Asx Stock Earnings Reports

ASX reported a solid FY25 with operating revenue of $1.11bn (up 7%), underlying NPAT up 7.5% and statutory NPAT up 6%. EBITDA margin improved to 62.8% and underlying ROE rose to 13.6%. The Board declared a fully franked final dividend of $1.121 per share (85% of underlying NPAT), taking total FY25 dividends to $2.233 per share (up 7.4%). Business highlights: strong Markets, Technology & Data and Securities & Payments performance (notably futures/OTC and cash market trading growth), stable Listings revenue with improving momentum in H2 and healthy net new capital quoted. Technology modernization progress continues (Release 15 live; CHESS Release 1 targeted for Q4), but operational risk/resilience remains a priority and is being accelerated via the “Accelerate” program. ASIC has opened a compliance inquiry into ASX governance, capability and risk practices; ASX is cooperating and expects to incur incremental FY26 operating costs of $25–35m to respond (FY26 total expense growth guidance now 14–19%; excluding inquiry costs, core expense growth 8–11%). CapEx guidance is $170–180m for FY26 and $160–180m for FY27 with an intention to reduce CapEx after FY27. Net interest income rose (to $86.8m) driven by higher collateral balances and modestly higher spreads; collateral-related interest benefited from active portfolio positioning. Management reiterated medium-term targets: continued EBITDA margin expansion and an underlying ROE target range of 13%–14.5%. Key investor takeaways: strong underlying business cashflows and returns, clear technology and resilience investment program underway, near-term margin pressure from increased D&A and ASIC inquiry costs, continued focus on cost discipline and targeted product/data-led growth opportunities.