Key Highlights

• For the year to 30 June 2026, ASX reported EBITDA of $765.0m (up 10.0%) and EBIT of $697.2m (up 7.8%).

• In FY26, Listings contributed $215.2m (up 3.5%), Markets $414.1m (up 18.6%), Technology and Data $297.6m (up 8.0%) and Securities and Payments $327.7m (up 19.4%).

• In July 2026 the exchange reported $8.4bn of net new capital, including the FDC Consolidated Holdings IPO of more than $400m, and noted that Glencore has announced an intention to list on ASX later in 2026.

• CHESS accounts for about half of FY26 Capital expenditure, which was $179.6m, and will be amortised over 10 years.

How is ASX Limited (ASX:ASX) managing to grow Revenue while its cost base rises faster and regulators watch its technology programme? The FY26 result released on 13 August 2026 gives the clearest answer so far. Operating Revenue rose 13.3% to $1,254.6m, driven by markets and securities and payments activity, but total expenses climbed 21.1% to $557.4m, and management guided to expense growth of 18% to 21% in FY27. The exchange operator is therefore in a phase where trading activity is encouraging and the costs of modernising its infrastructure, and resolving past failures, are heavy.

The central development: record activity, higher costs

For the year to 30 June 2026, ASX reported EBITDA of $765.0m (up 10.0%) and EBIT of $697.2m (up 7.8%). Underlying net profit after tax was $536.4m, up 5.2%, while statutory NPAT fell 3.5% to $484.9m after $51.5m of significant items after tax. Those items include costs linked to the settlement of ASIC legal proceedings over the earlier CHESS replacement project and a CHESS Replacement Partnership Program milestone expense. Net interest income fell 15.7% to $73.2m. Underlying Return on Equity was 13.7%.

Excluding $30.8m of ASIC Inquiry costs, management said expense growth would have been 14.4%. FY27 guidance is for total expense growth of 18% to 21%, including about five percentage points from Depreciation and amortisation, and Operating Expense growth excluding D&A of 13% to 16%. The company attributes this to technology modernisation, remediation and its Accelerate Program, and targeted growth investment.

How ASX makes money

ASX earns revenue across four segments. In FY26, Listings contributed $215.2m (up 3.5%), Markets $414.1m (up 18.6%), Technology and Data $297.6m (up 8.0%) and Securities and Payments $327.7m (up 19.4%). Revenue therefore depends on listing fees, futures and Options trading, cash equities clearing and settlement, data and technology services, and payments and settlement activity such as Austraclear.

Volumes helped. FY26 saw record Interest Rate futures volumes, and cash market on-market value traded rose 22.5%. In July 2026, cash on-market value traded was up 12% on the prior corresponding period, and futures and options on futures rose 20%.

Listings and the pipeline

There were 23 international listings, against a five-year average of 13. In July 2026 the exchange reported $8.4bn of net new capital, including the FDC Consolidated Holdings IPO of more than $400m, and noted that Glencore has announced an intention to list on ASX later in 2026. The results announcement described the new listings pipeline as the most encouraging in several years.

CHESS replacement, ASIC and regulatory capital

The technology programme remains the main source of scrutiny. CHESS Release 1 went live in April 2026, described as on time and within guidance. The second of five code drops reached the industry test environment in July 2026, with primary build completion targeted by the end of calendar 2027 and go-live targeted for 2029. CHESS accounts for about half of FY26 capital expenditure, which was $179.6m, and will be amortised over 10 years.

On the regulatory side, the ASIC Inquiry has concluded and the legal proceedings have been settled. ASX has agreed a $150m capital charge under its Commitments Plan and will seek its release or reduction once Accelerate is delivered, subject to ASIC approval. The company holds about $250m of cash and short-term investments above licensed-entity financial resource requirements and targets accumulating $150m above the 31 December 2025 net Tangible Asset value by 30 June 2027, with $132.9m remaining at year-end. From 30 June 2029 it must hold sufficient NTA for its two financial markets licences unless ASIC agrees otherwise. A $400m corporate Debt Facility is undrawn and a $275m Corporate Bond is planned for refinancing in the first half of FY27.

Dividends and capital management

The final Dividend is 104.7 cents per share, fully franked, taking the FY26 total to 206.5 cents, down 7.5%. The Payout Ratio was 75% of underlying NPAT, the bottom of the 75% to 85% range. A Dividend reinvestment plan applies at a 2.5% discount to the nine-day VWAP from 26 August 2026, and ASX may partially underwrite it. Capital Expenditure guidance is $180m to $200m for FY27 and $170m to $190m for FY28, with a footnote cautioning that delivery risk may affect it.

Leadership and strategy

Anthony Attia became Managing Director and CEO at the start of September 2026. The Accelerate Program was reset in June 2026 and is in design, moving towards implementation, with five workstreams including a new governance workstream. FY27 priorities cover technology modernisation, a new digital issuer platform, US dollar-denominated securities on Austraclear, and work on tokenisation including 24/7 Collateral movement.

Sector position

ASX is the dominant domestic exchange and clearing operator, though the ASIC process has made oversight more intrusive.

The total FY26 dividend of 206.5 cents against $67.08 implies a cash Yield near 3.1%, before franking.

Risks and what to monitor

The main risks are execution on CHESS and Accelerate, further regulatory action, and cost growth outrunning revenue. Guidance implies D&A and operating costs rising sharply, so Earnings growth depends on volumes and listings continuing at current levels.

Upcoming items include monthly activity reports (October 2026 was published on 5 November 2026), the refinancing of the $275m bond, progress on CHESS Release 2 and the Glencore listing. The next half-year result will show whether cost guidance holds. The $150m NTA accumulation target by 30 June 2027 and any ASIC decision on the capital charge are the longer-dated markers.