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  "documentTitle": "2025 12 Capital Markets Day",
  "authorId": "Deutsche-Boerse",
  "authorName": "Deutsche Börse Group",
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  "notes": "The slide uses a waterfall-style bridge to reconcile the 2026 target from Nov 2023 to today, accounting for segment-specific performance and FX adjustments.",
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      "text": "The original plan was based on $1.08/€, now we expect $1.17/€ for 2026; this mainly affects the IMS segment",
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      "text": "ESG/Index headwinds, Trading & Clearing outperformance, Securities Services growth, and FX rate adjustments.",
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      "text": "Net revenue: €6.4bn",
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      "text": "We are committed to our targets for 2026 – however, the underlying growth drivers have changed slightly",
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