ASX (ASX) H2 2025 earnings summary

Executive summary

• Operating revenue rose 7% year-over-year to $1.11 billion, with growth across diversified business segments and three of four business lines.

• Underlying NPAT increased 7.5% to $510 million, with statutory NPAT up 6% to $502.6 million, reflecting robust trading activity and net interest income.

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

• Disciplined cost management supported ongoing transformation and customer-driven growth initiatives.

• Fully franked final dividend of 112.1 cents per share, total FY25 dividend 223.3 cents, up 7.4%.

Financial highlights

• EBITDA margin rose 70 bps to 62.8%, with EBITDA up 8.3% to $695.3 million.

• Underlying ROE increased 60 bps to 13.6%, within the medium-term target range.

• Net interest income up 13.2% to $86.8 million.

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

• Dividend payout ratio maintained at 85% of underlying NPAT.

Outlook and guidance

• FY26 total expense growth expected at 14–19% due to ASIC inquiry, with $25–$35 million allocated for regulatory 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 expansion 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.

• CHESS project Release 1 go-live targeted for Q4 FY26.