HKEX 2026 First Quarter Resultspdf

Pursuant to Chapter 38 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Securities and Futures Commission regulates Hong Kong Exchanges and Clearing Limited in relation to the listing of its shares on The Stock Exchange of Hong Kong Limited. The Securities and Futures Commission takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness, and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in Hong Kong with limited liability) Stock Codes: 388 (HKD Counter) and 80388 (RMB Counter)

(Financial figures in this announcement are expressed in Hong Kong dollar (HKD) unless otherwise stated)

• Record quarterly highs for Stock Connect Northbound ADT and ETP ADT

• Record quarterly high for OTC Clear's clearing volume

• Record quarterly high for chargeable ADV of metals contracts traded on the LME

• Announced Phase 2 of minimum spreads reduction, to be implemented around mid-2026, subject to market readiness and regulatory approval

• Published a consultation paper on Listing Framework Competitiveness Review

• Launched six new stock option classes

• Launched three new indices, including the HKEX Bursa Malaysia Large Cap Index, the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index

• OTC Clear implemented enhancements to margin collateral arrangements from 2 January 2026

• The LME formalised the Front Month Lending Rules on a permanent basis

• The LME and LME Clear announced the introduction of auto-expiry for options, effective from 21 September 2026

• The LME's Dubai-based fellow subsidiary, Commodity Pricing and Analysis Limited (CPAL), launched LME Insight, a new platform providing metals market news and analysis with a focus on metals central to the green transition and adjacent industries

• Signed an MOU with B3 (Brazil's stock exchange operator) to advance carbon market development and explore

  opportunities in commodities in Hong Kong and Brazil

• Signed an MOU with Bursa Malaysia to strengthen collaboration and enhance capital market connectivity between Hong Kong and Malaysia

• HKEX Foundation launched its flagship Care for Caregivers Programme

  Financial Highlights

• HKEX reported record quarterly revenue and other income and profit in Q1 2026.

• Q1 2026 revenue and other income of $8,203 million was 20 per cent higher than Q1 2025, and was 12 per cent higher than Q4 2025:

  • Core business revenue was up 22 per cent against Q1 2025, reflecting higher trading and clearing fees from higher volumes in the Cash and Commodities Markets.

  • Net investment income from Corporate Funds was $441 million (Q1 2025: $516 million), due to lower net fair value gains on the externally-managed investment funds (External Portfolio) (Q1 2026: $2 million; Q1 2025: $138 million).

• Operating expenses were 2 per cent higher than Q1 2025 (5 per cent lower than Q4 2025), due to higher staff and information technology (IT) costs and increased charitable donations made by HKEX Foundation, partly offset by a $90 million fine paid to the Financial Conduct Authority of the United Kingdom (FCA) in Q1 2025, and an insurance claim of

  $24 million received in Q1 2026, both relating to the nickel market events in 2022. Excluding charitable donations, FCA fine and the insurance claim, operating expenses were up 9 per cent.

• EBITDA margin1 was 81 per cent, 3 percentage points higher than Q1 2025 and Q4 2025.

• Profit attributable to shareholders was $5,188 million, 27 per cent higher than Q1 2025 (20 per cent higher than Q4 2025).

‌1 For the purposes of this announcement, EBITDA is defined as earnings before interest expenses and other finance costs, taxation, depreciation and amortisation. It excludes the Group's share of results of the joint ventures and an associate. EBITDA margin is calculated based on EBITDA divided by revenue and other income less transaction-related expenses. EBITDA and EBITDA margin are non-HKFRS measures used by management for monitoring business performance and may not be comparable to similar measures presented by other companies.

1. Chargeable ADV excludes administrative trades (Admin Trades).

   Fig. 1 - Market activity and Group's2 revenue and other income

   HKEX saw a strong start to 2026, building on the positive momentum from 2025, with revenue and other income, and profit, both reaching record quarterly highs in Q1 2026.

   Driven by global investors' diversification needs and the continued attractiveness of the Chinese Mainland market arising from technological innovations and market reforms, the Hong Kong Cash Market and Northbound Stock Connect remained buoyant in Q1 2026. Headline ADT reached

   $276.7 billion in Q1 2026 (the second highest quarterly level after a record high of $286.4 billion in Q3 2025), representing a 14 per cent increase compared with Q1 2025. Northbound ADT reached a record quarterly high of RMB324.1 billion, up 70 per cent year-on-year. The Group's Commodities Market also delivered strong performance, with LME chargeable ADV reaching a record quarterly high of 877,000 lots in Q1 2026, 26 per cent higher than Q1 2025. In the primary market, HKEX remained the world's leading IPO venue in Q1 2026, with nearly six times the IPO funds raised in Q1 2025, and the IPO pipeline continued to be robust.

   Driven by the increased trading volumes in the Cash and Commodities Markets and the buoyant primary market, revenue and other income reached a record quarterly high of $8.2 billion, up 20 per cent compared with Q1 2025, reflecting higher trading and clearing fees, Stock Exchange listing fees and higher depository fees. Compared with Q4 2025, revenue and other income rose 12 per cent, mainly attributable to higher trading and clearing fees from the Cash and Commodities Markets.

2. ‌HKEX and its subsidiaries, which include The Stock Exchange of Hong Kong Limited (SEHK or the Stock Exchange), Hong Kong Futures Exchange Limited (HKFE or the Futures Exchange), Hong Kong Securities Clearing Company Limited (HKSCC), HKFE Clearing Corporation Limited (HKCC), The SEHK Options Clearing House Limited (SEOCH), OTC Clearing Hong Kong Limited (OTC Clear), The London Metal Exchange (LME), LME Clear Limited (LME Clear), Qianhai Mercantile Exchange Co., Ltd. (QME), BayConnect Technology Company Limited (BayConnect) and other subsidiaries

Operating expenses were 2 per cent higher than Q1 2025, but were 5 per cent lower than Q4 2025. Compared with Q1 2025, the increase was due to higher staff and IT costs from payroll and inflationary adjustments, and increased charitable donations made by HKEX Foundation. It was partly offset by a $90 million fine paid to the FCA in Q1 2025 and an insurance claim of $24 million received in Q1 2026, both relating to the nickel market events in 2022.