Financial Results For the Half Year Ended 31 December 2025
Singapore Exchange Limited Incorporated in the Republic of Singapore Company Registration Number: 199904940D
SINGAPORE EXCHANGE LIMITED
Financial Results for the Half Year Ended 31 December 2025
Section Content Page
Performance Summary 2
Income Statement - Group 7
Statement of Comprehensive Income - Group 8
Detailed Notes on Revenue - Group 9
Detailed Notes on Expenses - Group 10
Earnings Per Share - Group 10
Adjusted Financial Measures - Group 11
Statement of Financial Position - Group 12
Net Asset Value - Group 13
Borrowings and Debt Securities - Group 13
Statement of Cash Flows - Group 14
Statement of Changes in Equity - Group 15
Segment Information - Group 16
Statement of Financial Position - Company 17
Net Asset Value - Company 17
Statement of Changes in Equity - Company 18
Bank Facilities, Contingent Liabilities and Commitments - Group 19
Dividend - Company 19
Share Capital - Company 19
Accounting Policies - Group 20
Other Listing Manual Requirements 20
The financial results set out in Sections 2 to 6, 8, 10 to 14, 16, 18 to 20 of this announcement have been extracted from the interim financial statements that have been prepared in accordance with Singapore Financial Reporting Standard (International) 1-34 Interim Financial Reporting. The interim financial statements and independent auditors' review report on the interim financial statements of the Company and its subsidiaries for the half year ended 31 December 2025 are attached to this announcement.
Performance Summary
1.
Financial Overview
1H FY2026 | 1H FY2026 Adjusted* | |
Operating revenue less transaction-based expenses (net revenue) | $695.4 million, up 7.6% | |
EBITDA | $466.1 million, up 9.6% | $466.2 million, up 9.2% |
Net profit attributable to equity holders of the company (NPAT) | $342.7 million, comparable | $357.1 million, up 11.6% |
Earnings per share (EPS) | 32.0 cents | 33.4 cents |
Interim quarterly dividend per share | 11.0 cents, up 2.0 cents | |
*Adjusted EBITDA, NPAT and EPS exclude certain non-cash and non-recurring items that have less bearing on SGX's operating performance. Hence, they better reflect the group's underlying performance. Adjusted figures are non-SFRS(I) measures. Please refer to Section 7 of our financial results for reconciliations between the adjusted and their equivalent measures.
All figures are for 1H FY2026 except for figures in brackets, which are for 1H FY2025 unless otherwise stated. Figures may be subject to rounding.
SGX recorded EBITDA of $466.1 million ($425.3 million) and NPAT of $342.7 million ($340.0 million) in 1H FY2026. EPS was 32.0 cents (31.8 cents). Adjusted EBITDA was $466.2 million ($426.9 million) and adjusted NPAT was $357.1 million ($320.1 million). Adjusted EPS was 33.4 cents (29.9 cents).
The Board of Directors has declared an interim quarterly dividend of 11.0 cents (9.0 cents) per share, payable on 24 February 2026. This brings total dividends in 1H FY2026 to 21.75 cents (18.0 cents) per share.
Business and Expenses Overview
Operating revenue increased $54.0 million or 7.9% to $736.2 million ($682.2 million). After netting-off transaction-based expenses, net revenue1 increased $49.0 million or 7.6% to $695.4 million ($646.4 million).
Excluding treasury income, net revenue increased $58.7 million or 10.1% to $636.6 million ($578.0 million).
Fixed Income, Currencies and Commodities (FICC)
FICC net revenue increased $19.8 million or 12.5% to $178.9 million ($159.1 million) and accounted for 25.7% (24.6%) of total net revenue.
FICC - Fixed Income
Fixed Income net revenue2 increased $1.4 million or 30.1% to $6.2 million ($4.8 million).
Listing revenue: $4.5 million, up 41.9% from $3.2 million
Corporate actions and other revenue: $1.7 million, up 6.2% from $1.6 million
There were 560 bond listings raising $272.8 billion, compared to 395 bond listings raising $145.6 billion a year earlier.
FICC - Currencies and Commodities
Currencies and Commodities net revenue increased $18.4 million or 11.9% to $172.7 million ($154.3 million).
1 Includes associated treasury income. Treasury income decreased $9.6 million.
2 Operating and net revenue for Fixed Income were comparable as transaction-based expenses were immaterial.
Trading and clearing revenue: $161.7 million, up 18.2% from $136.7 million
Treasury and other revenue: $29.2 million, down 6.9% from $31.4 million
Transaction-based expenses: $18.2 million, up 31.8% from $13.8 million The increase in trading and clearing revenue was mainly from higher volumes.
SGX FX net revenue increased 7.7% to $59.2 million ($55.0 million)3. SGX FX headline average daily volume (ADV) increased 32.3% to US$180 billion (US$136 billion).
Commodity derivatives volumes increased 24.2% to 40.9 million contracts (32.9 million contracts), mainly due to higher volumes in iron ore derivatives.
Currency derivatives volumes increased 17.6% to 38.8 million contracts (33.0 million contracts), mainly due to higher volumes in INR/USD FX futures contract.
The increase in commodity volumes drove the increase in transaction-based expenses.
Table 1: Exchange-traded Currencies and Commodities Volumes ('000)
1H FY2026
1H FY2025
Change
Currency derivatives
38,792
32,974
17.6%
Iron ore derivatives
37,431
29,127
28.5%
Rubber derivatives
1,523
2,091
-27.2%
Freight derivatives
1,237
1,066
16.1%
Others
1,146
1,066
7.6%
Total
80,130
66,324
20.8%
Equities - Cash
Equities - Cash net revenue increased $31.3 million or 16.2% to $223.9 million ($192.6 million) and accounted for 32.2% (29.8%) of total net revenue.
Listing revenue: $13.6 million, up 6.9% from $12.7 million
Trading and clearing revenue: $131.0 million, up 21.7% from $107.6 million
Securities settlement, depository management, corporate actions and other revenue: $81.5 million, up 9.8% from $74.2 million
Transaction-based expenses: $2.1 million, up 11.7% from $1.9 million
We recorded 15 (5) new equity listings which raised $3.0 billion ($19.7 million). Secondary equity funds raised were $1.5 billion ($3.1 billion).
Securities daily average traded value (SDAV) increased 19.5% to $1.5 billion ($1.3 billion) and total securities traded value increased 20.4% to $196.0 billion ($162.8 billion). This was made up of Cash Equities4, where traded value increased by 19.0% to $186.7 billion ($156.9 billion), and Other Products5, where traded value increased 59.1% to $9.3 billion ($5.9 billion). There were 130 (129) trading days in the first half of FY2026.
Overall average net clearing fees increased 1.8% to 2.62 basis points (bps) (2.57 bps). Turnover velocity (primary-listed) was 39% (40%).
The increase in securities settlement, depository management, corporate actions and other revenue was mainly driven by higher-yielding subsequent settlement transactions.
3 SGX FX's contribution to Group EBITDA comparable at 5%.
4 Cash Equities include ordinary shares, real-estate investment trusts and business trusts.
5 Other Products include structured warrants, exchange-traded funds, daily leverage certificates, debt securities and Singapore depository receipts.
Table 2: Key Metrics for Cash Equities Market
1H FY2026
1H FY2025
Change
Total traded value ($ billion)
196.0
162.8
20.4%
Period-end total market capitalization ($ billion)
1,059.3
865.9
22.3%
853.6
708.9
20.4%
205.7
157.0
31.0%
Turnover velocity (primary-listed)
39%
40%
-1%-point
Total traded volume (in billion)
198.2
155.1
27.8%
Primary-listed
Secondary-listed
Equities - Derivatives
Equities - Derivatives net revenue declined by $10.0 million or 5.6% to $167.4 million ($177.4 million) and accounted for 24.1% (27.4%) of total net revenue.
Trading and clearing revenue: $144.1 million, down 1.5% from $146.3 million
Treasury and other revenue: $38.3 million, down 17.2% from $46.2 million
Transaction-based expenses: comparable at $15.0 million ($15.1 million)
Equity derivatives volumes were comparable at 90.8 million contracts (91.2 million contracts). Lower volumes in Nikkei 225, MSCI Singapore, GIFT Nifty 50 and FTSE Taiwan index futures contracts were largely offset by higher volumes in FTSE China A50 index futures contracts.
Table 3: Equity Derivatives Volumes ('000)
1H FY2026
1H FY2025
Change
FTSE China A50 index futures
59,149
57,580
2.7%
GIFT Nifty 50 index futures and options
9,780
10,348
-5.5%
FTSE Taiwan index futures
8,411
8,757
-4.0%
MSCI Singapore index futures
6,497
7,141
-9.0%
Japan Nikkei 225 index futures and options
4,122
5,440
-24.2%
FTSE China H50 index futures
1,028
482
113.4%
Single Stock futures
939
1,120
-16.2%
Others6
915
346
164.0%
Total
90,841
91,214
-0.4%
Average Net Fees
Average net fee per contract for Equity, Currency and Commodity derivatives was marginally lower at $1.28 ($1.30).
Platform and Others
Platform and Others net revenue increased $7.9 million or 6.8% to $125.2 million ($117.3 million) and accounted for 18.0% (18.1%) of total net revenue.
Market data revenue: $29.0 million, up 15.5% from $25.1 million
Connectivity revenue: $46.3 million, up 10.8% from $41.8 million
Indices and other revenue: comparable at $55.3 million ($55.3 million)
Transaction-based expenses: $5.4 million, up 8.3% from $5.0 million
The increase in market data revenue was mainly due to repricing and fee recoveries associated with additional data usage. The increase in connectivity revenue was mainly due to higher co-location sales and repricing.
Transaction-based expenses increased mainly due to higher data fees.
6 Others comprise mainly comprise Micro FTSE Taiwan Index, FTSE Vietnam 30 and FTSE Indonesia Index Futures.
Expenses Overview
Total expenses increased $7.7 million or 2.9% to $270.8 million ($263.1 million). Higher fixed staff costs and other expenses7 were partially offset by lower variable staff costs and depreciation and amortisation.
Fixed staff costs increased $6.1 million or 6.5% to $99.9 million ($93.8 million). Average headcount for 1H FY2026 was 1,167 (1,140).
Other expenses increased $4.4 million or 6.1% to $76.5 million ($72.1 million) mainly due to higher professional fees, technology and miscellaneous expenses.
Variable staff costs decreased $2.2 million or 4.1% to $52.9 million ($55.1 million).
Depreciation and amortisation decreased marginally by $0.6 million or 1.4% to $41.5 million ($42.0 million) mainly due to lower amortisation of purchased intangible assets of Scientific Beta.
Adjusted total expenses increased $9.7 million or 3.8% to $267.0 million ($257.3 million), excluding amortisation of purchased intangible assets and other one-off adjustments.
Non-operating items
Non-operating gains were lower at $1.8 million ($36.3 million) mainly from lower Other income (net) and higher impairment losses.
Other income (net) was lower at $6.0 million ($27.3 million) mainly driven by lower net fair value gains from our minority investments.
Impairment losses were higher at $17.2 million ($2.1 million) for the first half of FY2026. This was driven by $15.0 million impairment of goodwill allocated to the Indices Cash Generating Unit ("CGU"), which was attributable to the continued underperformance of Scientific Beta.
Our share of losses of associated companies and joint ventures was higher at $6.8 million ($5.0 million). Tax expense for the first half of FY2026 was $77.0 million ($74.4 million), in line with higher profitability.
Total capital expenditure was $30.1 million ($22.1 million). These investments include the modernisation of our technology infrastructure.
Impact of Constant Currency
On a constant currency basis**, operating profit would have been up 12.5% instead of 10.8%.
Table 4: Impact of Constant Currency ($'million)
Constant
Reported | Reported | Reported | Currency | |
1H FY2026 | 1H FY2025 | % Change | % Change | |
Operating revenue less transaction-based expenses (net revenue) | 695.4 | 646.4 | 7.6% | 8.8% |
Total expenses | 270.8 | 263.1 | 2.9% | 3.3% |
Operating profit | 424.6 | 383.2 | 10.8% | 12.5% |
** Constant currency is calculated by translating the 1H FY2026 operating results using 1H FY2025 exchange rates and excludes hedging gains and losses. Constant currency figures are non-SFRS(I) measures.
Regulatory Overview
In the first half of FY2026, Singapore Exchange Regulation (SGX RegCo) continued to advance its mandate of maintaining
7 Other expenses include professional fees, technology and premises expenses.
a fair, orderly, and transparent market while supporting broader regulatory reforms aimed at strengthening Singapore's
capital markets.
A key development during this period was the release of the Equities Market Review Group (EMRG)'s final recommendations, marking a significant milestone in efforts to enhance the development of Singapore's equity market, through measures to both facilitate market revitalisation, and foster investor confidence.
SGX RegCo has implemented regulatory changes towards a more disclosure-based and market-driven approach, while preserving key safeguards that uphold market quality and investor trust. This includes the removal of prescriptive suitability criteria in favour of requiring clear disclosure of material issues to support informed investor decision-making. SGX RegCo issued a consultation paper - alongside MAS' consultation - on the EMRG's recommendation to consolidate listing review functions under SGX RegCo, with a view towards streamlining the listing review process for prospective issuers and reducing uncertainty around timelines. Work is also ongoing to implement broader market changes, including the development of the Global Listing Board in partnership with Nasdaq - a new cross-border listing framework that will bridge the U.S. and Singapore capital markets. The consultation was launched on 9 January 2026.
To support SGX Group's growth as a global multi-asset exchange, SGX RegCo provided regulatory support on the launch of multiple new asset classes and products on SGX-ST and SGX-DT including Singapore Depository Receipts (SDRs) with Indonesia-listed underlying securities and cryptocurrency perpetual futures. Separately, in August 2025, ACRA and SGX RegCo announced extensions to timelines for certain climate related reporting requirements, taking into account feedback on listed companies' varying levels of readiness and the evolving global economic environment.
Professor Tan Cheng Han, Ms Jane Diplock and Mr Alan Shaw retired from the SGX RegCo Board during this period as part of board renewal process. SGX RegCo extends its appreciation to them for their invaluable contributions towards strengthening regulatory oversight and market integrity during their tenure since the inception of SGX RegCo. Dr Sung Cheng Chih is appointed as Chairman of SGX RegCo, bringing extensive regulatory and governance experience to continue guiding RegCo in fulfilling its mandate of maintaining a fair, orderly, and transparent market.
Commitment to Clearing Funds
SGX's commitment to the CDP and SGX-DC clearing funds was $40 million and $131 million respectively. The total CDP clearing fund was $80 million and the total SGX-DC clearing fund was $526 million as of 31 December 2025.
Outlook
SGX achieved strong 1H FY2026 results, with the highest half-year revenue and NPAT. Net revenue, excluding treasury income, grew 10% year-on-year, while adjusted NPAT grew 12% for the same period. The growth was led by our Cash Equities business, followed by the Fixed Income, Currencies and Commodities business.
Anchored by Singapore's standing as a trusted global financial hub, SGX's multi-asset franchise provides a resilient platform to capture diversification and risk-management demand amid widespread uncertainty. We are broadening global participation in our derivatives contracts, driving innovation, and strengthening partnerships to support long-term growth. In SGX FX, we continue to strengthen our offering and technology capabilities to deliver greater value to clients.
Our stock market activity remains robust, supported by growing market momentum, stronger listings activity and retail participation at a four-year high. The iEdge Singapore Next 50 Index has enhanced visibility for mid- and small-cap companies, contributing to greater market diversity, deeper investor engagement, and growing trading activity. The Equities Market Review Group has also strengthened the foundations of the stock market with forward-looking measures. We are working closely with the Monetary Authority of Singapore and ecosystem partners to sustain this momentum through a comprehensive approach that strengthens supply, stimulates demand and builds a pro-enterprise environment with strong governance.
We remain on track to achieve our organic top-line growth target of 6-8% (excluding treasury income), which was previously announced at the start of FY2025. Expense and capex guidance for FY2026 remain unchanged at a 4-6% increase and $90-$95 million, respectively. We continue to manage costs prudently while investing strategically for growth. In line with our commitment to sustainable and growing dividends, we are confident that we can continue to deliver the 0.25 cents quarterly dividend increase until the end of FY2028, as previously guided.
Income Statement - Group
2.
1H
FY2026 | FY2025 | Change | |
Operating revenue | S$'000 | S$'000 | % |
Fixed Income, Currencies and Commodities | 197,115 | 172,909 | 14.0 |
Equities - Cash | 226,067 | 194,548 | 16.2 |
Equities - Derivatives | 182,414 | 192,521 | (5.2) |
Platform and Others | 130,587 | 122,249 | 6.8 |
Operating revenue | 736,183 | 682,227 | 7.9 |
Less: Transaction-based expenses | (40,783) | (35,868) | 13.7 |
Operating revenue less transaction-based expenses (net revenue) Operating expenses | 695,400 | 646,359 | 7.6 |
Staff | 152,780 | 148,949 | 2.6 |
Technology | 45,306 | 44,420 | 2.0 |
Premises | 4,994 | 4,964 | 0.6 |
Professional fees | 8,586 | 7,318 | 17.3 |
Others | 17,653 | 15,419 | 14.5 |
Operating expenses | 229,319 | 221,070 | 3.7 |
Earnings before interest, tax, depreciation and amortisation | 466,081 | 425,289 | 9.6 |
Depreciation and amortisation | 41,470 | 42,042 | (1.4) |
Operating profit Non-operating items | 424,611 | 383,247 | 10.8 |
- Other income (net) | 6,015 | 27,322 | (78.0) |
- Interest income | 20,140 | 19,598 | 2.8 |
- Finance charges | (8,360) | (8,755) | (4.5) |
- Net foreign exchange gains | 1,268 | 220 | NM |
- Impairment losses | (17,235) | (2,098) | NM |
Non-operating gains | 1,828 | 36,287 | (95.0) |
Profit before tax and share of results of associated companies | 426,439 | 419,534 | 1.6 |
and joint ventures | |||
Share of results of associated companies and joint ventures, net of tax | (6,767) | (4,986) | 35.7 |
Profit before tax | 419,672 | 414,548 | 1.2 |
Tax | (76,954) | (74,425) | 3.4 |
Net profit after tax | 342,718 | 340,123 | 0.8 |
Attributable to: | |||
Equity holders of the Company | 342,718 | 339,997 | 0.8 |
Non-controlling interests | - | 126 | NM |
Statement of Comprehensive Income - Group
3.
1H
FY2026 S$'000 | FY2025 S$'000 | Change % | |
Net profit after tax | 342,718 | 340,123 | 0.8 |
Other comprehensive income: | |||
a) Items that may be reclassified subsequently to profit or loss: | |||
Foreign exchange translation - Exchange differences arising during the period | 4,489 | (6,359) | NM |
- Transferred to profit or loss | - | 2,668 | NM |
Cash flow hedges | |||
- Fair value losses arising during the period | (1,811) | (1,405) | 28.9 |
- Transferred to profit or loss | (1,757) | (1,173) | 49.8 |
Financial assets, at FVOCI | |||
- Fair value gains arising during the period | 2,170 | 2,220 | (2.3) |
- Transferred to profit or loss | (4,038) | (897) | NM |
Items that will not be reclassified subsequently to profit or loss:
Foreign exchange translation
- Exchange differences arising during the period - (115) NM
Financial assets, at FVOCI
- Fair value (losses)/gains arising during the period
(41,089)
20,239
NM
Other comprehensive income for the financial period, net of tax
(42,036)
15,178
NM
Total comprehensive income for the financial period
300,682
355,301
(15.4)
Total comprehensive income attributable to:
Equity holders of the Company
300,682
355,290
(15.4)
Non-controlling interests
-
11
NM
NM: Not meaningful
Detailed Notes on Revenue - Group
4.
1H
FY2026 S$'000 | FY2025 S$'000 | Change % | |
Operating revenue | |||
Fixed Income, Currencies and Commodities | |||
- Fixed Income | |||
- Listing | 4,482 | 3,159 | 41.9 |
- Corporate actions and other | 1,713 | 1,613 | 6.2 |
6,195 | 4,772 | 29.8 | |
- Currencies and Commodities | |||
- Trading and clearing | 161,670 | 136,722 | 18.2 |
- Treasury and other | 29,250 | 31,415 | (6.9) |
190,920 | 168,137 | 13.6 | |
197,115 | 172,909 | 14.0 | |
Equities - Cash | |||
- Listing | 13,606 | 12,732 | 6.9 |
- Trading and clearing | 130,980 | 107,585 | 21.7 |
- Securities settlement and depository management | 59,362 | 49,647 | 19.6 |
- Corporate actions and other | 22,119 | 24,584 | (10.0) |
226,067 | 194,548 | 16.2 | |
Equities - Derivatives | |||
- Trading and clearing | 144,147 | 146,313 | (1.5) |
- Treasury and other | 38,267 | 46,208 | (17.2) |
182,414 | 192,521 | (5.2) | |
Platform and Others | |||
- Market data | 29,021 | 25,117 | 15.5 |
- Connectivity | 46,299 | 41,803 | 10.8 |
- Indices and other | 55,267 | 55,329 | (0.1) |
130,587 | 122,249 | 6.8 | |
Operating revenue | 736,183 | 682,227 | 7.9 |
Less: Transaction-based expenses | (40,783) | (35,868) | 13.7 |
Operating revenue less transaction-based expenses (net revenue) | 695,400 | 646,359 | 7.6 |
Detailed Notes on Expenses - Group
5.
1H
FY2026 S$'000 | FY2025 S$'000 | Change % | |
Operating expenses | |||
Staff | |||
- Fixed staff costs | 99,884 | 93,809 | 6.5 |
- Variable bonus | 41,042 | 45,370 | (9.5) |
- Variable share-based payment | 11,854 | 9,770 | 21.3 |
152,780 | 148,949 | 2.6 | |
Technology | 45,306 | 44,420 | 2.0 |
Premises | 4,994 | 4,964 | 0.6 |
Professional fees | 8,586 | 7,318 | 17.3 |
Others | |||
- Marketing | 3,081 | 2,818 | 9.3 |
- Travelling | 2,345 | 1,930 | 21.5 |
- Allowance for impairment of trade receivables, net | (460) | 801 | NM |
- Net (gain)/loss on disposal of property, plant and equipment and software | (2) | 24 | NM |
- Directors' fees | 1,818 | 1,670 | 8.9 |
- Regulatory fees | 4,194 | 3,824 | 9.7 |
- Miscellaneous | 6,677 | 4,352 | 53.4 |
17,653 | 15,419 | 14.5 | |
Operating expenses | 229,319 | 221,070 | 3.7 |
Earnings Per Share - Group
6.
1H FY2026 FY2025
Earnings per ordinary share for the period attributable to the Company's equity holders (cents)
Based on weighted average number of ordinary shares in issue
32.0 31.8
On a fully diluted basis 31.9 31.6
Weighted average number of ordinary shares in issue for basic earnings per share ('000)
Adjustment for assumed vesting of shares granted under share plans ('000)
Weighted average number of ordinary shares for diluted earnings per share ('000)
1,070,040 1,070,045
5,287 5,163
1,075,327 1,075,208
Adjusted Financial Measures - Group
7.
(a) Adjusted earnings before interest, tax, depreciation and amortisation
1H
FY2026 FY2025
S$'000 S$'000
Earnings before interest, tax, depreciation and amortisation 466,081 425,289 Adjusted for:
- Other one-off adjustments 130 1,632
Adjusted earnings before interest, tax, depreciation and amortisation 466,211 426,921
(b) Adjusted net profit after tax attributable to equity holders of the Company | 1H | |
FY2026 S$'000 | FY2025 S$'000 | |
Net profit after tax attributable to equity holders of the Company | 342,718 | 339,997 |
Adjusted for: | ||
- Net gains from long-term investments | (5,944) | (19,193) |
- Gain on sale of interest of associated company | - | (7,801) |
- Impairment losses | 17,235 | 2,098 |
- Amortisation of purchased intangible assets | 3,633 | 4,157 |
- Other one-off adjustments | 130 | 1,632 |
- Non-controlling interests relating to the above | - | (32) |
- Income tax adjustment relating to the above | (641) | (736) |
Adjusted net profit after tax attributable to equity holders of the Company | 357,131 | 320,122 |
Statement of Financial Position - Group
As at
31 Dec 2025 S$'000 | 30 Jun 2025 S$'000 | |
Assets Current assets Cash and cash equivalents | 1,673,563 | 1,129,979 |
Trade and other receivables | 937,659 | 935,950 |
Derivative financial instruments | 494 | 5,628 |
Financial assets, at FVOCI | 372,460 | 377,585 |
2,984,176 | 2,449,142 | |
Non-current assets | ||
Financial assets, at FVOCI | 132,778 | 183,514 |
Financial assets, at FVPL | 20,181 | 463,695 |
Investment property | 13,471 | 13,617 |
Property, plant and equipment | 61,913 | 62,582 |
Software | 137,162 | 134,205 |
Right-of-use assets | 56,033 | 64,306 |
Intangible assets | 52,586 | 56,411 |
Goodwill | 674,438 | 684,912 |
Associated companies | 14,611 | 17,961 |
Joint ventures | 8,752 | 13,643 |
1,171,925 | 1,694,846 | |
Total assets | 4,156,101 | 4,143,988 |
Liabilities Current liabilities Trade and other payables | 963,766 | 1,029,440 |
Derivative financial instruments | 892 | - |
Loans and borrowings | 326,360 | - |
Lease liabilities | 17,554 | 19,754 |
Taxation | 141,687 | 132,178 |
Provisions | 28,789 | 29,160 |
1,479,048 | 1,210,532 | |
Non-current liabilities Loans and borrowings | 299,667 | 622,904 |
Lease liabilities | 39,481 | 45,446 |
Deferred tax liabilities | 37,899 | 50,394 |
Other liabilities | 14,584 | 14,791 |
391,631 | 733,535 | |
Total liabilities | 1,870,679 | 1,944,067 |
Net assets | 2,285,422 | 2,199,921 |
Equity Capital and reserves attributable to the Company's equity holders Share capital | 416,656 | 419,198 |
Capital reserve | 3,989 | 3,989 |
Treasury shares | (12,353) | (33,386) |
Cash flow hedge reserve | (194) | 3,374 |
Currency translation reserve | (19,004) | (23,493) |
Fair value reserve | 57,603 | 100,560 |
Securities clearing fund reserve | 25,000 | 25,000 |
Derivatives clearing fund reserve | 34,021 | 34,021 |
Share-based payment reserve | 27,336 | 33,493 |
Retained profits | 1,634,593 | 1,524,941 |
Proposed dividends | 117,775 | 112,224 |
Total equity | 2,285,422 | 2,199,921 |
Net Asset Value - Group
Net asset value per ordinary share based on total number of issued shares excluding treasury shares as at the end of the reporting period
As at 31 Dec 2025 30 Jun 2025
S$ S$
2.13 2.06
Borrowings and Debt Securities - Group
(a) Aggregate amount of the Group's borrowings and debt securities
As at 31 Dec 2025 As at 30 Jun 2025
Secured | Unsecured | Secured | Unsecured | |
S$'000 | S$'000 | S$'000 | S$'000 | |
Amount repayable in one year or less, or on demand | Nil | 326,360 | Nil | Nil |
Amount repayable after one year | Nil | 299,667 | Nil | 622,904 |
(b) Details of any collaterals |
None.
Statement of Cash Flows - Group
1H
FY2026 S$'000 | FY2025 S$'000 | |
Cash flows from operating activities | ||
Profit before tax and share of results of associated companies and joint ventures | 426,439 | 419,534 |
Adjustments for: Depreciation and amortisation | 41,470 | 42,042 |
Share-based payment expense | 12,243 | 10,118 |
Finance charges | 8,360 | 8,755 |
Impairment losses | 17,235 | 2,098 |
Net fair value gains on financial assets, at FVPL | (4,668) | (13,186) |
Gain on sale of interest in associated company | - | (7,801) |
Interest income | (20,140) | (19,598) |
Net losses/(gains) from changes in interests in associated company and joint venture | 9 | (6,007) |
Net (gain)/loss on disposal of property, plant and equipment and software | (2) | 24 |
Other non-cash income | (1,283) | (1,218) |
Operating cash flow before working capital change | 479,663 | 434,761 |
Changes in: Cash committed for National Electricity Market of Singapore | 20,317 | 1,933 |
Cash committed for Singapore Exchange Derivatives Clearing Limited - Derivatives Clearing Fund | (58) | (23) |
Trade and other receivables | (2,694) | 162,819 |
Trade and other payables | (66,894) | (159,578) |
Cash generated from operations | 430,334 | 439,912 |
Income tax paid | (66,589) | (60,798) |
Net cash generated from operating activities | 363,745 | 379,114 |
Cash flows from investing activities Purchase of financial assets, at FVOCI | (333,753) | (210,429) |
Purchase of financial asset, at FVPL | (1,021) | (910) |
Purchase of property, plant and equipment and software | (34,865) | (31,931) |
Acquisition of additional interest in associated company and joint venture | - | (3,360) |
Proceeds from financial assets, at FVOCI upon maturity | 340,589 | 176,000 |
Proceeds from sale of interest in associated company | - | 17,575 |
Distribution proceeds relating to financial asset, at FVPL | 459,129 | - |
Interest received | 15,959 | 15,895 |
Grants received for property, plant and equipment and software | - | 3,070 |
Proceeds from disposal of property, plant and equipment and software | 2 | 10 |
Net cash generated from/(used in) investing activities | 446,040 | (34,080) |
Cash flows from financing activities Dividends paid | (227,515) | (192,913) |
Purchase of treasury shares | - | (3,896) |
Repayment of lease liabilities | (10,890) | (11,895) |
Interest paid | (7,112) | (7,178) |
Net cash used in financing activities | (245,517) | (215,882) |
Net increase in cash and cash equivalents | 564,268 | 129,152 |
Cash and cash equivalents at the beginning of the financial period | 919,303 | 795,720 |
Effects of currency translation on cash and cash equivalents | (425) | (784) |
Cash and cash equivalents at the end of the financial period | 1,483,146 | 924,088 |
For the purpose of the Statement of Cash Flows, the cash and cash equivalents comprised the following:
1H FY2026 FY2025
S$'000 S$'000
Cash and cash equivalents per Statement of Cash Flows | 1,483,146 | 924,088 |
Add: Cash committed for - Singapore Exchange Derivatives Clearing Limited - Derivatives Clearing Fund | 131,452 | 144,327 |
- The Central Depository (Pte) Limited - Securities Clearing Fund | 40,000 | 40,000 |
- National Electricity Market of Singapore | 18,965 | 16,154 |
Cash and cash equivalents per Statement of Financial Position - Group | 1,673,563 | 1,124,569 |
Statement of Changes in Equity - Group
12.
- - - - - - - - - - 342,718 - 342,718 - - - - (3,568) 4,489 (42,957) - - - - - - (42,036) - | 342,718 (42,036) |
Attributable to equity holders of the Company
Cash flow | Currency | Fair | Securities clearing | Derivatives clearing | Share- based | Non- | |||||||||
Share | Capital | Treasury | hedge | translation | value | fund | fund | payment | Other | Retained | Proposed | controlling | |||
capital | reserve * | shares | reserve * | reserve * | reserve * | reserve * | reserve * | reserve * | reserve * | profits | dividends | Total | interests | Total equity | |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
(i) Group - 1H FY2026 | |||||||||||||||
Balance at 1 July 2025 | 419,198 | 3,989 | (33,386) | 3,374 | (23,493) | 100,560 | 25,000 | 34,021 | 33,493 | - | 1,524,941 | 112,224 | 2,199,921 | - | 2,199,921 |
Changes in equity for the period | |||||||||||||||
Transactions with equity holders, recognised directly in equity | |||||||||||||||
Dividends paid | |||||||||||||||
- FY2025 - Final dividends | - | - | - | - | - | - | - | - | - | - | - | (112,224) | (112,224) | - | (112,224) |
- Under provision of FY2025 final dividends | - | - | - | - | - | - | - | - | - | - | (195) | - | (195) | - | (195) |
- 1Q FY2026 - Interim dividend | - | - | - | - | - | - | - | - | - | - | (115,096) | - | (115,096) | - | (115,096) |
Proposed dividends | |||||||||||||||
- 2Q FY2026 - Interim dividend | - | - | - | - | - | - | - | - | - | - | (117,775) | 117,775 | - | - | - |
Employees' share plans - Value of employees' services | - | - | - | - | - | - | - | - | 11,854 | - | - | - | 11,854 | - | 11,854 |
Restricted share plan - Value of directors' services | - | - | - | - | - | - | - | - | 389 | - | - | - | 389 | - | 389 |
Vesting of shares under share-based remuneration plans | (2,656) | - | 20,667 | - | - | - | - | - | (18,011) | - | - | - | - | - | - |
Vesting of shares under restricted share plan | 114 | - | 275 | - | - | - | - | - | (389) | - | - | - | - | - | - |
Tax effect on treasury shares ^^ | - | - | 91 | - | - | - | - | - | - | - | - | - | 91 | - | 91 |
Total transactions with equity holders for the period | (2,542) | - | 21,033 | - | - | - | - | - | (6,157) | - | (233,066) | 5,551 | (215,181) | - | (215,181) |
Total comprehensive income | |||||||||||||||
Net profit after tax Other comprehensive income | |||||||||||||||
Total comprehensive income for the period | - | - | - | (3,568) | 4,489 | (42,957) | - | - | - | - | 342,718 | - | 300,682 | - | 300,682 |
Balance at 31 December 2025 | 416,656 | 3,989 | (12,353) | (194) | (19,004) | 57,603 | 25,000 | 34,021 | 27,336 | - | 1,634,593 | 117,775 | 2,285,422 | - | 2,285,422 |
(ii) Group - 1H FY2025 | |||||||||||||||
Balance at 1 July 2024 | 420,476 | 3,989 | (27,665) | (420) | (3,987) | 99,878 | 25,000 | 34,021 | 34,170 | (40,506) | 1,318,712 | 96,178 | 1,959,846 | 1,329 | 1,961,175 |
Changes in equity for the period | |||||||||||||||
Transactions with equity holders, recognised directly in equity | |||||||||||||||
Dividends paid | |||||||||||||||
- FY2024 - Final dividends | - | - | - | - | - | - | - | - | - | - | - | (96,178) | (96,178) | - | (96,178) |
- Under provision of FY2024 final dividends | - | - | - | - | - | - | - | - | - | - | (194) | - | (194) | - | (194) |
- 1Q FY2025 - Interim dividend | - | - | - | - | - | - | - | - | - | - | (96,372) | - | (96,372) | - | (96,372) |
Dividend payable | |||||||||||||||
- 2Q FY2025 - Interim dividend | - | - | - | - | - | - | - | - | - | - | (96,347) | - | (96,347) | - | (96,347) |
Employees' share plans - Value of employees' services | - | - | - | - | - | - | - | - | 9,770 | - | - | - | 9,770 | - | 9,770 |
Restricted share plan - Value of directors' services | - | - | - | - | - | - | - | - | 348 | - | - | - | 348 | - | 348 |
Vesting of shares under share-based remuneration plans | (1,352) | - | 19,421 | - | - | - | - | - | (18,069) | - | - | - | - | - | - |
Vesting of shares under restricted share plan | 74 | - | 274 | - | - | - | - | - | (348) | - | - | - | - | - | - |
Purchase of treasury shares | - | - | (3,896) | - | - | - | - | - | - | - | - | - | (3,896) | - | (3,896) |
Tax effect on treasury shares ^^ | - | - | (65) | - | - | - | - | - | - | - | - | - | (65) | - | (65) |
Total transactions with equity holders for the period | (1,278) | - | 15,734 | - | - | - | - | - | (8,299) | - | (192,913) | (96,178) | (282,934) | - | (282,934) |
Total comprehensive income | |||||||||||||||
Net profit after tax Other comprehensive income | |||||||||||||||
Total comprehensive income for the period | - | - | - | (2,578) | (3,691) | 21,562 | - | - | - | - | 339,997 | - | 355,290 | 11 | 355,301 |
Balance at 31 December 2024 | 419,198 | 3,989 | (11,931) | (2,998) | (7,678) | 121,440 | 25,000 | 34,021 | 25,871 | (40,506) | 1,465,796 | - | 2,032,202 | 1,340 | 2,033,542 |
- - - - - - - - - - 339,997 - 339,997 126 - - - (2,578) (3,691) 21,562 - - - - - - 15,293 (115) | 340,123 15,178 |
* These reserves are not available for distribution as dividends to the equity holders of the Company.
^^ The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services.
13.
Segment Information - Group
Group - 1H FY2026 and 1H FY2025
1H FY2026 1H FY2025
Fixed Income, Currencies and Commodities S$'000 | Equities - Cash S$'000 | Equities -Derivatives S$'000 | Platform and Others S$'000 | Corporate * S$'000 | Group S$'000 | Fixed Income, Currencies and Commodities S$'000 | Equities - Cash S$'000 | Equities -Derivatives S$'000 | Platform and Others S$'000 | Corporate * S$'000 | Group S$'000 | |
197,115 | 226,067 | 182,414 | 130,587 | - | 736,183 | Operating revenue | 172,909 | 194,548 | 192,521 | 122,249 | - | 682,227 |
(18,225) | (2,135) | (15,029) | (5,394) | - | (40,783) | Less: Transaction-based expenses Operating revenue less transaction-based expenses (net revenue) Earnings before interest, tax, depreciation and amortisation Depreciation and amortisation Operating profit Non-operating gains, net Share of results of associated companies and joint ventures, net of tax Tax | (13,834) | (1,911) | (15,142) | (4,981) | - | (35,868) |
178,890 | 223,932 | 167,385 | 125,193 | - | 695,400 | 159,075 | 192,637 | 177,379 | 117,268 | - | 646,359 | |
106,542 | 161,073 | 124,313 | 74,153 | - | 466,081 | 88,517 | 134,730 | 133,774 | 68,268 | - | 425,289 | |
13,352 | 12,159 | 6,914 | 9,045 | - | 41,470 | 13,462 | 11,725 | 6,906 | 9,949 | - | 42,042 | |
93,190 | 148,914 | 117,399 | 65,108 | - | 424,611 | 75,055 | 123,005 | 126,868 | 58,319 | - | 383,247 | |
- | - | - | - | 1,828 | 1,828 | - | - | - | - | 36,287 | 36,287 | |
- | - | - | - | (6,767) | (6,767) | - | - | - | - | (4,986) | (4,986) | |
- | - | - | - | (76,954) | (76,954) | - | - | - | - | (74,425) | (74,425) | |
342,718 | Net profit after tax | 340,123 | ||||||||||
* The corporate segment is a non-operating segment | ||||||||||||
14. | Statement of Financial Position - Company | ||
As at | |||
31 Dec 2025 | 30 Jun 2025 | ||
S$'000 | S$'000 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents | 627,124 | 260,731 | |
Trade and other receivables | 336,706 | 178,927 | |
Financial assets, at FVOCI | 228,605 | 94,026 | |
1,192,435 | 533,684 | ||
Non-current assets | |||
Property, plant and equipment | 37,373 | 39,657 | |
Software | 47,622 | 49,139 | |
Right-of-use assets | 52,223 | 61,267 | |
Subsidiaries | 1,666,002 | 1,666,002 | |
1,803,220 | 1,816,065 | ||
Total assets | 2,995,655 | 2,349,749 | |
Liabilities | |||
Current liabilities | |||
Trade and other payables | 587,423 | 195,519 | |
Loans and borrowings | 326,360 | - | |
Lease liabilities | 15,922 | 18,412 | |
Taxation | 7,029 | 6,574 | |
Provisions | 9,637 | 9,637 | |
946,371 | 230,142 | ||
Non-current liabilities | |||
Loans and borrowings | 299,667 | 622,904 | |
Lease liabilities | 37,008 | 43,617 | |
Deferred tax liabilities | 5,521 | 4,600 | |
342,196 | 671,121 | ||
Total liabilities | 1,288,567 | 901,263 | |
Net assets | 1,707,088 | 1,448,486 | |
Equity | |||
Capital and reserves attributable to the Company's equity holders | |||
Share capital | 416,656 | 419,198 | |
Treasury shares | (12,353) | (33,386) | |
Fair value reserve | 136 | 894 | |
Share-based payment reserve | 27,336 | 33,493 | |
Retained profits | 1,157,538 | 916,063 | |
Proposed dividends | 117,775 | 112,224 | |
Total equity | 1,707,088 | 1,448,486 | |
15. | Net Asset Value - Company | ||
Net asset value per ordinary share based on total number of issued shares excluding treasury shares as at the end of the reporting period
As at 31 Dec 2025 30 Jun 2025
S$ S$
1.59 1.36
16.
Attributable to equity holders of the Company
Share capital | Treasury shares | Fair value reserve * | Share-based payment reserve * | Retained profits | Proposed dividends | Total equity | |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
(i) Company - 1H FY2026 | |||||||
Balance at 1 July 2025 | 419,198 | (33,386) | 894 | 33,493 | 916,063 | 112,224 | 1,448,486 |
Changes in equity for the period | |||||||
Transactions with equity holders, recognised directly in equity | |||||||
Dividends paid - FY2025 - Final dividends | - | - | - | - | - | (112,224) | (112,224) |
- Under provision of FY2025 final dividends | - | - | - | - | (195) | - (195) | |
| - - | - - | - - | - - | (115,096) (117,775) | - (115,096) 117,775 - | |
Employees' share plans - Value of employees' services | - | - | - | 11,854 | - | - | 11,854 |
Restricted share plan - Value of directors' services | - | - | - | 389 | - | - | 389 |
Vesting of shares under share-based remuneration plans | (2,656) | 20,667 | - | (18,011) | - | - | - |
Vesting of shares under restricted share plan | 114 | 275 | - | (389) | - | - | - |
Tax effect on treasury shares ^^ | - | 91 | - | - | - | - | 91 |
Total transactions with equity holders for the period | (2,542) | 21,033 | - | (6,157) | (233,066) | 5,551 | (215,181) |
Total comprehensive income | |||||||
Net profit after tax | - | - | - | - | 474,541 | - | 474,541 |
Other comprehensive income | - | - | (758) | - | - | - | (758) |
Total comprehensive income for the period | - | - | (758) | - | 474,541 | - | 473,783 |
Balance at 31 December 2025 | 416,656 | (12,353) | 136 | 27,336 | 1,157,538 | 117,775 | 1,707,088 |
(ii) Company - 1H FY2025 | |||||||
Balance at 1 July 2024 Changes in equity for the period Transactions with equity holders, recognised directly in equity | 420,476 | (27,665) | - 34,170 | 782,000 | 96,178 | 1,305,159 | |
Dividends paid - FY2024 - Final dividends | - | - | - - | - | (96,178) | (96,178) | |
- Under provision of FY2024 final dividends | - | - | - - | (194) | - | (194) | |
| - - | - - | - - - - | (96,372) (96,347) | - - | (96,372) (96,347) | |
Employees' share plans - Value of employees' services | - | - | - 9,770 | - | - | 9,770 | |
Restricted share plan - Value of directors' services | - | - | - 348 | - | - | 348 | |
Vesting of shares under share-based remuneration plans | (1,352) | 19,421 | - (18,069) | - | - | - | |
Vesting of shares under restricted share plan | 74 | 274 | - | (348) | - | - | - |
Purchase of treasury shares | - | (3,896) | - | - | - | - | (3,896) |
Tax effect on treasury shares ^^ | - | (65) | - | - | - | - | (65) |
Total transactions with equity holders for the period | (1,278) | 15,734 | - (8,299) | (192,913) | (96,178) | (282,934) | |
Total comprehensive income | |||||||
Net profit after tax | - | - | - - | 345,527 | - | 345,527 | |
Total comprehensive income for the period | - | - | - - | 345,527 | - | 345,527 | |
Balance at 31 December 2024 | 419,198 | (11,931) | - 25,871 | 934,614 | - | 1,367,752 | |
* This reserve is not available for distribution as dividends to the equity holders of the Company.
^^ The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services.
Statement of Changes in Equity - Company
Bank Facilities, Contingent Liabilities and Commitments - Group
17.
Bank Facilities
As at 31 December 2025, the Group had $937 million (30 June 2025: $1,085 million) of bank credit facilities comprising committed unsecured credit lines for prudent risk management and to maintain adequate liquid resources.
Contingent Liabilities and Other Commitments
As at 31 December 2025, the Group had contingent liabilities to banks for US$389 million (30 June 2025: US$329 million) of unsecured standby letters of credit issued to Chicago Mercantile Exchange as margin and performance bond for futures trading.
The Group has committed cash of $190 million (30 June 2025: $210 million) for the following:
Singapore Exchange Derivatives Clearing Limited - Derivatives Clearing Fund $131 million (30 June 2025: $131 million);
The Central Depository (Pte) Limited - Securities Clearing Fund $40 million (30 June 2025: $40 million); and
National Electricity Market of Singapore $19 million (30 June 2025: $39 million)
The manner in which the cash can be used is defined under Singapore Exchange Derivatives Clearing Limited clearing rules, The Central Depository (Pte) Limited clearing rules and Singapore electricity market rules respectively.
Dividend - Company
18.
Interim Dividends
2Q FY2026 1Q FY2026 2Q FY2025 1Q FY2025
Name of Dividend Dividend Type
Interim - tax-exempt Cash
Dividend Rate 11.0 cents per
10.75 cents per
9.0 cents per ordinary 9.0 cents per ordinary
ordinary share
Record Date 13 February 2026,
5pm
ordinary share
7 November 2025, 5pm
share
14 February 2025, 5pm
share
8 November 2024, 5pm
Date Payable/Paid 24 February 2026 14 November 2025 21 February 2025 15 November 2024
Share Capital - Company
19.
The total number of issued ordinary shares as at 31 December 2025 was 1,071,642,400 (30 June 2025: 1,071,642,400, 31 December 2024:
1,071,642,400), of which 961,423 (30 June 2025: 2,839,514, 31 December 2024: 1,123,514) were held by the Company as treasury shares. The
treasury shares held represent 0.1% (30 June 2025: 0.3%, 31 December 2024: 0.1%) of the total number of issued shares (excluding treasury shares).
For 1H FY2026, the Company did not purchase any of its ordinary shares by way of on-market purchase (1H FY2025: 315,000 shares at share prices ranging from $12.27 to $12.50, which totalled to $3.9 million). During 1H FY2026, 1,878,091 shares under the Company's share-based remuneration plans and restricted share plan have vested (1H FY2025: 2,187,170).
The movement of treasury shares for the period is as follows:
1H
FY2026 FY2025
Balance at beginning of financial period 2,839,514 2,995,684 Purchase of treasury shares - 315,000
Shares transferred to employees pursuant to share-based remuneration plans and to directors pursuant to restricted share plan
(1,878,091) (2,187,170)
Balance at end of financial period 961,423 1,123,514
The Company holds the shares bought back as treasury shares.
Accounting Policies - Group
20
The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s.
New accounting standards and interpretations not adopted
A number of new standards and amendments to standards are effective for annual periods beginning after 1 July 2025 and earlier application is permitted; however, the Group has not early adopted the new or amended standards in preparing these financial statements.
Amendments to SFRS(I) 1-1: Replaced with SFRS(I) 18 Presentation and Disclosure in Financial Statements
Amendments to SFRS(I) 9 and SFRS(I) 7 Amendments to the Classification and Measurement of Financial Instruments; Contracts Referencing Nature-dependent Electricity
Annual Improvements to SFRS(I)s - Volume 11
Amendments to SFRS(I) 1-28 Investments in Associates and Joint Ventures and SFRS(I) 10 Consolidated Financial Statements -Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
SFRS(I) 19 Subsidiaries without Public Accountability: Disclosures
The above SFRS(I)s and amendments to SFRS(I)s are not expected to have a significant impact on the Group's consolidated financial statements and the Company's financial statements, except for SFRS(I) 18 Presentation and Disclosure in Financial Statements.
SFRS(I) 18 will replace SFRS(I) 1 -1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The Group is currently assessing the impact of the adoption of this standard.
Other Listing Manual Requirements
21.
Interested Person Transactions - Group
The Group has not obtained a general mandate from shareholders for Interested Person Transactions.
Confirmation of Directors and Executive Officers' undertakings pursuant to Listing Rule 720(1)
The Company has procured undertakings from all its directors and executive officers in compliance with Listing Rule 720(1).
Seah Kim Ming Glenn Ding Hui Yun Company Secretaries 4 February 2026