Singapore Exchange Limited (SGX): FY2025 Financial Performance Analysis
Singapore Exchange Limited (SGX) has released its audited financial results for the year ended 30 June 2025. The report highlights record performance across core metrics, a strong dividend payout, and a positive outlook, underscored by broad-based growth and operational resilience. Below, we analyze the key financial metrics, compare results quarter-over-quarter (QoQ) and year-over-year (YoY), and summarize important developments affecting SGX’s business.
Key Financial Metrics
| Metric |
FY2025
(Full Year) |
FY2024
(Full Year) |
YoY Change |
| Operating Revenue |
\$1,370.6m |
\$1,231.7m |
+11.3% |
Net Revenue
(After Transaction-Based Expenses) |
\$1,298.2m |
\$1,162.0m |
+11.7% |
| EBITDA |
\$827.8m |
\$702.2m |
+17.9% |
| Adjusted EBITDA |
\$832.0m |
\$711.6m |
+16.9% |
| Net Profit Attributable to Equity Holders |
\$648.0m |
\$597.9m |
+8.4% |
| Adjusted Net Profit |
\$609.5m |
\$525.9m |
+15.9% |
| Earnings Per Share (EPS) |
60.6 cents |
55.9 cents |
+8.4% |
| Adjusted EPS |
57.0 cents |
49.2 cents |
+15.9% |
| Proposed Final Quarterly Dividend |
10.5 cents |
9.0 cents |
+16.7% |
| Total FY Dividend |
37.5 cents |
34.5 cents |
+8.7% |
Quarter-over-Quarter (2H FY2025 vs 2H FY2024)
| Metric |
2H FY2025 |
2H FY2024 |
QoQ Change |
| Operating Revenue |
\$688.4m |
\$639.4m |
+7.7% |
| Net Revenue |
\$651.8m |
\$603.1m |
+8.1% |
| EBITDA |
\$402.5m |
\$357.6m |
+12.5% |
| Net Profit After Tax |
\$308.0m |
\$316.2m |
-2.6% |
Historical Performance Trends
- SGX achieved its highest revenue and net profit since listing.
- Securities daily average traded value (SDAV) rose 27% to \$1.34 billion, a four-year high, outperforming regional peers.
- Turnover velocity for primary-listed securities increased by 4 percentage points to 41%.
- Derivatives daily trading volume climbed 17% to 1.3 million, with record volumes in FX, commodities and China A50 index futures.
- Net asset value per share increased from \$1.83 to \$2.06.
Segment Highlights
- FICC (Fixed Income, Currencies & Commodities): Net revenue up 8.6%, driven by higher volumes in OTC FX (ADV +28% to US\$143bn), currency derivatives (+49.7%), and commodity derivatives (+6.2%).
- Equities Cash: Net revenue up 18.7%. Trading and clearing revenue surged 31.9%, but new equity listings and funds raised were lower than the previous year.
- Equity Derivatives: Net revenue up 13.8%, with volumes up 10.3%. FTSE China A50 index futures volumes jumped 23%.
- Platform & Others: Net revenue up 3%. Market data and connectivity revenue saw solid growth, though indices and other revenue declined due to lower Scientific Beta contributions.
Exceptional Earnings/Expenses & Other Notable Items
- Non-operating gains were lower at \$59.7m (vs. \$117.1m), mainly due to reduced net fair value gains from minority investments and higher net forex losses.
- Impairment losses declined to \$7.6m (from \$20.4m), mainly on Scientific Beta intangible assets and associated companies.
- Staff costs: Variable staff costs rose 11% due to higher bonus provision in line with profits, while fixed staff costs remained flat.
- Share buybacks: SGX purchased 2,031,000 shares in FY2025 (1,565,000 in FY2024), spending \$26.3m (\$14.6m in FY2024).
Divestments and Asset Sales
- SGX disclosed a binding agreement to sell Trading Technologies International, Inc. The investment had been accounted for as a financial asset at fair value through profit or loss.
Regulatory Developments & Corporate Actions
- SGX RegCo consulted on regulatory changes to move towards a more disclosure-based regime, refine listing criteria, and remove the financial watch-list, aiming to facilitate easier capital market access and increase investment opportunities.
- The Group’s commitment to clearing funds remains strong, with \$40m for CDP and \$131m for SGX-DC, supporting market stability.
- SGX was recognized as “Exchange of the Year” by Regulation Asia for the fifth time, affirming its regulatory leadership.
- Dividend policy aims for sustainable, growing quarterly payouts, with a planned increase of 0.25 cents every quarter from FY2026 to FY2028, subject to earnings growth.
Forecast and Outlook
- SGX expects FY2026 expenses to rise by 4–6%, with capital expenditure projected at \$90–\$95m focused on technology scalability and resilience.
- Revenue growth (excluding treasury income) is guided at 6–8% annually, driven mainly by OTC FX and exchange-traded derivatives.
- Dividend increases are planned, reflecting business strength and commitment to shareholder returns.
- SGX remains optimistic about its IPO pipeline and new product categories, positioning for further expansion in Asia and emerging markets.
Conclusion: Strong Performance and Positive Outlook
SGX delivered robust results in FY2025, marked by record-high revenues, strong profit growth, and enhanced shareholder returns. The diversified multi-asset strategy, resilient operating segments, and disciplined capital allocation position SGX favorably for future growth. The Board’s commitment to increasing quarterly dividends and ongoing investments in technology signal confidence in sustained performance. Barring unforeseen macroeconomic shocks, the outlook remains positive, supported by solid fundamentals, regulatory innovations, and expanding global reach.
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