ASX (ASX) 2025 Investor Forum summary

Strategic progress and focus areas

• Two years into a five-year strategy, emphasizing technology modernization, risk management, and customer-driven growth, with a vision to inspire confidence and trust.

• People and culture are foundational, with leadership and workforce strategy prioritized to enable transformation and uplift engagement.

• The Accelerate program was launched to uplift operational risk management and resilience, with a new Chief Risk Officer appointed.

• Ongoing review of product offerings and equity portfolio to ensure optimal returns and alignment with market shifts.

• Commitment to supporting sustainability and the energy transition through new products and market infrastructure.

Technology modernization and operational resilience

• Major upgrades delivered and underway across trading, clearing, and settlement platforms, with key milestones from FY25 to FY29.

• Service Release 15 for cash market trading introduces a single opening auction and post-close trading session.

• CHESS replacement progressing in two releases: go-live for release one in Q4 FY26, release two targeted for 2029, with extended support for current CHESS.

• Partnerships with TCS, Accenture, NASDAQ, and AWS support delivery, resilience, and data platform development.

• Ongoing investments to enhance CHESS reliability and capacity, incorporating customer feedback and third-party support.

Financial guidance and capital management

• FY25 expense growth expected mid-guidance; FY26 total expense growth guided at 8–11%, driven by technology costs.

• Ongoing efficiency program targets AUD 17 million in annualized savings in FY26 and similar in FY27.

• CapEx guidance: AUD 170–180 million for FY25 and FY26, with reduction expected after FY27.

• Dividend payout ratio maintained at 80–90% of underlying NPAT; medium-term ROE target of 13–14.5%.

• EBITDA margin targeted for medium-term expansion, supported by revenue growth and disciplined expense management.