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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Hong Kong Exchanges and Clearing
Hong Kong Exchanges and Clearing (388) investor relations material
Hong Kong Exchanges and Clearing Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record revenue and profit for the second consecutive year in 2025, with revenue up 30% and profit attributable to shareholders up 36% year-over-year, driven by strong trading volumes and renewed investor confidence.
Regained position as the world’s leading IPO venue, raising $286.9 billion from 119 listings, a 226% increase from 2024, and set new trading records across Cash, Derivatives, Commodities, and ETP markets.
Strategic initiatives included new IPO price discovery rules, expansion in specialist technology issuers, launch of new indices, and enhancements in market microstructure and technology.
Expanded product offerings in derivatives, fixed income, and commodities, including the launch of the HKEX Tech 100 Index and investment in CMU OmniClear.
Strengthened regional and global connectivity, with new partnerships, increased listings from the Middle East and Southeast Asia, and community engagement initiatives.
Financial highlights
Revenue and other income reached $29,161 million (+30% YoY); core business revenue was $27,103 million (+32% YoY).
Profit attributable to shareholders was $17,754 million (+36% YoY); basic EPS was $14.05 (+36% YoY).
EBITDA was $22,796 million (+40% YoY), with EBITDA margin at 79%.
Full year dividend per share was $12.52 (+35% YoY), with a payout ratio of 90%.
Headline ADT reached $249.8 billion, up 90% year-over-year; derivatives and commodities trading volumes increased by 7% and 8%, respectively.
Outlook and guidance
Entered 2026 with a robust IPO pipeline of over 400 active applications and strong turnover.
Focus on enhancing the multi-asset ecosystem, expanding beyond equities into fixed income, currency, and commodities, and investing in technology and regional connectivity.
Net investment income expected to be affected by revised margin collateral arrangements, HIBOR fluctuations, and external portfolio redemptions.
Continued investment in technology, market structure, and infrastructure modernization to capture growth opportunities.
Expect continued volatility in 2026 due to macroeconomic and geopolitical uncertainties.
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Next Hong Kong Exchanges and Clearing earnings date
Q1 202629 Apr, 2026
Hong Kong Exchanges and Clearing
Next Hong Kong Exchanges and Clearing earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Hong Kong Exchanges and Clearing Limited (HKEX) operates the Stock Exchange of Hong Kong, the Hong Kong Futures Exchange, and the London Metal Exchange. The company facilitates trading, clearing, and settlement in various markets, including equities, commodities, fixed income, and currencies. HKEX provides services such as listing, trading, clearing, market data dissemination, benchmark pricing, and hosting and connectivity services. It also operates five clearinghouses, ensuring a comprehensive post-trade service. The company is headquartered in Hong Kong, and its shares are listed on the HKEX.
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