ASX (ASX) H2 2025 earnings summary

Executive summary

• Delivered strong operating revenue of $1.11 billion, up 7% year-over-year, with diversified business segments and robust trading activity.

• Underlying net profit after tax increased by 7.5%, with statutory profit up 6% after significant items.

• Focused on technology modernization, operational risk management, and resilience uplift through the Accelerate program.

• Maintained a cost-conscious approach, balancing expense growth with efficiency initiatives and ongoing transformation.

• Board declared a fully franked final dividend of $112.10 per share, total $223.30 per share for the year, up 7.4%.

Financial highlights

• EBITDA margin rose 70 bps to 62.8%; underlying NPAT reached $510.0 million, up 7.5%.

• Statutory NPAT was $502.6 million, up 6.0%, with underlying ROE up 60 bps to 13.6%.

• Net interest income up 13.2% to $86.8 million, driven by higher cash and collateral balances.

• Total expenses grew 7.2% to $460.3 million, below midpoint of guidance.

• Depreciation and amortization up 30.8% to $48.4 million as new tech systems went live.

Outlook and guidance

• FY26 total expenses expected to grow 14–19% year-over-year, including $25–$35 million for ASIC inquiry response; core business expense growth at 8–11%.

• CapEx guidance for FY26 narrowed to $170–$180 million, with similar range for FY27.

• Targeting EBITDA margin increase and maintaining underlying ROE of 13%-14.5% over the medium term.

• No fee changes expected for cash market clearing and settlement services before late FY27.

• Solid momentum in listings activity and supportive market conditions for interest rate futures.