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Singapore Exchange Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities Loh Boon Chye, Chief Executive Officer Daniel Koh, Chief Financial Officer FY2025 Results Analyst and Media Briefing 8 August 2025
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2 Forward Looking Statements This presentation may contain forward-looking statements that involve assumptions, risks and uncertainties. Statements in this presentation that are not historical facts are statements of future expectations with respect to the financial conditions, results of operations and businesses, and related plans and objectives. These forward-looking statements are based on SGX’s current intentions, plans, expectations, assumptions and views about future events and are subject to risks, uncertainties and other factors, many of which are outside SGX’s control. Because actual results, performance or events could differ materially from SGX’s current intentions, plans, expectations, views and assumptions about the future, such forward-looking statements are not, and should not be construed as a representation as to future performance of SGX. It should be noted that the actual performance of SGX may vary significantly from such statements. This presentation is being made available to certain authorised recipients for their general information only. While SGX and its affiliates have taken reasonable care to ensure the accuracy and completeness of the information provided in this presentation, they will not be liable for any loss or damage of any kind (whether direct, indirect or consequential losses or other economic loss of any kind) suffered due to any omission, error, inaccuracy, incompleteness, or otherwise, any reliance on such information. Neither SGX nor any of its affiliates shall be liable for the content of information provided by or quoted from third parties. Examples provided are for illustrative purposes only. The information in this presentation is subject to change without notice. Any recirculation, transmission or distribution of this presentation or any part thereof by any third party requires the prior written permission of SGX. SGX and its affiliates disclaim all responsibility and liability arising in connection with any unauthorised recirculation, transmission or distribution of this presentation or any part thereof. © Singapore Exchange Limited
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Agenda 3 1 Financial Highlights and Performance 3 Questions and Answers 2 Business Updates
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Financial Highlights and Performance Daniel Koh, Chief Financial Officer 4
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Strong and sustained business growth backed by robust multi-asset diversification ▪ Equities – Cash net revenue up 19% on strong investor interest and increased investment flows ▪ Robust derivatives growth across asset classes. T+1 volume at 21% (FY24: 18%) ▪ OTC FX net revenue up 25%. Highest y-o-y ADV growth (+28%) among peer exchanges ▪ Committed to investing for future while maintaining cost discipline ▪ Proposed FY2025 final quarterly dividend of 10.5 cents per share, +17% y-o-y. FY2025 total dividend of 37.5 cents per share, +9% y-o-y ▪ Steady dividend increase of 0.25 cents every quarter from FY2026 to FY20281 Highest revenue and net profit driven by multi-asset strategy 5 Disciplined capital allocation driving growth and shareholder return 1 Subject to earnings growth. Note: All figures in $ millions unless otherwise stated and may be subject to rounding Strong and sustained business growth
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Group Net Revenue & Expenses2 6 ▪ Strong FY2025 results with highest revenue and NPAT1 Group NPAT Group Margins (%)4 1,162 534 1,298 543 Net Revenue Adj. Expenses FY2024 FY2025 1 NPAT relates to ‘Net profit after tax attributable to equity holders of the Company’. 2 Net revenue refers to operating revenue less transaction-based expenses. Expenses are on an adjusted basis and exclude amortisation of purchased intangible assets and other one-off adjustments. 3 Adjusted NPAT excludes certain non-cash and non-recurring items that have less bearing on SGX’s operating performance. Hence, they better reflect the Group’s underlying performance. 4 Margins are calculated against net revenue. 2 Adjusted figures are non-SFRS (I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures. 598 526648 610 Reported Adjusted FY2024 FY2025 3 11.7% 8.4% 15.9% 54.0 45.358.2 47.0 Adj. Op. Profit Margin Adj. NPAT Margin FY2024 FY2025 1.7% pts Note: All figures in $ millions unless otherwise stated and may be subject to rounding 4.2% pts FY2025 Highlights 1.6%
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Derivatives1 (Net Revenue +$44M) Equities - Cash (Net Revenue +$62M) Top-line growth driven by contributions from all business segments 7 OTC FX (Net Revenue +$23M) 111 143 657 723 1 Derivatives revenue includes Equity Derivatives (EQD), Currencies and Commodities futures and options trading and clearing revenue, and associated treasury income. Note: All figures in $ millions unless otherwise stated and may be subject to rounding SDAV ($’B) DAV (‘000) Headline ADV (US$’B) 240 253 317 206 1,294 1,103 FX/IR Commodities Equity Derivatives 1.06 1.34 ▪ Equities – Cash SDAV up 26.5% driven by strong investor interest and increased investment flows ▪ Derivatives DAV up 17.2% across asset classes; OTC FX ADV strong growth to US$143B FY2024 FY2025FY2024 FY2025FY2024 FY2025
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1,162 1,298 +25 +62 +42 +7 FY2024 Net Revenue Fixed Income, Currencies & Commodities Equities - Cash Equities - Derivatives Platform and Others FY2025 Net Revenue FY2025 Net revenue up 11.7% to $1,298M 8 ▪ OTC FX headline ADV increased 28.5% to US$143B ▪ Currency derivatives DAV increased 54.1% ▪ Commodity derivatives DAV increased 5.4% ▪ Equity derivatives DAV increased 10.0%▪ SDAV increased 26.5% to $1.34B ▪ Average net clearing fees increased 5.1% to 2.59 bps ▪ Higher co-location sales and repricing of data and connectivity services Note: All figures in $ millions unless otherwise stated and may be subject to rounding ▪ Equities – Cash revenue increased with higher SDAV and net clearing fees ▪ Derivatives and OTC FX revenue growth driven by strong volume increases
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534 543 555 +9 Comparable Comparable +8 +4 FY2024 Adjusted Expense Staff Costs Technology Depreciation, Amortisation and Others FY2025 Adjusted Expense Amortisation of Purchased Intangibles Others FY2025 Reported Expense FY2025 Total adjusted expenses up 1.6% 9 Note: All figures in $ millions unless otherwise stated and may be subject to rounding ▪ Focused cost discipline enabling greater flexibility for investments in FY2026 1 ▪ Higher variable bonus provision in line with higher profitability 1 Adjusted expenses exclude amortisation of purchased intangible assets and other one-off adjustments. 2 Adjusted figures are non-SFRS (I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures. ▪ One-off professional fees ▪ Securities market initiatives
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648 610 -48 +8 -8 +10 FY2025 Reported NPAT FV gains (net) Impairment Gain on disposal Others FY2025 Adjusted NPAT 1 ▪ Intangible assets ▪ Underperformance in associated companies ▪ Disposal of investment in Philippines Dealing System Holdings Corp (PDS) 2 Adjusted NPAT reflects core earnings, excluding non-cash and one-off items 10 Note: All figures in $ millions unless otherwise stated and may be subject to rounding 1 Comprises mainly (i) FV gains on investments in 7RIDGE Fund; and (ii) gain on changes in interest in MarketNode. 2 Also includes associated income tax adjustments and other one-off items. 2 Adjusted figures are non-SFRS (I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures. ▪ Amortisation of purchased intangibles ▪ Securities market initiatives
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Robust financial position with low leverage ratio 11 Note: All figures in $ millions unless otherwise stated and may be subject to rounding 1 Gross Debt includes both borrowings and lease liabilities as at 30 June 2024 and 30 June 2025 for FY2024 and FY2025 respectively. 2 Defined as Gross Debt divided by EBITDA for last 12 months. 3 Defined as EBITDA net of rental expenses, divided by interest (which includes both cash and non-cash expenses). Gross Debt1 (S$’M) Interest Coverage Ratio3Leverage Ratio2 728 688 FY2024 FY2025 1.0x 0.8x FY2024 FY2025 77x 54x FY2024 FY2025 ▪ Well positioned to support growth and deliver returns to shareholders
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Refer to Appendix for medium-term forward guidance summary Organic growth Future- proofing investments Shareholder returns ▪ Driving topline organic growth with disciplined spending ▪ Focus on capability building and technology enhancements (FY2026: 4-6% expense increase) ▪ Capex investments in modernising technology infrastructure (FY2026: $90M-$95M) ▪ Opportunistic approach to value-accretive bolt-on M&As ▪ Committed to Total Shareholder Return (TSR) with sustainable dividend growth - Proposed 4Q FY2025 dividend of 10.5 cents per share 1, +9% annual increase - Dividend increase of 0.25 cents every quarter from FY2026 to FY2028 2 1 Subject to approval by shareholders at AGM on 9th October 2025. 2 Subject to earnings growth. Driving sustainable value through efficient capital management 12
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Dividend Growth 8.0 8.0 8.5 9.0 10.75 11.75 12.75 8.0 8.0 8.5 9.0 11.00 12.00 13.008.0 8.0 8.5 9.0 11.25 12.25 13.25 8.0 8.5 9.0 10.5 11.50 12.50 13.50 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 Continue delivering sustainable and growing dividends, aligned with our long-term growth prospects 13 EPS Growth 49.2 57.0 FY2024 FY2025 Adjusted EPS (cents) Dividend per share (cents) Note: All figures in $ millions unless otherwise stated and may be subject to rounding 1 Subject to approval by shareholders at AGM on 9th October 2025. Adjusted figures presented are non-SFRS (I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures. 15.9% ▪ Proposed final quarterly dividend of 10.5 cents per share 1 (1.5 cents increase, +16.7% y-o-y), bringing FY2025 total dividend to 37.5 cents per share ▪ Subject to earnings growth, increasing 0.25 cents every quarter from FY2026 to FY2028 34.5 37.5 44.5 48.5 52.5 32.0 32.5 8.7% 1Q 2Q 3Q 4Q +3 cents Proposal subject to earnings growth +7 cents +4 cents +4 cents +0.5 cents +2 cents +16.7%
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Business Updates Loh Boon Chye, Chief Executive Officer 14
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A defining year of strategy and success Focused execution amidst geopolitical shifts, market volatility, investor flows across regions 15 Enhance shareholder returns and pursue sustainable long-term growth T+1 Volume Primary Venue for Asia Access Strategic Offerings Thematic Product Development Client Depth Deeper Client Adoption Stock Market Strengthening Momentum ▪ Strengthening cross-asset synergy ▪ Margin offsets and capital efficiency ▪ OTC FX: Top 3 exchange-backed venue by volume ▪ 27% increase in SDAV to $1.34B ▪ 23% SDAV growth in small and mid-caps ▪ Empowering investors with enhanced regional access via SDRs and ETFs ▪ BRL futures x B3 collaboration ▪ BR-CN corridor, Asia/Europe investors ▪ Micro Taiwan Futures contract ▪ 36% y-o-y volume growth ▪ 23% CAGR growth over 2 years ▪ Enhanced intraday liquidity
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Multi-Asset Resilience Poised for 6-8% CAGR medium-term revenue growth 16 Accelerate Stock Market Momentum ▪ Commitment for ecosystem growth to enhance market vibrancy ▪ Optimistic IPO pipeline ▪ Advancing product coverage depth Capture growth opportunities Manage with discipline Upward Trajectory in OTC FX and Derivatives ▪ OTC FX: Mid-to-high single-digit % contribution to Group EBITDA ▪ Cross-selling, US/EU client acquisition ▪ New products and liquidity building Explore Inorganic Avenues ▪ Opportunistic value-accretive bolt-on acquisitions Strengthen Our Platforms ▪ Operational excellence ▪ Scalable technology at core, cutting-edge in FX ▪ Improving data analytics Dividend 0.25 cents every quarter from FY2026 to FY2028 Build high quality revenue through product development, client acquisition, global partnerships
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Q&A Session Loh Boon Chye, Chief Executive Officer Michael Syn, President, Head of Global Markets Daniel Koh, Chief Financial Officer Ng Yao Loong, Head of Equities Pol De Win, Head of Global Sales & Origination Tan Boon Gin, Chief Executive Officer of SGX RegCo 17
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Appendix 18
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19 Medium Term Guidance 6-8% growth FY26 Guidance Net Revenue (excluding Treasury Income) Low to mid-teens % growth Mid-to-high single digit % contribution to Group EBITDA Low to mid-single digit % growth4-6% increase Increase due to technology modernisation; Remain below historical avg. of 7% of Group Revenue$90M-$95M Increase of 0.25 cents every quarter from FY2026 to FY2028 OTC FX and Exchange Traded Derivatives OTC FX Expense Capex Dividend Per Share On track to achieve our medium-term guidance
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