Singapore Exchange Limited

Group net revenue increased 7.6% to $695 million. Net revenue excluding treasury income grew 10%, total net revenue grew 8%, and adjusted expenses rose 3.8%. Adjusted group NPAT increased 11.6% to $357 million. Adjusted operating profit margin improved by 1.4 percentage points and adjusted NPAT margin improved by 1.8 percentage points. On segment performance, FICC revenue rose $20 million or 12%, Equities-Cash revenue rose $31 million or 16%, Equity Derivatives revenue fell $10 million or 6%, and Platform and other revenue increased $8 million or 7%. SGX FX average daily value reached a record USD 180 billion, while Equities-Cash SDAV rose 20% to $1.51 billion. Full-year FY26 expense and CapEx guidance was unchanged, and management continued to guide for medium-term revenue CAGR of 6% to 8% excluding treasury income. The board declared an interim dividend of $0.11 per share, bringing first-half FY26 dividends to $0.2175 per share, more than 20% above the same period last year.

The CEO framed the quarter as validation of SGX’s multi-asset strategy, saying growth was broad-based across FX, derivatives/commodities and the stock market. He emphasized three priorities: scaling FX, strengthening derivatives and commodities, and accelerating stock market growth through higher participation, product innovation and better market infrastructure. He also pointed to the GLB with Nasdaq, the value unlock program, ETF/SDR expansion and market-structure changes as part of a longer-term effort to deepen liquidity and broaden the investor base.

The CFO said SGX delivered its highest half-year revenue and earnings, with net revenue of $695 million and adjusted NPAT of $357 million, while adjusted expenses rose only 3.8%. He highlighted margin improvement, a healthy leverage ratio of 0.8x, and Moody’s reaffirmation of an AA2 rating. He also explained the $6 million fair value gain from the 7RIDGE divestment, the $15 million impairment on Scientific Beta due to underperformance, and said the board’s interim dividend of $0.11 per share fits the previously announced pattern of a $0.025 quarterly increase through FY28. He added that SGX plans to reduce some debt as 2 bonds mature over the next 12 months.

Analysts focused on the GLB listing pipeline, treasury income pressure, Scientific Beta, dividends, the value unlock program and possible bolt-on acquisitions. Management said GLB is attracting high-growth new-economy companies and expects some IPOs on the platform by calendar year 2026, but would not give a precise 12- to 18-month listing count. On treasury income, management said the decline reflected rates and collateral currency mix, and that they are managing duration prudently. On Scientific Beta, they said the impairment reflected underperformance versus market-cap-weighted indices, but the asset still supports SGX’s index and data capabilities. Management said the value unlock program has an encouraging response, with roughly 100 companies engaged so far, and said bolt-on M&A would be considered mainly in freight/commodities, but with no timeline.