FY2026 Financial Summary
*Adjusted EBITDA, NPAT and EPS exclude 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. 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.
All figures are for FY2026 except for figures in brackets, which are for FY2025 unless otherwise stated. Figures may be subject to rounding.
SGX Group (Singapore Exchange) today reported all-time highs in both revenue and net profit for FY2026, as broad-based growth across all operating segments reflected the strength of its multi-asset strategy.
FY2026 net revenue rose 13.9% year-on-year (y-o-y) to S$1,478.3 million (S$1,298.2 million), while adjusted net profit rose 24.6% y-o-y to S$759.5 million (S$609.5 million). Adjusted EBITDA climbed 17.9% to S$980.6 million (S$832.0 million), with adjusted earnings per share at 71.0 cents (57.0 cents).
The Board of Directors has proposed a final quarterly dividend of 11.5 cents (10.5 cents) per share, and a one-off additional dividend of 12.5 cents per share, both payable on 10 November 2026. If approved, total FY2026 dividends including the additional dividend will be 57.0 cents (37.5 cents) per share.
Loh Boon Chye, Chief Executive Officer of SGX Group, said, “FY2026 was another standout year for SGX Group. Growth was broad-based, with our cash equities business leading the way and our foreign exchange and commodities pillars reaching new volume highs. This reflects the resilience of our multi-asset strategy and the progress we are making across the Group.”
“We enter FY2027 from a position of strength. We will extend our franchise through strategic index partnerships and new ecosystems such as gold; unlock more value by bringing our listed and over-the-counter FX capabilities closer together; and use data more effectively to deepen client relationships and identify opportunities across our businesses,” he said.
Mr. Loh added, “Gains from capital recycling enable us to reward shareholders this year with a proposed one-off additional dividend, reflecting our disciplined approach to capital management.”
Results Summary
Operating revenue increased 13.8% to S$1,559.5 million (S$1,370.6 million). After netting off transaction-based expenses, net revenue1 increased 13.9% to S$1,478.3 million (S$1,298.2 million).
Excluding treasury income, net revenue increased 15.0% to S$1,343.1 million (S$1,167.4 million).
Fixed Income, Currencies and Commodities (FICC)
FICC net revenue increased 17.0% to S$376.2 million (S$321.6 million) and accounted for 25.5% (24.8%) of total net revenue.
FICC – Fixed Income
Fixed Income net revenue2 increased 27.0% to S$11.6 million (S$9.1 million).
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Listing revenue: S$8.4 million, up 35.5% from S$6.2 million
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Corporate actions and other revenue: S$3.1 million, up 8.3% from S$2.9 million
There were 1,062 bond listings raising S$473.7 billion, compared to 843 bond listings raising S$296.0 billion a year earlier.
FICC – Currencies and Commodities
Currencies and Commodities net revenue increased 16.7% to S$364.7 million (S$312.5 million).
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Trading and clearing revenue: S$333.5 million, up 18.8% from S$280.7 million
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Treasury and other revenue: S$66.9 million, up 11.1% from S$60.2 million
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Transaction-based expenses: S$35.8 million, up 25.6% from S$28.5 million
The increase in trading and clearing revenue was mainly from higher volumes.
SGX FX net revenue increased 12.0% to S$126.6 million (S$113.0 million)3. SGX FX headline average daily volume (ADV) increased 33.1% to US$190.2 billion (US$142.9 billion).
Commodity derivatives volumes increased 20.6% to 78.8 million contracts (65.3 million contracts), mainly due to higher volumes in iron ore derivatives.
Currency derivatives volumes increased 30.8% to 96.4 million contracts (73.6 million contracts), mainly due to higher volumes in INR/USD and USD/CNH FX futures contracts.
The increase in commodity volumes drove the increase in transaction-based expenses.
Equities – Cash
Equities – Cash net revenue increased 28.1% to S$502.9 million (S$392.7 million) and accounted for 34.0% (30.3%) of total net revenue.
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Listing revenue: S$28.6 million, up 8.2% from S$26.5 million
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Trading and clearing revenue: S$302.3 million, up 36.3% from S$221.8 million
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Securities settlement, depository management, corporate actions and other revenue: S$176.7 million, up 19.3% from S$148.1 million
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Transaction-based expenses: S$4.7 million, up 26.7% from S$3.7 million
We recorded 21 (6) new equity listings which raised S$4.1 billion (S$25.7 million). Secondary equity funds raised were S$3.6 billion (S$4.3 billion).
Securities daily average value (SDAV) increased 34.9% to S$1.8 billion (S$1.3 billion) and total securities traded value increased 35.5% to S$455.7 billion (S$336.4 billion). This was made up of Cash Equities4, where traded value increased by 34.7% to S$435.4 billion (S$323.2 billion), and Other Products5, where traded value increased 53.4% to S$20.3 billion (S$13.2 billion). There were 252 (251) trading days in FY2026.
Overall average net clearing fees were comparable at 2.61 basis points (bps) (2.59 bps). Turnover velocity (primary-listed) was 44% (41%).
The increase in securities settlement, depository management, corporate actions and other revenue was mainly driven by higher-yielding subsequent settlement transactions.
Equities – Derivatives
Equities – Derivatives net revenue was comparable at S$344.5 million (S$345.9 million) and accounted for 23.3% (26.6%) of total net revenue.
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Trading and clearing revenue: comparable at S$288.0 million (S$286.7 million)
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Treasury and other revenue: S$87.1 million, down 1.9% from S$88.8 million
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Transaction-based expenses: S$30.7 million, up 3.4% from S$29.6 million
Equity derivatives volumes increased 6.4% to 187.0 million contracts (175.8 million contracts). Higher volumes in FTSE China A50, GIFT Nifty 50 and FTSE Taiwan index futures contracts were partially offset by lower volumes in Nikkei 225 index futures contracts.
Average Net Fees
Average net fee per contract for Equity, Currency and Commodity derivatives was lower at S$1.20 (S$1.29).
Platform and Others
Platform and Others net revenue increased 7.0% to S$254.7 million (S$238.0 million) and accounted for 17.2% (18.3%) of total net revenue.
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Market data revenue: S$57.4 million, up 10.9% from S$51.8 million
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Connectivity revenue: S$92.4 million, up 7.1% from S$86.3 million
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Indices and other revenue: S$114.9 million, up 3.9% from S$110.5 million
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Transaction-based expenses: S$10.0 million, down 5.5% from S$10.6 million
The increase in market data revenue was mainly due to repricing and fee recoveries associated with additional data usage.
The increase in connectivity revenue was mainly due to higher co-location sales and repricing.
Expenses Overview
Total expenses increased 6.4% to S$591.1 million (S$555.3 million). Higher staff costs and other expenses6 were partially offset by lower depreciation and amortisation.
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Fixed staff costs increased 9.3% to S$210.8 million (S$192.9 million). Average headcount for FY2026 was 1,182 (1,138)
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Variable staff costs increased 13.4% to $122.5 million ($108.0 million) due to higher profitability.
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Other expenses increased 3.6% to S$175.7 million (S$169.5 million) mainly due to higher technology costs and professional fees, partially offset by lower miscellaneous expenses.
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Depreciation and amortisation decreased 3.3% to S$82.1 million (S$84.9 million) mainly due to lower amortisation of intangible assets of Scientific Beta and certain fixed assets being fully depreciated.
Adjusted total expenses increased 5.5% to S$572.6 million (S$542.8 million), excluding amortisation of intangible assets, transformation-related costs and other one-off adjustments.
We are well-positioned to deliver our medium-term guidance of 6-8% Group revenue growth (excluding treasury income) and low- to mid-single digit expense increase. In FY2027, we expect continued broad-based growth across all operating segments. Our FY2027 guidance includes a 6-8% increase in expenses and capital expenditure of approximately S$100 million. Active and disciplined capital management remains a key priority, balancing strategic investments and capital recycling with sustainable shareholder returns. We remain confident in delivering the planned quarterly dividend increases of 0.25 Singapore cents through FY2028.
1 Includes associated treasury income. Treasury income increased S$4.5 million.
2 Operating and net revenue for Fixed Income were comparable as transaction-based expenses were immaterial.
3 SGX FX’s contribution to Group EBITDA was comparable at 5%
4 Cash Equities include ordinary shares, real-estate investment trusts and business trusts.
5 Other Products include structured warrants, exchange-traded funds, daily leverage certificates, debt securities and Singapore depository receipts.
6 Other expenses include professional fees, technology and premises expenses
