Hong Kong Exchanges & Clearing Ltd. · HKEX:388
Hong Kong Exchanges & Clearing — Hong Kong Exch & Clearing — FY2025 Earnings Presentation
34 slides from Hong Kong Exchanges & Clearing's earnings presentation, Feb 26, 2026
Slide 1: 2025 Annual Results Analyst Presentation
2025 Annual Results Analyst Presentation Bonnie Y Chan Chief Executive Officer, HKEX Group Herbert Hui Group Chief Financial Officer, HKEX Group 26 February 2026
Slide 2: Disclaimer
Disclaimer The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, inducement, invitation or recommendation to subscribe for, buy or sell any securities or other products or to provide any investment advice or service of a
Slide 3: Agenda
Agenda 01 | 2025 Key Highlights 02 | HKEX Group Financial Review 03 | Looking Ahead 04 | Appendix 3
Slide 4: 2025 Key Highlights
2025 Key Highlights Record full year financial results Revenue and other income Profit attributable to shareholders FY 2025: HK$29.2b (+30% YoY) FY 2025: HK$17.8b (+36% YoY) Q4 2025: HK$7.3b (+15% YoY, -6% QoQ) Q4 2025: HK$4.3b (+15% YoY, -12% QoQ) Continued strategic progress Diversification delive
Slide 5: HKEX Group Financial Review
HKEX Group Financial Review
Slide 6: Record revenue and profit for the second consecutive year in 2025
Record revenue and profit for the second consecutive year in 2025 Core business revenue(2) Revenue and other income(3) EBITDA FY 2025: HK$27.1b (32% YoY) FY 2025: HK$29.2b (30% YoY) FY 2025: HK$22.8b (40% YoY) Q4 2025: HK$6.7b (11% YoY) Q4 2025: HK$7.3b (15% YoY) Q4 2025: HK$5.6b (20% YoY) Pro
Slide 7: Record revenue and profit driven by record volumes across Cash, Derivatives and Commodities
FY2025 vs FY2024 Record revenue and profit driven by record volumes across the Cash, Derivatives and Commodities Markets Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core
Slide 8: Profit up 15% driven by higher volumes in the Cash and Commodities Markets
Q4 2025 vs Q4 2024 Profit up 15% driven by higher volumes in the Cash and Commodities Markets Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core business + 15% + 11% + 1%
Slide 9: Q4 2025 performance above historical trendline, supported by vibrant market activity
Quarterly performance Q4 2025 performance above historical trendline, supported by vibrant market activity Quarterly performance 7,775 (HK$ m) Profit attributable to Shareholders Revenue and Other Income (1) 7,219 7,310 (2) Operating Expenses 6,857 EBITDA 6,381 5,956 6,225 5,685 5,632 5,558 5,309 5,
Slide 10: Higher Margin Funds & Internal Corporate Funds NII partly offset by lower External Portfolio
Net investment income (NII) – FY2025 vs FY2024 Higher Margin Funds & Internal Corporate Funds NII partly offset by lower External Portfolio gains Net investment income by funds Average fund size (HK$ b) 282.2 Total NII FY2025: HK$5,111m (FY2024: HK$4,927m) 238.6 37.0 (HK$ m) 34.4 Corporate Funds Cor
Slide 11: Opex up 5% reflecting cost discipline with prudent investment
Operating expenses and Depreciation, amortisation and impairment – FY2025 vs FY2024 Opex up 5% reflecting cost discipline with prudent investment in talent, infrastructure and operational excellence Depreciation, Staff costs and IT & computer HKEX Foundation Other operating Premises expenses Profess
Slide 12: Financial Summary
Financial Summary Record 2025 Results, Net Investment Well-positioned to 2nd consecutive Income shaped by Invest for Growth record year Multiple Factors • 2nd Consecutive year of Record • Net Investment Income (NII) in • HKEX’s strong 2025 results and Revenue and other Income 2026 is expected to be
Slide 13: Looking Ahead
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Slide 14: Dual Engines Powering HKEX's Near-Term Momentum
Dual Engines Powering HKEX’s Near-Term Momentum Capital Raising: Secondary Market Trading: Record IPO Pipeline from Multiple Drivers Record Volumes, Robust Momentum Record 300+ IPO pipeline at end of 2025, higher Record Cash ADT; Increasing Southbound than previous IPO peak year (2018) Share Elevate
Slide 15: The Push–Pull Dynamic Driving Hong Kong's Market Rebound
The Push–Pull Dynamic Driving Hong Kong’s Market Rebound Global Push, China Pull: HKEX at the Forefront of Capital Flows Push Pull China’s evolving development model Global capital seeking diversification Shift toward high-value innovation Chinese Mainland companies Investors pursuing diversified le
Slide 16: Driving the Next Decade of Connectivity
Driving the Next Decade of Connectivity Connecting China, Connecting the World • Capital raising centre and liquidity hub of choice connecting Chinese opportunities with global investors • IFC connecting international capital flows with Asian growth opportunities in a changing global market equilibr
Slide 17: Enhancing our Multi-Asset Ecosystem
Enhancing our Multi-Asset Ecosystem Cash Market of Choice Achieving Multi-asset Diversification ▪ Leading Global Fundraising Centre ▪ Bond Market Development in Fixed Income Partnership with HKMA & Currency ▪ Regional Growth and Connectivity ▪ Expansion of FIC Product Suite Equity ▪ Growth of Retail
Slide 18: Making our Markets More Accessible: Future-proof Technology and Operations
Making our Markets More Accessible: Future-proof Technology and Operations Platform Modernisation Market Structure Digital and Data & Development Reform Transformation ▪ Orion Derivatives ▪ Listing Efficiency and ▪ USM market digitisation Platform and Orion Cash Fit-for-Purpose Regime e.g. Platform
Slide 19: Conclusion
Conclusion • 2025: Record Group results for 2nd consecutive year 2025 • Led the world in IPO fundraising; record IPO pipeline Year of Strong Momentum, Progress and Transformation • Record volumes across Cash, Derivatives and Commodities • Fruitful delivery of strategic initiatives Macro Backdrop • A
Slide 20: Thank you / Q&A Session
Welcome Welcome Thank questions questions you Q&A Session Q&A Session
Slide 21: Appendix
Appendix
Slide 22: Profit down 12% from record Q3 2025 due to lower volumes in Cash Market
Q4 2025 vs Q3 2025 Profit down 12% from record Q3 2025 due to lower volumes in Cash Market Revenue and Operating Profit attributable to HKEX EBITDA other income(1) expenses(2) shareholders(3) (HK$ m) Total Core business Total Core business Total Core business Total Core business - 6% - 11% + 9% + 6%
Slide 23: Higher Internal Corporate Funds NII partly offset by lower Margin Funds NII
Net investment income (NII) – Q4 2025 vs Q4 2024 Higher Internal Corporate Funds NII partly offset by lower Margin Funds NII Net investment income by funds Average fund size Total NII Q4 2025: HK$1,218m (Q4 2024: HK$1,199m) (HK$ b) 308.0 274.0 37.0 (HK$ m) 34.7 Corporate Funds Corporate Funds Corpor
Slide 24: Opex remained broadly stable, reflecting cost discipline
Operating expenses and Depreciation, amortisation and impairment – Q4 2025 vs Q4 2024 Opex remained broadly stable, reflecting cost discipline with prudent investment in talent, infrastructure and operational excellence Depreciation, Staff costs and IT & computer HKEX Foundation Other operating Prem
Slide 25: Financial Highlights – Income Statement
Financial Highlights – Income Statement (HK$ m, unless stated otherwise) FY2025 FY2024 YoY Change Revenue and other income 29,161 22,374 30% Less: Transaction-related expenses (297) (332) (11%) Revenue and other income less transaction-related expenses 28,864 22,042 31% Operating expenses (6,068) (5
Slide 26: Performance by Operating Segment
Performance by Operating Segment Data and Corporate Group Group HK$ m Cash Derivatives Commodities Connectivity Items FY2025 FY2024 Revenue and other income 14,704 6,863 3,171 2,270 2,153 29,161 22,374 % of Group Total 50% 24% 11% 8% 7% 100% 100% Less: Transaction-related expenses (11) (286) - - - (
Slide 27: Strong Performance in 2025
Strong Performance in 2025 : record high in 2025 Record Cash Market turnover Strategic diversification continues to yield results Average Daily Turnover (ADT) Derivatives LME (1) Value (HK$ b) 286 ➢ Record ADV 1.7m contracts (up 7% YoY) ➢ Record ADV 717,000 lots (up 8% YoY) Connect programmes going
Slide 28: Strong Momentum in Derivatives and LME ADV Sustained in 2025
Strong Momentum in Derivatives and LME ADV Sustained in 2025 Record Derivatives ADV for the 4th consecutive year Record LME volumes ADV (in ’000) ADV (in ’000) FY21-25 1,663 717 CAGR +9% 1,551 FY21-25 CAGR +7% 664 1,303 1,354 1,175 562 547 506 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023
Slide 29: Global Indices and Key Market Data Performance
Global Indices and Key Market Data Performance Global market comparison Key market indicators (Q1 2024 – Q4 2025) HSI CSI 300 S&P 500 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 160 150 +50% +44% 140 Derivative ADV +35% 1,500 1,565 1,482 1,654 1,866 1,535 1,647 1,605 130 ('000 contracts) 120 110
Slide 30: Continuous ADR Conversion and Trading Migration from China Concept Homecoming
Continuous ADR Conversion and Trading Migration from China Concept Homecoming Top 10 Secondary and ADR conversion to HK CCASS Trading shares in HK(3) Dual Primary Listings(1) Market HKEX trading volume HK IPO HK freely traded shares(2) Stock Name Cap Date IPO date 31 Dec 2025 FY2024 FY2025 (HK$ b) 2
Slide 31: Stock Connect – Trading Trends
Stock Connect – Trading Trends Stock Connect generated record revenue of HK$4,317m in FY2025 (up 57% YoY) Stock Connect average daily turnover in value (HK$ b) Shenzhen Southbound Shenzhen Northbound (1) Total average daily turnover in value (2) NB record of SB record of Shanghai Southbound Shanghai
Slide 32: Asia's Capital Markets are the New Frontier, with China as a Main Driver
Asia’s Capital Markets are the New Frontier, with China as a Main Driver Scale in manufacturing, innovation and …contrasts with the substantial potential of Asian/Chinese economy… capital markets (1) % of global total China Other Asia Asia total 59% 49% 39% 36% 32% 29% 20% 30% 10% 9% 27% 18% 17% 17%
Slide 33: HKEX Strategy on a Page
HKEX Strategy on a Page PURPOSE To Connect, Promote and Progress our Markets and the Communities they support for the prosperity of all Reinforce our China Strength RMB Internationalisation Connect Enhancement and Expansion Capitalising on Southbound Integrate China strategy across all divisions Fut
Slide 34: Fruitful Strategic Delivery in 2025
Fruitful Strategic Delivery in 2025 PURPOSE To Connect, Promote and Progress our Markets and the Communities they support for the prosperity of all Reinforce our China Strength • OTC Clear accepted China Government & Policy Bank Bonds as collateral (Mar) • OTC Clear extended maximum tenor for NB Swa
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