GS Duttenhoefer BEST of DAY 1 at our German Corp Conference in Munich

GS Duttenhoefer - BEST of DAY 1 at our German Corp Conference in Munich 21 Sep 2026 Johannes Duttenhoefer · Goldman Sachs · FICC & Equities 21 Sep 2026

We just finished our 1st day in Munich; decent attendance and good investor mood; sentiment among companies a bit more mixed with strong comments from

We just finished our 1st day in Munich; decent attendance and good investor mood; sentiment among companies a bit more mixed with strong comments from Semis; macro was not a big topic (not yday´s local elections or the oil price); feedback on presentations below; regards, GS Team Germany.

a reminder: our strategist recently published a report on German Equities; fiscal stimulus is moving from promise to delivery, manufacturing is recovering and our economists expect growth to accelerate through 2027/28; consensus expects +17% EPS growth in 2027 vs 9% for STOXX 600; Germany offers one of the best GARP opportunities globally with DAX trading at 15x P/E at decent EPS growth; positioning has improved but Germany remains under-owned; Energy and China are key risks but only 20% of revs come from Germany (Autos/Chemicals just 7%/5% of market cap).

2 quotes to remember were „we are simply too complex at the moment” (Volkswagen) and “Europe is waking up for Equities and retail is waking up” (flatexDEGIRO)

Deutsche Börse AG (MCAP €51.8bn) – Sales View Kai Schopa (GS): Remains fundamentally on track to execute its long-term growth and efficiency targets under the "Leading the Transformation" strategy through 2028. The integration of the recommended Allfunds acquisition (valued at approximately €5.3bn) is progressing as planned, with regulatory closing anticipated in the first half of 2027. Operational performance is driven by structural revenue growth of 8% and disciplined cost containment at 3%, showcasing strong operating leverage and underlying margin expansion. Room crowding: 6/10:

| • | Allfunds Acquisition & Integration: The planned transaction is fully on track, with completion targeted for the first half of 2027. Structurally, Allfunds provides a massive, platformized B2B fund distribution network that is highly complementary to Deutsche Börse’s post-trade capabilities. The strategic thesis is underpinned by bridging Allfunds' data-driven distribution assets with Clearstream's distributed ledger technology (DLT) infrastructure. Furthermore, the valuation landscape has corrected to more favorable levels, and private wealth markets are increasingly migrating toward unified platform models. | | • | Securities Services Momentum: Clearstream is capitalizing on multiple secular trends simultaneously. These include a surge in European debt issuance, the evolution of the new retail broker landscape, and heightened demand for sophisticated collateral management solutions. | | • | Treasury Results & Interest Rate Outlook: Following several periods of elevated interest rates, the peak cycle has begun to turn. Treasury results reached approximately €800m last year, and management has guided for a treasury result exceeding €700m for the full year 2026. While an interest rate inflection point is anticipated between late

2026 and early 2027, the stabilization is arriving earlier than previously modeled. Importantly, the treasury guidance primarily covers the European interest rate exposures. | | • | Digital Assets & Web3 Roadmap: In the short term, Deutsche Börse is making targeted strategic investments across the digital asset supply chain (including a $200m stake in Kraken in April 2026). Over the medium-to-long term, digital assets represent one of the most exciting secular growth engines for the business. Given that regulatory approvals (such as MiCA and the DLT Pilot Regime) will scale gradually, offering a "hybrid" model that bridges traditional custody with tokenized financial instruments is crucial. This hybrid post-trade approach serves institutional clients who seek regulated environments, unlike pure retail-focused crypto platforms. | | • | Profitability & Operating Leverage: A key focal point of the recent Capital Markets Day (CMD) was showcasing the group’s high operating leverage. Management is committed to driving margin expansion…