Asx Limited · ASX:ASX
Asx — ASX 2025 Investor Forum
53 slides from Asx's conference presentation, Jun 12, 2025
Slide 1: Investor Forum Presentation Slides
12 June 2025 Australian Securities and Investments Commission ASX Market Announcements Office Mr Benjamin Cohn-Urbach ASX Limited Senior Executive Leader, Market Infrastructure 20 Bridge Street Level 5, 100 Market Street SYDNEY NSW 2000 SYDNEY NSW 2000 INVESTOR FORUM PRESENTATION SLIDES Attached is
Slide 2: ASX Limited 2025 Investor Forum
ASX Limited 2025 Investor Forum 12 June 2025 1
Slide 3: Disclaimer
Disclaimer 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 12 June 2025, unless otherwise stated. It is prov
Slide 4: Acknowledging Country
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 3
Slide 5: Agenda
Agenda 10.00am 10.50am Update on ASX’s five year strategy Listings Helen Lofthouse, Chief Executive Officer James Posnett, General Manager 11.00am 10.20am Session one Session two Markets Technology roadmap Darren Yip, Group Executive Group view Tim Whiteley, Chief Information Officer Business line d
Slide 6: ASX Executive Leadership Team
ASX Executive Leadership Team Helen Lofthouse Tim Whiteley Andrew Tobin Jane Franks Darren Yip Diona Rae Clive Triance Managing Chief Information Chief Financial Chief People Group Executive, Chief Operating Group Executive, Director Officer Officer Officer Markets Officer Securities & & CEO Payment
Slide 7: Strategy
Strategy Helen Lofthouse, CEO 6
Slide 8: Five year strategy
Five year strategy Our purpose, vision and FY28 outcomes Our purpose To power a stronger economic future by enabling a fair and dynamic marketplace for all. Vision for success ASX is in a new era. We are the market’s choice, inspiring confidence and trust. Strategic pillars GREAT CUSTOMER DIGITAL FU
Slide 9: Year two of our five year strategy
Year two of our five year strategy Key progress in FY25 and actions in FY26 Strategic GREAT ONE ASX CUSTOMER DRIVEN DIGITAL BY DESIGN pillars FUNDAMENTALS • Executing key cultural shifts • Regulatory deliverables • Continued stakeholder engagement • Launch new data products FY25 • Improving our empl
Slide 10: Great Fundamentals
Operational risk and resilience Accelerate program 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 management Culture and capabi
Slide 11: Strategic horizons
Strategic horizons Embedding Horizon 1 uplifts to support Horizon 2 growth HORIZON 1 – RESET HORIZON 2 – EMBED AND GROW Restore confidence, focus on fundamentals Increase speed, quality and value, drive future growth Still work to do in Horizon 1, particularly operational risk management. Embedding
Slide 12: ASX value chain: creating value across the market lifecycle
ASX value chain: creating value across the market lifecycle Strength of business model A vibrant public market is critical to the Australian economy – powering economic growth, innovation and wealth creation. Importance of It enables access to capital and democratises investment opportunity, providi
Slide 13: Horizon 2 growth
Horizon 2 growth Driving further value from ASX’s value chain Horizon 2 growth Today Our investment in technology is laying the foundation to expand our offering and drive further value. Horizon 2 growth is also supported by our structural tailwinds Integrated exchange focused on financial products
Slide 14: Horizon 2 growth
Horizon 2 growth Leveraging structural tailwinds to drive longer term growth Structural Australian capital base supporting Data and connectivity Sustainability tailwinds formation and allocation • Offer high-quality data and insights • A leader in facilitating capital • Supporting the energy transit
Slide 15: Technology roadmap
Technology roadmap Tim Whiteley, Chief Information Officer 14
Slide 16: Delivery roadmap
Delivery roadmap1 Delivering key technology upgrades FY24 FY25 FY26 FY27 FY28 and future Key features delivered: Release 15 Cash Release (targeting Release 15: move to single Incremental platform enhancements and new product offerings opening auction; aligns with other Market Trading 14 go-live on 2
Slide 17: CHESS project
CHESS project Progress on Release 1 and Release 2 First Industry Test Environment (ITE1) opened in February 2025 Release 1 Operational readiness process underway for Approved Market Operators (AMOs) 2H25 FY26 ITE1 CHESS Release 1: (opened Complete Accreditation Production Go-live build for process f
Slide 18: Technology strategy
Technology strategy Investing to support Great Fundamentals and growth Delivering for our customers and the market ASX data platform Quality data to support performance, innovation and growth Reliable delivery Technology partnerships Engineering for resilience On-time delivery across Technology part
Slide 19: Finance update
Finance update Andrew Tobin, Chief Financial Officer 18
Slide 20: FY25 and FY26 total expense growth guidance
FY25 and FY26 total expense growth guidance Operating expense efficiency program underway Total expenses profile ($m) 500 +8-11% FY25 total expense profile: +6-9% 450 • FY25 total expense growth expected to be around mid-point of 6% to 9% guidance range1 +4-7% and the mid-point of the operating expe
Slide 21: Capital expenditure guidance
Capital expenditure guidance Primarily driven by technology modernisation program Capital expenditure ($m) 200 $170 - $180m $170 - $180m $160 - $180m 150 • FY25 capital expenditure expected to be within a narrowed range of between $170 million and $180 million, and remains within the original guidan
Slide 22: Capital management
Capital management Providing flexibility in balancing investment and shareholder returns Dividend per share (cents) Capital management 250 • Strong balance sheet with S&P long term credit rating of AA- 200 120.0 112.1 • Capital management flexibility in place to support future funding requirements 1
Slide 23: Benchmarking ASX against global peers
Benchmarking ASX against global peers Reflects where we are in our five year strategy Employee expenses to operating revenue ratio Technology expenses to operating revenue ratio CAPEX to operating revenue ratio 16% 38% 40% 12% 13% 27% 28% 28% 11% 8% 8% 8% 22% 22% 24% 7% 7% 9% 9% 15% 15% 16% 18% 5% 5
Slide 24: Listings
Raising capital Listings James Posnett, General Manager
Slide 25: Listings activity – ASX and peer exchanges
Listings activity – ASX and peer exchanges Performing well against global peers Number of listed entities on public markets globally (1990-2024)1 Value of capital raised in IPOs and secondary equity offers (SEOs) in Australia (1991-2024)2 80 9,000 4,000 8,000 70 8,000 3,500 7,000 7,000 60 3,000 6,00
Slide 26: ASX Listings proposition
ASX Listings proposition Globally competitive Outsized World’s 5th Earlier index Valuation Price Half the cost access to largest pension inclusion drives metrics transparency of the US2 growth capital system and liquidity compare and discovery via follow-on highest % listed favourably offerings equi
Slide 27: Selected new & upcoming ASX listings
Selected new & upcoming ASX listings Increasing activity and pipeline Listing Deal Value Market Cap at Company Ticker Company GIS Sector GICS Sub-Industry Date (A$m) Listing (A$m) Nationality 13-Feb-25 SIG Health Care Health Care Distributors $27,148^ $31,784 24-Jul-24 AAI Materials Aluminium - $12,
Slide 28: Importance of public markets
Importance of public markets Ensuring that public markets remain attractive for issuers and investors Opportunity Consideration Proposal Streamlined IPO The length of time when retail and institutional investors and companies are Reduce ‘on risk’ period process at risk before they commence trading c
Slide 29: Growth strategy
Growth strategy Activity through the cycle Rule and policy settings Build pipeline Focus on Australia and of attractive New Zealand market companies Targeted offshore business development 28
Slide 30: Markets
Trading Markets Clearing Darren Yip, Group Executive
Slide 31: Horizon Two growth
Horizon Two growth Technology modernisation supporting market quality Technology modernisation supporting growth in Markets business Platform updates Benefits and opportunities Derivatives market trading Enhancement of bond futures market microstructure Release 4 (went live in March 2025) Removal of
Slide 32: Horizon Two growth: Product updates
Horizon Two growth Product updates Product updates Energy transition ecosystem Interest rate futures Proposed standardised monthly gas futures in NSW & Added additional short-dated contracts Victoria Peak electricity contract structure Proposed new exchange traded alternative to OTC Overnight Index
Slide 33: Cash market trading
Cash market trading Volatility driving volume growth Daily traded value (Jul 2019 – May 2025) Trading volume mix (Jul 2019 – May 2025) 300 100% Start of COVID USA tariff pandemic announcement 90% 250 80% 70% 200 60% Billions 150 50% 40% 100 30% 20% 50 10% 0 0% Jan Jan Jan Jan Jan Jan Jul Jul Jul Jul
Slide 34: Rates futures
Rates futures Current interest rate environment Rates and Yields in FY25 (to May 2025) 6 5.5 Trends in FY25 (to May 2025) 5 Per cent (%) • Global central bank monetary policy 4.5 actions impact on market's interest rate expectations 4 • Macroeconomic factors creating healthy level of volatility and
Slide 35: Rates futures
Rates futures Volumes returning to pre-COVID pandemic growth trend Rates Traded Volumes (calendar year) COVID pandemic Volumes have returned to Traded Volume (m) pre-pandemic growth trend • Volumes and open interest levels returned to pre-COVID pandemic levels • March 2025 a record month for total v
Slide 36: Securities & Payments
Securities & Payments Clearing Clive Triance, Group Executive Settlement, payment and register
Slide 37: CHESS roadmap
CHESS roadmap Response to CHESS Batch Settlement incident Outcomes following reviews into CHESS Batch Settlement Incident Roadmap has been in place setting out ongoing investments to support current CHESS • Some increased resourcing to add further resilience • Extend existing third-party support • C
Slide 38: New Cash Equities Clearing & Settlement and Issuer Services pricing policy
New Cash Equities Clearing & Settlement and Issuer Services pricing policy Planning to commence from 1 July 2025 • Pricing policy updated following consultation with customers and industry Building block method • Business areas included in new policy: − Cash Market Clearing and Settlement − Issuer S
Slide 39: Growth initiatives
Growth initiatives FY26 focus areas Austraclear to launch Driving electronic communications and multi-currency capability CHESS e-statement take-up • Part of expansion of multi-currency capabilities to • Statements Working Group formed August 2024 which support non-AUD issuance and real time settlem
Slide 40: Technology & Data
Technology & Data Data and Jamie Crank, Group Executive insights Access and Connectivity
Slide 41: Technology & Data
Technology & Data Efficient, secure connectivity and insights for our customers 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. 40
Slide 42: Technology & Data: macro drivers and enablers of growth
Technology & Data: macro drivers and enablers of growth Customer driven, leveraging technology 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 digital Leveraging AI
Slide 43: Information Services: Growth strategy
Information Services Growth strategy Strategic Unparalleled insights and high-quality data to empower financial markets to drive efficiency, outcome transparency and growth Current state Focus for growth What we will measure • ~10% revenue CAGR over past • Launch previously untapped • Improved value
Slide 44: Information Services: Key market trends
Information Services Key market trends Growth in demand for data Data needs to be usable Evolution of the buy-side and new market participants Evolving licencing construct to capture new usage models Demand for new access methods to receive data and insights 43
Slide 45: Information Services: Growth drivers and actions
Information Services Growth drivers and actions Leverage ASX Expand activity Leverage listed Contemporise delivery investments in technology data offering company disclosures of services • Launch of debt market • Opportunity to enable • Contemporary delivery • Data and analytics from activity produc
Slide 46: Technical Services: Growth strategy
Technical Services Growth strategy • Boutique financial data centre services for secure, high-performance, and scalable infrastructure solutions. Strategic • Seamless connectivity enabling access to an ecosystem of critical financial market infrastructure services, outcomes driving market participat
Slide 47: Technical Services: Key market trends
Technical Services Key market trends Growth in both physical and virtual connectivity Expectation for core trading systems to remain physical for at least 10 years Financial market customers have niche requirements Ongoing growth potential of ASX Technical Services ecosystem Global ‘on ramp’ to the
Slide 48: Technical Services: Growth drivers and actions
Technical Services Growth drivers and actions Leverage crossover Develop flexible Infrastructure as Launch new between Technical & bandwidth options to build a Service connectivity solutions Information Services out the ecosystem • Extend ASX’s virtual • Develop new connectivity • ASX connectivity s
Slide 49: Technology & Data: Targeted product pipeline
Technology & Data Targeted product pipeline 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 Targeted summary launch Other potential opportunities in discovery stage ASX 24 r
Slide 50: Investment proposition and summary
Investment proposition and summary Helen Lofthouse 49
Slide 51: Investment proposition
Investment proposition Strengths, growth opportunities and organisational aspirations Medium term Strengths Growth opportunities financial targets • High quality portfolio of businesses • Driven by: • EBITDA margin % expansion from with diverse revenue streams current level Data and connectivity • S
Slide 52: Summary
Summary Making good progress as we move into third year of five year strategy Two years into Making good progress in technology modernisation and customer five year strategy engagement, still work to do to uplift operational risk and resilience Total expense growth guidance of 8% to 11%1 FY26 guidan
Slide 53: Q&A
Q&A