ASX grew revenue 13.3 percent and expenses 21.1 percent, and the guidance it reaffirmed on Thursday has expenses growing faster than revenue for another year

$97.1m. That is how much more ASX Limited spent running itself in the year to 30 June than it spent the year before, set against $147.4m of extra revenue.

Operating revenue reached $1,254.6m, up 13.3 percent, with growth in all four business units. Total expenses reached $557.4m, up 21.1 percent. Underlying net profit after tax rose 5.2 percent to $536.4m, while statutory net profit after tax fell 3.5 percent to $484.9m after significant items of $51.5m, which the announcement itemises as the penalty and legal costs on settling the ASIC proceedings, payments under the CHESS Replacement Partnership Program, and the loss on the sale of the exchange's interest in Sympli.

The dividend went down. Shareholders take a final 104.7 cents a share, fully franked, bringing FY26 to 206.5 cents, which is 7.5 percent below last year at a payout of 75 percent of underlying profit.

The expense line is guidance, not a surprise

ASX reaffirmed what it told the market in May. Total expense growth of 18 to 21 percent is expected in FY27, with operating expense growth excluding depreciation and amortisation of 13 to 16 percent. Capital expenditure is put at $180m to $200m in FY27 and $170m to $190m in FY28.

The announcement gives the reason in the exchange's own words: the Final ASIC Inquiry Panel Report identified historical underinvestment compared with global peers, and ASX says it has committed to address it. Depreciation and amortisation alone rose 40.1 percent to $67.8m as technology projects went live.

Underlying return on equity was 13.7 percent, up 10 basis points.

Two figures that are in the speaking notes and not in the announcement

The presentation released the same morning carries the regulator's price in a form the market announcement does not. Delivering the Accelerate program and the initiatives beside it would let ASX seek the release or reduction of a $150m capital charge agreed with ASIC under its Commitments Plan, subject to the regulator's assessment and approval, and progress is to be independently assured by Promontory.

The same document records that S&P lowered its long term issuer credit rating on ASX from AA minus to A plus, with a stable outlook. ASX says S&P noted that findings in the Inquiry's final report on governance capability and risk management contributed to the downgrade.

Where the revenue came from

Volatility, mostly. Cash market trading revenue rose 24.2 percent on a 22.5 percent increase in on-market traded value, futures and OTC revenue rose 18.4 percent, and the exchange records both its highest ever month of futures trading volume and its second largest equities trading day by number of executed trades. Listings revenue, recognised over five years for initial listings and three for secondary raisings, rose 3.5 percent.