6. Net revenue without the treasury result grew 14% and EBITDA without the treasury result increased 20%. This marks another quarter of strong double-digit growth and impressive operating leverage in this business.

Fund processing was the key driver with revenues up 19%. This growth was fueled by record levels of assets under custody, which reached EUR 5 trillion, up 25% year-over-year, as well as higher settlement activity, which surged 23%. These are remarkable numbers that reflect the structural growth of this business.

This performance is a direct result of our investments in our platform and our successful partnerships with global participants. These investments position us perfectly to capture the 2 powerful and reinforcing structural trends that Stephan described.

The industry-wide shift towards outsourcing of fund administration and the structural acceleration of capital markets-based retirement savings across Europe. The Allfunds acquisition is progressing as planned with the process of obtaining the required regulatory approvals fully on track. We continue to expect completion in the first half of '27.

Now turning to Securities Services on Page 7, which once again delivered an exceptional performance. Net revenue without the treasury result grew 16%, while EBITDA without the treasury result surged 27%. This is the strongest operating leverage across all our segments, and it underscores the scalability of Clearstream's platform. The growth was driven by record levels across all key metrics.

Assets under custody reached EUR 17 trillion, up 8%, driven mainly by international debt issuance. Settlement activity rose 14%, supported by elevated retail flows and collateral management outstandings crossed the EUR 1 trillion mark for the first time, reaching that level with 31% growth year-over-year. Heightened demand for safe and efficient collateralization continues to propel this business forward.

I also want to draw your attention to the important inflection point. The treasury result in Securities Services showed its first year-over-year growth since Q4 of '23, increasing 3%. This growth was driven by higher cash balances, which grew 7% and by stabilizing interest rates. This is the turning point we have been signaling and it is now confirmed in the numbers. As a result, total net revenue in Securities Services grew 12%, reaching a new all-time high of EUR 441 million.

Finally, let me conclude with our updated outlook for '26 on Page #8. Our core guidance is confirmed. We continue to expect EUR 5.7 billion of net revenue and EUR 3.1 billion of EBITDA, both without the treasury result. With roughly half of both targets delivered in the first half, we are tracking at the midpoint of our annual targets.

The upgrade is on the treasury side. The treasury result for '26 is now expected to exceed EUR 0.7 billion, and this is driven by the changed global interest rate outlook and higher cash balances. Accordingly, total net revenue is now expected to exceed EUR 6.4 billion and all-in EBITDA to exceed EUR 3.8 billion.

Regarding operating costs, we continue to expect an increase of approximately 3% in '26, excluding the exceptional costs related to the acquisition of Allfunds. To sum up, a strong first half with broad-based secular growth and expanding margins, combined with an improved treasury result outlook, gives us the confidence to upgrade our full year guidance. We are firmly on track.

That concludes our presentation. We look forward to your questions.

[Operator Instructions] And the first question comes from Benjamin Goy from Deutsche Bank. The stage is yours.

Maybe just 1 or 2 follow-up questions on Security Services, given the continued strong performance there. Can you elaborate on the custody margin, which seems to be tracking higher now the second quarter in a row, how sustainable this is? And then also on collateral management, you mentioned the EUR 1 trillion was crossed. It was always a business that theoretically had significant opportunities. It still has EUR 1 trillion versus EUR 17 trillion. But what is driving the latest acceleration in growth? And that would be appreciated.

Thanks a lot, Benjamin. I think, first of all, the question around the margin on the custody side is absolutely sustainable. I think, we do not see any special effects there from a cost or whatever. This is -- we are continuing to invest in the business in a solid way, but there's no special effect. So therefore, I think it is a very positive development and represents the scaling benefit.

Now on the collateral management, I mean, that is a 30% increase in the quarter. The EUR 1 trillion that you alluded to half year is a 20% growth on the revenues. I think what we just see is a heightened sort of sensitivity and awareness of the clients to the collateral optimization. That's what we really benefit on in a wider sense. And we have also added in that context on our product side or we have improved our collateral basket creation tools, and that gives us additional volumes.

And I should have specified on revenue margin in custody, which seems to be higher as well, the revenue capture better than your asset under custody growth would suggest.

I think, Benjamin, that's always the result of this combination of having collateral management revenues and custody in one line item and then comparing it to the custody assets. So if collateral management grows over proportionately 31% in terms of the volumes, then the average revenue margin, of course, will come up within the custody business on a stand-alone basis, we see stable to maybe slightly improving revenue margins.

And the next question comes from Grace Dargan from Barclays.

Maybe if I could just ask two, quickly. So firstly, the on-premises in SimCorp was stronger than certainly I was expecting, given your SaaS focus. So how should we be thinking about the progression of the on-premises revenues going forward? Has anything there particularly changed?

And then secondly, just on the kind of account activations, what's the catalyst to really get that moving from here?

Grace, on the first question, as I alluded to, that quarter was an exceptional renewal cycle quarter for the on-premise business. The underlying strategic development is, of course, fully unchanged there. So there is a full focus on driving SaaS forward. In SaaS, as I said, we had a strong prior year comparison with a large U.S. client coming in. So that basically made this growth rate look a little bit lower this quarter. And then the other one was a bit inflated by an exceptional cycle. But underlyingly, we continue to increase the share of SaaS and on-premise revenues will, in their share decrease over time.

And then on the second question, the account activation. So it's a combination of things, right? I mean, one topic is, of course, regulatory tailwinds, right? So we -- as you may have seen, the regulator, the ESMA brought out a report reviewing the current activation cycle and where people stand and the compliance degrees and so forth. And that also leads us to think that there may be a stricter enforcement coming towards us over time, then also creating some tailwinds.

And the other thing is still simply that we believe we have a very competitive offering here, right? I mean, we believe that particularly through the clearing angle and cross-bond and over time, cross-product margining, we believe that we should be able to win market share.

And the next question comes from Michael Werner from UBS.

I want to go back -- I have one question. I want to go back to the Security Service business. We did see, as alluded to in the earlier question, stronger revenue growth than custody revenue growth than assets under custody growth, even if you exclude the collateral management revenues. We saw a better settlements revenues as well versus the actual transactions. I think it was plus 23% versus plus 14%.

I'm just trying to figure out what's driving -- and again, this is 2 really strong quarters from this division. I'm just trying to figure out, is this really being driven just by greater issuance within fixed income, and that comes with other fees and higher-margin business. Is this where you're actually succeeding in increasing the value-add offerings to the clients there? I just want to get a little bit more color on what's been such a strong area.

I think picking up on both of your sub-questions in a way. The settlement, in particular, is something where the out performance of the revenue development versus the volume is really driven by the activation that we see and continue to see on the retail side. I think that is an important driver. It is also influenced by the mix of our client base. So as we have highlighted before, we do see many of the neo brokers and those fresh and fast-growing players coming directly to us. So I think that's a very important element that helps in addition to the product mix itself.

And the next questioner is Hubert Lam from Bank of America.

I just got one question. On commodities, you talked about the long-term drivers within that business. But in the near term, do you still expect to continue to see pressure that you've seen this quarter? And what do you think could be the drivers for an improvement in the near term?

First of all, as you correctly say, Hubert, and thank you for the question. It's very important to underline that the key drivers of the business are fully intact and some of them are midterm, but some of them are also driving the business more short term, right? I mean, things such as renewable energy, for example, and the volatility it brings to the network, that is something -- that is something also impacting on the short-term note, the increasing share of new customers, financially driven or ALCO traders, our continued expansion in Japan and a bit in the Nordics, our crypto derivatives clearing offering through our Nodal Exchange in the U.S. All of these things actually also have an impact on the short term, let alone on the midterm, yes.

So because of these things, we fully believe that the story is intact. Q2, we view as sort of an exceptional normalization after the first quarter, as we alluded to, because some participants have basically hedged their positions for the rest of the year. Some participants reduced their positions also partly maybe because they created losses in the first quarter. So this is sort of an overreaction that we're seeing at the moment from our perspective, and we basically assume that that's going to normalize throughout the rest of the year.

And the next question comes from Arnaud Giblat from BNP Paribas.

My question is on SimCorp. So we're seeing a divergence between the revenues and ARR growth. And I think you've touched upon this during the presentation and during your Capital Markets Day, that we should expect this, and revenue growth will continue to slow into '27 before catching up with ARR. But I was just wondering if you could give a bit more color in terms of where we are in that and maybe talk a bit more about mix of clients between on-premise and SaaS. Just how things are shaping up? And if you're still very confident that growth -- revenue growth and ARR growth will eventually catch up.

So I mean, first of all, on your last question, the mix, as we alluded to, is almost half-half, right? So we are around the 45 percentage mark in terms of SaaS revenue share and then the remainder is on-premise and other components of our revenues.

The underlying story is intact. And as you correctly alluded to, the revenue shift will be made as of the first of next year. And then ARR growth and accounting growth, particularly for the SaaS part, but also overall will move more closely together.

I think it's important to always keep in mind that even with that strategy over time unfolding, we will never have 0% on-premise and 100% SaaS, right? There will always be clients that require on-premise offerings. Think about sovereign institutions, for example, who just because of regulation, cannot move into the cloud. So there will always be somewhat of a delta, but we are still fully on track to continue to close that gap next year with the accounting change.

I mean, one element that supports, if I may build on that, Arnaud, is the entire AI sort of product offering. It creates a stronger incentive to go into the cloud because clearly, the availability of the AI tools and the accessibility across SimCorp One. And that's a big discussion we are having with many clients, especially after the Global Summit, which was a big success, as Jens alluded to. So I think this is an accelerator of the sort of SaaS story.

And Ian White from Autonomous Research has the next question.

Maybe we could talk in a bit more detail about the developments within ESG in the second quarter. Do you have clients canceling Corporate Solutions services? And if so, what are they switching to? And just on proxy advisory, are you seeing any contract cancellations or attempts to in-source those services by the asset management clients, please? That's my main question.

And then maybe just as a small follow-up. We're starting to see inflation pick up both in Europe and the U.S.A. In which parts of the business might that have some bearing on pricing discussions as we head into 2027, please?

Let me take your first one, Ian. Thanks for addressing. The proxy advisory, we generally see a very high renewal dynamics. That's very positive. There have been selected cases, some of them quite public for reasons that are more related to the thematic public discussion on proxy. But overall, it's very clear that the sort of offering and the depth of our data from the history is a powerful sort of engine that drives the attractiveness of the ISS offering. If there is moves, then certainly also the belief of very big players to have an in-house AI capability is one of the angles that is potentially relevant there.

Sorry, in the second question on pricing, which business did I refer to?

I was just -- a question was really for you guys. In which parts of the business would you start thinking about basically inflation having a bearing on the price increases that you propose to clients for 2027? Where is that relevant to you basically?

So overall, Ian, as you know, pricing in our growth trajectory plays only a minor role, right? So we are always guiding on average across the portfolio around 100 basis points. We do from time-to-time in the businesses, review our pricing schedules, right, and also optimize those. We already shared, I think, with you guys. I think Thomas did that on the occasion of the Capital Markets Day, for example, that we had been doing so within Eurex at the end of last year, and that is also taking effect now.

We're also working on the pricing schedules of a few of the other businesses, particularly within post-trading, but it's not that one big strategic push, so to speak. So we are -- on average, pricing is one smaller lever, but it's not a key component of our growth.

And the next question comes from Ben Bathurst from RBC Capital Markets.

Thanks, Stephan, for your update on the European opportunity at the start of the call. I just wondered if you could share thoughts on what the next key milestones are to advance some of those opportunities? And in particular, where you think you might see further progress over the next 6 to 12 months?

Thanks for picking up on this, Ben, because indeed, it is the tangibility that I think makes the last few months quite exciting and positive. Let me, on my 3 different angles that I talked about. The first one is really the domestic German sort of wider environment. I mean, there's the activation by end of the year of the Fruhstart-Rente is the next leg. And then we will see into the first quarter of next year, the start of the public pension scheme support of capital market or capital savings-based component. So I think that's very tangible. We'll see the legislation come into effect in the beginning of next year.

I think, with respect to the European, sort of, changes, there, I do expect a process which will crystallize the outcome on both the commission side as well as the E6 side in the course of September and October. And then you know that European legislative framework requires then a negotiation between parliament and commission and the governments, and that will take into Q1. But there's a lot of high pressure on that. So I think we will know the pattern of the outcome in the end of the year.

It will be very clear, and I'm very excited that they have picked up on some topics that were no go for many years like enforcing more public trading venues. This is a big change that is going to come because it's a clear sort of perception that, that has overshot in the past.

Now I think the last and third element is a tangible process -- progress on some of the digitization stories. And there, I think, in particular, in autumn, the activation of the ECB's digital currency on the wholesale side or the first module of that is going live in October. I think that will support especially many of the issuance activities that we have started to do, which so far, we can do the securities leg digitally, but we lack the cash leg.

So I think in that sense, October for that. And then as I said, German legislation will -- with the beginning of the year will be effective and not just conceptual. And then the European Commission plan and outcome will be also clear in January and will power us for the next few years.

And the last question comes from Oliver Carruthers from Goldman Sachs.

Oliver Carruthers from Goldman Sachs. I just have one question on the ARR in Software Solutions, please. I guess, you've gone from 18% to 14% on a constant currency basis in 2 quarters. My understanding of this metric is this effectively a function of your gross sales less any cancellations plus any pricing benefit. And I'm not asking you to give -- give us the disclosure or the building blocks here. But just are you able to quantify the impact of the, I think, 2 big client wins that you had last year, I think CalPERS and AllianceBernstein. I know they were big wins and good momentum, but just 400 basis points is quite a big headwind. I'm just trying to contextualize that in the context of the slowdown.

And or perhaps another way, could you just confirm that there's been no change to the -- either the cancellation rates or the pricing relative to the comparable period last year? Just again, just trying to frame the context of 18% to 14%.

We can confirm to you there is no cancellation dynamics. So that's not at all an issue we encounter. There's also no reduced pricing power dynamics. That is not the case at all. I think it really comes down that on an ARR level, certainly, some of those big clients can make a 2% or 3% difference in a single case.

And we did speak a bit about one of the cases that slipped from Q2 to Q3. So you can be assured that our teams were very bullish that they would get it done. As you also know, it's sometimes better from a pricing dynamics to not be pressurized to meet the quarter end or year-end, but to proper negotiate the price in the contract. So again, as I said, it's probably the -- it can be a 2% or 3% difference in ARR if we really talk about a big client.

Understood. So the moving parts between changes in quarter-to-quarter subscriptions growth is really driven by gross sales. Is it the way to understand that?

Yes, absolutely. Thanks for the question, Oliver.

Great. There are no further questions in the line. So therefore, we would like to conclude today's call. Thank you very much for your participation, and have a good day and a good summer. Thank you.

Reliable, transparent innovative. That's your Deutsche Borse Group Shareholders. Shareholder representatives, ladies and gentlemen, as Chairwoman of the Supervisory Board, I call this year's Annual General Meeting of Deutsche Borse AG to order.

And pursuant to the company's articles of incorporation, I shall be presiding over this meeting. I'd like to welcome you very warmly on behalf of both the Supervisory Board and the Executive Board. Following last year's face-to-face AGM, the Executive Board decided to have another digital Annual General Meeting this year. This decision was mainly based on the company's positive experience with virtual format in previous years as well as on this year's agenda.

When it comes to resolving on future AGM formats, the Executive Board will always bear in mind the items on the agenda and the interest of shareholders. As in previous years, shareholders' right to ask questions was deliberately not limited to the period preceding this AGM. In other words, dear shareholders, please feel free to raise any questions you might have as if this were a face-to-face event. I look forward to a lively debate with you.

Ladies and gentlemen, before we proceed to the business to be transacted, allow me to make the following formal remarks. This AGM is being held pursuant to proper notice in the Federal Gazette on March 25, 2026. Since that day, notice of meeting and any other mandatory documents have been available on the company's website. All members of the Supervisory and the Executive Board are present in person at a [indiscernible] virtual AGM. In addition, we will be hearing from Claudia [indiscernible] in a minute, who is standing as a shareholder representative on the Supervisory Board. I'm very pleased that Claudia is standing in this election. The minutes of this AGM will be kept by our notary, Dr. Martin [indiscernible], he also present in the room, are the 2 company appointed proxies.

Later on, they are going to exercise the voting rights and trusted to them as per shareholders instructions. The full AGM is being live streamed live for shareholders and any other interested parties. It is also being recorded by us. The record of attendance is being prepared, even as we speak. I'm going to inform you about the attendance count once the record is completed or at the latest before the first vote.

At this virtual AGM, voting rights can be exercised either by postal ballot or by giving power of attorney and instructions to the 2 company appointed proxies. Our online service allows you to submit or amending postal votes on the agenda items until we've reached the end of the voting process. Should you wish to exercise your voting right by issuing instructions to the 2 company appointed proxies, please do so when I'll let you know that the time has come during the vote.

At today's virtual AGM, the right to speak to ask for information and to tabled motions can be exercised exclusively by using the video function of our online service. This means that questions may only be asked by video as already announced in the notice of meeting. Make sure that your contribution is limited to the items on the; agenda or if applicable, raises a point of order. In the interest of all shareholders, I would also ask you to be reasonably brief. As the meeting chair, it is my duty to ensure that the Annual General meeting proceeds in a compliant and appropriate manner. This includes my authority to set time limits for speaking and questioning during the AGM, should I deem this necessary?

Especially, if there are registered speakers who have not yet had a chance to speak. With this in mind, I would ask you to register as a speaker right now if you plan to take the floor on any agenda items. This makes it easier for us to structure the debate we're going to have later on. Today's debate will be conducted as a general debate. That means that you can speak and ask questions about all the items before the meeting.

If you wish to take the floor, please use the button label request to speak in the online service. Live contributions can obviously only be made if there is a functioning video connection between you as the shareholder and the company. Just to be on the safe side. Our technical team will therefore briefly test the video and audio quality of your connection. Contributions to the debate can only be made if your connection is working properly. To announce a motion or an election proposal, please use the button labeled motion election proposal, which is also available in our online service. Please use this function if you wish to file a motion or submit a ballot nomination as part of your contribution. This will allow me to decide whether it's justified or necessary to prioritize your contribution over the other speaking requests.

This AGM is being conducted in Germany with a nonbinding convenience translation into English. Any questions asked in English will be translated into and answered in German. [indiscernible] this is a voluntary service, please understand that we cannot guarantee availability or the accuracy of the translation. Ladies and gentlemen, in addition to the buttons I've already mentioned, the main menu of our online service includes some other functions that allow shareholders to exercise their rights, including the right to do objections. So furthermore, if you think that any questions have not been answered, there's a function that lets you put this on the record. Should you wish to use these services please do not wait until the very last minute as there may be delays in Internet stream.

Ladies and gentlemen, I now proceed to the business to be transacted. Agenda Item 1 deals with the adopted annual financial statements approved consolidated financial statements the combined management report of Deutsche Borse AG and the group as at 31st December 2025 and the explanatory report on disclosures pursuant to Sections 289a and 315a of the German Commercial Code, HGB. Furthermore, it deals with the report of the Supervisory Board and proposal for appropriation of unappropriate [indiscernible] Dear shareholders, before I move on to the report of the Supervisory Board, I would like to thank you as Chair of the Supervisory Board for your trust in Deutsche Borse Group. I have learned a great deal from our discussions. I look forward to today's exchange. I would also like to thank our clients for their loyalty and close cooperation.

Building on this foundation, Deutsche Borse Group can create trust in the markets after day and tomorrow. Our business success demonstrates that we have once again achieved this. Stephan Leithner will report on this in a moment. This success cannot be taken for granted. The world has changed. Freetrade is no longer a gold shared by all German companies that rely strongly in export field is particularly strongly. At least the EU has secured access to key markets through trading agreements, for example, with India and Australia. But the real problems run deeper. The global political situation has only exacerbated. Europe is losing its competitive edge reasons and outdated infrastructure, high taxes, excessive bureaucracy and inconsistent national regulations. On top of that comes structural change, which is putting pressure on business models that used to be highly profitable for German companies. When it comes to new technologies, Europe lags far behind especially compared to the U.S. the numbers speak for themselves.

In the U.S., labor productivity has risen by 85% over the past 30 years in Europe by only 30%. With artificial intelligence, the gap is widening further. In the U.S., 43% of all workers already use AI on the dot. In Germany, France and Italy, the figure is, in some cases, well below 1/3. On top of that, there are the consequences of global political crisis, rising prices, strained national budgets and insufficient funding for Europe's defense. All of this is divided in our society. It is becoming harder to form stable governments. Extreme parties are gaining support. These are not temporary shifts. We are paying the price for having failed to implement reforms for too long, at least Europe has recognized that there is a need for chain. We need more entrepreneurial spirit and less bureaucracy, more agility and less stagnation, it's more new ideas and less anxiety about the future.

To achieve this, we must harness new technologies instead of restricting them. We must take bold steps forward. Germany and Europe must focus on growth. politics will also have to be measured against the success of our company I'm convinced that also 25 years after its initial public offering, Deutsche Borse Group continues to stand for growth. It strives to be leader. The last year's successes and its leading the transformation strategy, it has proven this once again. I would like to thank the Executive Board and all employees of Deutsche Brose Group for tremendous dedication and outstanding work also in 2025.

Ladies and gentlemen, I will now provide you with an overview of the Supervisory Board's work during the past financial year. We focused on 2 key areas. The future orientation of Deutsche Borse Group and specific plans for further growth. When developing the leading the transformation strategy, the Executive Board involved us from an early stage [indiscernible]. In November, we held an additional workshop to discuss the strategy in detail. On the business side, the expansion of Clearstream Fund Services was a key priority. We intend to acquire all shares of all funds group. Together with our existing fund business, this will create a pan-European platform. Retail investors will gain better access to the capital markets.

In addition, we made important personnel decisions. In September, we extended the Executive Board mandate of Thomas Borg. And in December, the mandate of [indiscernible]. In both cases, ahead of schedule until 2029. Jens Schulte joined the Executive Board as planned in June 2025 and to go with the finance division as CFO in September Immediately following the last Annual General Meeting, the Supervisory Board elected me as Chair. And at the same Annual General Meeting, you, ladies and gentlemen, elect Jean-Pierre [indiscernible] for the Supervisory Board. We also regularly reviewed the situation and strategic opportunities for Deutsche Borse Group. In addition to all funds, our focus included ISS stocks and the termination of the partnership with General Atlantic. We advised the Executive Board on further acquisitions and disposals. In the IT sector, we focused on artificial intelligence, digital assets and protection against cyber attacks.

We received briefings on various legal issues, including Clearstream Banking litigation in the U.S. and Luxembourg. The European Commission's antitrust investigations into the former collaboration between EUREX and HEXNASDAQ and the ongoing Comex investigation. Other topics included our internal control systems, and how we address findings from external auditors and regulatory authorities. In January of this year, I spoke with major investors and proxy advisers about current governance issues. The discussion focused on the work of the Supervisory Board today's Annual General Meeting and the further development of our corporate governance, including the results of the externally assisted effectiveness review. I have briefed my colleagues on the Supervisory Board in detail on these matters.

We have fulfilled our duties as required by law, the articles of incorporation and the rules of procedure, regularly advised the Executive Board and management of the company and oversaw its operations. We've involved in all fundamental decisions. I have continuously been in close contact with the CEO, Stephan Leithner. The Supervisory Board met 9 times last year at the company's headquarters at [indiscernible] and in June in Copenhagen, where our subsidiary, SimCorp, is located. We had 7 stand committees. You can find details of the topics they addressed in the report of the Supervisory Board in the annual report. Finally, regarding the audit of the annual and consolidated financial statements. PricewaterhouseCoopers audited annual financial statements of Deutsche Borse AG, the consolidated financial statements and the combined management report for 2025. All reports received an unqualified audit opinion.

PwC also performed a review of the 2025 half year financial report. The responsible auditors attended the meetings of the Audit Committee and the financial review meeting of the full Supervisory Board. In each case, also without the Executive Board being present. They reported on the key findings and answered our questions. The audits were completed without any objections. This applies to the annual and consolidated financial statements, the management report, the group sustainability declaration and the remuneration report. No facts were identified that would indicate any inaccuracies in the declaration of conformity pursuant to Section 161 of the German Stock Corporation Act. The Supervisory Board also reviewed the additional services provided by PwC. There were no circumstances that gave rise to concerns about possible buyers. The Audit Committee reviewed the documents in detail. It concluded that the reports comply with legal requirements and recommended that the Supervisory Board approved them. Following our own review in the plenary session, we had no objections.

We approved the annual financial statements and the consolidated financial statements at the meeting on March 5, 2026. The annual financial statements of Deutsche Borse AG are thus adopted. The Audit Committee discussed the Executive Board proposal for appropriation of the unappropriated surplus in detail with the Executive Board, taking into account liquidity, financial planning and shareholder interests. Following its own review, the old committee endorsed the proposal, and we also endorse the proposal in the plenary session. Further details can be found in the report of the Supervisory Board in the 2025 annual report, where you also find the group corporate governance statement, the declaration of compliance with the German Corporate Governance Code and the remuneration report.

And with that, I'd like to hand over to Stephan Leithner.

Thank you, Clara. You mentioned the upheavals in our environment. [indiscernible] does crazy. According to language experts, these were the most important German words of last year, including the [indiscernible] slang term of the year. That's crazy. They were selected by the German language Society and the language [indiscernible]. We represent new realities. They present upheaval in technological, geopolitical and social terms. They show how this upheaval often leaves us speechless and how we simply find it crazy. All of us, not just young people. The ability to deal with ever-changing realities with craziness with our people is key to success. That's where we help our clients that Deutsche Borse Group will embrace this upheaval. We see it as a new beginning. Especially at times like this capital markets play a pivotal role when it comes to managing risks, financing the approval letting investors participate in new business models and to financing major challenges such as the German retirement provinces. To this end, we're building the infrastructure of the future for reliability in a fragmented world for a stronger Europe.

We're integrating new building blocks. And in doing so, we continue to grow. How exactly are we growing? How are we achieving strong results for you? And how are we thereby contributing to the stronger Europe? That's what I'd like to talk about today. Ladies and gentlemen, shareholders. Welcome to the Annual General Meeting of your company, Deutsche Borse. I'm looking forward to our discussion. And I'll get right to the point with a look back at 2025 and without using any youth slang, I guess that makes it easier for you and me. In 2025, we went one better by achieving yet another record result across the board. The eighth record result in row, in fact. We increased net revenue without treasury result by 9% to a new record level of EUR 5.2 billion exactly as announced. And like I said, without treasury result. That means without interest income because that's the type of revenue on which we have no direct influence. In fact, interest rates fell last year and with them, our related revenues. Nevertheless, we also increased our total net revenue, including interest income. And we did so in a challenging environment. After peak last April, price volatility in the market was very low in the second half of the year, market participants scaled back their hedging activities.

For us, this means declining demand for hedging products, especially in the derivatives market. There are a few simple reasons why we have grown so strongly despite this, our broad range of offerings, our clear focus on the critical trends of the future, our partnerships with clients but also with leading technology firms. All this makes us strong, it makes us resilient. Above all, because the underlying building blocks are closely connected in our integrated business model. Imagine our business model as a down ranged in the shape of an arch, the stone stabilize each other. So they can bear an enormous load, they become a whole stronger than the sum of its parts, letting us strive for greater heights and keep on growing. A key pillar of our success is reliability, which is one of the reasons behind our steadily rising share of recurring revenue, it accounts for nearly 2/3, thanks to long-term customer relationships. We offer subscriptions, we offer strategic solutions, thereby creating strong bonds with our clients. Bonds that are not easily changeable. So when the new financial year begins, we already know when nearly 2/3 of our revenue will come from -- but to measure performance, we need to look beyond revenues, and I'm particularly pleased to inform you that our operating costs increased by only 3%. As a result, our profit grew at a significantly higher rate, and that means our business is scalable. EBITDA without treasury result increased by 14% to EUR 2.7 billion. Again, exactly as predicted. In short, we delivered on our promises, and we did so in a difficult year. For this, I'd like to thank all of our more than 16,000 colleagues worldwide. Once again, we've managed to outperform the previous year, a magnificent achievement. We also owe this success to you.

Ladies and gentlemen, our strong shareholder base. which is why we'd like to share our success with you, which brings me to an important point on today's agenda, one that you are going to vote on the dividend. Our growth is your growth, ladies and gentlemen, our guiding principle is that the dividend should be between 30% and 40% of net profit. Our promise is to increase the dividend per share every year. For the 2021 financial year, we propose EUR 4.20 per share, 5% more than last year. This amounts to significantly more than 1/3 of net income 38% to be precise. But that's not all. We also reward you for our success through share buybacks. We completed last year's program as planned. This year, we will again buy back shares worth EUR 500 million.

This means we'll pay out EUR 1.3 billion to you this year, a new record. And we want to achieve further records by building on the strength we've developed since our own IPO 25 years ago. With our strategy loop print entitled Leading the transformation. We want to lead the transformation of the capital markets, and we're already in the tiki with our strong performance in the first quarter. net revenue without treasury results rose by 12% to EUR 1.4 billion. EBITDA without treasury results increased by 18%.

Our [indiscernible] growth target for full year remains unchanged. We're aiming for net revenue without the treasury result of EUR 5.7 billion. We'll continue to limit the rise in operating costs to around 3%. This results in an EBITDA without resin result of around EUR 3.1 billion. We now expect the treasury result to exceed EUR 700 million. So as you can see, we're on track for further growth. That doesn't mean, however, that there are no difficult issues. In fact, it's one you've read about 4 years in our risk report. It concerns Clearstream and the lawsuit file against Iran by the grieved families who lost loved ones to the bombing of the U.S. Marine in Beirut in 1983.

We published an ad hoc notification informing you that the New York Court has ruled in favor of the U.S. plaintiffs. As a result, Clearstream has to turn over more than $1.8 billion. It holds in custody. Assets attributed to the Iranian Central Bank. We expect that in the very near future, probably during the next 3 weeks, the court will issue a turnover or instructing Clearstream to transfer over EUR 1.68 billion, including interest to the United States. It goes without saying we're considering all possible leading steps we're going to report on these transparently as part of our obligations. Let me add that although lawsuits filed by Bank [indiscernible] in Luxembourg, which claim precisely those assets, among others, are lending the Executive Board of Clearstream Banking is still holds the opinion that there is no need to form provisions. The risk profile remains by and large engaged. After this update on first quarter and some recent events, let's turn back to our growth trajectory for which we have an incredibly strong foundation.

The cornerstone of our success story was laid back in the 1990s, following the time Deutsche Borse was founded as a company. We were high [indiscernible] in electronic trading. We pioneered integrated business models, with clear global ambitions and strong European routes. And then 2 years ago, we established the framework for further expansion by floating Deutsche Borse on the stock market. Our IPO is a prime example of the power of the capital markets. For us, the bell ringing [indiscernible] in a new era of transformation, and it gave us unprecedented freedom. Take a look at our market capitalization, our dividend. Everything continued to rise steeply. Thanks to your trust. We've built an integrated business model along with the entire value chain of the financial markets. To this end, we made targeted acquisitions, SimCorp to create the Investment Management Solutions segment, and all funds as soon as we get the necessary approvals. All funds is a European leader in fund services together will continue to contribute to a strong pension system in Europe. We took one step at a time, we unlocked economies of scale with our capital markets engineers. We're now represented at over 60 locations worldwide. They are the ones leading the transformation our strategy is aiming for. This 25-year history was written by our colleagues worldwide. The Exchange bell symbolizes a new chapter and our development since then, as a symbol, we've carried the bell around the world is what I mean.

And here it is the well that started its journey around the world in Frankfurt. And this is our trading floor in Frankfurt. That's where we healthy celebration is to mark our 25th anniversary. And I'm joined here on stage by 2 of our capital market engineers. They were already with us back when we floated this company today. They are esteemed members of our Executive Board team. I can promise who better to tell us what the rigging of this bell at our IPO has meant for all of us and for the markets. I came as a member of the Executive Board, you're in charge of HR Risk Compliance. Thomas, you're in charge of trading and clearing. So you can look back on a long development. Let's take a look back. Our IPO, what was it like for you? What roles did you have at the time?

Well, Stephan, at the time, I was Global Head of Marketing and Sales with EUREX and was indeed part of the IPO team. So during the analyst conference that was sitting behind the stage and providing support. So to me, per study, that was really a unique experience was an IPO of such a large company that's a once-in-a-lifetime thing. And at the same time, for us, as a large capital market infrastructure provider, all of a sudden, we ourselves became part of the capital market, and at the same time, we became a member of the DAX listed companies, which, of course, shed some additional public light on us. So a lot of pride we've taken that at the time.

As far as I'm concerned, I think Hike,I started out in sales at EUREX 3 months after you hike. And those were the times where electronic trading was rolled out for EUREX. But EUREX was a pioneer at the time. In a few years, we became the biggest futures exchange in the world. So that was a big step. And the IPF was, of course, the combination of it all. And every IPO today can make us proud, and it happens across the world and happened to us, the value you create, the beautiful trading room to actually be part of that and to be -- to feel the pride for the company. That was the feeling. .

I can only confirm that. There were some really special moments when I was a [indiscernible] and gave some speeches, long development, what were the defining moments in those past 25 years. For you personally, I mean, you haven't changed all that time, at least not in appearance, but much at least.

So any defining moments in the company, Thomas?

Well, when I look back on these 25 years, then the financial crisis in 2008 stands out, that was a sea change. At the time, I took over responsibility for clearing. And for Lehman Brothers, we were directly involved. The biggest default at the time, the biggest default ever. And at the time, it became clear to us in clearing that this was not only about settlement, but this was about financial stability and our role in that we create trust in markets, so that was deeply moving and determined our strategy ever after. During the 25 years, I have to say, it wasn't only EUREX that was established 25 years ago, but EX was established as well and other entities, the biggest energy exchange in Europe today.

360T, the third largest FX platform stocks, [indiscernible] a lot was established and success stories were created 25 years ago, and they left their mark and turned us into what we are at Deutsche Borse Group Day.

Great development. How about you, Heike?

Well, on a personal note, a key moment certainly was a very, very first AGM back then that was at the Frankfurt [indiscernible] Health. So that was very much paper-based. At the time, it was actually too small a venue. It was 35 degrees outside. So that's really still lively in my memory. Another thing -- since I was appointed as an Executive Board member was over the last 5 to 6 years, very strong M&A activities that we undertook, which to all of us employees really helped double in numbers, so to speak, and transform us into a truly global company with large locations worldwide Asia, Europe, U.S. And that makes it really, really interesting and fascinating because we're no longer just the German entity, but global company indeed.

Now looking ahead. Now looking ahead, I would first actually take a step back and look back. You just mentioned the development of the Deutsche Borse stock price. Our share price, and that really shows the tremendous potential there is to be untaped in the capital markets. And therefore, also the importance of societal participation in that kind of potential. So also in terms of educating and informing society, it's so key and important to bring financial education into schools, into companies so that everyone in society can benefit from that potential.

Thomas, how about you?

Well, I would say on the one hand, it's always still about risk management. value creation that will remain key. And looking ahead, I see 2 things that motivate me. One is the technology development just like electronic trading at the time, we are facing a sea chain right now with tokenization and AI. Our clear focus is on the value chain for digital assets to build that and be a pioneer again as Deutsche Borse. The other thing you mentioned was that during the 25 years, Europe has fallen behind when it comes to capital markets. So we have to tap into that potential for the real economy as well, using savings, putting them to use by reforming the pension systems opening it up for investment.

Exchange trading has to be reformed transparent markets as focused to make sure that IPOs happen in Europe and companies can grow. So those are the things that motivate me. And I think that's true for all of us.

Well, thank you, guys. I look forward to our continuing collaboration in the Executive Board team. Thank you. They present so many capital market engineers that created this success story. The past few weeks have proven once again we stand for stability, even in the face of unprecedented market turbulence with new records, like those said at EUREX, our systems have always worked flawlessly. We are the central pillar of the capital markets. This also applies to the energy markets. We ensure efficiency and stability with the European energy exchange on the gas market and with the European power exchange [indiscernible] in Paris. But there's more, we've always driven innovation. Because if there's one thing we've learned, it's this. If you want to shape the future, you cannot stand still. As Thomas and Heike said, we're not standing still moving forward. And as I said at the beginning, we're using this period of upheaval as an opportunity for a fresh start beyond the day-to-day beyond whatever crisis hits us. The capital markets continue to evolve rapidly, digitalization, new asset classes changing client priorities and geopolitical upheaval. Those react will lose out. Those who said standards will lead the way those who cooperate are going to win the day. We stand for renewal at a time of our people. We stand for shaping for market standards for forward-looking win-wins for partnerships. That's the core of our new strategy, leading the transformation. To be clear, with our strategy, we're going to maintain our growth trajectory. By 2028, we aim to increase net revenue without trade results to EUR 6.5 billion, with costs expected to go up by only 3% annually. Our business will continue to unlock economies of scale even beyond 2028, very much in line with our long-term growth objectives.

How do we achieve this in an era of Ohio? Well, our strategy consists of 4 building blocks. Number one, as a group, we achieved strong organic growth. based on our technological leadership and secular trends in each of our 8 businesses. These trends include the shift towards regulated and transparent platforms, the ongoing trend towards outsourcing because our clients need to focus on their core businesses. And of course, the rapid pace of digitalization. Here, Clearstream is a pioneer with its D7 system, which moved beyond the experimental stage a long time ago. Over EUR 3.5 billion issuances for the volume of EUR 80 billion speak for themselves. And we offer custody of crypto assets together with our subsidiary, Crypto finance. The ultimate one-stop shop. Our platforms continue to grow with undiminished momentum in cash equities and derivatives and clearing thanks to our superior liquidity and regulatory initiatives for a more European autonomy. Growth is also on the agenda at 360 in foreign exchange training.

Likewise, at EEX in Europe and worldwide as demonstrated by the success we've had with power derivatives in Japan. In an increasingly demand environment, our clients need to focus on their core competencies. We help them to become more efficient through outsourcing solutions and direct connectivity to our infrastructure. This is happening in the Security Services segment and in our fund business, in particular. At SimCorp, the trend towards Software as a Service is also gaining momentum. As a pioneer of digitalization, we are the perfect partner. We in fact pioneer in cloud usage, together with leading American and European partners. We moved to the cloud when others weren't even thinking about it. While others are just getting started, our cloud usage rate already stands at almost 80% with the DAC also being calculated in the cloud. This foundation puts us in the perfect position to further strengthen our business through artificial intelligence. Here too, we aim to be a pioneer.

AI is on everyone's lips, yet another major [indiscernible]. And many people are afraid of the new technology. But from my experience, I can tell you that the won we embrace AI, the more fun it is because AI really unlocks new potential also on a personal basis. granted, it also challenges certain business models, especially if you bear your head in the sand, as innovative engineers, however, we've been using AI for a long time, for instance, to make our processes and services more efficient or to add even more value to our products. To us, AI offers huge opportunities. Once again, it's all about setting standards rather than just adapting at Deutsche Borse Group, we dare to break [indiscernible].

The second building block of our strategy is to think beyond the short and medium-term horizons. Our strength lies in long-term thinking. We embrace new trends early on to secure long-term growth well into the 2030s. We do this by driving the key elements of transformation. We're building on the momentum towards a strong European capital market. We provide the right building blocks for a unified European landscape to be globally competitive to harness the power of the capital market for our economy. To this end, we're consistently expanding our customer focus. We're deepening our partnerships with the buy side, i.e., pension funds and large asset managers. Today, these clients already account for over 1/3 of our revenue and rising. And they're opening up new customer groups such as up and coming new brokers and clients from the crypto world. For -- we're also taking a leading role in new rapidly growing asset classes through partnerships with leading players, such as [indiscernible] and [indiscernible]. It also includes digital assets where we've launched collaborations with American and European stable coin providers. In doing so, we're bringing the world of traditional and digital finance together, and we're opening up new markets in Europe and worldwide while delivering added value to our clients, existing and new ones. We're shaping the upheavals to pave the way for the future. and we're complementing our growth through acquisitions. We've announced the largest one in our history, more on this in a moment. The third strategic building block drives our growth. as mentioned before, when I spoke about our performance. It involves the consistent use of digitalization to improve internal efficiencies, the consistent use of our global footprint to attract the best talents, and the consistent use of economies of scale unlocked by a group such as ours. A central program for this is called One Group. We're focusing even more strongly on shared platforms, processes working models across our individual businesses to support our growth. This will allow us to become even more efficient. The fourth and last strategic building block has a significant bearing on you, our shareholders. A clear focus on value in our investments, capital efficiency and attractive returns. You're already familiar with our dividend proposal and our record payout, and we'll keep on increasing our dividends. What's new is that share buybacks are now also an integral part of our capital allocation strategy rather than just say an occasional step.

In summary, with these 4 strategic building blocks, we're leading the transformation of the capital markets. With our focus on organic growth, on transformation, with a strengthened operating model and targeted capital allocation. That's how we create the markets of the future. Our strategy is complemented by targeted acquisitions wherever it makes sense to do so with the aim of expanding our [indiscernible], that's why we wanted to strengthen our role as a European champion in the fund sector, too, with the acquisition of alone. Once completed, the Orphan steel will be the largest acquisition in the history of Deutsche Borse Group. All funds is the perfect complement to Clearstream's existing range of fund services. With this acquisition, we're creating a truly pan-European platform, which allows us to break down barriers for cross-border investments. This will give investors easy access to a broader range of funds across Europe. Retail investors, too, will be able to invest in productive assets more easily until just a few years ago, the only products you could buy from your bank were their own products.

Imagine a supermarket offering only its own brands that limits a choice, puts a damper on your shopping experience and style fair competition. That's a thing of the past. These services have now been democratized by our fund platform, Clearstream Fund Services. This also strengthens the infrastructure for retirement products as a whole for which funds and ETFs are the very foundation goal, in fact, also pursued by the European savings and investments to create a single European capital market to unlock investments and put them to productive use for our future.

Furthermore, the oil funds acquisition enables us to develop new digital products and services, thereby strengthening the competitiveness and resilience of the European financial infrastructure. So as you can see, this acquisition makes sense in many ways. Of course, it's still subject to approval by the relevant authorities. We'll keep you posted. Anyway, I believe you can see here just how relevant the capital markets are for society and hence our strategy. Allow me to elaborate by addressing 2 topics that are particularly close tomorrow, Europe and retirement provisions. To go hand-in-hand because both are about exploiting the potential of the capital markets to drive growth, competitiveness and prosperity.

I'm a European by conviction. And I'm sure a strong European economy and greater autonomy require a strong capital market. We have some catching up to [indiscernible] especially compared to the U.S. capital markets. Thomas mentioned it before. This means we need a level playing field for all types of trading venues Currently, only 30% of trading takes place on lit venues like our stock exchange. In the U.S., this figure is 50%. That's where we need to be in Europe for only transparent venues contributes to the financing of growth through IPOs, for example. Europe must once again become a pioneer in regulation.

This also means no unnecessary red tape. No gold plating, i.e., no tightening of European requirements through national adults, or multilevel bureaucracy. The financial industry needs a sustainable competitive environment, especially regarding innovation, digital solutions and the crypto market. At the same time, we must reduce complexity, especially for innovative companies that need capital to grow and expand so that Europe can turn out new global market leaders. Yes, public funding is a useful tool. But it's nowhere near enough.

Therefore, we must leverage the capital market to its fullest extent, but simply consolidating several stock exchanges and introducing the same trading system or to the [indiscernible] Europe. What we need is the right regulatory framework and strong competitive European infrastructure. We need integrated solutions, like the ones created by Deutsche Birds Group in the last 30 years. But for Europe is strong. We also need more capital, more liquidity. We will only achieve that if we use our inherent financial strength. Right now, the growth of successful European companies is mainly harvested by foreign investors. On that note, congratulations to the teachers in Texas. Through their pension fund, they benefited from the DAX record seen during the past 2 years. and it's great to see this level of interest at the international level.

But here at home, only 1 in 5 Germans invest in shares and funds, and that's long enough. As German, as Europeans, we must become more active in the capital markets. We must put our savings to productive use. Finally, we must give large German and European investors, such as asset managers and pension funds, credit free of action in the investment decisions. for too long, we've been far too hesitant in Europe. The transition from a capital market studio to a savings and investment union. It's not nearly a semantic shift. It reflects a new mindset. We all realize we must make investments in the capital markets more attractive. Growth financing and the retirement provision system are 2 sides of the same coin. And capital markets do not only foster growth in the economic success of companies and thus prosperity for everyone.

In doing so, the capital markets make it possible to finance the retirement provision system in a sustainable way. And for me, retirement provisions are clearly a matter of social justice. The current approach is not viable going forward. The government cannot keep on spending billions and billions to plug the holes in the public pension system. For that money that and can no longer be spend on infrastructure, education and defense. Some countries have long since tackled this issue and are now serving a role model, Sweden, Switzerland or the Netherlands. Others are following soon at the rapid pace. And now is the time for Germany to reform its retirement provisioning system. Otherwise, this system but it's primarily based on -- which is primarily based on the pay-as-you-go model will sooner or later lose its balance. The key building blocks for this reform must come from the capital markets. The statutory pension scheme must remain pillar.

But even here, there's of improvement. First and foremost, over the other 2 pillars of the system must be further developed company and private pension schemes for which the capital markets must play a significantly more important role. Only then will all 3 pillars come together to form a sustainable and socially justice. The federal government has provided the first important impetus by floating the early starter pension scheme for kids and young people to [indiscernible] down rent and the retirement savings account. And I'm confident that more initiatives will follow because we need more. Why not leverage the power of compound interest much more effectively by paying EUR 4,000 into every chance account both as proposed by us. or we control the example of the U.S. by making the proposed retirement savings accounts a reality. In the United States, grandparents can contribute up to USD 5,000 to the granted children's accounts, simple and effective. Why does only about half of the working population in Germany have an occupation or a pension plan in the Netherlands or Switzerland, that figure is 90% or more, an occupational pension plan, should be part of every employment contract. I'm firmly convinced of that. That's a job for the trade unions and employers. I see increasing awareness and willingness on both sides. What I don't see is tangible actions. If you really want to secure the German pension system for German pensioners. If you don't want to fall below 50% of in German pensions, you want to be higher than 50%, like in Scandinavia. You have to face reality. And this can only be done with the capital markets and compound interest for long-term yield. The momentum is doubtless there. among policymakers and citizens alike. The younger generation has long since realized that they have to save for their own old age. In fact, among the unis, there's a significant increase in ETF savings plans. And we're also opening securities accounts for the kids. Even though the early starter scheme won't be introduced until 2027, and the concept is currently not much more than an idea. At Deutsche Borse Group, we've already delivered on these initiatives. We've laid the cornerstone infrastructure in Europe with our offerings in funds, ETFs and our leading European indices. With the acquisition of orphans, we're taking all of this to a new level. As engineers of the capital markets, we are building the infrastructure for the whole of Europe, a single capital market for everyone. We're leading the way into the future. But as you all know, a successful construction site needs many hands and planners. Now that's where Berlin Brussels come in.

It's their job to finally complete the construction of the single capital market sustainable Europe for our growth, our competitiveness and our prosperity. Let's seize this momentum together. Ladies and gentlemen, I hope you can see just how committed we are. So much is at stake. It's about social justice, about the future of our society. That's why we need growth in Germany and Europe. For this, Butch Bus Group delivers reliable and powerful infrastructure that generates liquidity even when times get rough with our strong portfolio of businesses. in times of upheaval, we are driving the transformation. Things remain crazy. We stay cool. We help our customers manage risk. We use our strong and integrated portfolio to keep on building your and our success.

On behalf of the entire Executive Board, I'd like to thank you for your trust. And now we look forward to a lively debate. With that, back to you, Clara.

Thank you for report, Stephen. The record of attendance is now available. And at this point, the attendance count is as follows: at the moment, 73.4% of the company's share capital are represented at today's AGM. Of that, 136,368,731 votes or shares are represented, which is in attendance of 73.2% of the company's share capital. In addition, we received postal votes, and that's 381,333, that corresponds to 0.21% of the share capital. We are keeping a copy of the record of attendance in this room. It's available for inspection through online service and the same goes for any updates. Ladies and gentlemen, you have already received detailed information on today's agenda, in particular as part of the notice of meeting. And for further information, I'd like to give the floor once more to Stefan.

Thank you, Clara. As already mentioned, Deutsche Borse is currently running a share buyback program with a total volume of EUR 500 million. This program will be concluded at the end of July of this year at the latest. So far, 1,135,290 shares, accounting for 1,135,219 of the company's share capital has been bought back under this program. This translates into 0.61% of the company's share capital. The buyback prior to date amounts to EUR 270,692.352.52.

The acquired shares will be canceled. Furthermore, I'd like to inform you that following the acquisition of the [indiscernible] Group, new shares in Deutsche Borse will be issued to the [indiscernible] shareholders as part of the consideration. The new shares required for this will be issued using the authorized capital 2025 on a nonpreemptive basis once the transaction is completed. Another option is for the company to use treasury shares to finance the consideration. The shares issued to Open shareholders as consideration will probably account for around 4% of Deutsche Borse's current share capital. Back to you, Clara.

Thank you, Stephen. Allow me to make some additional remarks on certain agenda items. And after that, we'll move on to the general debate. Concerning agenda Item 2, I'd like to point out that the Board's proposal on the appropriation of unappropriated surplus needs to be amended to reflect the change in the number of shares carrying dividend rights. As announced in the notice of meeting, the proposal on the appropriation of unappropriated surplus published in the Federal Gazette will be put at the vote in an amended version later today. This amended version will reflect the current number of shares carrying dividend rights, but still provides for EUR 4.20 dividend per share. the amended proposal is available on our website and reads as follows. The Executive Board and Supervisory Board propose at the unappropriated surplus reported in the adopted annual financial statements as at 31st December 2025 totaling EUR 900 million be appropriated as follows: to pay a dividend of EUR 4.20 for each no par value share carrying dividend rights, which is EUR 760,90,002 in total. And to allocate 139,990,998 to other retained earnings. As a result, when you're going to cast your votes, you're going to vote on this amended proposal not on the proposal published in the Federal Gazette. Ladies and gentlemen, as announced earlier, we'll now be hearing from Claudia Nemat, who is standing as a member of the Supervisory Board under agenda Item 6.

Ladies and gentlemen, dear shareholders. My name is Claudia Nemat. I've been closely involved with the technology industry for more than 3 decades. After studying physics at the University of Cologne, I worked for 17 years at the management consultancy McKinsey & Company from 1994 to 2011. As a senior partner, I was co-Head of the Global Technology practice, working in Europe and Silicon Valley. During this time, I also took on interim management roles for my clients, acting as a crisis manager and as interim CEO. Following that, I served on the Executive Board of Deutsche Telekom AG for 14 years from 2011 until the end of September 2025. I spent the first 5 years as CEO of the European business. followed by 9 years as Executive Board member for technology and innovation. During this Time, I played a key role in helping to transform Deutsche Telekom into an internationally successful company. their growth in station again, experience in critical infrastructure, artificial intelligence and major business, technological and cultural transformation in Europe, the U.S. and with China. I also have over 13 years' experience on Supervisory Board. Next to my role on the Executive Board, I initially also served on the Supervisory Board of Lexis for 3 years and then at Airbus for 9 years. There, I served on finance and audit, governance, remuneration and Nomination Committee. Since leaving the Deutsche Telekom Executive Board, I've been serving as a Supervisory Board member and technology investors with a focused portfolio.

Since March 2025, as member of the Board of Directors at ABB in Switzerland and since last week as a member of the Supervisory Board at Daimler Truck. I also chair the Advisory Council at IQM, a Finnish German start-up in the field of quantum computing. My conviction, people must be at the heart of technological innovation with respect to economic and political action. This conviction is my driver for shaping change for people and companies for industries and for sustainable economic success always with a physicist curiosity for getting to the bottom of things. Dear shareholders it would be an honor for me to contribute my experience and expertise to the Supervisory Board of Deutsche Borse AG. And I would like to support the development of this exciting technology company.

Thank you very much, Claudia Nemat for your introduction. For further information, in particular, Claudia CV, and I would refer you to our website. And I'd like to take this opportunity to thank Shannon Johnston for the valuable contribution she has made to Deutsche Borse Group. Ladies and gentlemen, let me briefly explain why we were asking you to vote on the option to appoint a second Deputy Chair of the Supervisory Board. We are proposing this because the same deputy would make the Board more resilient could serve as an additional point of contact amongst the shareholder representatives and represent the chairperson. For example, matters concerning the ahas health or in the event of the chair's absence or a conflict of interest. I'll proceed with the agenda. You've received the full wording of all agenda items. So I'm not going to comment on each and every one of them.

Ladies and gentlemen, I now open the debate on the items before the meeting. May I ask shareholders and shareholder representatives to launch their request to speak, unless, of course, you've already done so. To do so, please select the Buckle request to speak in the online service. There's also a function that allows you to check whether a camera and microphone are actually working. To ensure an orderly debate, I'm going to call blocks of speakers and ask them to enter our waiting room. Please wait for a pop-up window asking you to enter the virtual waiting room. To end of the room, please click and confirm the pop-up window by mouse click. After you've entered the virtual waiting room, our IT technician is going to check your video and audio quality. Once this check is performed, I'm going to call you when it is your turn to speak. Once I've given you the floor, the AGM will be able to see and hear you live and you can address attendees and ask questions or table motion.

There will be no time limit on your right to speak and ask questions as such. But as a matter of courtesy, I would ask you to not make undue use of your allotted time. I'd appreciate it if the time per speaker we're no more than approximately 10 minutes. Thank you. I reserve the right to limit the time allotted to speakers should I deem this necessary later on. Once the block of speakers has had the floor, the company is going to answer the questions addressed to it.

Once all of [indiscernible] contributions have been heard and all questions have been answered, I'll close the debate and move on to the vote on the items before the meeting. I've already received requests for the floor. I would like to first call Mr. Markus Kienle. Ms. [indiscernible] Sheffer, Mr. Andreas [indiscernible] and Mr. Tilman Masse. The shareholders or proxies I just mentioned will now be seeing the dialogue window in the online service that will be asked to join the virtual waiting room. Please confirm the park window by clicking on it. Ladies and gentlemen, I'm now going to suspend the meeting for about 4 minutes. We are going to resume the meeting at 11, 12.

[Break]

Ladies and gentlemen, we now continue the meeting, and I would like to give the floor to Mr. Markus [indiscernible] of the [indiscernible].

[indiscernible] Ladies and gentlemen, management team, shareholders. My name is Markus Kienle. I'm an attorney in Frankfurt and .

[indiscernible]

Present SDK, the Association for the Protection of Investors. Dr. Leithner, again, the highest profit ever at Deutsche Borse AG. Sales revenue is up by 9%, gross margin, a little down, but EBIT up by 4%. Profit after tax increased and 70.64 equity ratio only slightly below the previous year's level. So the trajectory of its own and has been for years. And for the first quarter, the year numbers have also been good. A lot of performance last year. So that is why everybody working at Deutsche Borse deserves our gratitude and we'd like to ask the management to convey it. It's the share price that was maintained at almost 290, very high level when November 25. It went down to 209 and the share price has by and large, recovered from that, but not to the previous level. When we look at the relevant competitors, the peers, the EBITDA return and return on equity is ahead of almost all special peers when we look at the reported numbers and not adjusted numbers. Still, the share price developed at minus 5.1%, clearly worse than your peers. DAX 40 went up by 23% over the same period. Stock Europe financials 18% and S&P Capital Markets 14.9%.

Where do you see the reasons for the underperformance of your share compared to the name peers in addition to the structure of your business model, which is the end of many you'd like to increase the number -- share of recurring revenue to be more independent of the volative trading business, but volatility is not the problem, it's a lack of volatility, which is the problem for revenue. What's the share of recurring revenue against total revenue do you seek from when on sustainably, what are measures to achieve that growth despite your good results and KPIs, many see a gap when it comes to data and software compared to LESG. How big is the gap over LESG? And what are the measures to reduce the gap. And when it comes to SimCorp, have your expectations come through? Does SimCorp has the potential to reduce the LEG gap analysts confirm that EUREX has a leading position for euro derivatives, but they will also see a gap to U.S. vendors and interest in energy markets. When it comes to interest and energy, how do you want to catch up against these dominant competitors you offer products for energy markets, but not commodities. Why not?

Is that a growth area commodities? If not, why not? [indiscernible] reported today that CME Group offers futures on computing power. Do you offer similar products relating to AI? Or is it your plan to do so? The European share market is different from the highly concentrated markets of the U.S. We are fragmented over here. mergers or how some try to solve that? Do you investigate mergers? Or do you see other instruments to compensate for this disadvantage of fragmentation? What is the regulatory framework needed by the German or European regulator to reduce fragmentation. Why should regulators interfere with markets, it's free markets that you are reliant on for your business? Euro clearing is something which you tried to move away from London to Frankfurt, what's the current status from your perspective? Where do you see the practice problems of such a relocation. The U.K. has tried to draw closer to the EU after Brexit. Has that taken some of the energy out of that debate? If we believe some reports, Deutsche Brose is traded at a discount because compared to U.S. exchanges. It's not seen as a technology and data company, but a classical financial market infrastructure provider. Do you share that here? When it comes to financial market infrastructure on the one hand and technology and data on the other hand, are there reduction isn't technology and data, just one manifestation of financial market infrastructure one which is becoming more important, however, our impression is that Deutsche Borse has potential for optimization, but its business model is resilient. So let me dwell on some aspects of corporate governance and compliance.

Of course, looking at the face-to-face meeting, the in-person meeting last year, this is a virtual meeting, and we have to comment on that. dealing with the arguments in favor of an in-person versus an online AGM, something that I wouldn't want to elaborate on at length, everything is known, all the arguments are on the table. But why don't you continue to use the in passing format, going back to it and maintaining it, Deutsche Bank. Communicated a model of change or alternation. Do you see that? And if so, what's the periodicity of that? [indiscernible] is leaving the Supervisory Board. We are to elect a successor. And our position is that every office holder should stay until the end, unless there are good reasons or out of the ordinary reasons. So why will [indiscernible] Johnson resign early? 27% of the audit volume are for other assurance services when it comes to the auditor, one general assurance services and audit services or audit and nonaudit services to be kept separate unless it's about legally required services audit of the remuneration report or the financial statements where it can only be 25% of the total volume. So what's the fee amount for other assurance services accounted for the review of the half year report and the audit of the CRST report or other services where the audit has to do this by law. We read in the annual report that the investigations against ISS in the U.S. It's true that at fast site, when ISS' advisers companies and recommends votes on items there is -- or can be a conflict of interest. When it comes to a move from the approval for online AGMs, and certain authorizations were supported a 5-year period for Siemens in 2016. When we look at ISS recommendations, we still very much have our doubts and the recommendations are not created or reasoned and transparent way. You can't argue that ISS as a proxy adviser has quite a bit of power. What are specific allegations against ISS when it comes to the investigations. Dr. Leithner, Deutsche Borse has benefited from high volatility in capital markets based on erratic action by political leaders but too much volatility wouldn't help Deutsche Borse business either and some political leaders stream up even things to create terminal in the markets, all the best for the management in your company and the good luck that's needed for even the best among of you.

Thank you, Mr. [indiscernible]. Let me now call Ms. Selina Sheffer from DSW, followed by Mr. Tome. So could you please be ready? .

Thank you very much for giving me the floor Chair. Ladies and gentlemen, my name is Selina Sheffer, and I'm an attorney in Frankfurt. Today, I speak as a representative of DSW, the German Association of Retail Investors, the largest and oldest shareholder association. I'm very happy to be here for the first time at Deutsche Borse's AGM. And let me thank for the introductory statement by the Supervisor Chair and the CEO's comments. A record financial year for Deutsche Borse outperforming even the prior year results. [indiscernible] and net profit were increased and the strategic transformation towards a data and software and infrastructure-driven company was continued and strengthened I'd like to emphasize the integration of SimCorp, growth in data and analytics.

The strong development of the treasury and collateral business and increasing activities in the field of digital assets and tokenization. That's the very reason why it seems important to me, not only to respond to the very good development of the financials, but also looking at the quality and sustainability of this growth. Before I turn to my questions and comments on the annual report on the fiscal year, I'd like to mention the format of today's meeting. Unfortunately, shareholders have to be at home and follow everything on screen today. The question for me is this, will future AGMs be online only? Is that the plan? Or will this be in person or at least hybrid according to your plans? Our association would welcome very much in personal AGM to best secure the rights of shareholders and also optimize the exchange with shareholders, within the AGM format. It's only in person AGM that will allow shareholders to get a fast and impression of the company, the Board members and be able to pursue a personal exchange amine ourselves.

These are my comments and questions on the numbers, the current. The past fiscal year and the agenda for today. Deutsche Borse has a record year behind it, positive development of all the key numbers. The annual report tells us that growth is to be secular and less cyclical. And historically, the company has benefited from volatility and interest rate levels. My question is this, how resilient is the current growth model in a scenario of ongoing low volatility, reduced interest and reduced trading activity? And what are the specific contributions profits that are expected from purely structural or secular growth in the future. There's still extraordinarily high EBITDA margins and operational scale effects. How does the management assess the risk that increasing regulation, European regulation or market infrastructure regulation will affect your business when it comes to clearing custody and trading data where you have a dominant position.

I've got 2 more questions on the share buyback program of EUR 500 million. What are the criteria for the decisions to invest capital in the share buyback instead of using that for CapEx and spend on technology, cybersecurity or strategic investments. What's the assessment of the Executive Board when it comes to the valuation of your own share with respect to the beneficial or financial effect of selling the shares. Clearstream especially benefited from rising interest rates in recent years. How high is the structural dependency of the company on the treasury results and specifically related to interest, what are the measures to compensate for lower returns due to fall in interest rates. The SimCorp acquisition was the most important strategic transaction of recent years, no doubt about that. The acquisition meant that Deutsche Borse move towards software, Software as a Service and investment management infrastructure services. But from a shareholder's point of view, it's not only revenue synergies that are important, but the long-term return on capital of this transaction, what are the specifically measurable synergies tangible synergies that have been achieved and what are the synergies that are simply projected at this stage.

What's the long-term return on capital employed that the management expects from the SimCorp takeover. What areas of integration are currently the biggest operational challenges. Deutsche Brose sees itself as a role as a leading financial market infrastructure provider and increasingly so. But European capital markets are losing an importance against the U.S. internationally. I have 2 questions on this. What are specific political and regulatory changes that the Executive Board sees as necessary to make sure that Frankfurt and Europe remain competitive in the long term. What are the initiatives that Deutsche Borse pursuing for this purpose.

Almost every company, including yours, talks about AI. Deutsche Brose with its market infrastructure, its database and its software activity has particularly good opportunities to benefit. That is why I won't ask about the general potential, but specific value from that. Leading the transformation is your light motive and technology innovation and data services are mentioned in the annual report. But what are the specific applications of AI that Deutsche Borse is using in its operations have they contributed to additional revenue, lower cost or better productivity, a tangible way? What's the impact that the Executive Board expects when it comes to FTEs, risks and operations as an operator of system relevant market infrastructure, it's your -- you are the target of fiber attacks. How high was the investment in cybersecurity in fiscal '25 does the Executive Board believe the current security level appropriate, give increasing geopolitical tension Were there any reportable incidents last year. that challenges when it comes to ESG as well. Growth of sustainable financial products and ESG data services seems to relent industry-wide does the Executive Board expect structural weakening of the ESG business. What impact would that have on the growth strategy of ISS stocks as a platform. What's the impact of the restrictions of the Trump administration on the business model of ISS? Is there any demand for write-downs of depreciation and impairments market share of classic exchanges is reduced by new brokers of exchange, trading and other challenges. What about your pricing power and your relevance when it comes to almost free of charge platforms? Do you see the risk of a margin erosion in the cash equities market.

Let me turn to my last question. Again, the group has performed on a record level. Part of the growth is based on external factors such as interest rates and market volatility. How does the Supervisory Board make sure that variable Executive Board pay is based on operational performance and long-term value created for the company and not based on macroeconomic onetime effects.

With that, I've completed my questions and comments. Thank you very much, [indiscernible]. Ladies and gentlemen, Deutsche Borse is in a very good and sound operational shape, but that's why it seems important to me not only to look at the all-time performance but also the robustness and quality of your business model. In conclusion, that merely thank both Boards and all employees at the company. Last year's financial success is based on your comment flexibility in your day-to-day work. I wish you all the best for the future, and thank you very much for your attention.

Thank you very much for your comments, Ms. Schaffer. Let me now call the next speaker, Mr. Tome. And after Tome, I'd ask Mr. [indiscernible] to be ready. Thank you.

Thank you very much, Ms. [indiscernible]. Ladies and gentlemen, members of both boards, shareholders, my name is Andreas Toma. I represent [indiscernible] Investment, one of the largest fund operators in Germany, subsidiary of [ DekaBank ], the securities company of the [indiscernible] Savings Bank Group. First, about the numbers, growth trajectory continuing. Good work performed by the management, 9% higher revenue, 3% higher cost and operational income without interest has increased by 14%. That's something that you can be proud of. We're happy about the higher dividend, EUR 420 right now, together with the EUR 500 million share buyback program. In terms of the relative share price performance that wasn't satisfactory. What didn't compare to the peers last year. But this year, given the uncertainty based on the Middle East conflict this was compensated or overcompensated for Deutsche Borse remains a defensive asset benefiting from increased volatility Dr. Leithner. Last year, I compared your company with a well-oiled machine, but there's one thing that you shouldn't forget, please keep up the good maintenance work and keep investing to remain on this growth path. When it comes to the corporate goals from the strategy horizon, you achieved them 1 year early. Leading the transformation is the newest strategy to support organic income until 2028 without the volatile interest income up by 8%, cost 3% and operating income 12% as gold. And we have a number of questions on this, Dr. Leithner and Dr. [indiscernible] .

When it comes to the secular recurring revenue, how strong is that to increase. The acquisition of all funds has that been reflected in your business plan? Do you see further acquisitions? And if so, in which business areas, what will be the impact of the global uncertainty, most recently, the Middle East conflict on your business model. Based on the geopolitical situation, debt levels in the you keep rising. The savings and investments union is to give a boost to pension products or retirement products. How strongly do you benefit from that as a market infrastructure provider. How can you make sure that the infrastructure on the buy side is strengthened.

Do you see a higher interest income, as assumed recently in the business plan. Ladies and gentlemen, investment management solutions, the pre-trade business essentially has changed through the SimCorp acquisition, a full service provider along the entire value chain from front to back. and you're benefiting from the outsourcing trend at the buy side. In the U.S., for example, new customers were acquired. And Mr. Chroma, especially or you would like to ask a question, how high is the recurring share of revenue in software solutions? And are you happy with the conversion from onetime payments to the subscription model and the accounting of income for SimCorp from . Why is the accounting change? How high is your market share right now in the U.S.? And what's your midterm goal. What are your ambitions in Asia?

More recently, the buyout of the minority share held by General Atlantic was done or decided after an IPO which has been the plan before does that mean full access to your share right now? And Dr. [indiscernible] question for you, trading and clearing. A number of questions. we're able to increase your market share for OTC euro clearing. What about the development of the short-term interest future, [ STIR ] Is the trend continuing towards more repo business because of higher interest rates. When it comes to the exchange for energy and power, it has performed strongly partly fueled by the Middle East conflict. Do you see this as a sustained trend because of higher hedging requirement for renewables. What about Japan and the new platform for power derivatives. How did you make any progress there? When it comes to foreign exchange and digital assets, there was a 12% increase last year. How much do you benefit in foreign exchange with 360T when it comes to the platform and clearing business. Could you give us more information on elaboration with Kraken in digital assets, a comprehensive hybrid infrastructure with a high liquidity pool for your customers if the goal of that exercise the collaboration arising from that for crypto finance.

Dr. [indiscernible] in Securities Services, 12% was the growth last year. How may you benefit from the trend towards higher government debt based on higher infrastructure spending and defense spending. And since last year, also the repatriation of money. When it comes to lost income, do you expect lost income, if there was real-time boosting or accounting based on blockchain technology, how much headway have you met with blockchain when it comes to posting or accounting and settlement and also custody of securities Fund Services, 13% growth last year, which is decent. Now the all funds transaction was announced, which will significantly strengthen your position, and we have a few questions on that.

What good will all fund be in the context of fund services as a segment? Is it the sales side that strengthened in particular? There seems to be a little regional overlap. Are you still expecting some negative synergies? And if so, what do you expect the competition authorities to say on that? How high will the leverage of Deutsche Borse be or how much higher Dr. [indiscernible], Deutsche Brose is a technology company. For its digital business model, you need the highest reliability in terms of IT and cybersecurity.

This is how I appeal. Please strengthen your security precautions more and more AI. Cyber attacks are created by AI. So our question is this AI and digitalization help with cost and revenue for Deutsche Borse. On the other hand, there's a risk as well. To competitors may take away some of your business.

How do you see your position and your preparations in that context? From the S, we see headwinds when it comes to ESG, especially when it comes to diversity policies. Our question is this. Why is that? The very area where there is low target achievement for last year when it comes to the equal opportunities index. Do you stand by your diversity objectives? Do you promote them, make sure there's progress. We'd also be interested in ISS as a proxy adviser. And how -- what your position is with respect to the tightening of the legislation restricting or wanted to restrict ISS stocks recommendations?

Ms. [indiscernible], you ensure continuity on the Executive Board, Dr. Boom and Dr. [indiscernible] agreements were extended, and that's good in terms of continuity Chief Risk Officer is something assigned to Heike Eckert now, and we'd like to thank the Supervisory Board for the good work of China & Johnson, and we're looking forward to Ms. Nemat [indiscernible] competence in the field of technology. She will be an asset in that respect. vote in favor on all agenda items, and we'd like to expressly thank all employees and both Boards and their members and wish you a lot of success in implementing and executing the growth strategy.

Thank you very much, Mr. Tom whether it's Kraken or Kraken, I mispronounced your name. Mr. Tome, I'm sorry about that. Mr. [indiscernible] Masa from the Association of Critical Shareholders is next.

Thank you very much, Ms. Streit, ladies and gentlemen, members of both Boards. The association of critical shareholders as you present today. We've been assigned voting rights, and we'll call upon you and continue to do so when it comes to action in favor of transparency, protection of human rights and environmental rights, and we appeal to your responsibility and sense of responsibility to make sure that you take a closer look at what's happening on your trading venue. It's not about trend matters, but it's about at the very basis of basic questions such as good governance responsibility and responsible financial management. That's not a trend, but it's the very basis. And I've got a number of questions to you today when it comes to ISS, for example, but also the so-called green tax, and that is also something the previous speakers hinted upon things happening in the U.S. and the political position, different political positions there.

Mr. [indiscernible], you said at the last AGM that your customers have to deal with a large degree of regional local differences. And as stocks, you are successfully mastering that challenge against the backdrop of the countermovement against climate and human rights standards. The question has to be raised as to what your responsibility is making sure that sustainability standards are not only defended against political headwinds, but how credibility and transparency can be ensured when it comes to international climate environmental and human rights standards. How do you stand up for that? ISS publishes aggregated ratings and individual climate social ES&G ratings are not fully published essentially not when it comes to primary sources. And at last year's AGM, we asked about that. So let me repeat that. When it comes to ISS stocks, do you call upon them as Deutsche Borse to show a high level of transparency and call for separate ESG scores by ISS stocks, including the methodology to be made more transparent. If you don't, how should investors and the general public and shareholder representatives be able to judge the resilience and the reliability of these analysis and recommendations. ISS doesn't only publish ratings but also does proxy advising advisory services. And here, we see a structural conflict of interest. It makes sense that we at least apply a question mark when I issues recommendations for voting behavior at your AGM, where it's part of Deutsche Borse Group. We don't see a specific case, but Ms. [indiscernible], you referred to Comex that the Supervisory Board continues to have on its radar screen, especially when talk about independent voting recommendations. It seems to make sense to make this transparent. And we don't see how ISS can be completely independent. So what are the specific measures and talks and have been since the last AGM, when it comes to its ratings and its proxy advisory work and the future deal mandatory disclosure requirements in cases why ISS rates companies as part of your group or have other economic and financial relationships with you. And again, about proxy advisory, what's your responsibility as a group that the recommendations by SS are in line with international climate and environmental standards and rights? And how do you specifically put that into practice within your group. Do you have the expectation? Or is there a policy from you for ISS, especially for companies from the fossil energy sector, defense or other high-risk sectors? And if so, what are these specific expectations what the specific criteria ISS uses to rate resolutions on [indiscernible] protection, fossil expansion, biodiversity, human rights or duties of diligence and care. To what extent publications by ISS, where the criteria science-based, consistent and in line with international starts such as the UN principles. Guiding principle [indiscernible] and human rights or the patent agreement. Have there been climate or human rights-related motions by shareholders. For example, when it comes to fossil companies or energy companies where the vote wasn't supported, although there was an aim at being in line with international standards. How do you judge those decisions how do you judge critical reflections on these? Do you plan any improvements in that respect? How do you ensure that financial interests are something where -- how do you ensure the commercial interest of clients or companies do not influence the independence and credibility of ISS proxy advice, particularly where those are from your group or among your clients?

Let me also mention one other thing, shareholder writes more generally when it comes to human rights today's online format has been criticized. We criticized that as well. But there's one last thing. How can we make sure to make the AGM more interesting, especially in Germany.

[indiscernible] is actually quite difficult with registered shares. It's easy to obtain login data. But try and order admission tickets or log-in credentials. This is quite expensive, try to get on the AGM of Airbus. This is actually a lot more difficult than one might think. But my question is, how can you make AGMs more interesting? Now in Germany, the options are very limited for shareholders to take agenda items or motions in the United States or U.K., that's different. Shareholder resolutions are commonplace there, and they're part of the rules and regulations. An EU regulation could be helpful here. The shareholder rights directive is currently under review.

And I think this might allow us to improve the situation in Germany. So my question is, do you support those EU reforms or reforms of German Stock Corporation law that will allow shareholders to table agenda items or even resolutions? If so, yes, what are your ideas? And if no, why not? And as far as human rights due diligence is concerned. Like I said, we believe that you're also responsible of what's happening on your trading venues. What minimum standards do you have on your trading venues for human rights? What exclusion criteria are there for ESG products within Deutsche Borse Group, especially for fossil expansion, human rights and systematic environmental destruction. Did you exclude any companies last year because of those criteria? And how do you assess your reliability, your responsibility for your trading venues. If those are used to finance company that violate human rights are involved in fossil expansion or environmental discussion. What measures are you taking? How are you making sure that you do not indirectly benefit from those activities? And just to conclude the X50 ESG, we don't hear a lot about that. It's all about your credibility in financial products, the so-called Green [indiscernible] 50ESG should mirror companies with high sustainability standards. But it seems that all companies adhere to those standards, we shared this criticism. You have to be transparent about this. You have to prevent green [indiscernible]. So my questions are, what conclusions have you had? What insights since this index was introduced regarding the previous criteria. Since the introduction have to be any internal or external relations to see whether the actual composition is in line with the sustainability targets.

If so, what deficits, what room for improvement has been identified. What conclusions have been drawn? Which companies were excluded or not included because they didn't comply with the criteria of the green [indiscernible] and which criteria were particularly important. In the face of increasing criticism, are you considering a review of the GreenDex, especially concerning biodiversity, for synergies or human rights. And how do you make sure that your ESG products do not become greenwashing products? Where investors cannot really check the underlying sustainability? What mechanisms, what criteria, what transparency standards do you have in this regard. And just to conclude, there is criticism from civic organizations from academia or from affected communities. To what extent is that information factored into your ESG activities at Deutsche Borse Group? And how are you planning to make your internal debates, conflicts of interest and assessments more transparent? With that, thank you very much for your attention. I look forward to your answers. Thank you.

Thank you, Mr. Masa. Ladies and gentlemen, thank you for your contributions. You've raised a number of questions which will now be answered by the relevant executive Board members, where questions concern the Supervisory Board. The answers will be given by myself. I've agreed with the Executive Board that they will endorse my answers in line with legal requirements. Stephen, may I ask you to answer the first set of questions?

Thank you, Clara? Mr. [indiscernible] and Mr. Scheffer both addressed the same issue, concerning the format of this AGM. You're asking why is this not a face-to-face meeting? When are you planning to hold the next face-to-face meeting? Are you planning to change between formats, swap between formats? So every year, we take a decision on a case-by-case basis, bearing in mind the interest of the company and shareholders. This is what we did this year. An important aspect here is, of course, the agenda. This is a standard practice when it comes to deciding on the format of AGMs.

Last year, we deliberately decided to have a face-to-face AGM. And this is going to be an option going forward. And every year, we're going to review this question on a case-by-case basis. Next, a number of questions raised by Mr. Kienle. And of course, I'm happy to pass on your word of thanks to our colleagues. First of all, the general market issues that you mentioned [indiscernible]. Why should the legislator interfere with the financial market? Don't we need freedom of action and open markets only work, in our opinion, in the long term, if everyone trusts moves the environment and the stable framework. The legislator creates such a framework by ensuring transparency and fair competition. Especially in the financial markets, lack of rules can lead to a loss of trust with significant consequences for investors and the real economy.

From the point of view of DBAG regulation does not contradict the concept of a free market, it's the foundation for an efficient and smoothly running market. Next, the framework and European fragmentation as you mentioned, do we need a reduction here. There's a package on market integration and supervision as part of the savings and investment Union. And here, the European Union is pursuing the right goal, if you ask us. trying to improve the capital markets.

But what is important is that the fragmentation of the trading landscape needs to be reduced in order to strengthen liquidity. In this case, it's particularly important that fair competition is insured and regulatory arbitrage is reduced something that we're seeing over and over again nowadays. Next, you asked about mergers in Europe. We share your opinion. That's the European capital market is fragmented compared with the U.S. I just mentioned that when I talked about the trading menus. This caused structural disadvantages. And that those disadvantages cannot be eliminated through exchange consolidation. But we, at DBG, are in principle willing to play an active role in the consolidation of Europe. If that makes sense financially. Above all, those are far-reaching steps. And for them to be successful, we need the right regulatory and antitrust framework.

And I'm sure there's a lot to be done in this regard. Moving on to something else you mentioned Mr. Kiley, relations to the EU or between the EU and the U.K. in connection with Euro clearing, EU and the U.K. are coming closer, which creates more stability but that doesn't change the strategic alignment of Europe with the active account regime and [indiscernible] 3.0, the regime will become broader and more robust. Infrastructure providers such as Deutsche Borse can benefit from that. And Deutsche Borse is extremely well positioned for that. Lastly, you also asked about the valuation of DBG compared to U.S. exchanges. The valuation is influenced by various factors, and it fluctuates. So we are closely monitoring the perception of us by the market. Currently, our valuation level is in line with our major competitors.

We are convinced that the fundamental strength and the quality of our business model is going to be reflected in the medium term in our valuation and that we are going to obtain competitive valuations for Deutsche Borse.

Moving on to ISS stocks, also questions raised by Mr. Kienle. You asked about the position of technology and data offering as part of our structure, technology and data parts of our value chain. We've got investment management solutions, offering software-based solutions and intelligent database products and index families. Our markets run on an innovative technology that we also license to other stock exchanges.

So the technology and data offering is a central topic of our new strategy. In the same context, you asked about international competition and is the position of ISS compared to LSC the London Stock Exchange, especially in the data and software business. You also asked about what we do in data and software. Our IMS segment relies on a strategy that's built on the expansion of our technology leadership using synergies within the IMS segment. For SimCorp, the focus is on artificial intelligence, SaaS transformation, expansion of the front office and above all, an important trend, namely alternatives. Scalability and North America are topics that we have been driving since the acquisition.

At the same time, stocks, among others, is focusing on customer-specific product specifications, cross and upselling and also AI to improve its operational efficiency. So as you can see, we're taking -- we have taken a number of measures, and we are quite confident that we are well positioned in the competitive environment. Next, Mr. Kienle, you asked about the criticism of ISS in United States. I'd like to address that because there are also press articles on that. Are these mainly questions of consumer protection works with all relevant authorities and that is being supported by renowned law firms. Please understand, however, that we comment on pending proceedings. It's still early days. Now to conclude, Clara, if I may. A number of questions raised by Mr. Tome. They also concern ISS and stocks. You asked about the buy of [indiscernible] Atlantic and the resulting changes the buyout of the minority share made it possible for Deutsche Borse Group to implement our strategy in this particular business and to accelerate it. This gives us the opportunity to achieve sustainable long-term growth. and to harvest the full value of ISS stock. The research on the advisory business of ISS, however, is still subject to the established guidelines. We'll come back to that later, especially the principle of noninterference. This is a central element of independence in the research of ISS, and this is very important to us. And just one last thing. [indiscernible] questions on M&A. You asked about our buy-side strategy. Our buy-side strategy, tries to integrate the buy-side ecosystem to a larger extent to create customer value beyond individual technology solutions. We integrate the front-to-back platform of Cinco with under DBG solutions in trading, in data, in fund services. So at the end of the day, we're going to have a truly integrated offering for the buy side. That completes my set of questions. Clara. Back to you.

Thank you, Stephen. [indiscernible], you have some answers, don't you?

I do. Thank you, Clara. I'm also going to start with Mr. Kienle's question. Question number one. Let me explain the underlying reasons for the share price development last year. The share price development is based on several factors. In Q2 '25, there was a record high, and there was some correction. Main drivers were the rotation towards banking shares a risk-friendly environment with low volatility and perceived risks by new technologies such as artificial intelligence. In addition, there was a political discussion on ESG and proxy advisory services, which had a negative impact on the ISS to business in the United States. Those were, however, temporary factors so that in 2026, the share price went up again considerably, and we are convinced that the fundamental strength of our company is going to be reflected in the share price.

Mr. [indiscernible], you asked about recurring income. How do we want to increase those use this is one central aspect of our strategy. Yes, and our overarching goal is to grow across all areas, recurring revenue are an important building block, but not the only one. The structural growth drivers are clearly defined. Number one, we expand our business with asset managers. We have positioned ourselves as a neutral and scalable long-term partner. Secondly, our growth is driven by digitalization. Thirdly, we benefited from the structural growth in FX income securities, which is driven by global state debt and changing interest momentum. Number four, we transferred regulatory requirements to an ever increasing extent to our own platforms.

Next question, Mr. [indiscernible] what is our aim for recurring income in 2025? Recurring income accounted for 63% and by 2028, we expect a slight increase However, we do not have a specific target in mind. The actual percentage also depends on the cyclical developments in the respective periods. What's important is not a certain percentage. It's all about the quality and the sustainability of our growth, which is driven by clearly defined secular drivers. Mr. Kienle, you asked about what we think about the success of the SimCorp acquisition. Our expectations are being fulfilled. We are on track to achieve our 2026 goals, including synergies, the integration of Axioma and growth across all regions.

There is strong demand for SaaS solutions, the recurring growth rates, the annual recurring revenue or ARR of SimCorp is around 60% at SimCorp, that's the average for '22 until 2025, and this is very much in line with our own targets. Mr. Kienle, you asked about could you other audit services. At the level of DBAG, fees amounting to EUR 93,000 has been paid. They are part of the fees for audit services. the report of the CSD report, we spent fees of 425,000 as part of other services.

Others, this is include 25,000 for 2 statutory assurance services. Next, moving on to Ms. Shaffer's questions on how reliable, how strong our growth model is. We believe that our models are extremely viable and strong. We showed that last year in a low volatility environment, low interest rates dampened trading activity, we actually hit the bull's eye. This is driven by our business model around 63%, as mentioned before of our revenue is recurring revenue and the expected growth is driven by secular drivers, irrespective of the short-term activities on the market Next, your question on the secular growth, far the growth of 8% between now and 28%, excluding treasury will be almost exclusively driven by secular drivers. Next question concerning the secular recurring income or revenue question raised by Mr. [indiscernible]. As mentioned before, the average growth of 8% between now and 28% is almost exclusively driven by structural drivers. The percentage of recurring revenues in 25% was 63%. And at constant portfolio between now and 2028, we're going to see a slight increase. This underlines the high quality and long-term sustainability of our revenue basis. Concerning your question on the higher-than-expected interest income, a positive development indeed Originally, we expected the treasury result of around EUR 700 million. In Q1, there were higher cash deposits. There were changes in the interest momentum. So therefore, we expect a little more than EUR 100 million actually. And as for your last question in my first block, Mr. [indiscernible] talked about recurring revenue and software solutions. And about the accounting change at SimCorp, the number of -- or the amount of recurring income in IMS is 5%. We don't publish a percentage for software solutions, but the company is happy with the SaaS transformation. SaaS net revenue was -- grew by 50%. And because they attracted significant new customers. And this is why we switched from onetime to recurring revenue. Second part, the realization of revenue at SimCorp as of 2027, it will be changed in line with standard practice. So we're going to switch to a pro rata accounting basis.

This means that revenue will be more evenly distributed, and it also reflects the continuity of SaaS contracts. With that, back to you, Clara.

Thank you, Jens. Stephen has a number of answers.

Thank you, Mr. [indiscernible]. A number of questions on the global environment and our general situation, you asked about the impact of the global uncertainties on our business model. In securities as a result of the conflicts in the Middle East have had a very positive impact on our trading activities because market participants had to do more hedging. I mentioned it in my speech in April.

However, the situation went back to normal. So what's the short-term effect, but our strategic core focus is on the continuous realization of secular growth to create long-term value for us and our shareholders. This is underlined by our diversified and resilient business model. There was another question about the European Union and the savings and investments union, whether we can benefit that as a leading market infrastructure provider in Europe, we are following both of these developments very closely. Higher public debt, for instance, will lead to more issuances and more hedging activities. Essential part is Clearstream and EUREX. Higher debt also makes it clear that we really need the SRU. Expect that the SIU is going to mobilize savings assets capital in Europe. This will increase value and the market activity across the whole range of our activities. And then you asked about our market share in the United States and our ambition in Asia. In the U.S. market, SimCorp is growing in 2023. It has attracted an additional 10 platform customers, among them, some of the largest investors worldwide. SimCorp, including Axioma has more than 230 clients in this market. And in Asia, they have a strong starting position with over 60 clients among them, some of the largest sovereign with funds. The ambition of Deutsche Borse is to expand SimCorp productivity in the Middle East and other markets such as Japan.

So as you can see, these international markets are increasingly important for us. Your last question, at least in this part, Mr. [indiscernible], you asked about further acquisitions. Our M&A strategy remains selective and value driven, and we are consistent in our communication. The most important thing is the successful completion of the offense acquisition. In addition, Deutsche Borse will do and review and consider M&A activities as part of our leading the transformation strategy. Next, there were 2 questions concerning questions raised by Mr. [indiscernible], what is the impact on us? Well, 3/4 of our computing activities are in the cloud. This is a robust digital business model. And I think it's important to emphasize that. So AI is already an integral part of our product process. We use internal efficiencies and also customer efficiencies, improve them and based, but this is all based on the preparations we made over the last few years. As for the risks of AI, we believe that they are manageable because less than 5% of our revenue is immediately affected by the AI debate. I'm not saying that 5% are jeopardized. 5% are potentially affected. And therefore, our focus is very much on those 5% Ms. Sean, also a question concerning artificial intelligence. You asked about specific applications.

At DBG, AI is a measurable lever for revenue and costs. In revenues, AI creates new better products for our clients. A specific example SimCorp enables I assistance to improve productivity and better decision-making processes for investment managers. In terms of course, AI is a central part of our One group initiative. It makes an important contribution to our target of increasing costs by only 3% annually. Again, examples, the automation of routine tasks in compliance, document processing and customer service.

And one last thing. A question, address for Mr. [indiscernible] and Mr. Masa Concerning the position of Deutsche Brose regarding a reform of the stock operation law. Now in principle, supports the right of shareholders to present their own motions at AGMs. This is a fundamental part of far of shareholder rights and good corporate governance. The existing bureaucratic hurdles could be eliminated in our opinion, through pan-European harmonization. And with that, I'm going to hand back to Clara.

thank you very much, Stephen. I would then ask Thomas Book to answer a few questions.

Thank you, Clara. Let me start by answering questions asked by Mr. Kienle. Mr. Kienle, you asked why we currently offer now commodities products and whether we plan to venture into that segment and whether it's a potential growth segment. And we'll be happy to give you our position on that. Our product offer follows the clear focus on environmental and markets close to energy by added value through clearing management. Commodities markets such as metals are more of a physical nature and less integrated through liquid spot markets, making for less synergies of our trading and clearing model. Where there are synergies, we do check whether there is a selective option for enlargements, but a broad-based entry into classic commodities market is not something we pursue at the moment. Your question, Mr. Kienle about the interest rate and energy market, how we want to catch up with the dominant U.S. vendors. Let me answer that question from the 2 points of view. Firstly, in Europe, both for electricity and gas markets and power derivatives markets is clearly playing a leading role comparison with U.S. providers, therefore, is something which is mostly applicable to the gas derivatives business here.

We deliberately rely on our strong position in the European gas spot markets and on that basis, develop competitive derivatives and develop them further. This is carried by a high amount of liquidity, broad participation in the market and the close interconnection of trading and clearing. As for the interest market as for the EUREX rather, we held a strong position, EUREX offers all of the relevant interest products or futures, options, swaps and reps with bonds as collateral and that helps our customers generate significant synergies, and that is also true for our U.S. American clients. Mr. Kienle, you asked for the practical problems and the current status regarding the shift of euro clearing as planned by the EU from London to Frankfurt, and Stephen already addressed that question.

Generally speaking, the European Union with the European market infrastructure regulation. EMEA has provided necessary legal foundation. As of 24th June '25, according to this, financial service providers resident in the EU for the clearing of interest derivatives, EU currency need to hold an active account with an EU clearing house. Eurex is making good progress with onboarding these clients and has by now set up about 2,500 entities, 40% of those alone during the year 2025. Mr. Kienle, another question of yours was whether keeping with the future on computing power of the exchange, whether we offer similar services. For the time being, we do not, but we constantly review new products in dialogue with our clients and will react according to the markets needs. Mr. Tome, thank you for your question regarding the market share with the euro OTC clearing. Our market share in OTC clearing, during the first quarter '26 was increased by 5 percentage points compared to previous quarter. And in July 26, the active account requirements directive will enter into force as a consequence of that, we expect to further increase both of the activation rate of our registered end clients and also general trading activity for such clearing activity.

Another question regarding interest. You asked for the trend for short-term interest rate futures, so [indiscernible] product. The trading volume of faster products in the past year increased by 6%. Given the increased market volatility over the first quarter '26, we saw a slight decrease in volume. However, they've already stabilized again in the course of April. And similar to OTC clearing here too, customer activation as part of the requirements for active accounts under EMEA [indiscernible] plays an important role and we, therefore, expect the increase in client activity Mr. Tom also thank you for asking whether the trend towards more repo business will continue given the higher interest rates? The answer is yes. Growth in the repo business for the first quarter '26 amounted to about 70% versus previous year. And the key drivers for that growth continue to be the reduction of excess liquidity in the euro region. And as was mentioned, the high issuing volumes of European sovereign debt.

Also, there's our unique client bases that we continuously plan to expand in that second Mr. Tome, you furthermore asked whether we observed a continuing trend towards higher need for renewables and hedging there. And yes, we can confirm that there is a trend for higher hedging for renewables, particularly given the increase of new renewable sources. Companies tend to hedge increasingly against price fluctuations, which increases the demand for power and electricity derivatives to which EX reacts with new products and continuous expansion of its offer range. Mr. Tome, thank you for a question on more information in cooperating with Kraken when it comes to digital assets. Our partnership with Kraken aims at connecting the regulated capital market infrastructure of Deutsche Borse and linking to the liquidity of Kraken particularly when it comes to digital assets.

Through this close interconnection trading, this results in a cross add-class [indiscernible] offer range. And at the same time, post-trading services such as custody, settlement and collateral management are then connected via our subsidiary, Crypto Finance and Clearstream and connected to the Kraken infrastructure. At the end of the day to our clients is consistent access to traditional and digital assets over a standard scalable value chain. Mr. Tome, regarding your question about our new platform for power derivatives in Japan and the progress we've made there. The Japanese power market has seen dynamic development in recent years. And '25 alone, the trading volume doubled, Ex now generates revenues of more than EUR 5 million there by now with an average annual growth of 175% since 2022. This makes Japan one of the most important growth market of EEX Mr. Tom Next, your question about 360T and how much profits from platform and clearing business. 360Ts are globally regulated to the foreign exchange platform, which has a unique scalable platform model. Customers profit a lot from this integrated offer, which provides liquidity, data and workflow solutions from a single source. And that over recent years, allowed us to come to attract a number of new professional clients in asset management I'll next address the question by Ms. Schaffer.

Ms. Schaffer, you asked for a potential margin erosion in the cash market, given Neo brokers offers. Neo brokers have an offering that is mostly based on the business model of free execution of orders for retail investors. With set retail which is a specific trading offer for retail investors.

We, as Deutsche Borse, are already successfully offering, such a product specifically made for retail investor for specific orders. A margin erosion, therefore, is something we do not need to expect. And finally, let me address the question of Mr. Masa. Mr. Masa, you asked whether Deutsche Brose saw any violations regarding fossil energies and other violations of environmental loan, whether we, therefore, limited or terminated any business relations or use them. And the answer is no, we did not do that in any way. Clara, back to you.

Thank you, Thomas. Then I'd like to ask Stephen [indiscernible] to answer a few questions next.

I'd be happy to do that. Firstly, I'd like to address a number of questions to do with all funds. Mr. Tome, you asked whether the acquisition of all funds was already factored into our business plan. Our current business plan reflects our fund business segment on a separate basis, so without -- excluding all funds. At the same time, we drive a detailed plan, which at the end of the transaction will be transitioned into the overall business plan. Mr. Tom, you also asked for the added value all funds provides for our fund business. The combination of all funds with our fund business at Clearstream comes with a very convincing strategic commercial and financial foundation. Both companies supplement each other excellently. Clearstream brings in highly efficient order settling and custody services, whereas all funds is leading in fund sales support.

And together, this makes for a value proposition along the entire fund value chain. Moreover, we expect considerable economies of scale given the combination of the operating models and technology platforms of both entities and a joint innovation driving force, which allows us to drive forward digital product innovation across segments.

Also, Mr. Tome, you asked for potential negative synergies and the competitive or competition law situation. the positioning of both companies is indeed largely complementary. We do not expect any major negative synergies. In view of authority approval, we have initiated the standard preregistration procedure with the European Commission, which is an important procedural step which marks the start of the actual test and investigation proceedings. In parallel to that, we are in the process of obtaining the necessary merger control and regulatory approvals in the relevant legal legislations and all submissions are as planned and on time, and we are confident that we will obtain all the necessary approvals. Mr. Tome, you also asked for the impact of the increase in national debt, infrastructure and defense spending and the return of capital flows into Europe and its influence on our business. Those are developments from which we profit immediately. The increase in sovereign debt leads to a higher bond issuance activity, which directly impacts our custody settlement and securitization activities. And at the same time, when it comes to capital flows being retransferred to Europe, we see an increase in demand for European market infrastructure.

Clearstream as a central post trading platform across Europe is excellently positioned in order to profit for these structural shifts sustainably long term. Thank you, Ms. [indiscernible], for your question to do with the interdependence of interest rate income and measures taken within Clearstream, to balance that out in case of negative interest. The interest rate share as a proportion of both Clearstream segment, it will be we'll see a decrease to about 1/4. We reduce our dependency of the interest rate result quite specifically, and we do so by strategically expanding our services with fee-based revenue. And one more question, Mr. Tome. You asked whether real-time bookings based on blockchain technology something which leads us to expect a decrease in income. We consider this level of risk but rather an opportunity.

We are building up Europe's first hybrid complete pre-trade post-trading infrastructure, which can handle both traditional and tokenized assets through 1 single trusted infrastructure. With that, we connect both liquidity spares and offer our clients the possibility to move assets in both directions because also in an increasingly digital world of securities, a neutral and regulated operator of the infrastructure remains expendable.

And with that, I hand back to you, Clara.

Thank you very much, Stephen. Christophe Bohm would now be addressing the next set of questions.

Thank you very much, Cara. Mr. Shaffer, you asked a number of questions to do with cybersecurity. Regarding your first questions, investments into cybersecurity over the 25 financial year, that's what I'd like to answer first. Deutsche Borse Group sees the safety and reliability of our business and protection of data as one of their key priorities. For that reason, we continuously expand our methodology instruments and processes help prevent cyber attacks and to detect security gaps. For that, we provide considerable funds and resources. An exact amount regarding the quantity of those investments is something we do not provide information on for security reasons.

Your next question, Ms. Shaffer, whether our management considers that the existing level of security is adequate in view of geopolitical tension around us. Deutsche Borse Group constantly analyzes geopolitical tensions and their impact on our business activities, in particular regarding the threat situation when it comes to physical security and cybersecurity. Security relevant finding and information are used proactively in order to continuously improve existing security measures in place. Management Board reviews the existing security level and deems it appropriate, but continuous further improvement will continue to remain necessary.

And your final question, security incidents that have to be reported in the past year. Both in the past financial year and also in the current calendar year '26 to date, no security incidences required and reported were noted in terms of cybersecurity. And back to you, Clara.

Thank you, Christoph. Stephan Leithner would answer another few questions now.

Yes. Thank you, Ms. Shaffer. Building on your initial statements and your recognition of our strong position, for that, I'd like to say thank you. But we can assure you that we continue to remain focused on long-term development. So specifically, I'd like to address questions that you asked that had to do with regulatory interventions. The management -- the Executive Board at the moment does not see any substantial risk in terms of regulatory or antitrust interventions in the areas you mentioned: clearing, custody and trading data.

When it comes to EU competition law, we see positive signals, and the current review of the merger acquisition regulations and rules to ensure global competitiveness for European champions are to improve. So that will provide a good foundation for our strategy.

And in that connection of our long-term orientation, you also asked for the valuation of our shares as part of the share buyback activities and what we make of that. Let me say that our share buyback program is a firm component of our capital allocation strategy, as I outlined in my speech. As a standard and regular program, it is in place regardless of daily share price developments. We believe it to be an important instrument of reliability.

And also earlier, I addressed some of your first questions, Ms. Shaffer, in the connection of AI. Let me further elaborate or supplement this. You asked for the impact on need for personnel, operational risks and also new revenue sources as a result of AI. And the focus of our personnel resource planning in the context of AI is the specific buildup of future competencies across the entire group.

At the moment, we see no specific and major impact of AI on the operational risk profile of the group. That, too, is very important to us. But obviously, that's again something we continuously review. And third, on the revenue and sales side, AI helps us create better new products for our clients, and I addressed that quite specifically in my earlier answer.

Furthermore, Ms. Shaffer, you asked a lot -- quite a number of questions in the context of IMS. Let me start by what you said regarding the Executive Board's expectations regarding the development of ESG business. Long term, we expect that market to continue to grow for ESG data and solutions. Short term, however, we continue to see this as a challenging environment in the U.S. and also diverging views amongst the various stakeholders when it comes to ESG. STOXX as a neutral service provider and with its capacity of offering customized solutions to their client is well positioned to meet those challenges.

Moreover, you also addressed the topic of -- let me quickly hand back to Clara and take those questions afterwards, the IMS questions.

Okay. Thank you, Stephan. In that case, I would now ask Christian Kromann to answer two questions, please.

Thank you, Mr. Kienle. You asked whether SimCorp could help to reduce the distance there is in the data and software business. The acquisition of SimCorp was and is important for the growth cause of Deutsche Borse Group. We build on the targeted expansion of our business on the buy side, and the comparison of revenues of individual business segments, in our view, for the long-term competitiveness of our activities is not the key factor.

And the other question, Mr. [ Mas ], you asked about the review of the methodology of the DAX 50 ESG. Our answer, we review our index and rating methodologies continuously and stand by in that connection are in regular exchange with all stakeholder groups. Thank you. And back to Clara.

Thank you, Christian, also for answering those questions in German. Given the long words we tend to have, that's not to be taken for granted from a non-native speaker. Thank you for that.

Next, I'd like to ask Heike Eckert to answer questions.

Yes. Thank you. And Mr. [ Thomae ], thank you for your question on diversity. The Equal Opportunities Index in 2025 shows a slight decline, which in part has to do with an extension to that index in terms of content. With Deutsche Borse Group, we offer an environment in which all employees can contribute in the best possible manner.

Our inclusion program 2026 targets 3 areas: First, promotion of an inclusive culture; second, collaboration across the entire group; and third, measures to raise awareness. And with that, back to you, Clara.

Right. Thank you. Thomas Book has one more question to answer, please.

Yes. Thank you. I would like to address Mr. [ Masse's ] question regarding our offers to be made in a responsible way. The risk analysis on human rights and the environment is something where Deutsche Borse Group focus on our own business operations and suppliers in keeping with the corresponding German legislation. Our trading venues and products and services as offers take place in the framework of the existing legal and supervisory framework conditions.

And with that, back to you, Clara.

Thank you. And at that point, Jens Schulte has three more questions to answer.

Yes, happy to do so. First, two questions raised by Ms. Shaffer, thank you for those, to do with capital. First, you asked for our capital allocation and the decisions about the share buyback program. Our capital allocation brings together strong investment activities and attractive shareholder returns. And that's not two things which are in contradiction of each other, but rather are a natural supplementation of each other. First, there is a focus on organic growth with an annual budget of about EUR 600 million. Strategic acquisitions such as those in the old funds example are a deliberate addition to that. The program is financed from excess liquidity. It's not a replacement for investment, but expresses the strength of our business model.

And then you asked the second question to do with capital. You asked for the SimCorp integration and the long-term return on capital employed. And for the SimCorp acquisition, we follow the same financial discipline as we do for all M&A activities. We expect that the long-term return will in be keeping -- or will exceed our weighted average cost of capital. The integration of SimCorp, including Axioma, is making progress as planned. And at the moment, we do not see any major operational challenges.

And then there is one more question by Mr. [ Thomae ]. Mr. [ Thomae ] asked for the influence of the Allfunds acquisition regarding the level of debt across the group. The acquisition of Allfunds will bring the current debt level a bit up from its currently very low level, but will still remain within the Standard & Poor's criteria for our AA- rating with a stable outlook. The ratio of net debt to EBITDA will, as expected, remain below the 2.25 multiple threshold. And the ratio of fund inflow from current activities versus net debt might, for an interim period, remain slightly below the required 40%, but then recover quickly. We are confident that we can lastingly defend our rating position.

With that, back to you, Clara.

Thank you. And Dr. Leithner will answer a few more questions now.

Yes. Thank you. And let me come back to your question, Ms. Shaffer, on the political and regulatory changes. In specific terms, you asked about what could be done to make Frankfurt and Europe remain competitive in the long term. Now as a starting point, we obviously support political and regulatory initiatives to strengthen the European and German capital markets in terms of structure.

At the EU level, there's the Savings and Investment Union that we accompany and support closely. And there's also a number of series of measures in Germany that we supported, the future finance law, then the growth capital initiative, plus the Made for Germany initiative brought forward by the German industry. Also in Frankfurt, we are committed to the financial location cabinet, as it's called, in order to improve the financial ecosystem. So in total, we're not just committed here, but also contribute in a positive manner.

Beyond that, when it comes to regulation and framework conditions regarding restrictions imposed by the Trump administration on the IFS business model and whether there might be need for write-offs here. And let me tell you that IFS continues to operate in a changing regulatory and political environment in the U.S. The end point of any such development cannot be foreseen. And STOXX is always pursuing a strategy of constructively cooperating with the authority. The solutions will always be provided in the interest of their clients. And in relation to that, Deutsche Borse does not see any need for write-offs.

Next, let me address topics raised by both Mr. [ Masse ] and Mr. [ Thomae ]. First has to do with ISS and the question around the impact on Deutsche Borse or of Deutsche Borse to do with higher transparency because ISS when it comes to various methodologies. So the answer on that, Deutsche Borse does not plan to influence the ESG rating methodology used by ISS. ISS already publishes comprehensive information on methodology of the ratings on their homepage. For corporate ratings, this methodology document, for example, has a scope of 66 pages, which allows investors to appropriately assess the methodology of those ratings. So that is ISS position on that, that we share.

Next, Mr. [ Masse ], you asked for how we handle proxy instructions and recommendations of ISS and the connection of the independence of Deutsche Borse Group versus their clients. When it comes to governance and ESG data, ISS generally operates independently of Deutsche Borse. Deutsche Borse commits to the principle of noninterference, which protects the independence and integrity of research recommendations, ratings and other analysis offers provided by ISS.

Against this background, we also do not take -- comment on individual recommendations issued by ISS. The position of Deutsche Borse through ISS and the governance research report and the ISS corporate report is clearly disclosed. And with that in mind, this really corresponds to the highest standard of transparency.

Next, let me address the specific criteria you asked for, Mr. [ Masse ], when it comes to the ISS resolutions. And here, too, I can only refer you to this. ISS has their voting guidelines such as the benchmark policy or also in the themed policies where they are defined, all of which can be seen on the ISS homepage and are therefore, highly transparent and available.

You asked further, Mr. [ Masse ], and I'll be happy to come to that, the applicable human rights climate and environmental minimum standards that apply to Deutsche Borse Group. And in that respect, Deutsche Borse Group focuses in their risk analysis on human rights and environmental aspects, mostly on our own operations and immediate suppliers. In keeping with legal requirements such as the Supply Chain Act in Germany, the offers provided by our trading venues, products and services, all of which is in the framework of existing legal and regulatory frameworks. Definition of further standards that go beyond legal requirements are individual decisions taken by our clients. And with that as a standard, we do not directly interfere.

Mr. [ Masse ], you went on to ask about critical situation since the introduction of the DAX 50 ESG. We are convinced that the DAX 50 ESG follows a transparent set of rules based on the feedback by market participants. STOXX believes that this reflects and fulfills the key client requirements, industry standards and are in keeping with industry standards and regulatory requirements. So with that, I hope that this answers your question, too.

You also asked about the methodology of the DAX 50 ESG index. As I said, we are firmly convinced that it is transparent at all times and follows the rules-based calculation and computation method that's also publicly available. So the composition of that index is monitored on an ongoing basis by STOXX, and information is publicly available.

In the same context, you asked what are the companies that were excluded or not included in this index. Again, I can only refer to the information that ISS STOXX has made available on their website. We are convinced that this is full, transparent, fact-based and rules-based and everything is in line with those principles. So the change in the indexes' composition is also fully published information.

Based on the inclusions or exclusions in an index, Mr. [ Masse ], you asked about specific exclusion criteria within sustainability-related index and ESG products, more general questions, that is. Again, let me refer to the methodology that's clearly rules-based and transparent and the exclusion criteria for the respective indices are, of course, differentiated, but the methodology is publicly available on the website by ISS STOXX.

Beyond that, you asked about whether and how the development of index ratings methodology, et cetera, is criticized. When it comes to the subsidiaries of Deutsche Borse, they constantly assess their methodology, and it's with the scientific community, clients and the general public that they work with. ISS STOXX works based on a noninterference policy by Deutsche Borse AG that will ensure that Deutsche Borse AG has no influence on the ISS STOXX ESG ratings to make sure they remain independent. That's an important element in the positioning of ISS STOXX.

Lastly, let me come back to your specific question, Mr. [ Masse ], as to how Deutsche Borse avoids and prevents greenwashing of ESG information and indices. The indices reflect the relevant ESMA guidelines to ensure that index names and its composition, their composition are in line or in compliance, and that's monitoring done constantly by [ asset stocks ] to ensure that.

There's one question by Ms. Shaffer that I think I haven't answered, but Christian Kromann answered it essentially. So let me repeat it. You asked about the synergies of the SimCorp transaction. The integration has developed as planned. We're very satisfied. We communicated synergies of EUR 60 million were achieved by year-end 2025, which makes it a very positive development, as Christian Kromann has explained.

With that, Clara, I think with the exception of one question, I have answered all questions for me. So let me hand back to the Chair and then answer the last question.

Thank you. Let me answer the two questions addressed at me. Mr. Kienle, you asked about the reasons for the early retirement or withdrawal of Shannon Johnston. There are work-related reasons for that. We very much regret Shannon Johnston leaving the Supervisory Board. She was a member and the Chair of the Technology Committee, where she was instrumental in supporting and shaping our work.

Ms. Shaffer, you asked about the alignment of Executive Board remuneration based on operational performance rather than onetime effects. The remuneration effect makes sure they are balanced incentives for sustainable growth and profitability. The individual criteria, both short-term and long-term variable pay, the criteria for those are measurable and are in line with the leading the transformation strategy. 70% of the performance-based remuneration is measured with long-term variables, which, by and large, avoids the impact of onetime effects.

And I'll hand back to Stephan Leithner for the last question.

Thank you. Mr. [ Thomae ], you asked about the position of ISS proxy advisers with respect to the more tightening legislation in the U.S. with a view to restricting DSI and ESG. The recommendations are in line with applicable legislation and rules, recommendations by ISS, that is. And whenever that environment changes, ISS takes that into account, and it keeps reassessing its approach on an ongoing basis. They are very important developments, but they are fully processed and taken into account.

That was the last question for me. And Clara, back to you.

Thank you, and thank you to all Executive Board members for the comprehensive answers to the questions.

Ladies and gentlemen, currently, I can see no more requests to speak. If anybody wishes to speak, can I ask you to click on the button in the online service requesting to speak? And please also tell us if there are any questions that we haven't answered or haven't answered in full. If not, I would close the general debate in a minute. And then we are going to enter into the vote on the resolutions before the meeting.

Are there any requests to speak? That is not the case, so thank you. I therefore state for the record that all questions have been duly answered. There are no more requests for the floor. I hereby close the general debate on agenda items 1 to 9. The online function for submitting requests to speak is now deactivated.

There is, in fact, another request to speak when I was about to close the list, Mr. [ Thomas Widen Muller ]. So please go to the virtual -- the online waiting room, and then we will check your audio and video connection and admit this request to speak.

Ladies and gentlemen, unfortunately, [ Mr. Widen Muller ] was not able to be connected. And since there was a short break, let me ask again whether there are any other requests to speak. If that is not the case, then I hereby close the general debate.

So let me state again that all questions have been duly answered and that there are no more requests to speak. So I hereby close the general debate on agenda items 1 to 9. The online function for submitting requests to speak is now deactivated.

Let's now proceed to the voting. And please note that from now on, submitting or modifying instructions to the 2 company appointed proxies or postal ballots will only be possible for another minute or so. The voting result will be determined using the addition procedure, meaning that we're only going to count the yes and no votes. Any abstentions will not be counted separately and disregarded. However, we are going to disclose the number of uncounted votes on our website after the AGM.

Under agenda Item 2, appropriation of the unappropriated surplus, the meeting is going to vote on the amended proposal as published this morning and as available on the company's website. Under agenda Items 3 through 9, the meeting is going to vote on the resolutions proposed by the management and published in the German Federal Gazette.

With regard to agenda Items 3 and 4, I'd like to remind everyone that pursuant to Section 136 of the German Stock Corporation Act, Board members are not entitled to vote on the ratification of their own acts. The members of both Boards have submitted the necessary declarations in writing. We can thus ensure compliance with these voting restrictions. For agenda Items 7 and 8, the notary will make attachments to the minutes, namely printouts of the remuneration system and the remuneration report as available on our website.

Shareholders, as announced before, the online function for submitting or modifying votes or instructions to the 2 company appointed proxies will be deactivated now. The 2 company appointed proxies are voting on your behalf even as we speak. The votes cast on your behalf will be entered into the counting system and processed electronically to determine the result of the vote.

[Voting]

I hereby declare the voting process closed. From now on, it will no longer be possible to submit or modify postal ballots either. The online postal ballot function has been deactivated. Any postal ballots submitted in time will also be entered into the accounting system and processed electronically to determine the result of the vote.

The votes will now be counted under the notary supervision. I will now suspend this AGM until the voting results are available. The AGM and the webcast will resume in a few minutes.

[Break]

Ladies and gentlemen, I now call the meeting back to order. I have now the results of the votes on agenda Items 2 through 9. The comprehensive results will be displayed in detail on your screens. I'm going to refer to these figures later on when announcing the results of the vote.

When reading out the results, I'm going to state whether or not the required majority has been achieved. The full voting results will be available on the company's website after this AGM. I shall pass on a detailed version of the voting results to our notary, Dr. [ Schmidt ], for inclusion in the minutes.

Let me also point out that we will have reached the end of today's AGM and that I am going to close the meeting immediately after the voting results have been announced. Up to this point, you'll still have the possibility to lodge objections against the resolutions before the meeting, should you deem that necessary. In other words, you will no longer have this possibility once I close the meeting.

With that, let me announce the result of the vote. For the record, the voting results for agenda Items 2 to 9 are as follows: this AGM has just voted on the resolutions proposed by the Executive and Supervisory Boards or under Items 6 and 9 by the Supervisory Board only as with the exception of agenda Item 2 published in the Federal Gazette on the 21st of April 2026.

Item 2, resolution on the appropriation of the unappropriated surplus was carried with the required majority.

Under agenda Item 3, the resolution on the ratification of the acts of the members of the Executive Board was carried with the required majority.

Under Item 4, the resolution on the ratification of the acts of the members of the Supervisory Board was carried with the required majority.

Item 5, resolution on the cancellation of the existing authorized capital and creating a new authorized capital 2026 with the option of excluding subscription rights for fractional amounts and on amending the Articles of Incorporation to that effect was carried with the required majority by the AGM, majority of votes and majority of capital represented at the time of the vote.

Item 6, resolution on the election of a new member of the Supervisory Board, was carried with the required majority.

Under the agenda Item 7, resolution on amendments of the Articles of Incorporation to allow the appointment of a second Deputy Chairperson of the Supervisory Board and the related adjustment of the remuneration for members of the Supervisory Board, including the remuneration system on which it is based and the corresponding amendment to the Articles of Incorporation, was carried with the required majority of votes and the majority of share capital represented at the time of the AGM.

Item 8, resolution on the approval of the remuneration report was carried with the required majority.

Under agenda Item 9, the resolution on the election of the auditor and group auditor for the 2026 financial year, the auditor for the review of the condensed financial statements and the interim management report for the first half of the 2026 financial year was carried with the required majority.

Item 9b, resolution on the election of the auditor for the sustainability reporting for the financial year 2026. This again was carried with the required majority.

Ladies and gentlemen, this concludes the business of the Annual General Meeting. I'd like to thank all those involved in the organization and smooth running of this AGM. And I'd like to say a particular word of thanks to all of you, our shareholders and shareholder representatives, for having trust in Deutsche Borse, for following the AGM webcast online and for your questions and comments. I'd like to thank you most sincerely for both the critical and the encouraging remarks you have made. Your many contributions have shown how important it is for us to engage in this dialogue with you.

With that, today's AGM is closed, and I wish you all the best.

[Statements in English on this transcript were spoken by an interpreter present on the live call.]

Good afternoon, ladies and gentlemen, and welcome to the Deutsche Borse AG Analyst and Investor Conference Call regarding the first quarter of 2026.

[Operator Instructions]

Let me now turn the floor over to Mr. Jan Strecker.

Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the first quarter 2026. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, Chief Financial Officer. Stephan and Jens will take you through the presentation.

Following their remarks, we will open the line for your questions. The presentation materials have been distributed by e-mail and are also available for download on our Investor Relations section of the website. This call is being recorded, and a replay will be made available shortly after the conclusion of today's session.

With that, let me now hand over to you, Stephan.

Thank you, Jan, and welcome, everyone. As the opening chart makes clear, Q1 was more than a good start. It was a strong one. And it reflects the quality and resilience of what we have built. Our structural growth drivers continue to deliver and accelerate, and our model benefited from a spike in volatility. Together, these dynamics put us well on track to reconfirm our ambitious full year outlook.

Let me therefore first comment on recent events and the resilience and performance of our operations. We have started the year in a market environment characterized by a sharp rise in geopolitical tensions, resurging inflation and rapidly shifting interest rate expectations, all of which drove a significant increase in market activity. In this period of heightened volatility, we fulfilled our core mission, providing the trusted infrastructure that enables market participants to navigate turbulent markets with confidence.

I want to explicitly, therefore, thank our employees whose dedication ensured our systems operated seamlessly and with exceptional resilience, handling new record volumes without an issue.

Turning to strategic momentum. The themes set out in our leading the transformation strategy are gaining momentum alongside geopolitical developments, and the world is moving increasingly in our direction. Take digital assets and tokenization. We have been investing in this space for years, building regulated infrastructure, while others were still debating whether this was a real market. That conviction is now being validated at scale across the Atlantic and increasingly across Asia. Digital assets are moving from the periphery to the mainstream of institutional finance, and we are not a late arrival to this story. We are at the heart of it with the infrastructure, the regulatory standing and institutional client relationships to capture this opportunity as it now finally scales.

A concrete expression of this strategic acceleration is our USD 200 million strategic investment in Kraken, combining Kraken's deep liquidity and crypto-native technology with our trusted market infrastructure, extensive institutional client network and regulatory expertise to create the secure and compliant gateway our clients are demanding. And take our conviction on the European opportunity. The European Commission's Market Integration and Supervision Package is a landmark regulatory initiative that goes to the heart of what we do as the European champion. Its ambition is clear. Reduce fragmentation in EU capital markets, strengthen European competitiveness, harmonize market supervision and enable modern technology adoption across financial market infrastructure.

All of these points play directly to our strengths. We have spent years building exactly the kind of integrated technology-enabled regulated market infrastructure that the MISP is designed to foster and promote. We are not adapting to this agenda. We are already living it. And as the leading Pan-European market infrastructure provider spanning trading, clearing, settlement and custody, we see ourselves as structurally very well placed to benefit from and actively shape this regulatory evolution. This is a conversation that is accelerating, and we intend to help shape its outcome.

Taken together, these are not coincidences. They are confirmations that the strategic moves we have made years ago and reconfirmed in December were the right ones, and that our competitive position is stronger today than it has ever been. With that as a background, let me now take you through the highlights of this quarter. Six points I would like to highlight to you.

The first one, we delivered net revenue growth of 12% without treasury results. This performance was fueled by the powerful secular trends that form the backbone of our strategy, and I just highlighted, and it was amplified by heightened market activity in March. The second point on this quarter is we demonstrated broad-based strengths across our portfolio, achieving double-digit net revenue growth without the treasury results in 5 of our 8 business areas. This mirrors our 2025 full year performance and is a testament to the exceptional balance of our portfolio.

What makes this particularly compelling is that the drivers of this growth are generally diverse. Yes, heightened market activity in March provided a tailwind for some of our businesses and our infrastructure is designed to capture exactly that. But the majority of our growth this quarter was, again, structural in nature, rooted in long-term secular trends. Cyclical and secular growth are not an opposition in our model. They reinforce each other. And a portfolio that can deliver double-digit growth across 5 business areas in different market conditions and for different underlying reasons is precisely the kind of resilience compounding growth engine we set out to build and that we are now delivering on.

Let me give you some examples. In Software Solutions, continued double-digit growth in annual recurring revenues was driven by our SaaS transformation and client wins. I want to highlight, in particular, the SimCorp Global Summit that took place in Copenhagen last week, which was a powerful showcase of our investment management performance platform direction. We presented a concrete AI road map for SimCorp, covering how we are embedding AI across portfolio management, analytics and client workflows. This is not a future ambition. It is a live program of delivery. And more broadly on AI, we continue to make good internal progress across the group. We have particularly validated our thesis that the impact of AI on coding and therefore, productivity is material, allowing us to achieve more without our planned investment budget. This is a structural efficiency gain that supports our operating leverage story and that we talked a lot about in London when we met in December.

As a second highlight out of our portfolio mix. In Fund Services, we are capitalizing on 2 powerful and reinforcing structural trends also this quarter. The industry-wide shift towards outsourcing of fund administration and the structural acceleration of capital markets-based old-age savings across Europe as more Europeans rely on capital markets to secure their retirement, demand for scalable, efficient fund infrastructure grows with it. And we are a natural beneficiary of that trend. The result this quarter was new record levels of assets under custody as well as transactions, and it shows how the machine is working.

The third area I would like to elevate is Securities Services. With continued strong fixed income issuance and a significant uptick in retail investor activity, our custody and settlement volumes are at an all-time high. So you've seen the breadth of our portfolio. That means for the third element I would really like to pinpoint for this quarter is that our treasury results inflected positively, reaching EUR 204 million. This marks the first sequential increase since 2024 and was driven by higher cash balances at the beginning of the year. As we have previously communicated, we expect that the cyclical headwinds on the treasury results to subside, and this quarter's result is clear confirmation of that trend.

As a result of the 2 points I now highlighted, the fourth point is really that these factors combined to drive an accelerated all-in performance. Total net revenue grew 9% to EUR 1.64 billion in this quarter. Importantly, our disciplined cost management translates this top line growth into even stronger bottom line performance. Total EBITDA increased by 10% to a new record of more than EUR 1 billion, a very special number in the first quarter, delivering a strong EBITDA margin of 61%. This also means that the points I highlighted as a fifth element for the quarter and comment I would like to make is that the performance in the first quarter provides the right momentum for the rest of the year. You know us. We remain disciplined and grounded in our assessments. We do not get carried away by a strong quarter, and we are mindful that the heightened market volatility that characterized March has since normalized.

Activity levels have moderated across most asset classes in April, and our guidance already assumes a more normalized trading environment for the remainder of the year. That said, our strong start puts us slightly ahead of our internal plan and the underlying structural drivers of our business remain firmly intact. Based on these results and our outlook, we are reaffirming our ambitious full year 2026 guidance with confidence, but as always, with discipline.

And that brings me to the last point, my sixth comment on the quarter that is turning to an update on Allfunds. The acquisition remains firmly on track, following a strong and clear vote of support from Allfunds shareholders in the scheme of arrangement, we've initiated the customary pre-notification phase with the European Commission, an important procedural milestone that marks the beginning of the substantive review process.

In parallel, we are actively pursuing all other merger control and regulatory approvals in the relevant jurisdictions. All filings are progressing as planned, and we continue to expect completion of the transaction in the first half of 2027. I'm also pleased to note that Allfunds delivered a strong Q1 itself. With net revenue, excluding net treasury income, growing by 10%. This further reinforces our conviction in the strategic and financial rationale for this combination.

I also want, in this context to acknowledge the sudden and tragic passing of Juan Alcaraz, the founder of Allfunds. Juan's vision and entrepreneurial drive built one of the world's most important fund distribution platforms. And our thoughts are with his family, but also with the many colleagues at Allfunds that have a long history with him. He's a true leader and inspiration for the industry. We look forward to lead that industry with the transaction completing early in 2027.

Let me close with an update on our financial position and capital returns. Our balance sheet is robust with our key rating metrics at year-end 2025 finishing better than expected, comfortably within our target ranges and providing significant financial flexibility. On capital returns, we remain fully committed to providing our shareholders with attractive and growing returns. Our EUR 500 million share buyback program launched earlier this year is progressing well with approximately 42% of the total volume executed to date. And following shareholder approval at our AGM on May 13, we will pay a dividend of EUR 4.20 per share. Also here, a strong sign of continuity and continued growth.

All of this brings me to a simple conclusion. Q1 was a strong start to 2026. We delivered broad-based growth, demonstrated operating leverage and executed decisively on our key strategic initiatives. We are confident in our trajectory fully on track and committed to delivering on our goals.

With that, I will hand over to Jens for a closer look at the financials.

Yes. Thank you very much, Stephan, and welcome, everyone. So, it's a pleasure to talk you through our financial results for the first quarter of 2026.

The 12% net revenue growth without the treasury results is precisely the kind of broad-based resilient performance that our business model is designed to deliver, fueled by continued underlying secular trends and heightened volatility in all asset classes in March. This outcome powerfully validates the strategy we presented at our Capital Markets Day in December. Operating costs increased by 4% to EUR 626 million, but this included around EUR 13 million of exceptional costs relating to the Allfunds acquisition. Excluding these, underlying operating cost growth on a constant currency basis amounted to 3%, driven by inflation and increased investments. This is in line with our guidance.

The result from financial investments, which was negative EUR 5 million, included a EUR 10 million impairment of a minority stake. The fact that our revenue growth is significantly outpacing the growth of our operating costs demonstrates the increasing profitability we're generating across the group. We are engineering operating leverage for disproportionate EBITDA growth and shareholder returns, and this quarter clearly shows that the model is working as designed.

Now let me turn to our segments, starting with Investment Management Solutions on Page 3. Net revenue in the segment grew 5% to EUR 313 million or 10% on a constant currency basis. This is a meaningful distinction that reflects the ongoing strength of the underlying business. Let me start with Software Solutions, which delivered another outstanding quarter. We achieved 16% annual recurring revenue growth in the first quarter, maintaining momentum from a strong 2025. The Americas contributed 39% ARR growth, reflecting the continued penetration of the North American institutional market. Net revenue grew 15% year-on-year on a constant currency basis to EUR 168 million, the fourth consecutive quarter of double-digit growth.

On top of the continued expansion of our SaaS revenues, the quarter benefited from several EMEA renewals alongside the larger renewal with an American pension provider, significantly boosting license revenues. In the area of ESG & Index, headwinds from prolonged sales cycles and FX persist. However, constant currency net revenue growth was 5%. As part of that, Index experienced significant growth with licensing revenue increasing by 15%. Overall, the strong software solutions performance mitigated the known challenges in the ESG & Index business.

EBITDA for the segment was impacted by the minority stake impairment I mentioned at the group level. There was strong adjusted EBITDA growth of 18%, which is the right lens through which to assess the underlying operational performance of the segment.

Now turning to Page 4. We see that Trading & Clearing delivered an outstanding quarter. Net revenue without the treasury results grew 14% and EBITDA without the treasury results surged 22%. This is a powerful demonstration of the operating leverage embedded in this business. The details tell a compelling story of broad-based strength across all product lines. Financial derivatives was the standout performer with net revenue up 17%. In our fixed income business, revenues grew by 31% overall, with all 3 pillars of our business contributing strongly. Revenues in our exchange traded fixed income derivatives increased by 26%, with March volumes surging to record levels. The main drivers were elevated geopolitical risk in the Middle East and the subsequent repricing of ECB policy expectations.

The performance of short-term interest rate derivatives was mixed in the quarter with market share under pressure from heightened competition. Nevertheless, open interest and active end clients more than doubled year-over-year, and still derivatives remain within the scope of the Active Account Requirement. As the only full euro yield curve ecosystem, we remain focused on building sustainable market share and open interest.

In OTC Clearing, revenues increased by 37% due to higher volumes and an increase in our market share to 24%. However, the EU buy-side activation rate has only increased slightly to 18%. This means that more than 80% of onboarded clients are not yet active, underscoring the significant growth potential. This is an opportunity, not a concern. In repo, revenues increased by 67% due to heightened market volatility and evolving regulatory demands.

Our equity derivatives business delivered a solid performance as well with net revenue up 9% in the quarter. This increase was not primarily due to higher volumes. It was due to a higher quality. The increase in revenue was driven by favorable product mix and the benefits of pricing measures we implemented this year.

Commodities delivered another record quarter with net revenue up 14%, driven by record activity in Power and Gas, with gas mainly driven by certain derivatives. This exceptional performance was driven by a combination of factors that are unlikely to repeat with the same intensity in the near term. We are already seeing a normalization of commodities volumes in Q2 as these market dynamics subside. The long-term secular growth drivers of our commodities business remain firmly intact. These include Europe's ongoing energy transition, the continued shift of OTC trade into exchanges and our expanding global footprint.

Cash equities trading was positively influenced by an increase in volatility and ongoing demand for both European equities and ETFs with net revenue up 9% and our FX business was mainly driven by currency volatility with average daily volumes crossing EUR 200 billion for the first time, a significant milestone that underscores the growing relevance of our platform.

I'm now moving to our Fund Services segment on Page 5. Net revenue without the treasury result grew 14% and EBITDA without the treasury result increased 18%, marking another quarter of strong double-digit growth in this business. Fund processing revenues increased due to record levels of assets under custody and settlement activity. Fund distribution achieved further growth based on an increase in assets under distribution. This performance is a direct result of our investments in our platform and our successful partnerships with global participants, these investments position us perfectly to capture the ongoing industry trend of outsourcing.

Now turning to Securities Services on Page 6, which once again delivered an exceptional performance. Net revenue without the treasury result grew 15%, while EBITDA without the treasury result increased 18%. Securities Services benefited from record levels of assets under custody, collateral management outstandings, and settlement activity. This performance highlights Clearstream's essential role in the European financial market infrastructure Growth was broad-based and driven by continued fixed income issuance and elevated bond market volatility. High equity market levels and increased retail participation also contributed to this growth.

The 32% increase in collateral management outstandings is particularly noteworthy. Heightened demand for safe and efficient collateralization propelled our outstandings to a new record demonstrating the essential role our infrastructure plays in a dynamic market environment. The treasury result was mainly affected by lower interest rates. However, as we noted at the group level, we are beginning to see an inflection point in the treasury result, and we expect this headwind to continue fading through 2026.

Now finally, let me conclude with our outlook for 2026. Given our good start to the year, we are reaffirming our ambitious guidance for 2026. We are confident in our ability to achieve these targets, thanks to our sustained business momentum and continued secular growth trends. Although we saw a moderation in activity levels across most asset classes in April as the macro-driven volatility that characterized March normalized, this is consistent with our expectations and our guidance assumes a more normalized trading environment for the rest of the year.

The treasury result for 2026 is now expected to exceed EUR 700 million. This reflects the positive development we saw in Q1 driven by higher cash balances and the changes in interest rate dynamics. Regarding operating costs, we continue to expect a 3% increase in '26 excluding the exceptional costs related to the Allfunds acquisition. In March, we successfully completed a bond issuance to finance the buyout of the ISS STOXX minority stake held by General Atlantic. The bond issuance reflected the strength of our credit profile and the confidence of debt capital markets and our strategy. As a result, we expect to see a EUR 5 million increase in our financial results per quarter starting in Q2 '26.

Today's results in a nutshell, we are delivering on our current plan. We have a clear path to sustained and profitable growth through '28, and this will all translate into strong returns for you, our shareholders. That concludes our presentation. We look forward to your questions.

[Operator Instructions] We will start with the question from Benjamin Goy, Deutsche Bank.

A question on securities and fund services. The margins custody look quite strong, and you mentioned more collateral management, more retail participation. Just wondering whether the margin could be stronger for longer. And then linked to that treasury result, you upgraded the guidance. Just to try to understand what are the assumptions in terms of central bank rates and also the volume dynamics you're seeing in cash balances?

Yes. Thank you, Benjamin, for the questions. On the Clearstream question. I mean margin, as you know, is also -- I mean, a reflection of many things, of course, the growth but also the product mix. So I would not basically extrapolate from the current quarterly level into the future, we shall see how that's further going to develop. I mean we gave a midterm outlook as part of the Capital Markets Day, and I think that trajectory is still very much intact.

And on the treasury results side, we are happy to share our assumptions. So we increased that particularly based on the rates outlook, not so much on the volumes, cash balances, volumes outlook. And on the rates outlook, we essentially assume no rate cuts in the U.S. this year, contrary to what we may have expected before and a further rate hike in the Eurozone area, moving these rates slightly up. And that together brings us to that guidance of above EUR 700 million.

The next question is from Arnaud Giblat, BNP Paribas.

Question on EEX. So clearly, there's been some strong progress during the call, you mentioned that there was a strong boost from the volatility, clearly. But I was just wondering if you could unpack that a bit more in terms of giving us a bit more granularity in what's happening in each of the markets where you are in terms of market share of the OTC versus on exchange. If you could also maybe give us a bit more color in terms of the contribution from newer countries. So what is the share of revenues coming from outside of Germany and France, perhaps? So that would be quite useful.

Thank you very much, Arnaud. So first of all, on the drivers behind that. So basically, we have seen good growth in all of our submarkets in the EEX business, both on the power side, as you could see as well as on the gas side. On the power side, as you know, I mean, that's more driven by the derivatives side, two-thirds -- approximately two-thirds is derivatives driven. We've, of course, seen significant impact of volatility there. And as we also alluded to some of that as we've started to moderate in April already. And then on the gas side, that's more a spot market. And there, we've also had a good product mix in Q1 that also helped us basically moving the needle forward.

In terms of international setup, as we said, so I mean, basically, we are strong in the core -- I mean, apart from Germany in the core European area, we have the one market that we always highlight is Japan. In Japan, we are basically -- in terms of market share, we are the only large exchange playing. It is contribution of a higher single-digit million euro amount on an annual basis that we currently see, but it's continuing to grow strongly. And then the other market that we are always flag that we are entering into, but here we are just in early preparations, is really the Brazilian side. So long story short, I think a lot of growth from the core business. But as we said, that was also particularly driven by the situation and has somewhat moderated.

The next question is from Enrico Bolzoni, JPMorgan.

One on IMS, please. So quarter software -- software was up again, double digit. Perhaps the growth was a touch softer compared to Q4. So I was wondering whether you could provide some color in terms of what sort of pipeline you see for the coming quarters? And partially related to that, I was curious to hear from you on whether you think that the latest AI development might slow down a bit the sales cycle. For example, I'm thinking about those clients that are currently not outsourcing yet their back office and middle office and might decide to wait a little bit longer before they outsource because perhaps they wonder whether they can develop the tools in house? That's my first question.

And the second question is on the €STR contracts, and thanks for the color you provided, especially the €STR and the EMIR 3. So these were two initiatives that were a key part of your fixed income road map. I noticed that you still have a pretty good market share of open interest in €STR, but your market share of volumes declined quite a bit relative to ICE. Can you provide some color on why that is the case? And would you say that you still are expecting to monetize these just at a later date? Can you provide some color on what the time line might look like?

Enrico, thank you very much for the question around SimCorp. First of all, I mean, we see continued strong momentum or the pipeline is starting to become more even over the quarters, but the business will remain back-end loaded. There's no question. The growth of 16% in Q1 is something that we feel is an important sign of that continuity. You will recall a year ago, we had -- we were still very much spike driven that Q1 was not so much growing or actually not growing at all. But that's very different. So we have a good feeling as we move through the quarters, therefore.

I think your question around AI and whether that's slowing sales cycle, it's not what we see. I mean we see the pressure in the industry on our clients, the asset managers we see that the spreading of the word on the fantastic wins that SimCorp has had, it's really engaging with clients in a much different way from ever before. And it's very much vindicating also those strategic discussions that are not just a SimCorp but a wider Deutsche Borse conversation. It's really exciting to see.

Good. And on the €STR side. So first of all, I think you described it well, right? I mean where the market share on the open interest side is still solid on the trading side, it was relatively low in Q1. We believe that, among other things, that has been an exceptional situation where in a very volatile environment, also there is a tendency to a home-based liquidity, if you wish. And so we assume that, that also has shifted trading in that quarter and impact of trading in that quarter, particularly significantly.

We still believe that the underlying drivers that we are pulling for increasing our market share midterm on this business are still intact. One is the Active Account Requirement. We reflect that we are not yet there. The plan timing -- plan is still unchanged that by June of this year, essentially a first requirement needs to be fulfilled and we're working with our clients in getting there. And we are also, by the way, of course, as we always say, we're also working with the regulators to see how they view the situation. And the other element is really continuing to work on our margining capabilities -- on cross margining capabilities and other things to attract further business from a product side. So that's how I would comment on that.

And just to make sure I understood it correctly, when you say in a volatile environment, you tend to have home-based liquidity, you're saying that a lot of clients might have diverted their volumes to the U.S. and therefore to the benefit of some of your competitors over there relative to European players.

Yes. To -- I mean, basically to their respective home markets, it could be -- it could also be to ICE and to others.

The next question is from Hubert Lam, Bank of America.

Just got a question on Allfunds and the time line for that. I know we expected the closing H1 of next year. But can you talk about any milestones until then when you expect the next update from the European Commission and kind of what they look out for in terms of indications from the regulators?

Thanks, Hubert, for the question. I think we are now getting clearly into a phase where there's more continued work with the commission as well as some of the other regulatory authorities, the Bank of Spain and others. So I don't think there is, in that sense, natural touch points until we've really more clarity on the overall timeline that will be certainly later in half year 2.

Next question is from Michael Werner, UBS.

Just on the retail trading, which you mentioned in Securities Services, I was just wondering if this is a trend that you have been seeing in recent quarters? Is this something that has changed a little bit more dramatically in the first quarter given just the change in market dynamics? And then also within Trading & Clearing, whether you're seeing, I guess, particularly in cash equities, but maybe in other areas as well, an increase in retail activity. And if you could provide any figures as to retail contribution either to volumes or revenue, that would be helpful.

Michael, thank you very much. We have been talking about the ascent of retail already over the last 2 or 3 years. What I would really emphasize is the underlying change in some of what we have seen. While 2 or 3 years ago, we talked about or even in the COVID period, this was more this gaming-induced environment than international outreach. That partly is still the case. But what we very much see is the growth of the ETF side and therefore, some of the structural drivers that will have a long-term momentum that are not at all volatility or single market-driven. And that's something that we also see across the other sort of segments or that's what is driving cash markets. I think certainly, there is still a strong momentum when it comes to the structured retail products and some of those activities that not only feed the cash market, but feed across into our index business also.

So again, these retail-oriented structural drivers for us have, in particular, accelerated as we have increased our direct client access to many of the neo-brokers that work directly with us. That's the true accelerating factor, if I call it, and that's a very powerful trend where the teams have done fantastic work in tailoring our product and our proposition. So we really have a pretty unique position there, and many of those players are going in astounding speed pan-European.

Next question is from Grace Dargan from Barclays.

I just want to ask you, you touched on the kind of digitalization and tokenization journey. Maybe what are the key things that we should be watching for in the near term? Are there any key announcements we should be looking out for and kind of how you're thinking about that revenue progressing and growing from here?

Thanks, Grace. It's an environment that continues to get transitioned from testing to reality running. For us, the most important milestones is clearly a number of the initiatives that we're driving together with Kraken, or which is some of their linking into the Clearstream platform, which will allow collateral benefits. We also expect to make further progress around the stablecoin connectivity that we have announced with a number of partnerships in Q4 last week. And last but not least, the digital instrument spectrum that we are handling on the Clearstream side, the next milestones will include the digital Eurobonds space. So I think with the recent announcements around joint data standards for the Eurobond on a digital basis is an important milestone to now really launch on the product side. So those are three of the very tangible areas that are going forward.

Next question is from Tobias Lukesch, Kepler Cheuvreux.

Also two questions from my side, please. Touching again on the tokenization and digitization, it would be really great if you could elaborate a bit on the impetus, maybe, we see for the top line, the revenue growth here. You mentioned the EUR 200 million investment in Kraken, I guess this partnership will drive a lot. But thinking about your own top line would be very interesting how you see that progressing over the next years to come?

And then secondly, on cost, you confirmed the underlying 3% cost growth. This quarter, we saw this Allfunds one-offs. I was just wondering if there is some additional kind of investment/one-off costs that you could guide us maybe for the quarters to come.

Yes. Thank you very much. So on the first question, I mean, as we're always saying, or leading the transformation strategy is building on current drivers until '28 and then we have 2 key long-term structural growth drivers beyond that one is Europe and the other one is really the whole new digital assets area. And -- so the answer to your question is while we do see revenues already now, these are on a rather moderate level, and we expect significant revenues beyond '28. That's actually not a function of our own offering. It's a function of client uptake in the institutional space. So we are preparing ourselves and we're going along with our clients here.

On the second question, cost development, I think nothing to guide you beyond of what we mentioned this time. So Allfunds has been a significant piece this time, and we continue to work on that, of course. But beyond that, I mean, we stand to our 3% cost items going forward.

Next line is Ian White, Autonomous Research.

I had just a couple, both around the theme of AI, please. I think in your prepared remarks, you said something along the lines of doing more with less on coding and software. I think the comment was about Investment Management Solutions. But can you quantify at all what you've achieved in terms of efficiency gains or how you see the operating model in the future where -- versus where it has been historically, specifically with respect to the efficiency potential that comes about through AI.

That's question one. And secondly, we're getting sort of further into the implementation of AI in client workflows. And where is IMS leveraging AI today to improve the client experience? Sort of where have you been able to introduce real changes that make the SimCorp Axioma product more valuable, please? I think that would be really interesting.

I'll take the first one. So on AI impact. So we do not separately quantify that, right? So we said that with respect to our strategy, we have 8% top line growth and 3% cost growth. Those 3% cost growth have several drivers, right? I mean one is footprint. One is just scaling across the existing platform. One is, you know, it's actually 4. One is scaling the corporate center. And then the third one is actually AI. So the answer to your question is AI is contributing to the 3% cost growth. And yes, that is actually a change to our historical path. You will remember that historically, we have more grown the cost base by a magnitude of 5%. And now with the initial investments into the cloud space and basic infrastructure also now basic AI architecture and more global footprint through the acquisition of IMS and so forth, we are confident to manage this to a 3% level. So that's essentially how we view it, and that's the target that we have.

With respect to the client workflow and the walk-through, there's actually been a very interesting session around that, and it may be online available at the SimCorp Global Summit. They did a walk-through the entire workflow process and the impact that AI will be having over time and what the implementation time lines and plans are when it comes to SimCorp One. I think it starts on simple things like the chat box, the visualization, but we clearly now see, especially also in the optimization when it comes to the entire sort of middle office environment that there's progress made. So I think, again, it's a very comprehensive road map. I think it's worthwhile looking it up in the context of the SimCorp material that is available.

Next question is from Jochen Schmitt from Metzler.

One question regarding FX and digital assets, say, for modeling purposes, based on the volume development at 360T, which increased by 16% in Q1, if I'm right, I would have expected higher net revenue growth than 8% recorded in Q1? Are there any particular reasons for that? That's my question.

So there's two things to keep in mind here. First of all, this business unit is FX and digital assets, right? So it has both components, digital assets is negligible, but it is not contributing the growth level that you're seeing overall. So if you would back this out, then the underlying 360T growth level is higher. It is double digit in the quarter.

And the second one, apart from that, is product mix. And if you put these two things together, then this can easily sync with the ADV volume increase.

Next question is from Thomas Mills, Jefferies.

I'd like to ask a question on the savings and investment union, please. It sounds like the push towards a single supervisor approach in Europe is gaining some momentum politically, including Germany. I think there's some impetus to make progress with that and perhaps more broadly by the end of June and progress on a narrower basis or even enhanced cooperation if there isn't unanimous support. Could you maybe give us a sense of what the latest you're hearing around those processes, please?

Tom, thanks for the question. Happy to do that. So as you mentioned, there's a number of themes where that the European regulatory oversight is pushed by the proposals from the commission. I think there is a clear openness to evaluate that much more than probably in the past. I do believe that the milestones that are relevant to pass in the next few months is to find a cohesion. There's by far not all countries that are yet aligned around it but there was the initiative of the six countries that broke out, led by Germany and France that are very much wanting an in-depth analysis.

Now, for us, it really is an environment where we today already are working with ESMA in all the different areas. So it's not as though this would be totally new to us. I think what we really hope for is that it results in a simplification that is not resulting in a further multi-layering. And I think that will be a strong advocacy. We are going to push because there have been some numbers on build-out published around what ESMA expects in resourcing. And I think it shows this is something which we need to keep a dialogue on to keep it efficient. And that will be our focus. So we are able to work with any setup that needs to remain as simple layered as possible.

The next question is from Oliver Carruthers, Goldman Sachs.

I've got two left, please. One, a follow-up on Enrico's question on the €STR market. So I mean, you made this comment on heightened competition in terms of winning the €STR market as it matures. I think my working assumption here is that it's not really in the interest in the market as a whole to have a bifurcation of liquidity on this. And so over time, a market will really trend to one winner between you and ICE. So is the end state outcome here actually quite binary? Is that how you're thinking of opportunity set here? If not anything I'm missing.

And then the second question, can we double-click on the Custody Revenues and Securities Services, I think a decent amount of the consensus revenue be here -- today came from here. Custody Revenues and Securities Services rose 13% year-over-year. I think average AUC rose only 7%. I think some of this was collateral management revenues, but can you just remind us how custody product mix plays a role in this?

So happy to kick it off at least on, on the €STR point. I think your view is generally correct for many markets. But in the particular case here, we see a different outcome, and that is really driven by our proposition as the home of yield curve. I think there are a number of clients for which we expect the benefits to operate on our platform will be very strong and that does not preclude that there still will be obviously a bigger part or a very material part of the liquidity that will stick to other sorts of venues. And that's what we are pursuing. That's what we want to make sticky. I think that's what our product road map is very much focused on to provide the cross margining and the collateral benefits across the different instruments.

So from the long end to the short end as well as across to the OTC instruments. So therefore, we still -- that's our view. I think on the Securities Services, I mean the mix between the Custody and Settlement Revenues and the growth there has been 13% on Custody and 24% on Settlement. That shows the sort of very much the market environment, if you want. We've seen really exceptional days on the settlement. The blend between the two is roughly 80% of the revenues. EUR 197 million was Custody and EUR 48 million was Settlement. So I think that shows well the mix and also the limited exposure of some of the more recent spike of settlement goes away.

Maybe just only to build on that. So if you further would double click on custody, I mean, we're not providing transparency below that level. But as you mentioned, repo and collateral management. I mean, these things, of course, did play a role, but also the -- if you wish, "core custody" business has also been growing similarly. So there is not a single element within custody to highlight that business has just been developing nicely overall.

Next question is from let Roland Pfaender, ODDO BHF.

First of all index business, could you share some insight in the market expansion into the U.S., how is this progressing? Second, ESG business, could you distinguish a little bit regarding revenue momentum you see in the U.S. and also towards the Asian and European time zones.

On the index side, I think we have seen a very good growth with 15%. You know, that really goes across the board, but has shown that the European markets continue to be attractive in terms of not just the new launches, but also on the existing instruments that are in the market, like structured retail products that use our indices, but also many clients on the buy side.

On the U.S., there is -- the next phase is really driven by our global buy-side family, which is going to be completed in the course of Q2. And then I think as you also know, index is not a short-term growth. It's really a long-term client win business. And on the buy side in the U.S. will be the starting point where we see good synergies in the overlap of the clients, where historically ISS has very strong footprint. So I think that U.S. journey is certainly a way to go, and we will drive that as we progress on the product side.

When it comes to ESG, as from the currency sensitivity that you have seen that Jens alluded to, I think it clearly is a dominantly U.S. business. We see a much more solid growth, especially on the climate and many of the sort of true core ESG data points in Europe. We also see more robustness in Europe on the corporate side which is a part of the governance. As you know, there is a corporate advisory as well as on the other side, an investor data business. So I think that, again, is more robust in Europe. I think in aggregate, however, the basic story of longer sales cycle persists across the globe. It's not uniquely tailored to the U.S.

Excellent. So, this completes the line of questions. Thank you very much for your participation today. If you have any further questions, then please do feel free to reach out to us directly. And thank you again, and have a good day.

Thank you.

Thanks.

Good afternoon, ladies and gentlemen, and welcome to the Deutsche Borse AG Analyst and Investor Conference Call regarding the preliminary Q4 and full year results of 2025. [Operator Instructions]

Let me open the floor to Mr. Jan Strecker.

Welcome, ladies and gentlemen, and thank you for joining us today to review our financial results for the fourth quarter and the full year of 2025. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, our Chief Financial Officer. Stephan and Jens will take you through the presentation. And following their remarks, we will open the line for your questions.

The presentation materials have been distributed via e-mail and are also available for download on our Investor Relations website. This call is being recorded, and a replay will be made available shortly after the conclusion of today's session.

With that, let me now hand over to you, Stephan.

Thank you, Jan, and welcome, everyone. In 2025, we achieved record-breaking top and bottom line financial results, successfully executing our strategy and delivering on our guidance. This demonstrates the strength and resilience of our diversified business model.

Net revenues without treasury results increased by a strong 9%, reaching the targeted level of EUR 5.2 billion. Importantly, we showed significant and operating leverage with EBITDA without treasury result growing even faster at 14%. This performance was underpinned by our very disciplined cost management with operating cost growth held at just 3%, right in line with our expectations. These record results confirm that we are on the right path, successfully executing our strategy despite headwinds in some areas.

Our strong performance and confidence in our strategy directly translate into significant shareholder returns. We are proposing a 5% dividend increase to EUR 4.20 per share and will shortly launch a EUR 500 million share buyback program on an accelerated basis. In total, this delivers a record distribution of EUR 1.3 billion to our shareholders in 2026, a total payout of around 63%.

The positive momentum of the full year was also visible in the fourth quarter performance. Q4 net revenues grew 7%, driving a 10% increase in EBITDA without treasury results. This was primarily fueled by outstanding double-digit net revenue growth in 2 areas: first, in the SimCorp Software Solutions, which was up 18% on a constant currency basis, driven by client wins and the continued expansion of our SaaS offering. Our performance in the Americas in this context was a standout with 47% annual recurring revenue growth. This was driven by major client wins, including a Tier 1 U.S. asset manager, which will bring all asset classes onto our platform with a full front-to-back coverage. This is a powerful validation of our SimCorp One platform and our strategy in this key market.

The acceleration of our SaaS transformation at SimCorp is also a core driver of this success.

SaaS net revenue grew 50% in the fourth quarter, what a number. This is the secular growth we are focused on, and it confirms we will have over half our clients on our SaaS platform by 2026. This performance puts us clearly ahead of our key competitors as I can proudly report. Altogether, 2025 was a year of strong execution for SimCorp, and we have delivered excellent results. Our strategic path is clear, and we are delivering on it.

The second area that performed exceptionally well in the fourth quarter was our Security Services business, which grew net revenue without treasury results by an outstanding 17%, again, what a number. we achieved new all-time highs across custody, settlement and collateral management, which drove this exceptional result. The record-breaking activity was fueled by a confluence of powerful market trends, including continued strong fixed income issuance, which increased the overall amount of debt outstanding, equally as a second driver, persistently high equity market valuations. And thirdly, a significant uptick in retail investor activity and flows into Europe.

Finally, and furthermore, a heightened demand for safe and efficient collateralization propelled our collateral management outstandings up by 28% to a new record of EUR 932 billion, demonstrating the essential role our infrastructure plays in a dynamic market environment.

The future growth of our Security Services division is driven by 3 core strategic drivers as we also outlined at our Capital Markets Day. First, we are focused on business scaling by expanding our client footprint with direct plug-and-play infrastructure access and innovation with our Collateral Management as a Service platform. Second, we are leading the European capital market transformation by leveraging our unique position as a top CSD and ICSD to consolidate the fragmented post-trade landscape and capture new capital flows into Europe.

And finally, a third trend and the most transformative, we are pioneering asset class expansion by driving the digitization of finance, building on our D7 digital issuance platform to create the trusted market infrastructure for tokenized securities, digital cash and institutional crypto assets.

Our strong performance, as you can see on the second chart, gives us the power to execute our strategy and make decisive moves to solidify our leadership position for the long term. The slide highlights 2 examples of this in action that we are tackling this year. First, an update on our acquisition of Allfunds, a truly transformational step for our Fund Services business in our Leading the Transformation strategy. The strategic, commercial and financial rationale for this move is exceptionally compelling. With Allfunds, we are not just acquiring a business, we are building a European investment fund champion. This isn't just about getting bigger, it's about getting better and creating a fully integrated end-to-end service offering for the entire fund industry across different markets.

This combination is powerful because our businesses are highly complementary. We are bringing together Clearstream's strengths in Central Europe with Allfunds' leadership in Southern Europe. This positions us at the heart of pan-European ecosystems, significantly reducing market fragmentation and establishing a harmonized global reaching business that plays a pivotal role in facilitating the investment of retail savings into productive capital. This is a significant step forward for European capital markets and also addresses the goals of the savings and investment unions that are so often talked about.

From a financial perspective, this transaction is designed to create substantial long-term value. We have identified significant synergy potential, expecting to deliver annual cost savings of EUR 60 million in operating costs and EUR 30 million in capital expenditure. Approximately half of the run rate synergies will be realized in the current strategy cycle by year-end 2028.

The acquisition is valued at EUR 5.3 billion, structured at EUR 8.80 per share. Initially, we proposed a balanced mix of cash and shares. However, we have since refined this financing structure to increase the cash component. This strategic adjustment allows us to fully utilize our debt capacity. Due to our strong financial performance, our credit rating metrics at year-end 2025 were all very well within the established thresholds, leaving room to increase the cash component.

Speaking to you today on the analyst call here, the result is a transaction that delivers high single-digit cash EPS accretion from year 1 based on the run rate synergies while preserving our strong credit rating and maximizing immediate value for you as our shareholders.

I would like to emphasize, however, beyond the financials, the partnership nature of this transaction, which, from my perspective, will make it so transformative and a unique opportunity. The compelling concept was developed through close dialogue with the Allfunds management team. The transaction has the unanimous support of the Allfunds Board of Directors. We have also already received irrevocable undertakings from Allfunds' largest shareholders. We are now proceeding with the U.K. scheme of arrangement process and obtaining the necessary regulatory approvals. We are highly confident in securing antitrust clearance because our businesses really are complementary. Clearstream mainly drives post-trade fund processing infrastructure, while Allfunds is a fund distribution platform. We also have a distinct geographical and client focus across the funds value chain, as I already outlined earlier. We anticipate completing the transaction in the first half of 2027.

In closing, this is a landmark transaction. It strengthens our capability, accelerates our strategy and reinforces our commitment to building the future of capital markets infrastructure. We are creating a world-class player that will better serve clients and drive the evolution of the global funds industry. You hear my passion. I think this is a very strong story.

Now let me expand on the second situation, for which I know many of you have been persistently looking for clarification. I recall many of our meetings around this. We are now taking full ownership of our data analytics and index champion ISS STOXX. As we announced overnight, we have reached an agreement with GA to acquire the remaining 20% minority stake held by our partner. The move creates clarity around this topic and is the natural and planned culmination of our successful partnership, which began with our joint investment in Axioma back in 2019 and continued through the strategic merger that formed the integrated ISS STOXX business in 2023.

This buyout is a reaffirmation of our strategic vision and gives GA the necessary liquidity. It solidifies our ambition for ISS STOXX to be a leading go-to provider of mission-critical data analytics and indices for the buy side. While we acknowledge the headwinds resulting from a changed attitude towards certain products, particularly in the U.S., we feel strongly confirmed by clients about the underlying business logic. We remain confident in a return to stronger growth in the medium term as outlined during our Capital Markets Day last December.

We also view the transformation through AI as a key opportunity, not a threat. ISS STOXX is uniquely positioned for this transformation to its unique historic databases. Our clients have a strong need for highly reliable regulation-proof quality data with an algorithm alone cannot provide. Our strategy is to use AI as a powerful augmentation tool, combining our trusted data and human experience to enhance our offerings and maintain our market leadership.

Taking full ownership reduces complexity, allowing us to accelerate the execution of our strategy for this highly attractive business. For example, we'll benefit from lower governance costs and closer integration with our global system and processes. It will also be easier for us to promote closer cooperation between our index and data businesses in areas such as financial derivatives and software solutions. Similarly, we can leverage ISS STOXX's data handling and processing capability globally as well as analytics competence over time in other parts of the group.

The agreement with General Atlantic included a contractual path for their exit, and the valuation is based on the peer group multiple as we had agreed at the outset of the partnership in 2019 and 2023. We will finance this using available cash and debt. The transaction is expected to have a low single-digit accretive effect on our cash EPS, obviously, already this year.

Finally, let me be very clear on a critical point. Integrity and independence of ISS research are paramount. We are fully committed to maintaining the established noninterference policies, ensuring that the research provided by ISS continues to be objective and trusted by the market. Both the Allfunds acquisition and the minority buyout of ISS STOXX are clear, logical steps in the further development of our group.

Let me turn to the strategy for a second again. Our strategy, Leading the Transformation, provides a clear road map for the future. So let me come to the outlook for 2026 within the growth trajectory of our strategy on Page 3. This is best summarized in 4 key messages. First and foremost, we start from a position of strength. We are on track and fully committed to our 2026 financial targets. And you heard me say that a year ago when it came to 2025, and we deliver. Specifically for 2026, this is EUR 5.7 billion in net revenue and EUR 3.1 billion in EBITDA without our treasury results. But let me be clear, we see these ambitious goals, not as a final destination, but as an important interim milestone in our journey as we have outlined already in London in December. Delivering on this plan demonstrates our credibility and provides the foundation for our next phase of growth.

The second point is our ambition extends well beyond 2026. We are committed to delivering sustained growth, targeting a high 8% organic net revenue growth through 2028. This isn't just a number. It's a plan powered by durable sector growth drivers and our leadership in technology. Our unique position allows us to lead key market transformations, unlocking new growth vectors that will propel us forward.

As a third element of the strategy, we are evolving our operating model to efficiently deliver this growth. Through our OneGroup model, we are building a more scalable and efficient organization. This is not just about cost control, it's about cultivating a culture of excellence. And obviously, we are not compromising our organic investment volume, which runs at around EUR 600 million per year.

By holding our operating cost growth to a disciplined 3% growth rate, we will ensure that the revenue growth translates directly into enhanced profitability and operating leverage.

And therefore, finally, our financial ambition. The payout from this strategy is very attractive. We will deliver strong structural top line growth and significant scale benefits. This bottom line performance gives us a powerful combination of strong investment capacity for organic growth and strategic M&A while delivering attractive and growing shareholder returns.

In light of the recent market developments regarding artificial intelligence, let me also again reaffirm our clear position on the topic. We view AI not as a threat, but as a powerful engine for our growth. A thorough assessment confirmed our portfolio robustness, showing that less than 5% of our revenues are only potentially affected as AI cannot replace the regulated system-critical infrastructure and processes we operate. At the same time, our plans for scaling and limiting cost growth benefit greatly from AI. With over 75% of our infrastructure now cloud-based, we are strategically positioned to capitalize on this opportunity by developing AI at scale on a rapid, cost-effective and secure manner. We're already leveraging AI to enhance internal efficiency and are rolling out product embedded AI to boost client productivity.

As a component of our Leading the Transformation strategy, AI is generating tangible value. In short, we are delivering on our current plan, and we have a clear path to sustained and profitable growth throughout 2028. We are evolving our operating model to support it, and this will all translate into strong returns for you, our shareholders.

With that, I'll hand it over to Jens for a closer look at the financial and the segment details.

Yes. Thank you very much, Stephan, and warm welcome, everyone, also from my side. So it's a pleasure to walk you through our financial results for 2025. As you've heard, the year was a record year for Deutsche Borse Group, and Slide #4 crystallizes the strong basis we have built. We delivered total net revenue of over EUR 6 billion and an EBITDA of more than EUR 3.5 billion. Without the treasury results, we achieved 9% top line growth and more importantly, 14% bottom line growth.

The fact that our revenue growth is outpacing the growth of our operating costs demonstrates the increasing profitability we are generating across the group. It's a testament to the strength of our diversified portfolio, which allowed us to, a, deliver this performance despite cyclical headwinds in certain areas; and b, our disciplined approach to cost management with only 3% growth, fully in line with our guidance. This all translates into a strong cash EPS of EUR 11.65.

Now let's zoom into the fourth quarter on Page #5, which was a strong finish to the year. We posted net revenue of EUR 1.6 billion and an EBITDA of almost EUR 900 million. This translates to a 7% top line growth without the treasury results, which corresponds to 9% on a constant currency basis and 10% bottom line growth, again showcasing that our profitability is growing faster than our revenue.

The key takeaway for this quarter is the quality of our earnings. Our performance was driven by sustained double-digit secular growth in our Software Solutions and Security Service businesses. The structural momentum more than compensated for the weakness in areas such as equity derivatives, which were affected by modest market volatility. Our ability to balance performance across the portfolio is a core strength of our business model.

On the cost side, total operating costs remained broadly stable as disciplined cost management and FX tailwinds offset inflation and targeted investments. Additionally, operating costs included exceptional effects from preparing for the potential IPO of ISS STOXX last year. Now that we have agreed to buy out the minorities, a lower double-digit million euro amount has become income state effective.

Now let's take a closer look at our segments. First, let's start with Investment Management Solutions on Page #6. As we discussed at our Capital Markets Day, this segment is central to our buy-side strategy. In the fourth quarter, Software Solutions was clearly the growth engine, delivering 13% net revenue growth. As Stephan mentioned, we even achieved an impressive 18% net revenue growth on a constant currency basis. This reflects the increasing U.S. footprint.

The growth resulted from our focused execution, including significant customer wins in North America and the continued success of our Software-as-a-Service transformation. It's encouraging to see that Axioma, our analytics offering, which is now part of the SimCorp One platform, has achieved the highest ARR growth since the acquisition in 2019. This achievement is a testament to the benefits of combining the 2 businesses as well as the revenue synergies we anticipated as part of the SimCorp acquisition.

The strong performance offset the known challenges in the ESG and Index business, which continues to experience prolonged cycles due to the political uncertainty.

Net revenue growth in ESG and Index was 4% at constant currency, which is not fully satisfactory, but within the expected growth range for this business, as discussed during the CMD.

Our Index business benefited from robust licensing and achieved net revenue growth of 10%. The segment EBITDA is affected by the exceptional costs I just mentioned. After adjusting for these costs, EBITDA increased broadly in line with net revenue.

The results in Trading & Clearing on Page #7 demonstrate our strength in secular growth areas and our leadership in European markets. The division achieved 3% growth without the treasury results, but the details are what tell the real story. We saw good performance where structural drivers are strongest.

Commodities benefited from robust EU gas activity. Cash equities were fueled by ongoing inflows into Europe, and foreign exchange continued to expand its client base and geographic reach. Financial derivatives remained flat as expected, given the subdued volatility environment in equities. However, this was offset by our fixed income business.

We made good progress on our fixed income road map, achieving a 7% year-over-year increase in net revenue without the treasury results. Our OTC Clearing and Repo businesses significantly propelled this growth with net revenue climbing by 14% and 44%, respectively. A key element of our strategy has been preparing for the EMEA 3.0 active account requirement, a major catalyst for growth in our OTC Clearing segment.

Our strategic focus on converting our extensive client base into active participants yielded further results. We experienced a 31% increase in our outstanding notional, reaching EUR 44 trillion and capturing a 22% market share. This was accompanied by a surge in trading activity with our average daily IRS volumes growing by 97%.

While we have successfully onboarded nearly 2,500 clients, our EU buy-side activation rate remains at 16%. This underscores a significant opportunity for future growth, and we anticipate gradually phasing in more active clients over the next 6 to 12 months.

Our commodities business had another successful quarter with an 8% increase in net revenue. This growth was fueled by Europe's increased reliance on our global LNG supplies, which created price volatility and a heightened need for market participants to hedge against uncertainties in supply and demand.

We also saw further momentum in the Clearing Services that our U.S. commodities business, Nodal, provides to Coinbase. Nodal Clear serves as the central counterparty for the Coinbase Derivatives Exchange, mitigating credit risk for market participants. Thanks to this partnership. The first ever 24/7 clearing for margin crypto futures are now available in the U.S. and plans are in place to integrate the stablecoin USDC as eligible collateral for futures trading.

In cash equities, we benefited from strong demand for European equities and significant inflows into European ETFs. This reflects the broader investor rotation into European markets and growing interest in passive strategies.

And finally, our foreign exchange business achieved net revenue growth across most product lines, supported by net new client wins and geographic expansion.

Now turning to our post-trade businesses. We have Fund Services on Page 8. Net revenue without the treasury result increased by 3%. However, the underlying businesses of fund processing and fund distribution grew by a solid 7%. This growth is mainly fueled by structural trends, but was also influenced by some retrospective adjustments of volume-related costs.

Generally, we are seeing new record levels of custody and settlement volumes as well as the continued increase in assets under distribution to more than EUR 760 billion. The performance is a direct result of our investments in our platform and our successful partnerships with global participants. These investments position us perfectly to capture the ongoing industry trend of outsourcing. We are seeing positive momentum across the board, supported by new client wins, portfolio growth and ongoing inflows into European assets.

The other line item declined mainly due to exceptional effects in the fourth quarter of last year. And operating costs this quarter were influenced primarily by slightly higher investments and growth. However, the 2% growth in operating costs in Fund Services for the full year is in line with our expectations. It demonstrates our scaling momentum, which will be further fueled once the Allfunds acquisition is completed.

Securities Services on Page #9 had an outstanding quarter, with net revenue without the treasury result growing by 17%. This performance highlights Clearstream's essential role in the European financial market infrastructure and its robust competitive position. Growth was broad-based and driven by record levels of assets under custody, strong settlement transactions and continued fixed income issuance. High equity market levels and increased retail participation also contributed to this growth. Our collateral management business reached an all-time high with outstanding balances increasing 28% to an average of EUR 932 billion. This robust growth nearly offset the impact of lower cash balances at year-end and U.S. dollar rate cuts on net interest income.

As you can see on Page #10, our strong and consistent cash generation enables us to make investments such as Allfunds and the buyout of the ISS STOXX minorities while providing attractive and growing returns to our shareholders. Based on our performance in '25, we are proposing a dividend of EUR 4.20 per share. This represents a 5% year-over-year increase and a 38% payout ratio, which is at the upper end of our stated policy range.

Furthermore, as we announced at our Capital Markets Day, we have refined our capital allocation policy to include regular annual buybacks. And I'm pleased to confirm that the previously announced EUR 500 million share buyback program will begin soon and is expected to last around 3 to 5 months.

Our balanced approach of investing in organic and inorganic growth while increasing direct shareholder returns reflects our confidence in our future cash flow generation.

On a side note, the 2 million shares we repurchased last year have been canceled and the shares outstanding now amount to 182.1 million.

Finally, let me conclude with our outlook for fiscal year '26, which is outlined on Page 11 and reflects our confidence in the year ahead. We fully confirm the guidance we laid out as part of our Horizon '26 strategy, which has become an important interim step in our Leading the Transformation trajectory until '28. Our Leading the Transformation strategy presented at our Capital Markets Day in December sets a clear path for sustained growth through 2028 and beyond. The strategy is built on 4 key pillars: executing secular growth, driving market transformation, evolving our OneGroup operating model and refining our capital allocation.

We are targeting an 8% compound annual growth rate in net revenue without the treasury result to reach EUR 6.5 billion by 2028. This will be driven by our leadership in secular trends, such as the growth of the buy side and our focus on key transformation themes like the evolution of European capital markets and the expansion of digital and alternative assets.

A core component of the strategy is the evolution of our OneGroup operating model, which focuses on scalability and efficiency improvements, allowing for an increase in operating efficiency with the projected operating cost CAGR of only 3%. The resulting bottom line outperformance will support strong investment capacity and attractive shareholder returns.

For '26, we expect to generate net revenue of EUR 5.7 billion and an EBITDA of EUR 3.1 billion in '26 without the treasury result. We are confident in our ability to achieve these targets due to our sustained business momentum, including recent client wins and continued momentum from secular growth trends. Furthermore, our strategic initiatives, particularly the deployment of AI will improve operational efficiency, supporting our EBITDA target while generating new revenue streams over time.

Our targets also assume a normalization of market volatility and modest growth in equity derivatives.

Additionally, we expect a treasury result of approximately EUR 0.7 billion, comprised of about EUR 0.5 billion in net interest income and EUR 0.2 billion in margin fees. The underlying assumptions for the NII are stable cash balances and euro interest rates as well as modestly declining U.S. interest rates.

Regarding costs, we anticipate a moderate increase in overall operating expenses, consistent with our medium-term guidance of approximately 3%. This increase is not just passive cost inflation, it's disciplined investment in our key strategic initiatives that will fuel our future growth and drive operating leverage. We are fully on track to meet our medium-term goals and continue to lead the transformation of our industry.

And that concludes our presentation. We look forward to your questions.

[Operator Instructions] And the first question comes from Benjamin Goy from Deutsche Bank.

One question on Software Solutions, please. You mentioned another major client win in North America. Maybe you can give a bit more color on this client and more broadly, whether the business has reached a tipping point now in this market with major logos you can put on your RFPs and the integration of Axioma. How the dialogue has changed with U.S. clients over the last year or so?

Benjamin, thanks for your question. We are indeed very excited. I don't know how to frame that well because I gave you this West Coast largest pension fund last year type guidance. I think give us a bit more time for the press release, and we will be able to give you absolute clarity.

But to the second part of your question, I think we have reached a positive tipping point in the spirit of the type of RFP participation and invitations we receive. We see a continued very strong pipeline in the U.S. market. But let me emphasize that this is a much broader pipeline than we historically have seen because of the Axioma integration. And as a second leg that it is equally fueled, and we talk a bit less about it by European momentum. I mean the quality of the names in Europe, Axioma was one of them as we had announced it, that really have such a strong and broad front-to-back character is something that, in fairness, we had not expected in that quality of dialogues that we are seeing now.

And the next question comes from Arnaud Giblat from BNP Paribas.

It's Arnaud Giblat from BNP. My question is on ISS. So I was wondering how the price of the acquisition was determined for the minorities. You mentioned peer multiples earlier on the call, but it seems to me that it's a small premium. And I'm just wondering how the headwinds you acknowledge for this business affected that price because the peers seem to be growing a bit faster. And also, was the timing of the minority of this buyout predetermined as part of the terms of the acquisitions made in 2019 and 2023?

No for the questions. As we have highlighted, there is a historic context in the basic agreements that we struck in 2019 and 2023. It is obviously, and that's why we put in the reference back to the peer group context. It's not arbitrary or negotiated in a narrow sense. There is an analytic basis on which we obviously will not provide more further details around, given that it's confidential between GA and us. But in summary, it's something that we feel very much is supported by the strength that we see in the business medium term, very confident and very excited. I think some of the valuation dynamics we see in the market is clearly a change from historic levels, but it doesn't change our belief in the fundamental quality of the business.

And on the decision to do that today rather than in the future, was that predetermined as well?

No, there was a context. We have always said that around the dual track. And after 7 years, I alluded to that on a number of occasions. Certainly, there was already a long time horizon. So in that sense, yes, there were windows during which it became the possibility for GA to also have liquidity through the buyback. But again, that was not predetermined. That's why we did indeed look very seriously at the possibility of the dual track throughout the last year.

And we have the next question from Enrico Bolzoni from JPMorgan. Okay, so he doesn't want to ask a question.

Then we have the next question from Hubert Lam from Bank of America.

Just one question on Allfunds. What gives you the confidence that you can pass the regulatory hurdles to get the Allfunds deal done, just given the possible antitrust situation around that?

Thanks, Hubert, for the question. The complementarity is really the sense of confidence that we have. The second element I would really want to emphasize is that this is a highly competitive market environment. I mean the platform and the size and quality makes the combined business very much a leader in many dimensions, but we are very much aware that and why the universe of intermediaries that are active there, including a number of platforms that are run by different asset managers as well as distribution groups. So it's a very competitive market in addition to the complementarity.

If you put the 2 things together, we have done a lot of analysis, as we have also highlighted together with Allfunds in the run-up to the announcements, and that gives us a high degree of confidence.

And the next question comes from Ian White from Autonomous Research.

Very simple one from my side, please. Very specifically, with respect to ISS' historical databases, why is AI unable to replicate those data sets? What are the moats there, please?

Good question, Ian. I think the substance of that moat is really driven around the enormous amounts of quality assurance that needs to happen, and that has been happening in the work that ISS has been doing over the many years. That is the anchor that really drives that distinctive sort of positioning of the data sets they have.

I would add as a second element, the integration with a number of the qualitative data in recent years when it comes to sort of information that is supporting certain decisions and voting decisions, take again many of the ESG data and other, which is a pretty unique combination that ISS has there.

So just to clarify, is it fair to characterize those data sets then as essentially enriched or augmented by things that you couldn't scrape for free from company disclosures or the Internet? Is that a fair summary?

Yes, absolutely. But let me add to that. Quality assured means often error corrected. And I think that is what, in particular, for nothing worse than for models that learn of wrong and mistaken data, erroneous data. I think it's an area of shareholder voting where the topic of having a factually correct database is a critical part.

And we have the next question from Tom Mills from Jefferies.

I have one on Allfunds, please. Obviously, you've laid out what you expect to achieve from a cost synergy perspective. I'd certainly anticipate there should be some material revenue synergies that you should be able to exploit here as well. Can you maybe talk about what you see there and perhaps why you haven't set those out in detail?

Thanks a lot, Tom. It's much appreciated. I think the cost synergies, as you say, is something, which even though Allfunds is a public listed company, we have had a lot of joint efforts. I think we thought very conservatively about the synergy topic, as you can take from the revenue side. I think we'll see that much better once we have full access in the combination.

And we have the next question from Michael Werner from UBS.

One question from me, please. I believe at the Capital Markets Day, you indicated that you expected Trading & Clearing revenues to grow by about 11% year-on-year in 2026, which is a bit above, I think, myself and the sell-side consensus number out there. And I think maybe some of this is coming from the opportunity from active accounts. A, can you confirm that?

And then B, I believe when you talked about active accounts, and I might very well be wrong here at the Capital Markets Day, you talked about a phase-in period kind of midyear around May of this year. And then earlier, you talked about this opportunity still coming through in the next 6 to 12 months. So, A, was there any change in any of the timings? And B, when do you expect all of these active accounts to be activated?

Yes. Thanks very much, Mike, for the 2 questions. So on the Trading & Clearing revenue outlook for this year, I guess, comparing us to the consensus, there's been 2 major differences. One is maybe we estimate the EEX performance a little bit more strongly because we believe that the basic trajectory in that business is really, really super rock solid. And the second one is probably, as you indicate, slightly different assumptions on the uptick on the fixed income road map where we are confident to achieve it on a fee-based revenue basis and where there may be a little bit more caution on the market side.

With respect to your active accounts question, basically, that has not changed. So active accounts, as you know, needs to be basically fulfilled until the middle of this year, so until June. So we do anticipate more significant activation rates by the mid of this year. But what we wanted to indicate on our tax today is also to say that, of course, this will not stop in the middle of the year, right? So this will be a phased ramp up and there may be some clients which start on a low basis just to test technicalities and figure out their flow routing and things like that. And then this should hopefully also expand further. That's essentially what we meant with our statement.

The next question comes from Grace Dargan from Barclays.

I just wanted to probe a little bit more around the synergies for ISS STOXX. Whether you have any target numbers, how you're thinking about that and whether there'd be any one-off costs to achieve that? And whether that's all captured in your existing revenue and cost guidance?

Yes. Thanks very much, Grace, for the question. So we have not -- there are not top-down figures on potential ISS STOXX synergies. And as Stephan alluded to, we see several ways in how to benefit from that, by the way, also in the other direction. So I mean, we mentioned that we can see lower governance costs and also the business being more closely integrated on the back office.

Also the other way around. This business has, for example, a strong footprint in the Philippines. So it's a very good far-shoring location. And we anticipate as part of our OneGroup topic that we explained that also other parts of the group will basically make use of that. And that's now much easier in a 100% consolidation scenario.

But to your question, we haven't quantified that yet, so that's work that we're going to do over the next weeks and months. And then these figures are not yet included in our guidance or anything, yes. So it's basically the guidance has been set based on the structure so far, and there should be additional benefits in there.

And we have one question from Ian White from Autonomous Research.

If I can maybe just ask a couple of follow-ups, if that's okay. I think following slightly on from Mike's question, can you provide us maybe a little bit more detail about how you're thinking of monetization of the short-term interest rate contracts and also the renegotiation potentially of the revenue share within the OTC clearing business? I'm assuming nothing has happened or nothing has changed on either of those fronts so far, but maybe a bit more detail around that would be interesting.

And secondly, if I can maybe ask on the Kraken partnership and specifically the xStocks initiative. Have you kind of effectively entered into competition for trading in, in U.S. stocks there with the recent developments? And what do you anticipate in terms of additional securities that will be offered under that partnership and the prospects for building some liquidity in those markets, please?

On the first part, Ian, happy to take that one. So on the various incentive programs that we have running within the fixed income road map, as you know, so that alludes to the -- I mean, to the STIR component of the FI ETD business, but also to the other components of our fixed income road map. We are actually reviewing those, as we said, within the first half of the year and then taking individual decisions.

So far, I mean, with good market shares already achieved in most of the components, but we want to go further and we will figure out whether we further make use of these incentives or not. We haven't decided that yet. So it's going to come in through by the middle of the year.

And on the second one, will you?

Happy to take it on. So I think, again, this is in an early phase. The xStocks dynamics will, for us is more relevant when it comes to the European parts. And what we can really do around the partnership with Kraken of tokenizations that bring not only xStocks on the 360X platforms, but then more importantly, the reverse direction, some of the different asset categories we have as we move to tokenization and leverage the Kraken sort of infrastructure there.

I think we have one further question. Enrico redialed in and I think is ready to ask the question. Enrico?

Can you hear me?

Yes, loud and clear.

Sorry, I was kicked out and thus rejoined. So perhaps I might have missed the question from my colleague. I'm going to ask it again, just in case. So going back to your stat, can you provide a bit of color perhaps on the competitive landscape? I would be very curious to know if, for example, you can break down the growth that you printed between its components of perhaps a bit of pricing, how much was due to new clients win?

And in general, do you expect that competitors in the U.S. will react to your success and perhaps we should see a bit of pricing pressure coming forward?

Enrico, this was the Software Solutions business, right, to make sure?

Yes, that's right.

I think again, we wouldn't have a detailed breakdown. But inherently, this is not a pricing type. I mean market works with a decent inflation protection type pricing structure. So it really is around market share wins. And secondly, to go back, it is very much about activation of clients, meaning in the SaaS period, you clearly reap the full benefits once the early transition is coming on stream. So therefore, it's a blend of the sign-up, the client upfront parts and then obviously even more important, the ARR components, which go live, the more sort of activation of components has happened. So that's the real driver from a market share context.

I mean maybe only to build on what Stephan said. In terms of competitive dynamics, always keep in mind that the majority of this market is still outside third-party providers such as us, right? I mean the majority of the market is still captive solutions within clients. And so it's less that we try to snap away clients from our competitors. It's actually basically turning captive solutions into our solution. So there's plenty of growth in the market still.

That's very helpful. If I may add on this last point you made in light of the current debate on AI latest products that have been launched. Do you see any change so far in the client to perhaps...

I think let me be pretty...

Out of the change...

Well, Enrico, thanks for the question very much because I truly want to make that point in a very strong and passionate way. I think the power of SimCorp One is really the character of the front-to-back data handling, the ultimate truth type quality of a platform. I think we really see this as something where given the size and magnitude that we talk about in numbers in investment volumes, I mean, this is not something you play around as a retailer or even as a wealth investor. This is something where the biggest institutions of the world are handling their data where the certainty of quality and processing is really critical. And that's the confidence. That's the one true power. That's the unique asset for SimCorp different from a number of other providers who come at this from the front end rather than the middle and back office. So that power is one where AI capabilities come on top. So that's why we also look at it as an opportunity.

We have in place with the biggest and most demanding clients, the base platform. That's why we look at this as an upside opportunity as we obviously work with AI-based modules going forward.

Great. So there are no further questions in the pipeline. And therefore, we would like to conclude today's call. Thank you very much for your participation. If there's anything else, then please do feel free to reach out to us directly. Thank you.

The recording has been stopped.

Welcome, ladies and gentlemen, and thank you for joining us today for the Capital Markets Day of Deutsche Börse Group. It's great to see so many of you here in the room today, but we would also like to extend a warm welcome to the participants on the live video webcast.

We have a full agenda today. The presentations will last for around about 2 hours, maybe a little bit more. And afterwards, there is sufficient time to address all of your questions. At around 2:30 p.m., we are planning a short break. And after that, we will continue with the presentations and the Q&A.

With this, let me already introduce our first speaker today, Stephan Leithner, Chief Executive Officer of Deutsche Börse, who will present our strategy, Leading the Transformation, today.

Stephan, the floor is yours.

Jan, thank you very much and a warm welcome from me to all of you here in the room in London as well as those that join us by video across the globe. We are very appreciative of your interest in not just short-term update on quarterlies, but truly today about what is our perspective, how do we want to take Deutsche Börse forward beyond what was our strategy to date, Horizon '26.

It's been a tremendous first 12 months of transition. It's been a time when we had many of you meetings with us that were often focused on numbers, on short-term developments, what's the impact of what's happened geopolitically, what are new trends on technology over the summer. I think what is really today, as those many interactions come together, a new picture has emerged that is much clearer. That's why we, as a management team here today, after the transition we went through, are very excited to bring to you that wider picture, how can we take Deutsche Börse forward as a growth company.

Let me in that sense also start with the key messages. So there is no ambiguity because, certainly, there will be quite a lot of information in the course of the afternoon. But the four basic points that we really want to make sure you take home is the strength of our starting position. We feel very comfortable. We have been consistent in predicting and telling you about our commitment to this year's numbers, but also that we will meet the financial commitments that we have made around Horizon '26 quite a number of years back by now. So we as Deutsche Börse rests on a very strong basis that is very much in sync with the key trends that we see.

That's why the second message is really around the growth prospects that we feel are very fundamental and strong for the years to come. That's why an 8% growth of our net revenues excluding treasury results, so the metric that we can really manage towards in a more narrow sense is something that we want to leave with you. This is based on very clear structural trends that we have been positioning for a number of years. They are helping us to scale. They are also driven by our technology progress. But equally, those 8% are driven by what is more. What is the transitions that are going on? What are some of the transformations in markets that we are positioning for? And we want to take you through those today.

The third message I want to leave with you, and Jens will talk about it in more detail later, is that this growth comes with a very strong scaling on the cost side. We have achieved a status as a group where we have invested significantly, where we have the size of our individual businesses that we really can take advantage on the cost side of benefit that is lower growth of cost than we had in the past. That's why for the next few years, we talk about a 3% cost growth.

That leads me to the fourth point today, what is the important message when it comes then to the bottom line for Deutsche Börse Group. And that's really twofold. On the one hand side, obviously, the jaw between the revenue growth of 8% and 3% cost growth gives us a strong bottom line momentum. We look to the next few years to a margin expansion of around 3 percentage points that we will deliver to you. We will show that to you. But it also comes in that growth with a very strong cash flow generation. That's why the other part of our story is a capital management story. And there we, yesterday, made clear that one of the components besides strong investments organically, besides our M&A capability and besides the dividend we are very committed is a continued commitment to share buybacks. We yesterday talked about a number of EUR 500 million that we will deliver to you in the course of 2026.

If I now deep dive into my main cornerstones, the starting point is Deutsche Börse as a group has a unique global operating model that I think we often struggle to really transport in its full beauty. It's anchored in the complete infrastructure footprint that we have. We offer an integrated market infrastructure. We're not a stock exchange in a classical sense. So the four areas that we, with Investment Management Solutions, Trading & Clearing, the Fund Services often felt were relatively small to elevate so much, I mean, by now it's grown to above EUR 500 million, and then at the end of the day, our Security Services, the Clearstream engines, that entirety is the scope that we feel very, very passionate about. It goes back more than 20 years, the basic idea the industry has followed our industry, our strategic concepts here.

Now all of that is not just a me-too integrated infrastructure, but we have unique singular assets in each of those areas. If you look at the brands, iconic is often used, but I think Eurex, Clearstream, ISS STOXX, SimCorp, Deutsche Börse as a cash market and EEX in each of their segments, these are truly iconic brands that give us a unique scaling possibility, which we have really started to leverage much better in the recent time.

And all of that is always driven by a desire for innovation. Deutsche Börse has been an innovator. We have 25 years when we were the first ones to fully electronicize a cash equity market. We are the ones that have extreme high reliability in our systems, and we really are very, very focused on the technology journey with 74% of our capacity by now in the cloud. We have gained advantages on which we can now build when we talk about topics like AI.

And the last component is all of this is based on people. And there, it's so passionately important to me. There's 16,000 colleagues. We call them capital market engineers. At the end of the day, it is a truly global footprint we have, and also that plays into our cost and scaling capability. But it is something that is so differentiated because it really is close to our clients and close to the market. In Europe alone, there are 10,000 of our clients -- of our colleagues. Outside of Germany, there are 6,000 of our colleagues that are close to every single market. Many of them, we are, by a wide margin, the biggest infrastructure provider on the ground close to our clients.

So that's why the team that you see here today and the people behind us are really delivering that story that we talk about. Our leadership is based on our people and the quality of our people. And I'm proud that over the last year, we have completed and with the announcement of the extension also of Christoph Bohm's contract by the Supervisory Board last week. And on the left-hand side that you see here is the Executive Committee is complete. That's the team that has, over the last few years, delivered and will deliver into the future. And on the right-hand side, you also see the business heads. And I'm very proud that all of them, as you see them on the chart are here today, I would actually ask them to briefly stand up so you can identify them. Great. So they are visible and seen. We will also have them in the Q&A later.

But let me emphasize that our culture around an entrepreneurial operating, these businesses operate in a very much entrepreneurial way, it makes an enormous difference in our capability of innovating in our different markets. And that's why it's so important to have the colleagues here, and they will be available to answer your questions as we move on.

So the teams we have today have delivered the past. That's the track record that we have built. If you look at our track record, it's fantastic. I'm truly proud of that. We have two strategy cycles in which we have delivered 11% growth. It's a development that has increasingly become higher quality. If you look at the last versus the two ago strategy cycle, then the contribution that has come from secular growth, organic secular growth has again gone up. And I'm very confident as we look at the next cycle that our organic growth delivery capability is something that is pretty unique in the industry.

And it is unique because at the end of the day, our commitment, and that's my first statement that I made today, is around delivering Horizon '26. It's a plan we laid out. We communicated it to you. We are very committed. We will deliver the EUR 6.4 billion net revenues next year. Now the mix has changed. But again, that is a proof to the quality of our portfolio. We have faced on one area cyclical headwinds, particularly from FX. That's true for IMS. But on the other side, we have delivered secular outperformance growth both in Security Services as well as in Trading & Clearing and there, again, in particular, EEX, noncyclical secular growth. The quality of the EUR 6.4 billion we're going to deliver to you will be as good as what we laid out, a bit different mix, but that exactly comes back to the strength of our portfolio.

So that portfolio is the four segments that we have been presenting to you. If you look across that portfolio, it is much more balanced than in the past. And with Investment Management Solutions, and I'll come back later and Christian later will, in particular, talk about it. We have opened a totally new environment on the client footprint. As you can see here, the net revenue contribution that is coming from the buy-side exposures is quite material across all the segments. It's something I will come back as a fundamental driver of our growth going forward.

But equally across the four areas, we have a lot of commonality in how we attack clients and what we offer to clients just as much as we have the synergies from the platforms across the breadth of our businesses. And that's why we -- when we go into our new strategy, which we call Leading the Transformation, we feel it's truly around this portfolio. We feel comfortable with the remit that we have laid out, and we want to anchor our strategy into commitment from delivery. That's why our starting point for the strategy is the commitment to next year's number, the EUR 6.4 billion. But from there, we think we can really take it forward. And there's four components I would like to highlight to you in our strategy components that we will go into much detail in the course of the day.

The first one is the secular growth journey of our individual businesses. That will drive an 8% net revenue growth over the next years until 2028, and I will speak in more detail about that in a minute. But it's not good enough. That 8% is only one part. The bigger picture is that the transformational changes that are going on in our industry, we want to be the leader on, and that's why we have highlighted two of them. One is Europe and the second one is the asset class dynamics. There are many new asset classes that have disproportionate growth, and we want to be leading these transformations as capital markets are changing. In that context, M&A play is a role. I will talk about that in a minute.

And all of that is, as I alluded already at the beginning, is anchored in a business model development. We, as Deutsche Börse, not only want to transform the outside markets, but we also will transform Deutsche Börse. And the outcome for you, as investors, is a commitment around a better scaling. We will see a 3% cost growth over the next few years, and that's really anchored in a OneGroup approach. It's anchored in our global footprint on the HR side. That's, again, based on strength and productivity gains that we are going to have from technology.

Now all of that allows us a refined capital allocation policy. That's the fourth module of our strategy. That's what we, again, put in place and practiced already yesterday. In contrast to historically where we said there is a clear sequencing, organic investments, M&A, dividends, and if we then have something left over, then we think around buybacks. No. We have gained in growth and size. So we feel comfortable today to talk about the continuity also on the buyback side. And we are able to handle both. We feel we have the right investment capability and we're able to serve you as investors with a higher cash return in total.

Let me start on the growth side. On the growth side and our secular organic trends that we are based on are really the ones that we have shown you for a number of years. And again, that's good news. There's continuity. These trends are fully intact. With IMS, we have formed an anchor, a unique anchor for the buy side. The buy-side transformation is intact. I will talk to it in a minute. The digitization journey, I can go back for Deutsche Börse 25 years on that. But much more tangible for the last 3 or 4 years, you heard us in the last strategy talk about the new asset classes, I'll come back to that later in greater detail. But more important, we have proactively invested in the trend of digitization in base platforms. That's what Christoph Bohm and the teams have done for many years now, and we are really benefiting from that at this point.

Now then within our own markets, fixed income is a continued trend. The indebtedness keeps going up. It's something that is fueling not only the home of the euro story on the side of Eurex, but it is equally on the Security Services side, a major engine of what's going to come and drive our 8% aggregate growth. The platform importance versus bilateral and OTC activity, it's really something that is benefiting each of our segments, in particular obviously IMS, where SimCorp is a big beneficiary of a front-to-back platform thinking, which we are able to put in place on a simplified way in the cloud, common to all, not tailored, so true scaling.

On Trading & Clearing, obviously, we still have regulatory support behind the OTC to on-exchange. But also in EEX, if I just take that example, of how we have moved forward and really captured all of Europe, which was all OTC has moved all on exchange above 90%. What a transformation. And that continues, as I will say, in a minute. And the same is true for Vestima on our funds platforms. Now all of that is traditionally a thinking of Deutsche Börse Germany, Europe. No, it's not true. The global footprint opportunity has really changed in the last 3 to 4 years.

Just let me link it back to EEX, that EEX is the leader globally on the electricity side, that the Japanese market is totally transformed and changing rapidly just shows it's plug and play from what we have in experience. That's what those market operators look for in terms of quality of the experiences. The same is true in last year when we had in Security Services and brought to Canada and now to Saudi Arabia our basic framework around collateral management in a wider sense in the market. It's something that is a unique global opportunity that comes without significant additional fresh investments because we have superior concepts. So those trends are really driving it.

The one I want to deep dive again is the buy side. I mentioned it two or three times already. The buy-side importance has gone up for market infrastructure. It's a unique opportunity in one simple term because it is a growing industry. It's an 8% growing industry, stronger than the sell side. But we also know it is an industry that is under a lot of pressure. Many of our investors, we often encounter that when we speak with many of you, but fact remains compression of margins is a problem looking for a solution. We are the solution. Why are we a solution? There's accelerated outsourcing. There's acceleration of going direct to market infrastructure. There is acceleration around looking for neutral provider. The asset management industry is very wary about the overlap that exists and competing interests that some players have. We provide a neutral infrastructure perspective.

And last but not least, it is sometimes and often supported by regulatory requirements, as we see with the account treatment on the Eurex side. So all of that is a trend which naturally makes us a partner for the buy side.

Our transformative step in this context was the creation of IMS, the introduction of SimCorp, together with ISS STOXX, that have given us the proximity, a strategic dialogue conversation at the buy side, which Deutsche Börse historically has not had. So we have started to really monetize that. Today, 36% of our revenues come from the buy side. And the buy side in its quality and our understanding of the buy side has grown a lot. That's why if you walked down the different segments, you see the buy side for us is everywhere. It's something that will continue to drive our growth when we talk about the individual businesses.

The second theme that I really want to emphasize around the secular growth and why we have a winning proposition at the end of the day always comes down to our IT and digital capabilities. Now what you see here is in the context, obviously, our product -- close to product platforms are very, very important. In Investment Management Solutions, SimCorp One, the ISS STOXX interfaces in Trading & Clearing, our unique 7 series in a way from trading to clearing to risk. The same is true on the Fund Services side, where some of them have iconic names in the context, like Vestima has in the industry.

But the key change in our approach to this has been that we have achieved the platformization across the businesses, that we have created a foundation with the move into the cloud much more aggressive, much more extensive, much more complete and leveraging it for quality and speed. That's what we have done. That's why 74% of our compute capacity in the cloud makes such a big difference, because this has allowed us, together with our multiple cloud partners, to now operate on data.

And most important, and I know it's on everybody's mind, how about AI. Our AI starting point is one of an opportunity, not of a threat. AI for us, given the investments we have made is something we can drive and push forward. And therefore, I think at the end of the day, the analysis that we have done around what is at risk has come up with a relatively small amount. And some of those discussions we had in many of the bilateral meetings around the areas that are affected. But again, there, we also are now in the process very much of turning it around. That's why one of the individuals you have here with us today is Daniel Besse. We have created a Chief Digital Transformation Officer to work with Christoph and the businesses to really leverage that AI opportunity for us.

The second theme of the year has really been around the volatility, the cyclical exposures. Just two sentences on that. The first one is we have been very transparent and we have been high-quality predictive, if I may say that, in how we looked at the risk and the impact of the NII, of the interest rate developments. But what you see here is exactly the chart we showed you 3 years ago. What you see here is what we have delivered and what we are going to deliver. We think that the amount of treasury results of around EUR 700 million is a pretty stable contribution we're going to see.

The second volatility and cyclicality topic, which we feel it every day exposes and it irritates investors, unjustified in my belief, is the equity and the volatility exposure. Yes, there's no question. There are areas that depend on volatility for sure. But the overall exposure that we as a group have has dramatically gone down. What used to be a 40% exposure to equity has come down to 25%. So that's why not only the exposures are very manageable, very clear, but we monitor them and we respond in flexibility on the cost side whenever we face cyclical headwinds. That's what we committed as a team. That's what we have done this year. Not always easy, but we have delivered and we show it in terms of the change.

So those trends I talked about are the secular trends we have spoken about for a while. There's two transformational developments that we want in particular to emphasize and bank on for the next years. The first one is Europe. Now on Europe, we can have many discussions, whether Europe is shrinking, collapsing, growing behind the U.S. There's no question of many of those challenges. But always turn it around. Is it an opportunity for us as the European champion, as the leader of market infrastructure? There is no question that the pension and retail wave has fundamentally changed, that even outside of the Nordics and the Netherlands, the young people have started to have a totally changing investment pattern, even in Germany, even in France. And we are benefiting from that very materially. We'll talk later, especially in the context of Clearstream Security Services, how that B2B2C, how the new players in the market directly link into us.

The same is true for the flows, the flow and the diversification of global exposures. There's a structural inflow in Europe. There's a structural growth of debt in Europe. There's no question that, that's coming. That's nothing to do with the savings and investment union. All of those are structural trends we will benefit, and they will accelerate when it comes to Europe.

Now on top of that is the savings and investment union story. And there, again, we think from the regulatory opportunities, we are benefiting. We have benefited over the last few years. There's a strong desire for EU autonomy. It won't stop with defense. It will go to the financial sector. We will be a beneficiary because we can deliver autonomous solutions in Europe. And last but not least, consolidation, organic and as we will talk about on the M&A side, and naturally, a thing that needs to progress further in Europe, the continent is too fragmented when it comes to capital market infrastructure.

So in that sense, these opportunities and trends are accelerating in our belief and they feed every one of our businesses, be it the B2B2C momentum, be it the home of the euro yield curve story that Thomas and the teams have been working so hard on, be it on Clearstream Europe, the only ones to have 20-plus links already today, no talk about fragmentation, just as much as a fund story that is a pan-European. And we will be even more a pan-European story should our plans go ahead.

The second fundamental acceleration for the transformation story is really around the asset classes. There are new asset classes which, again, at first sight, somebody could say, you are a stock exchange, you're losing on those. Digital assets, they're done by new players. Alternatives doesn't need stock exchanges. No, we are market infrastructure. And that's why our positioning on the digital asset transformation is one we talked already as part of Horizon '26. We have made enormous progress. We have a hybrid offering. We're able to execute on crypto. We can work with digital money as the recent announcements have shown. We, at the end of the day, have an ability to work in partnerships that gives us a lot of strength as the crypto and digital environment moves into a more classical institutional environment.

The same is true in a different way for alternative assets. Alternative assets have been a separate universe. In fundraising, who they go to, how they accounted for, all gone. The integration of alternative assets that is happening around SimCorp is very, very important. That's why when Christian talks later about it, it's a major theme. But it again feeds through our chain. On the fund side, it's going to be one of the main drivers of positive high-margin opportunities when we look at the growth.

So that's why if you now take it back to the divisional and segmental picture, we are so confident to give you an aggregation of businesses that delivers 8-plus percent of growth. That's the aggregate we said. And if you look at it, we believe every one of our four businesses with Funds being a clear outperformer as we have shown in the last 2 years with 11%. And I will walk not through all of those because you will hear it from Christian, from Thomas and from Stephanie in a few minutes how the details look like.

But it doesn't stop with the organic plans. So 8% is our organic growth plan. We believe and we have been very transparent to all of you that M&A is an integral part of how we look at developing the company. Our rules around M&A and our discipline when it comes to the capital usage for M&A is unchanged. We will be very, very consistent around that. That's why we would do M&A but within the parameter that we have discussed. We will complement organic growth, just like we have done in the Fund businesses already for a number of years, I mean, where we had strong organic growth. We have complemented it with the UBS acquisition, with data acquisitions. So complementarity is important. We want to add capabilities like we did on digital and data on the Fund side, for example, if I stick with the example. And we want sort of a reacceleration of our growth areas. We don't believe that it is, per se, M&A that can reignite growth.

All of that will do with high discipline. That's why our financial parameters, and Jens is going to talk about it later again, is something that we closely watch, both being accretive and having to guide capital return. And we will all of that do within our credit rating, which are important for our regulated businesses.

So obviously, the world is asking, what does all of that mean for Allfunds? Now we have made the publication. We'll today also not give you any different information or additional information in substance beyond what has been publicized. But at the heart of it, it is fitting every single one of our criteria on the left-hand side. Allfunds is a very exciting company that has a strategic commercial and financial underlying fit that is just very compelling if we take at it. It is, in particular, complementary from a pan-European and a global footprint perspective. That complementarity is important. As you look at the questions around antitrust and considerations, we really believe a lot of prework has been done there also together with Allfunds. But it is really living very much of the underlying trends, and those underlying trends are the ones of the retail growth that I alluded to you. It's the change in Europe of the savings environment, the old-age pension care that needs to happen.

So we really are taking a step that is not just talking about the Savings and Investments Union, but supporting, building pan-European singular infrastructure that can support exactly what we're trying to do, which is give investors for all-age savings efficient access to a wide universe of funds. That's what the story is about of our Fund Services business. That is a true pearl in our portfolio. That's what also would be for the combined business. But one more time, it is really driven and based by the 1,000 colleagues of Allfunds that are fantastic capital market engineers. They would reinforce the capabilities we have. They would bring additional product capabilities. They would bring as individuals additional geographic capabilities. That's why we are very convinced of the cultural fit, that jointness around wanting to make markets better for the purpose of a successful development.

So that brings me to the last point of our four main elements, which is the capital allocation. I alluded to earlier and Jens will talk in quite some detail around our organic growth, our organic investments. We are very passionate about that. The team that is here, the senior leaders in the business, I can tell you they are full of ideas. They are very demanding in what they would like to do in their businesses. But we are very disciplined. It's one of the themes where we think we have a unique power to invest. We will later describe to you that the EUR 600 million is a number that we invest annually. It's a very material amount that fuels our organic growth.

And we, on the other side, were very clear a minute ago of how we think on the M&A side. So those two elements are very complementary. Historically, we have said that we stick and are very firm on our dividend commitment, that we have a payout ratio of 30% to 40% and then have a steady rising dividend. What we added yesterday in our announcement, I today confirm that, is that we have reached a scale as a group in which we are really able to give you confidence that our organic and M&A investment plans fit together with continuity, not only on dividends but also on share buyback. That doesn't mean always the same amount. We need to tailor that to what is the requirements of the business growth, which clearly has priority. But underlyingly, we think there is a different pattern that can emerge.

So if I bring it all together, let me leave you again from my strategy perspective, first, with a very passionate statement that we as Deutsche Börse, we will lead the transformation. We'll lead the transformation of markets that is coming that is much clearer than it had ever been before. It's a geopolitical, it is a technology transformation of markets. It will affect European capital markets and it will bring new asset classes. We will lead all of that, and we have proven that before.

Building on that, we have an 8% outlook until 2028. Growth will go beyond that. At the end of the day, critical is not that we grow, but we do this in a capital-efficient way. That's why our cost commitment around 3%, using many tools, technology, efficiency, AI, our global operating model, that's what we commit to you. This will give us the margin expansion that I talked earlier on an organic basis, and a 12% EBITDA growth, I think it is a very powerful framework, and we as a team stand here and we're very committed to that.

Now you will hear, and I'm glad that Christian comes next because, clearly, IMS has been a big part of our last few years what we built. I'm very -- and we are all very proud of what we achieved. But let me hand it back to you, Jan.

Thank you, Stephan. So the next speaker today is Christian Kromann. Christian is Executive Board Member of Deutsche Börse and responsible for the Investment Management Solutions segment. And Christian today will present the opportunities in the SimCorp business and the ISS STOXX business. Christian, the stage is yours.

Thank you very much. Thank you, Jan. Thank you, Stephan, and welcome also from me to everybody in the room and also participating virtually.

So it is indeed 1 year in, if you will. We've been spending quite a lot of time on becoming very crisp on what is IMS and what are the two parts of IMS playing in terms of roles, et cetera. So we'll go through quite a lot of detail, to be honest, a little bit as normal, if you will. But we're going to try to underpin with practical examples on what is it actually we are trying to do for the buy side and what are we trying to do with the rest of Deutsche Börse in that context.

But let's kind of start a little bit by reminding ourselves what is IMS except of a 3-letter abbreviation and, yet another one. It really consists of what I would consider already two market-leading companies in their own respect. So we have SimCorp that is our core tech proposition, since a year now fully with Axioma integrated. It's the risk engine of the SimCorp One value proposition. And we are out there selling the combination every single day. So here, also a real proof point of what we set out to do a couple of years ago is now, in fact, happening. There's around EUR 45 trillion of assets now running on the SimCorp platform. So I would say, quite sizable. But of course, as you would all know, still a lot of room for growth.

On the other side, also here, I would say we spent good time on fully establishing the combination of ISS STOXX. It's now our mission-critical data, analytics and indices value proposition. And here, we also have some very impressive stats with more than 6 trillion votes being done every year and another EUR 180 billion of ETF AUM. So I would say already there, a really good starting point underpinning IMS, generating around 55% of the buy-side revenue coming in through the door, which also underpins another important fact that, as Stephan alluded to, that buy side is not just an IMS thing. It's actually a group-wide initiative.

So let's talk a little bit about the buy side, and some of you are probably even better experts on this than I am. But here are three ways of looking at the buy side, if you will. So for a technology provider like us, of course, it is very important to understand the target addressable market. What we see here is that both the buy-side tech, if you will, as well as the data and indices is growing in high single-digit numbers in terms of market size, which is obviously a good kind of tailwind, if you will, for what we do in the first place.

Some very strategic and structural trends are still there. You talked a little bit about it before, Stephan, but let's just recap what they are. Margin compression still exists in the market whether it's driven from higher competition in the buy side or whether it's driven from general macro trends, we leave it to the market to discuss that. But there is an underlying drive of operating model discussions that, in principle, is what we do for a living. So that's a great starting point.

The need for customization at a reasonable cost is also out there, and it's an interesting thing because it actually underpins every single part of what we do. It underpins the need for additional products that are customized in certain aspects. It underpins the need for customized indices. But it also now, and we've seen some of that quite recently, underpins the need for customized voting policies according to what is the preference of you as an investor. So that's a very important point that actually goes across.

The rise of private markets or alternatives is here. It has been going on for quite a while, but it doesn't seem really to stop. And it's been going from primarily being a private equity-driven asset class to now being a very wide definition of what constitutes private assets.

And then finally, we have macroeconomic uncertainty. We can measure that in so many ways, but there's something going on every day. Being a platform provider with a strong risk capability is certainly also a very important part in the world that we are seeing ourselves.

On the right side of the slide, I want to make a little bit of a key point around what is the buy side. And we use -- sometimes we say asset managers, then we say asset owners, then we say this and that and everything. In principle, and that's an absolute key fact, when we say buy side we mean anything that is buy side, from large institutional investors, whether they're asset owners, asset managers, it doesn't matter, all the way through wealth and into hedge funds in the end. That's what we mean when we say buy side. And we underpin every single investment strategy, whether it's active or passive or irrespective of what asset class is actually coming in.

It was actually kind of a reeling discussion once we prepared for the strategy presentation today that, actually, there is a value proposition for every single subsegment of the buy side.

Okay. We have a great starting point, as I said. We have two market-leading companies, because, it's hard to claim that you are a market-leading company without having clients. So it's great to really continue to see both in growth in terms of new clients, but also in growth of what we would do for those clients. And that definition has even taken another layer of both SimCorp being inside Deutsche Börse as well as ISS STOXX now being fully combined. So the value proposition really matters. And that is also underpinned by the fact that our retention rates are really, really high. So we have above 92% retention rate across the two businesses, which is honestly very remarkable.

But that's also because we have very meaningful relationships. We have around 800 clients on the SimCorp side and more than 5,000 clients on the ISS STOXX. So a severe footprint in the buy side, we already have. But as I said before, the target addressable market still allows for many more relationships to be built over time.

Another key point here as well is also there is a good complementarity, which I'm going to come a little bit back to, between SimCorp starting in Europe many years ago, has now spread its wings across the world, has more than 75 clients in the U.S. But also here, a growing capability. STOXX, obviously, being a European firm to a very large extent, now combined with ISS being headquartered in the U.S.

And I would say that is also another good combination just inside IMS, but certainly also across the organization. And that's why you see some, what I would say, really sizable logos here that we are very proud of, but hopefully also something we're going to share a lot.

Let me also use this as an opportunity to just introduce the two people that I work spend most of my time on. So Pete recently joined. You were there before when we trained. So now you're there. Recently joined as CEO for SimCorp. You're here for today and stay around for later. So it's great to have you on board. And Gary will join us remotely from New York a little later for the Q&A session as well. So great to have you both here.

In terms of where we are then. So as you can hear, a lot of good work has been going on over the last couple of years. So we're really now here to recap our Horizon '26 targets. We have more than 16% ARR growth coming through SimCorp consistently. Some of the years have actually been higher, and we're also tracking quite high now. And what you will see later, it's actually a consistent theme through the entire strategy period. We would have taken severe new market -- new client relationships. More than 30 new clients have joined the platform over the last couple of years since '23. And we continue to see an extremely high recurring amount of revenue coming out of that.

At the same time, we have also now delivered all the synergies related to what we said for Horizon. And finally, we see a real sizable margin contribution going forward as we said we would be. We have a little bit of headwind also across the businesses. FX for this particular part of Deutsche Börse plays a quite significant role given that we have so much business in the U.S. And it's not hard to imagine that there is a little bit of headwind going on, on the proxy side at the moment with what you see in the news every day.

So looking towards '28 and beyond '26, some really interesting ideas and plans for both businesses. So let's briefly talk about that, and then we will go a little bit more into detail at a later part.

So I'd say on the SimCorp side, good growth momentum and really good focus on scale. So it's really the combination but that way around, if you will, continue to grow really solidly, taking market share and then create the underlying delivery engine more and more scalable.

That takes me to the first point. And if you go a little bit back, you would know that the absolute key KPI for SimCorp has always been moving all our clients to Software-as-a-Service delivery model. We still allow central banks and other clients that want that specificity to stay in the model they want. But the overall trend, actually helped by the market, is to move all those clients to SaaS. I will come a little bit back, but we are now reaching the 50% point, which was always a very important trigger for our economical model, which is also why we will go back and talk a little bit about that in a couple of slides.

Front office is a big investment, has been, continued to be, but it's really to complete the overall value proposition in a cross-asset capability. And then, of course, as we just talked about, private assets is something we're really doubling down on. On the scalability side, needless to say, AI for us and actually for SimCorp, it both has a top line element, but it also has, of course, great scalability capabilities both in terms of how we deliver, but also in terms of how we scale our development teams, et cetera.

On the ISS STOXX side, continue the custom product innovation, I would say there, it's both a key capability. But certainly, the way the markets are currently operating, it's driving in that conversation every day. So it's actually a good and even stronger value point than it was even a few years back. Of course, cross- and up-selling now that ISS STOXX stock is intact is really important. But I would even say internally, inside IMS, we also start to see more cross-selling opportunity, even though it's coming from a very low point.

Geographical expansion, we talked about that. That actually goes both ways as well as now starting to really see synergies on the scale side. And then finally, AI on the operating model as well. On the ISS STOXX side, as we've seen, a little bit more muted on the growth. But even in that scenario, stocks will continue to deliver margin improvement and more and more scalability. So a really good starting point for both businesses, I would say.

There's so many details on these slides. I'm sure you will look at them in detail. But there's a couple of key points that we think is important here. So as I said before, SimCorp started out in Europe many years ago, even further than my age. Strong in Europe, still strong in Europe, very large client base. Started in the U.S. a couple of decades ago. But really, the last 1 to 2 years, real engagement in terms of what we see in terms of taking clients in the Americas. That has been a distinct focus for the team for many years, but now it's really starting to accelerate at a very great rate to see it. So good spread of momentum, if you will.

On the ISS STOXX side, it's almost the opposite. Very strong foothold in North America, especially on the ISS side. Of course, strong foothold on STOXX side in Europe. So they really complement each other extremely well from that point of view.

Finally, the rest of the world. So here, SimCorp has also led through some really significant relationships both in the Middle East, actually also in Africa now, but also in Asia and in Australia and New Zealand. So those relationships, we obviously want to explore more. APAC is a significant region for SimCorp. But also given the value proposition of ISS STOXX, it's also a real great opportunity to grow that business further. So here, they actually also come along in an ambition to drive rest of the world growth focus, if you will. So good complementary.

As a result of all of these things that we put together, we are now seeing that we are going to be around an 8% CAGR that Stephan talked about just before on a pro forma basis. So what does pro forma mean? I will come back to that in a slide or two. And that goes through '28. The pro forma relates a little bit -- or not a little bit, it relates to the fact that we are now at the point of the SaaS transformation that forces us to actually align the business model with the way that our clients is buying from us. But that's the technicality that we will come back to before.

SimCorp is targeting in a slightly higher growth than ISS STOXX, as you can see. And for SimCorp, it's very much a continuation of what we've seen in terms of extremely high ARR growth rates that we also continue to see all the way through the period and hopefully beyond as well.

On the ISS STOXX side, a bit more muted. There's really good things going on, on the ISS STOXX side. But there are also areas, in particular around ESG and some of the voting and the politics related to that, that we just have to be, I'm just going to say, is a little bit putting the growth under pressure. But especially the indexing side, we have seen really positive momentum this year and also when we look into the next years to come as a great opportunity to further expand.

So let me now provide a little bit of more details on the SimCorp side. So let's start with the real technical one. So as you can imagine, you can probably write a book around what we're going to talk about now. I don't think anybody will read that book. But anyway, let us try to explain a little bit why are we doing it? Why does it make sense? And of course, then what are the technical impact of doing that? But it's not -- it's that way around. It's not the other way around. And as I just said, we're now touching the 50% of our clients that are consuming what SimCorp is offering through SaaS. That goes hand-in-hand with a model change to subscription that we announced many years ago that is even further ahead than 50%. So we now have basically a situation where there's a complete discrepancy between the cash flow profile of the way our clients pay and engage with us and the P&L impact of those concepts.

And that basically means that in a scenario where ARR continues to be high, and there's kind of technicalities related to that, it's very hard to understand the transition from ARR to net revenue. And I think many of you have asked us that question. I would say behind the scenes, if you will, and that we've also been very transparent about, the way we run the company, the way we incentivize our executives and actually all staff is an annual recurring revenue because that's the only meaningful long-term value-creating KPI that we have.

So this is now where we say, all right. Now we've done all the work. We're engaging with the clients in the right way. Now we also have to get the financial in a way so our investors can actually understand what on earth is actually going on. That's what you see here. So the top part of the slide, you've seen many times before, that's the difference between the upfront recognition that we currently do. And the right side is how the revenue actually comes through the door. So quite obvious that there is a difference.

So from January '27, all SaaS contracts will now be recognized in the ratable way in line with the cash flow impact that they have. There will still be a portion on on-prem. That will go down over time as we progress our SaaS transformation. And the net effect of all of this is that you're going to see a lot more smoothing of the curve, higher predictability because it literally is in line with the cash flow that comes in.

Of course, when you do that, there's a bit of swing created in the curves, if you will. And that's ultimately what you see in the lower part. And the first year, of course, is pretty hard because you kind of take the contract book out and circumvent it, but then you relatively quickly get back into the true growth trajectory, if you will. And that's why you see -- first, you see minus 7% to 9% and then you see 16% to 18%. But as we say here on the left side, we end out with 11% to 13% midterm CAGR, underpinned by 13% to 18% ARR continued growth. So that's the dynamic.

So in the end, if we do this the right way, the only number that is interesting going forward is the ARR number. But as I said, I understand this is technical. We will spend all the time needed to talk you through it. I know Jens will talk about it as well, but we do recognize that this is something that needs to be analyzed and pinned down. But now the decision is made. January '27, we will start moving things in what I consider is in the right direction.

On alternatives, let's talk a little bit about that as well. The ambition here is to build a complete solution both inside SimCorp, but also with the rest of the wider group of Deutsche Börse. So what does it mean? So the starting point is, as you can see here on the left side, is that we already have 7 of our clients -- 7 out of 10 of our clients, 70% of our clients, which is a very distinguished list of very large investors in the world, is already using their alternatives and private assets inside SimCorp. So a very good starting point.

Most of them obviously does it through an investment vehicle. What we needed to add to this was the other side, if you will, the GP mindset. So that both means the GP business inside our investors and clients but, in principle, also serving the GPs as stand-alone. That's the Domos acquisition in a nutshell. That's what that brings to the table.

On top of that, as I said, private assets used to be very much about private equity. Now it's infrastructure. But what we've seen lately is a lot of private credit and private debt. It's a very important asset class for the entire group and something we are now channeling quite a substantial investment into making sure we're at the forefront of those capabilities.

So I'd really say the combination of the starting point of SimCorp, plus the additional investments, plus the M&A that we've done, and now what becomes really cool is when we then started to combine it with what Clearstream can do on the Fund Services side, because then you start to build an entire ecosystem around private assets. And we have even more great ideas on other parts of Deutsche Börse that couldn't join that ecosystem as the market evolves.

AI then. So let's just remind ourselves that SimCorp is a technology firm, right? So here, we actually have two parts of AI that is quite an important part of the strategy. So the first point, let me start with the one that makes me truly excited, which is that we are now building AI into the user experience of our clients. That might even be some of you in the room or some of you listening. The way you act as portfolio managers will be reimagining through AI. We want to be the catalyst for reimagining that. So when you do a decision, you want to use AI to catch the insights that you have and combine it with your rebalancing of whatever the action is, that's what we've done. So we put that into the next-gen front office that we're building, including Axioma sitting there, obviously, through LLMs. That's the lowest part. That's the starting point. But I'll tell you what you can do with that in itself is very encouraging.

But then we build in our agent ecosystem around that. We are building agents because we are a technology provider. You build agents because you have the secret sauce. But we also have partners that build agents. And here, it's important to remember, we're an independent technology provider. We don't care about the content. We care about the technology. That's how it works. And of course, that's part of generating top line as well. If you have 1,600 developers that SimCorp has, GitHub actually create meaningful scalability. So when we look at the inside, we want to be as tech savvy as we possibly can. And there, of course, AI plays a major role as well.

Let me quickly talk about how we fit in with the rest of Deutsche Börse. We've actually done some really cool work already. So of course, when you trade in our trading venues, for example, in 360T, it instantly integrates into SimCorp. We are now connecting to Eurex on the cleared repo side to create, once again, a combined solution. We are connecting the Axioma capabilities with the STOXX factor indices. But we also -- and then from Clearstream, we actually have a real portfolio of great ideas both on collateral management optimization. We're obviously connecting the Fund Services fully into the universe of SimCorp, allowing full connectivity. And then, of course, all of this together, then means that, once again, the entirety of Deutsche Börse is channeled through a lot of the SimCorp relationships and ISS STOXX relationships into the buy side.

So really great progress. It's all currently included in our growth plan, if you will. But we're also starting from a low point. So once it gets traction, let's see how far we can take it.

On the ISS STOXX side, so most of you would probably know that there was a distinct Capital Markets Day for ISS STOXX earlier in the year. So there's a lot of detail there. It will be a little bit a waste of everybody's time if I repeated that in detail, so I will concentrate about two of the subsegments. We are still in a kind of parallel mode considering our options. But in principle, we are laser-focused on executing on the strategy.

I would say one thing that maybe as a highlight, we've talked a lot about MI, which is a subpart of ISS STOXX. I would say that part is now, through restructuring, which was something we announced, and we're now starting to see that hitting back on the markets.

The two parts I really want to talk about is the stewardship side and the index side. So as you can see here, a lot is actually going on. We all read the papers. Reality is the industry needs our data to function. It's as simple as that. We are a data provider. We provide insights. And we have, to a very large extent, listened to the voting principles of our clients and create custom voting policies on the back of that. That's what we do in a tech mindset.

Of course, it's investors that needs to navigate the political landscape and choose your preferences. We just in principle, provide the data. That's how we see it. And that's also why we need to be more flexible because our investors needs more flexibility. And we can see that through all the volatility going on. People still need our data. That underlying business is still growing.

On the index side, we are, of course, excited about the fact that we see now the ETF market in Europe really taking off. I'm not the only business that see that. So there's other of my colleagues that are excited about that. We start to see active ETFs now coming into Europe, which is another great point that is underpinned by what we do on the indexing side. So I'd say, generally, we have never managed more -- or never seen more assets on our indices than now which, in some context, given what we do is great for Europe.

And there, I said the magic word. It's very much a European value proposition. It's very much a European sell-side value proposition also with what we do with Eurex. We spent a lot of time and money on building the buy side of this that we are launching early next year, which also, once again, make sure that, that underpins our buy-side value proposition as we go forward. So here, we actually have tailwind in this particular part of the business.

AI on the data business is, of course, important. Here, we generally feel that we are well protected by the various moats that we have. We have a great governance capability. We know how to kind of suck out all that data, handle that data in a regulated sense and distribute that data with all the capabilities that I've just said around custom policies. So we actually feel that, that is very difficult to replicate. But that's not the same to say that it can't be optimized. We have unprecedented investor access and perception. We really have iconic brands around the indexing side. And we are setting the benchmark standard for European liquidity ecosystem. So we're already deeply embedded in that value chain.

But there's three areas where we are now investing time into on the AI side, and we are pretty far on some of them, and some of them we are kind of researching in the context of what -- where does it actually need to go, where do our clients want it to go. But the technology foundation is already there. So from that point of view, a good starting point. So it boils down to operations and data efficiency. That's obvious. The research effectiveness, I think we all understand the positive impact on the research. And then, of course, further product innovation as we go forward.

So with those words, let me quickly summarize a little bit. I hope you see some real proof points that IMS now exists underpinned by very two strong companies, one being a tech platform, the other one being data and analytics platform. It links extremely well into the rest of Deutsche Börse, both from a value proposition point of view but also from a geographical point of view, and then, finally underpinned by the asset class extension, where we are now putting a lot of focus on the private side, but all in one large technology value proposition.

Thank you, Christian. I'm now introducing our next speaker today, Thomas Book, responsible for Trading & Clearing in the Executive Board of Deutsche Börse. And he will now give you in-depth insight into our financial derivatives, commodities, cash equities, FX and digital asset business. Thomas, looking forward to your presentation.

Yes, thanks a lot. Now it's the powerhouse of multi-asset Trading & Clearing platforms. Hi to everyone also on screen. It's great to see all of you and many familiar faces here. And I have to say, following up to what Christian said, it's really great to see how our buy-side access has been transformed with the access that we have through IMS. And you will hear also in my presentation how buy side is really a theme for all the businesses in the Trading & Clearing division. I'm now very happy to take you through our strategy going forward and each of the road maps that we have planned out.

Let me start with giving you an overview of our portfolio for Trading & Clearing. We operate market-leading platforms in each of the businesses that we are in with a full spectrum of instruments paired with a strong global distribution power. And each of the businesses really has a superior proposition for the clients, Eurex, cash market, EEX, 360T and also Crypto Finance.

And let me give you some key facts that you can see here for the businesses that we are in. Financial derivatives, with Eurex, we are a global leader with more than 2 billion traded contracts per year, offering the broadest suite of equity index products and the world's most liquid euro-denominated fixed income suite. And Robert, the CEO of Eurex, is here with us today, who can later also in the Q&A speak about some of the aspects.

For commodities, EEX is the world's largest power exchange. We're really excited to see the development with a volume of more than 12,000 terawatts per year. And EEX not only operates the sort of European power market, but it has grown beyond with now a global client base of 950 and operating in 42 countries, Tobias Paulun, the CEO of the clearing house and also Chief Strategy Officer, is here with us today.

Cash equities operated under our brand, so our nucleus, Deutsche Börse. We are the #1 for German equities with more than 14,000 tradable instruments. But also, we are the European leader in the ETF space, which is noteworthy. And Eric Leupold, our Head of Cash Market, is here with us today.

And then last but not least, FX and digital assets, 360T is the third largest electronic FX marketplace globally, serving over 3,000 buy-side clients. And now Crypto Finance is adding our portfolio with institutional-grade access to digital assets, 24/7, Carlo Kolzer, CEO of 360T is here with us today. I'm super proud. We have a very strong, experienced management team, and Trading & Clearing really is the main organic growth engine of Deutsche Börse. And you'll see we have a very strong outlook taking that into the future.

On the next page, you see that Trading & Clearing is more than just four businesses with a strong strategic positioning, We really have a strong synergy story across all these businesses. And you see that on this flywheel that we've created here, which shows you, first, we are really serving multi-asset investment strategies across the entire spectrum, positioned in a sweet spot. And we are covering the full value chain from data analytics, trading, clearing, collateral and risk management in our portfolio.

But the key value drivers that are really driving the growth of our portfolio are, first of all, leveraging our distribution capabilities across all the businesses, both on the sell side, but also on the buy side. We've heard a lot about that earlier. Using our cross-product innovation capabilities across the group and across T&C. We have many examples. For instance, our FX Futures that we launched together with 360T, working together on the repo side with Clearstream or with STOXX and Eurex to create product innovation on the index side.

And then the key value driver is technology leadership. We are very focused on technology. We have created a market-leading technology stack with our 7 series, how we call it, platforms, T7, C7 and also R7, rolled out across all our businesses and giving us the scale to create synergies and scalabilities going forward. And you'll hear later, we are also very focused on new technologies like AI, cloud, distributed ledger.

And then lastly, one of our key propositions, you'll hear that in the road maps, is creating efficiency around Trading & Clearing capital, balance sheet, margin efficiency via our shared clearing and collateral management frameworks. But at the heart of everything that we are doing are serving our client needs, very focused on working together in a partnership mode with our key clients.

So now let's take a look at our numbers. Trading & Clearing has delivered a 7% CAGR since 2022 and we will surpass the EUR 2.5 billion revenue mark by year-end. I'm proud to say that our portfolio really has a few investment highlights that I believe speak for themselves.

First of all, we're a strong organic growth contributor to Deutsche Börse Group. We have delivered more than EUR 450 million revenues in this strategy cycle. And we have very sound and strong business drivers driving our growth, in particular, for some of our double-digit growth stories that we see fixed income, commodities and foreign exchange growing at a fast pace year-over-year.

Profitability stands out. We are at a 62% EBITDA margin for Trading & Clearing and, with that, deliver significant free cash flow for the group. And then Stephan mentioned the cyclicality of the business. We have diversified over the years more and more and, with that, can really balance cyclical tailwinds, headwinds in our portfolio and as a result, have delivered very consistently a 7% CAGR over the past two strategy cycles.

So in short, the strategy works not just in paper and on slides but also financially very clearly. It sets a strong foundation for our growth in the future.

And looking ahead, we are fully on track to deliver on our Horizon target of around EUR 2.8 billion net revenue by the end of '26. And the main contributors of this success, you see on this slide. First of all, financial derivatives, overall, a 5% annual revenue growth. And we spoke about the cyclicality, but below the surface, we see very strong momentum building on the fixed income road map with a 12% CAGR, supported by a lot of cyclical tailwinds but also by fundamental structural drivers around the EMEA regulation, for instance. I'll get to that later in more detail, while we see a little bit softer business development on equity index based on some of the low volatility, as you heard earlier.

If we look at commodities, we are very proud. Commodities is an outstanding success story of our business. And it has seen a growth of 19% over this cycle, which is really outstanding, and it's seeing growth among all vectors, clients, regions, products and technology. Later, you'll hear a bit more about that.

For cash equities, we have now reached again the record levels of '22. We have been growing since 2022, and cash equity is actually the fastest-growing business this year. And also there, we see structural drivers, increased retail participation in Germany, but also sector-specific stories appealing to many institutional investors, for instance, around the defense sector in Europe.

Foreign exchange has shown a steady growth and outstanding track record of 10% for many years.

Let me with this slide now look at the next strategy cycle and also refer to the strategy framework that Stephan has introduced earlier in his part. Looking ahead, we expect our growth to accelerate, and our key number is 8% CAGR over the next cycle. And with our new strategy, Leading the Transformation, we believe we can clearly capitalize on three main pillars.

The first pillar, as you can see here, scaling our business and also taking benefit of underlying secular trends that, in our perspective, are fully intact and will drive the overall industry and us as well. Buy-side acceleration and more risk-taking, expanded risk appetite on many of the buy-side players in their footprint is one of the core accelerators for us. The side of technology, which I also will speak about later, which is really for us reshaping trading. We have seen electronification and automation and many algorithmic strategies are becoming the norm, but it's now accelerating to a different level.

And futurization, a topic that we long pioneered also with Eurex, not only it does create capital and margin efficiencies for many OTC products. It also does allow to scale them in a way that creates much more turnover velocity for many of these instruments. These trends will continue to push the industry and also our business, and they create a fundamental structural tailwind and backdrop for the business, enabling more systematic trading, more hedging and also more demand for clearing services.

The second pillar, utilizing opportunities as the gateway to Europe. And in many of the businesses that I earlier introduced, we are in a leadership position in Europe, which gives us a unique advantage to take benefit of the ongoing transformation. Capital inflows in Europe, we've seen strong pickup this year, remaining strong. And initiatives like the Savings and Investments Union are aiming to mobilize trillions of private assets, savings into private -- into productive investments.

And you all have seen many of the fiscal packages in Germany but also in the European Union that were put together. All these will expand the debt markets in Europe quite significantly over the years with new issuances. And they are also used, for instance, for the transformation on the energy side to renewable energy. This energy transition alone is estimated to require over EUR 1 trillion annually. All this creates opportunities both for fixed income, but also for commodities and for beyond and for many of the businesses across the entire group.

The third pillar is we proactively position ourselves for fast-growing asset classes, expanding our footprint. And that gives us a good position to capitalize from trends of the future. For instance, the trend towards passive investment and the growth of ETFs, we now see a trend into active ETFs that comes into the market. Credit markets, I'll speak about them from our perspective, at an inflection point, strongly growing at the moment and in a push to standardization and electronification. And beyond traditional markets, crypto and digital assets continue to grow. We believe in the tokenization of assets. I'll speak to that later. In all these areas, we are proactively positioning ourselves as front runners to take benefit of future growth.

And based on some of these growth drivers that I've just outlined, let me look at where does it take us financially in the next strategy cycle. We are all set to reach EUR 2.9 billion net revenue by 2028 for Trading & Clearing. And this target is not just based on market trends and European tailwind, but it's also based on individual and strong convincing strategic road maps in each of these businesses. I will outline these a little later in my presentation.

The four strong cylinders, you can see them on the slide, that we are relying on. First of all, fixed income derivatives. Our strategy, home of the euro yield curve for Eurex, continues to grow and build momentum. We expect 10% to 12% growth with our cross-asset class, value proposition across exchange-traded derivatives, OTC clearing, repo and now also credit.

Commodities, we are convinced will remain a success story to grow at 10% to 12%, continue to benefit from the scaling of power. Power will be the energy source of the future, and scaling gas derivatives and expanding our market leadership in an overall environment of energy transition.

Foreign exchange, also we believe will continue to grow at an 8% to 10% through the next cycle with product innovation and client expansion. And this does not include further upside that we believe in from digital assets.

And then lastly, equity index derivatives. We spoke about it. Our expectation is that we will see returning market momentum, returning to a growth track of 4% to 6% annually. Both the more favorable environment, but also the combination with more structural growth drivers that I will touch on later will further help to get this business to a 4% to 6% growth track.

And with that, let me touch on our first and most significant road map, which is our ambitious fixed income road map. Let me, first of all, say we are fully on track to deliver the fixed income road map as promised, we see momentum accelerating across all our four product lines that you can see here on this slide. And let me take you through some of the metrics that we see in each of the businesses.

Traditionally, being the leader in fixed income listed derivatives, we have seen this year a new record volume of 950 million contracts traded on Eurex in fixed income with the broadest product coverage out there in the euro-denominated space. And we have also seen building momentum on the short-term interest side, both for STIR, but also for Euribor, something that we've launched with our partnership programs. And that will take benefit of the EMIR account requirement as well. And we believe the increasing European debt levels that I just mentioned will further support the momentum in this space. In September, we launched the European bond future contract on Eurex. It was one of the product launches which I think gained most of the attention over the past years. It now builds on the EU being a new issuer. I'm convinced it has a lot of potential in the next years to grow.

With that, let me turn to OTC clearing that we've built as a new product line, as you know, over the past years. The active account requirement has really driven onboarding this year. And we are really happy to see that momentum. We have onboarded more than 650 accounts. And this year, we are now at 2,200 direct buy-side accounts that are connected to the clearing house. And while activation rates are still low at this stage, we already see clearly the momentum in our volumes, both in the notional outstanding where we see a new record with a 40% increase. But also in the ADV, our market share has also grown 4 percentage points this year. And for next year, we expect even more activation in these accounts, very simply driven by the compliance period from ESMA, which will kick in mid of next year. And this makes our delivery a little bit backloaded, but the momentum that we were expecting clearly has built up for OTC clearing and will continue to build next year.

For our repo segment, we have seen very encouraging momentum this year with a record notional outstanding in November. But I think even more noteworthy is that we had major client wins this year in this space, and let me just mention here the European Central Bank and also the European Commission who became participants on our platform. It's a clear validation of our business model. And by now, our repo business has the largest client base in the public sector. We have more than 15 public sector entities like finance agencies participating in our business. And the overall structural backdrop of this business is there's a fundamental shift to direct buy-side access that we see in the access models and also a shift from uncleared to cleared repo. And you know all the environment in the U.S., which is spilling over to Europe. All this quite a favorable backdrop to see further growth on the repo side.

Credit, we have launched as a new product segment. And as I earlier mentioned, futurization, I think this is a prime example where we can create both margin capital efficiencies but also scaling of products that are then in a more standardized future wrapper based on index constructions. We have created a partnership program with some of the largest dealers out there and have by now on-boarded 70 active end clients. And we believe there is continued further adoption of this product. You all will know it is one of the products which really creates a lot of attention right now on the buy side in their investment portfolio strategies.

So overall, if I look at the fixed income road map, we are driven, as you see in the middle here, by our focus on collateral margin and capital efficiencies. We will see further milestones there and expect further advantages rolling out in our bond portfolio margining and cross margining for the repo part across our futures segment, which will come soon with R7. Overall, Eurex is positioned with a clear USP because we are the only exchange, the only clearing house out there with a complete euro-denominated fixed income ecosystem, and that's why we sort of proudly call ourselves global home of the euro yield curve. So overall, I think you see all the fundamentals are there. And by 2028, our fixed income business will be a EUR 700 million-plus business for the group.

Let me move on to the equity index business. And we have seen a more muted growth in particular also over the past 2 quarters due to cyclical headwinds on the volatility side. But we are convinced we really have a strong foundation for future growth in place, both when market momentum returns but also with our role as being a product innovator in this space. And why do we see reason for optimism here in this space? Let me take you through some of the points here.

First of all, we have very strong business fundamentals, a good foundation. Eurex is the global gateway for European equity and index derivatives. Both -- we have the strongest suite of blue-chip products with the deepest liquidity pools in Europe, but also we have expanded to global benchmarks like MSCI FTSE and, of course, together with our partners from STOXX. We are the market leader in equity options in Europe. And options, as you know, is also a segment that gains more and more momentum. And the focus is and consistently, historically has been for Eurex to drive new product innovation. And let me just mention, we recently launched QIS Futures based on quantitative investment strategies, which are also a futures wrapper for some of the active ETF strategies used by the buy side. And then lastly, I mean, like in the fixed income road map, our focus is collateral and margin efficiency, something that we can create with our portfolio of offerings.

Going forward, we will capitalize on this value proposition that I believe is really unique in the market. We are well positioned to capture buy-side investment strategies, like the transition to larger benchmarks with the EURO STOXX -- with STOXX 600 or sectors and expanding our execution protocols beyond just the central limit order book going into IFQ and other protocols as well. So you see we will continue our journey of product innovation to capture more OTC flows into our engine.

And the European Savings and Investments Union already mentioned here, mobilizing more retail flows will, of course, also create a positive backdrop for the equity index business. So all the fundamentals are there for the equity index business, liquidity, product innovation and clearing strength to capture industry trends and also benefit from the momentum of a pickup in volatility going forward.

With that, let me come to our commodities business. And as you see here in our title, it is a true unique success story. As I said before, it has an outstanding track record over the past strategy cycle, and all the KPIs that we see will speak that this will continue also going forward. Because EEX, if we look at it simply in the commodity space, is positioned in a sweet spot, exactly in the right position to take benefit from the overarching energy transition that we see taking shape around the globe. And this leads to some of strong growth vectors that are in place to drive and scale and leverage our leadership going forward.

And let me take you through some of these vectors that are on this slide here. First of all, power derivatives. We've been tripling our volumes since 2022 in this segment. And again, we see here clearly the expectations for continuation of this double-digit growth at a pace of 17% annually until 2028 if we look at all analysis.

And in natural gas trading, we have been growing at a 30% pace since 2022, and the market is projected to continue to grow at 18% annually.

But at the same time, EEX has been very focused on building a legal -- leading position globally. Nodal in the U.S. has given us a leadership position in the U.S., and Japanese power now that we've built over the years is clearly taking off. We saw a 90% increase in that market. And we have recently launched also Brazil. And you see a very focused strategy where market liberalization is taking off in these power markets EEX is positioning early on.

And then we want to capitalize on the shift from OTC to exchange. That is a structural trend that we have seen over the past years taking shape and a trend that we will also see continuing going forward and providing the benefit of gross margin offsets to improve the capital efficiency in that segment.

And lastly, a true growth story that we have seen on the energy side is onboarding of clients, something that creates a lot of confidence going forward. We saw a lot of algo and prop trading firms coming into that space, taking benefit of increased liquidity in the power market.

So overall, EEX is in a prime position to continue to scale the existing markets, but also to leverage the expertise into new markets and remaining the globally leading power exchange also in new regions.

Let me then turn to cash equities, the nucleus of where we are coming from as Deutsche Börse Group. In this space which, as mentioned, where we've seen a good record this year, we see further growth potential, in particular, from three pillars, as outlined here on this slide.

First of all, mobilization of private capital. Retail participation in Germany is accelerating and also across Europe. It's a trend that we clearly expect to continue over the next years. And we believe there is a 15% CAGR in Germany alone until 2028. And what's driving it? First of all, technology access via neo-brokers, but also rising income levels and self-directed investment through apps that new generation is using. But on top, we also see some political initiatives unfolding. The German pension reform currently widely discussed will create incentives for private investment in the equity markets. Also in Europe, there's a European pension product being discussed as part of the Savings and Investments Union, all topics that we can benefit in our cash equities space.

The second growth pillar, our ETFs. And Christian spoke about it earlier, assets under management are expected to double by 2028 growing at a CAGR of 16%. Here, again, we are in a prime position to capture this growth offering an end-to-end fully integrated ETF ecosystem from issuance to post-trade.

And lastly, the primary market leadership, our strategy listed in Frankfurt, makes Deutsche Börse the European -- the leading European listing venue, probably not by the number of IPOs, but by its size and significance. And we really are focused to provide a unique visibility experience, provide access to deep liquidity pools. And that makes us the partner of choice for many companies going public.

So all in all, we are very focused here to leverage our position as one of Europe's leading exchange and capitalize on new flows serving the needs of investors throughout Europe.

Let me then turn to foreign exchange. And indeed, foreign exchange with 360T has seen an outstanding trajectory since joining the group. It has delivered one of the strongest growth contributions across our portfolio, and we see here momentum continuing along three main vectors.

The first is general market growth in the foreign exchange space. We see a consistent growth of 5% to 10% in the foreign exchange market, one of the vastest asset classes out there globally. It is a baseline that we expect will continue also in the new cycle. And our selling point is reputation and regulatory soundness of our offering. These are the key differentiators for 360T.

Structural drivers in the industry will help us further. There's a shift from voice to electronic execution, which is at the heart of 360T's proposition. Futurization driving OTC business into cleared environment gains further traction. And fragmented markets, dealer-to-client and dealer-to-dealer spaces create new trading opportunities, and we are well positioned to benefit from this with our integrated ecosystem offering on the foreign exchange side.

And then last but not least, there is what we call the 360T formula to outperform. We have seen a continuous outperformance for 360T compared to the competitors in this market, delivering above 10% net revenue CAGR. And we believe we continue -- we have the potential to continue this path going forward, scaling across new regions, Asia Pacific, but also the U.S. and new client segments, the real sophisticated space, hedge funds and asset managers that we are serving now with 360T.

At the same time, 360T has been a constant innovator in the FX space and will continue to do so going forward, introducing anonymous spot trading, NDFs but also midpoint matching for swaps. With all of this, 360T is well set to build on the success of the previous cycle and to continue the journey to become the leading foreign exchange platform globally.

And now let me take a brief step back and look at the broader industry picture, what is shaping our business going forward. You will all remember in Horizon '26, we defined digital leadership as a core pillar of our strategy. And we were very right to do so. Since then, we have triggered real execution on our technology road map, and you saw some of the successes, for instance, our partnership with Google Cloud. We last year announced 50% of our workload in the cloud, since then have even improved further and launched also our work on the data side strongly. And we, with that, have created a very good starting position for a technology acceleration that we all observe in our sector right now.

And this technology acceleration that we see, I think we can here summarize with the three trends on the table here, creates a very positive opportunity set for our business going forward.

First of all, AI-driven trading. We have seen the rise of systematic trading, algorithmic execution and also higher turnover volumes over the past year. Now AI-based trading moves automated execution to agentic execution. It will further boost the turnover velocity in our markets with fully scalable systems like ours on an STP basis ready to support this business.

Data analytics will become more important than ever. We have constantly expanded our analytics offering and will further do so. It's not just about the speed of information, but now it is about the ability to distinguish between noise and real insights.

And then lastly, new assets and workflows are on the rise. Digital assets and tokenization are a key theme in our industry right now. We fully believe tokenization of assets will materialize, and we actively develop this space. And let me move to this next page to tell you how we are positioning ourselves here.

Since the launch of Horizon, we have moved from sort of what was a vision to now a tangible business proposition in our digital assets road map. Today, clients can trade 24/7 crypto at Deutsche Börse, crypto spot with Crypto Finance and 3DX. They can use the first 24/7 clearing offering at Nodal Clear in the U.S., hedge with crypto derivatives on Eurex or use Crypto Finance and Clearstream for their crypto custody and settlement.

And looking ahead, we are focused on two directions: First, scaling our cryptocurrencies business further; and secondly, becoming a fully digital FMI, creating the bridge between TradFi and DeFi going forward in a seamless way.

So for scaling our cryptocurrency business, we are now at a full end-to-end institutional offering, fully regulated with our MiCA license that we have obtained in Q1. And we are really happy. We see now the first real significant client wins with Banco Santander. We had a first Tier 1 client go live. And we expect further clients coming on board, also really creating momentum on our assets under custody and on our activity on the trading side.

Secondly, we are now getting ready for digital securities, integrating both tokenization with digital cash. And Stephie will later talk about our progress that we are making with D7 and our recently announced partnership with Circle. In general, we are well positioned. We are ready for digital issuance and will make digital assets tradable on our venues.

And this plays into our notion of a hybrid market infrastructure. We are fully committed to providing clients with a seamless access to digital assets irrespective of the underlying technology stack. And I have to say I'm really excited. I think a prime example is the partnership that we have announced last week with Kraken. I think it is really a partnership where two winners get together, bridging traditional and digital markets, and it's also a partnership where we have real tangible opportunities that we can immediately implement.

So overall, if you look at our footprint as a traditional market in the digital place, I can only say we are not just making headlines, but we are really building tangible business in this space right now.

With that, let me summarize. I know I'm a bit over time. Coffee is waiting for all of you. And let me conclude here. Just reiterating my key messages that I have for you today.

First of all, Trading & Clearing is central to DB1's success and the main contributor of our organic growth. We are fully on track to deliver on our Horizon 2026 targets. And beyond 2026, we are well positioned for further growth, scaling our business and underlying secular trends that I outlined to you, benefiting from a European transformation that is happening and also from a proactive positioning in new asset classes. This will allow us to reach EUR 2.9 billion revenues in 2028, driven by our fixed income road map with a unique value proposition and strong underlying macro trends. The extension of our success story in the commodities space with a double-digit growth, capturing renewed momentum in equity index and building our FX leadership through market growth and 360T's edge.

And all of this will be amplified by new technology. Digital assets are a key opportunity, and we are uniquely positioned as the only company worldwide to combine institutional-grade custody, clearing and trading under one roof.

Let me thank you for your attention. And with that, I hand back to you, Jan. Thank you very much.

Thank you, Thomas. We are now taking a short break around 20 minutes. So we would like to ask everyone to reconvene here in the room at around 3:00 p.m. That's 3:00 p.m. local time here in London. Thank you.

[Break]

Welcome back. Please take a seat. We are now continuing with the presentations. The next speaker today is Stephie Eckermann. Stephie is Executive Board Member of Deutsche Börse, and she's responsible for our post-trading businesses. And Stephie will now present our Fund Services and Security Services businesses. Stephie, the floor is yours.

Thank you, Jan. And welcome back. I'm very happy to take you into the second half of our Capital Markets Day 2025. And I must admit, it was really amazing listening to the stories of Christian of SimCorp and ISS STOXX, but as well on Thomas' side, the amazing transformation stories on the Trading & Clearing businesses. So I'm really, really excited to now complete the picture and lay a bit out what the transformation story on the post-trading side is.

Post-trading at Deutsche Börse how Stephan called it, the two Clearstream pearls. And it doesn't go without saying, mentioning the Clearstream pearls, also mentioning Philippe Seyll and Sam Riley that are here with us today that are leading these two engines, both engines with a very distinct value proposition.

Clearstream Fund Services, led by Philippe. It's really a leading hub for fund distribution and processing, EUR 4.5 trillion assets under custody, connecting more than 1,500 global distributors, asset managers and transfer agents. And Clearstream Security Services led by Sam, a global leader in post-trade security services. EUR 16.5 trillion assets under management, not only the largest CSD in Europe, It's also one of ICSDs in Europe, and it's a global leader in digital securities with more than EUR 60 billion issued under D7 to date. So it's really exciting to tell you more about these two businesses, and let us start with the Funds business.

Funds, we heard it. It has really proven to be a growth engine of Deutsche Börse Group. We're well on track to deliver the ambitious growth revenue targets set in Horizon 2026. You see a 9% average growth. This 9% that we're growing on average since 2022 does not reflect the acceleration and the scaling we have seen in that business to date. If you look at the past 2 years, there really has been a double-digit growth. We've grown 12% year-to-date, and we will grow 12% in the final Horizon year 2026. And most importantly, that growth is not driven by cyclical trends. That growth is really structural and with that, very much aligns with our outlook on the industry.

If you look beyond 2026, we really see the structural trends for the funds industry to accelerate. There is an outsourcing momentum that we see further accelerate. And while the underlying industry funds as an asset class is growing 6%, we truly believe that our part of the industry is outgrowing given the increased platform penetration we will see in the next 10 years. And also, we think there's a couple of areas outgrowing, like on the emerging market side, where we will grow with local distributors but also grow and outgrow the market with our global mandates.

We talked a lot already about the European opportunity. There is a huge opportunity for Deutsche Börse Group. But this opportunity is also really at the core for funds. If you take the EUR 30 trillion of European household assets that will be activated in the light of the Savings and Investments Union to create stronger European capital markets, investment funds are really the major vehicle that are at the core of that retail activation. And if you take a deeper look even, it's ETF, and we heard it from Thomas, it's ETF that is at the core of this development. It has been the fastest-growing asset class and it will grow fastest in the coming years.

On the fund side, there is an -- as exciting expansion of the asset class footprint because there is a wealth penetration by private market assets that we've all seen accelerating over the past months. That's an enormous opportunity for us. Wealth penetration is expected to be a global market potential of $26 trillion in the next 5 years, and it's a huge opportunity for our industry to ease the complex processing of these assets. There is digitization. We will talk about it in a second. There is many, many digital use cases that represent an exciting expansion of our footprint along the value chain also in funds.

So there is an enormous transformation, and Clearstream Fund Services will lead this transformation. We will deliver double-digit growth also over the next planning cycle and are expected to grow 11% until 2028. This is across three transformational levers, business scaling, the European uplift and the leverage of the ETF opportunity as well as the asset class footprint expansion we see us already in today. And I will take you through the details on how we will execute on this and why we believe that we're best positioned in a second. So we will grow 11% year-on-year until 2028, reaching EUR 700 million of fee revenues. And again, these revenues are not cyclical. They're really driven by structural trends.

So on the business scaling. Our business has scaled enormously by very strong global outsourcing partnerships we have with leaders like UBS and HSBC. And we believe that outsourcing momentum will continue and our momentum will continue with us winning the next global mandates. Our white label solutions like Vestima Digital are really a decisive factor in these discussions, and that's something we strongly build on.

On the retail wealth enablement, we truly enable the operational scaling of neo-brokers and neo-banks. And on the other side, we really benefit from the enormous growth that is in that client segment with partners like Trade Republic, Scalable, Upvest just to name a couple of the latest additions. And I mentioned emerging markets earlier. There is also a scaling we see in emerging markets. If you just take Asia, APAC as an example, it's a region where we already today have 170 clients in more than 22 markets and have grown our APAC assets by 30% year-on-year, year-to-date. And we will further tailor our offering to the needs of these high-growth emerging markets.

Last but not least, it's really the tech-enabled core of Fund Services that is adding to that business scaling. Funds is operating on a digital-native core banking system that we will further build out. We already today run our core solutions like Vestima Digital with a DLT enablement. Vestima Digital enables the complex processing of private market assets with DLT components. And we also invested quite a lot in our data capabilities. We're starting with EUR 30 million of data revenues as of today that we will further build out via our data on demand offering, and you heard Christian talking about offering also these data solutions as an integrated solution to SimCorp clients.

So let me take a detailed look on the outsourcing momentum. I mentioned the increase in platform penetration, where you see on the left side of the chart, an increase to 45%. This means our addressable market grows, and we truly believe that we're best positioned to win in this market and to win in this market with the global Tier 1 distributors.

Why is that? We really have an equal strength in mutual funds, ETF and alternatives. And I will touch upon ETF and alternatives in a second. We cover at Clearstream the full funds value chain with our outsourcing solutions. And we do not offer superior operational scale, we also offer this outsourcing at the highest asset safety given our captive link to the ICSDs on the Securities Services side. And we have really expanded our connectivity, our distribution -- conditions on the distribution side with now a global coverage of more than 85,000 events. That's an investment we've done over the past years. and that makes us now really competitive.

All of this comes with a seamless white labeling setup. I mentioned Vestima Digital already. And that's why we really believe that we're the best partner and we will continue to invest the best partner for these large global mandates Tier 1 distributors.

So ETF, we already discussed a lot the ETF opportunity. It will be at the core of the European uplift. Super exciting market potential. And Clearstream is really coming from a very, very strong starting position on the ETF side. We already today custodize more than EUR 1 trillion of ETF, growing at a 30% year-on-year rate. That's an enormous scale we can build on.

On the other side, there is a second very, very strong starting point. It's the full value chain Deutsche Börse solutions are offering. Thomas talked about the ETF opportunity, about Xetra being the ETF leader in Europe, the largest venue. But our starting position, the full value chain in Deutsche Börse is not only that unique stock exchange connectivity we have in terms of Xetra, it's really Deutsche Börse Group covering the full value chain from the creation of ETF in ISS STOXX to the portfolio management of in SimCorp to the clearing lending portfolio optimization of ETF done by Europe and Clearstream Securities Services. That's an enormous asset to start with, and we will really leverage that value chain and build in end-to-end solutions for the buy side and the sell side.

On the asset class expansion, you really see me excited, you've heard Christian talk about the alternatives opportunity. I'm also super excited. I see only one person smiling even more in the room, that is Philippe. And how could you be not excited sitting on EUR 340 billion of alternative assets under custody. That's an enormous amount already, super strong starting point. North of EUR 300 billion is more than 10x than our next competitor. And this all comes with a very strong legacy in handling the complex life cycle of these assets, dating back to our Citco acquisition many, many years ago.

But we also have upgraded our core solution. I mentioned Vestima Digital already. There, we took DLT components to enable the complex processing of these alternative assets. With Vestima Digital, it's possible, for example, to organize the capital calls on the end investor level more efficiently. Super, super highly in demand and it's live already.

And I guess the third thing to mention, you see the logos on the chart. We significantly invested and expanded our distribution connectivity on the alternatives side. And you see now general partners like Carlyle, Apollo, Blackstone, Neuberger Berman on our distribution portfolio. So that gives us clearly a very strong starting position to grow in that business.

Digital Transfer Agency is something that's equally super exciting and means that we are expanding our footprint into the next step of the Funds value chain. We offer Digital TA as a software-native platform, where participants can realize operational efficiencies of more than 50% in that step of the value chain. And for those among you who know Fund Admin, it is really a headache for the industry. And saving 50% in that piece of the value chain is an enormous benefit we can bring to clients.

Digital TA is live with our partner, Standard Chartered, in four countries already. And Digital TA is offered as an integrated solution on the SimCorp side. And starting from Digital TA as an enabler, we're really growing our tokenized fund network. We already today are working with partners like Natixis, ZKB and Azimut on the D2C facilitation along the value chain and also on more operational digital use cases to ease along this chain. And we already today have more than EUR 2 billion of tokenized funds sitting with us.

So let me summarize before I come to the next point. I'm truly excited about the organic growth opportunity that's there on the fund side. You've seen the business scaling. You've heard about the enormous European opportunity in ETF, and we will expand our asset class footprint both on the alternative side as well on the digital side. So an amazing organic growth story.

Equally excited, we are on the M&A outlook of a potential acquisition with Allfunds. There have been a lot of questions already over the two breaks. But let me tell you, this would really complete the buildup of our Funds business to a EUR 1 billion-plus business. And it is really, really, really contributing to the strategic focus on supporting Europe's Savings and Investments Union. You also heard that before.

So looking at the potential transaction, maybe let me just highlight the complementarity of a potential combination of both companies, which we're really, really excited on. There is a high complementarity on the regional strength of both sides on the service portfolio as well as on the client franchises. And if you look at the left side on the chart, it is really a perfect puzzle. And maybe let me just take out the regional dimension that you see a bit and have a picture of the perfect puzzle. It would be a very, very strong regional hub there running on the Southern European side, take Italy, take France, that would then complement our strong home markets in Switzerland and Germany. So there's really a regional complementarity. And there's also, of course, strength on both sides, if you look at emerging markets like APAC, Middle East and Lat Am.

So combining the DNA of both companies, we truly believe that there will be a stronger operational and IT tech stack. And we truly believe that the innovation capabilities and the innovation capacity of these companies would be unmatched.

Jens will talk about the financial terms and potential timing in a second. So I will spare you that. But let me leave you and conclude that we truly, truly are excited about the complementarity of this transaction. And in combination with the very strong entrepreneurial and innovation mindset that would come with the leaders of Allfunds and its global talent pool, we really, really believe that this is a valuable transaction.

So I'll leave it here for the Fund side and now come to Securities Services, and equally super exciting engine. Securities Services is growing or has been growing 9% over the past strategy cycle and with that, already achieved its targets for Horizon 2026, 1 year ahead. 9%, that is an amazing growth rate for that business. If you recall, the growth targets that have been there for Securities Services in previous cycles that were far below, and that is really, really an acceleration of that business. We will grow 8% next year. And again also, this growth is not cyclical. It's driven by structural trends.

So looking beyond 2026, we truly believe that the secular industry trends also in this segment of post-trading is intact, and we see really an acceleration on the digitization side. There's two factors that have led to that scaling that you've seen already over the past cycle. There is an upcoming of go direct models, being it the neo-brokers, neo-banks, being it the buy side that is now coming directly to our infrastructures. And there is really Platform-as-a-Service trend that is also coming to post-trade. And these structural trends will really lead to business scaling.

The European uplift is equally important on the Securities Services side, as for any other Deutsche Börse business. And on the Securities Services side, it's really twofold. Now it's fixed income and it's the equity and ETF piece. On the fixed income side, we will see a surge in EU public debt until 2030, if you take the number here, EUR 4.5 trillion. And you've all seen today the new numbers that came out on the global international debt levels surging to a top today. And these international debt levels will also shift to us with a global capital shift to euro assets. So that's super exciting, Clearstream Securities Services as a fixed income house will truly benefit from that trend.

But as I said, equally on the equities and ETF side, we've seen that scaling from really capturing the retail flows. We've seen it in the growth numbers 2025, and we truly believe that we will see this also in the numbers until 2028. So that's super exciting. And we also believe that we're very well positioned in the infrastructure reforms that are currently under discussion in the European context, and I will come to that in a second.

Asset class expansion on the Securities Services side, it's all about digital tokenized securities and digital cash, and that's a huge, huge opportunity for Securities Services. That has clearly accelerated over the past months. An enormous transformation, and we truly believe that Securities Services will lead this transformation.

We are expected to grow 8% until 2028, and we will do that by continuing the business scaling by leveraging the European uplift on the fixed income as well as on the equities and ETF side, and we will expand our asset class footprint in digital securities as we are already today the digital leader. Growing 8% will lead us to EUR 1.3 trillion of fee revenues. But you really need to add the NII that has stabilized until then. That gives you then another EUR 0.5 billion of stable NII revenues, so EUR 1.8 trillion for a business that is growing so steady and structural. What an amazing business we're looking at.

So let me also quickly go through the details of how we're executing on this. On the business scaling side, I talked about the go direct trend, go direct from the buy side but also, most likely, a go direct from neo-brokers and neo-banks. And we will really invest in our B2B2C plug-and-play access, making it easy that these players and these fast-growing players can directly connect to our infrastructure. And you see live flagship partners like Trade Republic, Revolut, Scalable, these fast-growing players are directly connected to our infrastructure. And it's super exciting to see them grow and grow across Europe where we really support them in their pan-European growth already today.

On the collateral management side, it's really exciting to see the quality of our platform. There's really a Platform-as-a-Service trend where others are using our platform as a white label just because they're so superior. It's our white label solution, CmaX, that we're leveraging jointly with partners like TMX in Canada, or Edaa. Edaa, the Saudi Arabian, CSD in Saudi Arabia. And let me already tell you today, there is more partnerships to come that we will announce next year.

And again, also on the Securities Services side, there is really a scaling enabled by the next-gen tech we deploy in our infrastructures. We are already with 85% in the cloud and we aspire to be at 100% at the end of 2028. And this being in the cloud gives us an enormous head start in terms of computing times. We, for example, have increased our time to market by 200%. And if you combine it with our investments in data, data governance and quality and AI, that is really the combination of the three topics, cloud, data and AI, that is driving the business scaling.

If you take, for example, on the collateral management side, we are the only global player that is operating on the cloud. None of the other three remaining global leaders on the sec lending side operate in the cloud. And our operations in the cloud with the computing times that are really, really accelerated gives us an enormous head start to also apply AI optimization tools in this part of the industry, and this gives enormous benefits to our clients.

So we talked a lot about Europe. Clearstream as a fixed income house will clearly benefit from the European uplift on the fixed income side. Clearstream as the largest CSD in Europe already today with more than 50% of the volumes owning the German market will clearly benefit from the uplift on the equities and ETFs side from the new pension schemes that will be decided in Germany and that we heard from Thomas about. But we truly believe that Clearstream is also a winner and uniquely positioned in the current discussions around the market reforms and the consolidation discussions that have been happening around SIU.

If you take all that talk about market fragmentation, it's just not true. If you look at Clearstream Europe, we own an infrastructure that is the pan-European settlement system already today. Clearstream Europe is linked to all 24 markets in T2S, and these direct links in T2S have been a long, long, long investment road map that we invested in. And it's a clear head start we're having, because no one else in Europe have these direct links and the pan-European settlement system in Europe.

Second, let me also leave you with one thought on the interoperability. You see Clearstream Europe with a direct link to our ICSD Clearstream Global, where we have access to 60 international markets. That's an interoperability between the Central Bank money on the Clearstream Europe side, Commercial bank money on the other side that is really seamless. And no other competitor in Europe has that seamless interoperability between Commercial and Central Bank money. And also on the inoperability side, we really are interoperable, connecting to other infrastructures to the other layers and the vertical layers. And with that, we're really compliant in these European discussions where, in the context of SIU, people are asking for consolidation and asking for interoperability.

And maybe the third thing to leave you with, which is also super exciting is T+1. With that setup we're having, seamless access to Europe, this means also a shortening of the chains. And this means that our setup is superior in the upcoming shift to T+1. We're really T+1 compliant already, and we're further investing in the simplification, especially on the German market side, moving even more securities on T2S and, with that, supporting our clients in the shift to T+1. And that's also something no other competitor has.

So we truly believe that Clearstream Security Services will leave this discussion around the consolidation of European capital markets with a very, very, very strong positioning. So this is where we stand today, but you will see me equally passionate about the future and the future in Security Services is digital. You've heard Thomas discussed a lot, and you've seen already on Thomas chart that we're more or less ticking already every box in terms of the functionalities, in terms of the custody layer of Deutsche Börse Group digital assets. And this is D7. We touched upon it already a couple of times.

That's really a global leader. It's our digital securities platform, where we already today have issued more than 2 million issuances with a volume of more than EUR 60 billion and where we have the ambition to really digitize our CSD in the next 3 years. And digitizing the CSD means the full life cycle, but also the full asset base and the full asset base means that's EUR 21 trillion of securities, EUR 21 trillion of real-world assets that we will make available on chain. Until now, we also have a lot of use cases and business that is coming from the acceleration we all have seen on the digital side. And that's why there is next to the digital CSD ambition we're having also a strategy in bridging the old world and the new world.

And that you see on the right side of the chart. We already offer today institutional crypto custody via a link we're having with crypto finance. And with that -- via that link, we give access from the CSD to the chain via crypto finance. We're the only CSD offering that link. That's really unique. Plus there is a lot of discussions and use cases already, early tokenizations of these real-world assets, people that are looking at us like the partnership we have with Kraken.

Thomas mentioned it, where people see our real-world assets and starting to having discussions with us how to tokenize, how to make them accessible on the chain. And third, we've talked a lot about partnerships on the stablecoin side. We want to make -- we make already our settlement engine interoperable with stablecoins. There's always a cash leg to the security leg, and we have an interoperability we provide via partners, being it Circle, being it European stablecoin providers, where you can handle your securities on the settlement side with a digital cash leg.

We're also working on group synergies, leveraging collateral units. That's something to come and to watch closely. And not to miss that point, we're really, really committed also to the digital euro. We were a very, very early supporter on the CBDC side. Clearstream was the only CSD that has participated in ECB trials very successfully, and we stand ready for the next phase of the digital euro when it is then going into live production in the second half of 2026.

So an enormous agenda out there. And you see me very confident that Clearstream Security Services will lead that transformation. So let me conclude, leave you with two things. Clearstream Fund Services, an enormous growth engine, an enormous organic road map we see, but equally exciting outlook on the M&A side. And Clearstream Security really a super engine already today has shaped something in Europe in terms of a pan-European infrastructure and clearly looking into a super exciting future in terms of digital and tokenized securities. Thank you.

Thank you, Stephie. Our final speaker today is Jens Schulte, CFO of Deutsche Börse, and Jens will present the financial perspective on our strategy leading the transformation. Jens, the floor is yours.

Yes. Thank you very much, Jan, and good afternoon, everybody, also from my side. So now across the last 2 hours, you've heard from Stephan, from Christian, from Thomas and from Stephie, how we intend to lead the transformation strategically. Now putting all of these different puzzle pieces together financially, there's basically 2 key messages I want to bring across.

The first one is we have a strong basis to build on. And the second one is we have a solid plan based on diversified growth, scaling potential as well as attractive returns to shareholders. Now let's start with the first point, a strong basis to build on. First of all, and you've heard that from Stephan and also from all of the other colleagues, we have delivered so far. We have delivered on our Horizon '26 strategy up until '25. So we have been growing the top line on a net revenue basis by 11% versus a target of 10%. And we've been growing the bottom line EBITDA all in by 12% versus a target of 11%. And that has led to a margin expansion on an EBITDA all-in basis of 58% to 60%.

So we have demonstrated strong growth as well as operating leverage. Now what's important about the growth point is also the growth has been of high quality in several respects. First of all, the growth is basically being based on all of the cylinders of our portfolio. And you've heard many of those across the last 2.5 hours.

So we have been growing in Investment Management Solutions. We have been growing on the Trading & Clearing side. We have been growing in Fund Services very nicely and also in Securities Services. Second, the growth is based both on an organic component. That's the majority of our growth at the moment and also an inorganic component, particularly within IMS, where we acquired SimCorp, of course, and then also Domos as Christian was alluding to.

And then the third element is that through all of that, we have increased the share of our recurring revenues in our portfolio from 60% to 63%, further testament to the resilience of our portfolio. Now going into 2026, you've heard that already. We are fully committed to our targets for Horizon '26. However, the underlying growth drivers will change slightly, as you've heard from some of the colleagues. So we have some parts of the portfolio where we do face headwinds.

One element is, for example, the ESG business within ISS, another element is the Eurex equity derivatives business because of relatively low volatility at the moment. On the other hand, we have other parts in the portfolio that do grow more strongly, such as the commodities business, for example, and also both of the Clearstream businesses.

I think at the end of the day, that's a testament to the strength of our portfolio. We can exchange strong quality growth in one area with strong quality growth in another area depending on how markets are actually developing. So that's one slight difference that we have. And the second one is also, of course, today, we have a slightly different exchange rate versus than we used to have when we defined Horizon '26.

So at that point in time, we were basing our assumptions on a U.S. dollar-euro rate, which is by far the biggest exposure that we have of $1.08. And today, you guys know that we are around $1.16, $1.17. And so that difference actually creates another headwind for the portfolio on the top line of around EUR 70 million.

So we intend to compensate for that. So we are committed to our targets despite those headwinds, but it's important to keep that in mind. Now crystallizing the essence of what I alluded to, we have a strong basis to build on. What is the strong basis at the end of the day that we can build on at Deutsche Börse. It's a unique business model. I think you have seen that through all of the presentations that is generating highly attractive financial economics along 3 dimensions. One is sustainable growth in even very different market situations. The second one is scalability. And the third one is financial capacity, leading to attractive shareholder returns. Now let me go through each of these elements in the context of the strategy that you have been listening to.

On the first point, the growth, we will continue to grow along all dimensions of the portfolio. So for example, you've heard Christian talk about the fact that we want to build the global one-stop shop for the buy side. This will generate a CAGR growth until 2028 of 8% on a pro forma basis or 6%, including the revenue recognition change that we plan for SimCorp. You've heard Thomas talk about the fact that we are having a multi-asset trading and clearing platform with strong synergies attached, another 8% growth.

And lastly, you've heard Stephie talk about the fact that we are a global leader in the funds distribution and processing business as well as on the Security Services side, that is generating another 11% CAGR and 8% CAGR, respectively. We have proven that, and we will continue to work on all legs of the portfolio going into the future.

Now one element, and I want to double up on what Christian has been saying here, of course, is IMS. We will continue to grow in IMS as well, including the Software Solutions business. And as Christian was already explaining, we intend to change revenue recognition at SimCorp in 2027. And once again, just to explain that why are we doing that is following our business logic because more -- I mean, the majority of the portfolio is now moving to a SaaS-based business model.

So we want to just follow up with that. And then we are just listening to you guys, right? I mean you have all told us that we should be more transparent on that business. We should link ARR growth with revenue recognition basically even more. And so that's what we're going to do. So we will change revenue recognition in January of 2027. And I think there is 2 important things here that I want to make from a finance perspective. One is on a group level, that change is immaterial.

So growth differential is less than 0.5 percentage point. And the second point that's also very important is this has nothing to do with underlying cash flow or contract volume changes. They're very important. It's a purely accounting matter, doesn't have anything to do with cash flows. That is the fee-based part of the portfolio. We have also been talking about the non-fee-based or treasury results part a bit throughout all of the presentations, consolidating all of these things.

You know that we have 2 elements in our treasury results. One is margin fees. These are basically the fees out of collateral usage in the clearing houses. We model those fees slightly downward over the coming years simply because of more efficiency of our clearing system. So we develop clearing systems in a way that clients need less collateral, and that will have a slight impact. And the second one is the net interest income. And here, we fully stick to what we've said in '23 already when we defined Horizon '26, which is we expect a further reduction in rates, of course, interest rates and against that stabilization or slight increase on the cash balance side.

And so with that towards the end of '26, beginning of '27, we would expect that, that part of the treasury result will stabilize around EUR 0.5 billion and then start to slightly go up again into the future. So we would see a going concern part for the treasury result of around EUR 0.7 billion, which is significantly above what we have seen in the past in our business.

Moving from the first part of the attractive financial economic model to the second part, which is scalability. And here is something, and Stephan alluded to that earlier today, where we want to do something new. We want to further refine our operating model going forward to something that we call one group. And the essence of one group at the end of the day is to get even more synergies and benefits out of the breadth of our portfolio also on the operational side. That has several elements. One element is that we want to double up on our people development efforts and make a double effort of developing people across the platform and between the different businesses. Second element is technological capabilities. So Stephan was showing you this chart with basically our tech stack.

So we want to double up on our efforts of making use of the cloud data and also in the future AI infrastructure across the group. And the third element is that we will also do some changes and refinements to our corporate structure. So for example, we want to make even more and more usage out of our global footprint. Today, we do not only have sites in Europe. We also have the Philippines, for example, we have Hyderabad in India, where we're just ramping up a significant IT development center. And so that's what we're going to do. We will make more use of that.

Second, we want to double up our efforts on corporate center scaling with shared services, for example, and pooling. And the third element, of course, also on the operational side is digitalization. Digitalization is a broad spectrum of topics. We have very strategic topics, such as Stephie's digital CSD, for example. We also have more operational things such as, for example, digital process mining and the usage of that in optimizing working capital, for example.

So these are things that we're going to do here as well as using AI, of course, in all the areas that you would expect us to do, including GitHub on the programming side, including customer services, everything that can be done with AI. And through all of these elements, we intend to keep cost development at a 3% CAGR going into the future, which compared to our top line growth is pretty substantial.

Now one thing that is very important here is scaling requires impactful investing, right? And just to reassure you guys, so we have an investment budget of around EUR 600 million. Stephan mentioned the figure earlier today. So that is actually quite a significant investment budget. And with that organic investment budget, which is actually diversified across the business parts and also across many different projects, we can do everything that is required for our growth.

So for example, Stephie was talking about the digital CSD covered by the budget. Thomas was talking about refining our collateral management engines, for example, or further working on crypto finance expansion is covered by the budget. Christian was talking about introducing an AI engine on SimCorp Dimensions front end, it's covered by the budget. So we can do all of these things in growing the company further while at the same time, containing cost growth to 3%.

And that -- these two elements taken together, so the top line growth -- the sustained top line growth that we see with 8% CAGR and then a cost growth of around 3% CAGR overall mathematically leads to 12% EBITDA growth, which we think is a very good scaling and that should expand our margin from 58% to around 62% and expansion by more than 300 percentage points -- basis points.

The third element of our attractive financial model is our financial capacity. And first of all, let me reiterate that we are a highly cash-generating business. So we will end this year with a cash surplus around EUR 1 billion, and we would add every year just by way of our free cash flow, another EUR 2 billion before capital allocation. So the company will continue to be very cash generative. And I even see further potential here. So for example, from regulatory simplification, you may have seen that we're giving back to banking licenses that has a very specific impact, for example, on required Pillar 1 capital on the CSD side.

So we just require less capital. Another area where we can get even more out of this working capital management, so customer receivables and supplier payables, there's also some significant room for optimization here. All of that together allows us to deleverage. We have done that over the last couple of years. We are comfortably within our rating metrics. And on that basis, we are strong enough to keep on investing organically, the amounts that I shared with you and also inorganically.

Now on the inorganic part, let me add the third dimension or the third view on the Allfunds potential transaction. So Stephan has been talking about how that fits into the group overall strategy and Stephie, how that very nicely complements our business in Fund Services. Now from a financial point of view, first of all, important message is we do afford it because we have basically deleveraged the company, so we have sufficient means.

Second important message is we have crafted a financing structure. You will have seen that. It's a 50-50, 50% equity, 50% cash that very nicely balances cost, risk and rating and also balances the interest of both shareholder groups. And then third, also very important to say it is fully in sync with our financial target metrics for M&A. So Stephan alluded to that, more or less immediate EPS accretion. This business will be able to do so and also return on capital and invested capital above the WACC within 3 to 5 years that will also be ticked on this front here.

So we will stay within these metrics with the acquisition. Now let me also say maybe one word on where we stand at the moment transaction-wise. So while we are, of course, in a nonbinding stage, we always, of course, have to basically maintain that. And any transaction is, of course, subject to due diligence and to usual shareholder and Supervisory Board approvals and later on also the closing to regulatory approvals.

There's, of course, quite a couple of work that we have been doing up until this point. So for example, we have done quite some significant prework on antitrust to figure out how we assess the overall situation. And so you can assume that we have done that before we started to talk to the target. And the second thing also is, of course, that we see a strong positive momentum on the key shareholder side, and we do expect irrevocables from the 2 or 3 big key shareholders here.

So that -- we do see some very good sense and dynamics in that thing, but it's nonbinding at the moment. And the overall basically process length starting from the signing, you can expect somewhere in the magnitude of 10 to 18 months, depending on how the antitrust process on the EU side is working. But as I said, we have prepared strongly for that.

So these pieces taken together, we continue to generate very attractive shareholder returns. And here, I come back to another statement that Stephan made initially, that is that we are refining our capital allocation policy. So we will keep the element on the dividend side where we said we stand for dividend continuity and increasing DPS over time.

And the other new element that we're going to introduce now is more regular annual buybacks as a constant element of our capital allocation policy. The volume, and we said that also will be subject to excess liquidity at the end of the respective year, but it will become a regular element from now because we feel we are strong enough and we are generating enough cash to also share that with shareholders on a regular basis.

And for the next year, for 2026, EUR 0.5 billion, and that will certainly be a question that EUR 0.5 billion, we also see in various transaction scenarios. So even if we would see a very fast track Allfunds transaction if everything went through, even if we had to, for whatever transactional outcomes, buy back our minority share in ISS, even with these scenarios, we can afford the EUR 500 million share buyback. So that is something for next year that we're going to do.

Now wrapping it all up, we intend to continue to grow by a strong 8% to scale the company and also to generate very attractive shareholder returns. And that leads me back to the beginning of our presentations today with the midterm guidance that Stephan shared with you. So 8% top line growth on a fee-based basis of our commitment, 3% cost growth, not more than that, leading to overall 12% bottom line growth disproportionately. And if you would include interest rates on an all-in basis from '26 to '28, the respective figures would be 6%, 8% and 10% cash EPS growth overall.

And with that, expand our margins, as I said, by more than 300 basis points to 62%. All of that underpinning our ambition to leading the transformation. And with that, we close the presentation.

Thank you, Jens. This now brings us to the Q&A session. I want to ask all the Executive Board members on stage, please. We are taking questions from the room, of course, as well from participants on the webcast. [Operator Instructions] So we start with questions here from the audience. [Operator Instructions]

Benjamin, please go ahead.

Benjamin from Deutsche Bank. One question, I might actually take SimCorp, your last big acquisition. You mentioned 1 year ago, you fully integrated and now you target 12% growth into next year, so strategically expect an acceleration. Maybe you can talk about the process of a combined product and you changed some key leadership across management, across sales, the momentum you're seeing acceleration, what is the sales cycle looking? And yes, do you see a pickup momentum and a different perception in the market?

Great question. Thank you very much. The major impact is we exchanged the former CEO, so now performance is outstanding. No, joking aside, so it's been a lot of work actually in reality, most of it started 4 years ago, even before Deutsche Börse got involved.

But since then, of course, integrating Axioma fully into the value proposition, but also organizationally was done very quick to the benefit of the fact that we now have a fully integrated risk engine sitting inside SimCorp, which was something SimCorp needed for quite a long time.

A focus on North America and kind of reengaging in North America, if you will, and then a full launch of what we now call SimCorp One, which is the full suite in terms of SaaS capabilities, but also the reimagined front office, including AI. So what it ultimately boils down to, I would say, is an uplift in number and average size on new clients, which has been driving the ARR for the last 2 to 3 years. But what we're also now embarking on is to take the rest of the existing client base through that transformation.

So most of -- as we talk about half -- roughly half have now done the SaaS transformation, but there's still an uplift in terms of what they use on the licenses side that you basically do as part of the SimCorp One relaunch if not relaunch, but launch. So both driving new logos, but also drive share of wallet.

I think Arnaud also raised his hand. So just a few seats down the row.

Arnaud Giblat From BNP Paribas. My question is on EEX, please. You talked during your presentation about 17% growth to 2028 coming from increased share of clearing, from OTC to exchange and further trading activity in electricity and power markets. I was just wondering if you could unpack that a bit more, give a bit more color. I think Germany is quite mature in terms of on exchange, for example. So I'm just wondering how we get to that 17%. And as a sub question, if I may, on EEX as well, I mean, Japan, for example, as a new country is a big opportunity set. I'm just wondering how you established position in Europe helps you expand in Germany given that the electricity markets are local?

Thank you very much, Arnaud. Very good questions. And let me also again just point out the 17% is a market growth figure, right? And some of the elements of renewable energies are in there. But let me probably use the opportunity here to pass on the baton to Tobias Paulun for the energy side to shed a bit more light also on the aspect of global expansion, but both on the dynamics in the European market. Please, Tobias.

Your answers, actually, you touched on several of the growth dimensions already that then contribute to the overall 17%. First is that the power markets will continue to grow momentum to continue to gain an importance through electrification and decarbonization of the economies actually globally. That's why we're active around the globe by now. Second is that even in Europe in our very core market, we still have potential to grow the market shares.

Germany is for sure very mature. So it's Italy, but other European markets still have potential to move to on exchange trading and clearing, particularly the Nordic countries where we are targeting an expansion in the very short to midterm perspective. And third is geographic expansion and launch of additional contracts along the curve of new maturities for power derivatives markets.

Geographically, that goes hand-in-hand with Japan, for example, which is by now the fourth biggest power market. We operate that out of Europe. So it's an organic expansion into new regions. We use our existing licenses for that. That's why we have high synergies also within the group, can onboard clients from Eurex, for example, with very low additional effort. And overall, all taken together, that makes a very robust growth in the midterm perspective of about 17%.

Could we move one row back, Hubert Lam from Bank of America.

It's Hubert Lam from Bank of America. I got a question on Fund Services and Securities Services. So those are obviously two key drivers for your target with Fund Services 11% growth. And over the last year, they've been helped because of good markets, which helped boost the assets under custody. Just wondering how sensitive is your target on markets?

I know that you said that it's been structural, but as I said, we've seen it being boosted by cyclical drivers over the last year. And also, if you look at some of the all Funds, it has been more cyclical than what we thought it would be over the last few years. So just wondering if you shed some light on market sensitivity.

No, thank you. No, we truly believe on the market sensitivity side that the settlement volumes and the acceleration we've seen that this is clearly something that's there to stay on the Fund side as well as on the Security side.

And also, we believe that in terms of sensitivity, these 2 businesses are really nicely hedged. The other part of the revenues come from the asset under custodies and fees on that. You can see that on the Security Services side, these fees are on the nominal. So there is a natural hedge. And yes, on the Fund side, there is part linked to asset valuation. That is clearly a sensitivity we're having. But we believe that we can live with that sensitivity, and there's really a structural growth trend and that we see the settlement volumes today has not been cyclical at all.

Maybe moving to the other side, starting here in the first row. Ian, please.

It's Ian White from Autonomous. My question, please. With respect to the digital solutions and tokenization of assets, what's the overall end game here? And can you help us to understand the journey? Is this about augmentation of the group's existing offerings, offering sort of parallel ecosystems or the substantial replacement of a large part of the existing infrastructure?

I think you -- I mean, many thanks for the questions. I guess with your question, you in part answered. There is a twofold strategy on the post-trading side. We truly believe that Clearstream has a role in the end game -- has a role in the end game on the Fund side and on the Security side. We have a digital securities platform with D7 and have a tokenizer on the funds value chain with funds DLT on both sides.

And we truly have a road map also on both sides to digitize the full life cycle of our securities and funds, but also the full asset base. We've talked in a couple of presentations on digital CSD. That's really the ambition to digitize our CSD setup, digitize the EUR 21 trillion of securities we're having, but there is also a DLT component, a tokenization component to it.

I know you've seen a couple of weeks ago, we announced in the press that we're live with D7 DLT. So we are also offering already today a tokenized component to these assets. And until then, we really see us as a bridge between the old traditional world and the new world, where we see a huge demand of the tokenization of real-world assets. And Thomas talked a lot about the partnerships we're having, our most important partner being crypto finance, but we're also working with external partners. And the same in terms of bridging the old and the new world, we want to be interoperable on the cash side, we support digital cash, being it digital euro or being it stablecoin providers in U.S. dollar or euro denominated. And so there is also clearly the bridging as a strategy, as you mentioned.

I think, Ian, it's fair to say, clearly, given the legacy sizes that we talk about, the maturities that exist, this is going to be per se, a 10-year journey. That's why the vision of a hybrid underlying capability that we will have, and that is truly unique to be able to operate in both worlds in different environments with partners makes such a big difference because there's no question until all the issuers are ready. We are now talking about Funds. We are talking about retail structured products. I mean the share to full primary tokenization is still at very, very early stages.

We know that equities is far away. But at the same time, this is a journey, and they are very attractive niches. They are totally new, and that's handing it back to Thomas. They are highly uncorrelated flows that are coming from these corners. And that's the value. That's why it's so important to access these new investor classes. But again, Thomas.

Yes. And I think that adds back to here the overall notion of our story leading the transformation. We believe DLT as a technology has a transformational character to the industry in the long run. And we see a huge efficiency potential. And there are 2 sides, as I mentioned.

One is, now we see a use case around cryptocurrencies that is positioning for fast-growing asset classes. That is for us, where we are positioned for institutional participants moving into that space. And that is, I think, the core of our value proposition. And that's currently scaling for us. And I think the tokenization of real-world assets, as Stephan has highlighted, that's at the beginning of the journey, again, something where we want to position across the entire value chain going forward. And there will be different use cases along the different product categories. So -- and Stephie has outlined some of those that we are currently already focused on.

Staying on the left-hand side, right in front of you.

Ben Bathurst from RBC. My question is on the buy side opportunity. I noticed a step-up in the assumed growth in buy-side revenue. I think it was 4% to 5% in Horizon '26 and now you're saying you're expecting something like 8% growth in that TAM to 2028.

I just wondered if you could add any color on what's supporting that acceleration? And then maybe you could just talk about how important that market growth assumption is in terms of feeding into your own revenue growth assumptions? And do you think you can deliver what you're expecting if the buy side doesn't grow at that kind of 8% out to 2028?

Let me frame it and then hand it over to Christian, obviously. The framing is pretty straightforward. I go back to what I said in my opening remarks. I think some of the structural trends that we are seeing, I mean, the entire unsolved, if I call it as such, pension, the environment in Europe that is structurally not at the same level as it needs to be, that is nonfinanceable in public sector environments as we know, all of that is driving a momentum that is also not linked in a narrow sense to regulatory change.

Let me emphasize that. What we see with the neobrokers and many other players is we see a momentum that is picking up out of simple realization of citizens of what they need to do for themselves. They're not waiting anymore for what's coming. And that momentum is something that is very broad and very strong. That's a big part of what we see.

There is also -- and let me then hand it in that spirit back to Christian. For our assumptions, that market growth is important on funds, but the outsourcing underlying part is as important. There's this margin pressure. There's the change in the industry that grows the TAM for outside players like us. That is a pressure that is just relentless. Consolidation and playing with winners has been a big part. But that's where, again, Christian can break that back then also to what is some of the front-to-back platform dynamics.

Yes, absolutely. So if we start with SimCorp, it is basically in line with what Stephan just said. There's the asset class, there's the margin need on the investment management side, et cetera, and all of that good stuff that SimCorp is in principle, operated in for many years, plus the investments we've done.

You kind of get the effect. That was the answer to the other question. If you then do it a little bit more technical, we have to get through the change of rev rec, right? So we have to make sure that there's now an alignment between the way we recognize that makes it easier to connect the dots between the ARR, the relatively high ARR growth that we've had for now years, 16%, 17% and then see that fully represented in the net revenue effect that we go through that circle.

There is no other way around it. I also want to say one thing that we sometimes don't talk too much about in the current model. Yes, you book the license component of a SaaS deal upfront. But in reality, there's quite a lot of revenue that is committed that you currently don't see in the P&L because it kind of comes in as the client go live. So there's also that effect that is hard to understand.

So I'd say the underlying part is there. The underlying TAM is growing. We generally believe we are very competitive. So in some parts of the world, subsegments, we are taking market share, and that drives ultimately. But that streak we've been on for a while, underpinning the 16% to 17% ARR growth that we are confident will continue for the years to come.

On the ISS STOXX side, very confident that we are on a good path on the index side, where we now see the buy side coming back also with the investments we've done there. And we're also confident that some of the parts that has been muted on that side will start to come back towards '26, '27 that also drives an additional growth. So I would say all of these things added up, in our view, will mean that we see a slight acceleration of growth compared to where we're coming from.

Can we have one more question maybe from my left-hand side, Grace, I think you raised your hands already before.

It's Grace Dargan from Barclays. Maybe just coming back on the digital assets and particularly in trading and clearing, it looks very interesting. So how should we think about monetizing these opportunities? And is there anything we need to think about in terms of the economics of the partnerships that you're entering into?

Yes. Thanks a lot for the question. First of all, let me really reiterate and highlight, we look at this as a significant growth opportunity going forward, both if we look at crypto assets, but also if we look at digital assets. And we, in our core value proposition, execution, trading, clearing, but also then the custody layer, there is upside for us in the institutional regulated space where we are -- they're well connected, have a strong client base, a strong reputation. I'm happy here to probably have Carlo as being the Head of Digital. If you would like to add, Carlo, probably a good opportunity for you to share your view.

Thank you very much for the handover. Thank you very much for the question. Yes, it's a future thing. It has 2 components. You have on the one hand side, our traditional customer base that we have today as Deutsche Börse Group, which we call in modern English, pledge high players, traditional finance. And then you have the -- yes, they call crypto native, but let's say, the tech native companies. And the pledge high players still have to come to adopt this business to get into crypto, to get into tokenized securities.

And the other group was not traditionally our customer base. But you see with these partnerships on the one hand side with Kraken, Circle and so on, we get into that new customer base. And at the same time, we are well prepared to cater our traditional customers when they are ready to move into this.

And yes, right or wrong, some things don't get better if you defy them. For example, a clearing house gets more attractive, the more you put on it. So if there are more products and more customers coming, it creates more gravity. So it's an opportunity here. Also funny enough, I mean, at the moment, we have only USD 1. If this stablecoin invasion keeps going, we might have representatives of the dollar maybe 50 in 2 years that require interoperability that needs to be serviced, exchanged.

So there are new business models even coming up that we haven't foreseen plus CBDCs and so on. So there is more coming up. The entire crypto stuff is a new asset class. The stablecoins and the ecosystem that comes with them creates new requirements for interoperability and servicing. Old things like the clearinghouse will get more gravity and more power. So I think that's the way how to read it going forward from the trading and clearing side. A lot of opportunity, I would say.

We have one more question, one row behind Grace, Dirk Becker.

It's Dirk Becker from Allianz Global Investors. My question is about the change of revenue recognition at SimCorp for the SaaS revenue. To be honest, I wasn't even aware that IFRS allows to book upfront revenue for revenue that you haven't earned. So my question is, has this practice overstated the success that you had in SimCorp over the past couple of years? And the second question is why do you decide to terminate this practice now?

Absolutely. So on the first question, clear answer is no, it has not overstated. And quite frankly, the revenue recognition on these contracts in detail is very complex, right, because you have many different components. You have basically components that go over time, you have license components in the beginning and so forth.

And what you need to do is without going into too much technical detail, you need to dissect all of these elements and then figure out which part is point in time, which is ratable. So it hasn't been overstated. It is always fully in sync with how we run business, and that's how it has been in the past.

And the reason why we changed it is what Christian alluded to is that we are now at a position where the majority of our contracts of our contractual base is now becoming an SaaS type of contract. And so we need to then just follow up that change apart from the fact, as I said, that we want to be more transparent. But we haven't clearly not overstated anything.

Right. Good. Before we move to the room, we have a question here from the audience on the webcast for Thomas. It's regarding our partnership programs. And there's a very established one in OTC clearing, but the question is also with regards to the new ones that are incentivized, whether they are about to deliver similar to the OTC clearing.

Yes. Thanks a lot for the question to those that are not that familiar with the plural of partnership programs. Actually, we really -- as I referred to our clients, we work together with our key client base to build up new liquidity pools to build up new markets in a really joint manner.

And the starting point was around OTC clearing, where we have now more than 35 partners in the partnership program where we sort of share the success and also the governance of this effort. And I think if we now look at the progress that we are making just for OTC clearing, for instance, if we see the pickup both in terms of connectivity of buy-side clients that I referred to earlier or the growth in terms of volumes that we are seeing right now, I think this program really creates a lot of momentum for us.

We are very happy with that approach, which is also the reason why we then extended it to repo, again, in the same format and then to short-term interest rate derivatives. Again, these are markets which are new for us, which are really building up markets, and that's where we deploy it. And I think we are very happy with what we've seen both in terms of partners that have signed up to the program, right? And are working with us, but also in the outcome and the incentivization that it creates for building liquidity and building distribution with clients.

Now the last program, which I referred to today was around the credit index futures, again, a nascent market, right? Credit is more an OTC style market. And again, here, we are working with the large sell-side players to create a wrapper which is allowing to scale, right? You don't need sort of the [indiscernible] or the OTC-style contracts, but you can use a futures wrapper and at the same time, also create the sort of collateral margin efficiency.

Again, a program which rewards early movers, helping us to build a sustaining liquidity pool and then sharing success for that. So that is the blueprint of what we are doing. And I think it is in the end to be summarized that we are really working closely together with our key clients as partners in building up new liquidity pools for Eurex.

So back to the room. I think Mike already raised your hand before second row at the end.

Mike Werner from UBS. Just a question on cost development, I guess. You're targeting 8% revenue growth and only 3% cost growth per annum, which is generating a tremendous amount of operating leverage. Maybe thinking longer term, we know that Deutsche Börse invested quite heavily 3, 4, 5 years ago under your predecessor, Jens. And I was just wondering longer term, is this something that you can continue? Or do you see kind of a longer-term investment cycle having to come back maybe even after '28?

Yes, absolutely. I mean that operational leverage journey has several elements, right? I mean, as I said, one element is the technological sphere and maybe Christoph wants to say a word on that, and then I would take up the investment part.

So Mike, thank you very much for that question. What we have done over the last, let's say, 5 years, we have moved away from vertical solutions. We have then implemented per business unit towards horizontal platforms. And this is where our partnerships kicked in. So what we did together with Google, with Microsoft and with SAP allowed us to create horizontal platforms. And the tipping point to really start benefiting from that is, of course, when the majority of what you do is sitting on such a horizontal layer.

So 50% plus is the moment in time where the real benefit is kicking in. As you have heard earlier, we are currently at 75%. So we are in harvesting mode, so to say. What we see is that we have built once, deploy many situations. What we also see is that we get scale and speed time to market out of it. And with that comes a strong commitment towards further investments into new technology.

And this time, it's different. We are no longer building foundations. This time, we are plugging in capabilities and especially when those capabilities are coming from our partners, it's fairly easy to plug this into the platforms because many of them are bringing prebuilt interfaces with them, allowing us to be super fast, bringing new technology into place.

For example, when the rise of the large language models happened, and we wanted to get our hands on that, we plugged this into our cloud platforms. It was available rather quickly, and we could start benefiting from that. This is the approach, how the platforms are working out. And with this, back to you, Jens.

Absolutely. And I mean, from today's perspective, I wouldn't know why that should end at a certain point, right? I think what's very important is that, that's what we try to explain with this one group idea that we come a bit closer together as a group and really get those horizontal synergies out of that. And that has many components. It has organizational topics, but also certainly people topics. And maybe, Heike, you want to say one word on what we're doing there.

Super happy to. And I think the global people model you alluded to before is really one element for us to provide for scalability in using our global footprint. With the acquisition of SimCorp and also ISS, we already expanded our people pool into India, Philippines and lately Mexico, and we're just adding another global tech hub in India.

So we really across these hubs together with our European hubs can really provide for additional scalabilities across the business lines, but also combining corporate center activities wherever it makes sense and really provide for additional efficiencies and provide to the 3% cost target with that.

Enrico, one row behind.

Enrico from JPMorgan. Can I ask a question on IMS. If you have to dissect the 16% ARR growth reported between maybe its key components, I'm thinking of pricing, upselling, maybe transition from on-premise to SaaS. Can you give us a rough idea of how growth could be split between these key building blocks? And if you think about the future, how do you think the split is going to look like?

Very good question. So if we start with what has been really kind of a key decision and a key movement since kind of 3, 4 years ago, was really to start to say now we actively start to discuss with our existing clients and moving to SaaS. Before that, it was primarily new clients coming through the door, but actively start to move our existing client base. And as you can imagine, over 2 to 3 years, we now got to 50%.

So that's quite significant. I can say also to give a bit transparency, actually, some of the biggest clients moved first. So you actually moved some real sizable chunks on that, and that generates, obviously, ARR in a good pace. Then I would say, for quite a while, it's been very much driving existing clients and share of wallet. You could argue SaaS is also share of wallet. What has really happened in the last 2 to 3 years, we start to see a real uptick again and people that have followed SimCorp for many years would know that these things come from time to time.

But we've seen a real uptick in the last 2 to 3 years of new logo generation, new clients that comes in, in particular, North America, but in reality, on a global scale. There is some pricing power built into it, but in all honesty, not a lot. We generally believe in driving these upgrades through value. But I would say, as we now build all of the things we built the last 3 years, Axioma getting in, et cetera, there's now another wave of share of wallet coming through predominantly product upsells and then AI on top of that. But I would say, because it shifts so much, there was certainly a period where SaaS was the biggest and the most dominating pace. Now I would say, the last 2 or 3 years, probably also going into the next couple of years, a lot of new clients. And then you will start to see an uptick in share of wallet again after that.

Are there further questions in the room? Starting back in the beginning.

You mentioned on the trading side, Agentic execution. And the first question that will be what is baked into your plan? Do you expect this to increase trading activity, for example? And then linked to that, you are often the primary market for many of the asset class. How do you think the data you generate is valuable? Can you charge more for that in the world or there's much more demand for data?

Thanks a lot for the question. And actually, I might think we are a bit obsessed on technology, but I think it is really a key shape of our industry going forward and been there for a number of years now. I think we have seen a lot of focus, for instance, on low latency strategies and then on algorithmic strategies.

I think what we're now seeing is basically driving 2 angles. One is that we have more diversity of trading strategies if we look at Agentic AI, if we look at the processing of information, which is a good thing for us. If there's more diversity of trading approaches that normally leads, and that's the second factor that we are very much focused on more turnover velocity of how much turnaround there is in comparison to the underlying.

We believe there is a fundamentally positive backdrop that we see in some of these assets in some of these markets, which is created by more technology application on the buy side. And that is -- I mean, this is a constant theme that Christian has laid out. There is more sophistication on many of the risk takers that we see, which are on the buy side, might it be the hedge funds or other players in there.

So that is clearly a focus that we are running to now going forward and that we also focus on. And I mean, you referred to the data topic, focus topic, and that's also technology. So Chris could speak about that, but we have really launched a big program for moving our data stack into the cloud, into the mesh, allowing us to create much more analytics products going out for the players.

So we have a marketplace now that we build a data marketplace, which allows commercialization of these data products in a much more -- with much more breadth on much more sophisticated channels than we did before. And that will, I think, create a positive backdrop.

I think there was a follow-up from Arnaud at the end of the first row. Ian, go ahead.

Ian White from Autonomous. Just one follow-up for me, please. Last week's proposals under the Savings and Investment Union called for growth competition and connectivity within the post-trade layer and CSDs. In that context, how do you think about the possibility to rekindle some of the aspirations you set out previously to act as a consolidator across European custody when we talk about both equity and fixed income?

Thank you, Ian. Very good question. And basically, as I laid out, I think we're very, very strongly positioned in that. Now we offer already today a consolidated pan-European platform that is very interoperable. But I would hand it over to Sam to quickly comment how our model compares to others and why we think we're very much compliant in that SIU thinking.

Thanks for the question. So I think if we go back a year, you will have seen an announcement that we had around NASDAQ joining our connectivity to T2S. And as Stephie outlined, and I think Stephan also touched on it, we're connected to all of the T2S CSDs, which means that the reality is that you don't need to go to the French CSD, the Italian CSD to be able to settle Italian or French securities. You just come to us.

And NASDAQ actually is the investor CSD into all of T2S. So we give other infrastructure. So when we talk about consolidation, what we do as a service now today is provide other institutions, other financial market infrastructures, other CSDs, the ability to be able to connect to us and connect to the whole of T2S land. And that's a huge leverage when it comes to things like technology, innovation, all of the things that CSDs and particularly some of the smaller ones in Europe need to do as we move forward. So we think we're very well positioned to be able to help and support that agenda from a European perspective and already have many good use cases around it.

Maybe I'll pick it up and elevate it back in, thanks for the question because so many ask us, how does it come that Clearstream in its underlying momentum has changed so fundamentally. There's a number of those investments. And again, Stephie alluded that building these links was not for free. This was a multiyear journey. We stand there complete today.

We are the only one complete today. And that's why I think the momentum we see, the incoming flows and Sam and the teams have done enormous work around that is really driven by that investments to have that full access. We have the direct access with many of the new brokers, many of the new players on the B2B side. We have that European network complete. Now all of that is getting very technical. So we don't dare to invite for the seminar. But on the other side, that is the engine that is really powering these underlying growth numbers, as Stephie showed. These are real transaction volumes that are underpinning this.

If I can, one aspect just to add. I think it's important because for the big sell-side institutions, the ability to be able to consolidate your access to T2S land gives you huge capital balance sheet efficiency. And we're already seeing that with the clients that are onboarded.

So this time it's Arnaud at the end of the first row.

Could you give us an update on your EUR 200 million revenue road map in fixed income to 2026 on [indiscernible]?

Should I start? Thanks a lot, Arnaud, for the question. And let me reiterate what I said earlier, we are fully on track to deliver on our fixed income road map, really happy with the momentum that we see accelerating across the cylinders that I highlighted earlier.

And I think we're also seeing the positive macro backdrop for the fixed income business, which will further foster that business. If we look at the progress and if I go through in listed derivatives, as I said earlier, we had a new record this year, a new quarterly record. We see momentum building on the fixed income side. So there really, we see the contribution that is there kicking in, and it will continue, if you ask me going forward with the macro environment.

If we look at the OTC clearing business, this was the year of onboarding, and that is, I think, the progress that we have seen there. And then we had the other cylinders repo and credit. And why don't I ask Robbert, who is the CEO of Eurex probably to briefly shed a bit more light on the overall progress there since you are out there.

Thank you very much, Thomas, and thank you for the question. And indeed, as Thomas mentioned, that the fixed income road map has multiple cylinders. I think to start with the fixed income ETD business there, we've seen tremendous growth over the last few years with this year, we're heading for a record EUR 950 million traded contracts.

It's a very significant amount. And then when we zoom into the OTC IRS business, Thomas alluded on the high amount of clients that we have onboarded, but there is still very significant potential there as the clients that we have onboarded are subject to a mandatory requirement to start clearing a portion of their business on a European CCP.

This year, we have onboarded over 600 European entities who are required to start clearing. The activation percentage of the 600 is at the moment still relatively low at 16%. So that means if we look into next year and the years to come for the feasibility of the fixed income road map that there is very strong potential that this business grows further. And we're in addition, supported by ESMA, by the regulator, who has mandated the clearing to take place.

And in addition, we'll start a review next year to assess the compliance with these rules and assess if further measures need to be taken to address the objectives that they have in mind. But that's not only what we are focusing on, the credit index future is really a very strong new product. It's a core futurization product of an institutional swap market, which provides significant capital advantages as it's CCP cleared. We see a lot of clients who have strong interest in this, over 70 already now with double-digit growth numbers year-on-year.

And we believe this is really one of the new products that we have launched now, which has a lot of potential. And then to complete the fixed income road map, one of the core components has been the repo product, which is a very instrumental financing product for our clients to transform their cash or their noncash into cash. So we've seen record volume figures now with outstandings of EUR 1.2 trillion in November, and we expect this growth to further continue as firms are seeking very capital-efficient financing opportunities. So we're very confident that we will achieve the EUR 300 million and seek further growth until 2028.

Yes. Thanks a lot. And I think just to conclude, when we use our term home of the euro yield curve, really the value proposition that we see is gaining traction is we are the only CCP where all these products can be cleared on the euro yield curve within one netting set within one margin pool. And that is the real proposition that will continue to expand going forward.

Great. Time for a final question. Otherwise, I would hand over to Stephan for some closing remarks. Thank you.

Thank you very much. Thank you very much, Jan. Thanks for preparing all of this to the teams. But most important, thank you for all of you taking the time today. We very much appreciate that you have dived deep into our business together with us.

I said at the beginning, it's been a year full of singular events or asking about what's next quarter. We really appreciate the time by all of you here in the room as well as the ones on the screens. I hope what you take away is really the Deutsche Börse Group has changed over the last horizon strategy cycle very much in size and scope.

It's a true champion on a European footing on a global scale. We are very true to our innovation focus. That's why you heard us talk so much about what is the coming world and not just what are we executing today. We are very focused on growth, secular growth, and I hope you have taken away the details behind the plans that we have.

Those plans are not just until 2028. Yes, we will deliver 2026, but we have clear plans to '28. We believe the underlying growth journeys go far beyond that. That's what we laid the basis for. That's why we are so focused on Europe, on the new asset classes, on digitization.

And all of that will do with a clear financial metric set. 8% growth on our fee-based revenues for the cycle until 2028, combined with 3% cost growth gives us a strong scaling profitability-wise and the cash flow capability, something that Jens emphasized that I come back to where we started the 2 days yesterday with the announcement of a more continuous buyback dynamic.

We deeply believe that we can fund the organic growth, acquisitions as well as dividend and buyback dynamics and attractive shareholder profile. So we are truly ready for leading the transformation of capital markets, but also of leading the transformation of Deutsche Börse. And we will need to step up to realize all the benefits that we talked to you about. And I look very much forward together with the team here to not only do that, but stay in an active dialogue with all of you. Thank you for taking the time.

Good afternoon, ladies and gentlemen, and thank you for joining us today to review financial results for the third quarter of 2025. Present on today's call are Stephan Leithner, our Chief Executive Officer; and Jens Schulte, Chief Financial Officer. Stephan and Jens will provide an overview of our performance and key developments during the quarter. Following their remarks, we will open the line for your questions.

As usual, the presentation materials have been distributed via e-mail and are also available for download on our Investor Relations website. This call is being recorded, and a replay will be made available shortly after the conclusion of today's session.

With that, let me now hand over to you, Stephan.

Thank you, Jan, and welcome, everyone. I'm pleased to present our third quarter results, which once again demonstrate the strength, resilience and strategic balance of Deutsche Börse Group's diversified business model. Despite a more challenging backdrop in select areas, particularly index derivative at Eurex, ESG & Index at ISS stocks and some FX headwinds, we delivered solid net revenue growth without treasury results. This performance was driven by broad-based momentum with 5 out of 8 business units achieving double-digit growth in the quarter.

That's a clear reflection of the robust diversification of our franchise. Our portfolio's balance enables us to consistently deliver even when individual segments faced temporary headwinds. By combining businesses with distinct growth drivers, we maintained a steady and scalable performance trajectory.

Let me begin the review of the quarter with Investment Measurement Solutions. As expected, Software Solutions was the key growth driver delivering a solid 10% increase in net revenue. Importantly, annual recurring revenue is trending towards the upper end of our guidance range, supported by a robust client pipeline as we head into the fourth quarter and beyond. The recent acquisition of Domos marks an important strategic step for us in the Software Solutions business. Paris-based Domos is a leading provider of technology-driven solutions for managing and administering alternative assets including private equity, real estate and infrastructure investments.

By integrating Domos' advanced digital platform and specialized expertise, we can offer clients a broader range of services, great operational efficiency and enhanced transparency in the alternative investment space. This positions us to capture the growing demand for alternatives among institutional investors and strengthens our footprint in a rapidly evolving segment of the financial industry, especially with the general partners, this opens up many new client opportunities. As we explained last quarter, the environment in the second part of our Investment Management Solutions segment, ISS STOXX remains challenging, especially for the ISS part. While we acknowledge the headwinds resulting from a changed attitude towards certain products, especially in the U.S., we believe this is largely temporary dynamic similar to historic cycles.

We remain confident in a return to stronger growth in the medium term. In addition to market dynamics, this business saw the biggest impact of the weaker U.S. dollar on the top line. Regarding the 20% minority stake in ISS STOXX held by General Atlantic, nothing has changed, and we are under no pressure to make a decision this year. A buyout remains an option, and we will continue to carefully evaluate all alternatives with a focus on long-term value creation.

Let me turn to the second area to Trading & Clearing. We saw strong contributions across several areas. Cash Equities delivered an impressive 21% net revenue growth driven by robust demand for European equities, in particular, from retail flows. Commodities advanced by 10%, continuing their secular growth trajectory, while FX rose by 7%, supported by market share gains.

In Financial Derivatives, fixed income products performed well with 11% net revenue growth without treasury results. We're already seeing initial benefits from the active account requirements under EMEA for example, in OTC clearing with a noticeable step-up in volumes, and this puts us on track with our fixed income road map for further momentum in the coming months. As we have explained before, clients have some flexibility for activating accounts, but the overall potential has not changed. Equity index derivatives, however, remained under pressure due to subdued volatility and challenging market conditions. We believe this is primarily driven by cyclical factors, and encouragingly, we have already seen some improvement in volumes in October as volatility has picked up again. Our Fund Services and Security Services businesses, #3 and #4 of my outline, have also delivered excellent results with net revenue growth without treasury results of 15% and 13%, respectively. These gains were driven by record activity levels, supported by continued expansion of debt outstanding, healthy equity market valuations and sustained inflows into European assets, while double-digit growth in our fund business was in line with expectations. The performance in Security Services clearly exceeds them. In addition to strong custody activity, we saw new all-time highs in international settlement and collateral management, which further underscores the strength and scalability of this business.

Let me especially applaud the teams in the new client wins and fast onboarding, like with German neo-brokers and Asian clients. On the cost side, for the entire group, operating expense growth came in slightly below our expectations. FX tailwinds and lower share-based compensation helped offset higher investments and inflationary pressures, keeping us firmly on track to achieve our full year target of around 3% cost growth. Based on our new steering methodology without treasury results, this translates into significant scalability, a 7% increase in revenue drove a strong 16% increase in EBITDA for the quarter. Even when including the treasury results, we maintained solid scalability underscoring the strength of our operating leverage.

Looking at the 9 months of the year, we are fully in line with our expectations, delivering 9% net revenue growth without treasury results. Based on this performance, we confidently confirm our guidance for 2025. Our outlook remains supported by strong secular growth trends and continued inflows into European assets even as we experience slight FX headwinds. We're also confirming our overall targets for next year under the Horizon 2026 strategy. At our Capital Markets Day on December 10 in London, we'll provide an update on our progress and introduce new midterm guidance beyond 2026.

We firmly believe that the secular growth drivers addressed by our strategy will continue to support our performance at least until the end of the decade. In addition, we see new growth themes emerging across the group that we will focus on to further fuel long-term growth. Taken together, these factors will enable us to consistently deliver growth levers going forward comparable to what we have achieved over the past several years. Artificial intelligence will also play a positive role in this journey.

Let me emphasize this. It is certainly not a disruption risk, but as a powerful enabler of revenue growth and operational efficiency. We have performed an AI assessment across the group, and the results are very clear. We see our overall portfolio as extremely robust because we operate regulated system-critical infrastructure at scale. Today, I cannot replace. Instead, we are well positioned to capitalize on the AI opportunity. Our cloud-first infrastructure strategy, coupled with our current cloud adoption rate of over 74% has laid the groundwork for rapid, cost-effective and secure scaling of AI. We expect AI to generate tangible value for our clients and shareholders in 3 key areas.

First, although most of our core process is already highly automated, AI will help us create greater efficiencies in our internal processes. Currently, we are focusing on automations across the software development life cycle, corporate center optimizations and improvements to client service and processes. Second lever that we see, we are actively rolling out algorithmic and domain-specific AIs across our products to enhance client productivity and initial results are very promising.

AI also provides an additional distribution channel for our proprietary financial market data. And as a third lever, we are seeing positive secondary effects in our core businesses. For example, in our commodity business. Europe's power demand is estimated to increase by 10% to 15% due to AI data center energy consumption. Just like AI will drive further noncorrelated trading and small-sized high-volume trading in all of our asset classes. To hear more about this and much more, I warmly invite you to join us in London on December 10. It will be a great opportunity to engage with our leadership team, gain deeper insights into our strategy beyond Horizon 2026 and explore the exciting growth opportunities ahead.

With that, I will hand it over to Jens for a closer look at the financials and segment details.

Yes. Thank you very much, Stephan, and welcome, everyone, also from my side. Let's start with a quick look at our performance over the first 9 months as shown on Page #2. As you recall, the first half of the year came in slightly ahead of expectations. This was largely driven by elevated equity market volatility in March and April, along with strong inflows into European assets. In Q3, we experienced the typical summer seasonality, coupled with lower equity volatility. This had a somewhat greater than anticipated impact on equity derivatives, particularly index products. That said, our year-to-date results remain firmly in line with our full year expectations and our Horizon '26 growth path. Net revenue without the treasury result rose by a solid 9%, underscoring the strength and resilience of our business model.

Now turning to operating costs. We saw a few moving parts across the 3 quarters, but overall, the picture is consistent with our planning share-based compensation provision fluctuated during the period but ultimately were flat year-over-year in the first 9 months. The U.S. dollar-euro exchange rate, which started the year as a headwind turned into a modest tailwind. While the impact was less than 1 percentage point, it still contributed positively to the cost development.

We also benefited from lower exceptional costs this year. This reflects last year's termination fee related to the EEX NASDAQ agreement as well as the wind down of costs tied to IMS synergy realization. All in, operating costs increased by 3%, exactly as expected. This uptick was primarily driven by inflation and targeted investments in our strategic growth areas. Bottom line, our EBITDA margin without treasury results improved significantly to 53%, up from 50% in the prior year as our businesses continue to scale. And we also made further progress with our share buyback program. By the end of last week, we had repurchased Deutsche Börse shares worth around EUR 441 million. This leaves approximately EUR 59 million remaining to be executed by the end of November.

Let's move to Page #3 with our third quarter results. As Stephan already mentioned, net revenue without the treasury result grew by a strong 7%. Given the cyclical headwinds we faced this quarter, this performance highlights the breadth of our diversified portfolio. Total net revenue rose by 3% to EUR 1.44 billion. This was driven by the continued decline in the treasury results, primarily driven by lower interest rates and despite stable cash balances. Operating costs remained stable in the third quarter, while inflation and increased investments played a role. These were fully offset by favorable FX movements, lower share-based compensation expenses and a reduction in exceptional costs.

Overall, our cost discipline remains strong and fully aligned with our strategic priorities. We continue to strike the right balance between investing for growth and maintaining operational efficiency. As a result, EBITDA without the treasury result showed high operating leverage increasing by 16%.

Lastly, our effective tax rate came in slightly below expectations, thanks to smaller onetime positive effects. Looking ahead, we continue to plan with a 27% tax rate for '26 and beyond.

Let's now turn to Page #4 and take a closer look at our segment results, starting with Investment Management Solutions. This segment is composed of 2 key areas. First, Software Solutions, which combines SimCorp's software business with Axioma's analytics capabilities. Within this area, we saw SaaS revenues grow by 22% and while on-premise revenues declined slightly by 1% as expected. This reflects a clear and ongoing shift.

Existing clients are increasingly migrating to the cloud and new clients are typically SaaS-based from day 1. Our annual recurring revenue reached EUR 632 million at the end of the quarter, an 18% increase year-over-year at constant currency. Growth was particularly strong in North America with 27% and APAC with 37%. EMEA delivered a solid 17%. These figures compare very favorably with our main peers and reinforce the strength of our global footprint.

The second part of the segment is the ESG & Index business of ISS STOXX, which saw flat net revenue development. However, on a constant currency basis, the picture is more encouraging. Net revenue in ESG & Index grew by 4% in Q3, supported by a solid contribution from the ESG business with 6% revenue growth. Similar to previous quarters, the Market Intelligence business experienced flat growth and low equity market volatility negatively impacted the exchange license business in the Index segment. Importantly, the segment's EBITDA saw a significant increase, driven by disproportionately lower operating cost growth, highlighting the scalability and efficiency of our model.

Now let's turn to Slide 5, which highlights the performance of our Trading & Clearing segment. Starting with Financial Derivatives. We continue to benefit from strong fixed income activity. Net revenue without the treasury result increased by 11%, driven by double-digit growth in fixed income futures and repo revenues. OTC clearing all saw high single-digit growth, supported by record clearing volumes following the implementation of the EMEA 3.0 active account requirements in June. On the Equity Derivatives side, volatility moderated significantly in the third quarter, creating a headwind for index products.

As markets trended upwards to new all-time highs, hedging activity also declined. However, we partially offset the effects of volume through an increase in average revenue per contract. This was in part due to the decommissioning of the Korea Exchange Link for after hours KOSPI trading as mentioned in our last call.

Our Commodities business delivered another strong quarter with double-digit growth once again. In gas, revenue rose 31%, fueled by robust activity in European gas markets amidst supply uncertainties and below target storage levels. We also saw continued momentum in power derivatives in the U.S. and APAC, while activity in Europe moderated slightly due to reduced hedging needs.

In Cash Equities, we benefited from strong demand for European equities and significant inflows into European ETFs. This reflects a broader investor rotation into European markets and growing interest in passive strategies. Additionally, we recorded a onetime revenue effect of approximately EUR 3 million from the sale of a T7 license to a third-party exchange.

Finally, our Foreign Exchange business achieved net revenue growth across most product lines supported by new client wins and geographic expansion. This diversification continues to broaden our revenue base and enhance the resilience of the FX franchise.

Turning to Slide #6. Let's look at the continued strong performance in our Fund Services segment. We are seeing positive momentum across the board, supported by higher equity market levels, new client wins, portfolio growth and ongoing inflows into European assets. As a result, we recorded a further increase in assets under custody and sustained high volumes of settlement transactions. Notably, our fund distribution business saw a significant step up in assets under administration, which now exceeds EUR 700 billion, a major milestone. This growth underscores the increasing relevance of our Fund Services offering and our ability to support clients across the full investment life cycle, from custody and settlement to distribution and administration. With disproportionately lower operating cost growth, the segment delivered significant operating leverage, resulting in strong double-digit EBITDA growth, both with and without the treasury results.

Lastly, let's move to our Securities Services segment on Page #7, which has seen a further acceleration of growth compared to the strong first half of the year. The segment continued to benefit from strong capital markets activity with ongoing fixed income issuance and higher equity market levels, driving sustained growth in assets under custody and settlement transactions.

We also saw record levels of collateral management outstanding this quarter, which contributed to the strong performance in custody revenue. These trends reinforce our central role in the post-trade infrastructure and the strength of our platform. On the interest income side, cash balances remained stable, averaging around EUR 17 billion for the quarter. As expected, we saw seasonal lows in July and August followed by a recovery in September when market activity picked up and balances rose to slightly above EUR 18 billion. The main driver behind the decline in net interest income was the lower interest rate environment. The ECB rate was 1.5 percentage points below the prior year quarter. And the Fed rate was 0.75 percentage points lower, both in line with our expectations.

To wrap up, let's take a look at our full year 2025 outlook on Page #8. We are confirming our guidance for the year, supported by our expectations of continued secular growth and sustained inflows into European assets. This is despite the modest FX headwinds and the low equity market volatility and also aligns with the current sell-side consensus. In addition, we continue to expect a treasury result of more than EUR 0.8 billion for 2025. Based on current interest rate assumptions and stable cash balances, we forecast around EUR 825 million, which is also in line with analysts' expectations. On the cost side, we are very well on track to meet our guidance of around 3% growth in operating expenses for the full year. This reflects our disciplined cost management and strategic investment approach.

That concludes our presentation. We now look forward to your questions.

[Operator Instructions] And the first question comes from Arnaud Giblast, BNP Paribas Exane.

One question then. I was wondering if -- I mean, you mentioned during the call that the IMS [ STOXX ] was postponed and that you are still considering a potential buyout. But I'm just wondering if you could update us whether there's an actual time frame on giving the [ minority ] shareholders a liquidity event?

And if I may, secondly, there's been quite a lot of news around political comments made by German Chancellor around the potential -- around their willingness to see further consolidation in cash equities. So I was just wondering if you could update us on your thoughts there. I mean, historically, we know that cash equities hasn't necessarily been your priority in terms of consolidation. I'm just wondering if that might have shifted.

On your first, Arnaud, and I just looked it up last call, we also took you as the first one on the question. So you've got a [ pull ] position. On the first one of your questions regarding to the minorities, there's no change to what we said before. There's the dual track. As we have always said, we're not alone, there is a partner, and we jointly manage the time line. So no changes in that overall.

I think second, on the remarks that Chancellor made, I will put them into the context of a broader, very encouraging commitment that is made around strengthening the European capital markets. So really a push that wasn't there historically around capital markets unions, progressed a number of levers in that context. I think for us, we are a big contributor to that. We have made a lot of progress in terms of European full coverage in terms of infrastructure. This isn't only about the cash markets. So there's really no change with respect to our position and our strategy.

Next question is from Benjamin Goy, Deutsche Bank.

One question on your excess cash. Maybe you can remind us of the likely position at year-end and how this impacts your capital allocation policy other than the potential minority buyout? Any other major files you're looking at.

Yes. So thank you very much, Benjamin. So in terms of excess cash, probably this will play out somewhere in the magnitude of EUR 1.5 billion to EUR 2 billion towards the end of the year. In terms of share buybacks that you alluded to, we have our program running, right, as I said, and we will complete the EUR 500 million. And the further story we will communicate when time is there.

The next question is from Enrico Bolzoni, JPMorgan.

One, I wanted to go back on your comments about AI and being an opportunity, not a risk. And of the 3 elements you listed, I was particularly interested in the second one. I think you quickly mentioned that it might create new distribution channel. Can you perhaps expand a bit more and let us know if, for example, you are signing or about to sign partnership with, for example, third-party AI engines and whether you think that we might see a monetization of these agreements? And then related to that, if I actually have to take a more bearish stance, there's been a lot of rumor about potential disruption for software solution companies. Can you just remind us of what is the position of SimCorp in this regard and why you think is not subject to perhaps AI disruption? So that's my first question.

And my second question is, in a way also related to technological disruption. I know you -- when it comes to the ledger, so the blockchain technology [indiscernible] in the past agreement with HQLA. Can you remind us what do you expect will happen to post services in an environment where there is basically a rising velocity of collateral and perhaps the settlement cycle compresses further, maybe also beyond T+1. So how do you think the business should be positioned and is that a risk?

Thank you very much, Enrico, taking up both of your questions. Let me first start on the AI side. And I really emphasize and appreciate you taking up SimCorp. I think the uniqueness of SimCorp is that contrary to sort of any ancillary type services on the software side. SimCorp is very much a front-to-back sort of backbone type business. Therefore, it is really anchored at the core of what is the clients' operations, and that really sets it apart. That's why I think we see a lot of positive enhancement possibilities. That's what SimCorp has started to put in place with the copilot for example around their front office reporting capabilities.

Many of those tools give improved usage capabilities for the clients. But I don't think there is any way similar to many of our operations type businesses and execution services. This is a real backbone type system that we operate for the clients in the cloud increasingly as we have said.

I think the second point with respect to the data, we have a broad set of data points. And let me just highlight 2 or 3 examples out of that. One is the proprietary data that we can provide on collateral management. One of the themes that you later come back with the DLT and blockchain. So we have a pretty unique capability. In terms of the data understanding, both on collateral as well as on settlement that allows us to deliver services directly to clients because we have that connection to the clients. So therefore, our focus is not signing up a wider distribution agreement, but it's really delivering and optimizing what we can do directly with the client. I think that economically is a much better, much stronger way to monetize AI as well as proprietary data, which we have in so many areas.

On your second theme around the blockchain and DLT, HQLAX is one good example of a very advanced and broad industry partnership where Deutsche Börse or Clearstream in this case, has carved out a pretty unique position because within that ecosystem of HQLAX with most of the relevant market participants, the only TTP, so the only trusted third party that is able to confirm the portfolio composition similar to a tri-party agent role is really the Clearstream side. So I think it shows that in these network environments, even if there is DLT used, there is a very strong ability for Clearstream to position and have a unique starting point.

Now you also inquired around the implications, if I get it correctly, on the T+1, the higher settlement cycles. We overall see this as something that we don't expect material extra costs on our side, very different from many custodian firms who have a big rewiring to do. So there is no material cost because today, we are really able to operate. Most of this process is already on a T+1. This doesn't fundamentally change. So we also don't see an erosion of our position coming out of T+1. It's really strengthening the strongest operators in the CSD space, and that's where certainly there's not more than 2, if I look those that are able to operate.

We have just announced the pan-European footprint operation by basically operating direct services on settlement across all 28 CSDs. Again, it's a unique partnership, a unique link up network that Clearstream has, no others have it. I think it will be strengthened if we move into T+1.

Next question is from Tobias Lukesch, Kepler Cheuvreux.

Also one or two questions from my side, please. Touching on the costs, you mentioned some active cost management and also some investments. I would be interested how active were you in Q3? Should we consider the 3% guidance to be more of a 2.6% for this year, and in terms of investments, is there more to come on the AI opportunities that you're seeing? Or is that something we should consider for '26? Or is that not all really impacting your investment cycle that you have planned so far?

And very quickly, you touched on the OTC derivative clearing again and said, with EMEA, this is well on track. Maybe you could give us a bit more insight on the business development since also your competitor kind of doubled down on the business with Q3.

Good. So I take -- first of all, I start with the OpEx question. So in terms of just generally active cost management, we continuously do active cost management, for example, in terms of expanding our location footprint currently moving parts of the business to India and other locations and gaining further efficiency from our systems. So that is an ongoing process that is not only -- has not only been relevant for Q3.

Now very specifically to your question in terms of guidance, we do confirm that guidance at the moment. Keep in mind that as in previous years, if you look into '23 and '24, we usually in Q4 have some seasonality, for example, driven by investments being a bit back-end loaded, driven by merit increases, severance and several other things that typically tend to come more out towards the year-end. So for the moment, we do plan with the 3% and that is the target and then let's see how we come in. But we are well underway. I mean that is certainly true.

On the second point, OTC clearing, and the EMEA side, so what I alluded to in my part is that we actually did increase the number of accounts from about 1,600 to 2,200, so by 600 accounts. It is fair to say that the activation rate of those accounts is still relatively muted. So it's overall around 20%. However, what we do recognize now is that after a technical implementation standards have come out and after the clients have started to sort themselves, they are now making specific plans as to how to route their flows. And so we do expect the activity to increase next year. Bear in mind on this topic, that the -- basically, the activation requirement needs to be fulfilled throughout the first full year, so until basically May of next year, so the customers still have time and they take the time to organize themselves properly, but we do expect a significant increase of activity beginning of the next calendar year.

Let me take your third part, the investments impact of AI. First of all, let me give you a context that I think is truly very important and sets us apart, which is we have gone very much an advanced investment cycle when it comes to a number of items that now really benefit us on the AI journey, and that's, in particular, the transition into the cloud. We have a mid-70% of our portfolio that is in the cloud that allows us much faster and much more efficient.

We have in parallel done and made the transition on the IT security side. So again, these are all areas where we have, over the last years, run significant investment portfolios from which we are now benefiting, that's why we also don't expect any requirements or change when it now comes on the AI invest because we can really build on that effectively and efficiently work together with major model providers and deploy very fast into our organization. So that's one of the items that I think truly from a wider market debate that I've seen around the margin impact of AI is something that we, in our scan and in our review process that we have run have really not seen happen. And I think that's very encouraging to us in terms of the speed and the implementation environment.

[Operator Instructions] And now is from Hubert Lam, Bank of America.

I've just got one of them. Can you talk about a bit about the pipeline of new clients or upsell for SimCorp into Q4. Usually, I think there's more seasonality in Q4. Just wondering if we should expect a big quarter and what kind of growth to expect heading to the end of the year?

Thanks for asking the question, Hubert. I think the seasonality of Q4, we have now explained a number of times and documented in the past years. I think we have given the guidance that in the remaining quarters, we'll see 10% quarter-by-quarter or that's what we said after the first quarter, I think we continue to stick and believe. And if we look at the pipeline, that's what we actually see. But software is every year back-end loaded sort of environment, and therefore, I think it's a lot of hard work, but signs are all on track.

And the next question is from Tom Mills, Jefferies.

You've alluded to the setting up of new medium-term targets at your CMD on the 10th of December, which I guess means to out sort of 2028. There's obviously been a change of CEO and CFO since the current medium-term targets were put in place. Could you maybe talk a bit about how you fear about getting to the '26 targets? Is it your intention to kind of maintain those or do you step back from them at all? Just because I see sort of consensus is a little below where you're currently expecting to get to?

Thank you very much, Tom, for giving me the opportunity to reiterate and emphasize what I said earlier. I think we both really very much confirming our 2026, Horizon '26, as we had talked about it before. I think there is no change and December 10 will not make us change their position. And secondly, also emphasize what I alluded to earlier, which is we see that many of the new growth themes that we see emerging are really fueling us for a long-term growth that goes beyond 2026. So we have a very comfortable outlook there.

Next question is from Jochen Schmitt, Metzler.

I have one follow-up question on custody revenues. You have already mentioned higher revenues from collateral management. Would you see those revenues as partly nonrecurring? Or would you see Q3 as a reasonable starting base for modeling purposes? That's my question.

So we do see that as recurring revenues. The settlement business, settlement custody business has a very good run at the moment, and we do see that carrying into the future.

At the moment, the last question comes from Michael Werner from UBS.

I got two, please. First, on the [indiscernible] products. I was just wondering if you can update us on your thoughts about the fee holidays that you currently have on them and whether that could potentially lift in 2026? And then just looking at IMS, I know there was some decline in exceptional costs. But the underlying cost base in IMS year-on-year has been pretty steady, showing quite decent operating leverage. Is that something we should expect going forward? Was there any kind of moving parts on the cost base as I assume SimCorp is a place you want to continue to invest?

I think with respect to the fee holiday outlook, we have said we will work on establishing a very stable sort of business base before we really change. So we'll continue to monitor that in Q1, how far out that is going to go. We will decide in the course of the year. So there is no prediction that we're giving at this point.

I think the second question that you had with respect to the IMS cost operating leverage, indeed, sort of clearly with respect to some of the areas that have shown slower growth or we have been active and the management teams have been working on the cost. So I think you need to look at that in the aggregate of IMS. I think it doesn't signal at all. And our investment commitment around the SimCorp momentum, as we speak, is very unchanged and there's important product enhancements on which we're working.

There have been recent product introductions that have also been fueling some of those big wins, in particular, in the U.S. that we have been very proud about and that we reported on basically a named basis, if I can say, in Q2 already.

There are no further questions in the pipeline. So we would like to conclude today's call. If there's anything else, then please do feel free to reach out to us directly. Thank you very much for your participation, and have a good day.