Asx Limited · ASX:ASX
Asx — 1H25 Earnings Presentation
41 slides from Asx's earnings presentation, Feb 13, 2025
Slide 1: ASX Limited – 2025 Half-Year Results Presentation Slides
13 February 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 ASX LIMITED – 2025 HALF-YEAR RESULTS PRESEN
Slide 2: ASX Limited 1H25 results
ASX Limited 1H25 results 13 February 2025
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 13 February 2025, 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 3 |
Slide 5: Contents
Contents 1 3 1H25 highlights Technology modernisation Helen Lofthouse, CEO and growth opportunities Helen Lofthouse 2 1H25 financial performance Andrew Tobin, CFO 4 Outlook and guidance Helen Lofthouse 4 |
Slide 6: 1H25 highlights
Helen Lofthouse, CEO 1H25 highlights
Slide 7: 1H25 highlights
1H25 highlights Strong financial performance, maintaining investment in key focus areas Focus areas 1H25 Regulatory and risk Technology Business financial results management uplift modernisation efficiency Record operating revenue1 Multi-year journey to Delivering Expense management further uplift r
Slide 8: 1H25 financial results summary
1H25 financial results summary1 Record operating revenue and 10% growth in underlying NPAT $541.9 $253.7 $243.5 111.2 13.5% million million million cents per share +5.9% +10.1% +5.6% +9.9% +90 bps Operating Underlying Statutory Dividend Underlying revenue NPAT NPAT return on equity 2 7 | 2 Compared t
Slide 9: 1H25 financial performance
Andrew Tobin, CFO 1H25 financial performance
Slide 10: Financial results
Financial results Securities & Payments 25 % 25% 19% Listings Strong growth in underlying NPAT Technology & Data 25% 31% Markets 1H25 vs Strong revenue growth in Markets, Technology & Data and Securities $m 1H25 2H24 1H24 1H24 & Payments. Listings 104.9 103.3 104.9 — Markets 168.4 162.2 153.2 9.9% T
Slide 11: Listings
Listings 19% Higher annual listing revenue offset by lower initial and secondary revenue 1H25 vs Initial listing fee revenue contribution per period ($m)1 $m 1H25 2H24 1H24 1H24 Revenue 104.9 103.3 104.9 — Annual listing 55.5 53.7 53.5 3.7% 0.3 0.7 0.3 Initial listing1 9.4 9.7 10.3 (8.7%) Secondary
Slide 12: Markets
Markets Growth driven by higher futures and cash market trading volumes 31% 1H25 vs Interest rate futures and options volumes (million) $m 1H25 2H24 1H24 1H24 Revenue 168.4 162.2 153.2 9.9% Futures and OTC 126.4 123.5 114.4 10.5% Cash market trading 33.4 30.3 30.0 11.3% Equity options 8.6 8.4 8.8 (2
Slide 13: Technology & Data
Technology & Data Ongoing demand for market data and ALC cabinets 25% 1H25 vs Information Services revenue contribution ($m) $m 1H25 2H24 1H24 1H24 Revenue 132.9 130.5 124.6 6.7% Information services 82.2 80.3 76.0 8.2% Technical services 50.7 50.2 48.6 4.3% Key drivers (spot) ALC Cabinets 392 391 3
Slide 14: Securities & Payments
Securities & Payments 25% Higher cash and debt markets activity driving equity post trade services and Austraclear 1H25 vs On-market value cleared ($billion) $m 1H25 2H24 1H24 1H24 Revenue 135.7 126.6 129.0 5.2% Issuer services 30.1 28.5 29.6 1.7% Equity post-trade services 66.7 65.1 64.3 3.7% Austr
Slide 15: Total expenses
Total expenses Expenses stable supported by disciplined cost management 1H25 vs Employee expenses were lower due to reduced contractor and recruitment $m 1H25 2H24 1H24 1H24 spend and a lower number of employees working on operational activities Employee expenses 119.8 115.7 124.8 4.0% Equipment exp
Slide 16: Total expense growth
Total expense growth Reconfirming FY25 guidance Total expense profile ($m) 1H25 total expenses • 1H25 expenses broadly stable (-0.2%) compared to 1H24 Reconfirming FY25 total expense growth guidance • FY25 total expense growth guidance of 6–9%1 – FY25 operating expense growth guidance of 4–7%2 • Exp
Slide 17: Capital expenditure profile
Capital expenditure profile Primarily driven by technology modernisation roadmap Capital expenditure ($m) 1H25 capital expenditure • 1H25 capital expenditure of $82.5m primarily driven by technology modernisation program Reiterating FY25 - FY27 capital expenditure guidance • FY25 capital expenditure
Slide 18: ASX net interest income
ASX net interest income Higher earnings from elevated rates environment partly offset by higher financing costs 1H25 vs Average collateral balance ($billion) $m 1H25 2H24 1H24 1H24 Interest income on ASX Group cash 32.2 29.0 25.7 25.3% Interest expense - financing (10.3) (8.2) (2.4) large Interest e
Slide 19: Balance sheet and shareholder returns
Balance sheet and shareholder returns Stable balance sheet; 85% dividend payout ratio 31 Dec 24 30 Jun 24 1H25 vs Cash 546.4 1,243.1 Shareholder returns 1H25 2H24 1H24 1H24 Financial assets 12,265.9 12,176.9 Underlying ROE 13.5% 13.3% 12.6% 90bps Intangibles (excluding software) 2,325.5 2,325.5 Unde
Slide 20: Technology modernisation and growth opportunities
Helen Lofthouse Technology modernisation and growth opportunities
Slide 21: Technology roadmap
Technology roadmap1 Progressing major technology projects FY24 FY25 FY26 FY27 and future Cash Market Release Release 15 Release 16 Trading 14 Trading Derivatives System Release 4 Targeted technology project delivery: Markets Trading Replacement Derivatives Trading CHESS Trading Data Clearing Centre
Slide 22: Customer driven growth opportunities
Customer driven growth opportunities Adding value for our customers and markets Customer driven Transitional energy ecosystem Data offering Listings 3 environmental futures Business development Wallumbilla Gas futures Expanding data services to contracts live throughout the cycle to attract launched
Slide 23: Outlook and guidance
Helen Lofthouse Outlook and guidance
Slide 24: Outlook and guidance
Outlook and guidance Early improvement in IPO activity, market conditions supportive of interest rate futures • Early momentum in listings activity including listing of Cuscal, Symal and DigiCo in late 1H25 – Approx. $32 billion merger of Chemist Warehouse and Sigma Healthcare due to start trading t
Slide 25: Q&A
Q&A
Slide 26: Thank you
Thank you
Slide 27: Appendix – Financial appendix
Appendix Financial appendix 2 26 |
Slide 28: 1. Income statement
1. Income statement $million 1H25 2H24 1H24 2H23 1H23 Annual listing 55.5 53.7 53.5 54.4 53.9 Initial listing 9.4 9.7 10.3 11.2 11.8 Secondary raisings 34.9 35.8 37.0 38.8 39.5 Investment products and other listing 5.1 4.1 4.1 4.5 4.5 Listings 104.9 103.3 104.9 108.9 109.7 Futures and OTC clearing 1
Slide 29: 1. Income statement (continued)
1. Income statement (continued) $million 1H25 2H24 1H24 2H23 1H23 Employee expenses 119.8 115.7 124.8 102.1 96.5 Occupancy 5.8 5.5 5.4 5.0 4.9 Equipment 37.6 32.8 24.8 26.6 26.0 Administration 20.0 21.2 26.1 23.9 19.8 Variable 7.9 6.8 6.2 5.9 6.3 ASIC levy 5.6 7.4 7.4 4.4 3.0 Operating expenses excl
Slide 30: 2. Balance sheet
2. Balance sheet $million 1H25 2H241 1H241 2H23 1 1H23 1 Assets Cash 546.4 1,243.1 999.6 1,008.6 5,952.9 Financial assets 12,265.9 12,176.9 10,535.2 11,980.6 5,691.3 Intangibles (excluding software) 2,325.5 2,325.5 2,325.5 2,325.5 2,325.5 Capital software and property, plant and equipment 360.5 294.
Slide 31: 3. Key financial ratios
3. Key financial ratios 1H25 2H24 1H24 2H23 1H23 Basic earnings per share (EPS)1 125.6c 125.8c 119.0c 125.8c 38.1c Diluted EPS1 125.6c 125.8c 119.0c 125.8c 38.1c Statutory EPS1 125.6c 125.8c 119.0c 125.8c 38.1c Underlying EPS2 130.9c 125.8c 119.0c 124.6c 129.1c Dividend per share – interim 111.2c —
Slide 32: 4.1 Listings
4.1 Listings 1H25 2H24 1H24 2H23 1H23 Total market capitalisation ($bn) – period end 3,007 2,857 2,797 2,652 2,607 Total number of listed entities – period end1 2,116 2,155 2,191 2,255 2,292 Number of new listings1 39 28 28 17 40 Quoted market capitalisation of new listings ($m) 8,877 3,203 33,165 5
Slide 33: 4.2 Markets: Futures and OTC
4.2 Markets: Futures and OTC 1H25 2H24 1H24 2H23 1H23 Trading days 130 127 128 127 129 Total contracts traded – futures ('000) ASX SPI 200 6,858 7,258 7,678 7,598 7,791 90 day bank bills 21,223 20,230 17,071 17,598 12,725 3 year bonds 30,715 27,112 23,263 24,103 19,560 5 year bonds 107 152 174 143 1
Slide 34: 4.2 Markets: Futures and OTC (continued)
4.2 Markets: Futures and OTC (continued) 1H25 2H24 1H24 2H23 1H23 Total contracts traded – options on futures ('000) ASX SPI 200 1 — 1 1 3 3 year bonds — — — — — Overnight 3 year bonds 1 — 17 5 1 Intra-day 3 year bonds 63 25 13 63 9 10 year bonds1 — 1 — — — Electricity 50 57 53 67 36 Other2 — — — —
Slide 35: 4.2 Markets: Equity Options
4.2 Markets: Equity Options 1H25 2H24 1H24 2H23 1H23 130 124 128 124 128 Single stock options (‘000) 31,241 30,195 31,428 30,269 28,076 Index options and futures (‘000) 3,350 3,389 3,872 4,348 3,323 Single stock options average daily contracts 240,314 243,505 245,533 244,108 219,341 index options av
Slide 36: 4.2 Markets: Cash Market Trading
4.2 Markets: Cash Market Trading 1H25 2H24 1H24 2H23 1H23 Trading days 130 124 128 124 128 Total cash market trades ('000) 220,202 196,540 181,590 171,028 198,556 Average daily cash market trades 1,693,859 1,585,000 1,418,673 1,379,259 1,551,217 Continuous trading value ($bn) 406.087 366.431 377.002
Slide 37: 4.3 Technology & Data: Technical Services
4.3 Technology & Data: Technical Services 1H25 2H24 1H24 2H23 1H23 Technical Services (number at period end) ASX Distribution Platform Australian Liquidity Centre cabinets 392 391 388 390 388 Connection Services ASX Net connections 100 100 100 99 102 ASX Net service feeds 432 431 445 456 470 Austral
Slide 38: 4.4 Securities & Payments: Clearing & Settlement and Issuer Services
4.4 Securities & Payments: Clearing & Settlement and Issuer Services 1H25 2H24 1H24 2H23 1H23 Clearing days 130 124 128 124 128 Total billable cash market value cleared ($bn) 805.9 735.8 721.4 742.8 793.7 Settlement days 130 124 128 124 128 Number of dominant settlement messages (m) 11.2 10.4 10.0 1
Slide 39: 4.4 Securities & Payments: Austraclear
4.4 Securities & Payments: Austraclear 1H25 2H24 1H24 2H23 1H23 Settlement days 130 124 128 123 129 Transactions ('000) Cash transfers 280 285 290 280 298 Fixed interest securities 951 827 772 725 744 Discount securities 74 70 70 66 68 Foreign exchange 9 2 2 10 2 Other — — — 1 — Total transactions 1
Slide 40: 4.5 CCP participant collateral balances
4.5 CCP participant collateral balances $million 1H25 2H24 1H24 2H23 1H23 Balances at period end ASX Clear – initial cash margins 1,171.6 1,012.0 975.2 970.5 941.9 ASX Clear (Futures) – initial cash margins House1 2,191.3 2,245.6 1,330.9 2,085.7 1,773.9 ASX Clear (Futures) – initial cash margins Cli
Slide 41: 5. ASX Group own cash and short-term investments movement
5. ASX Group own cash and short-term investments movement $million 1H25 2H241 1H241 2H231 1H231 ASX Group cash and short-term investments Total cash and short-term investments 12,812.3 13,420.0 11,534.8 12,989.2 11,644.2 Less participants’ margins and commitments (11,362.6) (12,015.0) (10,354.1) (11