Deutsche Börse Group
Annual report
2024
Print version of the report:
Executive and
Supervisory Board
3
Letter from the CEO
5
The Executive Board
7
The Supervisory Board
9
Report of the Supervisory Board
Combined
management report
21
Deutsche Börse:
Fundamental information about the Group
24
Strategy and steering parameters
29
Economic situation
46
Risk report
69
Report on opportunities
75
Report on expected developments
77
Report on post-balance sheet date events
78
Sustainability statement
143
Corporate governance statement
167
Deutsche Börse AG (notes based on HGB)
173
Takeover-related disclosures
Remuneration report
313
Remuneration report
366
Auditor’s Report
Further information
368
Acknowledgements/contact/registered
trademarks
369
Financial calendar
Consolidated financial
statements/notes
178
Consolidated income statement
177
Consolidated statement of comprehensive
income
180
Consolidated balance sheet
182
Consolidated cash flow statement
184
Consolidated statement of changes in equity
186
Notes to the consolidated financial statements
193
Notes on the consolidated income statement
208
Notes on the consolidated statement of
financial position
269
Other disclosures
297
Responsibility statement by the Executive
Board
298
Independent Auditor’s Report
308
Assurance report of the independent German
public auditor
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Dear shareholders,
ladies and gentlemen,
the past financial year 2024 was again very successful for your Deutsche
Börse AG. Our net revenue increased by 15 per cent across the Group. Organic
growth accounted for 8 per cent and the remainder comes from SimCorp, which
is now fully consolidated. And since our organic costs only rose by a very
moderate 3 per cent, we also increased our pre-tax earnings or EBITDA by
15 per cent. This means we significantly exceeded our guidance from the
beginning of 2024.
My thanks go to all the employees of Deutsche Börse around the world for
making this great achievement possible. Our employees now number more than
15,000 individuals from over 120 nationalities at more than 60 locations. Our
success is also a success for Europe. In addition to the 4,000 staff members
here in Germany, we have over 6,000 colleagues in European offices, including
Prague, Luxembourg, London, Cork, Copenhagen, Warsaw and Paris. No other
company in our sector is as European as we are. In us, Europe has a provider
of critical capital market infrastructure that competes at a global level.
The foundation for our success, as for our global competitiveness, is Deutsche
Börse’s particular DNA. For me, this DNA consists of three strands: firstly, a
long-term horizon and great continuity in how we do business; secondly, a
consistent focus on innovation; and thirdly, a sense of responsibility for our
special role in capital markets.
Continuity: building infrastructure often requires investment cycles that extend
over many years – for us and for our customers. In return, the infrastructure
Frankfurt am Main, 20 March 2025
aspect of our business and the high proportion of recurring revenue it brings
form the basis for our continued strong organic growth.
Innovative strength: our employees are the passionate engineers of the capital
markets. This applies just as much to the 5,000 colleagues in IT as to those
in the product and customer-facing areas. We strive to deliver solutions for
functioning capital markets that are ever better, ever more efficient and ever
more reliable.
Responsibility: as entrepreneurs we have a long-term responsibility to our
stakeholders – primarily to you, ladies and gentlemen, our investors, but also
to our customers, employees, regulators and to society at large. Deutsche
Börse clearly is not “just another company”.
Building on this DNA, we made important progress with the implementation of
our Horizon 2026 strategy again during the past financial year – on all four axes:
First: we generated strong organic growth of 8 per cent in net revenue without
treasury results in 2024. Here we can continue to build on our secular growth
drivers. They will enable us to keep scaling our business. They include the trend
from over-the-counter trading to on-exchange trading, for financial products,
but also for power trading at the European Energy Exchange (EEX). Another
vital trend for us is the growing importance of large institutional investors, i.e.
pension funds, insurance companies and asset managers, as direct
participants in all areas of capital markets.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
3
Second: this focus on large institutional investors plays a particularly important
role in our new business segment Investment Management Solutions (IMS),
which we have continued to develop with great success. IMS now consists
of two clearly focused companies: ISS STOXX, the data, rating and index
provider, and the software provider SimCorp, where we have integrated Axioma.
IMS already makes a significant contribution to our recurring net revenue,
accounting for 22 per cent of Group revenue. Altogether, the Group’s recurring
revenue now represents more than 60 per cent of our net revenue. This bolsters
our resilience and stands for stable, dependable organic growth.
Third: we have been a pioneer in the digitalisation of capital markets for
decades and intend to remain so. The efficiency and security of our underlying
technological IT platforms are the backbone of digitalisation. At the start of the
year the proportion of our computing capacity taking place in the cloud reached
the 60 per cent mark. This not only enables us to increase data security, but
also to strengthen our ability to innovate via the cooperation with our cloud
partners Google, Microsoft and SAP. Alongside Google Cloud we are shaping
the future of digital trading with our Digital Asset Platform. With our subsidiaries
Clearstream and Eurex Clearing we successfully took part in the ECB trials of
the potential of new technologies, such as distributed ledgers, for implementing
a central bank money. Our D7 product for digital securities issuance plays a
pioneering role here. Last year the volume of issuance on this platform passed
the €10 billion mark.
Fourth: effective allocation of our capital, which makes our promise to keep
increasing the dividend per share from year to year particularly important – in
addition to internal investments in adding value and highly selective M&A
activities. This year we are proposing an increase to €4.00 per share. It would
be the tenth increase in succession. We also use share buybacks as an
additional, flexible instrument for distributing free cash flow. Because our cash
flow is high, and our available funds have risen significantly. We resumed
share buybacks in early 2024 and are making use of them again this year too.
As a result, we are stronger today than ever before – and so are in the best
possible position for implementing our strategy Horizon 2026 again
consistently in the current year. A clear organisational focus is an important
foundation for our success!
I would like to take this opportunity, dear shareholders, to thank you for your
loyalty. Rest assured that we will do everything we can to increase your capital
with an appropriate balance of risk and return. Our strategy gives us a clear
guidance for doing so.
Yours,
Stephan Leithner
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
4
The Executive Board
Theodor Weimer, *1959
Dr. rer. pol.
Wiesbaden
Nationality: German
Co-CEO (since 10/2024),
CEO (until 09/2024), Deutsche Börse AG
Executive Board member since: 1 January 2018
Appointed until: 31 December 2024
Stephan Leithner, *1966
Dr. oec. HSG
Bad Soden am Taunus
Nationality: Austrian
Co-CEO (since 10/2024),
Deputy CEO (until 09/2024),
Executive Board member (until 03/2024), Deutsche Börse AG,
responsible for Investment Management Solutions (IMS) (since 06/2024),
responsible for Pre- & Post-Trading (until 05/2024)
Executive Board member since: 1 July 2018
Appointed until: 30 June 2026
Christoph Böhm, *1966
Dr.-Ing.
Hamburg
Nationality: German
Executive Board member and Chief Information Officer/Chief Operating Officer,
Deutsche Börse AG
Executive Board member since: 1 November 2018
Appointed until: 31 October 2026
Thomas Book, *1971
Dr. rer. pol.
Kronberg im Taunus
Nationality: German
Executive Board member, Deutsche Börse AG,
responsible for Trading & Clearing
Executive Board member since: 1 July 2018
Appointed until: 30 June 2026
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
5
As at: 31.12.2024 (unless stated otherwise)
Detailed information about the Executive Board members, their seats on supervisory boards
or similar bodies and their CVs can be found online at:
www.deutsche-boerse.com/execboard
Stephanie Eckermann, *1977
Dr. rer. pol.
Dreieich
Nationality: German
Executive Board member, Deutsche Börse AG,
responsible for Post-Trading
Executive Board member since: 1 June 2024
Appointed until: 31 May 2027
Heike Eckert, *1968
Diplom-Volkswirtin
Oberursel
Nationality: German
Executive Board member, Deutsche Börse AG,
responsible for Governance, People & Culture and Director of Labour Relations
Executive Board member since: 1 July 2020
Appointed until: 30 June 2028
Gregor Pottmeyer, *1962
Diplom-Kaufmann
Bad Homburg v.d. Höhe
Nationality: German
Executive Board member and Chief Financial Officer, Deutsche Börse AG
Executive Board member since: 1 October 2009
Appointed until: 30 September 2025
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
6
The Supervisory Board
Martin Jetter, *1959
Chair
Nationality: German
Supervisory Board member since:
24 May 2018
Elected until: 2027
Markus Beck,1 *1964
Deputy Chair
In-house counsel, Legal Department,
Corporate & Regulatory, Legal
Deutsche Börse AG, Frankfurt am Main
Nationality: German
Supervisory Board member since:
15 August 2018
Elected until: 2027
Prof. Nadine Brandl,1 *1975
Head of Legal and Legal Policy
ver.di Bundesverwaltung, Berlin
Solicitor, EurAA Rechtsanwaltsgesellschaft
Anwälte für Arbeitnehmer, Frankfurt am Main
Nationality: German
Supervisory Board member since:
16 May 2018
Elected until: 2027
Andreas Gottschling, *1967
Nationality: German
Supervisory Board member since:
1 July 2020
Elected until: 2027
Dr. Anja Greenwood,1 *1974
Head of Customer Due Diligence & KYC,
European Commodity Clearing AG, Leipzig
Nationality: German
Supervisory Board member since:
17 November 2021
Elected until: 2027
Oliver Greie,1 *1976
Regional Head,
ver.di Saxony/Saxony-Anhalt/Thuringia, Leipzig
Nationality: German
Supervisory Board member since:
29 April 2022
Elected until: 2027
Shannon Johnston, *1971
Chief Information and Operating Officer,
Invesco Ltd., Atlanta, US-American
Nationality: US-American
Supervisory Board member since:
18 May 2022
Elected until: 2027
Achim Karle,1 *1973
Executive, Equity & Index Sales EMEA
Eurex Frankfurt AG, Frankfurt am Main
Nationality: German
Supervisory Board member since:
28 August 2018
Elected until: 2027
Sigrid Kozmiensky, 1973
Executive Board member, Chief Risk Officer,
Bayerische Landesbank, Munich,
Nationality: German
Supervisory Board member since: 14 May
2024
Elected until: 2027
Barbara Lambert, *1962
Member of the Supervisory Board and
Board of Directors, Givrins
Nationality: German, Swiss
Supervisory Board member since:
16 May 2018
Elected until: 2027
Rainer Müller,1 *1974
Vice President, Securities & Collateral
Clearing Design
Eurex Clearing AG, Frankfurt am Main
Nationality: German
Supervisory Board member since:
14. May 2024
Elected until: 2027
Carsten Schäfer,1 *1967
Manager ICT Risikomanagement,
Deutsche Börse AG, Frankfurt am Main,
Nationality: German
Supervisory Board member since:
14 May 2024
Elected until: 2027
Charles Stonehill, *1958
Founding Partner,
Green & Blue Advisors LCC, New York
Nationality: British, US-American
Supervisory Board member since:
8 May 2019
Elected until: 2027
Clara-Christina Streit, *1968
Member of the Supervisory Board and
Board of Directors,
Frankfurt am Main
Nationality: German, US-American
Supervisory Board member since:
8 May 2019
Elected until: 2027
Chong Lee Tan, *1962
CEO 65 Equity Partners,
Temasek Holdings, Singapore
Nationality: Singaporean
Supervisory Board member since:
19 May 2021
Elected until: 2027
Maria-Regina Wohak,1 *1966
Head of Index Services Development,
Deutsche Börse AG, Frankfurt am Main,
Nationality: German
Supervisory Board member since:
14 May 2024
Elected until: 2027
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
7
As a rule, the term of office of the current members ends at the close of the
Annual General Meeting in 2027.
1) Employee representatives
As at: 31.12.2024 (unless stated otherwise)
Detailed information about the Supervisory Board members, their seats on other supervisory boards
or similar bodies and their CVs can be found online at: www.deutsche-boerse.com/aufsichtsrat
Susann Just-Marx,1 *1988
Head of Sales Clearing
European Energy Exchange AG, Leipzig
Nationality: German
Member of the Supervisory Board
from 15 August 2018 until 14 May 2024
Michael Rüdiger, *1964
Independent management consultant, Utting
am Ammersee
Nationality: German
Member of the Supervisory Board
from 19 May 2020 until 14 May 2024
Peter Günter Sack,1 *1962
Executive, Clearing Design
Eurex Frankfurt AG, Frankfurt am Main
Nationality: German
Member of the Supervisory Board
from 17 November 2021 until 14 May 2024
The Supervisory Board has the following
committees:
Audit Committee
Andreas Gottschling
Anja Greenwood (since 5/2021)
Oliver Greie
Susann Just-Marx (until 5/2024)
Achim Karle
Sigrid Kozmiensky (since 5/2024)
Barbara Lambert (Chair)
Michael Rüdiger (until 5/2024)
Nomination Committee
Markus Beck
Nadine Brandl
Anja Greenwood
Martin Jetter (Chair)
Barbara Lambert (5/2024)
Michael Rüdiger (until 5/2024)
Clara-Christina Streit
Risk Committee
Markus Beck (5/2024)
Andreas Gottschling (Chair)
Susann Just-Marx (until 5/2024)
Barbara Lambert
Rainer Müller (since 5/2024)
Daniel Vollstedt (until 5/2024)
Daniel Vollstedt,1 *1976
Head of Infrastructure
Service Design & Support,
Deutsche Börse AG, Frankfurt am Main
Nationality: German
Member of the Supervisory Board
from 17 November 2021 until 14 May 2024
Strategy and Sustainability Committee
Anja Greenwood (until 5/2024)
Martin Jetter (Chair)
Achim Karle
Peter Sack (until 5/2024)
Carsten Schäfer (5/2024)
Charles Stonehill
Chong Lee Tan
Maria-Regina Wohak (since 5/2024)
Technology Committee
Markus Beck (until 5/2024)
Andreas Gottschling
Shannon Johnston (Chair)
Rainer Müller (since 5/2024)
Peter Sack (until 5/2024)
Carsten Schäfer (5/2024)
Charles Stonehill
Daniel Vollstedt (until 5/2024)
Maria-Regina Wohak (since 5/2024)
Mediation Committee
Markus Beck
Oliver Greie
Martin Jetter (Chair)
Barbara Lambert
Chairman’s Committee
Markus Beck
Nadine Brandl
Martin Jetter (Chair)
Clara-Christina Streit
Former Supervisory Board members
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
8
Report of the Supervisory Board
The Supervisory Board of Deutsche Börse AG had three outstanding priorities
in 2024. The first was to take important decisions regarding the composition
of the Executive Board and Supervisory Board. Stephan Leithner was
appointed as the new CEO, succeeding Theodor Weimer, who completed his
mandate as scheduled at the end of the reporting year reaching the age of 65.
The Supervisory Board also nominated Clara-Christina Streit as the future
Chairwomen of the Supervisory Board. She will assume her responsibilities at
the end of the Annual General Meeting 2025 and succeeds Martin Jetter, who
has been a Supervisory Board member since 2018 and its Chair since 2020.
Furthermore, we appointed Stephanie Eckermann and Christian Kromann as
executive board members for business units and Jens Schulte as future
successor of the current CFO Gregor Pottmeyer. Secondly, we revised the
remuneration system for the Executive Board, which will be presented to the
Annual General Meeting 2025 for approval. Thirdly, we discussed important
strategic topics that supplement the Group strategy “Horizon 2026”. In
addition to a new HR strategy for the entire Deutsche Börse Group, this
included a new sustainability strategy and a strategy for “Artificial Intelligence”.
In addition, the Supervisory Board of Deutsche Börse AG dealt in depth and
regularly with the company’s position, prospects and fundamental strategic
options. The Supervisory Board was also involved in an advisory capacity in
Deutsche Börse Group’s activities to buy and sell companies and parts thereof.
We performed the tasks assigned to us by law and the company’s Articles of
Incorporation and Rules of Procedure. We have advised the Executive Board
regularly on its management of the company and monitored its work. We were
involved in all decisions of fundamental importance.
We continued our overarching work on environmental, social and governance
matters (ESG). In the reporting year we again focused on the social aspects of
ESG, as well as on our governance, in the form of the new appointments.
Our global economic and financial system remains faced with great challenges.
The development of inflation remains uncertain worldwide, and economic
growth in key markets, particularly industrialised European countries and
China, is still below expectations. A change of administration took place in the
USA and elections were held in Germany for the federal parliament in 2025
after the premature end of the coalition government. These challenges, as well
as the ongoing difficult geopolitical situation, continued to shape our work in
2024.
At our meetings, the Executive Board provided us with comprehensive and
timely information in accordance with the legal requirements. The high
frequency of plenary and committee meetings and workshops ensured an
intensive exchange of information between the Supervisory Board and the
Executive Board. In addition, the CEO Theodor Weimer, together with Stephan
Leithner, his co-CEO from 1 October 2024, kept the Chair of the Supervisory
Board continuously and regularly informed of the current developments
affecting the company’s business, significant transactions, upcoming decisions
and the long-term outlook, and discussed these issues with him.
The Supervisory Board meetings in 2024 were held at the company’s
headquarters and in New York City, USA. We held a total of nine plenary
meetings in the reporting year, of which two were extraordinary meetings on
personnel topics relating to the Executive Board and Supervisory Board. In the
course of the regular joint trainings and professional development measures for
the Supervisory Board and Executive Board four workshops were also held, on
“Artificial Intelligence” (March), global economic outlook (June), digital assets
(June) and the revision of the remuneration system for the Executive Board
(September).
Furthermore, the Nomination Committee dealt in separate workshops with
regulation, investor perspectives and market trends in view of the upcoming
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
9
revision of the remuneration system for the Executive Board (June) and the
revision of the remuneration system for the Executive Board (September).
Another workshop enabled the Supervisory Board members, especially those
elected for the first time in the reporting year, to obtain information on the
subject of “D&O insurance” (September). The workshops were carried out by
internal and external experts.
Two plenary meetings and six Nomination Committee meetings, out of a total
of 42 Supervisory Board meetings in the reporting year (plenary and
committee meetings), were held solely as video or conference calls. This
virtual format was chosen particularly for meetings convened at short notice.
The average attendance rate for all Supervisory Board members at the plenary
and committee meetings (including those held solely as video or conference
calls) was 99 per cent during the year under review. An average of 30 per cent
was in the form of virtual attendance. The virtual attendance rate at the
committee meetings alone was 32 per cent.
The individual Supervisory Board members attended meetings in person or
virtually as follows:
Attendance of Supervisory Board members at meetings in 2024
Meetings in total
(thereof virtual
attendance1)
Attendance at
plenary meetings
(thereof virtual
attendance)
Attendance at
committee
meetings
(thereof virtual
attendance)
Attendance in %
(thereof virtual
attendance
in %)
Martin Jetter (Chair)
27/28 (13)
9/9 (2)
18/19 (11)
96 (48)
Markus Beck (Deputy Chair)
30/30 (9)
9/9 (2)
21/21 (7)
100 (30)
Nadine Brandl
22/22 (14)
9/9 (4)
13/13 (10)
100 (64)
Andreas Gottschling
23/23 (5)
9/9 (2)
14/14 (3)
100 (22)
Anja Greenwood
29/29 (15)
9/9 (2)
20/20 (13)
100 (52)
Oliver Greie
15/15 (2)
9/9 (2)
6/6 (0)
100 (13)
Shannon Johnston
13/13 (5)
9/9 (3)
4/4 (2)
100 (38)
Susann Just-Marx
(until 14 May 2024)
7/7 (2)
3/3 (0)
4/4 (2)
100 (29)
Achim Karle
17/17 (4)
9/9 (3)
8/8 (1)
100 (24)
Sigrid Kozmiensky
(since 14 May 2024)
9/9 (2)
6/6 (2)
3/3 (0)
100 (22)
Barbara Lambert
30/30 (11)
9/9 (2)
21/21 (9)
100 (37)
Rainer Müller
(since 14 May 2024)
16/16 (2)
6/6 (2)
10/10 (0)
100 (13)
Michael Rüdiger
(until 14 May 2024)
12/12 (6)
3/3 (0)
9/9 (6)
100 (50)
Peter Sack
(until 14 May 2024)
4/4 (0)
3/3 (0)
1/1 (0)
100 (0)
Carsten Schäfer
(since 14 May 2024)
11/11 (4)
6/6 (2)
5/5 (2)
100 (36)
Charles Stonehill
19/19 (5)
9/9 (2)
10/10 (3)
100 (26)
Clara-Christina Streit
22/22 (10)
9/9 (2)
13/13 (8)
100 (45)
Chong Lee Tan
10/11 (2)
8/9 (2)
2/2 (0)
91 (20)
Daniel Vollstedt
(until 14 May 2024)
5/5 (0)
3/3 (0)
2/2 (0)
100 (0)
Maria-Regina Wohak
(since 14 May2024)
10/11 (3)
6/6 (2)
4/5 (1)
91 (30)
Average attendance rate2
99 (30)
1 Based on all meetings, including those in a purely virtual format; virtual attendance at in person meetings was
chosen in some cases, particularly in case of illness or to reduce CO2 emissions caused by travelling.
2 Attending workshops is optional for Supervisory Board members. Workshop attendance is therefore not taken into
account in the determination of the average attendance rate.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
10
Topics addressed during plenary meetings of the
Supervisory Board
In the reporting year we discussed in detail the upcoming new appointments
to the Executive Board and Supervisory Board of Deutsche Börse AG. At the
beginning of this year, Stephan Leithner took over as CEO from Theodor
Weimer, who resigned from the Executive Board as scheduled at the end of the
reporting year on reaching the age of 65. Stephan Leithner and Theodor
Weimer had previously led the company together as Co-CEOs.
Clara-Christina Streit was nominated by the Supervisory Board as its future
Chair as of the Annual General Meeting 2025. This was necessary as the
incumbent Supervisory Board Chair, Martin Jetter, resigned from his
Chairmanship and from the Supervisory Board with effect from the close of the
Annual General Meeting 2025. A “Chairman Selection Committee” was formed
temporarily by the Supervisory Board to find a new Chair. Clara-Christina Streit
has been a member of the Supervisory Board of Deutsche Börse AG since
2019. She has extensive experience of working on and chairing supervisory
boards and boards of directors of national and international companies. As
Chairwoman of the Government Commission on the German Corporate
Governance Code, she also has particular expertise in the area of corporate
governance.
Apart from the CEO succession, we also had to take other important personnel
decisions concerning the Executive Board in the reporting year. The Executive
Board was expanded to seven members. The former business area “Pre- and
Post-Trading” was divided into two Executive Board areas to reflect the size
and growing strategic importance of the segment “Investment Management
Solutions” (formerly Pre-Trading). We first appointed Stephanie Eckermann to
the Executive Board with responsibility for “Post-Trading”. At the end of the
reporting year, we also appointed Christian Kromann as the Executive Board
member for “Investment Management Solutions”. He was appointed as a new
member and took over responsibility for this Executive Board area from
Stephan Leitner with effect from 1 January 2025. We also appointed Jens
Schulte as a future Executive Board member and successor to the long-
standing CFO Gregor Pottmeyer, who is scheduled to resign from the
company’s Executive Board on 30 September 2025, having been a member
since 2009. Please refer to the Personnel matters section for further details.
In addition, the Supervisory Board discussed in detail the upcoming revision of
the remuneration system for the Executive Board in the reporting year. This
will be presented to the Annual General Meeting 2025 for approval. In terms
of the Executive Board remuneration we closely looked at the current
regulations, as well as investor perspectives and market trends. The revised
remuneration system continues to set targeted incentives for sustainable
economic growth by Deutsche Börse AG. In terms of sustainability targets, we
concentrated on the employees of Deutsche Börse Group. They are of decisive
importance for the Group’s successful long-term performance.
We also looked at employees from a strategic perspective and were given a
presentation by the Executive Board on the HR strategy for the entire Deutsche
Börse Group. The climate strategy was expanded and environmental activities
were combined with social and corporate governance matters to form a new
sustainability strategy.
In the field of information technology, we defined “Artificial Intelligence” (AI)
and digital assets as priority areas for the Supervisory Board and looked at
these in detail. The Executive Board presented its strategic considerations
regarding AI to us. We were also informed about concrete use cases of AI in
Deutsche Börse Group, AI-enabled programming, and the opportunities and
risks of AI for a company’s cyber-resilience. In the field of digital assets, we
discussed in depth the digital transformation of financial markets, Deutsche
Börse Group’s strategy for its products and services in the digital asset space,
and the status of its implementation. Further important topics in the field of
information technology were cyber resilience and the status of integration of
SimCorp from a technological perspective.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
11
In the reporting year we again dealt with various legal matters, and acquired
an overview of the current status of important litigations and legal proceedings
involving Deutsche Börse Group, including the litigation and legal proceedings
involving Clearstream Banking S.A. in the USA and Luxembourg, the European
Commission’s antitrust investigations into financial derivatives, and the
ongoing investigation by the Public Prosecution’s Office in Cologne regarding
the conception and settlement implementation of securities transactions by
market participants over the dividend date (cum-ex transactions). Market
participants used such transactions to make unjustified tax refund claims. In
this context, the Supervisory Board also dealt with investigations into such
transactions by the stock exchange regulator in the German state of Hesse.
Another important aspect of our Supervisory Board work was the efficiency,
suitability and effectiveness of the internal control systems, and the handling
of findings by internal control functions, external auditors and regulatory
authorities.
In addition, the Supervisory Board Chair held meetings with institutional
investors and proxy advisers in September and December 2024 to discuss
current governance topics affecting the Supervisory Board. These meetings
focused on the Supervisory Board’s work in the reporting year, a review of the
Annual General Meeting 2024 and a look ahead to 2025, the recent and
upcoming personnel decisions for the Executive Board and Supervisory Board,
and the revision of the remuneration system for the Executive Board.
The Supervisory Board Chair summarised his dialogue with investors in the
plenary meetings and the meetings of the Nomination Committee.
Our plenary meetings and workshops during the reporting period focused
particularly on the following topics:
At our ordinary meeting on 7 February 2024, the Executive Board reported in
a regular cycle on the status of the cross-divisional client relationship
management. We also discussed the preliminary result for financial year 2023
and the Executive Board’s dividend proposal for 2023. After in-depth
discussion, we set the amount of variable remuneration for the Executive
Board for 2023. We also adopted the corporate governance statement 2023.
The Executive Board informed us in detail about the current status of the
litigations and legal proceedings involving Clearstream Banking S.A. in the
USA and Luxembourg, and the hearing by the Hesse Exchange Supervisory
Authority on establishing the risk management system for the stock market
operations of the Frankfurt Stock Exchange. Finally, we dealt with the
upcoming election of shareholder representatives at the Annual General
Meeting 2024 and passed a resolution to propose the election of Sigrid
Kozmiensky to the Supervisory Board to succeed Michael Rüdiger.
At the ordinary meeting on 8 March 2024, we discussed Deutsche Börse AG’s
annual financial statements for 2023 as well as the consolidated financial
statements for 2023 and the remuneration report for 2023 in the presence of
the external auditors. After having carried out our own detailed examination,
we approved the annual and consolidated financial statements for 2023 and
the remuneration report 2023 in line with the recommendation of the Audit
Committee, which had previously carried out an in-depth preparatory
examination of the documents. The meeting also gave us the opportunity to
discuss matters with the auditors without the presence of the Executive Board.
In addition to the Supervisory Board report for 2023, we also adopted the
agenda for the Annual General Meeting 2024 and elected Barbara Lambert as
the deputy chair of the meeting. After an in-depth discussion and on the
recommendation of the Nomination Committee, we appointed Stephan
Leithner as Deputy CEO with immediate effect until 30 September 2024, as
Co-CEO alongside Theodor Weimer with effect from 1 October 2024, and as
sole CEO of Deutsche Börse AG with effect from 1 January 2025. The
Executive Board then informed us of the personnel situation in Deutsche Börse
Group.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
12
A technology workshop on the subject of “Artificial Intelligence” (AI) also took
place on 8 March 2024, where we looked at the starting point for strategic
considerations regarding AI in Deutsche Börse Group, concrete use cases for
AI and new cyber-risks resulting from AI. The Federal Office for Information
Security (BSI) also informed us about AI programming support and control
criteria for AI.
At our ordinary meeting on 14 May 2024, we discussed the upcoming Annual
General Meeting 2024 with the Executive Board.
At the constituent meeting on 14 May 2024, after the close of the Annual
General Meeting, Martin Jetter was re-elected as Chair and Markus Beck as
Deputy Chair of the Supervisory Board of Deutsche Börse AG. The newly
elected shareholder representative Sigrid Kozmiensky and the newly elected
employee representatives Rainer Müller, Carsten Schäfer and Maria-Regina
Wohak attended the meeting. We also resolved on the composition of the
Supervisory Board committees.
At the extraordinary meeting on 27 May 2024, we appointed Stephanie
Eckermann to the Executive Board of Deutsche Börse AG.
In another strategy workshop on 18 June 2024, we discussed geopolitical and
economic developments in the USA and globally.
Another technology workshop was held on 19 June 2024, in which we looked
closely at digital assets. We discussed the digital transformation of financial
markets, Deutsche Börse Group’s strategy in this regard and the status of its
implementation.
The ordinary meeting on 20 June 2024 was again held at one of Deutsche
Börse Group’s international offices. At the meeting in New York City, USA, we
discussed the performance of recently acquired companies and equity
investments and the investments made in the context of Deutsche Börse
Group’s corporate venturing activities. Furthermore, the Executive Board gave
us a detailed presentation of Deutsche Börse Group’s strategic consideration
regarding AI. Moreover, it explained the starting point for the upcoming HR
strategy for the entire Deutsche Börse Group.
At an extraordinary meeting on 10 September 2024, the Supervisory Board
Chair, Martin Jetter, informed us about his resignation as Chair and member of
the Supervisory Board of Deutsche Börse AG with effect from the close of the
Annual General Meeting 2025.
We dealt with the revision of the remuneration system for the Executive Board
at a governance workshop on 19 September 2024. A workshop on “D&O
insurance” was held on the same day, particularly for the newly elected
Supervisory Board members.
At the ordinary meeting on 19 September 2024, the Executive Board
explained the HR strategy for the entire Deutsche Börse Group, and we
approved the cancellation of treasury shares and the corresponding
changes to the Articles of Incorporation to reduce share capital. We dealt
with the effectiveness review to be carried out in the reporting year and
with the annual suitability assessment. This involved the regular review of
the targets for the composition of the Supervisory Board and the
amendment of those. Finally, we decided to form a “Chairman Selection
Committee” that was mandated to identify candidates to succeed the Chair
of the Supervisory Board and to propose them for election by the
Supervisory Board.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
13
At the ordinary meeting on 5 and 6 December 2024, we adopted the budget
for 2025 and appointed Christian Kromann and Jens Schulte to the Executive
Board of Deutsche Börse AG. Christian Kromann took over responsibility for
the segment “Investment Management Solutions” as of 1 January 2025 from
Stephan Leithner, who became sole CEO as of the same date. Jens Schulte
will succeed CFO Gregor Pottmeyer, whose term of office ends as planned on
30 September 2025. On the recommendation of the Chairman Selection
Committee we also nominated Clara-Christina Streit as candidate for the
Supervisory Board Chair from the end of the ordinary Annual General Meeting
2025. Due to the delay in transposing the CSRD into German law, we also
discussed the voluntary business review with limited assurance of the Group
sustainability statement in the combined management report, which has been
prepared in accordance with the principles of the CSRD and based on the
ESRS framework, and appointed PwC to carry this out. We again examined the
performance of recently acquired companies and equity investments and the
investments made in the context of Deutsche Börse Group’s corporate
venturing activities. The Executive Board also informed us about the results of
the annual employee survey, the implementation status of the personnel
strategy in the reporting year and the revisions that had been made to the
strategy for 2025. We also discussed thoroughly and in detail the current
status of the important litigations and legal proceedings involving Deutsche
Börse Group and adopted the declaration of conformity in accordance with
section 161 Aktiengesetz (AktG, German Stock Corporation Act) for financial
year 2024, which can be viewed at www.deutsche-boerse.com > Investor
Relations > Corporate Governance > Declaration of Conformity. We updated
the rules of procedure for the Executive Board and agreed to their publication.
In addition, we expanded the qualification requirements for Executive Board
members relating to information and communications technology and related
risks. We discussed and adopted the results of our annual effectiveness review
in accordance with section D.12 of the German Corporate Governance Code,
the annual suitability assessment of the Supervisory Board and the Executive
Board, as well as the upcoming year’s training plan for the Executive Board
and Supervisory Board. We also adopted in principle the revised remuneration
system for the Executive Board.
Martin Jetter, the Supervisory Board Chair, presented the agenda before each
Supervisory Board meeting and informed the Supervisory Board about current
matters. The CEO Theodor Weimer, together with his Co-CEO Stephen Leithner
from 1 October 2024 onwards, also informed us about the current
developments affecting the company’s business and significant transactions at
the beginning of each meeting. At the end of each meeting, the Supervisory
Board members talked openly and extensively among themselves, without
Executive Board members, about the meeting itself and general topics. A
similar discussion also took place at the Supervisory Board meeting on 13
March 2025 in which we approved the annual and consolidated financial
statements for 2024, and which was also attended by the auditors. From
2021 onwards the members of the Audit Committee have had regular talks
with the external auditors without the Executive Board members.
Committee work
The Supervisory Board had seven permanent committees in the reporting year,
and additionally a “Chairman Selection Committee” for a limited period. The
committees are responsible primarily for preparing the decisions to be taken
by, and topics to be discussed in, the plenary meetings. Additionally, the
Supervisory Board has delegated individual decision-making powers to the
committees, to the extent that this is legally permissible. The individual
committee chairs reported in detail to the plenary meetings on the work
performed by their committees. The Chair of the Supervisory Board chairs the
Nomination Committee, the Strategy and Sustainability Committee, the
Chairman’s Committee and the Mediation Committee. Details on the members
and duties of the Supervisory Board committees in 2024 can be found in the
“Corporate governance statement” section of the combined management
report. The committees focused on the following key topics:
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
14
Audit Committee (six meetings during the reporting period)
Financial topics, particularly capital management
Financial reporting: examination of the annual financial statements of
Deutsche Börse AG and of the consolidated financial statements, including
the financial reporting process, of the combined management report incl. the
Group Sustainability declaration, the remuneration report and of the half-
yearly financial report and the quarterly statements, as well as a discussion
of the audit results in the presence of the auditors; preparation of the
Supervisory Board decision on adopting the annual financial statements and
approving the consolidated financial statements and the Executive Board
proposal for the appropriation of the unappropriated surplus
Auditor: obtaining the statement of independence from the external auditor
and monitoring the external auditor’s independence; issuing the engagement
letter to the external auditor for the audit of the annual and consolidated
financial statements and the combined management report, issuing the
engagement letter for a voluntary business review with limited assurance of
the Group Sustainability declaration; issuing the engagement letter for the
auditor’s review of the half-yearly financial report; issuing the engagement
letter for the audit of the form and contents of the remuneration report,
agreeing the external auditor’s fee; defining and discussing the focus areas of
the audit; discussing non-audit services rendered by the external auditors;
evaluating audit quality and preparing the Supervisory Board’s proposal to
the Annual General Meeting on the election of the auditor
Internal control systems: discussion of questions relating to risk management
and the effects of new regulations on the risk framework, compliance and
capital market compliance, the internal control and audit system; discussion
of the methods and systems used and their efficiency, adequacy and
effectiveness, detailed discussion of the accounting-related internal control
system
Deutsche Börse AG’s dividend and the Group’s budget
Discussion and formal adoption of the Audit Committee’s tasks for the
coming year
Preparation of the Supervisory Board’s resolution on the corporate
governance statement in accordance with section 289f Handelsgesetzbuch
(HGB, German Commercial Code) and the declaration of conformity in
accordance with section 161 AktG
Examination of the control process for related-party transactions
Examination of the Corporate Sustainability Reporting Directive, especially in
terms of its implementation in the company, including double materiality
assessment and responsibilities of the Audit Committee
Measures to close internal and external audit findings
Review of important litigations and legal proceedings involving Deutsche
Börse Group
Dealing with the tax positions of Deutsche Börse AG and other tax issues
Dealing with the group-wide implementation of the EU General Data
Protection Regulation
Nomination Committee (13 meetings and two workshops during
the reporting period)
Executive Board remuneration: target achievement of Executive Board
members, determination of the variable Executive Board remuneration for
2023, preliminary discussion of individual target achievement by members
of the Executive Board in 2024, review of the appropriateness of Executive
Board remuneration and revision of the remuneration system for the
Executive Board due to the obligation to present it to the Annual General
Meeting for approval in 2025
Personnel matters: detailed discussion of the planned succession of the CEO
and CFO and the search of two Executive Board members for the segments
“Post-Trading” and “Investment Management Solutions”, dealing with
external executive board mandates of Stephan Leithner, discussion of
succession planning for the Executive Board and subsequent management
levels, considering diversity and inclusion aspects
Dealing with the election of shareholder representatives by the Annual
General Meeting in 2024, dealing with a successor to Martin Jetter as a
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
15
Supervisory Board member as of the end of the Annual General Meeting in
2025
Dealing with the competence profile for the Supervisory Board and Executive
Board and the suitability assessment for the Executive Board and Supervisory
Board, including the qualification matrix for the Supervisory Board
Dealing with the annual effectiveness review and measures to improve the
work of Supervisory Board
Dealing with the training plan for the Executive Board and Supervisory Board
for 2025
Discussion of the results of the annual employee survey
Risk Committee (four meetings during the reporting period)
Discussion about the quarterly compliance and risk management reports
Dealing with ongoing enhancements to Group-wide compliance and risk
management and the harmonisation of internal control systems
Dealing with operational risks, information security and measures to raise
awareness for cyber-attacks
Dealing with risk management in the EEX Group
Dealing with legal matters concerning Deutsche Börse Group
Discussion of the determination of the risk appetite of Deutsche Börse Group
for 2025
Dealing with specific risk situations, particularly concerning the geopolitical
situation and effects on Deutsche Börse Group of a crisis scenario in the
commercial real estate market
Further review of the implementation of the EU General Data Protection
Regulation in Deutsche Börse Group
Strategy and Sustainability Committee (two meetings during the
reporting period)
Discussion and review of Deutsche Börse Group’s new sustainability strategy
Discussion of ISS STOXX from a strategic perspective
Technology Committee (four meetings during the reporting period)
Discussion of strategic considerations regarding AI and ways to use AI at
Deutsche Börse Group
Dealing with current developments in information security
Dealing with digitalisation initiatives in the Clearstream business area
Dealing with the IT support for secular and organisational changes in
Investment Management Solutions
Discussion of IT governance and important initiatives in the Eurex business
area
Dealing with the implementation of the partnership with a provider of cloud
infrastructure
Management of regulatory changes, in particular the EU Regulation on digital
operational resilience for the financial sector and its implementation
Chairman Selection Committee (four meetings during the reporting
period)
Preparation of the elections for a new Supervisory Board Chair after the
Annual General Meeting 2025
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
16
Chairman’s Committee (no meeting during the reporting period)
The Chairman’s Committee convenes on the initiative of the Chair of the
Supervisory Board; it deals with time-sensitive affairs and prepares the
corresponding Supervisory Board plenary meetings. There was no need for
the Chairman’s Committee to hold a meeting during the year under
review.
Mediation Committee (no meetings during the reporting period)
The Mediation Committee is set up by law. Pursuant to section 31(3)
MitbestG, it submits proposals to the Supervisory Board for the appointment
or dismissal of Executive Board members when a two-thirds majority has not
been reached. The Mediation Committee only convenes as required. There
was no need for the Mediation Committee to hold a meeting during the year
under review.
Audit of the annual and consolidated financial
statements
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft (PwC), based
in Frankfurt am Main, audited the annual financial statements of Deutsche
Börse AG, the consolidated financial statements and the combined
management report for the financial year ended 31 December 2024, together
with the accounting system, and issued an unqualified audit opinion. The
condensed financial statements and interim management report contained in
the half-yearly financial report for the first six months of 2024 were reviewed
by PwC. The documents relating to the financial statements and the reports by
PwC were submitted to us for inspection and examination in good time. The
auditors responsible were Marc Billeb and Michael Rönnberg. The auditors
attended the relevant meetings of the Audit Committee and the meeting of the
full Supervisory Board to discuss the financial statements – in all cases also
without the Executive Board members. They reported on the key results of
their audit. In particular they explained the net assets, financial position and
result of operations of the company and the Group and were available to
provide further information. They had regular exchanges with the Chair of the
Supervisory Board and the Chair of the Audit as well as the Risk Committee,
also outside the meetings. The audit of the annual and consolidated financial
statements and the combined management report as well as the voluntary
business review with limited assurance of the Group sustainability statement in
the combined management report, which has been prepared in accordance
with the principles of the CSRD and based on the ESRS framework, did not
give rise to any objections. No facts were identified in the course of the audit
that would indicate an inaccuracy in the declaration of conformity pursuant to
section 161 AktG declared by the Executive Board and Supervisory Board, for
which an obligation of the auditor to notify the Chair of the Audit Committee
had been agreed. There were also no objections raised as a result of the non-
mandatory audit of the form and content of the remuneration report. The
Supervisory Board discussed the services provided by PwC on a regular basis
in addition to their statutory auditing services. There were no grounds for
suspecting that the auditors’ independence might be impaired.
The Audit Committee discussed the financial statement documents and the
reports by PwC in detail with the auditors and examined them carefully itself.
It is satisfied that the reports meet the statutory requirements under sections
317 and 321 HGB in particular. The committee reported to the Supervisory
Board on its examination and recommended that it approves the annual
financial statements and consolidated financial statements.
Our own examination – during a plenary meeting – of the 2024 annual
financial statements, consolidated financial statements and the combined
management report, including the non-financial statement, did not lead to any
objections. We therefore approved the result of the audit. We approved the
annual financial statements prepared by the Executive Board and the
consolidated financial statements at our meeting on 13 March 2025, in line
with the Audit Committee’s recommendation. As a result, the annual financial
statements of Deutsche Börse AG have been adopted. The Audit Committee
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
17
discussed the Executive Board’s proposal for the appropriation of the
unappropriated surplus (Bilanzgewinn) with the Executive Board. The
discussion covered company liquidity, its financial planning and shareholders’
interests. Following this discussion and its own examination, the Audit
Committee concurred with the Executive Board’s proposal for the appropriation
of the unappropriated surplus. After examining this ourselves, the plenary
meeting of the Supervisory Board also approved the Executive Board’s
proposal.
Personnel matters
The following personnel changes were made to the Supervisory Board during
the reporting period.
In line with the Articles of Incorporation, the Supervisory Board consists of
sixteen members. The shareholder representative Sigrid Kozmiensky was one
of eight members newly elected to the Supervisory Board.
In the reporting year, the Supervisory Board also dealt with a successor to
Martin Jetter on the Supervisory Board, who resigned with effect from the
close of the Annual General Meeting on 14 May 2025.
The following personnel changes were made with regard to the Executive
Board in 2024.
Theodor Weimer’s term of office as CEO of Deutsche Börse AG ended as
scheduled on 31 December 2024. The Supervisory Board expresses its sincere
thanks to Theodor Weimer, who since assuming his office in 2018 first
contributed to stabilising Deutsche Börse AG and subsequently drove Deutsche
Börse Group’s strategic development with great determination and energy.
Deutsche Börse Group has grown continuously and sustainably under his
leadership and its economic performance has been very positive.
Stephan Leithner has been sole CEO of Deutsche Börse AG since 1 January
2025. He has been a member of the Executive Board of Deutsche Börse AG
since 2018 and until 2024 was responsible for the business area “Pre- &
Post-Trading”. He played a key role in driving the development of the
strategically important “Investment Management Solutions” segment (formerly
“Pre-Trading”). In the reporting year Stephan Leithner was initially appointed
as Deputy CEO with effect from 8 March 2024 and then to Co-CEO with
Theodor Weimer with effect from 1 October 2024. The Supervisory Board has
thus ensured a seamless transition at the head of the company.
We also appointed Stephanie Eckermann for the first time to the Executive
Board of Deutsche Börse AG for a period of three years. Stephanie Eckermann
has been responsible since 1 June 2024 for the business area “Post-Trading”,
which was created by splitting the “Pre- and Post-Trading” business area. She
has extensive management experience and is an acknowledged expert in the
Post-Trading area. She was a member of the Executive Board of Clearstream
Holding AG from 2020 and CEO of Clearstream Banking AG from 2023.
The Supervisory Board also appointed Christian Kromann as a new Executive
Board member for three years from 1 January 2025. He took over
responsibility for the business area “Investment Management Solutions” as of
1 January 2025 from Stephan Leithner, who became sole CEO of Deutsche
Börse AG as of the same date. Christian Kromann was previously CEO of
SimCorp A/S, which was fully acquired by Deutsche Börse AG in 2023.
SimCorp’s software solutions are a major part of the Investment Management
Solutions segment.
At the end of the reporting year, we also appointed Jens Schulte as a new
Executive Board member for a period of three years. He will succeed the long-
standing CFO Gregor Pottmeyer, who is planned to leave the Executive Board,
of which he has been a member since 2009, as of 30 September 2025. Jens
Schulte was previously CFO of thyssenkrupp AG and worked at Schott AG,
where he also successfully completed the IPO of its subsidiary Schott Pharma
AG.
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
18
Dealing with conflicts of interest
In order to rule out in advance even the impression that their personal interests
might affect their work and decisions in the Supervisory Board, all Supervisory
Board members disclose to the Chair of the Supervisory Board without delay
any conflicts of interest, particularly those that may arise due to an advisory
function or decision-making role at customers, suppliers, lenders or other
business partners. One Supervisory Board member did not take part in
discussions or decisions on the subject of the EU’s anti-trust investigations into
financial derivatives in order to avoid any potential conflict of interest.
We would like to thank the Executive Board and all employees for their great
commitment and good work in 2024.
Frankfurt am Main, 13 March 2025
for the Supervisory Board:
Martin Jetter
Chair of the Supervisory Board
PDF (A4)
Executive and Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
19
Combined
management report
21
Deutsche Börse:
Fundamental information about
the Group
24
Strategy and steering parameters
28
Economic situation
46
Risk report
69
Report on opportunities
75
Report on expected developments
77
Report on post-balance sheet date
events
78
Sustainability statement
143
Corporate governance statement
167
Deutsche Börse AG (notes based
on HGB)
173
Takeover-related disclosures
Deutsche Börse: Fundamental information about the Group
Deutsche Börse Group is one of the largest providers of market infrastructure in the world. We provide our
clients with a broad spectrum of products and services along the value chain of financial market transactions.
Securities, derivatives, commodities, currencies and digital assets are traded on our platforms.
About this report
This combined management report covers both Deutsche Börse Group and
Deutsche Börse AG. It meets the requirements of HGB (German Commercial
Code) and Deutscher Rechnungslegungs Standard Nr. 20 (DRS 20, German
Accounting Standard No. 20). Additionally, the consolidated management re-
port includes the sustainability statement. The sustainability statement of
Deutsche Börse Group and its parent company, Deutsche Börse AG, complies
with the requirements of §§ 289 b–e in conjunction with 315 b–c of the Ger-
man Commercial Code (HGB). The sustainability statement was prepared in
anticipation of the national implementation of the Corporate Sustainability Re-
porting Directive (CSRD) in accordance with the requirements of the European
Sustainability Reporting Standards (ESRS) as a framework. The sustainability
statement was audited on a voluntary basis to obtain limited assurance. The
information about our net assets, financial position and result of operations is
based on the requirements of International Financial Reporting Standards
(IFRS), and if applicable, German commercial law (HGB) and German Finan-
cial Reporting Standards (DRS).
Business operations and Group structure
Deutsche Börse AG was established in 1992 and is a global company based
in Frankfurt/Main, Germany. It is the parent company of Deutsche Börse
Group. Altogether we have over 15,000 employees from 129 nations working
at 60 sites.
As one of the largest providers of capital market infrastructure worldwide, we
offer our clients a broad range of products and services along the value chain
of financial market transactions. Our offering ranges from portfolio manage-
ment software, analytics solutions, the ESG business and index development,
via services for trading, clearing and settling orders through to custody services
for securities and funds, and liquidity and collateral management services. We
also develop and operate the IT systems and platforms that support all these
processes. In addition to securities, our platforms are also used to trade deriva-
tives, commodities, foreign exchange and digital assets.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
About this report
Business operations and Group structure
Management
Organisational structure
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
21
Our business takes place in four segments: Investment Management Solutions,
Trading & Clearing, Fund Services and Securities Services. This structure is
used for the internal Group controlling and forms the basis for our financial re-
porting.
For further details we refer to the segment reporting in the section “Results of
operations”.
Deutsche Börse Group's full group of consolidated entities is set out in Note 35
to the consolidated financial statements.
Management
The governing bodies of Deutsche Börse AG, which is a German stock corpora-
tion, are the Annual General Meeting, the Supervisory Board and the Executive
Board, each of which has its own areas of responsibility.
The Annual General Meeting rules on the appropriation of distributable profit,
appoints the shareholder representatives on the Supervisory Board and dis-
charges the Executive Board and the Supervisory Board of liability. In addition,
it rules on equity issuance and other matters governed by the Aktiengesetz
(AktG, German Stock Corporation Act).
The Supervisory Board appoints, supervises, and advises the members of the
Executive Board, and is involved directly in decisions of fundamental im-
portance to the Group. Additionally, it approves the annual financial state-
ments as well as the consolidated financial statements prepared by the Execu-
tive Board. Members of the Supervisory Board are appointed for a period of
three years, although the Annual General Meeting may determine a shorter
term of office when electing members. The composition of the Supervisory
Board is governed by the provisions of the German Co-determination Act (Mit-
bestimmungsgesetz). It is made up of eight shareholder representatives and
eight employee representatives. Further details are provided in the corporate
governance statement.
The Executive Board is responsible for the management of the company,
whereby the Chief Executive Officer (CEO) coordinates the activities of the Ex-
ecutive Board members. In the 2024 financial year, the Executive Board of
Deutsche Börse AG comprised six members until June 2024 and seven mem-
bers from July 2024. The remuneration system and the remuneration paid to
individual members are explained in more detail in the “Remuneration report”.
Organisational structure
Our organisation is divided into seven Executive Board areas as follows:
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
About this report
Business operations and Group structure
Management
Organisational structure
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
22
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
About this report
Business operations and Group structure
Management
Organisational structure
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
23
Strategy and steering parameters
Deutsche Börse Group has a strong market position in Europe as an operator of market infrastructure. As a
fully integrated end-to-end provider we offer our customers a broad value chain with innovative solutions.
With our integrated product and service portfolio, we evolute customer solu-
tions, driving value for our shareholders by fostering our market position and
growth outlook.
As one of the early adopters of electronic trading, we take great pride in further
fostering our technological footprint and drive digitalisation forward. Deutsche
Börse Group’s value chain is marked by a high degree of integration and diver-
sification. As a result, our business model is characterised by high scalability,
a low risk profile and low capital intensity, with a high affinity for technology
at the same time. This is not only a unique sales proposition in international
competition, but also forms the basis for attractive growth opportunities and
also makes our business model more robust and resilient to market fluctua-
tions or secular shifts.
Our strong technological position also empowers our Group to derive concrete
strategic value from broader market developments and trends. As such, new
business activities and new customer groups beyond the core business have
become an integral element of our value proposition. As part of this, Deutsche
Börse Group has positioned itself to service the buy-side with a service offering
and has also embraced new asset classes (e.g. digital assets).
Our broad value chain, including our solutions for investment management,
trading and clearing, securities services and fund services, is therefore well po-
sitioned to capture key customer groups and asset classes.
This has enabled us to demonstrate a strong business performance in recent
years and laid the foundation for our current strategy entitled Horizon 2026,
presented on 7 November 2023. Horizon 2026 defines the strategic direction
and financial targets for the years ahead through to 2026 and thus secures
our market position and continued viability. The core of Horizon 2026 is the
business strategy that we have mapped out comprehensively and in detail at a
Group and segment level. The relevant strategic aspects of political & regula-
tory developments, human resources, information technology, environment,
social and governance, are integral parts of our business strategy. The relevant
financial strategy for our Group is reflected in the framework for capital alloca-
tion. It backs up our business strategy and forms the basis for our further cor-
porate growth.
In our strategy, we make a fundamental distinction between organic growth,
generated from existing operations, and inorganic growth by means of focused
acquisitions to expand or deepen our value chain. Organic growth consists
mainly of secular initiatives such as product innovation, additional market
share or new customer gains, as well as cyclical growth due to higher trading
volumes driven by market fluctuations.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
24
Our growth course as defined in Horizon 2026 is built on three strategic pil-
lars.
Strong organic growth: As in the past, organic growth forms the foundation
for Horizon 2026. We benefit from long-term industry trends in attractive
markets and strive for profitable organic growth of around 7 per cent per year
on average up to 2026. Structural growth, as opposed to cyclical growth, is
here intended to account for the largest share.
Investment Management Solutions: With the acquisition of SimCorp in
2023, we complemented our former activities in the area of data and analyt-
ics with a holistic offering for institutional investors by pooling end-to-end so-
lutions for investment management and high-quality data in a new segment.
In addition, we expect the acquisition of SimCorp to generate an average of
around 3 per cent of inorganic growth per year until 2026 and increasing
our share of recurring revenue.
Digital leadership: We intend to keep expanding our leading role in the digi-
talisation of assets. With D7 we already operate in the Securities Services
segment one of the leading digital infrastructures globally in the post-trade
area. Cloud technologies and artificial intelligence also help us increase our
effectiveness and efficiency, and to open up new business areas at the same
time.
Deutsche Börse Group is aiming for overall growth in net revenue of around
10 per cent p.a. on average until 2026. The reference year for this is 2022.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) should
increase to an average of 11 per cent p.a. Earnings per share before the ef-
fects of purchase price allocation (cash EPS) should increase over the same
period by an average of 11 per cent a year.
Overview of “Horizon 2026” targets
in Ą
Basis 2022
Actual 2024
„Horizon 2026“
Targets
Net revenue (with treasury result)
4.3 bn
5.8 bn
~6.4 bn
EBITDA (with treasury result)
2.5 bn
3.4 bn
~3.8 bn
Cash EPS (Earnings per share with treasury
result before purchase price allocations)
8.61
11.36
~12.9
Since the beginning of the fourth quarter of 2024, we focus on our net reve-
nue without treasury result and EBITDA without treasury result to better steer
our organic business growth. Our overall growth ambitions remain unchanged.
Overview of “Horizon 2026” targets with new steering parameters
in Ą
Basis 2022
Actual 2024
„Horizon 2026“
Targets
Net revenue (without treasury result)
3.8 bn
4.8 bn
~5.7 bn
EBITDA (without treasury result)
2.0 bn
2.3 bn
~3.1 bn
Cash EPS (Earnings per share without treas-
ury result before purchase price allocations)
6.46
7.19
~10
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Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
25
To achieve these targets we are addressing the following market trends in our
four operating segments.
Investment Management Solutions: The increasing importance of the
buy-side in financial markets and the outsourcing of investment opera-
tions to central service providers, as well as higher demand for index-
driven investments, ESG services and reliable, high quality, unique
data.
Trading & Clearing: The shift from OTC to on-exchange trading,
greater use of fixed income products in response to restrictive mone-
tary policies, increasing demand for repo products and rising demand
for digital assets
Fund Services: The trend towards outsourcing of fund distribution and
processing to boost efficiency and facilitate growth while coping with
new demand of asset classes, reliable data and analytics services, and
current technology uplift trends
Securities Services: The expansion of asset classes and geographies,
and the enhancement of collateral management and securities lending
services, driven by the adoption of digital platforms and strategic part-
nerships
Additional cyclical growth components may contribute to the growth in net
sales. In addition, targeted acquisitions that are strategically and financially at-
tractive will remain part of our growth strategy in the future.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
26
Growth drivers "Horizon 2026"
Segment
Growth drivers
Investment Management Soluti-
ons
• Software Solutions (SimCorp & Axioma): (1) Increasing importance of the buy-side in the capital market and general growth of this customer group, (2) Customer
desire for a neutral provider of integrated investment management software, including risk management and analytics solutions, which is also internationally competi-
tive, (3) Pressure on asset management industry (pressure on margins), accelerating pace of technological innovation and continued resilience requirements increases
pressure for customers to review their operating model and seek for end-to-end technology, (4) Rising demand for holistic Software as a Service (SaaS) and Business
Process as a Services (BPaaS) investment management solutions, where customers can select the services they need along the investment management value chain
and obtain them individually and efficiently, (5) Front office of the future relies heavily on tech and data which provides growth opportunities for E2E players.
• ESG & Index (ISS/STOXX): (1) Continued trend for asset owner and asset manager to position themselves as active owners fuelling demand for governance and proxy
voting solutions, (2) Demand for high-quality unique ESG data including ratings and research driven by the need of asset managers and asset owners to differentiate
beyond pure risk-return characteristics, (3)Increasing regulation and reporting obligations (especially in EMEA) for companies, investors and funds, such as CSRD and
SFDR, which increase the need for market knowledge, ESG data, market analysis and research, (4) Growth of indexed products (incl. shift from active to indexed)
with proliferation of customized indexed products and movement into systematic products, (5) Increasing demand for an integrated offering of index and ESG products
and services that is internationally competitive.
• Synergy effects from the merger with SimCorp & Axioma and ISS & STOXX by pooling competences and distribution activities across products, as well as greater
business expansion in North America
Trading & Clearing
Financial derivatives:
• Interest rate derivatives: Innovative products, such as derivatives based on European sovereign bonds, and additional market share in the segment of short-term
interest rate derivatives (STIRs)
• OTC clearing: Additional market share due to greater efficiency in offsetting OTC and exchange-traded business (cross-margining), and an improved risk model. The
introduction of EMIR 3.0 and the associated Active Account Requirement will likely drive onboardings and activations to gain additional market share
• Repo: Higher demand for secured money market products as a result of central banks’ withdrawal from the money market and higher financing costs
• Equity & Index ETD: Innovative products, replicating OTC products in an exchange listed and centrally cleared environment, provide market participants with capital
efficiencies. Liquid derivatives on the benchmarks mostly referenced by ETF products help issuers to better manage their risks and to enhance the performance of their
products. Index options expiring the same day allow investors to better manage intraday market risks
Digital assets:
• Rising demand for digital asset classes
Commodities:
Electricity:
• Higher demand for power derivatives, driven by (1) higher price fluctuations due to the greater share of renewable energies in the energy mix, (2) uncertainty in
global power supply chains and thus higher need for hedging by market participants, (3) increasing trading in power derivatives by quant/algo traders, who are now
able to trade on electricity markets as a result of their greater liquidity
FX:
• New customer gains and additional market share compared with OTC trading
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
27
Growth drivers "Horizon 2026"
Segment
Growth drivers
Fund Services
• Scale with more processing and distribution outsourcing customers and service extensions
• Targeted expansion of services within the newly created banking structure to meet the needs of our customers
• Enhance and differentiate value proposition for asset managers, with regulatory, data-based and digital services as “one-stop shop”
• Exploit cross-selling potential with packaging of offering along the value chain
• Grow strategies for selected locations and asset classes
Securities Services
• Support growth along asset class and geography expansion
• Further strengthen leading Collateral Management and Securities Lending offering, competing effectively with technology-native businesses entering the market
• Expand scope and range of lending and collateral services
• Scaling opportunities by expanding “platforms as a service” proposition
• D7 as the first completely digital securities infrastructure – further momentum thanks to strategic partnership with Google Cloud
• Ongoing strong growth in secular fee income
We review our organic growth initiatives continuously. We capitalise particu-
larly on the expansion in secular growth markets and asset classes. At the
same time we always focus on the needs of our customers and technological
advances. Key initiatives and growth drivers are also described in more detail
in the “Report on opportunities” section.
The “Report on expected developments” section describes expected develop-
ments in the 2025 financial year.
Additionally, the renumeration system for the Executive Board and executive
staff has also created a number of incentives for growth in the individual busi-
ness division. The “Renumeration report” provides a detailed description of all
targets.
Financial steering parameters
The most important key performance indicators to manage our economic situa-
tion are net revenue without treasury result, EBITDA without treasury result,
and Cash EPS without treasury result. The treasury result comprises primarily
net interest income and margin fees and is not directly influenced by our busi-
ness decisions. Hence, net revenue without treasury result consists of sales
revenue, plus other operating income, less volume-related costs. One of the
most important pillars of the corporate strategy, in addition to absolute growth,
is the profitability of this growth. EBITDA stands for earnings before interest,
tax, depreciation and amortisation and as such is a gauge of our operative
earning power. It is a common indicator for measuring profitability. Another
key financial control criterion is earnings per share before purchase price allo-
cations (Cash EPS), since all profit and loss effects are reflected in this indica-
tor, and it can therefore be used to measure the successful implementation of
the growth strategy.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
28
Economic situation
Deutsche Börse Group remains on a growth path. We increased our net revenue again significantly in 2024.
We benefited from both organic growth and the takeover of SimCorp.
In the following section we look at the macroeconomic and sector-specific en-
vironment, the course of business, our earnings, the development of profitabil-
ity and other financial performance indicators.
Macroeconomic and sector-specific environment
Secular growth factors and M&A are a core element of our strategy. We can
plan them, manage them and adjust them to external circumstances. Macroe-
conomic and sector-specific factors beyond our control also play a decisive role
for business performance, because they determine the economic environment
in which we operate.
In 2024 these included:
A general slowdown in global economic growth, with tendencies
towards a recession in the German economy.
A decline in inflation rates, which helped to stabilise prices but is still above
the level central banks are aiming for.
The start of a cycle of interest rate cuts by central banks, intended to counter
slower economic growth.
Ongoing geopolitical tension and armed conflict in Ukraine and the Middle
East.
The election of a new US administration and its protectionist announce-
ments.
In its January 2025 estimate the International Monetary Fund (IMF) continued
to predict global economic growth of 3.2 per cent for 2024 (2023: 3.3 per
cent). Its forecast for growth in the euro area also remained at 0.8 per cent
(2023: 0.4 per cent). In Germany, by contrast, economic output is expected to
decline by –0.2 per cent (2023: –0.3 per cent).
Business developments
After a year 2023 that was marked by high inflation and rising interest rates,
monetary policy measures by central banks were mostly effective in financial
year 2024. A significant decline in inflation in the euro area and the USA
prompted central banks to initiate a cycle of interest rate cuts aimed at slowing
the economic downturn. This was accompanied by uncertainty on the part of
market participants and higher interest rate volatility on financial markets.
Hedging requirements rose accordingly at times, leading to greater trading in
interest rate products in the Trading & Clearing segment, Financial Derivatives.
In a lower interest rate environment investors also looked for alternatives on
equity markets, which resulted in record highs for global stock indices and was
reflected in our order book in Cash Equities. As market volatility declined, trad-
ing in equity index derivatives followed suit as a result.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
29
In the Trading & Clearing segment, Commodities, generally low volatility on
power and gas markets ensured further calm. High liquidity in power deriva-
tives trading was deepened further as professional traders entered the market,
increasing trading volumes accordingly.
In the Securities Services and Fund Services segments the higher-for-longer in-
terest rate environment continued to have a positive impact on our net interest
income. Net revenue in the core business of Securities Services – securities
custody and settlement – also increased due to higher global debt issuance
and greater trading activity in bonds.
The new Investment Management Solutions segment created following the ac-
quisition of SimCorp was largely defined by the successful merger of SimCorp
and the existing business with portfolio and risk management solutions from
Axioma. Under the “SimCorp One” brand, the investment industry can now
rely on a “front-to-back investment management solution” that simplifies work-
flows along the entire investment value chain. Most of the expected cost syner-
gies and initial revenue synergies were realised in the first year following the
acquisition.
Results of operations
We profited from organic and M&A-driven growth in net revenue in the finan-
cial year 2024. Whereas M&A growth mainly entailed the acquisition of
SimCorp in the Investment Management Solutions segment, all the segments
in our Group contributed to organic net revenue growth. Particularly notewor-
thy was growth in the Trading & Clearing segment, in Commodities and Finan-
cial Derivatives. The Securities Services and Fund Services segments also con-
tributed to this success with securities custody and settlement services and
growth in net interest income. The Investment Management Solutions segment
profited from both sustained product demand in Governance Solutions, Corpo-
rate Solutions and ESG, and the expansion of its market position in the Soft-
ware Solutions business. Here we significantly increased our net revenue with
the ‘SimCorp One’ platform as a SaaS solution, especially on the strategically
important North American market. Against this backdrop our net revenue rose
to Ą5,828.5 million in financial year 2024 (2023: Ą5,076.6 million). Net
revenue growth of 15 per cent consisted of 8 per cent organic growth and
7 per cent M&A growth. Without the treasury result (net interest income and
margin fees), net revenue was up by 8 per cent on an organic basis.
The Group’s operating costs went up by 17 per cent in the financial year to
Ą – 2,469.2 million (2023: Ą – 2,118.3 million). 14 per cent of the increase
is due to the SimCorp acquisition effect. Organic cost growth of just 3 per cent
stems largely from increases due to inflation and growth investment. Organic
cost growth also includes the costs of realising synergies of Ą46 million, as
well as a non-recurring negative effect of Ą15 million from terminating an ac-
quisition project in the Commodities business.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
30
Our earnings before interest, taxes, depreciation and amortisation (EBITDA) in-
creased accordingly by 15 per cent to Ą3,395.6 million (2023:Ą2,944.3 mil-
lion). Without the treasury result, EBITDA on an organic basis rose to 14 per
cent. The result from financial investments, which is included in EBITDA,
came to Ą36.3 million (2023: Ą – 14.0 million). Positive valuation effects
from non-controlling interests in the financial year were particularly offset by a
one-off negative charge of Ą9 million from the prior year period.
Our depreciation, amortisation and impairment expenses came to Ą495.8 mil-
lion (2023: Ą418.5 million). The change comes mainly from purchase price
allocation effects from the acquisition of SimCorp in the Investment Manage-
ment Solutions segment. The previous year’s figure included an impairment
charge of approximately Ą25 million on intangible assets at Crypto Finance AG
within the Trading & Clearing segment.
The financial result of Ą – 154.5 million (2023: Ą – 74.0 million) was mainly
affected in the financial year by higher interest expenses on new bond issues
in connection with the financing of the SimCorp acquisition. The Group’s tax
ratio of 25.5 per cent was slightly lower than expected, because it includes tax
refunds from prior periods.
Overall, the net profit for financial year 2024 attributable to Deutsche Börse
Group shareholders was Ą1,948.5 million (2023: Ą1,724.0 million), which
represents a year-on-year increase of 13 per cent. Undiluted earnings per
share were Ą10.6 Ą (2023: Ą9.35) for an average of 183.8 million shares.
Earnings per share before purchase price allocations (cash EPS) stood at
Ą11.36 (2023: Ą9.98).
Net profit for the period attributable to non-controlling interests amounted to
Ą97.9 million (2023: Ą72.8 million) and consists largely of earnings attributa-
ble to non-controlling shareholders of EEX and ISS STOXX.
Comparison of results of operations with the forecast for 2024
For the year 2024 we originally forecast that net revenue would increase to
more than Ą5.6 billion. This included the assumption that the central banks
would cut interest rates over the course of the year and that net interest in-
come would be lower this year than last as a result. The fact that interest rates
remained higher for longer than expected and our customers’ cash balances
increased in the second half-year meant that the net interest income was even
higher than in the previous year. Our commodities business has also per-
formed better than originally expected. In view of this positive performance, we
raised our guidance several times over the course of the financial year. At the
time the results for the third quarter were published we expected net revenue
to go up to around Ą5.8 billion. We therefore significantly outperformed our
original forecast for net revenue.
Furthermore, at the start of the year we predicted an increase in earnings be-
fore interest, tax, depreciation and amortisation (EBITDA) to more than
Ą3.2 billion. Over the course of the financial year this forecast was also raised,
to a range of Ą3.3 to 3.4 billion. Due to cost discipline and a positive result
from financial investments, EBITDA rose by 15 per cent to Ą3.4 billion and
was thus also significantly higher than our original forecast.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
31
Comparison of financial position with the forecast for 2024
As expected, our net debt in relation to EBITDA of 1.8 at the end of the finan-
cial year was below the maximum target of 2.25. At 42 per cent, the ratio of
free funds from operations to net debt was above the minimum target of 40
per cent. We continued to generate a clearly positive cash flow from operating
activities.
Development of profitability
Deutsche Börse Group’s return on shareholders’ equity expresses the ratio of
net income after taxes to average equity available to the Group during the
course of 2024. In the reporting year, it was at 19.5 percent (2023: 19.5 per
cent).
Investment Management Solutions segment
Key indicators Investment Management Solutions segment
in Ąm
2024
20231
Change
Net revenue excluding Treasury result
1,275.4
863.2
48 %
Treasury result
9.3
–
–
Net revenue
1,284.7
863.2
49 %
Software solutions
694.0
296.9
134 %
On-premises
278.1
124.9
123 %
SaaS (incl. analytic)
255.2
125.6
103 %
Other
160.7
46.4
246 %
ESG & Index
590.7
566.3
4 %
ESG
259.8
242.1
7 %
Index
209.7
205.6
2 %
Other
121.2
118.6
2 %
Operating costs
– 835.1
– 581.1
44 %
EBITDA
468.3
276.0
70 %
EBITDA excluding Treasury result
459.0
276.0
66 %
1) Prior year adjusted, see Note 3 to the consolidated financial statements.
In the Software Solutions unit we report on the activities of SimCorp and the
integrated analytics business of Axioma. SimCorp is a renowned provider of in-
vestment management software and offers a market-leading front-to-back in-
vestment management platform. As a Software-as-a-Service-(SaaS-) and Busi-
ness-Process-as-a-Service-(BPaaS-) player for global asset owners, asset man-
agers and asset servicers, our open platform provides both flexibility and oper-
ating efficiency for our customers in all asset classes. In today’s fast-moving
markets the top priority is also a comprehensive and agile approach to portfo-
lio and risk management. For this reason we have bundled the portfolio con-
struction and risk management solutions from Axioma (Analytics) with our in-
vestment management platform. Under the ‘SimCorp One’ brand, the invest-
ment industry can now rely on a front-to-back investment management solu-
tion that simplifies workflows along the entire investment value chain. Net rev-
enue in this unit is made up of licensing, update and service income for on-
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
32
premise and SaaS solutions. Income from professional services activities is
recognised under Other.
In the ESG & Index unit we report on both the ESG and index business oper-
ated by our ISS STOXX subsidiary. Under the umbrella of ISS STOXX are the
STOXX index business (also comprising STOXX® and DAX® indices) as well as
the business units of ISS: ISS Governance, ISS ESG, ISS Corporate Solutions
and ISS Market Intelligence. The combination of robust and diverse ESG and
governance datasets from ISS with the all-round expertise of STOXX in produc-
ing benchmarks and customer-specific indices, as well as in index production
and settlement, enable ISS STOXX to operate effectively on a global basis. Net
revenue in the index business is made up of ETF, exchange and other licence
revenue. While ETF licence revenues depend on the volume invested in ex-
change-traded index funds (ETFs) based on STOXX® and DAX®, exchange li-
cence revenues are derived mainly from the volume traded in index derivatives
on STOXX and DAX indices on Eurex. By licensing sustainable index solutions
that mirror the entire index product portfolio, we contribute to the topic of ESG.
Net revenue at ISS is made up of ESG income, which comprises Corporate and
Governance Solutions, ESG data, research and ESG ratings. Market intelli-
gence activities are presented under Other.
In Software Solutions we further developed our market position in 2024, sig-
nificantly increasing net revenue for SaaS solutions, whereas net revenue for
on-premises solutions declined slightly in line with expectations. We won new
customers or agreed contract renewals with existing customers in both Euro-
pean and Asian markets as well as on the strategically important North Ameri-
can market. They include significant asset managers, pension funds, sovereign
wealth funds and central banks. As the businesses are integrated, existing
SimCorp customers are also asking for portfolio construction and risk manage-
ment solutions from Axioma. The net revenue of the division is linked, among
others, dependent on contracts being signed, and was generally in line with
our expectations.
The ESG & Index business saw sustained rising demand for ESG products,
which institutional investors and banks use to develop sustainable investment
strategies and for ESG reporting. The corporate solutions offered by ISS for
companies also continued to attract interest. Net revenue in ESG & Index,
Other, was affected in the financial year by revenue of Ą9 million from the ISS
Security Class Action Services (SCAS) business.
In the index business, lower market volatility resulted in lower trading activity
in equity index derivatives at our Eurex futures exchange. Trading in deriva-
tives based on our indices contracted by 11 per cent. By contrast, the ongoing
trend towards exchange-traded index funds supported investment volumes in
business with ETF licences. This rose by 14 per cent year on year and was re-
flected positively in net revenue.
Costs of Ą46 million for realising potential synergies in the Investment Man-
agement Solutions segment (Costs to Achieve) were incurred in the financial
year (2023: Ą56 million). In addition, the costs in the prior year also included
transaction costs of Ą22 million related to the acquisition.
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
33
Trading & Clearing segment
Key indicators Trading & Clearing segment
in Ąm
2024
20231
Change
Net revenue excluding Treasury result
2,145.8
2,008.2
7 %
Treasury result
261.3
254.6
3 %
Net revenue
2,407.1
2,262.8
6 %
Financial derivatives
1,308.4
1,264.3
3 %
Equities
522.5
531.8
– 2 %
Interest rates
556.4
514.5
8 %
Other
229.5
218.0
5 %
Commodities
637.7
565.0
13 %
Power
315.8
241.5
31 %
Gas
97.9
101.7
– 4 %
Other
224.0
221.8
1 %
Cash equities
295.6
289.6
2 %
Trading
134.8
126.5
7 %
Other
160.8
163.1
– 1 %
FX & Digital Assets
165.4
143.9
15 %
Operating costs
– 974.5
– 914.6
7 %
EBITDA
1,451.8
1,349.4
8 %
EBITDA excluding Treasury result
1,190.5
1,094.8
9 %
1) Prior year adjusted, see Note 3 to the consolidated financial statements.
The Trading & Clearing segment comprises four asset classes: Financial Deriv-
atives, Commodities, Cash Equities and FX & Digital Assets. In the Financial
Derivatives asset class, we report on the performance in the financial deriva-
tives trading and clearing business at Eurex. Performance is driven mainly by
the trading activities of institutional investors and other professional market
participants and depends, to a large extent, on our clients’ hedging needs and
volatility in equity and fixed-income markets. Revenue is also generated from
marketing data and managing collateral.
In the Commodities asset class, we report on trading activities on the EEX
Group’s platforms in Europe, Asia, North America and South America. The EEX
Group operates marketplaces and clearing houses for energy and commodity
products, connecting more than 950 participants around the world. Its product
portfolio comprises contracts for energy, freight, agricultural and environmental
products, which include emissions trading and certificates of origin, for exam-
ple. The EEX Group’s most important revenue drivers are the power spot and
derivatives markets, and the gas markets.
The Cash Equities asset class shows the development of our trading venues in
the cash market (Xetra® and the Frankfurt Stock Exchange). Besides trading
and clearing services income, revenue stems from the ongoing listing of com-
panies’ securities and IPO events, the marketing of trading data, infrastructure
services and from services provided to partner exchanges.
The segment also includes the asset class FX & Digital Assets, which reports
on business performance on the trading platforms operated by our subsidiary
360T as well as on business with digital assets. Net revenue is generated
mainly by the trading activities of institutional investors, banks and interna-
tionally active companies. Because the expertise in digital assets is pooled in
the Trading & Clearing segment, the activity of Crypto Finance, which was pre-
viously reported under Cash Equities, is now shown in the FX & Digital Assets
unit.
In the 2024 financial year, the continuing decline in inflation and the corre-
sponding interest rate measures by central banks, as well as the different geo-
political outlook, particularly influenced developments on the financial and
capital markets. Uncertainty about the future course of interest rates was re-
flected in Financial Derivatives unit in a 26 per cent leap in trading volume to
972 million traded interest rate contracts. This also includes the new deriva-
tives introduced for the European short interest rate end. Changes in the inter-
est rate environment also had a positive impact on the outstanding notional
volume of over-the-counter (OTC) and euro-denominated interest rate deriva-
tives in central clearing, which rose year on year by 8 per cent to Ą34.7
PDF (A4)
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
34
trillion. It was offset by 9 per cent lower average volatility on equities markets,
as measured by the VSTOXX. Trading activity in equity index derivatives fell as
a result by 10 per cent to 785 million traded contracts.
Price volatility on power and gas markets in the Commodities business de-
clined over the course of the year, further reducing margin requirements for
market participants compared with the previous year. In addition, professional
traders boosted liquidity on power derivative markets, further increasing trad-
ing activity. Global trading activity in power derivatives went up significantly by
45 per cent as a result, to a record volume of 11,491 TWh. Activities on Euro-
pean power spot markets rose by 21 per cent to 879 TWh. In this environ-
ment the EEX Group and its trading platforms continued to expand their posi-
tion as a global commodities exchange. The establishment of a new EEX sub-
sidiary in Japan should be mentioned in this context, where the traded volume
of EEX Japan power derivative contracts went up year on year almost fourfold.
In Commodities, Other, collateral management fees went up as interest rates
were higher for longer, especially in the USA.
The economic situation for corporates was challenging in the reporting year.
Even if high inflation rates dropped significantly in Europe, particularly weak
demand, worsening global trade conflicts and the risk of a recession were tan-
gible. However, interest rate cuts not only improved the liquidity situation for
corporates, but also made equities more attractive on capital markets. In Cash
Equities, the average order book volume on our Xetra trading platform and
Frankfurt Stock Exchange went up by 6 per cent as a result to Ą1.3 trillion.
Xetra’s market share as the reference market for trading in DAX shares was
again over 60 per cent, as in the previous year.
The positive performance in FX & Digital Assets was due primarily to new cus-
tomer wins and interest rate-related foreign exchange volatility. The average
daily volume traded on our platforms went up by 16 per cent to Ą146 billion.
Net revenue in this area increased correspondingly year on year.
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Deutsche Börse:
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Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
35
Fund Services segment
Key indicators Fund Services segment
in Ąm
2024
20231
Change
Net revenue excluding Treasury result
426.6
377.8
13 %
Treasury result
67.4
62.1
9 %
Net revenue
494.0
439.9
12 %
Fund processing
261.2
213.9
22 %
Fund distribution
91.4
85.3
7 %
Net interest from banking business
60.6
56.9
7 %
Other
80.8
83.8
– 4 %
Operating costs
– 215.2
– 209.8
3 %
EBITDA
278.8
226.7
23 %
EBITDA excluding Treasury result
211.4
164.6
28 %
1) Prior year adjusted, see Note 3 to the consolidated financial statements.
The Fund Services segment pools order routing and settlement activity and
custody volumes of mutual, exchange-traded, and alternative funds processed
by Clearstream in the fund processing unit. Clients can settle and manage
their entire fund portfolio across all asset classes on the Vestima® fund pro-
cessing platform. The fund distribution business consists of the distribution
platform at Clearstream Fund Centre. Fund Services therefore offers one of the
leading fund services platforms in the European market for distribution part-
ners, banks, asset managers and fund providers. Net revenue in this segment
is largely a function of the volume and value of funds under custody and the
number of orders and settlements processed. In this context, the segment also
includes net interest income from the banking business, which is based on
customers’ cash balances. In addition, the net revenue from Kneip's fund data
management activities, among other things, is reported under Other.
Demand for alternative investments increased generally in the financial year in
view of the low-interest-rate environment. Accordingly, inflows into actively
and passively managed investment funds increased. On the other hand, fund
prices benefited from the rise in European stock indices compared to the
previous year. We also won new customers for our fund processing platform
Vestima. The volume of assets under custody increased in 2024 by 15 per
cent to an average of Ą3.7 trillion. The number of asset transactions settled
even climbed by 26 per cent to some 57 million.
Fund distribution also profited from the performance of capital markets, as well
as the acquisition and transfer of customer portfolios on our fund distribution
platform. Our average distribution assets under management on our platform
increased over the year to more than Ą500 billion.
Net interest income also rose slightly compared to the previous year. This was
mainly due to higher interest rates in the first half-year compared with the
same period in the previous year. The average volume of cash deposits for
customer transactions also went up, which compensated for lower interest
rates in the second half of the year.
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Executive and Supervisory Board
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
36
Securities Services segment
Key indicators Securities Services segment
in Ąm
2024
20231
Change
Net revenue excluding Treasury result
930.7
865.9
7 %
Treasury result
712.0
644.8
10 %
Net revenue
1,642.7
1,510.7
9 %
Custody
656.2
615.1
7 %
Settlement
128.9
114.4
13 %
Net interest income from banking business
713.2
645.5
10 %
Other
144.4
135.7
6 %
Operating costs
– 444.4
– 412.8
8 %
EBITDA
1,196.7
1,092.2
10 %
EBITDA excluding Treasury result
484.7
447.4
8 %
1) Prior year adjusted, see Note 3 to the consolidated financial statements.
Our settlement and custody activities are reported under the Securities Services
segment. In providing the post-trade infrastructure for Eurobonds and other se-
curities markets, our subsidiary Clearstream is responsible for the issuance,
settlement, management, and custody of securities from 60 domestic markets
worldwide, plus the international market. Net revenue in this segment is
driven mainly by the volume and value of securities under custody, which de-
termine the custody fees. The settlement business depends primarily on the
number of settlement transactions processed by Clearstream via stock ex-
changes as well as over the counter (OTC). The segment also includes net in-
terest income from the banking business, which is particularly influenced by
the monetary policy measures taken by central banks.
Lower interest rates over the course of the year made raising debt easier for
corporates and the public sector. Ongoing high issuance and the associated
custody of debt instruments, as well as the general increase in share prices as
markets rose, made a major contribution to growth in our securities under cus-
tody. The volume of debt instruments held at our national and international
central securities depositary (CSD, ICSD) went up on average over the year by
6 per cent to Ą15 trillion. This had a positive effect on the development of net
revenue.
Securities settlement (ICSD) saw significant growth in the financial year to
97 million transactions. This represents an increase of 29 per cent. The key
driver in this area was an increase in the settlement of OTC securities.
Cash balances from our customers in connection with the settlement of securi-
ties rose year on year by an average of 7 per cent to around Ą18 billion.
Higher-for-longer interest rates in the first half of the year were one factor sup-
porting the increase in net interest income. The other was that higher cash de-
posits in the second half-year offset the generally lower interest-rate environ-
ment.
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Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
37
Financial position
Cash flow
Consolidated cash flow statement (condensed)
in Ąm
2024
2023
Cash flows from operating activities (excluding CCP positions)
2,546.1
2,482.5
Cash flows from operating activities
2,410.7
2,549.1
Cash flows from investing activities
– 60.0
– 3,997.2
Cash flows from financing activities
– 1,353.9
2,293.4
Cash and cash equivalents as at 31 December
3,923.5
2,955.2
Other cash and bank balances as at 31 December
1,872.3
1,655.1
Cash and cash equivalents at Deutsche Börse Group, i.e. its liquidity, com-
prise cash and bank balances – to the extent that these do not result from rein-
vesting current liabilities from cash deposits by market participants – as well
as receivables and liabilities from banking business with an original maturity of
three months or less. Change in other cash and bank balances was affected by
cash used for acquisitions, as well as cash inflows from operating activities.
Cash flow from operating activities was Ą2,546.1 million (2023:
Ą2,482.5 million) before changes in CCP positions on the reporting date and
was made up primarily of net income for the period of Ą2,046.3 million
(2023: Ą1,796.8 million) and from changes in working capital.
Cash outflows for investing activities amounted to Ą 60.0 million in 2024
(2023: Ą3,997.2 million) and were largely driven by the acquisition of
SimCorp and fluctuations between short and long-term investments of cus-
tomer funds. In the 2024 financial year, cash outflows were mainly character-
ised by fluctuations between short-term and long-term investments of cus-
tomer funds; in the previous year, the acquisition of SimCorp with a cash out-
flow of Ą3,887.3 million was mainly responsible for this. At Ą360.6 million
(2023: Ą264.0 million), investments in intangible assets and property, plant
and equipment were in line with planning and mainly related to IT and growth
investments.
Cash outflow from financing activities was Ą1,353.9 million (2023: cash in-
flow of Ą2,293.4 million) and included a dividend payment for the 2023 fi-
nancial year of Ą697.8 million (2023: dividend for the financial year 2022 of
Ą661.5 million), as well as the share buyback programme, which led to cash
outflows of Ą297.8 million.
Cash flow for 2024, which is the sum of all inflows and outflows of cash from
operating, investing and financing activities, came to Ą996.7 million (2023:
Ą845.2 million).
The positive cash flow from operating activities, sufficient credit lines and our
flexible management and planning system meant that we were again ade-
quately supplied with liquidity in 2024.
For further details of cash flow, see the consolidated cash flow statement and
Note 22 to the consolidated financial statements.
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Business developments
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Sustainability targets
Overall assessment of the economic
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Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
38
Net debt to EBITDA ratio: no more than 2.25
Free funds from operations (FFO) to net debt: at least 40 per cent
Interest cover ratio (EBITDA to Interest Expense): at least 14
Tangible equity (for Clearstream Banking S.A.): at least Ą1,100 m
We follow the methodology of S&P Global Ratings closely when calculating
these ratios.
To determine EBITDA for rating purposes, reported EBITDA is adjusted by
the result from financial investments, as well as by unfunded pension obli-
gations. EBITDA for rating purposes in 2024 was Ą3,367.6 million.
To calculate the rating-relevant FFO, the EBITDA is adjusted for interest and
taxes paid in the reporting year. FFO for rating purposes in 2024 was
Ą2,480.9 million.
The Group’s net debt for rating purposes is reconciled by first deducting
50 per cent of the hybrid bond, as well as the surplus cash as at the report-
ing date, from gross debt (i.e. from interest-bearing liabilities). Liabilities
from operating leases and unfunded pension obligations are then added. Net
debt for rating purposes in 2024 was Ą5,936.7 million.
Liquidity management
We mainly cover our operational liquidity needs by means of internal financ-
ing, i.e. by retaining earnings. Our aim is to hold sufficient liquidity to be able
to meet all our payment obligations as they fall due. We have an intra-Group
cash pool to aggregate our surplus cash as far as regulatory and legal provi-
sions allow. Generally speaking, we invest cash on a short-term basis, in order
to ensure rapid availability, and is largely secured by liquid bonds from prime-
rated issuers. Moreover, we have access to external sources of financing, such
as bilateral and syndicated credit lines, as well as a commercial paper pro-
gramme (see Note 25 to the consolidated financial statements for details of fi-
nancial risk management). In recent years, we have leveraged our access to
the capital markets to issue corporate bonds in order to meet our structural fi-
nancing needs (see Note 13 to the consolidated financial statements for fur-
ther details).
Capital management
Generally speaking, our customers expect us to maintain conservative debt lev-
els and thus achieve a good credit rating.
We aim to maintain a strong AA– rating at Group level. We also aim to main-
tain the strong ‘AA’ credit ratings of our subsidiaries Clearstream Banking S.A.
and Clearstream Banking AG, as well as the equally strong ‘AA–’ credit rating
of Clearstream Fund Centre S.A., in order to ensure the continued success of
our securities custody and settlement business as well as our fund services. In
addition, the activities of our Eurex Clearing AG subsidiary require a high credit
rating.
To keep these good credit ratings we will strive for the following relevant key per-
formance indicators going forward:
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Macroeconomic and sector-specific
environment
Business developments
Results of operations
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Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
39
Interest expenses for rating purposes are calculated on the basis of interest
expenses for financing, less interest expenses of Group entities which are
also financial institutions. These include Clearstream Banking S.A., Clear-
stream Banking AG and Eurex Clearing AG. Interest expenses which are not
related to our financing are not included in the calculation of interest ex-
penses. Only 50 per cent of the hybrid bonds are counted towards interest
expenses. Interest expenses for rating purposes in 2024 came to Ą163.3
million.
The following table "Relevant parameters" illustrates our calculation methodol-
ogy and shows the values for the reporting year.
Relevant key performance indicators
Target figures
2024
Net debt / EBITDA
≤ 2,25
1.76
Free funds from operations (FFO) / net debt
%
≥ 40
42
Interest coverage ratio (EBITDA to interest
expenses)
≥ 14
21
Tangible equity of Clearstream Banking S.A.
(as at the reporting date)
Ąm
≥ 1,100
1,739
After falling slightly short of the target FFO in relation to net debt as of the
2023 balance sheet date due to the acquisition of SimCorp , the target was
met again as of the balance sheet date for 2024.
We met the tangible equity (equity less intangible assets) benchmark of
Ą1,100 million at Clearstream Banking S.A. with a value of Ą1,739 million.
S&P bases the calculation of key performance indicators on the corresponding
weighted average of the reported or expected results of the previous, the cur-
rent and the following reporting period. To ensure the transparency of the key
performance indicators, we report them based on the current reporting period.
Dividends and share buybacks
We aim to distribute dividends equivalent to between 30 and 40 per cent of
net profit for the period attributable to Deutsche Börse AG shareholders. Within
this range, we manage the actual payout ratio mainly in relation to our busi-
ness performance and based on continuity considerations. In addition, we plan
to invest the remaining available funds primarily in our external development.
Should the Group not be able to invest these funds, additional distributions,
particularly in the form of share buy-backs, would be another possible use for
them.
At the Annual General Meeting we will be proposing to pay a dividend of
Ą4.00 per no-par value share for the financial year 2024 (2023: Ą3.80). This
dividend is equivalent to a distribution ratio of 38 per cent of net profit for the
period attributable to our shareholders. Given 183.8 million no-par shares
bearing dividend rights, this would result in a total dividend payment of
Ą735.1 million (2023: Ą697.8 million). The number of shares with dividend
rights is produced by deducting 4.5 million treasury shares from our ordinary
share capital of 183.8 million shares.
In November 2023 we announced a share buyback programme for 2024
worth a total of Ą300 million on the basis of the authorisation granted by the
Annual General Meeting on 8 May 2019. The share buyback was completed
on 19 April 2024.
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Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
40
Following the share buyback, 1,700,000 treasury shares were cancelled, and
Deutsche Börse AG's share capital was reduced from Ą190,000,000 to
Ą188,300,000. Note 16 to the consolidated financial statements provides an
overview of the shares issued and held in treasury as at the balance sheet
date.
Credit ratings
Credit ratings
Long-term
Short-term
Deutsche Börse AG
S&P Global Ratings
AA–
A–1+
Clearstream Banking S.A.
Fitch Ratings
AA
F1+
S&P Global Ratings
AA
A–1+
Clearstream Banking AG
S&P Global Ratings
AA
A–1+
Clearstream Fund Centre S.A. (since April 2024)
S&P Global Ratings
AA–
A–1+
Our credit quality and that of the Group companies Clearstream Banking S.A.,
Clearstream Banking AG and, since April 2024, Clearstream Fund Centre S.A.,
is reviewed regularly by S&P, while Clearstream Banking S.A. is rated by Fitch
Ratings
On 11 June 2024, Fitch Ratings affirmed its ‘AA’ credit rating for Clearstream
Banking S.A. with a stable outlook. The rating reflects the leading position in
the post-trade business, prudent liquidity management and an impeccable
capital base.
On 16 December 2024, S&P confirmed the AA- credit rating of Deutsche
Börse AG. On 29 January 2024, S&P confirmed the AA- credit ratings of
Clearstream Banking AG and Clearstream Banking S.A. The AA- credit rating of
Clearstream Fund Centre S.A. was assigned by S&P for the first time on 4 April
2024.
Deutsche Börse AG's strong rating reflects the Group's leading position in the
European capital markets, the good diversification of its business, its low debt
and comfortable liquidity. The rating of Clearstream Fund Centre S.A., which
plays a central role for the Group in providing fund services, was awarded in
line with the Group credit profile.
The strong rating of Clearstream Banking S.A. and Clearstream Banking AG re-
flects their strong risk management, low debt and strong position in the inter-
national capital market, particularly through their international custody and
transaction business.
Net assets
Significant changes to net assets are described below. The full consolidated
statement of financial position can be found in the consolidated financial state-
ments.
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Business developments
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
41
Consolidated balance sheet (extract)
in Ąm
31 Dec 2024
31 Dec 2023
ASSETS
222,111.7
237,726.9
Non-current assets
22,334.8
23,427.71
thereof intangible assets
12,642.7
12,478.6
thereof goodwill
8,354.5
8,213.3
thereof other intangible assets
2,969.4
3,035.3
thereof financial assets
8,506.7
9,870.4
thereof financial assets measured at amortised cost
1,342.2
1,801.9
thereof financial assets measured at FVOCI
191.5
222.7
thereof financial instruments held by central
counterparties
6,815.1
7,667.6
Current assets
199,776.9
214,299.21
thereof financial instruments held by central
counterparties
127,059.6
137,904.9
thereof restricted bank balances
48,972.4
53,669.4
thereof other cash and bank balances
1,872.3
1,655.1
EQUITY AND LIABILITIES
222,111.7
237,726.9
Equity
11,259.3
10,100.2
Liabilities
210,852.5
227,626.7
thereof non-current liabilities
14,561.4
16,206.7
thereof financial instruments held by central
counterparties
6,815.1
7,667.6
thereof financial liabilities measured at amortised cost
6,748.2
7,484.0
thereof deferred tax liabilities
757.1
789.2
thereof current liabilities
196,291.1
211,420.0
thereof financial instruments held by central
counterparties
126,019.6
137,904.9
thereof financial liabilities measured at amortised cost
19,179.8
18,691.7
thereof cash deposits by market participants
48,703.2
53,401.3
1) Prior year adjusted, see Note 3 to the consolidated financial statements.
Deutsche Börse Group’s total assets fell year-on-year by 7 per cent. The
change in non-current assets was primarily due to lower financial assets,
which were mainly impacted by the drop in financial instruments held by cen-
tral counterparties. The decline in current assets resulted in particular from the
volatility of restricted bank balances and financial instruments of central coun-
terparties as at the reporting date.
Group equity rose by 11 per cent compared with the previous year. This was
due mainly to the net profit for the reporting year 2024, less the dividend pay-
ment for the previous financial year 2023 and the share buyback programme
completed in April 2024.
Deutsche Börse Group invested a total of Ą360.6 million in the reporting year
(2023: Ą264.0 million) in intangible assets and property plant and equipment
(capital expenditure, CapEx), mainly in connection with IT and growth invest-
ments.
Working capital
Working capital comprises current assets less current liabilities, excluding
technical closing-date items. Current assets, excluding technical closing-date
items, amounted to Ą1,781.1 million (2023: Ą2,298.9 million). As Deutsche
Börse Group collects fees for most of its services on a monthly basis, the trade
receivables of Ą1,257.5 million included in current assets as at 31 December
2024 were relatively low compared with net revenue (31 December 2023:
Ą1,832.2 million). The decline in trade receivables was particularly due to
open items as at the reporting date from the high market volatility of the sports
markets within EEX Group, which were offset by a decline in trade payables at
the same time. The current liabilities of the Group, excluding technical closing-
date items, amounted to Ą1,781.1 million (2023: Ą2,312.6 million, exclud-
ing technical closing-date items). For this reason the Group had negative work-
ing capital of Ą75.7 million at year-end (2023: negative working capital of
Ą13.8 million).
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
42
Technical closing-date items
The “Financial instruments of the central counterparties” item relates to the
function performed by Eurex Clearing AG, European Commodity Clearing AG
as well as Nodal Clear, LLC. Since they act as the central counterparties for
Deutsche Börse Group’s various markets, their financial instruments are car-
ried in the balance sheet at their fair value. The financial instruments of the
central counterparties are described in detail in the section risk management of
the combined management report and in Notes 13 and 25 to the consolidated
financial statements.
Market participants linked to the Group’s clearing houses partly provide collat-
eral in the form of cash deposits, which are subject to daily adjustments. The
cash deposits are generally invested on a secured basis overnight by the cen-
tral counterparties and reported in the balance sheet under “Restricted bank
balances”. The total value of cash deposits by market participants at the re-
porting dates relevant for the reporting period (31 March, 30 June, 30 Sep-
tember and 31 December) varied between Ą48.7 billion and Ą56.7 billion
(2023: Ą46.8 billion and Ą58.9 billion).
Sustainability targets
Comparison of sustainability targets with the forecast for 2024
For the financial year 2024, we forecasted an employee satisfaction rate of
over 71.5 per cent but achieved 75 per cent. The share of women in upper
management positions was expected to exceed 24 per cent, which was exactly
met. The system availability (customer-facing IT) was forecasted to be over
99.5 per cent and was actually achieved at over 99.9 per cent. For ESG-rat-
ings, we aimed for the 90th percentile and reached the 97th percentile. These
results demonstrate that we not only met our forecasts but even exceeded
them in some areas.
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
43
Overall assessment of the economic position by the Ex-
ecutive Board
The global economic situation was defined by uncertainty and challenges in fi-
nancial year 2024. Inflation stayed high in many countries, making central
banks’ work more difficult. Persistent trade tensions and political uncertainty
also weighed on global economic relations. Interest rates stayed higher for
longer, which on the one hand had a positive impact on our net interest in-
come from banking business in the Securities segments. On the other hand,
increasing uncertainty about the future course of interest rates was combined
with higher hedging requirements on the part of market participants for interest
rate derivatives in the Trading & Clearing segment, Financial Derivatives. Price
volatility and the related margin requirements declined on power and gas mar-
kets compared with the previous year. Trading activity rose accordingly, partic-
ularly in power derivatives. In addition, professional traders boosted liquidity
on power derivative markets, further increasing trading activity. Net revenue of
Ą5,828.5 million represented an increase of 15 per cent over the previous
year and was above our original expectations. Of the total,
8 per cent stemmed from the Group’s organic net revenue growth. The acqui-
sition of SimCorp, which was consolidated in the Group for the first time in the
fourth quarter of 2023, contributed another 7 per cent from M&A growth.
Higher costs were also due mainly to the acquisition, including costs of
Ą46 million in total to realise synergy potential in the Investment Management
Solutions segment. Earnings before interest, taxes, depreciation and amortisa-
tion (EBITDA) increased year on year by 15 per cent to Ą3,395.6 million,
which was also higher than our original expectations. Additional debt to fi-
nance the acquisition also affected the financial result, which increased ac-
cordingly year on year to Ą155 million.
On this basis, we consider Deutsche Börse Group's financial position to have
remained very solid in the year under review. As in previous years, we gener-
ated a high cash flow from operating activities. At 1.8, the ratio of net debt to
EBITDA, which is important for the credit rating, was below the current maxi-
mum limit of 2.25.
As in recent years, we are again offering shareholders a higher dividend for the
2024 financial year. The proposed dividend is Ą4.00 (2023: Ą3.80), repre-
senting a year-on-year increase of 5 per cent. We also carried out a share buy-
back programme with a volume of Ą300 million in 2024. It entailed the can-
cellation of 1.7 million shares and a capital reduction to Ą188.3 million.
The proposal on the appropriation of distributable profit reflects treasury shares
held directly or indirectly by the company that do not carry dividend rights un-
der section 71b Aktiengesetz (AktG, the German Stock Corporation Act). The
number of shares carrying dividend rights can change until the Annual General
Meeting through the repurchase or sale of further treasury shares. In this case,
with a dividend of Ą4.00 per eligible share, an amended resolution for the ap-
propriation of distributable profit will be proposed to the Annual General Meet-
ing.
PDF (A4)
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
44
Deutsche Börse Group: five-year overview
2020
2021
2022
2023
2024
Consolidated income statement
Net revenue less treasury result from banking and similar business
Ąm
3,017.2
3,366.8
3,805.4
4,115.1
4,778.5
thereof treasury result from banking and similar business
Ąm
196.6
142.7
532.2
961.5
1,050.0
Net revenue
Ąm
3,213.8
3,509.5
4,337.6
5,076.6
5,828.5
Operating costs (excluding depreciation, amortisation and impairment losses)
Ąm
– 1,368,7
– 1,551,6
– 1,822.2
– 2,118.3
– 2,469.2
Earnings before interest, tax, depreciation and amortisation (EBITDA)
Ąm
1,869.4
2,043.7
2,525.6
2,944.3
3,395.6
Depreciation, amortisation and impairment losses
Ąm
– 264.3
– 293.7
– 355.6
– 418.5
– 495.8
Net profit for the period attributable to Deutsche Börse AG shareholders
Ąm
1,079.9
1,209.7
1,494.4
1,724.0
1,948.5
Earnings per share (basic)
Ą
5.89
6.59
8.14
9.35
10.60
Consolidated cash flow statement
Cash flows from operating activities
Ąm
1,412.0
908.9
2,483.6
2,549.1
2,410.7
Consolidated balance sheet
Non-current assets
Ąm
14,570.5
20,462.4
20,758.4
23,427.7
22,334.8
Equity
Ąm
6,556.1
7,742.4
9,060.9
10,100.2
11,259.3
Non-current interest-bearing liabilities1
Ąm
2,637.1
3,037.3
4,123.4
7,096.2
6,254.6
Performance indicators
Dividend per share
Ą
3.00
3.20
3.60
3.80
4.002
Dividend payout ratio3
%
51
49
44
40
384
Employees (average annual FTEs)
6,528
8,855
10,143
11,656
14,535
Deutsche Börse shares
Year-end closing price
Ą
139.25
147.10
161.40
186.50
224.10
Average market capitalisation
Ąbn
27,7
27.0
30,9
32.0
37.2
Rating key figures
Net debt / EBITDA
1.0
2.0
1,2
2,2
1.8
Free Funds from Operations (FFO) / net debt
%
76
38
68
36
42
1) Bonds that will mature in the following year are reported under “other current liabilities”
2) Proposal to the Annual General Meeting 2025.
3) The ratios for the years 2020 have been adjusted. The dividend payout ratio is determined using reported net profit.
4) Amount based on the proposal to the Annual General Meeting 2025.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Macroeconomic and sector-specific
environment
Business developments
Results of operations
Financial position
Net assets
Sustainability targets
Overall assessment of the economic
position by the Executive Board
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
45
Risk report
We provide the infrastructure for dependable and secure capital markets and contribute constructively to its
regulation. A responsible approach to risk management forms an integral part of our business model and our
corporate strategy.
Risk profile Deutsche Börse Group
Overview of the risk profile and material changes compared
with the previous year
Deutsche Börse AG, the parent company of Deutsche Börse Group, includes
subsidiaries that provide, among other services, strictly regulated financial
market infrastructure. Consequently, Deutsche Börse Group´s risk profile re-
flects key risks at the subsidiary level. Risk at Deutsche Börse Group is ex-
pressed in terms of required economic capital (REC), which is calculated
based on assumptions. Required economic capital as of 31 December 2024
came to Ą1,443 million (31 December 2023: Ą1,619 million). It is covered
by a risk-bearing capacity, derived from shareholders’ equity, of Ą10,149 mil-
lion (2023: Ą8,898 million). The Group is therefore sufficiently capitalized.
Deutsche Börse Group maintains a conservative risk profile, closely monitoring
and mitigating risks.
REC comprises operational, financial (including credit and market), business,
and pension risks. A detailed breakdown of risks as of 31 December 2024, is
presented in the following chart:
PDF (A4)
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
46
There were no material changes in DBG’s risk profile compared with the previ-
ous year. The decrease in economic capital primarily results from updated
modelling of the clearing house component of ECAG's credit risk (Ą-144 mil-
lion) and a reduction in Clearstream Banking S.A.’s treasury fixed-income port-
folio, which impacted market risk.
In addition to the economic capital, which is measured by means of internal
risk models, the normative perspective (regulatory capital requirements) is de-
termined for the regulated companies.
Regulatory classification
Within Deutsche Börse Group it is mainly the subsidiaries of Deutsche Börse
AG that are subject to strict regulatory requirements. While DBG itself is not
subject to direct banking, central counterparty, or central securities depository
supervision, its risk management framework aligns with relevant regulatory rel-
evant standards and incorporates applicable elements of banking regulations.
Given their economic importance we particularly discuss the banks in our
Group, namely Clearstream Banking S.A., Clearstream Banking AG, Clear-
stream Fund Centre S.A. and Eurex Clearing AG. Further details are also pro-
vided for European Commodity Clearing AG as a central counterparty (CCP)
according to the European Market Infrastructure Regulation (EMIR).
Material developments compared with the previous year
With the key milestones for SimCorp A/S integration achieved, it is now in-
cluded in the economic capital assessment. Integration will be completed in
early 2025. Including SimCorp did not materially impact DBG’s overall risk
profile.
Deutsche Börse Group maintains a continuous dialogue with governments and
regulatory authorities in the US, as in all other locations, to monitor political
and regulatory developments and assess potential impacts on the company.
The change in government in the US has led to ISS STOXX facing increased
regulatory scrutiny, particularly in the areas of proxy advice and ESG invest-
ments, raising the risk of ISS STOXX being incorrectly perceived as an advo-
cacy organization. ISS STOXX is addressing this challenge through transpar-
ency and by reinforcing its role as a neutral and non-political provider of data,
research, and technology solutions.
In 2024, as in prior years, Russia’s invasion of Ukraine required close man-
agement attention at Clearstream Banking S.A. Developments continue to be
monitored closely in order to analyse the various impacts of the war. The main
focus was on adapting processes and controls to Russia’s countermeasures
against western sanctions.
As in the previous year, a Group-wide assessment of the Middle East conflict
revealed no material impacts on the overall risk profile.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
47
The adoption of EU Regulation 2022/2554, also known as the Digital Opera-
tional Resilience Act (DORA), provides a comprehensive regulatory framework
for the digital resilience of financial undertakings in the EU. DORA aims to pro-
tect financial services providers better against cyber-risks, to strengthen their
resistance to IT failures and introduce uniform standards for the management
of IT risks. The regulation affects finance companies such as banks, insurers,
investment firms and their critical third-party IT providers and came into effect
in full on 17 January 2025. One core requirement of DORA is the introduction
of a comprehensive IT risk management system to identify, assess, monitor
and mitigate potential threats. Companies are also obliged to document severe
IT security incidents thoroughly and report them to the competent supervisory
authorities. In addition, regular testing of operational resilience must be carried
out, in the form of penetration tests, for example, to detect vulnerabilities and
take the necessary steps to eliminate them.
Another important element of the regulation is the management of risks origi-
nating from third-party providers. DORA requires financial entities to test the
resilience of their IT service providers and to ensure that external partners such
as cloud providers meet the regulatory requirements. This is supplemented by
clear guidelines on information and communication security that have to be in-
tegrated into all business processes.
Implementation of the DORA requirements is vital for the digital resilience of
financial entities. A proactive risk management strategy, regular testing and
thorough training strengthen resilience in the face of IT risks and ensure that
the regulatory standards are met. An internal cross-functional project has been
launched to ensure the proper implementation of the DORA requirements in
the relevant divisions of Deutsche Börse Group. The project is on track to meet
its milestones and ambition level. This plan incorporates a risk-based ap-
proach to implement the DORA requirements. The particular focus in terms of
the implementation status of the DORA go-live on 17 January 2025 was on
the particularly critical topics, for which both design effectiveness and partially
operating were achieved. Further maturing of DORA-related measures and
controls will be achieved over the course of 2025.
Wide-ranging amendments to the European Market Infrastructure Regulation
(EMIR) took effect on 24 December 2024. Many of the new or amended obli-
gations will be further specified in the course of 2025 in technical regulation
standards. Despite this, market participants and market infrastructures subject
to EMIR must implement the bulk of the new requirements from the effective
date. A later effective date after a transition period applies solely to the new
obligation to hold an active account for system-relevant EUR products with an
EU CCP, to new clearing thresholds and to the transposition into national law
of accompanying changes to the Investment Firms Directive (IFD)/Capital Re-
quirements Directive (CRD) and Undertakings for Collective Investment in
Transferable Securities Directive (UCITS-D).
EMIR 3.0 introduced changes to existing rules, such as approval processes for
CCP services and risk models, margin transparency, intra-Group exceptions,
clearing thresholds and admission criteria for clearing members. New central
provisions were also introduced, including the obligation to hold an active ac-
count and provide information about the delivery of clearing services and activ-
ities. The new approval processes for CCP services and risk models in particu-
lar bring the EU practice closer to the rules in other jurisdictions, enable faster
admission processes and so are intended to improve the competitiveness of
EU CCPs, such as ECC AG and Eurex Clearing AG, as well as strengthen EU
clearing. The assumption is also that the obligation to hold active accounts will
further boost liquidity at EU CCPs.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
48
The German legislator should have transposed the Corporate Sustainability Re-
porting Directive (CSRD) into national law by 6 July 2024. However, the
transposition into German legislation is delayed until after the general election
in 2025. Companies that are covered by the CSRD reporting obligations are
required to report on their social, environmental and governance impacts as
well as risks and opportunities. The report was prepared in accordance with
the European Sustainability Reporting Standards (ESRS) and must therefore
consider the concept of double materiality to identify the material environmen-
tal, social and governance-related impacts, risks and opportunities. Despite the
delay into German legislation, Deutsche Börse Group reports voluntarily in line
with the ESRS for the financial year 2024.
Notes on material changes in substantial litigations as well as tax risks are de-
scribed in more detail in note 25 to the consolidated financial statements “Fi-
nancial liabilities and other risks” in the consolidated financial statements and
are an integral part of this combined management report.
Relevant regulations
Our banks adhere to international standards and comply with the minimum
capital requirements of the Capital Requirements Regulation (CRR). Core com-
ponents of their risk management approach are the Internal Capital Adequacy
Assessment Process (ICAAP) and the Internal Liquidity Adequacy Assessment
Process (ILAAP), which include internal stress tests and constitute a core com-
ponent of the risk management approach.
Clearstream Banking AG, Clearstream Banking S.A., Clearstream Fund
Centre S.A., and Eurex Clearing AG calculate regulatory capital requirements
according to the applicable CRR, consistent with the first pillar of the Basel
framework. Eurex Clearing AG and European Commodity Clearing AG also
comply with the capital requirements under EMIR. Additionally, the Clear-
stream entities adhere to the Minimum Requirements for Own Funds and Eligi-
ble Liabilities (MREL). Clearstream Banking AG and Clearstream Banking S.A.,
as central securities depositories, also comply with CSDR. Further details on
“regulatory capital requirements and ratios are provided in a dedicated sec-
tion".
Eurex Clearing AG and European Commodity Clearing AG, as authorised cen-
tral counterparties (CCPs), are subject to the requirements of the European
Market Infrastructure Regulation (EMIR) and the Recovery and Resolution of
Central Counterparties (CCP RR) regime. Clearstream Banking S.A, Clear-
stream Banking AG, Clearstream Fund Centre S.A., comply with the EU Bank-
ing Recovery and Resolution Directive (BRRD).
In addition to European requirements, there are national requirements, the
Minimum Requirements for Risk Management (MaRisk) issued by the Federal
Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistung-
saufsicht, BaFin), obligations under the German Banking Act (KWG) and the
circular 12/552 issued by the Financial Supervisory Authority of Luxembourg
(Commission de Surveillance du Secteur Financier, CSSF) to be followed.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
49
Other subsidiaries have different licences to provide services in the financial
industry, which means they too are governed by extensive statutory require-
ments, including for risk management. Clearstream Banking AG maintains a
central register within the meaning of the Electronic Securities Act (eWPG), for
example. Eurex Repo GmbH and 360 Treasury Systems AG are also subject to
specific provisions applicable to investment firms. Nodal Clear, LLC is a Deriv-
atives Clearing Organisation (DCO) subject to regulation by the US Commodity
Futures Trading Commission (CFTC). Crypto Finance AG operates under Article
41 of the Swiss Financial Institution Act (FINIG) and is supervised by Swiss
Financial Market Supervisory Authority (FINMA). Its BaFin-licensed subsidiary,
Crypto Finance (Germany) GmbH, specializes in cryptocurrency trading and
custody services. Further details on regulatory capital and ratios can be found
in the dedicated section “Regulatory capital and regulatory capital ratios”.
The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and Bundesbank
supervise our banks, Clearstream Banking AG, Eurex Clearing AG and Clear-
stream Holding AG. The CSSF and Banque Centrale du Luxembourg (BCL) su-
pervise Clearstream Banking S.A. and Clearstream Fund Centre S.A. The pub-
lic exchanges are the Frankfurter Wertpapierbörse (FWB), the Eurex Deutsch-
land (ED) and the European Energy Exchange (EEX). Deutsche Börse AG is re-
sponsible for the operation of FWB, ED is operated by Eurex Frankfurt AG and
EEX is operated by Euro-pean Energy Exchange AG. FWB and ED are super-
vised by the Hesse Exchange Supervisory Authority, which is part of the Hes-
sian Ministry for Economics, Energy, Transport, Housing and Regional Devel-
opment. EEX supervised by the Saxon Exchange Supervisory Authority, which
is part of the Saxon State Ministry for Eco-nomic Affairs, Labour, Energy and
Climate Protection. The Exchange Supervisory Authorities are responsible for
legal supervision.
Goals and principles of risk management
Deutsche Börse Group strives for a leading role in all our business areas. We pro-
vide reliable and secure capital market infrastructure and contribute constructively
to market regulation. Our risk management framework aligns with our business
model and corporate strategy.
Our risk management approach is based on the following principles: risk limita-
tion, implementation of the business strategy in line with the risk appetite, and a
reasonable relationship between risk and return.
As our business segments grow (e.g., through organic growth, M&A activity, and
expansion of our leading position in digital platforms for existing and new asset
classes), risk management supports implementation aligned with our risk appe-
tite. This is achieved through risk identification, clear communication, risk mitiga-
tion, and monitoring. The objective is to enable informed strategic decision-mak-
ing in line with the framework of the risk appetite approved by the Executive
Board. This process also considers embedded cross-cutting risks, such as ESG
risks.
We aim to achieve an appropriate balance between risk and return. Internal risk
management is based on the Group-wide detection and management of risk, see
the chart “Interlocking business strategy and risk management strategy”.
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Risk management approach
Risk analysis
We primarily quantify and aggregate risks using an economic perspective. For
the banking entities – particularly including Clearstream Holding AG, Clear-
stream Banking S.A. Clearstream Banking AG, Clearstream Fund Centre S.A.
and Eurex Clearing AG – and investment firms in the Group, a normative per-
spective is also applied, discussed in more detail in the “Regulatory capital re-
quirements and regulatory capital ratios (normative perspective)” section. Our
primary risk quantification tool is the value at risk (VaR) model which deter-
mines the amount of economic capital required to cover very unlikely but pos-
sible losses over a one-year horizon at a 99.9% confidence level. Stress tests
are also conducted in order to simulate extreme, yet plausible, events and their
impact upon the Group’s risk-bearing capacity. Complementary risk metrics
have been established as an additional approach to risk monitoring, which
serve as an early warning system for in-house risks. These risk metrics are
based on operational risks (including IT and security risks, potential losses),
credit, liquidity and business risks, as well as the indicators defined for recov-
ery plans.
Stress tests simulate extreme but plausible scenarios, both individually and in
aggregate, for all material risk types to assess potential extreme losses or the
accumulation of large losses within a single year. We use both hypothetical
and historical scenarios for banks and investment firms in the Group. Reverse
stress tests identify loss scenarios that would deplete risk-bearing capacity and
liquidity squeezes that would lead to insufficient liquidity. Banks and invest-
ment firms also simulate additional adverse scenarios for the relevant supervi-
sory perspective (normative perspective), and their recovery plans include fur-
ther recovery stress tests.
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Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
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Remuneration report
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Risk mitigation
Details of material risk mitigation measures are provided in the "Operational
Risks", "Credit Risk" and "Internal Control System" sections.
Risk monitoring
Our risk monitoring combines quantitative and qualitative approaches to pro-
vide a comprehensive view of the risk landscape. We continuously analyse in-
ternal events for risk implications and monitor regional and global develop-
ments. This enables us to identify and analyse existing risks and respond ef-
fectively to emerging risks and market or business environment changes.
Key internal risks are quantified using risk metrics and measured against de-
fined limits, complementing the economic risk quantification and monitoring
non-quantifiable risks and key indicators beyond capital requirements.
Breaches of these limits trigger immediate analysis and mitigation efforts and
are reported monthly to the Executive Board.
Our risk management approach also includes a sustainable, long-term per-
spective. In addition to current risks, we assess risks beyond a twelve-month
horizon using risk maps. These maps focus on anticipated regulatory require-
ments and IT/information security risks, as well as other operational, business,
and financial risks. Risks are categorized by probability of occurrence and po-
tential financial impact, and evaluate their relation to environmental, social
and governance (ESG) aspects.
The double materiality assessment for the Corporate Sustainability Reporting
Directive (CSRD) analyses the development of relevant ESG risks over the me-
dium and long term horizon (to 2040), considering potential critical climate
pathways. Risk values are aggregated at the Group level. While risks in this re-
port are presented on a net basis, CSRD/ESRS require gross risk reporting,
which may lead to differences between this report and the Sustainability State-
ment.
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Sustainability statement
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52
Economic and normative perspective
The economic perspective assesses risk positions arising from business opera-
tions. The normative perspective includes inputs from regulatory models. The
economic perspective is used to derive the minimum required economic capi-
tal (REC), so that our risk-bearing capacity is not exhausted more than once in
1,000 years based on the statistical model used.
From a normative perspective, regulatory capital requirements are the relevant
management metrics. This means that risk management aims to meet the reg-
ulatory capital requirements for the banks and investment firms in the Group.
Both the economic and normative perspectives are used for risk management.
The aim is therefore not only to meet the regulatory capital requirements, but
also to ensure financial stability by means of the additional economic ap-
proach
Risk-bearing capacity from an economic perspective
At Group level we determine our risk-bearing capacity on the basis of reported
equity in accordance with International Financial Reporting Standards (IFRS).
In contrast, Clearstream Holding AG, Clearstream Banking S.A., Clearstream
Banking AG, Clearstream Fund Centre S.A., Eurex Clearing AG and European
Commodity Clearing AG determine their economic risk-bearing capacity based
on their regulatory capital (for details, see the section “Regulatory capital re-
quirements and regulatory capital ratios”).
The risk management function regularly measures the amount of economic
capital and compares this with the risk-bearing capacity to produce a manage-
ment indicator. For regulated entities, the normative perspective is also consid-
ered. The economic capital for the banks includes Clearstream Banking S.A.,
Clearstream Banking AG, Clearstream Fund Centre S.A. and Eurex Clearing
AG. The following entities are not banks: Deutsche Börse AG, Eurex Frankfurt
AG (including Eurex Repo GmbH), European Energy Exchange AG (including
ECC and Nodal), 360T Group, the entities in the Investment Management seg-
ment (ISS STOXX and SimCorp (as at 31 December 2024)) and Crypto Fi-
nance AG.
The ratio of required economic capital to risk-bearing capacity remained below
the defined maximum throughout the reporting period.
Operational risks
The majority of the Deutsche Börse Group's risks are operational in nature.
These include system unavailability, service deficiencies, damage to physical
assets, as well as legal disputes and unethical business practices (see the
chart below: “Operational Risk at Deutsche Börse Group”). Operational risks
are assessed using scenarios.
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Takeover-related disclosures
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Remuneration report
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As part of integrating ESG regulations into non-financial risk management, rel-
evant scenarios for subsidiaries' operational risk are marked as ESG. Existing
risks were classified and ESG risks were analyzed and quantified to the extent
possible. The impact of existing ESG risks was deemed material, however the
analysis revealed no new ESG risks. Material ESG risks at Group level are En-
vironmental physical and climate risks which could affect office buildings, lo-
cations and other assets.
We measure the availability of the systems as an important risk indicator. As
an international exchange operator and innovative provider of market infra-
structure, state-of-the-art IT is crucial for Deutsche Börse Group to ensure con-
tinuous and seamless service delivery. In line with the risk appetite defined by
the Executive Board, we have established specific IT risk indicators to monitor
the uptime and performance of key IT systems across all units and business
segments. This ensures operations remain within defined parameters. Yellow
and red thresholds trigger timely and transparent escalation and reporting of
breaches to senior management. Given that system availability poses the
greatest operational risk to the Group, it is regularly tested, simulating the im-
pact of failures in both our own systems and those of our suppliers.
Risks can also arise if a service provided to a customer is inadequate and
leads to complaints or legal disputes. For example, errors in securities settle-
ment stemming from product or process deficiencies or manual errors. The re-
lated processes are tested at least annually. Additional error sources include
suppliers or defective products. We track complaints and compensation claims
as a key indicator of processing risk.
Operational risks also include natural disasters, accidents, terrorism and sabo-
tage which could, for example, damage or destroy a data centre. Our business
continuity processes aim to mitigate significant financial losses.
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54
Losses can also result from ongoing legal proceedings. These can occur if
Deutsche Börse Group breaches laws or other stipulations, enters inadequate
contracts or insufficiently monitors and adheres to case law. Legal risks also
include losses due to fraud and labour law issues.
This also encompasses losses resulting from insufficient anti-money laundering
controls, violations of competition law or breaches of banking secrecy. Such
risks can also arise from non-compliance with government sanctions (e.g. due
to conflicting requirements of different states) or breaches of other national or
international regulations.
We implement specific organisational measures to mitigate operational risks.
These include emergency plans, information security measures, physical secu-
rity measures for employees and buildings, insurance coverage, as well as
compliance regulations and procedures. Compliance requirements are further
discussed in the “Compliance” section.
Contingency plans
It is vital for our Group to be able to provide our products and services with the
greatest possible reliability, to maintain customer and market trust, and fulfil
our contractual obligations. We are committed to maintaining business opera-
tions and mitigating potential disruptions. Unavailability of our core processes
and resources poses a substantial risk to the Group and a potential systemic
risk to the broader financial markets. Therefore, the Group has implemented a
system of contingency plans (Business Continuity Management System,
BCMS). This covers all processes designed to ensure continuity of operations
in the event of an emergency and reduces unavailability risk. Measures in-
clude precautions relating to all critical resources (staff, systems, workspace,
suppliers), including redundant essential IT systems and technical infrastruc-
ture, as well as emergency measures designed to mitigate the unavailability of
staff or workspaces in core functions.
Our Group has implemented and tested an emergency management process
that enables us to respond quickly and in a coordinated manner. This is in-
tended to minimise the effects on business processes and on the market and
to enable a quick return to regular operations. Each business unit has ap-
pointed emergency managers to act as central points of contact and take re-
sponsibility during emergencies. The emergency managers inform the Execu-
tive Board or raise the alarm with them in the case of severe incidents. In the
event of escalation, the responsible Executive Board member acts as the crisis
manager or delegates this role. Our emergency plans are tested regularly
through realistic simulations of critical situations. Such tests are generally car-
ried out unannounced.
Information security
As digitalisation advances, the financial sector as a whole continues its tech-
nological development, which increases the risks of cyber-attacks. Attacks on
corporate IT systems and financial infrastructure are increasing globally with
the Federal Office for IT Security (BSI) reporting unprecedented threat levels.
Malware and distributed denial-of-service (DDoS) attacks, for example, pose
significant threats.
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55
Information security is a top priority for Deutsche Börse Group. As detailed in
the "Information Security" section of the "Transparent, stable and secure mar-
kets" chapter, the Group employs a comprehensive framework of policies and
processes, aligned with the ISO/IEC 27001 international security standard.
This framework is further reinforced by specific controls and technical capabili-
ties. An independent control function, linked to operational risk management,
continuously refines and monitors security solutions.
Physical security
Physical security is a high priority for us due to continuously changing global
security risks and threats. Deutsche Börse AG has developed an integral risk
management process to proactively and reactively protect the company, its
employees and values from internal and external attacks and threats: Analysts
continuously assess the security situation at our locations and on business
trips, while maintaining in close contact with national and international au-
thorities (Federal Criminal Police Office Bundeskriminalamt, Federal Office for
the Protection of the Constitution – Bundesamt für Verfassungsschutz, etc.),
security service providers, and security departments of other companies. Multi-
level security processes and controls ensure physical security at our locations.
Physical access to buildings and values is continuously monitored and based
on the access principle of 'least privilege' (need-to-have basis).
Insurance Contracts
Operational risks that we do not wish to bear ourselves are transferred to in-
surance companies, if this is possible at a reasonable price. All insurance con-
tracts are reviewed individually and regularly to identify potential for optimisa-
tion.
Financial risk
We categorize financial risks into credit, market price and liquidity risks.
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Credit risk
Credit risk and counterparty default risk describe the risk that a counterparty
will not fulfil its financial obligations. The Group’s credit risks result from the
specific business models of our subsidiaries and Deutsche Börse AG’s treasury
investments.
Various risk metrics are used to measure and manage the credit risk of our
subsidiaries. Credit risk is assessed using Monte Carlo simulations to deter-
mine required economic capital, under consideration of regulatory capital re-
quirements and stress tests. The extent to which individual clients utilise their
credit lines is also tracked, and where credit is concentrated. The measure-
ment criteria also include the credit rating of the counterparties, and the collat-
eral provided. Reverse stress tests for banks show how many clients would
have to default for the losses to exceed the risk-bearing capacity.
The methodology for measuring credit risks at ECAG in its role as a central
counterparty was thoroughly revised in 2024, which led to a reduction of
Ą144 million in economic capital for credit risks.
Both Clearstream Banking S.A. and Clearstream Banking AG extend credit to
their customers to make securities settlement more efficient. This credit busi-
ness may result in short-term receivables of several billion euros being owed
by contracting parties. The exposures are only extended on a very short-term
basis, generally intraday. With the exception of lending to selected central
banks and international organisations defined in Article 23 of Commission Del-
egated Regulation (EU) 2017/390, the exposures are secured and extended to
clients with strong credit standing. Credit facilities are subject to immediate
revocation. These characteristics differentiate this credit business fundamen-
tally from the lending activities and associated risk profile of commercial
banks. Credit risk can also arise from cash investments, which are the respon-
sibility of the Treasury function. Treasury invests both own funds and those
that our customers deposit with Clearstream Banking S.A. and Clearstream
Banking AG; the funds are mostly invested on a secured basis.
Finally, there may be short-term unsecured credit balances at correspondence
banks in the course of securities settlement. To manage and monitor the coun-
terparty risk in the Group, the credit rating of potential customers and counter-
parties to an investment is assessed before our subsidiaries initiate a relation-
ship.
Our subsidiaries establish haircuts for collateral commensurate with the as-
sessed risk subject to ongoing review. We reduce our risk when investing
funds belonging to Group companies and client deposits by distributing invest-
ments across multiple counterparties, all with a high credit quality, and by in-
vesting funds primarily in the short term and in secured form if possible. In-
vestment limits are established for each counterparty on the basis of at least
annual credit checks and using ad hoc analyses, as necessary.
In accordance with their terms and conditions, Eurex Clearing AG, European
Commodity Clearing AG and Nodal Clear only enter into transactions with their
clearing members in their role as central counterparty. Clearing mainly relates
to defined securities, rights and derivatives that are traded on specific stock ex-
changes. Eurex Clearing AG also offers this service for over-the-counter (OTC)
products such as interest rate swaps and forward rate agreements. It acts as
the central counterparty, interposing itself between the transacting parties. It
reduces the resulting credit risk by offsetting opposing payables and by requir-
ing clearing members to deposit collateral. These processes are part of an
EMIR-compliant security system, which the central counterparties in the Group
have implemented.
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57
This backup system consists of different levels that prevent one or even several
customer defaults from affecting the functioning of the central counterparties.
As a first step, each clearing member must demonstrate a minimum amount of
eligible capital or, in the case of funds, assets under management. The second
stage requires the daily provision of collateral in the form of money or credit-
worthy and liquid securities ("margins"), which, at the request of the central
counterparties, must be supplemented or even replaced by customers during
the day if securities no longer meet the high-quality requirements. It should be
noted that the underlying risk assessment dynamically incorporates intraday
price and position fluctuations. During the third stage, all clearing participants
are obliged to pay additional collateral into a default fund on a pro rata basis
according to their individual risk profile.
In addition to its own funds, Eurex Clearing AG has the option of drawing on a
letter of comfort issued by Deutsche Börse AG. A maximum of Ą600 million is
available, from which own equity payments can already be used on a pro rata
basis in the security scheme described above. Third parties have no rights un-
der this comfort letter. The contribution from Eurex Clearing AG (the so-called
“skin-in-the-game”) to the overall default waterfall in the event of a liquidation
is Ą200 million. Before the collateral in the default fund is used, European
Commodity Clearing AG provides prefinanced allocated own funds of Ą35 mil-
lion. In the event these funds prove insufficient, European Commodity Clearing
AG may call upon non-defaulting clearing members for additional contributions
to the default fund. This call can be made once per default event, up to a max-
imum of three times within a 90-day period. Before doing so, European Com-
modity Clearing AG must provide additional prefinanced allocated own funds
of Ą15 million. Nodal Clear’s contribution in a default event is US$20 million.
If the default fund is not sufficient, further contributions to the default fund can
be called up from the non-defaulting clearing members.
Eurex Clearing AG and European Commodity Clearing AG have the option of
holding client funds at the Deutsche Bundesbank without any default risk.
Funds can also be held in highly liquid financial instruments. Investment
losses on currencies for which Eurex Clearing AG or European Commodity
Clearing AG have no access to the respective central banks, and therefore in-
vest with commercial banks, will be borne, on a pro rata basis, by Eurex Clear-
ing AG and European Commodity Clearing AG and by those clearing members
active in the currency where losses were incurred. The maximum amount pay-
able by Eurex Clearing AG and European Commodity Clearing AG in the event
of an investment loss threatening its own funds is capped at Ą50 million for
Eurex Clearing AG and Ą15 million for European Commodity Clearing AG.
Similar to the investment practices for Clearstream Banking S.A. and Clear-
stream Banking AG, Treasury manages investments of Eurex Clearing AG’s
own funds and client deposits; here too, most of the investments are secured.
To date, no default by one of our customers with a secured credit line has re-
sulted in a financial loss for us.
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58
Market risk
Market risks include adverse changes in interest rates, foreign exchange rates,
and other market prices, arising from investments of own assets and client
funds, FX exposures, and pension obligations. We measure these risks using
Monte Carlo simulations based on historical price data, as well as correspond-
ing stress tests. Clearstream Fund Centre S.A. measures market risks based on
historical developments in interest rates, exchange rates and other market
prices, and with additional stress tests. To minimise foreign currency risks, we
avoid open currency positions whenever possible. Market risk exposure only
results from relatively small open foreign currency positions.
Derivative financial instruments are used exclusively for hedging purposes
across the Group. Clearstream Banking S.A., Clearstream Banking AG, and
Eurex Clearing AG utilize, for instance, interest rate and currency swaps as
part of their conservative investment strategies. Crypto Finance AG employs fu-
tures contracts to mitigate market risk associated with existing positions.
Furthermore, market risk could result from ring-fenced pension plan assets for
our employees (Contractual Trust Arrangement (CTA), Clearstream's pension
fund in Luxembourg). They are actively managed in line with a defined invest-
ment policy and so have a limited exposure to market risk. We also reduced
the risk of extreme losses by deciding to invest the bulk of the CTA on the ba-
sis of a value preservation mechanism.
We did not sustain any significant losses from market risks in 2024.
Liquidity risk
Liquidity risk arises if a Group company is unable to meet its forthcoming fi-
nancial obligations in time and in full or if it can only do so at a higher refi-
nancing cost.
Liquidity risks primarily arise at our subsidiaries Eurex Clearing AG, Clear-
stream Banking S.A., Clearstream Banking AG and Clearstream Fund Centre
S.A., as these entities are classified as credit institutions. They also occur at
European Commodity Clearing AG, since it qualifies as a bank under the KWG.
For the early identification of risk, Clearstream Banking S.A., Clearstream
Banking AG, Clearstream Fund Centre S.A., Eurex Clearing AG and European
Commodity Clearing AG calculate every day using various stress tests the li-
quidity requirement that would occur in the event of client defaults. The com-
panies hold sufficient liquidity to cover the requirement as determined by this
testing.
Short-term operating liquidity is mainly covered internally, by cash flow from
operations. The aim is to hold sufficient liquidity to be able to meet all our ob-
ligations as they fall due. An intra-Group cash pool is used to pool surplus
cash from our subsidiaries with Deutsche Börse AG, as far as regulatory and
legal provisions allow. Liquid funds are invested on a short-term basis to en-
sure that they are available. Short-term investments are also largely secured by
liquid bonds from highly-rated issuers. In addition, we have access to short-
term external sources of financing, such as agreed credit lines with individual
commercial banks or consortia, and a commercial paper program.
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59
In recent years, we have used our access to the capital markets to issue corpo-
rate bonds in order to meet our structural financing needs.
Deutsche Börse Group’s liquidity risk management objective is two-fold: we
aim to cover short-term liquidity needs while safeguarding the long-term fi-
nancing of our Group and thereby reducing liquidity risks.
Aggregated across all currencies, the companies always had sufficient liquidity
to cover their actual liquidity needs in 2024.
Liquidity risks are not quantified in the REC (see note 25 to the consolidated
financial statements).
Pension risk
Pensions for past and present employees are managed in a variety of pension
plans. Pension risk is the risk of rising costs from the current measurement of
pension provisions due to increasing life expectancy, salary growth, and infla-
tion. It is calculated with the support of actuaries.
Business risk
Business risk is the unexpected residual loss, which arises when the Earnings
at Risk exceed the anticipated net income after tax, which can be due to the
competitive environment such as customer behaviour, investment losses, and
industry trends, macro-economic and geopolitical developments or erroneous
strategic management decisions. Factors influencing this residual loss include
lower revenue or higher costs than originally planned. Business risk is reported
when the calculated value at risk is higher than the budgeted net income for
the next four quarters. This approach is based on the use of historic as well as
anticipated data and the expenses and income reported. Since historic data is
not yet available for Clearstream Fund Centre S.A., an approach based on
business risk scenarios is used there. Business risks are continuously moni-
tored by the business units. As of 31 December 2024, no material business
risks requiring disclosure were identified based on the simulation model re-
sults.
The Federal Financial Supervisory Authority (BaFin) regularly considers
whether to classify Deutsche Börse AG as a financial holding company. Classi-
fication as a financial holding company could have an impact on our capital
requirements. Deutsche Börse AG is not currently a financial holding com-
pany.
Regulatory capital requirements and regulatory capital ratios (nor-
mative perspective)
Operational, credit, and market risks are the basis for determining regulatory
capital requirements from a normative perspective. Regulatory capital require-
ments are not determined for Deutsche Börse Group, but separately for each
regulated entity. However, the risk profile from a normative perspective is simi-
lar to the risk profile derived from economic capital. Clearstream Banking S.A.
and Clearstream Banking AG, Clearstream Fund Centre S.A., Eurex Clearing
AG and European Commodity Clearing AG use the standard approach for
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
60
analysing and evaluating credit and market risk. The institutions have adopted
different approaches regarding operational risk: The institutions employ differ-
ent methodologies for operational risk. Clearstream utilizes the more complex
Advanced Measurement Approach (AMA) across all its business units. This
approach is approved by and subject to regular audits from BaFin. In contrast,
Eurex Clearing AG, European Commodity Clearing AG and Clearstream Fund
Centre S.A. employ the basic indicator approach to calculate regulatory capital
requirements.
Overview of regulatory capital ratios
Regulatory capital requirement taking into account CRR (Pillar 1 and Pillar 2), CSDR, EMIR, leverage ratio, where applicable2
Own funds requirements
Own funds
Total capital ratio %
in Ąm
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Clearstream Holding-Gruppe
589.7
683.0
1,542.2
1,477.4
36.0
34.7
Clearstream Banking S.A.
747.0
722.7
1,026.3
1,011.7
37.5
40.6
Clearstream Banking AG
328.8
389.3
527.0
528.3
37.9
35.5
Clearstream Fund Centre S.A.
67.6
90.3
182.4
178.8
30.2
32.0
Eurex Clearing AG
472.21
460.21
799.6
799.5
48.9
50.1
1) For readability purposes, requirements also include Ą200 million of ECAG default fund contribution, which have to be deducted from the own funds from an EMIR perspective.
2) The highest requirement (from Pillar 1, Pillar 2, CSDR/EMIR, leverage ratio, etc.) of the respective entity is shown.
Clearstream Holding AG, Clearstream Banking S.A., Clearstream Banking AG
and Clearstream Fund Centre S.A. have Minimum Requirements for Own
Funds and Eligible Liabilities, MREL. All requirements were met throughout
the reporting period. The Minimum Requirements for Own Funds and Eligible
Liabilities (MREL) are derived from the recovery and resolution plans for the
Clearstream companies and Clearstream Fund Centre S.A. in compliance with
the Banking Recovery and Resolution Directive (BRRD). As central securities
depositories (CSDs), Clearstream Banking S.A. and Clearstream Banking AG
are subject to the capital requirements outlined in the Central Securities De-
positories Regulation (CSDR). Eurex Clearing AG and European Commodity
Clearing AG, as central counterparties (CCPs), are subject to the capital re-
quirements specified in the European Market Infrastructure Regulation (EMIR).
All capital requirements were met throughout the reporting period.
For Clearstream Holding AG and Clearstream Banking AG the Minimum Re-
quirements for Own Funds (Eigenmittelanforderungen) decreased from 2023
compared to 2024 as a result of an overall reduction of the Supervisory Re-
view and Evaluation Process (SREP) add-on. For Clearstream Fund Centre S.A.
delivery of strategic transformation projects lead to a significant reduction in
Operational Risk.
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Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
61
Organisational structure and reporting lines for risk
management
Organisational structure and workflows
Our risk management approach applies to the entire Deutsche Börse Group.
Risk management functions, processes, and responsibilities are binding for all
our employees and organisational units. To ensure that all employees are risk-
aware, risk management is firmly anchored in the Group’s organisational struc-
ture and workflows, see chart, “Workflow organisation and reporting lines for
risk management”. In addition, regular training sessions are held that were de-
veloped to strengthen the risk culture of all employees. The Executive Board is
responsible for overall risk management, whereas within the subsidiaries it is
the responsibility of the management. The boards and committees listed below
receive regular information on the risk situation.
The Supervisory Board of Deutsche Börse AG assesses and monitors the effec-
tiveness of the risk management system and its continuous development. The
Supervisory Board has delegated the evaluation to its Audit Committee. Addi-
tionally, the Risk Committee is notified annually of the risk appetite frame-
work.
Deutsche Börse AG’s Executive Board determines the group-wide risk manage-
ment approach as well as the risk appetite and allocates the latter to the com-
pany’s individual business segments and business units, respectively. It en-
sures that the Group’s risk appetite is and remains compatible with its short
and long-term strategy, business and capital planning, risk-bearing capacity
and remuneration systems.
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Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting
lines for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
62
The Executive Board of Deutsche Börse AG also determines which parameters
are used to assess risks and how risk capital is allocated. It ensures that the
requirements for the risk management approach and risk appetite are met.
The Chief Risk Officer (CRO) leads the development of proposals for the risk
management framework, risk appetite, approaches and methods for risk moni-
toring and control, capital allocation and the necessary processes. Risks are
continuously analysed, evaluated and reported: once a month or ad hoc to the
Executive Board, four times a year to the Risk Committee of the Supervisory
Board and once a year to the Supervisory Board. Likewise, the CRO annually
reports to the Audit Committee on the effectiveness of the risk management
system. This system enables responsible bodies to monitor compliance with
defined risk limits,
Our subsidiaries follow the same procedures, always ensuring compliance with
Group requirements. In particular, they adhere to the risk appetite framework
allocated to them by Deutsche Börse Group. The credit institutions and the Eu-
ropean Commodity Clearing AG have independent executive boards and super-
visory boards. Clearstream Holding AG, Clearstream Banking S.A., Clearstream
Banking AG, Clearstream Fund Centre S.A., European Commodity Clearing AG,
and Eurex Clearing AG implement the risk management approach with specific
features derived for their own businesses. They also utilize metrics and report-
ing formats aligned with the overarching Group structure. Each subsidiary's
management is responsible for implementing the risk management approach
and ensuring compliance with relevant legal requirements.
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Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting
lines for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
63
Centrally coordinated risk management process
Our risk management operates through a centrally coordinated, five-stage pro-
cess. All potential losses should be identified promptly, centrally recorded, and
quantitatively measured whenever possible. Measures for managing them are
to be recommended and their implementation ensured (see chart “Five-stage
risk management process”). The Three Lines of Defense (3LoD) model is an-
other key component of our risk management approach, implemented across
Deutsche Börse AG as well as our subsidiaries. This model defines a clear seg-
regation of functions and responsibilities between the operating business units
(first line of defence), risk management (second line of defence) and internal
audit (third line of defence).
The first stage involves identifying risks and their potential causes, including
losses or operational disruptions. In the second stage, business areas (first line
of defense) regularly report identified and quantified risks, escalating urgent is-
sues immediately. The report is submitted to the risk management function
(part of the second line of defence), which assesses the potential threat in a
third stage. In the fourth stage the business units manage the risks through
avoidance, mitigation, transfer, or active acceptance. The fifth and final stage
involves monitoring risk metrics and escalating significant risks, assessments,
and potential emergency measures to relevant Executive Board members and
committees. In addition to its regular reporting, the CRO division compiles ad-
hoc reports for the Executive and Supervisory Boards. The risk management
functions at Clearstream Holding AG, Clearstream Banking S.A., Clearstream
Banking AG, Clearstream Fund Centre S.A., Eurex Clearing AG and European
Commodity Clearing AG submit reports to the respective executive boards and
supervisory boards. The internal audit function (third line of defence) is an in-
dependent function and monitors both the business units and the risk man-
agement functions.
Structure of the internal control system
Deutsche Börse has a Group-wide internal control system (ICS) with a frame-
work that defines minimum requirements for all entities in the Group. The
framework provides the basis for the risk-based implementation of the ICS. It
supports the effective and efficient implementation and operation of the ICS re-
gardless of the degree of regulation, or the size of the subsidiary, for example.
The disclosure requirements according to ESRS 2 GOV-5, 36 c are presented
below.
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Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
64
The ICS helps to manage risks and particularly covers risks at the process
level. This entails defining rules for the uniform recording and assessment of
process risks, in aggregate and at the individual risk level. A control cycle car-
ried out at least once a year defines minimum requirements for continuous im-
provements and ICS reporting. This also includes an assessment of the appro-
priateness and effectiveness of the measures taken by the business units as
the first line of defence.
A particular emphasis in the ICS implementation is on steps to manage mate-
rial risks in connection with financial and non-financial reporting.
The accounting-based ICS covers financial reporting in accordance with local
and international financial reporting standards and the non-financial ICS based
on the principles of the European Sustainability Reporting Standard. The CFO
is responsible for the orderly implementation and monitoring of the relevant
processes. Financial statements are prepared by the central Financial Account-
ing and Controlling (FA&C) function and by the decentralised units according
to the requirements of FA&C. Sustainability reporting is prepared by FA&C in
cooperation with Human Relations, Compliance, Risk Management and Group
ESG Strategy. Tax items are calculated by Group Tax. The structure of the ICS
is formally defined in the Control over Financial Reporting policy (COFR).
The COFR policy was extended in 2024 and now also covers non-financial re-
porting. The COFR policy is intended to ensure the Group-wide implementa-
tion of effective controls, in order to ensure the orderly execution of business
processes and to identify and mitigate the risks associated with the financial
and sustainability reporting. FA&C has provided a standardised process cata-
logue for the financial reporting and sustainability reporting processes, includ-
ing standardised risk-control matrices and documentation requirements. Com-
pliance is regularly monitored by FA&C.
1 Committee of Sponsoring Organizations of the Tradeway Commission
The Supervisory Board and the Audit Committee are informed regularly by the
Executive Board and the heads of Risk Management, Compliance and Internal
Audit about the suitability and effectiveness of the internal control system
(ICS). In addition, the results of external audits and the recommendations de-
rived from them are also taken into account. This comprehensive reporting
guarantees that the Supervisory Board and Audit Committee can ensure that
the ICS complies with the statutory requirements and makes an effective con-
tribution to minimising risk.
ICS for financial reporting
The main risks of the financial reporting process are unintended errors or de-
liberate acts that could convey an incorrect view of assets, liabilities, financial
position and profit or loss, as well as the delayed publication of financial state-
ments. This could result in erroneous judgements of the economic position,
reputational damage, a loss of confidence on the part of investors, and penal-
ties.
The Executive Board of Deutsche Börse AG has set up the ICS for financial re-
porting in line with the Committee of Sponsoring Organizations of the Trade-
way Commission (COSO) framework1 with the objective of minimising the risks
described. The aims of the ICS for financial reporting are:
Reliability of reporting: To ensure that the financial reports are complete,
correct and reliable.
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Deutsche Börse:
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Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
65
Compliance with legislation, regulations and internal policies: To guarantee
that business activities are in accordance with applicable legislation, regula-
tions and internal requirements, and that infringements and fraud are pre-
vented.
Effectiveness and efficiency: To ensure the smooth, resource-efficient exe-
cution of financial reporting processes.
The ICS for financial reporting defines measures to minimise the risk of errors
in the accounting process:
Standardised accounting policies: Uniform requirements for IFRS account-
ing to ensure compliance with and the application of statutory accounting
standards throughout the Group. FA&C monitors the accounting processes
and adapts them to changes in the regulatory environment.
Double checks: Independent checks of critical events to avoid errors and
manipulation.
Functional separation: To avoid conflicts of interest by the organisational
separation of executive and controlling activities. Access rights to the ac-
counting systems are regularly reviewed using an incompatibility matrix.
Automation: IT-enabled verification mechanisms are used for the automatic
detection of discrepancies and irregularities. In addition, the main ledgers of
our subsidiaries are consolidated, whereby some subsidiaries access differ-
ent systems. Their accounting data is uploaded for inclusion in the consoli-
dated financial statements.
Regular monitoring and internal audits: Regular reviews of internal pro-
cesses are carried out by FA&C (as the 2nd line of defence) and the Internal
Audit function. Compliance also carries out risk-oriented and process-inde-
pendent controls as an additional controlling function.
The main focus in 2024 was on the introduction of a holistic process for view-
ing financial reporting. This 360-degree viewpoint enables a risk-oriented pro-
cess analysis to identify all risks relevant to financial reporting, to eliminate
any controlling gaps, sharpen existing controls and realise process optimisation
potential.
In addition, FA&C plays a key role in monitoring and support for the first line
of defence, which it extended in the 2024 financial year. In particular, actions
were taken including the function as a central point of contact for the ICS for
financial reporting, training, systematic testing and monitoring, and the evalua-
tion of internal controls.
FA&C performs a semi-annual risk-based review of the suitability and effective-
ness of the ICS for financial reporting. This covers the suitability of the control
design and the effectiveness of its operational implementation. The review
concentrates on material risks that could have significant impacts on the com-
pleteness and accuracy of the financial reporting. They include risks such as
incorrect entries, insufficient documentation and potential fraud. In particular,
it investigates critical processes that have a direct influence on the preparation
of financial reports, such as the consolidation of the IFRS reporting packages
from the Group companies, or the measurement of assets and liabilities.
The processes, systems and controls described above aim to provide reasona-
ble assurance that our accounting system complies with the applicable princi-
ples and laws.
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Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
66
ICS for non-financial reporting (sustainability statement)
The following section presents the disclosure requirements according to ESRS
2 GOV-5. The ICS for the non-financial reporting of Deutsche Börse AG covers
the following risks related to the recognition and measurement of non-financial
information:
Recognition risks: To ensure that all the relevant data are recognised fully
and correctly.
Measurement risks: Consistent and transparent measurement methods to
minimise uncertainties, particularly for environmental and
social topics.
Process risks: Standardised processes and control mechanisms to guarantee
the accuracy and precision of reporting.
Compliance risks: Compliance with statutory and regulatory requirements by
means of regular checks.
Reputation risks: Quality and reliability of reporting to strengthen the confi-
dence of investors and other stakeholders.
The ICS for non-financial reporting defines specific actions to minimise the
risks identified. They include the successive development of standardised pro-
cesses, the ongoing training of employees and the successive introduction of
control mechanisms to monitor and improve the sustainability reporting pro-
cesses. Furthermore, energy consumption and GHG emission data are col-
lected and calculated using special software. This software standardises the
process of data collection, guarantees that the data are transparent and tracea-
ble and ensures that formula and key variables such as emission factors are
standardised in accordance with the Greenhouse Gas Protocol (GHG Protocol).
The subsidiaries included in the sustainability statement are responsible for
their respective processes, including back-up and control actions, to minimise
the risk of material misstatements. These actions are continuously being ex-
panded and optimised in order to meet changing requirements.
FA&C started to review the suitability and effectiveness of the ICS for existing
non-financial reporting processes in 2024. This review will be completed in
2025 and successively rolled out to new processes. This is intended to ensure
that the system is continuously improved and adapted to new requirements.
By means of these actions Deutsche Börse AG strives to strengthen the confi-
dence of investors and other stakeholders in its sustainability reporting and in
the long term to ensure sustainable corporate governance.
Overall assessment of the risk situation by the
Executive Board
Summary
The risk profile of Deutsche Börse Group did not change significantly in the
2024 financial year. All known impacts of the geopolitical and macroeconomic
developments were actively managed within the Group and potential new risks
were analysed on an ongoing basis. The aggregate total risk of Deutsche Börse
Group comprising all risk types (operational, financial, pension and business
risk) was always adequately covered by available funds. Group risk manage-
ment and the internal control system (ICS) were further strengthened and ex-
panded in 2024, as described above. No significant change in the risk situa-
tion of the Group has been identified by the Executive Board at the present
time.
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
67
Outlook
Deutsche Börse Group continually assesses its risk situation. Based on stress
tests, calculated economic capital requirements and the risk management sys-
tem, Deutsche Börse AG’s Executive Board concludes that the available risk
coverage amount, and liquidity are sufficient. Currently, there is no indication
that the risk coverage amount has to be adjusted for 2025. Furthermore, it
cannot identify any risk that would endanger the Group’s existence as a going
concern. Group risk management and the internal control system (ICS) are to
be strengthened and expanded further in 2025.
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Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Risk profile Deutsche Börse Group
Regulatory classification
Goals and principles of risk management
Risk management approach
Economic and normative perspective
Risk-bearing capacity from an economic
perspective
Organisational structure and reporting lines
for risk management
Centrally coordinated risk management
process
Overall assessment of the risk situation by
the Executive Board
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
68
Report on opportunities
With its broad product and services portfolio, Deutsche Börse Group has a strong market position from which
to profit from a wide range of opportunities. We pursue both organic growth and focused M&A activities.
Organisation of opportunities management
We evaluate the organic and inorganic growth opportunities in the individual
business areas continuously, i.e. over the course of the year. With our oppor-
tunity management, we can identify, evaluate and seize opportunities for the
Group as early as possible – and turn them into business successes. At Group
level these opportunities are systematically assessed as part of the annual
budgeting process and strategic reviews. The process begins with a careful
analysis of the market environment, which considers both what the customer
wants, as well as market developments, competitors and regulatory changes.
Ideas for growth initiatives are developed further using uniform, Group-wide
templates and subjected to a profitability analysis. On this basis, our Executive
Board decides which initiatives are to be implemented.
Growth opportunities
We have a very broad portfolio of products and services with which we cover
all areas of a market infrastructure provider’s value chain. In order to maintain
and expand this position we are pursuing a growth strategy called Horizon
2026 (see section “Our strategy and steering parameters”). We are focusing
primarily on organic growth opportunities. These consist largely of secular op-
portunities that we can influence ourselves. Secular opportunities arise for ex-
ample as a result of regulatory changes, new client requirements (such as the
growing demand for exchange-traded solutions to previously over-the-counter
(OTC) transactions) or from the trend to allocate an increasing portion of assets
to passive investment strategies (e.g. index funds). There are also cyclical op-
portunities that are beyond our direct control and result from changes in the
macroeconomic environment. Apart from that, we see long-term growth oppor-
tunities resulting from the technological transformation. With the help of dis-
tributed ledger technology, public cloud solutions for operating IT infrastructure
and artificial intelligence we not only want to become more efficient in our ex-
isting business, but also see opportunities for new products and services re-
lated to digital assets, for example.
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Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
69
These are the main growth opportunities in our four segments:
Investment Management Solutions
Software as a Service for institutional investors (combination of SimCorp and
Axioma): We expect increasing demand from institutional investors for invest-
ment management software solutions in the years ahead. With the merger of
SimCorp and Axioma we have created an end-to-end offering along the entire
process chain for institutional investors. This also enables us to realise revenue
and cost synergies. It opens up significant, sustainable and long-term growth
opportunities and enables us to diversify our business and further increase the
proportion of our recurring revenue.
Global indices and data from a single source (combination of ISS and
STOXX): In the index business, we are pursuing the goal of aligning the index
provider STOXX, which is already established in Europe, even more globally in
order to develop further indices and market them worldwide. By combining our
index provider STOXX with the ESG and data business of ISS, we have created
the basis for offering our clients an integrated range of indices and ESG data.
This gives us an advantage over our global competitors and helps us to serve
new and existing clients in the best possible way. In addition, the index busi-
ness will continue to capitalise on the structural trend towards passive invest-
ment products (ETFs). More and more end clients and asset managers are fo-
cusing on this trend due to the lower costs and sometimes below-average suc-
cess of active investment strategies. We are also realising sales and cost syner-
gies by merging ISS and STOXX under one management.
Trading & Clearing
New interest rate derivatives: Higher interest rates and wider fluctuations in
expectations on future rates increase demand for interest rate products as in-
vestments and speculative opportunities, and to hedge interest rate risks. To
support this, we use our leading position in long-term interest rate derivatives
to win short-term business in interest rate derivatives for our platforms too.
Customers profit from efficiencies in margin requirements if they pool their
short-term interest rate business as well as their long-term interest rate
business on our platforms. We offer an additional incentive by expanding our
partnership program, which enables market participants to share our economic
success.
Clearing of OTC derivatives: We have used political and regulatory develop-
ments, along with our expertise in building liquid markets, and expanded our
market share in the clearing of OTC derivatives to around 20 per cent in recent
years. In the years ahead we want to profit from overall market growth and in-
crease our market share at the same time. To achieve these goals, we use our
improved risk model and efficiencies in cross-margining, i.e. offsetting margins
for OTC trades with those for exchange-traded business. The introduction of
EMIR 3.0 and the associated Active Account Requirement will likely drive
onboardings and activations to gain additional market share. The current obli-
gation being discussed by the EU supervisory authorities to use an active
cross-margining account within the EU could also contribute to gaining addi-
tional market share.
Rising demand for repo products: The retreat by central banks from the
money market and higher interest rates have caused structural demand for se-
cured money market products to rise. We anticipate that we will profit from
overall market growth and win new customers for our products at the same
time.
New equities and equity index derivatives: Shifting the focus to non-European
markets for new equity and index derivatives allows us to seize growth oppor-
tunities in the fast-growing US- and Asian equity markets and further diversify
our business model. At the same time, we are looking into expanding our cli-
ent base by improving accessibility of our market particularly for buy-side and
retail customers. By adding additional CSDs to Eurex Clearing’s network, we
provide customers with greater choice and enabling them to further improve
their settlement process for physically delivered equity derivatives.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
70
Rising demand for power derivatives: The increasing share of renewable ener-
gies in the energy mix causes wider price fluctuations on European power mar-
kets. At the same time, industries with high energy requirements are obliged to
include future energy costs in their calculations well in advance when pricing
their final products. Their hedging requirement and demand for power deriva-
tives is correspondingly high. Liquidity in the European power markets oper-
ated by us is now high, which has attracted new market participants, such as
algorithmic and quant traders. They have no physical need but use power as
an asset class for trading. We want to use this momentum to increase liquidity
on our platforms even further and open up new customer groups.
Tokenisation: We are at the beginning of a new technology and digital assets
will increase the range of investable and tradable instruments significantly.
The exploration and use of new technologies and Distributed Ledger Technol-
ogy (DLT) are on Deutsche Börse Group's agenda. We are convinced that the
tokenized economy will change the financial markets. DLT can offer efficien-
cies in creating representations of securities while assets remain secure with
the custodian, facilitating cross-border settlement.
Fund Services
Cross-border distribution with highest processing efficiency: Our clients can
use Clearstream's settlement, custody and distribution services for their entire
fund portfolio covering traditional investment funds, exchange-traded funds
(ETFs) as well as alternative funds and private market investments. Given the
ongoing macro development, e.g. the ongoing margin and fee pressure, the
call for more efficient settlement and custody solutions to guarantee maximum
security for client assets under custody by supervisory and regulatory authori-
ties, we expect to acquire additional client portfolios in the future by means of
outsourcing agreements.
Expand services to other asset types and geographies: As an established pro-
vider of fund solutions, Clearstream has a significant opportunity to build out
further innovative distribution and processing capabilities, e.g. for certain asset
classes like private assets and ETF and for further expanding into key growth
regions as per expected wealth development, e.g. Asia Pacific, Middle East
and others.
Strengthen buy-side value: With our global network of wealth manager, credit
institutions and distribution partner as well as the expansion into data, analyt-
ics and digital distribution solutions, Clearstream is further building out its po-
sitioning as partner of trust and growth towards its buy-side clients. As per the
group’s strategy, Clearstream will continue to invest into further improving its
value for money towards the buy-side segment as well as delivering new solu-
tions. Also the continuous collaboration with Investment Management Solu-
tions will drive that development.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
71
Securities Services
Digital value chain in custody: Clearstream customers can already issue as-
sets the same day in a digital value chain via our D7 platform. We want to
build on this success and enable our customers to manage and settle positions
and accounts digitally in future — and to do so for all their asset classes. In
addition to economies of scale and cost savings, we anticipate further long-
term growth from a larger number of transactions.
Generate incremental revenue through commercialization of our “platform as
a service” model: Expansion of our “Platform as a service” model, for example
through new partnerships such as with TMX (Canadian Exchange Operator).
Strengthen collaboration within the group and develop joint value proposi-
tion: Intensive collaboration initiated with SimCorp to identify synergy poten-
tials.
Cyclical opportunities
In addition to secular growth opportunities, we have cyclical opportunities, for
instance as a result of macroeconomic developments or unexpected market
events. We do not have any direct control over these cyclical opportunities, but
they do have the potential to increase our net revenue. They include high trad-
ing volumes on our markets, on the one hand, which could be caused by a
change in interest rate expectations or global events. On the other hand we
benefit from rising interest rates, because they increase the net interest income
we receive on cash balances. While fluctuations in trading volumes affect our
net revenue without treasury result, this is not the case for fluctuations in net
interest income.
Technological opportunities
In addition to secular and cyclical growth opportunities, there are new technol-
ogies fundamentally driving change in the financial industry. They include
cloud services, artificial intelligence (Al) and distributed ledger technology
(DLT). These technologies can help to harmonise markets, open up new busi-
ness potential, boost efficiency and reduce risks. We continuously and system-
atically observe and evaluate new technological developments and trends in
terms of their impact and importance for our business model and our pro-
cesses. Together with external partners we deliberately build and extend our
expertise in selected technological areas.
Cloud
We work continuously to migrate our services and processes to the cloud and
to optimise them. In addition to the flexible use of computing capacities, this
has other advantages for us. For instance, the introduction of new functionali-
ties and updating of existing software might be tested faster and better by cli-
ents in the cloud. This makes our processes significantly more agile, as new
releases can be introduced at more frequent intervals, allowing us to respond
better to clients' requirements.
We have been following a hybrid multi-cloud strategy for years. Via agree-
ments with leading international cloud providers we have already positioned
ourselves well in the European financial services sector. Additionally, our 10-
year strategic partnership with Google Cloud, that we announced in early
2023, allows us to profit from the technical performance and robust security
mechanisms of a respected cloud provider.
As part of our partnership with Google Cloud we are concentrating on four ar-
eas: (1) Increase cloud use, (2) Data mesh, (3) Digital Assets Business Plat-
form, (4) Digital Securities Platform D7.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
72
Artificial intelligence (Al)
Well-known use cases have increasingly brought artificial intelligence into the
public eye. As a provider of market infrastructure in the financial industry we
are particularly evaluating artificial intelligence from the perspective of effi-
ciency gains and scalability across the Group. Artificial intelligence is already
being used in initial applications — for our customers (OSCAR collateral man-
agement, settlement prediction tool) and for our employees (chat-bots). We al-
ways keep an eye on technological and regulatory developments, in order to
evaluate and implement the best new use cases for artificial intelligence. To do
so we make use of both internal and external know-how, in the context of stra-
tegic partnerships for instance.
Distributed Ledger Technology (DLT)
The use of distributed ledger technology (DLT) represents another technologi-
cal opportunity. It is sometimes considered a disruptive technology, and at
present, the financial services sector is increasingly exploring its opportunities.
Thanks to its decentralised nature, it facilitates direct interaction between par-
ticipants, thus offering the potential for simplifying complex processes. The
challenge in the financial industry is to make use of distributed ledger technol-
ogy while meeting high security standards and taking risk limitation and cost
efficiency aspects into account. As an established provider of market infra-
structure with an integrated value chain, we are in a good position to exploit
the potential of distributed ledger technology. Our experience of applicable in-
dustry standards and legal and regulatory requirements is a decisive advantage
here.
Regulatory and political opportunities
Deutsche Börse Group supports the objective to further develop “the Capital
Markets Union” (CMU) towards an EU “Savings and Investments Union” (SIU)
and also actively engages with key stakeholders to support a successful trans-
formation.
Notably, policymakers on European and national levels are committed to sig-
nificantly strengthening the EU’s capital markets, with current reflections cen-
tering around legislative and regulatory measures boosting EU’s competitive-
ness, enhancing massive private and public investments in security and pros-
perity, reducing regulatory burden, establishing a single set of rules for the sin-
gle market, and accelerating the EU’s strategic autonomy. These initiatives
may bring about a multitude of opportunities across our diverse businesses.
Deutsche Börse Group is well prepared and might reap structural benefits
across the national and EU level to foster its market-leading position.
Deutsche Börse Group recently published a whitepaper containing a roadmap
for the SIU in which DBG sees not only a chance for the EU’s capital markets
and wider European community but also for its business, as it can be expected
that under an SIU the participation in capital markets is increased both by re-
tail as well as institutional actors, inefficient barriers to entry particularly on
the post-trade side are reduced and the overall competitiveness of the Euro-
pean capital markets is strengthened.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
73
The EU has finalised the CSDR Refit and entering into force on 16 January
2024, work on Level 2 has started where 11 RTS are to be developed by
ESMA, ESCB and EBA over a period of the next 12-18 months. Content-wise,
the CSDR Refit only makes selected amendments to the initial regulation in
five main areas: Settlement discipline, passporting regime, banking-type ancil-
lary services, third-country CSD oversight, and supervisory cooperation. Lever-
aging the increased interest and political momentum around the CMU/SIU, the
CSDR Refit is expected to considerably facilitate the aspects around passport-
ing and cross-border CSD business and thus help to naturally harmonise the
CSD landscape in the EU.
With TARGET2-Securities (T2S), the ECB built already a pan-European settle-
ment infrastructure which needs to be leveraged, by setting incentives for more
Member States and market participants to fill the currently "empty highway".
Such a technical consolidation of cross-border settlement would lead to har-
monisation, considerably easier and more efficient than any proclaimed legally
mandatory consolidation of CSDs. Further, the T+1 shortening the settlement
cycle (recent proposed changes in Art 5 CSDR) needs to be implemented by
the market till 11th October 2027. ESMA has set-up a T+1 Industry Commit-
tee to steer the governance/process.
The recent MiFID II and MiFIR updates that will be fully implemented by Sep-
tember 2025 and include the introduction of a consolidated tape for market
data per asset class, stricter rules on payment for order flow (PFOF), enhanced
pre- and post-trade transparency requirements, as well as amendments to the
energy and commodity markets.
Strict provisions on price regulation for market data may have an impact on
profitability. Being part of the joint venture "EuroCTP" provides an opportunity
to being selected as provider for the consolidated tape for equities and ETF.
The prohibition of PFOF aims to address conflicts of interest and enhance
transparency and may benefit business offerings geared towards retail inves-
tors but will only become applicable in 2026. We expect to win market shares
with Xetra Retail.
DBG’s primary market business may benefit from the amendments introduced
by the EU Listing Act that aim to improve the listing environment by simplify-
ing the prospectus, targeted prospectus formats as well as the introduction of
multiple-vote shares. We expect to win market shares if ratings will only be
provided by regulated market players.
The EU ESG ratings regulation enters into force in 2025 and will require fur-
ther technical specifications ahead of its application in 2026. The Regulation
requires rating providers to serve EU market based on authorization or accord-
ing to rules on market access for non-domestic providers. ISS ESG will have to
provide transparency as regards ESG ratings, including methodologies, models,
and rating assumptions, and to have governance arrangements in place to
manage conflicts of interest.
With regard to digitalisation and innovation, the European Commission is
working on the topic of tokenisation and retail digital Euro. The ECB has suc-
cessfully concluded the ECB Trials on the wholesale digital Euro, ideally to be
continued in a "Eurosystem Digital Framework" to allow for innovation and in-
tegration of the payment leg on DLT.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Organisation of opportunities management
Growth opportunities
Cyclical opportunities
Technological opportunities
Regulatory and political opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
74
Report on expected developments
With our diversified business model and our new Horizon 2026 strategy we in an excellent starting position to
achieve further sustainable and profitable growth. In the long term we intend to continue consistently on our
growth path, in order to make Deutsche Börse Group the preferred global provider of market infrastructure.
The forecast describes Deutsche Börse Group’s expected performance for the
2025 financial year. It contains statements and information on events in the
future and is based on the company’s expectations and assumptions at the
time of publication of this corporate report. In turn, these are subject to known
and unknown opportunities, risks and uncertainties. Numerous factors, many
of which are outside the company’s control, influence the Group’s success, its
business strategy and its financial results. Should opportunities, risks or uncer-
tainties materialise, or should one of the assumptions made turn out to be in-
correct, the Group’s actual performance could deviate either positively or nega-
tively from the expectations and assumptions contained in the forward-looking
statements and information contained in this forecast.
Developments in the operating environment
Macroeconomic environment
High interest rates on both sides of the Atlantic took their toll over the course
of 2024 and the economy slowed significantly. Finally, lower inflation
prompted the central banks to cut interest rates in order to slow the economic
downturn. Even if the global economy proved to be resilient under these cir-
cumstances, new and ongoing geopolitical tensions and military conflicts pose
a risk for another upturn.
We expect inflation to continue falling in the euro area and the economy to re-
cover in 2025. The assumption is that these developments will be accompa-
nied by further interest rate cuts. The effects of the more protectionist eco-
nomic policies that have been announced by the new US administration are
unclear at present. Drastic increases in tariffs, a spiralling conflict with China
or another increase in inflation could also have a painful impact on the Euro-
pean economy and cause uncertainty among market participants.
Development of results of operations
Going forward, we will manage our business more on the basis of net revenue
excluding treasury result (net interest income and margin fees), as this indica-
tor excludes the cyclical impact of interest rates. In line with our strategy and
on the basis of organic growth opportunities, we expect our net revenue with-
out the treasury result to increase to around Ą5.2 billion. In the treasury result,
which consists of net interest income plus margin fees, we expect to see cycli-
cal headwinds due to lower interest rates. We therefore currently anticipate a
treasury result of more than Ą0.8 billion for the forecast period. By investing in
our organic growth opportunities, we plan to increase operating expenses by
around 3 percent in 2025. On this basis, we expect an increase in earnings
before interest, tax, depreciation and amortisation (EBITDA), without the treas-
ury result, to around EUR 2.7 billion.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Developments in the operating
environment
Development of results of operations
Development of sustainability performance
targets
Future development of the Group’s financial
position
Overall assessment by the Executive Board
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
75
Forecast for results of operations 2025
Basis 2024
Ąm
Forecast 2025
Ąbn
Net revenue without treasury result
4,778.5
~5.2
Earnings before interest, tax, depreciation and amortisation
(EBITDA) without treasury result
2,345.6
~2.7
Development of sustainability performance targets
In financial year 2024, Deutsche Börse Group revised its management rele-
vant sustainability targets to increase transparency and align with common
market practice. In this context, the employee satisfaction target was replaced
by two new indices for 2025: Employee Engagement and Diversity, Equity &
Inclusion (DEI). For the proportion of women in leadership, we now include all
management levels.
Sustainability targets
Basis 2024
Target 2025
Employee Engagement
66 %
>66 %
Diversity, Equity & Inclusion (DEI)
88 %
>88 %
Women in leadership
31 %
>30 %
System availability (customer-facing IT)
>99.9 %
>99.5 %
Future development of the Group’s financial position
We expect that cash flow from operating activities, which is our primary source
of financing, will remain significantly positive in future. We expect that three
significant factors will influence changes in liquidity in the forecast period:
Firstly, we plan to invest around Ą350 to Ą400 million in intangible assets
and property, plant and equipment at Group level. These investments will
serve primarily to develop new products and services in our growth areas and
to enhance existing ones. We also launched a share buyback program with a
volume of Ą500 million in February 2025. In May 2025 we will propose a
dividend of Ą4.00 per share to the Annual General Meeting. This would repre-
sent a cash outflow of about Ą735.1 million. In addition, the potential exit of
the minority shareholder of our subsidiary ISS STOXX could have an impact on
our liquidity. If Deutsche Börse were to acquire the shares, this would result in
a cash outflow. If ISS STOXX were to go public, Deutsche Börse would con-
tinue to hold a majority interest and consolidate ISS STOXX, and a cash inflow
for Deutsche Börse AG would be expected. Apart from the above, we did not
expect any other material factors to impact the Group’s liquidity at the time the
combined management report was prepared. As in previous years, we assume
that we will have a sound liquidity base in the forecast period due to positive
cash flow from operating activities, adequate credit lines (for details see Note
25 to the consolidated financial statements), and our flexible management and
planning systems.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Developments in the operating
environment
Development of results of operations
Development of sustainability performance
targets
Future development of the Group’s
financial position
Overall assessment by the Executive Board
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
76
As part of our dividend strategy we will aim to distribute dividends equivalent
to 30-40 per cent of the net profit for the period attributable to the sharehold-
ers of Deutsche Börse AG. The dividend per share is planned to increase going
forward. In addition, available liquidity can be invested in the Group’s further
inorganic development, as in the past. In the event of any surplus liquidity, the
company intends to supplement the dividend with share buybacks.
To maintain its strong credit ratings at Group level, we aim for a ratio of net
debt to EBITDA of no more than 2.25, and a ratio of free funds from opera-
tions to net debt of at least 40 per cent. Due to the positive cash flow from op-
erating activities, we expect to fulfill this requirement again in 2025.
Overall assessment by the Executive Board
We believe that the company remains very well positioned in the international
competition thanks to its broadly diversified offering along the securities trading
value chain and its innovative strength, and we expect a positive long-term trend
in its results of operations. Our business strategy and the resulting measures
should further accelerate this growth. The Group's aim is to become more agile
and effective, to sharpen its client focus and, over the long term, to become the
global market infrastructure provider of choice, with a top ranking in all its busi-
ness areas.
Based on the conditions for organic growth, the Executive Board is planning for
net revenue without treasury result to increase to around Ą5.2 billion and for
EBITDA without treasury result to increase to around Ą2.7 billion during the fore-
cast period. In addition, the Executive Board expects a treasury result of more
than Ą0.8 billion.
Overall, on this basis, the Executive Board expects a significantly positive cash
flow from operating activities and thus, as in previous years, a solid liquidity posi-
tion. The Executive Board's overall statement applies at the time of publication of
this combined management report.
Report on post-balance sheet date
events
There were no significant events after the end of the reporting period
.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Developments in the operating
environment
Development of results of operations
Development of sustainability performance
targets
Future development of the Group’s financial
position
Overall assessment by the Executive Board
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
77
Sustainability statement
At Deutsche Börse Group, our goal is to make a positive impact on society and
the environment by acting responsibly and providing innovative solutions. As a
neutral market infrastructure provider, we promote transparency and trust,
helping our customers participate in the green transformation. Our sustainabil-
ity strategy covers environmental, social and governance aspects and is contin-
uously refined to meet the growing requirements.
The Deutsche Börse Group is not a manufacturing company, so our Scope 1
and 2 emissions are comparatively low in contrast to our Scope 3 emissions,
which mainly result from fuel- and energy-related activities, business travel,
and employee commuting. By 2030, we aim to reduce our CO2 emissions by
42 per cent, and by 2045, by 90 per cent.
A diverse workforce is crucial to our success. With over 15,000 employees
across approximately 60 global locations from various cultural backgrounds,
we are committed to creating an inclusive work environment where everyone
feels welcome and can contribute their ideas. We strive to support lifelong
learning initiatives.
Based on our strong principles of corporate conduct we uphold ethical behav-
iour in all our activities. We promote exchanges and collaboration on sustaina-
bility topics by building and strengthening national and international networks
and cooperation projects.
Our products and services support our customers transformation efforts and
are characterised by comprehensive expertise, innovative solutions and a
global presence.
General information
About the sustainability statement
The Group sustainability statement of Deutsche Börse Group was prepared in
anticipation of the national implementation of the requirements of Directive
(EU) 2022/2462 of the European Parliament and of the Council of 14 Decem-
ber 2022 (Corporate Sustainability Reporting Directive, CSRD). It complies
with the requirements of Sections 289 b-e in conjunction with 315 b-c HGB
for a consolidated non-financial (Group) statement of Deutsche Börse Group
and Deutsche Börse AG. In accordance with Section 289d HGB, the non-fi-
nancial (Group) statement is prepared based on the European Sustainability
Reporting Standards (ESRS). The non-financial statement of Deutsche Börse
AG was prepared without applying the ESRS framework, as the ESRS Group
statement is relevant for stakeholders. Deutsche Börse AG is the parent com-
pany of the Deutsche Börse Group and is responsible for all business deci-
sions. Therefore, with regard to the content of the non-financial statement for
Deutsche Börse AG pursuant to Section 289b HGB, reference can be made to
the Group statement. The information pursuant to Article 8 of Regulation
2020/852 (EU Taxonomy Regulation) for the Deutsche Börse Group is in-
cluded in the “EU Taxonomy” section. In accordance with the financial consol-
idation scope, the sustainability statement includes all subsidiaries in addition
to the parent company.
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
78
The sustainability statement includes information about the environment, em-
ployees and corporate governance. To identify the material matters that deter-
mine the contents of the sustainability statement, a double materiality assess-
ment was conducted that defines the content of the sustainability statement.
This analysis considered the business model as well as the upstream and
downstream value chain to identify the material impacts, risks and opportuni-
ties related to sustainability aspects.
The following time horizons have been defined to assess the sustainability
matters and present the actions and targets over time: short-term up to one
year, medium-term from one to three years and long-term up to the year
2040. In consideration of the supervisory requirements for the regulated sub-
sidiaries, these time horizons were defined in accordance with the Internal
Capital Adequacy Assessment Process (ICAAP). As some external ESG data
points to support our analyses are currently only available in ten-year intervals,
a long-term time horizon up to 2040 has been established.
Risk management and the design of the internal control system for the sustain-
ability statement in accordance with ESRS 2 GOV-5 are integrated into the
Group-wide risk management approach (see section “Risk management ap-
proach” in the Risk report) and the internal control system (see section “De-
sign of the internal control system” in the Risk report). They are also an inte-
gral part of this sustainability statement. The subsidiaries covered by the sus-
tainability statement are responsible for their own processes. This also in-
cludes the safety and control measures to minimise the risk of material mis-
statements.
Financial Accounting and Controlling (FA&C), Human Relations, Group Com-
pliance, Group Risk Management and Group ESG Strategy are responsible for
preparing the sustainability statement in accordance with the statutory require-
ments and internal guidelines. The collection and calculation of energy con-
sumption and greenhouse gas emissions data are supported by specialised
software. This software standardises data collection, ensures transparency and
traceability of the data and standardises formulas and key variables such as
emission factors according to the Greenhouse Gas Protocol (GHG Protocol).
The sustainability statement was subject to a voluntary review to obtain limited
assurance in accordance with ISAE 3000 (revised) by PricewaterhouseCoopers
Wirtschaftsprüfungsgesellschaft GmbH, Frankfurt am Main. All references in
the sustainability statement, unless otherwise indicated, are not part of the
statement itself and are therefore not subject to the audit. The report on the
voluntary review can be found in the section “Further information”.
The Deutsche Börse Group does not make use of the option to omit specific in-
formation related to intellectual property, know-how or the results of innova-
tions. If estimates are used in the sustainability statement they are explained
in the corresponding sections. The measurement of the parameters has not
been validated by an external party responsible for quality assurance, unless
otherwise stated. For a list of the datapoints in cross-cutting and topical stand-
ards derived from other EU legislation, see section “Datapoints that derive from
other EU legislation (ESRS 2 Appendix B)”. An overview of the cross-refer-
ences to other parts of the combined management report can be found in sec-
tion “Disclosure requirements under ESRS”.
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Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
79
Sustainability strategy and targets
Sustainability strategy
The corporate purpose of Deutsche Börse Group is to create trust in markets
by providing transparent, dependable and stable infrastructures that ensure the
security and efficiency of global capital markets. As a provider of market infra-
structure and technological platforms, Deutsche Börse Group plays a crucial
role in helping companies and investors to achieve their sustainability targets.
This is reflected in our Group-wide, holistic sustainability strategy, which
builds on the material impacts, risks and opportunities identified through the
double materiality assessment. The key matters of the sustainability strategy
are:
Climate: Contribute to the Paris Climate Agreement with our long-term cli-
mate strategy, net-zero target and transition plan
Employees: Attract external talents, ensure internal skill development, and
incorporate diversity, equity and inclusion
Business conduct: Exhibit ethically sound behaviour in all our business ac-
tivities
Stakeholder engagement: Create national and international networks and
collaborations to promote dialogue and sustainability projects
ESG business: Support the green transformation of our customers through
our comprehensive ESG data, products and infrastructure offering
Sustainability targets
The following sustainability targets have been identified as relevant for man-
agement:
Sustainability targets
Target
Actual 2024
Employee satisfaction
>71.5 %
75 %
Share of women in upper management positions
>24 %
24 %
System availability (customer-facing IT)
>99.5 %
>99.9 %
ESG-Ratings
>90th percentile
97th percentile
In financial year 2024, Deutsche Börse Group revised its management rele-
vant sustainability targets to increase transparency and align with common
market practice. In this context, the employee satisfaction target was replaced
by two new indices for 2025: Employee Engagement, and Diversity, Equity &
Inclusion (DEI). For the proportion of women in leadership, we now include all
management levels.
Further information on the sustainability targets can be found in the sections
“Climate targets”, “Employee characteristics”, “Diversity” and “Sustainability in
corporate culture – Deutsche Börse Group-specific topics”.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
80
Sustainability governance
Organisation
Sustainability is an integral part of the corporate strategy of Deutsche Börse
Group. This means that sustainability is both the basis for corporate govern-
ance by the Executive Board of Deutsche Börse AG and for its advice and over-
sight by the Supervisory Board. The Executive Board takes all strategic deci-
sions, including setting targets for all sustainability matters at Deutsche Börse
Group, and monitors the progress of their implementation. It is informed regu-
larly about the material impacts, risks and opportunities relating to sustainabil-
ity matters.
The Executive Board is collectively responsible for the Group’s sustainability
strategy and decides on the level of ambition in this respect. Within the Execu-
tive Board’s business distribution plan, the development of the sustainability
and climate strategy was assigned to Group ESG Strategy, which reports to the
CEO, whereas the preparation of the sustainability statement is the responsibil-
ity of Sustainability Reporting, which reports to the CFO.
The Group Sustainability Committee (GSC) is the central management body for
sustainability topics at Deutsche Börse Group. It is chaired by the Chief Sus-
tainability Officer and advises the Executive Board on the impacts, risks and
opportunities of sustainability matters. The GSC is responsible for ensuring
that the sustainability actions to be taken are effective and in accordance with
the applicable guidelines and standards. Other tasks include monitoring the
appropriate implementation of the Group-wide sustainability strategy and draft-
ing proposals for the ongoing development of strategic ambitions in this area.
The committee meets quarterly for this purpose. Specialist working groups
may be set up as needed and convened on an ad hoc basis. In addition, the
GSC prepares an annual activity report which is presented to the Executive
Board. The aim of the report is to inform the Executive Board about the imple-
mentation of the sustainability strategy and the ongoing development of
impacts, risks and opportunities of sustainability matters. The individual Exec-
utive Board functions are responsible for the specific impacts, risks and oppor-
tunities. They can be found in the section “Organisational structure”.
At the level of the Supervisory Board, the Strategy and Sustainability Commit-
tee also deals with sustainable corporate governance and business activities in
the areas of environment, social matters and good corporate governance. In
addition to embedding sustainability topics in the Supervisory Board, these
topics are also addressed in the other committees of the Supervisory Board,
particularly the Audit Committee, the Risk Committee and the Nomination
Committee as well as in the full board.
In the financial year 2024, the Supervisory Board discussed the HR strategy
for the entire Deutsche Börse Group in detail. The Audit Committee dealt with
the sustainability reporting and its implementation in the company, including
the double materiality assessment and the expansion of duties for the Supervi-
sory Board and Audit Committee. Furthermore, the Audit Committee looked at
the integration of sustainability matters in risk management as part of the Ex-
ecutive Board’s annual reporting on the effectiveness of the internal control
system and risk management system. The Executive Board discussed the sus-
tainability strategy of Deutsche Börse Group with the Strategy and Sustainabil-
ity Committee and the Nomination Committee dealt with material sustainability
matters when setting and reviewing the Executive Board remuneration under
the current remuneration system. It also discussed the revision of the remuner-
ation system for the Executive Board and future sustainability targets. The
Nomination Committee also dealt with the implementation of the diversity con-
cept as part of its preparatory work for the Supervisory Board’s decision on the
composition of the Executive Board and Supervisory Board of Deutsche Börse
AG. The chairs of the committees reported in detail on the work of the respec-
tive committee in the meetings of the full Supervisory Board. Currently, mate-
rial sustainability matters are also part of the training programme for the Exec-
utive Board and Supervisory Board and are dealt with in workshops and train-
ings. A governance workshop on the topic of Executive Board remuneration
was held in the reporting year, and the Executive Board was trained on
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
81
inclusive leadership as part of a dedicated ESG training. A full presentation of
the topics discussed by the Supervisory Board and its committees in the re-
porting year can be found in the “Report of the Supervisory Board”.
In the financial year 2024, the Executive Board and Supervisory Board dealt in
particular with the first-time reporting in accordance with ESRS. They were
regularly informed about the progress of the project and the contents of the
sustainability statement based on the double materiality assessment.
For the procedure to meet their due diligence obligation, we refer to section
“Statement on due diligence”.
Executive and Supervisory Board
Executive Board
Composition of the Executive Board
2024
in %
Number of Executive Board members
7
100.0
thereof women
2
28.6
Average age (in years)
57.4
Nationality
German
6
85.7
other
1
14.3
The Supervisory Board of Deutsche Börse AG has the objective of ensuring the
broadest possible range of perspectives and experience on the Executive
Board. Diversity aspects are considered when appointing a potential Executive
Board member, as well as when selecting a member for the Supervisory
Board. In addition to a diverse range of educational and professional back-
grounds, each Executive Board member has the defined competencies neces-
sary for carrying out their duties. These include competencies in finance, risk
management, regulatory matters, strategic planning, sustainability, information
and communications technology, governance, compliance and auditing. This
ensures that the Executive Board members have the necessary competencies
in sectors, products and geographic locations relevant to Deutsche Börse AG.
They can therefore efficiently review and manage the strategy and business
model of Deutsche Börse AG in terms of the different sustainability matters
and related impacts, risks and opportunities.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
82
Supervisory Board
Composition of the Supervisory Board
2024
Supervisory
Board
in %
Shareholder
representatives
in %
Employee
representatives
in %
Number of Supervisory
Board members
16 100.0
8
8
thereof women
7
43.8
4
50.0
3
37.5
Average age (in years)
56.5
59.5
53.5
Nationality
German
13
81.2
5
62.5
8
100.0
of which dual
nationality
3
23.1
3
60.0
other
3
18.8
3
37.5
Independent
8 100.0
The diversity concept is considered for the composition of the Supervisory
Board. It comprises aspects such as the gender quota, seniority, international
experience, educational and professional background and functional composi-
tion. The different perspectives and experiences of shareholder and employee
representatives make a valuable contribution to the Supervisory Board’s work.
An equal number of seats for employee representatives also ensures that em-
ployee perspectives are directly brought to the Supervisory Board, thereby par-
ticularly promoting social sustainability within the body. Detailed explanation
and a complete overview of the diversity concept can be found in the “Corpo-
rate governance statement”.
The gender quota for the Supervisory Board stipulates a minimum proportion
of 30 per cent for each gender, both for shareholder and employee representa-
tives. This means that both the shareholder and employee representatives
must include at least two women and two men. The Supervisory Board had a
total of seven female members in 2024, four from the shareholder side and
three from the employee side. The statutory gender quota was therefore met.
In addition, and in accordance with the German Corporate Governance Code
(GCGC), the Supervisory Board has decided that at least half the shareholder
representatives on the Supervisory Board shall be independent within the
meaning of the GCGC. This is intended to ensure that the Supervisory Board of
Deutsche Börse AG fulfils its role as a supervisory board and can act objec-
tively when monitoring and advising the Executive Board. All the shareholder
representatives were deemed to be independent in the financial year 2024.
The Supervisory Board of Deutsche Börse AG is composed in such a way that
the members collectively have the knowledge, competences and professional
experience necessary for the proper exercise of their responsibilities. In accord-
ance with the GCGC recommendations, the Supervisory Board defines concrete
targets for its composition and has drawn up qualification requirements for the
board as a whole. It has defined the necessary basic competencies, as well as
special competencies, which are listed in the corporate governance statement.
The necessary competencies also include expertise in sustainability, which is
generally considered a basic competency for the Supervisory Board as a whole.
Eight of the 16 Supervisory Board members also have in-depth experience and
knowledge of sustainability-related topics in the areas environment (E), social
matters (S) and good corporate governance (G). Because of its relevance for
the Supervisory Board’s work, this special competency is listed separately be-
low:
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
83
Sustainability expertise of the Supervisory Board
Member of the
Supervisory Board
Sustainability
topic
Competence profile
Martin Jetter
E/S/G
Sustainable corporate governance with a focus on the en-
vironment, diversity, equity and inclusion; recipient of
the IBM Chairman’s Environmental Award (2018)
Dr. Markus Beck
S/G
Many years of legal advice in the area of corporate gov-
ernance and sustainability-related regulation
Prof. Dr. Nadine Brandl
S/G
Expert in social sustainability issues and regulation from
previous professional activities (science and research,
trade union and legal work)
Achim Karle
E/S/G
Expert for ESG indices; member of the “Sustainability”
working group in the Works Council
Sigrid Kozmiensky
(Member of the
Supervisory Board since
14 May 2024)
E/G
Regularly dealing with sustainability issues as part of
Management Board and Supervisory Board activities, in
particular sustainability reporting and ESG issues in the
banking sector
Barbara Lambert
E/S/G
Expert in sustainability reporting and its auditing as well
as the underlying regulations
Michael Rüdiger
(Member of the
Supervisory Board until
14 May 2024)
E/S/G
Expert in sustainability reporting and its auditing as well
as the underlying regulations; expert on sustainability
standards in asset management
Charles Stonehill
E/S/G
Independent consulting for companies with a sustainable
business purpose
Executive Board remuneration
The current remuneration system for members of the Executive Board of
Deutsche Börse AG, as approved in 2021 by the Annual General Meeting, is
aligned with the principle of promoting the company’s long-term and sustaina-
ble development in accordance with section 87 AktG (German Stock Corpora-
tion Act). The integration of sustainability matters into the variable remunera-
tion of the Executive Board is an additional steering element in this context.
ESG targets are therefore included in both the short-term and long-term varia-
ble remuneration of the Executive Board.
Individual targets, which can also include ESG targets, are included with a
weighting of one third in the short-term variable remuneration. Long-term vari-
able remuneration includes four equally weighted ESG targets, which add up
to a total weighting of 25 per cent. The long-term ESG targets cover employee
satisfaction, business with ESG products, positioning in ESG ratings and CO2
neutrality. The climate-related ESG target of CO2 neutrality includes emissions
from Scope 1 and Scope 2, as well as emissions from all global flights by em-
ployees and the shuttle bus transportation between the offices in Eschborn and
Luxembourg and amounts to 6.25 per cent of the long-term variable remuner-
ation component in line with the equal weighting of the climate-related ESG
target. The future achievement of the short-term climate targets by 2030 and
the net-zero target by 2045 is not part of the ESG target within the Executive
Board remuneration.
The concrete targets for short-term and long-term remuneration are determined
by the Supervisory Board at the start of the financial year and published retro-
spectively in the remuneration report. In addition, the Supervisory Board regu-
larly carries out a full review of the remuneration system. The remuneration
system is presented to the Annual General Meeting for approval whenever
there is a significant change, but at least every four years. This is scheduled
again for the 2025 Annual General Meeting.
Further information about how sustainability matters are included in Executive
Board remuneration can be found in the “Remuneration report”.
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Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
84
Business model and value chain
Deutsche Börse Group is a group of companies offering both technology and
financial services. As a neutral infrastructure provider for capital markets, the
Group is divided into four segments: Investment Management Solutions, Trad-
ing & Clearing, Fund Services and Securities Services. The main activities of
these segments comprise products and services along the entire value chain of
financial market transactions. The overarching areas of administration and in-
formation technology are also considered an additional part of the value chain,
because they also contribute to business operations. The Group operates glob-
ally, with a focus on EMEA.
Business model
The Investment Management Solutions segment offers institutional investors,
banks and corporate customers a range of financial, ESG and other data, ana-
lytics and software-as-a-service (SaaS) solutions. Its activities mainly consist of
research, data collection, data analysis and the provision of indices, analytics
and investment management software. Among the subsidiaries of the Invest-
ment Management Solutions segment are ISS STOXX and SimCorp.
Trading & Clearing is responsible for the development and operation of regu-
lated markets for cash equities, derivatives, commodities, foreign exchange,
digital assets and other asset classes, as well as for the settlement of transac-
tions completed on trading platforms via clearing houses. Its activities concen-
trate on building and operating markets, with a focus on institutional custom-
ers. The subsidiaries in this segment include Eurex Clearing AG, Eurex Frank-
furt AG, Eurex Repo GmbH, European Energy Exchange AG, European Com-
modity Clearing AG, 360 Treasury Systems AG and Crypto Finance AG.
The Fund Services segment offers infrastructure and services for fund pro-
cessing, including order routing, settlement, custody and distribution support
for investment funds. Key subsidiaries are Clearstream Fund Centre and Kneip.
The Securities Services segment comprises the Group’s settlement and cus-
tody services outside the fund business. Other activities include collateral and
liquidity management. This segment has various subsidiaries, including the
central securities depositories Clearstream Banking AG, Clearstream
Banking S.A. and LuxCSD S.A.
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
85
The area administration and information technology consists of management,
back office and risk management activities. They include corporate functions
such as FA&C, Human Relations, Corporate Purchasing, Group ESG Strategy,
Group Compliance, Risk Management, Internal Audit and Treasury. They are
covered by the Executive Board members CEO, CFO, CIO/COO and Govern-
ance, People & Culture. Information technology plays a vital role for the Group,
because it provides services and infrastructure that all the segments rely on.
For further information about our business model, we refer to the section
“General remarks on the Group”. Detailed descriptions of the products and ser-
vices in the four segments mentioned above, including their results, are in the
section “Results of operations”.
Value chain
Sustainability in the value chain is an integral part of the sustainability and
corporate strategy for Deutsche Börse Group. The value chain comprises the
products and services offered by the segments to give customers, investors and
stakeholders the most transparent information possible and efficient systems
for completing their transactions. The upstream and downstream value chain
and the actors and factors it involves, as defined by the International Inte-
grated Reporting Council (IIRC), are described below.
One material value creation factor is our human capital, which consists of
some 15,000 employees, along with external service providers and suppliers
who contribute to the products and services we offer. The ideas, competences,
engagement and well-being of employees are indispensable for them to make
a productive contribution. A diverse, supportive working environment and fi-
nancial security via access to statutory social insurance schemes and addi-
tional company benefits are very important for employees. Employees gain ex-
perience and expertise from their daily work and specialised training pro-
grammes, which they in turn contribute to the company.
Intellectual capital is also of great importance for value creation. Deutsche
Börse Group invests continuously in intangible assets such as internally devel-
oped software, licences, customer relations, brand value and knowledge by
means of mergers and acquisitions. The Group also uses external intellectual
capital, for example in the form of IT advisory services and strategic consul-
tancy. The intellectual capital enables Deutsche Börse Group to position itself
as a trustworthy business partner and to offer a wide range of products and
services.
Deutsche Börse Group relies on financial capital in the form of equity and
debt, which is provided by investments in the listed Deutsche Börse AG, by
debt issuance and cash flow from ongoing operations. As a profitable com-
pany, Deutsche Börse Group ensures that sufficient financial capital is availa-
ble and positions itself on the capital market as an investment opportunity for
investors. Investors, employees and stakeholders benefit from the net revenue
of the products and services offered through dividends, interest, wages and
salaries as well as government institutions through statutory levies.
Another factor in the value chain are stakeholder relationships. Partnerships
make it possible to improve the product and service offerings continuously, re-
sulting in healthy competition and advantages for market participants. Rating
agencies use the information provided to produce credit and ESG ratings which
influence Deutsche Börse Group’s access to financial capital. In view of the
global increase in regulatory activities, constructive dialogue with relevant reg-
ulatory and political stakeholders is of great importance for defining the strat-
egy. The Group is also a member of various organisations to promote sustaina-
bility. Deutsche Börse Group strives to share its knowledge and experience
with the financial community.
Deutsche Börse Group does not offer any manufactured goods, but only prod-
ucts and services on the capital markets. Office buildings, vehicles, office
equipment, data centres and IT hardware are needed to produce them. The se-
lection of suitable suppliers, purchase contracts and leases are ensured by
means of supplier selection criteria and purchasing processes. Since Deutsche
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Deutsche Börse:
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
86
Börse Group does not produce any physical goods, it only generates a limited
amount of waste.
Natural resources such as water, food and energy are needed to meet the
needs of employees, operate technical infrastructure such as data centres and
guarantee the supply of products and services. The natural resources con-
sumed are disposed of via specialist providers and water companies, to reuse
resources when possible and continue to add value.
Double materiality assessment
Deutsche Börse Group carried out a double materiality assessment in 2024 in
accordance with the ESRS requirements. The results of this assessment were
approved by the Executive Board of Deutsche Börse AG in July 2024. The
double materiality assessment is based on the process described below for
identifying and evaluating the material impacts, risks and opportunities of sus-
tainability matters, taking the business model and the value chain into ac-
count. The results of this assessment determine the material topics that are re-
ported in this sustainability statement.
Identification
The double materiality assessment entails presenting and describing the actors
and factors in the upstream and downstream value chain in consideration of
the business model. The identified actors and factors are validated with ex-
perts from the respective areas. A detailed examination of specific business re-
lationships and geographic circumstances was omitted, as our business model
does pose an increased risk of adverse impacts.
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
87
The next step is to analyse the upstream and downstream value chain and the
business model for material sustainability matters. This takes place based on
the ESRS sustainability matters and company-specific topics. Material topics
identified in prior years as part of the materiality assessment are also included.
The sustainability matters are analysed from both the company and the prod-
uct perspective. In addition, other sustainability standards are investigated as
part of a benchmarking analysis to identify any other potential topics.
The results are summarised in an initial list of sustainability matters. A com-
prehensive list of potential stakeholders is compiled to identify the relevant
stakeholders for the double materiality assessment. This list includes stake-
holders as defined in the ESRS, generally accepted sustainability standards,
and guidelines from previous years’ materiality assessments.
A comprehensive list of sustainability matters related to the Group’s value
chain is developed and validated. Each sustainability matter is divided into
several sub-topics, which are assessed according to whether they are actual,
potential or not related to the value chain. Sub-topics not related to the value
chain are excluded.
The subsequent materiality assessment draws on internal representatives from
various departments, to represent the perspectives of the different stakehold-
ers. The internal representatives are mapped to the sustainability matters in
accordance with their professional expertise.
Assessment
All impacts, risks and opportunities in the sustainability statement are as-
sessed on a gross level, unlike the risks in the risk report. This means that all
relevant information is presented completely and in its entirety, without con-
sidering or deducting for mitigating actions. The relevance of the sustainability
matters is assessed from two perspectives:
Impact materiality and
Financial materiality
The perspective of impact materiality refers to the sustainability matters in
which Deutsche Börse Group can have both positive and negative impacts on
people or the environment. The assessment is carried out by the assigned in-
ternal company representatives. Workshops with experts from the correspond-
ing areas are held to assess the impacts of our business model, while work-
shops are held with representatives of our segments to assess the impacts of
our products. The sub-topics are assessed in accordance with short-,
medium- and long-term horizons. The severity of positive and negative impacts
is assessed using the characteristics scale, scope and irremediable character.
Actual and potential negative and positive impacts are assessed using a points
system, divided into the categories negligible, low, high and very high. In addi-
tion, the likelihood of occurrence is determined for potential impacts, using the
categories seldom, improbable, possible and probable. The total score is ob-
tained by multiplying the points for impact and probability. A threshold of 50
per cent of the total score was chosen to represent a material impact. For po-
tential negative impacts on human rights, the severity of the impact takes
precedence over its likelihood.
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Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
88
The perspective of financial materiality relates to the sustainability matters that
may constitute material risks and opportunities for the financial position. A
sustainability matter is considered material if it gives rise to risks or opportuni-
ties that have a potential material impact on the development of the financial
position or financial performance within a short-, medium- or long-term time
horizon. The materiality of risks and opportunities is assessed based on a com-
bination of the likelihood of occurrence and the potential severity of the finan-
cial effects. The processes to identify material risks and opportunities differ as
follows:
Material opportunities are identified based on scenarios and using qualitative
thresholds. The scenarios are developed in workshops with experts from the
corresponding areas and business representatives from the segment. The
impacts identified are then used as a potential source for identifying oppor-
tunities. Net income for the period is used as an assessment criterion for the
scale.
The material ESG risks are identified in accordance with the time horizons
and thresholds defined in the Group-wide risk management framework, in
order to ensure consistency with the regular risk management process. The
assessment is carried out by the risk management functions and/or equiva-
lent departments of the subsidiaries.
Additionally, Deutsche Börse Group’s Risk Taxonomy is used as a
baseline. In accordance with the prudential requirements of the regulated
banks and securities legal entities within the Group, the Group’s ESG risks
are not measured as an independent risk type, but as
drivers of existing risk types. The qualitative and quantitative assessment re-
sults from the subsidiaries are aggregated at Group level in
order to determine the material ESG risks.
Result
The material sustainability matters determined during the double materiality
assessment are consolidated. A sustainability matter is considered material if
at least one of the impacts, risks or opportunities is above the threshold, which
points to impact materiality or financial materiality or both. The sustainability
matters identified as material were assigned to the specific ESRS disclosure re-
quirements to ensure that all relevant information is disclosed in accordance
with the ESRS requirements. Assessments are also carried out for the rele-
vance of disclosures, to assess the significance of the disclosed information
and to determine the extent to which they help stakeholders to take well-
founded decisions. The results are reviewed annually.
Deutsche Börse Group has defined the standards ESRS E1 (Climate change),
ESRS S1 (Own workforce) and ESRS G1 (Business conduct) as material. In re-
lation to the ESRS S1 standard, the subtopics of working conditions, consisting
of the topics of secure employment and working time and equal treatment and
opportunities, were identified as material. The specific topics of Deutsche
Börse Group are presented in the section “Information on corporate govern-
ance (ESRS G1)”. For each material sustainability matter, to the extent appli-
cable, Deutsche Börse Group has implemented policies, actions and targets to
manage the associated impacts, risks and opportunities. Metrics are also gath-
ered to evaluate and report on the effectiveness of these policies, actions and
target achievement. They are described in the following sections “Information
on environmental matters (ESRS E1)”, “Information on employees (ESRS S1)”
and “Information on corporate governance (ESRS G1)”.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
89
Altogether, the ESRS consist of ten topical standards. Five of these relate to
environmental information (ESRS E1 to E5), four to social information (ESRS
S1 to S4) and one to corporate governance (ESRS G1). Four of the five stand-
ards relating to environmental information are not material for Deutsche Börse
Group for the following reasons:
ESRS E2 (Pollution): An analysis of Deutsche Börse Group’s business oper-
ations did not identify any material direct impacts, opportunities and/or risks
relating to air, water or soil pollution by emissions, the production and use
of microplastics or substances of very high
concern. This is due to Deutsche Börse Group’s business model as a neutral
infrastructure provider for capital markets.
ESRS E3 (Water and marine resources): Water is mainly used for the needs
of office employees and for the operation of technical infrastructure such as
data centres. A representative sample taken at the main sites using an exter-
nal database showed that the offices and data centres are not situated in ar-
eas with water scarcity.
ESRS E4 (Biodiversity and ecosystems): Deutsche Börse Group concen-
trates on its core activities as a neutral infrastructure provider for capital
markets, which generally have fewer direct impacts, risks and/or opportuni-
ties for biodiversity and ecosystems. A representative sample taken at the
main sites using an external database showed that the offices and data cen-
tres are not situated in areas with water scarcity.
ESRS E5 (Resource use and circular economy): An analysis of business op-
erations showed no material impacts, risks and/or opportunities in terms of
resource inflows and outflows. In addition, no hazardous waste is produced
during Deutsche Börse Group’s business operations.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
90
Impacts, risks and opportunities
Overview of impacts, risks and opportunities
Value chain
Time horizon
Topics
Description
Impacts, risks and
opportunities
Upstream
Own operations
Downstream
Short-term
Medium-term
Long-term
ESRS E1
Energy consumption generates greenhouse gas emissions, which contributes to global warming.
negative impact
X
X
X
X
Environmental-physical and climate risks could affect office buildings, locations and other assets.
risk
X
X
X
X
The transition to renewable energy sources could lead to rising energy prices, technological disruptions and
an increased demand for qualified employees, ultimately resulting in higher costs.
risk
X
X
X
X
X
X
ESRS S1
Employees are offered a stable and reliable working environment that promotes safety and well-being.
positive impact
X
X
X
X
X
X
Employees are offered a flexible and structured working system that promotes benefits such as flexibility,
health, well-being and work-life balance.
positive impact
X
X
X
X
X
X
Employees have the opportunity for continuous further training, which has a positive effect on working condi-
tions, self-esteem and job satisfaction.
positive impact
X
X
X
X
X
Equal treatment and equal opportunities are essential components of a positive and inclusive corporate cul-
ture.
positive impact
X
X
X
X
X
X
ESRS G1
The principles of corporate governance create good working conditions for employees and promote stable
business relationships with customers.
positive impact
X
X
X
X
X
Deutsche Börse Group protects whistleblowers from reprisals and thus creates a safe environment.
positive impact
X
X
X
X
X
X
Corruption and bribery are not tolerated. This has a positive impact on employees and business partners,
leading to reliable and trustworthy business relationships.
positive impact
X
X
X
X
X
X
Suppliers benefit from fair conditions without long payment periods or delays, which enables them to run
their business effectively.
positive impact
X
X
X
X
X
Participation in political and regulatory discussions supports decision-makers and regulators in the successful
development and implementation of political goals.
positive impact
X
X
X
X
X
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
91
Overview of impacts, risks and opportunities
Value chain
Time horizon
Topics
Description
Impacts, risks and
opportunities
Upstream
Own operations
Downstream
Short-term
Medium-term
Long-term
Deutsche
Börse
Group-
specific
By complying with sustainability standards and frameworks, Deutsche Börse Group creates trust and trans-
parency for stakeholders.
positive impact
X
X
X
X
Changing market conditions, including new regulatory developments and ESG-related legislation, increase the
need for qualified employees and could trigger recessions. Products and services may not meet the expected
sustainability standards, which could ultimately lead to higher costs.
risk
X
X
X
X
X
X
ESG ratings strengthen the confidence of investors and stakeholders in Deutsche Börse Group's sustainability
performance.
positive impact
X
X
X
X
X
Deutsche Börse Group supports the EU action plans for the transition to a green transformation by providing
transparent, stable and secure markets and promoting effective capital allocation.
positive impact
X
X
X
X
X
Transparent, stable and secure markets guarantee security and trust.
positive impact
X
X
X
X
The products and services increase transparency in the areas of environmental, social and corporate govern-
ance. The information provided helps investors to make informed decisions. These products and services in-
clude
- Governance Research and Voting Services
- ESG Data and Ratings
- Index Data and Licensing
- Fund settlement and distribution and data management
- Commodities including Registry Services
positive impact
X
X
X
X
The products and services also enable the financing of non-sustainable activities.
negative impact
X
X
X
X
Deutsche Börse Group offers various products and services that support carbon markets and thus create in-
centives to reduce carbon emissions.
positive impact
X
X
X
X
Deutsche Börse Group is perceived by the market and society as a market infrastructure provider for transpar-
ent, stable and secure markets, which represents a competitive advantage for new business.
opportunity
X
X
X
X
X
X
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
92
Resilience of the sustainability strategy and business model
Considering short-, medium- and long-term scenarios for the defined
timeframes, we have determined the resilience of our sustainability strategy
and our business model in terms of its ability to cope with material impacts
and risks and to seize material opportunities. The results of the resilience as-
sessment are regularly reviewed and, if necessary, supplemented with
measures to ensure resilience.
Our systematic approach combines an inventory of the material impacts, risks
and opportunities with an analysis of the sustainability strategy and business
model, as well as an assessment of adaptation strategies and actions. Firstly,
the methodology, including the scope and time horizons, was defined and the
results of the double materiality assessment were integrated. Secondly, the
material impacts, risks and opportunities were assessed in terms of their rela-
tionship to the sustainability strategy and the business model.
In the final two steps, scenarios and actions that could lead to potential adjust-
ments to the strategy and the business model were identified, evaluated and
documented.
No high-risk business activities were identified as part of the resilience analy-
sis, so no uncertainties can arise from this. A physical risk was identified for
our locations, which is managed through organisational measures such as
business continuity management and the transition plan. The strategy and in-
vestment decisions are not significantly influenced by these factors. The risk in
the context of customer IT systems is monitored annually as a sustainability
target relevant to management.
For a detailed overview of the process and results for environmental matters
(ESRS E1), we refer to the section “Resilience of sustainability strategy and
business model to climate change”. A final result of our analysis of whether
and how transition events will affect our assets and business activities is still
pending. The time horizon is far in the future and we currently do not have
sufficient data. However, we will continuously monitor developments and react
accordingly.
For the employees (ESRS S1), we analysed the resilience based on four posi-
tive impacts on the working environment, well-being, training, and equal treat-
ment and opportunities. In the short-term, we see no change in the positive
impact on our sustainability strategy and business model, as measures are al-
ready being implemented and used to promote well-being and a safe, stable
and reliable working environment for employees. The medium- and long-term
resilience is ensured by regular reviews of the existing actions and specific ad-
justments as necessary. These may be a wider range of offerings for mental
health, training opportunities and additional benefits, for example.
For governance (ESRS G1), five positive impacts were identified: corporate cul-
ture, protection for whistleblowers, participation in regulatory and political de-
bate, fair conditions for suppliers and the prevention of corruption and bribery.
There is no change in the positive impact on our strategy and business model
in the short-term, as actions are already being taken. Medium and long-term
resilience is ensured by monitoring and adjusting existing processes regularly.
Other company-specific topics at Deutsche Börse Group include compliance
with sustainability standards and frameworks, high ESG ratings, transparent,
stable and secure markets as well as products and services. Altogether, the
sustainability strategy and business model are resilient over the defined time
horizons from a current perspective.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
93
Interests and views of stakeholders
The interests and views of our stakeholders are an essential element of our
sustainability management and have an influence on our business and sus-
tainability strategy. Our stakeholders include customers, employees, investors,
suppliers, regulators and legislators, non-governmental organisations and net-
works, as well as rating agencies.
The employees of Deutsche Börse Group have contributed their perspective as
stakeholders to the double materiality assessment, which serves as the basis
for the sustainability strategy, while meeting the due diligence requirements.
Investors are primarily interested in the long-term value creation and sustain-
ability of the company. They expect transparency in terms of environmental,
social and corporate governance matters, as well as the ability to cope with the
corresponding impacts, risks and opportunities. Employees place great im-
portance on fair working conditions, equal opportunities and professional de-
velopment opportunities. Suppliers are interested in stable, fair business rela-
tionships based on long-term cooperation and sustainability. Rating agencies
expect transparency, sustainable business models and good corporate con-
duct, while regulators demand that we comply with statutory regulations and
international standards when providing our services.
When involving stakeholders, we use different mechanisms and communi-
cations channels to maintain a continuous dialogue. These different forms of
involvement are used to communicate our corporate and sustainability strategy
both internally and externally. They enable us to reconcile the company’s ob-
jectives with the expectations of stakeholders and to update them as neces-
sary. The Executive Board and Supervisory Board are informed regularly about
the interests and views of stakeholders, see the section “Sustainability govern-
ance”.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
94
Interests and views of stakeholders
Stakeholders
Type of inclusion
Result
Customers
The daily exchange takes place through
personal customer contact or by using
electronic communication tools.
Understanding customer preferences
and wishes that can influence the
products and services offered.
Employees
A variety of means, such as through
the works council, employee surveys or
company meetings.
Inclusion of employees’ perspectives
and experiences and consideration
of different segments. Information
about the business and sustain-
ability strategy is shared with
employees.
Investors
Investor days, the Annual General
Meeting, quarterly and half-yearly
meetings with investors form the core
of the involvement of this stakeholder
group.
Creating transparency and taking
investors’ expectations into account
in the business and sustainability
strategy.
Suppliers
Risk analyses regarding suppliers and
commitment to a code of conduct for
suppliers.
Observance of due diligence obliga-
tions in the supply chain.
Regulators and
legislators
Direct exchange with government rep-
resentatives, participation in consulta-
tions and discussion formats, as well
as through audits and controls.
Acting in accordance with applicable
law and bringing Deutsche Börse
Group’s perspective to bear on
regulatory developments.
Non-governmen-
tal organisations
and networks
Membership of networks, participation
in events, workshops and initiatives as
well as the establishment of employee
initiatives and networks.
Inclusion of new perspectives
through exchange with other or simi-
lar industries and support for local
and global initiatives.
Rating agencies Participation in ESG ratings through
questionnaires and individual ex-
changes.
Creating transparency in our sustain-
ability performance.
Statement on due diligence
The following table shows a mapping of the main aspects and steps in the due
diligence process:
Statement on due diligence
Core elements of due diligence
Section in the sustainability statement
Embedding due diligence in governance,
strategy and business model
General information,
Information on corporate governance (ESRS G1)
Engaging with affected stakeholders in all
key steps of the due diligence
Interests and views of stakeholders
Identifying and assessing adverse impacts
on people and the environment
General information,
Information on environmental matters (ESRS E1),
Information on corporate governance (ESRS G1)
Taking actions to address those adverse im-
pacts on people and the environment
Information on environmental matters (ESRS E1),
Information on corporate governance (ESRS G1)
Tracking the effectiveness of these efforts
and communicating
Information on environmental matters (ESRS E1),
Information on corporate governance (ESRS G1)
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
95
Information on environmental matters (ESRS E1)
The environment is an integral part of sustainability activities at Deutsche
Börse Group. We are committed to our corporate responsibility to protect the
environment and to ensure the corresponding sustainability of our business
operations. To manage our resource consumption even better, we have col-
lected and monitored our carbon metrics across the Group using a tool-based
solution since the end of 2021. In our Group-wide Environmental Protection
Statement we provide our stakeholders with transparent information about the
activities and actions we take in relation to our environmental performance
and the areas involved.
We strive to contribute to achieving the goals of the Paris Climate Agreement.
In 2023, we updated our climate targets in accordance with current market
standards towards a long-term Group-wide climate strategy. This includes
short-term targets up to 2030 and a net-zero target by 2045.
Climate scenario analysis
To evaluate relevant short-, medium- and long-term climate risks, the double
materiality assessment examines different climate scenarios and their impacts
on the value chain of the Group and its subsidiaries. For this purpose,
Deutsche Börse Group uses scientific climate scenarios from the Network for
Greening the Financial System (NGFS), which factor in macroeconomic devel-
opments and are based on the climate data from the Intergovernmental Panel
on Climate Change (IPCC). These datasets are also recommended by the ESRS
and are used by central banks and credit and financial institutions, as well as
supervisory authorities like the European Central Bank. They can therefore be
considered as market standards.
Two potential climate scenarios are relevant in this context: one is a transition
scenario. Deutsche Börse Group uses the NGFS scenario “Net Zero 2050”
(Representative Concentration Pathways (RCP) 2.6), which implies that there
is a 50 per cent probability that the climate targets of the Paris Climate Agree-
ment are achieved by means of stricter climate policies and innovation. The
other climate scenario in use – the NGFS scenario “Current Policies” (RCP
8.5) – is based on high emissions, in order to determine the extent to which
the Group’s assets and business operations are exposed to physical risks. This
scenario assumes that current climate policies do not become more stringent,
which would result in a steady increase in global warming. External site-spe-
cific data is used to assess environmental risks such as changing tempera-
tures, heat and cold waves, droughts, wildfires, storms and flooding. The cli-
mate scenarios and corresponding climate-related assumptions are also con-
sidered for financial reporting, where applicable. The two relevant climate sce-
narios were each assessed qualitatively and quantitatively against the back-
drop of the short-, medium- and long-term time horizons by the risk manage-
ment functions and/or equivalent departments of Deutsche Börse Group’s sub-
sidiaries, taking into account the respective individual company specifics.
Following this, the individual results were aggregated at Group level.
This climate scenario analysis has identified both a physical risk and transition
risk.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
96
Deutsche Börse Group’s office buildings and data centres are facing physical
risk as they could be affected by extreme environmental and climate hazards.
This could cause damage to critical infrastructures, power outages and inter-
ruptions of the supply chain, resulting in significant data losses, longer-lasting
system failures and expenses for repair and recovery. In turn, this could result
in financial losses, including loss of revenue. Deutsche Börse Group ensures
that its global infrastructures are transparent, reliable and stable, to ensure se-
curity and trust on markets, which is part of our sustainability strategy. We
take specific organisational action to manage these risks, including contin-
gency plans, site monitoring for exposure to physical risks and insurance poli-
cies. Further details can be found in the section “Resilience of sustainability
strategy and business model to climate change”.
Additionally, Deutsche Börse Group increasingly endeavours to switch to re-
newable energies in response to sustainability demands resulting from political
and regulatory requirements and from market expectations and changes. This
development is pivotal for the transition risk, as it can lead to higher energy
prices and technological disruption, affecting the availability of and depend-
ence on the latest technology. This also necessitates the recruitment of quali-
fied personnel to manage these changes, ultimately leading to higher costs.
The risks are integrated into the Group-wide risk management system, contin-
uously monitored and included in internal reporting processes. This is also
stipulated in our Group-wide risk management policy, which is reviewed annu-
ally by Group Risk Management. We have implemented training activities to
ensure the availability of qualified personnel. For further details, see the sec-
tions “Lifelong learning and continuous development” and “Training and com-
petence development”. The identified risks are also managed through our cli-
mate transition plan, along with the associated targets and actions. Further de-
tails can be found in the sections “Transition plan for climate change mitiga-
tion”, “Climate targets” and “Emission reduction measures”.
Climate change statement
The Environmental Protection Statement of Deutsche Börse Group provides
guidance for all stakeholders in terms of our activities and the action we take
regarding our environmental performance. Our targets are based on the GHG
protocol and were validated in May 2024 by the Science Based Targets initia-
tive (SBTi). To reach our targets, we developed a transition plan in 2024 that
contains measures to reduce emissions. The reduction targets and emission
reduction measures are reviewed annually and adjusted if necessary.
Our engagement for the environment is also reflected in our business conduct.
With our products and services, we want to help companies and investors to
implement their sustainability targets. Further details can be found in the sec-
tion “Products and services”. In addition, we provide information about our cli-
mate strategy and our climate-related reporting on our website.
We promote climate awareness among our employees through training courses
on the employee portal, workshops and events such as the Sustainability Day.
In collaboration with the Facility Management department, we implement
measures for energy-efficient property management at our locations wherever
possible. They document our energy consumption at centrally controlled loca-
tions and implement measures to reduce our emissions. As part of the double
materiality assessment, the perspectives of stakeholders are considered. The
results of the material impacts, risks and opportunities in terms of climate
change are analysed and included within the scope of the preparation and up-
date of the climate strategy and our Environmental Protection Statement.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
97
Through our memberships and engagement, we promote dialogue by initiating
and actively participating in local, national and global initiatives. We are en-
gaged in and/or are members of various initiatives and organisations, for ex-
ample:
Carbon Disclosure Project (CDP)
Net Zero Financial Service Providers Alliance (NZFSPA)
Principles for Responsible Investment (PRI)
Science Based Targets initiative (SBTi)
Sustainable Development Goals (SDGs)
Sustainable Stock Exchanges Initiative (SSE)
Task Force on Climate-related Financial Disclosures (TCFD)
UN Global Compact (UNGC)
The GSC monitors progress with the implementation of the climate strategy in
connection with our Environmental Protection Statement. The Environmental
Protection Statement is reviewed regularly and updated as needed. Our Envi-
ronmental Protection Statement is published on our website.
Transition plan for climate change mitigation
Our transition planning is an integral part of the Group-wide sustainability and
climate strategy. The transition plan was approved by the GSC, which has
been appointed by the Executive Board with decision-making authority and
was presented to the Strategy and Sustainability Committee of the Supervisory
Board for information purposes. We are planning emission reductions from
2025 onwards to achieve our short-term climate targets by 2030, which are
compatible with limiting global warming to 1.5°C in accordance with the Paris
Climate Agreement. To calculate the 1.5°C pathway, we used data from the
International Energy Agency (IEA) provided by the SBTi. To achieve our net-
zero target of a 90 per cent reduction by 2045 for Scope 1, 2 and 3, the ac-
tions for the short-term targets will be continued and complemented by further
actions.
The reduction potential for Scope 1 and 2 will mainly be realised through suc-
cessively shifting to renewable energies and biogas from 2025 to 2030, and
to electric company vehicles from 2028. The reduction potential for Scope 3
focuses primarily on business travel, particularly on the possibility of reducing
our flight emissions by 2030 and, considering availability risks, the use of al-
ternative fuels and measures relating to our suppliers. Further details can be
found in the section “Emission reduction measures”.
As part of the transition planning, we have identified potential investments and
operating expenditure that are not significant in order to align the economic
activities with the criteria defined in the EU Taxonomy or the financial plan-
ning. As part of a qualitative assessment of the potentially locked-in carbon
emissions of Deutsche Börse Group’s central assets, buildings in particular
were considered in the context of Scope 1 and Scope 2 emissions. As part of
our transition planning, we have already planned measures to reduce our
Scope 1 and Scope 2 emissions and will continue to develop these in the fu-
ture. These also contribute to mitigating the identified transition risk. For fur-
ther information, please refer to the sections “Climate scenario analysis” and
“Measures to reduce emissions”. As a result, neither a threat to the
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
98
achievement of our climate targets nor a significant increase in transition risks
was identified.
Further information about transition risks in connection with transition plan-
ning can be found in the sections “Climate scenario analysis” and “Resilience
of sustainability strategy and business model to climate change”.
The transition planning with the emission reduction measures outlined above
may be subject to changes due to future market developments. The transition
plan is based on dynamic forecasts that correspond to business growth and
are reviewed annually.
Deutsche Börse Group is not exempt from the EU reference values agreed in
the Paris Climate Agreement and is also represented in various EU Paris-
aligned indices.
Resilience of sustainability strategy and business model to climate
change
The resilience of the strategy and the business model to climate change com-
prises the ability to manage climate-related risks and use opportunities, includ-
ing the ability to respond and adapt to transition risks and physical risks. Cli-
mate-related resilience includes both strategic and operational resilience to cli-
mate-related changes, developments or uncertainties related to climate
change.
In our analysis of Deutsche Börse Group’s ability to adapt to climate-related
changes, developments or uncertainties we have taken negative impacts and
risks into account. Among other things, a transition risk was identified.
Changes in the political, regulatory and energy technology environment can re-
sult in new requirements for companies. The transition to renewable energies
presents various risks. On the one hand, fluctuations in energy prices can oc-
cur, and on the other, there is a risk of technology disruptions if new, disrup-
tive technologies rapidly change the market. In addition, the transition to re-
newable energies requires qualified personnel, which can lead to an increased
need for training and therefore also to rising personnel expenses.
The time horizons used for the scenarios in the resilience analysis are the
same as the short-, medium- and long-term time horizons set for the reporting;
see section “About the sustainability statement”.
Deutsche Börse Group’s energy consumption is currently not fully based on
sustainable resources and is associated with greenhouse gas emissions that
contribute to climate warming. The material negative impact was determined
during the double materiality assessment. In addition, a transition risk was
identified in relation to the shift to renewable energies. The climate targets to
reduce carbon emissions are part of the corporate strategy Horizon 2026 and
the Group sustainability strategy. With our short-term climate targets for 2030,
our net-zero target by 2045 and our transition plan with dedicated emission
reduction measures, we are striving to reduce our greenhouse gas emissions.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
99
In the short-term, the implementation of the defined actions will not have a
measurable effect on our negative impacts. However, they contribute to creat-
ing awareness within Deutsche Börse Group, which promotes the effective im-
plementation of the actions in future.
In the medium-term, the defined actions will have an impact on the achieve-
ment of targets for the year 2030. This will be achieved by switching from gas
and electricity to renewable energy at the Eschborn site in the years 2025 to
2030. It will be considered at an early stage that demand for renewable ener-
gies could exceed market supply in future. To offset price fluctuations and
scarce resources, we aim to enter a binding contract with the energy utility
company for the years ahead.
Further actions are planned to achieve the short-term targets by the year
2030. Additional measures are continually developed for the net-zero target,
which envisages a 90 per cent reduction in all Scope 1, 2 and 3 emissions by
2045 from the base year 2022. In the financial year, no actions beyond the
year 2030 were defined. In the medium- and long-term, changes in market
standards and improved availability of data may lead to changes in Deutsche
Börse Group’s sustainability strategy. Any improvement in data quality due to
better availability of primary data from suppliers and future technological ad-
vances in data collection and analysis is reviewed annually.
The transition risk associated with switching to renewable energies requires
qualified personnel to manage these changes. We have implemented training
courses to ensure the availability of such qualified personnel, which will be
continued going forward and expanded as necessary.
To manage the material physical risk for our locations, we take specific organi-
sational actions that will be continued in the short-, medium- and long-term. A
system of contingency plans (Business Continuity Management System,
BCMS) is established throughout the Group and regulated in internal policies.
It encompasses all processes designed to ensure continuity of operations in the
event of an emergency and thereby reduces the risk of unavailability.
Measures include precautions relating to all material resources (personnel, sys-
tems, workspace, suppliers), such as the redundant design of essential IT sys-
tems and the technical infrastructure, as well as emergency measures de-
signed to mitigate the unavailability of personnel or workspaces in key func-
tions. The requirements of SO 22301:2019 (Security and Resilience – Busi-
ness Continuity Management System) are considered when designing the
BCMS. The Executive Board is responsible for implementing the concept. Con-
tingency plans are tested regularly by carrying out realistic exercises and simu-
lating critical situations. The main locations of Deutsche Börse Group are mon-
itored for their exposure to environmental physical and climate risks, enabling
forecasts for changes in these risks over time. Insurance policies against physi-
cal loss and damage for the main locations complement the risk mitigation
measures. There were no outages in 2024.
In this context, Deutsche Börse Group uses the system availability of the cus-
tomer-facing IT systems as a relevant sustainability target, with a target figure
of 99.5 per cent, which is measured annually. Further details can be found in
the section “Transparent, stable and secure markets”. We have also set our-
selves the goal of recovering time-critical processes within two hours.
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Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
100
Taking our actions to reduce carbon emissions and continuous screening for
potential future challenges into account, we can potentially reduce our nega-
tive impact on the environment over time and manage the physical and transi-
tion risks with the implemented actions. We will observe new developments in
the field of sustainability going forward and review our existing measures for
potential for improvement.
Climate targets
Our targets are based on the GHG Protocol and were validated in May 2024
for the first time by the SBTi. To achieve our targets, we developed a transition
plan in 2024 in close consultation with the relevant internal stakeholders. The
plan contains dedicated emission reduction measures from 2025 onwards,
which are compatible with limiting global warming to 1.5°C in accordance
with the Paris Climate Agreement. We have chosen a multi-sector emissions
pathway for our climate targets. The quantitative amounts of the decarbonisa-
tion levers are published in the section “Emission reduction measures”.
Short-term targets
Scope 1 and 2: Deutsche Börse Group strives to reduce its absolute Scope 1
and 2 emissions by 42 per cent by 2030, based on the base year 2022.
Scope 3: Deutsche Börse Group strives to reduce its absolute Scope 3 emis-
sions from fuel and energy-related activities, business travel and employee
commuting by 42 per cent by 2030, based on the base year 2022.
Scope 3 Supplier Engagement: Deutsche Börse Group aims for 81 per cent of
its suppliers, as measured by its emissions of purchased goods and services
and capital goods, to have set their own science-based targets by 2028. The
percentage was reduced from 87 per cent to 81 per cent due to the inclusion
of SimCorp and other smaller acquisitions in the Group’s GHG footprint. We
will review the possibility of revalidation by SBTi with the adjusted target for
the financial year 2025 carefully.
The basis for the short-term reduction target for Scope 1 and 2 are total emis-
sions of 11,800 t CO2 in 2022. Scope 1 accounts for 54.6 per cent of the to-
tal emissions and Scope 2 for 45.4 per cent.
Of the total emissions in 2022 in the amount of 132,108 t CO2, the share of
Scope 1 is 4.9 per cent and of Scope 2 is 4.1 per cent. The largest share of
total emissions, 91.0 per cent, is accounted for by Scope 3 emissions in
2022. The short-term reduction target for Scope 3 includes emissions from the
three categories fuel and energy-related activities, business travel and em-
ployee commuting, which account for 13.1 per cent of total emissions and
14.4 per cent of Scope 3 emissions.
Net-zero target
Scope 1, 2 and 3: Deutsche Börse strives to reduce its absolute Scope 1, 2
and 3 emissions by 90 per cent by 2045, compared to the base year 2022.
Our climate targets address the climate-related impacts and risks presented in
the section “Impacts, risks and opportunities” by planning and taking long-
term carbon reduction measures as described in our transition plan. In the fi-
nancial year, no actions beyond the year 2030 were defined.
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
101
Our absolute reduction targets were developed based on scientific information
by SBTi and are compatible with limiting global warming to 1.5°C. Our net-
zero target covers all relevant Scope 1, 2 and 3 emissions. For further infor-
mation about the reference figure in the base year 2022, we refer to the sec-
tion “Greenhouse gas emissions”. The year at the time the climate targets were
developed was chosen as the base year. Our base year 2022 is representative,
because circumstances normalised after COVID.
The baseline values and climate targets for the covered actions and external
factors are reviewed regularly, but not less than every five years. If there is any
change above the chosen annual growth rate, the baseline values and climate
targets will be adjusted in accordance with the SBTi requirements and submit-
ted to SBTi for revalidation. Deutsche Börse Group’s climate targets were vali-
dated by SBTi in 2024. M&A activities resulted in an adjustment of the base-
line values for 2022.
In the financial year 2024 and beyond, no introduction of technologies or
changes in the product range to achieve the climate targets were planned or
implemented. According to our transition plan, we will start implementing our
reduction measures in 2025 in accordance with our transition plan. For fur-
ther information we refer to the section “Emission reduction measures”.
Emission reduction measures
Our transition plan includes dedicated emission reduction measures as well as
an annual growth rate of 5 per cent, which represents around 13,000 t CO2
by the year 2030. By 2030, we expect an innovation surplus (technological
progress), which considers more efficient processes and future improvements
in data quality in the measurement of greenhouse gas (GHG) emissions, for
example. It is currently not possible to quantify this exactly, because the nec-
essary data are not yet available.
To achieve our Scope 1 and 2 emission reduction targets we have defined
Group-wide actions that will come into force from 2025 onwards and are to be
completed by 2030 at the latest. A key measure to reduce our Scope 1 emis-
sions concerns the combined heat and power plant at the site in Eschborn. We
are planning to switch the combined heat and power plant successively from
gas to biogas and renewable power. As a result, we expect a reduction of
emissions by 3,300 t CO2 by the year 2030. A part of our company car fleet
has already been switched to electric vehicles.
From 2028 onwards, full electrification of the company car fleet is planned.
This is expected to save 1,200 t CO2 by 2030. From 2025 onwards, our goal
is to shift successively to renewable power at our locations to reduce our
Scope 2 emissions. This could reduce emissions by 1,000 t CO2 by the year
2030. Our transition plan includes assumptions, such as the availability of re-
newable energies or the availability of sustainable fuels and products. Due to
the dependencies on these volatile factors, our transition plan is subject to un-
certainty.
A key measure for the short-term Scope 3 emission reduction target by 2030
is the reduction of business travel. The first voluntary actions to raise employee
awareness have already been introduced for this category, such as the recom-
mendation to reduce the need for travel by using video calls and to replace
short-haul flights with train journeys.
Taking technical and availability risks into account, the use of alternative fuels
will be considered from 2028 onwards. To achieve our supplier engagement
target by 2028, we have introduced various actions for the centrally managed
suppliers. The supplier qualification questionnaire was amended for new sup-
pliers and new climate-related questions were added. Qualified suppliers, who
already have a contractual relationship, received a questionnaire on their cli-
mate targets for the first time in 2024. Our aim is to raise suppliers’ aware-
ness and carry out an annual monitoring of their target achievement. Other
concrete actions and the expected emissions reductions will be refined going
forward.
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Combined management report
Deutsche Börse:
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
102
To achieve our net-zero target of 90 per cent reduction by 2045 for Scope 1,
2 and 3, the measures implemented for the short-term targets will be contin-
ued and complemented by further activities. The precise quantification of the
measures for the period from 2031 to 2045 is complex and therefore difficult
to implement at the present time. The time horizon lies far in the future and
many influencing factors are subject to volatile assumptions that cannot be
foreseen in the current time. Specific emission reduction measures and the an-
ticipated impacts of these actions will be further refined in the future. We con-
sider uncertainties such as technological progress and future innovations that
could lead to long-term reductions and save emissions in the future. For our
transition plan, we use the SBTi-agreed baseline value for 2022 of 130,180 t
CO2, which is slightly lower than the total GHG emissions of 132,108 t CO2,
as Scope 3 category 6 (business travel) and category 7 (employee commuting)
are partially excluded. This can be explained by the fact that some sub-catego-
ries are optional according to the GHG Protocol and are therefore not included
in the footprint considered by SBTi and thus in the targets. The accommoda-
tion and working from home subcategories were excluded from the SBTi plan-
ning as they do not fall within the minimum boundary of the SBTi. However,
these categories are voluntarily calculated and considered for Deutsche Börse
Group’s carbon footprint. The category purchased goods and services accounts
for the largest share of our Scope 3 emissions. To reduce emissions in this cat-
egory, measures related to the supplier engagement target are particularly rele-
vant, since their implementation can have a long-term impact on achieving the
net-zero target.
As part of the transition plan, we have recognised potential investments and
operating expenses, which are, however, not significant. There are currently no
plans to adapt economic activities to the provisions of the Commission Dele-
gated Regulation (EU) 2021/2178. For further information, please refer to the
section “EU Taxonomy”.
Energy consumption, energy mix and greenhouse gas emissions
Deutsche Börse Group’s energy consumption, energy mix and greenhouse gas
emissions are calculated in accordance with the GHG Protocol and taking the
operational control approach into account. Scope 1 and 2 emissions are meas-
ured at the location, whereas Scope 3 emissions are calculated using activity
and spend-based data. Calculations cover the six greenhouse gases defined in
the GHG Protocol.
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Strategy and steering parameters
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Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
103
Basis of valuation methods
For the calculation of Scope 1 and 2 emissions, emission factors from the ecoin-
vent database are used, which are based on the factors of IPCC 2021/GWP 100
and DEFRA and are updated annually to incorporate new and improved data.
The calculation of Scope 3 emissions is carried out using the emission factors
from the following key providers:
Carbon Disclosure Project (CDP)
Comprehensive Environmental Data Archive (CEDA)
Cornell Hotel Sustainability Benchmarking Index
International Energy Agency (IEA)
United Kingdom Department for Energy Security and Net Zero
United Kingdom Department for Environment, Food & Rural Affairs (DEFRA)
United Kingdom Governmental GHG Conversion Factors
Scope 3 emission factors are selected in cooperation with external third parties
and depend on the representativeness of the data. Regional emission factors
are primarily used, followed by country-specific and global data, such as the
United Kingdom Governmental GHG Conversion Factors, as these are updated
annually, and the methodology is publicly available. CEDA is mainly used for
spend-based emission factors, because they consider industry-specific factors,
exchange rates and inflation rates.
If available, activity data is collected to calculate Scope 3 emissions, multiplied
by specific emission factors for miles flown, hotel stays or paper consumption,
for example. If no activity data is available, the emissions are calculated based
on the corresponding expenditure and emission factors, using CEDA or similar.
Actual consumption data is generally used for Scope 1 and 2 emissions. If no
data on energy consumption and greenhouse gas emissions is available, de-
spite reasonable efforts, the average values for the current financial year or
similar data from the corresponding months of the previous year will be used.
The same applies to data collection for the energy mix, where the breakdown
of the respective national energy grid is used, based on IEA data. Renewable
energy sources are excluded here as a precaution, as there is a risk of inade-
quate evidence.
Deutsche Börse Group’s company cars are included in the calculation of en-
ergy consumption. For vehicles powered by liquid fuels, the energy consump-
tion is calculated using the current DEFRA factors. Electric and plug-in hybrid
vehicles are measured according to the charging infrastructure in the leased of-
fice premises or based on the agreed annual mileage and DEFRA factors.
Since the actual kilometres driven are not recorded, the contractually agreed
mileage represents the best possible approximation for measuring energy con-
sumption.Deutsche Börse Group did not apply any internal carbon pricing
schemes in the financial year or in previous years.
Energy consumption and mix
In the financial year 2024, Deutsche Börse Group generated 11,403 mega-
watt-hours (MWh) of energy using a combined heat and power plant (Block-
heizkraftwerk). Of this total, 11,327 MWh were consumed internally by the
Group.
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Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
104
Energy consumption and mix
2024
(1) Total fossil energy consumption (in MWh)
32,770
Share of fossil sources in total energy consumption (in %)
37.9%
(2) Consumption from nuclear sources (in MWh)
1,360
Share of consumption from nuclear sources in total energy consumption (in %)
1.6%
(3) Fuel consumption for renewable sources, including biomass (also compris-
ing industrial and municipal waste of biologic origin, biogas, renewable hydro-
gen, etc.) (in MWh).
n/a
(4) Consumption of purchased or acquired electricity, heat, steam, and cooling
from renewable sources (in MWh)
52,329
(5) The consumption of self-generated non-fuel renewable energy (in MWh)
n.a.
(6) Total renewable energy consumption (in MWh)
52,329
Share of renewable sources in total energy consumption (in %)
60.5%
Total energy consumption (in MWh) (sum of lines 1, 2 and 6)
86,460
Greenhouse gas emissions
Composition of greenhouse gas emissions
Retrospective
Milestones and target
years
in tCO2e
Base year
2022
2024 2030
2045
Annual %
target /
Base year
Scope 1 GHG emissions
–42%1
–5.3%
Gross Scope 1 GHG emissions
6,444
5,109
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions 27,599
28,307
Gross market-based Scope 2 GHG emissions
5,356
3,447
Significant Scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions 120,308
109,500
Category 1: Purchased goods and services
76,618
67,145
Thereof: Cloud computing and data center
services
8,086
8,159
Category 2: Capital goods
24,027
13,972
Category 3: Fuel and energy-related Activities
(not included in Scope 1 or Scope 2)
3,366
4,893 –42%1
–5.3%
Category 4: Upstream transportation and distri-
bution
643
260
Category 5: Waste generated in operations
498
434
Category 6: Business travel
7,798
13,345 –42%1
–5.3%
Category 7: Employee commuting
6,131
8,056
Category 15: Investments
1,227
1,396
Total GHG emissions
Total GHG emissions (location-based)
154,351
142,916
Total GHG emissions (market-based)
132,108
118,056
Total GHG emissions (net-zero target)2
130,180
114,070
–90%
–3.9%
1) Deutsche Börse Group aims to reduce its absolute Scope 1 and 2 emissions, as well as the combined
Scope 3 emissions from fuel- and energy-related activities, business travel and employee commuting by 42
per cent by the year 2030, based on the base year 2022.
2) For our transition plan, we use the SBTi-aligned baseline values for 2022.
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Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
105
The market-based Scope 2 greenhouse gas emissions include 48.6 per cent
electricity from renewable sources, verified by certificates to ensure that the
consumed electricity actually comes from renewable sources, as well as
11.9 per cent electricity from renewable sources secured through instruments
such as Guarantees of Origin, Energy Attribute Certificates, etc. Since Scope 3
emissions are based on activity and spend data, the proportion of primary data
is 15 per cent. For details on the combined short-term reduction target for
Scope 1 and 2 by 2030 and the absolute emission reduction target for Scope
3 by 42 per cent by 2030, see the section “Climate targets”.
The following categories were excluded from the calculation of Scope 3 green-
house gas emissions due to their insignificance for Deutsche Börse Group:
Category 8 (Upstream leased assets): There are no upstream leased assets
that are not already taken into account in the Scope 1 and 2 emissions.
Category 9 (Downstream transportation): No physical products are sold or
therefore transported.
Category 10 (Processing of sold products): No physical products are pro-
cessed.
Category 11 (Use of sold products): No physical products are
processed.
Category 12 (End-of-life treatment of sold products): No physical
products are sold.
Category 13 (Downstream leased assets): Deutsche Börse Group does not
act as a lessor.
Category 14 (Franchises): Deutsche Börse Group is not a franchisor.
Carbon credits
As a part of Deutsche Börse AG’s remuneration system, the CO2 emissions
from Scope 1 and 2, as well as the emissions of all flights by employees
worldwide and shuttle bus traffic between the offices in Eschborn and Luxem-
bourg, and the purchase of carbon credits, are taken into account. For 2023,
the carbon credits included 19,166 t CO2 for a wind power project outside the
EU. These carbon credits were purchased in 2024. Deutsche Börse Group
chooses credits from the provider category “Gold Standard”. The purchase of
carbon credits does not contribute to achieving the net-zero target by 2045
and is not counted as an emission reduction of the residual value after the 90
per cent reduction. As our climate strategy continues to develop, possible com-
pensation measures will be reviewed regarding their compatibility with the
SBTi standard. To achieve our net-zero target, we will neutralise the remaining
greenhouse gas emissions after the 90 per cent reduction. For this purpose,
carbon capture and storage methods will be considered from the year 2045
onwards.
GHG intensity per net revenue
The location- and market-based total GHG emissions per net revenue amount
to 0.0 t CO2e/Ą. For further information on net revenue, see section “Results of
operations”.
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Risk report
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Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
106
EU Taxonomy
The EU Taxonomy is an important EU measure to implement the European
Green Deal and the Sustainable Finance action plan, which are intended to
achieve climate neutrality by 2050. The EU Taxonomy is a classification system
that categorises economic activities as environmentally sustainable in terms of
the following six environmental goals:
Climate protection
Adaptation to climate change
Sustainable use and protection of water and marine resources
Pollution prevention and control
Transition to a circular economy
Protection and restoration of biodiversity and ecosystems
In accordance with the definitions of the Taxonomy Regulation, Deutsche
Börse Group applies the requirements for non-financial undertakings. Article 8
of the EU Taxonomy defines the disclosure requirements for the proportion of
environmentally sustainable turnover, capital expenditure and operating ex-
penditure.
To determine which economic activities are taxonomy-eligible and aligned, our
process involves reviewing the following criteria.
Taxonomy-Eligibility: Assessment of whether the economic activities are de-
scribed in the delegated regulations of the EU Taxonomy.
Substantial contribution: Assess whether the economic activity makes a
substantial contribution to at least one of the environmental objectives.
Do no significant Harm (DNSH): Ensuring that the economic activity does
not cause significant harm to other environmental objectives.
Minimum safeguards: Establishing minimum safeguards procedures with re-
gard to human rights, bribery and corruption, taxation and fair competition.
Turnover
To determine the proportionate taxonomy-compliant sales revenue, are set in
relation to the Group’s total revenues. The denominator is based on revenues
in accordance with IAS 1.82(a) as presented in the consolidated statement of
income. For further details, please refer to Note 4, table “Composition of our
net revenue (Part 1-2)”, column “Net revenue 2024”.
No taxonomy-eligible revenues falling within the scope of the delegated acts
were identified in our taxonomy eligibility assessment for the 2024 financial
year.
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Information on environmental matters
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EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
107
Capital and operating expenditure
The proportion of Taxonomy-aligned capital expenditure (CapEx) is determined
by dividing those by total additions to intangible and tangible assets. For fur-
ther details, see Note 10, table “Intangible assets”, and Note 11, table “Prop-
erty, plant and equipment (incl. right-of-use assets)”, lines “Additions”.
The share of taxonomy-compliant operating expenses (OpEx) is derived from
the ratio of taxonomy-compliant expenses to the total operating expenses of
the Group. In contrast to the previous year, where total OpEx were considered,
the OpEx considered for 2024 include the following expenses: Direct, non-
capitalized costs for research and development, building refurbishment, short-
term leasing, maintenance and repair, and other expenses for the maintenance
of property, plant and equipment (by Deutsche Börse Group or external service
providers). This does not affect the proportionate taxonomy-compliant activi-
ties. Due to regulatory clarifications, we are reporting taxonomy-eligible capital
expenditure (CapEx) and operating expenses for the first time in the 2024 fi-
nancial year, which fall exclusively within the scope of climate protection:
Activity 6.5 “Transport by motorbikes, passenger cars and light commercial
vehicles” is relevant for our company cars.
Activities 7.7 “Acquisition and ownership of buildings” and 8.1 “Data pro-
cessing, hosting and related activities” include the capitalisation of right-of-
use assets from leases (IFRS 16) for leased office buildings and data cen-
ters. In addition, tangible assets such as servers and hardware in the data
centers fall under activity 8.1.
As the Substantial Contribution and DNSH criteria were not fully met in the fi-
nancial year 2024, the Minimum Safeguards assessment is not required.
Hence, no taxonomy-aligned capital or operating expenditures were identified.
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Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
108
Nuclear and fossil gas related activities
Deutsche Börse Group has no economic activities in the fields of nuclear and
fossil gas.
Nuclear energy and fossil gas related activities
Row Nuclear energy related activities
1.
The undertaking carries out, funds or has exposures to research, develop-
ment, demonstration and deployment of innovative electricity generation facil-
ities that produce energy from nuclear processes with minimal waste from the
fuel cycle.
No
2.
The undertaking carries out, funds or has exposures to construction and safe
operation of new nuclear installations to produce electricity or process heat,
including for the purposes of district heating or industrial processes such as
hydrogen production, as well as their safety upgrades, using best available
technologies.
No
3.
The undertaking carries out, funds or has exposures to safe operation of exist-
ing nuclear installations that produce electricity or process heat, including for
the purposes of district heating or industrial processes such as hydrogen pro-
duction from nuclear energy, as well as their safety upgrades.
No
Fossil gas related activities
4.
The undertaking carries out, funds or has exposures to construction or opera-
tion of electricity generation facilities that produce electricity using fossil gase-
ous fuels.
No
5.
The undertaking carries out, funds or has exposures to construction, refur-
bishment, and operation of combined heat/cool and power generation facili-
ties using fossil gaseous fuels.
No
6.
The undertaking carries out, funds or has exposures to construction, refur-
bishment and operation of heat generation facilities that produce heat/cool
using fossil gaseous fuels.
No
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Risk report
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Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
109
Turnover
Substantial contribution criteria
DNSH criteria
('Does Not Significantly Harm')
Economic activities
Code
Turnover
Proportion of
turnover in
2024
Climate
change mitiga-
tion
Climate
change adap-
tion
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosystem
Climate
change mitiga-
Climate
change adap-
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosys-
Minimum
safeguards
Taxonomy-
aligned
proportion of
turnover,
in year 2023
Category
(enabling
activity)
Category
(transitional
activity)
Ąm
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y;N;
N/EL Y/N Y/N Y/N
Y/N Y/N Y/N Y/N %
E
T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
Turnover of environmentally sustainable activities (Tax-
onomy-aligned) (A.1)
-
-
-
-
-
-
-
-
Of which enabling
-
-
-
-
-
-
-
-
Of which transitional
-
-
-
A.2 Taxonomy-Eligible but not environmentally sustain-
able activities (not Taxonomy-aligned activities)
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
EL;
N/EL
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
(A.2)
0%
0%
0%
0%
0%
0%
0%
0%
A. Turnover of Taxonomy-eligible activities (A.1 + A.2)
0%
0%
0%
0%
0%
0%
0%
0%
B. Taxonomy-eligible activities
Turnover of Taxonomy-non-eligible activities
5,971.9 100%
Total
5,971.9 100%
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Strategy and steering parameters
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Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
110
Capital Expenditures
Substantial contribution criteria
DNSH criteria
('Does Not Significantly Harm')
Economic activities
Code
CapEx
Proportion of
CapEx in
2024
Climate
change mitiga-
tion
Climate
change adap-
tion
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosystem
Climate
change mitiga-
Climate
change adap-
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosys-
Minimum safe-
guards
Proportion of
Taxonomy
aligned
(A.1.) or
eligible (A.2.)
CapEx, 2023
Category
enabling
activity
Category
transitional
activity
Ąm
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N
Y/N
Y/N Y/N
Y/N
%
E
T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
-
-
-
-
-
-
-
-
Of which enabling
-
-
-
-
-
-
-
-
Of which transitional
-
-
-
A.2 Taxonomy-Eligible but not environmentally
sustainable activities (not Taxonomy-aligned ac-
tivities)
Transport by motorbikes, passenger cars and light
commercial vehicles
CCM
6.5
5.4
1%
EL
N/EL
N/EL
N/EL
N/EL N/EL
0%
Acquisition and ownership of buildings
CCM
7.7
168.2
31%
EL
N/EL
N/EL
N/EL
N/EL N/EL
0%
Data processing, hosting and related activities
CCM
8.1
30.1
6%
EL
N/EL
N/EL
N/EL
N/EL N/EL
0%
CapEx of Taxonomy-eligible but not environmen-
tally sustainable activities (not Taxonomy-aligned
activities) (A.2)
203.7
38%
38%
0%
0%
0%
0%
0%
0%
A. CapEx of Taxonomy-eligible activities
(A.1+A.2)
203.7
38%
38%
0%
0%
0%
0%
0%
0%
B. Taxonomy-non-eligible activities
CapEx of Taxonomy-non-eligible activities
338.4
62%
Total
542.1 100%
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(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
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Datapoints that derive from other EU
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Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
111
Operating Expenditures
Substantial contribution criteria
DNSH criteria
('Does Not Significantly Harm')
Economic activities
Code
OpEx
Proportion of
OpEx in 2024
Climate change
mitigation
Climate change
adaption
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosystem
Climate change
mitigation
Climate change
adaption
Water
Circular econ-
omy
Pollution
Biodiversity
and ecosystems
Minimum safe-
guards
Proportion
of
Taxonomy
aligned
(A.1.) or
-eligible (A.2.)
OpEx, 2023
Category
enabling
activity
Category
transi-
tional
activity
Ąm
%
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL
Y; N;
N/EL Y/N Y/N Y/N
Y/N Y/N Y/N Y/N
%
E
T
A. Taxonomy-eligible activities
A.1. Environmentally sustainable activities
(Taxonomy-aligned)
OpEx of environmentally sustainable activities (Tax-
onomy-aligned) (A.1)
-
-
-
-
-
-
-
-
Of which enabling
-
-
-
-
-
-
-
-
Of which transitional
-
-
-
A.2 Taxonomy-Eligible but not environmentally
sustainable activities (not Taxonomy-aligned activi-
ties)
Transport by motorbikes, passenger cars and light
commercial vehicles
CCM
6.5
0.3
0%
EL N/EL
N/EL N/EL
N/EL
N/EL
0%
Acquisition and ownership of buildings
CCM
7.7
13.3
6%
EL N/EL
N/EL N/EL
N/EL
N/EL
0%
Data processing, hosting and related activities
CCM
8.1
8.0
4%
EL N/EL
N/EL N/EL
N/EL
N/EL
0%
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activi-
ties) (A.2)
21.6
10% 10%
0%
0%
0%
0%
0%
0%
A. OpEx of Taxonomy-eligible activities (A.1 + A.2)
21.6
10% 10%
0%
0%
0%
0%
0%
0%
B. Taxonomy-non-eligible activities
OpEx of Taxonomy-non-eligible activities
198.3
90%
Total
219.9 100%
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Datapoints that derive from other EU
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Corporate governance statement
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Takeover-related disclosures
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Remuneration report
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Deutsche Börse Group – Annual report 2024
112
Information on employees (ESRS S1)
The commitment and skills of our employees are a vital cornerstone for
Deutsche Börse Group. Together with our five core corporate values of perfor-
mance, reliability, integrity, openness and responsibility, they define our cor-
porate culture. At the same time, they form the basis of our commercial suc-
cess. For this reason, we have an active People Strategy, promote diversity,
equity and inclusion, and systematically work on our attractiveness as an em-
ployer.
The Group is aware that employees are an essential part of the business model
and strategy. Material risks and opportunities arise from the different factors
influencing the workforce, including the retention of talent, productivity and
well-being, which have a direct impact on commercial success and long-term
growth.
Unless stated otherwise, we understand our employees to be part of the “Own
workforce”, whereby the following definition of employees is applied uniformly
across all legal entities and locations to determine the number of employees.
Employees include both active employees and those who are absent for a
longer period, e.g. due to illness or maternity leave. Employees on partial re-
tirement programmes are also included during their working phase. Not in-
cluded are apprentices, students, interns, employees in early retirement, par-
tial retirement (free phase), parental leave or sabbaticals. Neither the Executive
Board members of Deutsche Börse AG nor non-employees are included.
Employees in the company
Working in its four strategic dimensions, our People Strategy aims to attract
the best talents (“Attract”), to develop them (“Develop”), to enable them to en-
gage effectively (“Engage”) and to develop them personally and professionally
(“Lead”). These four dimensions form the foundation for targets and change
measures. They help us to create a flexible and sustainable working environ-
ment that offers our employees very good working conditions and has positive
impacts. In this context, we defined leadership and lifelong learning as priori-
ties for 2024.
We also take employee feedback into account when developing our People
Strategy. The results of our annual global People Survey provide important in-
sights that we use in our strategic planning. Both the annual review and up-
date of the People Strategy, including implemented and planned measures, as
well as the results of the People Survey, are agreed with the Executive Board
once a year and presented to the Supervisory Board of Deutsche Börse AG.
No material impacts on employees were identified for 2024 from transition
plans to reduce negative environmental impacts, including plans and actions
to reduce carbon emissions in line with international agreements. In addition,
no significant investments or fundings are currently planned, nor is the adapta-
tion of economic activities to the provisions of the EU Taxonomy.
Deutsche Börse Group is committed to the protection of human rights.
Deutsche Börse Group’s economic activities in 2024 therefore did not include
any activities with an increased or significant risk of forced labour, compulsory
labour or child labour.
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Information on corporate governance
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Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
113
Respect for human rights
Deutsche Börse Group is dedicated to protecting and safeguarding human
rights and is committed to fair working conditions for all employees and in
cross-border supply chains as stated in its human rights statement. This in-
cludes in particular preventing forced labour and child labour and the prohibi-
tion of discrimination and unequal treatment. We aspire to lead by example,
by taking a holistic approach to corporate responsibility and disclosing it. The
management approach for a Group-wide commitment to sustainability there-
fore includes respect for human rights both in the supply chain and within the
Group. Deutsche Börse Group observes the relevant provisions for the protec-
tion of human rights. It also recognises that modern slavery is a crime and a
violation of fundamental human rights. Respect for human rights refers,
among other things, to the positive impacts of equal treatment and opportuni-
ties, as well as a stable and reliable working environment.
Deutsche Börse Group is committed to respecting human rights and takes the
steps as outlined in this statement to ensure compliance with a large variety of
international standards and principles, including:
UN Guiding Principles on Business and Human Rights
General Declaration of Human Rights
International Human Rights Charter
International Covenant on Civil and Political Rights
International Covenant on Economic, Social and Cultural Rights
UK Modern Slavery Act
ILO Declaration on Fundamental Principles and Rights at Work
Principles of the UN Global Compact
OECD Guidelines for Multinational Enterprises
Deutsche Börse Group strongly supports conventions that aim to combat
forced and child labour and to promote equal rights. Respect for human rights
is anchored in the corporate culture and values of Deutsche Börse Group. The
obligation to comply with applicable law, including the prohibition of forced
and child labour and human trafficking, is anchored in particular in Deutsche
Börse Group’s Code of Conduct, see section “Corporate governance principles”.
The Human Rights Statement is regularly reviewed and updated if necessary.
The GSC, as the central management body for sustainability topics, represents
the interests of employees across the Group and the Compliance, Risk and Le-
gal departments, and approves the Human Rights Statement. Our Human
Rights Statement is published on our website.
To protect its employees from accidents at work, Deutsche Börse Group intro-
duced a Health and Safety policy. The Head of Purchasing and Facility Man-
agement is responsible for the policy. It is reviewed regularly and updated if
necessary. The most important health and safety information is published on
the intranet. Some subsidiaries of Deutsche Börse Group have drawn up their
own policies or included actions in their code of conduct or health and safety /
employee manuals.
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Information on corporate governance
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Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
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Deutsche Börse Group – Annual report 2024
114
Diversity, equity and inclusion
At Deutsche Börse Group, we continue to be committed to creating a work-
place with equal opportunities, and for each individual to be treated in a non-
discriminatory way. As a global company, we stand for acknowledgement, ap-
preciation and inclusion in the workplace. We are committed to openness and
fairness, which is reflected in our internal and external communications and in
the rules on anti-harassment, diversity, equity and inclusion, and disciplinary
action that apply to our employees. We actively live by these values. The di-
verse backgrounds and ideas of our employees make a significant contribution
to our performance. To ensure that we use the potential of our diversity to the
full and that everyone is treated with respect, we do not tolerate any form of
harassment in our working environment and our dealings with one another.
Deutsche Börse Group takes appropriate action, such as ethics training, to pre-
vent harassment. The training is a mandatory programme that must be com-
pleted by employees once a year or upon joining the company. This applies to
all employees of the Group, although some subsidiaries have introduced their
own anti-harassment training programmes. In the event of any infringements,
Deutsche Börse Group will work to resolve reported cases of harassment fairly,
impartially and with the necessary confidentiality. Deutsche Börse Group’s
anti-harassment policy, which is in the responsibility of Human Relations, de-
fines Deutsche Börse Group’s refusal to tolerate any form of harassment and
lays down binding standards that are in line with the Code of Business Con-
duct, the Diversity, Equity & Inclusion (DEI) Policy and the statutory require-
ments for the various subsidiaries in Deutsche Börse Group. Subject to appli-
cable legislation, additional or more specific anti-harassment rules may apply
to subsidiaries of Deutsche Börse Group. The document is published centrally
on the Deutsche Börse Group intranet and by the subsidiaries.
The Anti-Harassment Policy includes the following illustrative and non-exhaus-
tive points: unfair treatment or discrimination of people based on disability,
ethnicity, social background, convictions (e.g. religious, political), sexual iden-
tity and orientation, gender, (in)ability, age or personality is not tolerated. The
illustrative mention of some discrimination criteria together with the reminder
that this list is not exhaustive shows clearly that no forms of discrimination are
tolerated and all are covered by the anti-harassment policy, even if individual
criteria are not explicitly mentioned.
We are convinced that diversity, equity and inclusion are among our strengths.
We see the wealth of individual characteristics and strengths as the key to ful-
filling our principles. For this reason, we strive to create an inclusive working
environment in which everyone feels welcome and where they feel comfortable
about contributing their ideas. To put this into practice, we are a signatory of
the “Diversity Charter” and the “Women’s Empowerment Principles” (WEP)
and acknowledge our corporate social responsibility as expressed in the Code
of Conduct that applies throughout the Group.
Furthermore, a public Diversity, Equity & Inclusion Statement and a DEI Policy
are additional pillars of our diverse and inclusive working environment. Both
documents outline Deutsche Börse Group’s engagement for a diverse and in-
clusive working environment for all its employees. They define the main princi-
ples and with a fundamental taxonomy for these policies establish the concep-
tual framework for diversity, equity and inclusion at Deutsche Börse Group.
They apply to all employees as well as the members of the Executive Board,
directors, managers, and permanent and temporary employees of Deutsche
Börse AG. The responsibility for the policy lies with the Chief Diversity Officer.
The policy is regularly reviewed and updated as necessary, and is published
centrally on Deutsche Börse Group’s intranet as well as by its subsidiaries.
Some subsidiaries of Deutsche Börse Group have developed their own policies.
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Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
115
The members of the Diversity, Equity & Inclusion Council represent our global
workforce, our various minorities and hierarchical levels. They are nominated
by the internal networks or centrally and inform and advise the Executive
Board. In addition, the function of Chief Sustainability and Chief Diversity Of-
ficer was established in our Group in 2023. This is a Group function and re-
ports to the CEO or Chief Human Relations Officer (CHRO) of Deutsche Börse
AG.
Deutsche Börse Group attaches great importance to fulfilling the local legal re-
quirements for employees with severe disabilities, such as employing a pre-
scribed number of employees with severe disabilities. This also takes place in
connection with the Anti-Harassment and Diversity, Equity & Inclusion (DEI)
Policy and with the involvement of the Disabilities Representative.
Our obligation to respect human rights, including employees’ rights, is laid
down in our Human Rights Statement, the Code of Conduct and our Code of
Conduct for Suppliers. During the onboarding process and before they start
working with us, suppliers of Deutsche Börse AG managed by Corporate Pur-
chasing must accept the Code of Conduct or (in exceptional cases) at least
have a voluntary commitment of their own. We respect important international
human rights and labour law standards, such as those included in the Interna-
tional Labour Organization’s Declaration on Fundamental Principles and Rights
at Work. Our commitments explicitly underline our engagement to ensure the
freedom of association, the abolition of child labour and forced labour and the
elimination of discrimination at work, in addition to other important topics. The
Code of Conduct for Suppliers is linked to the positive impacts of equal treat-
ment and opportunities, and to a stable and reliable working environment.
The Code of Conduct for Suppliers covers the suppliers managed by the Corpo-
rate Purchasing function. It is reviewed regularly, updated as necessary and
approved by the Executive Board of Deutsche Börse AG. The Compliance, Le-
gal and Purchasing departments are involved in the update process. Our Code
of Conduct for Suppliers is published on our website.
Involvement of employees and workers’ representatives
To the extent that they exist at the individual sites, our company and our sub-
sidiaries involve the employees and workers’ representatives (especially works
councils, economic committees, disabilities representatives, staff delegates,
trade unions, employee representatives on certain supervisory boards) on a
continuous and individual basis in decision-making processes for actions im-
pacting the workforce. In addition, employees can share their opinions directly
on various topics as part of an annual anonymous staff survey. Concrete ac-
tions are defined based on the employee feedback and followed up by Group
initiatives or appointed line managers. In our annual staff survey, the People
Survey, which also deals with subjects such as pervading strategy and team-
work, we got very satisfying marks for our attractiveness as an employer (85.0
per cent approval in 2024). The largely positive feedback underlines how
Deutsche Börse Group stands for a working environment which makes it easy
for staff to reconcile their career and their private life, with flexible models for
working hours, allowances for childcare, part-time degree courses and part-
time work. Our aim is to maintain the very satisfactory reviews of our attrac-
tiveness as an employer. We also measure the average value of the two topics
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
116
Strategic Alignment & Organisational Framework and Team Effectiveness &
Collaboration annually to measure employee satisfaction. Our goal is to
achieve an average of more than 71.5 per cent in both topics. In 2024, we
achieved 75.0 per cent. The following “Results of our annual People Survey
2024” shows what employees think about the subjects of understanding strat-
egy and teamwork.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
117
In addition, employees can ask questions and express criticism about the most
varied topics at works assemblies, townhall meetings and similar events that
are either held regularly or convened for a special purpose. Workers’ represent-
atives are involved on an ongoing basis in the context of their applicable
rights. Their involvement can therefore take the form of information, notifica-
tion, consultation or co-determination, depending on the matter at hand. There
are also regularly monthly meetings between the works council and the CHRO
at the offices of the parent company. The CHRO is the Executive Board mem-
ber of the parent company responsible for involving the employees and work-
ers’ representatives and for ensuring that the results are included in the corpo-
rate concept. This function is exercised by the Head of Human Relations at the
subsidiaries and some sites. By assigning the corresponding responsibilities
and associated tasks, the Group deploys human capital as a means to involve
the employees and workers’ representatives. To the extent that there are disa-
bilities representatives, they are involved in all actions concerning people with
disabilities. This gives the Group insights into the perspectives of these em-
ployees in particular need of protection. The Group is in a process of dialogue
with employees and workers’ representatives about reducing carbon emissions
and the transition to climate-neutral business processes. The focus is on train-
ing programmes and actions to promote gender and social equity.
Targets related to employees
The Executive Board has identified the following employee-related Group tar-
gets as relevant for management:
Sustainability targets
Target
Actual 2024
Employee satisfaction
>71.5 %
75 %
Share of women in upper management positions
>24 %
24 %
The first target serves to measure employee satisfaction on an annual basis us-
ing the results of the People Survey (average value of all questions) and to
take action accordingly. The second target is used to measure the percentage
of women in upper management positions (on the first three levels below the
Executive Board) on an annual basis using the available data. With regard to
employee satisfaction, we have set a target of more than 71.5 per cent ap-
proval in the People Survey. With regard to the proportion of women in upper
management positions, the Executive Board has made a voluntary commit-
ment to increase the proportion of women in upper management at global
Group level to over 24 per cent by the end of 2024.
Human Relations reports annually to the Executive Board and the Supervisory
Board of Deutsche Börse AG on the extent to which targets have been
achieved and the targets for the following year. Appropriate measures are
taken if necessary. See the section “Employee satisfaction measures”.
The positive impacts (see section “Impacts, risks and opportunities”) are sup-
ported by the People Strategy, internal policies (e.g. Anti-Harassment Policy,
DEI Policy) and guidelines (e.g. Works agreement on flextime). They are also
supported by various questions in the People Survey and the sustainability tar-
get of employee satisfaction and are reflected in both the overarching targets
and the actions in the following section.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
118
Employee satisfaction measures
As part of the People Strategy, various measures are taken in the strategic di-
mensions to increase positive impacts and support the targets. The following
measures apply to all employees of Deutsche Börse Group and were taken in
2024.
Flexible working model
We have expanded our flexible working model by launching a pilot programme
that allows our staff at locations in Germany to work from other countries in
the European Economic Area (EEA) under certain conditions. Additional loca-
tions are planned for 2025.
Well-being
We organised a well-being focus week and trained mental health first-aiders at
other locations. We also began the phased roll-out of an app-based well-being
programme that provides personalised, evidence-based support for the mental
health and well-being of employees and their families. A working group will be
established in 2025 to coordinate well-being activities globally.
Diversity, equity and inclusion
The Diversity, Equity & Inclusion Strategy has been linked to the sustainability
strategy. In this context we joined new external cooperation projects, such as
Chef:innensache and FondsFrauen. In particular we took the first steps to-
wards introducing a mandatory training course on Inclusive Leadership. Team
leaders and executives at Deutsche Börse Group globally should have com-
pleted this course by the end of 2024. In 2025, the training courses will be
continued and further measures such as exchange formats, cooperation with
external providers and magazine articles will be introduced.
Lifelong learning and continuous development
We have expanded our existing range of development programmes. Specifi-
cally in the area of lifelong learning, we have enhanced the learning offering
and established structured learning journeys for new technologies to prepare
our employees for the changes ahead. We also organised a global “Learn &
Grow” month, during which our employees had the opportunity to explore vari-
ous learning content and methods. In addition, we have introduced our so-
called Leadership Principles as part of our leadership development offering.
The aim is to support our leaders in dealing with the different needs of our em-
ployees and to adapt their leadership style accordingly. The learning journeys
are to be expanded in 2025 and social learning courses will be rolled out.
Leadership principles will also be integrated into existing development formats.
Employees’ feedback on the measures is collected and analysed, primarily
through our People Survey. If discrepancies are identified, action is taken to
avoid potential negative impacts.
The measures are monitored by the Human Relations area and progress is reg-
ularly reported to the CHRO. In addition, the Executive Board and Supervisory
Board of Deutsche Börse AG receive an annual report on the status of the
measures taken in the current year and the measures planned for the following
years. This ensures that the measures do not have or contribute to any nega-
tive impact on employees.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
119
Employee characteristics
Employee development
As at 31 December 2024, Deutsche Börse Group had 15,495 employees, as
shown in the management report in the chapter “Fundamental information
about the Group”. 1,641 employees left Deutsche Börse Group in the financial
year 2024. The number of employees is given in terms of headcount unless
otherwise stated. Our fluctuation rate was 11.0 per cent. The fluctuation rate
includes resignations by employees and departures at the initiative of the com-
pany, retirement or other circumstances. The denominator for the fluctuation is
the average number of employees in the respective year. The average number
of employees for the respective year is calculated using the following formula:
sum of the number of employees on the last day of each month, divided by
12.
Based on the employee’s own identification, the breakdown of employees by
gender is as follows:
Composition of employees by gender
Gender
2024
Male
9,262
Female
6,205
Other
3
Not disclosed
25
Total
15,495
Of all the countries in which employees work, only Germany has a headcount
that accounts for at least 10 per cent of the total workforce of Deutsche Börse
Group. All countries with more than 500 employees have been listed to pro-
vide a better overview. They are as follows:
Composition of employees by country
Country
2024
Germany
4,101
Czech Republic
1,516
Philippines
1,511
Luxembourg
1,304
United States of America
1,298
India
1,199
United Kingdom
720
Ireland
603
Denmark
596
Other
2,647
Total
15,495
Information about employees by type of contract and by gender (based on the
employees’ own identification):
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Combined management report
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Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
120
Composition of employees by contract type and gender
2024
Headcount
Female
Male
Other
Not disclosed
Total
Employees
6,205
9,262
3
25
15,495
Permanent employees
6,057
9,101
3
23
15,184
Temporary employees
147
160
–
–
307
Non-guaranteed hours
employees
1
1
–
2
4
Full-time employees
5,451
9,038
3
23
14,515
Part-time employees
754
224
–
2
980
Information about employees by type of contract and by region:
Composition of employees by contract type and region
2024
Headcount
EMEA
North
America
Central and
Latin America
Asia
Australia
Total
Employees
10,637
1,482
62
3,094
220
15,495
Permanent
employees
10,347
1,481
62
3,088
206
15,184
Temporary
employees
290
1
–
6
10
307
Non-guaranteed
hours employees
–
–
–
–
4
4
Full-time
employees
9,692
1,472
58
3,090
203
14,515
Part-time
employees
945
10
4
4
17
980
The figures for permanent, temporary, non-guaranteed hours, full-time and
part-time employees are based on definitions for the whole Group and account
for national differences in the countries in which our employees work.
Temporary contracts are used mainly to bridge planned absences such as pa-
rental leave or for projects with a limited timespan. The very limited use of
non-guaranteed-hours employees is to provide support for short-term or irregu-
lar business requirements or projects and is considered beneficial by both
sides, because this type of contract offers maximum flexibility. With flexible
working hours, including part-time work, we help our employees to reconcile
their professional and private lives.
Diversity
The data on gender and age distribution enable a better understanding of the
company’s demographic composition and help to identify possible action areas
for the promotion of diversity and inclusion.
Gender distribution at the upper management level, which at Deutsche Börse
Group consists of the first three levels below the Executive Board, breaks down
as follows, based on the employees’ own identification:
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
121
Gender distribution at upper management level
2024
Gender
Headcount
in %
Male
762
76
Female
244
24
Other
–
–
Not disclosed
–
–
Total
1,006
100
The age distribution of employees is as follows:
Age distribution of employees
2024
Age groups
Headcount
in %
Under 30 years
3,682
24
30 to 50 years
9,340
60
51 to 70 years
2,462
16
Over 70 years
11
–
Total
15,495
100
Adequate wages
The wages we pay our employees are above the adequate wages for the re-
spective country. Adequate wages refer to a remuneration that is sufficient to
cover the needs of the employees and their family, taking the national eco-
nomic and social circumstances into account. Adequate wages are based on
the minimum wage in EEA and non-EEA countries in which Deutsche Börse
Group operates. If no minimum wage has been set in an EEA country, a neigh-
bouring country with a similar socio-economic status is taken as a reference.
In non-EEA countries the necessary wage level for a reasonable living standard
is used, if available. If it is not available, the minimum wage is used. If there
is no minimum wage, a comparable figure is used. Available market data from
third-party providers are taken for this purpose, such as the Sustainable Trade
Initiative (IDH) or the Wage Indicator Foundation. These methods have limits,
such as regional differences in the minimum wage in specific countries like In-
dia.
Training and competence development
As an employer, we take extensive measures to promote the development po-
tential of our employees. We empower them to take responsibility for their own
development and improve their employability at the same time. To this end,
we offer all our employees two central talent programmes, as well as various
training measures to develop their skills and competences. Our high-potential
programme, Evolve!, supports the personal and professional development of
our participating employees. As part of a 12-month curriculum, they attend
various training measures, take part in many different networking events and
also receive additional voluntary development opportunities.
The ada Fellowship Digitize! programme prepares participants for the digital
transformation and enables them to become digital ambassadors for our com-
pany. They take part in an interdisciplinary 12-month programme that in-
cludes events and interactive digital elements on key topics, as well as work-
shops. Our diverse range of internal and external learning opportunities com-
plements our development programmes and forms the basis for structured on-
going professional learning and development. In addition to central talent pro-
grammes and learning opportunities, our portfolio includes development offer-
ings in the areas of mentoring, business coaching, 360 degree feedback, per-
formance management and target-based performance reviews. Furthermore, a
large part of our employees’ development takes place on the job, with new
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Deutsche Börse:
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Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
122
tasks, project assignments and through teamwork. The managers at Deutsche
Börse Group conduct annual performance reviews with their employees, jointly
define targets for the coming year and document these meetings. Last year,
98.0 per cent of the employees registered in Deutsche Börse Group’s internal
performance review system received an evaluation. Of these, 39.5 per cent
were female, 60.3 per cent were male and 0.2 per cent did not specify their
gender. There are various exceptions to participation in the performance review
and target agreement process, depending on existing internal agreements in
the companies. Depending on the respective company and performance review
process, different groups, such as employees with fixed-term contracts or long-
term illness, are excluded. The performance review is an essential manage-
ment and feedback instrument that enables managers and employees to agree
jointly on targets, evaluate employees’ performance and discuss their develop-
ment. One performance review per year is carried out for each employee. The
annual performance review process at Deutsche Börse Group ends at different
times. In the following, we refer to the company where the process ends latest.
The end date was 28 April 2024, i.e. the performance review process was ini-
tiated in the previous year. At this point, 84.7 per cent of all performance re-
views had been completed.
To promote a lifelong learning culture, it is important for us to provide a di-
verse range of learning opportunities, considering different learning types and
needs. We offer both internal and external training courses, e.g. for languages,
soft skills, business, finance, technology and work-life balance. With our wide
range of e-learning courses across various platforms, we ensure that every em-
ployee has direct access to a learning option that is suitable for their own
learning pace. In addition, employees can take part in external courses de-
signed for their individual training requirements. Through tailored team work-
shops, different topics, such as team building and structuring, conflict man-
agement and communication, can be specifically trained to strengthen the col-
lective and reinforce collaboration in times of constant change.
Social learning is also a focus for us. Our Learn & Grow month enables em-
ployees to share their knowledge, acquire new skills and exchange ideas about
relevant future skills and lifelong learning. The following table shows the aver-
age number of training hours by gender, based on the employees’ own identifi-
cation.
Number of training hours per employee
2024
in hours
Female
Male
Other
Not
disclosed
In total
Average number of training hours per
employee
23.4
21.6
36.7
5.2
22.3
Remuneration metrics
The unadjusted gender pay gap describes the pay gap between men and
women expressed as a percentage of the average salary of male employees.
For the year 2024 it was 29.1 per cent. It is calculated by taking the differ-
ence between the average total annual remuneration of male employees and
the average total annual remuneration of female employees and dividing it by
the average total annual remuneration of the male employees. The compo-
nents of total annual remuneration are fixed salary, variable remuneration at
grant value and selected other benefits such as a company car, pension and
one-time payments. With the unadjusted gender pay gap it should be noted
that no structural differences such as function, level, location, professional ex-
perience, recent promotion, etc. are taken into account. Therefore, the value of
the unadjusted gender pay gap does not provide a meaningful comparison of
comparable functions.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
123
The ratio of total annual remuneration for the highest paid individual to the
median total remuneration for all employees (without the highest paid individ-
ual) was 94.7. This ratio is calculated by taking the total annual remuneration
of the highest paid individual in the company (fixed salary, variable remunera-
tion at grant value and selected other benefits such as a company car, pension
and one-time payments) and the median total annual remuneration of all em-
ployees without the highest paid individual (fixed salary, variable remuneration
at grant value and selected other benefits such as a company car, pension and
one-time payments). The highest-paid individual at Deutsche Börse Group is
the CEO of Deutsche Börse AG, who left the company with effect from
31 December 2024.
One component of the metrics mentioned above is the pension expenditure.
These pension expenses were estimated, because it is not reasonably possible
to calculate the individual values for every employee in the Group. The main
reason for this is the different pension plans at the international subsidiaries,
which originate from different sources and make it difficult to collect data
uniformly and measure it accurately at employee level. The estimate is based
on pension expenses in the consolidated financial statements as at 31 Decem-
ber 2024. The aggregate pension expenses for each subsidiary are divided
among the employees at the respective company in proportion to their fixed
salaries. This method is a reasonable approximation, because the pension
plans at Deutsche Börse Group are generally structured so that the pensions
are based on a fixed per centage of the fixed salary. In addition, a minority of
the workforce has legacy commitments for company pensions. These legacy
commitments, which could be higher, are not attributed to particular employ-
ees, which could result in a slight uncertainty in the estimate. Since the total
amount of legacy commitments is immaterial, we consider the estimation un-
certainty to be negligible.
Incidents, complaints and severe human rights impacts
Deutsche Börse Group has complaints mechanisms for raising cases of discrim-
ination, including harassment. Details can be found in the sections “Remedial
actions and complaints mechanism” and “Whistleblower system and protection
of whistleblowers”. 21 suspected cases of discrimination and harassment were
reported to Deutsche Börse Group via the appropriate channels in fiscal year
2024. In addition, two suspected work-related cases were reported to the hu-
man rights officer. No fines, penalties or compensation payments were made in
connection with the incidents and complaints mentioned above. There were no
severe human rights incidents in 2024.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
124
Remedial actions and complaints mechanism
Complaints that an employee has not complied with the required standards of
conduct can be made to Deutsche Börse Group’s whistleblower system, to the
direct line manager, Human Relations, workers’ representatives (if available) or
to a control function such as Group Compliance. In the event of any severe
negative impacts on employees, the facts of the matter are determined and
any remedial action, including disciplinary proceedings, is taken jointly by Hu-
man Relations and Group Compliance. Further information on reporting inci-
dents of non-compliance, the corresponding investigation and the process for
disciplinary measures can be found in the section “Whistleblower system and
protection of whistleblowers”.
Information on corporate governance (ESRS G1)
Deutsche Börse Group has implemented a clear corporate governance struc-
ture essentially based on the three lines model, which can be viewed by all
employees.
Corporate governance for Deutsche Börse Group means responsible manage-
ment and control of the company in line with sustainable value creation.
These aspects are supported by open communications with investors and cus-
tomers, as well as a trusting collaboration between the members of the Execu-
tive Board and Supervisory Board. Internal and external control mechanisms
and transparent and prompt reporting contribute to achieving this.
Both the Executive Board and Supervisory Board of Deutsche Börse AG con-
demn illegal activities and expect ethical behaviour from all employees. The
Executive Board and Supervisory Board are aware of their responsibility as role
models and emphasise the importance of ethical behaviour through their own
behaviour. To fulfil their responsibility, the Executive Board and Supervisory
Board keep themselves up to date on current topics and any changes in regu-
lations that are relevant to Deutsche Börse Group.
Further information on the role of the Executive Board and Supervisory Board
in relation to corporate governance can be found in the section “Sustainability
governance”.
Corporate governance principles
The purpose of Deutsche Börse Group, “We at Deutsche Börse create trust in
the markets of today and tomorrow”, is backed up by the values of perfor-
mance, reliability, integrity, openness and responsibility. Sustainability is also
deeply rooted in the company’s purpose. As a key actor in capital markets,
Deutsche Börse Group is able to help companies and investors to achieve their
sustainability targets. The aim is to be customers’ trustworthy partner of choice
for their green transformation. This is also reflected in the Group’s holistic sus-
tainability strategy. Deutsche Börse Group operates in a highly regulated and
complex environment, which means that legal compliance and ethical behav-
iour by its employees is indispensable. Employees are the foundation of suc-
cess, which is why they are empowered to drive their own developments and
take on responsibility.
The employees of Deutsche Börse Group, including its Executive Board and
Supervisory Board, are obliged to adhere to the Code of Business Conduct.
This guiding document is the responsibility of Group Compliance and has been
accepted by the Executive Board of Deutsche Börse AG. It includes rules on
compliance with laws and regulations, corporate citizenship, customer rela-
tions, confidential handling of sensitive information, dealing with conflicts of
interests and the prevention of insider dealing and market manipulation. It also
stresses the importance of fair competition, equal opportunities and protection
from unsolicited behaviour, open workplace communication and relevant infor-
mation for the media, professional organisations and lobbying. Information is
provided about the corporate funds and assets, its corporate engagement, anti-
corruption activities, human rights, ecological awareness and ethical behav-
iour. Finally, the Code of Business Conduct addresses the topics of risk
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
125
management, regulation and supervision, obligations to report suspected viola-
tions and Deutsche Börse Group’s whistleblower system.
Guiding documents such as company policies and procedures for employees of
Deutsche Börse Group also serve as guidelines and play a crucial role for com-
pliance with both internal and external requirements. To ensure comprehen-
sive quality standards, all guiding documents at Deutsche Börse AG are sub-
ject to standardised procedures on drafting, revision, approval and decommis-
sioning. Prior to coming into effect, all policies are approved by the Policy Ap-
proval Committee (PAC). In addition, the PAC is entitled to recommend the ap-
proval of a policy by the Executive Board of Deutsche Börse AG. Policies are
permanently available on the Deutsche Börse Group intranet in the so called
“Policies Database”, which also displays which policies have been accepted by
which subsidiary. Furthermore, all policies must be reviewed annually and
amended if needed. In case a material update is required, policies are subject
to a re-approval. Unless stated otherwise, all guiding documents mentioned in
the sustainability statement are subject to these requirements and meet them.
In terms of Deutsche Börse Group’s compliance activities, the following poli-
cies with the corresponding content have been implemented in addition to the
Code of Business Conduct:
Anti-corruption and bribery: dealing with donations and sponsoring, giving
and receiving benefits
Conflicts of interest: identification and handling of (potential) conflicts of in-
terest
Market abuse: avoidance of insider dealing and market manipulation
Prevention of money-laundering and counter terrorist financing: due dili-
gence obligation towards customers to identify risks of money-laundering
and terrorist financing
Data protection: requirements to comply with data protection legislation
Whistleblower system: establishing a confidential whistleblower system and
protecting both whistleblowers and the individuals concerned
Prevention of other criminal offences, including fraud: identification and
handling of (potential) criminal offences
Sanctions: monitoring of sanctions and ensuring implementation by subsidi-
aries
Employees of Deutsche Börse Group participate in mandatory training when
joining the Group as well as regularly throughout their employment, which
also covers the content of the Code of Business Conduct. To achieve a uniform
high level of awareness throughout the workforce, all employees, regardless of
their scope of work or whether they exercise a “function at risk”, are required
to participate in compliance-related training. In this way, Deutsche Börse
Group fosters lawful conduct as well as a corporate culture that creates good
working conditions and promotes resilient working relations with customers.
Furthermore, employees participate in mandatory annual training on risk cul-
ture, which also includes ESG risks.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
126
Whistleblower system and protection of whistleblowers
Employees of Deutsche Börse Group are encouraged to report suspected cases
and violations of the Code of Business Conduct to their line manager, to a con-
trol function such as Compliance, or to Deutsche Börse Group’s whistleblower
system. Third parties can also report violations of the Code of Business Con-
duct, including any (suspected) cases of corruption or bribery, as well as
breaches of generally applicable law or internal regulations. Deutsche Börse
Group’s whistleblower system can be found on its website and is available at
any time. Allegations can be raised anonymously via the digital whistleblower
system, while confidential communication between Group Compliance and the
whistleblower is still possible. Moreover, individual subsidiaries have imple-
mented their own independent whistleblower systems as an additional report-
ing channel. Deutsche Börse Group’s whistleblower system consists of chan-
nels for verbal, written and personal reports and complies with the require-
ments of the German Whistleblower Protection Act. The system provider en-
sures the availability of the digital whistleblower system. Deutsche Börse AG
receives a quarterly availability report and a detailed annual system availability
report.
Information on whistleblowers is treated as strictly confidential, while the indi-
viduals are protected against any retaliation. Potential whistleblowers, such as
employees, business partners and other stakeholders are informed continu-
ously via communication measures that can be found on Deutsche Börse
Group’s website as well as via regular mandatory training about their rights
and any obligations that may arise, the available options for reporting non-
compliance and the key principles of investigations. These measures, includ-
ing the corresponding policy, have the positive impact of protecting whistle-
blowers, thereby creating a safe environment without fear of retaliation. In the
reporting period, more than 95 per cent of employees attended the training
covering the content of the Code of Business Conduct, including the topic of
whistleblowing, with an average time commitment of one hour per employee.
The training is based on guidelines that define the content, the target partici-
pants and the frequency of training.
Regardless of its intake channel, Deutsche Börse Group treats raised allega-
tions transparently, consistently, fairly and as strictly confidential. During the
execution of investigations, the relevant cross-cutting functions, such as Hu-
man Relations, are involved in suspected cases of non-compliance with the re-
quired standards of conduct. This ensures that all affected persons are treated
promptly, fairly and equally. In case of confirmed allegations, the necessary in-
vestigative, mitigating and corrective actions are taken. These actions can
range from optimising internal standards, processes and controls to legal and
disciplinary actions. Disciplinary actions may take the form of a censure, an
oral or written warning or even termination of employment. The disciplinary
proceedings are based on the relevant Anti-Harassment and Diversity, Equity &
Inclusion policies, which are described in more detail in the section “Diversity,
equity and inclusion”. In addition, the Disciplinary Action Policy describes how
the occurrence of misconduct is evaluated and stipulates that disciplinary ac-
tion must be proportionate to the severity of the offence. It further outlines the
different forms disciplinary actions can take, and how the concrete disciplinary
action is determined and communicated to the employee. The approach ap-
plies to the employees of Deutsche Börse Group, while individual subsidiaries
follow their own policies and procedures relating to disciplinary actions. Em-
ployees are expected to meet the standards for conduct, abilities and perfor-
mance at all times. If an employee’s behaviour does not meet the set stand-
ards of conduct, abilities or performance, appropriate actions are taken in ac-
cordance with the procedure applicable at the location the person works. The
procedures (and the corresponding policies) vary depending on the location to
ensure compliance with local legislation and practices. The applicable proce-
dures are managed by representatives of the Human Relations department in
line with the locally applicable requirements. When locally permitted and ap-
propriate, the procedures and policies are either documented in separate poli-
cies or included in an employee manual which is made available to the em-
ployees concerned.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
127
Prevention and detection of corruption and bribery
The Compliance function aims at preventing and detecting misconduct through
appropriate measures. As such, Deutsche Börse Group opposes corruption and
any behaviour that gives the impression that unlawful benefits are being of-
fered, promised, granted or accepted. Gifts, business invitations and other
benefits provided or accepted by employees must be appropriate and propor-
tionate and may not exceed the internally defined limits. These requirements
are defined in policies, which always reflect applicable laws and regulations
and can be accessed at any time by all employees via the Deutsche Börse
Group intranet or via the intranet of the respective subsidiaries. The require-
ments are communicated regularly, and their importance is emphasised. This
has a positive impact on employees and business partners as it leads to relia-
ble partnerships based on trust.
In addition, all employees are obliged to attend the corresponding training at
least once a year, which covers the topics “Identification of corruption and
bribery”, “Handling corruption and bribery risks” and “Policies and proce-
dures”.
In the financial year 2024 more than 90 per cent of employees attended the
training, with an average time commitment of one hour per employee. Mem-
bers of the Executive Board and Supervisory Board also receive the information
mentioned above.
Any deviation from internal standards that is detected by processes and control
measures, such as sample checks on requested reimbursement of entertain-
ment, catering and travel expenses, or which is reported via the whistleblower
system, is evaluated objectively and independently by a team of experts. In
case of a justified suspicion, the corresponding investigations are initiated in
line with internal and statutory requirements, and risk mitigation and/or correc-
tive action is taken as necessary.
In the financial year 2024, investigations regarding actors in the value chain
and within the Deutsche Börse Group related to four cases concerning corrup-
tion and/or bribery. Three of the four cases were interconnected. During the
conducted investigation, no aspects of corruption/bribery were identified. The
fourth case was confirmed during the investigation, and as a result, procedural
adjustments were made. None of the four cases resulted in fines, sanctions or
compensations.
If relevant, the Executive Board and Supervisory Board are informed about the
above matters in the course of quantitative and qualitative reporting.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
128
Management of relationships with suppliers, including payment
practices
Deutsche Börse Group is committed to fair business conduct. Accordingly,
Deutsche Börse Group expects its suppliers to comply with the Code of Con-
duct for Suppliers. The Code of Conduct for Suppliers defines principles and
standards of economic sustainability, environmental protection and social and
ethical responsibility towards employees, suppliers, customers and other third
parties. Further details can be found in the section “Diversity, equity and inclu-
sion” and can be viewed on Deutsche Börse Group’s website. In addition, the
”General Conditions of Purchase of DBAG and its Affiliated Companies with
their registered office in German” defines other relevant matters, such as the
obligation to ensure compliance with the German Act on Due Diligence in Sup-
ply Chains. Overall, suppliers benefit from fair conditions without long pay-
ment terms or delays, which enables them to manage their own business ef-
fectively.
An effective process for qualifying suppliers, including verification of the mini-
mum requirements for suppliers in the course of onboarding and regular sup-
plier monitoring, ensures the reliability and efficiency of all supplier partner-
ships. As such, all suppliers are subject to a risk assessment during integra-
tion, with its outcome considered as an additional factor when selecting sup-
pliers, alongside price and quality. The criteria for the risk assessment com-
prise environmental, labour law and human rights criteria.
To ensure timely payment of invoices, regardless of the suppliers’ size,
Deutsche Börse Group monitors outstanding invoices on an ongoing basis and
follows up on any that are overdue.
Regardless of the size of the supplier, the ”General Conditions of Purchase of
DBAG and its Affiliated Companies with their registered office in Germany”
provide for a general contractual payment term for Deutsche Börse Group com-
panies of 30 days of complete performance and receipt of a proper invoice. In
individual cases, shorter payment terms have been agreed to the benefit of the
supplier. In the 2024 financial year, invoices were settled on average within
21 days of the invoice date, which is prior to the date of receipt of the invoice.
Individual invoices that were settled later than this did not give rise to any liti-
gation in 2024. The aforementioned figures relate to a representative sample
of subsidiaries that have outsourced their vendor invoice management to
Deutsche Börse AG.
Political influence and lobbying activities
Deutsche Börse Group communicated with national (especially in Germany,
France and Luxembourg) and international institutions (European Union, Inter-
national Organisation of Securities Commissions (IOSCO)) in 2024 to ensure
the continued smooth functioning of capital markets. This communication
serves to strengthen awareness of the Group’s business model and those of its
subsidiaries, and to accompany the impacts, risks and opportunities of existing
and new financial market regulation. To this extent, Deutsche Börse Group
was involved in activities in connection with the creation of a capital markets
union and the review and update of requirements under the Markets in Finan-
cial Instruments Directive/Markets in Financial Instruments Regulation (Mi-
FID/MiFIR), European Market Infrastructure Regulation (EMIR) and the Central
Securities Depository Regulation (CSDR).
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
129
Deutsche Börse Group is committed to transparency in capital markets, which
are enabling secure trading in all asset classes, as well as market integrity, in-
vestor protection and financial stability. It is important to also maintain the sta-
bility of financial market infrastructures during times of digital and sustainable
changes. Deutsche Börse Group’s positions are shared at roundtables, confer-
ences and events, as well as during consultation processes and in the form of
position papers. Participating in political and regulatory discussions has the
positive impact of supporting decision-makers and regulatory authorities with
the successful development and implementation of political objectives. In ac-
cordance with its published Code of Business Conduct, Deutsche Börse Group
does not support any political parties, members of parliament or candidates
with financial or in-kind contributions and consequently had no corresponding
expenses in the financial year 2024.
Deutsche Börse AG is registered in the transparency registers of the EU
(20884001341-42), Germany (Deutscher Bundestag lobby register No. -
R001339), Luxembourg and the German state of Hesse. The Group’s lobbying
activities are carried out by the Group Regulatory Strategy function, in agree-
ment with the Executive Board. None of the members of the Executive Board
or Supervisory Board of Deutsche Börse AG held a comparable position in
public administration (including regulatory authorities) in the two years pre-
ceding their appointment.
Sustainability in corporate culture – Deutsche Börse Group-
specific topics
In addition to the material impacts, risks and opportunities of corporate gov-
ernance, the double materiality assessment identified the following other com-
pany-specific topics.
Compliance with sustainability standards and frameworks
Deutsche Börse Group aims to ensure the security and efficiency of the global
capital markets. To achieve this goal, we provide uniform, structured and com-
parable information about our sustainability performance in accordance with
the standards and frameworks described below. All reporting is on an annual
basis and is published on our website.
European Sustainability Reporting Standards (ESRS): Deutsche Börse
Group will publish its non-financial disclosure in accordance with ESRS for
the first time for the financial year 2024. The non-
financial disclosure is subject to a voluntary external audit with limited as-
surance by our annual auditor in 2024.
German Act on Due Diligence in Supply Chains (LkSG): Deutsche Börse
AG’s report on the LkSG explains the implementation and monitoring of the
statutory due diligence obligations within Deutsche Börse AG, describes the
human rights and environmental risks identified in our own operations and
at our direct suppliers and defines corresponding risk mitigation and preven-
tion actions. It is approved by the responsible Executive Board members.
Task Force on Climate-related Financial Disclosures (TCFD): The TCFD
progress report reflects climate-related risks and opportunities for Deutsche
Börse Group and describes the implementation of the TCFD recommenda-
tions in the following four core areas: governance, strategy, risk manage-
ment, and metrics and targets.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
130
Sustainability Accounting Standards Board (SASB) index: The Deutsche
Börse Group SASB index contains Group-specific information and metrics in
accordance with the quantitative and qualitative metrics and disclosure top-
ics required by the SASB standard applicable to us.
Global Reporting Initiative (GRI): Deutsche Börse Group reports
according to the GRI index on its activities in the areas of sustainable busi-
ness, environment and society.
To respond to changes and additions to the standards and frameworks appli-
cable to our sustainability reporting in a timely manner, we evaluate every year
whether they are applicable. A corresponding review of applicability, including
market comparisons, material regulatory requirements and a screening of the
sustainability reports of our peers is also carried out as part of the risk man-
agement process. In addition, Group Compliance continuously monitors regu-
latory developments and requirements, including legislation related to ESG.
This monitoring serves to mitigate the risk that products and services fail to
meet the expected sustainability standards. This could have a negative reputa-
tional impact and ultimately lead to higher costs. Furthermore, as an integral
part of the corporate strategy, the sustainability strategy serves to support the
development of ESG-related products and services. Group ESG Strategy sup-
ports the segments with the implementation of their product and services strat-
egy in line with the sustainability strategy.
In addition, we follow market developments and stakeholder requirements by
regularly reviewing whether established sustainability standards are up-to-date
and upcoming standards and guidelines are relevant. The result of this assess-
ment may be factored into strategic decisions and support the ongoing devel-
opment of Deutsche Börse Group’s sustainability reporting. Based on the latest
assessment, we took the decision to stop reporting separately under TCFD and
GRI in future, because the previously published information is mostly covered
by the sustainability statement under ESRS.
Deutsche Börse Group’s sustainability reporting in line with acknowledged
standards and frameworks has a positive impact by complying with these
sustainability standards and frameworks and is reflected in our Group sustain-
ability strategy under “Business conduct”. This also contributes to managing
the identified transition risk that arises from amendments and additions in the
regulatory requirements applicable to sustainability standards and guidelines.
Continuous participation in ESG ratings as a component of good
corporate governance
We use the external validation of our own sustainability endeavours through
ESG ratings to continuously improve our sustainability profile. Deutsche Börse
Group takes into account the assessment by the three ESG rating agencies
Standard & Poor’s (S&P), Sustainalytics and MSCI to further develop its sus-
tainability profile. The ratings are carried out at Group level and include the
factors of environment, social and corporate governance. The weighting of the
criteria varies between rating agencies, with the corporate governance factor
usually being given greater weight. In addition, the findings from the ESG rat-
ing processes are also incorporated into the double materiality assessment.
Another positive impact is that this external evaluation increases transparency
in the market and competition as well as the trust of stakeholders.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
131
The annual goal within the scope of Deutsche Börse Group’s sustainability
strategy is to achieve a position above the 90th percentile and thus to be
among the best 10 per cent within our peer group. This objective was set by
the Supervisory Board. A more detailed description of our positioning ambi-
tions can be found in the “Overview of ESG targets” chapter in the Remunera-
tion report.
The results for the 2024 financial year show that Deutsche Börse Group is in
the 97th percentile of ratings on average and thus achieves the performance
target of the 90th percentile. The individual results of the rating agencies for
2024 are shown in the table below and are published annually on the web-
site.
ESG ratings
2024
Rating agency
Rating percentile
Result
S&P
99
73
Sustainalytics
96
83
MSCI
>971
AAA
1) MSCI has not provided an exact percentile for the rating for the 2024 financial year, but only a percentile
range.
To identify potential further developments in the sustainability profile, a gap
analysis of the rating results and other internal and external influencing factors
is carried out annually. Based on these results and in cooperation with the rel-
evant internal stakeholders, it is determined in which areas Deutsche Börse
Group has improved its performance compared to the previous year and
whether measures can be taken to enhance its positioning in the ESG ratings.
Among other things, our gap analysis identified that the publication of addi-
tional sustainability-related information would be beneficial for the ratings. In
consultation with the internal functions at Group level, we therefore publish
relevant information on our website.
The GSC, which is the Executive Board’s central sustainability management
body and consists of interdisciplinary ESG experts from Deutsche Börse Group,
is notified about the process of the gap analysis and its results.
The ESG ratings are also a relevant category (“external view”) in the sustaina-
bility goals for the long-term variable remuneration component of the remuner-
ation system for the Executive Board and are incorporated into the achieve-
ment of these goals. In accordance with section 87 AktG (German Stock Cor-
poration Act), the remuneration system aims to promote the company’s long-
term sustainable development. The integration of sustainability matters in the
long-term variable remuneration component is an additional management ele-
ment that is evaluated annually as a relevant performance indicator for man-
agement. The results of the ESG ratings in the context of the variable Executive
Board remuneration and the insights obtained from them are presented to the
Nomination Committee of Deutsche Börse Group’s Supervisory Board every
year.
Transparent, stable and secure markets
Deutsche Börse Group is continuously committed to improving transparency
on the global capital markets. It is guided by the needs of the different actors.
As a critical infrastructure provider, Deutsche Börse Group supports the EU ac-
tion plan for the green transition by promoting transparent, stable and secure
markets and effective capital allocation. Deutsche Börse Group ensures that its
global infrastructures are transparent, reliable and stable, to ensure security
and trust in the markets. It is seen as a provider of fair markets, which repre-
sents a competitive advantage for new business. This effort is part of our sus-
tainability strategy and is reflected on in the sustainability matter “ESG busi-
ness”.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
132
In order to ensure functioning markets, Deutsche Börse Group relies on
measures to safeguard system availability on the one hand and the information
security of the markets on the other.
To ensure system availability, the trading systems are set up as redundant
server installations, that are distributed across two independent rooms in
Deutsche Börse AG’s main data centre. In addition to this redundancy,
Deutsche Börse AG operates another data centre in which systems for a disas-
ter recovery case are kept. Activation of these disaster recovery (DR) systems is
carried out together with Eurex/Xetra trading customers twice a year (once as
part of the DR Test organised annually by the FIA (Futures Industry Associa-
tion)), to test the system in the event of a DR event.
To guarantee information security, risk analyses are performed, and the result-
ing security actions are implemented at several levels (Defence in Depth), to
minimise the risk of risk of security incidents due to individual sources of error.
To strengthen cyber-defence and protection capabilities, regular improvements
are made in the areas of cyber-analysis, cybersecurity automation, identifica-
tion and prevention of attacks, vulnerability and configuration management.
According to the IT strategy, security solutions are increasingly moving into the
cloud, which offers security functionalities and contributes to automation,
standardisation, interoperability and the convergence of security services and
IT processes at the same time. In order to identify weak points at an early
stage and to minimise security risks in productive operations, IT solutions and
processes are increasingly implemented that build security into the develop-
ment and operating process. In addition to specially implemented security test-
ing, independent professional security testers are regularly contracted to carry
out asset-based and threat-based penetration tests. In addition, the compre-
hensive security governance processes are continuously optimised to identify
risks to IT systems, applications and IT service providers at an early stage and
mitigate them. We operate a situation centre (Cyber Emergency Response
Team, CERT) to detect and assess threats from cybercrime effectively, and co-
ordinate risk mitigation measures in collaboration with the business areas.
In the context of providing transparent, secure and stable markets, Deutsche
Börse Group uses the system availability of our customer-facing IT systems as
a control element. The sustainability target “system availability” defined by the
Executive Board with a target of 99.5 per cent availability rate is evaluated an-
nually.
To calculate the performance indicator, we include the systems of 360Treas-
ury Systems AG, Clearstream Banking AG, Clearstream Banking S.A., Euro-
pean Energy Exchange AG, European Commodity Clearing AG, Eurex Clearing
AG, Eurex Repo GmbH, Deutsche Börse AG and Eurex Frankfurt AG. Availabil-
ity is measured by the median system availability of all the customer-faced
systems included. The calculation of availability is based on periods of una-
vailability within the designated service hours, which may vary across different
systems. The system availability of each system is requested centrally and
evaluated. For the financial year 2024, the system availability of customer-fac-
ing IT systems was 99.9 per cent, so the target was achieved.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
133
Products and services
Deutsche Börse Group strives to provide its customers with reliable infor-
mation. Its products and services offer stakeholders a marketplace and the
necessary infrastructure and support to carry out financial transactions and of-
fer financial instruments. Our products increase the general transparency of
environmental, social and governance information. Market participants depend
on accurate information to make well-informed decisions. By providing infor-
mation about the sustainability performance of market participants, capital
flows are guided towards sustainable businesses, which can influence their fi-
nancing costs. Products and services from Deutsche Börse Group also enable
the financing of non-sustainable activities.
For all products and services, our goal is to support the transformation of our
customers, as well as to ensure comprehensive expertise, innovative solutions,
and a global presence.
The sustainability strategy and the associated ESG initiatives are taken into ac-
count in acquisitions and mergers, which promotes the introduction of new
sustainable products and services and improves existing ones.
Products from Deutsche Börse Group are subject to a defined new-product
process. The process requirements are documented in the Material Change
Process Policy, which is managed by Group Compliance and published on the
Deutsche Börse Group intranet. This process supports the respective Executive
Board member in their responsibility to ensure the appropriate and effective or-
ganisation of the enterprise on a continuous basis. The process is a methodol-
ogy intended to ensure that the risks associated with material changes to busi-
ness operations are assessed and risk-mitigating actions determined.
Positive impacts were identified for the following products and services. They
form one pillar of our sustainability strategy under the ESG business.
Governance Research and Voting Services
The ISS governance research services for institutional investors enable its cus-
tomers to make their own informed proxy voting decisions. At the annual gen-
eral meeting of a listed company the shareholders can vote on important com-
pany decisions.
ISS provides voting analyses and voting recommendations, but not voting deci-
sions. The ultimate decision on how to vote on each resolution proposed at an
annual general meeting is the responsibility of the investor. Investor clients se-
lect their voting policy either by drawing up a user-defined, custom policy or
choosing from one of ISS’ proprietary benchmark and/or special voting poli-
cies. They receive research reports that detail the voting recommendations
based on the chosen voting policy. They also have access to ProxyExchange
(PX), the proprietary platform from ISS, which enables investor clients to view
their proxy research and recommendations, check them and vote them.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
134
ISS has developed and introduced policies to identify, prevent and disclose po-
tential conflicts of interest, to help ensure that its research, analytics and vot-
ing recommendations are independent and free of any undue bias or unlawful
influence. There is also a General Code of Conduct, which provides a frame-
work for the general company policies that apply to ISS as a global business.
ISS’s compliance department examines the business regularly and updates the
policies and processes as needed to reflect changes in its business and other
developments.
The ISS voting policies, policies on dealing with conflicts of interest and the
General Code of Conduct are available on the ISS website.
Quality controls at ISS aim to ensure a high degree of accuracy, quality and
topicality in the research and voting process. ISS has internal staff who regu-
larly review and assess the processes and procedures for the relevant analyt-
ics, data and operating functions, which contributes to the analytics and the
related proxy voting services. ISS engages an external auditor every year to
perform an independent review of its controls around its governance research
business as part of the Statement on Standards for Attestation Engagement
(SSAE)-18 process on the appropriateness of presentation and suitability of the
concept and operational effectiveness of controls at ISS. ISS covered approxi-
mately 51,000 shareholder meetings with its voting advisory services in
2024.
ESG Data and Ratings (Assessment of the sustainability performance of
companies)
The ESG Data and Ratings service provides customers with information and
ratings on sustainability topics. This information can be used alongside other
sources to take trading, investment or management decisions. This suggests
that the product has a positive impact on the governance of its customers, be-
cause it enables them to factor sustainability information into their decision-
making processes. ISS covered 12,500 issuers with its ESG Data and Ratings
service in 2024.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
135
ESG Data
ISS strives to provide high-quality, dependable ESG research. The ESG re-
search team is supported by a quality management and assurance team,
which continuously optimises the research processes to help ensure accuracy
and reliability.
The quality of ISS’ ESG research is based on the principles of independence,
comparability, completeness, topicality and transparency. These principles en-
sure that its analyses meet high standards of integrity and reliability. The fol-
lowing principles are laid down in written internal policies and process instruc-
tions.
Independence: The ISS Compliance Department monitors the avoidance of
conflicts of interest and implements policies to manage potential conflicts.
Comparability: The ESG research products from ISS enable investors to
compare issuers based on various ESG criteria. This comparability is
achieved by means of clear evaluation rules and is monitored.
Completeness: ISS includes all material ESG matters when evaluating issu-
ers, in order to provide comprehensive information for decision making.
Topicality: ISS uses an update process to ensure that material new infor-
mation is integrated on a timely basis.
Transparency: ISS ensures transparency by presenting its methods clearly
and making detailed data available to its customers.
ISS systematically reviews a broad range of public company disclosures to col-
lect ESG data. Verification by the companies is an important step in the data
collection process. The methodology and quality approach are published on
the ISS website.
ESG Ratings
The ESG Corporate Rating is designed to enable institutional investors to sup-
port their investment strategies by assessing the ESG performance of listed
companies. In the context of the ESG Corporate Rating, ESG performance re-
fers to a company’s demonstrated ability to adequately manage material ESG
risks, mitigate negative and generate positive social and environmental im-
pacts, and capitalize on opportunities offered by transformation towards sus-
tainable development.
The methodology of the ESG Corporate Rating is based on international frame-
works, including the principles of the UN Global Compact, the OECD Guide-
lines for Multinational Enterprises, the UN Guiding Principles on Business and
Human Rights and the UN Sustainable Development Goals (SDG). It also in-
corporates disclosure standards such as GRI, SASB, TCFD and the CDP as
well as regulatory changes and technological developments. This approach
and the resulting scores enable institutional investors to align their investments
with global standards. The ESG Corporate Rating considers ESG impacts, risks
and opportunities throughout a company’s entire value chain. This comprises
a company’s supply chain, its own operations, and use phase and, where ap-
plicable, disposal of products. Controversies and violations of global norms are
also considered within the assessment.
ESG Corporate Ratings data is primarily sourced from publicly available infor-
mation, including a company’s own disclosure and reporting, proxy state-
ments, media sources governmental and international institutions, recognised
non-governmental organizations, and databases such as the CDP.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
136
The ESG Corporate Rating methodology is subject to periodic reviews and up-
dates that are overseen by ISS ESG’s Methodology Review Board which is
comprised of experienced methodology and research leaders across jurisdic-
tions. Reviews consider factors including regulatory developments, existing
and emerging disclosure standards, increasing stakeholder expectations, aca-
demic research, and scientific and technological developments. Regular mar-
ket consultations are also held to adapt the methodology to a changing market
environment and improve it. The methodology is published on the ISS website.
ISS STOXX operates on an arm’s-length basis and Deutsche Börse Group has
adopted Principles protecting the independence and integrity of ISS’ research
offerings.
Index Data and Licensing
STOXX offers a wide range of indices, including ESG-themed indices that sup-
port investors in making decisions regarding responsible investment as well as
those who promote sustainable investments financial products. ESG indices
help interested investors to integrate ESG into their portfolios.
Climate indices are generally designed to align investments with the Paris Cli-
mate Agreement, the EU climate benchmarks and other targets that some in-
vestors may seek for reducing carbon emissions. These indices give investors
the opportunity to align their portfolio with applicable (or selected) require-
ments and targets of global climate protection initiatives. By focusing on com-
panies taking action to reduce their carbon footprint and developing solutions
to combat climate change, our climate indices support investors who are im-
plementing a sustainable and responsible investment strategy.
The methodology for the respective index compositions is published on the
STOXX website and so is publicly available to potential stakeholders. As with
the ESG ratings, regular market consultations are carried out in the index busi-
ness.
Application of index rulebooks is monitored to ensure the validity of the index
methodologies. General methodological reviews are also carried out ad hoc
and at regular intervals to incorporate economic and political changes and de-
velopments in the investment industry. Amendments and clarifications to the
methodology are updated in the rulebook on the basis of these activities. Ap-
proximately Ą4.0 billion in assets were on offer in ESG ETFs as of 31 Decem-
ber 2024.
Fund settlement, distribution and data management
This segment covers the settlement, custody, asset servicing and distribution
of fund units for customers of Deutsche Börse Group’s fund business. The
New Product Process helps to ensure the quality of the products.In accordance
with the highest regulatory standards, Clearstream Fund Services offers the
markets a secure, robust and highly automated post-trading infrastructure for
the processing and safekeeping of fund orders through the Vestima platform.
This applies for all fund types, including those classified under Article 8 and 9
of the Sustainable Finance Disclosure Regulation (SFDR).
Clearstream Fund Centre also supports its distribution partners with the Fund
Compass application, which provides detailed insights into the sustainability
characteristics of investment funds. This includes providing European ESG
templates data for distribution partners and ESG due diligence data to support
the supervisory obligations for fund distribution. 58 per cent of the funds of-
fered on the Clearstream Fund Services distribution platform are classified as
SFDR Article 8 or 9 funds. Additional sustainability data and insights into cli-
mate risks, UN SDG and regulatory topics are offered on the platform via coop-
eration with specialised ESG data and analytics providers like ISS.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
137
The sustainability service offered by Clearstream Fund Services in cooperation
with its partners like ISS gives fund distributors and investors the means to
base their investment decisions on ESG criteria. Integrating ESG analytics into
Clearstream’s fund distribution platform supports the transition towards more
sustainable business on fund markets. Fund distribution customers of the plat-
form get insights into the sustainability characteristics of an investment fund
via the Fund Compass application. This helps them to optimise the social im-
pact of investment portfolios.
With fund data management and reporting from Kneip, Clearstream Fund Ser-
vices supports its asset manager customers to comply with sustainability and
ESG standards.
Commodities including Registry Services
An additional product in the context of the EU emission trading system (EU
ETS) is the central auction platform and the spot and futures market at the Eu-
ropean Energy Exchange, which promotes the reduction of greenhouse gas
emissions. This includes holding regular auctions on behalf of the European
Commission, EU member states and EEA EFTA states, and providing systems
for ongoing spot and futures markets.
The provisions of the EU ETS Regulation, EU Auction Regulation and EU Reg-
ister Regulation are implemented to ensure the orderly functioning of the auc-
tions. The general EEX and ECC rules and regulations also apply to EEX mar-
kets. These rules and regulations comprise the Exchange Rules, Trading Con-
ditions, Clearing Conditions, Contract Specifications, Admission Rules and the
Code of Conduct. The rules and regulations are published on the EEX and ECC
websites. 221 auctions were successfully completed in the primary market un-
der the EU ETS in accordance with the above rules in 2024. 213 were for EU
emission allowances (EUA) and 8 for EU aviation allowances (EUAA).
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
138
Datapoints that derive from other EU legislation
(ESRS 2 Appendix B)
Reference
ESRS Disclosure Requirement and related data-
point
SFDR
Pillar 3
Benchmark
regulation
EU Climate
Law
Section in the
sustainability
statement
2 GOV-1 21(d) Board's gender diversity
X
X
Sustainability
governance and
organisation
2 GOV-1 21(e) Percentage of board members
who are independent
X
2 GOV-4 30
Statement on due diligence
X
Statement on
due diligence
2 SBM-1 40 (d)
i
Involvement in activities related
to fossil fuel activities
X
X
X
Not material
2 SBM-1 40 (d)
ii
Involvement in activities related
to chemical production
X
X
2 SBM-1 40 (d)
iii
Involvement in activities related
to controversial weapons
X
X
2 SBM-1 40 (d)
iv
Involvement in activities related
to cultivation and production of
tobacco
X
E1-1 14
Transition plan to achieve cli-
mate neutrality by 2050
X
Transition plan
for climate
protection
E1-1 16 (g)
Undertakings excluded from
Paris-aligned Benchmarks
X
X
E1-4 34
GHG emission reduction targets
X
X
X
Measures to re-
duce emissions
E1-5 38
Energy consumption from fossil
sources disaggregated by
sources (only high climate im-
pact sectors)
X
Not material
Reference
ESRS Disclosure Requirement and related data-
point
SFDR
Pillar 3
Benchmark
regulation
EU Climate
Law
Section in the
sustainability
statement
E1-5 37
Energy consumption and mix
X
Energy con-
sumption and
mix
E1-5 40-43
Energy intensity associated with
activities in high climate impact
sectors
X
Not material
E1-6 44
Gross Scope 1, 2, 3 and Total
GHG emissions
X
X
X
Greenhouse
gas emissions
E1-6 53-55
Gross GHG emissions intensity
X
X
X
Not material
E1-7 56
GHG removals and carbon
credits
X
E1-9 66
Exposure of the benchmark
portfolio to climate-related
physical risks
X
E1-9 66 (a);
66(c)
Disaggregation of monetary
amounts by acute and chronic
physical risk; Location of signif-
icant assets at material physical
risk
X
E1-9 67 (c)
Breakdown of the carrying
value of its real estate assets by
energy-efficiency classes
X
E1-9 69
Degree of exposure of the port-
folio to climate- related opportu-
nities
X
E2-4 28
Amount of each pollutant listed
in Annex II of the E-PRTR Reg-
ulation (European Pollutant Re-
lease and Transfer Register)
emitted to air, water and soil
X
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
139
Reference
ESRS Disclosure Requirement and related data-
point
SFDR
Pillar 3
Benchmark
regulation
EU Climate
Law
Section in the
sustainability
statement
E3-1 9
Water and marine resources
X
Not material
E3-1 13
Dedicated policy paragraph
X
E3-1 14
Sustainable oceans and seas
X
E3-4 28 (c)
Total water recycled and reused
X
E3-4 29
Total water consumption in m3
per net revenue on own opera-
tions
X
2- IRO 1 - E4
16 (a) I, (b)
und (c)
X
E4-2 24 (b)
Sustainable land / agriculture
practices or policies
X
E4-2 24 (c)
Sustainable oceans / seas prac-
tices or policies
X
E4-2 24 (d)
Policies to address deforestation
X
E5-5 37 (d)
Non-recycled waste
X
E5-5 39
Hazardous waste and radioac-
tive waste
X
2- SBM3 - S1
14 (f)
Risk of incidents of forced la-
bour
X
Respect for
human rights
2- SBM3 - S1
14 (g)
Risk of incidents of child labour
X
Reference
ESRS Disclosure Requirement and related data-
point
SFDR
Pillar 3
Benchmark
regulation
EU Climate
Law
Section in the
sustainability
statement
S1-1 20
Human rights policy commit-
ments
X
Employee
characteristics
S1-1 21
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
X
S1-1 22
Processes and measures for
preventing trafficking in human
beings
X
S1-1 23
Workplace accident prevention
policy or management system
X
S1-3 32 (c)
Grievance/complaints handling
mechanisms
X
S1-14 88 (b)
and (c)
Number of fatalities and num-
ber and rate of work- related
accidents
X
X
S1-14 88 (e)
Number of days lost to injuries,
accidents, fatalities or illness
X
S1-16 97 (a)
Unadjusted gender pay gap
X
X
S1-16 97 (b)
Excessive CEO pay ratio
X
S1-17 103 (a) Incidents of discrimination
X
S1-17 104 (a)
Non-respect of UNGPs on Busi-
ness and Human Rights and
OECD
X
X
2- SBM3 - S2
11 (b)
Significant risk of child labour
or forced labour in the value
chain
X
Not material
S2-1 17
Human rights policy commit-
ments
X
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
140
Reference
ESRS Disclosure Requirement and related data-
point
SFDR
Pillar 3
Benchmark
regulation
EU Climate
Law
Section in the
sustainability
statement
S2-1 19
Non-respect of UNGPs on Busi-
ness and Human Rights princi-
ples and OECD guidelines para-
graph 19
X
X
Not
material
S2-1 19
Due diligence policies on issues
addressed by the fundamental
International Labor Organisation
Conventions 1 to 8
X
S2-4 36
Human rights issues and inci-
dents connected to its upstream
and downstream value chain
X
S3-1 16
Human rights policy commit-
ments
X
S3-1 17
Non-respect of UNGPs on Busi-
ness and Human Rights, ILO
principles or and OECD guide-
lines
X
X
S3-4 36
Human rights issues and inci-
dents
X
S4-1 16
Policies related to consumers
and end-users
X
S4-1 17
Non-respect of UNGPs on Busi-
ness and Human Rights and
OECD guidelines
X
X
S4-4 35
Human rights issues and inci-
dents
X
G1-1 10 (b)
United Nations Convention
against Corruption
X
Corporate
Governance
G1-1 10 (d)
Fines for violation of anti- cor-
ruption and anti-bribery laws
X
G1-4 24 (a)
Fines for violation of anti- cor-
ruption and anti-bribery
X
X
G1-4 24 (b)
Standards of anti- corruption
and anti- bribery
X
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
141
Disclosure requirements under ESRS
The following table shows all the disclosure requirements under ESRS, includ-
ing references to the relevant section of the management report.
ESRS
Section in management report
BP-1
About the sustainability statement
BP-2
About the sustainability statement, measures to reduce emissions, energy consump-
tion, energy mix and greenhouse gas emissions
GOV-1 Sustainability governance
GOV-2
GOV-3 Management Board and Supervisory Board
GOV-4 Declaration on due diligence
GOV-5 About the sustainability statement, design of the internal control system, risk manage-
ment approach
SBM-1 Sustainability strategy and objectives, business model and value chain, business activ-
ities and Group structure, results of operations
SBM-2 Interests and positions of stakeholders
SBM-3 Double materiality analysis, impacts, risks and opportunities, resilience of sustainabil-
ity strategy and business model
IRO-1
Double materiality analysis
IRO-2
Disclosure requirements according to ESRS
E1-1
Transition plan for climate protection
E1-2
Declaration on climate change
E1-3
Measures to reduce emissions
E1-4
Climate targets
E1-5
Energy consumption and mix
E1-6
Greenhouse gas emissions
E1-7
E1-8
ESRS
Section in management report
S1-1
Employees in the company
S1-2
Involvement of employees and employee representatives
S1-3
Remedial measures and complaints mechanism
S1-4
Measures for employee satisfaction
S 1-5 Goals in connection with employees
S1-6
Employee development
S1-9
Diversity
S1-13 Further training and skills development
S1-16 Remuneration parameters
S1-17 Incidents, complaints and serious impacts related to human rights
G1-1
Principles of corporate governance
G1-2
Management of relationships with suppliers, including payment practices
G1-3
Prevention and detection of corruption and bribery
G1-4
G1-5
Political influence and lobbying activities
G1-6
Management of relationships with suppliers, including payment practices
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
General information
Information on environmental matters
(ESRS E1)
EU Taxonomy
Information on employees (ESRS S1)
Information on corporate governance
(ESRS G1)
Datapoints that derive from other EU
legislation (ESRS 2 Appendix B)
Disclosure requirements under ESRS
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
142
Corporate governance statement
Deutsche Börse Group attaches great importance to the principles of good corporate governance and control. In this statement, we report on corpo-
rate governance at Deutsche Börse AG in accordance with principle 23 of the Deutscher Corporate Governance Kodex (German Corporate Govern-
ance Code). The statement contains the corporate governance statement pursuant to section 315d in conjunction with section 289f Han-
delsgesetzbuch (HGB, German Commercial Code).
Declaration of Conformity pursuant to section 161
Aktiengesetz (AktG, German Stock Corporation Act)
On 6 December 2024, the Executive Board and Supervisory Board of
Deutsche Börse AG issued the following Declaration of Conformity:
“Declaration of the Executive Board and Supervisory Board of Deutsche Börse
AG pursuant to section 161 Aktiengesetz (AktG - German Stock Corporation
Act)
All recommendations of the German Corporate Governance Code (GCGC) in
the current version dated 28 April 2022, which was published in the Federal
Gazette on 27 June 2022, are currently complied with and shall be complied
with in future.
Further, since the last declaration of conformity was issued on 7 December
2023, all recommendations of the GCGC have also been complied with.”
The annual declaration of conformity pursuant to section 161 Aktiengesetz
(AktG, German Stock Corporation Act) can also be found online at
www.deutsche-boerse.com > Investor Relations > Corporate Governance >
Declaration of Conformity. The declarations of conformity for the past five
years are also available there.
Disclosures on overriding statutory provisions
The Executive Board and Supervisory Board of Deutsche Börse AG declare in
accordance with recommendation F.4 GCGC that recommendation D.4 GCGC
was not applicable to the company in 2024 because of the overriding statutory
requirement of section 4 b of the German Stock Exchange Act (Börsengesetz,
BörsG). Recommendation D.4 GCGC states that the Supervisory Board shall
form a Nomination Committee composed exclusively of shareholder represent-
atives. In accordance with section 4 b of the German Stock Exchange Act,
however, the Nomination Committee also assists the Supervisory Board of
Deutsche Börse AG in selecting candidates for the Executive Board. As this
task shall not be performed exclusively by shareholder representatives of the
Supervisory Board, and in line with the practice to date, the Nomination Com-
mittee also includes employee representatives.
Disclosures on suggestions of the GCGC
The GCGC consists of both recommendations, which are reported in the Decla-
ration of Conformity in accordance with section 161 of the AktG, and sugges-
tions. Deutsche Börse AG fully complies with them.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
143
Publicly available information in accordance with
section 289f (2) no. 1a of the HGB
The current remuneration report and the auditors’ statement pursuant to sec-
tion 162 of the AktG, the current remuneration system pursuant to section 87a
(1) and (2) sentence 1 of the AktG as well as the latest resolution on remuner-
ation pursuant to section 113 (3) of the AktG are available at www.deutsche-
boerse.com > Investor Relations > Corporate Governance > Remuneration.
Information on corporate governance practices
Conduct policies
Deutsche Börse Group’s global orientation means that binding policies and
standards of conduct must apply at all of its locations around the world. Spe-
cifically, the main objectives of these principles for collaboration are to ensure
responsibility, respect and mutual esteem. The Group also adheres to these
principles when implementing its business model. Communications with cli-
ents, investors, employees and the general public are based on timely infor-
mation and transparency. In addition to focusing on generating profit,
Deutsche Börse Group’s business is managed sustainably in accordance with
recognised legal, social and ethical standards.
Code of business conduct
Acting responsibly means having values that are shared by all employees
throughout the Group. Deutsche Börse AG therefore has a code of business
conduct that is reviewed every year. This code, which is adopted by the Execu-
tive Board and applies throughout the Group, defines the foundations of key
ethical and legal standards, including – but not limited to – the following top-
ics:
Compliance with legislation and regulations; whistleblower system
Confidentiality and the handling of sensitive information
Conflicts of interest
Prevention of insider trading and market manipulation; rules governing per-
sonal account dealings
Prevention of corruption
Risk management
Environmental awareness
Equal opportunities and protection against undesirable behaviour
Corporate responsibility; human rights; ethical conduct
The code of business conduct applies to members of the Executive Board, all
other executives and all employees of Deutsche Börse Group. In addition to
specifying concrete rules, the code of business conduct provides general guid-
ance as to how employees can contribute to implementing the defined values
in their everyday working life. The goals of the code of business conduct are to
provide guidance on working together in the company on a day-to-day basis,
to contribute to conflict resolution as well as the proper handling of ethical and
legal challenges. All newly hired employees receive the code of business con-
duct as part of their employment contract documentation. The code of busi-
ness conduct is an integral part of the relationship between employer and em-
ployees at Deutsche Börse Group. Breaches may lead to disciplinary action.
The document can be found at www.deutsche-boerse.com > About us > Sus-
tainability > Reports, Statements, Policies & Guidelines .
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
144
Code of conduct for suppliers
Deutsche Börse Group not only requires its management and staff to adhere to
high standards – it demands the same from its suppliers and service providers.
The code of conduct for suppliers defined by Deutsche Börse AG and the cen-
tral purchasing department requires suppliers, among other things, to respect
human rights and environmental regulations and to comply with minimum
standards in these areas. These standards also incorporate the provisions of
the German Lieferkettensorgfaltspflichtengesetz (Supply Chain Due Diligence
Act) and also cover the requirements of the UK Modern Slavery Act. Service
providers and suppliers must sign this code of conduct or enter into an equiva-
lent voluntary commitment before they can do business with Deutsche Börse
AG and the Group companies represented by the central purchasing depart-
ment. The code of conduct for suppliers is reviewed regularly in the light of
current developments and amended if necessary. It can be found at
www.deutsche-boerse.com > About us > Sustainability > Reports, State-
ments, Policies & Guidelines.
Sustainability and values
Deutsche Börse Group’s business activities are based on the legal frameworks
and ethical standards of the different countries in which the Group operates.
Particularly by complying with recognized ethical standards of established initi-
atives and organisations, we underscore the values that are decisive for
Deutsche Börse Group. Deutsche Börse Group respects human rights and
takes the steps described in this declaration to ensure compliance with a large
number of international standards and principles. The following standards
stand out in particular.
UN Global Compact www.unglobalcompact.org: This voluntary business initi-
ative established by the United Nations aims to achieve a more sustainable
and more equitable global economy. At the heart of the compact are ten
principles covering the areas of human rights, labour, environment protection
and anti-corruption. Deutsche Börse Group has submitted annual communica-
tions on progress (COPs) on its implementation of the UN Global Compact
since 2009.
International Labour Organization www.ilo.org: This UN agency is the inter-
national organisation responsible for drawing up and overseeing international
labour standards. It brings together representatives of governments, employees
and employers to promote the joint development of policies and programmes.
Deutsche Börse Group has signed up to the ILO’s labour standards and hence
has agreed to abide by them.
Carbon Disclosure Project (CDP) www.cdp.net/en: The Carbon Disclosure
Project is a global platform for the disclosure of environmental data that is
used by businesses, cities and countries for the transparent presentation of
their environmental and climate strategies. Deutsche Börse Group has taken
part in the voluntary CDP initiative since 2017. This includes submitting a re-
port in the form of a questionnaire, disclosing information about greenhouse
gas emissions, reduction targets and climate risks.
Charta der Vielfalt www.charta-der-vielfalt.de: As a signatory to the Diversity
Charter, the company has committed to acknowledging, respecting and pro-
moting the diversity of its workforce, customers and business associates – irre-
spective of their age, gender, disability, religion, nationality, ethnic back-
ground, sexual orientation or identity.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
145
Sustainability and diversity in corporate governance
Sustainability and diversity are of significant importance for Deutsche Börse
Group’s holistic sustainability strategy. It is therefore an essential element of
corporate governance at the level of both the Executive Board and the Supervi-
sory Board. Further information on how sustainability is embedded in the cor-
porate governance can be found in the Group Sustainability declaration in the
Combined Management Report.
Control and risk management systems
Deutsche Börse Group’s pivotal role in the financial sector requires that it han-
dles information and risks responsibly. The Group has a number of rules and
processes for this purpose. They comprise both statutory and internal rules
that can be adapted specifically to individual industry segments. They include
policies on whistleblowing, risk management and the internal control system.
Whistleblower system
Deutsche Börse Group plays an active role in the fight against breaches of
rules and regulations. The whistleblower system used is an online application
that enables employees, clients and third parties to report matters that could
be criminal offences and incidents of non-compliance by employees or third
parties concerning the business of Deutsche Börse Group. Reports can be
made in their own name or anonymously and can be made around the clock.
Further information regarding the whistleblower system can be found at
www.deutsche-boerse.com > About us > Contact & Services > Whistleblower
system.
Policies and guidelines on control and risk management system
Functioning control systems are important parts of stable and sustainable busi-
ness processes. Deutsche Börse Group’s enterprise-wide control systems are
embedded in an overarching framework. This comprises, among other things,
the legal requirements, the recommendations of the German Corporate Govern-
ance Code, international regulations and recommendations and other com-
pany-specific policies. The executives responsible for the different elements of
the control system are in close contact with each other and with the Executive
Board. Key aspects of its design and implementation are also reported regu-
larly to the Supervisory Board or its committees. Equally, the Group has an en-
terprise-wide risk management system that covers and provides mandatory
rules for functions, processes and responsibilities. The internal control system
and risk management system also cover sustainability-related targets. Details
of the internal control system and risk management at Deutsche Börse Group
can be found in the Risk report section.
From its examination of the internal control and risk management system and
the reports of the Internal Audit function regarding its risk-oriented and pro-
cess-independent controls conducted, the Executive Board does not have any
indications which would result in reservations regarding the appropriateness
and efficacy of the systems.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
146
Working practices of the Executive Board and the
Supervisory Board
An important fundamental principle of the German Stock Corporation Act is the
dual board system – which assigns separate, independent responsibilities to
the Executive Board and the Supervisory Board.
Both boards perform their duties in the interests of the company and with the
aim of achieving a sustainable, long-term increase in value. Their actions are
based on the principle of responsible corporate governance. The Executive
Board and Supervisory Board of Deutsche Börse AG therefore work closely to-
gether in a spirit of mutual trust. The Executive Board provides the Supervisory
Board with comprehensive information on the company’s and the Group’s po-
sition and the course of business in a regular and timely manner. In addition,
the Executive Board regularly informs the Supervisory Board concerning issues
relating to corporate planning, the risk situation and risk management, compli-
ance and the company’s control systems. The strategic orientation of the com-
pany is examined in detail and agreed upon with the Supervisory Board. Im-
plementation of the relevant measures is discussed at regular intervals. The
Chief Executive Officer reports to the Supervisory Board without undue delay,
orally or in writing, on matters that are of special importance to the company.
In addition, the CEO keeps the Chair of the Supervisory Board continuously
and regularly informed of the current developments affecting the company’s
business, significant transactions, upcoming decisions and the long-term out-
look and discusses these issues with him or her. The Supervisory Board may
also request reports from the Executive Board at any time, especially on mat-
ters and business transactions at Deutsche Börse AG and subsidiaries that
have a significant impact on Deutsche Börse AG’s position. The Rules of Pro-
cedure for the Executive Board and Supervisory Board contain provisions on
the corresponding information rights and obligations of the Executive Board
and Supervisory Board exceeding statutory regulations.
Deutsche Börse AG’s Executive Board
The Executive Board manages Deutsche Börse AG and the Deutsche Börse
Group. The Executive Board had six members at the start of the reporting year
and seven from June 2024 onwards. The main duties of the Executive Board
include defining the Group’s corporate goals and sustainable strategic orienta-
tion, managing and monitoring the operating units, as well as establishing and
monitoring an efficient risk management system. The Executive Board is re-
sponsible for preparing the annual and consolidated financial statements of
Deutsche Börse AG, as well as for producing financial information during the
course of the year. In addition, it must ensure the company’s compliance with
legal requirements and official regulations.
The members of the Executive Board are jointly responsible for all aspects of
management. Irrespective of this collective responsibility, the individual mem-
bers manage the company’s business areas assigned to them in the Executive
Board’s schedule of responsibilities independently and are personally responsi-
ble for them. In addition to the business areas, the functional areas of respon-
sibility are that of the Chief Executive Officer (CEO), the Chief Financial Officer
(CFO), the Chief Information Officer/Chief Operating Officer (CIO/COO) and
Governance, People & Culture. The business areas cover the operating busi-
ness units, such as the company’s cash market activities, the derivatives busi-
ness, the market data business, securities settlement and custody, collateral
and liquidity management, fund distribution services, as well as the Invest-
ment Management Solutions segment with offerings in the areas indices, ana-
lytics, sustainability information (ESG) and software solutions. Details can be
found at Deutsche Börse: Fundamental information about the Group and
www.deutsche-boerse.com > Markets & Services.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
147
Further details of the Executive Board’s work are set out in the Rules of Proce-
dure that the Supervisory Board has adopted for the Executive Board. Among
other things, these list issues that are reserved for the entire Executive Board,
special measures requiring the approval of the Supervisory Board, other proce-
dural details and the arrangements for passing resolutions. The Executive
Board holds regular meetings. They are convened by the CEO, who coordi-
nates the work of the Executive Board. Any Executive Board member can re-
quire a meeting to be convened. In accordance with its Rules of Procedure,
and unless otherwise specified, the entire Executive Board normally takes deci-
sions on the basis of resolutions passed unanimously where possible, or else
by a simple majority of the members voting on them in each case. If a vote is
tied, the CEO has the casting vote. The Rules of Procedure for the Executive
Board can be found at www.deutsche-boerse.com > Investor Relations > Cor-
porate Governance > Executive Board > Rules of Procedure.
More information on the Executive Board, its composition, members’ individual
appointments and biographies can be found at www.deutsche-boerse.com >
Investor Relations > Corporate Governance > Executive Board.
Deutsche Börse AG’s Supervisory Board
The Supervisory Board supervises and advises the Executive Board in its man-
agement of the company. The Supervisory Board supports the Executive Board
in significant business decisions and provides advice on strategically important
issues. In the Rules of Procedure for the Executive Board, the Supervisory
Board has defined transactions of fundamental importance which require its
approval. In addition, the Supervisory Board is responsible for appointing the
members of the Executive Board, deciding on their total remuneration and ex-
amining Deutsche Börse AG’s annual and consolidated financial statements
and the combined management report. Details of the Supervisory Board’s work
during the 2024 financial year can be found in the Report of the Supervisory
Board.
The Supervisory Board consists of 16 members, made up of an equal number
of shareholder representatives and employee representatives in line with the
German Mitbestimmungsgesetz (MitbestG, German Co-determination Act). The
term of office of the current members ends at the Annual General Meeting in
2027.
The Supervisory Board holds at least six regular meetings every year. In addi-
tion, extraordinary meetings are held as required. Executive Board members
attend the meetings unless the Supervisory Board decides otherwise in any
particular case. The Supervisory Board also meets regularly without the Execu-
tive Board. Exchanges also take place as necessary with the annual auditors.
The committees also hold regular meetings. Unless mandatory statutory provi-
sions or the Articles of Incorporation call for a different procedure, the Supervi-
sory Board passes its resolutions by a simple majority. If a vote is tied, the
Chair has the casting vote. The work of the Supervisory Board and its Commit-
tees is defined by the Rules of Procedure for the Supervisory Board, which can
be found at www.deutsche-boerse.com > Investor Relations > Corporate Gov-
ernance > Supervisory Board > Rules of Procedure.
The Supervisory Board reviews both the knowledge, skill and experience of the
Executive Board and Supervisory Board as a whole and of their members regu-
larly, at least once a year, and examines the structure, size, composition and
performance of the Executive Board and Supervisory Board. Its review is based
on a catalogue of specific targets, including qualification requirements, which,
in turn, are reviewed regularly by the Supervisory Board. As a result of this re-
view, the qualification matrix has been amended by two competences and has
further been specified. The changes are shown in the section Targets for com-
position and qualification requirements of the Supervisory Board.
The Supervisory Board also regularly, at least once a year, reviews the effec-
tiveness of its work, discusses opportunities for improvement and decides on
suitable measures if necessary. The concrete targets are described in the sec-
tion Targets for composition and qualification requirements of the Supervisory
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
148
Board and the annual effectiveness review is described in the section Exami-
nation of the effectiveness of Supervisory Board work.
The Chair of the Supervisory Board consults on a regular basis with the share-
holder and employee representatives on the Supervisory Board, also outside
the meetings, and arranges talks to prepare for the Supervisory Board meetings
as necessary. Separate pre-meetings of shareholder and employee representa-
tives also take place regularly before the ordinary meetings of the full Supervi-
sory Board.
Supervisory Board committees
The Supervisory Board’s goal in establishing committees is to improve the effi-
ciency of its work by examining complex matters in smaller groups that pre-
pare them for the plenary meeting of the Supervisory Board. Additionally, the
Supervisory Board has delegated individual decision-making powers to the
committees, to the extent that this is legally permissible. The Supervisory
Board initially had seven permanent committees in the reporting year. An addi-
tional committee, the “Chairman Selection Committee” was formed for a lim-
ited period to prepare for the election of a new Supervisory Board Chair follow-
ing the Annual General Meeting 2025. The Supervisory Board has nominated
Clara-Christina Streit for this position and the committee will be dissolved au-
tomatically after the election. For details of the committees, please refer to the
tables Supervisory Board committees in the reporting year: composition and
responsibilities. Their individual responsibilities are governed by the Supervi-
sory Board’s Rules of Procedure. The committees’ Rules of Procedure corre-
spond to those for the plenary meeting of the Supervisory Board. Details of the
current duties and members of the individual committees can be found at
www.deutsche-boerse.com > Corporate Governance > Investor Relations >
Supervisory Board > Committees.
The chairs of the individual committees report to the plenary meeting about
the subjects addressed and resolutions passed in the committee meetings.
Outside the meetings the Chair of the Audit Committee also reports regularly to
the Audit Committee and the full Supervisory Board on her regular exchanges
with the annual auditor. Information on the Supervisory Board’s concrete work
and meetings during the reporting period can be found in the Report of the Su-
pervisory Board.
More information on the Supervisory Board and its committees, the individual
members and their appointments and biographies, can be found at:
www.deutsche-boerse.com > Corporate Governance > Investor Relations >
Supervisory Board.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
149
Supervisory Board committees in the reporting year: composition and responsibilities:
Audit Committee
Members
Provisions for the composition
Barbara Lambert
(Chair)
Andreas Gottschling
Anja Greenwood1
(since 14 May 2024)
Oliver Greie1
Susann Just-Marx1
(until 14 May 2024)
Achim Karle1
Sigrid Kozmiensky
(since 14 May 2024)
Michael Rüdiger
(until 14 May 2024
At least four members who are elected by the Supervisory Board
At least one member with financial reporting expertise and one other member with auditing expertise2
All members familiar with the financial sector
Prerequisites for the chair of the committee: the person concerned must be independent, and must have specialist knowledge and experience either (i) in the
application of accounting principles and internal control and risk management systems or (ii) in auditing, whereby accounting and auditing also include sustaina-
bility reporting and its auditing
Persons who cannot chair the committee: the Chair of the Supervisory Board; former members of the company’s Executive Board whose appointment ended less
than two years ago
Responsibilities
Deals with issues relating to the preparation of the annual budget and financial topics, particularly capital management
Deals with issues relating to the adequacy and effectiveness of the company’s control systems – in particular, to risk management, compliance and internal audit
Deals with audit reports and financial reporting issues, including oversight of the financial reporting process
Half-yearly financial reports, plus any quarterly financial reports, discusses the results of the reviews with the auditors
Examines the annual financial statements and the management report, the consolidated financial statements and the group management report, discusses the
audit report with the external auditors and prepares the Supervisory Board’s resolutions adopting the annual financial statements and approving the consolidated
financial statements, as well as the resolution on the Executive Board’s proposal on the appropriation of profit
Prepares the Supervisory Board’s recommendation to the Annual General Meeting on the election of the external auditors of the annual financial statements, the
consolidated financial statements and the half-yearly financial report (to the extent that the latter is audited or reviewed by external auditors) and makes corre-
sponding recommendations to the Supervisory Board
Reviews the non-financial reporting (sections 289b, 315b HGB)
Monitors the audit, particularly the selection and the independence of the external auditors, the quality of the audit and the additional services provided by the
auditors
Issues the engagement letter to the external auditor of the annual financial statements and the consolidated financial statements – including, in particular, the
decision on and the commissioning of assigning the auditor (i) to review or audit the half-yearly financial reports, (ii) to review the non-financial reporting and (iii)
to audit the remuneration report, as well as determining focal areas of the audit and the audit fee
Prepares the Supervisory Board’s resolution approving the statement on the German Corporate Governance Code pursuant to section 161 of the AktG and the
corporate governance statement in accordance with section 289f of the HGB
Control procedures on related-party transactions pursuant to section 111a (2) sentence 2 AktG
Every member of the Audit Committee has the right to obtain information via the Chair of the Audit Committee from the heads of the company’s main central
departments; the Chair of the Audit Committee notifies all the committee members of the information obtained
1) Employee representatives
2) Barbara Lambert and Sigrid Kozmiensky (since 14 May 2024) have the expertise in auditing and financial reporting required by section 100 (5) AktG. Previously Michael Rüdiger (until 14 May 2024) also had the necessary
expertise in financial reporting. For details see the section “Targets for composition and qualification requirements of the Supervisory Board”.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
150
Nomination Committee
Members
Provisions for the composition
Martin Jetter (Chair)
Markus Beck1
Nadine Brandl1
Anja Greenwood1
Barbara Lambert
(since 14 May 2024)
Michael Rüdiger
(until 14 May 2024)
Clara-Christina Streit
Chaired by the Chair of the Supervisory Board
At least five other members who are elected by the Supervisory Board
Responsibilities
Develops a diversity concept for the Supervisory Board
Deals with the regular, at least annual assessment of the structure, size, composition and performance of the Executive Board and Supervisory Board, as well as
possible improvements
Deals with the regular, at least annual assessment of the qualification requirements of individual members of the Executive Board and Supervisory Board, and the
Executive Board and Supervisory Board as a whole
Presentation of the competencies in the qualification matrix and preparation of the resolution by the Supervisory Board
Proposes suitable candidates to the Supervisory Board for inclusion in the Supervisory Board’s election proposal to the Annual General Meeting (the proposal is
submitted by shareholder representatives), including the regular review of the concrete targets and qualification requirements on which proposals are based
Reviews the principles for the selection and appointment of Executive Board members and making recommendations to the Supervisory Board in this regard
Addresses succession planning for the Executive Board, identifies suitable candidates to fill a position on the Executive Board and preparing the resolution to be
passed by the Supervisory Board
Enters into, amends or terminates service agreements within the framework defined by the Supervisory Board
Prepares resolutions of the Supervisory Board on the remuneration system for Executive Board
Prepares resolutions of the Supervisory Board on aggregate remuneration and retirement benefits of individual Executive Board members and determines pay-
ments to surviving dependants and any other similar payments; regularly reviews the reasonableness of Executive Board remuneration and develops proposals for
any adjustments where required
Prepares the reporting on the remuneration of the Executive Board and Supervisory Board
Approves appointments of members of Deutsche Börse AG’s Executive Board to other executive boards, supervisory boards, advisory boards and similar boards,
as well as other part-time work and honorary appointments, including any exemptions from the approval requirement
Approves the grant or revocation of general powers of attorney
Approves cases in which the Executive Board grants employee’s retirement pensions or other individually negotiated retirement benefits, or proposes to enter into
employer/works council agreements establishing pension plans
Decides on deferring publication of insider information and on drafting ad hoc notifications on information for which the Supervisory Board is responsible
Other tasks and duties set forth in section 4b (5) of the BörsG
1) Employee representatives
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
151
Risk Committee
Members
Provisions for the composition
Andreas Gottschling
(Chair)
Markus Beck1
(since 14 May 2024)
Susann Just-Marx1
(until 14 May 2024)
Barbara Lambert
Rainer Müller1
(since 14 May 2024)
Daniel Vollstedt1
(until 14 May 2024)
At least four members who are elected by the Supervisory Board
Responsibilities
Reviews the risk management framework, including the risk appetite and the risk management roadmap
Takes note of and reviews the periodic risk management and compliance reports
Oversees monitoring of the Group’s operational, financial and business risks
Takes note of and discusses the annual reports on significant risks and the risk management systems at regulated Group entities, to the extent legally permissible
Strategy and Sustainability Committee
Members
Provisions for the composition
Martin Jetter (Chair)
Anja Greenwood1
(until 14 May 2024)
Achim Karle1
Carsten Schäfer1
(since 14 May 2024)
Peter Sack1
(until 14 May 2024)
Charles Stonehill
Chong Lee Tan
Regina-Maria Wohak1
(since 14 May 2024
Chaired by the Chair of the Supervisory Board
At least five other members who are elected by the Supervisory Board
Responsibilities
Advises the Executive Board on matters of strategic importance to the company and its affiliates
Addresses fundamental strategic and business issues and deals with the group’s purpose
Deals with sustainable corporate governance and business activities of Deutsche Börse Group in the areas environmental, social and governance (ESG) criteria
(unless another committee is responsible)
Deals with significant projects for Deutsche Börse Group
1) Employee representatives
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
152
Technology Committee
Members
Provisions for the composition
Shannon Johnston
(Chair)
Markus Beck1
(until 14 May 2024)
Andreas Gottschling
Rainer Müller1
(since 14 May 2024)
Carsten Schäfer1
(since 14 May 2024)
Peter Sack1
(until 14 May 2024)
Charles Stonehill
Daniel Vollstedt1
(until 14 May 2024)
Regina-Maria Wohak1
(since 14 May 2024)
At least four members who are elected by the Supervisory Board
Responsibilities
Supports the Supervisory Board in meeting its supervisory duties with respect to the information technology used to execute the Group’s business strategy and
with respect to information security
Advises on IT strategy and architecture
Oversees monitoring of technological innovations, the provision of IT services, the technical performance and stability of IT systems, operational IT risks, and
information security services and risks
Chairman’s Committee
Members
Provisions for the composition
Martin Jetter (Chair)
Markus Beck1
Nadine Brandl1
Clara-Christina Streit
Chaired by the Chair of the Supervisory Board
Deputy Chair of the Supervisory Board as well as one shareholder representative and one employee representative who are elected by the Supervisory Board
Responsibilities
Time-sensitive affairs
1) Employee representatives
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
153
Mediation Committee
Members
Provision for the composition
Martin Jetter (Chair)
Markus Beck1
Oliver Greie1
Barbara Lambert
Chaired by the Chair of the Supervisory Board
Deputy Chair of the Supervisory Board as well as one shareholder representative and one employee representative each
Responsibilities
Tasks and duties pursuant to section 31 (3) MitbestG
Chairman Selection Commitee (since 19 September 2024, temporary)
Members
Provisions for the composition
Charles Stonehill
(Chair)
Markus Beck1
Anja Greenwood1
Martin Jetter
Barbara Lambert
Rainer Müller1
Defined by the Supervisory Board
Responsibilities
Prepares the election of a new Supervisory Board Chair and in particular recommends a candidate for election by the Supervisory Board.
1) Employee representatives
Targets for composition and qualification requirements
of the Supervisory Board
In accordance with recommendation C.1 GCGC, the Supervisory Board has
adopted a catalogue of specific targets concerning its composition that should
serve, above all, as a basis for the nomination of future members. The targets
include qualification requirements as well as diversity targets. Furthermore,
members shall have sufficient time, as well as the personal integrity and suita-
bility of character, to exercise their office. In addition, more than half the
shareholder representatives on the Supervisory Board shall be independent.
The targets, including the qualification requirements, are reviewed by the Su-
pervisory Board regularly, at least annually, and modified as necessary. The
status of implementation can be seen in Qualification matrix: profile and par-
ticular competences of Supervisory Board members.
In the reporting year, the Supervisory Board reviewed the specific targets at the
recommendation of its Nomination Committee and extended the particular
competencies to include “Human resources” as well as a now stand-alone
competency in “Data, indices and analytics”. The existing competencies have
furthermore been specified. The Supervisory Board has thus adapted the quali-
fication requirements to the evolving scope of Deutsche Börse Group’s busi-
ness and changing rules and expectations. It particularly emphasised the in-
creasing importance of the Investment Management Solutions segment (for-
merly Pre-Trading). The Supervisory Board, supported by the Nomination
Committee, also examined the targets for the overall board and for the individ-
ual members and confirmed that they had been met.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
154
Qualification requirements
Given their knowledge, skills and professional experience, members of the Su-
pervisory Board shall have the ability to perform the duties of a supervisory
board member in a company with international business activities. For this
purpose, the Supervisory Board has defined the necessary basic competencies
and particular competencies. The particular competencies are derived from the
business model, the corporate targets, as well as from specific regulations ap-
plicable to Deutsche Börse Group.
Basic competencies
Ideally, each Supervisory Board member has the following basic competen-
cies:
Understanding of business issues
Analytical and strategic skills
Understanding of the corporate governance system
Knowledge of the sector of activity of the company
Understanding of Deutsche Börse AG’s activities
Understanding of Deutsche Börse Group’s structure
Understanding of sustainability matters as relevant to
Deutsche Börse AG
Understanding of the member’s own position and responsibilities
Particular competencies
The requirements for particular competencies refer to the Supervisory Board in
its entirety. At least two of its members should have sound knowledge, espe-
cially concerning the following topics:
Data, indices and analytics
Capital markets, business models of stock exchanges and digital markets
Clearing, settlement and custody business
Information technology and security, digitalisation (including strategy and
implementation)
Strategy
Sustainability
Accounting, finance and audit
Risk management and compliance
Human resources
Regulatory requirements, law
In its own assessment, the current composition of the Supervisory Board fulfils
these criteria for the qualification of its members. The requirements of the Ger-
man Stock Corporation Act and the GCGC for professional knowledge of ac-
counting and auditing in the Audit Committee are also met. Barbara Lambert,
the Chair of the Audit Committee, has the necessary professional knowledge of
both auditing and accounting. The same applies to Sigrid Kozmiensky, a mem-
ber of the Audit Committee, who also has the necessary specialist knowledge
of both auditing and accounting.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
155
Barbara Lambert studied economics in Switzerland, where she also obtained
her diploma as an auditor. As an active auditor of financial statements and
banks over many years she can draw on extensive experience of conducting
and managing audit activities, particularly in the financial sector. She contin-
ues to update her auditing knowledge on a regular basis to this day. In addi-
tion to chairing the Audit Committee of Deutsche Börse AG, Barbara Lambert
is a member or chair of the following audit and risk committees of boards of
directors and supervisory boards: Implenia AG (since 2019), Merck KGaA
(since 2023) and UBS Switzerland AG (since 2022). Furthermore she has
been member of the Supervisory Board of Synlab AG until 31 March 2024
and member of the Board of Directors of Credit Suisse (Schweiz) AG until 30
June 2024, which is part of the same group as UBS Switzerland AG. In these
functions, she regularly attends the training sessions offered by the respective
companies. Alongside her work on boards of directors and supervisory boards,
Barbara Lambert is a member of many relevant professional associations and
networks, such as the Swiss expert association for auditing, tax and trusts (EX-
PERT-Suisse), where in 2007 she was also a member of the expert group for
bank auditing, and the German Audit Committee Chair Network of the Audit
Committee Institute e.V. The membership in these associations and networks
serve not only the professional exchange but also her further professional train-
ing. Her full curriculum vitae can be found at www.deutsche-boerse.com >
Investor Relations > Corporate Governance > Supervisory Board > Barbara
Lambert.
Sigrid Kozmiensky holds a degree in Business Administration, where she spe-
cialised in accounting, auditing and tax. She has extensive experience in the
national and international financial sector, particularly in the fields of auditing,
risk management and supervision of global, systemically important banks.
Sigrid Kozmiensky became a member of the Executive Board of BayernLB and
Chief Risk Officer in July 2024. In this role she is also a member of the Super-
visory Board of DKB AG, where she is also a member of the Risk Committee.
She was previously an Executive Board member and Chief Risk Officer at ING-
DiBa AG and until March 2024 was a member of the Supervisory Board of
Bayerische Börse AG. She is a member of the Audit Committee of Deutsche
Börse AG. Sigrid Kozmiensky regularly attends the training sessions offered by
the respective companies and is also a member of relevant professional net-
works, such as the Frankfurter Institut für Risikomanagement und Regulierung
e.V. (FIRM, since 2020), and industry associations, such as the Deutscher
Sparkassen- und Giroverband e.V. and the Bundesverband Öffentlicher
Banken Deutschland e.V. Her full curriculum vitae can be found at
www.deutsche-boerse.com > Investor Relations > Corporate Governance >
Supervisory Board > Sigrid Kozmiensky.
Independence of Supervisory Board members
In accordance with recommendation C.6 GCGC, the Supervisory Board shall
be comprised of what it considers to be an appropriate number of independent
shareholder representatives. The shareholder representatives on the Supervi-
sory Board therefore decided that at least half the shareholder representatives
on the Supervisory Board shall be independent. Supervisory Board members
are considered to be independent within the meaning of C.6 GCGC if they are
independent of the company and its Executive Board and independent of any
controlling shareholder. In particular, Supervisory Board members are no
longer to be considered independent if they have a personal or business rela-
tionship with the company or its Executive Board that may cause a substantial
(and not merely temporary) conflict of interest. According to recommendation
C.7 GCGC, more than half the shareholder representatives shall be independ-
ent of the company and the Executive Board.
In the opinion of the shareholder representatives on the Supervisory Board, all
of them are independent.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
156
Diversity concept for the Executive Board and the
Supervisory Board
The diversity concept for the Executive Board and the Supervisory Board, as
adopted by the Supervisory Board in accordance with section 289f (2) no. 6
HGB, has the objective of ensuring a wide range of perspectives and experi-
ence through the composition of both bodies. The concept is implemented
within the scope of selecting and appointing new Executive Board members or
regarding proposals for election of new Supervisory Board members.
Flexible age limit and term of office
The Supervisory Board considers the flexible age limit stipulated in its Rule of
Procedure (generally 70 years) when nominating candidates for election by the
Annual General Meeting. Furthermore, the Supervisory Board’s Rules of Proce-
dure provide for a general limitation to members’ maximum term of office to
twelve years, which the Supervisory Board shall also consider in its nomina-
tions of candidates to the Annual General Meeting.
The flexible age limit for members of the Executive Board provides for the term
of office to expire at the end of the month during which a member reaches the
age of 60 years. An Executive Board member may be reappointed for one year
at a time from the month in which they reach the age of 60. The last period of
office should nevertheless end at the close of the month in which the Execu-
tive Board member turns 65. When appointing members of the Executive
Board, the Supervisory Board pursues the objective of achieving an optimal
composition of the Executive Board from the company’s perspective. In this
context, experience and industry knowledge, as well as professional and per-
sonal qualifications, play a major role. Depending on the Executive Board posi-
tion to be filled, it is not just the scope and depth of skills that is decisive, but
also whether the specific skills are up to date. The flexible age limit has been
deliberately worded to preserve the Supervisory Board’s flexibility in taking de-
cisions on appointments.
At present, no Executive Board member has passed the age limit of 65 years.
Theodor Weimer turned 65 in December 2024 and left the Executive Board as
at 31 December 2024.
Share of women holding management positions
Deutsche Börse Group is an international company. Working at our company
means collaborating with colleagues across over 60 locations from 129 na-
tions. We are proud of the diverse cultural, professional and personal back-
grounds of our colleagues around the globe. We are committed to maintaining,
supporting, and fostering the diverse and inclusive culture of Deutsche Börse
AG across all diversity dimensions. Regulations require us to consider one as-
pect of this diversity in particular detail in this report: the share of women
holding management positions.
Deutsche Börse AG meets the statutory requirements for the proportion of
women on the Executive Board and the Supervisory Board. This applies partic-
ularly to the diversity requirements for the Executive Board that have been in
force since 2021. With the appointment of Stephanie Eckermann in June
2024, the Executive Board of Deutsche Börse AG consists of two female mem-
bers. The Supervisory Board is determined to increase the proportion of
women on the Executive Board, taking the current appointments into account.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
157
50 per cent of the shareholder representatives on the Supervisory Board are
women. The Supervisory Board intends to maintain a balanced ratio of women
and men among the shareholder representatives.
Future personnel decisions will take the proportion of women into account ac-
cordingly.
In detail: the Supervisory Board consists of 16 members; eight shareholder
representatives and eight employee representatives. The statutory gender quota
of 30 per cent applies to the Supervisory Board in accordance with section 96
(2) AktG. In order to prevent any discrimination of either shareholder repre-
sentatives or employee representatives, and in order to increase the planning
security in the relevant election procedures, the shareholder representatives on
the Supervisory Board have opposed the overall fulfilment of the quota in ac-
cordance with section 96 (2) sentence 2 AktG. Thus, the minimum quota of
30 per cent is to be complied with for each gender both with regard to the
shareholder representatives and to the employee representatives. Based on the
statutory calculation method, this means that at least two women and two
men from both the shareholder representatives and the employee representa-
tives must be on the Supervisory Board. Currently, there are seven women on
the Supervisory Board: four among the shareholder representatives and three
among the employee representatives. The statutory gender quota is therefore
fulfilled.
A statutory minimum quota for the Executive Board was introduced in the Act
to Extend and Amend the Act on Equal Participation of Women and Men in
Management Positions in the Private and Public Sectors (FüPoG II) of 10 June
2021. Executive Boards of listed companies with more than three Executive
Board members are required to have at least one woman and one man on the
board (section 76 (3a) AktG). This statutory minimum participation require-
ment replaces the obligation of companies to set a legally non-binding target
quota. Deutsche Börse AG meets these statutory requirements and reports on
them in accordance with section 289f (2) No. 5a HGB.
International profile
The composition of the Executive Board and the Supervisory Board shall reflect
the company’s international activities. With Andreas Gottschling, Shannon
Johnston, Barbara Lambert, Charles Stonehill, Clara-Christina Streit and Chong
Lee Tan, there are six shareholder representatives on the Supervisory Board
who are not or not exclusively German citizens. In addition, many of the mem-
bers of the Supervisory Board have long-term professional experience in the in-
ternational field or are working abroad on a permanent basis. The Supervisory
Board will therefore continue to meet the objectives concerning its interna-
tional composition.
The same applies to the Executive Board, where Stephan Leithner holds an
Austrian citizenship, and whose members have gained long-standing interna-
tional working experience as well. The Executive Board of Deutsche Börse AG
will become even more international when Christian Kromann, who has the
Danish nationality, joins as at 1 January 2025.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
158
Educational and professional background
The Supervisory Board has set itself the objective of considering an appropriate
range of educational and professional backgrounds regarding its own composi-
tion, as well as regarding the composition of the Executive Board. In addition
to possessing professional experience in the financial services industry, mem-
bers of the Executive Board and the Supervisory Board also have a profes-
sional background in consultancy, the IT sector, auditing, administration and
regulation. In terms of professional education, most members have business,
economics or legal degrees, in addition to backgrounds in IT, engineering and
other areas. Education and professional experience thus also contribute to ful-
filling the previously mentioned qualification requirements for Supervisory
Board members.
The composition of both Deutsche Börse AG’s Supervisory Board and Execu-
tive Board is in line with the objectives stated above.
The following qualification matrix provides an overview of how the main tar-
gets for the composition of the Supervisory Board are met, and of the extent to
which the particular competencies defined in the qualification requirements
are present.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
159
Qualification matrix: Profile and particular competencies of Supervisory Board members
Martin Jetter
(Chair)
Markus Beck
Nadine Brandl
Andreas Gottschling Anja Greenwood
Oliver Greie
Shannon Johnston
Achim Karle
Member since
2018
2018
2018
2020
2021
2022
2022
2018
Independence
Independent
Employee
representative
Employee
representative
Independent
Employee
representative
Employee
representative
Independent
Employee
representative
Gender
Male
Male
Female
Male
Female
Male
Female
Male
Year of Birth
1959
1964
1975
1967
1974
1976
1971
1973
Nationality
German
German
German
German, Swiss
German
German
USA
German
International experience
Yes
No
No
Yes
Yes
No
Yes
Yes
Educational and professional
Background1
Engineering
Law
Law
Economics and
mathematics
Law
Nursing
General studies
Finance
Particular competencies
Data, indices and analytics
Capital markets, business
models of stock exchanges
and data business
Clearing, settlement and
custody business
Information technology and
security, digitalisation
(including strategy and
implementation)
Strategy
Sustainability
Accounting, finance and audit
Risk management and
compliance
Human Resources
Regulatory requirements, law
1) The curricula vitae of the Supervisory Board members can be found at www.deutsche-boerse.com > Investor Relations > Corporate Governance > Supervisory Board
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
160
Qualification matrix: Profile and particular competencies of Supervisory Board members
Sigrid Kozmiensky
Barbara Lambert
Rainer Müller
Carsten Schäfer
Charles Stonehill
Clara-Christina
Streit
Chong Lee Tan
Maria-Regina
Wohak
Member since
2024
2018
2024
2024
2019
2019
2021
2024
Independence
Independent
Independent
Employee
representative
Employee
representative
Independent
Independent
Independent
Employee
representative
Gender
Female
Female
Male
Male
Male
Female
Male
Female
Year of Birth
1973
1962
1974
1967
1958
1968
1962
1966
Nationality
German
German, Swiss
German
German
British, USA
German, USA
Singapore
German
International experience
Yes
Yes
No
No
Yes
Yes
Yes
No
Educational and professional
Background1
Business administ-
ration
Banking, econo-
mics, auditor
Business
administration and,
Computer science
Physics
History
Business studies
Economics and
administration
Paralegal and,
notary assistant
Particular competencies
Data, indices and analytics
Capital markets, business
models of stock exchanges
and data business
Clearing, settlement and
custody business
Information technology and
security, digitalisation
(including strategy and
implementation)
Strategy
Sustainability
Accounting, finance and audit
Risik management and
compliance
Human Resources
Regulatory requirements, law
1) The curricula vitae of the Supervisory Board members can be found at www.deutsche-boerse.com > Investor Relations > Corporate Governance > Supervisory Board
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
161
Please refer to www.deutsche-boerse.com > Investor Relations > Corporate
Governance > Supervisory Board for further information concerning the mem-
bers of the Supervisory Board and its committees. For further information con-
cerning the members of the Executive Board, please see www.deutsche-bo-
erse.com > Investor Relations > Corporate Governance > Executive Board.
In addition to the basic knowledge of sustainability topics acquired partly from
training sessions for the whole Supervisory Board, individual Supervisory
Board members have more in-depth experience and knowledge of sustainabil-
ity-related topics.
Further information on the integration of sustainability into corporate govern-
ance can be found in the Group Sustainability declaration contained in the
Combined Management Report.
Preparing the election of a shareholder representative
to the Supervisory Board
The term of office of all the Supervisory Board members ends at the close of
the Annual General Meeting 2027. Martin Jetter has resigned as Chair and
member of Deutsche Börse AG’s Supervisory Board as at the close of the An-
nual General Meeting 2025. Upon the recommendation of its Chairman Selec-
tion Committee, the Supervisory Board has nominated Clara-Christina Streit as
the future Chair of the Supervisory Board. The Supervisory Board’s Nomination
Committee, whose responsibility it is to propose suitable candidates to the Su-
pervisory Board for its election proposals to the Annual General Meeting has
dealt in detail with the election of a shareholder representative by the Annual
General Meeting 2025 to succeed Martin Jetter on the Supervisory Board. The
targets for the composition of the Supervisory Board and the qualification re-
quirements were taken into account when selecting this candidate. To this
end, the shareholder representatives on the Nomination Committee, with the
support of external executive search advisers, began by drawing up a long list
of suitable individuals. After interviewing the candidates on the long list, the
shareholder representatives on the Nomination Committee agreed on a new
candidate for the Supervisory Board elections in 2025. Information about the
candidate, including the CV, will be sent with the invitation to the Annual Gen-
eral Meeting of Deutsche Börse AG to be held on 14 May 2025, and can also
be found before the Annual General Meeting at
www.deutsche-boerse.com/agm.
Training and professional development measures for
members of the Supervisory Board
As a matter of principle, Supervisory Board members are responsible for their
continuing professional development. Deutsche Börse AG follows recommen-
dation D.11 GCGC and the guidelines of the European Securities and Markets
Authority (ESMA) on management bodies of market operators and data report-
ing services providers, and supports Supervisory Board members in this en-
deavour. For example, it organises targeted introductory events for new Super-
visory Board members and workshops on selected topics such as strategy,
sustainability, IT, regulation as well as on current topics and on topics of fun-
damental importance. Three technology workshops were held in the reporting
year; two on artificial intelligence and one on digital assets. A strategy work-
shop on global economic developments and a workshop on the planned revi-
sion of the remuneration system for the Executive Board also took place in
2025. The Nomination Committee also dealt with this topic in two separate
workshops. Deutsche Börse AG covers the costs of workshops and basic train-
ing organised by itself for new Supervisory Board members. They also com-
prise training events from the Qualified Supervisory Board educational pro-
gramme that the company designed itself. Deutsche Börse AG also covers the
costs of third-party training activities in individual cases. Further information
about the Supervisory Board workshops can be found in the Report of the Su-
pervisory Board.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
162
Examination of the effectiveness of Supervisory Board
work
Deutsche Börse AG regards regular reviews of the effectiveness of Supervisory
Board work – in accordance with recommendation D.12 GCGC – as a key
component of good corporate governance. The annual effectiveness review is
supported by an external service provider every third year, most recently in
2022. The 2024 effectiveness review was completed in the third quarter by
means of a structured questionnaire and covered the tasks and composition of
the Supervisory Board, collaboration within the Supervisory Board and with the
Executive Board, Supervisory Board meetings and Supervisory Board commit-
tees. Also part of the questionnaire were topics relating to the culture of debate
and work and the handling of current matters dealt with by the Supervisory
Board. The review yielded positive results, both in terms of overall effective-
ness as well as regarding the audited subject areas. Proposals for improve-
ments mainly concerned the time available for certain elements of the Supervi-
sory Board’s work. Furthermore, the Supervisory Board discussed and took
steps to implement a more in-depth treatment of strategic and sustainability-
related topics by increasing the frequency of meetings of the Strategy and Sus-
tainability Committee to three ordinary meetings per year, to increase the time
for discussion within the Supervisory Board, and to extend meeting blocks if
necessary.
Long-term succession planning for the Executive Board
Together with the Executive Board, the Supervisory Board ensures that long-
term succession planning takes place. For this purpose the Supervisory Board,
or its Nomination Committee, regularly – at least once a year – concerns itself
with potential candidates for the Executive Board. The Chair of the Executive
Board is involved in these considerations, provided that the discussions do not
refer to their own succession. The Supervisory Board prepares an applicant
profile for vacant Executive Board positions. It takes care to ensure that the
knowledge, expertise and experience of all Executive Board members is diverse
and well balanced and adheres to the adopted diversity concept. Moreover, the
Nomination Committee ensures it is informed regularly about the succession
planning at the first level beneath the Executive Board, taking diversity and in-
clusion into account, and provides advice to the Executive Board in this re-
gard.
Target figures for the proportion of female
executives beneath the Executive Board
Deutsche Börse AG’s Executive Board has defined target quotas for women on
the two management levels beneath the Executive Board, in accordance with
section 76 (4) of the AktG, in each case referring to Deutsche Börse AG. By
31 December 2024, the proportion of women holding positions in the first and
second management levels beneath the Executive Board was planned to reach
15 per cent and 27 per cent, respectively. As at 31 December 2024, the
share of women holding positions on the first and second management levels
beneath the Executive Board at Deutsche Börse AG in Germany was 18 per
cent and 24 per cent, respectively.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
163
Changes at the second management level had an impact on the number of fe-
male executives and the achievement of the target percentage at this level.
Dedicated measures to attract, develop and prepare female talents for leader-
ship responsibilities were continued and continuously expanded. We are also a
signatory of the “Diversity Charter” and the “Women’s Empowerment Princi-
ples” (WEP) and acknowledge our corporate social responsibility as expressed
in the Code of Conduct that applies throughout the Group.
Deutsche Börse Group is highly international, which means that for the devel-
opment of female managers and appointments to management positions the
consideration of a cross-company and cross-country perspective plays an im-
portant role. In this context, the Executive Board had set a groupwide target
share of women holding upper management positions (first three management
levels below the Executive Board) of 24 per cent by 31 December 2024, and
of women holding lower management positions to 33 per cent during the
same period. We have thus extended the scope of our voluntary commitment
over and above the legal requirements. Firstly, the target figures determined in
this context relate to Deutsche Börse Group worldwide. Secondly, the defini-
tion of management levels/positions was expanded to include heads of teams,
for example. On a global level, as at 31 December 2024, these quotas stood
at 24 per cent for upper management levels and 33 per cent for lower man-
agement positions.
Shareholder representation, transparent reporting and
communication
Shareholders exercise their rights at the Annual General Meeting (AGM).
Among other things, the AGM elects the shareholder representatives to the Su-
pervisory Board and decides on formal approval for the actions of the Execu-
tive Board and the Supervisory Board. It also passes resolutions on the appro-
priation of the unappropriated surplus, capital measures, approval of intercom-
pany agreements, amendments to the Company’s articles of incorporation, Su-
pervisory Board remuneration, approval of the remuneration system for the Ex-
ecutive Board and the remuneration report, and the appointment of the audi-
tors for the financial statements.
The Executive Board and Supervisory Board report to shareholders on the past
financial year at the Annual General Meeting and the Executive Board answers
questions from shareholders.
In the spirit of good corporate governance, Deutsche Börse AG aims to make it
as easy as possible for shareholders to exercise their shareholder rights and
enabling immediate engagement.
Deutsche Börse AG shareholders can follow the AGM live over the internet and
be represented at the AGM by proxies nominated by Deutsche Börse AG, also
by means of electronic communication. The proxies exercise voting rights
solely in accordance with shareholders’ instructions and can also be reached
during the AGM. There is also a postal voting option, which includes electronic
communication. When casting their vote, the shareholders have the choice of
approving individual agenda items, rejecting them or abstaining.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
164
The Supervisory Board discusses the results of voting at the AGM on a regular
basis. A more in-depth discussion takes place in particular if the results are
not within the range expected by the Supervisory Board, so for example if the
voting differs significantly from that of comparable companies on fundamen-
tally comparable topics. This was not the case for any of the resolutions taken
at the Annual General Meeting in the reporting year.
In the reporting year the Executive Board decided in accordance with section
15 (2) of the Articles of Incorporation of Deutsche Börse AG to hold the An-
nual General Meeting online, without the physical presence of shareholders or
their proxies. Shareholders were able to follow the entire Annual General Meet-
ing live online and exercise their voting rights, also via electronic communica-
tions, by means of postal voting or appointing the company proxies. They also
had the opportunity to exercise their rights to speak and obtain information
during the AGM by means of a video link, and to submit comments before-
hand. The company also published on a voluntary basis the main contents of
the draft report by the CEO and the speech by the Supervisory Board Chair at
least four days before the Annual General Meeting.
The authorisation granted in section 15 (2) of the company’s articles of incor-
poration expires at the end of the Annual General Meeting on 14 May 2025.
Holding the Annual General Meeting online has proved to be an appropriate
format for the company in recent years, particularly in view of its international
shareholder structure. The company therefore intends to have this authorisa-
tion renewed for a further two years.
Future online Annual General Meetings shall continue to be designed in such a
way that they are essentially comparable with the Annual General Meetings of
recent years. Hence, it is the intention to refrain from accepting and answering
questions ahead of the online AGM. Members of the Executive Board and Su-
pervisory Board should also be present on site unless they are urgently pre-
vented from doing so.
As in the past, for future AGMs a decision will be taken individually and taking
the particular circumstances as well as the interests of the company and its
shareholders into account, whether the AGM should be held online and use
made of the authorisation. The Executive Board has decided not to make use
of the authorisation in section 15 (2) of the articles of association for the AGM
2025, but rather to enable shareholders to be physically present.
To maximise transparency and ensure equal access to information, Deutsche
Börse AG’s corporate communications generally follow the rule that all target
groups should receive all relevant information simultaneously. Deutsche Börse
AG’s financial calendar informs shareholders, analysts, shareholders’ associa-
tions, the media and interested members of the public of key events such as
the date of the AGM, or publication dates for financial reports.
Ad hoc disclosures, information on directors’ dealings and voting rights notifi-
cations, annual and interim reports, and company news can all be found on
Deutsche Börse’s website www.deutsche-boerse.com/ir. Deutsche Börse AG
provides information about its annual and consolidated financial statements as
well as interim reports in conference calls for analysts and investors. Further-
more, a regular investor day is held and Deutsche Börse continuously outlines
its strategy and business developments to everyone who is interested, abiding
by the principle that all target groups worldwide must be informed at the same
time.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
165
Accounting and auditing
Deutsche Börse AG’s annual report provides shareholders and interested mem-
bers of the public with detailed information on Deutsche Börse Group’s busi-
ness performance during the reporting period. Additional information is pub-
lished in its half-yearly financial report and two quarterly statements. The an-
nual financial statement documents and the annual report are published
within 90 days of the end of the financial year (31 December); intra-year fi-
nancial information (half-yearly financial report and quarterly statements) is
made available within 45 days of the end of the relevant quarter or six-month
period. Following preparations by the Audit Committee, the annual and consol-
idated financial statements are discussed by the entire Supervisory Board and
with the external auditors, examined and then approved. The Executive Board
discusses the half-yearly report and the quarterly statements for the first and
third quarters with the Supervisory Board’s Audit Committee prior to their pub-
lication. The half-yearly financial report is reviewed by the external auditors.
Following the recommendation by the Supervisory Board, the Annual General
Meeting 2024 again elected PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, (PwC) as the auditors for
the annual and consolidated financial statements 2024 and for the auditor’s
review of the half-yearly financial report in the reporting year as well as the
sustainability report und the group sustainability report for the reporting year
2024. Since the CSRD Implementation Act did not come into force in 2024,
the associated obligation to prepare and audit a Group Sustainability Report for
the 2024 financial year has also lapsed. Nevertheless, Deutsche Börse Group
has decided to voluntarily subject the Group Sustainability Statement con-
tained in the Combined Management Report to a business review with limited
assurance by PwC. PwC was also engaged to perform a review of the form and
contents of the remuneration report during the 2024 financial year. The audi-
tors responsible are Marc Billeb and Michael Rönnberg. They have both been
responsible for the audit since 2021. The Supervisory Board’s proposal was
based on a corresponding recommendation by the Audit Committee, which
had obtained the necessary statement of independence from PwC before the
election. This states that there are no personal, business, financial or other re-
lationships between the auditor, its governing bodies and audit managers on
the one hand, and the company and the members of its Executive and Super-
visory Boards on the other, that could give cause to doubt the auditor’s inde-
pendence. The Audit Committee checked that this continued to be the case
during the reporting period. It also oversaw the financial reporting process in
2024. The Supervisory Board was informed in a timely manner of the commit-
tee’s work and the insights gained; there were no material findings. Infor-
mation on audit services and fees is provided in note 6 to the consolidated fi-
nancial statements.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
166
Deutsche Börse AG (notes based on HGB)
The annual financial statements of Deutsche Börse AG are prepared in accordance with the provisions of the
German Commercial Code (Handelsgesetzbuch, HGB) and the supplementary provisions of the German Stock
Corporation Act (Aktiengesetz, AktG). They are the underlying basis for the notes that follow.
Business and operating environment
Business model and general position of the company
Deutsche Börse AG is the parent company of Deutsche Börse Group. The par-
ent company’s business activities include, first and foremost, the cash and de-
rivatives markets, which are reflected in the Trading & Clearing segment.
Deutsche Börse AG also operates essential parts of the Group’s information
technology. The performance of the Securities Services segment (formerly
Clearstream) is primarily reflected in Deutsche Börse AG’s business perfor-
mance via the profit and loss transfer agreement with Clearstream Holding AG.
The business and the operating environment of Deutsche Börse AG are largely
the same as for the Group. They are described in the section “Macroeconomic
and sector-specific environment”.
Deutsche Börse AG’s course of business in the reporting period
After a year characterised by high inflation rates and rising interest rates in
2023, the central banks' monetary policy measures largely took effect in the
2024 financial year. A significant decline in inflation in the eurozone and the
US prompted central banks to enter a cycle of interest rate cuts in order to
slow down the economic downturn. This was accompanied by uncertainty
among market participants and higher interest rate volatility on the financial
markets. Volatility on the equity markets was at a low level overall. At the
same time, investors were looking for alternatives on the equity markets in a
lower interest rate environment. As market volatility decreased, trading in the
"Trading & Clearing" segment also declined as a result. The company's sales
revenue increased by 3 per cent in the financial year 2024 and was therefore
in line with the company's expectations. In contrast, total costs (personnel ex-
penses, amortisation of intangible assets and depreciation of property, plant
and equipment as well as other operating expenses) rose by 10 per cent.
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
amounted to Ą1.7 billion in the financial year 2024 and were therefore above
the forecast for the financial year 2024 of Ą1.6 billion. Net profit for the year
fell by 38 per cent compared to the previous year. The decline in net income
is primarily due to one-off special effects in the previous year's investment re-
sult. This resulted, on the one hand, from Clearstream Holding AG's first-time
same-period profit recognition and, on the other hand, from the reorganisation
of Deutsche Börse AG's Group holdings. Based on these developments, the
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
167
Executive Board of Deutsche Börse AG considers the development in the finan-
cial year 2024 to be positive.
Performance figures for Deutsche Börse AG
in Ąm
2024
2023
Change
Sales revenue
1,751.6
1,697.4
3 %
Total costs
1,412.7
1,280.7
10 %
Net income from equity investments
1,177.7
1,764.0
– 33 %
EBITDA
1,719.1
2,698.8
– 36 %
Net profit for the period
1,323.5
2,118.4
– 38 %
Earnings per share (Ą)1
7.20
11.44
– 37 %
1) Calculation based on weighted average of shares outstanding
Results of operations of Deutsche Börse AG
Deutsche Börse AG's sales revenue increased by 3 per cent in 2024 . This
was mainly due to an increase in sales revenue in the Trading & Clearing seg-
ment totalling Ą41.5 Mio. Ą. Please refer to the "Trading & Clearing segment"
section for further information on the development of the Trading & Clearing
segment. The other segments mainly relate to the provision of central func-
tions. However, these segments have a significant influence on the company's
income from investments. The distribution of revenue across the company's in-
dividual segments is shown in the table "Sales revenue by segment".
The company's total costs were 10 per cent higher than in the previous year.
Their composition can be seen in the "Overview of total costs" table. In the re-
porting year, personnel expenses rose by 22 per cent compared to the previ-
ous year to Ą415.1 million. The increase in personnel expenses is mainly due
to the higher number of employees as a result of the establishment of new
branches in the Czech Republic and Ireland in the previous year as of 1 July
2023 and in Luxembourg in the reporting year as of 1 July 2024. Deprecia-
tion and amortisation of intangible assets and property, plant and equipment
remained at the previous year's level overall. Other operating expenses in-
creased by 7 per cent compared to the previous year. The increase was pri-
marily due to one-off expenses relating to other periods totalling Ą 61 million.
Deutsche Börse AG's income from equity investments fell by 33 per cent year-
on-year in the 2024 financial year. It includes dividend income of Ą239.9 mil-
lion (2023: Ą261.7 million ) and income from profit transfers of Ą990.1 mil-
lion (2023: Ą1,474.1 million ). The decrease in income from profit transfers
is due to the first-time phased profit transfer at Clearstream Holding AG level
and the associated increase in Clearstream Holding AG's net income in the
previous financial year.
Due to the aforementioned special effects in the previous year, EBITDA fell by
36 per cent. Net profit for the year amounted to Ą1,323.5 million and fell by
38 per cent.
PDF (A4)
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Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
168
Sales revenue by segment
in Ąm
2024
2023
Change
Trading & Clearing
1,565.4
1,523.9
3 %
Securities Services
115.2
107.8
7 %
Fund Services
49.7
54.6
– 9 %
Investment Management Solutions
21.3
11.1
92 %
Total
1,751.6
1,697.4
3 %
Overview of total costs
in Ąm
2024
2023
Change
Staff costs
415.1
341.4
22 %
Depreciation and amortisation
74.0
73.9
0 %
Other operating expenses
923.6
865.4
7 %
Total
1,412.7
1,280.7
10 %
Development of profitability
Deutsche Börse AG's return on equity is the ratio of earnings after tax to the
average equity available to the company 2024. The return on equity fell from
49 per cent to 25 per cent compared to 2023. The decline is due in particular
to the special effect of Clearstream Holding AG's first-time same-period profit
collection in the previous reporting year.
Financial position of Deutsche Börse AG
As at the balance sheet date of 31 December 2024 , cash and cash equiva-
lents amounted to Ą642.7 million (2023: Ą150.4 million). They included
bank balances on current account as well as fixed-term deposits and other
short-term investments, with cash accounting for the majority.
Deutsche Börse AG has external credit lines in the amount of Ą600.0 million
(2023: Ą600.0 million), which had not been utilised as of 31 December
2024. The company also has a commercial paper program that provides flexi-
ble and short-term financing options of up to Ą2.5 billion in various curren-
cies. No commercial paper was outstanding at the end of the year (2023:
nominal volume of Ą590.0 million).
Deutsche Börse AG uses a Group-wide cash pooling procedure to ensure the
optimal allocation of liquidity within Deutsche Börse Group and thus ensures
that all subsidiaries are able to meet their payment obligations at all times.
Deutsche Börse AG has issued ten corporate bonds with a total nominal vol-
ume of Ą6.8 billion. For further details on the bonds, please refer to the "Fi-
nancial position" section.
PDF (A4)
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
169
Deutsche Börse AG generated cash flow from operating activities of
Ą2,126.0 million in the 2024 financial year (2023: Ą832.1 million).
Cash flow from investing activities totalled Ą–142.1 million (2023:
Ą–3,819.5 million). The change can be explained in particular by the acquisi-
tion of SimCorp A/S in the amount of Ą3.9 billion in the previous reporting
year.
Cash flow from financing activities in the reporting year totalled
Ą–1,545.6 million (2023: Ą3,097.0 million). A dividend of Ą697.8 million
was paid for the 2023 financial year. In addition, commercial paper with a
nominal value of Ą590 million was repaid in the reporting year. As at the re-
porting date of 31 December 2024, cash and cash equivalents amounted to
Ą–427.9 million (2023: Ą–866.1 million). This comprises cash and cash
equivalents totalling Ą642.7 million (2023: Ą150.4 million), less liabilities
from cash pooling amounting to Ą1,070.6 million (2023: Ą1,016.6 million).
Cash flow statement (condensed)
in Ąm
2024
2023
Cash flow from operating activities
2,126.0
832.1
Cash flow from investing activities
– 142.1
– 3,819.5
Cash flow from financing activities
– 1,545.6
3,097.0
Cash and cash equivalents as at 31 December
– 427.9
– 866.1
Assets of Deutsche Börse AG
As of 31 December 2024, Deutsche Börse AG's fixed assets amounted to
Ą12,791.2 million (2023: Ą12,780.5 million). At Ą12,535.3 million, the
largest share was attributable to shares in affiliated companies (2023:
Ą12,522.3 million).
Deutsche Börse AG's investments in intangible assets and property, plant and
equipment totalled Ą72.0 million in the reporting year (2023: Ą37.6 million)
and were therefore higher than in the previous year. Amortisation of intangible
assets and depreciation of property, plant and equipment amounted to Ą74.0
million in 2024 (2023: Ą73.9 million).
Receivables from and liabilities to affiliated companies include settlements for
intragroup services and amounts invested by Deutsche Börse AG as part of
cash pooling agreements. In addition to settlements for intragroup services, re-
ceivables from affiliated companies were mainly due from Clearstream Holding
AG for the company's profit transfer totalling Ą990.1 million. Liabilities to affil-
iated companies resulted primarily from cash pooling in the amount of
Ą1,070.6 million (2023: Ą1,016.6 million) and trade payables in the amount
of Ą38.1 million (2023: Ą80.8 million).
In accordance with section 315 (2) sentence 2 HGB, please refer to the notes
to the financial statements of Deutsche Börse AG for further information on
changes in treasury shares.
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Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
170
Deutsche Börse AG employees
In the reporting year, the number of employees at Deutsche Börse AG (in ac-
cordance with HGB)1 increased by 359 and stood at 2,929 employees as of
31 December 2024 (31 December 2023: 2,570 employees). On average,
2,780 employees worked for Deutsche Börse AG in the 2024 financial year
(2023: 2,158).
Deutsche Börse AG employs staff at nine locations worldwide. A branch was
established in Luxembourg in the 2024 financial year. In the course of the
2024 financial year, 182 employees left Deutsche Börse AG, resulting in a
staff turnover rate of 7 per cent. On average, Deutsche Börse AG employees
are 41 years old and have been with the company for an average of 8 years.
Remuneration report of Deutsche Börse AG
The principles governing the structure and design of the remuneration system
at Deutsche Börse Group are the same as those for Deutsche Börse Group, so
reference is made to the “Remuneration report” which is published alongside
the annual report.
Corporate governance statement in accordance with
section 289f HGB
The corporate governance statement in accordance with section 289f HGB is
the same as that for Deutsche Börse Group. Reference is therefore made to the
section “Corporate governance statement”.
1 Employees do not include legal representatives of the corporation, apprentices and employees on parental leave.
Opportunities and risks facing Deutsche Börse AG
The opportunities and risks of Deutsche Börse AG and the activities and pro-
cesses to manage these are largely the same as for Deutsche Börse Group, so
reference is made to the “Risk report” and the “Opportunities report”. As a rule,
Deutsche Börse AG shares the opportunities and risks of its equity investments
and subsidiaries in accordance with its equity interest. Risks that could poten-
tially threaten the existence of the Eurex Clearing AG subsidiary would also
have a direct influence on Deutsche Börse AG based on a letter of comfort is-
sued by Deutsche Börse AG. As at the reporting date, there were no risks jeop-
ardising the company’s existence. Further information on the letter of comfort
issued to Eurex Clearing AG is available in the section “Other financial obliga-
tions and off-balance sheet transactions” in the notes to the annual financial
statements of Deutsche Börse AG. The description of the internal control sys-
tem (ICS), required by section 289 (4) HGB, is provided in the “Risk manage-
ment” section.
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Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
171
Forecast for Deutsche Börse AG
The expected business development of Deutsche Börse AG is essentially sub-
ject to the same influences as Deutsche Börse Group. However, Deutsche
Börse AG's sales revenue is significantly influenced by the Trading & Clearing
segment, which is mainly generated by forwarding revenue via Eurex Frankfurt
AG (EFAG) and Eurex Clearing AG (ECAG) (so-called operational management
construct).
The transfer pricing rules for the operational management structure are ex-
pected to be adjusted for the 2025 financial year. On the one hand, this in-
cludes an adjustment to the distribution ratio of EFAG and ECAG's income and
expenses between DBAG and EGAG to 89:11 (instead of 88:12 in the previ-
ous financial year). Secondly, the premiums for product development activities
and the risk-bearing capital of ECAG will increase. Overall, this will have a
negative impact on EBITDA for the periods from 2025 onwards. Compared to
the reporting year, this is expected to have a negative effect of around Ą12
million on Deutsche Börse AG's EBITDA.
Important components of Deutsche Börse AG's future results of operations are
investment income from affiliated companies and income from profit transfer
agreements. These components are mainly influenced by the future business
development of the Trading & Clearing and Securities Services segments.
Deutsche Börse AG expects sales revenue of more than Ą1.8 billion and
EBITDA of more than Ą1.7 billion in 2025.
Further information on Deutsche Börse AG can be found in the "Forecast
report".
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Business and operating environment
Results of operations of
Deutsche Börse AG
Financial position of Deutsche Börse AG
Assets of Deutsche Börse AG
Deutsche Börse AG employees
Remuneration report of
Deutsche Börse AG
Corporate governance statement in
accordance with section 289f HGB
Opportunities and risks facing Deutsche
Börse AG
Forecast for Deutsche Börse AG
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
172
Takeover-related disclosures
Disclosures in accordance with sections 289a sentence 1 and
315a sentence 1 of the German Commercial Code (HGB) and
explanatory notes
Deutsche Börse AG makes the following disclosure in accordance with sec-
tions 289a sentence 1 and 315a sentence 1 of the German Commercial Code
(HGB) as at 31 December 2024:
The share capital of Deutsche Börse AG amounted to Ą188.3 million on the
above-mentioned reporting date and was composed of 188.3 million no-par
value registered shares. There are no other classes of shares besides these or-
dinary shares.
The share capital has been contingently increased by up to Ą19.0 million by
issuing up to 19.0 million no-par value registered shares (contingent capital
2024). The contingent capital increase will only be implemented to the extent
that holders of convertible bonds or of warrants attaching to bonds with war-
rants issued by the company or by a Group company in the period until 13
May 2029 on the basis of the authorisation granted to the Executive Board by
resolution of the Annual General Meeting of 14 May 2024 on Item 5 lit b) of
the agenda exercise their conversion or option rights, that they meet their con-
version or option obligations, or that shares are tendered, and no other means
are used to settle such rights or obligations. The new shares participate in
profits from the beginning of the financial year after they are issued. More de-
tails can be found in Article 4 (6) of the Articles of Association of Deutsche
Börse AG.
The Executive Board is only aware of those restrictions on voting rights that
arise from Aktiengesetz (AktG, German Stock Corporation Act). Those shares
affected by section 136 AktG are therefore excluded from voting rights.
Furthermore, shares held by Deutsche Börse AG as treasury shares are ex-
empted from the exercise of any rights according to section 71b AktG.
Under Wertpapierhandelsgesetz (WpHG, German Securities Trading Act), any
investor whose shareholding reaches, exceeds or falls below specified voting
right thresholds as a result of purchase, sale or any other transaction is re-
quired to notify the company and Bundesanstalt für Finanzdienstleistung-
saufsicht (BaFin, German Federal Financial Supervisory Authority). The lowest
threshold for this disclosure requirement is 3 per cent. Deutsche Börse AG is
not aware of any direct or indirect equity interests in its capital exceeding
10 per cent of the voting rights.
There are no shares with special provisions granting the holder control rights.
Employees holding shares in Deutsche Börse AG exercise their rights in the
same way as other shareholders in accordance with the statutory provisions
and the Articles of Association.
Members of the Executive Board are appointed and dismissed in accordance
with sections 84 and 85 AktG and with Article 6 of the Articles of Association
of Deutsche Börse AG. Amendments to the Articles of Association of Deutsche
Börse AG are adopted by resolution of the Annual General Meeting in accord-
ance with section 119 (1) No. 6 AktG. Under Article 12 (4) of the Articles of
Association of Deutsche Börse AG, the Supervisory Board has the power to
make changes to the Articles of Association that relate to the wording only. In
accordance with Article 18 (1) of the Articles of Association of Deutsche Börse
AG, resolutions of the Annual General Meeting are passed by a simple majority
of the votes cast, unless otherwise required by Aktiengesetz. Insofar as AktG
additionally prescribes a majority of the share capital represented at the time
of a resolution, a simple majority of the share capital represented is sufficient
where this is legally permissible.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
173
Subject to the approval of the Supervisory Board, the Executive Board is au-
thorised to increase the share capital by up to a total of Ą19.0 million on one
or more occasions in the period up to 18 May 2026 by issuing new no-par
value registered shares in exchange for cash and/or non-cash contributions
(authorised capital I). Shareholders must be granted pre-emptive rights. How-
ever, subject to approval by the Supervisory Board, the Executive Board may
exclude shareholders’ pre-emptive rights with respect to fractional amounts.
However, according to the authorisation, the Executive Board may only ex-
clude shareholders’ pre-emptive rights if the total number of shares that are is-
sued during the term of authorisation and that exclude shareholders’ pre-emp-
tive rights does not exceed 10 per cent of the share capital. Full authorisation,
and particularly the conditions under which shareholders’ pre-emptive rights
can be excluded, is derived from Article 4 (3) of the Articles of Association of
Deutsche Börse AG.
The Executive Board is also authorised to increase the share capital by up to a
total of Ą19.0 million on one or more occasions in the period up to 18 May
2025, subject to the approval of the Supervisory Board, by issuing new no-par
value registered shares against cash and/or non-cash contributions (authorised
capital II). Shareholders must be granted pre-emptive rights, which the Execu-
tive Board can exclude in certain cases, subject to the approval of the Supervi-
sory Board in each case. The Executive Board is authorised to exclude share-
holders’ pre-emptive rights: (1) in the case of cash capital increases, provided
that the issue price of the new shares is not significantly lower than the quoted
price, and the total number of shares issued under exclusion of shareholders’
pre-emptive rights does not exceed 10 per cent of the share capital; (2) in the
case of physical capital increases in exchange for non-cash contributions for
the purpose of acquiring companies, parts of companies, interests in compa-
nies or other assets; or (3) with respect to fractional amounts. However, ac-
cording to the authorisation, the Executive Board may only exclude sharehold-
ers’ pre-emptive rights if the total number of shares that are issued during the
term of authorisation and that exclude shareholders’ pre-emptive rights does
not exceed 10 per cent of the share capital. Full authorisation, and particularly
the conditions under which shareholders’ pre-emptive rights can be excluded,
is derived from Article 4 (4) of the Articles of Association of Deutsche
Börse AG.
Subject to the approval of the Supervisory Board, the Executive Board is also
authorised to increase the share capital by up to a total of Ą19.0 million on
one or more occasions in the period up to 17 May 2027 by issuing new no-
par value registered shares in exchange for cash and/or non-cash contributions
(authorised capital IV). Shareholders must be granted pre-emptive rights un-
less the Executive Board makes use of the authorisation granted to it to ex-
clude such rights, subject to the approval of the Supervisory Board. Subject to
approval by the Supervisory Board, the Executive Board may exclude share-
holders’ pre-emptive rights with respect to fractional amounts. According to the
authorisation, the Executive Board may only exclude shareholders’ pre-emptive
rights if the total number of shares that are issued during the term of authori-
sation and that exclude shareholders’ pre-emptive rights does not exceed 10
per cent of the share capital. The full authorisation is derived from Article 4 (5)
of the Articles of Association of Deutsche Börse AG.
The Executive Board is authorised to purchase treasury shares up to 10 per
cent of the share capital. However, the acquired shares, together with any
treasury shares acquired for other reasons that are held by the company or at-
tributed to it in accordance with sections 71a et seq. AktG, may at no time ex-
ceed 10 per cent of the company’s share capital. The authorisation to acquire
treasury shares is valid until 13 May 2029 and may be exercised by the com-
pany in full or in part on one or more occasions. However, it may also be exer-
cised by dependent companies, by companies in which Deutsche Börse AG
holds a majority interest or by third parties on its or their behalf. The Executive
Board may elect to acquire the shares: (1) on the stock exchange; (2) via a
public tender offer addressed to all shareholders or via a public request for of-
fers of sale addressed to the company’s shareholders; (3) via a public offer to
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
174
exchange them for shares in a listed company within the meaning of section 3
(2) AktG; or (4) using derivatives (put options, call options, forward purchases
or a combination of put options, call options and forward purchases). The full
and exact wording of the authorisation to acquire treasury shares, and particu-
larly the permissible uses to which the shares may be put, can be found in
items 6 and 7 of the agenda for the Annual General Meeting held on 14 May
2024.
The following material agreements of the company are subject to a change-of-
control clause following a takeover bid:
On 21 March 2023, Deutsche Börse AG and its subsidiary Clearstream
Banking S.A. entered into a facility agreement with a banking syndicate for a
working capital credit totalling up to Ą750.0 million. If there is a change of
control, the credit relationship between Deutsche Börse AG and the lenders
can be reviewed in negotiations within a period of no more than 60 days.
After this period, each lender has the right, at its own discretion, to termi-
nate its credit commitment and demand partial or full repayment of the
amounts owing to it. A change of control occurs if Deutsche Börse AG no
longer directly or indirectly holds the majority of Clearstream Banking S.A. or
if a person or a group of persons acting in concert acquires more than
50 per cent of the voting shares of Deutsche Börse AG.
Under the terms of Deutsche Börse AG’s Ą600.0 million fixed-rate bond is-
sue 2020/2047 (hybrid bond), and the terms of Deutsche Börse AG’s
Ą500.0 million fixed-rated bond issue 2022/2048, Deutsche Börse AG has
a termination right in the event of a change of control (as defined in the
terms of the bond), which, if exercised, entitles Deutsche Börse AG to re-
deem the bonds at par, plus accrued interest. If Deutsche Börse AG does not
exercise this termination right, the affected bonds’ coupon will increase by
an additional 500 basis points per annum. A change of control occurs if a
person or a group of persons acting in concert, or third parties acting on
their behalf, has or have acquired more than 50 per cent of the shares of
Deutsche Börse AG or the number of Deutsche Börse AG shares required to
exercise more than 50 per cent of the voting rights at Annual General Meet-
ings of Deutsche Börse AG. In addition, the relevant bond terms require that
the change of control must adversely affect the long-term rating given to
Deutsche Börse AG by Moody’s Investors Services, Inc., S&P Global Ratings
or Fitch Ratings Limited. Further details can be found in the applicable bond
terms.
According to the terms of Deutsche Börse AG’s Ą500.0 million fixed-rate
bond issue 2015/2025, the terms of Deutsche Börse AG’s Ą600.0 million
fixed-rate bond issue 2018/2028, the terms of Deutsche Börse AG’s Ą500.0
million fixed-rate bond issue 2021/2026, the terms of Deutsche Börse AG’s
Ą500.0 million fixed-rate bond issue 2021/2031, the terms of Deutsche
Börse AG’s Ą600.0 million fixed-rate bond issue 2022/2032, the terms of
Deutsche Börse AG’s Ą1,000.0 million fixed-rate bond issue 2023/2026,
the terms of Deutsche Börse AG’s Ą750.0 million fixed-rate bond issue
2023/2029 and the terms of Deutsche Börse AG’s Ą1,250.0 million fixed-
rate bond issue 2023/2033, the holders of the respective bonds have a ter-
mination right in the event of a change of control (as defined in the terms of
the bond). If these termination rights are exercised, the bonds are repayable
at par plus any accrued interest. A change of control occurs if a person or a
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
175
group of persons acting in concert, or third parties acting on their behalf,
has or have acquired more than 50 per cent of the shares of Deutsche Börse
AG or the number of Deutsche Börse AG shares required to exercise more
than 50 per cent of the voting rights at Annual General Meetings of
Deutsche Börse AG. In addition, the respective bond terms require that the
change of control must adversely affect the rating given to one of the prefer-
ential unsecured debt instruments of Deutsche Börse AG by Moody’s Inves-
tors Services, Inc., S&P Global Ratings or Fitch Ratings Limited. Further de-
tails can be found in the applicable bond terms.
PDF (A4)
Executive and Supervisory Board
Combined management report
Deutsche Börse:
Fundamental information about the Group
Strategy and steering parameters
Economic situation
Risk report
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Sustainability statement
Corporate governance statement
Deutsche Börse AG (notes based on HGB)
Takeover-related disclosures
Consolidated financial statements/notes
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
176
Consolidated financial
statements /notes
178
Consolidated income statement
179
Consolidated statement of
comprehensive income
180
Consolidated balance sheet
182
Consolidated cash flow statement
184
Consolidated statement of changes
in equity
186
Notes to the consolidated financial
statements
193
Notes on the consolidated income
statement
208
Notes on the consolidated
statement of financial position
269
Other disclosures
297
Responsibility statement by the
Executive Board
298
Independent Auditor’s Report
308
Assurance report of the
independent German public auditor
Consolidated income statement
for the period 1 January to 31 December 2024
in Ąm
Note
2024
2023
Sales revenue
4
5,971.9
5,133.2
Other operating income
4
25.7
39.8
Volume-related costs
4
– 1,219.1
– 1,057.9
Total net revenue excluding treasury result
from banking and similar business
4,778.5
4,115.1
Treasury result from banking and similar
business
4
1,050.0
961.5
Net revenue
5,828.5
5,076.6
Staff costs
5
– 1,681.4
– 1,422.5
Other operating expenses
6
– 787.8
– 695.8
Operating costs
– 2,469.2
– 2,118.3
Result from financial investments
7
36.3
– 14.0
Result of the equity method measurement
of associates
7.2
1.8
Other result
29.0
– 15.8
Earnings before interest, tax, depreciation
and amortisation (EBITDA)
3,395.6
2,944.3
Depreciation, amortisation and impairment
losses
10, 11, 12
– 495.8
– 418.5
Earnings before interest and tax (EBIT)
2,899.8
2,525.8
in Ąm
Note
2024
2023
Earnings before interest and tax (EBIT)
2,899.8
2,525.8
Financial income
8
50.5
46.6
Financial expense
8
– 205.1
– 120.6
Earnings before tax (EBT)
2,745.2
2,451.8
Income tax expense
9
– 698.9
– 654.9
Net profit for the period
2,046.3
1,796.8
Net profit for the period attributable to
Deutsche Börse AG shareholders
1,948.5
1,724.0
Net profit for the period attributable to
non-controlling interests
97.9
72.8
Earnings per share (basic) (Ą)
23
10.60
9.35
Earnings per share (diluted) (Ą)
23
10.58
9.34
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
178
Consolidated statement of comprehensive income
for the period 1 January to 31 December 2024
in Ąm
Note
2024
2023
Net profit for the period
2,046.3
1,796.8
Items that will not be reclassified to profit or loss:
Changes from defined benefit obligations
23.0
– 28.7
Equity investments measured at fair value through OCI
– 48.2
25.5
Deferred taxes
16
– 1.3
7.8
– 26.5
4.6
Items that may be reclassified subsequently to profit or loss:
Exchange rate differences
16
161.2
– 53.0
Other comprehensive income from investments using the equity method
– 1.1
– 0.1
Remeasurement of cash flow hedges
– 22.1
26.8
Deferred taxes
16
5.4
– 7.3
143.3
– 33.5
Other comprehensive income after tax
116.9
– 28.9
Total comprehensive income
2,163.2
1,767.9
thereof Deutsche Börse AG shareholders
2,057.9
1,700.6
thereof non-controlling interests
105.2
67.3
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
179
Consolidated balance sheet
as at 31 December 2024
Assets
in Ąm
Note
31 Dec 2024
31 Dec 20231
NON-CURRENT ASSETS
22,334.8
23,427.7
Intangible assets
10
12,642.7
12,478.6
Software
1,159.2
1,111.7
Goodwill
8,354.5
8,213.3
Payments on account and assets under de-
velopment
159.6
118.3
Other intangible assets
2,969.4
3,035.3
Property, plant and equipment
11,12
685.1
605.6
Land and buildings
518.7
426.2
Fixtures and fittings
48.5
49.3
Computer hardware, operating and office
equipment
105.8
116.3
Payments on account and construction in
progress
12.1
13.8
Financial assets
13
8,506.7
9,870.4
Financial assets measured at FVOCI
Strategic investments
191.5
222.7
Financial assets measured at amortised cost
13
1,342.2
1,801.9
Financial assets at FVPL
Financial instruments held by
central counterparties
6,815.1
7,667.6
Other financial assets at FVPL
157.9
178.2
Investment in associates
114.8
114.5
Other non-current assets
14
360.8
285.2
Deferred tax assets
9
24.8
73.3
Assets
in Ąm
Note
31 Dec 2024
31 Dec 20231
CURRENT ASSETS
199,776.9
214,299.2
Financial assets measured at amortised cost
13
Trade receivables
1,257.5
1,832.2
Other financial assets at amortised cost
18,904.6
18,046.2
Restricted bank balances
48,972.4
53,669.4
Other cash and bank balances
1,872.3
1,655.1
Financial assets at FVPL
13
Financial instruments held by
central counterparties
127,059.6
137,904.9
Other financial assets at FVPL
25.9
31.9
Income tax assets
9
225.9
105.2
Other current assets
14, 15
1,458.7
1,054.4
Total assets
222,111.7
237,726.9
1) Previous year adjusted, see Note 3.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
180
Equity and liabilities
in Ąm
Note
31 Dec 2024
31 Dec 2023
EQUITY
16
Subscribed capital
188.3
190.0
Share premium
1,529.9
1,501.6
Treasury shares
– 452.3
– 351.0
Revaluation surplus
566.1
428.9
Retained earnings
8,938.5
7,892.0
Shareholders’ equity
10,770.5
9,661.5
Non-controlling interests
488.7
438.7
Total equity
11,259.3
10,100.2
NON-CURRENT LIABILITIES
14,561.4
16,206.7
Provisions for pensions and other employee
benefits
18, 19
130.4
151.5
Other non-current provisions
20
46.6
47.7
Financial liabilities measured at
amortised cost
13
6,748.2
7,484.0
Financial liabilities at FVPL
13
Financial instruments held by
central counterparties
6,815.1
7,667.6
Other financial liabilities at FVPL
48.6
51.1
Other non-current liabilities
14
15.4
15.6
Deferred tax liabilities
9
757.1
789.2
Equity and liabilities
in Ąm
Note
31 Dec 2024
31 Dec 2023
CURRENT LIABILITIES
196,291.1
211,420.0
Income tax liabilities
518.9
439.2
Current employee liabilities
18, 19
363.1
341.3
Other current provisions
20
119.8
123.8
Financial liabilities at amortised cost
13
Trade payables
898.3
1,514.2
Other financial liabilities at amortised cost
18,281.4
17,177.6
Cash deposits by market participants
48,703.2
53,401.3
Financial liabilities at FVPL
13
Financial instruments held by
central counterparties
126,019.6
137,341.9
Other financial liabilities at FVPL
27.6
16.0
Other current liabilities
14, 21
1,359.2
1,064.8
Total liabilities
210,852.5
227,626.7
Total equity and liabilities
222,111.7
237,726.9
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
181
Consolidated cash flow statement
for the period 1 January to 31 December 2024
in Ąm
Note
2024
2023
Net profit for the period
2,046.3
1,796.8
Depreciation, amortisation and impairment
losses
10,11,12
495.8
418.5
Increase in non-current provisions
20.9
7.8
Deferred tax expense/(income)
9
14.1
13.0
Cash flows from derivatives
0
24.5
Other non-cash expense/(income)
81.5
108.0
Changes in working capital, net of
non-cash items:
– 113.2
113.8
Decrease in receivables and other assets
437.4
484.7
Decrease in payables and other liabilities
– 550.5
– 370.9
Net loss on disposal of non-current assets
0.6
0.1
Cash flows from operating activities
excluding CCP positions
2,546.1
2,482.5
Changes in liabilities from CCP positions
– 470.2
2,160.2
Changes in receivables from CCP positions
334.8
– 2,093.6
Cash flows from operating activities
22
2,410.7
2,549.1
in Ąm
Note
2024
2023
Payments to acquire intangible assets
– 302.5
– 218.4
Payments to acquire property, plant and
equipment
– 58.1
– 49.5
Payments to acquire financial instruments
– 446.2
– 318.1
Payments to acquire investments in
associates
– 6.7
– 1.4
Payments to acquire subsidiaries,
net of cash acquired
– 14.3
– 3,842.2
Net decrease in current receivables and
securities from banking business with an
original term greater than three months
845.5
287.2
Net increase/(decrease) in current liabilities
from banking business with an original term
greater than three months
– 480.2
86.1
Proceeds from disposals of intangible assets
–
0.1
Proceeds from disposals of property plant
and equipment
3.5
0.0
Proceeds from disposals of financial
instruments
390.0
59.1
Proceeds from the disposal of shares in
associates
9.1
–
Cash flows from investing activities
22
– 60.0
– 3,997.2
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
182
in Ąm
Note
2024
2023
Purchase of treasury shares
– 297.8
–
Proceeds from sale of treasury shares
9.4
–
Proceeds from non-controlling interests
–
7.4
Payments (dividend) to non-controlling
interests
– 51.5
– 19.9
Net effects from transactions with equity
investors (without loss of control over the
subsidiary)
–
120.7
Proceeds of long-term financing
–
2,968.8
Repayment of long-term financing
– 157.3
– 42.0
Repayment of short-term financing
– 65.0
– 126.5
Proceeds from short-term financing
–
129.9
Payments of lease liabilities in accordance
with IFRS 16
– 93.9
– 83.6
Dividends paid
17
– 697.8
– 661.5
Cash flows from financing activities
22
– 1,353.9
2,293.4
Net change in cash and cash equivalents
996.7
845.2
in Ąm
Notes
2024
2023
Net change in cash and cash equivalents
(brought forward)
996.7
845.2
Effect of exchange rate differences
– 28.5
– 1.7
Cash and cash equivalents at beginning of
period
2,955.2
2,111.6
Cash and cash equivalents at end of period
22
3,923.5
2,955.2
Interest-similar income received1
2,989.1
2,634.2
Dividends received1
6.3
9.9
Interest paid2
– 2,097.8
– 1,800.5
Income tax paid1
– 724.7
– 576.5
1) Interest and dividends received and income tax payments are reported as cash flow from operating
activities operating activities.
2) Interest paid is generally presented in cash flow from operating activities, while interest paid from long-term
financing in amount of Ą157.3 million is presented in cash flow from financing activities.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
183
Consolidated statement of changes in equity
for the period 1 January to 31 December 2023
Attributable to owners of Deutsche Börse AG
in Ąm
Subscribed
capital
Share premium
Treasury shares
Revaluation
surplus
Retained
earnings
Shareholders'
equity
Non-controlling
interests
Total equity
Balance as at 1 January 2023
190.0
1,370.8
– 449.6
416.6
6,944.0
8,471.8
589.1
9,060.9
Net profit for the period
–
–
–
–
1,724.0
1,724.0
72.8
1,796.8
Other comprehensive income after tax
–
–
–
– 1.7
– 21.6
– 23.3
– 5.6
– 28.9
Total comprehensive income
–
–
–
– 1.7
1,702.4
1,700.7
67.2
1,767.9
Other adjustments
–
–
–
– 0.3
1.2
0.9
0.2
1.1
Group Share Plan
–
11.9
9.3
–
–
21.3
–
21.3
Increase in share-based payments
–
–
–
14.4
– 25.3
– 10.9
0.8
– 10.1
Changes from share-based payments
–
118.8
89.2
–
– 68.8
139.2
– 198.8
– 59.6
Dividends paid
–
–
–
–
– 661.5
– 661.5
– 19.9
– 681.3
Transactions with shareholders
–
130.8
98.6
14.1
– 754.4
– 511.0
– 217.6
– 728.6
Balance as at 31 December 2023
190.0
1,501.6
– 351.0
428.9
7,892.0
9,661.5
438.7
10,100.2
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
184
Consolidated statement of changes in equity
for the period 1 January to 31 December 2024
Attributable to owners of Deutsche Börse AG
in Ąm
Subscribed
capital
Share premium
Treasury shares
Revaluation
surplus
Retained
earnings
Shareholders'
equity
Non-controlling
interests
Total equity
Balance as at 1 January 2024
190.0
1,501.6
– 351.0
428.9
7,892.0
9,661.5
438.7
10,100.2
Profit for the period
–
–
–
–
1,948.5
1,948.5
97.9
2,046.3
Other comprehensive income
–
–
–
92.0
17.5
109.5
7.4
116.9
Total comprehensive income
–
–
–
92.0
1,966.0
2,057.9
105.2
2,163.2
Transfer of gain on disposal of FVOCI equity
instruments to retained earnings (net of tax)
–
–
–
– 2.8
2.8
–
–
–
Group Share Plan
–
22.1
22.6
–
– 12.5
32.1
–
32.1
Share buy back
–
–
– 297.8
–
–
– 297.8
–
– 297.8
Share cancellation
– 1.7
1.7
169.9
–
– 169.9
–
–
–
Changes from share-based payments
–
–
–
56.9
–
56.9
2.5
59.5
Transactions with non-controlling shareholders
–
4.5
4.1
– 8.8
– 42.1
– 42.3
– 6.2
– 48.6
Dividends paid
–
–
–
–
– 697.8
– 697.8
– 51.5
– 749.2
Transactions with shareholders
– 1.7
28.3
– 101.3
45.2
– 919.5
– 948.9
– 55.2
– 1,004.1
Balance as at 31 December 2024
188.3
1,529.9
– 452.3
566.1
8,938.5
10,770.5
488.7
11,259.3
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
185
Notes to the consolidated financial
statements
Basis of preparation
01 General principles
Company information
Deutsche Börse AG is the parent company of Deutsche Börse Group. Deutsche
Börse AG (the “company”) has its registered office in Frankfurt/Main, Ger-
many, and is registered in the commercial register B of the Frankfurt/Main Lo-
cal Court (Amtsgericht Frankfurt am Main) under HRB 32232. Deutsche
Börse AG and its subsidiaries provide their clients with a broad range of prod-
ucts and services along the value chain of financial market transactions. Their
offering ranges from portfolio management software, analytics solutions, the
ESG business and index development, via services for trading, clearing and
settling orders through to custody services for securities and funds, and liquid-
ity and collateral management services. We also develop and operate the IT
systems and platforms that support all these processes. In addition to securi-
ties, our platforms are also used to trade derivatives, commodities, foreign ex-
change and digital assets. Moreover, Deutsche Börse AG has a stock exchange
licence, while certain subsidiaries of Deutsche Börse AG have a banking li-
cence and offer banking services to customers. Furthermore, certain subsidiar-
ies in the Group act as a central counterparty (CCP) and their task is to miti-
gate settlement risks of buyers and sellers. Further details on internal organisa-
tion and reporting see the section “Fundamental information about the Group”
in the combined management report.
Basis of reporting
The 2024 consolidated financial statements have been prepared in compli-
ance with the International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB) and the related interpreta-
tions issued by the International Financial Reporting Interpretations Committee
(IFRIC), as adopted by the European Union in accordance with Regulation
No. 1606/2002 of the European Parliament and of the Council on the appli-
cation of international accounting standards.
The disclosures required in accordance with Handelsgesetzbuch (HGB, Ger-
man Commercial Code) section 315e (1) have been presented in the notes to
the consolidated financial statements.
The consolidated income statement is structured using the nature of expense
method.
Deutsche Börse AG’s consolidated financial statements have been prepared in
euros, the functional currency of Deutsche Börse AG. Unless stated otherwise,
all amounts are shown in millions of euros (Ąm). Due to rounding, actual
amounts may differ from unrounded or disclosed figures.
Information about capital management, which is also part of these consoli-
dated financial statements, is included in the chapter Regulatory capital re-
quirements and regulatory capital ratios in the section Risk report in the com-
bined management report.
The consolidated financial statements have been prepared on a going concern
basis.
All accounting policies, estimates, measurement uncertainties, and discretion-
ary judgements referring to a specific subject matter are described in the corre-
sponding note. Such disclosures are focused on applicable accounting options
under IFRSs. Deutsche Börse Group does not present the underlying published
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
186
IFRS guidelines, unless this is considered crucial to enhance transparency.
The annual financial statements of subsidiaries included in the consolidated fi-
nancial statements have been prepared on the basis of the Group-wide ac-
counting policies based on IFRS that are described in the following. They were
applied consistently to the periods shown.
Assets and liabilities and items in the consolidated statement of comprehen-
sive income and any mandatory disclosures are listed separately if they are
material. We define as material a proportion of around 10 per cent of the rele-
vant total.
New accounting standards – implemented in the year under review
All the mandatory standards and applications endorsed by the European Com-
mission were applied by us in the reporting year 2024. They were not applied
earlier than required.
Standard/Amendment/Interpretation
Application
date
Effects
IAS 1
Amendments in classification of lia-
bilities as current or non-current
and amendments in the classifica-
tion of liabilities with covenants
1 Jan 2024
none
IAS 7 and IFRS 7
Amendment to supplier finance ar-
rangements disclosure
1 Jan 2024
none
IFRS 16
Amendments in the accounting for
lease liabilities in sale and lease-
back transactions on seller/lessee
1 Jan 2024
none
New accounting standards – not yet implemented
The IASB issued the following new or amended standards and interpretations,
which were not applied in the consolidated financial statements, because en-
dorsement by the EU was still pending or the application was not mandatory.
The new or amended standards and interpretations must be applied for finan-
cial years beginning on or after the respective effective date. Even though early
application may be permitted for some standards, Deutsche Börse Group does
usually not use any early application options.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
187
Standard/Amendment/Interpretation
Application
date
Effects
IAS 21
Amendments affecting guideline IAS
21: lack of exchangeability
1 Jan 2025
none
IFRS 9 and IFRS 7
Amendments to the classification and
measurement of financial instruments
1 Jan 2026
none
Annual improvements
— Volume 11
The primary objective of the annual
improvements project is to enhance
the quality of standards, by amending
existing IFRSs to clarify guidance and
wording, or to correct for relatively mi-
nor unintended consequences, con-
flicts or oversights.
1 Jan 2026
none
IFRS 18
Presentation and disclosures in the fi-
nancial statements: IFRS 18 contains
requirements for the presentation and
disclosure of information in financial
statements for all companies that ap-
ply IFRS.
1 Jan 2027
See notes
IFRS 19
Subsidiaries without Public Accounta-
bility: Disclosures
1 Jan 2027
none
IFRS 18
The new financial reporting standard published in April 2024 aims to set out
requirements for the presentation and disclosure of information in general pur-
pose financial statements to help ensure they provide relevant information.
IFRS 18 includes requirements for the presentation and disclosure of infor-
mation in financial statements and replaces IAS 1 Presentation of Financial
Statements. The standard applies to financial years starting on or after 1 Janu-
ary 2027 and may be applied early. The standard has not yet been endorsed
by the EU, but it is expected to be endorsed in good time. Initial analyses have
already been carried out, but no assessment can be made as at the reporting
date as to what effects the application will have.
02 Consolidation principles
Intra-Group assets and liabilities are eliminated. Income arising from intra-
Group transactions is netted against the corresponding expenses. Intercom-
pany profits or losses arising from deliveries of intra-Group goods and services,
as well as dividends distributed within the Group, are eliminated. Deferred
taxes for consolidation adjustments are recognised where these are expected to
reverse in subsequent years.
Interests in equity attributable to non-controlling shareholders are presented
under “non-controlling interests” within equity. Where these are classified as
“puttable instruments”, they are reported under “liabilities” at cost.
Currency translation
Transactions denominated in a currency other than a company’s functional
currency are translated into the functional currency at the spot exchange rate
applicable at the transaction date. Monetary balance sheet items in foreign
currencies are measured at the exchange rate on the reporting date. Non-mon-
etary balance sheet items recognised at historical cost are measured at the ex-
change rate on the transaction date. By contrast, non-monetary balance sheet
items measured at fair value are translated at the exchange rate prevailing at
the valuation date. Exchange rate differences for monetary balance sheet items
are recognised either as other operating income or expenses or as the treasury
result from banking and similar business or as result from financial invest-
ments in the period in which they arise, unless the underlying transactions are
hedged. In the case of equity instruments designated at fair value through
other comprehensive income (FVOCI), the currency differences are recognised
in other comprehensive income, contrary to the principle.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
188
Balance sheet items of entities whose functional currency is not the euro are
translated into the reporting currency as follows: assets and liabilities are
translated into euro at the spot rate and equity items at historical rates. Assets
and liabilities are translated into euro at the spot rate and equity items at his-
torical rates. Resulting exchange differences are recognised directly in “revalu-
ation reserve”. Resulting exchange differences are recognised without effect on
profit or loss in the revaluation reserve. When the relevant subsidiary is sold,
these exchange rate differences are recognised in the net profit for the period
in which the deconsolidation gain or loss is realised.
The following euro exchange rates of consequence to Deutsche Börse Group
were applied:
Exchange rates
Average rate
2024
Average rate
2023
Closing price
as at
31 Dec 2024
Closing price
as
at 31 Dec
2023
Swiss francs
CHF (Fr.)
0.9518
0.9736
0.9401
0.9306
US dollars
USD (US$)
1.0798
1.0810
1.0418
1.1065
Czech koruna
CZK (Kč)
25.1492
24.0165
25.1570
24.6996
Singapore dollar
SGD (S$)
1.4438
1.4506
1.4183
1.4594
British pound
GBP (£)
0.8440
0.8712
0.8298
0.8683
Danish crones
DKK (dkr.)
7.4580
7.4493
7.4576
7.4542
Any goodwill arising on the acquisition of a foreign operation and any fair
value adjustments to the carrying amounts of assets and liabilities arising from
initial consolidation are reported in the functional currency of the foreign oper-
ation and translated at the closing rate.
Net investments in a foreign operation
Translation differences from a monetary item that is part of a net investment of
Deutsche Börse Group in a foreign operation are initially recognised in the re-
valuation reserve and are reclassified from equity to the consolidated income
statement when the net investment is sold.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
189
Subsidiaries and business combinations
Deutsche Börse AG and all subsidiaries directly or indirectly controlled by
Deutsche Börse AG are included in the consolidated financial statements.
Deutsche Börse AG controls a company if it is exposed to variable returns re-
sulting from its involvement with the company in question or has rights to
such returns and can influence these returns through its power of disposal
over the company.
Initial consolidation of subsidiaries in the course of business combinations
uses the purchase method. The acquiree’s identifiable assets, liabilities and
contingent liabilities are recognised at their acquisition date fair values. Any
excess of cost over the acquirer’s interest in the fair value of the subsidiary’s
net identifiable assets is recognised as goodwill. Goodwill is reported in subse-
quent periods at cost less accumulated impairment losses. Non-controlling in-
terests are measured at the acquisition date by the corresponding proportion of
the identifiable net assets of the acquired entity. In case Deutsche Börse AGG
has a written put option on shares in a subsidiary held by non-controlling in-
terests, but has the right to settle the obligation in a variable number of own
shares, we classify the shares as equity and account for the written put option
separately as a derivative financial instrument, categorisied at fair value
through profit or loss).
Deutsche Börse AG’s equity interests in subsidiaries and associates included in
the consolidated financial statements as at 31 December 2024 are presented
in the list of shareholdings in Note 35.
Material acquisitions
Acquisition of SimCorp A/S, Copenhagen, Denmark (SimCorp)
The acquisition of SimCorp A/S, Copenhagen, Denmark (SimCorp) on
29 September 2023 did not result in any adjustments to the preliminary pur-
chase price allocation:
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
190
Goodwill resulting from the business combination with SimCorp A/S, Copenhagen,
Denmark (SimCorp)
in Ąm
Goodwill calculation
29 Sep 2023
Consideration transferred
Purchase price in cash
3,747.6
Financial liability from squeeze-out1
139.7
Total consideration
3,887.3
Acquired assets and liabilities
Customer relationships
848.7
Trade names
359.3
Software
423.1
Property, plant and equipment
37.1
Non-current contract assets
185.3
Other non-current assets
18.8
Deferred tax assets
4.0
Current contract assets
86.1
Other current assets
17.1
Trade receivables
79.0
Acquired bank balances
54.8
Deferred tax liabilities
– 390.2
Miscellaneous non-current liabilities
– 49.6
Contract liabilities
– 39.8
Miscellaneous current liabilities
– 82.0
Total assets and liabilities acquired
1,551.7
Goodwill (not tax-deductible)
2,335.6
1) At the acquisition date on 29 September 2023 there was still a financial liability for the squeeze-out,
which had been completed as at the reporting date on 31 December 2023.
03 Adjustments
Deutsche Börse Group made retrospective changes and adjustments to the
consolidated balance sheet as at 31 December 2024; the figures published as
at 31 December 2023 were adjusted accordingly.
Changes to the maturity of contract costs from external customer contracts
We have adjusted the concept of the maturity of contract cost assets. Prior to
the redesign, contract costs were recognised in the consolidated balance sheet
under ‘Other non-current assets’ and ‘Other current assets’. Under the new
concept, contract costs are generally recognised as non-current assets in the
consolidated balance sheet. This is because the assets are not expected to be
realised within the normal business cycle. Contract costs whose amortisation
is expected within one year will continue to be recognised directly as an ex-
pense, exercising the option under IFRS 15.94. From now on, the item will be
recognised under ‘Other non-current assets’. The previous item ‘Other current
assets’ was reclassified retrospectively as at 1 January 2023 in the amount of
Ą8.5 million and as at 31 December 2023 in the amount of Ą11.0 million.
The adjustment has no effect on net income and comprehensive income.
Adjustment of the allocation of product lines within net revenue
With effect from the first quarter of 2024, Deutsche Börse Group has slightly
adjusted the allocation of net revenue within the net revenue note and within
segment reporting. These are purely changes to the allocation within the prod-
uct lines that have no impact on net income for the period or comprehensive
income.
In the Trading & Clearing segment, the Financial Derivatives division, net reve-
nue from interest rate derivatives, OTC clearing and the repo business, which
were previously reported under ‘Other’, are now reported together under ‘Inter-
est rate derivatives’. In addition, in the financial derivatives area, the fees for
collateral provided, which were previously reported separately, are now allo-
cated to the ‘Equity derivatives’ and ‘Interest rate derivatives’ areas according
to their economic classification.
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Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
191
In the Fund Services segment, net interest income is now reported separately
and is no longer part of the ‘Other’ item.
Due to the bundling of expertise in digital assets within the Trading & Clearing
segment, the activities of Crypto Finance and Deutsche Börse Digital Exchange
(DBDX), which were previously reported under ‘Securities’, are now reported
under ‘Foreign Exchange & Digital Assets’. DBDX was merged with 360 Treas-
ury Systems AG in the 2024 financial year.
Adjustment net revenue structure
In the 2024 financial year, we adjusted our reporting structure in the consoli-
dated income statement to better reflect the changed internal company man-
agement for organic growth, which will apply from 1 January 2025. In this
context, a new item ‘Net revenue excluding treasury result from banking and
similar business’ was introduced in the consolidated income statement, which
will serve as a key performance indicator for management purposes from now
on. The presentation in Note 4 ‘Net revenue‘ has also been adjusted to reflect
the new structure.
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Consolidated income statement
Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
192
Notes on the consolidated income statement
04 Net revenue
Recognition of income and expenses
Overall, Deutsche Börse Group’s net revenue comprised the
following items:
Sales revenue,
other operating income,
volume-related costs and
treasury result from banking and similar business.
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Consolidated balance sheet
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Further information
Deutsche Börse Group – Annual report 2024
193
Composition of net revenue (part 1)
Sales revenue
Other operating income
Volume-related costs
Net revenue excluding
treasury result from bank-
ing and similar business
Treasury result from
banking and similar
business
Net revenue
in Ąm
2024
20231
2024
20231
2024
20231
2024
2023
2024
20231
2024
20231
Investment Management Solutions
ESG & Index
629.1
613.2
0.2
0.3
– 47.9
– 47.2
581.4
566.3
9.3
–
590.7
566.3
Index
235.0
230.7
0.2
0.3
– 25.5
– 25.4
209.7
205.6
–
–
209.7
205.6
ESG
272.7
254.4
–
–
– 12.9
– 12.3
259.8
242.1
–
–
259.8
242.1
Other ESG & Index
121.4
128.1
–
–
– 9.5
– 9.5
111.9
118.6
9.3
–
121.2
118.6
Software Solutions
758.8
330.3
1.7
0.8
– 66.5
– 34.2
694.0
296.9
–
–
694.0
296.9
On-premises
283.8
126.7
1.4
–
– 7.1
– 1.8
278.1
124.9
–
–
278.1
124.9
SaaS (incl. Analytics)
314.3
157.9
0.3
0.1
– 59.4
– 32.4
255.2
125.6
–
–
255.2
125.6
Other Software Solutions
160.7
45.7
–
0.7
–
–
160.7
46.4
–
–
160.7
46.4
1,387.9
943.5
1.9
1.1
– 114.4
– 81.4
1,275.4
863.2
9.3
–
1,284.7
863.2
Trading & Clearing
Financial derivatives
1,299.5
1,247.5
11.8
29.0
– 154.0
– 148.3
1,157.3
1,128.2
151.1
136.1
1,308.4
1,264.3
Equities
531.6
571.4
72.52
61.52
– 81.6
– 101.1
522.5
531.8
–
–
522.5
531.8
Interest rates
489.7
429.0
121.62
116.82
– 54.9
– 31.3
556.4
514.5
–
–
556.4
514.5
Margin fees
39.0
38.2
– 190.02
– 174.32
– 0.1
–
– 151.1
– 136.1
151.1
136.1
–
–
Other
239.2
208.9
7.7
25.0
– 17.4
– 15.9
229.5
218.0
–
–
229.5
218.0
Commodities
567.0
465.5
1.0
1.9
– 38.4
– 20.1
529.6
447.3
108.1
117.7
637.7
565.0
Power
340.2
250.0
–
–
– 24.4
– 8.5
315.8
241.5
–
–
315.8
241.5
Gas
100.5
103.9
–
–
– 2.6
– 2.2
97.9
101.7
–
–
97.9
101.7
Other
126.3
111.6
1.0
1.9
– 11.4
– 9.4
115.9
104.1
108.1
117.7
224.0
221.8
Cash equities
355.1
346.4
5.7
9.9
– 65.2
– 66.7
295.6
289.6
–
–
295.6
289.6
Trading
162.4
151.7
4.2
8.3
– 31.8
– 33.5
134.8
126.5
–
–
134.8
126.5
Other
192.7
194.7
1.5
1.6
– 33.4
– 33.2
160.8
163.1
–
–
160.8
163.1
FX & Digital Assets
166.7
148.6
2.4
0.9
– 5.8
– 6.4
163.3
143.1
2.1
0.8
165.4
143.9
2,388.3
2,208.0
20.9
41.7
– 263.4
– 241.5
2,145.8
2,008.2
261.3
254.6
2,407.1
2,262.8
1) The figures for 2023 have been adjusted to enable comparability with the changes resulting from the reallocation of product lines within net revenue in 2024, see Note 3.
2) Of the fees for collateral deposited, Ą72.1 million (2023: Ą61.1 million) were reclassified to the equity derivatives underlying business area and Ą117.9 million (2023: Ą113.2 million) to the interest rate derivatives
underlying business area.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
194
Composition of net revenue (part 2)
Sales revenue
Other operating income
Volume-related costs
Net revenue excluding
treasury result from bank-
ing and similar business
Treasury result from
banking and similar busi-
ness
Net revenue
in Ąm
2024
20231
2024
20231
2024
20231
2024
2023
2024
20231
2024
20231
Fund Services
Fund processing
281.7
231.3
0.2
–
– 20.7
– 17.4
261.2
213.9
–
–
261.2
213.9
Fund distribution
701.2
580.8
–
0.2
– 609.8
– 495.9
91.4
85.1
–
0.2
91.4
85.3
Net interest income from banking
business
–
–
–
–
–
–
–
–
60.6
56.9
60.6
56.9
Other
96.1
96.0
0.1
0.3
– 22.2
– 17.5
74.0
78.8
6.8
5.0
80.8
83.8
1,079.0
908.1
0.3
0.5
– 652.7
– 530.8
426.6
377.8
67.4
62.1
494.0
439.9
Securities Services
Custody
828.2
816.7
0.5
0.7
– 172.5
– 202.5
656.2
614.9
–
0.2
656.2
615.1
Settlement
202.6
179.6
0.1
–
– 73.8
– 65.2
128.9
114.4
–
–
128.9
114.4
Net interest income from banking
business
–
–
–
–
–
0.1
–
0.1
713.2
645.4
713.2
645.5
Other
185.6
166.9
2.0
1.8
– 42.0
– 32.2
145.6
136.5
– 1.2
– 0.8
144.4
135.7
1,216.4
1,163.2
2.6
2.5
– 288.3
– 299.8
930.7
865.9
712.0
644.8
1,642.7
1,510.7
Subtotal
6,071.6
5,222.8
25.7
45.8
– 1,318.8
– 1,153.5
4,778.5
4,115.1
1,050.0
961.5
5,828.5
5,076.6
Consolidation of internal revenue
– 99.7
– 89.6
–
– 6.0
99.7
95.6
–
–
–
–
–
–
thereof Investment Management So-
lutions
– 70.9
– 70.2
–
–
4.4
1.9
– 66.5
– 68.3
–
–
– 66.5
– 68.3
thereof Trading & Clearing
– 13.9
– 6.4
–
– 6.0
92.7
90.6
78.8
78.2
–
–
78.8
78.2
thereof Fund Services
– 5.6
– 0.3
–
–
0.2
0.2
– 5.4
– 0.1
–
–
– 5.4
– 0.1
thereof Securities Services
– 9.3
– 12.7
–
–
2.4
2.9
– 6.9
– 9.8
–
–
– 6.9
– 9.8
Total
5,971.9
5,133.2
25.7
39.8
– 1,219.1
– 1,057.9
4,778.5
4,115.1
1,050.0
961.5
5,828.5
5,076.6
1) The figures for 2023 have been adjusted to enable comparability with the changes resulting from the reallocation of product lines within net revenue in 2024, see Note 3.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
195
Sales revenue
IFRS 15 stipulates that revenue is recognised when Deutsche Börse Group has
met its performance obligations to the customer by providing the contractually
agreed services. This occurs either at a specific point in time, such as the exe-
cution of transactions in the context of matching and clearing and the use of
certain software products, or over a period of time, such as in the case of on-
going listing services, market information services or custody services. The
amount of revenue recognised is based on the transaction price allocated to
the individual performance obligations in the contract and reflects what
Deutsche Börse Group expects to receive in return.
If several contracts exist with the same customer, they are treated as one con-
tract for accounting purposes to the extent that the contracts were negotiated
and signed at the same time or close together and have the same economic
objective. This is a discretionary judgement, which also considers whether
there is a common economic element to the contracts. Discretionary judge-
ments may be required to determine whether a new agreement should be
treated as a new contract or as an amendment to existing contracts. Here, for
example, we consider whether there is a connection between the new agree-
ment and the existing contracts and whether the agreed services are linked.
A contract often contains multiple performance obligations. One single contract
may include license fees, software updates and other components, for exam-
ple. The fees are allocated to the individual performance obligations. There is a
certain degree of judgement in determining whether a product or service
should be accounted for as a separate distinct service. We consider whether
the service or product brings the customer a benefit on its own or together with
other available resources. When making the judgement we also consider
whether the contractual obligations can be separated from one another.
There is also room for discretion when determining the transaction price. For
example, in the case of transaction prices with variable components, the most
probable amount must be estimated and used as the transaction price. This
requires estimates of discounts and concessions granted a later date or cross-
period.
The decision as to which method is used to determine the progress of perfor-
mance compared to the complete fulfilment of a performance obligation is also
subject to discretion. We predominantly recognise revenue over time on a
straight-line basis over the term of the contract. We also recognise revenue in
the amount of the service already rendered for which we are already entitled to
receive the consideration. This is discussed in more detail in the segment-spe-
cific sections of these notes.
A contract asset is recognised if Deutsche Börse Group has performed its obli-
gation but does not yet have an unconditional right to payment of considera-
tion. This can be the case if additional services have to be provided before an
invoice can be sent, for instance. By contrast, a contract liability is recognised
if a customer has made an advance payment for a service still to be provided.
For more information about contract assets and liabilities, the capitalised costs
of contract origination and the performance of contracts, see Note 14.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
196
In the following section we describe the origin and recognition of revenue in
our segments and their main product lines. Detailed disclosures on the seg-
ment structure can be found in the section “Deutsche Börse: Fundamental in-
formation about the Group” in the combined management report. Other perfor-
mance indicators for the individual segments are presented in Note 24.
Investment Management Solutions
The segment consists of the units ESG & Index and Software Solutions.
ESG & Index generates revenue from indices, ESG (environmental, social and
corporate governance) and Governance solutions. The index offering ranges
from blue-chip to benchmark to strategy to sustainability to smart-beta indices,
which financial market participants use as underlyings for financial instru-
ments or as a benchmark for the performance of investment funds. ESG’s
product portfolio includes Corporate Solutions, ESG Analytics and Governance
Solutions. Corporate Solutions provides web-based tools for governance and
sustainability analysis, including ESG data, ratings, assessments, and reports.
These tools help corporate clients design and manage their corporate govern-
ance, compensation, and sustainability programs. ESG Analytics empowers in-
vestors to develop and integrate responsible investment policies and practices,
engage on responsible investment topics, and monitor portfolio companies
through screening and analysis. Governance Solutions offers governance re-
search and recommendations, end-to-end proxy voting and reporting solutions,
and outsourced proxy voting services, including vote instruction transmission.
The bulk of ESG & Index revenue comes from fixed-term contracts in which
the customer receives the benefit over the course of the contract and uses it
simultaneously. We therefore recognise revenue on a straight-line basis over
the duration of the contract.
The transaction prices for index licences can be fixed or variable prices (usage-
based, mostly based on assets under management) or a combination of both.
In the case of variable fees, the service utilised by the customer is documented
and invoiced in the respective subsequent quarter. Deutsche Börse Group rec-
ognises monthly revenue based on estimates, either based on the customer’s
average usage over the previous twelve months, adjusted to take into account
current developments in the markets or based on the real market data on a
customer level. Revenue estimates are revised when warranted by the circum-
stances. Increases and decreases in estimated revenue are reflected in the
consolidated income statement in the period in which the revision takes place.
Customers are invoiced on a quarterly basis and consideration is generally
payable within 30 days.
The transaction prices for the goods and services in the ESG product line may
be fixed or variable or a combination of the two. If the invoice amount depends
on the volume of services used, a variable transaction price exists. Especially
for Governance solutions, some client agreements stipulate minimum purchase
volumes. These minimums are invoiced irrespective of actual service usage.
Consequently, the overall consideration comprises both fixed and variable
components. The variable components can also result from success fees and
surcharges. Since neither the volume that will be used nor the price of these
services can be determined with reasonable certainty when the contract starts,
the variable portion of the consideration is only recognised when the transac-
tion price can be determined. Fees are mostly charged in advance and are
generally due within 30 days of the invoice date. There is an expectation when
the contract begins that the period between the service being provided and the
receipt of consideration will not be more than a year, so there is no significant
financing component. Additional costs for originating a multiple-year contract
are capitalised and amortised as the corresponding revenue is realised.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
197
Software Solutions offers its clients risk-analytics and portfolio-construction
software. A distinction is made between Software as a Service (SaaS) and
on-premise solutions. SaaS is a cloud-based model whereas on-premise solu-
tions are operated and maintained by customers on their own servers. The
SaaS revenues come from fees for SaaS licences and SaaS services, which
comprise services and software updates, operating services, including Plat-
form-as-a-Service/hosting fees, and BPaaS fees (business processes as a ser-
vice). The on-premise revenues come from licence fees, software updates and
support services. Generally speaking, licence fees may stem from subscriptions
or open-ended licensing agreements. Subscriptions entitle the customer to use
the software for a particular period, whereas open-ended software licences
give the customer the right to use the software for as long as the contract for
software updates and support is in effect.
Revenue at Software Solutions is recognised partly at a point in time and partly
over time over the contract period.
Licence fees are recognised either at a point in time or on a straight-line basis
over the term of the contract. For on-premise solutions, revenue is recognised
at a point in time if all contractual obligations are fulfilled when the licence key
is transferred to the customer and the customer obtains control over the soft-
ware. Revenue for software updates and support is recognised on a straight-
line basis over the term of the contract for both SaaS and on-premise solu-
tions. SaaS services, which include infrastructure services, operational ser-
vices, digital portal services, investment accounting services, investment oper-
ational services, data management services and regulatory reporting platform
services, are recognised over the term of the contract. The fees for other ser-
vices ("professional services") result primarily from implementation. Here, reve-
nue is recognised over time on the basis of the work per-formed for time and
service contracts. Fixed fee agreements are recognised on the basis of the per-
centage of completion, unless the customer is obliged to accept the work. Ad-
ditional costs incurred in the initiation of a contract (sales commissions) are
capitalised for multi-year contracts. In the case of multi-year contracts with an
“opt-out” option, only the minimum term is taken into account.
Trading & Clearing
The Trading & Clearing segment comprises four asset classes: financial deriva-
tives, commodities, cash equities and FX & digital assets. Most revenue is rec-
ognised at a point in time.
Revenue from financial derivatives is generated from fees for the matching and
registration, administration and regulation of transactions. Some of these
transactions take place via the Eurex Deutschland order book. Revenue is also
generated with clearing and settlement services for over-the-counter (OTC)
transactions. This mainly comes in the form of booking and management fees.
Fees, as well as any reductions are specified in price lists and circulars. Re-
bates depend mainly on monthly volumes or the monthly fulfilment of liquidity
provisioning obligations in certain products or product groups.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
198
Commodities include contracts on power, natural gas and emission allow-
ances, as well as freight rates and agricultural products. Revenue is generated
primarily from fees that are charged for exchange trading and clearing of com-
modities products. Transaction fees are specified in the price list. Rebates are
granted primarily in the form of monthly rebates for the provision of a certain
volume or level of liquidity. These types of rebates are dependent upon the to-
tal monthly volume or the monthly fulfilment of certain liquidity provision re-
quirements.
Revenue from financial derivatives and commodities comes primarily from
transactions (e.g. matching/registering a contract) and so are recognised at a
point in time, i.e. when there are no longer any unfulfilled obligations to cus-
tomers. By contrast, fees for the administration of financial derivatives or com-
modities are recognised over time, since the service is provided until the trans-
action has been closed, terminated or has matured.
Cash equities intended for trading on the regulated market of Frankfurter
Wertpapierbörse (FWB, the Frankfurt Stock Exchange) are generally subject to
admission and listing or inclusion by FWB’s management. Deutsche Börse AG,
as the operator of the public sector exchange, charges fees for the admission,
listing, inclusion and quotation of securities on the regulated market. Cash
equities revenue is primarily recognised over time. Fees charged for the admis-
sion and inclusion of securities with definite maturities on the regulated market
are realised using the projected useful lives of the underlying securities. Ac-
cordingly, the fees charged for the listing of securities on the regulated unoffi-
cial market are recognised using the projected useful lives of the underlying
securities. The method for determining the progress of performance on the
basis of the expected useful life accurately represents the progress of perfor-
mance until the performance obligation is completely fulfilled. The listing fees
in the regulated market and fees for listing on the regulated unofficial market
are recurring fees that are charged for services over time and recognised pro
rata temporis.
FX & digital assets revenue is mainly generated in connection with the use of
the foreign exchange trading platform. It is recognised over the term of the
contract. The fee is made up of a fixed access fee and a volume-based usage
fee, which is invoiced monthly.
Fund Services
The Fund Services segment provides services to standardise fund processing
and to increase efficiency and security in the distribution and administration of
investment funds. The services offered include order routing, settlement, asset
management, custody services and distribution and placement of investments.
In principle, income is largely dependent on the volume and value of the funds
held in custody and the number of orders and transactions processed. Fees for
processing of funds and the management of distribution agreements are recog-
nised over time. We recognise monthly estimates in revenue based on market
data at client level. Revenue estimates are adjusted if circumstances so re-
quire. The corresponding increases or decreases are recognised in the consoli-
dated income statement in the period in which the adjustment is made. Trans-
action-related fees are realised at a point in time when the promised service is
rendered. This is the case as soon as the instructions are received and trans-
actions are processed. The service is deemed to have been provided at this
point in time. The fees and any discounts are set out in the price list. The ser-
vices are generally invoiced to customers on a quarterly basis; payment is usu-
ally due within 30 days of invoicing.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
199
Securities services
The Group generates revenue from infrastructure services and services for the
post-trading business, the settlement of securities transactions and the custody
and administration of securities. The fees for the settlement of securities de-
pend primarily on the number of transactions that take place via the stock ex-
changes and over-the-counter trading. The volume and value of the securities
held in custody mainly determine the custody fees. In principle, revenue
recognition is based on the prices specified in the price list and any discounts
granted. The fulfilment of the custody service for securities takes place over the
entire term of the contract and customers in the custody business receive the
benefit of the service provided at the same time. The performance progress
corresponds to the complete fulfilment of the service. Realisation takes place
over time. For the settlement business, realisation is based on a point in time.
For management services, such as corporate events for securities, fees are rec-
ognised when the promised service is provided to the customer. This is the
case when the instructions are received and transactions are processed. The
service is deemed to have been provided at this point. Invoices are issued
monthly and, in accordance with the General Terms and Conditions, custom-
ers participate in a direct debit procedure, which means that payment is made
promptly after the service has been provided and no financing components are
incurred.
Other operating income
Other operating income is income not directly attributable to our typical busi-
ness model. Other operating income is usually realised when all risks and
rewards have been transferred. Other operating income comprises, for in-
stance, income from agency agreements, as well as the reversal of impair-
ments recognised on trade receivables. In addition, valuation effects, such as
income from exchange rate differences from non-banking business, are re-
ported under other operating income.
Volume-related costs
The "Volume-related costs" item recognises expenses that are directly related to
sales revenue and other operating income and are not treated as a reduction in
the transaction price. These are separate, recognisable items that are directly
dependent on the following factors in particular:
the number of certain trading and settlement transactions,
the custody volume and the volume of global securities financing,
the scope of acquired data,
sales commissions to sales partners for the sale of investments,
Revenue-sharing agreements and “maker-taker” pricing models. The latter re-
fers to pricing models in which players who increase liquidity in the market
through limit orders receive remuneration or a discount for passively exe-
cuted orders.
Naturally, volume-dependent costs are only incurred if corresponding revenues
are generated.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
200
Treasury result from banking and similar business
The treasury result of banking and similar business stems mainly from invest-
ing surplus liquidity and from the fair value measurement of foreign exchange
transactions. It also includes income from exchange rate differences resulting
from finance instruments in the banking business. In a negative interest rate
environment we may also generate interest income from customer credit bal-
ances held with us. Furthermore, this item comprises interest payments made
on customer balances (positive interest rate environment) as well as cash in-
vestments (negative interest rate environment) and fees for providing customer
credit lines. Interest income and interest expenses are calculated, allocated
and realised when due, with the applicable effective interest rate on a daily ba-
sis. In addition, impairment losses from financial instruments as well as in-
come from the reduction of liabilities relating to the banking business are rec-
ognised in this item.
Revenue recognised in the financial year from performance obligations ful-
filled or partially fulfilled in prior periods amounted to Ą24.4 million (2023:
Ą14.0 million).
Composition of treasury result from banking and similar business
in Ąm
2024
2023
Interest income from positive interest environment
Financial assets measured at amortised cost
2,955.4
2,625.4
Interest expenses from positive interest environment
Financial liabilities measured at amortised cost
– 1,898.3
– 1,698.8
Interest income from negative interest environment
Financial liabilities measured at amortised cost
3.5
4.2
Interest expenses from negative interest environment
Financial assets measured at amortised cost
– 11.1
– 11.7
Net interest income
1,049.5
919.1
Other valuation result
0.5
42.4
Total
1,050.0
961.5
The significant increase in interest income and interest expenses from financial
instruments measured at amortised cost is mainly due to higher interest rates
in the first half of the year compared to the same period of the previous year.
Other operating income
Other operating income totalling Ą25.7 million (2023: Ą39.8 million) mainly
results from currency differences of Ą8.5 million (2023: Ą7.5 million), income
from receivables written off in the amount of Ą3.1 million (2023: Ą2.0 mil-
lion) and income from agency services in the amount of Ą1.5 million (2023:
Ą1.4 million).
PDF (A4)
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Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
201
05 Staff costs
Composition of staff costs
in Ąm
2024
2023
Wages and salaries
1,203.3
993.1
Expenses from share-based payment
74.3
60.1
Expenses for pensions and other employee benefits
63.2
55.1
Other staff costs
129.6
141.3
Social security contributions
210.9
172.8
Total
1,681.4
1,422.5
06 Other operating expense
Composition of other operating expenses
in Ąm
2024
2023
Costs for IT service providers and other consulting services
267.2
241.1
IT costs
236.0
196.9
Non-recoverable input tax
63.0
72.0
Premises expenses
49.6
47.9
Insurance premiums, contributions and fees
29.4
31.0
Advertising and marketing costs
35.5
28.3
Travel, entertainment and corporate hospitality expenses
34.6
29.8
Cost of exchange rate differences
13.5
7.2
Supervisory Board remuneration
6.6
5.0
Expenses from short-term leases
4.4
2.9
Miscellaneous
47.9
33.7
Total
787.8
695.8
The costs of IT service providers and other consulting services mainly relate to
expenses in connection with software development. These costs also include
expenses for strategic consultancy and legal advice, as well as for auditing.
Composition of fees paid to the auditor
2024
2023
in Ąm
PwC network
thereof PwC
GmbH
PwC network
thereof PwC
GmbH
Statutory audit services
11.8
6.0
9.1
5.1
Other assurance or valua-
tion services
1.4
0.8
1.3
0.7
Tax advisory services
–
–
–
–
Other services
0.2
0.2
0.3
–
Total
13.4
7.0
10.7
5.8
The audit fees of PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesell-
schaft (PwC) related in particular to the audit of the consolidated financial
statements and the annual financial statements of Deutsche Börse AG, as well
as various audits of the annual financial statements of subsidiaries. Integrated
into the audit were reviews of interim financial statements. Other assurance or
valuation services primarily relate to legally or contractually required audits of
internal systems and controls, the limited assurance engagement on the con-
tent of the Group sustainability statement and the voluntary limited assurance
engagement on the content of the remuneration report. Other services primarily
relate to permissible consulting services in connection with preparations for a
potential capital market transaction.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
202
07 Result from financial investments
Result from financial investments comprises measurement effects, dividend
payments, distributions, foreign currency translation effects and write-downs
on financial investments. Gains and losses on financial investments at FVPL
are recognised on a net basis in the period in which they arise. Distributions
from funds and dividends are recognised in profit or loss once our right to re-
ceive payments is established and to the extent that such dividends are not
capital repayments.
Composition of result from financial investments
in Ąm
2024
2023
Result of the equity method measurement of associates
7.2
1.8
Result of financial investments measured at amortised cost
1.0
– 1.8
Result of financial investments measured at fair value through
profit or loss
– 6.9
– 13.8
Result of derivatives
38.3
2.4
Result of hedge accounting
– 3.3
– 2.7
Total
36.3
– 14.0
For changes in financial investments see Note 13.
08 Financial result
The financial result comprises interest income and expenses which are not at-
tributable to the Group’s banking business and are therefore not recognised in
net revenue. Interest income and expense are recognised using the effective
interest method over the respective financial instrument’s term to maturity. In-
terest income is recognised when it is probable that the economic benefits as-
sociated with the transaction will flow to the entity and the income can be
measured reliably. Interest expense is recognised in the period in which it is
incurred. Measurement effects from interest rate derivatives, including interest
rate hedges, are also shown in this item. The position also includes measure-
ment effects from foreign exchange derivatives to the extent that they relate to
treasury activities in the non-banking business.
Composition of financial income
in Ąm
2024
2023
Interest income from financial assets measured at amortised
cost
21.5
25.6
Interest income from financial liabilities measured at amor-
tised cost
0.9
0.9
Valuation gain from foreign currency derivatives
–
3.6
Interest income on tax refunds
8.1
5.3
Other interest income and similar income
19.9
11.2
Total
50.5
46.6
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Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
203
Composition of financial expense
in Ąm
2024
2023
Interest expense from financial liabilities measured
at amortised cost1
152.6
79.5
Transaction cost of financial liabilities measured
at amortised cost
8.7
7.1
Interest expense from financial assets measured
at amortised cost
0.4
0.1
Interest expense from lease liabilities
9.6
8.1
Valuation loss from foreign currency derivatives
13.0
–
Interest expense on taxes
11.4
7.7
Expense of the unwinding of the discount on
pension provisions
4.0
2.7
Other interest expense and non-interest expense
5.3
15.5
Total
205.1
120.6
1) This includes Ą10.5 million (2023: Ą7.8 million) time value gains from interest rate swaps designated as
hedging instruments to hedge cash flow risk from bond issues.
09 Income taxes
Introduction of the global minimum tax (Pillar II)
In October 2021, more than 135 countries agreed to introduce the global
minimum tax for multinational groups with consolidated annual sales of at
least Ą750 million as part of the OECD/G20 Inclusive Framework on Base Ero-
sion and Profit Shifting (BEPS). The reform project known as Pillar II Model
Rules is intended to ensure that in-scope multinational groups are subject to
an effective minimum taxation of their profits at 15 per cent per jurisdiction.
The aim is to limit international tax competition and ensure fair and appropri-
ate taxation.
The rules have to be transposed into national law. Following the OECD’s publi-
cation of the Pillar II Model Rules, a number of countries have already adopted
the legislation or announced its adoption.
The Group falls within the scope of the OECD Pillar II Model Rules. The Pillar
II legislation was transposed into the national legislation of Germany, the
Group’s jurisdiction, by resolution of the German parliament on 10 December
2023 on the Minimum Tax Directive Implementation Act, with effect for finan-
cial years from 1 January 2024 onwards.
Under this legislation the Group is obliged to ensure that profits of all Group
entities belonging to a jurisdiction are subject to taxation of at least 15 per
cent, taking into account local top-up taxes (OECD: Qualified Domestic Top-Up
Tax) and top-up taxes under OECD’s Income Inclusion Rule.
In the reporting year, the Group recognised top-up tax expenses of Ą10.4 mil-
lion for the subsidiaries and permanent establishments concerned. These are
mainly attributable to the Group’s business activities in Switzerland and repre-
sent less than 1.5 per cent (2023: nil) of the income tax expense for the cur-
rent year. All Group entities with an effective tax rate below 15 per cent bear
their share of the top-up tax expense in proportion to their economic share of
the total top-up tax expense (2023: nil).
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
204
Recognition and measurement
Deutsche Börse Group is subject to the tax laws of those countries in which it
operates and generates income. If it is probable that the tax authorities will not
accept the disclosed amounts or the legal assessments on which the Group’s
tax declarations are based (uncertain tax positions), tax provisions are recog-
nised based on the best possible estimate of expected cash outflows. Tax as-
sets are recognised if it is considered almost certain that they will be realised.
The recognition of uncertain tax positions is reassessed if there is a change in
the underlying facts or their legal assessment (e.g. change in case law).
Deferred tax assets and liabilities are computed using the balance sheet liabil-
ity approach. The deferred tax calculation is based on temporary differences
between the carrying amounts of assets and liabilities in the IFRS financial
statements and their tax base that will lead to a future tax liability or benefit
when assets are used or sold or liabilities are settled. These differences are
used to calculate deferred tax assets or liabilities. The deferred tax assets or
liabilities are measured using the tax rates that are currently expected to apply
when the temporary differences reverse, based on tax rates that have been
enacted or substantively enacted by the reporting date.
The amendments to IAS 12 (International Tax Reform – Pillar II Model Rules)
published by the IASB in 2023 provide for a temporary exemption from the
obligation to recognise deferred taxes in connection with the introduction of the
global minimum tax. This has been implemented accordingly in the Group.
Deferred tax assets are recognised for the unused tax loss and interest car-
ryfowards only to the extent that it is probable that future taxable profit will be
available. Deferred tax assets and deferred tax liabilities are offset where a
legally enforceable right to set off current tax assets against current tax liabili-
ties exists, and the deferred tax assets and deferred tax liabilities relate to in-
come taxes levied by the same taxation authority.
Composition of income tax expense
in Ąm
2024
2023
Current income tax expense/(income)
685.4
645.4
for the current year
714.9
638.9
for previous years
– 29.5
6.5
Deferred income tax expense/(income)
13.4
9.5
due to temporary differences
10.9
9.5
due to tax loss and interest carryforwards
5.9
15.2
due to changes in tax legislation and/or tax rates
2.5
– 5.7
for previous years
– 5.9
– 9.5
Total income tax expense
698.8
654.9
PDF (A4)
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
205
Allocation of income tax expense to Germany and foreign jurisdictions
in Ąm
2024
2023
Current income tax expense/(income)
685.4
645.4
Germany
351.3
312.6
Foreign jurisdictions
334.1
332.8
Deferred income tax expense/(income)
13.4
9.5
Germany
15.5
19.7
Foreign jurisdictions
– 2.1
– 10.2
Total income tax expense
698.8
654.9
Tax rates of 27.4 to 31.9 per cent (2023: 27.4 to 31.9 per cent) were used
in the reporting period to calculate income taxes for the German Group compa-
nies. These reflect trade income tax at rates of 11.6 to 16.1 per cent (2023:
11.6 to 16.1 per cent), corporation tax of 15 per cent (2023: 15 per cent)
and the 5.5 per cent solidarity surcharge (2023: 5.5 per cent) on corporation
tax.
Tax rates of 24.9 to 27.2 per cent (2023: 24.9 to 27.7 per cent) were used
for the Group companies in Luxembourg. For Group companies in other coun-
tries (see Note 35), tax rates (not including top-up taxes) from 11.8 per cent
in Switzerland to 35.0 per cent in Argentina (2023: 11.8 to 31.4 per cent)
were applied.
Current income tax expense was reduced by Ą0.7 million in the reporting year
by the utilisation of previously unrecognised tax loss carryforwards (2023:
Ą2.6 million). Deferred tax income of Ą2.6 million arose by previously unrec-
ognised tax losses (2023: Ą1.0 million). There was no deferred tax expense
from changes in valuation allowances for deductible temporary differences
(2023: Ą0.2 million).
The following table shows the carrying amounts of deferred tax assets and lia-
bilities as at the reporting date by line item or loss carryforwards.
Composition of deferred taxes
Deferred tax assets
Deferred tax liabilities
in Ąm
31 Dec 2024 31 Dec 20232 31 Dec 2024
31 Dec 20232
Intangible assets
86.2
83.5
– 840.7
– 830.1
Internally developed
software
18.6
16.7
– 108.4
– 77.0
Other
67.6
66.8
– 732.3
– 753.1
Financial assets
6.1
2.9
– 42.3
– 37.1
Other assets
19.6
23.7
– 82.6
– 74.7
Provisions for pensions
and other employee
benefits
43.6
45.4
– 22.3
– 19.3
Other provisions
40.9
33.2
– 9.3
– 3.8
Liabilities
79.4
71.0
– 44.0
– 49.1
Tax loss and interest
carryforwards
33.1
38.5
0
0
Deferred taxes (before
netting)
308.9
298.2
– 1,041.2
– 1,014.1
thereof recognised in
profit and loss
284.4
272.0
– 995.1
– 962.3
thereof recognised in
other comprehensive
income1
24.5
26.2
– 46.1
– 51.8
Deferred taxes set off
– 284.1
– 224.9
284.1
224.9
Total
24.8
73.3
– 757.1
– 789.2
1) See Note 16 for further information on deferred taxes recognised in other comprehensive income
2) Reclassifications were made for the previous year's figures in the allocation of deferred taxes to the
balance sheet items due to better knowledge of the companies Institutional Shareholder Services Inc. and
SimCorp A/S.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
206
Short-term elements of deferred taxes are recognised in non-current assets and
liabilities in the consolidated balance sheet, in line with IAS 1 “Presentation
of Financial Statements”.
At the end of the reporting period, accumulated unused tax losses amounted to
Ą138.8 million (2023: Ą104.6 million), for which no deferred tax assets
were recognised. These unused tax losses are attributable to domestic losses
totalling Ą4.0 million and to foreign tax losses totalling Ą134.8 million
(2023: Germany Ą1.5 million, foreign tax losses Ą103.1 million). Switzerland
accounts for Ą65.0 million (2023: Ą49.4 million) of the tax losses from for-
eign Group companies. These tax losses may be used to reduce the Qualified
Domestic Top-Up tax expense in Switzerland in the future. Other unused tax
losses relate largely to the following jurisdictions: Luxembourg Ą23.2 million
(2023: Ą15.4 million), Singapore Ą17.8 million (2023: Ą16.9 million) and
United States Ą16.1 million (2023: Ą19.1 million).
Tax losses may be carried forward for up to seven years in Switzerland. In Lux-
embourg, losses may be carried forward indefinitely, provided they incurred
before 1 January 2017. The carryforward of losses incurred after 31 Decem-
ber 2016 is limited to 17 years. Tax losses may be carried forward indefinitely
in Singapore. In the USA, tax losses arising before 1 January 2018 may be
carried forward for up to 20 years. Losses incurred after 31 December 2017
may be carried forward indefinitely, taking into account the minimum taxation
rules.
There were no unrecognised deferred tax liabilities on future dividends of sub-
sidiaries and associates or on gains from the disposal of subsidiaries and asso-
ciates in the reporting period (2023: nil).
Reconciliation from expected to reported income tax expense
in Ąm
2024
2023
Earnings before tax (EBT)
2,745.2
2,451.8
Expected income tax expense
713.8
637.5
Effects of different tax rates
– 5.5
– 9.0
Effects of non-deductible expenses
40.2
23.8
Effects of tax-exempt income
– 2.9
– 2.7
Tax effects from loss carryforwards
– 0.7
– 2.5
Changes in valuation allowance for deferred tax assets
2.9
10.3
Effects from changes in tax rates
2.5
– 5.7
Other
– 16.1
6.2
Income tax expense arising from current year
734.2
657.9
Income taxes for previous years
– 35.4
– 3.0
Income tax expense
698.8
654.9
To determine the expected income tax expense, earnings before tax have been
multiplied by the tax rate of 26 per cent assumed for 2024 (2023:
26 per cent). This rate represents the weighted average tax rate of all Group
companies in Germany and abroad.
As at 31 December 2024, the reported income tax rate was 25.5 per cent
(2023: 26.7 per cent).
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
207
Notes on the consolidated statement of
financial position
10 Intangible assets
Recognition and Measurement
Intangible assets are measured at amortised cost. Capitalised development
costs are amortised from the date of first use of the software using the straight-
line method over the asset’s expected useful life. The useful life of internally
developed software releases is generally assumed to be seven years; a useful
life of ten years is used as the basis in the case of newly developed systems.
Purchased software is generally amortised based on the projected useful life.
The expected useful life is three to seven years, depending on the individual
purchase. The amortisation period for intangible assets with finite useful lives
is reviewed at a minimum at the end of each financial year. If the expected
useful life of an asset differs from previous estimates, the amortisation period
is adjusted accordingly.
The other intangible assets were largely acquired within the context of busi-
ness combinations and refer to exchange licences, trade names, customer rela-
tionships and order backlog. The acquisition costs correspond to the fair val-
ues as at the acquisition date. Depending on the relevant acquisition, the ex-
pected useful life is 5 to 20 years for trade names with finite useful lives, 4 to
24 years for member and customer relationships as well as order backlog, and
2 to 20 years for other intangible assets.
Exchange licences and certain brand names have an indefinite useful life. The
intention is also to keep them as part of the general company strategy. Their
useful lives are therefore assumed to be indefinite.
Intangible assets are derecognised on disposal or when no further economic
benefits are expected to flow from them.
Impairment tests
Timing and level of testing
At each reporting date, the Group assesses whether there are any indications
that an intangible asset may be impaired. If this is the case, the carrying
amount is compared with the recoverable amount (the higher of value in use
and fair value less costs of disposal) to determine the amount of any potential
impairment. If no recoverable amount can be determined for an individual as-
set, the recoverable amount of the cash-generating unit (CGU) to which the
asset can be allocated is determined
At the acquisition date, goodwill is allocated to the CGUs or groups of CGUs,
that is/are expected to create synergies from the relevant acquisition. This is
the lowest level on which goodwill is monitored for internal management pur-
poses (hereafter: reporting units). If changes arise in the structure of reporting
units, for example through a new segmentation, goodwill is allocated taking
into account the relative fair values of the newly defined reporting units.
Irrespective of any indications of impairment, intangible assets with indefinite
useful lives (including goodwill) and intangible assets not yet available for use
must be tested for impairment at least once a year. Impairment testing for re-
porting units (CGUs or groups of CGUs with allocated goodwill) is carried out
on 1 October of each financial year.
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Consolidated balance sheet
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
208
Measurement of recoverable amount
Impairment testing begins by determining the recoverable amount, based on
fair value less costs to sell. Any possible higher value in use is only measured
to the extent that the fair value less costs to sell does not exceed the carrying
amount. Since there were no binding sales transactions or market prices for
the assets, CGUs or reporting units in the reporting year, fair value less costs
of disposal was measured using the discounted cash flow method (mainly
Level 3 input factors).
Valuations are based on the corporate planning approved by the Executive
Board, to which the mid-term expectations of the respective business units are
added. The detailed planning period usually covers a total period of five years
and ends in a terminal value for CGUs, and reporting units to which an asset
with an indefinite useful life has been allocated to. In justified cases, particu-
larly if the CGU or reporting unit has not reached a steady state after five
years, the detailed planning period is extended by a transition phase of five
years with decreasing growth rates until terminal value. These extended plan-
ning periods apply to the reporting units ISS STOXX and SimCorp Axioma.
Assumptions for future business performance are based on internal estimates
and management experience, which is regularly compared with the general ex-
pectations of external investors or market studies.
Key assumptions for revenue include estimates of transaction or sales prices,
trading volume, assets under custody and the development of the customer
base. These assumptions are affected in particular by future developments in
the level and volatility of capital markets, interest rates, exchange rates and in-
flation rates, as well as changes in the regulatory environment and general
growth in gross domestic product.
Future developments in expenses are largely determined by expected invest-
ments in operating assets and human resources for the respective business
unit, which are influenced mainly by market positioning, technological and
regulatory changes, the geographic distribution of the staff base and future sal-
ary and inflation expectations. The business model is generally assumed to be
scalable for cost purposes.
Individual costs of capital are determined for each asset, CGU or reporting unit
for the purpose of discounting projected cash flows. These capital costs are
based on market data, such as beta factors, borrowing costs, as well as the
capital structure of the respective peer group. Potential growth in the respec-
tive CGU or reporting unit is factored in by reducing the discount rate for the
terminal value to reflect the long-term growth potential of the business unit.
The results of impairment testing are compared with analysts’ expectations and
the total market capitalisation of the Group (sum of the parts) using market-
based multiples to ensure that they are reasonable.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
209
Impairment and reversal
If the recoverable amount of the asset or CGU/reporting unit is lower than the
respective carrying amount, an impairment loss is recognised and the net car-
rying amount reduced to the recoverable amount. If the carrying amount of a
reporting unit (to which goodwill has been allocated) is higher than the recov-
erable amount, the impairment loss is first allocated to the goodwill and then
to the other assets in proportion to their carrying amounts.
At each reporting date, the Group assesses whether there are any indications
that an impairment recognised for non-current assets in previous years (except
goodwill) no longer applies. In this case the carrying amount of the asset or
assets in the CGU or reporting unit is increased through profit or loss. The
maximum amount of this reversal is limited to the carrying amount that would
have resulted if no impairment loss had been recognised in previous periods.
No reversals are carried out for goodwill.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
210
Intangible assets
in Ąm
Purchased
software
Internally
developed soft-
ware
Goodwill
Payments on
account and
construction
in progress
Other intangible
assets
Total
Historical cost as at 1 Jan 2023 1
431.7
1,565.7
5,913.6
178.2
2,300.8
10,390.0
Acquisitions through business combinations
430.2
–
2,345.3
–
1,212.4
3,987.8
Additions
14.9
49.6
–
151.9
2.0
218.4
Disposals
– 79.0
– 111.9
–
– 0.2
–
– 191.1
Reclassifications
43.5
148.1
–
– 191.7
–
– 0.0
Exchange rate differences
– 4.3
– 4.0
– 45.5
– 0.1
– 15.0
– 69.0
Historical cost as at 31 Dec 2023
836.9
1,647.5
8,213.3
138.1
3,500.2
14,336.1
Acquisitions through business combinations
3.7
–
11.1
–
0.9
15.7
Additions
12.7
32.5
–
258.2
4.1
307.5
Disposals
– 2.9
–
–
–
–
– 2.9
Reclassifications
– 3.3
220.7
–
– 217.5
–
– 0.0
Exchange rate differences
10.5
4.2
130.0
0.6
53.1
198.4
Historical cost as at 31 Dec 2024
857.7
1,905.0
8,354.5
179.4
3,558.3
14,854.9
Amortisation and impairment losses as at 1 Jan 2023 1
261.4
1,140.8
–
19.7
358.2
1,780.1
Amortisation
58.5
89.9
–
–
90.3
238.7
Impairment losses
7.6
8.7
–
0.2
17.0
33.5
Disposals
– 79.0
– 111.9
–
– 0.2
–
– 191.2
Reclassifications
10.0
– 10.5
–
0.4
0.1
–
Exchange rate differences
– 0.2
– 2.6
–
– 0.2
– 0.6
– 3.6
Amortisation and impairment losses as at 31 Dec 2023
258.2
1,114.5
–
19.8
465.0
1,857.5
Amortisation
90.2
118.0
–
–
115.3
323.5
Impairment losses
0.5
15.5
–
–
–
16.0
Disposals
– 2.9
–
–
–
–
– 2.9
Reclassifications
1.2
– 1.2
–
–
–
–
Exchange rate differences
6.4
3.0
–
–
8.6
18.0
Amortisation and impairment losses as at 31 Dec 2024
353.6
1,249.8
–
19.8
588.9
2,212.2
Carrying amount as at 31 Dec 2023
578.7
533.0
8,213.3
118.3
3,035.3
12,478.5
Carrying amount as at 31 Dec 2024
504.0
655.1
8,354.5
159.6
2,969.4
12,642.5
1) Adjustments to the carrying amounts of acquisition costs and depreciation/amortisation/impairment. These are purely changes in presentation that have no impact on the consolidated income statement (net profit for the
period and comprehensive income) or the consolidated balance sheet (carrying amounts).
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Consolidated balance sheet
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Notes on the consolidated income statement
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Deutsche Börse Group – Annual report 2024
211
Changes in other intangible assets by category
in Ąm
Exchange
licences
Trade names
Member,
customer
relationships
and order
backlog
Miscellaneous
intangible
assets
Total
Balance as at 1 Jan 2023
25.7
673.1
1,241.3
2.6
1,942.6
Acquisitions through business combinations
–
359.6
852.8
–
1,212.4
Additions
–
–
–
2.0
2.0
Amortisation
– 0.1
– 2.0
– 87.2
– 0.9
– 90.2
Impairments
–
– 2.9
– 14.1
– 0.1
– 17.1
Exchange rate differences
– 0.6
– 7.2
– 6.9
0.2
– 14.4
Balance as at 31 Dec 2023
25.0
1,020.6
1,985.9
3.8
3,035.3
Acquisitions through business combinations
–
–
0.9
–
0.9
Additions
–
–
1.9
2.2
4.1
Amortisation
– 0.1
– 2.1
– 111.7
– 1.5
– 115.3
Exchange rate differences
1.5
11.4
31.7
–
44.5
Balance as at 31 Dec 2024
26.4
1,029.8
1,908.7
4.6
2,969.4
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Notes on the consolidated income statement
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Further information
Deutsche Börse Group – Annual report 2024
212
Material intangible assets with with finite useful lives
Carrying amount as of
Remaining amortisation period
as at
31 Dec 2024
Ąm
31 Dec 2023
Ąm
31 Dec 2024
years
31 Dec 2023
years
Customer Relationship SimCorp
797.4
829.8
23.8
24,8
Customer Relationship ISS
408.0
406.2
18.1
19.1
Customer Relationship
Clearstream Funds Centre
227.7
234.8
15.8
16.8
Customer Relationship 360T
139.3
149.4
13.8
14.8
Software, payments on account and software in development
Research costs are recognised as expenses in the period in which they are in-
curred. Development costs for internally developed intangible assets are only
capitalised when the definition and recognition criteria for intangible assets
according to IAS 38 are met and development costs can be separated from re-
search costs.
Development costs that have to be capitalised include direct labour costs,
costs of purchased services and workplace costs, including proportionate over-
heads that can be directly attributed to the preparation of the respective asset
for use, such as costs for the infrastructure of software development. Develop-
ment costs that do not meet the requirements for capitalisation are recognised
through profit or loss. Interest expense that cannot be allocated directly to one
of the development projects is recognised through profit or loss in the reporting
period.
Total development costs in the reporting year 2024 came to Ą476.3 million
(2023: Ą323.9 million), of which Ą290.7 million were capitalised (2023:
Ą201.5 million).
Impairment testing in 2024 revealed an impairment loss of Ą16.0 million
(2023: Ą33.5 million). which is shown in the line item “Depreciation, amorti-
sation and impairment losses”.
The impairment losses of Ą16.0 million (recoverable amount: negative) were
recognised in the Securities Services segment. The reasons for the impairment
losses were that existing functionalities can no longer be utilised or no signifi-
cant income can be generated.
In the previous year, the introduction of the new Investment Management
Solutions (IMS) segment led to a change in the internal reporting structure fol-
lowed by a reallocation of allocated goodwill to the reporting units ISS STOXX
and SimCorp Axioma. In the current financial year, the realignment of the Digi-
tal Asset business associated with a change in the internal reporting structure
led to a reallocation of goodwill from the reporting unit Xetra to the reporting
unit 360T & Digital Assets. The reallocation of goodwill to the corresponding
reporting units and its development are shown in the following table.
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Consolidated balance sheet
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
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Further information
Deutsche Börse Group – Annual report 2024
213
Goodwill and other intangible assets from business combinations
Changes in goodwill classified by (groups of) CGUs
in Ąm
Eurex
EEX
360T
Xetra
Securities
Services
Fund
Services
Qontigo
ISS
SimCorp
Axioma
ISS
STOXX
Sum
Balance as at 1 Jan 2023
1,382.3
130.6
248.0
67.0
1,126.7
767.9
731.3
1,459.8
–
–
5,913.6
Reallocation due to change in reporting structure
–
–
–
–
–
–
– 735.8
– 1,468.8
142.0
2,062.6
–
Acquisitions through business combinations
–
5.0
–
–
–
4.7
–
–
2,335.6
–
2,345.3
Exchange rate differences
– 2.4
– 2.2
– 2.1
3.5
– 0.5
32.7
4.5
9.0
– 4.9
– 83.1
– 45.5
Balance as at 31 Dec 2023
1,379.9
133.4
245.9
70.5
1,126.2
805.3
–
–
2,472.7
1,979.4
8,213.3
Reallocation due to change in reporting structure
–
–
5.3
– 5.3
–
–
–
–
–
–
–
Acquisitions through business combinations
–
–
–
–
–
–
–
–
–
11.1
11.1
Exchange rate differences
4.0
3.3
3.5
– 0.5
0.9
– 5.6
–
–
7.1
117.4
130.1
Balance as at 31 Dec 2024
1,383.9
136.7
254.7
64.7
1,127.1
799.7
–
–
2,479.8
2,107.9
8,354.5
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Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
214
Key assumptions used for impairment tests in 2024
CAGR1
(Groups of) CGUs
Allocated
book value
Ąm
Risk-free
interest rate
%
Market risk
premium
%
Discount rate
%
Perpetuity
growth
rate
%
Net revenue
%
Operating costs
%
Goodwill (reporting unit) - 01 Oct 2024
SimCorp Axioma2
2,470.6
2,6/4,4
6,5/5,0
8,5/8,8
2.0
7.4
3.7
ISS STOXX2
1,966.9
4,4/2,6
5,0/6,5
9,3/8,9
2,3/2,0
5.7
2.6
Eurex
1,379.3
2.6
6.5
7.8
1.5
5.3
4.4
Securities Services
1,126.0
2.6
6.5
6.1
1.0
1.3
3.6
Fund Services
798.2
2.6
6.5
7.2
2.0
7.8
2.6
360T & Digital Assets
250.6
2.6
6.5
6.5
1.5
10.0
5.9
EEX
132.9
2.6
6.5
7.7
1.5
6.4
4.2
Xetra
64.4
2.6
6.5
7.5
1.0
1.0
2.7
Trade names and exchange licences (CGU) - 31 Dec 2024
STOXX
420.0
2.5
6.5
8.3
2.0
5.6
2.7
SimCorp
359.3
2.5
6.5
7.7
2.0
7.3
4.4
ISS
126.1
4.7
5.0
9.2
2.3
5.7
2.6
Axioma
69.2
4.7
5.0
8.6
2.0
6.8
4.2
Nodal
30.8
4.7
5.0
8.6
1.5
3.3
5.3
360T Core
19.9
2.5
6.5
6.2
1.5
6.1
4.2
Kneip
15.0
2.5
6.5
6.6
2.0
14.1
7.6
EEX Core
13.1
2.5
6.5
7.6
1.5
5.9
2.1
360TGTX
1.9
4.2
5.0
6.9
1.5
8.1
5.8
1) CAGR = compound annual growth rate in detailed planning period including the rate used to perpetuity.
2) The group of CGUs includes CGUs with business activities in different currency areas (Euro and USD). As a result, where applicable, individual disclosures for the cost of capital parameters for the separate impairment tests
included in the group of CGUs are provided. The fair value contribution to the group of CGUs “SimCorp Axioma” is 89% for the CGU “Simcorp” and 11% for the CGU “Axioma”. The fair value contribution to the group of
CGUs “ISS Stoxx” is 47% for the CGU “ISS” and 53% for the CGU “Stoxx”.
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
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Further information
Deutsche Börse Group – Annual report 2024
215
Key assumptions used for impairment tests in 2023
CAGR1
(Groups of) CGUs
Allocated
book value
Ąm
Risk-free
interest rate
%
Market risk
premium
%
Discount rate
%
Perpetuity
growth rate
%
Net revenue
%
Operating costs
%
Goodwill (reporting unit) - 01 Oct 2023
SimCorp Axioma2
2,468.2
2,7/4,4
6,5/5,0
8,7/9,0
2.0
7.8
4.5
ISS STOXX2
2,062.5
4,4/2,7
5,0/6,5
9,7/9,4
2,3/2,0
6.5
5.1
Eurex
1,382.7
2.7
6.5
7.4
1.5
5.7
3.5
Securities Services
1,126.8
2.7
6.5
6.8
1.0
4.6
3.5
Fund Services
780.1
2.7
6.5
7.7
2.0
8.3
5.4
360T
248.4
2.7
6.5
6.9
1.5
5.9
3.9
EEX
135.7
2.7
6.5
7.7
1.5
5.0
4.8
Xetra
68.3
2.7
6.5
7.6
1.0
– 0.1
2.3
Trade names and exchange licences (CGU) - 31 Dec 2023
STOXX
420.0
2.8
6.5
9.4
2.0
6.3
1.1
SimCorp
359.5
2.8
6.5
8.7
2.0
8.0
4.2
ISS
120.6
4.9
5.0
10.1
2.3
7.6
5.8
Axioma
65.2
4.9
5.0
9.3
2.0
8.2
0.9
Nodal
29.0
4.9
5.0
8.7
1.5
1.6
3.9
360T Core
19.9
2.8
6.5
6.8
1.5
5.8
4.3
Kneip
15.0
2.8
6.5
7.0
2.0
15.7
1.2
EEX Core
14.2
2.8
6.5
7.8
1.5
3.8
3.8
360TGTX
1.8
4.5
5.0
7.5
1.5
7.7
7.6
1) CAGR = compound annual growth rate in detailed planning period including the rate used to perpetuity.
2) The group of CGUs includes CGUs with business activities in different currency areas (Euro and USD). As a result, where applicable, individual disclosures for the cost of capital parameters for the separate impairment tests included in
the group of CGUs are provided. The fair value contribution to the group of CGUs “SimCorp Axioma” is 87% for the CGU “Simcorp” and 13% for the CGU “Axioma”. The fair value contribution to the group of CGUs “ISS Stoxx” is 51%
for the CGU “ISS” and 49% for the CGU “Stoxx”.
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Consolidated balance sheet
Consolidated cash flow statement
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
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Further information
Deutsche Börse Group – Annual report 2024
216
As part of sensitivity analyses, possible changes to the planning assumptions
for WACC, long-term growth rate, growth rates for net revenue, and operating
costs are made to identify potential risks for future impairments. With the ex-
ception of the reporting unit shown in the following table, none of the afore-
mentioned CGUs or reporting units would result in an impairment if any of the
mentioned parameters were changed, while keeping the assumptions for the
other parameters unchanged.
Change of parameters
CAGR1
Reporting
Unit/CGU
Difference
recoverable
amount to car-
rying amount
Ąm
Perpetuity
growth rate
percentage
points
Discount rate
percentage
points
Net revenue
percentage
points
Operating costs
percentage
points
SimCorp Axioma
546.4
–
0.7
– 0.3
0.6
1) CAGR = compound annual growth rate in detailed planning period including the rate used to perpetuity.
11 Property, plant and equipment
Measurement of purchased property, plant and equipment
Depreciable items of property, plant and equipment are carried at cost less cu-
mulative depreciation. The straight-line depreciation method is used. The car-
rying amount is immediately written down to its recoverable amount if the car-
rying amount is higher than its recoverable amount. Costs of an item of prop-
erty, plant and equipment comprise all costs directly attributable to the pro-
duction process, as well as an appropriate proportion of production overheads.
No borrowing costs were recognised in the reporting period or in the previous
year as they could not be directly allocated to any particular development pro-
ject. If it is probable that the future economic benefits associated with an item
of property, plant and equipment will flow to the Group and the cost of the as-
set in question can be reliably determined, expenditure subsequent to acquisi-
tion is added to the carrying amount of the asset as incurred. The carrying
amounts of any parts of an asset that have been replaced are derecognised.
Repair and maintenance costs are expensed as incurred.
Useful life of property, plant and equipment
Depreciation period
IT hardware
3 to 5 years
Operating and office equipment
5 to 19 years
Leasehold improvements
Based on lease term
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
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Further information
Deutsche Börse Group – Annual report 2024
217
Property, plant and equipment (incl. Right-of-use assets)
Land and
buildings
(right-of-use)
Fixtures and
fittings
IT hardware, operating and office equipment
as well as carpool
Advance payments
made and con-
struction in
progress
Total
in Ąm
Right-of-use
Purchased
Total
Historical costs as at 1 Jan 20231
649.1
110.8
23.4
464.3
487.7
16.2
1,263.8
Acquisitions through business combinations
32.0
1.7
–
3.3
3.3
0.3
37.3
Additions
32.5
7.6
4.7
34.0
38.7
4.0
82.8
Disposals
– 8.1
– 10.1
– 3.9
– 63.4
– 67.3
–
– 85.5
Reclassifications
– 4.4
10.0
–
0.9
0.9
– 6.6
– 0.1
Exchange rate differences
– 5.8
– 0.6
– 0.3
– 0.8
– 1.1
– 0.1
– 7.6
Historical costs as at 31 Dec 2023
695.3
119.4
23.9
438.3
462.2
13.8
1,290.7
Acquisitions through business combinations
–
–
–
–
–
–
–
Additions
171.6
10.3
5.0
41.1
46.1
6.6
234.6
Disposals
– 20.0
– 5.6
– 6.5
– 81.0
– 87.5
– 3.5
– 116.6
Reclassifications
–
3.2
–
1.7
1.7
– 4.9
–
Exchange rate differences
4.4
0.6
0.3
1.0
1.3
0.1
6.4
Historical costs as at 31 Dec 2024
851.3
127.9
22.7
401.1
423.8
12.1
1,415.1
Depreciation and impairment losses as at 1 Jan 20231
212.1
65.5
15.9
339.0
354.9
–
632.5
Amortisation
69.9
9.2
4.5
54.6
59.1
–
138.2
Impairment losses
0.2
–
–
–
–
–
0.2
Disposals
– 8.1
– 10.1
– 3.9
– 63.4
– 67.3
–
– 85.5
Reclassifications
– 5.5
5.6
–
– 0.2
– 0.2
–
– 0.1
Exchange rate differences
0.5
– 0.1
– 0.1
– 0.6
– 0.7
–
– 0.3
Depreciation and impairment losses as at 31 Dec 2023
269.1
70.1
16.4
329.4
345.8
–
685.0
Amortisation
78.6
14.1
5.1
53.0
58.1
–
150.8
Impairment losses
–
0.2
–
–
–
–
0.2
Disposals
– 17.6
– 5.6
– 6.6
– 80.4
– 87.0
–
– 110.2
Exchange rate differences
2.5
0.7
0.2
1.0
1.2
–
4.4
Depreciation and impairment losses as at 31 Dec 2024
332.6
79.5
15.1
303.0
318.1
–
730.2
Carrying amount as at 31 Dec 2023
426.2
49.3
7.5
108.9
116.3
13.8
605.7
Carrying amount as at 31 Dec 2024
518.7
48.5
7.6
98.1
105.8
12.1
685.1
1) Adjustments to the carrying amounts of acquisition costs and depreciation/amortisation/impairment. These are purely changes in presentation that have no impact on the consolidated income statement (net profit for the
period and comprehensive income) or the consolidated balance sheet (carrying amounts).
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Consolidated balance sheet
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Further information
Deutsche Börse Group – Annual report 2024
218
12 Leases
This note provides information for leases where Deutscher Börse Group is a
lessee.
Amounts recognized in the consolidated balance sheet
The statement of financial position shows the following amounts relating to
leases:
Right-of-use assets
in Ąm
Note
31 Dec 2024
31 Dec 2023
Land and buildings
11
518.7
426.2
IT hardware, operating and office equip-
ment as well as carpool
11
7.6
7.5
Total
526.3
433.7
Lease liabilities
in Ąm
Note
31 Dec 2024
31 Dec 2023
Current
13
73.8
85.0
Non-current
13
493.3
384.3
Total
567.1
469.3
For additions to the right-of-use assets during the financial year 2024 see
Note 11.
Amounts recognized in the consolidated income statement
Depreciation of right-of-use assets
in Ąm
Note
2024
2023
Land and buildings
11
78.6
69.9
Computer hardware, operating and office
equipment as well as carpool
11
5.1
4.5
Total
83.7
74.4
For expenses relating to short-term leases, see Note 6 and for interest ex-
penses relating to lease liabilities, see Note 8.
The total cash outflow for leases in 2024 Ą93.9 million (2023 Ą83.6 mil-
lion).
Measurement of right-of-use assets:
Deutsche Börse Group leases several different assets. This includes buildings,
cars and IT hardware. Right-of-use assets are measured at cost. Any accumu-
lated depreciation and impairment amounts are deducted from the cost of
right-of-use assets as part of subsequent measurement. This does not apply to
short-term leases with a term of not more than twelve months and leases for
low-value assets. Expenses in the reporting year resulting from the above-men-
tioned short-term and low-value assets are reported in other operating ex-
penses.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
219
All presented right of use assets are part of operating leases.
Useful life of property, plant and equipment
Depreciation
period
Right-of-use ̶ land and buildings
Based on lease
term
Right-of-use ̶ IT hardware, operating and office equipment as well as carpool
Based on lease
term
In case of subleases classified as operating leases the Group recognises the
leased asset as an asset at amortised cost in property, plant and equipment.
The lease instalments received during the period are shown under other oper-
ating income.
The weighted average remaining term of leases is 12.1 years.
For details regarding the corresponding lease liabilities, please see Note 13.
13 Financial instruments
Financial assets
Additions and disposals
Financial assets are recognised when one of our companies becomes party to
a financial instrument. Regular way purchases and sales of financial assets are
generally recognised and derecognised at the trade date. Purchases and sales
of debt instruments classified as “at amortised cost” and of equities eligible for
clearing via the central counterparties (CCPs) of Deutsche Börse Group are rec-
ognised and derecognised at the settlement date. Financial assets are derecog-
nised when the contractual rights to the cash flows expire or when the com-
pany transfers these rights in a transaction that transfers substantially all risks
and rewards of ownership of the financial assets.
Clearstream Banking S.A. acts as a principal in securities borrowing and lend-
ing transactions in the context of the ASLplus securities lending system and is
an intermediate between lender and borrower without becoming a contracting
party from an economic perspective. Consequently, these transactions are not
recognised in the consolidated balance sheet.
Financial assets are initially recognised at fair value.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
220
Subsequent measurement of debt instruments
Debt instruments are classified at the acquisition date, from which subsequent
measurement is derived. We allocate each debt instrument to one of the fol-
lowing categories:
Amortised cost (aAC): Debt instruments allocated to the “hold” business
model and whose cash flows consist of solely payments of principal and in-
terest are measured at amortised cost. Interest income from these financial
assets is measured using the effective interest method. Gains and losses
from derecognition, impairment and exchange rate movements are recog-
nised through profit or loss. Measurement effects are shown in banking busi-
ness or non-banking business depending on how the debt instruments are
allocated. For debt instruments from banking business, all interest income
and measurement effects are shown in the treasury result of banking and
similar business. Interest income from the non-banking business are shown
in the financial result. All other effects of non-banking business are presented
in result from financial investments. All effects relating to the measurement
of trade receivables are shown in other operating income and expenses.
Fair value through other comprehensive income (FVOCI): Debt instruments
allocated to the “hold and sell” business model and whose cash flows consist
solely of payments of principal and interest are measured as at fair value
through other comprehensive income. Impairments on these debt instru-
ments are recognised as result from financial investments through profit or
loss. On disposal of these debt instruments all the balances in the revalua-
tion surplus are reclassified to result from financial investments through profit
or loss. Interest income from fixed income debt securities in this category are
shown in the financial result.
Fair value through profit or loss (FVPL): Financial assets that do not meet
the criteria for measurement at amortised cost or at FVOCI, are measured at
FVPL and their measurement effects are shown in result from financial in-
vestments. Distributions from fund interests are also shown in result from fi-
nancial investments. Interest income from fixed income bonds in this cate-
gory are shown in the financial result.
We only reclassify if the business model for managing debt instruments has
changed. We do not use the option to designate debt instruments as at fair
value through profit or loss upon initial recognition (fair value option).
Subsequent measurement of equity instruments
As a rule, equity instruments are subsequently measured at fair value through
profit or loss (FVPL). For certain equity instruments we used the irrevocable
FVOCI option on acquisition, so that gains and losses there are recognised in
other comprehensive income. When the item is derecognised the gains and
losses are not recycled through profit or loss, but reclassified to retained earn-
ings. Dividends from these financial assets are shown in result from financial
investments.
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Consolidated balance sheet
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
221
Impairment
As a rule, any impairment for expected credit losses for debt instruments or
balances on nostro accounts for which the simplified impairment model does
not apply, and which are carried at amortised cost and at fair value through
other comprehensive income is determined using the three-stage impairment
model in IFRS 9. The losses represent a forward-looking measurement of fu-
ture losses that are generally subject to estimates.
Stage 1: The impairment upon initial recognition is measured on the basis of
the expected losses in the event of default within the next twelve months af-
ter the reporting date.
Stage 2: If a financial asset's credit risk has increased significantly, the ex-
pected credit loss is determined over the entire term. A significant increase in
credit risk is determined individually using internal ratings. A significant in-
crease in the credit risk is assumed if an asset is downgraded by three levels
within the internal rating system.
Stage 3: Credit-impaired financial assets are allocated to Stage 3 and the im-
pairment is based on the full lifetime expected credit losses. This is the case
if there are observable data of significant financial difficulties and there is a
high risk of default, even if the definition of a default has not yet been met.
If the credit risk for debt instruments at amortised cost and at fair value
through profit or loss or for balances on nostro accounts for which the simpli-
fied impairment model does not apply, is low in absolute terms as at the re-
porting date, they remain in Stage 1 even if the default risk has increased.
We have the following two triggers to identify a default event and which cause
a transfer to stage 3 of the model:
Legal default event: A contracting party of the Group is unable to fulfil its con-
tractual obligations due to its insolvency.
Contractual default event: A contracting party of the Group is unable or unwill-
ing to fulfil its contractual obligations in a timely manner. The non-fulfilment of
the contractual obligation could result in a financial loss for us.
We measure the expected credit losses for trade receivables using a simplified
approach, which requires lifetime expected losses to be recognised from initial
recognition of a receivable. Due to the high recovery rate for trade receivables
with a due date of less than 360 days, a default is assumed for amounts
which are overdue for more than 360 days.
A detailed list of expected credit losses is shown in Note 25.
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
Responsibility statement by the Executive
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Further information
Deutsche Börse Group – Annual report 2024
222
Financial liabilities
Additions and disposals
Financial liabilities are recognised when a Group company becomes a party to
the financial instrument. Purchases and sales of equities via the central coun-
terparty Eurex Clearing AG are recognised at the settlement date analogous to
financial assets. Financial liabilities are derecognised when the contractual ob-
ligation has been extinguished because it has been discharged or cancelled or
has expired.
Financial liabilities measured at amortised cost
Financial liabilities not held for trading are accounted for at amortised cost.
The borrowing costs associated with the placement of financial liabilities are
included in the carrying amount and accounted for using the effective interest
method if they are directly attributable. Discounts are amortised over the term
of the liabilities using the effective interest method. Liabilities for the acquisi-
tion of non-controlling shares settled in cash or another financial asset are rec-
ognised at the present value of the future purchase price. The effect of the pre-
sent value of accrued interest on the financial obligation and all measurement
changes in the obligation is subsequently measured through profit or loss. The
equity interest attributable to non-controlling shareholders underlying the
transaction is accounted for as if it had already been acquired at the time of
the transaction.
Financial liabilities measured at fair value through profit or loss
Contingent purchase payments recognised by the purchaser of a business
combination in accordance with IFRS 3 are not measured at amortised cost.
The resulting financial liabilities are recognised at fair value. With a contingent
purchase price component the purchaser is obliged to transfer additional as-
sets or shares to the seller if certain conditions are met. Subsequent measure-
ment is at fair value through profit or loss.
We do not make use of the option to designate financial liabilities at fair value
through profit or loss upon initial recognition (fair value option).
Our exposure to various risks associated with the financial instruments is dis-
cussed in Note 25. The maximum exposure to credit risk at the end of the re-
porting period is the carrying amount of each class of financial assets men-
tioned above.
Presentation and netting of financial assets and liabilities
Financial assets and liabilities in the statement of financial position are divided
into non-current and current. They are presented as non-current if the remain-
ing term is more than twelve months as at the reporting date. They are pre-
sented as current assets if the remaining term is less than twelve months.
Financial assets and liabilities are offset and only the net amount is presented
in the consolidated balance sheet when a Group company currently has a le-
gally enforceable right to set off the recognised amounts and intends either to
settle on a net basis or to realise the asset and settle the liability simultane-
ously.
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
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Further information
Deutsche Börse Group – Annual report 2024
223
Derivative financial instruments and hedge accounting
The derivative financial instruments we use include interest rate swaps, foreign
exchange swaps, foreign exchange forward, foreign exchange options and op-
tions on shares in a subsidiary held by non-controlling interests.
Derivatives are initially recognised at fair value on the date a derivative con-
tract is taken out. The Group applies the provisions of IFRS 9 to account for
hedges that meet the criteria for hedge accounting. When a hedging transac-
tion takes place the economic relationship between the hedging instrument
and the hedged item is documented in accordance with the requirements of
IFRS 9.
All other derivative transactions serve mainly to hedge foreign exchange risks
in economic hedging relationships. They are classified as “held for trading” for
accounting purposes and are remeasured at the end of each reporting period
at fair value through profit or loss. Depending on the type of transaction, gains
and losses from the subsequent measurement are either recognised in the re-
sult of treasury activities in banking business and similar business, in result
from financial investments or in the financial result.
Cash flow hedges that qualify for hedge accounting
As in the previous year, in the reporting year we used cash flow hedge ac-
counting for hedges of foreign exchange risk on highly likely transactions and
to hedge translation effects for monetary items within the Group. The cash
flow hedge used the previous year to hedge the interest rate risk of a planned
security issue was terminated when the bond issue was completed.
The effectiveness of the hedging relationship is assessed at the beginning and
over the entire duration of the hedging relationship to ensure that there is an
economic relationship between the hedging instrument and the hedged item.
This entails establishing hedging transactions in which all the relevant contrac-
tual parameters of the hedging instrument exactly match those of the hedged
item. Hedging of planned transactions may be ineffective if the timing of the
planned transaction differs from the original estimate. Ineffectiveness due to
changes in our default risk or that of the counterparty to the hedging transac-
tion is deemed to be negligible. Effectiveness is measured regularly as at the
reporting dates. The Group uses the hypothetical derivative method for this
purpose.
The effective portion of changes in the fair value of derivatives designated as
cash flow hedges is shown in the reserve for cash flow hedges as part of other
comprehensive income; it is limited to the cumulative absolute change in the
fair value of the hedged item value since the hedging transaction. Gains or
losses on the ineffective portion are recognised directly through profit or loss
either in the treasury result of banking and similar business or in result from
financial investments. The ineffective portion of interest rate hedges is recog-
nised either in the treasury result of banking and similar business or in the fi-
nancial result. If forward contracts are used to hedge planned transactions we
designate the entire change in the fair value of the forward, including the for-
ward component, as a hedging instrument. In this case the gains or losses
from the effective portion of the change in fair value for the entire future trans-
action are recognised in the reserve for cash flow hedges as a component of
equity. If the Group uses futures to hedge existing receivables and liabilities,
only the spot component of the future is designated. Gains or losses from the
effective portion of the change in the spot component of the future are shown
in the reserve for cash flow hedges.
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Responsibility statement by the Executive
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Deutsche Börse Group – Annual report 2024
224
Changes in the forward component of the hedging instrument that relates to
the hedged item are considered to be hedging costs and shown separately in
the reserve for hedging costs in other comprehensive income. The fair value of
the forward component not included in the hedging relationship at the time it
is designated is written off pro rata temporis over the period of the hedging re-
lationship. The amount written down is recycled from the reserve for hedging
costs to profit or loss.
Cumulative amounts in the reserve for cash flow hedges are reclassified ac-
cording to the following methodology:
If the cash flow hedges serves to hedge a planned transaction, the amount
from the hedging instrument that has accumulated in other comprehensive
income up to the acquisition date is derecognised from the reserve and
treated as part of the acquisition costs.
For cash flow hedges of existing receivables and liabilities, the amount that
has accumulated in the reserve for cash flow hedges is reclassified to profit
or loss in the periods in which there are changes in the hedged future cash
flows recognised through profit or loss.
If this amount is a loss, however, and the assumption is that all or part of
this loss cannot be recouped in future periods, then this amount is recog-
nised immediately through profit or loss.
Reclassified amounts for foreign exchange hedges are either recognised in
the result of treasury activities in banking business and similar business or in
result from financial investments. For interest rate hedges recognition is ei-
ther in the treasury result of banking and similar business or in the financial
result.
When a hedging instrument expires or is sold or terminated, or when a hedge
no longer meets the criteria for hedge accounting, hedge accounting is discon-
tinued. However, the hedging relationship continues if it was designated as a
rolling hedge from the outset. To the extent that the expected transaction is
still considered to be highly probable, the expiring positions are replaced by
new hedging instruments. When the forecast transaction is no longer expected
to occur, the cumulative gain or loss and deferred costs of hedging that were
reported in equity are immediately reclassified to profit or loss.
Financial assets measured at fair value through other comprehensive income
This item comprises strategic investments which we have irrevocably elected
to recognise at fair value through other comprehensive income in this category
at initial recognition. The carrying amount as at 31 December 2024 was
Ą191.5 million (2023: Ą222.7 million).
None of these financial assets was pledged as collateral. In 2024, negative
valuation effects were recognized in other comprehensive income. There was
an increase of Ą14.8 million in strategic equity investments in 2024 due to
new investments.
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income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
225
Amounts recognised in other comprehensive income
in Ąm
2024
2023
Gains/(losses) recognised in other comprehensive income
Strategic investments
– 48.2
25.5
Total
– 48.2
25.5
Financial assets and liabilities measured at amortised cost
Composition of financial assets at amortised cost
31 Dec 2024
31 Dec 2023
in Ąm
Non-current
Current
Total
Non-current
Current
Total
Trade Receivables
–
1,257.5
1,257.5
–
1,832.2
1,832.2
of which expected losses
–
– 7.2
– 7.2
–
– 8.3
– 8.3
Other financial assets measured at amortised costs
1,342.2
18,904.6
20,246.7
1,801.9
18,046.2
19,848.0
Fixed income securities
1,299.1
840.0
2,139.1
1,756.0
219.2
1,975.2
Balances on nostro accounts
–
530.1
530.1
–
436.4
436.4
Money market lendings
–
16,663.0
16,663.0
–
16,407.1
16,407.1
Customer overdrafts from settlement business
–
274.2
274.2
–
390.5
390.5
Receivables from CCP balances
–
510.4
510.4
–
341.5
341.5
Other
43.0
86.9
129.9
45.8
251.5
297.3
of which expected losses
– 0.6
– 1.4
– 1.9
– 0.4
– 2.3
– 2.7
Restricted bank balances
–
48,972.4
48,972.4
–
53,669.4
53,669.4
Cash and other bank balances
–
1,872.3
1,872.3
–
1,655.1
1,655.1
Total
1,342.2
71,006.8
72,348.9
1,801.9
75,202.8
77,004.7
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
226
Debt securities amounting to Ą293.6 million expired in 2024 (2023:
Ą600.1 million). The amount of long-term listed debt securities does not in-
clude collateral (2023: Ą2.0 million).
Amounts reported separately under liabilities as cash deposits by market par-
ticipants are restricted. Such amounts are mainly invested via bilateral or
triparty reverse repurchase agreements and in the form of overnight deposits at
central banks and banks and shown as restricted bank balances. Government
and government-guaranteed bonds with an external credit rating of at least
AA– are accepted as collateral for the reverse repurchase agreements.
Composition of financial liabilities at amortised cost
31 Dec 2024
31 Dec 2023
in Ąm
Non-current
Current
Total
Non-current
Current
Total
Trade payables
–
898.3
898.3
–
1,514.2
1,514.2
Other liabilities at amortised costs
6,748.2
18,281.4
25,029.6
7,484.0
17,177.6
24,661.6
Bonds issued
6,254.6
849.5
7,104.1
7,096.2
–
7,096.2
Commercial Papers issued
–
683.7
683.7
–
1,138.3
1,138.3
Money market borrowings
–
1,215.0
1,215.0
–
14.7
14.7
Deposits from securities settlement business
–
14,814.7
14,814.7
–
15,125.4
15,125.4
Liabilities from CCP balances
–
369.2
369.2
–
335.8
335.8
Lease liabilities
493.3
73.8
567.1
384.3
85.0
469.3
Bank overdrafts
–
12.0
12.0
–
5.5
5.5
Other
0.2
263.6
263.8
3.5
472.9
476.3
Cash deposits from market participants
–
48,703.2
48,703.2
–
53,401.3
53,401.3
Total
6,748.2
67,882.9
74,631.1
7,484.0
72,093.0
79,577.0
The financial liabilities recognised on the balance sheet were not secured by
liens or similar rights as at 31 December 2024 or as at 31 December 2023.
The bonds issued and outstanding as of 31 December 2024 with a book value
of Ą7,104.1 million (31 December 2023: Ą7,096.2 million) had a notional of
Ą7,150.0 million as of the reporting date. Of this amount, Ą850.0 million was
attributable to current bonds and Ą6,300.0 million to non-current bonds. The
following table provides further details.
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Responsibility statement by the Executive
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Deutsche Börse Group – Annual report 2024
227
Debt instruments issued by Deutsche Börse Group (outstanding as at 31 December 2024)
Type
Issue volume
Issuer
ISIN
Term to
maturity
Maturity
Coupon (p.a.)
Listing
Fixed-rate bearer bond
Ą500 m
Deutsche Börse AG
DE000A1684V3
10 years October 2025
1.625%
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą350 m
Clearstream Banking AG
XS2264712436
5 years
December
2025
0.000%
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą500 m
Deutsche Börse AG
DE000A3H2457
5 years February 2026
0.000%
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą1,000 m
Deutsche Börse AG
DE000A351ZR8
3 years
September
2026
3.875%
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą600 m
Deutsche Börse AG
DE000A2LQJ75
10 years
March 2028
1.125%
Luxembourg/ Frankfurt
Fixed-rate bearer bond
Ą750 m
Deutsche Börse AG
DE000A351ZS6
6 years
September
2029
3.750%
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą500 m
Deutsche Börse AG
DE000A3H2465
10 years February 2031
0,00125
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą600 m
Deutsche Börse AG
DE000A3MQXZ2
10 years
April 2032
0,015
Luxembourg/Frankfurt
Fixed-rate bearer bond
Ą1.250 m
Deutsche Börse AG
DE000A351ZT4
10 years
September
2033
3.88%
Luxemoburg/Frankfurt
Fixed-rate bearer bond (hybrid bond)
Ą600 m
Deutsche Börse AG
DE000A289N78
Call date
7 years/final
maturity in
27 years
June 2027/
June 2047
1.250% (until
call date)
Luxembourg/Frankfurt
Fixed-rate bearer bond (hybrid bond)
Ą500 m
Deutsche Börse AG
DE000A3MQQV5
Call date
6.25 years/final
maturity in
26.25 years
June 2028/
June 2048
2,000%(until
call date)
Luxembourg/Frankfurt
Financial assets and liabilities measured at fair value through profit or loss
Financial instruments of the central counterparties
Eurex Clearing AG, European Commodity Clearing AG and Nodal Clear, LLC all
act as central counterparties:
Eurex Clearing AG guarantees the settlement of all transactions involving fu-
tures and options on Eurex Germany. It also guarantees the settlement of all
transactions for Eurex Repo (repo trading platform), certain exchange trans-
actions in equities on Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock
Exchange). Eurex Clearing AG also guarantees the settlement of off-order-
book trades entered for clearing in the trading systems of the Eurex
exchanges, Eurex Bonds, Eurex Repo, the Frankfurt Stock Exchange. In addi-
tion, Eurex Clearing AG clears over-the-counter (OTC) interest rate derivatives
and securities lending transactions, where these meet the specified novation
criteria.
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European Commodity Clearing AG guarantees the settlement of spot and de-
rivatives transactions at the trading venues of EEX group and the connected
partner exchanges.
Nodal Clear, LLC, as part of the Nodal Exchange Group, is a Derivatives
Clearing Organisation (DCO) registered in the United States and is the central
counterparty for all transactions executed on Nodal Exchange.
The transactions of the clearing houses are only executed between the respec-
tive clearing house and a clearing member. Purchases and sales of equities
and bonds via the Eurex Clearing AG central counterparty are recognised and
simultaneously derecognised at the settlement date. For products that are
marked to market (futures, options on futures, as well as OTC interest-rate de-
rivatives), the clearing houses recognise gains and losses on open positions of
clearing members on each exchange day. By means of the variation margin,
profits and losses on open positions resulting from market price fluctuations
are settled on a daily basis. The difference between this and other margin
types is that the variation margin does not comprise collateral, but is a daily
offsetting of profits and losses in cash. Therefore, futures and OTC interest rate
derivatives are not reported in the consolidated balance sheet. “Traditional” op-
tions, for which the buyer must pay the option premium in full upon purchase,
are carried in the consolidated balance sheet at fair value. Receivables and
liabilities from repo transactions and from cash-collateralised securities lending
transactions are classified as held for trading and carried at fair value.
The fair values recognised in the consolidated balance sheet are based on
daily settlement prices, which the clearing houses determine and publish
according to the rules defined in the contract specifications.
Composition of financial instruments held by central counterparties
in Ąm
31 Dec 2024
31 Dec 2023
Repo transactions
106,215.6
118,074.6
Options
27,659.1
27,498.0
Total
133,874.7
145,572.5
thereof non-current
6,815.1
7,667.6
thereof current
127,059.6
137,904.9
Receivables and liabilities that may be offset against a clearing member are re-
ported on a net basis. Financial liabilities of Ą1,040.0 million were eliminated
because of intra-Group GC (General Collateral) Pooling transactions (31 De-
cember 2023: Ą563.0 million).
PDF (A4)
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
229
Other financial assets and liabilities at FVPL
Other financial assets and liabilities measured at fair value through profit or loss
31 Dec 2024
31 Dec 2023
in Ąm
Non-current
Current
Total
Non-current
Current
Total
Derivatives
0.2
15.1
15.3
0.2
17.6
17.8
Derivatives designated as cash flow hedges
–
–
–
–
5.3
5.3
Derivatives not designated as hedges
0.2
15.1
15.3
0.2
12.3
12.5
Miscellaneous financial assets
157.7
10.8
168.5
178.0
14.3
192.3
Equity instruments
88.6
1.6
90.1
102.3
1.1
103.4
Fund units and convertible bonds
69.1
9.2
78.4
75.8
13.2
88.9
Total other financial assets
157.9
25.9
183.8
178.2
31.9
210.1
Derivatives
48.6
27.6
76.2
50.8
15.9
66.6
Derivatives designated as cash flow hedges
–
16.7
16.7
–
9.9
9.9
Derivatives not designated as hedges
48.6
10.9
59.5
50.8
6.0
56.7
Miscellaneous financial liabilities
–
–
–
0.3
0.1
0.4
Total other financial liabilities
48.6
27.6
76.2
51.1
16.0
67.0
Fund units include collateral of Ą14.0 million (31 December 2023:
Ą8.0 million). As of 31 December 2024 there were foreign currency deriva-
tives not designated as part of a hedging relationship with a term of less than
three months with a nominal volume of Ą3,713.0 million (31 December
2023: Ą4,006.7 million with a term of less than two months). Of the total,
Ą3,008.7 million (31 December 2023: Ą2,596.0 million) relate to foreign
exchange derivatives with a positive fair value and Ą704.3 million (31 De-
cember 2023: Ą1,410.7 million) to derivatives with a negative fair value.
These foreign currency derivatives are mainly used to convert payments re-
ceived in US into euro for liquidity management purposes and also as an alter-
native to unsecured deposits and loans, to hedge the unsecured counterparty
risk and liquidity risk in everyday liquidity management.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
230
Amounts recognised in profit or loss
in Ąm
2024
2023
Net gain/(loss) from derivatives not designated as hedges
26.4
– 90.0
Net gain/(loss) from cash flow hedges
– 3.3
– 2.7
Net gain/(loss) from other financial assets measured
at fair value through profit or loss
1.6
– 4.4
Distributions from fund units
0.4
0.6
Net gain/(loss) from other financial liabilities measured
at fair value through profit or loss
0.4
– 9.5
Total
25.5
– 106.0
Cash flow hedges that qualify for hedge accounting
We enter into cash flow hedges to hedge existing or future transactions. The
hedged items covered by hedge accounting consist of internal Group loans and
highly probable planned transactions.
The effects of interest rate and foreign currency hedging instruments on the
financial position and financial performance is as follows:
Hedging transactions in cash flow hedges
2024
2023
Foreign exchange derivative in USD
Positive market value
Carrying amount in Ąm
–
5.3
Nominal amount in US$m
–
159.0
Change in value of hedged items used to determine the
ineffectiveness of the hedging relationship in Ąm
–
5,3
Weighted average hedge rate for hedging instruments
–
1.1
Negative market value
Carrying amount in Ąm
16.7
9.9
Nominal amount in US$m
378.0
227.0
Cumulative change in value of hedged items used to deter-
mine the ineffectiveness of the hedging relationship
18.9
4.3
Weighted average hedge rate for hedging instruments
1,1
1,2
The foreign exchange forwards designated as hedging instruments are for US
dollars and are in the same currency as the internal foreign exchange transac-
tions and the highly probable future transactions. Therefore, the hedge ratio is
1:1. The foreign exchange hedging transactions in US dollars are due in
2025.
Foreign exchange hedges with a nominal volume of $386.0 million expired in
2024.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
231
The revaluation surplus for cash flow hedges shown in other comprehensive
income relates to the following hedging instruments:
Cash flow hedge reserve
in Ąm
Cost of hedging
reserve
Reserve for
cash flow
hedges foreign
currency deriva-
tives
Reserve for
cash flow
hedges interest
rate swaps
Total
Balance as at 1 Jan 2023
2.5
5.4
58.4
66.3
Change in fair value of hedging instruments recognised in OCI
–
5.3
36.8
42.1
Hedging costs deferred and recognised in other comprehensive income
– 4.8
–
–
– 4.8
Reclassification to profit or loss
3.3
–
– 7.8
– 4.5
Settlement
– 0.6
– 5.4
–
– 6.0
Balance as at 31 Dec 2023
0.3
5.3
87.5
93.1
Change in fair value of hedging instruments recognised in OCI
– 3.4
– 6.3
–
– 9.7
Hedging costs deferred and recognised in other comprehensive income
3.3
–
–
3.3
Reclassification to profit or loss
–
–
– 10.5
– 10.5
Settlement
–
– 5.3
–
– 5.3
Balance as at 31 Dec 2024
0.2
– 6.3
77.0
71.0
The amount deferred in the reserve for hedging costs includes the forward
component of foreign exchange forward contracts. The deferred costs relate to
period-related underlying transactions in the form of existing loans to group
companies. The amounts in the reserve for cash flow hedges are related to in-
terest rate swaps and are amortised pro rata temporis until April 2032.
Fair value hierarchy
Financial assets and liabilities measured at fair value are categorised within
the following three-level hierarchy:
Level 1: Financial instruments with a quoted price for identical assets and li-
abilities in an active market.
Level 2: Financial instruments with no quoted prices for identical instru-
ments on an active market and whose fair value is determined using valua-
tion methods based on observable market parameters.
Level 3: Financial instruments where the fair value is determined using one
or more unobservable significant inputs. This does not apply to listed equity
instruments.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
232
There were no transfers between levels for recurring fair value measurements
during the year under review.
Fair value hierarchy
Fair value as at
31 Dec 2024
thereof attributable to:
in Ąm
Level 1
Level 2
Level 3
Financial assets measured at fair value through other comprehensive income (FVOCI)
Strategic investments
191.5
10.8
–
180.7
Financial assets measured at fair value through profit or loss (FVPL)
Non-current financial instruments held by central counterparties
6,815.1
–
6,815.1
–
Other non-current financial assets
157.9
20.0
–
137.9
Current financial instruments held by central counterparties
127,059.6
–
127,059.6
–
Other current financial assets
25.9
4.9
15.1
5.8
Total assets
134,250.0
35.7
133,889.8
324.4
Financial liabilities measured at fair value through profit or loss (FVPL)
Non-current financial instruments held by central counterparties
6,815.1
–
6,815.1
–
Other non-current financial liabilities
48.6
–
–
48.6
Current financial instruments held by central counterparties
126,019.6
–
126,019.6
–
Other current financial liabilities
27.6
–
27.6
–
Total liabilities
132,910.9
–
132,862.3
48.6
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
233
Fair value hierarchy previous year
Fair value as at
31 Dec 2023
thereof attributable to:
in Ąm
Level 1
Level 2
Level 3
Financial assets measured at fair value through other comprehensive income (FVOCI)
Strategic investments
222.7
75.2
–
147.5
Financial assets measured at fair value through profit or loss (FVPL)
Non-current financial instruments held by central counterparties
7,667.6
–
7,667.6
–
Other non-current financial assets
178.2
20.3
–
157.9
Current financial instruments held by central counterparties
137,904.9
–
137,904.9
–
Other current financial assets
31.9
12.0
17.6
2.3
Total assets
146,005.3
107.5
145,590.1
307.6
Financial liabilities measured at fair value through profit or loss (FVPL)
Non-current financial instruments held by central counterparties
7,667.6
–
7,667.6
–
Other non-current financial liabilities
51.1
–
–
51.1
Current financial instruments held by central counterparties
137,341.9
–
137,341.9
–
Other current financial liabilities
16.0
–
15.9
0.1
Total liabilities
145,076.5
–
145,025.4
51.2
The Level 2 other non-current assets and liabilities foreign currency forwards.
The basis for measuring the market value of the foreign currency forwards is
the forward rate at the reporting date for the remaining term. They are based
on observable market prices. The basis for measuring the market value of fi-
nancial instruments held by central counterparties are market transactions for
identical or similar assets on non-active markets and option pricing models
based on observable prices.
The following table presents the valuation techniques, including material un-
observable inputs, used to determine the fair value of Level 3 financial instru-
ments (FVPL).
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Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
234
Measurement methods and inputs for the fair value hierarchy Level 3
Financial instrument
Measurement Method
Material unobservable inputs
Connection between material unobservable
inputs and fair value measurement
Derivates
Internal Black/Merton/Scholes option pricing
model
Value of equity
Risk-free interest rate
Volatility
Dividend yield
The estimated fair value would go up (down), if:
- the expected value of the equity were lower
(higher)
- the risk-free interest rate were lower (higher)
- the volatility were higher (lower)
- dividend yields were higher (lower)
Equity instruments
Discounted-Cashflow-Modell/Multiples
Measurement using discounted cash flow mod-
els (net present value approach) or using multi-
ples (market value approach). A sensitivity anal-
ysis is not provided in this case.
n.a.
Interests in institutional investment funds
Net asset value
These investments include private equity
funds and alternative investments held
by Deutsche Börse Group. They are valued by
the fund manager based on net asset value.
Net asset value is determined
using non-public information from the
respective private equity managers.
Deutsche Börse Group only has
limited insight into the specific inputs
used by the fund managers. Therefore, no de-
scriptive sensitivity analysis is provided.
n.a.
Contingent purchase price components
Discounted cash flow model
Value of equity
The estimated fair value would go up (down), if:
the expected value of the equity were higher
(lower)
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
235
The following table shows the reconciliation of the opening balance to the closing
balance for fair values of Level 3 financial instruments.
Changes in level 3 financial instruments
Assets
Liabilities
in Ąm
Financial assets
measured at
fair value
through other
comprehensive
income
Financial assets
measured at
fair value
through profit
or loss
Financial liabili-
ties measured
at fair value
through profit
or loss
Balance as at 1 Jan 2023
143.5
155.4
6.4
Changes from business combinations
4.8
–
–
Additions
9.3
22.7
54.0
Disposals
–
– 0.5
– 15.2
Reclassifications
0.9
– 0.9
–
Realised capital gains/(losses) recognised in profit or loss
–
–
– 0.3
Unrealised capital losses recognized in profit or loss
–
– 16.6
6.2
Changes recognised in the revaluation surplus
– 7.2
–
–
Unrealised effects from currency translation recognised in equity
– 3.8
–
–
Balance as at 31 Dec 2023
147.5
160.2
51.2
Additions
14.8
15.4
36.1
Disposals
– 7.2
– 5.5
–
Reclassifications
7.6
– 12.3
–
Realised capital gains/(losses) recognised in profit or loss
–
– 14.1
– 38.7
Changes recognised in the revaluation surplus
0.2
–
–
Unrealised effects from currency translation recognised in equity
17.9
–
–
Balance as at 31 Dec 2024
180.7
143.7
48.6
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Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
236
The change in financial assets measured at FVOCI is mainly due to the
acquisition of strategic investments in the amount of Ą14.8 million and
positive fx valuation effects in the amount of Ą17.9 million, which were
recognised in the revaluation surplus with no effect on profit or loss. For
financial assets measured at FVPL, the additions mainly came from the
acquisition of fund shares and convertible bonds as well as the exercise of
conversion rights. Valuation effects resulted in a loss of Ą14.1 million. For
financial liabilities measured FVPL we benefited from positive valuation effects
of Ą38.7 million that mainly resulted from the valuation of put options.
The unobservable inputs can generally consist of a range of values that are
considered probable. The sensitivity analysis determines the fair values of the
financial instruments using input factors that lie at the lower or upper limit of
the possible range. The fair values of the Level 3 financial instruments would
change as follows when using these inputs:
Sensitivity analysis of the financial assets and financial liabilities allocated to Level 3 depending
on unobservable input parameters.
Fair value change
change input
paramter1
Increase
Ąm
Decrease
Ąm
Financial liabilities
Other non-current financial liabilities
(derivatives)
Expected Value
of Equity (10%
Change)
– 13.9
20.3
Volatility (10%
Change)
8.7
– 8.2
1) A possible change in one of the significant unobservable input factors with the other input factors remaining
unchanged would have the effects shown in the table above.
The fair values of the other financial assets and liabilities not measured at fair
value were determined as follows:
The financial assets measured at amortised cost held by us include debt in-
struments with a fair value of Ą2,096.2 million (31 December 2023:
Ą1,891.2 million). The fair value of the debt instruments was determined by
reference to published price quotations in an active market. The securities
were allocated to level 1.
The bonds issued by us have a fair value of Ą7,003.9 million (31 December
2023: Ą6,953.4 million) and are disclosed under liabilities measured at
amortised cost. The fair value of such instruments is based on the debt instru-
ments’ quoted prices. Due to insufficient market liquidity, the debt securities
were allocated to level 2.
The financial instrument’s carrying amount represents a reasonable approxi-
mation of fair value for all other positions.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
237
Offsetting financial instruments
Gross presentation of offset financial instruments held by central counterparties
Gross amount of financial
instruments
Gross amount of offset financial
instruments
Net amount of financial
instruments
in Ąm
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Financial assets from repo transactions
228,207.7
251,971.3
– 121,992.2
– 133,896.7
106,215.6
118,074.6
Financial liabilities from repo transactions
– 227,167.7
– 251,408.3
121,992.2
133,896.7
– 105,175.5
– 117,511.6
Financial assets from options
81,089.2
84,622.7
– 53,430.1
– 57,124.7
27,659.1
27,498.0
Financial liabilities from options
– 81,089.2
– 84,622.7
53,430.1
57,124.7
– 27,659.1
– 27,498.0
Cash or securities held as collateral by central counterparties
As the clearing houses of the Deutsche Börse Group guarantee the settlement
of all traded contracts, they have established multi-level collateral systems.
The central pillar of the collateral systems is the determination of the overall
risk per clearing member (margin) to be covered by cash or securities collat-
eral. Losses calculated on the basis of current prices and potential future price
risks are covered up to the date of the next collateral payment.
In addition to these daily collateral payments, each clearing member must
make contributions to the respective default fund (for further details, see sec-
tion “Risk report” in the combined management report). Cash collateral is re-
ported in the consolidated balance sheet under “cash deposits by market par-
ticipants” and the corresponding amounts under “restricted bank balances”.
Securities collateral is generally not derecognised by the clearing member
providing the collateral, as the opportunities and risks associated with the se-
curities are not transferred to the secure party. Recognition at the secure party
is only permissible if the clearing member providing the transfer is in default
according to the underlying contract.
The aggregate margin calls based on the executed transactions and default
fund requirements after haircuts was Ą97,002.1 million as at the reporting
date (2023: Ą100,990.9 million), Collateral totalling Ą118,273.8 million
(2023: Ą122,728.5 million) was actually deposited.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
238
Composition of collateral held by central counterparties
in Ąm
31 Dec 2024
31 Dec 2023
Cash collateral (cash deposits)1,3
48,603.8
53,318.6
Securities and book-entry securities collateral2,3
69,670.0
69,409.9
Total
118,273.8
122,728.5
1) The amount includes the clearing fund totalling Ą7,423.9 million (2023: Ą6,292.8 million),
2) The amount includes the clearing fund totalling Ą3,723.7 million (2023: Ą2,709.7 million),
3) The collateral value is determined on the basis of the fair value less a haircut
14 Contract balances
The Group has recognised the following assets and liabilities from contracts
with customers:
Gross presentation of offset financial instruments held by central counterparties
31 Dec 2024
31 Dec 20231
in Ąm
Non-
current
Current
Total
Non-
current
Current
Total
Contract costs
32.0
k.A.
32.0
21.5
k.A.
21.5
Contractual assets
319.6
107.7
427.4
259.6
87.8
347.4
Contractual liabili-
ties
11.2
216.0
227.3
11.9
203.0
214.8
1) Previous year adjusted, see Note 3.
Contract costs represent ‘incremental costs of initiating a contract’ and ‘con-
tract fulfilment costs’ within the meaning of IFRS 15 and include sales com-
missions and costs to create resources that will be used in the future to fulfil
performance obligations. The Group only capitalises contract initiation costs for
multi-year contracts. The capitalised costs are amortised as scheduled depend-
ing on the corresponding revenue recognition. The total amortisation amounts
to Ą10.3 million in the 2024 financial year (2023: Ą7.9 million) and is
recognised in depreciation, amortisation and impairment losses in the consoli-
dated income statement. The contract costs are recognised under ‘Other non-
current assets’ in the consolidated balance sheet.
Contract assets represent a legal right to consideration for software that has al-
ready been transferred to customers under subscription agreements with future
payments. The increase is due to the SimCorp acquisition. Contract assets are
presented in the consolidated statement of financial position in the items
“Other non-current assets” and “Other current assets”.
Contract liabilities are generally advance payments by customers for perfor-
mance obligations that have not yet been satisfied in full. The Ą201.3 million
included in contract liabilities as at 31 December 2023 was recognised as rev-
enue in the financial year 2024. Contract liabilities are presented in the con-
solidated statement of financial position in the items “Other non-current liabili-
ties” and “Other current liabilities”.
The total transaction price allocated to performance obligations that have not
been satisfied in full as at 31 December 2024 for multi-year contracts that are
not invoiced on a variable basis as performance obligations are satisfied is
Ą1,219.2 million (2023: Ą1,080.2 million), We anticipate that Ą330.9 mil-
lion (2023: Ą322.4 million) of the transaction price will be recognised as rev-
enue in the next reporting period. The remaining Ą893.8 million (2023:
Ą757.9 million) will be recognised in subsequent financial years.
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Consolidated balance sheet
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Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
239
15 Other current assets
Composition of other current assets
in Ąm
31 Dec 2024
31 Dec 20231
Other receivables from CCP transactions (commodities)
1,022.9
721.5
Prepaid expenses
136.0
126.9
Contractual assets
107.7
87.8
Tax receivables (excluding income taxes)
122.9
60.6
Interest receivables on taxes
47.0
40.2
Crypto Assets
11.8
7.9
Miscellaneous
10.4
9.7
Total
1,458.7
1,054.4
1) Previous year adjusted, see Note 3.
The increase in other current assets is mainly due to the increase in receiva-
bles from the CCP business in connection with physical deliveries of goods on
the spot markets, which were subject to high volatility at the end of 2024, as
well as the increase in tax receivables. Other liabilities from the CCP business,
which are recognised in the ‘Other current liabilities’ item, increased corre-
spondingly, see Note 21. These receivables are not part of the financial assets
because there is no claim to receive cash, but rather a claim to the physical
delivery of commodities.
16 Equity
Changes in equity are presented in the consolidated statement of changes in
equity. As at 31 December 2024 the number of no-par value registered shares
of Deutsche Börse AG in issue was 188,300,000 (31 December 2023:
190,000,000).
Subject to the agreement of the Supervisory Board, the Executive Board is
authorised to increase the subscribed share capital by the following amounts:
Number shares Date of authori
sation by the
shareholders
Expiry date
Existing shareholders’
pre-emptive rights may
be disapplied for frac-
tioning and/or may be
disapplied if the share
issue is:
Authorised share
capital I1
19,000,000 19 May 2021
18 May 2026
n.a.
Authorised share
capital II1
19,000,000 19 May 2020
18 May 2025
for cash at an issue
price not significantly
lower than the stock ex-
change price, up to a
maximum amount of
10 per cent of the nom-
inal capital.
against non-cash contri-
butions for the purpose
of acquiring companies,
parts of companies, in-
terests in companies, or
other assets.
Authorised share
capital IV1
19,000,000 18 May 2022
17 May 2027
n.a.
1) Shares may only be issued, excluding shareholders’ pre-emptive subscription rights, provided that the
aggregate amount of new shares issued excluding shareholders' pre-emptive rights during the term of the
authorisation (including under other authorisations) does not exceed 10 per cent of the issued share capital.
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240
Contingent capital
By resolution of the Annual General Meeting on 14 May 2024, the Executive
Board was authorised, with the approval of the Supervisory Board, to issue
convertible bonds and/or bonds with warrants or a combination of these instru-
ments with a total nominal amount of up to Ą5,000,000,000 with or without
a limited term on one or more occasions until 13 May 2029 and to grant the
holders or creditors of these bonds conversion or option rights or conversion or
option obligations for a total of up to 19,000,000 no-par value registered
shares of Deutsche Börse AG with a pro rata amount of share capital totalling
up to Ą19,000,000. or option rights or conversion or option obligations for a
total of up to 19,000,000 no-par value registered shares of Deutsche Börse
AG with a proportionate amount of the share capital totalling up to
Ą19,000,000 in accordance with the terms and conditions of the convertible
bonds or the terms and conditions of the warrants attached to the bonds with
warrants.
The Executive Board is authorised, with the approval of the Supervisory Board,
to exclude shareholders' subscription rights to bonds with conversion or option
rights to shares of Deutsche Börse AG in the following cases: (i) to offset frac-
tional amounts, (ii) provided that the issue price of a bond is not significantly
lower than the theoretical market value determined using recognised actuarial
methods and the total number of shares attributable to these bonds does not
exceed 10 per cent of the share capital, (iii) to grant subscription rights to the
holders of conversion or option rights to shares of Deutsche Börse AG or the
debtors of corresponding conversion or option obligations to offset fractional
amounts, 10 per cent of the share capital, (iii) in order to grant subscription
rights to the holders of conversion or option rights to shares of Deutsche Börse
AG or the debtors of corresponding conversion and option obligations to com-
pensate for dilution to the extent to which they would be entitled after exercis-
ing these rights and (iv) insofar as the issue of the bonds is made against con-
tributions in kind for the purpose of acquiring companies, parts of companies
or equity interests in companies or other assets.
The bonds may also be issued by companies affiliated with Deutsche Börse
AG pursuant to sections 15 et seq. German Stock Corporation Act (AktG) by
companies affiliated with Deutsche Börse AG domiciled in Germany or abroad.
Accordingly, the share capital was conditionally increased by up to
Ą19,000,000 (Conditional Capital 2024). To date, no use has been made of
the authorisation to issue convertible bonds and/or bonds with warrants.
There were no further rights to subscribe for shares as at 31 December 2024.
The share buyback programme announced by Deutsche Börse AG in Novem-
ber 2023 was carried out from 2 January 2024 to 19 April 2024 on the basis
of the authorisation granted by the Annual General Meeting on 8 May 2019.
In the process, 1,605,189 shares in the company were bought back at acqui-
sition costs totalling Ą299,999,694.60 (excluding acquisition costs) for the
purpose of reducing the company's capital.
The development of treasury shares is shown in the following overview:
Development of treasury shares
in numbers of shares
2024
Balance as at 1 Jan 2024
4,887,540
Issuance under share-based payments and employee share programs
– 155,894
Own shares as consideration
– 115,214
Share buy back
1,605,189
Cancellation of treasury shares
– 1,700,000
Balance as at 31 Dec 2024
4,521,621
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241
As part of the acquisition of non-controlling interests, 115,214 treasury shares
were used as consideration. In addition, 155,894 treasury shares were sold to
employees as part of the Group Share Plan (GSP), see Note 19.
Following the completion of the aforementioned share buy-back programme,
Deutsche Börse AG's share capital was reduced to Ą188,300,000 on 17 Sep-
tember 2024 as a result of the cancellation of treasury shares.
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Deutsche Börse Group – Annual report 2024
242
Revaluation surplus
Revaluation surplus
in Ąm
Share-based
payments
Equity
investments
measured
at FVOCI
Cash flow
hedges
Currency
translation
reserve
Other
Total
Balance as at 1 Jan 2023 (gross)
8.3
46.5
66.3
352.2
–
473.4
Changes from share-based payments
14.4
–
–
–
–
14.4
Changes from financial instruments
–
25.5
26.8
–
–
52.4
Changes from currency translation
–
–
–
– 47.9
–
– 47.9
Balance as at 31 Dec 2023 (gross)
22.7
72.1
93.1
304.3
–
492.2
Changes from share-based payments
48.1
–
–
–
–
48.1
Changes from financial instruments
–
– 51.0
– 22.2
–
–
– 73.2
Changes from currency translation
–
–
–
153.8
–
153.8
Other changes
–
–
–
–
– 1.1
– 1.1
Balance as at 31 Dec 2024 (gross)
70.8
21.1
71.0
458.1
– 1.1
619.9
Deferred taxes
Balance as at 1 Jan 2023
–
– 39.0
– 18.1
–
–
– 57.1
Reversals
–
1.1
– 7.3
–
–
– 6.2
Balance as at 31 Dec 2023
–
– 37.9
– 25.4
–
–
– 63.3
Additions
–
4.2
5.7
–
– 0.3
9.6
Balance as at 31 Dec 2024
–
– 33.7
– 19.7
–
– 0.3
– 53.6
Balance as at 1 Jan 2022 (net)
8.3
7.5
48.2
352.2
–
416.3
Balance as at 31 Dec 2023 (net)
22.7
34.2
67.8
304.3
–
428.9
Balance as at 31 Dec 2024 (net)
70.8
– 12.6
51.3
458.1
– 1.4
566.1
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243
Retained earnings
The item “Retained earnings” includes changes from defined-benefit obligations
after deferred taxes Ą–41.2 million (2023: Ą–58.7 million).
17 Shareholders’ equity and appropriation of net income of
Deutsche Börse AG
The annual financial statements of the parent company Deutsche Börse AG,
prepared as at 31 December 2024 in accordance with the provisions of Han-
delsgesetzbuch (HGB, the German Commercial Code), report net profit for the
period of Ą1,323.5 million) (2023: Ą2,118.3 million) and equity of
Ą6,308.7 million (2023: Ą5,918.8 million). In financial year 2024,
Deutsche Börse AG distributed Ą697.8 million (Ą3.80 per share) from distrib-
utable profit for the previous year.
Proposal on the appropriation of the unappropriated surplus
in Ąm
31 Dec 2024
Net profit for the period
1,323.5
Income from capital reduction
1.7
Allocation to the capital reserve in accordance with Section 237 (5) AktG
–1.7
Expense from the cancellation of treasury shares
– 1.7
Appropriation to other retained earnings in the annual financial statements
– 551.8
Unappropriated surplus
770.0
Proposal by the Executive Board:
Distribution of a regular dividend to the shareholders of Ą4.00 per share for
183,778,379 no-par value shares carrying dividend rights
735.1
Appropriation to retained earnings
34.9
No-par value shares carrying dividend rights
Number
31 Dec 2024
31 Dec 2023
Shares issued as of the balance-sheet date
188,300,000
190,000,000
Treasury shares as of the balance-sheet date
– 4,521,621
– 4,887,540
Number of shares in circulation as of the balance-sheet date
183,778,379
185,112,460
The proposal on the appropriation of distributable profit reflects treasury shares
held directly or indirectly by the company that do not carry dividend rights un-
der section 71b Aktiengesetz (AktG, the German Stock Corporation Act). The
number of shares carrying dividend rights can change until the Annual General
Meeting through the repurchase or sale of further treasury shares. In this case,
with a dividend of Ą4.00 per eligible share, an amended resolution for the ap-
propriation of distributable profit will be proposed to the Annual General Meet-
ing.
18 Employee benefits
Employee benefits consist of:
Provisions for pensions,
Provisions for all current and non-current employee benefits and
provisions for termination benefits
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244
Composition of employee benefits
31 Dec 2024
31 Dec 2023
in Ąm
Non-
current
Current
Total
Non-
current
Current
Total
Provisions for pensions
32.8
–
32.8
48.1
–
48.1
Provisions for
employee benefits
79.8
340.8
420.7
76.8
324.7
401.5
Share based
payment
55.8
38.9
94.7
54.9
41.2
96.1
Bonuses
12.7
236.6
249.3
12.0
217.2
229.1
Vacation entitle-
ments, flexitime and
overtime
–
60.5
60.5
–
54.4
54.4
Other personnel
provisions
11.3
4.8
16.1
9.9
11.9
21.9
Provisions on the occa-
sion of termination of
employment
17.8
22.3
40.0
26.6
16.6
43.1
Early retirement
agreements
17.8
–
17.8
26.6
–
26.6
Severance
agreements
–
22.3
22.3
–
16.6
16.6
Total benefits to
employees
130.4
363.1
493.5
151.5
341.3
492.8
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Deutsche Börse Group – Annual report 2024
245
The individual categories of provisions changed as follows in the financial year
2024:
Changes in provisions
in Ąm
Bonuses
Share-based
payments
Holiday entitle-
ments, flexitime
and overtime
Other personnel
provisions
Early retirement
and severance
Balance as at 1 Jan 2024
229.1
96.2
54.4
21.9
43.1
Changes in the basis of consolidation
– 0.5
– 0.0
0.1
– 0.0
–
Utilisation
– 281.7
– 95.9
– 4.2
– 3.8
– 22.9
Reversal
– 10.0
– 4.4
– 34.5
– 8.4
– 1.3
Additions
310.3
98.6
44.7
6.1
20.5
Interest
–
–
–
0.4
0.6
Currency translation
2.1
0.3
0.1
0.0
0.0
Balance as at 31 Dec 2024
249.3
94.7
60.5
16.1
40.0
Provisions for pensions
Defined benefit pension plans
Provisions for pensions and similar obligations are measured using the pro-
jected unit credit method on the basis of actuarial reports. Calculating the pre-
sent value requires certain actuarial assumptions (e.g. discount rate, staff turn-
over rate, salary and pension trends) to be made. The current service cost and
the net interest expense or income for the subsequent period are calculated on
the basis of these assumptions.
The fair value of the plan assets is deducted from the present value of the pen-
sion obligations, if necessary taking into account the regulations on the upper
limit of the value of plan assets in excess of the obligation (so-called asset ceil-
ing), so that the net pension obligation or the asset value from the defined
benefit plans results. Net interest expense for the financial year is calculated
by applying the discount rate determined at the beginning of the financial year
to the net defined benefit liability determined as at that date.
The relevant discount rate is determined by reference to the return on long-
term corporate bonds with a rating of at least AA (Moody’s Investors Service,
S&P Global Ratings, Fitch Ratings and DBRS) on the basis of the information
provided by Bloomberg, and a maturity that corresponds approximately to the
maturity of the pension obligations. Moreover, the bonds must be denominated
in the same currency as the underlying pension obligation. Measurement of
the pension obligations in euros is based on a discount rate which is deter-
mined according to the adjusted “GlobalRate:Link” methodology from the advi-
sory company Willis Towers Watson, updated in line with the current market
trend.
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246
The actuarial gains or losses and the difference between the expected and the
actual return or loss on plan assets are recognised in other comprehensive in-
come in the revaluation surplus. They result from changes in expectations with
regard to life expectancy, pension trends, salary trends and the discount rate.
Other long-term benefits for employees and members of executive boards (total
disability pension, transitional payments) are also measured using the pro-
jected unit credit method. Actuarial gains and losses and past service cost are
recognised immediately and in full through profit or loss.
The defined benefit obligations of the companies of Deutsche Börse Group re-
late primarily to final salary arrangements and pension plans based on capital
components, which guarantee employees a choice of either lifelong pensions
or capital payments on the basis of the final salary paid. The Group uses exter-
nal trust solutions to cover some of its pension obligations.
Net liability of defined benefit obligations
in Ąm
Germany Luxem-
bourg
Other
Total
2024
Total
2023
Present value of defined benefit obliga-
tions that are at least partially funded
426.7
67.7
94.8
589.2
580.2
Fair value of plan assets
– 413.9
– 71.3
– 83.3
– 568.5
– 539.3
Present value of unfunded obligations
7.4
–
–
7.4
7.2
Net liability of defined benefit obligations
20.2
– 3.6
11.5
28.1
48.1
Amount recognised in the balance sheet
20.2
– 3.6
11.5
28.1
48.1
The defined benefit plans comprise a total of 5,494 beneficiaries (2023:
4,907). The present value of defined benefit obligations can be allocated to
the beneficiaries as follows:
Allocation of the present value of the defined benefit obligation to the beneficiaries
in Ąm
Germany
Luxem-
bourg
Other
Total
2024
Total
2023
Eligible current employees
170.3
57.7
89.0
317.0
317.4
Former employees with vested
entitlements
151.7
9.5
3.0
164.2
169.3
Pensioners or surviving
dependants
112.1
0.5
2.8
115.4
100.7
Total
434.1
67.7
94.8
596.6
587.4
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Essentially, the retirement benefits encompass the following retirement benefit
plans:
Executive boards of Group companies (Germany and Luxembourg)
Individual commitment plans exist for executive board members of certain
Group companies; they are based on the plan for executives described in the
second paragraph below, i.e. in each calendar year the company provides an
annual contribution to a capital component calculated in accordance with ac-
tuarial principles. The benefit assets equal the total of the acquired capital
components of the individual years and are converted into a lifelong pension
once the benefits fall due. In addition, retirement benefit agreements are in
place with members of the executive boards of Group companies, under which
they are entitled to pension benefits upon reaching the age of 63 and following
reappointment. When the term of office began, the replacement rate was 30
per cent of individual pensionable income. It rose by 5 percentage points with
each reappointment, up to a maximum of 50 per cent of pensionable income.
Germany
There is an employee-funded deferred compensation plan for employees of
certain Deutsche Börse Group companies in Germany who joined prior to
1 January 2019. Under this plan, it is possible to convert portions of future
remuneration entitlements into benefit assets of equal value which bear inter-
est of 6 per cent p.a. The benefits consist of a capital payment made in equal
annual instalments over a period of three years upon the reaching the age of
65 or at an earlier date due to disability or death.
In the period from 1 January 2004 to 30 June 2006, executives in Ger-
many were offered the opportunity to participate in the following pension sys-
tem based on capital components: the benefit is based on annual income re-
ceived, composed of fixed annual salary and the variable remuneration. Every
year, participating Group companies provide for an amount that corresponds to
a certain percentage of the pensionable income. The participating companies
provide an amount corresponding to a specific percentage of this eligible in-
come every year. This amount is multiplied by a capitalisation factor depend-
ing on age, resulting in the “annual capital component”. The benefit assets
equal the total of the acquired capital components of the individual years and
are converted into a lifelong pension once the benefits fall due. This benefit
plan was closed to new staff on 30 June 2006; the executives who were em-
ployed in the above period can continue to earn capital components.
As part of adjustments to the remuneration systems to bring them into line
with supervisory requirements contracts were adjusted for some executives.
For executives affected, whose contracts allowed for the inclusion of only the
income received and the variable remuneration above the upper limit of the
contribution assessment as pensionable income, the pensionable income was
determined on the basis of income received from the year 2016. This is ad-
justed annually to account for the increase of the cost of living according to the
consumer price index for Germany as issued by the Federal Statistical Office.
Luxembourg
The defined benefit pension plan in favour of Luxembourg employees is
funded by means of cash contributions to an “association d'épargne pension”
(ASSEP) organized in accordance with Luxembourg law. The benefits consist
of a one-off capital payment, which is generally paid upon reaching the age of
65. Employees receive an annual account statement showing their current bal-
ance. The pension plan does not pay any benefits in the event of death or dis-
ability. Contributions to the ASSEP are funded in full by the participating com-
panies. The contributions are determined annually on the basis of actuarial
opinions in accordance with Luxembourg law.
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Changes in net defined benefit obligations
Present value of obligations
Fair value of plan assets
Total
in Ąm
2024
2023
2024
2023
2024
2023
Balance as at 1 Jan
587.4
505.8
– 539.3
– 493.8
48.1
12.0
Current service cost
22.7
21.4
–
–
22.7
21.4
Interest expense/(income)
17.4
18.1
– 16.1
– 17.8
1.3
0.3
Past service cost
0.6
1.3
–
–
0.6
1.3
40.7
40.8
– 16.1
– 17.8
24.7
23.0
Remeasurements
Return on plan assets, excluding amounts already recognised in interest income
–
–
– 10.3
– 10.7
– 10.3
– 10.7
Adjustments to demographic assumptions
– 5.0
–
4.4
–
– 0.6
0
Adjustments to financial assumptions
– 6.4
36.9
–
–
– 6.4
36.9
Experience adjustments
– 7.0
2.4
–
–
– 7.0
2.4
– 18.4
39.3
– 5.9
– 10.7
– 24.4
28.6
Effect of exchange rate differences
– 2.3
5.3
1.9
– 4.8
– 0.4
0.5
Contributions:
Employers
0.5
0.5
– 20.8
– 17.8
– 20.3
– 17.3
Plan participants
2.9
2.5
– 2.7
– 2.6
0.3
– 0.1
Benefit payments
– 13.6
– 16.4
13.6
16.4
0
–
Tax and administration costs
– 0.7
– 0.7
0.7
0.7
0.0
–
Changes in the basis of consolidation
–
10.2
–
– 8.9
–
1.3
Balance as at 31 Dec
596.6
587.4
– 568.5
– 539.3
28.1
48.1
there of: Provision for pensions
32.8
48.1
thereof: Capitalised plan assets
– 4.7
–
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Deutsche Börse Group – Annual report 2024
249
For Germany, there is a past service cost of around Ą0.6 million resulting
from the new entitlements to the termination pension provided for members of
the Executive Board.
In the 2023 financial year, employees converted a total of Ą6.6 million
(2023: Ą6.6 million) of their variable remuneration into deferred compensa-
tion benefits.
Assumptions
Provisions for pension plans and other employee benefits are measured annu-
ally at the reporting date using actuarial techniques. The assumptions for de-
termining the actuarial obligations for the pension plans differ according to the
individual conditions in the countries concerned and are shown in the follow-
ing table:
Actuarial assumptions
31 Dec 2024
31 Dec 2023
in %
Germany
Luxembourg
Germany
Luxembourg
Discount rate
3.38
3.38
3.18
3.18
Salary growth
3.00
3.70
3.00
3.50
Pension growth
2.20
–
2.20
–
Staff turnover rate1
2.00
2.00
2.00
2.00
1) Up to the age of 50, afterwards 0 per cent.
In Germany, the “2018 G” mortality tables (generation tables) developed by
Professor Klaus Heubeck are used. For Luxembourg, generation tables of the
Institut national de la statistique et des études économiques du Grand-Duché
de Luxembourg are used.
Owing to the high inflation rates of recent years, pension adjustments in the
next year will significantly exceed the assumed (long-term) pension trend. This
cumulative inflation (adjustment backlog) was taken into account in the corre-
sponding commitments through the one-off increase in pensions of 3.2 per
cent (consumer price index) and 1.4 per cent (civil servants).
Sensitivity analysis
The sensitivity analysis presented in the following considers the change in one
assumption of the main plans in Germany and Luxembourg at a time, leaving
the other assumptions unchanged from the original calculation, i.e. possible
correlation effects between the individual assumptions are not taken into ac-
count.
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income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
250
Sensitivity of defined benefit obligation to change in the weighted principal assumptions
Change in actuarial assumption
Effect on defined benefit obligation
2024
2023
Defined benefit obligation in Ąm
Change in %
Defined benefit obligation in Ąm
Change in %
Discount rate
Increase by 1.0 percentage point
449.8
– 10.3%
445.1
– 11.1%
Reduction by 1.0 percentage point
565.0
12.6%
568.9
13.6%
Salary growth
Increase by 0.5 percentage points
507.5
1.2%
508.3
1.5%
Reduction by 0.5 percentage points
497.0
– 0.9%
494.2
– 1.3%
Pension growth
Increase by 0.5 percentage points
510.1
1.7%
509.1
1.7%
Reduction by 0.5 percentage points
494.1
– 1.5%
492.8
– 1.6%
Life expectancy
Increase by one year
512.7
2.2%
511.8
2.2%
Reduction by one year
490.5
– 2.2%
489.1
– 2.3%
Composition of plan assets
Germany
In Germany, plan assets are held by a trustee in safekeeping for individual
companies of the Group and for the beneficiaries. At the company’s instruc-
tion, the trustee uses the funds transferred to acquire securities, without any
consulting by the trustee. The contributions are invested in accordance with an
investment policy, which may be amended by the companies represented in
the investment committee. The trustee may refuse to carry out instructions if
they are in conflict with the fund’s allocation rules or the payment provisions.
In accordance with the investment policy, a value preservation mechanism is
applied; investments can be made in different asset classes.
Luxembourg
In Luxembourg, the Board of Directors of the Clearstream Pension Fund is re-
sponsible for determining the investment strategy, with the aim of maximising
returns in relation to a benchmark. This benchmark is 75 per cent derived
from the return on five-year German federal government bonds and 25 per
cent from the return on the EURO STOXX 50 Index. According to the invest-
ment policy, the fund may only invest in fixed-income and variable-rate securi-
ties, as well as listed investment fund units; it may hold cash, including in the
form of money market funds.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
251
Composition of plan assets
in Ąm
31 Dec 2024
31 Dec 2023
Bonds
455.2
80.1 %
420.5
78.0 %
Government bonds
319.1
319.0
Multilateral
development banks
120.9
92.8
Corporate bonds
12.8
8.7
Other
2.3
–
Derivatives
– 2.3
– 0.4 %
6.9
1.3 %
Stock index futures
– 0.4
3.7
Interest rate futures
– 1.9
3.2
Investment funds
35.3
6.2 %
–
Other
–
31.0
5.7 %
Total listed
488.3
85.9 %
458.4
85.0 %
Qualifying insurance
policies
56.2
9.9 %
49.0
9.1 %
Cash
24.0
4.2 %
31.9
5.9 %
Total not listed
80.2
14.1 %
80.9
15.0 %
Total plan assets
568.5
100.0 %
539.3
100.0 %
As at 31 December 2024 the plan assets did not include any financial instru-
ments of the Group (2023: zero). Neither did they include any properties or
other assets used by companies in Deutsche Börse Group.
Risks
In addition to the general actuarial risks, the risks associated with the defined
benefit obligations relate especially to financial risks in connection with the
plan assets, including in particular counterparty credit and market risks.
Market risk
The return on plan assets is assumed to be the discount rate determined on
the basis of corporate bonds with an AA rating. If the actual rate of return on
plan assets is lower than the discount rate used, the net defined benefit liabil-
ity increases accordingly. If volatility is low, the actual return is further ex-
pected to exceed the return on corporate bonds with a good rating in the me-
dium to long term. The amount of the net obligation is also influenced in par-
ticular by changes in the discount rates. We consider the share price risk re-
sulting from derivative positions in equity index futures in the plan assets to be
appropriate. The company bases its assessment on the expectation that the
overall volume of payments from the pension plans will be manageable in the
next few years, that the total amount of the obligations will also be managea-
ble and that it will be able to meet these payments in full from operating cash
flows. Any amendments to the investment policy take into account the dura-
tion of the pension obligation as well as the expected payments over a period
of ten years.
Inflation risk
Possible inflation risks that could lead to an increase in defined benefit obliga-
tions exist because some pension plans are final salary plans or the annual
capital components are directly related to salaries, i.e. a significant increase in
salaries would lead to an increase in the benefit obligation from these plans. In
Germany, however, there are no contractual arrangements with regard to infla-
tion risk for these pension plans. An interest rate of 6 per cent p.a. has been
agreed for the employee-financed deferred compensation plan; the plan does
not include any arrangements for inflation, so that it has to be assumed that
there will be little incentive for employees to contribute to the deferred com-
pensation plan in times of rising inflation. In Luxembourg, salaries are ad-
justed for the effects of inflation on the basis of a consumer price index no
more than once a year; this adjustment leads to a corresponding increase in
the benefit obligation from the pension plan. Since the obligation will be met
in the form of a capital payment, there will be no inflation-linked effects once
the beneficiary reaches retirement age.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
252
Duration and expected maturities of the pension obligations
The weighted duration of the pension obligations as at 31 December 2024 is
12.2 years (2023: 12.6 years).
Expected maturities of undiscounted pension payments
Expected pension payments1
in Ąm
31 Dec 2024
31 Dec 2023
Less than 1 year
22.3
18.6
Between 1 and 2 years
24.7
21.4
Between 2 and 5 years
95.2
83.7
Between 5 and 10 years
197.2
219.3
Total
339.4
343.0
1) The expected payments in Swiss francs were translated into euros at the relevant closing rate on
31 December.
The expected service costs for defined benefit plans (excluding service cost for
deferred compensation) amount to approximately Ą12.7 million plus Ą0.6 mil-
lion for the net interest expense in 2024.
Defined contribution pension plans and multi-employer plans
Defined contribution plans
There are defined contribution plans as part of the occupational pension sys-
tem using pension funds and similar pension institutions. In addition, contri-
butions are paid to the statutory pension insurance scheme. The level of con-
tributions is normally determined in relation to income. As a rule, no provi-
sions are recognised for defined contribution plans. The contributions paid are
reported as pension expenses in the year of payment. There are defined contri-
bution pension plans for employees in several countries. In addition, the em-
ployer pays contributions to employees’ private pension funds.
During the reporting period, the costs associated with defined contribution
plans amounted to Ą64.1 million (2023: Ą61.3 million).
Multi-employer plans
Several Deutsche Börse Group companies are member institutions of BVV Ver-
sicherungsverein des Bankgewerbes a.G., a pension insurance provider with
registered office in Berlin. Employees and employers make regular contribu-
tions, which are used to provide guaranteed pension plans, and a potential
surplus. The contributions to be made are derived from contribution rates ap-
plied to active employees’ monthly gross salaries, taking into account specific
financial thresholds. Member institutions have a subsidiary liability for the ful-
filment of BVV’s agreed pension benefits. However, we consider the risk that
this liability will be invoked as remote. Given that BVV membership is gov-
erned by several Works Council Agreements, membership termination is sub-
ject to certain conditions. The notice period for termination is defined in the ar-
ticles of association of the BVV pension scheme. The employer retains a sub-
sidiary liability for the pension entitlements of every individual employee that
have vested as at the termination date. Deutsche Börse Group considers BVV
pension obligations as multi-employer defined benefit pension plans. However,
we currently lack information regarding the allocation of BVV assets to individ-
ual member institutions and the respective beneficiaries. Moreover, we do not
know Deutsche Börse Group’s actual share in BVV’s total obligations. This
plan is therefore shown in the Group’s financial reporting as a defined contri-
bution plan. On the basis of current information published by BVV there is no
shortfall that could affect the future contributions payable by the Group. The
Deutsche Börse Group is not liable for commitments by other members of
BVV.
EPEX Netherlands B.V. participates in the ABP pension fund within the EEX
subgroup. Participation is mandatory for all employees. Employer contributions
are calculated by ABP and adjusted, if necessary. Since the allocation of as-
sets to member institutions and beneficiaries is not possible, this pension plan
can also be presented only as a defined contribution plan.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
253
During the reporting period, the costs associated with such designated multi-
employer plans amounted to Ą10.1 million (2023: Ą10.3 million). In 2025
we expect to make contributions to multi-employer plans amounting to around
Ą10.1 million.
19 Share-based payment
Share-based payments for employees, executives and board members are rec-
ognised in accordance with the provisions of IFRS 2 for share-based pay-
ments. Employee benefits are recognised in accordance with IAS 19. A distinc-
tion is made between equity-settled plans, cash-settled plans and plans with
optional settlement either in cash or in equity. Regardless of the type, share-
based payments are generally recognised at fair value.
In the case of cash-settled share-based payments, the benefits received by em-
ployees are generally recognised as "Personnel expenses" over the service pe-
riod and the vesting period. As there is a payment obligation in cash until ful-
filment, the offsetting entry is made as a liability. This is recognised in the bal-
ance sheet item "Other non-current / current provisions". The fair value of the
liability is recalculated on each balance sheet date up to and including the
payment date.
In the case of equity-settled share-based payments, the benefits received by
employees are also recognised as "personnel expenses" over the service and
vesting period. As Deutsche Börse Group does not have a cash payment obli-
gation, the offsetting entry is recognised directly in equity. Until settlement,
they are recognised under the balance sheet item "Revaluation reserve" and
subsequently reclassified to equity after the claims have been settled.
The fair value for equity-settled programmes is generally determined at the
grant date of the rights. If the vesting period begins before the grant date due
to sufficient knowledge of the plan conditions, the fair value is determined at
the beginning of this period (service commencement date). In this case, the
fair value is finally determined on the grant date. If the vesting conditions de-
fined in the programme are not met, the amounts recognised in equity are ei-
ther adjusted through profit or loss (e.g. non-market conditions, service condi-
tions) or not adjusted at all (e.g. market conditions), depending on the rea-
sons.
Even if Deutsche Börse Group has the unilateral option to settle the claims ei-
ther in equity instruments or in cash, they are treated in accordance with the
above principles for settlement in equity instruments if the intention is to settle
the claims in equity. In addition, there are programmes that are settled in cash
but are treated in accordance with the rules on settlement by means of equity
instruments due to specific programme conditions for reinvestment in equity
instruments of Deutsche Börse Group. These programmes are presented below
under equity-settled share-based payment programmes.
The main remuneration programmes of Deutsche Börse Group are described
below.
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Consolidated balance sheet
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Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
254
Cash-settled share-based payments
Stock Bonus Plan (SBP)
The SBP is open to senior executives of Deutsche Börse AG and its participat-
ing subsidiaries. In the reporting period, the Deutsche Börse Group established
an additional tranche of the SBP.
The SBP is intended to create long-term incentives for senior executives and
offer them the opportunity to participate in the company's value growth. As
part of the program, participants are granted phantom shares whose entitle-
ments vest after a one-year measurement period and a subsequent three-year
holding period. In order to participate in the SBP, beneficiaries must have
earned a bonus.
The number of phantom shares for the tranches up to and including 2023 is
determined by the amount of the individual and performance-based SBP bo-
nus for the financial year, divided by the average share price (Xetra closing
price) of Deutsche Börse AG’s shares in the fourth quarter of the financial year
in question. The number of SBP shares for the 2024 tranche is calculated by
dividing the SBP bonus amount by the average stock exchange price (Xetra
closing price) of Deutsche Börse AG shares in December of the financial year
in question.
As the SBP shares are phantom shares, beneficiaries cannot assert share-
holder rights (in particular, the rights to receive dividends and attend the
Annual General Meeting). After expiry of the holding period and an additional
waiting period, the shares are settled in cash at the time of the bonus
payment, which is usually made in the first quarter of the following year.
Up to and including the 2023 tranche, the Xetra closing auction price of
Deutsche Börse shares relevant for the payout is determined on the first trad-
ing day following the last day of the waiting period. The payout amount for the
2024 tranche is based on the average price of Deutsche Börse AG shares
(Xetra closing price) in the last calendar month before the end of the holding
period.
To determine the fair value of the phantom shares (provision amount), the in-
trinsic value of the subscription rights allocated pro rata over the measurement
and holding period is calculated on the basis of the closing auction price of
Deutsche Börse shares, which also includes an expectation of future dividend
payments. It is assumed that all beneficiaries will remain with the company
until the end of the holding period and that all subscription rights will therefore
be earned.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
255
Valuation of SBP shares
Tranche
Balance as at
31 Dec 2024
Number
Deutsche Börse
AG share price
as at
31 Dec 2024
Ą
Intrinsic value/
option as at
31 Dec 2024
Ą
Fair value/
option as at
31 Dec 2024
Ą
Settlement
obligation
mĄ
Current
provision as at
31 Dec 2024
mĄ
Non-current
provision as at
31 Dec 2024
mĄ
Staff costs as at
31 Dec 2024
mĄ
2020
22
222.40
192.85
192.85
0.0
0.0
0.0
0.1
2021
9,175
222.40
222.40
213.50
2.0
2.0
0.0
0.7
2022
10,688
222.40
222.40
157.41
1.7
0.0
1.7
0.7
2023
11,187
222.40
222.40
103.16
1.2
0.0
1.2
0.6
2024
8,742
222.40
222.40
50.71
0.4
0.0
0.4
0.5
Total
39,814
5.2
2.0
3.3
2.7
Valuation of SBP shares
Tranche
Balance as at
31 Dec 2023
Number
Deutsche Börse
AG share price
as at
31 Dec 2023
Ą
Intrinsic value/
option as at
31 Dec 2023
Ą
Fair value/
option as at
31 Dec 2023
Ą
Settlement
obligation
mĄ
Current
provision as at
31 Dec 2023
mĄ
Non-current
provision as at
31 Dec 2023
mĄ
Staff costs as at
31 Dec 2023
mĄ
2019
–
186.50
165.95
165.95
0.0
0.0
0.0
0.1
2020
6,908
186.50
186.50
179.04
1.2
1.2
0.0
0.4
2021
9,458
186.50
186.50
131.70
1.3
0.0
1.3
0.5
2022
10,943
186.50
186.50
86.12
0.9
0.0
0.9
0.5
2023
11,880
186.50
186.50
42.23
0.5
0.0
0.5
0.5
Total
39,189
3.9
1.2
2.7
2.0
The stock options from the 2020 SBP tranche were exercised in the reporting
period following the expiration of the waiting period. Shares of the SBP
tranches 2021 to 2023 were paid to former employees as part of severance
payments in the year under review.
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income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
256
Change in number of SBP shares allocated
2024
2023
Average price
per SBP
Amount of
SBPs
Average price
per SBP
Amount of
SBPs
Balance 01 Jan
39,189
34,876
Granted in period
Tranche 2019
172
Tranche 2020
76
75
Tranche 2021
69
73
Tranche 2022
49
– 331
Tranche 2023
– 608
11,880
Tranche 2024
8,7421
Settled in period
Tranche 2019
165.95
– 6,033
Tranche 2020
191.99
– 6,665
174.89
– 283
Tranche 2021
238.05
– 294
167.50
– 269
Tranche 2022
170.53
– 252
155.20
– 29
Tranche 2023
200.09
– 85
Forfeited in period
Tranche 2019
102.93
– 269
Tranche 2020
192.85
– 297
112.83
– 350
Tranche 2021
151.69
– 58
59.93
– 323
Tranche 2022
91.43
– 52
Balance 31 Dec
39,814
39,189
1) Since the subscription rights for the 2024 tranche are only awarded in financial year 2025, the number disclosed
as at the reporting date may change in financial year 2025
Long-term Sustainable Instrument (LSI) and Restricted Stock Units (RSU)
In 2014, Deutsche Börse Group introduced the Long-term Sustainable Instru-
ment (LSI) in order to provide share-based remuneration in line with regulatory
requirements. This programme was expanded in 2016 with the Restricted
Stock Units (RSU) Instrument.
Long-term Sustainable Instrument (LSI)
The LSI is open to selected employees of Deutsche Börse AG and its participat-
ing subsidiaries. In the reporting period, the Deutsche Börse Group established
an additional tranche of the LSI.
The LSI is intended to create long-term incentives for selected employees and
offer them the opportunity to participate in the company's value growth. As
part of the programme, participants are granted phantom shares whose entitle-
ments vest after a one-year measurement period. In order to participate in the
LSI, beneficiaries must have earned a bonus.
The number of phantom shares is calculated by dividing the individually and
performance-related LSI bonus amount for the financial year by the closing
auction price (Xetra closing price) of Deutsche Börse AG shares as at the dis-
bursement date of the cash component of the respective tranche (cash bonus)
in the following year on the closing price as at the following trading day.
The phantom shares are paid out – yearly in tranches - within a waiting period
of generally up to six years. As the LSI shares are phantom shares, beneficiar-
ies cannot assert shareholder rights (in particular, the rights to receive divi-
dends and attend the Annual General Meeting). After expiry of the respective
waiting period, the shares are settled in cash at the time of the bonus pay-
ment, which is usually made in the first quarter of the following year. The
Xetra closing auction price of Deutsche Börse shares relevant for the payment
is determined on the first day of February or the first trading day after the first
day of February in the year in which the waiting period for the respective
tranche ends.
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income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
257
To determine the fair value of the phantom shares (provision amount), the in-
trinsic value of the subscription rights allocated pro rata over the measurement
period is calculated on the basis of the closing auction price of Deutsche Börse
shares, which also includes an expectation of future dividend payments. It is
assumed that all beneficiaries will remain with the company until the end of
the holding period and that all subscription rights will therefore be earned.
Restricted Stock Units (RSU)
The RSU is open to selected employees of Deutsche Börse AG and its partici-
pating subsidiaries. In the reporting period, the Deutsche Börse Group estab-
lished an additional tranche of the RSU.
The RSU is intended to create long-term incentives for selected employees and
offer them the opportunity to participate in the company's value growth. As
part of the programme, participants are granted phantom shares whose entitle-
ments vest after a one-year measurement period. In order to participate in the
RSU, beneficiaries must have earned a bonus.
The number of phantom shares is calculated by dividing the individually and
performance-related RSU bonus amount for the financial year by the closing
auction price (Xetra closing price) of Deutsche Börse AG shares as at the dis-
bursement date of the cash component of the respective tranche (cash bonus)
in the following year on the closing price as at the following trading day.
The phantom shares are paid out within a waiting period of generally six years.
As the RSU shares are phantom shares, beneficiaries cannot assert share-
holder rights (in particular, the rights to receive dividends and attend the An-
nual General Meeting). After expiry of the waiting period, the shares are settled
in cash at the time of the bonus payment, which is usually made in the first
quarter of the following year. The Xetra closing auction price of Deutsche
Börse shares relevant for the payment is determined on the first day of Febru-
ary or the first trading day after the first day of February in the year in which
the waiting period for the respective tranche ends.
To determine the fair value of the phantom shares (provision amount), the in-
trinsic value of the subscription rights allocated pro rata over the measurement
period is calculated on the basis of the closing auction price of Deutsche Börse
shares, which also includes an expectation of future dividend payments. It is
assumed that all beneficiaries will remain with the company until the end of
the holding period and that all subscription rights will therefore be earned.
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Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
258
Valuation of LSI and RSU shares
Tranche
Balance as at
31 Dec 2024
Number
Deutsche Börse
AG share price
as at
31 Dec 2024
Ą
Intrinsic value/
option as at
31 Dec 2024
Ą
Fair value/
option as at
31 Dec 2024
Ą
Settlement
obligation
Ąm
Current
provision as at
31 Dec 2024
Ąm
Non-current
provision as at
31 Dec 2024
Ąm
Staff costs as at
31 Dec 2024
Ąm
2018
34,274
222.40
222.40
222.40
7.6
7.6
0.0
1.4
2019
28,408
222.40
222.40
211.28-222.40
6.2
0.8
5.4
1.1
2020
24,949
222.40
222.40
207.73-222.40
5.4
0.7
4.7
1.0
2021
30,564
222.40
222.40
204.27-222.40
6.5
0.8
5.8
1.2
2022
41,128
222.40
222.40
200.91-222.40
8.7
1.0
7.7
1.6
2023
54,850
222.40
222.40
197.45-222.40
11.6
3.4
8.2
2.2
2024
45,597
222.40
222.40
197.45-222.40
9.5
0.0
9.5
9.5
Total
259,770
55.6
14.3
41.3
17.8
Valuation of LSI and RSU shares
Tranche
Balance as at
31 Dec 2023
Number
Deutsche Börse
AG share price
as at
31 Dec 2023
Ą
Intrinsic value/
option as at
31 Dec 2023
Ą
Fair value/
option as at
31 Dec 2023
Ą
Settlement
obligation
Ąm
Current
provision as at
31 Dec 2023
Ąm
Non-current
provision as at
31 Dec 2023
Ąm
Staff costs as at
31 Dec 2023
Ąm
2018
39,764
186.50
186.50
182.93-186.50
7,3
1,0
6,3
1,0
2019
32,408
186.50
186.50
172.57-186.50
5,9
0,8
5,1
0,8
2020
27,902
186.50
186.50
169.23-186.50
5,0
0,6
4,4
0,7
2021
34,062
186.50
186.50
165.97-186.50
6,0
0,7
5,4
0,9
2022
56,662
186.50
186.50
162.79-186.50
10,0
2,9
7,1
1,3
2023
54,654
186.50
186.50
162.79-186.50
9,5
0,0
9,5
9,3
Summe
245,452
43,6
5,9
37,7
13,9
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
259
Change in number of LSI and RSU shares allocated
2024
2023
Average price
per LSI, RSU
in Ą
Amount of LSI,
RSUs
Average price
per LSI, RSU
in Ą
Amount of LSI,
RSUs
Balance 1 Jan
245,452
219,609
Granted in period
Tranche 2022
– 2,1731
Tranche 2023
1962
54,654
Tranche 2024
45,5973
Settled in period
Tranche 2017
168.05
– 1,847
Tranche 2018
185.85
– 5,490
166.35
– 5,707
Tranche 2019
185.85
– 4,000
166.35
– 4,000
Tranche 2020
185.85
– 2,953
166.35
– 2,953
Tranche 2021
185.85
– 3,498
166.35
– 12,131
Tranche 2022
185.85
– 15,534
Balance 31 Dec
259,770
245,452
1) Disposals of LSI and RSU shares result from overestimation of the previous year's tranche.
2) Additions of LSI and RSU shares result from underestimation of the previous year's tranche.
3) Since the subscription rights for the 2024 tranche are only awarded in financial year 2025, the number disclosed
as at the reporting date may change in financial year 2025.
Equity-settled share-based payments
Performance Share Plan (PSP)
The PSP was launched in financial year 2016 for members of the Executive
Board of Deutsche Börse AG as well as selected senior executives and employ-
ees of Deutsche Börse AG and of participating subsidiaries. Under the plan,
participants are granted phantom shares that can only be exercised if certain
performance standards are met. In the reporting period, the Deutsche Börse
Group established an additional tranche of the PSP.
The PSP is intended to create long-term incentives for eligible participants and
offer them the opportunity to participate in the company's value growth. As
part of the program, participants are granted phantom shares whose entitle-
ments vest after a five-year performance period.
The number of phantom shares initially allocated is calculated by dividing an
euro amount determined individually for each participant by the average clos-
ing price (Xetra closing price) of Deutsche Börse AG shares in the last calendar
month be-fore the start of the vesting period.
The final number of Performance Shares was calculated by multiplying the
original number of Performance Shares with the level of overall target achieve-
ment. The period for measuring target achievement is five years.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
260
Up to and including the 2020 tranche, the PSP level of overall target achieve-
ment was based on two performance factors during the performance period:
firstly, on the relative performance of the total shareholder return (TSR) on
Deutsche Börse AG’s shares compared with the total shareholder return of the
STOXX Europe 600 Financials Index as the peer group; and secondly, on the
increase of Deutsche Börse AG’s net profit for the period attributable to share-
holders of the parent company. The two performance factors contribute 50 per
cent each to calculate overall target achievement.
For the tranches from 2021 onwards, the overall target achievement depends
on the performance against three different metrics over the performance pe-
riod. The total shareholder return (TSR) for the Deutsche Börse AG share com-
pared with the total shareholder return for the STOXX Europe 600 Financials
Index accounts for 50 per cent. The annual growth rate for adjusted earnings
per share over the performance period accounts for a further 25 per cent. The
remaining 25 per cent are calculated by reference to performance against four
equally weighted ESG targets.
After expiry of the performance period and an additional waiting period, the
bonus is settled in cash at the time of the bonus payment, which is usually
made in the first quarter of the following year. For members of the Executive
Board of Deutsche Börse AG, one third of the respective tranches are paid out
at this time and a further third over the following two years.
The payout amount is calculated by multiplying the final number of perfor-
mance shares with the average share price of Deutsche Börse AG’s shares
(Xetra closing price) in the last calendar month preceding the performance pe-
riod, plus the total of dividend payments made during the performance period
based on the final number of performance shares.
Up to and including the 2020 tranche, servicing and treatment will be in ac-
cordance with the cash settlement rules. Because of their specific contractual
conditions the 2021-2024 tranches are treated as a settlement with equity in-
struments.
To determine the fair value of the subscription rights, the intrinsic value of the
additional pro rata subscription rights is calculated, which also includes an ex-
pectation about future dividend payments. It is assumed that all beneficiaries
will remain with the company until the end of the performance period and that
all subscription rights will therefore be earned.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
261
Valuation parameters for PSP shares
Tranche
2024
Tranche
2023
Tranche
2022
Tranche
2021
Tranche
2020
Tranche
2019
Tranche
2018
Tranche
2017
Term to
31 Dec 2028
31 Dec 2027
31 Dec 2026
31 Dec 2025
31 Dec 2024
31 Dec 2023
31 Dec 2022
31 Dec 2021
Relative total shareholder return
%
100.0
100.0
100.0
100.0
60.0
135.01
250.0
235.0
Net profit for the period attributable to
Deutsche Börse AG shareholders
%
n.a.
n.a.
n.a.
n.a. 161.04-161.42
170.39
170.39
142.65-152.89
Growth rate Earnings per Share
%
133.33
150.00
150.00
150.00
n.a.
n.a.
n.a.
n.a.
ESG-Target Achievement
%
150.00
150.00
150.00
175.00
n.a.
n.a.
n.a.
n.a.
1) Relative total shareholder return of the 2019 tranche was corrected from 155.00 to 135.00 in the 2024 financial year.
Valuation of PSP shares
Tranche
Balance as at
31 Dec 2024
Number
Deutsche Börse
AG share price
as at
31 Dec 2024
Ą
Intrinsic value/
option as at
31 Dec 2024
Ą
Fair value/
option as at
31 Dec 2024
Ą
Settlement
obligation
Ąm
Current
provision as at
31 Dec 2024
Ąm
Non-current
provision as at
31 Dec 2024
Ąm
Staff costs as at
31 Dec 2024
Ąm
2018
17,933
222.40
182.30
182.30
3.3
3.3
0.0
0.0
2019
35,005
222.40
196.26
196.26
7.1
7.1
0.0
0.3
2020
41,766
222.40
239.32
239.32
10.0
10.0
0.0
1.9
2021 1
48,362
222.40
222.40
109.64-137.05
5.7
0.0
0.0
1.7
2022 1
47,071
222.40
222.40
88.08-146.8
5.1
0.0
0.0
2.2
2023 1
41,015
222.40
222.40
65.12-162.8
4.1
0.0
0.0
2.7
2024 1
43,398
222.40
222.40
37.28-186.4
3.5
0.0
0.0
3.7
Total
274,550
38.7
20.4
0.0
12.4
1) Since the 2021-2024 tranches are treated as being equity-settled, no provisions have been recognised for them. The above figures also include the shares of the members of the Executive Board.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
262
Valuation of PSP shares
Tranche
Balance as at
31 Dec 2023
Number
Deutsche Börse
AG share price
as at
31 Dec 2023
Ą
Intrinsic value/
option as at
31 Dec 2023
Ą
Fair value/
option as at
31 Dec 2023
Ą
Settlement
obligation
Ąm
Current
provision as at
31 Dec 2023
Ąm
Non-current
provision as at
31 Dec 2023
Ąm
Staff costs as at
31 Dec 2023
Ąm
2017
4,698
186.50
154.75
154.75
0.7
0.7
0.0
0.0
2018
35,867
186.50
182.30
182.30
6.5
6.5
0.0
0.0
2019
88,637
186.50
196.26
196.26
17.4
17.4
0.0
4.5
2020
49,503
186.50
186.50
159.00
8.1
0.0
8.1
2.6
2021 1
48,362
186.50
186.50
82.23
4.0
0.0
0.0
1.2
2022 1
47,365
186.50
186.50
58.72
2.8
0.0
0.0
1.3
2023 1
41,313
186.50
186.50
32.56
1.4
0.0
0.0
1.7
Total
315,745
40.8
24.7
8.1
11.3
1) Since the 2021-2023 tranches are treated as being equity-settled, no provisions have been recognised for them. The above figures also include the shares of the members of the Executive Board.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
263
Change in number of PSP shares allocated
2024
2023
Average price
per PSP
in Ą
Amount of
PSPs
Average price
per PSP
in Ą
Amount of
PSPs
Balance 1 Jan.
315,745
395,484
Granted in period
Tranche 2019
907
Tranche 2020
– 7,737
295
Tranche 2023
41,313
Tranche 2024
43,3981
Settled in period
Tranche 2016
152.18
– 5,026
Tranche 2017
154.75
– 4,698
154.75
– 4,698
Tranche 2018
182.30
– 17,933
182.30
– 109,852
Tranche 2019
196.26
– 53,632
Forfeited in period
Tranche 2020
118.62
– 547
Tranche 2021
66.24
– 1,110
Tranche 2022
58.92
– 294
34.25
– 1,021
Tranche 2023
32.67
– 298
Balance 31 Dec
274,550
315,745
1) Since the subscription rights for the 2024 tranche are only awarded in financial year 2025, the number
disclosed as at the reporting date may change in financial year 2025.
Granting of the PSP tranche 2024 for Executive Board members
The PSP tranche 2024 was awarded at the beginning of the 2024 financial year. The
relevant allocation price for the PSP tranche 2024 was Ą180.86. The performance pe-
riod for the PSP tranche 2024 ends on 31 December 2028. The individual target
amounts, the allocation price, the number of phantom performance shares awarded
and the fair value as at 31 December 2024 are shown for the individual Executive
Board members below:
Granted PSP-Tranche 2024 for Board Members
Board Member
Investment
Target
Ą
Grant Share
Price
Ą
Granted Perfor-
mance Shares
Number
Fair value/
option as at
31 Dec 2024
Ą
Theodor Weimer
1,430,000
180.86
7,907
1,781,052
Stephan Leithner
1,023,000
180.86
5,657
254,921
Christoph Böhm
616,000
180.86
3,406
153,444
Thomas Book
568,000
180.86
3,141
141,515
Stephanie Eckermann
331,333
180.86
1,832
82,538
Heike Eckert
568,000
180.86
3,141
141,515
Gregor Pottmeyer
616,000
180.86
3,406
438,395
Total
5,152,333
2,993,380
ISS STOXX Management Incentive Programme
A management incentive programme with standard market conditions was set
up for the senior management of the ISS STOXX subgroup. It grants the benefi-
ciaries a long-term remuneration component that allows them to participate in
the increase in value of the ISS STOXX subgroup (stock appreciation rights,
SARs) and also includes a virtual dividend right (DER). Accordingly, the ac-
counting and valuation principles for share-based payment transactions are
applied to the programme. Allocation to the beneficiaries of the programme
took place at the end of 2023 and the beginning of 2024.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
264
The term of the programme is generally 5 years with a 3-year vesting period
from the grant date (staggered vesting). There are various early exercise op-
tions for the employer or the beneficiaries if certain future events occur. As the
main contractual conditions were already agreed with the beneficiaries in
2023 and the beneficiaries had already started to perform work, a correspond-
ing expense was recognised from the third quarter of 2023.
Deutsche Börse Group has a unilateral right to settle the SAR payment with
equity, resulting in a treatment according to the rules on equity settlement.
The DER is settled in cash, meaning that this component is treated in accord-
ance with the rules for cash settlement.
The value of the SARs was determined at the time of allocation to the benefi-
ciaries by applying a Black-Merton-Scholes model (grant date fair value),
which reflects the contract-specific conditions. The valuation of the DER is de-
termined as at the reporting date on the basis of current market parameters
and expectations regarding future dividend payments. In addition to the enter-
prise value and the expected volatility of the ISS STOXX, the expected term
based on expectations regarding future early exercise scenarios are also in-
cluded as key valuation parameters. In accordance with the vesting criteria,
the value is recognised as an expense in instalments over the vesting period.
It is assumed that all beneficiaries will remain with the company until the end
of the vesting period and that all subscription rights will therefore be earned.
In the reporting year, 27,306 shares were issued, so that as of 31 December
2024, 39,010 SARs and 39,010 DERs had been issued, to which a fair value
of Ą518.0 and Ą162.5 per share was attributed. This results in a settlement
obligation of Ą20.2 million (SAR) and Ą3.5 million (DER) as of 31 December
2024, which is recognised in equity (SAR) and as a provision (DER). The staff
costs resulting from the programme in the financial year 2024 amount to
Ą12.1 million (SAR) and Ą4.4 million (DER).
SimCorp employee incentive programme
Employee incentive programmes with standard market conditions have been
set up for senior management and employees of the SimCorp subgroup. The
programmes grant a long-term remuneration component in the form of virtual
shares. The programmes enable the beneficiaries to participate in the long-
term valuation increase of Deutsche Börse Group, hence the accounting and
valuation principles for share-based payment transactions are applied.
The programmes are linked to continued employment (usually three years from
the date of grant) and some programmes for senior management are further
subject to the achievement of certain performance targets (3-year average
EBITDA growth and CAGR ARR).
Before Deutsche Börse Group acquired control of SimCorp, the claims were
settled by delivering SimCorp shares. During an interim period, some of the
pending claims were settled in cash in the current financial year. It was then
contractually agreed that all remaining tranches and all future tranches
(granted after the takeover by Deutsche Börse Group) will be settled by the de-
livery of Deutsche Börse AG shares. Existing claims were adjusted on the basis
of the valuation ratio between SimCorp A/S and Deutsche Börse AG shares on
the takeover date.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
265
As at 31 December 2023 it was assumed that all existing tranches would be
settled in cash, a reclassification was made in the 2024 financial year be-
tween the liability (settlement in cash) and the revaluation reserve (settlement
in equity).
In accordance with the vesting criteria, the value of the rights is recognised as
an expense over the vesting period on the basis of the fair value on the grant
date (or the fair value at the time of the above-mentioned contract amend-
ment). It is assumed that all beneficiaries will remain with the company until
the end of the vesting period and that all subscription rights will therefore be
earned.
In the reporting year, 159,574 virtual shares with an average strike price of
Ą98.58 and reference to the SimCorp A/S share were exercised or forfeited. In
addition, 146,995 virtual shares with an average strike price of Ą185.25 and
reference to Deutsche Börse AG shares were newly granted in the reporting
year, while 97,187 virtual shares were exercised or forfeited. As of 31 Decem-
ber 2024, there are 281,016 shares. This results in a settlement obligation of
Ą35.5 million as of 31 December 2024, which is recognised in equity. The
staff costs resulting from the programme in the 2024 financial year amount to
Ą15.6 million
Employee share ownership programme (Group Share Plan, GSP)
Employees of Deutsche Börse Group who are not members of the Executive
Board or managing directors of Deutsche Börse Group companies have the
opportunity to acquire shares of Deutsche Börse AG at a discount under the
Group Share Plan.
Under the GSP tranche for the year 2024, the participating employees could
subscribe for up to 50 shares of the Company at a discount of 40 per cent and
another 50 shares at a discount of 10 per cent.
Apart from an existing employment relationship of at least one year and no
notice of termination at the end of the subscription period, there are no other
vesting criteria that entitle the holder to participate. The shares acquired are
subject to a lock-up period of two years. As the employees receive shares in
Deutsche Börse AG, they are treated in accordance with the rules on settle-
ment with equity.
In the financial year, 126,599 shares were granted at a 40 per cent discount
and 24,663 shares at a 10 per cent discount. The expenses for this discount
are recognised in the income statement at the grant date. In the reporting year,
expenses totalling Ą10.3 million (2023: Ą7.4 million) were recognised in staff
costs for the GSP.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
266
Other non-material employee incentive programmes
Other employee incentive programmes
In addition, there are further incentive programmes for employees of individual
subsidiaries of Deutsche Börse AG that fall within the scope of IFRS 2 but did
not have a material impact on the income statement in the 2024 financial
year. Depending on whether the participants are granted shares in Deutsche
Börse AG or corresponding equity shares in the respective subsidiary, or
whether the programmes are settled in cash, they are accounted for in accord-
ance with the rules on settlement with equity or cash settlement. In the report-
ing year, a total expense of Ą–2.7 million (2023: Ą10.7 million) was recog-
nised in personnel expenses for these programmes.
20 Changes in other provisions
Other provisions
The individual categories of provisions changed as follows in the financial year
2024:
Changes in other provisions
Ąm
Interest on
taxes
Restruc-
turing
plan
Other tax
provision
Antici-
pated
losses
Miscel-
lenous
Balance as at 1 Jan 2024
31.8
13.6
33.8
18.6
73.7
Reclassification
–
– 1.0
–
9.8
– 10.1
Utilisation
– 2.3
– 2.4
– 1.8
– 1.4
– 18.6
Reversal
– 3.1
– 9.9
– 0.8
– 7.0
–
Additions
11.7
4.3
19.3
2.2
4.4
Currency translation
–
0.3
0.0
0.1
1.2
Balance as at 31 Dec 2024
38.2
4.9
50.5
22.3
50.6
Provisions are recognised when we have a present obligation as a result of a
past event, it is probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable estimate can be
made of the amount of the obligation. The amount of the provision corre-
sponds to the best possible estimate of the outflow of resources required to ful-
fil the obligation as at the balance sheet date.
A provision is only recognised for restructuring when a detailed, formal restruc-
turing plan has been adopted and those concerned have been given the rea-
sonable impression that the restructuring measures will be implemented. This
can be by starting to implement the plan or by announcing its key elements to
those concerned.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
267
21 Other current liabilities
Composition of other current liabilities
in Ąm
31 Dec 2024
31 Dec 2023
Other liabilities from CCP transactions (commodities)
1,022.9
721.5
Contract liability
216.0
202.9
Tax liabilities (excluding income taxes)
68.5
69.9
Prepaid income
4.8
22.4
Liabilities to employees
17.2
20.0
Social security liabilities
7.0
7.4
Liabilities to supervisory bodies
4.0
3.2
Miscellaneous
18.7
17.5
Total
1,359.1
1,064.8
The increase in other current liabilities is mainly due to the increase in liabili-
ties from the CCP business. These liabilities are not part of the financial liabili-
ties because the obligation does not consist in payment of cash but in physical
delivery of commodities.
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Deutsche Börse Group – Annual report 2024
268
Other disclosures
22 Notes on the consolidated cash flow statement
Composition of other non-cash income
in Ąm
2024
2023
Subsequent measurement of non-derivative financial
instruments
136.1
200.2
Subsequent measurement of derivatives
– 30.8
– 14.0
Equity method measurement
– 0.4
7.5
Contract assets and liabilities
– 58.6
– 85.7
Share based payements
50.6
–
Miscellaneous
– 15.3
–
Total
81.5
108.0
Reconciliation to cash and cash equivalents
Cash and cash equivalents comprise cash and bank balances – to the extent
that these do not result from reinvesting current liabilities from cash deposits
by market participants – as well as receivables and liabilities from banking
business with an original maturity of three months or less.
Reconciliation to cash and cash equivalents
in Ąm
31 Dec 2024
31 Dec 2023
Restricted bank balances
48,972.4
53,669.4
Other cash and bank balances
1,872.3
1,655.1
Net position of financial instruments held by
central counterparties
1,040.0
563.0
Current financial instruments measured at amortised cost
18,904.6
18,046.2
less financial instruments with an original maturity
exceeding 3 months
– 1,437.3
– 1,657.7
Current financial liabilities measured at amortised cost
– 18,281.5
– 17,177.6
less financial instruments with an original maturity
exceeding 3 months
1,556.1
1,258.0
Current liabilities from cash deposits by market participants
– 48,703.2
– 53,401.3
Cash and cash equivalents
3,923.5
2,955.2
Changes in liabilitites arising from financing activities
in Ąm
Bonds
issued
Leasing
liabilities
Commercial
papers
Balance as at 1 Jan 2023
4,123.4
481.5
60.0
Cash flow from financing activities
2,968.8
– 83.6
3.4
Acquisition from business combinations
–
34.9
–
Additions from leases
–
37.2
–
Disposals from leases
–
– 3.9
–
Other and exchange rate differences
3.9
3.3
1.5
Balance as at 31 Dec 2023
7,096.2
469.3
64.9
Cash flow from financing activities
–
– 93.8
– 65.0
Additions from leases
–
176.6
–
Disposals from leases
–
– 2.4
–
Other and exchange rate differences
7.9
17.4
0.1
Balance as at 31 Dec 2024
7,104.1
567.1
–
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Deutsche Börse Group – Annual report 2024
269
23 Earnings per share
Under IAS 33, earnings per share are calculated by dividing the net profit for
the period attributable to Deutsche Börse AG shareholders (net income) by the
weighted average number of shares outstanding.
In order to determine diluted earnings per share, potentially dilutive ordinary
shares that may be acquired under the share-based payment programmes are
added to the average number of shares.
In order to determine diluted earnings per share, all subscription rights, for
which a cash settlement has not been determined are assumed to be settled
with equity instruments – regardless of actual accounting in accordance with
IFRS 2.
Calculation of earnings per share (basic and diluted)
2024
2023
Number of shares outstanding at beginning of period
185,112,460
183,738,945
Number of shares outstanding at end of period
183,778,379
185,112,460
Weighted average number of shares outstanding
183,819,548
184,298,877
Number of potentially dilutive ordinary shares
406,496
290,191
Weighted average number of shares used to compute diluted
earnings per share
184,226,044
184,589,068
Net profit for the period attributable to Deutsche Börse AG
shareholders (Ąm)
1,948.5
1,724.0
Earnings per share (basic) (Ą)
10.60
9.35
Earnings per share (diluted) (Ą)
10.58
9.34
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Notes on the consolidated income statement
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Other disclosures
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Independent Auditor’s Report
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Further information
Deutsche Börse Group – Annual report 2024
270
24 Segment reporting
Deutsche Börse divides its business into four segments: This structure is used
for the internal Group controlling and forms the basis for the financial
reporting. Detailed disclosures on the segment structure, which form part of
these consolidated financial statements, can be found under the heading
“Business operations and Group structure” in the section “Deutsche Börse:
General remarks on the Group” in the combined management report.
Segment reporting
Investment Management
Solutions
Trading & Clearing
Fund Services
Securities Services
Group
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Net revenue less treasury result from banking and
similar business (Ąm)
1,275.4
863.2
2,145.8
2,008.2
426.6
377.8
930.7
865.9
4,778.5
4,115.1
Treasury result from banking and similar business
(Ąm)
9.3
–
261.3
254.6
67.4
62.1
712.0
644.8
1,050.0
961.5
Net revenue (Ąm)
1,284.7
863.2
2,407.1
2,262.8
494.0
439.9
1,642.7
1,510.7
5,828.5
5,076.6
Staff costs (Ąm)
– 626.8
– 435.1
– 602.8
– 564.1
– 149.5
– 140.0
– 302.3
– 283.3 – 1,681.4 – 1,422.5
Other operating expenses (Ąm)
– 208.3
– 146.0
– 371.7
– 350.5
– 65.7
– 69.8
– 142.1
– 129.5
– 787.8
– 695.8
Result from financial investments (Ąm)
18.7
– 6.1
19.2
1.2
–
– 3.4
– 1.6
– 5.7
36.3
– 14.0
thereof: result of entities measurement at-equity (Ąm)
0.6
–
8.6
7.4
–
– 2.3
– 2.0
– 3.3
7.2
1.8
EBITDA (Ąm)
468.3
276.0
1,451.8
1,349.4
278.8
226.7
1,196.7
1,092.2
3,395.6
2,944.3
EBITDA margin (%)
36
32
60
60
56
52
73
72
58
58
EBITDA less treasury result from banking and similar
busines (Ąm)
459.0
276.0
1,190.5
1,094.8
211.4
164.6
484.7
447.4
2,345.6
1,982.8
EBITDA margin excluding treasury result from banking
and similar busines (%)
36
32
55
55
50
44
52
52
49
48
Depreciation, amortisation and impairment losses
(Ąm)
– 203.0
– 128.4
– 154.7
– 165.8
– 47.4
– 45.8
– 90.7
– 78.5
– 495.8
– 418.5
EBIT (Ąm)
265.3
147.6
1,297.1
1,183.6
231.4
180.9
1,106.0
1,013.7
2,899.8
2,525.8
Capital expenditure1 (Ąm)
95.7
44.4
145.1
115.6
42.5
34.4
79.9
69.5
363.2
263.9
Employees as at 31 December
7,293
6,628
4,354
4,171
1,408
1,369
2,440
2,334
15,495
14,502
1) Excluding investments from business combinations
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Further information
Deutsche Börse Group – Annual report 2024
271
The net revenue includes revenue generated through external parties as well as
through intercompany transactions. Inter-segment services are charged on the
basis of measured quantities or at fixed prices e.g. the provision of data by the
Eurex (financial derivatives) segment to the Data segment. For an overview of
intercompany revenue see Note 4. Services between segments are offset on
the basis of measured amounts or fixed prices.
Our business model – and that of all our segments – is focused on an interna-
tionally operating participant base and pricing does not differ depending on the
customer’s location. From a price, margin and risk perspective, this means it
does not matter whether sales revenue is generated from German or interna-
tional participants.
The risks and returns from the activities of the subsidiaries operating within
the economic environment of the European Monetary Union (EMU) do not
differ significantly from each other on the basis of the factors to be considered
in identifying information on geographical regions under IFRS 8. We have
therefore identified the following regions: Euro area, other Europe, America
and Asia-Pacific.
Sales revenue is allocated to the individual regions according to the customer’s
domicile, while investments and non-current assets are allocated according to
the company’s domicile and employees according to their location.
As described above, the analysis of sales is based on the direct customer’s bill-
ing address. This means e.g. that sales to an American investor trading a prod-
uct with an Asian underlying via a European clearing member are classified as
European sales.
Information on geographical regions
Sales revenue1
Investments2
Non-financial non-current
assets3, 4
Number of employees
in Ąm
2024
2023
2024
2023
2024
2023
2024
2023
Euro zone
3,213.8
2,715.6
248.9
211.7
4,613.3
4,478.8
6,883
6,655
Rest of Europe
1,614.5
1,466.9
78.7
25.2
5,314.5
5,376.9
3,714
3,514
America
823.6
719.7
34.9
27.0
3,484.0
3,307.3
1,544
1,552
Asia-Pacific
419.7
320.6
0.7
–
30.8
35.7
3,354
2,781
Total of all regions
6,071.6
5,222.8
363.2
263.9
13,442.6
13,198.7
15,495
14,502
Consolidation of internal net revenue
– 99.7
– 89.6
–
–
–
–
–
–
Group
5,971.9
5,133.2
363.2
263.9
13,442.6
13,198.7
15,495
14,502
1) Including countries in which more than 10 per cent of sales revenue was generated: Germany (2024: Ą1,219.0 million; 2023: Ą1,084.0 million), United Kingdom (2024: Ą925.4 million; 2023: Ą916.2 million) and USA
(2024: Ą717.7 million; 2023: Ą654.0 million)
2) Excluding goodwill and right-of-use assets from leasing.
3 Including countries in which more than 10 per cent of assets are held: Denmark (2024: Ą3,952.1 million; 2023: Ą3,989.7 million), Germany (2024: Ą3,820.9 million; 2023: Ą3,787.9 million ) and
USA (2024: Ą3,482.9 million; 2023: Ą3,306.0 million)
4) These include intangible assets, property, plant and equipment as well as investments in associates and joint ventures.
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Deutsche Börse Group – Annual report 2024
272
25 Financial risk management
Detailed qualitative disclosures on financial instruments in line with IFRS
7.33, which form part of these consolidated financial statements, such as the
type and extent of the risks arising from the financial instruments, as well as
the objectives, strategies and processes of managing the risks, can be found
under the headings “Risk management approach”, “Organisational structure
and reporting lines for risk management” and “Centrally coordinated risk man-
agement process” in the “Risk report” section of the combined management
report.
Financial risks mainly arise in the form of credit risks and to a lesser extent in
the form of market price risks. They are quantified by reference to the eco-
nomic capital concept (for detailed disclosures, see the section “Financial
risk”). Required economic capital is assessed on a 99.9 per cent confidence
level for a one-year holding period. It is compared with the Group’s liable eq-
uity capital so as to test the Group’s ability to absorb extreme and unexpected
losses. Required economic capital (REC) for financial risk is calculated at the
end of each month and amounted to Ą360.0 million as at 31 December
2024.
We evaluate our risk position continuously. In the view of the Executive Board,
no threat to the continued existence of the Group can be identified at this time.
Credit risk
Credit risks arise from trade receivables and contract assets, fixed income se-
curities held at amortised cost, receivables from money market business, in-
cluding reverse repos, overdraft facilities from the securities settlement busi-
ness, receivables from the CCP business, cash and other bank balances. Fur-
ther credit risks exist for fund interests and convertible bonds at fair value
through profit or loss, for financial instruments of the central counterparties
and derivative financial investments. Fundamentally and unless otherwise
stated, the maximum risk exposure is the carrying amount shown in the con-
solidated statement of financial position.
Cash investments
Clearstream receives cash deposits from its customers in various currencies,
whereby Eurex Clearing AG receives cash collateral, mainly in EUR and CHF,
and European Commodity Clearing AG mainly in EUR. These units invest the
funds received in accordance with the treasury policy, which gives rise to a po-
tential credit risk.
We mitigate such risks either – to the extent possible – by investing short-term
funds on a secured basis, e.g. via reverse repurchase agreements, or by de-
positing them with central banks.
Eligible collateral for reverse repurchase agreements mainly consists of highly
liquid financial instruments with a minimum rating of AA– (Standard &
Poor’s/Fitch) or Aa3 (Moody’s) issued or guaranteed by governments or supra-
national institutions.
Counterparty credit risk is monitored on the basis of an internal rating system.
Unsecured cash investments are permitted only with counterparties with in-
vestment grade ratings within the framework of defined counterparty credit
limits. An investment grade rating in this context means an internal rating of at
least D, which corresponds to an external Fitch rating of at least BBB.
The carrying amount of reverse repurchase agreements as at 31 December
2024 was Ą11,208,831.2 million (2023: Ą9,424.2 million) and is shown
in the items “Restricted bank balances” and “Financial assets measured at
amortised cost”. The fair value of securities received as collateral under reverse
repurchase agreements was Ą11,525,530.5 million (2023: Ą9,614.5 mil-
lion). Clearstream Banking S.A. and Eurex Clearing AG are entitled to pledge
the eligible securities received to their central banks in order to make use of
the central banks’ monetary policy instruments.
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Deutsche Börse Group – Annual report 2024
273
Neither Clearstream Banking S.A nor Eurex Clearing AG had pledged securities
to central banks as at 31 December 2024 (2023: Clearstream Banking S.A nil
and Eurex Clearing AG nil).
In addition, Clearstream Banking S.A., Clearstream Banking Frankfurt AG and
Eurex Clearing AG used forex swaps in the context of their cash investments.
Loans for settling securities transactions
Clearstream grants customers intraday technical overdraft facilities to maximise
settlement efficiency. Lending takes place on a secured basis and the individ-
ual borrowing participants must provide full collateral for their credit limits in
line with the EU regulation. These credit limits can be revoked at the discre-
tion of the Clearstream sub-group. As at 31 December 2024 they came to a
total of Ą196.1 billion. Of these, Ą12.3 billion are unsecured exceptionally
granted based on the credit worthiness of the borrower and zero-risk weighting
applied according to Regulation (EU) No. 575/2013 (CRR) and upon approval
by the Executive Board of the Clearstream sub-group.
Actual outstandings at the end of each business day generally represent
a small fraction of the facilities and amounted to Ą275.5 million as at
31 December 2024 (2023: Ą392.7 million).
In addition, Clearstream guarantees the risks arising from the Automated Secu-
rities Fails Financing programme that it offers its clients, in which Clearstream
Banking S.A. acts as an intermediary between the lender and the borrower.
This risk is covered by pledged collateral on the borrower’s account. As at
31 December 2024 the outstanding guarantees under this programme
amounted to Ą495.5 million (2023: Ą521.7 million). The securities pledged
in connection with these loans amounted to Ą524.5 million (2023:
Ą550.7 million).
Trade receivables
The maximum credit risk for the item trade receivables is Ą1,264.7 million as
at 31 December 2024 (2023: Ą1,840.5 million). Trading, settlement and
custody fees are generally collected without delay by direct debit. Fees for
other services, such as the provision of data and information, are settled
mainly by transfer. Trade receivables are analysed using an expected credit
loss model based on the simplified approach as outlined in IFRS 9. To meas-
ure the expected credit loss, trade receivables and contract assets have been
grouped based on the days past due. The trade receivables share the main risk
characteristics. The expected loss amount has been determined by applying
the lifetime expected loss approach. The expected loss rates are based on the
payment profiles over a period of five years and the loss profile experienced
over that period.
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Consolidated balance sheet
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
274
Loss allowances for trade receivables as at 31 December 2024
in Ąm
Not more than
30 days
past due
Not more than
60 days
past due
Not more than
90 days
past due
Not more than
120 days
past due
Not more than
360 days
past due
More than 360
days past due
Insolvent
Total
Expected loss rate
0%
0%
0.2%
0.9%
2.1%
98.5%
100%
Trade receivables1
148.2
14.4
8.8
2.8
15.9
4.5
2.4
197.0
Loss allowance
0.0
0.0
0.0
0.1
0.3
4.4
2.4
7.2
1) Only includes trade receivables that are past due.
Loss allowances for trade receivables as at 31 December 2023
in Ąm
Not more than
30 days
past due
Not more than
60 days
past due
Not more than
90 days
past due
Not more than
120 days
past due
Not more than
360 days
past due
More than 360
days past due
Insolvent
Total
Expected loss rate
0.0%
0.0%
0.4%
0.4%
2.3%
99.8%
100%
Trade receivables1
97.2
22.6
7.9
4.7
13.7
5.3
2.7
154.0
Loss allowance
–
–
0.0
0.0
0.3
5.3
2.7
8.3
1) Only includes trade receivables that are past due.
Trade receivables are written off when there is no reasonable expectation of re-
covery. The following criteria are used for the assessment of derecognition:
Insolvency proceedings are not opened due to a lack of assets.
Insolvency proceedings have not resulted in any payment for a period of
three years, and there is no indication that any amount will be received going
forward.
In the reporting year, as in the previous year, there were no significant write-
offs due to customer defaults.
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Deutsche Börse Group – Annual report 2024
275
Contract assets
The maximum credit risk for the item contract assets was Ą457.4 million as
at 31 December 2024 (2023: Ą378.4 million). Write-downs of Ą2.4 million
were recognised on contract assets as at 31 December 2024 (2023:
Ą4.0 million). The increase is due to the fact that SimCorp was only included
in the previous year on a pro rata basis from the date of the consolidation of
the company (29 September 2023). Contract assets relate to rights to consid-
eration from customers for software licences under subscription agreements
with future payments, if this right depends on future performance by us. Con-
tract assets from contracts with customers are measured at amortised cost less
expected credit losses. Contract assets are within the scope of the IFRS 9 im-
pairment testing rules. We use the simplified approach and estimate the ex-
pected credit losses over the entire term.
Debt securities
The maximum credit risk for the item debt securities was Ą2,139.6 million as
at 31 December 2024 (2023: Ą1,975.7 million). All debt securities are con-
sidered to have low default risk and the loss allowance recognised during the
period was therefore limited to twelve months’ expected losses. The Group
considers listed bonds to have a low credit risk if they have an investment
grade credit rating from an external rating agency.
Development of the loss allowance
Development of the loss allowance
Debt securities
Trade
receivables
Trade
receivables
Loans
in Ąm
Stage 1
Stage 1/2
Stage 3
Stage 3
Total
Loss allowance as at
1 January 2023
0.4
0.3
6.0
1.5
8.2
Increase from busi-
ness combinations
–
0.4
–
–
0.4
Increase in the al-
lowance recognised
in profit or loss
during the period
0.1
0.1
3.3
0.8
4.3
Decrease in the al-
lowance recognised
in profit or loss
during the period
– 0.0
– 0.1
– 1.7
–
– 1.8
Loss allowance as at
31 December 2023
0.4
0.8
7.6
2.3
11.0
Increase in the al-
lowance recognised
in profit or loss
during the period
0.2
1.8
2.6
0.2
4.7
Decrease in the al-
lowance recognised
in profit or loss
during the period
– 0.2
– 2.1
– 3.3
– 1.0
– 6.6
Loss allowance as at
31 December 2024
0.4
0.4
6.8
1.5
9.1
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Deutsche Börse Group – Annual report 2024
276
Financial instruments of the central counterparties
The maximum credit risk for financial instruments of the central counterparties
as at 31 December 2024 was Ą97,002.1 million (2023: Ą100,991.0 mil-
lion) and is based on the net value of all margin requirements for open trans-
actions on the reporting date and collateral for the default fund. This amount
represents the risk-based view of Eurex Clearing AG and European Commodity
Clearing AG, while the carrying amount of the “financial instruments held by
central counterparties” item in the balance sheet shows the gross amount of
the open trades according to IAS 32. To safeguard the Group’s central counter-
parties against the risk of default by a clearing member, the clearing conditions
require the clearing members to deposit margins in the form of cash or securi-
ties on a daily basis or an intraday basis in the amount stipulated by the re-
spective clearing house. The amount of collateral deposited for the financial in-
struments of the central counterparties was Ą118,273.8 million as at 31 De-
cember 2024 (2023: Ą122,728.0 million). This amount represents the col-
lateral value of cash and securities collateral deposited for margins, covering
the net value of all margin and default fund requirements.
Additional security mechanisms of the Group’s central counterparties are de-
scribed in detail in the section “Risk report” of the combined management
report.
Credit risk concentrations
Our business model and the resulting business relationships mean that credit
risk is concentrated in the financial services sector. Credit limits for counter-
parties prevent any excessive concentration of credit risks on individual coun-
terparties. Concentrations of collateral are also monitored. Currency concentra-
tion risk is mitigated by controls both in first and second line of defence.
Management of credit risk concentration, including collateral concentration,
and so-called large exposures, is conducted in compliance with applicable
regulatory requirements such as those arising from, among others, articles
387–403 of Regulation (EU) 575/2013 (Capital Requirements Regulation,
CRR), article 47 paragraph 8 of Regulation (EU) 648/2012 (European Market
Infrastructure Regulation, EMIR) and respectively applicable national require-
ments (see also the disclosures on capital management under the heading
“Regulatory capital requirements and regulatory capital ratios” in the Risk
report section of the combined management report). Requirements of concen-
tration risks arising from Regulation (EU) 909/2014 (Central Securities Depos-
itory Regulation, CSDR) have been implemented as part of Deutsche Börse
Group’s affiliated CSD authorisation under article 16 CSDR. As of 1 January
2025, the final elements of the Basel banking package (Regulation (EU)
2024/1623, CRR 3) entered into force and with this, updated regulatory (re-
porting) requirements on credit risk and large exposures must be adhered to.
The required economic capital (based on the so-called “Value at Risk” (VaR)
with a confidence level of 99.9 per cent) for credit risk is calculated monthly
for each day and amounted to Ą242.0 million as at 31 December 2024
(2023: Ą457.0 million).
We also apply additional methods in order to detect credit concentration risks.
Analyses are carried out for the Group’s top 5 and top 10 counterparties,
based on the risk-weighted commitments of the individual counterparties. All
the concentration metrics have dedicated early warning thresholds and limits
and are part of the quarterly risk reporting to the Executive Board. As in the
previous year, no material adverse credit concentrations were detected in
2024.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
277
Market risk
Market risk arises from changes in interest rates, foreign-exchange rates and
other market prices. Deutsche Börse Group is generally only affected to a lim-
ited extent by market risk.
The economic capital required for market price risks (based on the Value at
Risk (VaR) with a confidence level of 99.9 per cent) is calculated at the end of
each month. As at 31 December 2024 the economic capital for market price
risks was Ą118.0 million (2023: Ą143.0 million).
In the 2024 financial year, no impairment losses (2023: nil) were recognised
in profit or loss for entities accounted for using the equity method that are not
included in the VaR for market risk.
Interest rate risk
Changes in market interest rates may affect Deutsche Börse Group’s net in-
come for the period attributable to Deutsche Börse AG shareholders. This risk
arises whenever interest terms of financial assets and liabilities are different.
Interest rate sensitive assets include the Group’s money market and invest-
ment portfolios, while interest rate sensitive liabilities mainly consist of short-
term debt instruments. Interest rate risk from long-term liabilities of Deutsche
Börse AG is mitigated through issuance of fixed-coupon bonds.
In line with our risk strategy, we may use financial instruments to hedge exist-
ing or highly probable interest rate exposures. For this purpose, interest rate
swaps, as well as swaptions, might be used. Our treasury policy requires the
critical parameters of the hedging instruments to match the hedged items. Fur-
thermore, the interest rate risk is subject to monitoring through established
limits.
Cash received as deposits from market participants is invested mainly via
short-term reverse repos and in the form of overnight deposits at central banks,
limiting the risk of a negative impact due to a changed interest rate environ-
ment. Negative interest rates resulting from reinvestments of these cash depos-
its are passed on to the respective Clearstream customers after applying an ad-
ditional margin. For Eurex Clearing AG, interest rates on cash collateral are in
principle calculated based on a predefined market benchmark rate per cur-
rency after deducting an additional spread per currency. In exceptional cases
such as market disruption, Eurex Clearing AG reserves the right to calculate in-
terest rates on cash collateral based on the realised interest rate.
Group entities may furthermore invest their own capital and part of customer
cash balances in high-quality liquid bonds.
Foreign-exchange rate risk
Measuring and managing foreign-exchange risk is important for reducing our
exposure to exchange rate movements. The three main types of foreign-ex-
change risk that we are exposed to are cash flow-, translation- and transac-
tion-related foreign-exchange risk. Cash flow risk reflects the risk of fluctua-
tions in the present value of future operating cash flows from foreign-exchange
movements. Translation risk comprises effects from the valuation to our assets
and liabilities in foreign currencies. Finally, transaction risk is closely related to
cash flow risk; it may arise through changes in the structure of asset and lia-
bilities in foreign currencies.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
278
We operate internationally and are, to a limited extent, exposed to foreign-ex-
change risk, primarily in US$, Fr., £ and Kč. Exchange rate fluctuations may
affect our profit margins and the value of assets and liabilities denominated in
a currency that is not the functional currency of the relevant Group entity. The
respective currency risks arise mainly from operating income and expenses de-
nominated in a currency other than the functional currency, partly from that
portion of the Clearstream segment’s sales revenue and net interest income
from treasury activities in banking and similar business that is directly or indi-
rectly in US$.
Currency mismatches are avoided to the maximum extent possible. All types of
foreign exchange risk are measured regularly and monitored at Group level.
Limits are set for the cash flow and currency translation risks that affect our
profits and losses. Deutsche Börse Group’s treasury policy defines risk limits
which take into account historic foreign-exchange rate fluctuations. Any expo-
sure exceeding those limits must be hedged. Foreign-exchange exposures be-
low the defined limits may also be hedged. Management of foreign-exchange
risks is in principle based on the Group level. Hedging may take place on a
single entity level if foreign-exchange risk threatens the viability of the single
entity.
To eliminate foreign-exchange risks we use financial instruments to hedge ex-
isting or highly probable forecast transactions. The Group may use foreign-ex-
change forwards, foreign-exchange options as well as cross-currency swaps to
hedge the exposure to foreign-exchange risk. Under the Group’s policy, the
critical terms of forwards and options must align with the hedged items.
Clearstream Banking S.A. entered into foreign-exchange forwards to hedge part
of the risk from the result of treasury activities in banking and similar business
in US$. In addition, the Group uses foreign exchange derivatives to hedge for-
eign exchange risks in connection with internal cash pooling and loans.
Other market risks
Market risk also arises from investments in bonds, investments in funds and
futures within the framework of contractual trust arrangements (CTAs) and
from the Clearstream Pension Fund in Luxembourg. For the CTAs, the invest-
ment is protected by a pre-defined floor, which reduces the risk of extreme
losses for Deutsche Börse Group. In addition, there are equity price risks aris-
ing from strategic equity investments.
Liquidity risk
For us, liquidity risk may arise from potential difficulties in renewing maturing
financing, such as commercial paper, issued bonds as well as bilateral and
syndicated credit facilities. Financing arrangements required for unexpected
events may also result in a liquidity risk. Most of our cash investments are
short-term to ensure that liquidity is available, should such a financing need
arise. Both Eurex Clearing AG and Clearstream can invest stable customer
credit balances in secured money market products (for up to one year for Eu-
rex Clearing and six months for Clearstream) or in investment grade securities
with a remaining term of less than five years for Eurex Clearing and Clear-
stream, subject to strict monitoring of mismatching and interest rate limits.
Term deposits can be executed as reverse repo transactions against highly liq-
uid collateral. For refinancing purposes, Eurex Clearing AG and Clearstream
Banking S.A. can pledge eligible securities with their respective central banks.
At Eurex Clearing, the maturities of the cash margins received from customers
and the corresponding investments are almost perfectly matched.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
279
The companies of Deutsche Börse Group have the following credit lines at
their disposal, which were not utilised as at the balance sheet date.
Contractually agreed credit lines
Company
Purpose of
credit line
Currency
Amount at
31 Dec 2024
m
Amount at
31 Dec 2023
m
Deutsche Börse AG
Working capital1)
Ą
600.0
600.0
Eurex Clearing AG
Settlement
Ą
900.0
900.0
Settlement
Fr.
200.0
200.0
Settlement2)
US$
300.0
300.0
Clearstream Banking S.A.
Working capital1)
Ą
750.0
750.0
Settlement2)
Ą
4,025.0
4,375.0
Settlement2)
US$
2,550.0
2,950.0
Clearstream Banking AG
Settlement
Ą
200.0
200.0
European Energy Exchange AG Working capital
Ą
22.0
22.0
European Commodity Clearing
AG
Settlement
Ą
140.0
140.0
Axioma Inc.
Working capital
US$
1.7
1.9
SimCorp A/S
Settlement
dkr.
66.3
266.3
1) Ą400.0 million of Deutsche Börse AG’s working capital credit lines is a sub-credit line of Clearstream
Banking S.A.’s Ą750.0 million working capital credit line.
2) Including committed foreign exchange swap lines and committed repo lines.
Clearstream Banking S.A. and Euroclear Bank S.A./N.V. issue letters of credit
to each other to secure the exposure arising from their daily settlement activi-
ties. As at 31 December 2024, each guarantee amounted to US$3.0 billion
(2023: $3.0 billion).
A commercial paper programme offers Deutsche Börse AG and subsidiaries an
opportunity for flexible, short-term financing, involving a total facility of
Ą3.5 billion in various currencies. We had no commercial paper issued as at
31 December 2024 (2023: Ą1,142.1 million).
The AA- rating of Deutsche Börse AG was confirmed by S&P Global Ratings
(S&P) in December 2024. Deutsche Börse AG’s commercial paper programme
had the highest short-term rating of A-1+. The AA rating of Clearstream Bank-
ing S.A. was confirmed with a stable outlook by the rating agencies Fitch and
S&P Global Ratings (S&P) in 2024. S&P also confirmed the rating of Clear-
stream Banking AG as AA in 2024. In addition, S&P has assigned an AA- rat-
ing to Clearstream Fund Centre S.A. since April 2024. For further details on
the rating of Deutsche Börse Group, see section “Financial position” in the
combined management report.
As in the previous year, there were no concentrations of liquidity risk in the re-
porting year.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
280
Maturity analysis of financial instruments
Contractual maturity
in Ąm
Sight
Not more than
3 months
More than
3 months but not
more than 1 year
More than 1 year
but not more than
5 years
Over 5 years
Reconciliation to
carrying amount
Carrying amount
31 Dec 2024
Non-derivative financial liabilities
Non-current financial liabilities measured at amortised cost
–
–
–
3,471.2
3,386.7
– 109.8
6,748.2
thereof lease liabilities
–
–
–
271.0
286.7
– 64.4
493.3
Non-current financial liabilities at fair value through profit or loss
–
–
–
–
–
–
–
Trade payables
57.9
840.4
–
–
–
–
898.3
Current financial liabilities measured at amortised cost
16,062.7
1,221.4
1,010.4
–
–
– 13.0
18,281.4
thereof lease liabilities
–
22.3
64.0
–
–
– 12.5
73.8
Cash deposits by market participants
13,456.0
34,674.1
573.1
–
–
–
48,703.2
Total
29,576.6
36,735.8
1,583.5
3,471.2
3,386.7
– 122.8
74,631.1
Derivatives and financial instruments
held by central counterparties
Financial liabilities and derivatives
held by central counterparties
54,430.8
56,523.9
15,064.9
6,268.3
546.8
–
132,834.7
less financial assets and derivatives held by central counterparties
– 55,470.7
– 56,523.9
– 15,064.9
– 6,268.3
– 546.8
–
– 133,874.7
Cash inflow - derivatives and hedges
Cash flow hedges
–
34.3
308.5
–
–
–
Fair value hedges
–
–
–
–
–
–
Derivatives held for trading
3,232.3
480.8
–
–
–
–
Cash outflow - derivatives and hedges
Cash flow hedges
–
– 36.0
– 326.8
–
–
–
Fair value hedges
–
–
–
–
–
–
Derivatives held for trading
– 3,217.9
– 489.3
–
–
–
–
Total
– 1,025.6
– 10.2
– 18.2
–
–
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
281
Maturity analysis of financial instruments
Contractual maturity
in Ąm
Sight
Not more than
3 months
More than
3 months but not
more than 1 year
More than 1 year
but not more than
5 years
Over 5 years
Reconciliation to
carrying amount
Carrying amount
31 Dec 2023
Non-derivative financial liabilities
Non-current financial liabilities measured at amortised cost
–
7.4
149.9
3,667.1
5,048.8
– 1,389.1
7,484.0
thereof lease liabilities
–
–
–
186.2
198.1
–
384.3
Non-current financial liabilities at fair value through profit or loss
–
–
–
0.3
–
–
0.3
Trade payables
2.4
1,511.3
0.4
0.0
–
–
1,514.2
Current financial liabilities measured at amortised cost
15,335.3
1,587.1
248.7
7.3
0.0
– 0.9
17,177.6
thereof lease liabilities
–
21.8
63.2
–
–
–
85.0
Cash deposits by market participants
15,605.7
37,190.9
604.7
–
–
–
53,401.3
Total
30,943.4
40,296.7
1,003.8
3,674.7
5,048.8
– 1,390.1
79,577.4
Derivatives and financial instruments
held by central counterparties
Financial liabilities and derivatives
held by central counterparties
47,582.0
70,925.7
18,834.2
7,078.3
589.3
–
145,009.5
less financial assets and derivatives held by central counterparties
– 48,145.0
– 70,925.7
– 18,834.2
– 7,078.3
– 589.3
–
– 145,572.5
Cash inflow - derivatives and hedges
–
–
–
–
–
–
Cash flow hedges
–
35.9
313.1
–
–
–
Fair value hedges
–
–
–
–
–
–
Derivatives held for trading
1,168.6
2,835.0
–
–
–
–
Cash outflow - derivatives and hedges
–
–
–
–
–
–
Cash flow hedges
–
– 37.2
– 304.7
–
–
–
Fair value hedges
–
–
–
–
–
–
Derivatives held for trading
– 1,168.3
– 2,843.7
–
–
–
–
Total
– 562.7
– 10.1
8.3
–
–
–
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
282
26 Financial liabilities and other risks
Legal risks
The companies of Deutsche Börse Group are exposed to litigation. Such litiga-
tion may result in payments by entities in the Group. If it is more likely than
not that an outflow of resources will occur, a provision will be recognised
based on an estimate of the most probable amount necessary to settle the obli-
gation if such amount is reasonably estimable. In this context, an assessment
is made as to whether the potential obligation results from past events, the
probability of occurrence of an outflow of funds is evaluated and its amount is
estimated.
We recognise provisions for possible losses only if there is a present obligation
arising from a past event that is likely to result in an outflow of resources and
if the Group can reliably estimate the amount of the obligation (see also Note
20). Contingent liabilities may result from present obligations and from possi-
ble obligations arising from events in the past. In order to identify the litigation
for which the possibility of a loss is more than unlikely, as well as how the
possible loss is estimated, Deutsche Börse Group considers a large number of
factors, including the nature of the claim and the facts on which it is based,
the jurisdiction and course of the individual proceedings, the experience of the
Group, prior settlement talks (to the extent that they have already taken place)
as well as expert opinions and evaluations of legal advisers.
Losses also may arise from legal risks which are not highly probable, so that
no provisions have been recognised. If the event is not completely improbable,
the legal risks may have to be recognised as contingent liabilities. As neither
the timing of these contingent liabilities nor the amount of any payment can be
estimated reliably, any quantitative disclosure would not be a useful guide to
possible future losses. For this reason, no figure is shown for contingent liabili-
ties.
The main legal disputes that have been classified as contingent liabilities as at
31 December 2024 and for which consequently no provisions have been rec-
ognised as at 31 December 2024, are described below.
Litigation Involving Clearstream Banking S.A. in connection with the Central
Bank of Iran
Clearstream Banking S.A. is involved in different legal proceedings in Luxem-
bourg and the U.S. in connection with the Iranian central bank, Bank Markazi.
On the one hand of this, different plaintiffs groups – each of which have ob-
tained U.S. judgments against Iran and/or Bank Markazi – are seeking turno-
ver of assets that Clearstream Banking S.A. is holding as custodian in Luxem-
bourg and that are attributed to Bank Markazi. Several of these plaintiffs
groups also raise direct claims for damages against Clearstream Banking S.A.
On the other hand, Bank Markazi is suing, among others, Clearstream Banking
S.A. in Luxembourg in connection with assets that currently or in the past
were held by Clearstream Banking S.A. as custodian.
On the basis of a binding and enforceable U.S. judgment in 2013, assets in
an amount of approx. USD 1.9 billion were already turned over to a plaintiffs
group in a U.S. proceeding (“Peterson I”) to which Bank Markazi also was a
party. Currently, the following proceedings that were initiated by the men-
tioned plaintiffs groups and that primarily target assets attributed to Bank
Markazi are ongoing:
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
283
“Peterson II” plaintiffs group: On 30 December 2013, plaintiffs filed a com-
plaint in the U.S. against Clearstream Banking S.A. and other parties seeking
turnover of certain assets that Clearstream Banking S.A. holds as a custodian
in Luxembourg and that are attributed to Bank Markazi. The proceedings
since then had advanced to the U.S. Supreme Court but were then re-
manded to the district court. On 22 March 2023, the district court awarded
judgment to the plaintiffs for turnover of at least US$ 1.7 billion that are at-
tributed to Bank Markazi and held in custody at Clearstream Banking S.A. in
Luxembourg in a client account. Following an appeal by Clearstream Bank-
ing S.A., on 13 November 2024 the appeals court affirmed parts of the dis-
trict court's judgment of 22 March 2023, but rejected other parts thereof and
therefore sent the case back to the district court for reconsideration. Clear-
stream Banking S.A. reserves the right to seek recourse against the decision
of the appeals court of 13 November 2024.
“Havlish” plaintiffs group: On 14 October 2016, plaintiffs filed a complaint
in the U.S. against Clearstream Banking S.A. and other parties. Besides the
request for turnover of certain assets that Clearstream Banking S.A. holds as
a custodian in Luxembourg, the complaint also asserted direct damage
claims against Clearstream Banking S.A. and other defendants in the amount
of up to approx. USD 6.6 billion (plus punitive damages and interest). On
12 October 2020, an amended complaint was filed in this case, which
added further plaintiffs and which in turn asserted additional damages of
approx. USD 3.3 billion (plus punitive damages and interest) against Clear-
stream Banking S.A. and the other defendants.
“Levin” plaintiffs group: On 26 December 2018, plaintiffs filed a complaint
in the U.S. against Clearstream Banking S.A. and other parties. Besides the
request for turnover of certain assets that Clearstream Banking S.A. holds as
a custodian in Luxembourg, the complaint also asserted direct damage
claims against Clearstream Banking S.A. and other defendants in the amount
of up to approx. USD 29 million (plus punitive damages and interest). The
plaintiffs withdrew their complaint effective as of 24 April 2023.
“Heiser” plaintiffs group: On 4 December 2019, plaintiffs from a previous
case filed a new complaint in the U.S. against Clearstream Banking S.A.
targeting turnover of certain assets that Clearstream Banking S.A. holds as a
custodian in Luxembourg.
“Ofisi” plaintiffs group: On 26 August 2020, plaintiffs filed a complaint in the
U.S. against Clearstream Banking S.A. and other parties. Besides the request
for turnover of certain assets that Clearstream Banking S.A. holds as a custo-
dian in Luxembourg, the complaint also asserts direct damage claims against
Clearstream Banking S.A. and other defendants in the amount of up to ap-
prox. USD 8.7 billion (plus punitive damages and interest).
On 24 November 2020, plaintiffs from the abovementioned Havlish case
also sued Clearstream Banking S.A. and other parties in Luxembourg. The
complaint, among others, asserts direct damage claims against Clearstream
Banking S.A. and other defendants in the amount of up to approx.
USD 5.5 billion (plus interest).
“Acosta/Beer/Greenbaum/Kirschenbaum” plaintiffs group: On 28 February
2022, plaintiffs filed new complaints in the U.S. against Clearstream Bank-
ing S.A. targeting turnover of certain assets that Clearstream Banking S.A.
holds as a custodian in Luxembourg.
In connection with assets concerning Bank Markazi, Bank Markazi on 17 Jan-
uary 2018 filed a complaint in Luxembourg court naming Clearstream Banking
S.A. and Banca UBAE S.p.A. as defendants. The complaint primarily seeks the
restitution of assets totaling approximately USD 4.9 billion (plus interest),
which the complaint alleges are held on accounts of Banca UBAE S.p.A. and
Bank Markazi with Clearstream Banking S.A. Alternatively, Bank Markazi
seeks damages in the same amount.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
284
In another proceeding, on 30 April 2021, a Luxembourg first instance court at
the request of Bank Markazi issued a declaratory judgment against Clear-
stream Banking S.A. in connection with, amongst others, the abovementioned
Peterson II proceedings pending in the U.S. The first instance decision of
30 April 2021 subjects the transfer of assets attributed to Bank Markazi based
on a U.S. decision to the requirement of prior judicial recognition in Luxem-
bourg, violation of which is punishable by a fine of Ą10 million per violation.
Clearstream Banking S.A. has filed an appeal against the decision.
On 15 June 2018, Banca UBAE S.p.A. filed a complaint against Clearstream
Banking S.A. in Luxembourg court. This complaint is a recourse action related
to the abovementioned complaint filed by Bank Markazi against Clearstream
Banking S.A. and Banca UBAE S.p.A. and asks that Banca UBAE S.p.A. be
indemnified and held harmless by Clearstream Banking S.A. in the event that
Banca UBAE S.p.A. loses the legal dispute brought by Bank Markazi and is or-
dered by the court to pay damages to Bank Markazi.
Independent of whether Clearstream Banking S.A. should be required to turn
over assets attributed to Bank Markazi in the U.S., the Executive Board of
Clearstream Banking S.A. does not think that claims for damages raised
against Clearstream Banking S.A. in Luxembourg or in the U.S. will be suc-
cessful. Based on this, as of 31 December 2024 and unchanged from the pre-
vious year, no provisions were made in connection with the aforementioned
matters.
Further litigations and proceedings
Litigations
Starting on 16 July 2010, the insolvency administrators of Fairfield Sentry Ltd.
and Fairfield Sigma Ltd., two funds domiciled on the British Virgin Islands,
filed complaints in the U.S. Bankruptcy Court for the Southern District of
New York, asserting claims against more than 300 financial institutions for
restitution of amounts paid to investors in the funds for redemption of units
prior to December 2008. On 14 January 2011, the funds' insolvency
administrators filed litigation against Clearstream Banking S.A. for the restitu-
tion of US$13.5 million in payments made for redemption of fund units,
which the funds made to investors via the settlement system of Clearstream
Banking S.A. The proceedings, which were suspended for several years, are
ongoing.
A buyer of an MBB Clean Energy AG (MBB) bond, which is held in custody by
Clearstream Banking AG and was listed on the Frankfurt Stock Exchange, filed
a lawsuit at a Dutch court concerning claims for damages in the amount of
Ą33 million against Clearstream Banking AG, Deutsche Börse AG and other
parties. After the lawsuit was dismissed at first instance in October 2020, it
was also dismissed at second instance in June 2024; the judgment of June
2024 is final.
PDF (A4)
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Consolidated income statement
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income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
285
On 23 July 2021, Clearstream Banking AG was served with a lawsuit that
Air Berlin PLC i.L. had announced by way of an ad hoc announcement on
25 June 2021. The insolvency administrator in connection with the assets of
Air Berlin PLC i.L. claims the payment of approximately Ą497.8 million from
Clearstream Banking AG as personally liable partner of Air Berlin PLC i.L. due
to Brexit, and seeks declaratory relief that Clearstream Banking AG is liable for
all debts which have not already been approved to the insolvency table in the
course of the insolvency proceedings concerning the assets of Air Berlin PLC.
In the context of sanctions imposed on Russia, Clearstream Banking S.A. has
frozen assets of customers in Luxembourg in accordance with applicable law.
A number of lawsuits have been brought against Clearstream Banking S.A. in
Russian courts targeting turnover or restitution of frozen assets. The total value
claimed from Clearstream Banking S.A. in these proceedings amounts to ap-
proximately Ą15 million. It cannot be ruled out that further lawsuits concern-
ing frozen assets may be filed, which could also include recourses against as-
sets held by Clearstream Banking S.A. in Russia or elsewhere.
On 25 June 2024, EPEX SPOT (EPEX) had to conduct partially decoupled lo-
cal day-ahead auctions for several Central European power market areas, due
to a technical incident in its trading system. In line with the rules and regula-
tions applicable to the single day-ahead coupling (SDAC) a partial decoupling
of the auctions was initiated and communicated to market participants accord-
ingly. This led to diverging market results (prices) from SDAC coupled versus
the conducted decoupled sessions, in particular for the bidding zones Ger-
many, Austria, and France. Additionally, the respective European Power
Benchmarks determined by EEX AG (EEX), based on EEX AG’s Benchmark
Statement were affected. On the basis of the current factual and legal assess-
ment by EPEX and EEX no provisions were made.
The Executive Board is not currently aware of any significant change in the
Group’s risk situation
Proceedings
On 2 April 2014, Clearstream Banking S.A. was informed that the United
States Attorney for the Southern District of New York has opened a grand jury
investigation against Clearstream Banking S.A. due to Clearstream Banking
S.A.’s conduct with respect to Iran and other countries subject to U.S. sanction
laws. Clearstream Banking S.A. is cooperating with the U.S. attorney.
In September 2017, Clearstream Banking AG and Clearstream Banking S.A.
were made aware that the Public Prosecutor’s Office in Cologne had initiated
proceedings for tax evasion against an employee of Clearstream Banking AG
for his alleged involvement in the settlement of transactions of market partici-
pants over the dividend date (cum/ex transactions). On 22 January 2018, the
Public Prosecutor’s Office in Cologne addressed to Clearstream Banking AG a
notification of hearing Clearstream Banking AG and Clearstream Banking S.A.
as potential secondary participants. Starting on 27 August 2019, together with
other supporting authorities, the Public Prosecutor’s Office in
Cologne conducted searches of the offices of Clearstream Banking AG, Clear-
stream Banking S.A., as well as other Deutsche Börse Group companies and
sites. In the course of these measures, Deutsche Börse Group entities were
made aware that the Public Prosecutor’s Office in Cologne has extended the
group of suspects to include current and former employees as well as execu-
tive board members of Deutsche Börse Group companies. In 2020 and again
in 2022, Deutsche Börse Group became aware of further extensions of the
group of suspects. Due to the still early stage of the proceedings, it is still not
possible to predict timing, scope or consequences of a potential decision. The
companies concerned are cooperating with the competent authorities. They do
not expect that they could be successfully held liable.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
286
The European Commission is investigating a possible violation of Art. 101
of the Treaty on the Functioning of the European Union (TFEU) and Art. 53
of the European Economic Area Agreement, among others by Deutsche Börse
Group companies, in the area of financial derivatives. An inspection was car-
ried out on premise of Deutsche Börse Group in September 2024. Deutsche
Börse Group is cooperating with the competent authority. Since the proceed-
ings are still at an early stage it is currently not possible to predict their out-
come, in particular in terms of timing, results and consequences.
Tax risks
Due to its business activities in various countries, Deutsche Börse Group is ex-
posed to tax risks. A process has been developed to recognise and evaluate
these risks, which are initially recognised based on their probability of occur-
rence. These risks are then measured on the basis of their expected value. A
tax liability is recognised in the event that it is more probable than not that the
risks will occur. We continuously review whether the conditions for recognising
corresponding tax liabilities are met.
27 Corporate governance
On 6 December 2024 the Executive and Supervisory Boards issued the latest
version of the declaration of compliance in accordance with section 161 of
the Aktiengesetz (AktG, German Stock Corporation Act) and made it perma-
nently available to shareholders on the company’s website.
28 Related party disclosures
Related parties as defined by IAS 24 are members of the executive bodies of
Deutsche Börse AG and their close family members, as well as the companies
classified as associates of Deutsche Börse AG, investors and investees and
companies that are controlled or significantly influenced by members of the ex-
ecutive bodies.
Business relationships with related parties
The following table shows transactions entered into within the scope of busi-
ness relationships with non-consolidated companies of Deutsche Börse AG
during the 2024 financial year. All transactions took place on standard market
terms.
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Consolidated balance sheet
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Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
287
Transactions with related parties
Amount of the transactions:
revenue
Amount of the transactions:
expenses
Outstanding balances:
receivables
Outstanding balances:
liabilities
in Ąm
2024
2023
2024
2023
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Associates
17.2
14.8
28.8
28.0
3.3
1.4
1.0
0.1
Total sum of business transactions
17.2
14.8
28.8
28.0
3.3
1.4
1.0
0.1
Business relationships with key management personnel
Key management personnel are persons who directly or indirectly have author-
ity and responsibility for planning, directing and controlling the company’s ac-
tivities. The Group only defines the members of the Executive Board and Su-
pervisory Board of Deutsche Börse AG who were active in the reporting period
as key management personnel for the purposes of IAS 24. In the reporting
year and the previous year, no material transactions took place with key man-
agement personnel.
Executive Board
In the reporting year the fixed and variable remuneration of the members of
the Executive Board, including non-cash benefits granted in the financial year,
amounted to Ą28.8 million (2023: Ą30.2 million). During the year under re-
view, expenses of Ą10.2 million (2023: Ą8.3 million) were recognised in
connection with share-based payments to Executive Board members.
The actuarial present value of the pension obligations to Executive Board
members was Ą20.3 million as at 31 December 2024 (2023: Ą17.9 mil-
lion). Expenses of Ą3.2 million (2023: Ą2.0 million) were recognised as ad-
ditions to pension provisions.
Former members of the Executive Board or their surviving dependants
The remuneration paid to former members of the Executive Board or their sur-
viving dependants amounted to Ą3.3 million in 2024 (2023: Ą3.2 million).
The actuarial present value of the pension was Ą60.6 million as at 31 De-
cember 2024 (2023: Ą62.8 million).
Termination benefits
There were no premature terminations of employment contracts within the
Executive Board of Deutsche Börse AG in the 2024 financial year, meaning
that no expenses were incurred in 2024 (2023: nil). At the end of 2024,
Theodor Weimer left the company as planned after his contract expired.
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Consolidated statement of comprehensive
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
288
Supervisory Board
The aggregate remuneration paid to members of the Supervisory Board in the
reporting year was Ą3.2 million (2023: Ą2.7 million).
In financial year 2024 the employee representatives on Deutsche Börse AG’s
Supervisory Board received remuneration (excluding Supervisory Board remu-
neration) amounting to Ą1.1 million (2023: Ą0.9 million). The total consists
of the fixed and variable salary components and pension expenses for those
employee representatives.
29 Employees
Employees
2024
2023
Average number of employees during the year
14,982
12,187
Employed at the reporting date
15,495
14,502
Employees (average annual FTEs)
14,535
11,656
Of the average number of employees during the year, 34 (2023: 30) were
managing directors (not including the Executive Board), 965 (2023: 731)
were other senior managers and 13,983 (2023: 11,425) were employees.
Including part-time staff there were 14,535 full-time equivalents (FTE) on
average during the year (2023: 11,656). Please also refer to the section “Our
employees” in the combined management report.
30 Decision-making bodies
The members of the company’s decision-making bodies are listed in the chap-
ters “The Executive Board” and “The Supervisory Board” of this annual report.
31 Events after the end of the reporting period
There were no significant events after the end of the reporting period.
32 Date of approval for publication
Deutsche Börse AG's Executive Board approved the consolidated financial
statements for submission to the Supervisory Board on 6 March 2025. The
Supervisory Board is responsible for examining the consolidated financial
statements and stating whether it endorses them.
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Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
289
33 Disclosures on material non-controlling interests
Material non-controlling
interests
European Energy Exchange Group
Leipzig, Germany
ISS STOXX Group
Eschborn, Germany
31 Dec 2024
31 Dec 2023
31 Dec 2024
31 Dec 2023
Attributable to
non-controlling interests:
Non-controlling interest
(%)
24.9
24.9
19.7
19.7
Pro rata net profit for the
period (Ąm)
61.7
55.6
24.9
21.5
Equity (Ąm)
287.9
233.1
403.3
381.3
Dividend payments (Ąm)
6.6
5.5
27.5
–
Assets (Ąm)
16,312.4
18,597.0
2,773.8
3,538.5
Liabilities (Ąm)
15,158.3
17,660.7
725.5
926.2
Profit/(loss) (Ąm)
247.4
223.5
126.4
109.0
Other comprehensive in-
come (Ąm)
14.7
7.1
111.5
– 105.3
Comprehensive income
(Ąm)
262.1
230.6
237.9
3.7
Cashflows (Ąm)
92.6
93.1
7.1
30.3
34 Disclosures on associates
Non-material associates
in Ąm
31 Dec 2024
31 Dec 2023
Book value of non-material associates
114.8
114.5
Profit or loss from continuing operations
7.31
3.71
Comprehensive income
7.3
3.7
1) Disclosures are based on preliminary and unaudited figures or extrapolations and may be adjusted
subsequently.
Investments in associates and joint ventures are measured at cost on initial
recognition and accounted for using the equity method upon subsequent
measurement. Where Deutsche Börse Group’s share of the voting rights in a
company amounts to less than 20 per cent, our significant influence is exer-
cised through the Group’s representation on the supervisory board or the board
of directors.
35 List of shareholdings
Deutsche Börse AG’s equity interests in subsidiaries, associates and joint ven-
tures as at 31 December 2024 included in the consolidated financial state-
ments are presented in the following tables. There were no joint ventures as at
the reporting date.
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
290
Consolidated Subsidiaries
Company
Domicile
Equity interest as at 31 Dec 2024
%
360 Trading Networks Inc.
New York, USA
100.00
360 Trading Networks Ltd.
Dubai, United Arab Emirates (UAE)
100.00
360 Trading Networks Sdn. Bhd.
Kuala Lumpur, Malaysia
100.00
360 Trading Networks UK Limited
London, Great Britain
100.00
360 Treasury Systems AG
Frankfurt/Main, Germany
100.00
360T Asia Pacific Pte. Ltd.
Singapore, Singapore
100.00
360TGTX Inc.
New York, USA
100.00
AI Financial Information UK Limited
London, Great Britain
80.31
Asset International Australia Pty Ltd.
Melbourne, Australia
80.31
Asset International Deutschland GmbH
Haar, Germany
80.31
Asset International, Inc.
Rockville, USA
80.31
Axioma (AU) Pty. Ltd.
Sydney, Australia
100.00
Axioma (CH) GmbH
Vernier, Switzerland
100.00
Axioma (HK) Ltd.
Hong Kong, Hong Kong
100.00
Axioma (UK) Ltd.
London, Great Britain
100.00
Axioma Argentina S.A.U.
Buenos Aires, Argentina
100.00
Axioma Asia Pte. Ltd.
Singapore, Singapore
100.00
Axioma Deutschland GmbAufzählung _BulletH (in liquidation)
Frankfurt/Main, Germany
100.00
Axioma Inc.
New York, USA
100.00
Axioma S.A.S.U.
Paris, France
100.00
Celsia AS
Oslo, Norway
80.31
Centana Growth Partners, LLC
New York, USA
100.00
Clearstream Australia Limited
Sydney, Australia
100.00
Clearstream Australia Nominees Pty Ltd. (dormant)
Sydney, Australia
100.00
Clearstream Banking AG
Frankfurt/Main, Germany
100.00
Clearstream Banking S.A.
Luxembourg, Luxembourg
100.00
Clearstream Fund Centre (Hong Kong) Limited
Hong Kong, Hong Kong
100.00
Clearstream Fund Centre AG
Zurich, Switzerland
100.00
Clearstream Fund Centre Holding S.A.
Luxembourg, Luxembourg
100.00
Clearstream Fund Centre S.A.
Luxembourg, Luxembourg
100.00
Clearstream Global Securities Services Limited (in liquidation)
Cork, Ireland
100.00
Clearstream Holding AG
Frankfurt/Main, Germany
100.00
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Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
291
Consolidated Subsidiaries
Company
Domicile
Equity interest as at 31 Dec 2024
%
Clearstream International S.A.
Luxembourg, Luxembourg
100.00
Clearstream London Limited
London, Great Britain
100.00
Clearstream Nominees Limited (dormant)
London, Great Britain
100.00
Clearstream Services S.A.
Luxembourg, Luxembourg
100.00
Crypto Finance (Deutschland) GmbH
Frankfurt/Main, Germany
100.00
Crypto Finance AG
Zurich, Switzerland
100.00
Dataglide Ltd.
London, Great Britain
100.00
Deutsche Boerse Market Data + Services Singapore Pte. Ltd.
Singapore, Singapore
100.00
Deutsche Boerse Systems Inc.
Chicago, USA
100.00
Deutsche Börse Photography Foundation gGmbH
Frankfurt/Main, Germany
100.00
Discovery Data, Inc.
Rockville, USA
80.31
EEX Asia Pte. Ltd.
Singapore, Singapore
75.05
EEX Australia Pty Ltd.
Sydney, Australia
75.05
EEX CEGH Gas Exchange Services GmbH
Vienna, Austria
38.27
EEX Japan KK
Tokyo, Japan
75.05
EEX Link GmbH
Leipzig, Germany
75.05
EPEX SPOT Schweiz AG
Berne, Switzerland
38.27
EPEX SPOT SE
Paris, France
38.27
Eurex Clearing AG
Frankfurt/Main, Germany
100.00
Eurex Frankfurt AG
Frankfurt/Main, Germany
100.00
Eurex Global Derivatives AG
Zug, Switzerland
100.00
Eurex Repo GmbH
Frankfurt/Main, Germany
100.00
Eurex Securities Transactions Services GmbH (dormant)
Frankfurt/Main, Germany
100.00
European Commodity Clearing AG
Leipzig, Germany
75.05
European Commodity Clearing Luxembourg S.à r.l.
Luxembourg, Luxembourg
75.05
European Energy Exchange AG
Leipzig, Germany
75.05
Finbird GmbH
Frankfurt/Main, Germany
100.00
FundsDLT S.A.
Belvaux, Luxembourg
100.00
FWW Fundservices GmbH
Haar, Germany
80.31
FWW Media GmbH
Haar, Germany
80.31
Grexel Systems oy
Helsinki, Finland
75.05
INDEX PROXXY Ltd. (dormant)
London, Great Britain
80.31
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Consolidated balance sheet
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Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
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public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
292
Consolidated Subsidiaries
Company
Domicile
Equity interest as at 31 Dec 2024
%
Institutional Shareholder Services (Australia) Pty. Ltd.
Sydney, Australia
80.31
Institutional Shareholder Services (Hong Kong) Limited
Hong Kong, Hong Kong
80.31
Institutional Shareholder Services (Singapore) Private Limited
Singapore, Singapore
80.31
Institutional Shareholder Services Canada Inc.
Toronto, Canada
80.31
Institutional Shareholder Services Europe S.A.
Brussels, Belgium
80.31
Institutional Shareholder Services France S.A.R.L
Paris, France
80.31
Institutional Shareholder Services Germany AG
Munich, Germany
80.31
Institutional Shareholder Services Inc.
Rockville, USA
80.31
Institutional Shareholder Services India Private Limited
Mumbai, India
80.31
Institutional Shareholder Services KK
Tokyo, Japan
80.31
Institutional Shareholder Services Philippines Inc.
Manila, Philippines
80.31
Institutional Shareholder Services Switzerland AG
Zug, Switzerland
80.31
Institutional Shareholder Services UK Limited
London, Great Britain
80.31
ISS Corporate Solutions, Inc.
Rockville, USA
80.31
ISS Europe Limited
London, Great Britain
80.31
ISS HoldCo Inc.
Rockville, USA
80.31
ISS STOXX GmbH
Eschborn, Germany
80.31
ISS STOXX Index GmbH
Eschborn, Germany
80.31
ISS-Ethix AB
Stockholm, Sweden
80.31
KB Tech Ltd.
Tunbridge Wells, Great Britain
75.05
KNEIP Communication GmbH
Frankfurt/Main, Germany
100.00
KNEIP Communication S.A.
Luxembourg, Luxembourg
100.00
Lacima Group (US), Inc.
Denver, USA
75.05
Lacima Group Pty. Limited
Sydney, Australia
75.05
Lacima Workbench Pty Limited
Sydney, Australia
75.05
LG UK Pty Ltd
Sydney, Australia
75.05
LuxCSD S.A.
Luxembourg, Luxembourg
100.00
Nodal Brazil, LLC
Tysons Corner, USA
75.05
Nodal Clear, LLC
Tysons Corner, USA
75.05
Nodal Exchange Holdings, LLC
Tysons Corner, USA
75.05
Nodal Exchange, LLC
Tysons Corner, USA
75.05
Power Exchange Central Europe Poland SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
Warsaw, Poland
50.03
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Notes on the consolidated income statement
Notes on the consolidated statement of
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Other disclosures
Responsibility statement by the Executive
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Independent Auditor’s Report
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public auditor
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Further information
Deutsche Börse Group – Annual report 2024
293
Consolidated Subsidiaries
Company
Domicile
Equity interest as at 31 Dec 2024
%
Power Exchange Central Europe, a.s.
Prague, Czech Republic
50.03
Pridham & Pridham Limited
London, Great Britain
80.31
Qontigo Inc. (dormant)
Wilmington, USA
100.00
Quantitative Brokers Australia Pty Ltd.
Sydney, Australia
74.14
Quantitative Brokers LLC
New York, USA
74.14
Quantitative Brokers Singapore Pte Ltd. (dormant)
Singapore, Singapore
74.14
Quantitative Brokers Software India Private Limited
Chennai, India
73.77
Quantitative Brokers UK Limited
Hounslow, Great Britain
74.14
Rainmaker Information Pty Limited
Sydney, Australia
80.31
SC MEXICO-DELIVERY CENTER S. de R.L.
Copenhagen, Denmark
100.00
SCIM SDN. BHD.
Kuala Lumpur, Malaysia
100.00
Securities Class Action Services, LLC
Rockville, USA
80.31
SimCorp A/S
Copenhagen, Denmark
100.00
SimCorp Advanced for Information Technology Company
Riyadh, Saudi Arabia
100.00
SimCorp Asia Pty. Limited
Sydney, Australia
100.00
SimCorp Austria GmbH
Vienna, Austria
100.00
SimCorp Benelux SA/NV
Brussels, Belgium
100.00
SimCorp Canada Inc.
Toronto, Canada
100.00
SimCorp Coric Inc.
Boston, USA
100.00
SimCorp Coric Limited
London, Great Britain
100.00
SimCorp France S.A.S.
Paris, France
100.00
SimCorp Gain GmbH
Zurich, Switzerland
100.00
SimCorp GmbH
Bad Homburg, Germany
100.00
SimCorp Hong Kong Limited
Hong Kong, Hong Kong
100.00
SimCorp Iberia S.L.
Barcelona, Spain
100.00
SimCorp India LLP
Noida, India
100.00
SimCorp Italiana S.R.L.
Milan, Italy
100.00
SimCorp Japan KK
Tokyo, Japan
100.00
SimCorp Limited
London, Great Britain
100.00
SimCorp Luxembourg S.à.r.l.
Luxembourg, Luxembourg
100.00
SimCorp Norge AS
Oslo, Norway
100.00
SimCorp Philippines Inc.
Manila, Philippines
99.99
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Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
294
Consolidated Subsidiaries
Company
Domicile
Equity interest as at 31 Dec 2024
%
SimCorp Schweiz AG
Zurich, Switzerland
100.00
SimCorp Singapore Pte. Ltd.
Singapore, Singapore
100.00
SIMCORP SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ
Warsaw, Poland
100.00
SimCorp Sverige AB
Stockholm, Sweden
100.00
SimCorp TalentCo ApS
Copenhagen, Denmark
100.00
SimCorp Ukraine LLC
Kyiv, Ukraine
100.00
SimCorp USA Inc.
New York, USA
100.00
Stoxx Ltd.
Zug, Switzerland
80.31
SustainaBase, Inc.
Rockville, USA
80.31
ThreeSixty Trading Networks (India) Private Limited
Mumbai, India
100.00
U.S. Exchange, LLC (dormant)
Wilmington, USA
100.00
UAB GET Baltic
Vilnius, Lithuania
49.53
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
295
Associates
Company
Domicile
Equity interest as at 31 Dec 2024
%
360X AG
Frankfurt/ Main, Germany
49.32
ADEX Szervezett Villamosenergia-piac Holding Zártkörűen Működő Részvénytársaság
Budapest, Hungary
9.57
BrainTrade Gesellschaft für Börsensysteme mbH
Frankfurt/Main, Germany
28.57
China Europe International Exchange AG
Frankfurt/Main, Germany
40.00
Deutsche Börse Commodities GmbH
Frankfurt/Main, Germany
16.20
Dyalog Ltd.
Hampshire, Great Britain
24.78
EMEX East Med. Energy Exchange Ltd.
Giv'atajim, Israel
30.02
Forge Europe GmbH
Berlin, Germany
47.74
GlobalDairyTrade Holdings Ltd.
Auckland, New Zealand
25.01
HQLAx S.à r.l.
Luxembourg, Luxembourg
25.91
N5X Energia E Servicos DE Tecnologia Ltda.
São Paulo, Brazil
37.52
nxtAssets GmbH
Frankfurt/Main, Germany
20.00
Opus Nebula Limited
Berkhamsted, Great Britain
24.99
Origin Primary Limited
London, Great Britain
20.00
q-bility GmbH
Berlin, Germany
15.01
R5FX Ltd
London, Great Britain
15.65
SPARK Commodities Ltd.
Singapore, Singapore
15.01
Tradegate AG Wertpapierhandelsbank
Berlin, Germany
19.99
Tradegate Exchange GmbH
Berlin, Germany
42.84
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
296
Responsibility statement by the Executive Board
To the best of our knowledge, and in accordance with the applicable reporting
principles, the consolidated financial statements give a true and fair view of
the assets, liabilities, financial position and profit or loss of the Group, and the
combined management report includes a fair review of the development and
performance of the business and the position of the Group, together with a
description of the principal opportunities and risks associated with the ex-
pected development of the Group.
Frankfurt/Main, 6. March 2025
Deutsche Börse Aktiengesellschaft
The Executive Board
Stephan Leithner
Christoph Böhm
Thomas Book
Stephanie Eckermann
Heike Eckert
Christian Kromann
Gregor Pottmeyer
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
297
Independent Auditor’s Report
To Deutsche Börse Aktiengesellschaft, Frankfurt am Main
Report on the audit of the consolidated financial
statements and of the group management report
Audit Opinions
We have audited the consolidated financial statements of Deutsche Börse
Aktiengesellschaft, Frankfurt am Main, and its subsidiaries (the Group),
which comprise the consolidated statement of financial position as at
31 December 2024, and the consolidated statement of comprehensive
income, consolidated statement of profit or loss, consolidated statement of
changes in equity and consolidated statement of cash flows for the financial
year from 1 January to 31 December 2024, and notes to the consolidated
financial statements, including material accounting policy information. In
addition, we have audited the group management report of Deutsche Börse
Aktiengesellschaft, which is combined with the Company’s management
report, for the financial year from 1 January to 31 December 2024. In
accordance with the German legal requirements, we have not audited the
content of those parts of the group management report listed in the “Other
Information” section of our auditor’s report.
In our opinion, on the basis of the knowledge obtained in the audit,
■the accompanying consolidated financial statements comply, in all material
respects, with the IFRS Accounting Standards issued by the International
Accounting Standards Board (IASB) (the IFRS Accounting Standards) as
adopted by the EU and the additional requirements of German
commercial law pursuant to § [Article] 315e Abs. [paragraph] 1 HGB
[Handelsgesetzbuch: German Commercial Code] and, in compliance
with these requirements, give a true and fair view of the assets, liabilities,
and financial position of the Group as at 31 December 2024, and of its
financial performance for the financial year from 1 January to
31 December 2024, and
■the accompanying group management report as a whole provides an
appropriate view of the Group’s position. In all material respects, this
group management report is consistent with the consolidated financial
statements, complies with German legal requirements and appropriately
presents the opportunities and risks of future development. Our audit
opinion on the group management report does not cover the content of
those parts of the group management report listed in the “Other
Information” section of our auditor’s report.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit
has not led to any reservations relating to the legal compliance of the
consolidated financial statements and of the group management report.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
298
Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the
group management report in accordance with § 317 HGB and the EU Audit
Regulation (No. 537/2014, referred to subsequently as “EU Audit
Regulation”) in compliance with German Generally Accepted Standards for
Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer
[Institute of Public Auditors in Germany] (IDW). Our responsibilities under
those requirements and principles are further described in the “Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements and of
the Group Management Report” section of our auditor’s report. We are
independent of the group entities in accordance with the requirements of
European law and German commercial and professional law, and we have
fulfilled our other German professional responsibilities in accordance with
these requirements. In addition, in accordance with Article 10 (2) point (f) of
the EU Audit Regulation, we declare that we have not provided non-audit
services prohibited under Article 5 (1) of the EU Audit Regulation. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinions on the consolidated financial statements
and on the group management report.
Key Audit Matters in the Audit of the Consolidated
Financial Statements
Key audit matters are those matters that, in our professional judgment, were
of most significance in our audit of the consolidated financial statements for
the financial year from 1 January to 31 December 2024. These matters were
addressed in the context of our audit of the consolidated financial statements
as a whole, and in forming our audit opinion thereon; we do not provide a
separate audit opinion on these matters.
In our view, the matters of most significance in our audit were as follows:
➊ Recoverability of goodwill and other intangible assets
➋ Assessment of certain legal risks
Our presentation of these key audit matters has been structured in each case
as follows:
➀ Matter and issue
➁ Audit approach and findings
➂ Reference to further information
Hereinafter we present the key audit matters:
➊ Recoverability of goodwill and other intangible assets
➀ In the company’s consolidated financial statements, goodwill and other
intangible assets with a definite and indefinite useful life totaling
€11,323.9 million (105.1 % of consolidated equity) are reported under
the “Intangible assets” item. The other intangible assets relate in
particular to stock exchange licenses, brand names and customer
relationships. Goodwill and other intangible assets with indefinite useful
lives are tested for impairment by the company once a year or as
circumstances require, while other intangible assets with definite useful
lives are tested for impairment as circumstances require in order to
determine any possible need for impairment. In the impairment test, the
carrying amount of the respective (groups of) cash-generating units
(including their carrying amount for the test of goodwill) is compared with
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
299
the recoverable amount. The recoverable amount is determined on the
basis of the fair value less costs of disposal. The basis for the valuation is
regularly the present value of future cash flows of the respective cash-
generating units or groups of cash-generating units. The present values
are determined using discounted cash flow models. The starting point is
the Group’s approved medium-term planning, which is extrapolated using
assumptions about long-term growth rates. In this context, expectations
regarding future market developments and assumptions about the
development of macroeconomic factors are also taken into account.
Discounting is based on the weighted average cost of capital of the
respective (groups of) cash-generating units. The impairment test did not
reveal any need for impairment.
The outcome of this valuation is highly dependent on the executive
directors’ assessment regarding the future cash flows of the respective
(groups of) cash-generating units, the discount rate used, the growth
rate and other assumptions, and is therefore subject to considerable
uncertainty. In light of this and due to the complexity of the valuation,
this matter was of particular importance in the context of our audit.
➁ As part of our audit, we first verified the methodical approach for
conducting the impairment test. In a risk-oriented selection, we involved
our valuation specialists and, after comparing the future cash flows used
in the calculation with the approved medium-term planning of the group
and further planning documents for the respective (groups of) cash-
generating units, we assessed the appropriateness of this planning, in
particular, by analyzing the significant planning assumptions, a
comparison of the planning with analysts’ estimates as well as in certain
cases plan-actual and plan-plan analyses. In addition, we assessed the
appropriate consideration of the costs of group functions – to the extent
considered in the models – and the appropriateness of the growth
assumptions after the forecast period as well as the assumed weighted
cost of capital. The company’s valuation was also assessed by comparing
implicit multiples with market multiples. To take account of the existing
forecast uncertainties, we verified the sensitivity analyses prepared by the
company.
The valuation methods, parameters and assumptions applied by the
executive directors are generally consistent with our expectations and are
also within the ranges we consider reasonable.
➂ The information provided by the company on the impairment test
for goodwill and other intangible assets can be found in section
„10 Intangible assets” of the notes to the consolidated financial
statements.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
300
➋ Assessment of certain legal risks
➀ Deutsche Börse Aktiengesellschaft and its affiliated companies are
exposed to certain legal risks. These certain legal risks include legal
proceedings by Clearstream Banking S.A., Luxembourg, in connection
with the Central Bank of Iran, in which Clearstream Banking S.A. is
exposed to claims for restitution and damages against the Central Bank
of Iran in the amount of USD 4.9 billion (plus interest) and claims
from further groups of plaintiffs; a claim brought by the insolvency
administrator of Air Berlin PLC (in insolvency) against Clearstream
Banking AG for payment of around €498 million; and investigations into
securities transactions by market participants across the dividend date
(cum/ex transactions). The assessment of whether and, if so, to what
extent a provision needs to be recognized to cover the risk is subject to a
high degree of uncertainty. Deutsche Börse Aktiengesellschaft recognizes
provisions when it has a present obligation from a past event that will
probably lead to an outflow of resources, and the amount can be
estimated reliably. No provisions were recognized in the consolidated
financial statements as of December 31, 2024 for the above-mentioned
legal risks, as management considers a cash outflow to be unlikely.
In our view, the above-mentioned legal risks are of particular importance
for our audit due to their legal complexity, the significant uncertainties
regarding their further development and their potential impact on the net
assets, financial position and results of operations of the Group.
➁ As part of our audit, we inspected the underlying documents relating to
the above-mentioned legal disputes and proceedings and verified the legal
assessments of Deutsche Börse Aktiengesellschaft.In the knowledge that
uncertainties increase the risk of accounting misstatements and that the
decisions of the executive directors have a direct impact on net income,
we have evaluated the executive directors’ assessments with the
assistance of internal lawyers.In addition, we held regular discussions
with the legal departments of Deutsche Börse Aktiengesellschaft in order
to understand current developments and the reasons for the
corresponding estimates of the outcomes of the proceedings. With regard
to the development of the identified legal risks, including the executive
directors’ estimates of the possible outcomes of the proceedings, the legal
departments provided us with the relevant documents.In addition, we
obtained external legal confirmations as of the balance sheet date and
assessed legal opinions from external lawyers.
The estimates made by the executive directors regarding the above
matters and their presentation in the consolidated financial statements
are sufficiently substantiated and documented.
➂ The company’s disclosures on material legal risks can be found in
section “26 Financial commitments and other risks” of the notes to the
consolidated financial statements.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
301
Other Information
The executive directors are responsible for the other information. The other
information comprises the following non-audited parts of the group
management report.
■the remuneration report in accordance with Section 162 AktG, for which
the Supervisory Board is also responsible
■all other parts of the annual report – excluding further cross-references
to external information – with the exception of the audited consolidated
financial statements, the audited group management report and our
auditor’s report
Our audit opinions on the consolidated financial statements and on the group
management report do not cover the other information, and consequently we
do not express an audit opinion or any other form of assurance conclusion
thereon.
In connection with our audit, our responsibility is to read the other
information mentioned above and, in so doing, to consider whether the
other information
■is materially inconsistent with the consolidated financial statements, with
the group management report disclosures audited in terms of content or
with our knowledge obtained in the audit, or
■otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory
Board for the Consolidated Financial Statements and the Group
Management Report
The executive directors are responsible for the preparation of the consolidated
financial statements that comply, in all material respects, with IFRS
Accounting Standards as adopted by the EU and the additional requirements
of German commercial law pursuant to § 315e Abs. 1 HGB and that the
consolidated financial statements, in compliance with these requirements,
give a true and fair view of the assets, liabilities, financial position, and
financial performance of the Group. In addition, the executive directors are
responsible for such internal control as they have determined necessary to
enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud (i.e., fraudulent financial
reporting and misappropriation of assets) or error.
In preparing the consolidated financial statements, the executive directors are
responsible for assessing the Group’s ability to continue as a going concern.
They also have the responsibility for disclosing, as applicable, matters related
to going concern. In addition, they are responsible for financial reporting
based on the going concern basis of accounting unless there is an intention to
liquidate the Group or to cease operations, or there is no realistic alternative
but to do so.
Furthermore, the executive directors are responsible for the preparation of the
group management report that, as a whole, provides an appropriate view of
the Group’s position and is, in all material respects, consistent with the
consolidated financial statements, complies with German legal requirements,
and appropriately presents the opportunities and risks of future development.
In addition, the executive directors are responsible for such arrangements and
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
302
measures (systems) as they have considered necessary to enable the
preparation of a group management report that is in accordance with the
applicable German legal requirements, and to be able to provide sufficient
appropriate evidence for the assertions in the group management report.
The supervisory board is responsible for overseeing the Group’s financial
reporting process for the preparation of the consolidated financial statements
and of the group management report.
Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements and of the Group Management Report
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and whether the group
management report as a whole provides an appropriate view of the Group’s
position and, in all material respects, is consistent with the consolidated
financial statements and the knowledge obtained in the audit, complies with
the German legal requirements and appropriately presents the opportunities
and risks of future development, as well as to issue an auditor’s report that
includes our audit opinions on the consolidated financial statements and on
the group management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with § 317 HGB and the EU Audit
Regulation and in compliance with German Generally Accepted Standards for
Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer
(IDW) will always detect a material misstatement. Misstatements can arise
from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial
statements and this group management report.
We exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
■Identify and assess the risks of material misstatement of the consolidated
financial statements and of the group management report, whether due to
fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our audit opinions. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls.
■Obtain an understanding of internal control relevant to the audit of the
consolidated financial statements and of arrangements and measures
(systems) relevant to the audit of the group management report in order to
design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an audit opinion on the effectiveness of the
internal control and these arrangements and measures (systems),
respectively.
■Evaluate the appropriateness of accounting policies used by the executive
directors and the reasonableness of estimates made by the executive
directors and related disclosures.
■Conclude on the appropriateness of the executive directors’ use of the going
concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required
to draw attention in the auditor’s report to the related disclosures in the
consolidated financial statements and in the group management report or,
if such disclosures are inadequate, to modify our respective audit opinions.
Our conclusions are based on the audit evidence obtained up to the date of
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
303
our auditor’s report. However, future events or conditions may cause the
Group to cease to be able to continue as a going concern.
■Evaluate the overall presentation, structure and content of the consolidated
financial statements, including the disclosures, and whether the
consolidated financial statements present the underlying transactions and
events in a manner that the consolidated financial statements give a true
and fair view of the assets, liabilities, financial position and financial
performance of the Group in compliance with IFRS Accounting Standards
as adopted by the EU and the additional requirements of German
commercial law pursuant to § 315e Abs. 1 HGB.
■Plan and perform the group audit to obtain sufficient appropriate audit
evidence regarding the financial information of the entities or business
units within the Group as a basis for forming audit opinions on the
consolidated financial statements and on the group management report.
We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely
responsible for our audit opinions.
■Evaluate the consistency of the group management report with the
consolidated financial statements, its conformity with German law, and the
view of the Group’s position it provides.
■Perform audit procedures on the prospective information presented by the
executive directors in the group management report. On the basis of
sufficient appropriate audit evidence we evaluate, in particular, the
significant assumptions used by the executive directors as a basis for the
prospective information, and evaluate the proper derivation of the
prospective information from these assumptions. We do not express a
separate audit opinion on the prospective information and on the
assumptions used as a basis. There is a substantial unavoidable risk that
future events will differ materially from the prospective information.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we
have complied with the relevant independence requirements, and
communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable,
actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we
determine those matters that were of most significance in the audit of the
consolidated financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless
law or regulation precludes public disclosure about the matter.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
304
Other legal and regulatory requirements
Report on the Assurance on the Electronic Rendering of the
Consolidated Financial Statements and the Group Management
Report Prepared for Publication Purposes in Accordance with
§ 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB
to obtain reasonable assurance as to whether the rendering of the
consolidated financial statements and the group management report
(hereinafter the “ESEF documents”) contained in the electronic file “KA_
Deutsche Boerse AG 2024-12-31 DE.zip” and prepared for publication
purposes complies in all material respects with the requirements of § 328
Abs. 1 HGB for the electronic reporting format (“ESEF format”). In accordance
with German legal requirements, this assurance work extends only to the
conversion of the information contained in the consolidated financial
statements and the group management report into the ESEF format and
therefore relates neither to the information contained within these renderings
nor to any other information contained in the electronic file identified above.
In our opinion, the rendering of the consolidated financial statements and the
group management report contained in the electronic file identified above and
prepared for publication purposes complies in all material respects with the
requirements of § 328 Abs. 1 HGB for the electronic reporting format. Beyond
this assurance opinion and our audit opinion on the accompanying
consolidated financial statements and the accompanying group management
report for the financial year from 1 January to 31 December 2024 contained
in the “Report on the Audit of the Consolidated Financial Statements and on
the Group Management Report” above, we do not express any assurance
opinion on the information contained within these renderings or on the other
information contained in the electronic file identified above.
Basis for the Assurance Opinion
We conducted our assurance work on the rendering of the consolidated
financial statements and the group management report contained in the
electronic file identified above in accordance with § 317 Abs. 3a HGB and
the IDW Assurance Standard: Assurance Work on the Electronic Rendering of
Financial Statements and Management Reports, Prepared for Publication
Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (06.2022))
and the International Standard on Assurance Engagements 3000 (Revised).
Our responsibility in accordance therewith is further described in the “Group
Auditor’s Responsibilities for the Assurance Work on the ESEF Documents”
section. Our audit firm applies the IDW Standard on Quality Management:
Requirements for Quality Management in the Audit Firm (IDW QMS 1
(09.2022)).
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
305
Responsibilities of the Executive Directors and the
Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of
the ESEF documents including the electronic rendering of the consolidated
financial statements and the group management report in accordance with §
328 Abs. 1 Satz 4 Nr. [number] 1 HGB and for the tagging of the
consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr.
2 HGB.
In addition, the executive directors of the Company are responsible for such
internal control as they have considered necessary to enable the preparation
of ESEF documents that are free from material non-compliance with the
requirements of § 328 Abs. 1 HGB for the electronic reporting format,
whether due to fraud or error.
The supervisory board is responsible for overseeing the process for preparing
the ESEF documents as part of the financial reporting process.
Group Auditor’s Responsibilities for the Assurance
Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF
documents are free from material non-compliance with the requirements of §
328 Abs. 1 HGB, whether due to fraud or error. We exercise professional
judgment and maintain professional skepticism throughout the assurance
work. We also:
■Identify and assess the risks of material non-compliance with the
requirements of § 328 Abs. 1 HGB, whether due to fraud or error, design
and perform assurance procedures responsive to those risks, and obtain
assurance evidence that is sufficient and appropriate to provide a basis for
our assurance opinion.
■Obtain an understanding of internal control relevant to the assurance work
on the ESEF documents in order to design assurance procedures that are
appropriate in the circumstances, but not for the purpose of expressing an
assurance opinion on the effectiveness of these controls.
■Evaluate the technical validity of the ESEF documents, i.e., whether the
electronic file containing the ESEF documents meets the requirements of
the Delegated Regulation (EU) 2019/815 in the version in force at the date
of the consolidated financial statements on the technical specification for
this electronic file.
■Evaluate whether the ESEF documents provide an XHTML rendering with
content equivalent to the audited consolidated financial statements and to
the audited group management report.
■Evaluate whether the tagging of the ESEF documents with Inline XBRL
technology (iXBRL) in accordance with the requirements of Articles 4 and
6 of the Delegated Regulation (EU) 2019/815, in the version in force at
the date of the consolidated financial statements, enables an appropriate
and complete machine-readable XBRL copy of the XHTML rendering.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
306
Further Information pursuant to Article 10 of the
EU Audit Regulation
We were elected as group auditor by the annual general meeting on 14 May
2024. We were engaged by the supervisory board on 16 September 2024.
We have been the group auditor of the Deutsche Börse Aktiengesellschaft,
Frankfurt am Main, without interruption since the financial year 2021.
We declare that the audit opinions expressed in this auditor’s report are
consistent with the additional report to the audit committee pursuant to
Article 11 of the EU Audit Regulation (long-form audit report).
Reference to an other matter – use of the
auditor’s report
Our auditor’s report must always be read together with the audited
consolidated financial statements and the audited group management report
as well as the assured ESEF documents. The consolidated financial
statements and the group management report converted to the ESEF format –
including the versions to be filed in the company register – are merely
electronic renderings of the audited consolidated financial statements and the
audited group management report and do not take their place. In particular,
the “Report on the Assurance on the Electronic Rendering of the Consolidated
Financial Statements and the Group Management Report Prepared for
Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our
assurance opinion contained therein are to be used solely together with the
assured ESEF documents made available in electronic form.
German public auditor responsible for the engagement
The German Public Auditor responsible for the engagement is
Dr. Michael Rönnberg.
Frankfurt am Main, 10 March 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Signed by Marc Billeb
Signed by Dr. Michael Rönnberg
Wirtschaftsprüfer
Wirtschaftsprüfer
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
307
Assurance report of the independent German public auditor
on a limited assurance engagement in relation to the group sustainability statement
To Deutsche Börse Aktiengesellschaft, Frankfurt am Main
Assurance Conclusion
We have conducted a limited assurance engagement on the group
sustainability statement of Deutsche Börse Aktiengesellschaft, Frankfurt am
Main, (hereinafter the „Company“) included in section „Sustainability
statement“ of the group management report, which is combined with the
Company’s management report, for the financial year from 1 January to 31
December 2024 (hereinafter the „Group Sustainability Statement“). The
Group Sustainability Statement has been prepared to fulfil the requirements of
Directive (EU) 2022/2464 of the European Parliament and of the Council of
14 December 2022 (Corporate Sustainability Reporting Directive, CSRD) and
Article 8 of Regulation (EU) 2020/852 as well as §§ [Articles] 289b to 289e
HGB [Handelsgesetzbuch: German Commercial Code] and §§ 315b to 315c
HGB to prepare a combined non-financial statement.
Based on the procedures performed and the evidence obtained, nothing has
come to our attention that causes us to believe that the accompanying Group
Sustainability Statement is not prepared, in all material respects, in
accordance with the requirements of the CSRD and Article 8 of Regulation
(EU) 2020/852, § 315c in conjunction with §§ 289c to 289e HGB to
prepare a combined non-financial statement as well as with the
supplementary criteria presented by the executive directors of the Company.
This assurance conclusion includes that no matters have come to our
attention that cause us to believe:
■that the accompanying Group Sustainability Statement does not comply, in
all material respects, with the European Sustainability Reporting Standards
(ESRS), including that the process carried out by the Company to identify
the information to be included in the Group Sustainability Statement
(hereinafter the “materiality assessment”) is not, in all material respects, in
accordance with the description set out in section „General information“ of
the Group Sustainability Statement, or
■that the disclosures set out in section „EU Taxonomy“ of the Group
Sustainability Statement do not comply, in all material respects, with Article
8 of Regulation (EU) 2020/852.
Basis for the Assurance Conclusion
We conducted our limited assurance engagement in accordance with the
International Standard on Assurance Engagements (ISAE) 3000 (Revised):
Assurance Engagements Other Than Audits or Reviews of Historical Financial
Information, issued by the International Auditing and Assurance Standards
Board (IAASB).
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
308
The procedures in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained is substantially lower than the
assurance that would have been obtained had a reasonable assurance
engagement been performed.
Our responsibilities under ISAE 3000 (Revised) are further described in the
“German Public Auditor’s Responsibilities for the Assurance Engagement on
the Group Sustainability Statement” section.
We are independent of the Company in accordance with the requirements of
European law and German commercial and professional law, and we have
fulfilled our other German professional responsibilities in accordance with
these requirements. Our audit firm has complied with the quality management
system requirements of the IDW Standard on Quality Management:
Requirements for Quality Management in the Audit Firm (IDW QMS 1
(09.2022)) issued by the Institut der Wirtschaftsprüfer (Institute of Public
Auditors in Germany; IDW). We believe that the evidence we have obtained is
sufficient and appropriate to provide a basis for our assurance conclusion.
Responsibility of the Executive Directors and the
Supervisory Board for the Group Sustainability
Statement
The executive directors are responsible for the preparation of the Group
Sustainability Statement in accordance with the requirements of the CSRD
and the relevant German legal and other European regulations as well as with
the supplementary criteria presented by the executive directors of the
Company. They are also responsible for the design, implementation and
maintenance of such internal controls that they have considered necessary to
enable the preparation of a Group Sustainability Statement in accordance with
these regulations that is free from material misstatement, whether due to
fraud (i.e., manipulation of the Group Sustainability Statement) or error.
This responsibility of the executive directors includes establishing and
maintaining the materiality assessment process, selecting and applying
appropriate reporting policies for preparing the Group Sustainability
Statement, as well as making assumptions and estimates and ascertaining
forward-looking information for individual sustainability-related disclosures.
The supervisory board is responsible for overseeing the process for the
preparation of the Group Sustainability Statement.
Inherent Limitations in the Preparation of the
Group Sustainability Statement
The CSRD and the relevant German statutory and other European regulations
contain wording and terms that are still subject to considerable interpretation
uncertainties and for which no authoritative, comprehensive interpretations
have yet been published. As such wording and terms may be interpreted
differently by regulators or courts, the legal conformity of measurements or
evaluations of sustainability matters based on these interpretations is
uncertain.
These inherent limitations also affect the assurance engagement on the
Group Sustainability Statement.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
309
German Public Auditor’s Responsibilities for the
Assurance Engagement on the Group Sustainability
Statement
Our objective is to express a limited assurance conclusion, based on the
assurance engagement we have conducted, on whether any matters have
come to our attention that cause us to believe that the Group Sustainability
Statement has not been prepared, in all material respects, in accordance with
the CSRD and the relevant German legal and other European regulations as
well as with the supplementary criteria presented by the executive directors of
the Company, and to issue an assurance report that includes our assurance
conclusion on the Group Sustainability Statement.
As part of a limited assurance engagement in accordance with ISAE 3000
(Revised), we exercise professional judgment and maintain professional
skepticism. We also:
■obtain an understanding of the process to prepare the Group Sustainability
Statement, including the materiality assessment process carried out by the
Company to identify the information to be included in the Group
Sustainability Statement.
■identify disclosures where a material misstatement due to fraud or error is
likely to arise, design and perform procedures to address these disclosures
and obtain limited assurance to support the assurance conclusion. The risk
of not detecting a material misstatement resulting from fraud is higher than
the risk of not detecting a material misstatement resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misleading
representations, or the override of internal controls. In addition, the risk of
not detecting a material misstatement within value chain information from
sources not under the control of the company (value chain information) is
generally higher than the risk of not detecting a material misstatement of
value chain information from sources under the control of the company, as
both the executive directors of the Company and we, as assurance
practitioners, are ordinarily subject to limitations on direct access to the
sources of value chain information.
■consider the forward-looking information, including the appropriateness of
the underlying assumptions. There is a substantial unavoidable risk that
future events will differ materially from the forward-looking information.
Summary of the Procedures Performed by the
German Public Auditor
A limited assurance engagement involves the performance of procedures to
obtain evidence about the sustainability information. The nature, timing and
extent of the selected procedures are subject to our professional judgement.
In conducting our limited assurance engagement, we have, amongst other
things:
■evaluated the suitability of the criteria as a whole presented by the
executive directors in the Group Sustainability Statement.
■inquired of the executive directors and relevant employees involved in the
preparation of the Group Sustainability Statement about the preparation
process, including the materiality assessment process carried out by the
company to identify the information to be included in the Group
Sustainability Statement, and about the internal controls relating to this
process.
■evaluated the reporting policies used by the executive directors to prepare
the Group Sustainability Statement.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
310
■evaluated the reasonableness of the estimates and the related disclosures
provided by the executive directors. If, in accordance with the ESRS, the
executive directors estimate the value chain information to be reported for a
case in which the executive directors are unable to obtain the information
from the value chain despite making reasonable efforts, our assurance
engagement is limited to evaluating whether the executive directors have
undertaken these estimates in accordance with the ESRS and assessing the
reasonableness of these estimates, but does not include identifying
information in the value chain that the executive directors have been
unable to obtain.
■performed analytical procedures and made inquiries in relation to selected
information in the Group Sustainability Statement.
■considered the presentation of the information in the Group Sustainability
Statement.
■considered the process for identifying taxonomy-eligible and taxonomy-
aligned economic activities and the corresponding disclosures in the Group
Sustainability Statement.
Restriction of Use
We draw attention to the fact that the assurance engagement was conducted
for the Company’s purposes and that the report is intended solely to inform
the Company about the result of the assurance engagement. Accordingly, the
report is not intended to be used by third parties for making (financial)
decisions based on it. Our responsibility is solely towards the Company. We
do not accept any responsibility, duty of care or liability towards third parties.
Frankfurt am Main, 10 March 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
sgd. Dr. Michael Rönnberg
sgd. Nicolle Pietsch
Wirtschaftsprüfer
Wirtschaftsprüfer
[German public auditor]
[German public auditor]
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Consolidated income statement
Consolidated statement of comprehensive
income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Notes on the consolidated income statement
Notes on the consolidated statement of
financial position
Other disclosures
Responsibility statement by the Executive
Board
Independent Auditor’s Report
Assurance report of the independent German
public auditor
Remuneration report
Further information
Deutsche Börse Group – Annual report 2024
311
Remuneration
report
313
Remuneration report
366
Auditor’s Report
Remuneration report
Introduction
The remuneration report describes the principles and the structure of the re-
muneration of the Executive Board and Supervisory Board of Deutsche Börse
AG and reports on the remuneration awarded and due to members of the Exec-
utive Board and Supervisory Board in 2024. The report was prepared by the
Executive Board and Supervisory Board in accordance with the requirements of
section 162 Aktiengesetz (Stock Corporation Act, AktG) and follows the recom-
mendations and suggestions of the German Corporate Governance Code
(GCGC) as amended on 28 April 2022. It also takes into account the current
version of the guidelines of the “working group for sustainable management
board remuneration systems”, which is made up of the supervisory board
chairs of listed companies in Germany, as well as representatives of institutio-
nal investors, academics and corporate governance experts.
Above and beyond the requirements of section 162 (3) AktG, the remuneration
report was reviewed by PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft both in a formal as well as a material audit.
The remuneration report and the attached memorandum on the review of the
remuneration report can be found on the Deutsche Börse AG website at
https://www.deutsche-boerse.com > Investor Relations > Corporate Gover-
nance > Remuneration.
Review of the 2024 financial year
This review of the 2024 financial year explains the context in which the remu-
neration decisions were taken and enables their comprehensive perception.
Approval of the remuneration report 2023 by the Annual General
Meeting 2024
The remuneration report for the 2023 financial year was presented to the An-
nual General Meeting in 2024 for approval. The Annual General Meeting
2024 approved the remuneration report for 2023 by a majority of 91.82 per
cent. This was the third report on the implementation of the remuneration sys-
tem that was approved by the Annual General Meeting in 2021 (2021 remu-
neration system) with a majority of 94.97 per cent.
Thereafter, the Supervisory Board discussed the feedback from shareholders
and proxy advisers provided as part of the consultation on the remuneration re-
port. In view of the continued high approval rate and the positive feedback
from shareholders and proxy advisers, the Supervisory Board does not cur-
rently see any reason to make fundamental changes to the remuneration re-
port.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Remuneration report
Auditor’s Report
Further information
Deutsche Börse Group – Annual report 2024
313
Performance and target achievement in 2024
The Supervisory Board believes it is vitally important to have a clear link be-
tween Executive Board members’ remuneration and their performance (“pay
for performance”). A large proportion of the Executive Board remuneration
therefore consists of performance-based remuneration components. For this
reason, and because strategically relevant indicators are used as performance
criteria, the amount of Executive Board remuneration is closely linked to the
performance of Deutsche Börse Group.
Deutsche Börse Group presented its new Group strategy “Horizon 2026” at
the Investor Day on 7 November 2023. The core elements of the strategy are
ongoing strong organic growth of 7 per cent p.a. until 2026.
the completed acquisition of SimCorp A/S, which contributes
another 3 per cent p.a. to growth.
the new Investment Management Solutions segment as a strategic
pillar with high growth potential and recurring revenue.
to expand the leading position in digital platforms for existing and
new asset classes.
adapt capital management, making greater use of share buybacks,
starting with a volume of Ą300 million in the first quarter of the
2024 financial year.
Deutsche Börse Group’s key financial performance indicators and metrics for
the successful implementation of the new corporate strategy include net reve-
nue and EBITDA. Deutsche Börse Group is aiming for an average annual low
double-digit growth in net revenue and EBITDA as part of its new Group stra-
tegy “Horizon 2026”.
The third important financial steering criterion is cash EPS. These three stee-
ring parameters are integrated as financial performance criteria into the perfor-
mance-based remuneration components of the Executive Board remuneration,
which continues to provide the right incentives to implement the new corpo-
rate strategy.
Deutsche Börse Group was again able to outperform its original forecast signi-
ficantly in the 2024 financial year. Both net revenue and EBITDA increased by
15 per cent in 2024. Earnings per share went up by 13 per cent.
Deutsche Börse Group’s business performance was again characterised by
both organic and M&A-driven growth in net revenue, and thus, was fully in
line with the growth ambitions defined in the Group strategy “Horizon 2026”.
M&A growth was largely due to the acquisition of SimCorp in the Investment
Management Solutions segment. All Group segments contributed to organic
net revenue growth. Particularly worth emphasizing is the significant growth in
the Commodities segment for the fourth consecutive year. The Securities Ser-
vices segment also recorded a considerable increase in its net revenue due to
higher custody and settlement activity – even without taking into account the
persistently high net interest income. The Software Solutions division (SimCorp
& Axioma) also achieved a substantial organic growth in addition to the M&A-
driven growth, the former due to the expansion of existing customer relations
and new customer wins. In the Financial Derivatives division the volatility-re-
lated decline in equities-based derivatives was compensated by a sharp rise in
demand for interest rate-related products. The Group’s growth was also driven
by the continuing trend towards outsourcing distribution and processing in the
Fund Services segment.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Remuneration report
Auditor’s Report
Further information
Deutsche Börse Group – Annual report 2024
314
Deutsche Börse Group substantially strengthened its strategic position in key
growth markets overall, and again improved its line-up for further organic
growth and future competitiveness. This applies particularly to the Software
Solutions division within the Investment Management Solutions segment.
The successful implementation of the Group strategy “Horizon 2026” to date
again significantly improved a number of key financial indicators, which are
also used as performance criteria for the performance-based components of
the Executive Board remuneration.
In view of this successful growth, a proposal will be made at the Annual Gen-
eral Meeting 2025 to increase the dividend again to Ą4.00 for the 2024 fi-
nancial year. In addition, Deutsche Börse Group announced a new share buy-
back program with a volume of Ą500 million. The successful performance in
2024 which included significantly outperforming ambitious targets for further
increases in net revenue and EBITDA, was also reflected in the average target
achievement for the financial performance criteria of 176.03 per cent for the
Performance Bonus. The financial performance criteria net revenue and
EBITDA, in addition to the individual targets, are the three equally weighted
criteria for the Performance Bonus. The following chart shows the average
overall target achievement of the Executive Board members across all three
performance criteria in the Performance Bonus for 2024:
A detailed description of the performance criteria, target achievement and re-
sulting payouts can be found in the chapter “Performance Bonus”.
The tranche of the Performance Share Plan (PSP) granted in 2020 (PSP
Tranche 2020) ended at the close of the 2024 financial year. The overall tar-
get achievement of the PSP Tranche 2020 of 112.12 per cent under the
2016 remuneration system (113.13 per cent under the 2020 remuneration
system) reflects Deutsche Börse Group’s continued growth over the five-year
performance period. Targets were exceeded, particularly in the performance
criterion “Adjusted Net Income Growth”.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Remuneration report
Auditor’s Report
Further information
Deutsche Börse Group – Annual report 2024
315
The overall target achievement for the PSP Tranche 2020 for the Executive
Board members who are compensated according to the 2016 remuneration
system is as follows:
The overall target achievement for the PSP Tranche 2020 for the Executive
Board members who are compensated according to the 2020 remuneration
system is as follows:
A detailed description of the performance criteria, target achievements and re-
sulting payouts can be found in the section “Overall target achievement and
payouts from the PSP Tranche 2020”.
Supervisory Board remuneration in 2024
The Annual General Meeting 2024 approved the revised remuneration system
(2024 remuneration system) for the Supervisory Board with an approval rate
of 99.05 per cent. The adjustments to the previous remuneration system re-
sulting from the 2024 remuneration system apply to all members of the Super-
visory Board as of 1 July 2024. The previous remuneration system for the Su-
pervisory Board of Deutsche Börse AG was applied until 30 June 2024. The
only differences between the two remuneration systems are in the amount of
the fixed and committee remuneration. No changes were made to the funda-
mental structure of the Supervisory Board remuneration, however.
Composition of the Executive Board and Supervisory Board
On 8 March 2024, the Supervisory Board appointed Stephan Leithner as CEO
with effect from 1 January 2025 (Deputy CEO since 8 March 2024; Co-CEO
since 1 October 2024).
On 27 May 2024, the Supervisory Board also resolved to expand the Execu-
tive Board of Deutsche Börse AG from six to seven members and to appoint
Stephanie Eckermann as a member of the Executive Board for a term of office
of three years from 1 June 2024 until 31 May 2027. There were no other
changes to the Executive Board in the 2024 financial year.
Sigrid Kozmiensky, Rainer Müller, Carsten Schäfer and Maria-Regina Wohak
have been members of the Supervisory Board of Deutsche Börse AG since 14
May 2024. Susann Just-Marx, Michael Rüdiger, Peter Sack and Daniel Voll-
stedt left the Supervisory Board at the end of the Annual General Meeting on
14 May 2024.
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Remuneration report
Auditor’s Report
Further information
Deutsche Börse Group – Annual report 2024
316
Revised remuneration system for the Executive Board from
2025 financial year onwards
The current remuneration system for the Executive Board members of
Deutsche Börse AG has applied since 1 January 2021. Building on the suc-
cessful business results in recent years, the new Group strategy “Horizon
2026” has since been developed and the sustainability strategy has been fur-
ther advanced. In addition, Deutsche Börse AG’s business has become much
more diversified and international.
Against this background and the upcoming regular approval of the remunera-
tion system, the Supervisory Board conducted a detailed review of the current
remuneration system for the Executive Board. In doing so, current market
practice, regulatory requirements, the strategic fit of the remuneration system
and the feedback received from shareholders and proxy advisers in recent
years were taken into account. Based on the results of the review, a revised re-
muneration system was developed that sets even more precise incentives to
implement the new corporate strategy and the main sustainability targets of
Deutsche Börse AG. The revised remuneration system (2025 remuneration
system) will be submitted to the Annual General Meeting 2025 for approval
and is to enter into force retroactively for all Executive Board members with ef-
fect from 1 January 2025. The main changes compared to the current remu-
neration system are summarised in the section “Outlook for the 2025 financial
year from a remuneration perspective”.
Executive Board remuneration in 2024
Principles of Executive Board remuneration
Executive Board remuneration serves as an important steering element for the
strategic direction of Deutsche Börse Group and makes a key contribution to
advancing and implementing the corporate strategy, as well as to the sustaina-
ble long-term development of Deutsche Börse AG. Choosing suitable perfor-
mance criteria for performance-based remuneration sets incentives to manage
the company sustainably and successfully over the long term and to drive the
realisation of its strategic objectives. In order to support a strong equity culture
and further align the interests of the Executive Board and shareholders, most
of the performance-based remuneration components are share-based.
The Executive Board remuneration is based on the principle that Executive
Board members should receive appropriate remuneration in line with their per-
formance, functions and responsibilities. By setting ambitious performance cri-
teria, the Supervisory Board follows a strict pay-for-performance approach. The
long-term structure of the remuneration system, as expressed in the largely
multi-year assessment basis for the performance-based remuneration compo-
nents, also avoids creating incentives for taking unreasonable risks.
The following overview shows the main guidelines applied by the Supervisory
Board for the Executive Board remuneration:
PDF (A4)
Executive and Supervisory Board
Combined management report
Consolidated financial statements/notes
Remuneration report
Remuneration report
Auditor’s Report
Further information
Deutsche Börse Group – Annual report 2024
317
Process for determining, implementing and reviewing the remunera-
tion system
The Supervisory Board, being advised by its Nomination Committee, deter-
mines the remuneration system for the members of the Executive Board. The
remuneration system adopted by the Supervisory Board is presented to the An-
nual General Meeting for approval. The Supervisory Board reviews the remu-
neration system regularly with the support of its Nomination Committee. After
any significant changes, but not less than every four years, the Supervisory
Board again presents the remuneration system to the Annual General Meeting
for approval.
Appropriateness of Executive Board remuneration
The remuneration of Executive Board members is determined by the Supervi-
sory Board on the basis of the remuneration system, whereby the Nomination
Committee prepares the Supervisory Board’s decision. The Supervisory Board
ensures that remuneration is appropriate to the corresponding Executive Board
member’s tasks and performance, as well as to the company’s financial situa-
tion, and that it does not exceed common market remuneration levels without
special justification. For this purpose, the Supervisory Board conducts a regu-
lar horizontal and vertical peer group comparison, generally every other year.
To do so, the Supervisory Board may engage external experts who are inde-
pendent of the Executive Board and the company. The horizontal comparison
is based on relevant national and international peer groups. The Supervisory
Board selects the peer groups based on the criteria country, size and industry
sector as stipulated in AktG. Based on the country criterion and given their
comparable size, DAX®-listed companies are considered as a suitable peer
group for the purpose of the horizontal comparison. In order to reflect the in-
dustry-sector criterion, European financial institutions were used as customers
and competitors of Deutsche Börse Group, as well as international stock
exchange operators as additional peer groups.
In order to assess whether the remuneration is in line with common levels
within the company (vertical comparison), the Supervisory Board – in ac-
cordance with the recommendations of the GCGC – also takes into account the
ratio of Executive Board remuneration to the remuneration of senior managers
and the workforce as a whole, and how the various salary grades have devel-
oped over time. In this context, senior managers mean the two management
levels below the Executive Board. The Supervisory Board considers the remu-
neration ratio with regard to the employees of Deutsche Börse AG and the em-
ployees of Deutsche Börse Group overall.
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The results of the review are taken into account by the Supervisory Board
when setting the target remuneration for the Executive Board members, which
also ensures that the Executive Board remuneration is appropriate.
The last review of appropriateness took place in the 2024 financial year. The
Supervisory Board was supported by an independent external advisor and the
Executive Board remuneration was confirmed to be appropriate.
Target remuneration
In their service contract, each Executive Board member is promised a target re-
muneration in line with common market levels, which depends largely on their
relevant knowledge and experience for the role. It is also based on the target
remuneration for the other Executive Board members. As described in the re-
muneration report 2023, the target remuneration of the Executive Board mem-
bers was last increased as of 1 July 2023 by 10 per cent p.a., i.e. by 5 per
cent for the 2023 financial year. In the 2024 financial year, the members of
the Executive Board therefore receive the adjusted target remuneration for a
full financial year for the first time. No further adjustments have been made to
the target remuneration since 1 July 2023, with the exception of the remuner-
ation adjustment for Stephan Leithner in line with his changed responsibilities
on the Executive Board. On this basis, the total target remuneration for the Ex-
ecutive Board members for 2024 was as follows:
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Target remuneration (part 1)
Theodor Weimer
(CEO, since 1 October 2024 Co-CEO)
Stephan Leithner
(responsible for Investment Management Solutions,
since 8 March 2024 Deputy CEO, since 1 October 2024 Co-CEO)
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
Base salary
1,650.0
26.4
1,575.0
26.3
1,221.01
26.2
756.0
26.8
Fringe benefits
60.3
1.0
60.6
1.0
19.2
0.4
22.8
0.8
One-year variable remuneration
1,210.0
19.4
1,155.0
19.3
913.0
19.6
588.0
20.8
Performance Bonus (cash component)
1,210.0
–
1,155.0
–
913.02
–
588.0
–
Multi-year variable remuneration
2,640.0
42.2
2,520.0
42.0
1,936.0
41.5
1,176.0
41.6
Performance Bonus (Restricted Stock)
1,210.0
–
1,155.0
–
913.03
–
588.0
–
Performance Shares Tranche 2023–2027
–
–
1,365.0
–
–
–
588.0
–
Performance Shares Tranche 2024–2028
1,430.0
–
–
–
1,023.04
–
–
–
Pension expense
685.3
11.0
683.8
11.4
573.2
12.3
283.8
10.0
Total target remuneration
6,245.6
100.0
5,994.4
100.0
4,662.4
100.0
2,826.6
100.0
Christoph Böhm
(CIO/COO)
Thomas Book
(responsible for Trading & Clearing)
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
Base salary
792.0
26.9
756.0
26.8
715.0
26.2
682.5
26.4
Fringe benefits
25.9
0.9
25.3
0.9
26.4
1.0
27.4
1.1
One-year variable remuneration
616.0
20.9
588.0
20.8
568.5
20.8
542.6
21.0
Performance Bonus (cash component)
616.0
–
588.0
–
568.5
–
542.6
–
Multi-year variable remuneration
1,232.0
41.8
1,176.0
41.6
1,136.5
41.6
1,084.9
41.9
Performance Bonus (Restricted Stock)
616.0
–
588.0
–
568.5
–
542.6
–
Performance Shares Tranche 2023–2027
–
–
588.0
–
–
–
542.3
–
Performance Shares Tranche 2024–2028
616.0
–
–
–
568.0
–
–
–
Pension expense
279.9
9.5
278.4
9.9
285.2
10.4
249.8
9.6
Total target remuneration
2,945.8
100.0
2,823.7
100.0
2,731.6
100.0
2,587.2
100.0
1) Base salary:
1 January 2024 until 31 March 2024: 792.0 Ą thous.; 1 April 2024 until 30 September 2024: 1,221.0 Ą thous.; 1 October 2024 until 31 December 2024: 1,650.0 Ą thous.
2) Performance Bonus (cash component):
1 January 2024 until 31 March 2024: 616.0 Ą thous.; 1 April 2024 until 30 September 2024: 913.0 Ą thous.; 1 October 2024 until 31 December 2024: 1,210.0 Ą thous.
3) Performance Bonus (Restricted Stock):
1 January 2024 until 31 March 2024: 616.0 Ą thous.; 1 April 2024 until 30 September 2024: 913.0 Ą thous.; 1 October 2024 until 31 December 2024: 1,210.0 Ą thous.
4) Performance Shares Tranche 2024–2028: 1 January 2024 until 31 March 2024: 616.0 Ą thous.; 1 April 2024 until 30 September 2024: 1,023.0 Ą thous.; 1 October 2024 until 31 December 2024: 1,430.0 Ą thous.
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Target remuneration (part 2)
Stephanie Eckermann
(responsible for Post-Trading, Executive Board member since 1 June 2024)
Heike Eckert
(responsible for Governance, People & Culture, Director of Labour Relations)
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
Base salary
417.1
24.7
–
–
715.0
26.1
682.5
26.2
Fringe benefits
23.7
1.4
–
–
23.6
0.9
23.3
0.9
One-year variable remuneration
331.6
19.6
–
–
568.5
20.8
542.6
20.8
Performance Bonus (cash component)
331.6
–
–
–
568.5
–
542.6
–
Multi-year variable remuneration
662.9
39.3
–
–
1,136.5
41.5
1,084.9
41.7
Performance Bonus (Restricted Stock)
331.6
–
–
–
568.5
–
542.6
–
Performance Shares Tranche 2023–2027
–
–
–
–
–
–
542.3
–
Performance Shares Tranche 2024–2028
331.3
–
–
–
568.0
–
–
–
Pension expense
254.0
15.0
–
–
291.7
10.7
269.5
10.4
Total target remuneration
1,689.3
100.0
–
–
2,735.3
100.0
2,602.8
100.0
Gregor Pottmeyer
(CFO)
2024
Ą thous.
2024
%
2023
Ą thous.
2023
%
Base salary
792.0
27.2
756.0
27.3
Fringe benefits
38.1
1.3
36.5
1.3
One-year variable remuneration
616.0
21.2
588.0
21.2
Performance Bonus (cash component)
616.0
–
588.0
–
Multi-year variable remuneration
1,232.0
42.3
1,176.0
42.4
Performance Bonus (Restricted Stock)
616.0
–
588.0
–
Performance Shares Tranche 2023–2027
–
–
588.0
–
Performance Shares Tranche 2024–2028
616.0
–
–
–
Pension expense
234.4
8.0
216.8
7.8
Total target remuneration
2,912.5
100.0
2,773.3
100.0
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Compliance with maximum remuneration
The Supervisory Board has defined a maximum remuneration for Executive
Board members in accordance with section 87a (1) sentence 2 no. 1 AktG,
which limits the maximum payouts from the remuneration promised in one fi-
nancial year. In the 2021 remuneration system, maximum remuneration for
the Chief Executive Officer is Ą12,000,000 and for the ordinary Executive
Board members Ą6,000,000.
The maximum remuneration includes all payouts of non-performance-based
remuneration (base salary, fringe benefits, pension and risk protection) and
performance-based remuneration components (Performance Bonus, Perfor-
mance Shares), whereby the pension and risk protection are based on the ser-
vice cost.
It will only be possible to report on compliance with the maximum remunera-
tion for 2024 after the payout for the tranche of Performance Shares granted
in 2024. To the extent that the payout from Performance Shares would result
in the maximum remuneration being exceeded, the payout would be reduced
accordingly to ensure compliance with the maximum remuneration.
A maximum remuneration also existed prior to the 2021 remuneration system
to cap the annual payouts from the remuneration components. It was set at
Ą9,500,000 for each active Executive Board member and was always com-
plied with.
Overview of the remuneration structure for Executive Board
members
In structuring the remuneration, the Supervisory Board strives to ensure that
the overall framework for remuneration within the Executive Board is as uni-
form as possible. The remuneration system for the Executive Board members
consists of non-performance-based and performance-based components.
The non-performance-based remuneration components consist of base salary,
contractual fringe benefits and provisions for retirement and risk protection.
The performance-based component consists of the Performance Bonus and the
Performance Shares.
In addition, the company’s share ownership guidelines require Executive Board
members to invest a substantial amount in Deutsche Börse AG shares during
their term of office.
The following overview shows the main elements of the 2021 remuneration
system:
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1) ESG targets = Environmental, social, governance targets
2) TSR = Total Shareholder Return
3) EPS = Earnings per share
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To ensure the pay for performance orientation of Executive Board remunera-
tion, around 70 per cent of the target direct remuneration consists of perfor-
mance-based remuneration components. Furthermore, around 70 per cent of
this performance-based remuneration has a multi-year assessment basis and
is also share-based. This ensures that the remuneration structure is aligned
with the company’s sustainable long-term development. It also ensures that
the performance-based remuneration to reward the achievement of long-term
targets is higher than that for short-term targets and that the interests of the
Executive Board are aligned with those of shareholders.
The base salary accounts for around 30 per cent of the target direct remunera-
tion. The Performance Bonus, which is paid out after the respective financial
year, accounts for approx. 22.5 per cent of the target direct remuneration. The
Performance Bonus, which is available to the Executive Board members after a
further four financial years (performance-based restricted stock) also accounts
for approx. 22.5 per cent. Performance Shares account for approx. 25 per cent
of the target direct remuneration.
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Application of remuneration components in 2024 in detail
Non-performance-based remuneration components
Base salary
The members of the Executive Board receive a fixed base salary, which is paid
in twelve equal monthly instalments. When setting the amount of base salary,
the Supervisory Board is guided by the relevant knowledge and experience of
the Executive Board members for their respective role.
Fringe benefits
Executive Board members receive contractually agreed fringe benefits. These
include, inter alia, an appropriate company car for business and personal use.
They also receive taxable contributions towards private pensions. In addition,
the company takes out appropriate insurance coverage for them. This included
accident insurance in the 2024 financial year. Another fringe benefit in the
2024 financial year was the use of carpool vehicles or vehicles with drivers.
Executive Board members were not granted any other fringe benefits in the
2024 financial year apart from those mentioned.
In the 2024 financial year, there was also a directors & officers (D&O) insur-
ance for Executive Board members.
Pension and risk coverage
As another non-performance-based component of the remuneration system the
Executive Board members are entitled to a pension as well as an invalidity and
life insurance.
The members of the Executive Board are generally entitled to receive retire-
ment benefits upon reaching the age of 60, provided that they are no longer in
the service of Deutsche Börse AG at that time. A different rule applies to
Thomas Book, who is entitled to retirement benefits on reaching the age of 63.
The Supervisory Board reviews and determines the pensionable income that is
used as the basis for retirement benefits. Executive Board members normally
receive a defined contribution pension. An exception applies to Executive
Board members with existing entitlements from previous positions within
Deutsche Börse Group. In this case, they may receive a defined benefit pen-
sion instead. This exception only applies to Thomas Book.
Defined contribution pension system
The rules of the defined contribution pension scheme apply to Theodor Wei-
mer, Stephan Leithner, Christoph Böhm, Stephanie Eckermann, Heike Eckert,
and Gregor Pottmeyer.
Under the defined contribution pension scheme, the company makes an an-
nual capital contribution to the scheme for each calendar year that a member
serves on the Executive Board. This pension contribution is calculated by ap-
plying an individual contribution rate to their pensionable income. The Super-
visory Board determines and regularly reviews the pensionable income. The
annual capital contributions calculated in this way bear interest of at least
3 per cent per annum. As a rule, retirement benefits are paid as a monthly
pension. However, the Executive Board member may choose for payment to be
made in the form of a one-off lump sum or as five instalments. The entitle-
ments vest in accordance with the provisions of Betriebsrentengesetz (German
Company Pensions Act).
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Defined benefit pension system (legacy commitment)
After reaching the contractually agreed retirement age, beneficiaries covered by
the defined benefit pension system receive a certain proportion of their individ-
ual pensionable income as a pension, known as the replacement rate. The re-
quirement is that the respective Executive Board member was in office for at
least three years and was reappointed at least once. As is the case under the
defined contribution scheme, the Supervisory Board determines and regularly
reviews the pensionable income. The replacement rate depends on the length
of Executive Board service and number of reappointments, and amounts to a
maximum of 50 per cent. The payment terms and the rules governing vesting
correspond to those of the defined contribution scheme.
Members of the Executive Board are entitled to an early pension if the com-
pany does not extend their service agreements, unless the reasons for doing so
are attributable to the Executive Board member or would justify terminating the
agreement without observance of a notice period. As in the case of a retire-
ment pension, the amount of the early pension is calculated by applying the
replacement rate to the respective pensionable income. Executive Board mem-
bers with a defined contribution pension are not eligible for an early pension.
Permanent incapacity to work and death benefits
A key element of the retirement benefits is an insurance coverage for Executive
Board members in the event of permanent incapacity for work or death. If an
Executive Board member has a permanent occupational disability, the com-
pany has the right to put that Executive Board member into retirement. A per-
manent occupational disability arises if the Executive Board member is incapa-
ble of working for more than six months and it is not expected that they will be
fit to return to work within another six months. In this case, Executive Board
members with defined benefit pensions receive an amount calculated by ap-
plying the achieved replacement rate to the respective pensionable income.
Executive Board members with defined contribution pensions receive the plan
assets already accrued when the pension benefits fall due, plus a supplement.
The supplement corresponds to the full annual pension contribution that
would have been due in the year of departure multiplied by the number of
years between the date on which the pension benefits fall due and the Execu-
tive Board member’s sixtieth birthday. If an Executive Board member dies,
their surviving spouse receives 60 per cent and each eligible child 10 per cent
(for full orphans: 25 per cent) of the amount presented above, however up to
a maximum of 100 per cent of the pension contribution.
Transitional payments
In the event that an Executive Board member becomes permanently incapable
of working, the defined benefit pension agreements for Executive Board mem-
bers provide for a transitional payment. The amount of this payment corre-
sponds to the target amount of performance-based remuneration (Performance
Bonus and Performance Shares) in the year in which the event triggering the
benefits occurs. It is paid out in two tranches in the two following years. If an
Executive Board member dies, their spouse receives 60 per cent of the transiti-
onal payment.
The pensionable income and the present value of the pension commitments as
at 31 December 2024 are shown in the following tables in consolidated form
for each Executive Board member:
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Retirement benefits (defined contribution pension system)
IAS 19
Service cost
Pensionable income
Contribution percentage
Contribution
Retirement benefit
Risk-based part
(disability and death)
Present value of
pension commitments
Executive Board
member
2024
Ą thous.
2023
Ą thous.
2024
%
2023
%
2024
Ą thous.
2023
Ą thous.
2024
Ą thous.
2023
Ą thous.
2024
Ą thous.
2023
Ą thous.
2024
Ą thous.
2023
Ą thous.
Theodor Weimer
1,200.0
1,200.0
50.0
50.0
600.0
600.0
685.3
665.6
0.0
18.3
4,807.3
4,079.6
Stephan Leithner1
625.0
500.0
48.0
48.0
300.0
240.0
566.2
274.9
7.0
8.9
2,409.6
1,794.8
Christoph Böhm
500.0
500.0
48.0
48.0
240.0
240.0
272.8
265.0
7.1
13.4
1,954.5
1,662.5
Stephanie Eckermann
(since 1 June 2024)
291.7
–
48.0
–
140.0
–
153.3
–
100.7
–
249.8
–
Heike Eckert2
500.0
500.0
48.0
44.0
240.0
220.0
274.7
242.3
17.0
27.2
1,299.7
1,005.6
Gregor Pottmeyer
500.0
500.0
48.0
48.0
240.0
240.0
231.5
211.4
2.9
5.3
4,575.9
4,359.5
1) The pensionable income for Stephan Leithner was adjusted to Ą1,000 thousand with effect from 1 October 2024 in the course of his appointment as Co-CEO.
2) The contribution percentage for Heike Eckert was adjusted to 48 per cent with effect from 1 July 2023.
Retirement benefits (defined benefit pension system)
IAS 19
Pensionable income
Replacement rate
Service cost
Present value of
pension commitments
Executive Board member
2024
Ą thous.
2023
Ą thous.
2024
%
2023
%
2024
Ą thous.
2023
Ą thous.
2024
Ą thous.
2023
Ą thous.
Thomas Book
500.0
500.0
50.0
50.0
285.2
249.8
5,023.2
4,957.8
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Performance-based remuneration components
Performance-based remuneration components account for the majority of the
Executive Board members’ remuneration. Performance-based remuneration
comprises a Performance Bonus and Performance Shares. The performance-
based remuneration components are mostly assessed on a multi-year basis to
ensure the sustainable long-term development of Deutsche Börse AG. They are
also mostly share-based, which aligns the interests of the Executive Board and
the shareholders. Performance-based remuneration is calculated largely on the
basis of long-term performance by measuring various performance criteria over
five years (Performance Shares and performance-based restricted stock: a one-
year performance period plus a four-year blocking period). The cash portion of
the Performance Bonus (annual payout) is the only short-term element of the
performance-based remuneration. The performance criteria include both finan-
cial and non-financial targets. In order to systematically pursue the idea of pay
for performance, the performance criteria are set ambitiously. In order to take a
holistic approach to the company’s success, different performance criteria are
used for the Performance Bonus and Performance Shares.
In accordance with recommendation G.8 GCGC, targets and reference parame-
ters set by the Supervisory Board for performance-based remuneration compo-
nents for each upcoming financial year may not be changed retrospectively.
The performance criteria and other important aspects of the performance-ba-
sed remuneration components address the core pillars of the corporate stra-
tegy. The following chart illustrates the close link between the corporate strat-
egy and the performance criteria and key aspects of the performance-based re-
muneration.
As the core principle of Executive Board remuneration at Deutsche Börse AG,
the focus is always on pay for performance. The following overview illustrates
this for an ordinary Executive Board member using three performance scenar-
ios to highlight the connection between target achievement and amount of di-
rect remuneration:
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Performance Bonus
Principles of the Performance Bonus
The Performance Bonus comprises, in equal parts, a cash portion and a share-
based portion (performance-based restricted stock). The target achievement
and the resulting cash payout, as well as the amount to be invested in shares
(performance-based restricted stock), are measured based on three equally
weighted performance criteria: net revenue, EBITDA and individual targets.
The Performance Bonus is intended to set incentives for the realisation of op-
erational objectives which are materially important to the long-term develop-
ment of Deutsche Börse AG. For this reason, the performance criteria include
net revenue and EBITDA, financial indicators which are vital for the successful
execution of the corporate strategy and create incentives for profitable growth.
Individual targets make it possible to differentiate performance according to the
operational and strategic responsibilities of the individual Executive Board
members. At the same time, the individual targets allow the Executive Board
as a whole to be guided, particularly in terms of achieving core strategic tar-
gets which are essential for the implementation of the corporate strategy.
A Performance Bonus with a certain target amount is agreed with each Execu-
tive Board member every year, with target achievement being measured over
the course of a financial year. In total, an overall target achievement ranging
from 0 per cent to 200 per cent is possible. This means that a complete loss
of the Performance Bonus is also possible.
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Criteria for the Performance Bonus
The overall target achievement for the Performance Bonus is measured using
the performance criteria net revenue, EBITDA and individual targets. Target
achievement of 0 per cent to 200 per cent is possible for each performance
criterion.
Net revenue
The basis is net revenue as reported in the consolidated financial statements.
This consists of revenue plus net interest income from banking business and
other operating income, less volume-related costs. Using net revenue as a per-
formance criterion for the Performance Bonus is intended to incentivise the de-
sired growth in net revenue. This serves as the basis for all the other activities
carried out by Deutsche Börse AG and for its long-term, sustainable success.
The target achievement for the market expectation component and the target
achievement for the growth component are added to calculate the target
achievement for the net revenue performance criterion.
Target achievement for the market expectation component of net revenue
To calculate the target achievement for the market expectation component of
net revenue, a target value is set by the Supervisory Board before the financial
year begins. The target value set by the Supervisory Board is based on capital
market consensus. In this way the Supervisory Board ensures that the target is
in line with investors’ expectations for the upcoming financial year. For 2024
the Supervisory Board set a target of Ą5,667.0 million.
The target value determines the lower limit, which is 85 per cent of the target
value and so Ą4,817.0 million for the 2024 financial year. The upper limit is
110 per cent of the target and so Ą6,233.7 million.
In the 2024 financial year, net revenue “as reported” amounted to Ą5,828.5
million. This results in a target achievement of 128.50 per cent in the market
expectation component of net revenue.
Target achievement value Net revenue
Target
achievement
2024
Target value Ąm
5,667.0
Actual value Ąm
5,828.5
Deviation %
2.85
Target achievement %
128.50
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Target achievement for the growth component of net revenue
The growth component establishes a link between the focus on absolute
growth, on the one hand, and investor expectations, on the other. This incen-
tivises both internal and external growth expectations in order to sharpen the
focus on strategic growth. The indicator net revenue as reported is used for the
growth component, which includes any M&A effects.
To measure the target achievement for the growth component of net revenue,
the actual percentage change in net revenue compared with the previous
year’s net revenue is multiplied by three.
Whereas net revenue in the 2023 financial year was Ą5,076.6 million, the
figure in the 2024 financial year was Ą5,828.5 million, which is an increase
of 14.81 per cent. This means the target achievement for the 2024 financial
year in the growth component of net revenue was 44.43 per cent.
Adding the target achievement for the market expectation and growth compo-
nents gives an overall target achievement for net revenue of 172.93 per cent
in 2024.
Target achievement Net revenue 2024
Growth component
Market
expectation
component
target
achievement
%
Net revenue
2024
Ąm
Net revenue
2023
Ąm
Change
%
Target
achievement
%
Overall
target
achievement
Net revenue
%
Net
revenue
128.50
5,828.5
5,076.6
14.81
44.43
172.93
EBITDA
The basis is EBITDA as reported in the consolidated financial statements. This
stands for earnings before interest, tax, depreciation, amortisation and impair-
ment losses. One of the main pillars of the corporate strategy, alongside abso-
lute growth, is the profitability of this growth. To reflect this strategic rele-
vance, EBITDA has been established as a key indicator for the purpose of
managing Deutsche Börse AG and implementing the corporate strategy, and
thus serves as a performance criterion for the Performance Bonus.
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The target achievement for the market expectation component and the target
achievement for the growth component are added to calculate the target
achievement for the EBITDA criterion.
Target achievement for the market expectation component of EBITDA
To calculate the target achievement for the market expectation component of
EBITDA, a target value is set by the Supervisory Board before the financial
year begins. The target value is determined by multiplying the EBITDA margin
in the previous year by the target value for the performance criterion net reve-
nue for the upcoming financial year, as described above. For the 2024 finan-
cial year, the Supervisory Board set a target value of Ą3,286.7 million.
The target value determines the lower limit, which is 85 per cent of the target
value and so Ą2,793.7 million for the 2024 financial year. The upper limit is
110 per cent of the target value and so Ą3,615.4 million for the 2024 finan-
cial year.
In the 2024 financial year, EBITDA “as reported” amounted to Ą 3,395.6 mil-
lion. This results in a target achievement of 133.14 per cent in the market ex-
pectation component EBITDA.
Target achievement EBITDA
Target
achievement
2024
Target value Ąm
3,286.7
Actual value Ąm
3,395.6
Deviation %
3.31
Target achievement %
133.14
Target achievement for the growth component of EBITDA
As in the net revenue criterion, the growth component of EBITDA ensures that
the focus on absolute growth is maintained, in addition to the target based on
investor expectations. To measure the target achievement for the growth com-
ponent of EBITDA, the actual percentage change in EBITDA compared with
the previous year’s EBITDA is multiplied by three.
To determine the growth component of EBITDA, EBITDA as reported may only
be adjusted for any material extraordinary non-recurring effects that were not
or not fully budgeted for, and which were not caused by the current Executive
Board.
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Whereas EBITDA in the 2023 financial year was Ą2,944.3 million, the figure
in the 2024 financial year was Ą3,395.6 million, which is an increase of
15.33 per cent. This means the target achievement for the 2024 financial
year in the growth component of EBITDA was 45.99 per cent.
Adding the target achievement of the market expectation component and the
growth component results in an overall target achievement for the performance
criterion EBITDA of 179.13 per cent in the 2024 financial year.
Target achievement EBITDA 2024
Growth component
Market
expectation
component
target
achievement
%
EBITDA
2024
Ąm
EBITDA
2023
Ąm
Change
%
Target
achievement
%
Overall
target
achievement
EBITDA
%
EBITDA
133.14
3,395.6
2,944.3
15.33
45.99
179.13
Individual targets
The individual targets are set by the Supervisory Board for each Executive
Board member for the upcoming financial year (or for the remainder of the
year if the member is appointed in the course of the year). Individual targets
may be defined for multiple or all Executive Board members together. When
setting individual targets, the Supervisory Board ensures that they are demand-
ing and quantifiable. To ensure this is the case, concrete figures or expecta-
tions are defined for the target achievement. To avoid any dilution of the in-
centive effect, each Executive Board member has no more than four targets per
financial year.
The targets are derived from the corporate strategy and promote its implemen-
tation. Strategic projects and initiatives can be used, as can operating mea-
sures that serve directly or indirectly for the implementation of the corporate
strategy.
Individual targets should contribute to an implementation of the corporate stra-
tegy as well as the long-term, sustainable development of Deutsche Börse AG.
Targets can be based on both financial and non-financial indicators. ESG tar-
gets are also potential individual targets. By defining financial and non-finan-
cial targets and measuring their achievement, the Supervisory Board ensures
that the implementation of the corporate strategy is advanced and pursued
sustainably, and that a holistic approach is taken to the success of Deutsche
Börse Group.
At the beginning of the 2024 financial year, four individual targets were defi-
ned for all members of the Executive Board, with the exception of Stephanie
Eckermann. The targets for Stephanie Eckermann were defined when she was
appointed in May 2024. Stephan Leithner’s targets were also adjusted in May
2024 when some of his responsibilities were transferred to Stephanie Ecker-
mann. The Nomination Committee and the Supervisory Board both discussed
the individual targets in detail. A decision on the target achievement was taken
on the basis of a detailed presentation and assessment of the Executive
Board’s collective and individual performances. The determination of the target
achievement was based on a defined process. Following a self-assessment of
their target achievement by the Executive Board members, the Chairman of the
Supervisory Board first discussed this and the individual target achievement for
the ordinary Executive Board members with the CEO. In line with the defined
process, the Chairman of the Supervisory Board then consulted with the chairs
of the Audit, Risk and Technology Committees on the target achievement and
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the target achievement levels in accordance with a predefined quantitative
weighting. On this basis the results were agreed with the Deputy Chair of the
Supervisory Board, before the Nomination Committee discussed the results of
the preceding alignment in detail and prepared a resolution proposal for the
Supervisory Board.
The following table provides an overview of the targets for each Executive
Board member for 2024:
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Individual targets for Executive Board members (part 1)
Executive Board member
Weighting
Target
Target
achievement
Theodor Weimer
25% each
1
Reputation of Deutsche Börse Group (external and internal stakeholders)
190%
2
Smooth and effective transition management in CEO succession
170%
3
Management of the company-wide implementation of year 1 of the Group strategy “Horizon 2026”
180%
4
Effective handling of critical situations (i.e. cum-ex topic, findings, interaction with regulators, legal proceedings and other
ad hoc issues)
180%
Stephan Leithner
25% each
1
Business results in the Investment Management Solutions, Fund Services and Securities Services segments (with regard to the
last two segments until 31 May 2024) in accordance with the financial targets for 2024 set by the Supervisory Board on the
basis of the market consensus
160%
2
Management of the implementation of year 1 of the Group strategy “Horizon 2026” with special focus on the Investment Man-
agement Solutions, Fund Services and Securities Services segments (with regard to the last two segments until 31 May 2024)
160%
3
Support in transition management in the CEO succession
180%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
180%
Christoph Böhm
25% each
1
Effectiveness of the IT organisation (i.e. operational stability, cyber-resilience, IT findings management, implementation of IT
transformation programmes such as Core Banking Luxembourg)
130%
2
Management of the implementation of year 1 of the Group strategy “Horizon 2026” with a special focus on digital asset lead-
ership and the development of an AI strategy
120%
3
Support in transition management in the CEO succession
120%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
120%
Thomas Book
25% each
1
Business results in the Trading & Clearing segment in accordance with the financial targets for 2024 set by the Supervisory
Board on the basis of the market consensus
130%
2
Management of the implementation of year 1 of the Group strategy “Horizon 2026” with a special focus on digital leadership
and the Trading & Clearing segment
120%
3
Support in transition management in the CEO succession
130%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
130%
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Individual targets for Executive Board members (part 2)
Executive Board member
Weighting
Target
Target
achievement
Stephanie Eckermann
(since 1 June 2024)
25% each
1
Business results in the Fund Services and Securities Services segments (as of 1 June 2024) in accordance with the financial
targets for 2024 set by the Supervisory Board on the basis of the market consensus
130%
2
Management of the implementation of year 1 of the Group strategy “Horizon 2026” with special focus on the Fund Services
and Securities Services segments
115%
3
Support in transition management in the CEO succession
130%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
120%
Heike Eckert
25% each
1
Effectiveness of the compliance function
120%
2
Effectiveness in the further development of processes and structures of Deutsche Börse Group with a focus on the further de-
velopment of the Corporate Human Resources strategy with special consideration of diversity and inclusion for the entire
Deutsche Börse Group
130%
3
Support in transition management in the CEO succession
130%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
120%
Gregor Pottmeyer
25% each
1
Effectiveness of accounting, controlling, taxes and risk management as well as conceptualisation and implementation of CSRD
reporting
120%
2
Management of the implementation of year 1 of the Group strategy “Horizon 2026” with special focus on the financial side
120%
3
Support in transition management in the CEO succession
130%
4
Contribution to effective collaboration between divisions, in particular:
to promote innovation, agility and overall group performance and
effective management of critical situations (i. e. cum-ex topic, findings, interaction with regulators, legal proceedings
and other ad hoc issues)
120%
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Overall target achievement for the Performance Bonus 2024,
payable in 2025
Half the amount of the Performance Bonus resulting from the overall target
achievement is paid out in cash and half is invested in restricted stock in the
amount of the net payout. The cash payout is made with the regular salary
payment for the calendar month following the approval of the consolidated fi-
nancial statements, at the latest. The performance-based restricted stock
increases the long-term incentive effect of the Performance Bonus and aligns
the interests of the Executive Board even more closely with those of sharehold-
ers. Restricted stock is subject to a four-year blocking period in line with rec-
ommendation G.10 GCGC. The Executive Board member can only dispose of
the restricted stock freely after this four-year period.
The following table shows the target achievement and payout amounts for
each Executive Board member:
Overview of Performance Bonus 2024
Target value Ą thous.
Target achievement %
Payout amount Ą thous.
Executive Board member
Cash
component
Restricted
Stock
Net revenue
EBITDA
Individual
targets
Total
Cash
Restricted
Stock
Theodor Weimer
1,210.0
1,210.0
172.93
179.13
180.00
177.35
2,145.9
2,145.9
Stephan Leithner
913.0
913.0
172.93
179.13
170.00
174.02
1,588.8
1,588.8
Christoph Böhm
616.0
616.0
172.93
179.13
123.00
158.35
975.4
975.4
Thomas Book
568.5
568.5
172.93
179.13
128.00
160.02
909.7
909.7
Stephanie Eckermann (since 1 June 2024)
331.6
331.6
172.93
179.13
124.00
158.69
526.3
526.3
Heike Eckert
568.5
568.5
172.93
179.13
125.00
159.02
904.0
904.0
Gregor Pottmeyer
616.0
616.0
172.93
179.13
123.00
158.35
975.4
975.4
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Performance Shares
Executive Board members were granted the Performance Share Plan (PSP)
Tranche 2024 at the beginning of the 2024 financial year. The performance
period for the PSP Tranche 2020 also ended at the close of the 2024 financial
year. Other PSP tranches have also been granted in recent years, for which the
performance periods are still ongoing.
The following overview shows the consolidated PSP tranches in the 2024 fi-
nancial year:
General principles of the PSP Tranche 2024
The Performance Share Plan supported by the selected financial performance
criteria supports the execution of the corporate growth strategy. On the other
hand, the inclusion of ESG targets in the PSP emphasises a focus on Deutsche
Börse AG’s sustainable development. At the same time, the five-year perfor-
mance period encourages a focus, in particular, on the long-term development
of Deutsche Börse AG.
The PSP provides each Executive Board member with a number of so-called
Performance Shares at the beginning of every financial year. The number of
these initial (virtual) Performance Shares is determined by dividing the amount
of the individual target remuneration in euros by the average Xetra® closing
price of Deutsche Börse shares in the calendar month preceding the start of
the performance period.
The relevant share price at grant for the PSP Tranche 2024, which was gran-
ted at the beginning of the 2024 financial year and ends at the close of the
2028 financial year, was Ą180.86. The individual target amounts, the share
price at grant, the number of virtual Performance Shares granted and the po-
tential maximum number of Performance Shares at the end of the performance
period are shown for the individual Executive Board members below:
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Grant of the PSP Tranche 2024
Executive Board member
Target amount
Ą thous.
Share price at grant
Ą
Number of Performance
Shares granted
Maximum number of
Performance Shares
possible (242% target
achievement)
Theodor Weimer
1,430.0
180.86
7,907
19,135
Stephan Leithner
1,023.0
180.86
5,657
13,690
Christoph Böhm
616.0
180.86
3,406
8,243
Thomas Book
568.0
180.86
3,141
7,602
Stephanie Eckermann (since 1 June 2024)
331.3
180.86
1,832
4,434
Heike Eckert
568.0
180.86
3,141
7,602
Gregor Pottmeyer
616.0
180.86
3,406
8,243
The target achievement regarding the final number of Performance Shares is
determined after the end of a five-year performance period. The overall target
achievement for the Performance Shares is measured using the performance
criteria relative Total Shareholder Return (TSR), earnings per share (EPS) and
ESG targets. The financial performance criteria each allow for a target achieve-
ment of 0 per cent to 250 per cent, whereas the ESG targets allow for a target
achievement of 0 per cent to 217.5 per cent. The target achievement for the
criteria relative TSR and EPS is measured at the end of the five-year perfor-
mance period. The target achievement for the ESG targets is determined and
locked in at the end of every financial year, however. The final target achieve-
ment for the ESG targets is measured at the end of the five-year performance
period using the average target achievement over the financial years.
The final number of virtual Performance Shares is determined by the overall
target achievement for the performance criteria over the five-year performance
period, multiplied by the number of Performance Shares initially granted. The
final number of Performance Shares determined in this manner is multiplied
by the average Xetra® closing price for Deutsche Börse shares in the calendar
month preceding the end of the performance period, plus the dividends paid
during the performance period. This represents the development of the Deut-
sche Börse share over the five-year performance period. The result of the mul-
tiplication is the payout amount for the acquisition of real shares. The payout
amount from the Performance Shares is capped at 400 per cent of the target
amount. It is due no later than with the regular salary payment for the
calendar month following the approval of the consolidated financial statements
after the end of the respective performance period.
The Executive Board members are obliged to invest the entire payout amount
after tax in shares of Deutsche Börse AG.
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Performance criteria for the PSP Tranche 2024
Relative Total Shareholder Return
The Total Shareholder Return (TSR) of the Deutsche Börse share compared
with the companies in the sector-specific index STOXX® Europe 600 Finan-
cials over the five-year performance period provides an external performance
criterion that is aligned with the capital market. The relative TSR emphasises
the alignment of interests between Executive Board and shareholders and also
integrates a relative performance metric into the remuneration system. This
creates a strong incentive to outperform the relevant peer group over the long
term.
The possible target achievement for the final number of Performance Shares
from this 50 per cent-weighted performance criterion ranges from 0 per cent to
250 per cent. By defining an ambitious target achievement curve, which starts
the payout only after the median has been exceeded, the Supervisory Board
emphasises the pay-for-performance approach to Executive Board remunera-
tion also with regards to the Total Shareholder Return.
The detailed target achievement curve for the relative TSR is as follows:
The target achievement for the criterion relative TSR is disclosed at the end of
the performance period for the respective PSP tranche.
Earnings per share (EPS)
Earnings per share (EPS) is used as an internal financial performance criterion.
The basis for the criterion is EPS as reported in the consolidated financial
statements. Alongside net revenue and EBITDA, EPS is the third key indicator
for measuring the successful implementation of the growth strategy. Imple-
menting EPS as a performance criterion for the Performance Shares incentiv-
ises long-term profitable growth in this remuneration component too, and re-
flects Deutsche Börse AG’s focus on growth. Including EPS as a performance
criterion for the Performance Shares also ensures that only M&As that are suc-
cessful in the long term are rewarded, as any unsuccessful investments would
have a negative impact on EPS.
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The performance of EPS is measured by its compound annual growth rate
(CAGR) over the five-year performance period.
The possible target achievement for the final number of Performance Shares
from this 25 per cent-weighted performance criterion ranges from 0 per cent to
250 per cent. The target defined by the Supervisory Board is an EPS CAGR of
7.5 per cent p.a. over the performance period. The cap was set at
18.75 per cent p.a. and the floor at 0 per cent p.a.
The detailed target achievement curve for the EPS is as follows:
To measure the target achievement, the reported EPS is adjusted for any amor-
tisation of intangible assets, purchase price allocations (PPA) and transaction
costs in the case of large M&A transactions valued at more than Ą1 billion.
The PPA correction reflects the business model of Deutsche Börse AG and po-
tential M&A targets, since these typically only have minor tangible assets. Ad-
justing for transaction costs means the Executive Board is not penalised by
completing larger M&A transactions, which is in line with the growth strategy
by means of both organic and inorganic growth.
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The target achievement for the performance criterion EPS and any adjustments
are disclosed at the end of the performance period for the respective PSP
tranche.
ESG targets
ESG targets are the third performance criterion for the Performance Shares and
are intended to further encourage the sustainable development of Deutsche
Börse Group. This underlines Deutsche Börse AG’s focus on a holistic ap-
proach to its corporate responsibility and ensures its sustainable success as a
company.
The ESG targets are defined on the basis of a catalogue of criteria and taking
into account Deutsche Börse AG’s materiality assessment with the four catego-
ries “External view”, “Employee satisfaction”, “Expansion of ESG business” and
“CO2 neutrality”. They reflect the different ESG aspects and cover them holisti-
cally.
The targets in these four categories are clearly measurable and subject to spe-
cific target achievement curves. To measure the overall target achievement for
the ESG targets, the first step is to calculate the target achievement in the four
categories “External view”, “Employee satisfaction”, “Expansion of ESG busi-
ness” and “CO2 neutrality” at the end of each financial year. These figures are
then added on a weighted basis and formally confirmed. At the end of the five-
year performance period, the second step is to measure the overall target
achievement for the ESG targets by calculating the average of the annual target
achievements for the ESG targets over the entire performance period. The pos-
sible overall target achievement for the final number of Performance Shares
from this 25 per cent-weighted performance criterion ranges from 0 per cent to
217.5 per cent. The annual target achievement for the ESG targets and the
achievement in the individual categories of ESG targets are disclosed at the
end of each financial year.
External view
In the “External view” category, the aim is to achieve good results in three
leading independent ESG ratings. The target achievement is based on the aver-
age ranking (percentile) in three leading independent ESG ratings determined
beforehand by the Supervisory Board. For the PSP Tranche 2024, the Supervi-
sory Board has chosen the ESG ratings from S&P, Sustainalytics and MSCI.
The possible target achievement for the final number of Performance Shares
from this 6.25 per cent-weighted performance criterion ranges from 0 per cent
to 250 per cent. The Supervisory Board has chosen the 90th percentile as tar-
get and defined an upper and lower limit. The upper limit is the 99th percen-
tile and the lower limit the 75th percentile.
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The detailed target achievement curve for the category “External view” is as
follows:
Employee satisfaction
A sustainable HR policy is also part of Deutsche Börse AG’s sustainability
strategy. This particularly includes a high level of employee satisfaction. To
emphasise this, good results in the annual employee survey are integrated as
an additional ESG target. The survey is carried out by an independent external
provider.
The possible target achievement for the final number of Performance Shares
from this 6.25 per cent-weighted performance criterion ranges from 0 per cent
to 250 per cent. The Supervisory Board has defined a target value in the an-
nual employee survey of 71.5 per cent approval, and set upper and lower lim-
its. The cap is set at 84.5 per cent approval and the floor at 55.5 per cent ap-
proval.
The detailed target achievement curve for the category “Employee satisfaction”
is as follows:
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Expansion of ESG business
The third ESG target is growth in net revenue from ESG products and ESG ser-
vices. In 2021, Deutsche Börse Group developed an own definition for ESG
net revenue and reviews it annually.
In the Investment Management Solutions segment, ISS STOXX® offers rating
services for management and investment decisions on the one hand, as well
as solutions for compliance with regulatory, governance or market standards
and/or shareholder or stakeholder expectations. On the other hand, ISS
STOXX® offers ESG indices and climate benchmarks. The corresponding ESG
net revenue includes the Corporate Solutions, ESG Analytics and Governance
Solutions businesses as well as all revenue from the licensing of sustainable
index solutions. License revenue from such products can either be allocated
directly (e.g. in the case of ETF licenses) or an allocation is made if they are
sold as part of a package.
In the Trading & Clearing segment, EEX operates trading and clearing services
for commodity spot and derivatives markets. EEX defines ESG net revenue as
revenue related to sustainable commodity markets. They include contracts for
green power, emission allowances and related registry/guarantee of origin ser-
vices as well as power products, related to the share of renewable energy pro-
duction in the respective market area or country.
The possible target achievement for the final number of Performance Shares
from this 6.25 per cent-weighted performance criterion ranges from 0 per cent
to 250 per cent. The Supervisory Board has defined a target value for growth
in ESG net revenue of 10 per cent p.a., and set upper and lower limits. The
cap was set at 25 per cent p.a. and the floor at 0 per cent p.a.
The detailed target achievement curve for the category “Expansion of ESG
business” is as follows:
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CO2 neutrality
Another important ESG target is to achieve and maintain CO2 neutrality for
Deutsche Börse Group.
The possible target achievement for the final number of Performance Shares
from this 6.25 per cent-weighted performance criterion ranges from 0 per cent
to 120 per cent. If CO2 neutrality is achieved, the target achievement is
100 per cent. If it is missed, the target achievement is 0 per cent.
As a further incentive to achieve CO2 neutrality, the target achievement is also
subject to the sub-condition that CO2 emissions have to be reduced. If CO2
emissions are reduced, the target achievement in the category “CO2 neutrality”
is increased by 20 per cent. If this is not the case, the target achievement is
reduced by 20 per cent. Since energy use in buildings accounts for a large
share, CO2 neutrality is calculated per workplace.
The detailed target achievement curve for the category “CO2 neutrality” is as
follows:
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Target achievement ESG targets
The average target achievement in 2024 for the ESG targets was
167.24 per cent.
The following table provides an overview of the target achievements in the
respective categories of the ESG targets:
Overall target achievement and payout from the PSP Tranche 2020
The close of the 2024 financial year marked the end of the five-year perfor-
mance period for the PSP Tranche 2020. The PSP Tranche 2020 was based
on the remuneration system adopted by the Supervisory Board with effect from
1 January 2016 and approved by the Annual General Meeting with a majority
of 84.19 per cent on 11 May 2016 (2016 remuneration system). This remu-
neration system was adjusted and approved by the Annual General Meeting on
19 May 2020 (2020 remuneration system).
It essentially corresponds to the 2016 remuneration system. The specific ad-
justments made in the 2020 remuneration system relate exclusively to the
calibration of the target achievement curves for the performance criteria “ad-
justed net income growth” and “TSR performance”. While the 2016 remunera-
tion system applies to Theodor Weimer, Stephan Leithner, Christoph Böhm,
Thomas Book and Gregor Pottmeyer for the PSP Tranche 2020, the 2020 re-
muneration system only applies to Heike Eckert for this tranche.
Target achievement ESG targets
Target achievement %
PSP Tranches
Financial
year
External view
Employee
satisfaction
Expansion of ESG
business
CO2-Neutrality
Average
2021
2021
188.89
140.38
250.00
120.00
174.82
2022
2022
227.80
128.80
250.00
120.00
181.65
2023
2023
238.89
128.85
151.16
120.00
159.73
2024
2024
222.22
169.23
157.52
120.00
167.24
2025
Determination of target achievement after close of 2025 financial year
2026
Determination of target achievement after close of 2026 financial year
2027
Determination of target achievement after close of 2027 financial year
2028
Determination of target achievement after close of 2028 financial year
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The target achievement for the PSP Tranche 2020 was measured on the basis
of the equally weighted performance criteria “Adjusted Net Income Growth”
and “TSR Performance”.
Adjusted Net Income Growth
Adjusted Net Income Growth is the growth in the adjusted net income attribut-
able to the shareholders of Deutsche Börse AG for the corresponding financial
year. The Supervisory Board determines the target achievement rate for Ad-
justed Net Income Growth at the end of each financial year during the five-
year performance period, which is then locked in. The target achievement rate
at the end of the performance period in question is the average of the annual
target achievement rates for each of the five years. The target achievement
may range between 0 per cent and 250 per cent.
In the 2024 financial year, the adjusted net income of Deutsche Börse AG
rose from Ą1,841.3 million in the previous year to Ą2,006.1 million, an in-
crease of 8.95 per cent. It differs from the unadjusted net income
(Ą1,948.5 million) by non-recurring effects due to M&A activities and legal
disputes. It was also corrected for the costs of organisational restructuring.
The increase of 8.95 per cent in the 2024 financial year corresponds to a tar-
get target achievement of 108.70 per cent within the 2016 remuneration sys-
tem and a target achievement of 119.34 per cent within the 2020 remunera-
tion system.
Overall, a target achievement of 164.248 per cent (2016 remuneration sys-
tem) and 166.268 per cent (2020 remuneration system) was determined for
the performance criteria “Adjusted Net Income Growth” for the PSP Tranche
2020.
The following overviews show the individual target achievements over the per-
formance period and the target achievement curves:
Target achievement Net income
Financial year
Net income growth
%
2016 remuneration
system
Target achievement
%
2020 remuneration
system
Target achievement
%
2020
8.93
108.58
119.07
2021
8.16
103.96
108.80
2022
20.24
250.00
250.00
2023
17.56
250.00
234.13
2024
8.95
108.70
119.34
Ø Target achievement
164.248
166.268
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TSR Performance
The relative Total Shareholder Return (TSR) performance for Deutsche Börse
shares is derived from Deutsche Börse AG’s ranking relative to the companies
included in the STOXX® Europe 600 Financials index. The ranking is meas-
ured on the basis of the TSR performance, which is calculated by comparing
the TSR at the beginning and end of the performance period. The possible tar-
get achievement ranges from 0 per cent to 250 per cent.
Overall, a target achievement of 60.00 per cent was determined for the perfor-
mance criteria “TSR Performance” for the PSP Tranche 2020 in the 2016 re-
muneration system as well as in the 2020 remuneration system.
The following overviews show the target achievement for the TSR performance
and the target achievement curves:
Target achievement relative TSR
Actual percentile
52nd
Target achievement %
60.00
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Based on the target achievement in both equally weighted performance crite-
ria, the overall target achievement in the PSP Tranche 2020 is 112.12 per
cent (2016 remuneration system) and 113.13 per cent (2020 remuneration
system).
The following table provides an overview of the main elements of the PSP
Tranche 2020:
PSP Tranche 2020
Executive Board members in office at 31 December
Target amount
Ą thous.
Share price
at grant
Ą
Number of
Performance
Shares granted
Overall target
achievement
%
Final number of
Performance
Shares
Closing price1
Ą
Payout amount
Ą thous.
Theodor Weimer
1,300.0
138.48
9,388
112.12
10,526
222.82
2,519.1
Stephan Leithner
560.0
138.48
4,044
112.12
4,535
222.82
1,085.3
Christoph Böhm
560.0
138.48
4,044
112.12
4,535
222.82
1,085.3
Thomas Book
516.7
138.48
3,731
112.12
4,184
222.82
1,001.3
Heike Eckert (since 1 July 2020)
258.3
138.48
1,866
113.13
2,111
222.82
505.2
Gregor Pottmeyer
560.0
138.48
4,044
112.12
4,535
222.82
1,085.3
1) Plus dividends paid per share of Ą16.50 during the performance period.
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The PSP Tranche 2020 is paid out in three equal instalments from 2025–
2027. The after-tax amount of the payout must be invested fully in Deutsche
Börse AG shares. Shares are purchased according to the automated procedure
described below.
Share Ownership Guidelines
Share ownership guidelines apply to all Executive Board members, which re-
quire the Executive Board members to invest a substantial amount in Deutsche
Börse AG shares during their term of office.
The share ownership guidelines constitute a key element for aligning the inter-
ests of the Executive Board even more closely with those of shareholders. They
also align Executive Board remuneration more closely with the strategic objec-
tive of Deutsche Börse AG’s long-term success. The current remuneration sys-
tem obliges the CEO to hold 200 per cent and ordinary Executive Board mem-
bers 100 per cent of their annual gross base salary in Deutsche Börse AG
shares. This rule applies to Stephan Leithner and Stephanie Eckermann.
In deviation from this, an earlier contractual agreement obliges the Executive
Board members in the case of the CEO, Theodor Weimer, to hold 300 per cent
and in the case of the ordinary Executive Board members, Christoph Böhm,
Thomas Book, Heike Eckert and Gregor Pottmeyer, to hold 200 per cent of
their annual gross base salary in Deutsche Börse AG shares.
Shares from the Performance Bonus and shares from the payout of the Perfor-
mance Shares are also taken into account for the share ownership guidelines,
in addition to shares held privately.
The required shareholdings have to be acquired within a period of four years.
The purchase of shares under the Performance Bonus Plan and the Perfor-
mance Share Plan and purchases from private funds is carried out for Execu-
tive Board members by a service provider determined by Deutsche Börse AG
and engaged by the Executive Board member, which invests the respective
amounts in Deutsche Börse AG shares for the Executive Board member inde-
pendently, without any influence from the Executive Board member or the
company. Shares are purchased during the first four trading days in June of
each year that are consecutive calendar days.
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The shares held by Gregor Pottmeyer and Theodor Weimer were valued at
31 December 2018 and 31 December 2020 respectively. The share owner-
ship guidelines were met as at these dates. The shares held by Christoph
Böhm, Thomas Book and Stephan Leithner were valued as at 31 December
2021. In these cases, the share ownership guidelines were also met. The
shares held by Heike Eckert were valued as at 31 December 2023 and the
share ownership guidelines were found to be met. All the Executive Board
members – with the exception of Stephanie Eckermann, who has only been a
member of the Executive Board since 1 June 2024 – have thus fulfilled the
share ownership guidelines.
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Share Ownership Guidelines
Required
Status quo
Executive Board member
Percentage of
base salary
Amount
Ą thous.
Amount
Ą thous.
Percentage of
base salary
Theodor Weimer
300
4,500.0
11,337.4
756
Stephan Leithner
200
3,300.0
3,569.6
216
Christoph Böhm
200
1,440.0
3,291.2
457
Thomas Book
200
1,300.0
3,229.9
497
Stephanie Eckermann (since 1 June 2024)
100
715.0
0
0
Heike Eckert
200
1,300.0
1,935.7
298
Gregor Pottmeyer
200
1,440.0
7,525.9
1,045
Recovery (clawback) and reduction (malus) of the performance-
based remuneration
Under certain circumstances the Supervisory Board may reduce performance-
based remuneration components that have not yet been paid (malus) or may
claw back performance-based remuneration components previously paid out
(clawback).
In cases of serious misconduct by an Executive Board member, the Supervi-
sory Board may reduce their performance-based remuneration components
(Performance Bonus and Performance Shares) partially or fully (compliance
malus).
If performance-based remuneration components have already been paid out
the Supervisory Board can, in these cases, also partially or fully recover the
amounts paid (compliance clawback).
If performance-based remuneration components are determined or paid out on
the basis of incorrect data, e.g. incorrect consolidated financial statements, the
Supervisory Board can correct the figure or recover the remuneration compo-
nents already paid out (performance clawback).
Any such clawback is limited to the calendar year during which the reason has
occurred. The Supervisory Board is entitled to assert a clawback claim even af-
ter an Executive Board member has left the company, for a period of up to two
years following termination of the service contract. Any claims for damages
remain unaffected by any clawback of performance-based remuneration.
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There was no cause to apply the malus or clawback rules in the 2024 finan-
cial year, so the Supervisory Board did not reduce or recover any performance-
based remuneration.
Disclosures on severance payments
Early termination without good cause
In the event that an Executive Board member’s contract of service is termi-
nated early for a reason other than good cause, any payments made to the Ex-
ecutive Board member may not exceed the remuneration for the residual term
of their contract of service, and may also not exceed the value of two total an-
nual remuneration payments (severance cap). The payment is calculated on
the basis of the total remuneration for the past financial year and, where ap-
propriate, the expected total remuneration for the current financial year.
The payouts for the Performance Bonus and the Performance Shares take
place on the dates and conditions originally agreed upon. Payouts are not
made any earlier. In accordance with the recommendation of the GCGC, an
exception applies in cases in which the service contract ends early because of
permanent incapacity or any other illness, or the death of the Executive Board
member. In these cases, the target amount of Performance Bonus and Perfor-
mance Shares is paid out immediately.
Early termination for good cause
If the service contract is terminated early for a good cause for which the Exec-
utive Board member is responsible, or if an Executive Board member steps
down before the end of the performance period without good cause or without
a corresponding agreement, any claims to the Performance Bonus and all Per-
formance Shares are forfeited.
Post-contractual non-competition clause
A post-contractual non-competition clause applies to members of the Executive
Board. This means that the Executive Board members are contractually prohib-
ited from acting for a competing company, or from undertaking competing ac-
tivities, for one year following the end of their service. Compensation of
75 per cent of the base salary and 75 per cent of the most recent Performance
Bonus is payable during the non-compete period. Pension benefits and any
severance payments are offset against the compensation. In addition, 50 per
cent of other earnings are deducted if these – together with the compensation
– exceed the Executive Board member’s most recent remuneration. The com-
pany may waive the post-contractual non-compete clause before the Executive
Board member’s contract of service ends.
Information on third-party benefits
Executive Board members did not receive any benefits from third parties for
their work on the Executive Board in the 2024 financial year.
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Information on the amount of Executive Board remuneration in
2024
Remuneration awarded and due to current Executive Board members
The following tables show the remuneration awarded and due to the individual
Executive Board members, including the relative proportion of the individual
remuneration components pursuant to section 162 AktG. The remuneration
awarded and due comprises all remuneration components for which the per-
formance has already been measured, for which all conditions precedent and
subsequent are met or no longer apply, and which are vested at the close of
the financial year. It is irrelevant whether the payout has already been made in
the 2024 financial year or occurs at the beginning of the 2025 financial year.
Accordingly, for the one-year variable remuneration, for example, the Perfor-
mance Bonus (cash component) for the 2024 financial year is shown, alt-
hough the payout takes place at the beginning of the 2025 financial year.
The remuneration shown for the 2024 financial year consists of
Base salary paid in the 2024 financial year.
Fringe benefits received in the 2024 financial year.
Performance Bonus determined for the 2024 financial year (cash
component), which will be paid out in the 2025 financial year.
Performance Bonus determined for the 2024 financial year (restricted
stock), which will be paid out and invested in the 2025 financial year.
Tranche of Performance Shares granted in 2020 and ended at the
close of the 2024 financial year, which will be paid out in three equal
parts in 2025, 2026 and 2027.
In the course of calculating the payout amount for the PSP Tranche 2020–
2024, a correction of the payout amount was found to be necessary for the
PSP Tranche 2019–2023. The resulting difference to the original payout
amount is taken into account for the respective Executive Board members in
the remuneration awarded and due for the 2024 financial year.
The service cost as defined in IAS 19 is part of Executive Board remuneration.
The retirement benefit commitments for the 2024 financial year are shown ac-
cordingly in the tables.
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Remuneration awarded and due pursuant to section 162 AktG (part 1)
Theodor Weimer
(CEO, since 1 October 2024 Co-CEO)
Stephan Leithner
(responsible for Investment Management Solutions,
since 8 March 2024 Deputy CEO, since 1 October 2024 Co-CEO)
2024
Ą thous.
2024
%
2023
Ą thous
2023
%
2024
Ą thous.
2024
%
2023
Ą thous
2023
%
Base salary
1,650.0
19.9
1,575.0
15.9
1,221.0
22.6
756.0
16.5
Fringe benefits
60.3
0.7
60.6
0.6
19.2
0.4
22.8
0.5
One-year variable remuneration
2,145.9
25.9
2,225.3
22.4
1,588.8
29.4
1,078.0
23.5
Performance Bonus (cash component)
2,145.9
–
2,225.3
–
1,588.8
–
1,078.0
–
Multi-year variable remuneration
4,429.5
53.5
6,056.3
61.1
2,572.8
47.6
2,728.2
59.5
Performance Bonus (Restricted Stock)
2,145.9
–
2,225.3
–
1,588.8
–
1,078.0
–
Performance Shares Tranche 2019–2023
–235.51
–
3,831.03
–
–101.31
–
1,650.23
–
Performance Shares Tranche 2020–2024
2,519.12
–
–
–
1,085.32
–
–
–
Total remuneration (section 162 AktG)
8,285.7
100.0
9,917.2
100.0
5,401.8
100.0
4,585.0
100.0
Pension expense
685.34
–
683.84
–
573.24
–
283.84
–
Total remuneration (incl. pension expense)
8,971.0
–
10,601.0
–
5,975.0
–
4,868.8
–
Christoph Böhm
(CIO/COO)
Thomas Book
(responsible for Trading & Clearing)
2024
Ą thous
2024
%
2023
Ą thous
2023
%
2024
Ą thous
2024
%
2023
Ą thous
2023
%
Base salary
792.0
21.1
756.0
16.9
715.0
20.6
682.5
16.5
Fringe benefits
25.9
0.7
25.3
0.6
26.4
0.8
27.4
0.7
One-year variable remuneration
975.4
26.0
1,019.2
22.8
909.7
26.2
949.5
23.0
Performance Bonus (cash component)
975.4
–
1,019.2
–
909.7
–
949.5
–
Multi-year variable remuneration
1.959.4
52.2
2,669.4
59.7
1,817.4
52.4
2,472.3
59.8
Performance Bonus (Restricted Stock)
975.4
–
1,019.2
–
909.7
–
949.5
–
Performance Shares Tranche 2019–2023
–101.31
–
1,650.23
–
–93.61
–
1,522.83
–
Performance Shares Tranche 2020–2024
1.085.32
–
–
–
1,001.32
–
–
–
Total remuneration (section 162 AktG)
3.752.7
100.0
4,469.9
100.0
3,468.5
100.0
4,131.7
100.0
Pension expense
279.94
–
278.44
–
285.2
–
249.8
–
Total remuneration (incl. pension expense)
4.032.6
–
4,748.3
–
3,753.7
–
4,381.5
–
1) In the course of calculating the payout amount for the PSP Tranche 2020–2024, a correction to the payout amount was found to be necessary for the PSP Tranche 2019–2023.
The resulting difference to the original payout amount is taken into account in the remuneration awarded and due for the 2024 financial year.
2) Payout is made in three equal instalments in the 2025, 2026 and 2027 financial years.
3) Payout is made in three equal instalments in the 2024, 2025 and 2026 financial years.
The payouts already made for the PSP Tranche 2019–2023 can therefore be compensated by offsetting them against other payouts from this tranche.
4) The pension expense includes retirement benefits and a risk-based part for disability or death.
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Remuneration awarded and due pursuant to section 162 AktG (part 2)
Stephanie Eckermann
(responsible for Post-Trading, Executive Board member since 1 June 2024)
Heike Eckert
(responsible for Governance, People & Culture, Director of Labour Relations)
2024
Ą thous
2024
%
2023
Ą thous
2023
%
2024
Ą thous
2024
%
2023
Ą thous
2023
%
Base salary
417.1
27.9
–
–
715.0
23.4
682.5
26.3
Fringe benefits
23.7
1.5
–
–
23.6
0.8
23.3
0.9
One-year variable remuneration
526.3
35.3
–
–
904.0
29.6
940.5
36.4
Performance Bonus (cash component)
526.3
–
–
–
904.0
–
940.5
–
Multi-year variable remuneration
526.3
35.3
–
–
1,409.2
46.2
940.5
36.4
Performance Bonus (Restricted Stock)
526.3
–
–
–
904.0
–
940.5
–
Performance Shares Tranche 2019–2023
–
–
–
–
–
–
–
–
Performance Shares Tranche 2020–2024
–
–
–
–
505.22
–
–
–
Total remuneration (section 162 AktG)
1,493.4
100.0
–
–
3,051.8
100.0
2,586.8
100.0
Pension expense
254.04
–
–
–
291.74
–
269.54
–
Total remuneration (incl. pension expense)
1,747.4
–
–
–
3,343.5
–
2,856.3
–
Gregor Pottmeyer
(CFO)
2024
Ą thous
2024
%
2023
Ą thous
2023
%
Base salary
792.0
21.0
756.0
16.8
Fringe benefits
38.1
1.0
36.5
0.8
One-year variable remuneration
975.4
26.0
1,029.0
22.9
Performance Bonus (cash component)
975.4
–
1,029.0
–
Multi-year variable remuneration
1,959.4
52.0
2,679.2
59.5
Performance Bonus (Restricted Stock)
975.4
–
1,029.0
–
Performance Shares Tranche 2019–2023
–101.31
–
1,650.23
–
Performance Shares Tranche 2020–2024
1,085.32
–
–
–
Total remuneration (section 162 AktG)
3,764.9
100.0
4,500.7
100.0
Pension expense
234.44
–
216.84
–
Total remuneration (incl. pension expense)
3,999.3
–
4,717.5
–
1) In the course of calculating the payout amount for the PSP Tranche 2020–2024, a correction to the payout amount was found to be necessary for the PSP Tranche 2019–2023.
The resulting difference to the original payout amount is taken into account in the remuneration awarded and due for the 2024 financial year.
2) Payout is made in three equal instalments in the 2025, 2026 and 2027 financial years.
3) Payout is made in three equal instalments in the 2024, 2025 and 2026 financial years.
The payouts already made for the PSP Tranche 2019–2023 can therefore be compensated by offsetting them against other payouts from this tranche.
4) The pension expense includes retirement benefits and a risk-based part for disability or death.
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Remuneration awarded and due to former Executive Board members
The close of the 2024 financial year marked the end of the performance pe-
riod for the PSP Tranche 2020. For former Executive Board members, the
PSP Tranche 2020 is paid out as a lump sum in the year following the perfor-
mance period.
The following table provides an overview of the main elements of the PSP
Tranche 2020:
PSP Tranche 2020
Former Executive Board members
Target amount
Ą thous.
Share price
at grant
Ą
Number of
Performance
Shares granted
Overall target
achievement
%
Final number of
Performance
Shares
Closing price1
Ą
Payout amount
Ą thous.
Hauke Stars
473.6
138.48
3,421
112.12
3,836
222.82
918.0
1) Plus dividends paid per share of Ą16.50 during the performance period.
Further information on the performance criteria and the target achievement for
the PSP Tranche 2020 can be found in the section “Overall target achieve-
ment and payout from the PSP Tranche 2020”.
In the course of calculating the payout amount for the PSP Tranche 2020–
2024, a correction to the payout amount was found to be necessary for the
PSP Tranche 2019–2023. Payouts already made in full for the PSP Tranche
2019–2023 shall be compensated by means of clawbacks to the extent legally
possible and in line with the existing agreements. The amount to be offset for
Hauke Stars is Ą–93.6 thousand and for Andreas Preuß Ą–127.0 thousand.
Hauke Stars was not granted or owed any remuneration in 2024 apart from
the PSP Tranche 2020. Her remuneration therefore consists entirely of perfor-
mance-based remuneration.
Andreas Preuss received pension payments in the amount of Ą445.2 thousand
in the 2024 financial year. His awarded and due remuneration therefore con-
sists entirely of performance-based remuneration.
Furthermore, Ą3,261.6 thousand was paid in the 2024 financial year to thir-
teen former Executive Board members who departed from the Executive Board
before 2015 as part of pension payments.
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357
Alignment of Executive Board remuneration with sustainability
A particular focus is placed on sustainability in the context of the performance-
based remuneration.
For the Performance Shares, 25 per cent of the performance criteria consist of
ESG targets, which are defined taking into account the materiality assessment.
These are divided into the four categories “External view”, “Employee satisfac-
tion”, “Expansion of ESG business” and “CO2 neutrality”, each with a
weighting of 6.25 per cent.
In addition, individual targets are taken into account in the Performance Bo-
nus, which – depending on the definition of the specific individual targets –
may also include ESG targets. The individual targets are included in the Perfor-
mance Bonus with a weighting of one third. In the 2024 financial year, four
equally weighted individual targets were set for each Executive Board member.
Assuming a target achievement of 100 per cent, one individual target per Exe-
cutive Board member therefore accounts for around 8.3 per cent of the Perfor-
mance Bonus.
For the 2024 financial year, as part of the individual targets of the Perfor-
mance Bonus, the Supervisory Board has set targets relating to the social as-
pects of ESG, like the further development of the Corporate Human Resources
strategy, taking diversity and inclusion into account for the entire Deutsche
Börse Group, as well as governance targets, such as ensuring an effective
compliance function, designing and implementing the CSRD reporting, suppor-
ting the transition management in the CEO succession or contributing to effec-
tive cross-divisional collaboration.
If one individual ESG target is set per Executive Board member, the ESG tar-
gets in the Performance Bonus and Performance Shares account for 14 per
cent (ordinary Executive Board members) to 15 per cent (CEO) of the total per-
formance-based remuneration. In case two individual ESG targets are set per
Executive Board member, this weighting increases to 19 per cent (ordinary
Executive Board members) to 20 per cent (CEO).
In accordance with the previous remuneration system for the Executive Board,
the PSP Tranche 2020 due for payment at the end of the 2024 financial year
was measured solely on the basis of the equally weighted performance criteria
“Adjusted Net Income Growth” and “TSR Performance”. Accordingly, the pro-
portion of multi-year performance-based remuneration awarded and due that is
dependent on ESG targets or targets with climate-related considerations is
0 per cent.
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358
Supervisory Board remuneration in 2024
Remuneration system for the Supervisory Board
A revised remuneration system (2024 remuneration system) for the Supervi-
sory Board was presented to the Annual General Meeting 2024 and adopted
by a majority of 99.05 per cent. The adjustments to the previous remuneration
system resulting from the 2024 remuneration system apply to all members of
the Supervisory Board as of 1 July 2024.
The previous remuneration system for the Supervisory Board of Deutsche
Börse AG (2022 remuneration system) was adopted by the Annual General
Meeting 2022 with a majority of 99.90 per cent and applied until 30 June
2024.
The fundamental structure of the remuneration systems applied in 2024 is
identical. The only differences are in the amount of fixed remuneration and
committee remuneration.
The remuneration system for the Supervisory Board consists of a fixed remune-
ration plus an attendance fee. This is in line with the recommendation G.18
sentence 1 GCGC as amended on 28 April 2022. The structure of the Supervi-
sory Board remuneration, providing for fixed remuneration only, strengthens
the Board’s independence and provides for a counterbalance to the structure of
the Executive Board remuneration, which is mainly performance-based and a-
ligned with Deutsche Börse Group’s growth strategy. It thus contributes to the
implementation of the business strategy and promotes Deutsche Börse Group's
long-term development.
Under the 2024 remuneration system the Supervisory Board members receive
a fixed annual remuneration of Ą110 thousand (2022 remuneration system:
Ą85 thousand). In accordance with recommendation G.17 GCGC, the remune-
ration is increased for the Chair and the Deputy Chair of the Supervisory
Board, as well as for the chairs and members of committees. The remunera-
tion of the Chair is Ą300 thousand (2022 remuneration system: Ą220
thousand). The remuneration of the Deputy Chair is Ą165 thousand (2022 re-
muneration system: Ą125 thousand).
Members of Supervisory Board committees receive an additional fixed annual
remuneration of Ą35 thousand for each committee they serve on (2022 remu-
neration system: Ą30 thousand). The remuneration for members of the Audit
Committee is Ą50 thousand (2022 remuneration system: Ą35 thousand). The
remuneration of committee chairs is Ą60 thousand (2022 remuneration sys-
tem: Ą40 thousand) and for the Chair of the Audit Committee Ą100 thousand
(2022 remuneration system: Ą75 thousand). If a Supervisory Board member
serves on more than one Supervisory Board committee, only work on two of
the committees is remunerated. Remuneration is then paid for work on the two
committees with the highest remuneration. Supervisory Board members who
only hold office for part of the financial year receive one-twelfth of the fixed an-
nual remuneration and, if applicable, of the remuneration payable for their
committee work, for each month or part-month in which they are members.
The remuneration for any financial year is due and payable as a one-off pay-
ment after the Annual General Meeting that accepts the consolidated financial
statements for the relevant financial year or decides on their approval.
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359
Members of the Supervisory Board or a Supervisory Board committee receive
an attendance fee of Ą1 thousand for each Board or committee meeting that
they attend. Where two or more meetings are held on the same day, the atten-
dance fee is only paid once.
The members of the Supervisory Board are included in a directors & officers
(D&O) insurance policy maintained by the company at an appropriate level in
the interests of the company.
After preparation by the Nomination Committee, the Supervisory Board exa-
mines on a regular basis whether its members’ remuneration is appropriate,
given their tasks and the situation of the company. It carries out a horizontal
market comparison for this purpose. The Supervisory Board may seek the ad-
vice of an independent external expert. Given the particular nature of the Su-
pervisory Board’s work, the review of Supervisory Board remuneration does not
generally include a vertical comparison with the remuneration of employees of
Deutsche Börse AG or Deutsche Börse Group.
Depending on the result of the comparative analysis and the Supervisory
Board’s assessment of this result, the Supervisory Board may, jointly with the
Executive Board, submit a proposal to the Annual General Meeting for adjust-
ments to Supervisory Board remuneration. Whether it does or not, the Annual
General Meeting votes not less than every four years on the Supervisory Board
remuneration, including the underlying remuneration system, in accordance
with section 113 (3) AktG. A resolution may also be passed confirming the
current remuneration.
Remuneration of Supervisory Board members
The remuneration awarded and due to Supervisory Board members is as fol-
lows:
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Deutsche Börse Group – Annual report 2024
360
Remuneration awarded and due to the Supervisory Board pursuant to section 162 AktG
Fixed annual remuneration
Committee remuneration
Attendance fee
Total remuneration
2024
Ą thous.
2024
%
2023
Ą thous.
2024
Ą thous.
2024
%
2023
Ą thous.
2024
Ą thous.
2024
%
2023
Ą thous.
2024
Ą thous.
2023
Ą thous.
Martin Jetter (Chairman)
260.0
66.7
220.0
100.0
25.6
80.0
30.0
7.7
20.0
390.0
320.0
Markus Beck (Deputy Chairman)
145.0
59.9
125.0
65.0
26.9
60.0
32.0
13.2
21.0
242.0
206.0
Nadine Brandl
97.5
64.6
85.0
32.5
21.5
30.0
21.0
13.9
15.0
151.0
130.0
Andreas Gottschling
97.5
46.6
85.0
92.5
44.3
75.0
19.0
9.1
17.0
209.0
177.0
Anja Greenwood
97.5
49.0
85.0
73.3
36.9
60.0
28.0
14.1
17.0
198.8
162.0
Oliver Greie
97.5
62.9
85.0
42.5
27.4
35.0
15.0
9.7
13.0
155.0
133.0
Shannon A. Johnston
97.5
60.7
85.0
50.0
31.2
40.0
13.0
8.1
11.0
160.5
136.0
Susann Just-Marx1
35.4
50.9
85.0
27.1
39.0
65.0
7.0
10.1
16.0
69.5
166.0
Achim Karle
97.5
51.4
85.0
75.0
39.6
65.0
17.0
9.0
15.0
189.5
165.0
Sigrid Kozmiensky2
69.2
62.9
–
30.8
28.0
–
10.0
9.1
–
110.0
–
Barbara Lambert
97.5
39.9
85.0
120.0
49.1
105.0
27.0
11.0
16.0
244.5
206.0
Rainer Müller2
69.2
53.6
–
45.0
34.8
–
15.0
11.6
–
129.2
–
Michael Rüdiger1
35.4
48.1
85.0
27.1
36.9
65.0
11.0
15.0
19.0
73.5
169.0
Peter Sack1
35.4
55.0
85.0
25.0
38.8
60.0
4.0
6.2
12.0
64.4
157.0
Carsten Schäfer2
69.2
55.7
–
45.0
36.2
–
10.0
8.1
–
124.2
–
Charles G. T. Stonehill
97.5
51.9
85.0
73.3
39.0
60.0
17.0
9.1
12.0
187.8
157.0
Clara-Christina Streit
97.5
64.6
85.0
32.5
21.5
30.0
21.0
13.9
15.0
151.0
130.0
Chong Lee Tan
97.5
69.2
85.0
32.5
23.0
30.0
11.0
7.8
10.0
141.0
125.0
Daniel Vollstedt1
35.4
55.0
85.0
25.0
38.8
60.0
4.0
6.2
12.0
64.4
157.0
Maria-Regina Wohak2
69.2
55.7
–
45.0
36.2
–
10.0
8.1
–
124.2
–
Total
1,798.4
56.6
1,535.0
1,059.1
33.3
920.0
322.0
10.1
241.0
3,179.5
2,696.0
1) Member of the Supervisory Board until 14 May 2024.
2) Member of the Supervisory Board since 14 May 2024.
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361
Comparison of changes in the remuneration of
Executive Board members, Supervisory Board members
as well as the remaining workforce, and in company
earnings
In accordance with section 162 (1) sentence 2 no. 2 AktG, the following table
shows changes in the remuneration of the Executive Board members, the Su-
pervisory Board members and the remaining workforce, as well as in company
earnings:
Comperative presentation (part 1)
2024
Ą thous.
2023
Ą thous.
Change
2024/2023
%
Change
2023/2022
%
Change
2022/2021
%
Change
2021/2020
%
Executive Board members active in the 2024 financial year
Theodor Weimer
8,285.71
9,917.22
–16.5
–8.0
121.8
1.3
Stephan Leithner
5,401.81
4,585.02
17.8
19.7
61.9
7.2
Christoph Böhm
3,752.71
4,469.92
–16.0
48.0
33.6
11.0
Thomas Book
3,468.51
4,131.72
–16.1
18.0
66.2
3.3
Stephanie Eckermann (since 1 June 2024)
1,493.4
–
–
–
–
–
Heike Eckert (since 1 July 2020)
3,051.81
2,586.8
18.0
5.6
16.3
124.7
Gregor Pottmeyer
3,764.91
4,500.72
–16.3
–8.0
9.0
–0.3
Average
4,620.93
5,031.9
–8.2
6.0
56.6
0.9
Former Executive Board members
Andreas Preuss (until 31 October 2018)
445.2
2,512.0
–82.3
–22.1
1.8
–3.6
Hauke Stars (until 30 June 2020)
918.0
1,522.8
–39.7
–25.1
1.1
–33.4
1) Payout of the PSP Tranche 2020 is made in three equal instalments in the 2025, 2026 and 2027 financial years.
2) Payout of the PSP Tranche 2019 is made in three equal instalments in the 2024, 2025 and 2026 financial years.
3) The average value takes into account only full-year committee members.
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362
Comperative presentation (part 2)
2024
Ą thous.
2023
Ą thous.
Change
2024/2023
%
Change
2023/2022
%
Change
2022/2021
%
Change
2021/2020
%
Supervisory Board members active in the 2024 financial year
Martin Jetter (Chairman since 19 May 2020)
390.0
320.0
21.9
1.6
1.0
20.5
Markus Beck (Deputy Chairman since 8 December 2021)
242.0
206.0
17.5
6.2
17.3
6.0
Nadine Brandl
151.0
130.0
16.2
7.4
1.2
–0.3
Andreas Gottschling (since 1 July 2020)
209.0
177.0
18.1
2.9
4.2
101.2
Anja Greenwood (since 17 November 2021)
198.8
162.0
22.7
5.2
702.1
–
Oliver Greie (from 19 May 2021 until 17 November 2021; since 29 April 2022)
155.0
133.0
16.5
42.9
24.1
–
Shannon A. Johnston (since 18 May 2022)
160.5
136.0
18.0
52.3
–
–
Susann Just-Marx (until 14 May 2024)
69.5
166.0
–58.1
4.4
8.6
1.7
Achim Karle
189.5
165.0
14.8
1.9
5.6
4.4
Sigrid Kozmiensky (since 14 May 2024)
110.0
–
–
–
–
–
Barbara Lambert
244.5
206.0
18.7
2.5
3.6
4.9
Rainer Müller (since 14 May 2024)
129.2
–
–
–
–
–
Michael Rüdiger (from 19 May 2020 until 14 May 2024)
73.5
169.0
–56.5
3.0
5.1
48.6
Peter Sack (from 17 November 2021 until 14 May 2024)
64.4
157.0
–59.0
2.6
657.4
–
Carsten Schäfer (since 14 May 2024)
124.2
–
–
–
–
–
Charles G. T. Stonehill
187.8
157.0
19.6
2.6
3.4
12.1
Clara-Christina Streit
151.0
130.0
16.2
7.4
1.3
5.8
Chong Lee Tan (since 19 May 2021)
141.0
125.0
12.8
2.5
53.1
–
Daniel Vollstedt (from 17 November 2021 until 14 May 2024)
64.4
157.0
–59.0
1.9
662.4
–
Maria-Regina Wohak (since 14 May 2024)
124.2
–
–
–
–
–
Average
201.71
168.5
19.7
0.6
2.0
6.1
Employees
Entire workforce
119.1
121.8
–2.2
1.5
7.0
–0.4
Development of earnings
Net revenue of Deutsche Börse Group Ąm
5,828.5
5,076.6
14.8
17.0
23.6
9.2
EBITDA of Deutsche Börse Group Ąm
3,395.6
2,944.3
15.3
16.6
23.6
9.3
Cash EPS of Deutsche Börse Group Ą
11.36
9.98
13.8
15.9
23.4
15.0
Net income of Deutsche Börse AG pursuant to HGB Ąm
1,323.5
2,118.4
–37.5
140.6
–6.7
–18.8
1) The average value takes into account only full-year committee members.
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The presentation of the average employee remuneration and its development
refers to all members of the joint operation Frankfurt. The joint operation
Frankfurt consists of Deutsche Börse AG and the following entities: Eurex
Frankfurt AG, Eurex Clearing AG, Eurex Repo GmbH, Clearstream Holding AG
and Clearstream Banking AG. As for the Executive Board and Supervisory
Board remuneration, the average remuneration for the entire workforce is the
total remuneration (including any bonuses and other fringe benefits).
Outlook for the 2025 financial year from a remunera-
tion perspective
In the 2024 financial year, the Supervisory Board, advised by its Nomination
Committee, conducted an in-depth revision of the current remuneration system
for the Executive Board. In addition to taking into account current market prac-
tice, regulatory requirements, the strategic suitability of the remuneration sys-
tem and feedback from shareholders and proxy advisers, the following objec-
tives were pursued in particular within the revision of the remuneration sys-
tem:
The main changes in the 2025 remuneration system compared to the current
remuneration system can be summarised as follows:
Harmonisation of the definition of the financial performance criteria for
the performance-based remuneration with Deutsche Börse Group’s re-
vised financial steering model
Use of the DAX®, STOXX® Europe 600 Financial Services and the
S&P 500 Capital Markets as new peer groups for the relative TSR, in
order to measure the TSR Performance against strategically relevant
and global competitors of Deutsche Börse Group
Implementation of relevant ESG targets in the multi-year performance-
based remuneration that incentivise the implementation of the current
sustainability strategy and are derived from the materiality assessment
of Deutsche Börse AG
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364
Adjustment of the weighting of the performance criteria in the multi-
year performance-based remuneration to reflect the changes mentio-
ned above
Introduction of a pension substitute of 30 per cent of the base salary
in line with the current market trend and to take account of past in-
vestor criticism
Increase in the proportion of the multi-year performance-based remu-
neration to further strengthen the company’s long-term development
and
Introduction of ranges for the remuneration structure, to give the Su-
pervisory Board more flexibility when defining the remuneration struc-
ture for each financial year.
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Auditor’s Report
To Deutsche Börse Aktiengesellschaft, Frankfurt am Main
We have audited the remuneration report of Deutsche Börse Aktiengesellschaft,
Frankfurt am Main, for the financial year from January 1 to December 31,
2024, including the related disclosures, which was prepared to comply with
§ [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act].
Responsibilities of the Executive Directors
and the Supervisory Board
The executive directors and the supervisory board of Deutsche Börse
Aktiengesellschaft are responsible for the preparation of the remuneration
report, including the related disclosures, that complies with the requirements
of § 162 AktG. The executive directors and the supervisory board are also
responsible for such internal control as they determine is necessary to enable
the preparation of a remuneration report, including the related disclosures,
that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities
Our responsibility is to express an opinion on this remuneration report,
including the related disclosures, based on our audit. We conducted our audit
in accordance with German generally accepted standards for the audit of
financial statements promulgated by the Institut der Wirtschaftsprüfer
(Institute of Public Auditors in Germany) (IDW). Those standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the remuneration report,
including the related disclosures, is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts including the related disclosures stated in the remuneration report.
The procedures selected depend on the auditor’s judgment. This includes the
assessment of the risks of material misstatement of the remuneration report
including the related disclosures, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control
relevant to the preparation of the remuneration report including the related
disclosures. The objective of this is to plan and perform audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company’s internal control. An audit also
includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the executive directors and
the supervisory board, as well as evaluating the overall presentation of the
remuneration report including the related disclosures.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
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Audit Opinion
In our opinion, based on the findings of our audit, the remuneration report
for the financial year from January 1 to December 31, 2024, including the
related disclosures, complies in all material respects with the accounting
provisions of § 162 AktG.
Reference to an Other Matter – Formal Audit of the
Remuneration Report according to § 162 AktG
The audit of the content of the remuneration report described in this auditor’s
report includes the formal audit of the remuneration report required by
§ 162 Abs. [paragraph] 3 AktG, including the issuance of a report on this
audit. As we express an unqualified audit opinion on the content of the
remuneration report, this audit opinion includes that the information required
by § 162 Abs. 1 and 2 AktG has been disclosed in all material respects in
the remuneration report.
Restriction of use
We issue this auditor’s report on the basis of the engagement agreed with
Deutsche Börse Aktiengesellschaft. The audit has been performed only for
purposes of the company and the auditor’s report is solely intended to inform
the company as to the results of the audit. Our responsibility for the audit and
for our auditor’s report is only towards the company in accordance with this
engagement. The auditor’s report is not intended for any third parties to base
any (financial) decisions thereon. We do not assume any responsibility, duty
of care or liability towards third parties; no third parties are included in the
scope of protection of the underlying engagement. § 334 BGB [Bürgerliches
Gesetzbuch: German Civil Code], according to which objections arising from a
contract may also be raised against third parties, is not waived.
Frankfurt am Main, March 13, 2025
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
Marc Billeb
Dr Michael Rönnberg
Wirtschaftsprüfer
Wirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
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Acknowledgements
Published by
Deutsche Börse AG
60485 Frankfurt am Main
Germany
www.deutsche-boerse.com
Concept and layout
Deutsche Börse AG, Frankfurt am Main
Kirchhoff Consult GmbH, Hamburg
Cover
Deutsche Börse AG, Frankfurt am Main
Publication date
20 March 2025
The German version of this report is legally binding. The company cannot be
held responsible for any misunder-standing or misinterpretation arising from
this translation.
Reproduction – in total or in part – only with the written permission of the
publisher We would like to thank all colleagues and service providers who
participated in the compilation of this report for their friendly support.
Publications service
The annual report 2024 is both available in German and English.
The annual report 2024 of Deutsche Börse Group is available as pdf on the
internet: www.deutsche-boerse.com/annual _ report
Contact
Investor Relations
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Deutsche Börse Group – Annual report 2024
368
Financial calendar 2025
28 April 2025
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14 May 2025
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27 October 2025
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Deutsche Börse AG
60485 Frankfurt am Main
www.deutsche-boerse.com
PDF (A4)
Executive and Supervisory Board
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Further information
Acknowledgements/contact/registered
trademarks
Financial calendar
369