SGX Records Highest Income and Net Earnings Since Initial Public Offering
Singapore Exchange Group Reports Record Revenue and Profit for FY2025
The Singapore Exchange (SGX) Group has announced its financial results for the year ended FY2025, reporting its highest revenue and net profit since its listing.
The total expenses for the year were comparable at S$555.3 million. Adjusted total expenses increased 1.6% to S$542.8 million, excluding amortisation of purchased intangible assets and other one-off adjustments.
Trading and clearing revenue saw a significant boost, rising 31.9% to S$221.8 million. This increase was primarily driven by higher-yielding subsequent settlement transactions. Listing revenue, however, decreased 11.0% to S$26.5 million.
The increase in securities settlement, depository management, corporate actions, and other revenue was also notable, up 8.1% to S$148.1 million.
The Equities - Derivatives segment contributed 26.6% of total net revenue, with net revenue increasing by 13.8% to S$345.9 million. In contrast, the FICC segment accounted for 24.8% of total net revenue, with FICC net revenue increasing 8.6% to S$321.6 million.
OTC FX net revenue increased 25.3% to S$113.0 million, while currency derivatives volumes increased 49.7% to 73.6 million contracts. Equity derivatives volumes also saw an increase of 10.3% to 175.8 million contracts.
The Platform and Others segment accounted for 18.3% of total net revenue, with net revenue increasing 3.0% to S$238.0 million. Market data revenue and connectivity revenue both saw increases due to repricing and higher co-location sales, respectively.
Transaction-based expenses decreased 11.8% to S$3.7 million, mainly due to lower incentives. The overall average net clearing fees increased 5.1% to 2.59 basis points.
The total securities traded value increased 27.5% to S$336.4 billion, with the securities daily average traded value (SDAV) rising 26.5% to S$1.34 billion. The exchange recorded 6 new equity listings which raised S$25.7 million, and secondary equity funds raised were S$4.3 billion.
Adjusted EBITDA was up 16.9% at S$832.0 million, and the adjusted net profit increased 15.9% year-on-year to S$609.5 million. The Board of Directors proposed a final quarterly dividend of 10.5 cents per share. If approved, total FY2025 dividends will be 37.5 cents, an increase of 8.7%.
Looking ahead, the key medium-term growth drivers for SGX's Fixed Income, Currencies, and Commodities (FICC) business include a strong surge in OTC FX revenue, geopolitical tensions and trade dynamics, tax incentives and government programs, regional expansion and product innovation, and SGX's strategic investments in technology and cost discipline.
Total capital expenditure for FY2026 is expected to be between S$90-S$95 million, with expenses expected to increase by 4-6%. Net revenue (after netting off transaction-based expenses) increased 11.7% to S$1,298.2 million. Equities - Cash net revenue increased 18.7% to S$392.7 million, accounting for 30.3% of total net revenue. Adjusted earnings per share was 57.0 cents.
With these positive financial results and a promising outlook, SGX is well-positioned to capture growth from rising demand for Asian fixed income, currency, and commodities products driven by geopolitical shifts, regional economic expansion, and targeted policy support.
- The Equities - Derivatives segment, a significant contributor to SGX's revenue, saw a 13.8% increase in net revenue for FY2025.
- In the FICC segment, FICC net revenue increased by 8.6%, while OTC FX net revenue saw a substantial 25.3% growth.
- Singapore Exchange (SGX) Group's Platform and Others segment, making up 18.3% of total net revenue, experienced a 3.0% increase in net revenue.
- Looking forward, SGX plans to drive growth in its Fixed Income, Currencies, and Commodities (FICC) business through strategic investments in technology and cost discipline, among other factors.
