Slide 1: ASX Limited – 2026 Half-Year Presentation Slides
Sydney Level 27, 39 Martin Place, Sydney NSW 2000 P.O. Box H224 Australia Square NSW 1215 131 279 +61 2 9338 0000 (from overseas) asx.com.au 12 February 2026 Australian Securities and Investments Commission ASX Market Announcements Office Mr Benjamin Cohn-Urbach ASX Limited Senior Executive Leader,
Slide 2: ASX Limited 1H26 results
ASX Limited 1H26 results 12 February 2026 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 February 2026, unless otherwise stated. It is
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
Slide 5: CEO transition
CEO transition
Slide 6: Contents
1H26 results highlights 01 Helen Lofthouse, CEO ASIC Inquiry 02 Helen Lofthouse Transformation strategy 03 Helen Lofthouse Contents 04 1H26 financial performance Andrew Tobin, CFO Customer driven growth 05 opportunities Helen Lofthouse Outlook and guidance 06 Helen Lofthouse 5
Slide 7: 1H26 highlights
1H26 highlights Helen Lofthouse, CEO
Slide 8: 1H26 financial results summary
1H26 financial results summary1 Solid financial performance driven by strong revenue growth Operating revenue $602.8 million +11.2% Interim dividend 101.8 cents per share -8.5% -180 Underlying NPAT $263.6 million +3.9% EBITDA margin 61.4% bps Underlying Statutory NPAT $263.6 million 2 +8.3% return o
Slide 9: ASIC Inquiry
ASIC Inquiry Helen Lofthouse
Slide 10: ASIC Inquiry
ASIC Inquiry Interim report published in December 2025 Critical inflection point for ASX Interim report published ASX committed to ASIC’s by Inquiry Panel strategic package of actions in “It contains the substantive conclusions that response to interim report. will comprise the basis of the final re
Slide 11: Key actions from ASIC Inquiry Panel's Interim Report
Key actions from ASIC Inquiry Panel’s Interim Report Addressing the specific commitments from ASIC’s strategic package of actions Commitments ASX actions • All non-executive directors on CS facility Boards are now independent Independent Clearing & Settlement (CS) • Resourcing structure will be modi
Slide 12: Key actions from ASIC Inquiry Panel's Interim Report
Key actions from ASIC Inquiry Panel’s Interim Report Addressing the specific commitments from ASIC strategic package of actions Commitments ASX actions Accumulation of additional $150 million of capital above net tangible assets Accumulate additional $150 million of capital expected to be funded by:
Slide 13: Transformation strategy
Transformation strategy Helen Lofthouse
Slide 14: Transformation strategy
Transformation strategy We have delivered in a number of areas GREAT FUNDAMENTALS CUSTOMER DIGITAL Enabled by DRIVEN BY DESIGN Strategic Technology modernisation pillars Accelerate program ONE ASX Delivering Partnering New data technology Key with customers platform roadmap achievements Modern workp
Slide 15: Technology strategy
Technology strategy Investing to deliver future-ready market infrastructure for Australia Platform based Delivered via major technology projects Technology partnerships to leverage global capabilities Leading global Industry technology leaders cloud provider (NASDAQ, TCS) Shaping the future of • New
Slide 16: Indicative technology modernisation delivery roadmap
Indicative technology modernisation delivery roadmap1 Investing in future-ready market infrastructure for Australia GREAT FUNDAMENTALS Reliable and resilient operations FY24 FY25 FY26 FY27 FY28 and future Key features delivered: Release 15: moved to single Cash Release opening auction, added additio
Slide 17: CHESS project
CHESS project Indicative pathway to go-live of Release 11 GREAT FUNDAMENTALS Reliable and resilient operations Targeting go-live in April 2026 Release 1 2H25 FY26 First Final Go-live CHESS Release 1: ITE2 (opened February Complete build for Accreditation process for production production Production
Slide 18: Accelerate program
Accelerate program1 Enterprise-wide program focused on genuine transformation GREAT FUNDAMENTALS Reliable and resilient operations Accelerate program objective: To enhance how ASX delivers on its stewardship of critical market infrastructure, embedding risk management excellence, resilience and sust
Slide 19: 1H26 financial performance
1H26 financial performance Andrew Tobin, Chief Financial Officer
Slide 20: Financial results
27 Financial results % Strong revenue growth driven by market activity 1H26 vs $m 1H26 2H25 1H25 Strong revenue growth in Securities & Payments, Markets and 1H25 Technology & Data with Listings marginally up. Listings 106.4 103.1 104.9 1.4% Markets 192.7 180.8 168.4 14.4% Total expenses increased du
Slide 21: Listings
Listings Performance supported by higher annual listing fees and growth in ETF business 1H26 vs Initial listing fee revenue contribution per period ($m)1 $m 1H26 2H25 1H25 1H25 Revenue 106.4 103.1 104.9 1.4% Annual listing 57.3 54.8 55.5 3.2% Initial listing1 9.1 9.5 9.4 (3.2%) 0.3 1.0 0.6 Secondary
Slide 22: Markets
Markets Performance driven by higher trading activity across interest rate futures and cash market trading 1H26 vs Interest rate futures and options volumes (million) $m 1H26 2H25 1H25 1H25 Revenue 192.7 180.8 168.4 14.4% Futures and OTC 142.9 136.2 126.4 13.1% Cash market trading 41.6 36.1 33.4 24.
Slide 23: Technology & Data
Technology & Data Continued growth in demand for market data and ALC infrastructure services 1H26 vs Information Services revenue contribution ($m) $m 1H26 2H25 1H25 1H25 Revenue 142.9 142.7 132.9 7.5% Information services 89.3 89.1 82.2 8.6% Technical services 53.6 53.6 50.7 5.7% Key drivers (avera
Slide 24: Securities & Payments
Securities & Payments Strong cash and debt markets activity driving equity post trade services and Austraclear revenue 1H26 vs On-market value cleared ($billion) $m 1H26 2H25 1H25 1H25 Revenue 160.8 138.7 135.7 18.5% Issuer services 34.8 28.4 30.1 15.6% Equity post-trade services 81.5 69.7 66.7 22.2
Slide 25: Total expenses
Total expenses Increase in expenses driven by ASIC Inquiry costs, key business programs, higher technology costs and D&A 1H26 vs Employee expenses growth primarily driven by higher average headcount to $m 1H26 2H25 1H25 1H25 support delivery of key programs. Employee 124.3 121.9 119.8 (3.8)% Technol
Slide 26: Total expenses growth
Total expenses growth Primarily driven by ASIC Inquiry costs, key programs, higher technology costs and depreciation and amortisation Total expense profile ($m) 1H26 total expenses • 1H26 total expense growth of 20.0% including ASIC Inquiry costs. • 1H26 expense growth of 12.1%, excluding ASIC Inqui
Slide 27: Capital expenditure profile
Capital expenditure profile Primarily driven by technology modernisation roadmap Capital expenditure ($m) 1H26 capital expenditure • 1H26 CAPEX of $83.1m. FY26 - FY27 CAPEX guidance • FY26 CAPEX guidance range of $170m to $180m 1 • FY27 CAPEX guidance of $160m to $180m • Depreciation and amortisatio
Slide 28: Net interest income
Net interest income Decrease driven by lower rate environment and higher interest charge on leases 1H26 vs Average collateral balance ($billion) $m 1H26 2H25 1H25 1H25 Interest income on ASX Group cash 26.8 29.4 32.2 (16.8%) Interest expense - financing (9.2) (9.9) (10.3) 10.7% Interest expense - le
Slide 29: Balance sheet and shareholder returns
Balance sheet and shareholder returns Stable balance sheet; 75% dividend payout ratio 1H26 vs 31 Dec 25 30 Jun 25 Shareholder returns 1H26 2H25 1H25 1H25 Cash and cash equivalents 700.3 1,008.2 Underlying return on equity 13.5% 13.7% 13.5% — Financial assets at amortised cost 11,526.6 12,895.6 Under
Slide 30: Available financial resources
Available financial resources The Group holds sufficient capital and liquid financial resources to support its licensed business activities $m 31 Dec 25 30 Jun 25 Financial resource requirements Cash and cash equivalents 700.3 1,008.2 • A portion of ASX Group's own cash and short term investments is
Slide 31: Customer driven growth opportunities
Customer driven growth opportunities Helen Lofthouse
Slide 32: Customer driven growth opportunities
Customer driven growth opportunities Recent activity Customer driven Improving market quality New initiatives • Advisory Group on Corporate Governance • Options over gold ETF launched – Chair and members appointed • New electricity futures contracts launched • Review of elements of Listing Rules • F
Slide 33: Outlook and guidance
Outlook and guidance Helen Lofthouse
Slide 34: Outlook and guidance
Outlook and guidance Solid momentum in listings activity, market conditions remain supportive of interest rate futures • Solid momentum in listings including of BMC Minerals and dual listings of Channel Infrastructure and Ryman Healthcare. Higher interest from entities considering listing compared t
Slide 35: Q&A
Q&A 34
Slide 36: Financial appendix
Financial appendix 35
Slide 37: Income statement
1. Income statement 1H26 2H25 1H25 2H24 1H24 $million $million $million $million $million Annual listing 57.3 54.8 55.5 53.7 53.5 Initial listing 9.1 9.5 9.4 9.7 10.3 Secondary raisings 34.3 33.6 34.9 35.8 37.0 Investment products and other listing 5.7 5.2 5.1 4.1 4.1 Listings 106.4 103.1 104.9 103.
Slide 38: Income statement (continued)
1. Income statement (continued) 1H26 2H25 1H25 2H24 1H24 $million $million $million $million $million Employee 124.3 121.9 119.8 115.7 124.8 Occupancy 6.2 6.4 5.8 5.5 5.4 Technology 43.7 39.9 37.6 32.8 24.8 Administration 28.5 26.6 20.0 21.2 26.1 Variable 9.0 7.4 7.9 6.8 6.2 ASIC industry funding le
Slide 39: Balance sheet
2. Balance sheet 31 Dec 25 30 Jun 25 31 Dec 24 30 Jun 24 31 Dec 23 $million $million $million $million $million Assets Cash and cash equivalents 700.3 1,008.2 546.4 1,243.1 999.6 Financial assets at amortised cost1 11,526.6 12,895.6 12,265.9 12,176.9 10,535.2 Goodwill and trademarks 2,325.5 2,325.5
Slide 40: Key financial ratios
3. Key financial ratios 1H26 2H25 1H25 2H24 1H24 Basic earnings per share (EPS)1 135.7c 133.5c 125.6c 125.8c 119.0c Diluted EPS1 135.7c 133.5c 125.6c 125.8c 119.0c Underlying EPS2 135.7c 132.0c 130.9c 125.8c 119.0c Dividend per share – interim 101.8c — 111.2c — 101.2c Dividend per share – final — 11
Slide 41: Listings
4.1 Listings 1H26 2H25 1H25 2H24 1H24 Total market capitalisation ($bn) – period end 3,282 3,024 3,007 2,857 2,797 Total number of listed entities (includes all stapled entities) – period end 2,052 2,083 2,116 2,155 2,191 Number of new listings 62 30 39 28 28 Average annual listing fee for each peri
Slide 42: Markets: Futures and OTC
4.2 Markets: Futures and OTC 1H26 2H25 1H25 2H24 1H24 Trading days 130 126 130 127 128 Total contracts traded – futures ('000) ASX SPI 200 6,327 6,566 6,858 7,258 7,678 90 day bank bills 24,101 24,648 21,223 20,230 17,071 3 year bonds 34,546 34,806 30,715 27,112 23,263 5 year bonds 71 93 107 152 174
Slide 43: Markets: Futures and OTC (continued)
4.2 Markets: Futures and OTC (continued) 1H26 2H25 1H25 2H24 1H24 Total contracts traded – options on futures ('000) ASX SPI 200 — — 1 — 1 3 year bonds — — — — — Overnight 3 year bonds — — 1 — 17 Intra-day 3 year bonds 111 48 63 25 13 10 year bonds1 — — — 1 — Electricity 97 80 50 57 53 Total options
Slide 44: Markets: Equity Options
4.2 Markets: Equity Options 1H26 2H25 1H25 2H24 1H24 Trading days 130 123 130 124 128 Single stock options (‘000) 29,114 31,281 31,241 30,195 31,428 Index options and futures (‘000) 3,681 3,778 3,350 3,389 3,872 Single stock options average daily contracts 223,957 254,315 240,314 243,505 245,533 Ind
Slide 45: Markets: Cash Market Trading
4.2 Markets: Cash Market Trading 1H26 2H25 1H25 2H24 1H24 Trading days 130 123 130 124 128 Total cash market trades ('000) 316,872 255,155 220,202 196,540 181,590 Average daily cash market trades 2,437,477 2,074,431 1,693,859 1,585,000 1,418,673 Continuous trading value ($bn) 507.233 446.722 406.087
Slide 46: Technology and Data: Drivers
4.3 Technology and Data: Drivers 1H26 2H25 1H25 2H24 1H24 Informational services (average over period) Real time professional display 50,042 49,549 49,750 49,520 50,421 Real time non-display 582 559 542 534 537 Technical services (average over period) ASX ITCH & OUCH Access 326 321 317 296 312 ASX t
Slide 47: Securities & Payments: Clearing & Settlement and Issuer Services
4.4 Securities & Payments: Clearing & Settlement and Issuer Services 1H26 2H25 1H25 2H24 1H24 Clearing and settlement days 130 123 130 124 128 Total billable cash market value cleared ($bn) 986.6 878.1 805.9 735.8 721.4 Number of dominant settlement messages (m) 12.7 11.2 11.2 10.4 10.0 Number of tr
Slide 48: Clearing & Settlement and Issuer Services pricing policy
4.4 New Click toCash editEquities MasterClearing & Settlement and Issuer Services pricing policy title style Commenced/ Intro Subheading from copy 1 Julyusing 2025Arial bold 12pt Building Block The BBM calculates the revenue requirement for ASX’s clearing, settlement and Issuer Services (CS Services
Slide 49: Securities & Payments: Austraclear
4.4 Securities & Payments: Austraclear 1H26 2H25 1H25 2H24 1H24 Settlement days 130 123 130 124 128 Transactions ('000) Cash transfers 274 268 280 285 290 Fixed interest securities 1,142 1,035 951 827 772 Discount securities 71 67 74 70 70 Foreign exchange 1 9 9 2 2 Other — — — — — Total transaction
Slide 50: CCP participant collateral balances
4.5 CCP participant collateral balances 1H26 2H25 1H25 2H24 1H24 $million $million $million $million $million Balances at period end ASX Clear – initial cash margins 806.0 1,118.6 1,171.6 1,012.0 975.2 ASX Clear (Futures) – initial cash margins House1 2,080.2 2,393.9 2,191.3 2,245.6 1,330.9 ASX Clea
Slide 51: ASX Group own cash and short-term investments movement
5. ASX Group own cash and short-term investments movement 1H26 2H25 1H25 2H24 1H24 $million $million $million $million $million ASX Group cash and short-term investments Total cash and short-term investments 12,226.9 13,903.8 12,812.3 13,420.0 11,534.8 Less participants’ margins and commitments (10,