Singapore Exchange (S68) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue and earnings, with net revenue (excluding Treasury income) up 10% and adjusted earnings up 12% year-on-year, driven by broad-based growth across multi-asset businesses and strong market optimism.

• Multi-asset strategy and diversified revenue streams underpin confidence in delivering 6%-8% CAGR in top-line organic growth (ex-Treasury income) over the medium term.

• Committed to sustainable and growing dividends, targeting a 12% CAGR for FY26-FY28 and a 0.25 cent increase every quarter.

• Operating revenue for the half year ended 31 December 2025 rose to $736.2 million, with net profit after tax at $342.7 million, slightly higher than $340.1 million in the prior year.

• EBITDA increased to $466.1 million from $425.3 million year-over-year.

Financial highlights

• Group net revenue rose 7.6% to SGD 695 million; adjusted group NPAT increased 11.6% to SGD 357 million.

• Net revenue (including Treasury Income) rose 8% year-over-year to $695M in 1H FY2026.

• Adjusted NPAT increased 12% year-over-year, while adjusted expenses grew 3.8%.

• Interim dividend of SGD 0.11 per share declared, with total first-half dividend up over 20% year-on-year to SGD 0.2175 per share.

• Moody's reaffirmed AA2 rating; leverage ratio at 0.8x.

Outlook and guidance

• Confident in maintaining expense and CapEx guidance for FY 2026, with expense growth of 4-6% and CapEx at $90M-$95M.

• Dividend policy targets a 12% CAGR for FY26-FY28, with incremental SGD 0.0025 per quarter to FY 2028.

• IPO pipeline is stronger than six months ago, with more than 30 companies in the pipeline and a diverse sector mix.

• The Group's businesses are not significantly affected by seasonal or cyclical factors.

• Continued focus on product innovation, market connectivity, and expanding multi-asset offerings.