ASX Ltd Posts 13.3% Revenue Growth in FY26 as Regulatory Reset Takes Hold

ASX delivers 13.3% revenue growth in FY26 as landmark year concludes

In its FY26 full-year results presentation delivered 13 August 2026, ASX Limited reported operating revenue of $1.25 billion, up 13.3%, with growth across all four of its businesses during a transformative year. Interim CEO Darren Yip and CFO Andrew Tobin presented the results.

Underlying net profit after tax (NPAT) rose 5.2% to $536.4 million, while statutory NPAT declined 3.5% to $484.9 million, reflecting the impact of significant items. The Board determined a total FY26 dividend of 206.5 cents per share, down 7.5%, at a 75% payout ratio.

Management noted the diversified model delivered growth despite record trading volumes, heightened regulatory engagement and a CEO transition.

FY26 financial performance at a glance

The headline result showed strong top-line momentum tempered by expense growth and one-off items. The statutory decline was driven primarily by significant items recognised during the period.

Management attributed the statutory decline to three significant items:

The ASIC legal proceedings settlement, which resulted in a $20.5 million penalty plus $3 million in legal costs, was provisioned as a non-recurring significant item in FY26 and is the primary driver of the gap between underlying and statutory NPAT reported this period.

• Settlement of the ASIC legal proceedings, including penalty and legal costs

• The CHESS Replacement Partnership Program milestone expense

• The loss on the sale of ASX’s interest in Sympli

Notably, excluding the expenses related to the ASIC Inquiry, the EBITDA margin was 63.4%, up 60bps on the prior corresponding period, indicating the underlying margin improved during the year.

Segment strength, where the growth came from

Revenue grew across all four businesses, reflecting the benefits of the diversified model. The strongest contributions came from Markets and Securities & Payments.

Management highlighted that Listings had its strongest year since FY22, with 100 new entities listed and more than $32 billion in quoted market capitalisation added, up 86% year-on-year. This included 23 international listings, compared with the five-year average of 13, which management described as demonstrating the competitiveness and international relevance of the listed market.

Regulatory reset and technology milestones define the year

ASIC Inquiry concluded, Accelerate Program reset

The presentation confirmed that the ASIC Inquiry and the ASIC legal proceedings relating to the prior CHESS project have both now concluded. The Accelerate Program has been reset around five core workstreams, with Governance added as a new stream, and target states now agreed with ASIC and the RBA.

Management outlined FY26 achievements under the reset program:

• Transition to fully independent Clearing & Settlement Boards comprised solely of non-ASX directors, with Lisa Wade appointed as an independent director

• A revised enterprise risk management framework, currently being implemented

• A comprehensive leadership program underway for all people leaders

Successful delivery and embedment of the Accelerate Program will position ASX to seek the release or reduction of the $150 million capital charge agreed under its Commitments Plan, which is subject to ASIC’s assessment and approval. Progress against the program will be independently assured by Promontory.

Technology modernisation progresses

A major milestone was the successful delivery of CHESS Release 1 in April, described as delivered on time and within guidance. The platform provides a more resilient, secure and scalable foundation for cash market clearing, underpinned by modern cloud and data capabilities.

The company continues to progress CHESS Release 2, targeting completion of the primary build by the end of the 2027 calendar year, ahead of the targeted 2029 go-live. In June, the Trade Accept system went live, supporting the capture of off-market trades cleared through the derivatives clearing house. During the year, ASX also advanced the launch of SOFIA, described as Australia’s first secured overnight risk-free benchmark.

What is critical market infrastructure?

ASX operates the exchange, clearing (a central counterparty, or CCP) and settlement (CHESS) systems that underpin Australian financial markets. In simple terms, it is the platform through which shares and other securities are listed, traded, cleared and finally settled between buyers and sellers.

Because these functions are central to market stability, operational resilience matters. Any disruption could affect the wider financial system, which is why heavy reinvestment in technology modernisation is a recurring theme.

For investors, ASX operates as a critical infrastructure provider subject to significant regulatory obligations. The $150 million capital charge, licence requirements and elevated technology reinvestment directly shape margins, dividends and the broader investment case.

FY27 priorities and forward guidance

Management outlined a roadmap structured around three priorities: “Powering markets you can trust every day,” “Customer driven growth,” and “Shaping tomorrow.” Key FY27 focus areas include:

1. Delivering the technology modernisation and Accelerate programs, alongside exploring AI and machine learning use cases to enhance processes and productivity

2. An issuer experience uplift, plus support for US dollar-denominated securities on Austraclear, for which regulatory approval has been secured with launch planned for FY27

3. Initial investments to tokenise Austraclear bonds, which would enable near real-time, 24/7 collateral movement, with a discussion paper on market innovation to be published in coming months

Guidance and outlook

Management noted that momentum continued into July, with $8.4 billion of net new capital added, cash market on-market value traded up 12% on the prior corresponding period, and futures and options on futures volumes up 20%. The presentation referenced Glencore’s stated intention to list on ASX later this year and the listing of FDC Consolidated Holdings, which raised more than $400 million in the largest IPO completed in calendar year 2026.

The company’s guidance was outlined as follows:

• FY27 total expense growth of 18% to 21% (excluding significant items), with operating growth of 13% to 16% excluding depreciation and amortisation

• FY27 CAPEX of $180 to $200 million; FY28 CAPEX of $170 to $190 million

• Dividend payout ratio range of 75% to 85% of underlying NPAT, at the bottom of the range with a discounted DRP operating, expected to continue until at least the 1H27 dividend

• Medium-term underlying ROE target range of 12.0% to 14.0%

Leadership transition and the investment takeaway

The presentation confirmed a CEO transition, with Darren Yip serving as Interim CEO. Anthony Attia will commence as Managing Director and CEO at the beginning of next month, bringing decades of experience across global exchange markets in Europe and the United States.

The Anthony Attia appointment was announced in May 2026 following a global search, with his Euronext and NYSE background cited by the Board as directly relevant to ASX’s technology-enabled transformation and its ambition to strengthen its position as a regional capital markets hub.

On the balance sheet, management noted that earlier in the year S&P downgraded ASX’s long-term issuer credit rating from AA- to A+, with a stable outlook, citing the ASIC Inquiry’s final report findings relating to governance capability and risk management. This was set against continued financial flexibility, including a $400 million corporate debt facility that is currently undrawn and a $275 million corporate bond that ASX plans to refinance in the first half of FY27, subject to market conditions.

Darren Yip, Interim CEO

“FY26 was a landmark year for ASX… It was also a year in which we demonstrated operational resilience, as we saw record volumes across several of our markets.”

The FY26 result presents a diversified revenue base that delivered growth through a period of heightened scrutiny, with the regulatory reset now agreed and moving to execution. Management pointed to the strongest listings pipeline in several years as a forward catalyst. These positives sit alongside elevated FY27 expense growth guidance and an extended reinvestment cycle, which management has flagged will continue beyond FY27.

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