ASX (ASX) H1 2025 earnings summary

Executive summary

• Record first-half operating revenue of $541.9 million, up 5.9% year-over-year, driven by diversified business growth across Markets, Technology & Data, and Securities & Payments, while Listings remained stable.

• Underlying NPAT rose 10.1% to $253.7 million and statutory NPAT increased 5.6% to $243.5 million, reflecting higher revenue, strong net interest income, and disciplined cost management, partially offset by a $10.2 million significant item related to office relocation.

• Total expenses decreased 0.2% to $220.3 million, reflecting effective expense management and lower regulatory and consultant costs, offset by higher technology and equipment expenses.

• Technology modernization, risk management uplift, and disciplined execution of a five-year strategy remain strategic priorities, with significant progress in major projects and ongoing investment.

• Interim fully franked dividend of 111.2 cents per share declared, up 9.9%, with an 85% payout ratio, scheduled for payment on 21 March 2025.

Financial highlights

• Operating revenue reached $541.9 million, up 5.9% year-over-year.

• EBITDA increased 10.5% to $342.3 million; EBIT rose 10.5% to $321.6 million, with EBIT margin up 240bps to 59.3%.

• Net interest income grew 9.4% to $43.1 million, supported by higher rates and participant balances.

• Underlying EPS was 130.9 cents, up 10.0%; statutory EPS was 125.6 cents, up 5.5%.

• Total expenses were $220.3 million, down 0.2% year-over-year.

Outlook and guidance

• FY25 total expense growth expected between 6%-9%, with operating expense growth of 4%-7%.

• FY25 capital expenditure guidance reaffirmed at $160–180 million, expected to remain at this level until FY27 before reducing.

• Underlying ROE remains a key performance metric, with a target range of 13%-14.5%.

• Early momentum in new listings and capital quoted continues into 2H25, including a $32 billion merger starting to trade.

• Market volatility and global economic dynamics expected to support continued activity.