Given our diversified business model and multiple sources of revenue and despite the extraordinary macroeconomic environment, we believe we are very well positioned to further improve our earnings in the medium and long term. This expectation is based partly on the secular growth opportunities that we intend to exploit (for details, see the “Opportunities report”), as well as on additional expected inorganic growth.

As in previous years, we expect net revenue from secular growth opportunities to increase by at least 5 per cent in the forecast period. We are driving this growth through investment. By doing so, we aim to shift further market share from over-the-counter trading and clearing to the on-exchange segment and to further expand our positions in existing asset classes by introducing new products and functionalities and acquiring new customers. We are also expecting an additional contribution to net revenue from takeovers, particularly the acquisition of ISS on 25 February 2021. Business areas dependent on cyclical factors should also see first slightly positive effects on cyclical net revenue due to lower market volatility in 2021 and possible US interest rate rises in 2022. In total, we anticipate net revenue of approximately €3.8 billion for the forecast period. For the ESG net revenue  included therein we expect growth of more than 10 per cent for the same period.

Within the context of our growth strategy, we pursue clearly defined principles for managing operating costs. We achieve the necessary flexibility largely by making continuous improvements to our operating processes. We are expecting earnings before interest, tax, depreciation and amortisation (EBITDA) to rise to around €2.2 billion in the forecast period. This would put us right on track towards our medium-term growth targets of 10 per cent per year on average for net revenue and EBITDA over the period from 2019 to 2023.

Forecast for results of operations 2022

_{1) ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”.}