Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — FY2025 Earnings Presentation
20 slides from Singapore Exchange's earnings presentation, Aug 8, 2025
Slide 1: FY2025 Results Analyst and Media Briefing
FY2025 Results Analyst and Media Briefing Loh Boon Chye, Chief Executive Officer Daniel Koh, Chief Financial Officer 8 August 2025 Singapore Exchange Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Statements in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations a
Slide 3: Agenda
Agenda 1 Financial Highlights and Performance 2 Business Updates 3 Questions and Answers 3
Slide 4: Financial Highlights and Performance
Financial Highlights and Performance Daniel Koh, Chief Financial Officer 4
Slide 5: Highest revenue and net profit driven by multi-asset strategy
Highest revenue and net profit driven by multi-asset strategy StrongStrong and sustained business and sustained growth growth business backed by robust multi-asset diversification ▪ Equities – Cash net revenue up 19% on strong investor interest and increased investment flows ▪ Robust derivatives gro
Slide 6: FY2025 Highlights
FY2025 Highlights ▪ Strong FY2025 results with highest revenue and NPAT1 Group Net Revenue & Expenses2 Group NPAT Group Margins (%)4 11.7% 4.2% pts 8.4% 1.7% pts 15.9% 1.6% 1,162 1,298 54.0 58.2 598 648 45.3 47.0 534 543 526 610 3 Net Revenue Adj. Expenses Reported Adjusted Adj. Op. Profit Margin Ad
Slide 7: Top-line growth driven by contributions from all business segments
Top-line growth driven by contributions from all business segments ▪ Equities – Cash SDAV up 26.5% driven by strong investor interest and increased investment flows ▪ Derivatives DAV up 17.2% across asset classes; OTC FX ADV strong growth to US$143B Equities - Cash Derivatives1 OTC FX (Net Revenue +
Slide 8: FY2025 Net revenue up 11.7% to $1,298M
FY2025 Net revenue up 11.7% to $1,298M ▪ Equities – Cash revenue increased with higher SDAV and net clearing fees ▪ Derivatives and OTC FX revenue growth driven by strong volume increases +42 +7 +62 +25 ▪ Higher co-location ▪ Equity derivatives sales and repricing of ▪ OTC FX headline ADV ▪ SDAV inc
Slide 9: FY2025 Total adjusted expenses up 1.6%
FY2025 Total adjusted expenses up 1.6% ▪ Focused cost discipline enabling greater flexibility for investments in FY2026 Comparable +8 +4 +9 Comparable ▪ One-off professional ▪ Higher variable fees bonus provision ▪ Securities in line with market higher initiatives profitability 555 534 543 FY2024 Ad
Slide 10: Adjusted NPAT reflects core earnings, excluding non-cash and one-off items
Adjusted NPAT reflects core earnings, excluding non-cash and one-off items -48 +8 -8 +10 ▪ Intangible assets ▪ Disposal of ▪ Amortisation of investment in purchased ▪ Underperformance Philippines Dealing in associated intangibles System Holdings companies Corp (PDS) ▪ Securities market initiatives 6
Slide 11: Robust financial position with low leverage ratio
Robust financial position with low leverage ratio ▪ Well positioned to support growth and deliver returns to shareholders Gross Debt1 (S$’M) Leverage Ratio2 Interest Coverage Ratio3 728 688 1.0x 77x 0.8x 54x FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 1 Gross Debt includes both borrowings and lease li
Slide 12: Driving sustainable value through efficient capital management
Driving sustainable value through efficient capital management ▪ Driving topline organic growth with disciplined spending Organic ▪ Focus on capability building and technology enhancements (FY2026: 4-6% expense growth increase) Future- ▪ Capex investments in modernising technology infrastructure (FY
Slide 13: Continue delivering sustainable and growing dividends
Continue delivering sustainable and growing dividends, aligned with our long-term growth prospects ▪ Proposed final quarterly dividend of 10.5 cents per share1 (1.5 cents increase, +16.7% y-o-y), bringing FY2025 total dividend to 37.5 cents per share ▪ Subject to earnings growth, increasing 0.25 cen
Slide 14: Business Updates
Business Updates Loh Boon Chye, Chief Executive Officer 14
Slide 15: A defining year of strategy and success
A defining year of strategy and success Focused execution amidst geopolitical shifts, market volatility, investor flows across regions Primary Venue for Asia Access Deeper Client Adoption T+1 ▪ 36% y-o-y volume growth Client ▪ Strengthening cross-asset synergy Volume ▪ 23% CAGR growth over 2 years D
Slide 16: Poised for 6-8% CAGR medium-term revenue growth
Poised for 6-8% CAGR medium-term revenue growth Build high quality revenue through product development, client acquisition, global partnerships Capture growth opportunities Strengthen Our Platforms ▪ Operational excellence Upward Trajectory in OTC FX and Derivatives ▪ Scalable technology at core, ▪
Slide 17: Q&A Session
Q&A Session Loh Boon Chye, Chief Executive Officer Michael Syn, President, Head of Global Markets Daniel Koh, Chief Financial Officer Ng Yao Loong, Head of Equities Pol De Win, Head of Global Sales & Origination Tan Boon Gin, Chief Executive Officer of SGX RegCo 17
Slide 18: Appendix
Appendix =SGXGroup
Slide 19: On track to achieve our medium-term guidance
On track to achieve our medium-term guidance FY26 Guidance Medium Term Guidance Net Revenue 6-8% growth (excluding Treasury Income) OTC FX and Exchange Traded Low to mid-teens % growth Derivatives Mid-to-high single digit % contribution OTC FX to Group EBITDA Expense 4-6% increase Low to mid-single
Slide 20: Thank you
Thank you Singapore Exchange Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities sgx.com This material is not intended for distribution to, or for use by or to be acted on by any person or entity located in any jurisdiction where such distribution, use or action would be cont