The ASX Ltd (ASX: ASX) share price is in focus today as the company holds its annual general meeting (AGM). In FY25, the company announced a 7.0% increase in operating revenue and a 7.5% lift in underlying NPAT.
What did ASX Ltd report in FY25?
- Operating revenue increased by 7.0% to $1.11 billion
- Underlying net profit after tax (NPAT) rose 7.5% to $510.0 million
- Statutory NPAT up 6% to $502.6 million
- Total dividend for the year up 7.4% to 223.3 cents per share (payout ratio 85% of underlying NPAT)
- EBITDA margin expanded by 70 basis points to 62.8%
- Underlying return on equity of 13.6%
What else do investors need to know?
ASX Ltd confirmed that expense growth guidance for FY26 remains between 14% and 19% compared to FY25. This includes $25 million to $35 million in operating expenses tied to responding to the ASIC inquiry.
Excluding these, core business expense growth is expected near the upper end of 8% to 11%, reflecting ongoing investment in key programs, especially the Accelerate program focused on resilience and operational risk management.
The company highlighted robust first-quarter FY26 activity, with a $6 billion lift in net new capital quoted and an 18% rise in on-market cash trading volumes. The pipeline for new listings appears solid, and ASX continues to enhance technology and data offerings.
What did ASX Ltd management say?
ASX Managing Director and CEO Helen Lofthouse said:
We are halfway through a multifaceted transformation, driven by the significant investments we are making in our organisation as part of our five year strategy. The Accelerate program is a key vehicle driving our operational risk and resilience uplift to build a stronger ASX.
What's next for ASX Ltd?
ASX is maintaining capital expenditure guidance for FY26 at $170–$180 million, mainly focused on technology modernisation. The company aims to start reducing capex from FY28 as major upgrades reach completion. Guidance for FY27 capex remains at $160–$180 million.
The business is targeting expansion of its EBITDA margin and a medium-term underlying return on equity (ROE) in the 13.0%–14.5% range. ASX expects to continue investing in operational resilience under the Accelerate program and to implement all regulatory recommendations.
