Singapore Exchange (S68) H1 2026 earnings summary

Executive summary

• Achieved record half-year revenue and earnings for 1H FY2026, with net revenue rising 7.6% to $695.4 million and strong growth across multi-asset businesses, including FX, derivatives, and equities.

• Multi-asset strategy and disciplined execution drove results, with continued momentum from FY2025 and a targeted 6-8% organic revenue CAGR (excluding Treasury income).

• Committed to sustainable and growing dividends, targeting a 12% CAGR for FY26-FY28 and a 0.25 cent increase every quarter.

• IPO pipeline remains robust, with over 30 companies in the pipeline and 18 listings completed in the past six months.

• EBITDA increased 9.6% to $466.1 million, and adjusted NPAT grew 11.6% to $357.1 million.

Financial highlights

• Group net revenue rose 7.6% to SGD 695 million year-over-year; adjusted group NPAT increased 11.6% to SGD 357 million.

• Adjusted expenses increased by 3.8%; staff costs up 2.6% due to higher headcount.

• Interim dividend of SGD 0.11 per share declared, bringing total first-half dividend to SGD 0.2175, up over 20% year-over-year.

• Net asset value per share increased to $2.13 from $2.06 at the end of June 2025.

• Cash and cash equivalents at period end were $1.67 billion, up from $1.13 billion at June 2025.

Outlook and guidance

• Confident in achieving medium-term 6%-8% CAGR in top-line organic growth, excluding Treasury income.

• No change to full-year expense and CapEx guidance for FY 2026, maintained at 4-6% increase and $90M-$95M.

• Committed to sustainable and growing dividends, with incremental SGD 0.0025 per quarter to FY 2028.