Singapore Exchange Ltd.SGX: S68

First Half FY2026 Results SGX Group Interim Financial Statement

· Issued by Singapore Exchange Ltd.
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Singapore Exchange Limited and its subsidiaries Registration Number: 199904940D

Condensed Interim Financial Statements For the half year ended 31 December 2025

Condensed interim consolidated statement of comprehensive income For the half year ended 31 December 2025

Group

1sthalf ended 1sthalf ended

Operating revenue

Note

31 December

2025

$'000

31 December

2024

$'000

Fixed Income, Currencies and Commodities

5

197,115

172,909

Equities - Cash

5

226,067

194,548

Equities - Derivatives

5

182,414

192,521

Platform and Others

5

130,587

122,249

736,183

682,227

Less: Transaction-based expenses

(40,783)

(35,868)

Operating revenue less transaction-based expenses (net revenue)

695,400

646,359

Operating expenses

Staff

6

152,780

148,949

Technology

45,306

44,420

Premises

4,994

4,964

Professional fees

8,586

7,318

Others

7

17,653

15,419

229,319

221,070

Earnings before interest, tax, depreciation and amortisation

466,081

425,289

Depreciation and amortisation

8

41,470

42,042

Operating profit

424,611

383,247

Other income (net)

9

6,015

27,322

Interest income

9

20,140

19,598

Finance charges

9

(8,360)

(8,755)

Net foreign exchange gains

9

1,268

220

Impairment losses

9

(17,235)

(2,098)

1,828

36,287

Profit before tax and share of results of associated companies and joint ventures

426,439

419,534

Share of results of associated companies and joint ventures,

net of tax

(6,767)

(4,986)

Profit before tax

419,672

414,548

Tax

10

(76,954)

(74,425)

Net profit after tax

342,718

340,123

Attributable to:

Equity holders of the Company

342,718

339,997

Non-controlling interests

-

126

Earnings per share based on net profit attributable to the

equity holders of the Company (in cents per share)

- Basic

11

32.0

31.8

- Diluted

11

31.9

31.6

Condensed interim consolidated statement of comprehensive income (continued) For the half year ended 31 December 2025

Group

1sthalf ended 31 December

2025

$'000

1sthalf ended 31 December

2024

$'000

Net profit after tax

342,718

340,123

Other comprehensive income

Items that may be reclassified subsequently to profit or

loss:

Foreign exchange translation

- Exchange differences arising during the period

4,489

(6,359)

- Transferred to profit or loss

-

2,668

Cash flow hedges

- Fair value losses arising during the period

(1,811)

(1,405)

- Transferred to profit or loss

(1,757)

(1,173)

Financial assets, at FVOCI

- Fair value gains arising during the period

2,170

2,220

- Transferred to profit or loss

(4,038)

(897)

Items that will not be reclassified subsequently to profit or

loss:

Foreign exchange translation

- Exchange differences arising during the period

-

(115)

Financial assets, at FVOCI

- Fair value (losses)/gains arising during the period

(41,089)

20,239

Other comprehensive income for the financial period, net of

tax

(42,036)

15,178

Total comprehensive income for the financial period

300,682

355,301

Total comprehensive income attributable to:

Equity holders of the Company

300,682

355,290

Non-controlling interests

-

11

.

Condensed interim statement of financial position As at 31 December 2025

Group Company

31 December

30 June

31 December

30 June

Note

Assets

2025

$'000

2025

$'000

2025

$'000

2025

$'000

Current assets

Cash and cash equivalents

1,673,563

1,129,979

627,124

260,731

Trade and other receivables Derivative financial

instruments

937,659

494

935,950

5,628

336,706

-

178,927

-

Financial assets, at FVOCI 12

372,460

377,585

228,605

94,026

2,984,176

2,449,142

1,192,435

533,684

Non-current assets

Financial assets, at FVOCI 12

132,778

183,514

-

-

Financial assets, at FVPL 13

20,181

463,695

-

-

Investment property

13,471

13,617

-

-

Property, plant and equipment

61,913

62,582

37,373

39,657

Software

137,162

134,205

47,622

49,139

Right-of-use assets

56,033

64,306

52,223

61,267

Intangible assets

52,586

56,411

-

-

Goodwill

674,438

684,912

-

-

Subsidiaries

-

-

1,666,002

1,666,002

Associated companies

14,611

17,961

-

-

Joint ventures

8,752

13,643

-

-

1,171,925

1,694,846

1,803,220

1,816,065

Total assets

4,156,101

4,143,988

2,995,655

2,349,749

Condensed interim statement of financial position (continued) As at 31 December 2025

Group Company

31 December

30 June

31 December

30 June

Note

2025

2025

2025

2025

$'000

$'000

$'000

$'000

Liabilities

Current liabilities

Trade and other payables

963,766

1,029,440

587,423

195,519

Derivative financial

instruments

892

-

-

-

Loans and borrowings

14

326,360

-

326,360

-

Lease liabilities

17,554

19,754

15,922

18,412

Taxation

141,687

132,178

7,029

6,574

Provisions

28,789

29,160

9,637

9,637

1,479,048

1,210,532

946,371

230,142

Non-current liabilities

Loans and borrowings

14

299,667

622,904

299,667

622,904

Lease liabilities

39,481

45,446

37,008

43,617

Deferred tax liabilities

37,899

50,394

5,521

4,600

Other liabilities

14,584

14,791

-

-

391,631

733,535

342,196

671,121

Total liabilities

1,870,679

1,944,067

1,288,567

901,263

Net assets

2,285,422

2,199,921

1,707,088

1,448,486

Equity

Capital and reserves

attributable to the Company's equity holders

Share capital

15

416,656

419,198

416,656

419,198

Capital reserve

3,989

3,989

-

-

Treasury shares

15

(12,353)

(33,386)

(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

136

894

Securities clearing fund

reserve

25,000

25,000

-

-

Derivatives clearing fund

reserve

34,021

34,021

-

-

Share-based payment reserve

27,336

33,493

27,336

33,493

Retained profits

1,634,593

1,524,941

1,157,538

916,063

Proposed dividends

117,775

112,224

117,775

112,224

Total equity

2,285,422

2,199,921

1,707,088

1,448,486

Condensed interim consolidated statement of changes in equity For the half year ended 31 December 2025

Attributable to equity holders of the Company

Share Cash flow hedge

Currency translation

Fair value

Securities clearing fund

Derivatives clearing fund

Share-based payment

Proposed

Total

Note

Group

capital

$'000

Capital reserve*

$'000

Treasury shares

$'000

reserve*

$'000

reserve*

$'000

reserve*

$'000

reserve*

$'000

reserve*

$'000

reserve* Retained profits

$'000 $'000

dividends

$'000

equity

$'000

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

Transactions with equity holders,

recognised directly in equity

-

-

-

-

-

-

-

-

-

-

(112,224)

(112,224)

-

-

-

-

-

-

-

-

-

(195)

-

(195)

-

-

-

-

-

-

-

-

-

(115,096)

-

(115,096)

-

-

-

-

-

-

-

-

-

(117,775)

117,775

-

-

-

-

-

-

-

-

-

11,854

-

-

11,854

-

-

-

-

-

-

-

-

389

-

-

389

(2,656)

-

20,667

-

-

-

-

-

(18,011)

-

-

-

114

-

275

-

-

-

-

-

(389)

-

-

-

-

-

91

-

-

-

-

-

-

-

-

91

(2,542)

-

21,033

-

-

-

-

-

(6,157)

(233,066)

5,551

(215,181)

Dividends paid

  • FY2025 - Final dividends

  • Under provision of FY2025 final dividends

  • 1Q FY2026 - Interim dividend 16

    Proposed dividends

  • 2Q FY2026 - Interim dividend 16

    Employees' share plans - Value of employees' services

    Restricted share plan - Value of directors' services

    Vesting of shares under share-based

    remuneration plans 15

    Vesting of shares under restricted share

    plan 15

    Tax effect on treasury shares** 15

    Total transactions with equity holders for the period

    Total comprehensive income

    -

    -

    -

    -

    -

    -

    -

    -

    -

    342,718

    -

    342,718

    -

    -

    -

    (3,568)

    4,489

    (42,957)

    -

    -

    -

    -

    -

    (42,036)

    -

    -

    -

    (3,568)

    4,489

    (42,957)

    -

    -

    -

    342,718

    -

    300,682

    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

    Net profit after tax

    Other comprehensive income

    Total comprehensive income for the financial period

    Balance at 31 December 2025

    Condensed interim consolidated statement of changes in equity (continued) For the half year ended 31 December 2025

    Attributable to equity holders of the Company

    Cash flow

    Currency

    Securities

    Derivatives

    Share-based

    Non-

    Share

    Capital

    Treasury

    hedge

    translation

    Fair value

    clearing fund clearing fund

    payment

    Other

    Retained

    Proposed

    controlling

    Total

    Note

    capital

    reserve*

    shares

    reserve*

    reserve*

    reserve*

    reserve*

    reserve*

    reserve*

    reserve*

    profits

    dividends Total

    interests

    equity

    Group $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000

    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

    Transactions with equity holders, recognised directly in equity

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (96,178)

    (96,178)

    -

    (96,178)

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (194)

    -

    (194)

    -

    (194)

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (96,372)

    -

    (96,372)

    -

    (96,372)

    -

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (96,347)

    -

    (96,347)

    -

    (96,347)

    -

    -

    -

    -

    -

    -

    -

    -

    9,770

    -

    -

    -

    9,770

    -

    9,770

    -

    -

    -

    -

    -

    -

    -

    -

    348

    -

    -

    -

    348

    -

    348

    (1,352)

    -

    19,421

    -

    -

    -

    -

    -

    (18,069)

    -

    -

    -

    -

    -

    -

    74

    -

    274

    -

    -

    -

    -

    -

    (348)

    -

    -

    -

    -

    -

    -

    -

    -

    (3,896)

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (3,896)

    -

    (3,896)

    -

    -

    (65)

    -

    -

    -

    -

    -

    -

    -

    -

    -

    (65)

    -

    (65)

    (1,278)

    -

    15,734

    -

    -

    -

    -

    -

    (8,299)

    -

    (192,913)

    (96,178)

    (282,934)

    -

    (282,934)

    Dividends paid

  • FY2024 - Final dividends

  • Under provision of FY2024 final dividends

  • 1Q FY2025 - Interim dividend 16 Proposed dividends

  • 2Q FY2025 - Interim dividend 16 Employees' share plans - Value

of employees' services Restricted share plan - Value of

directors' services

Vesting of shares under share-based remuneration plans

Vesting of shares under restricted share plan

Purchase of treasury shares**

Tax effect on treasury shares**

Total transactions with equity holders for the period

Total comprehensive income

-

-

-

-

-

-

-

-

-

-

339,997

-

339,997

126

340,123

-

-

-

(2,578)

(3,691)

21,562

-

-

-

-

-

-

15,293

(115)

15,178

Net profit after tax

Other comprehensive income

Total comprehensive income

for the financial 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

* 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.

Condensed interim statement of changes in equity For the half year ended 31 December 2025

Attributable to equity holders of the Company

Note

Share capital

Treasury shares

Fair value reserve *

Share-based payment

reserve*

Retained profits

Proposed dividends

Total equity

$'000

$'000

$'000

$'000

$'000

$'000

$'000

Company

Balance at 1 July 2025

419,198

(33,386)

894

33,493

916,063

112,224

1,448,486

Dividends paid

- FY2025 - Final dividends

- - - - -

(112,224)

(112,224)

- Under provision of FY2025 final dividends

- - - - (195)

(195)

- 1Q FY2026 - Interim dividend

16

- - - - (115,096)

-

(115,096)

Proposed dividends

- 2Q FY2026 - Interim dividend

16

-

-

-

-

(117,775)

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

15

(2,656)

20,667

-

(18,011)

-

-

-

Vesting of shares under restricted share plan

15

114

275

-

(389)

-

-

-

Tax effect on treasury shares**

15

-

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

Condensed interim statement of changes in equity (continued) For the half year ended 31 December 2025

Attributable to equity holders of the Company

Note

Share capital

Treasury shares

Share-based

payment reserve*

Retained profits

Proposed dividends

Total equity

Company

$'000

$'000

$'000

$'000

$'000

$'000

Balance at 1 July 2024

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)

- 1Q FY2025 - Interim dividend

16

-

-

-

(96,372)

-

(96,372)

Proposed dividends

- 2Q FY2025 - Interim dividend

16

-

-

-

(96,347)

-

(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 financial 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.

Condensed interim consolidated statement of cash flows For the half year ended 31 December 2025 Group 1sthalf ended 31 December 2025 1sthalf ended 31 December 2024 Cash flows from operating activities

Profit before tax and share of results of associated

Note $'000 $'000

companies and joint ventures 426,439 419,534 Adjustments for:

- Depreciation and amortisation

8

41,470

42,042

- Share-based payment expense

12,243

10,118

- Finance charges

9

8,360

8,755

- Impairment losses

9

17,235

2,098

- Net fair value gains on financial assets, at FVPL

9

(4,668)

(13,186)

- Gain on sale of interest in associated company

9

-

(7,801)

- Interest income

9

(20,140)

(19,598)

- Net losses/(gains) from changes in interests in associated company and joint venture

9

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

Condensed interim consolidated statement of cash flows (continued) For the half year ended 31 December 2025 Group 1sthalf ended 31 December 1sthalf ended 31 December

Cash flows from investing activities

2025

$'000

2024

$'000

Purchase of financial asset, at FVOCI

(333,753)

(210,429)

Purchase of financial assets, 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 beginning of financial

period

919,303

795,720

Effects of currency translation on cash and cash

equivalents

(425)

(784)

Cash and cash equivalents at end of financial period

1,483,146

924,088

Condensed interim consolidated statement of cash flows (continued) For the half year ended 31 December 2025

Cash and cash equivalents comprised the following:

Group 31 December 2025 31 December 2024 $'000 $'000

Cash and cash equivalents per condensed interim

consolidated 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 condensed interim

statement of financial position - Group 1,673,563 1,124,569

Notes to the condensed interim financial statements
  1. Domicile and activities

    These condensed interim financial statements as at and for the half year ended 31 December 2025 comprise the Company and its subsidiaries (the "Group"). The Company is incorporated and domiciled in Singapore. On 23 November 2000, the Company was admitted to the Official List of Singapore Exchange Securities Trading Limited ("SGX-ST"). The address of the registered office is:

    2 Shenton Way

    #02-02 SGX Centre 1

    Singapore 068804

    The principal activities of the Group are to operate an integrated securities exchange and derivatives exchange, related clearing houses, operation of an electricity market in Singapore, provision and distribution of bulk freight market indices and information, index administration and related services, operation of electronic foreign exchange trading platforms, and investment holding.

    The principal activities of the Company are those of investment holding, treasury management, provision of management and administrative services to related corporations, provision of market data and technology connectivity services. There has been no significant change in the principal activities of the Company and its subsidiaries during the financial period.

  2. Basis of preparation

    The condensed interim financial statements for the half year ended 31 December 2025 have been prepared in accordance with Singapore Financial Reporting Standards (International) 34 Interim Financial Reporting (SFRS(I) 1-34) and should be read in conjunction with the Group's audited financial statements as at and for the year ended 30 June 2025. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 30 June 2025.

    The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s.

    The condensed interim financial statements are presented in Singapore dollars, which is the Company's functional currency.

  3. Use of judgments and estimates

    The preparation of the financial statements in conformity with SFRS(I) requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

    Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

    The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group's financial statements as at and for the year ended 30 June 2025.

    Assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next interim period pertain to impairment assessment of goodwill and intangible assets, and measurement of the fair value of financial instruments with significant unobservable inputs.

    Impairment assessment of goodwill

    Goodwill arising from the acquisitions of Energy Market Company Pte Ltd ("EMC"), the Baltic Exchange Limited ("BEL"), BidFX Systems Ltd ("BidFX"), Scientific Beta Pte. Ltd. ("SB") and the MaxxTrader ("MT") trading platform business are allocated to each of the Group's cash generating units ("CGU") or group of CGUs that are expected to benefit from synergies of the business combination.

    Management has performed an assessment of the impairment indicators as of 31 December 2025 and determined that there is no objective evidence or indication that the goodwill is impaired, except for goodwill allocated to the Indices CGU due to the continued underperformance of SB.

    The recoverable amount of goodwill allocated to Indices CGU is based on value-in-use calculation using discounted cash flow model and management's best estimate of future cash flows, long term growth rate and discount rate. There was no change in the long term growth rate and discount rate since the last annual financial statements for the year ended 30 June 2025.

    Based on the value-in-use calculation of the Indices CGU, there is a $15,000,000 impairment on the goodwill allocated to Indices CGU (2025: Nil).

    Fair value of financial instruments

    The Group holds certain financial instruments for which no quoted prices are available, and which may have little or no observable market inputs. For these financial instruments, the determination of fair value requires subjective assessment and management judgment which takes into consideration the liquidity, pricing assumptions, current economic and competitive environment and the risks affecting the specific financial instrument. In such circumstances, valuation is determined based on management's judgment related to the assumptions that market participants would use in pricing assets or liabilities (Note 19).

    1. Use of judgments and estimates (continued)

      Impairment assessment of intangible assets

      The intangible assets are the right to operate the Singapore electricity spot market arising from the acquisition of EMC, trade name arising from the acquisition of BEL and technical know-how and customer relationships, arising from the acquisitions of SB, BidFX and MT trading platform business.

      Intangible assets are valued on acquisition using appropriate methodology and amortised over the estimated useful lives. The valuation methodology employed includes: (a) discounted cash flow model and management's best estimate of future cash flows, long term growth rate and discount rate; (b) relief-from-royalty method for technical know-how; and (c) multi-period excess earnings method for customer relationships.

    2. Seasonal operations

      The Group's businesses are not affected significantly by seasonal or cyclical factors during the financial period.

    3. Operating revenue

Operating revenue comprised the following:

Group

Fixed Income, Currencies and Commodities

1sthalf ended 31 December

2025

$'000

1sthalf ended 31 December

2024

$'000

Fixed Income

Listing

4,482

3,159

Corporate actions and other

1,713

1,613

6,195

4,772

Currencies and Commodities

Trading and clearing

161,670

136,722

Treasury and other

29,250

31,415

190,920

168,137

197,115

172,909

Equities - Cash

Listing

13,606

12,732

Trading and clearing

130,980

107,585

Securities settlement and depository management

59,362

49,647

Corporate actions and other

22,119

24,584

226,067

194,548

Equities - Derivatives

Trading and clearing

144,147

146,313

Treasury and other

38,267

46,208

182,414

192,521

Platform and Others

Market data

29,021

25,117

Connectivity

46,299

41,803

Indices and other

55,267

55,329

130,587

122,249

6

Staff

Group

1sthalf ended

1sthalf ended

31 December

31 December

2025

2024

$'000

$'000

Fixed staff costs

99,884

93,809

Variable bonus

41,042

45,370

Variable share-based payment

11,854

9,770

152,780

148,949

7 Other operating expenses

Group 1sthalf ended 31 December 1sthalf ended 31 December

2025

$'000

2024

$'000

Marketing

3,081

2,818

Travelling

2,345

1,930

Allowance for impairment of trade receivables, net

Net (gain)/loss on disposal of property, plant and equipment and software

(460)

(2)

801

24

Directors' fees

1,818

1,670

Regulatory fees

4,194

3,824

Miscellaneous

6,677

4,352

17,653

15,419

8

Depreciation and amortisation

Gro 1sthalf ended

up

1sthalf ended

31 December

31 December

2025

2024

$'000

$'000

Technology-related depreciation and amortisation

29,023

28,968

Premises-related depreciation

8,803

8,901

Amortisation of intangible assets

3,644

4,173

41,470

42,042

  1. Non-operating items Group

    1sthalf ended 31 December

    2025

    $'000

    1sthalf ended 31 December

    2024

    $'000

    Other income (net)

    - Changes in fair value of financial assets, at FVPL

    4,668

    13,186

    - (Loss)/gain from changes in interests in associated company

    and joint venture

    (9)

    6,007

    - Gain on sale of interest in associated company (Note (a))

    -

    7,801

    - Others

    1,356

    328

    6,015

    27,322

    Interest income

    Interest income from fixed deposits and current accounts with banks

    14,553

    17,617

    Interest income from financial assets, at FVOCI

    5,587

    1,981

    20,140

    19,598

    Finance charges

    Interest expense

    - Lease liabilities

    (1,025)

    (1,362)

    - Medium term notes

    (7,335)

    (7,393)

    (8,360)

    (8,755)

    Net foreign exchange gains

    1,268

    220

    Impairment losses

    - Impairment loss on goodwill (Note (b))

    (15,000)

    -

    - Impairment loss on investment in associated company

    (2,235)

    (2,098)

    (17,235)

    (2,098)

    1,828

    36,287

    1. During the half year ended 31 December 2024, SGX divested its entire 20% equity interest in Philippines Dealing System Holdings Corp, for a cash consideration of PHP750,000,000 (approximately $17,575,000), resulting in a gain of $7,801,000.

    2. During the half year ended 31 December 2025, an impairment loss of $15,000,000 was recognised on goodwill allocated to the Indices CGU, which was attributable to the continued underperformance of SB.

  2. Tax
Group

1sthalf ended 31 December

2025

$'000

1sthalf ended 31 December

2024

$'000

Tax expense attributable to profit is made up of:

- Current income tax

78,864

73,574

- Deferred income tax

(2,094)

631

76,770

74,205

Under provision in prior financial period

- Current income tax

184

220

76,954

74,425

11 Earnings per share

Group 1sthalf ended 31 December 1sthalf ended 31 December

2025

$'000

2024

$'000

Net profit attributable to the equity holders of the Company

342,718

339,997

Weighted average number of ordinary shares in issue for basic earnings per share ('000)

1,070,040

1,070,045

Adjustments for:

- Shares granted under SGX performance share plans and

deferred long-term incentives schemes ('000) 5,287 5,163 Weighted average number of ordinary shares for diluted

earnings per share ('000) 1,075,327 1,075,208

Earnings per share (in cents per share)

- Basic

32.0

31.8

- Diluted

31.9

31.6

12 Financial assets, at FVOCI

Group

31 December

30 June

2025

2025

$'000

$'000

Current

Bonds - Quoted

372,460

377,585

Non-current

Equity securities - Unquoted

132,778

183,514

13 Financial assets, at FVPL

Group

31 December

30 June

2025

2025

$'000

$'000

Non-current

Equity securities - Quoted

13,928

14,711

Debt securities - Unquoted

6,253

448,984

20,181

463,695

  1. Loans and borrowings Group Company

    31 December

    30 June

    31 December

    30 June

    Current

    2025

    $'000

    2025

    $'000

    2025

    $'000

    2025

    $'000

    Medium term notes (Note (a))

    326,360

    -

    326,360

    -

    Non-current

    Medium term notes (Note (a))

    299,667

    622,904

    299,667

    622,904

    Terms and debt repayment schedule

    The terms and conditions of outstanding borrowings are as follows:

    31 December 2025 30 June 2025

    Weighted

    Currency

    average interest rate

    Year of maturity

    Face value

    Carrying amount

    Face value

    Carrying amount

    Group and Company

    1.29%

    (30 June 2025:

    $'000 $'000 $'000 $'000

    Medium term notes USD 1.29%) 2026 321,527 322,791 318,626 319,758

    Medium term notes SGD

    3.51%

    (30 June 2025:

    3.51%) 2027 300,000 303,236 300,000 303,146

    621,527 626,027 618,626 622,904

    1. Medium term notes

      USD 250,000,000 of medium term notes were issued on 3 September 2021 with maturity date on 3 September 2026. The unsecured notes issued under SGX's SGD 1.5 billion multicurrency debt issuance programme, bear interest at a fixed rate of 1.234 per cent per annum payable semi-annually in arrears on 3 March and 3 September each year.

      SGD 300,000,000 of medium term notes were issued on 26 February 2024 with maturity date on 26 February 2027. The unsecured notes issued under SGX's SGD 1.5 billion multicurrency debt issuance programme, bear interest at a fixed rate of 3.45 per cent per annum payable semi-annually in arrears on 26 February and 26 August each year.

  2. Share capital

    Group and Company

    Number of shares Amount Issued shares Treasury shares Share Capital Treasury shares '000 '000 $'000 $'000 31 December 2025

    Balance at 1 July 2025 1,071,642 2,839 419,198 (33,386)

    Vesting of shares under share-

    based remuneration plans - (1,855) (2,656) 20,667 Vesting of shares under

    restricted share plan - (23) 114 275

    Tax effect on treasury shares - - - 91

    Balance at 31 December 2025 1,071,642 961 416,656 (12,353)

    30 June 2025

    Balance at 1 July 2024 1,071,642 2,995 420,476 (27,665)

    Purchase of treasury shares - 2,031 - (26,329) Vesting of shares under share-

    based remuneration plans - (2,157) (1,352) 19,421 Vesting of shares under

    restricted share plan - (30) 74 274

    Tax effect on treasury shares - - - 913

    Balance at 30 June 2025 1,071,642 2,839 419,198 (33,386)

    All issued ordinary shares are fully paid. There is no par value for these ordinary shares.

    Fully paid ordinary shares carry one vote per share and carry a right to dividends as and when declared by the Company, except for shares held as treasury shares.

    During the financial year ended 30 June 2025, the Company purchased 2,031,000 of its shares in the open market for $26.3 million. The Company holds the shares bought back as treasury shares.

  3. Dividends Group and Company 1sthalf ended 31 December 2025 1sthalf ended 31 December 2024 $'000 $'000 Ordinary dividends paid:

    • Interim tax-exempt dividend of 10.75 cents per share for 1Q

      FY2026 (1Q FY2025: 9.0 cents) 115,096 96,372

    • Interim tax-exempt dividends of 9.0 cents per share for 2Q

      FY2025 (Note (a)) - 96,347

      Proposed ordinary dividends:

    • Interim tax-exempt dividends of 11.0 cents per share for 2Q

    FY2026 (Note (a)) 117,775 -

    232,871 192,719

    1. For the second quarter ended 31 December 2025, an interim tax-exempt dividend of 11.0 cents per share will be paid on 24 February 2026 (2Q FY2025: 9.0 cents per share paid on 21 February 2025).

  4. Segment information

Management determines the operating segments based on the reports reviewed and used by the Executive Management Committee for performance assessment and resource allocation.

The Group operates primarily in Singapore and is organised into five segments as follows:

  1. Fixed Income, Currencies and Commodities - Provision of fixed income issuer services, derivatives trading and clearing services and collateral management.

  2. Equities - Cash - Provision of issuer services, securities trading and clearing, securities settlement and depository management

  3. Equities - Derivatives - Provision of derivatives trading and clearing and collateral management.

  4. Platform and Others - Provision of various services associated with the platform businesses, including market data, connectivity, indices and membership subscription. Revenue earned is mainly non-transactional in nature.

  5. Corporate - Non-operating segment comprising corporate activities which are not allocated to the four operating segments described above.

17 Segment information (continued)

Fixed

Income,

Currencies

and

Equities -

Equities -

Platform

Commodities

Cash

Derivatives

and Others Corporate

Group

1sthalf ended 31 December

$'000

$'000

$'000

$'000 $'000

$'000

2025

Operating Revenue

197,115

226,067

182,414

130,587

-

736,183

Less: Transaction-based

(18,225)

(2,135)

(15,029)

(5,394)

-

(40,783)

expenses

Operating revenue less

178,890

223,932

167,385

125,193

-

695,400

transaction-based

expenses (net revenue)

Earnings before interest, tax, depreciation and

amortisation

106,542

161,073

124,313

74,153

-

466,081

Depreciation and amortisation

13,352

12,159

6,914

9,045

-

41,470

Operating profit

93,190

148,914

117,399

65,108

-

424,611

Non-operating gains, net

-

-

-

-

1,828

1,828

Share of results of associated companies and joint ventures, net of tax

- - - - (6,767) (6,767)

Tax - - - - (76,954)(76,954)

Net profit after tax 342,718

  1. Segment information (continued)

    Fixed

    Income,

    Currencies

    and

    Equities -

    Equities -

    Platform

    Commodities

    Cash

    Derivatives

    and Others Corporate

    Group

    $'000

    $'000

    $'000

    $'000 $'000

    $'000

    1sthalf ended 31 December 2024

    Operating Revenue

    172,909

    194,548

    192,521

    122,249

    -

    682,227

    Less: Transaction-based

    (13,834)

    (1,911)

    (15,142)

    (4,981)

    -

    (35,868)

    expenses

    Operating revenue less

    159,075

    192,637

    177,379

    117,268

    -

    646,359

    transaction-based

    expenses (net revenue)

    Earnings before interest, tax,

    88,517

    134,730

    133,774

    68,268

    -

    425,289

    depreciation and amortisation

    Depreciation and amortisation

    13,462

    11,725

    6,906

    9,949

    -

    42,042

    Operating profit

    75,055

    123,005

    126,868

    58,319

    -

    383,247

    Non-operating gains, net

    -

    -

    -

    -

    36,287

    36,287

    Share of results of associated

    -

    -

    -

    -

    (4,986)

    (4,986)

    companies and joint ventures, net of tax

    Tax - - - - (74,425)(74,425)

    Net profit after tax 340,123

  2. Related party transactions - Group

    The following transactions took place between the Group and related parties at terms agreed between the parties:

    Directors' fees and key management's remuneration

    Key management's remuneration included fees, salary, bonus, commission and other emoluments (including benefits-in-kind) computed based on the cost incurred by the Group and the Company, and where the Group or the Company did not incur any costs, the value of the benefit is included. The directors' fees and key management's remuneration are as follows:

    1sthalf ended 31 December 2025 1sthalf ended 31 December 2024 $'000 $'000

    Salaries and other short-term employee benefits 4,773 4,957 Employer's contribution to Central Provident Fund 55 57

    Share-based payment to key management 3,691 2,871 8,519 7,885

    During the financial period, 318,300 shares (1H FY2025: 457,300 shares) under SGX performance share plan and 318,300 shares (1H FY2025: 499,200 shares) under SGX deferred long-term incentives scheme were granted to key management of the Group. The shares were granted under the same terms and conditions as those offered to other employees of the Company.

  3. Fair value measurements - Group

    Fair value measurements

    The following table presents assets and liabilities measured at fair value and classified by level of the following fair value measurement hierarchy:

    1. quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

    2. inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and

    3. inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

19 Fair value measurements - Group (continued)

Group

31 December 2025

Level 1

$'000

Level 2

$'000

Level 3

$'000

Total

$'000

Assets

Derivative financial instruments

-

494

-

494

Financial assets, at FVOCI

372,460

11,979

120,799

505,238

Financial assets, at FVPL

13,928

-

6,253

20,181

Liabilities

Derivative financial instruments

-

892

-

892

30 June 2025 Assets

Derivative financial instruments

-

5,628

-

5,628

Financial assets, at FVOCI

377,585

10,658

172,856

561,099

Financial assets, at FVPL

14,711

-

448,984

463,695

No transfers were made between Level 1, 2 and 3 for the Group during the half year ended 31 December 2025 and the financial year ended 30 June 2025.

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Quoted market prices or dealer quotes for similar instruments are used to estimate fair value for debt instruments. The fair value of currency forward contracts is determined using quoted forward currency rates at the balance sheet date. Unquoted equity securities classified as financial assets, at FVOCI, and which are valued using latest transacted price are classified as Level 2. These comprise derivatives financial instruments and unquoted equity securities.

19 Fair value measurements - Group (continued)

Where a valuation technique for financial instruments is based on significant unobservable inputs, such instruments are classified as Level 3. The following table presents the valuation techniques and key inputs that were used to determine the fair value of financial instruments categorised under Level 3.

Description Fair value Valuation techniques $'000 Unobservable inputs Range of unobservable inputs

Financial assets, at FVPL (unquoted investment in a fund)

6,253

(30 June 2025:

448,984)

Net Asset Value Net Asset Value

Not applicable

Financial assets, at FVOCI

(unquoted equity securities)

120,799

(30 June 2025:

172,856)

Implied market multiple of public comparables on revenue forecast

Forecast of revenue

Not applicable

For financial assets, at FVOCI and at FVPL, increases (decreases) in the above unobservable inputs, in isolation, would result in a higher (lower) fair value measurement. In respect of the other financial instruments, management considers that any reasonably possible changes to the unobservable inputs will not result in a significant financial impact.

The following table presents the reconciliation of financial instruments measured at fair value based on significant unobservable inputs (Level 3).

  1. Fair value measurements - Group (continued) Financial assets, at FVPL Financial assets, at FVOCI Financial liability Group $'000 $'000 $'000

    At 1 July 2025

    448,984

    172,856

    -

    Additions

    1,021

    -

    -

    Disposals

    (459,129)

    -

    -

    Fair value gain recognised in profit

    or loss

    5,583

    -

    -

    Fair value loss recognised in other

    comprehensive income

    -

    (53,631)

    -

    Effects of changes in foreign

    exchange rates

    9,794

    1,574

    -

    As at 31 December 2025

    6,253

    120,799

    -

    At 1 July 2024

    428,742

    175,991

    (9,164)

    Additions

    4,785

    -

    -

    Disposals

    -

    -

    8,910

    Fair value gain/(loss) recognised in

    profit or loss

    42,208

    -

    (310)

    Fair value gains recognised in other

    comprehensive income

    -

    9,093

    -

    Effects of changes in foreign

    exchange rates

    (26,751)

    (12,228)

    546

    As at 30 June 2025

    448,984

    172,856

    -

    The fair values of current financial assets and liabilities carried at amortised cost approximate their carrying amounts.

  2. New accounting standards and SFRS(I) interpretations

    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

20 New accounting standards and SFRS(I) interpretations (continued)

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.

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