Singapore Exchange (S68) H2 2025 earnings summary

Executive summary

• Achieved record-high revenue and net profit for FY2025, marking the strongest performance since listing, driven by a multi-asset strategy and broad-based growth across equities, currencies, and commodities.

• Celebrated 25th anniversary with robust business momentum, reinforcing position as a trusted multi-asset platform for capital raising, investment, and risk management.

• Strong client engagement, product innovation, and disciplined capital allocation supported growth, with notable expansion in global connectivity and platform relevance.

• Equities cash net revenue rose 19% year-over-year, with strong investor interest and increased flows.

• Derivatives and OTC FX segments posted significant volume and revenue growth, with OTC FX net revenue up 25% and ADV up 28%.

Financial highlights

• Group net revenue rose 11.7% year-on-year to S$1,298 million, with broad-based growth across all segments.

• Adjusted group NPAT increased 15.9% to S$610 million; adjusted operating profit margin and NPAT margin improved by 4.2 and 1.7 points, respectively.

• Equities cash revenue surged 19%, SDAV up 26.5% to S$1.34 billion, highest in four years.

• Derivatives net revenue grew 9% (S$44 million), with 17.2% growth in daily average volume; SGX FX net revenue up 25% (S$23 million), ADV up 28% to US$143 billion.

• Total FY2025 dividends proposed at 37.5 cents, up 8.7% from the prior year.

Outlook and guidance

• Medium-term revenue growth target set at 6%-8% CAGR, excluding treasury income; OTC FX and derivatives expected to deliver low to mid-teens percentage growth.

• FY2026 expenses expected to rise 4%-6%, with CapEx capped at 7% of operating revenue; S$90–S$95 million planned for CapEx and M&A.

• Board proposes steady dividend increase of 0.25 cents per quarter from FY2026 to FY2028, subject to earnings growth.

• Confident in delivering exceptional long-term shareholder value, with a focus on disciplined growth and innovation.