Singapore Exchange (S68) H2 2026 earnings summary

Executive summary

• Achieved record full-year revenue and net profit for FY2026, with net revenue up 13.9%–14% and adjusted earnings/NPAT up 24.6%–25% year-over-year, driven by strong multi-asset growth.

• Equities cash business revenue surged 28%–28.1%, with SDAV up 34.9%–35% to an 18-year high.

• FX and commodities segments delivered record volumes, with SGX FX ADV at US$190 billion (+33%), and FICC revenue up 17%.

• Board proposed a one-off additional dividend of SGD 0.125 (12.5 cents) per share, bringing total FY2026 dividend to SGD 0.57 (57.0 cents), a 52% increase from FY2025.

• Entering FY2027 from a position of strength, with plans for strategic partnerships, new ecosystems, and enhanced FX capabilities.

Financial highlights

• Net revenue reached S$1,478.3 million, up 13.9% year-over-year.

• Adjusted NPAT was S$759.5 million, up 24.6% year-over-year.

• Adjusted operating profit margin increased by 3.1 percentage points to 61.3%; adjusted NPAT margin rose by 4.4 percentage points to 51.4%.

• Adjusted EBITDA climbed 17.9% to S$980.6 million; adjusted EPS at 71.0 cents.

• Record volumes in commodity derivatives (+21%), FX ADV (+33% to US$190B), and currency derivatives (+31%).

Outlook and guidance

• Expect broad-based growth across all operating segments in FY2027, supported by a diversified multi-asset strategy.

• FY2027 expenses projected to rise 6%–8%, with CapEx around S$100 million for technology, talent, and product innovation.

• Plans to deliver quarterly dividend increases of 0.25 Singapore cents through FY2028.

• Medium-term guidance targets 6%–8% group revenue growth (excluding treasury income) and low- to mid-single digit expense increases.