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 in Markets, Technology & Data, and Securities & Payments, while Listings remained stable.

• Underlying NPAT increased 10.1% to $253.7 million and statutory NPAT rose 5.6% to $243.5 million, reflecting strong net interest income and disciplined cost management.

• Technology modernization and risk management remain strategic priorities, with significant progress in major projects and ongoing investment, including the CHESS Replacement project.

• Interim fully franked dividend of 111.2 cents per share declared, up 9.9%, with an 85% payout ratio of underlying NPAT.

• Board renewal continued with new Chair and director appointments, and key regulatory and risk management changes implemented.

Financial highlights

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

• Total expenses were $220.3 million, down 0.2% year-over-year, reflecting effective expense management.

• Net interest income rose 9.4% to $43.1 million, supported by higher cash and collateral balances.

• EBIT margin increased to 59.3%, up 240 basis points year-over-year.

• Underlying EPS was 130.9 cents, up 10.0% 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%.

• Market volatility and global economic dynamics expected to support continued activity and early improvement in IPO activity.

• CHESS Replacement project costs for Release 1 expected at the upper end of $105–$125 million, and Release 2 estimated at $270–$320 million.