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Singapore Exchange (S68) investor relations material
Singapore Exchange H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary8 Aug, 2025
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.
What conditions could impact dividend step-up?
What's the IPO pipeline conversion outlook?
What M&A areas are strategic priorities?
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Frequently asked questions
Singapore Exchange Limited (SGX) operates as a multi-asset exchange in Singapore. The company provides a range of services including securities and derivatives trading, clearing, settlement, depository, and market data services. SGX offers trading in equities, fixed income, currencies, and commodities, catering to a diverse set of investors and institutions. Additionally, it supports initial public offerings (IPOs) and secondary listings, providing companies with access to capital markets. The exchange also offers a variety of indices and data products, enhancing market transparency and facilitating informed investment decisions. The company is headquartered in Singapore, and its shares are listed on the SGX.
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