Slides
Page 1
ASX Limited 1H25 results 13 February 2025 For personal use only
Page 2
2 | Disclaimer This presentation has been prepared by ASX Limited (ABN 98 008 624 691) (“ASX”). Summary information This presentation contains general information about ASX and its related bodies corporate (“ASX Group”) and their activities current as at 13 February 2025, unless otherwise stated. It is provided in summary form, does not purport to be complete and may be subject to change at any time without notice. It should be read in conjunction with ASX’s other periodic and continuous disclosure announcements which are available at www.asx.com.au. Future performance and forward -looking statements This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. Forward- looking statements are subject to a range of risk factors. ASX cautions against reliance on any forward-looking statements. While ASX has prepared this information based on its current knowledge and understanding and in good faith, there are risks and uncertainties involved which could cause results to differ from projections. ASX will not be liable for the correctness and/or accuracy of the information, nor any differences between the information provided and actual outcomes, and reserves the right to change its projections from time to time. ASX undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obligations under the applicable law and ASX listing rules. Copyright © 2025 ASX Limited ABN 98 008 624 691. All rights reserved 2025. No part of these materials may in any form or by any means be reproduced, adapted, transmitted or communicated without the prior written permission of ASX. For personal use only
Page 3
3 | Acknowledging Country ASX acknowledges the Traditional Owners of Country throughout Australia. We pay our respects to Elders past and present. Artwork by Lee Ann Hall, My country My People For personal use only
Page 4
4 | Contents 1H25 highlights Helen Lofthouse, CEO 1 1H25 financial performance Andrew Tobin, CFO2 Technology modernisation and growth opportunities Helen Lofthouse 3 Outlook and guidance Helen Lofthouse 4 For personal use only
Page 5
Helen Lofthouse, CEO 1H25 highlights For personal use only
Page 6
6 | Record operating revenue1 +10% increase in underlying NPAT vs pcp Multi-year journey to further uplift risk management practices Expense management initiatives Delivering major projects 1H25 financial results 1H25 highlights Strong financial performance, maintaining investment in key focus areas Focus areas Sustainable, secure and resilient technology Continuing our cost conscious approach Portfolio of high quality businesses Regulatory and risk management uplift Promoting financial system stability Technology modernisation Business efficiency 1 Operating revenue and total expense as per the Group segment reporting For personal use only
Page 7
7 | 1 Compared to prior comparative period 2 Operating revenue and total expense as per the Group segment reporting 1H25 financial results summary1 Record operating revenue and 10% growth in underlying NPAT 13.5% Underlying return on equity +90 bps 111.2 Dividend +9.9% cents per share $243.5 million Statutory NPAT +5.6% $253.7 million Underlying NPAT +10.1% $541.9 million +5.9% Operating revenue 2 For personal use only
Page 8
Andrew Tobin, CFO 1H25 financial performance For personal use only
Page 9
9 25 % 25 %Financial results Strong growth in underlying NPAT $m 1H25 2H24 1H24 1H25 vs 1H24 Listings 104.9 103.3 104.9 — Markets 168.4 162.2 153.2 9.9% Technology & Data 132.9 130.5 124.6 6.7% Securities & Payments 135.7 126.6 129.0 5.2% Operating revenue¹ 541.9 522.6 511.7 5.9% Total expenses¹ (220.3) (208.8) (220.7) 0.2% EBIT 321.6 313.8 291.0 10.5% Net interest income 43.1 37.3 39.4 9.4% Underlying NPAT 253.7 243.7 230.5 10.1% Significant items (after tax) (10.2) — — — Statutory NPAT 243.5 243.7 230.5 5.6% EBIT margin 59.3% 60.0% 56.9% 240bps Underlying earnings per share (EPS) (cents) 130.9 125.8 119.0 10.0% Statutory EPS (cents) 125.6 125.8 119.0 5.5% Dividends per share (DPS) (cents) 111.2 106.8 101.2 9.9% Underlying Return on Equity (ROE) 13.5% 13.3% 12.6% 90bps Statutory ROE 13.0% 13.3% 12.6% 40bps 1 Operating revenue and expenses as per the Group segment reporting. Variance expressed as favourable/(unfavourable). 19% 31%25% Strong revenue growth in Markets, Technology & Data and Securities & Payments. Total expenses were broadly stable compared to pcp, reflecting continued focus on expense management Net interest income growth driven by the higher earnings rate on ASX Group cash, higher average participant balances and investment spreads Underlying EPS increased in-line with underlying NPAT Underlying ROE up 90bps, to 13.5% driven by the growth in underlying NPAT Technology & Data Securities & Payments Listings Markets 25% For personal use only
Page 10
10 Listings Higher annual listing revenue offset by lower initial and secondary revenue $m 1H25 2H24 1H24 1H25 vs 1H24 Revenue 104.9 103.3 104.9 — Annual listing 55.5 53.7 53.5 3.7% Initial listing1 9.4 9.7 10.3 (8.7%) Secondary raisings2 34.9 35.8 37.0 (5.7%) Investment products & other listing 5.1 4.1 4.1 24.4% Key drivers New listed entities (number)3 39 28 28 39.3% Quoted market cap of new listings ($b) 8.9 3.2 33.2 (73.2%) Secondary capital raised ($b) 22.4 22.9 22.5 (0.4%) Total new capital quoted ($b) 31.3 26.1 55.7 (43.8%) Quoted market cap of de-listings ($b) (40.5) (20.1) (33.8) (19.8%) Total net new capital quoted ($b) (9.2) 6.0 21.9 (142.0%) 1 Revenue recognised over five years under AASB 15 2 Revenue recognised over three years under AASB 15 3 Includes all entities admitted to the ASX official list. This includes equity listings, wholesale and retail debt listings, listed investment companies and trusts, and stapled entities. It does not include exchange-traded funds or mFunds. Variance expressed as favourable/(unfavourable). Annual listing revenue supported by higher market capitalisation Initial listing and secondary raisings revenue down primarily due to amortisation profile. Total net new capital quoted primarily due to several large delistings in the period, following completion of takeover deals Initial listing fee revenue contribution per period ($m)1 Secondary raisings fee revenue contribution per period ($m)2 19% 0.3 0.7 0.3 9.0 9.110.0 33.9 3.1 3.48.5 31.527.3 For personal use only
Page 11
11 Markets Growth driven by higher futures and cash market trading volumes $m 1H25 2H24 1H24 1H25 vs 1H24 Revenue 168.4 162.2 153.2 9.9% Futures and OTC 126.4 123.5 114.4 10.5% Cash market trading 33.4 30.3 30.0 11.3% Equity options 8.6 8.4 8.8 (2.3%) Key drivers Futures & Options on Futures volume (m) 92.6 86.3 77.2 19.9% Total ASX on-market value ($b) 732.6 670.9 659.9 11.0% Single stock options volume (m) 31.2 30.2 31.4 (0.6%) Variance expressed as favourable/(unfavourable). Reversal of prior period impairment losses ($0.9m) in Yieldbroker reported as part of the Futures and OTC business in 1H24. Futures and OTC revenue growth driven by strong futures & options on futures volumes (+19.9%) due to increased market volatility and changing interest rate expectations Cash market trading driven by higher levels of trading activity with total ASX on-market value up 11.0% Interest rate futures and options volumes (million) ASX on-market traded value ($billion) 31% For personal use only
Page 12
12 Technology & Data Ongoing demand for market data and ALC cabinets $m 1H25 2H24 1H24 1H25 vs 1H24 Revenue 132.9 130.5 124.6 6.7% Information services 82.2 80.3 76.0 8.2% Technical services 50.7 50.2 48.6 4.3% Key drivers (spot) ALC Cabinets 392 391 388 1.0% ALC service connections 1,354 1,399 1,378 (1.7%) Variance expressed favourable/(unfavourable). Information Services growth driven by higher demand for data, particularly for ASX24 derivatives market data Technical Services growth supported by increase in number of cabinets at the Australia Liquidity Centre (ALC) Information Services revenue contribution ($m) Australian Liquidity Centre 25% For personal use only
Page 13
13 Securities & Payments Higher cash and debt markets activity driving equity post trade services and Austraclear Variance expressed as favourable/(unfavourable). Results from investment in Sympli reported as part of the Austraclear business. Issuer services revenue growth driven by higher statement volumes and holder maintenance fees Equity post-trade growth due to increased clearing and settlement activity from higher trading volumes and average daily on-market value cleared Austraclear (excluding Sympli) growth driven by higher debt market activity (transaction volumes +15.9%) following the roll-off of TFF (Term Funding Facility) balances and pricing changes. Share of operating losses in Sympli were slightly lower than pcp ($5.3m vs $5.6m) $m 1H25 2H24 1H24 1H25 vs 1H24 Revenue 135.7 126.6 129.0 5.2% Issuer services 30.1 28.5 29.6 1.7% Equity post-trade services 66.7 65.1 64.3 3.7% Austraclear (including Sympli) 38.9 33.0 35.1 10.8% Key drivers Average no. of unique security holdings (m) 19.7 20.0 20.3 (3.0%) On-market value cleared ($b) 780.4 711.3 698.8 11.7% Austraclear holdings balance ($b) 3,148.2 3,109.3 3,1140 1.1% Austraclear - issuances ($billion) On-market value cleared ($billion) 25% For personal use only
Page 14
14 Total expenses Expenses stable supported by disciplined cost management $m 1H25 2H24 1H24 1H25 vs 1H24 Employee expenses 119.8 115.7 124.8 4.0% Occupancy 5.8 5.5 5.4 (7.4%) Equipment 37.6 32.8 24.8 (51.6%) Administration 20.0 21.2 26.1 23.4% Variable 7.9 6.8 6.2 (27.4%) ASIC supervision levy 5.6 7.4 7.4 24.3% Operating expenses excl. regulatory expenses 196.7 189.4 194.7 (1.0%) Regulatory expenses 2.9 1.1 7.3 60.3% Cash operating expenses 199.6 190.5 202.0 1.2% Depreciation and amortisation 20.7 18.3 18.7 (10.7%) Total expenses 220.3 208.8 220.7 0.2% Headcount (spot)1 1,298 1,193 1,140 (13.6%) Capital expenditure 82.5 86.4 49.9 (65.3%) Variance expressed as favourable/(unfavourable). 1Headcount includes permanent employees and contractors. Employee expenses were lower due to reduced contractor and recruitment spend and a lower number of employees working on operational activities Equipment expenses were higher due to price increases and additional licenses from headcount growth and increased costs from the technology modernisation program Administration expenses were lower as the Group reduced its use of external consultants as part of expense management initiatives Variable costs were higher from increased postage costs and increased paper statement volumes, in line with higher trading activity Reduction in regulatory expenses primarily due to lower legal costs associated with regulatory responses and conclusion of special reports that incurred one-off costs Headcount movement (spot as at 31 December) For personal use only
Page 15
15 Total expense growth Reconfirming FY25 guidance • 1H25 expenses broadly stable (-0.2%) compared to 1H24 • FY25 total expense growth guidance of 6 –9%1 – FY25 operating expense growth guidance of 4 –7%2 • Expense management focus to continue in FY25: • Optimise workforce mix • Process simplification and automation • Strategic procurement • 2H25 total expenses expected to be higher than 1H25, primarily due to higher equipment costs and D&A • FY26 total expense growth guidance to be provided at Investor Forum in June. Reconfirming FY25 total expense growth guidance 1H25 total expenses 1 Excludes any significant items 2 Excludes depreciations and amortisation Total expense profile ($m) 1 For personal use only
Page 16
16 Capital expenditure profile Primarily driven by technology modernisation roadmap Capital expenditure ($m) • 1H25 capital expenditure of $82.5m primarily driven by technology modernisation program • FY25 capital expenditure expected to be $160 -180 million 1,2 – Expected to remain at this level until FY27, then aim to start reducing – Primarily driven by technology modernisation program. Inherent delivery risks in the program may impact guidance • Depreciation and amortisation schedule for capital expenditure on major technology projects expected to average between 5 to 10 years once live 1H25 capital expenditure Reiterating FY25 - FY27 capital expenditure guidance 1 CAPEX guidance range of $160 to $180 million excludes $10 to $12 million CAPEX for new office fit out in each of FY25 and FY26 2 Inherent delivery risks in the technology modernisation program (including timing, scope and stakeholder dependencies) may impact CAPEX guidance For personal use only
Page 17
17 ASX net interest income Higher earnings from elevated rates environment partly offset by higher financing costs $m 1H25 2H24 1H24 1H25 vs 1H24 Interest income on ASX Group cash 32.2 29.0 25.7 25.3% Interest expense - financing (10.3) (8.2) (2.4) large Interest expense - leases (1.2) (1.3) (1.1) (9.1%) ASX Group net interest income 20.7 19.5 22.2 (6.8%) Net interest on collateral balances 22.4 17.8 17.2 30.2% Total net interest income 43.1 37.3 39.4 9.4% Net interest income per segment reporting. Variance expressed as favourable/(unfavourable). ASX Group net interest income decreased due to: • Higher financing costs associated with the 3 year corporate bond and liquidity facilities to support ASX Clear, partly offset by; • Higher earnings rate and higher average ASX Group Cash balances Net interest on collateral balances up due to: • Higher average collateral balance subject to a risk management haircut • Average investment spread of 15bps (up 5bps) as opportunities emerged for higher returns from a small increase to tenor in the investment portfolio. Expected to remain at similar level in 2H25 Average collateral balance ($billion) Interest income rates (bps) For personal use only
Page 18
18 Balance sheet and shareholder returns Stable balance sheet; 85% dividend payout ratio 1 General liquidity available for corporate purposes, excludes $750.0 million liquidity facilities available for ASX Clear Shareholder returns • Underlying ROE up 90bps on pcp, primarily driven by higher underlying NPAT • Underlying earnings per share up 10.0% on pcp • Interim dividend of 111.2 cents per share, up 9.9% on pcp Capital management • Capital management flexibility in place to support future funding requirements1: – Dividend payout ratio range of 80-90% of underlying NPAT – Dividend Reinvestment Plan – $300 million corporate debt facility in place, currently undrawn – $275 million corporate bond in place – issued in 2H24 – Technology equipment leasing program of up to $60m currently being finalised 31 Dec 24 30 Jun 24 Cash 546.4 1,243.1 Financial assets 12,265.9 12,176.9 Intangibles (excluding software) 2,325.5 2,325.5 Capitalised software and property, plant and equipment 360.5 294.3 Investments 59.0 51.7 Right-of-use assets 37.9 48.0 Other assets 875.9 747.0 Total assets 16,471.1 16,886.5 Amounts owing to participants 11,362.6 12,015.0 Lease liabilities 47.7 57.9 Borrowings 275.0 275.0 Other liabilities 1,025.2 813.9 Total liabilities 12,710.5 13,161.8 Capital 3,046.7 3,046.6 Retained earnings 655.5 619.1 Reserves 58.4 59.0 Total equity 3,760.6 3,724.7 Long-term credit rating from S&P AA- AA- Shareholder returns 1H25 2H24 1H24 1H25 vs 1H24 Underlying ROE 13.5% 13.3% 12.6% 90bps Underlying earnings per share (cents) 130.9 125.8 119.0 10.0% Dividend per share (cents) 111.2 106.8 101.2 9.9% % underlying profit paid out 85% 85% 85% — For personal use only
Page 19
Helen Lofthouse Technology modernisation and growth opportunities For personal use only
Page 20
20 | Technology roadmap1 Progressing major technology projects 1 This roadmap is indicative only and is subject to change having regard to a number of factors including but not limited to the outcome of consultation processes and customer readiness Derivatives Clearing CHESS Derivatives Markets Trading Cash Market Trading Trading Networks Trading FY24 FY25 FY26 FY27 and future Release 1: Cash Market Clearing (2026) Release 4 System Replacement Release 15 Release 16 Release 14 Release 2: Cash Market Settlement and Sub Register (2029) OTC System Upgrade Futures System Replacement Infrastructure Replacement Data Centre Network The logical windows for the delivery of projects have remained unchanged since the technology roadmap was introduced at the 2024 Investor Forum Derivatives Markets Trading Service Release 4: • In customer testing • Targeted to go- live in March 2025 Cash Market Trading Service Release 15: • Customer testing available, industry-wide commencing shortly OTC system upgrade: • In system and integration testing • Targeted to go- live in May 2025 Targeted technology project delivery: Work underway on Release 2 First industry testing environment for Release 1 targeted to open this month Trading Derivatives Clearing CHESS For personal use only
Page 21
21 | Wallumbilla Gas futures launched 3 environmental futures contracts live (ACCUs, LGCs, NZUs) Over 700 contracts, solid open interest Transitional energy ecosystem Customer driven growth opportunities Adding value for our customers and markets Customer driven 4 successful gas delivery cycles Launching in 2H25 Data offering Expanding data services to debt market participants 21 IPO workshops and collaborations in Australia and targeted offshore markets Listings Business development throughout the cycle to attract new and dual listings to ASX For personal use only
Page 22
Helen Lofthouse Outlook and guidance For personal use only
Page 23
23 | • Early momentum in listings activity including listing of Cuscal, Symal and DigiCo in late 1H25 – Approx. $32 billion merger of Chemist Warehouse and Sigma Healthcare due to start trading today • Current environment supportive of interest rate futures volumes – Activity has moved along the curve – Growth in number of customers • Demand for data continues to grow, target launch of debt market activity services in 2H25 • FY25 total expense growth guidance of 6 –9%1 – FY25 operating expense growth guidance of 4–7%2 • FY25 capital expenditure guidance of $160 -180 million 3,4 – Expected to remain at this level until FY27, then aim to start reducing – Primarily driven by technology modernisation program. Inherent delivery risks in the program may impact guidance Outlook and guidance Early improvement in IPO activity, market conditions supportive of interest rate futures Outlook Reconfirming guidance • Medium term underlying ROE target range of 13.0–14.5% Key performance metric 1 Excludes any significant items 2 Excludes depreciations and amortisation 3 CAPEX guidance range of $160 to $180 million excludes $10 to $12 million CAPEX for new office fit out in each of FY25 and FY26 4 Inherent delivery risks in the technology modernisation program (including timing, scope and stakeholder dependencies) may impact CAPEX guidance For personal use only
Page 24
Q&A For personal use only
Page 25
Thank you For personal use only
Page 26
26 | Appendix 2 Financial appendix For personal use only
Page 27
27 | $million 1H25 2H24 1H24 2H23 1H23 Annual listing 55.5 53.7 53.5 54.4 53.9 Initial listing 9.4 9.7 10.3 11.2 11.8 Secondary raisings 34.9 35.8 37.0 38.8 39.5 Investment products and other listing 5.1 4.1 4.1 4.5 4.5 Listings 104.9 103.3 104.9 108.9 109.7 Futures and OTC clearing 126.4 123.5 114.4 113.7 98.1 Equity options 8.6 8.4 8.8 9.0 8.3 Cash market trading 33.4 30.3 30.0 30.9 32.4 Markets 168.4 162.2 153.2 153.6 138.8 Information services 82.2 80.3 76.0 74.4 70.4 Technical services 50.7 50.2 48.6 48.9 47.1 Technology & Data 132.9 130.5 124.6 123.3 117.5 Issuer services 30.1 28.5 29.6 28.4 32.7 Cash market clearing 34.1 32.1 32.4 32.9 35.6 Cash market settlement 32.6 33.0 31.9 32.4 33.9 Austraclear (including Sympli) 38.9 33.0 35.1 31.2 31.3 Securities & Payments 135.7 126.6 129.0 124.9 133.5 Operating revenue 541.9 522.6 511.7 510.7 499.5 Operating revenue as per the Group segment reporting 1. Income statement For personal use only
Page 28
28 | Operating expenses as per the Group segment reporting 1 Significant items represent an onerous lease expense (1H25), the reversal of prior period impairment losses on Yieldbroker and CHESS Replacement Partnership Program costs (2H23), and derecognition of previous CHESS Replacement project costs and associated costs (1H23).) $million 1H25 2H24 1H24 2H23 1H23 Employee expenses 119.8 115.7 124.8 102.1 96.5 Occupancy 5.8 5.5 5.4 5.0 4.9 Equipment 37.6 32.8 24.8 26.6 26.0 Administration 20.0 21.2 26.1 23.9 19.8 Variable 7.9 6.8 6.2 5.9 6.3 ASIC levy 5.6 7.4 7.4 4.4 3.0 Operating expenses excl. regulatory expenses 196.7 189.4 194.7 167.9 156.5 Regulatory expenses 2.9 1.1 7.3 13.3 — Total operating expenses 199.6 190.5 202.0 181.2 156.5 EBITDA 342.3 332.1 309.7 329.5 343.0 Depreciation and amortisation 20.7 18.3 18.7 19.5 17.4 Total expenses 220.3 208.8 220.7 200.7 173.9 EBIT 321.6 313.8 291.0 310.0 325.6 Group net interest income 20.7 19.5 22.2 17.8 12.2 Net interest on collateral balances 22.4 17.8 17.2 20.4 20.4 Net interest income 43.1 37.3 39.4 38.2 32.6 Underlying profit before tax 364.7 351.1 330.4 348.2 358.2 Income tax expense (111.0) (107.4) (99.9) (107.1) (108.2) Underlying profit after tax 253.7 243.7 230.5 241.1 250.0 Significant items1 (10.2) — — 2.5 (176.3) Statutory profit after tax 243.5 243.7 230.5 243.6 73.7 1. Income statement (continued) For personal use only
Page 29
29 | $million 1H25 2H241 1H241 2H231 1H231 Assets Cash 546.4 1,243.1 999.6 1,008.6 5,952.9 Financial assets 12,265.9 12,176.9 10,535.2 11,980.6 5,691.3 Intangibles (excluding software) 2,325.5 2,325.5 2,325.5 2,325.5 2,325.5 Capital software and property, plant and equipment 360.5 294.3 221.7 186.0 158.7 Investments 59.0 51.7 53.1 106.4 90.3 Right-of-use assets 37.9 48.0 45.2 47.9 52.8 Other assets 875.9 747.0 753.5 687.7 824.0 Total assets 16,471.1 16,886.5 14,93 3.8 16,342.7 15,095. 5 Liabilities Amounts owing to participants 11,362.6 12,015.0 10,354.1 11,821.4 10,439.3 Lease liabilities 47.7 57.9 55.2 58.6 62.3 Borrowings 275.0 275.0 20.0 20.0 50.0 Other liabilities 1,025.2 813.9 851.2 802.1 912.6 Total liabilities 12,710.5 13,161.8 11,280. 5 12,702.1 11,464. 2 Equity Capital 3,046.7 3,046.6 3,027.2 3,027.2 3,027.2 Retained earnings 655.5 619.1 571.3 557.8 539.2 Reserves 58.4 59.0 54.8 55.6 64.9 Total equity 3,760.6 3,724.7 3,653.3 3,640.6 3,631.3 2. Balance sheet 1The prior period balances of Financial assets, Other assets, Amounts owing to participants and Other liabilities were restated to ensure consistency with current period presentation and classification For personal use only
Page 30
30 | 1. Based on statutory net profit after tax (NPAT) including significant items and weighted average number of shares. 2. Based on underlying NPAT excluding significant items and weighted average number of shares. 3. Based on statutory NPAT including significant items. 4. Based on underlying NPAT excluding significant items. 5. Operating revenue excludes total net interest income. 1H25 2H24 1H24 2H23 1H23 Basic earnings per share (EPS)1 125.6c 125.8c 119.0c 125.8c 38.1c Diluted EPS1 125.6c 125.8c 119.0c 125.8c 38.1c Statutory EPS1 125.6c 125.8c 119.0c 125.8c 38.1c Underlying EPS2 130.9c 125.8c 119.0c 124.6c 129.1c Dividend per share – interim 111.2c — 101.2c — 116.2c Dividend per share – final — 106.8c — 112.1c — Statutory ROE3 13.0% 13.3% 12.6% 13.6% 4.0% Underlying ROE4 13.5% 13.3% 12.6% 13.4% 13.4% EBITDA / Operating revenue5,6 63.2% 63.5% 60.5% 64.5% 68.7% EBIT / Operating revenue5,6 59.3% 60.0% 56.9% 60.7% 65.2% Total expenses (including depreciation and amortisation) / operating revenue5,6 40.7% 40.0% 43.1% 39.3% 34.8% Capital expenditure ($m) 82.5 86.4 49.9 42.1 56.6 Net tangible asset backing per share7 $5.37 $5.62 $5.49 $5.72 $5.70 Net asset backing per share $19.40 $19.21 $18.87 $18.81 $18.76 Shareholders’ equity as a % of total assets (excluding participants’ balances) 73.6% 76.5% 79.8% 80.5% 78.0% Shareholders’ equity as a % of total assets (including participants’ balances) 22.8% 22.1% 24.5% 22.3% 24.1% Share price at end of period $65.08 $60.00 $63.06 $63.00 $68.02 Ordinary shares on issue at end of period 193,887,876 193,887,876 193,595,162 193,595,162 193,595,162 Weighted average number of ordinary shares (excluding treasury shares)8 193,880,367 193,764,002 193,583,365 193,583,153 193,580,279 Market value of ordinary shares on issue at end of period ($m) 12,618 11,633 12,208 12,197 13,168 Market to book ratio at end of period 3.36 3.12 3.34 3.35 3.63 Total headcount – number at period end9 1,298 1,193 1,140 1,050 945 Total headcount – average during the period9 1,265 1,179 1,109 997 937 6. EBITDA – earnings before interest, tax, depreciation and amortisation; EBIT – earnings before interest and tax. These metrics along with total expenses exclude significant items. 7. Net tangible assets exclude intangible and deferred tax assets. The prior period comparatives were restated to be in line with current reporting 8. Weighted average number of ordinary shares used to calculate EPS. 9. Includes full time equivalent permanent employees and contractors. 3. Key financial ratios For personal use only
Page 31
31 | 1H25 2H24 1H24 2H23 1H23 Total market capitalisation ($bn) – period end 3,007 2,857 2,797 2,652 2,607 Total number of listed entities – period end1 2,116 2,155 2,191 2,255 2,292 Number of new listings1 39 28 28 17 40 Quoted market capitalisation of new listings ($m) 8,877 3,203 33,165 518 1,995 Secondary capital raised ($m) 17,119 18,031 19,281 15,207 26,665 Other secondary capital raised including scrip-for-scrip ($m) 5,324 4,811 3,255 3,826 3,511 Total new capital quoted ($m) 31,320 26,0 44 55,701 19,551 32 ,171 4.1 Listings Initial capital quoted ($bn) Secondary capital raised (including other) ($bn) Total new capital quoted (including other) ($bn) 1 1 1 Includes all entities admitted to the ASX official list. This includes equity listings, wholesale and retail debt listings, listed investment companies and trusts, and stapled entities. It does not include exchange-traded funds or mFunds. For personal use only
Page 32
32 | 1H25 2H24 1H24 2H23 1H23 Trading days 130 127 128 127 129 Total contracts traded – futures ('000) ASX SPI 200 6,858 7,258 7,678 7,598 7,791 90 day bank bills 21,223 20,230 17,071 17,598 12,725 3 year bonds 30,715 27,112 23,263 24,103 19,560 5 year bonds 107 152 174 143 180 10 year bonds 30,873 28,240 25,859 23,767 22,809 20 year bonds 160 233 106 79 98 30 day interbank cash rate 780 1,170 1,246 1,155 769 Agricultural 39 40 48 39 46 Electricity 419 451 499 509 551 Other1 31 21 39 52 61 NZD 90 day bank bills 1,236 1,291 1,154 1,415 1,020 Total futures 92,441 86,1 99 77,136 76,458 65,61 0 ¹ Other includes VIX and sector futures 4.2 Markets: Futures and OTC For personal use only
Page 33
33 | 1H25 2H24 1H24 2H23 1H23 Total contracts traded – options on futures ('000) ASX SPI 200 1 — 1 1 3 3 year bonds — — — — — Overnight 3 year bonds 1 — 17 5 1 Intra-day 3 year bonds 63 25 13 63 9 10 year bonds1 — 1 — — — Electricity 50 57 53 67 36 Other2 — — — — — Total options on futures 115 84 83 136 49 Total futures and options on futures contract volume ('000) 92,556 86,282 77,220 76,594 65,659 Daily average contracts – futures and options 711,972 679,388 603,278 603,098 508,986 Average fee per contract – futures and options $1.37 $1.43 $1.48 $1.48 $1.50 OTC Markets Total notional cleared value ($bn)3 3,394.039 3,194.122 2,411.676 4,436.850 2,871.648 Open notional cleared value (period end $bn)3 4,161.147 4,088.278 3,191.610 4,544.160 3,539.210 1 10 year bonds includes overnight and intraday 2 Other includes options over 90 day bank bills and agricultural 3 Cleared notional value is double sided 4.2 Markets: Futures and OTC (continued) For personal use only
Page 34
34 | 1H25 2H24 1H24 2H23 1H23 130 124 128 124 128 Single stock options (‘000) 31,241 30,195 31,428 30,269 28,076 Index options and futures (‘000) 3,350 3,389 3,872 4,348 3,323 Single stock options average daily contracts 240,314 243,505 245,533 244,108 219,341 index options average daily contracts 25,772 27,326 30,253 35,062 25,961 Average fee per derivatives contract $0.25 $0.25 $0.25 $0.26 $0.26 Single stock options average daily contracts Index options and futures average daily contracts 4.2 Markets: Equity Options For personal use only
Page 35
35 | 1H25 2H24 1H24 2H23 1H23 Trading days 130 124 128 124 128 Total cash market trades ('000) 220,202 196,540 181,590 171,028 198,556 Average daily cash market trades 1,693,859 1,585,000 1,418,673 1,379,259 1,551,217 Continuous trading value ($bn) 406.087 366.431 377.002 398.424 449.923 Auctions value ($bn) 257.149 236.565 216.479 211.495 217.241 Centre Point value ($bn) 69.328 67.846 66.440 72.480 65.643 Total cash on-market value ($bn) 732.564 670.842 659.921 682.399 732.807 Trade reporting value ($bn) 133.277 137.136 134.508 138.521 116.318 Total cash market value ($bn) 865.841 807.978 794.429 820.920 849.125 Average daily on-market value ($bn) 5.635 5.410 5.156 5.503 5.725 Average daily value (including Trade reporting) ($bn) 6.660 6.516 6.206 6.620 6.634 Average trade size ($) 3,932 4,111 4,375 4,800 4,277 Average trading fee per dollar of value (bps) 0.38 0.37 0.37 0.37 0.38 Velocity (total value / average market capitalisation)1, 2 72% 70% 72% 73% 80% ¹ Total value transacted on all venues 2 The prior period comparatives were restated to be in line with current reporting. 4.2 Markets: Cash Market Trading For personal use only
Page 36
36 | 4.3 Technology & Data: Technical Services 1H25 2H24 1H24 2H23 1H23 Technical Services (number at period end) ASX Distribution Platform Australian Liquidity Centre cabinets 392 391 388 390 388 Connection Services ASX Net connections 100 100 100 99 102 ASX Net service feeds 432 431 445 456 470 Australian Liquidity Centre service connections 1,354 1,399 1,378 1,346 1,314 ASX Service Access ASX ITCH access 73 73 71 71 62 Futures ITCH access 75 75 75 74 73 ASX Market Access ASX sessions 651 494 700 769 851 ASX gateways 110 119 119 126 128 ASX liquidity cross-connections 45 47 47 52 53 ASX OUCH access 167 169 171 160 139 Futures gateways 151 150 158 161 172 Futures liquidity cross-connections 412 409 379 354 322 For personal use only
Page 37
37 | 4.4 Securities & Payments: Clearing & Settlement and Issuer Services 1H25 2H24 1H24 2H23 1H23 Clearing days 130 124 128 124 128 Total billable cash market value cleared ($bn) 805.9 735.8 721.4 742.8 793.7 Settlement days 130 124 128 124 128 Number of dominant settlement messages (m) 11.2 10.4 10.0 10.3 10.5 Number of transfers and conversion messages (m) 16.5 15.1 14.6 14.7 15.8 Number of batch settlement messages (m) 12.6 12.4 12.1 11.8 12.0 Number of unique security holdings - period end (m) 19.7 19.8 20.2 20.4 20.7 Number of unique security holdings – average (m) 19.7 20.0 20.3 20.6 20.8 Billable value cleared ($bn) No. of dominant settlement messages (m) Average no. of unique security holdings (m) For personal use only
Page 38
38 | 4.4 Securities & Payments: Austraclear 1H25 2H24 1H24 2H23 1H23 Settlement days 130 124 128 123 129 Transactions ('000) Cash transfers 280 285 290 280 298 Fixed interest securities 951 827 772 725 744 Discount securities 74 70 70 66 68 Foreign exchange 9 2 2 10 2 Other — — — 1 — Total transactions 1,314 1,18 4 1,134 1,0 8 2 1,112 Average daily settlement volume 10,109 9,549 8,859 8,798 8,617 Securities holdings (monthly average $bn) 3,130.7 3,104.9 3,084.5 3,014.9 2,927.2 Securities holdings (period end $bn) 3,148.2 3,109.3 3,114.0 3,068.4 2,953.3 Total spot issuances ($bn) 2,914.5 2,857.4 2,854.0 2,832.5 2,718.7 Average settlement and depository fee (including portfolio holdings) per transaction (excludes registry services revenue) $17.36 $14.39 $18.04 $18.55 $17.55 ASX Collateral (average $bn) 28.6 21.3 19.0 19.2 18.5 ASX Collateral (period end $bn) 26.2 20.3 21.1 22.6 19.5 For personal use only
Page 39
39 | 4.5 CCP participant collateral balances $million 1H25 2H24 1H24 2H23 1H23 Balances at period end ASX Clear – initial cash margins 1,171.6 1,012.0 975.2 970.5 941.9 ASX Clear (Futures) – initial cash margins House1 2,191.3 2,245.6 1,330.9 2,085.7 1,773.9 ASX Clear (Futures) – initial cash margins Client1 5,155.1 5,140.4 4,587.2 5,699.3 4,581.9 ASX Clear (Futures) – additional2 and excess cash 2,602.5 3,376.6 3,224.4 2,829.2 2,914.4 Cash commitments 200.0 200.0 200.0 200.0 200.0 ASX Clear (Futures) - debt collateral 428.6 647.9 473.4 490.6 388.9 Total margins held 11,749.1 12,622.5 10,791.1 12,275.3 10,801.0 Margin balances subject to risk management haircut 8,294.6 8,524.0 6,953.6 8,859.1 7,348.7 Margin balances not subject to risk management haircut 3,254.5 3,898.5 3,637.5 3,216.2 3,252.3 Total margins held (excluding Commitments) 11,549.1 12,422.5 10,591.1 12,075.3 10,601.0 Average daily margin balance subject to risk management haircut 7,670.8 7,030.7 6,664.0 8,249.7 7,988.7 Average daily margin balance not subject to risk management haircut 4,252.1 4,023.0 3,712.8 3,441.3 4,132.1 Average daily margin balance during the period 11,922.9 11,053.6 10,376.8 11,691.0 12,120.8 ASX Clear – guarantees and equity collateral held off balance sheet 2,924.7 3,172.9 3,364.6 3,187.5 3,213.5 Weighted average risk haircut (including clearing guarantee charge) - bps 32 32 32 33 32 Average investment spread (bps) 15 10 10 10 10 ¹ Includes margins held for OTC Clearing For personal use only
Page 40
40 | $million 1H25 2H241 1H241 2H231 1H231 ASX Group cash and short -term investments Total cash and short-term investments 12,812.3 13,420.0 11,534.8 12,989.2 11,644.2 Less participants’ margins and commitments (11,362.6) (12,015.0) (10,354.1) (11,821.4) (10,439.3) ASX Group own cash reserves and short -term investments 1,449.7 1,40 5.0 1,18 0 .7 1,16 7.8 1,20 4.9 Opening ASX Group own cash reserves and short -term investments 1,40 5.0 1,18 0 .7 1,16 7.8 1,20 4.9 1,18 1.4 Add: Cash generated from business activities2 350.3 239.9 239.9 273.3 281.6 Net proceeds from borrowings — 255.0 — (30.0) 50.0 Less: Cash used for payment of dividends (207.1) (173.6) (217.0) (225.0) (232.3) Cash used for other non-current assets and payment of lease liabilities (87.0) (93.5) (58.3) (45.2) (67.8) Receipts from/(payments for) investments (11.5) (3.5) 48.3 (10.2) (8.0) Closing ASX Group own cash reserves and short -term investments 1,449.7 1,40 5.0 1,18 0 .7 1,16 7.8 1,20 4.9 Less specific cash allocations (1,134 .0 ) (1,113.0 ) (1,113.0 ) (1,0 96.0 ) (1,156 .0 ) Available free cash and short -term investments 315.7 292.0 67.7 71.8 48.9 Average earnings rate (annualised) 2 4.43% 4.37% 4.17% 3.56% 2.29% 5. ASX Group own cash and short-term investments movement 1Prior period balances of ASX Group own cash reserves and short-term investments were restated to ensure consistency with current period classification and presentation 2Average earnings rate is the annualised weighted average earnings rate on ASX's own cash balances. For personal use only