Singapore Exchange (S68) H2 2025 earnings summary

Executive summary

• Achieved record-high revenue and net profit for FY 2025, marking the strongest performance since listing, driven by a multi-asset strategy and broad-based growth across all segments.

• Celebrated 25th anniversary with robust business momentum, reinforcing position as a trusted multi-asset platform for capital raising, investment, and risk management.

• Strong client engagement and product innovation supported growth, with notable expansion in global connectivity and platform relevance.

• Equities cash net revenue rose 19% year-over-year, with strong investor interest and increased flows.

• Disciplined capital allocation supported growth and shareholder returns, with a proposed final dividend up 17% year-over-year.

Financial highlights

• Group net revenue rose 11.7% year-on-year to $1,298 million, with broad-based growth across all segments.

• Adjusted group NPAT increased 15.9% to $648 million; adjusted operating profit margin improved by 4.2 points to 58.2%, and NPAT margin by 1.7 points to 47.0%.

• Equities cash revenue surged 19%, SDAV up 26.5% to $1.34 billion, highest in four years.

• Derivatives net revenue grew 9% ($44 million), with 17.2% growth in daily average volume; SGX FX net revenue up 25% ($23 million), ADV up 28% to $143 billion.

• Adjusted expenses rose 1.6% ($9 million), mainly due to higher variable bonuses; technology and other costs stable.

Outlook and guidance

• Medium-term revenue growth target set at 6%-8% CAGR, excluding treasury income; OTC FX and derivatives expected to deliver low to mid-teens percentage growth.

• FY 2026 expenses expected to rise 4%-6%, with CapEx capped at 7% of operating revenue; $90-$95 million planned for CapEx and M&A.

• Board proposes steady dividend increase of $0.0025 per quarter from FY 2026 to FY 2028, subject to earnings growth.

• Confident in delivering exceptional long-term shareholder value, with a focus on disciplined growth and innovation.