Singapore Exchange : 2025 AGM Presentation Slides

‌Twenty-Sixth

Annual General Meeting

9 October 2025

Singapore Exchange

Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities

‌Annual General Meeting

Koh Boon Hwee Chairman, SGX Group

‌Annual General Meeting

Daniel Koh

Chief Financial Officer, SGX Group

‌FY2025 Highlights

• Strong FY2025 results with highest revenue and NPAT1

  Group Net Revenue & Expenses2

  11.7%

  1.6%

  1,162 1,298

  534 543

  Net Revenue Adj. Expenses

  FY2024

  FY2025

  FY2025

  FY2024

  Adjusted

  3

  Reported

  610

  526

  648

  598

  15.9%

  8.4%

  Group NPAT

  Group Margins (%)4

  4.2% pts

  1.7% pts

  54.0 58.2

  45.3 47.0

  Adj. Op. Profit

  Margin

  Adj. NPAT

  Margin

  FY2024

  FY2025

  
  
  

  1 NPAT relates to 'Net profit after tax attributable to equity holders of the Company'.

  2 Net revenue refers to operating revenue less transaction-based expenses. Expenses are on an adjusted basis and exclude amortisation of purchased intangible assets and other one-off adjustments.

  3 Adjusted NPAT excludes 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.

  4 Margins are calculated against net revenue.

  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.

  ‌Top-line growth driven by contributions from all business segments

• Equities - Cash SDAV up 26.5% driven by strong investor interest and increased investment flows

• Derivatives DAV up 17.2% across asset classes; OTC FX ADV strong growth to US$143B

  Equities - Cash

  (Net Revenue +$62M)

  SDAV

  ($'B)

  1.34

  1.06

  FY2024

  FY2025

  FY2025

  FY2024

  723

  657

  Equity

  Derivatives

  253

  240

  Commodities

  FX/IR

  317

  1,103

  206

  1,294

  DAV

  ('000)

  Derivatives1

  (Net Revenue +$44M)

  OTC FX

  (Net Revenue +$23M)

  Headline

  ADV (US$'B)

  143

  111

  FY2024

  FY2025

  
  
  

  1 Derivatives revenue includes Equity Derivatives (EQD), Currencies and Commodities futures and options trading and clearing revenue, and associated treasury income.

  ‌Robust financial position with low leverage ratio

• Well positioned to support growth and deliver returns to shareholders

  Gross Debt1(S$'M)

  728

  688

  FY2024

  FY2025

  Leverage Ratio2

  1.0x

  0.8x

  FY2024

  FY2025

  Interest Coverage Ratio3

  77x

  54x

  FY2024

  FY2025

  1 Gross Debt includes both borrowings and lease liabilities as at 30 June 2024 and 30 June 2025 for FY2024 and FY2025 respectively.

  2 Defined as Gross Debt divided by EBITDA for last 12 months.

  3 Defined as EBITDA net of rental expenses, divided by interest (which includes both cash and non-cash expenses).

  • Capex investments in modernising technology infrastructure (FY2026: $90M-

    $95M)

  • Opportunistic approach to value-accretive bolt-on M&As

• Driving topline organic growth with disciplined spending

• Focus on capability building and technology enhancements (FY2026: 4-6% expense increase)

‌Driving sustainable value through efficient capital management

Organic

growth

Future-

proofing

investments

Shareholder

returns

• Committed to Total Shareholder Return (TSR) with sustainable dividend growth

  • Proposed 4Q FY2025 dividend of 10.5 cents per share1, +9% annual increase

  • Dividend increase of 0.25 cents every quarter from FY2026 to FY20282

1 Subject to approval by shareholders at AGM on 9th October 2025.

2 Subject to earnings growth.

Refer to Appendix for medium-term forward guidance summary

‌Continue delivering sustainable and growing dividends, aligned with our long-term growth prospects

• Proposed final quarterly dividend of 10.5 cents per share1(1.5 cents increase, +16.7% y-o-y), bringing FY2025 total dividend to 37.5 cents per share

  Dividend Growth

  Dividend per share (cents)

  +4 cents

  8.7%

  +7 cents

  +4 cents

  +0.5 cents +2 cents

  +3 cents

  44.5

  37.5

  48.5

  12.50

  52.5

  13.50

  32.0

  32.5

  34.5

  +16.7% 10.5

  9.0

  9.0

  9.0

  11.50

  11.25

  11.00

  10.75

  12.25

  13.25

  1Q

  8.0

  FY2022

  8.0

  FY2023

  8.5

  12.00

  11.75

  13.00

  12.75

  FY2024

  FY2025

  FY2026

  FY2027

  FY2028

  
  
  

• FY2026 to FY2028: increasing 0.25 cents every quarter2

EPS Growth

Adjusted EPS (cents)

15.9%

57.0

49.2

FY2024

FY2025

4Q	8.0		8.5		9.0
3Q	8.0		8.0		8.5
2Q	8.0		8.0		8.5

1 Subject to approval by shareholders at AGM on 9th October 2025.

2 Subject to Board's approval.

Adjusted figures presented are non-SFRS (I) measures. Please refer to Section 8 of our financial results for reconciliations between the adjusted and their equivalent measures.

Note: All figures in $ millions unless otherwise stated and may be subject to rounding

‌Annual General Meeting

Loh Boon Chye

Chief Executive Officer, SGX Group

‌Multi-Asset Strategy Driving our Growth

Client-Centric

Approach

Scaling SGX FX

Broadening and Deepening Derivatives Franchise

Accelerating Securities Business

6-8% CAGR medium-term organic revenue growth

‌Scaling SGX FX

Enhance Platform

Functionalities

Drive Client

Engagement

Increase

Market Share

World's Best FX Exchange and World's Best Solution for FX Non-Deliverable Forwards (NDFs)

Euromoney Foreign Exchange Awards 2025, affirming our FX market leadership

‌Broadening and Deepening Derivatives Franchise

Commodities

Listed FX & Interest Rates

Equity Derivatives

Derivatives Franchise

Widen Client

Acquisition

Strengthen Cross-Selling

Expand Product Suite

‌Accelerating Securities Business

Further grow the IPO pipeline

Singapore

Stock

Market

Broader product suite to meet evolving investor needs

Strengthen ecosystem synergies and distribution channels

‌Advancing our Multi-Asset Strategy

Generating Robust Total Shareholder Returns

Prudent Cost Management

Multi-Asset

Resilience

Manage with discipline

Capture growth opportunities

6-8% CAGR Medium-Term Revenue Growth

• Scaling SGX FX

• Broadening and Deepening Derivatives Franchise

• Accelerating Securities Business

  Opportunistic Investments

• Acquisitions aligned with our long-term value

Dividend 0.25 cents every quarter from FY2026 to FY2028

14

‌Meeting Procedures

Ding Hui Yun

Company Secretary, SGX Group

‌Twenty-Sixth

Annual General Meeting

9 October 2025

Singapore Exchange

Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities

‌Ordinary Resolution 1: Routine Business

To receive and adopt the Directors' Statement and Audited Financial Statements for the financial year ended 30 June 2025 and the Auditor's Report thereon.

See Annual Report on:

• Directors' Statement (Page 102)

• Independent Auditor's Report (Page 119)

• Statements of Comprehensive Income (Page 124)

  ‌Ordinary Resolution 2: Routine Business

  To declare a final tax-exempt dividend of 10.5 cents per share for the financial year ended 30 June 2025.

  See Annual Report on:

• Notes to the Financial Statements

  − Dividends (Page 194)

  ‌Ordinary Resolution 3(a): Routine Business
  
  

  To re-elect Ms Julie Gao, who will be retiring by rotation under Article 97 of the Constitution of the Company and who, being eligible, offers herself for re-election as a director of the Company.

  Non-Executive and

  Independent Director

  See Annual Report on:

• Ms Gao's biodata (Page 25)

• Notice of Annual General Meeting

  ‌Ordinary Resolution 3(b): Routine Business
  
  

  To re-elect Mr Lim Chin Hu, who will be retiring by rotation under Article 97 of the Constitution of the Company and who, being eligible, offers himself for re-election as a director of the Company.

  Non-Executive and

  Independent Director

  See Annual Report on:

• Mr Lim's biodata (Page 25)

• Notice of Annual General Meeting

  ‌Ordinary Resolution 3(c): Routine Business
  
  

  To re-elect Mr Loh Boon Chye, who will be retiring by rotation under Article 97 of the Constitution of the Company and who, being eligible, offers himself for re-election as a director of the Company.

  Executive and

  Non-Independent Director

  See Annual Report on:

• Mr Loh's biodata (Page 24)

• Notice of Annual General Meeting

  ‌Ordinary Resolution 4: Routine Business

  To approve the sum of S$980,000 to be paid to the Chairman as director's fees, for the

  financial year ending 30 June 2026.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 229)

  ‌Ordinary Resolution 5: Routine Business
  
  

  To approve the sum of up to S$1,800,000 to be paid to all directors (other than the CEO) as directors' fees for the financial year ending 30 June 2026.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 229)

  ‌Ordinary Resolution 6: Routine Business
  
  

  To re-appoint KPMG LLP as Auditor of the Company and to authorise directors to fix its remuneration.

  See Annual Report on:

• Notice of Annual General Meeting (Page 226)

  ‌Ordinary Resolution 7: Special Business
  
  

  That Ms Soh Shin Yann Susan be and is hereby appointed as a director of the Company pursuant to Article 103 of the Constitution of the Company.

  Non-Executive and

  Independent Director

  See Annual Report on:

• Ms Soh's biodata (Page 27)

• Notice of Annual General Meeting

  − Explanatory Notes (Page 230)

  − Supplemental Information (Page 234)

  ‌Ordinary Resolution 8: Special Business

  To authorise the allotment and issuance of shares pursuant to the Company's Scrip Dividend Scheme.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 230)

  ‌Ordinary Resolution 8: Special Business

  To authorise the allotment and issuance of shares pursuant to the Company's Scrip Dividend Scheme.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 230)

  ‌Ordinary Resolution 9: Special Business

  To approve the proposed Share Issue Mandate.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 230)

  ‌Ordinary Resolution 10: Special Business

  To approve the proposed Share Purchase Mandate.

  See Annual Report on:

• Notice of Annual General Meeting

  − Explanatory Notes (Page 230)

• Further details are set out in the Letter to Shareholders dated 15 September 2025

‌Commodities | Equity Derivatives | Fixed Income | FX | Indices | Securities

Singapore Exchange

Thank you

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