Annual financial statement
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Financial Results For the Financial Year Ended 30 June 2025 Singapore Exchange Limited Incorporated in the Republic of Singapore Company Registration Number: 199904940D # ~ , SGX G r o u P
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SINGAPORE EXCHANGE LIMITEDFinancial Results for the Financial Year Ended 30 June 2025Section Content Page1.Performance Summary22. Income Statement - Group 83. Statement of Comprehensive Income - Group 84. Detailed Notes on Revenue - Group 95. Detailed Notes on Expenses - Group 96. Earnings Per Share - Group 107. Half Yearly Income Statement - Group 108. Adjusted Financial Measures - Group 119. Statement of Financial Position - Group 1210. Net Asset Value - Group 1311. Borrowings and Debt Securities - Group 1312. Statement of Cash Flows - Group 1413. Statement of Changes in Equity - Group 1514.Segment Information - Group1715. Statement of Financial Position - Company 1816. Net Asset Value - Company 1817. Statement of Changes in Equity - Company 1918.Bank Facilities, Contingent Liabilities and Commitments - Group2119. Dividend - Company 2120. Share Capital - Company 2221. Accounting Policies - Group 2322. Subsequent Event 2523.Other Listing Manual Requirements25The full year financial results set out in Sections 2 to 6, 9, 11 to 15, 17 to 22 of this announcement have been extracted from the audited financial statements for the full year ended 30 June 2025. The audited financial statements of the Company and its subsidiaries for the full year ended 30 June 2025 is attached to this announcement.# Page 1 of 25
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Page 2 of 25 1. Performance Summary Financial Overview FY2025 FY2025 Adjusted* Operating revenue less transaction-based expenses (net revenue) $1,298.2 million, up 11.7% EBITDA $827.8 million, up 17.9% $832.0 million, up 16.9% Net profit attributable to equity holders of the company (NPAT) $648.0 million, up 8.4% $609.5 million, up 15.9% Earnings per share (EPS) 60.6 cents 57.0 cents Proposed final quarterly dividend per share 10.5 cents, up 1.5 cents *Adjusted EBITDA, NPAT and EPS exclude certain non-cash and non- -SFRS(I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures. All figures are for FY2025 except for figures in brackets, which are for FY2024 unless otherwise stated. Figures may be subject to rounding. SGX recorded EBITDA of $827.8 million ($702.2 million) and NPAT of $648.0 million ($597.9 million) in FY2025. EPS was 60.6 cents (55.9 cents). Adjusted EBITDA was $832.0 million ($711.6 million) and adjusted NPAT was $609.5 million ($525.9 million). Adjusted EPS was 57.0 cents (49.2 cents). The Board of Directors has proposed a final quarterly dividend of 10.5 cents (9.0 cents) per share, payable on 27 October 2025, for approval at the forthcoming annual general meeting. If approved, total FY2025 dividends will be 37.5 cents (34.5 cents), an increase of 8.7%. Business and Expenses Overview The presentation of revenue and expenses has been revised in FY2025 such that transaction-based expenses1 are netted- off against operating revenue to show net revenue. FY2024 financials have been revised for a like-for-like comparison 2. Operating revenue increased $139.0 million or 11.3% to $1,370.6 million ($1,231.7 million). After netting-off transaction- based expenses, net revenue 3 increased $136.1 million or 11.7% to $1,298.2 million ($1,162.0 million), driven by higher revenue across all business segments. Excluding treasury income, net revenue increased $142.6 million or 13.9% to $1,167.4 million ($1,024.8 million). Fixed Income, Currencies and Commodities (FICC) FICC net revenue increased $25.3 million or 8.6% to $321.6 million ($296.2 million) and accounted for 24.8% (25.5%) of total net revenue. 1 Transaction-based expenses primarily include processing and royalties. 2 Please refer to Section 21(b) of our financial results for further disclosure on the revision of comparative information in the income statement and segment information. 3 Includes associated treasury income. Treasury income declined $6.5 million. recurring items that have less bearing on SGX's operating performance. Hence, they better reflect the group's underlying performance. Adjusted figures are non
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Page 3 of 25 FICC - Fixed Income Fixed Income net revenue4 increased $0.7 million or 7.8% to $9.1 million ($8.4 million). Listing revenue: $6.2 million, up 8.5% from $5.7 million Corporate actions and other revenue: $2.9 million, up 3.6% from $2.8 million There were 843 bond listings raising $296.0 billion, compared to 1,015 bond listings raising $296.3 billion a year earlier. FICC - Currencies and Commodities Currencies and Commodities net revenue increased $24.7 million or 8.6% to $312.5 million ($287.8 million). Trading and clearing revenue: $280.7 million, up 17.8% from $238.3 million Treasury and other revenue: $60.2 million, down 20.4% from $75.7 million Transaction-based expenses: $28.5 million, up 8.8% from $26.2 million The increase in trading and clearing revenue was mainly from higher volumes in OTC FX, currency derivatives and commodity derivatives. OTC FX net revenue increased 25.3% to $113.0 million ($90.2 million). OTC FX headline average daily volume (ADV) increased 28.5% to US$143 billion (US$111 billion). Currency derivatives volumes increased 49.7% to 73.6 million contracts (49.2 million contracts), mainly due to higher volumes in INR/USD and USD/CNH FX futures contracts. Commodity derivatives volumes increased 6.2% to 65.3 million contracts (61.5 million contracts), mainly due to higher volumes in iron ore derivatives. The increase in commodity volumes drove the increase in transaction-based expenses. Table 1: Exchange-traded 000) FY2025 FY2024 Change Currency derivatives 73,644 49,184 49.7% Iron ore derivatives 57,924 54,522 6.2% Rubber derivatives 3,958 3,433 15.3% Freight derivatives 2,250 2,505 -10.2% Others 2,270 1,588 43.0% Total 140,047 111,231 25.9% Equities Cash Equities Cash net revenue increased $62.0 million or 18.7% to $392.7 million ($330.7 million) and accounted for 30.3% (28.5%) of total net revenue. Listing revenue: $26.5 million, down 11.0% from $29.7 million Trading and clearing revenue: $221.8 million, up 31.9% from $168.1 million Securities settlement, depository management, corporate actions and other revenue: $148.1 million, up 8.1% from $137.1 million Transaction-based expenses: $3.7 million, down 11.8% from $4.2 million We recorded 6 (7) new equity listings which raised $25.7 million ($117.0 million). Secondary equity funds raised were $4.3 billion ($1.2 billion). 4 Operating and net revenue for Fixed Income were comparable as transaction-based expenses were not material. ■ ■ ■ ■ ■ ■ ■ ■ ■ Currencies and Commodities Volumes('
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Page 4 of 25 Securities daily average traded value (SDAV) increased 26.5% to $1.34 billion ($1.06 billion) and total securities traded value increased 27.5% to $336.4 billion ($263.7 billion). This was made up of Cash Equities5, where traded value increased by 27.6% to $323.2 billion ($253.2 billion), and Other Products 6, where traded value increased 25.6% to $13.2 billion ($10.5 billion). There were 251 (249) trading days in FY2025. Overall average net clearing fees 7 increased 5.1% to 2.59 basis points (bps) (2.46 bps). Turnover velocity (primary-listed) was 41% (37%). The increase in securities settlement, depository management, corporate actions and other revenue was mainly driven by higher-yielding subsequent settlement transactions. The decrease in transaction-based expenses was mainly due to lower incentives. Table 2: Key Metrics for Cash Equities Market FY2025 FY2024 Change Total traded value ($ billion) 336.4 263.7 27.5% Period-end total market capitalization ($ billion) 891.2 792.9 12.4% Primary-listed 735.5 642.4 14.5% Secondary-listed 155.7 150.5 3.4% Turnover velocity (primary-listed) 41% 37% 4%-points Total traded volume (in billion) 307.6 341.4 -9.9% Equities Derivatives Equities Derivatives net revenue increased by $42.0 million or 13.8% to $345.9 million ($303.9 million) and accounted for 26.6% (26.2%) of total net revenue. Trading and clearing revenue: $286.7 million, up 11.9% from $256.1 million Treasury and other revenue: $88.8 million, up 14.0% from $77.9 million Transaction-based expenses: $29.6 million, down 1.6% from $30.1 million Equity derivatives volumes increased 10.3% to 175.8 million contracts (159.3 million contracts), mainly due to higher volumes in FTSE China A50 and GIFT Nifty 50 index futures contracts, partially offset by lower volumes in Nikkei 225, FTSE Taiwan, and MSCI Singapore index futures contracts. Table 3 FY2025 FY2024 Change FTSE China A50 index futures 110,757 90,051 23.0% GIFT Nifty 50 index futures and options 20,659 18,802 9.9% FTSE Taiwan index futures 17,113 18,485 -7.4% MSCI Singapore index futures 13,348 14,469 -7.7% Japan Nikkei 225 index futures and options 9,763 13,006 -24.9% Single Stock futures 2,312 2,549 -9.3% FTSE China H50 index futures 1,124 818 37.5% Others8 713 1,147 -37.8% Total 175,790 159,326 10.3% Average Net Fees7 Average net fee per contract for Equity, Currency and Commodity derivatives was marginally lower at $1.29 ($1.31). 5 Cash Equities include ordinary shares, real-estate investment trusts and business trusts. 6 Other Products include structured warrants, exchange-traded funds, daily leverage certificates, debt securities and American depository receipts. 7 Computed based on net revenue. 8 Others comprise mainly FTSE Indonesia, FTSE Vietnam 30 and FTSE Net Total Return index futures contracts. ■ ■ ■ ■ ■ : Equity Derivatives Volumes ('000)
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Page 5 of 25 Platform and Others Platform and Others net revenue increased $6.9 million or 3.0% to $238.0 million ($231.1 million) and accounted for 18.3% (19.9%) of total net revenue. Market data revenue: $51.8 million, up 8.0% from $47.9 million Connectivity revenue: $86.3 million, up 11.8% from $77.2 million Indices and other revenue: $110.5 million, down 3.9% from $115.1 million Transaction-based expenses: $10.6 million, up 17.1% from $9.1 million The increase in market data revenue was mainly due to repricing. The increase in connectivity revenue was mainly due to higher co-location sales and repricing. The decline in indices and other revenue was mainly due to lower revenue from Scientific Beta. Transaction-based expenses increased mainly due to higher data fees. Expenses Overview 9 Total expenses were comparable at $555.3 million ($555.6 million). Lower depreciation and amortisation was mainly offset by higher variable staff costs. Fixed staff costs were comparable at $192.9 million ($194.5 million). Average headcount for FY2025 was 1,138 (1,166). Variable staff costs increased $10.7 million or 11.0% to $108.0 million ($97.2 million) mainly due to higher bonus provision, in line with higher profits. Depreciation and amortisation decreased $10.9 million or 11.4% to $84.9 million ($95.9 million) mainly due to lower amortisation of purchased intangible assets of Scientific Beta, lower depreciation of technology assets following cessation of SGX-BT operations and lower depreciation from leased assets . Other expenses10 increased marginally to $169.5 million ($168.1 million). Adjusted total expenses increased $8.5 million or 1.6% to $542.8 million ($534.3 million), excluding amortisation of purchased intangible assets and other one-off adjustments. Non-operating items Non-operating gains were lower at $59.7 million ($117.1 million) mainly due to lower Other income (net) and net interest income, as well as higher net foreign exchange losses. These were partially offset by lower impairment losses. Other income (net) declined by $53.8 million mainly driven by lower net fair value gains from our minority investments. Interest income was comparable at $37.1 million ($37.2 million). Finance charges were higher at $17.3 million ($10.3 million) as we partially refinanced EUR 240M Zero Coupon Guaranteed Convertible Bonds due 2024 with the issuance of SGD 300M 3.45% Notes due 2027 in February 2024. Net foreign exchange losses amounted to $9.0 million ($0.4 million gains) mainly due to the revaluation of our foreign currency-denominated net assets. Impairment losses of $7.6 million ($20.4 million) were mainly driven by $4.4 million on purchased intangible assets of Scientific Beta and $3.1 million on associated companies. Our share of losses of associated companies and joint ventures was higher at $16.7 million ($14.5 million) mainly due to Wilshire and CIX, partially offset by lower share of losses from MarketNode. 9 Total expenses exclude transaction-based expenses. 10 Other expenses include professional fees, technology and premises expenses. ■ ■ ■ ■ ■ ■ ■ ■
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Page 6 of 25 Tax expense for FY2025 was $137.8 million ($111.4 million), in line with higher profitability. Total capital expenditure was $67.6 million ($66.0 million). These investments support the long-term scalability and resilience of our technology systems and infrastructure. Impact of Constant Currency On a constant currency basis**, operating profit would have been up 23.8% instead of 22.5%. Table 4: Constant Currency million) Reported FY2025 Reported FY2024 Reported % Change Constant Currency % Change Operating revenue less transaction-based expenses (net revenue) 1,298.2 1,162.0 11.7% 12.6% Total expenses 555.3 555.6 -0.1% 0.3% Operating profit 742.8 606.4 22.5% 23.8% ** Constant currency is calculated by translating the FY2025 operating results using FY2024 exchange rates and excludes hedging gains and losses. Constant currency figures are non-SFRS(I) measures. Regulatory Overview In addition to activities centred on keeping the market fair, orderly and transparent, Singapore Exchange Regulation (SGX RegCo) also contributed in FY2025 to the government-led regulatory reforms aimed at strengthening the Singapore equities market. Following the first batch of proposed measures of the Equities Market Review Group (EMRG), SGX RegCo consulted on regulatory changes towards a more disclosure-based regime, both at the point of listing and on an ongoing basis. These proposals include refining the criteria for listing suitability and removing the financial watch-list, which facilitate smoother access for enterprises to the capital markets, providing investors with a broader array of investment opportunities and enhancing their ability to make informed investment decisions based on relevant and material information. SGX RegCo has been engaging listed companies and monitoring their progress of climate-related disclosures. The latest of these was an engagement with some listed companies together with the Singapore Business Federation (SBF). SBF has made recommendations based on the engagements and survey results. SGX RegCo is considering the recommendations, recognising the need to strike a right balance between advancing corporate sustainability goals and the operational realities that businesses face today. -asset exchange, SGX RegCo provided regulatory support on the launch of multiple new asset classes and products on SGX-ST and SGX-DT which in FY2025 included: Structured Certificates over Nasdaq-listed single stocks, ESG- receipts over stocks of leading Hong Kong listed companies. SGX RegCo publicly sanctioned two sponsors and their registered professionals for failing to uphold professional to maintaining integrity and accountability within the market ecosystem. SGX Group was recognised for its initiatives by Regulation Asia which named us the Exchange of the Year Award for the fifth time in November 2024. Regulation Asia is a publication focused on financial market and banking regulations. Commitment to Clearing Funds commitment to the CDP and SGX-DC clearing funds was $40 million and $131 million respectively. The total CDP clearing fund was $80 million and the total SGX-DC clearing fund was $507 million as of 30 June 2025. To support SGX Group's growth as a global multi themed equity index futures, Singapore's inaugural panda bonds, and depository standards in advising issuers. This marked the first time such action was taken, underscoring SGX RegCo's commitment SGX's
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Page 7 of 25 Outlook FY2025 was a strong year, underscored by broad-based growth across all our operating segments. The strength of our diversified multi-asset strategy enabled us to deliver our highest revenue and NPAT since listing, with strong contributions from both our securities and derivatives businesses. SDAV increased 27% to $1.3 billion, marking a four-year high, with y-o-y growth outperforming ASEAN peers. Turnover velocity and total market capitalisation for primary-listed securities increased 4%-points to 41% and 14% to $735.5 billion respectively. The Derivatives daily trading volume rose 17% to 1.3 million, as investors managed and expressed risk through our platform. We achieved the highest ever annual volumes in FX, commodities and China A50 index futures. T+1 volumes contributed 21% of total derivatives volume compared to 18% a year ago, highlighting the growing relevance of our platform globally. daily, while net revenue increased 25%. Its contribution to Group EBITDA rose to 5% from 3% a year ago, on improved operating leverage. Looking ahead, we remain focused on sustaining growth across all our operating segments. In equities, we are actively collaborating with the Monetary Authority of Singapore (MAS) and key ecosystem partners to strengthen the competitiveness of the Singapore equities market. We are positive about our IPO pipeline and its near-term outlook. In parallel, we are exploring the development of new categories of structured products to broaden our retail and institutional offerings. In our derivatives business, we are expanding client acquisition and distribution across different segments, geographies and trading sessions. Our partnership with the Brazilian Stock Exchange (B3) marks an important step in extending our listed FX presence into emerging markets beyond Asia. We continue to deepen liquidity across our currency contracts and pursue cross-selling opportunities to better serve our global clients. For OTC FX, we are enhancing the trading platform and elevating the user experience by integrating advanced data analytics and AI to deliver sharper insights and greater execution value. In commodities and freight, we are actively exploring ways to broaden our product suite to help clients manage bulk cargo and freight risks effectively. While market conditions may stabilise following the heightened economic uncertainty and volatility earlier this year, we observe a growing trend of investors reassessing regional and asset class exposures. Amid questions around the longer term shifting global dynamics, Asia is re-emerging as a resilient and compelling investment destination. Our multi-asset offering is well positioned to deliver growth through robust business drivers, supporting diversification and providing investors with access and tools they need to navigate an evolving landscape. We are on track with the medium-term guidance previously announced for (a) Group revenue growth (excluding treasury income) between 6-8%, which will continue to be driven mainly by a low to mid-teens percentage growth in our OTC FX and exchange traded derivatives businesses; (b) mid-to-high single digit percentage contribution the Group EBITDA; (c) low to mid-single digit expense increase; and (d) capital expenditure below the historical average of 7% of Group revenue over a cycle. For FY2026, we will invest in key strategic areas, including capability building and technology enhancements. Expenses are expected to increase by 4-6%. Capital expenditure is expected to be $90-$95 million, investing in long-term scalability and resilience of our technology systems and infrastructure. Enhancing shareholder returns while pursuing sustainable long-term growth remains a key priority. To achieve this, we will take a disciplined and proactive approach to capital allocation - investing in our core businesses, pursuing strategic growth opportunities and consistently returning capital to shareholders. We are well placed to execute this strategy with our strong balance sheet and capital position. Aligned with this approach, we intend to implement a steady dividend increase of 0.25 cents every quarter from FY2026 to FY2028. While subject to earnings growth, this reflects the strength and resilience of our business model, and our commitment to delivering long-term value creation for shareholders. OTC FX's ADV increased 28% to US$143 billion • • • • of OTC FX's EBITDA to
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2.Income Statement - Group 2H FY2025 2H FY2024 Change FY2025 FY2024 Change S$'000 S$'000 % S$'000 S$'000 % Operating revenue177,150 170,617 3.8 Fixed Income, Currencies and Commodities350,059 322,497 8.5 201,874 175,346 15.1 Equities - Cash396,422 334,937 18.4 183,022 173,358 5.6 Equities - Derivatives375,543 334,045 12.4 126,352 120,107 5.2 Platform and Others248,601 240,196 3.5 688,398 639,428 7.7 Operating revenue1,370,625 1,231,675 11.3 (36,590) (36,350) 0.7 Less: Transaction-based expenses(72,458) (69,647) 4.0 651,808 603,078 8.1 Operating revenue less transaction-based expenses (net revenue)1,298,167 1,162,028 11.7 Operating expenses151,911 151,590 0.2 Staff300,860 291,730 3.1 48,032 46,763 2.7 Technology92,452 90,965 1.6 5,291 4,996 5.9 Premises10,255 10,380 (1.2) 11,562 11,693 (1.1) Professional fees18,880 17,320 9.0 32,542 30,409 7.0 Others47,961 49,398 (2.9) 249,338 245,451 1.6 Operating expenses470,408 459,793 2.3 402,470 357,627 12.5 Earnings before interest, tax, depreciation and amortisation827,759 702,235 17.9 42,874 47,389 (9.5) Depreciation and amortisation84,916 95,853 (11.4) 359,596 310,238 15.9 Operating profit742,843 606,382 22.5 Non-operating items29,163 69,635 (58.1) - Other income (net)56,485 110,261 (48.8) 17,531 18,627 (5.9) - Interest income37,129 37,182 (0.1) (8,583) (6,858) 25.2 - Finance charges(17,338) (10,315) 68.1 (9,182) 2,204 NM - Net foreign exchange (losses)/gains(8,962) 409 NM(5,470) (14,765) (63.0) - Impairment losses(7,568) (20,436) (63.0) 23,459 68,843 (65.9) Non-operating gains59,746 117,101 (49.0) 383,055 379,081 1.0 802,589 723,483 10.9 (11,712) (7,117) 64.6 Share of results of associated companies and joint ventures, net of tax(16,698) (14,466) 15.4 371,343 371,964 (0.2) Profit before tax785,891 709,017 10.8 (63,339) (55,744) 13.6 Tax (137,764) (111,439) 23.6 308,004 316,220 (2.6) Net profit after tax 648,127 597,578 8.5 Attributable to:307,986 316,311 (2.6) 647,983 597,907 8.4 18 (91) NM 144 (329) NM3.Statement of Comprehensive Income - Group 2H FY2025 2H FY2024 Change FY2025 FY2024 Change S$'000 S$'000 % S$'000 S$'000 % 308,004 316,220 (2.6) Net profit after tax 648,127 597,578 8.5 Other comprehensive income:a) Items that may be reclassified subsequently to profit or loss:Foreign exchange translation(15,815) 15,372 NM - Exchange differences arising during the period/year (22,174) 445 NM- - NM - Transferred to profit or loss 2,668 - NMCash flow hedges4,650 (1,355) NM - Fair value gains/(losses) arising during the period/year 3,245 384 NM1,722 77 NM - Transferred to profit or loss 549 428 28.3 4,243 723 NM - Fair value gains arising during the period/year 6,463 1,828 NM(1,721) (731) NM - Transferred to profit or loss (2,618) (866) NMb) Items that will not be reclassified subsequently to profit or loss:Foreign exchange translation115 371 (69.0) - Exchange differences arising during the period/year - 77 NMFinancial assets, at FVOCI(23,402) 20,789 NM - Fair value (losses)/gains arising during the period/year (3,163) 17,131 NM(30,208) 35,246 NM (15,030) 19,427 NM277,796 351,466 (21.0) 633,097 617,005 2.6 Total comprehensive income attributable to:277,663 351,186 (20.9) Equity holders of the Company632,953 617,257 2.5 133 280 (52.5) Non-controlling interests 144 (252) NMNM: Not meaningful Profit before tax and share of results of associated companies and joint venturesEquity holders of the CompanyNon-controlling interestsFinancial assets, at FVOCI Other comprehensive income for the financial period/year, net of tax Total comprehensive income for the financial period/year# Page 8 of 25
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4.Detailed Notes on Revenue - Group 2H FY2025 2H FY2024 Change FY2025 FY2024 Change S$'000 S$'000 % S$'000 S$'000 % Operating revenueFixed Income, Currencies and Commodities- Fixed Income3,066 3,204 (4.3) - Listing6,225 5,739 8.5 1,283 1,426 (10.0) - Corporate actions and other 2,896 2,796 3.6 4,349 4,630 (6.1) 9,121 8,535 6.9 - Currencies and Commodities144,000 127,026 13.4 - Trading and clearing 280,722 238,307 17.8 28,801 38,961 (26.1) - Treasury and other60,216 75,655 (20.4) 172,801 165,987 4.1 340,938 313,962 8.6 177,150 170,617 3.8 350,059 322,497 8.5 Equities - Cash13,734 15,162 (9.4) - Listing26,466 29,721 (11.0) 114,253 90,993 25.6 - Trading and clearing 221,838 168,149 31.9 49,919 45,791 9.0 - Securities settlement and depository management99,566 91,276 9.1 23,968 23,400 2.4 - Corporate actions and other48,552 45,791 6.0 201,874 175,346 15.1 396,422 334,937 18.4 Equities - Derivatives140,410 132,976 5.6 - Trading and clearing 286,723 256,134 11.9 42,612 40,382 5.5 - Treasury and other 88,820 77,911 14.0 183,022 173,358 5.6 375,543 334,045 12.4 Platform and Others26,666 23,745 12.3 - Market data51,783 47,937 8.0 44,469 38,703 14.9 - Connectivity86,272 77,170 11.8 55,217 57,659 (4.2) - Indices and other110,546 115,089 (3.9) 126,352 120,107 5.2 248,601 240,196 3.5 688,398 639,428 7.7 Operating revenue1,370,625 1,231,675 11.3 (36,590) (36,350) 0.7 Less: Transaction-based expenses (72,458) (69,647) 4.0 651,808 603,078 8.1 Operating revenue less transaction-based expenses (net revenue)1,298,167 1,162,028 11.7 5.Detailed Notes on Expenses - Group 2H FY2025 2H FY2024 Change FY2025 FY2024 Change S$'000 S$'000 % S$'000 S$'000 % Operating expensesStaff99,071 97,507 1.6 - Fixed staff costs192,880 194,481 (0.8) 45,218 43,768 3.3 - Variable bonus90,588 76,619 18.2 7,622 10,315 (26.1) - Variable share-based payment 17,392 20,630 (15.7) 151,911 151,590 0.2 300,860 291,730 3.1 48,032 46,763 2.7 Technology 92,452 90,965 1.6 5,291 4,996 5.9 Premises10,255 10,380 (1.2) 11,562 11,693 (1.1) Professional fees18,880 17,320 9.0 Others6,298 5,899 6.8 - Marketing9,116 9,321 (2.2) 2,980 2,857 4.3 - Travelling4,910 5,189 (5.4) 1,511 245 NM - Allowance for impairment of trade receivables, net2,312 1,728 33.8 99 828 (88.0) 123 828 (85.1) 2,032 1,446 40.5 - Directors' fees 3,702 3,177 16.5 4,109 3,840 7.0 - Regulatory fees7,933 7,469 6.2 15,513 15,294 1.4 - Miscellaneous19,865 21,686 (8.4) 32,542 30,409 7.0 47,961 49,398 (2.9) 249,338 245,451 1.6 Operating expenses470,408 459,793 2.3 - Net loss on disposal of property, plant and equipment and software# Page 9 of 25
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6.Earnings Per Share - Group 2H FY2025 2H FY2024 FY2025 FY2024 Earnings per ordinary share for the period/year attributable to the Company's equity holders (cents)28.8 29.6 60.6 55.928.6 29.1 60.3 54.51,069,873 1,069,680 1,069,960 1,069,546- 10,762 - 21,4965,623 5,639 5,272 5,3421,075,496 1,086,081 1,075,232 1,096,3847.Half Yearly Income Statement - Group FY2025 FY2024 Change FY2025 FY2024 Change S$'000 S$'000 % S$'000 S$'000 % Operating revenueFixed Income, Currencies and Commodities- Fixed Income - Listing 3,159 2,535 24.6 3,066 3,204 (4.3) - Corporate actions and other 1,613 1,370 17.7 1,283 1,426 (10.0) 4,772 3,905 22.2 4,349 4,630 (6.1) - Currencies and Commodities - Trading and clearing 136,722 111,281 22.9 144,000 127,026 13.4 - Treasury and other 31,415 36,694 (14.4) 28,801 38,961 (26.1) 168,137 147,975 13.6 172,801 165,987 4.1 172,909 151,880 13.8 177,150 170,617 3.8 - Equities - Cash - Listing 12,732 14,559 (12.5) 13,734 15,162 (9.4) - Trading and clearing 107,585 77,156 39.4 114,253 90,993 25.6 - Securities settlement and depository management 49,647 45,485 9.2 49,919 45,791 9.0 - Corporate actions and other 24,584 22,391 9.8 23,968 23,400 2.4 194,548 159,591 21.9 201,874 175,346 15.1 - Equities - Derivatives - Trading and clearing 146,313 123,158 18.8 140,410 132,976 5.6 - Treasury and other 46,208 37,529 23.1 42,612 40,382 5.5 192,521 160,687 19.8 183,022 173,358 5.6 Platform and Others - Market data 25,117 24,192 3.8 26,666 23,745 12.3 - Connectivity 41,803 38,467 8.7 44,469 38,703 14.9 - Indices and other 55,329 57,430 (3.7) 55,217 57,659 (4.2) 122,249 120,089 1.8 126,352 120,107 5.2 Operating revenue682,227 592,247 15.2 688,398 639,428 7.7 Less: Transaction-based expenses (35,868) (33,297) 7.7 (36,590) (36,350)0.7 Operating revenue less transaction-based expenses (net revenue)646,359 558,950 15.6 651,808 603,078 8.1 Net profit after tax reported for the half year340,123 281,358 20.9 308,004 316,220 (2.6) (a) Based on weighted average number of ordinary shares in issue (b) On a fully diluted basis Weighted average number of ordinary shares in issue for basic earnings per share ('000) Effect of conversion of convertible bonds ('000) Adjustment for assumed vesting of shares granted under share plans ('000) Weighted average number of ordinary shares for diluted earnings per share ('000) 2H 1H # Page 10 of 25
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8.Adjusted Financial Measures - Group 2H FY2025 2H FY2024 FY2025 FY2024 S$'000 S$'000 S$'000 S$'000 402,470 357,627 Earnings before interest, tax, depreciation and amortisation 827,759 702,235 Adjusted for:2,580 9,333 - Other one-off adjustments 4,212 9,333 405,050 366,960 Adjusted earnings before interest, tax, depreciation and amortisation 831,971 711,568 2H FY2025 2H FY2024 FY2025 FY2024 S$'000 S$'000 S$'000 S$'000 307,986 316,311 Net profit after tax attributable to equity holders of the Company 647,983 597,907 Adjusted for:(29,482) (66,534) - Net gains from long-term investments (48,675) (101,669) - - - Gain on sale of interest of associated company (7,801) - 5,470 14,765 - Impairment losses 7,568 20,436 310 (1,300) - Fair value loss/(gain) on forward liability to acquire non-controlling interests 310 (5,674) 4,157 5,574 - Amortisation of purchased intangible assets 8,314 11,990 2,580 9,333 - Other one-off adjustments 4,212 9,333 (11) (342) - Non-controlling interests relating to the above (43) (928) (1,610) (3,340) - Income tax adjustment relating to the above (2,346) (5,521) 289,400 274,467 Adjusted net profit after tax attributable to equity holders of the Company 609,522 525,874 (a) Adjusted earnings before interest, tax, depreciation and amortisation(b) Adjusted net profit after tax attributable to equity holders of the Company # Page 11 of 25
Page 13
9.Statement of Financial Position - Group 30 Jun 2025 30 Jun 2024 S$'000S$'000AssetsCurrent assetsCash and cash equivalents 1,129,979 998,111 Trade and other receivables935,950 1,113,204 Derivative financial instruments5,628 197 Financial assets, at FVOCI 377,585 135,505 2,449,142 2,247,017 Non-current assetsFinancial assets, at FVOCI 183,514 187,335 Financial assets, at FVPL 463,695 444,077 Investment property 13,617 13,368 Property, plant and equipment 62,582 54,660 Software 134,205 134,952 Right-of-use assets64,306 83,771 Intangible assets56,411 69,288 Goodwill 684,912 699,783 Associated companies 17,961 33,773 Joint ventures 13,643 16,829 Other assets - 109 1,694,846 1,737,945 Total assets4,143,988 3,984,962 LiabilitiesCurrent liabilitiesTrade and other payables 1,029,440 1,077,985 Derivative financial instruments - 1,301 Lease liabilities 19,754 20,097 Taxation132,178 114,990 Provisions29,160 24,106 1,210,532 1,238,479 Non-current liabilitiesLoans and borrowings 622,904 643,086 Lease liabilities 45,446 64,830 Deferred tax liabilities 50,394 53,628 Other liabilities 14,791 23,764 733,535 785,308 Total liabilities1,944,067 2,023,787 Net assets2,199,921 1,961,175 EquityCapital and reserves attributable to the Company's equity holders Share capital 419,198 420,476 Capital reserve 3,989 3,989 Treasury shares(33,386) (27,665) Cash flow hedge reserve 3,374 (420) Currency translation reserve (23,493) (3,987) Fair value reserve 100,560 99,878 Securities clearing fund reserve 25,000 25,000 Derivatives clearing fund reserve 34,021 34,021 Share-based payment reserve 33,493 34,170 Other reserve - (40,506) Retained profits 1,524,941 1,318,712 Proposed dividends 112,224 96,178 2,199,921 1,959,846 Non-controlling interests- 1,329 Total equity2,199,921 1,961,175 As at # Page 12 of 25
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10.Net Asset Value - Group 30 Jun 2025 30 Jun 2024 S$ S$ 2.06 1.8311.Borrowings and Debt Securities - Group(a) Aggregate amount of the Group's borrowings and debt securities Secured Unsecured Secured Unsecured S$'000 S$'000 S$'000 S$'000 Amount repayable in one year or less, or on demand Nil Nil Nil Nil Amount repayable after one year Nil 622,904 Nil 643,086 (b) Details of any collaterals None.As atNet asset value per ordinary share based on total number of issued shares excluding treasury shares as at the end of the reporting periodAs at 30 Jun 2025As at 30 Jun 2024 # Page 13 of 25
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12.Statement of Cash Flows - Group 2H FY2025 2H FY2024 FY2025 FY2024 S$'000 S$'000 S$'000 S$'000Cash flows from operating activities383,055 379,081 802,589 723,483 Adjustments for: 42,874 47,389 Depreciation and amortisation 84,916 95,853 7,622 10,315 Share-based payment expense 17,740 20,978 5,470 14,765 Impairment losses 7,568 20,436 (17,531) (18,627) Interest income (37,129) (37,182) (29,498) (49,295) Net fair value gains on financial assets, at FVPL (42,684) (84,479) 310 (1,300) Fair value loss/(gain) on forward liability to acquire non-controlling interests 310 (5,674) - - Gain on sale of interest in associated company (7,801) - 16 (17,239) Net losses/(gains) on changes in interests in associated companies and joint ventures (5,991) (17,190) 8,583 6,858 Finance charges 17,338 10,315 - - Other non-cash income (1,218) - 99 828 Net loss on disposal of property, plant and equipment and software 123 828 401,000 372,775 Operating cash flow before working capital change835,761 727,368 Changes in:(23,128) 4,183 Cash committed for National Electricity Market of Singapore (21,195) 65,987 Cash committed for Singapore Exchange Derivatives Clearing12,933 (187) Limited - Derivatives Clearing Fund 12,910 (12,499) 9,425 48,847 Trade and other receivables 172,244 (2,868) 123,306 (1,533) Trade and other payables (36,272) (49,899) 523,536 424,085 Cash generated from operations 963,448 728,089 (60,980) (57,550) Income tax paid (121,778) (112,291) 462,556 366,535 Net cash generated from operating activities841,670 615,798 Cash flows from investing activities(361,906) (101,564) Purchase of financial assets, at FVOCI (572,335) (207,433) (3,873) (3,900) Purchase of financial assets, at FVPL (4,783) (4,687) (36,181) (45,521) Purchase of property, plant and equipment and software (68,112) (64,569) (10,331) - Acquisition of non-controlling interest in a subsidiary (10,331) - - (2,359) Acquisition of additional interests in associated company and joint venture (3,360) (4,717) 10 - Proceed from disposal of property, plant and equipment 20 - 161,500 93,678 Proceeds from financial assets, at FVOCI upon maturity 337,500 108,074 233 - Proceeds from sale of interests in associated companies 17,808 - 18,723 14,263 Interest received 34,618 33,996 - - Grants received for property, plant and equipment and software 3,070 - - 1,439 Dividend received from associated company - 1,439 (231,825) (43,964) Net cash used in investing activities(265,905) (137,897) Cash flows from financing activities(192,433) (182,489) Dividends paid (385,346) (364,930) - 299,477 Net proceeds from issue of medium term notes - 299,477 - (349,630) Repayment of borrowings - (349,630) (11,326) (13,507) Repayment of lease liabilities (23,221) (25,797) (22,433) (14,640) Purchase of treasury shares (26,329) (14,640) (7,287) (2,076) Interest paid (14,465) (4,170) (233,479) (262,865) Net cash used in financing activities(449,361) (459,690) (2,748) 59,706 Net (decrease)/increase in cash and cash equivalents126,404 18,211 924,088 733,188 Cash and cash equivalents at the beginning of the financial period/year 795,720 777,304 (2,037) 2,826 (2,821) 205 919,303 795,720 Cash and cash equivalents at the end of the financial period/year919,303 795,720 2H FY2025 2H FY2024 FY2025 FY2024 S$'000 S$'000 S$'000 S$'000 919,303 795,720 Cash and cash equivalents per Statement of Cash Flows 919,303 795,720 Add: Cash committed for 131,394 144,304 131,394 144,304 40,000 40,000 - The Central Depository (Pte) Limited - Securities Clearing Fund 40,000 40,000 39,282 18,087 - National Electricity Market of Singapore 39,282 18,087 1,129,979 998,111 Cash and cash equivalents per Statement of Financial Position - Group 1,129,979 998,111 For the purpose of the Statement of Cash Flows, the cash and cash equivalents comprised the following: - Singapore Exchange Derivatives Clearing Limited - Derivatives Clearing Fund Profit before tax and share of results of associated companies and joint ventures Effects of changes in foreign exchange rates on cash and cash equivalents # Page 14 of 25
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# 13. Statement of Changes in Equity - Group Attributable to equity holders of the Company Securities Derivatives Share- Cash flow Currency Fair clearing clearing based Non- Share Capital Treasury hedge translation value fund fund payment Other Retained Proposed controlling capital reserve• shares reserve• reserve• reserve• reserve• reserve• reserve* reserve• profits dividends Total interests Total equity S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 (I) Group - 2H FY2025 Balance at 1 Januarv 2025 419,198 3,989 (11,931) (2,998) (7,678) U1A4Q 25,000 34,021 25,871 (40,506) 1,~ .796 2,032,202 1,~ ,033,542 Changes in equity for the period Transactions with equity holders, recognised directly In equity Contributions b~ and distributions to eguirt holder s Dividends paid - 3Q FY2025 - Interim dividends (96,255) (96,255) (96,255) Proposed dividends - FY2025 - Final dividends (112,224) 112,224 Employees' share plans - Value of employees' services 7,622 7,622 7,622 Purchase of treasury shares (22,433) (22,433) (22,433) Tax effect on treasury shares /\I\ 978 978 978 Total contributions by and distributions to equity holders (21,455) 7,622 (208,479) 112,224 (110,088) (110,088) Changes in ownershi12 interests in subsidia!'.Y Acquisition of non-controlling interests 40,506 (40,362) 144 (1,473) (1,329) Total transactions with equity holders for the period (21,455) 7,622 40,506 (248,841) 112,224 (109,944) (1,473) (111,417) Total comprehensive income Net profit after tax 307,986 307,986 18 308,004 Other comprehensive income 6,372 (15,815) (20,880) (30,323) 115 (30,208) Total comprehensive income for the period 6,372 (15,815) (20,880) 307,986 277,663 133 277,796 Balance at 30 June 2025 419,198 3,989 (33,386) 3,374 (23,493) 100,560 25,000 34,021 33,493 1,5~ 941 lU,224 2,199,921 2,199, 921 (Ill Group - 2H FY2024 Balance at 1 Januarv 2024 420,476 3,989 (U,796) 858 (19,359) 79,523 25,000 34,021 23,855 (40,506) 1,189,059 1,704,U0 1,664 1.~ ."? .... Changes In equity for the period Transactions with equity holders, recognised directly in equity Dividends paid - 3Q FY2024 - Interim dividends (90,906) (90,906) (90,906) Proposed dividends - FY2024 - Final dividends (96,178) 96,178 Employees' share plans - Value of employees' services 10,315 10,315 10,315 Purchase of treasury shares (14,640) (14,640) (14,640) Tax effect on treasury shares ,,.,,. (229) (229) (229) Transfer upon disposal of equity investments (426) 426 Dividends paid to non-controlling interests (615) (615) Total transactions with equity holders for the period (14,869) (426) 10,315 (186,658) 96,178 (95,460) (615) (96,075) Total comprehensive income Net profit after tax 316,311 316,311 (91) 316,220 Other comprehensive income (1,278) 15,372 20,781 34,875 371 35,246 Total comprehensive income for the period (1,278) 15,372 20,781 316,311 351,186 280 351,466 Balance at 30 June 2024 420,476 3,989 (27,665) (420) (3,987) 99,878 25,000 34,021 34,170 (40,506) 1,318,7U 96,178 1,959,&:-,& ___ 1,329 __ 1,961,17!;_ * These reserves are not available for distribution as dividends to the equity holders of the Company. "" The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services. Page 15 of 25
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13. Statement of Changes in Equity - Group (continued) Attributable to equity holders of the Company Cash flow Currency Fair Securities Derivatives Share-based Non- Share capital Treasury hedae translatlon value ctearingfund clearing fund payment Other Retained Proposed controlling capital reserve• shares reserve• reserve• reserve• reserve• reserve• reserve• reserve• profits dividends Total interests Total equity S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 5$'000 S$'000 S$'000 S$'000 5$'000 S$'000 (111) Group - FY2025 B ■l ■ nce ■ t 1 Juty 2024 420,476 3,989 (27,665) (420) __ (3,~--99~ ,171 25,000 !14,021 34,~ (40,!;116) 1,3lJl,712 96,171 1,959,146 1,329 1,961,175 Changes in equity for the year Transactions with equity holders, recognised directly in equity Contributions blf and distributions to eguih!: holders Dividends paid - FY2024 - Final dividends (96,178) (96,178) (96,178) - Under provision of FY2024 final dividends (194) (194) (194) - FY2025 - Interim dividends (288,974) (288,974) (288,974) Proposed dividends - FY202S - Final dividends (112,224) 112,224 Employees' share plans- Value of emplo yees' services 17,392 17,392 17,392 Restricted share plan - Value of directors' services 348 348 348 Vesting of shares under share-based remuneration plans (1,352) 19,421 (18,069) Vesting of shares under restricted share plan 74 274 (348) Purchase of treasury shares (26,329) (26,329) (26,329) Tax effect on treasury shares,.,. 913 913 913 Total contributions by and distributions to equity holders (1,278) (5,721) (677) (401,392) 16,046 (393,022) (393,022) Changes in ownershie interests in subsidiarl Acquisition of non-controlling interests 40,506 (40,362) 144 (1,473) (1,329) Total transactions with equity holders for the year (1,278) (5,721) (677) 40,506 (441,754) 16,046 (392,878) (1,473) (394,351) Total comprehensive income Net profit after tax 647,983 647,983 144 648,127 Other comprehensive income 3,794 (19,506) 682 (15,030) 115,030) Total comprehensive income for the year 3,794 (19,506) 682 647,983 632,953 144 633,097 Balance at 30 June 2025 419,191 3,989 (33,316) 3,~ (23,~ ) __ 100,560 ___ 25,000 ___ l!-4,021 ___ 33,493 1,524,~ 1 ___ 112,~ __ 2,199,921 2,199,92l (iv) Group - FY2024 Balance at 1 July 2023 423,056 3,989 (32,447) (1,232) (4,432) Jl,211 25,000 ;14,021 30,111 (411,506) 1,089,582 90,779__..J ,~,902 2,~ ,1!)3,609. Changes In equity for the year Transactions with equity holders, recocnlsed directly In equity Dividends paid - FY2023 - Final dividends (90,779) (90,779) (90,779) - Under provision of FY2023 final dividends (186) (186) (186) - FY2024 - Interim dividends (272,839) (272,839) (272,839) Proposed dividends - FY2024 - Final dividends (96,178) 96,178 Employees' share plans- Value of employees' services 20,630 20,630 20,630 Restricted share plan - Value of directors' services 348 348 348 Vesting of shares under share-based remuneration plans (2,624) 19,965 (17,341) Vesting of shares under restricte d share plan 44 304 (348) Purchase of treasury shares (14,640) (14,640) (14,640) Tax effect on treasury shares M (847) (847) (847) Transfer upon disposal of equity investments (426) 426 Dividends paid to non-controlling interests (1,126) (1,126) Total transactions with equity holders for the year (2,580) 4,782 (426) 3,289 (368,777) 5,399 (358,313) (1,126) (359,439) Total comprehensive income Net profit after tax 597,907 597,907 (329) 597,578 Other comprehensive income 812 445 18,093 19,350 77 19,427 Total comprehensive income for the year 812 445 18,093 597,907 617,257 (252) 617,005 Balance ft 30 June 2024 420,476 3,989 j27,&&5! 1420! j3,917! 99,171 25,000 34,021 34,170 !411,506! 1,3lJl ,712 96,171 1,959,146 1,~ __ 1~ 1,175 • These reserves are not available for distribution as dividends to the equity holders of the Company. M The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services. Page 16of25
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# 14. Segment Information - Group Group - 2H FY2025 and 2H FY2024 2H FY2025 2H FY2024 Fixed Income, Fixed Income, Currencies and Equities - Platform and Currencies and Equities - Platform and Commodities Equities - Cash Derivatives Others Corporate• Group Commodities Equities - cash Derivatives Others Corporate• Group S$'000 5$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 I 177,150 201,874 183,022 126,352 688,398 Operating rewnue 170,617 175,346 173,358 120,107 639,428 1 (14,651) (1,791) (14,503) (5,645) (36,590) Less: Transaction-based expenses (14,655) (2,099) (15,296) (4,300) (36,350) 162,499 200,083 168,519 120,707 651,808 Operating revenue less: transaction-based expenses (net revenue) 155,962 173,247 158,062 115,807 603,078 79,696 132,928 122,747 67,099 402,470 Earnings before interest, tax, depreciation and amortisation 78,025 103,152 113,300 63,150 357,627 14,299 12,006 7,135 9,434 42,874 Depreciation and amortisation 15,602 13,177 7,331 11,279 47,389 65,397 120,922 115,612 57,665 359,596 Operating profit 62,423 89,975 105,969 51,871 310,238 . 23,459 23,459 Non-operating gains - - - 68,843 68,843 - (11,712) (11,712) Share of results of associated companies and - - (7,117) (7,117) joint ventures, net of tax - (63,339) (63,339) Tax - - (55,744) (55,744) I 308,004 Net profit after tax 316,220 1 Group - FY2025 and FY2024 FY2025 FY2024 Fixed Income, Fixed Income, Currencies and Equities- Platform and Currencies and Equities - Platform and Commodities Equities - Cash Derivatives Others Corporate• Group Commodities Equities - cash Derivatives Others Corporate• Group S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 I 350,059 396,422 375,543 248,601 1,370,625 Operating rewnue 322,497 334,937 334,045 240,196 1,231,615 I (28,485) (3,702) (29,645) (10,626) (72,458) Less: Transaction-based expenses (26,257) (4,198) (30,119) (9,073) (69,647) 321,574 392,720 345,898 237,975 1,298,167 Operating revenue less: transaction-based expenses (net revenue) 296,240 330,739 303,926 231,123 1,162,028 168,213 267,658 256,521 135,367 827,759 Earnings before interest, tax, depreciation and amortisation 147,984 204,469 218,398 131,384 702,235 27,761 23,731 14,041 19,383 84,916 Depreciation and amortisation 32,970 25,201 14,203 23,479 95,853 140,452 243,927 242,480 115,984 742,843 Operating profit 115,014 179,268 204 ,195 107 ,905 606,382 - 59,746 59,746 Non-operating gains - - 117,101 117,101 - (16,698) (16,698) Share of results of associated companies and (14,466) (14,466) joint ventures, net of tax . - - (137,764) (137,764) Tax - (111,439) (111,439) I 648,127 Net profit after tax 597,578 1 • The corporate segment is a non-operating segment Page 17 of 25
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15.Statement of Financial Position - Company 30 Jun 2025 30 Jun 2024 S$'000S$'000AssetsCurrent assetsCash and cash equivalents 260,731 182,296 Trade and other receivables178,927 204,209 Financial assets, at FVOCI94,026 - 533,684 386,505 Non-current assetsProperty, plant and equipment 39,657 38,589 Software 49,139 49,926 Right-of-use assets 61,267 79,773 Subsidiaries 1,666,002 1,647,052 Associated company- 4,389 Other assets- 109 1,816,065 1,819,838 Total assets2,349,749 2,206,343 LiabilitiesCurrent liabilitiesTrade and other payables 195,519 158,395 Lease liabilities18,412 18,823 Taxation6,574 4,959 Provisions9,637 9,485 230,142 191,662 Non-current liabilitiesLoans and borrowings 622,904 643,086 Lease liabilities 43,617 62,126 Deferred tax liabilities 4,600 4,310 671,121 709,522 Total liabilities901,263 901,184 Net assets1,448,486 1,305,159 EquityCapital and reserves attributable to the Company's equity holdersShare capital419,198 420,476 Treasury shares(33,386) (27,665) Fair value reserve 894 - Share-based payment reserve 33,493 34,170 Retained profits 916,063 782,000 Proposed dividends 112,224 96,178 Total equity 1,448,486 1,305,159 16.Net Asset Value - Company 30 Jun 2025 30 Jun 2024 S$ S$ 1.36 1.22 As at As atNet asset value per ordinary share based on total number of issued shares excluding treasury shares as at the end of the reporting period# Page 18 of 25
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17.Statement of Changes in Equity - CompanyShare capitalTreasury sharesFair valuereserve *Share-based payment reserve *Retained profits Proposed dividendsTotal equityS$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000(i) Company - 2H FY2025Balance at 1 January 2025 419,198 (11,931) - 25,871 934,614 - 1,367,752 Changes in equity for the periodTransactions with equity holders, recognised directly in equityDividends paid - 3Q FY2025 - Interim dividends- - - - (96,255) - (96,255) Dividend payable - FY2025 - Final dividends- - - - (112,224) 112,224 - Employees' share plans - Value of employees' services- - - 7,622 - - 7,622 Purchase of treasury shares - (22,433) - - - - (22,433) Tax effect on treasury shares ^^ - 978 - - - - 978 Total transactions with equity holders for the period - (21,455) - 7,622 (208,479) 112,224 (110,088) Total comprehensive incomeNet profit after tax - - - - 189,928 - 189,928 Other comprehensive income- - 894 - - - 894 Total comprehensive income for the period- - 894 - 189,928 - 190,822 Balance at 30 June 2025 419,198 (33,386) 894 33,493 916,063 112,224 1,448,486 (ii) Company - 2H FY2024Balance at 1 January 2024 420,476 (12,796) - 23,855 998,235 - 1,429,770 Changes in equity for the periodTransactions with equity holders, recognised directly in equityDividends paid - 3Q FY2024 - Interim dividends- - - - (90,906) - (90,906) Dividend payable - FY2024 - Final dividends- - - - (96,178) 96,178 - Employees' share plans - Value of employees' services- - - 10,315 - - 10,315 Purchase of treasury shares - (14,640) - - - - (14,640) Tax effect on treasury shares ^^- (229) - - - - (229) Total transactions with equity holders for the period- (14,869) - 10,315 (187,084) 96,178 (95,460) Total comprehensive incomeNet profit after tax - - - - (29,151) - (29,151) Total comprehensive income for the period- - - - (29,151) - (29,151) Balance at 30 June 2024 420,476 (27,665) - 34,170 782,000 96,178 1,305,159 * These reserves are not available for distribution as dividends to the equity holders of the Company. Attributable to equity holders of the Company ^^ The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services. # Page 19 of 25
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17.Statement of Changes in Equity - Company (continued)Share capitalTreasury sharesFair valuereserve *Share-based payment reserve *Retained profits Proposed dividendsTotal equityS$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000(iii) Company - FY2025Balance at 1 July 2024 420,476 (27,665) - 34,170 782,000 96,178 1,305,159 Changes in equity for the yearTransactions with equity holders, recognised directly in equityDividends paid - FY2024 - Final dividends- - - - - (96,178) (96,178) - Under provision of FY2024 final dividends- - - - (194) - (194) - FY2025 - Interim dividends- - - - (288,974) - (288,974) Proposed dividends - FY2025 - Final dividends- - - - (112,224) 112,224 - Employees' share plans - Value of employees' services- - - 17,392 - - 17,392 Restricted share plan - Value of directors' services- - - 348 - - 348 Vesting of shares under share-based remuneration plans(1,352) 19,421 - (18,069) - - - Vesting of shares under restricted share plan74 274 - (348) - - - Purchase of treasury shares - (26,329) - - - - (26,329) Tax effect on treasury shares ^^- 913 - - - - 913 Total transactions with equity holders for the year(1,278) (5,721) - (677) (401,392) 16,046 (393,022) Total comprehensive incomeNet profit after tax - - - - 535,455 - 535,455 Other comprehensive income- - 894 - - - 894 Total comprehensive income for the year- - 894 - 535,455 - 536,349 Balance at 30 June 2025 419,198 (33,386) 894 33,493 916,063 112,224 1,448,486 (iv) Company - FY2024Balance at 1 July 2023 423,056 (32,447) - 30,881 882,316 90,779 1,394,585 Changes in equity for the yearTransactions with equity holders, recognised directly in equityDividends paid - FY2023 - Final dividends- - - - - (90,779) (90,779) - Under provision of FY2023 final dividends- - - - (186) - (186) - FY2024 - Interim dividends- - - - (272,839) - (272,839) Proposed dividends - FY2024 - Final dividends- - - - (96,178) 96,178 - Employees' share plans - Value of employees' services- - - 20,630 - - 20,630 Restricted share plan - Value of directors' services- - - 348 - - 348 Vesting of shares under share-based remuneration plans(2,624) 19,965 - (17,341) - - - Vesting of shares under restricted share plan44 304 - (348) - - - Purchase of treasury shares - (14,640) - - - - (14,640) Tax effect on treasury shares ^^- (847) - - - - (847) Total transactions with equity holders for the year (2,580) 4,782 - 3,289 (369,203) 5,399 (358,313) Total comprehensive incomeNet profit after tax - - - - 268,887 - 268,887 Total comprehensive income for the year- - - - 268,887 - 268,887 Balance at 30 June 2024 420,476 (27,665) - 34,170 782,000 96,178 1,305,159 * These reserves are not available for distribution as dividends to the equity holders of the Company. Attributable to equity holders of the Company ^^ The tax effect relates to the deferred tax benefit/(liability) on the difference between consideration paid for treasury shares and share-based payment expense relating to employees' and directors' services.# Page 20 of 25
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18.Bank Facilities, Contingent Liabilities and Commitments - GroupContingent Liabilities and Other Commitments19.Dividend - CompanyInterim Dividends3Q 2Q 1Q 1QName of DividendDividend TypeDividend RateRecord Date9 May 2025, 5pm14 February 2025, 5pm8 November 2024, 5pm2 November 2023, 5pmDate Paid19 May 202521 February 2025 15 November 20249 November 2023Proposed Final DividendsName of DividendDividend TypeDividend RateRecord DateDate Payable/PaidSGX aims to pay a sustainable and growing dividend over time, consistent with long term growth prospects. Dividends will be paid on a quarterly basis and will be at the discretion of the Board.17 October 2025, 5pm 18 October 2024, 5pm27 October 2025 25 October 2024Total DividendsTotal dividends on ordinary shares for the year ended 30 June 2025 and 30 June 2024 were $401,198,000 and $369,017,000 respectively.Dividend policy 10.5 cents per ordinary share 9.0 cents per ordinary shareFinal - tax-exempt Final - tax-exemptCash Cash6 May 2024, 5pm13 February 2024, 5pm13 May 2024 20 February 2024FY2025 FY20248.5 cents per ordinary share9.0 cents per ordinary share Bank FacilitiesAs at 30 June 2025, the Group had $1,085 million (30 June 2024: $732 million) of bank credit facilities comprising committed unsecured credit lines for prudent risk management and to maintain adequate liquid resources.As at 30 June 2025, the Group had contingent liabilities to banks for US$329 million (30 June 2024: US$235 million) of unsecured standby letters of credit issued to Chicago Mercantile Exchange as margin and performance bond for futures trading.The Group has committed cash of $210 million (30 June 2024: $202 million) for the following:(i) Singapore Exchange Derivatives Clearing Limited - Derivatives Clearing Fund $131 million (30 June 2024: $144 million);(ii) The Central Depository (Pte) Limited - Securities Clearing Fund $40 million (30 June 2024: $40 million); and(iii) National Electricity Market of Singapore $39 million (30 June 2024: $18 million) The manner in which the cash can be used is defined under Singapore Exchange Derivatives Clearing Limited Clearing Rules, The Central Depository (Pte) Limited Clearing Rules and Singapore Electricity Market Rules respectively. Interim - tax-exempt Interim - tax-exemptCash CashFY20253Q 2QFY2024 # Page 21 of 25
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20.Share Capital - CompanyBalance at end of period/yearThe Company holds the shares bought back as treasury shares.2,995,684 2,839,514 2,839,514 2,995,684 1,716,000 1,565,000 Purchase of treasury shares 2,031,000 1,565,000 - - Shares transferred to employees pursuant to share-based remuneration plans and to directors pursuant to restricted share plan(2,187,170) (2,224,157) 1,123,514 1,430,684 Balance at beginning of period/year2,995,684 3,654,841 The total number of issued ordinary shares as at 30 June 2025 was 1,071,642,400 (30 June 2024: 1,071,642,400), of which 2,839,514 (30 June 2024: 2,995,684) were held by the Company as treasury shares. For 2H FY2025, the Company purchased 1,716,000 (2H FY2024: 1,565,000) of its ordinary shares by way of on-market purchase at share prices ranging from $11.84 to $14.04 (2H FY2024: $8.96 to $9.62). The total amount paid to purchase the shares was $22.4 million (2H FY2024: $14.6 million).For FY2025, the Company purchased 2,031,000 (FY2024: 1,565,000) of its ordinary shares by way of on-market purchase at share prices ranging from $11.84 to $14.04 (FY2024: $8.96 to $9.62). The total amount paid to purchase the shares was $26.3 million (FY2024: $14.6 million). During FY2025, 2,187,170 shares under the Company's share-based remuneration plans and restricted share plan have vested (FY2024: 2,224,157).The movement of treasury shares for the period is as follows: 2H FY2025 2H FY2024 FY2025 FY2024 # Page 22 of 25
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21. Accounting Policies - Group (a) New accounting policies applicable to SGX Statement of comprehensive income - Group FY2024 Previous classification FY2024 S$'000 S$'000 Less: Transaction-based expenses 69,647 Processing and royalties 69,647 The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the amendments to standards from 1 July 2024: Classification of Liabilities as Current or Non-Current and Non-current liabilities with Covenants Supplier Finance Arrangements Lease Liability in a Sale and Leaseback Lack of Exchangeability The amendments to SFRS(I)s did not have material effect on the financial statements. (b) Comparative information The presentation of revenue and expenses has been revised in FY2025 such that transaction-based expenses, which primarily include processing and royalties, are presentation: As previously disclosed New classification # Page 23 of 25 • Amendments to SFRS(I) 1-1: • Amendments to SFRS(I) 1-7 and SFRS(I) 7: • Amendments to SFRS(I) 16: • Amendments to SFRS(I) 1-21: netted-off against operating revenue to show net revenue. The following comparative information have been reclassified to be consistent with current year's The revised presentation does not result in a change in the Group's and Company's total operating revenue and net profit before and after tax.
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# 21. Accounting Policies - Group (continued) Segment Information - Group FV2024 FY2024 New classification As previously disclosed Fixed Income, Fixed Income, Currencies and Equities• Platform and Currencies and Equities- Platform and Commodities Equities - cash Derivatives Others Corporate• Group Commodities Equities - cash Derivatives Others Corporate• Group S$'000 S$'000 5$'000 S$'000 5$'000 S$'000 S$'000 S$'000 S$'000 5$'000 S$'000 S$'000 I 322,497 334,937 334,045 240,196 1,231,675 Operating revenue 322,497 334,937 334,045 240,196 . 1,231,675 1 (26,257) (4,198) (30,119) (9,073) (69,647) Less: Transaction-based expenses . . . 296,240 330,739 303,926 231,123 1,162,028 Operating revenue less transaction-based expenses (net revenue) . . . 147,984 204,469 218,398 131,384 702,235 Earnings before Interest, tax, depreciation and amortisation 147,984 204,469 218,398 131,384 . 702,235 32,970 25,201 14,203 23,479 95,853 Depreciation and amortisation 32,970 25,201 14,203 23,479 95,853 115,014 179,268 204 ,195 107,905 606,382 Operating profit 115,014 179,268 204,195 107,905 . 606,382 117,101 117,101 Non-operating gains . . 117,101 117,101 . . (14,466) (14,466) Share of results of associated companies and . . (14,466) (14,466) joint ventures, net of tax . . (111,439) (111,439) Tax . (111,439) (111,439) I 597,578 Net profit after tax 597,578 j * The corporate segment is a non-operating segment Page 24 of 25
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22. Subsequent Event 23. Other Listing Manual Requirements Interested Person Transactions - Group The Group has not obtained a general mandate from shareholders for Interested Person Transactions. Confirmation of Directors and Executive Officers' undertakings pursuant to Listing Rule 720(1) Seah Kim Ming Glenn Ding Hui Yun Company Secretaries 7 August 2025 Pursuant to Listing Rule 704(10) of the Listing Manual, SGX confirms that there are no persons occupying a managerial position in the Company or in any of its principal subsidiaries who is a relative of a director, chief executive officer or substantial shareholder of the Company. binding agreement to sell Trading Technologies International, Inc.. The Group had invested approximately US$200 million in the Fund in December 2021 and has been accounting for this investment as a financial asset, at FVPL, on the Statement of Financial Position. The impact of this transaction has been reflected in the fair value of the investment in the Fund for the financial year ended 30 June 2025. The Company has procured undertakings from all its directors and executive officers in compliance with Listing Rule 720(1). Disclosure of persons occupying managerial positions who are related to a director, CEO or substantial shareholder # Page 25 of 25 Subsequent to the financial year ended 30 June 2025, 7RIDGE Investments 3 LP ("Fund" ), of which the Group is one of the Limited Partners ("LP" ), has entered into a