Slide 1: ASX Limited 2025 Full-Year Results Presentation Slides (cover letter)
Exchange Centre 20 Bridge Street, Sydney NSW 2000 P.O. Box H227 Australia Square NSW 1215 131 279 +61 2 9338 0000 (from overseas) asx.com.au 14 August 2025 Australian Securities and Investments Commission ASX Market Announcements Office Mr Benjamin Cohn-Urbach ASX Limited Senior Executive Leader, Ma
Slide 2: ASX Limited FY25 results
For personal use only ASX Limited FY25 results 14 August 2025
Slide 3: Disclaimer
Disclaimer For personal use only This presentation has been prepared by ASX Limited (ABN 98 008 624 691) (“ASX”). Summary information This presentation contains general information about ASX and its related bodies corporate (“ASX Group”) and their activities current as at 14 August 2025, unless othe
Slide 4: Acknowledging Country
For personal use only Acknowledging Country ASX acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past and present. Artwork by Lee Ann Hall, My country My People
Slide 5: Contents
For personal use only FY25 highlights 01 Helen Lofthouse, CEO FY25 financial performance 02 Andrew Tobin, CFO Contents Customer driven 03 growth opportunities Helen Lofthouse Outlook and guidance 04 Helen Lofthouse 4
Slide 6: FY25 highlights
For personal use only FY25 highlights Helen Lofthouse, CEO
Slide 7: FY25 highlights
FY25 highlights Strong financial performance, maintaining investment in key focus areas For personal use only Focus areas Operational risk FY25 Technology Business management financial results modernisation optimisation and resilience Strong Accelerate program operating revenue1 Operating underway t
Slide 8: FY25 financial results summary
FY25 financial results summary1 Strong financial performance driven by revenue growth and expense management For personal use only Operating revenue $1.11 billion +7.0% Total dividend 223.3 cents per share +7.4% Underlying NPAT $510.0 million +7.5% EBITDA margin 62.8% +70 bps Underlying Statutory NP
Slide 9: Two years into multifaceted transformation journey
Two years into multifaceted transformation journey Good progress in many areas, more to do to increase pace of uplift in operational risk management and resilience For personal use only Investing in Great Fundamentals Operational risk management Accelerate Reset and resilience uplift program Launche
Slide 10: Operational risk and resilience uplift
Operational risk and resilience uplift Accelerate program For personal use only Prioritising and accelerating activities in FY26 management and Great Fundamentals Operational risk resilience uplift One ASX Accelerate Operational Business Technology Data program risk resilience resilience management
Slide 11: Indicative technology modernisation delivery roadmap
Indicative technology modernisation delivery roadmap1 Delivering key technology upgrades For personal use only FY24 FY25 FY26 FY27 FY28 and future Key features delivered: Release 15: moved to single Cash Release opening auction, added additional Release 15 Incremental platform enhancements and new p
Slide 12: ASIC compliance assessment and inquiry
ASIC compliance assessment and inquiry Announced in mid-June 2025 For personal use only • Wide-ranging inquiry • Panel of experts appointed − Expected to provide their report to ASIC by end of March 2026 • ASX is cooperating fully − Dedicated team proactively coordinating response − Response require
Slide 13: FY25 financial performance
For personal use only FY25 financial performance Andrew Tobin, Chief Financial Officer
Slide 14: Financial results
Financial results Strong growth in revenue and underlying NPAT For personal use only FY25 vs $m FY25 FY24 FY24 Listings 208.0 208.2 (0.1%) Strong revenue growth in Markets, Technology & Data and Securities & Markets 349.2 315.4 10.7% Payments with Listings stable. Technology & Data 275.6 255.1 8.0%
Slide 15: Listings
Listings Higher annual listing fees offset by lower initial and secondary listing fees For personal use only FY25 vs Initial listing fee revenue contribution per year ($ million)1 $m FY25 FY24 FY24 Revenue 208.0 208.2 (0.1%) 1.1 Annual listing 110.3 107.2 2.9% 1.3 Initial listing1 18.9 20.0 (5.5%) 1
Slide 16: Markets
Markets Higher revenue driven by strong interest rate futures and cash market trading activity For personal use only FY25 vs Interest rate futures and options volumes (million) $m FY25 FY24 FY24 Revenue 349.2 315.4 10.7% Futures and OTC 262.6 237.9 10.4% Cash market trading 69.5 60.3 15.3% Equity op
Slide 17: Technology & Data
Technology & Data Growth primarily driven by continued customer demand for data services For personal use only FY25 vs Information Services revenue contribution ($million) $m FY25 FY24 FY24 Revenue 275.6 255.1 8.0% Information services 171.3 156.3 9.6% Technical services 104.3 98.8 5.6% Key drivers
Slide 18: Securities & Payments
Securities & Payments Higher activity in clearing, settlement and debt markets For personal use only FY25 vs $m FY25 FY24 FY24 On-market value cleared ($billion) Revenue 274.4 255.6 7.4% Issuer services 58.5 58.1 0.7% Equity post-trade services 136.4 129.4 5.4% Austraclear (including Sympli) 79.5 68
Slide 19: Total expenses
Total expenses Increase in technology expenses and depreciation and amortisation For personal use only FY25 vs $m FY25 FY24 FY24 Employee expenses stable, reflecting cost optimisation actions Employee expenses 241.7 240.5 (0.5%) including a targeted restructure, lower contractor spend and reduced re
Slide 20: Total expenses growth
Total expenses growth FY25 total expenses growth within guidance, FY26 impacted by additional operating expenses to respond to ASIC Inquiry For personal use only FY25 total expenses profile Total expenses profile ($m) FY25 total expense growth of 7.2%1 • Higher expense growth in 2H25 vs 1H25 of 8.9%
Slide 21: Capital expenditure profile
Capital expenditure profile Primarily driven by technology modernisation program For personal use only Capital expenditure ($m) 200 $176m $170 - $180m $160 - $180m 150 • FY25 capital expenditure of $176 million, within guidance range1 • FY26 capital expenditure guidance range of $170 to $180 million
Slide 22: ASX net interest income
ASX net interest income Higher earnings partially offset by higher interest expenses For personal use only FY25 vs FY24 Average collateral balance ($billion) $m FY25 FY24 Interest income on ASX Group cash 61.6 54.7 12.6% Interest expense - financing (20.2) (10.6) (90.6%) Interest expense - lease (2.
Slide 23: Balance sheet and shareholder returns
Balance sheet and shareholder returns Stable balance sheet; 85% dividend payout ratio For personal use only FY25 vs $m 30 Jun 25 30 Jun 24 Shareholder returns FY25 FY24 FY24 Cash 1,008.2 1,243.1 Underlying return on equity 13.6% 13.0% 60bps Financial assets 12,895.6 12,176.9 Underlying earnings per
Slide 24: Customer driven growth opportunities
For personal use only Customer driven growth opportunities Helen Lofthouse
Slide 25: Customer driven growth opportunities
Customer driven growth opportunities Progress since Investor Forum in June For personal use only Customer driven Market quality Pricing and rebates New initiatives • Cash Market Trading Release 15 is live • Launched new Cash Equities • New debt market activity data – Removal of ‘staggered market ope
Slide 26: Outlook and guidance
For personal use only Outlook and guidance Helen Lofthouse
Slide 27: Outlook and guidance
Outlook and guidance Solid momentum in listings activity, market conditions remain supportive of interest rate futures For personal use only Importance of A vibrant public market is critical to the Australian economy – powering economic growth, innovation and wealth creation. It enables access to pu
Slide 28: Q&A
27 For personal use only Q&A
Slide 29: Financial appendix
For personal use only 01 Financial appendix Appendices 02 ASX background information 28
Slide 30: Financial appendix
For personal use only 01 Financial appendix Appendices 02 ASX background information 29
Slide 31: Balance sheet
2. Balance sheet For personal use only 30 Jun 25 30 Jun 24 30 Jun 23 30 Jun 22 30 Jun 21 $million $million $million $million $million Assets Cash 1,008.2 1,243.1 1,008.6 4,972.2 5,357.8 Financial assets1 12,895.6 12,176.9 11,957.5 9,484.8 8,024.1 Intangibles (excluding software) 2,325.5 2,325.5 2,32
Slide 32: Key financial ratios
3. Key financial ratios FY25 FY24 FY23 FY22 FY21 For personal use only Basic earnings per share (EPS)1 259.1c 244.8c 163.9c 262.7c 248.4c Diluted EPS1 259.1c 244.8c 163.9c 262.7c 248.4c Underlying EPS2 262.9c 244.8c 253.7c 262.7c 248.4c Dividend per share – interim 111.2c 101.2c 116.2c 116.4c 112.4c
Slide 33: Listings
4.1 Listings FY25 FY24 FY23 FY22 FY21 For personal use only Total market capitalisation ($bn) – period end 3,024 2,857 2,652 2,443 2,658 Total number of listed entities (includes all stapled entities) – period end 2,083 2,155 2,255 2,317 2,228 Number of new listings 69 56 57 217 176 Average annual l
Slide 34: Markets: Futures and OTC
4.2 Markets: Futures and OTC FY25 FY24 FY23 FY22 FY21 For personal use only Trading days 256 255 256 256 256 Total contracts traded – futures ('000) ASX SPI 200 13,424 14,936 15,389 14,815 14,425 90 day bank bills 45,871 37,301 30,323 21,235 12,833 3 year bonds 65,521 50,375 43,663 42,618 45,598 5 y
Slide 35: Markets: Futures and OTC (continued)
4.2 Markets: Futures and OTC (continued) FY25 FY24 FY23 FY22 FY21 For personal use only Total contracts traded – options on futures ('000) ASX SPI 200 1 1 4 9 28 3 year bonds — — — — 3 Overnight 3 year bonds 1 17 6 5 — Intra-day 3 year bonds 111 38 72 7 27 10 year bonds1 — 1 — 3 61 Electricity 130 1
Slide 36: Markets: Equity Options
4.2 Markets: Equity Options FY25 FY24 FY23 FY22 FY21 For personal use only Trading days 253 252 252 253 254 Single stock options (‘000) 62,522 61,623 58,345 60,172 56,887 Index options and futures (‘000) 7,128 7,261 7,671 5,896 5,328 Single stock options average daily contracts 247,121 244,535 231,5
Slide 37: Markets: Cash Market Trading
4.2 Markets: Cash Market Trading FY25 FY24 FY23 FY22 FY21 For personal use only Trading days 253 252 252 253 254 Total cash market trades ('000) 475,357 378,130 369,584 448,276 384,150 Average daily cash market trades 1,878,880 1,500,516 1,466,603 1,771,841 1,512,400 Continuous trading value ($bn) 8
Slide 38: Technology and Data: Technical Services
4.3 Technology and Data: Technical Services FY25 FY24 FY23 FY22 FY21 For personal use only Technical Services (number at period end) ASX Distribution Platform Australian Liquidity Centre cabinets 352 391 390 386 368 Connection Services ASX Net connections 104 100 99 106 103 ASX Net service feeds 438
Slide 39: Securities & Payments: Clearing & Settlement and Issuer Services
4.4 Securities & Payments: Clearing & Settlement and Issuer Services FY25 FY24 FY23 FY22 FY21 For personal use only Clearing and settlement days 253 252 252 253 254 Total billable cash market value cleared ($bn) 1,684.0 1,457.2 1,536.4 1,812.2 1,589.2 Number of dominant settlement messages (m) 22.4
Slide 40: Securities & Payments: Austraclear
4.4 Securities & Payments: Austraclear FY25 FY24 FY23 FY22 FY21 For personal use only Settlement days 253 252 252 253 254 Transactions ('000) Cash transfers 548 575 578 560 565 Fixed interest securities 1,986 1,599 1,469 1,229 1,100 Discount securities 141 140 134 104 103 Foreign exchange 18 4 12 4
Slide 41: CCP participant collateral balances
4.5 CCP participant collateral balances FY25 FY24 FY23 FY22 FY21 For personal use only $million $million $million $million $million Balances at period end ASX Clear – initial cash margins 1,118.6 1,012.0 970.5 1,257.7 971.3 ASX Clear (Futures) – initial cash margins House1 2,393.9 2,245.6 2,085.7 2,
Slide 42: ASX Group own cash and short-term investments
5. ASX Group own cash and short-term investments For personal use only FY25 FY24 FY23 FY22 FY21 $million $million $million $million $million ASX Group cash and short-term investments Total cash and short-term investments 13,903.8 13,420.0 12,966.1 14,457.0 13,381.9 Less participants’ margins and com
Slide 43: Financial appendix
For personal use only 01 Financial appendix Appendices 02 ASX background information 42
Slide 44: ASX overview
For personal use only ASX overview
Slide 45: Diversified businesses
Diversified businesses Delivers revenue1 across all market cycles For personal use only Securities & Payments Austraclear Listings 7% • Provides central counterparty clearing and settlement • Provides an efficient regulated framework for entities Cash Market services for equities Settlement Listings
Slide 46: ASX operates critical market infrastructure
ASX operates critical market infrastructure Holds 9 licences For personal use only Trading Clearing Settlement Benchmarks Benchmark Administrators Market Licences CS Facility Licences CS Facility Licences Licence Australian ASX ASX Clear ASX Securities ASX Clear Austraclear ASX Benchmarks Limited (F
Slide 47: Benchmarking ASX against global peers
Benchmarking ASX against global peers Reflects where we are in our five year strategy For personal use only Employee expenses to operating revenue ratio Technology expenses to operating revenue ratio CAPEX to operating revenue ratio 16% 38% 40% 12% 13% 27% 28% 28% 11% 8% 8% 8% 22% 22% 24% 7% 7% 9% 9
Slide 48: Listings overview
Listings overview For personal use only Raising capital
Slide 49: ASX Listings proposition
ASX Listings proposition Globally competitive For personal use only Outsized World’s 5th Earlier index Valuation Price Half the cost access to largest pension inclusion drives metrics transparency of the US2 growth capital system and liquidity compare and discovery via follow-on highest % listed fav
Slide 50: Growth strategy
Growth strategy Activity through the cycle For personal use only Rule and policy settings Build pipeline Focus on Australia and of attractive New Zealand market companies Targeted offshore business development 49
Slide 51: Listings
Listings For personal use only Listings Annual listings Initial listings Secondary raisings Investment products and other listings • A regulated, efficient market for entities • A regulated exchange offering a deep and • A deep, liquid market and efficient • Broad distribution via a deep and liquid
Slide 52: Listings
Listings For personal use only Listings Initial listings Annual listings Secondary raisings Investment products and other listings • A regulated exchange offering a deep and • A regulated, efficient market for entities • A deep, liquid market and efficient • Broad distribution via a deep and liquid
Slide 53: Listings performance
Listings performance For personal use only FY25 revenue split (under AASB 15) FY21 – FY25 revenue (under AASB 15) 3.3% CAGR 3.4% over theCAGR 5 year past 5 years Total market capitalisation and number of listed companies Total capital quoted ($bn) and number of IPOs 52
Slide 54: Markets overview
Markets overview For personal use only Trading Clearing
Slide 55: Markets key points
Markets Key points For personal use only Largest interest rate derivatives Cash market trading: market in Asia Pacific; fourth 88% share of on-market largest globally1 trading in FY25 Australia & New Zealand’s Equity derivative contracts primary energy transition Near 24 hour trading and transacting
Slide 56: Markets performance
Markets performance For personal use only Markets Futures and OTC Cash market trading Equity options • Trading and clearing of derivatives including futures and • Australia’s primary venue for trading cash • Trading of single stock and index options, and clearing Activities options on interest rates
Slide 57: Markets performance
Markets performance For personal use only Markets Futures and OTC Cash market trading Equity options • Brokers and traders • Brokers, traders and investors • Brokers, traders and investors Customers • Clearing participants • Clearing and settlement participants • Banks and institutional and retail e
Slide 58: Markets performance
Markets performance For personal use only FY25 revenue split FY21 – FY25 revenue 5.0% CAGR over the past 5 years Futures contracts traded ($m) ASX on-market value traded ($bn) 57
Slide 59: Securities & Payments
Securities & For personal use only Payments Clearing Settlement, payment and register
Slide 60: Securities & Payments
Securities & Payments Efficient provision of essential infrastructure and services For personal use only Diverse range of clients and key stakeholders Revenue split (FY25) Delivering essential services including • Approved Market Operators clearing, settlement, • Banks • Share registries payments an
Slide 61: New Cash Equities Clearing & Settlement and Issuer Services pricing policy
New Cash Equities Clearing & Settlement and Issuer Services pricing policy Commenced from 1 July 2025 For personal use only • Pricing policy updated following consultation with customers and industry Building block method • Business areas included in new policy: − Cash Market Clearing and Settlement
Slide 62: Securities & Payments
Securities & Payments For personal use only Securities & Payments Equity post-trade services Issuer Services Austraclear • Provides clearing and settlement services to the cash equity market through • Services provided to a range of issuers • Provides efficient settlement, depository ASX Clear and A
Slide 63: Securities & Payments
Securities & Payments For personal use only Securities & Payments Equity post-trade services Issuer Services Austraclear • $2.4tn assets held in CHESS • At end June 2025, 19.7m holdings on HIN • $3.1tn debt securities held Market • ~3m active shareholders in CHESS • Settles ~$88bn transactions daily
Slide 64: Securities & Payments performance
Securities & Payments performance FY25 revenue split FY21 – FY25 revenue For personal use only (0.3%) CAGR over the past 5 years 24% 24% 52% Austraclear total spot issuances ($bn) On-market value cleared ($bn)
Slide 65: Technology & Data overview
Technology & For personal use only Data overview Data and insights Access and Connectivity
Slide 66: Technology & Data
Technology & Data Efficient, secure connectivity and insights for our customers For personal use only Information Technical Services Services Data and insights: Access and connectivity: to add value to our customers to the financial ecosystem Connectivity for, and between, ASX customers. 65
Slide 67: Technology & Data: macro drivers and enablers of growth
Technology & Data: macro drivers and enablers of growth Customer driven, leveraging technology For personal use only Increase in Demand for Increased demand for Macro drivers Australian market data Sustainability demand for value added latency services solutions Enabled by ASX data platform Enhanced
Slide 68: Technology & Data product pipeline
Technology & Data Product pipeline For personal use only Q3 FY25 Q4 FY25 1H26 Gross short sales Available Debt market activity: repo Debt market activity: bond & money market ASX Colo OnDemand Upcoming (IaaS) ASX 24: daily activity summary Other potential opportunities in discovery stage ASX 24 refe
Slide 69: Technology & Data
Technology & Data For personal use only Technology & Data Information Services Technical Services • Provides source of truth data to support price discovery in cash equities, derivatives and • Provides access to all ASX markets and services, and provides highly efficient Activities debt markets; val
Slide 70: Technology & Data
Technology & Data For personal use only Technology & Data Information Services Technical Services • Professional traders, investors, risk managers and compliance service providers • Brokers, traders and investors Customers • Provider of data solutions to trading, clearing and settlement participants
Slide 71: Technology & Data performance
Technology & Data performance FY25 revenue split FY21 – FY25 Information Services revenue For personal use only 9.8% CAGR over the past 5 years 40% 24% 24% 52% FY21 – FY25 Technical Services revenue ALC cabinets and connections 4.9% CAGR over the past 5 years 70