Strong Q2 Results and Higher Forecast: Is Deutsche Börse Poised for a Breakout?
Deutsche Börse AG (WKN: 581005 | ISIN: DE0005810055 | Ticker: DB1) published its second-quarter 2026 results on July 22, exceeding expectations. Despite a calmer market environment, the stock exchange operator continued to grow. The stock, however, showed little reaction and is currently trading at around EUR 258. Net revenue, excluding the so-called treasury result, rose by 9% year-over-year to EUR 1.41 billion. The treasury result, which primarily stems from interest on client funds and collateral on deposit, reached EUR 205 million. Overall, net revenue increased by 7% to EUR 1.61 billion as a result.
EBITDA rose by 10% to EUR 980 million. Excluding the treasury result, growth was even stronger at 13%, reaching EUR 775 million. Net income attributable to shareholders improved by 12% to EUR 569 million. Earnings per share rose from 2.77 to EUR 3.15, while cash earnings per share, adjusted for acquisition effects, reached EUR 3.33.
Deutsche Börse thus outperformed expectations. Analysts had forecast, on average, net revenues of EUR 1.58 billion, EBITDA of EUR 953 million, and earnings per share of EUR 3.03. Securities custody and settlement, as well as the interest rate derivatives business, performed particularly strongly. Commodity trading, by contrast, was weaker after the previously high volatility in the energy markets had returned to normal. For the first half of the year as a whole, net revenue reached EUR 3.25 billion, and EBITDA amounted to EUR 1.98 billion. Attributable profit rose by 12% to EUR 1.15 billion. It is noteworthy that operating costs rose by only 4% in the second quarter, while profit grew at a significantly faster rate.
For 2026, management confirms its operating forecast of EUR 5.7 billion in net revenue and EUR 3.1 billion in EBITDA—excluding treasury results in both cases. However, due to changed interest rate expectations and higher customer deposits, the overall outlook was raised. Net revenue is now expected to exceed EUR 6.4 billion, and EBITDA is expected to exceed EUR 3.8 billion.
Strategically, the focus remains on the planned acquisition of the fund platform operator Allfunds for approximately EUR 5.3 billion. In addition, Deutsche Börse invested USD 200 million in the crypto exchange Kraken and completed a EUR 500 million share buyback program. The stock is up about 17% since the start of the year but is still down 0.7% over the past 52 weeks. With a market capitalization of approximately EUR 46.4 billion, Deutsche Börse is one of Germany’s most valuable companies.
DRC Gold: Option Deals in the Congo as a Lever on the Gold Cycle
DRC Gold (WKN: A4205L | ISIN: CA23347H1064 | Ticker Symbol: 5AT0) has, following its rebranding from AJN Resources, strategically focused clearly on Africa and, in particular, the Democratic Republic of the Congo. The recent period of consolidation is less a reflection of operational milestones than of investors’ continued caution toward the gold exploration sector. However, in an environment of steadily escalating geopolitical tensions, the next rise in the gold price is merely a matter of when, not if. From a macroeconomic perspective, therefore, gold remains a beneficiary of inflation risks, high government debt, and geopolitical uncertainties, despite interim corrections. Against this backdrop, momentum for DRC Gold’s stock will pick up again, even as the market looks for robust resource and drilling data.
Operationally, the focus is on two projects secured via option agreements: Giro and Nizi, in each of which DRC Gold can indirectly acquire up to 65%. Giro covers approximately 497 km² and is located about 35 km west of the Kibali mine operated by Barrick Mining (WKN: A417GQ | ISIN: CA06849F1080 | Ticker Symbol: ABR0), which, with an annual production of approximately 600,000 ounces, is considered a benchmark asset in the region. CEO Klaus Eckhof was once one of the key figures behind the discovery and development of Kibali through Moto Goldmines, and he now aims to replicate that success with DRC Gold. Since Barrick Mining is constantly on the lookout for new gold projects, as demonstrated by its latest investment of over CAD 20.9 million in Kingfisher Metals, DRC Gold is also likely to come into the group’s focus should further gold discoveries and corresponding reports emerge, especially since the companies are practically neighbours in the Congo.
A timely update to the NI 43-101 resource estimate for the Giro project has already been promised. At the more distant Nizi project, there is a history of mining activity at the former King Leopold Mine. Between 1913 and 1931, this mine produced gold with peak grades of up to 15 g/t, which, given the geological conditions and mining methods of the time, is a strong indication that economically mineable gold still exists there. However, the key factor in the coming months will be whether the exploration work can improve data quality and whether further gold discoveries will increase interest from the market and major producers.
From a financial and capital markets perspective, it is relevant that, as part of the contract amendment regarding the option on Giro and Nizi, DRC Gold initially issued 25 million shares to Vertex Wealth Limited at a notional price of CAD 0.195 per share. These shares remain subject to a trading lock-up until September 15, 2026. It will be interesting to see whether Vertex Wealth retains these shares as an investor or, if applicable, sells them back onto the market. If these shares do not enter the market, the way would be clear for share prices to rise again.
Wall Street Under Pressure: Alphabet and Tesla Plunge – Oil Prices and Interest Rate Fears Weigh
Alphabet shares (WKN: A14Y6H | ISIN: US02079K1079 | Ticker: GOOG) fell sharply at the end of last week. From Wednesday’s close of USD 342.09, it dropped to around USD 320 by Friday evening—a decline of more than 6.5%. The company’s market capitalization stands at approximately USD 3.89 trillion. Year-to-date, the stock is up only slightly; over a 52-week period, however, it is up a substantial 67%. Alphabet released its Q2 earnings on Wednesday after the US market close. Revenue rose 24% to USD 119.8 billion, and operating income increased 30% to USD 40.8 billion. The operating margin reached 34%. Revenue from Google Search grew by 17%, and YouTube advertising revenue by 13%. Google Cloud performed particularly strongly. Revenue jumped 82% to USD 24.8 billion, and operating profit rose from USD 2.8 billion to USD 8.8 billion. The backlog reached USD 514 billion. The Gemini app now has 950 million monthly active users, and nearly 90% of Fortune 100 companies use Gemini Enterprise.
So why is the stock falling anyway? The reported net income of USD 112.1 billion, or USD 9.11 per share, was inflated by approximately USD 99 billion from unrealized investment gains. Excluding this effect, earnings per share would have been roughly USD 2.85. Even more concerning are the capital expenditures. Alphabet spent USD 44.9 billion in the quarter, twice as much as in the previous year. As a result, free cash flow slipped to minus USD 5.9 billion. At the same time, Alphabet raised its capital expenditure forecast for 2026 to USD 195–205 billion. From a technical analysis perspective, the picture has deteriorated. GOOG is trading below the 20-, 50-, and 100-day moving averages and, for the first time since June 2025, below the 200-day moving average. The 200-day moving average stands at around USD 323, and the stock has now fallen below this level on a weekly basis.
Additional pressure is coming from Tesla shares (WKN: A1CX3T | ISIN: US88160R1014 | Ticker: TSLA). They have fallen by about 13% to USD 313 and are trading below all four moving averages. The 200-day moving average stands at USD 415.00, and Tesla would need to rise by about 32% to reach it again. Tesla also released its Q2 earnings on Wednesday after the US market closed. Although quarterly revenue rose 26% to USD 28.2 billion, operating income plummeted 57% to USD 398 million.
Conclusion
The analyst consensus on Deutsche Börse sees an average price target of EUR 296. A breakout above the resistance zone between EUR 267 and 270 could therefore pave the way toward EUR 300.
DRC Gold offers cyclical exposure to gold through its optioned projects in the Congo. In the short term, gold consolidation still dominates; in the medium term, NI 43-101 reports and drill results will determine the stock’s fundamental revaluation. Although Alphabet continues to grow strongly with a 24% increase in revenue, the company is currently not generating any free cash flow due to massive investments. The enormous drop in Tesla’s earnings also sent the second tech stock of the Magnificent Seven into a tailspin, which in turn weighed on the overall valuation of the broad S&P 500 Index.
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