We continue to manage our business primarily on the basis of net revenue without treasury result, as this excludes cyclical interest rate effects and reflects operating performance. In line with our strategy and based on organic growth opportunities, we expect net revenue without treasury result to rise to around €5.7 billion in fiscal 2026. We expect the treasury result, which comprises net interest income and margin fees, to amount to around €0.7 billion. Overall, we therefore expect net revenue of around €6.4 billion. We anticipate an increase in operating costs of around 3 percent in 2026 due to a combination of strategic investments in our organic growth opportunities and measures to further increase efficiency. On this basis, we expect earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around €3.1 billion. This corresponds to EBITDA including treasury result of around €3.8 billion.

Forecast for results of operations 2026

We continue to manage our business primarily on the basis of net revenue without treasury result, as this excludes cyclical interest rate effects and reflects operating performance. In line with our strategy and based on organic growth opportunities, we expect net revenue without treasury result to rise to around €5.7 billion in fiscal 2026. We expect the treasury result, which comprises net interest income and margin fees, to amount to around €0.7 billion. Overall, we therefore expect net revenue of around €6.4 billion. We anticipate an increase in operating costs of around 3 percent in 2026 due to a combination of strategic investments in our organic growth opportunities and measures to further increase efficiency. On this basis, we expect earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around €3.1 billion. This corresponds to EBITDA including treasury result of around €3.8 billion.

Forecast for results of operations 2026

We continue to manage our business primarily on the basis of net revenue without treasury result, as this excludes cyclical interest rate effects and reflects operating performance. In line with our strategy and based on organic growth opportunities, we expect net revenue without treasury result to rise to around €5.7 billion in fiscal 2026. We expect the treasury result, which comprises net interest income and margin fees, to amount to around €0.7 billion. Overall, we therefore expect net revenue of around €6.4 billion. We anticipate an increase in operating costs of around 3 percent in 2026 due to a combination of strategic investments in our organic growth opportunities and measures to further increase efficiency. On this basis, we expect earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around €3.1 billion. This corresponds to EBITDA including treasury result of around €3.8 billion.

Forecast for results of operations 2026

We continue to manage our business primarily on the basis of net revenue without treasury result, as this excludes cyclical interest rate effects and reflects operating performance. In line with our strategy and based on organic growth opportunities, we expect net revenue without treasury result to rise to around €5.7 billion in fiscal 2026. We expect the treasury result, which comprises net interest income and margin fees, to amount to around €0.7 billion. Overall, we therefore expect net revenue of around €6.4 billion. We anticipate an increase in operating costs of around 3 percent in 2026 due to a combination of strategic investments in our organic growth opportunities and measures to further increase efficiency. On this basis, we expect earnings before interest, taxes, depreciation, and amortization (EBITDA) without treasury result to increase to around €3.1 billion. This corresponds to EBITDA including treasury result of around €3.8 billion.

Forecast for results of operations 2026