FRANKFURT (Reuters) – German exchange operator Deutsche Boerse raised its full-year targets on Monday as it reported better-than-expected quarterly results thanks to higher trading activity.

The company said it now expects 2022 net revenue over 3.8 billion euros ($4.07 billion) and earnings before interest, taxes, depreciation and amortisation (EBITDA) over 2.2 billion euros as its cyclical net revenue grew more than expected in the first quarter.

Its previous forecast had been for revenue around 3.8 billion euros and EBITDA around 2.2 billion euros.

The company’s EBITDA rose 32% to 687.4 million euros in the first quarter, compared to analysts’ average expectation for a figure of 637.9 million euros.

($1 = 0.9334 euros)

(Reporting by Zuzanna Szymanska; Editing by Leslie Adler)