Singapore Exchange Limited

Group net revenue increased 7.6% to $695 million. Adjusted group NPAT rose 11.6% to $357 million, while adjusted expenses increased 3.8%. Adjusted operating profit margin and adjusted NPAT margin improved by 1.4 and 1.8 percentage points, respectively. Net revenue excluding treasury income grew 10% and total net revenue grew 8%; adjusted earnings grew 12%. Forward guidance was unchanged: FY26 expense and CapEx guidance remained as previously communicated, and SGX reiterated its medium-term target of 6% to 8% CAGR in top-line organic growth excluding treasury income. Management also reaffirmed the dividend path of a $0.025 increase every quarter through FY28; the interim dividend was $0.11 per share, bringing first-half FY26 dividends to $0.2175 per share, more than 20% above the prior-year period.

Boon Chye Loh said the half-year results reflected disciplined execution of SGX’s multi-asset strategy across FX, derivatives, commodities, and the stock market. He emphasized three priorities: scaling FX, expanding the derivatives and commodities franchise, and accelerating stock-market growth through liquidity, market access, and product innovation. He struck an optimistic tone on the GLB, value-unlock initiatives, and new listings pipeline, saying conditions are favorable and that SGX is building a broader, more active ecosystem.

Daniel Koh highlighted record half-year revenue and earnings, with net revenue at $695 million and adjusted NPAT at $357 million. He said revenue growth was diversified across businesses: FICC revenue rose $20 million or 12%, equities-cash revenue rose $31 million or 16%, equity derivatives revenue fell $10 million or 6% mainly due to lower treasury income, and platform/other revenue rose $8 million or 7%. He noted adjusted expenses were up 3.8%, staff costs increased $4 million or 2.6%, and the balance sheet remained strong with Moody’s reaffirming an AA2 rating and leverage at 0.8x; he also said the interim dividend was $0.11 per share and reiterated the quarterly $0.025 dividend-step-up through FY28.

Analysts focused on the GLB listing framework, treasury income pressure, Scientific Beta impairment, IPO pipeline strength, and whether SGX might pursue bolt-on acquisitions. Management said GLB is attracting high-growth new-economy companies, with the first IPOs hoped for in calendar 2026, and clarified that the $420 million cash inflow was proceeds from the sale of the 7RIDGE fund’s Trading Technologies stake. On treasury income, management said lower rates and currency mix were pressuring returns but that they are managing duration prudently; on Scientific Beta, they said underperformance from market-cap-weighted competition led to the $15 million goodwill impairment, but the business still adds index and data capabilities.