SIX Increases Operating Income and Profit in the First Half-Year

(% corresponds to change in comparison with the same period of the previous year)

• Operating income rose to CHF 790.9 million (+3.4% at constant exchange rates, +2.6% at reported rates)
• Earnings before interest, tax, depreciation, and amortization (EBITDA) increased 1.0% at constant exchange rates to CHF 224.7 million (-0.4% at reported rates)
• Earnings before interest and tax (EBIT) of CHF 153.2 million are above previous year’s level (+16.9% at constant exchange rates, +14.9% at reported rates)
• Group net profit grew by 14.0% at constant exchange rates, to CHF 117.5 million (+11.8% at reported rates)
   

Growth in Operating Income and Group Net Profit

In the first half of the year, SIX increased its operating income by 2.6% year-on-year to CHF 790.9 million. At constant exchange rates, this amounts to 3.4%. Three out of the four business units contributed to this growth. This was primarily driven by higher revenues from debit cards services, mobile payments and eBill, from international securities custody, as well as from reference data, regulatory services, and indices. The growth in these areas significantly overcompensated for lower earnings in equity trading.

In the period under review, costs grew by 3.8%, corresponding to 4.4% at constant exchange rates. The main elements contributing to this figure were higher personnel expenses caused by acquisitions and inflation, and sales-related costs. The latter are primarily composed of fees from third-party providers in payment services and revenue shares for data products to partners. Overall, operating income before interest, taxes, depreciation, and amortization (EBITDA) of CHF 224.7 million was 1.0% above last year's level at constant exchange rates (-0.4 % at reported rates). Due to a higher financial result, earnings before interest and taxes (EBIT) rose by 14.9% (16.9% at constant exchange rates) to CHF 153.2 million. As a result, group net profit also increased by 11.8% (14.0% at constant exchange rates) to CHF 117.5 million.
 

Business Highlights

With the IPOs of Puig on BME Exchange in Spain and Galderma on SIX Swiss Exchange in Switzerland, SIX saw the two IPOs with the highest placement volumes worldwide in the first half of 2024. Furthermore, with the listing of a CHF 200 million bond from the World Bank, SIX Digital Exchange reached the CHF 1 billion mark for digital assets listed on its platform.

In February, SIX reached over three million registered users of its end-to-end digital invoice service eBill for the first time. In May, SIX successfully migrated its international securities business to shorter US settlement times (T+1). Shortly after, in June, SIX launched new global equity indices and thus further strengthened its position as a global provider of indices and data.
 

Strategic Investments

SIX continued to pursue its growth strategy and underpinned it with strategic investments during the first half of the year. In March, SIX acquired a majority stake in FactEntry, a global provider of fixed income data solutions, strengthening its international position in the fixed income business. SIX also completed two strategic minority investments. The investment in BITA, a leading provider of indexing technology and services, will further expand the index business of SIX. With its stake in BridgeWise, a global provider of AI-based equity research, SIX is expanding its expertise in the field of artificial intelligence (AI).

Jos Dijsselhof, CEO SIX, highlights: “With our half-year results, we are on track to achieve our medium-term goal of annual revenue growth of over three percent. I am proud of the significant milestones realized by our employees in the first half of the year. Through our services and innovations, we continue to facilitate access to the capital markets and the flow of information and money between all market participants in our national and international target markets.

Exchanges

• Puig and Galderma: The 2 largest IPOs worldwide in H1 at SIX
• 7 companies in the new BME Scaleup segment in Spain and 2 listings on BME Growth
• SIX Digital Exchange (SDX) surpasses CHF 1 billion in listed digital assets
• SNB and SDX extend project “Helvetia” to establish wholesale central bank digital currency by 2 more years
• Strategic minority stake in BridgeWise, a global equity research company specializing in artificial intelligence (AI)

Securities Services

• Successful transition to shorter US settlement cycles (T+1)
• Introduction of Custody Cockpit Service for clients
• Integration of trade register REGIS-TR and new platform for EU regulation EMIR REFIT
• Successful clearing transaction for the world's first regulated art trading platform ARTEX

Financial Information

• New indices for global equities and reference rate and real-time crypto
• New SME sustainability assessment solution for financial institutions, in partnership with Greenomy
• Expansion of ESG data offering to include climate data for 33,000 companies worldwide
• Extension of coverage of fixed income securities with around 1.2 million municipal bonds
• Majority stake in FactEntry, a global provider of reference data services for fixed income securities
• Strategic investment in BITA, a leading provider of index technology services

Banking Services

• eBill exceeds three million users
• debiX+ app reaches one million users at 85 banks and good customer ratings
• First-time introduction of ATMs branded by SIX
• Major banks on the SIC5 platform ready for instant payments
• Number of participants in open banking solution bLink increases by 9 to a total of 37
• New payment enrichment services: Analytics solutions based on transaction data

 

Download the Interim Report

The publication provides a full report on the performance of the business units of SIX and outlines the ongoing efforts of SIX in providing the financial sector with innovative products and services.

 

Key Figures of SIX

• Informe Semestral 2024 (English)
• Presentación para periodistas (English)

1 Prior year’s figures are translated at average exchange rates for 2024 (constant exchange rates).

2 Adjusted equity ratio = equity / (adjusted liabilities + equity) as at the balance sheet date. Adjustments to liabilities include the positions from C&S (liabilities from C&S and financial liabilities) in Banking Services and Securities Services.
         
3 Adjusted return on equity = adjusted profit of previous 12 months / adjusted average equity of previous 12 months.
                 
4 Operating cash flows adjusted by changes from assets/liabilities from clearing & settlement, financial assets, and financial liabilities (excluding those resulting from operating expenses) less capital expenditures.

Business Unit Performances

• Exchanges
• Securities Services
• Financial Information
• Banking Services