Selected Financials H1 2026 vs. H1 2025, at Constant Exchange Rates
- Operating income up 9.6%, at CHF 892.7 million
- Net operating income up 10.0%, at CHF 806.6 million
- Operating expenses decreased by 6.8% to CHF 438.9 million, excluding transformation costs (TC) associated with the Scale Up 2027 program
- EBITDA excluding TC up 40.2%, at CHF 367.6 million
- EBITDA margin, based on net operating income and excluding TC increased to 45.6%, up from 35.8%
- Group net profit of CHF 191.7 million (H1 2025: CHF 40.3 million; Adjusted Group net profit H1 2025: CHF 109.6 million)
Markus Habbel, CFO SIX: “We are very pleased to report record operational performance for the first half of 2026, with all four business units contributing to the strongest EBITDA result in the history of SIX. This achievement reflects both the favorable market environment and the strength, resilience, and diversification of our underlying business model. Our strong financial performance not only creates value for our shareholders but also enables us to reinvest in our core franchises and pursue attractive growth opportunities in adjacent services. By combining disciplined capital allocation with targeted investments, we continue to enhance our ability to deliver innovative, high-quality, and cost-efficient solutions across the entire value chain for the benefit of our customers in Switzerland and internationally.”
Underlying business momentum supported by favorable market conditions
The business environment in the first half of 2026 was characterized by elevated market activity and continued geopolitical and macroeconomic uncertainty. These developments supported high trading volumes, particularly in equities, and exchange traded funds (ETFs/ETPs), and contributed to sustained transaction activity across the Group’s businesses. SIX increased its operating income to CHF 892.7 million, representing a 9.6% year-on-year increase at constant exchange rates.
Net operating income reached CHF 806.6 million, up 10.0% year-on-year at constant exchange rates. Operating expenses excluding transformation costs (TC) related to the transformation program amounted to CHF 438.9 million, well below the first half-year of 2025 (CHF 471.1 million at constant exchange rates). Earnings before interest, tax, depreciation, and amortization (EBITDA) excluding TC increased by 40.2% year-on-year at constant exchange rates to CHF 367.6 million, resulting in a EBITDA margin excluding TC of 45.6%, up 9.8 percentage points at constant exchange rates from H1 2025. Adjusted Group net profit was CHF 191.7 million (+74.9%), compared to CHF 109.6 million in the first half of 2025, at constant exchange rates.
Business Unit Financial Results
The Exchanges business unit is the main contributor to Group EBITDA, driven by elevated equity trading and ETFs/ETPs activity. In the first six months of 2026, combined trading turnover for SIX Swiss Exchange and BME Exchange surged to CHF 969.3 billion, a 15.3% increase year-on-year, while the number of transactions increased by 9.6%. Market shares of both the Swiss and Spanish trading venues increased during the period. Aquis contributed EUR 459.8 billion in market turnover (+23.0% vs. H1 2025), complementing the Swiss and Spanish market franchises of SIX and strengthening its European footprint. Fixed income experienced strong momentum in Switzerland, driven by high listed volumes and transaction activity, as well as in Spain, supported by repatriation of fixed income programs. Turnover in fixed income grew 55.3% in the last six months at BME Exchange. Further underlying growth in market data and connectivity solutions complemented the strong performance in the Exchanges business.
The Securities Services business unit delivered a very strong performance across business segments, supported by high domestic and international assets under custody. Average deposit volumes increased by 8.8% in Switzerland and 11.3% in Spain in the first half of 2026 compared with the prior-year period. During the first six months, both the SMI and IBEX 35 indices reached record levels, contributing to higher income from custody fees. The business unit also benefitted through increased net interest income and elevated settlement volumes.
The Financial Information business unit delivered a resilient performance in the first half of 2026, driven by growth in the indices as well as tax and regulatory services businesses. The latter reflects continued demand for RegTech solutions and the ongoing expansion of value-added regulatory capabilities of SIX. The acquisition of financial data services (ex-CETREL Securities SA) further strengthened the position of SIX in this area. Reference data and pricing, representing 78.7% of total net operating income of the unit, performed broadly in line with the prior year, underscoring the stability of the core business.
The Banking Services business unit continued its growth trajectory and delivered a solid performance, supported by growth in debit card and mobile revenues as well as increased billing and payments activity. Transaction volumes in debit and TWINT payment and billing services contributed to further revenue generation.
Disciplined Execution of Scale Up 2027
In its second year of the three-year transformation program, SIX is focusing on disciplined execution of Scale Up 2027. Transformation costs relating to Scale Up initiatives amounted to CHF 19.7 million in the first half of the year (H1 2025: CHF 31.0 million). SIX launched its transformation program in March 2025 to raise its commercial ambitions and to strengthen its position as a leading service provider in its Swiss home market and in Europe. With the program, SIX aims to drive mid-single digit income growth and improve its EBITDA margin profile to more than 40%. The current EBITDA margin, based on net operating income and excluding TC, is at 45.6%, up from 35.8% in H1 2025 at constant exchange rates.
Source: SIX