Singapore Exchange Limited

Group net revenue increased 7.6% to $695 million. Adjusted group NPAT increased 11.6% to $357 million, while adjusted expenses rose 3.8% and 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 was up 8% half-on-half. Forward guidance was unchanged: management kept FY26 expense and CapEx guidance the same, reiterated medium-term organic revenue CAGR of 6% to 8% excluding treasury income, and maintained the dividend plan of increasing by $0.025 per quarter through FY28; the board declared an interim dividend of $0.11 per share and total first-half dividend of $0.2175 per share.

The CEO said the quarter reflected disciplined execution of SGX’s multi-asset strategy across FX, derivatives/commodities, and the stock market. He emphasized that market participation is broadening, liquidity is deepening, and several initiatives — including the Global Listing Board, value unlock programs, and market-structure changes — are designed to build a stronger long-term ecosystem. His tone was confident and constructive, but he also stressed that the strategy is being built over time rather than to a single numerical target for retail participation.

The CFO highlighted record half-year revenue and earnings, with net revenue at $695 million and adjusted NPAT at $357 million, alongside improved margins. He pointed to 10% growth in net revenue excluding treasury income, 12% growth in adjusted earnings, and controlled cost growth with adjusted expenses up 3.8%; staff costs rose $4 million or 2.6%, while other expenses rose $5 million. He also cited a $6 million fair value gain tied to the 7RIDGE sale, a $15 million impairment on Scientific Beta, and a $5 million amortization adjustment. On capital allocation, he said the balance sheet is robust, Moody’s reaffirmed AA2, leverage was 0.8x, and SGX plans to reduce debt as two bonds mature over the next 12 months.

Analysts pressed management on the Global Listing Board, asking what types of companies it might attract and how many listings could come over 12 to 18 months; management said the pipeline is mainly high-growth new-economy companies, including some already listed in the U.S., but would not give a numerical forecast, only saying it hopes for IPOs by calendar year 2026. Questions also focused on treasury income, where management said the decline reflected interest rates, collateral currency mix, and prudent duration management, and on the $15 million Scientific Beta impairment, which management linked to underperformance as investors favor market-cap-weighted indices. Management also said the value unlock program has gotten an encouraging start, with roughly 100 companies participating so far, and that the IPO pipeline is now greater than 30 and still growing.