ASX H1 revenue climbs amid higher regulatory expenses

ASX (ASX:ASX) has released its half-year results for the period ended Dec. 31, 2025, revealing a complex financial picture of robust top-line growth offset by significant regulatory and investment expenditures.

The exchange operator reported an operating revenue of $602.8 million, marking a healthy 11.2% increase compared to the previous corresponding period.

CEO Helen Lofthouse attributed this performance to high volumes across all four business lines, specifically highlighting strengths in cash market trading, clearing and settlement, and interest rate futures.

Statutory NPAT rose 8.3% to $263.6 million, while underlying NPAT saw a modest 3.9% increase.

The primary headwind was a sharp 20% spike in total expenses, which climbed to $264.3 million.

The surge was largely driven by costs associated with the ASIC inquiry, increased depreciation, and the "Accelerate" investment program. When excluding the ASIC Inquiry costs, core business expenses still grew by 12.1%.

Shareholders will receive an interim dividend of 101.8 cents per share, an 8.5% decrease from the prior year.

This represents a 75% payout ratio, landing at the bottom end of the company’s revised guidance.

While the underlying return on equity remained flat at 13.5%, it stays within the target range.