ASX Ltd: FY26 Preview: Revenue strength intact; the debate is FY27 costs and the CEO reset

Research evidence excerpt

ASX Ltd: FY26 Preview: Revenue strength intact; the debate is FY27 costs and the CEO reset

J P M O R G A N Asia Pacific Equity Research

07 July 2026

ASX Ltd Overweight

ASX.AX, ASX AU

FY26 Preview: Revenue strength intact; the debate is Price (06 Jul 26):A$52.59

FY27 costs and the CEO reset ▲Price Target (Jun-27):A$58.00 Prior (Dec-26):A$57.00

ASX heads into its FY26 result having had a tough 2H26, with the shares down

~19% since the start of 2H26 (vs the ASX 200 index up 7.6%), weighed by a run Insurance and Diversified Financials

of adverse regulatory outcomes, a sharp increase again in the cost base guidance, Siddharth Parameswaran AC

and leadership transition. Four issues that we think will drive prospects from here: (61-2) 9003-8629

(1) the outlook for expenses - noting the 26-May FY27 guidance reset on costs is siddharth.x.parameswaran@jpmorgan.com

J.P. Morgan Securities Australia Limited

materially higher ahead of the arrival of the new CEO; (2) the plans and targets of

Rishi S Pariharthe incoming CEO Anthony Attia; (3) the reset of the relationship with regulators;

(91-22) 6157-3775

and (4) the revenue outlook for FY26 - noting a very strong volume backdrop in rishi.parihar@jpmchase.com

FY26, robust markets continuing and the prospect for fee increases. J.P. Morgan India Private Limited

Tharan Jeyathasan

• Revenue Growth: Cash market turnover stayed materially higher through (61-2) 9003-6098

2H26, with value traded up ~9% hoh and ~25% YoY for FY26. The Jun-26 tharan.jeyathasan@jpmorgan.com

month sustained the trend, with on-market ADV up 19% YoY and average J.P. Morgan Securities Australia Limited

daily trades up 47% YoY. Rates futures again led the derivatives book, with

total futures up ~18% YoY YTD and higher-margin commodities outgrowing