Deutsche Boerse Updating Estimates Post 4Q Results

Goldman Sachs updates its Deutsche Boerse (DB1) estimates following 4Q25 results, maintaining a Neutral rating with a revised price target of €263.

Key Takeaways

• 1.Goldman Sachs maintained a Neutral rating on Deutsche Boerse (DB1) while slightly reducing the 12-month price target to €263 from €265.
• 2.Management reiterated its 2026/2028 financial targets from the Dec-25 Capital Markets Day, signaling stability in long-term strategy.
• 3.Software Solutions saw a significant 50% YoY SaaS revenue uplift in 4Q25, primarily driven by a large Tier 1 US asset manager win.

Table of Contents

• Valuation and risks
• Disclosure Appendix
• Price target and rating history chart(s)
• Regulatory disclosures

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