Singapore Exchange - UOB Kay Hian 2026-02-06: 1HFY26 Broadly In Line; Expect Trading Activities To Sustain At High Levels In 2HFY26

• Singapore Exchange (SGX)’s 1HFY26 core net profit of S$357.3m (+11.6% y-o-y) was largely in line with our expectation, forming 52.4% of our full-year forecast.
• Net revenue (i.e. excluding transaction-based expenses) rose 7.6% y-o-y to S$695.4m, driven by growths in the: fixed income, currencies and commodities (FICC, +16.2% y-o-y); cash equities (+12.5% y-o-y); and platform and other services (+6.8% y-o-y) segments, but partly offset by a decline in the equity derivatives business (- 5.6%). Excluding treasury income (which dropped 5.8% y-o-y driven lower interest rates), group net revenue grew 8.0% y-o-y, in line with management’s medium-term growth guidance of 6-8% p.a..

Disciplined cost management.

• - Read this at SGinvestors.io -

Upbeat trading volume.

• - Read this at SGinvestors.io -
• For the equity derivative business, contract volume was largely stable y-o-y in 1HFY26, at 90.8m, as lower volumes in Nikkei 225, MSCI Singapore, GIFT Nifty 50 and FTSE Taiwan index futures contracts were largely offset by higher volumes in FTSE China A50 index futures contracts.
• SGX declared second interim dividend of 11 cents, in line with the company’s guided dividend policy.

2HFY26 outlook: Expect strong business momentum in cash equities to sustain...

• Read more at SGinvestors.io.

Roy Chen CFA UOB Kay Hian Research | Heidi Mo CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-02-06

---

---

---