Hong Kong Exchanges and Clearing (388) investor relations material

Executive summary

• Record YTD Q3 2026 revenue and other income rose 12% YoY to HK$24.569b; profit attributable to shareholders rose 15% to HK$15.427b.

• Record activity across Cash, Derivatives and Commodities, strong Northbound Stock Connect volumes and fundraising supported results; Q3 shareholder profit fell 1% YoY as trading moderated from Q2 highs.

Financial highlights

• YTD revenue was HK$20.807b, up from HK$17.745b; net investment income was HK$3.540b versus HK$3.893b, and revenue and other income reached HK$24.569b (+12%).

• YTD EBITDA rose 14% to HK$19.610b; operating profit increased 15% to HK$18.445b and profit before tax to HK$18.395b.

• YTD shareholder profit was HK$15.427b (+15%); net income was HK$15.466b versus HK$13.476b, and basic EPS rose 15% to HK$12.20.

• Q3 revenue and other income was HK$7.867b (+1% YoY, -7% QoQ); EBITDA was HK$6.199b, flat YoY, and shareholder profit was HK$4.859b (-1% YoY, -10% QoQ).

• YTD operating expenses rose 7% to HK$4.755b; growth was 9% excluding charitable donations, the FCA fine and the insurance recovery, both related to 2022 nickel-market events.

Outlook and guidance

• Recent trading moderated from Q2 2026 record highs amid macro uncertainty and volatility; the multi-asset portfolio is positioned to capture activity across asset classes.

• Cash-market T+1 settlement is targeted for H2 2028, subject to market readiness and regulatory approval; feedback supported the proposed model but noted extensive preparation needs.

• USM launch was on track for 16 November 2026, subject to market readiness and regulatory approval, with rehearsals and participant preparation underway.

• Orion Derivatives Platform technical readiness is targeted by 2027, with phased rollout in 2027–28; derivatives after-hours trading is to extend to 4:15 a.m. from March 2027.

• Priorities include expanding ETP, derivatives and index offerings, developing offshore RMB markets, and modernising trading and post-trade infrastructure; LME physical-market decision notice was expected in Q4 2026.