Singapore Exchange Ltd. · SGX:S68
Singapore Exchange — 1H FY2026 Earnings Presentation
19 slides from Singapore Exchange's earnings presentation, Feb 5, 2026
Slide 1: 1H FY2026 Results Analyst and Media Briefing
1H FY2026 Results Analyst and Media Briefing Loh Boon Chye, Chief Executive Officer Daniel Koh, Chief Financial Officer 5 February 2026 Singapore Exchange Commodities | Derivatives | Fixed Income | FX | Indices | Stock Exchange
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 1H FY2026 – Financial Highlights and Performance 2 Business Update 3 Question and Answer Session 3
Slide 4: 1H FY2026 Financial Highlights and Performance
1H FY2026 Financial Highlights and Performance Daniel Koh, Chief Financial Officer 4
Slide 5: Robust growth driving highest half-year revenue and NPAT
Robust growth driving highest half-year revenue and NPAT Strong growth in Net Revenue ex-TI1 (+10%) and Adj NPAT (+12%), momentum from prior FY’s high base ▪ Net revenue (including TI) grew by 8%; Adjusted expenses up 4% ▪ Equities-Cash net revenue up 16% on positive market sentiment and strengthene
Slide 6: 1H FY2026 Highlights - Highest half-year revenue and NPAT
1H FY2026 Highlights - Highest half-year revenue and NPAT1 Group Net Revenue & Expenses2 Group NPAT Group Margins (%) 7.6% 1.4% pts 0.8% 11.6% 1.8% pts 3.8% 646 695 60.2 61.6 340 343 320 357 49.5 51.3 257 267 3 Net Revenue Adj. Expenses Reported Adjusted Adj. Op. Profit Margin Adj. NPAT Margin 1H FY
Slide 7: Strong growth for YoY and HoH, building on prior FY's high base
Strong growth for YoY and HoH, building on prior FY’s high base Net revenue1 ex TI +10% YoY from the high base in FY2025 Sustained growth across our multi-asset business Net revenue ex TI DDAV (M) +20% +8% TI +2% +10% 1.25 1.33 1.35 1.02 1.02 1.04 1.17 +17% +1% +8% 695 646 652 59 586 603 SDAV ($B) +
Slide 8: 1H FY2026 Net revenue up 7.6% to $695M
1H FY2026 Net revenue up 7.6% to $695M ▪ Strong growth in Equities – Cash, Currencies and Commodities, partially offset by decline in Treasury Income 695 -10 +8 +31 ▪ Equity derivatives ▪ Higher co-location volume sales and repricing 646 +20 comparable at of connectivity and ▪ SDAV increased 91M con
Slide 9: 1H FY2026 Adjusted expenses up 3.8%
1H FY2026 Adjusted expenses up 3.8% ▪ Cost discipline while investing in sales and product capabilities, and platform modernisation ▪ FY2026 expense and Capex guidance remain as 4-6% increase and $90M-95M respectively 271 267 +4 Comparable +5 +1 257 +4 ▪ Higher professional fees and receipt of ▪ Hig
Slide 10: Adjusted NPAT excludes non-cash items from investments
Adjusted NPAT excludes non-cash items from investments 357 +5 343 +15 -6 ▪ Minority investments1 ▪ Scientific Beta underperformance 2 1H FY2026 FV gains (net) Impairment Others 1H FY2026 Reported NPAT Adjusted NPAT 1 Mainly related to the transaction where 7RIDGE Investments 3 LP (Fund) entered into
Slide 11: Strong balance sheet and sustainable shareholder return
Strong balance sheet and sustainable shareholder return ▪ Aa2 rating and stable outlook reaffirmed by Moody’s in September 2025 ▪ Total interim dividend for 1H FY2026 at 21.75 cents, increase of 3.75 cents per share (+20.8%) ▪ Confidence in delivering sustainable and growing dividends of 0.25 cents
Slide 12: Business Update
Business Update Loh Boon Chye, Chief Executive Officer 12
Slide 13: Multi-asset strategy to deliver growth
Multi-asset strategy to deliver growth A Client-Centric Approach Scaling SGX FX Broadening and Deepening Derivatives Franchise Accelerating Stock Exchange Business 6-8% CAGR medium-term organic revenue (ex-TI) growth 13
Slide 14: Scaling SGX FX
Scaling SGX FX Driving Growth Advancing Innovation Empowering Clients Strengthen FX data All-time-high ADV Global client and analytics of US$180 Billion network offerings On track to deliver Industry-leading mid- to high-single Expand platform FX technology and digit EBITDA capabilities ecosystem co
Slide 15: Broadening and deepening derivatives franchise
Broadening and deepening derivatives franchise Sustaining Long-term Momentum FX & Rates Commodities Equity Derivatives +29% CAGR +18% CAGR +7% CAGR Across multi-asset derivatives 357 315 312 625 691 728 718 720 and commodities suite 190 222 267 223 257 252 255 1H 2H 1H 2H 1H 1H 2H 1H 2H 1H 1H 2H 1H
Slide 16: Accelerating stock exchange business
Accelerating stock exchange business Strengthening Participation Deepening Liquidity Increasing retail interest Elevating visibility and and participation liquidity across the board Building Connectivity Enhancing Access Global partnerships and Expanding avenues to regional linkages access equities
Slide 17: Confident in delivering 6 to 8% revenue growth through disciplined, focused execution
Confident in delivering 6 to 8% revenue1 growth through disciplined, focused execution of our multi-asset strategy Deepening Engagement with new and existing clients across our multi-asset businesses Delivering Product innovation and advancing next-generation market infrastructure Driving Robust liq
Slide 18: 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 18
Slide 19: Thank you
Thank you Singapore Exchange Commodities | Derivatives | Fixed Income | FX | Indices | Stock Exchange 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 contrar