SIX delivered robust financial results, supported by strong organic growth, and made good strategic progress in the first half (H1) of 2025. Key achievements include completion of the Aquis acquisition, positioning SIX as a leading pan-European exchange innovator with access to 16 capital markets across Europe. S&P revised its rating outlook for SIX to stable.
Selected Financials H1 2025 vs. H1 2024, at Constant Exchange Rates
- Operating income up 4.7%, at CHF 823.0 million
- Net operating income up 4.8%, at CHF 741.6 million
- Operating expenses flat at CHF 475.6 million, excluding transformation costs (TC) associated with the Scale Up 2027 program
- EBITDA excluding TC up 14.8%, at CHF 266.0 million
- EBITDA margin, based on net operating income and excluding TC, of 35.9%, up from 32.8% in H1 2024
- EBIT of CHF 81.5 million, impacted by non-cash value adjustment of CHF 69.3 million on stake in Worldline
- Adjusted Group net profit of CHF 111.5 million (H1 2024 CHF 116.4 million); Group net profit of CHF 42.2 million
The business environment was marked by lower interest rates, the US tariff policies, and geopolitical conflicts. These developments contributed to spikes in volatility in the equity markets, leading to higher trading volumes. The Group increased its operating income by 4.7% year-on-year to CHF 823.0 million (at constant exchange rates). At reported exchange rates, this increase was 4.0%. Less sales-related costs, net operating income was CHF 741.6 million, up 4.8% at constant exchange rates and up 4.1% at reported exchange rates. The transformation program Scale Up 2027 has begun to contribute both to income growth and to cost savings. Associated transformation costs (TC) in the first half of 2025 were CHF 31.0 million.
Excluding TC, operating expenses were CHF 475.6 million, in line with the first half of 2024. Earnings before interest, tax, depreciation, and amortization (EBITDA) excluding TC increased by 14.8% to CHF 266.0 million at constant exchange rates, with a margin of 35.9% based on net operating income.
On the back of the share price decline at Worldline, SIX adjusted the value of its 10.5% stake in the European payments provider by CHF 69.3 million. Earnings before interest and tax (EBIT) were CHF 81.5 million. Adjusted Group net profit was CHF 111.5 million, compared to CHF 116.4 million in the first half of 2024. Group net profit was CHF 42.2 million.
S&P Rating Outlook Revised to Stable
In May 2025, SIX returned to the capital markets for the first time since 2021 by issuing two new corporate bonds to finance the Aquis acquisition, for general corporate purposes, and to refinance existing debt. Following the closing of the Aquis acquisition, Standard & Poor’s Global Ratings revised its SIX Group outlook from negative to stable.
Bjørn Sibbern, CEO SIX, said: “In the first half of 2025, we delivered strong operational performance and accelerated business growth. The positive momentum confirms that our adoption of more customer-focused structures and offerings is the right path forward. As announced previously, we have raised our commercial ambition based on our strong market position, and I am confident that we are well on track to achieve our 2027 targets.”
SIX Growth Journey
The acquisition of Aquis, which closed on 1 July 2025, represents a key milestone in the growth journey of SIX. With this step, SIX is creating a leading pan-European exchange innovator with an aggregated 15% market share and access to 16 capital markets across Europe. The transaction strengthens the position of SIX in European trading, enhances efficiency, and delivers new growth opportunities for clients.
As announced on 12 March 2025, SIX launched its transformation program Scale Up 2027 to keep pace with the evolving role of financial market infrastructures and to strengthen its position as a leading player in Europe. With the program, SIX aims to drive mid-single digit income growth and improve its EBITDA margin profile to more than 40%.
Business Unit Financial Results
In the Exchanges business unit, the trend of rising trading turnovers that started in the second half of 2024 was strongly supported by elevated levels of volatility during the first half of 2025. Combined equity trading turnover in CHF for the first half of 2025 rose by 13.2%, year-on-year. At SIX Swiss Exchange, ETF trading turnover for the reporting period grew by more than 100% compared to the first half of 2024. Market data and connectivity solutions also showed strong results, driving further growth.
The Securities Services business unit again was able to achieve robust growth in its core business areas against a strong comparative period, thus partially compensating for declining net interest income. Main drivers of organic growth were domestic and international custody business, followed by securities finance. SDX business has been integrated into the Securities Services business unit to capitalize on synergies as part of the broader SIX ecosystem.
The Financial Information business unit also continued its growth trajectory. Driven by organic growth and the acquisitions of FactEntry in March 2024 and Swiss Fund Data at the beginning of 2025, the business unit was able to offset negative exchange rate impacts. Main drivers of organic growth were market data and display products and services, particularly real-time data, followed by tax and regulatory services and indices.
Banking Services demonstrated strong growth in debit processing and services as well as in billing and payments. Important drivers were higher transaction volumes as well as debit operations and related digital services.
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.
SIX Key Figures
Key Financials
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At reported exchange rates for the six month ended
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At constant exchange rates for the six months ended 1
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CHF million
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30/06/2025
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30/06/2024 2
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Change
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30/06/2024 2
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Change
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||
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Income statement
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||||
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Operating income
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823.0
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790.9
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4.0%
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785.8
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4.7%
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Sales-related costs
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–81.4
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–78.4
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3.7%
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–78.2
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4.0%
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Net operating income
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741.6
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712.5
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4.1%
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707.6
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4.8%
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Operating expenses excluding transformation costs
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–475.6
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–478.3
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–0.6%
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–475.8
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–0.0%
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Earnings before interest, tax, depreciation and amortization (EBITDA) excluding transformation costs 3
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266.0
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234.2
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13.6%
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231.8
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14.8%
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EBITDA margin excluding transformation costs 3
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35.9%
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32.9%
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3.0 pp
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32.8%
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3.1 pp
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Transformation costs 3
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–31.0
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–
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n/a
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–
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n/a
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EBITDA
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234.9
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234.2
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0.3%
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231.8
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1.4%
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Depreciation, amortization and impairment
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–97.5
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–99.2
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–1.6%
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–98.1
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–0.6%
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Net financial result
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–59.5
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11.3
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n/a
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11.4
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n/a
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Share of profit or loss of associates
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3.6
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6.2
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–42.0%
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6.2
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–42.0%
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Earnings before interest and tax (EBIT)
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81.5
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152.5
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–46.6%
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151.2
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–46.1%
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Net interest and tax expenses
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–39.3
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–36.1
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8.8%
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–36.1
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8.9%
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Group net profit
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42.2
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116.4
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–63.8%
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115.2
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–63.4%
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Adjusted Group net profit 4
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111.5
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116.4
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–4.2%
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115.2
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–3.2%
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1 Prior-year figures are translated at average exchange rates for 2025 (constant exchange rates).
2 Restated: Refer to note 2 of the Financial Statements for more information on the restatement of software subscription licenses and sales-related costs.
3 Operating expenses in 2025 were adjusted for the transformation costs of the Scale Up 2027 program. The results reported in 2024 are unchanged as the program only started in 2025.
4 2025 figures adjusted by a value adjustment in Worldline (CHF 69.3 million). For further details, see note 15 of the Financial Statements.
Extended Financials
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CHF million
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30/06/2025
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31/12/2024
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Change
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Balance sheet
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Total assets
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15,371.5
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14,426.0
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6.6%
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Total liabilities
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11,648.3
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10,589.1
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10.0%
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Total equity
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3,723.2
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3,837.0
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–3.0%
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Net debt to adjusted EBITDA 1
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0.8 x
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1.0 x
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–0.2 x
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Adjusted equity ratio 2
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56.0%
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63.9%
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–7.8 pp
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Adjusted return on equity (average) 3, 4
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5.0%
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5.3%
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–0.3 pp
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As at or for the six months ended
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CHF million
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30/06/2025
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30/06/2024 5
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Change
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|
|
|
|
|
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Cash flow statement
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|||
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Cash flow from operating activities
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739.1
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934.4
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–20.9%
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Cash flow from investing activities
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–7.2
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–63.2
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–88.6%
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Cash flow from financing activities
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591.0
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–125.8
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n/a
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Free cash flow 6
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176.0
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160.6
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9.6%
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1 EBITDA adjusted for net interest result and administration costs for defined benefit plans as well as dividend income from equity investments, as per S&P rating methodology.
2 Adjusted equity ratio = equity / (adjusted liabilities + equity) as at the balance sheet date.
Adjustments to liabilities include the positions from clearing & settlement (liabilities from clearing & settlement 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 2025 figures adjusted by a value adjustment in Worldline as at 30 June 2025 (CHF 69.3 million) and a value adjustment in Worldline as at 31 December 2024 (CHF 167.7 million) less tax effect (CHF –2.0 million).
2024 figures adjusted by a value adjustment in Worldline as at 31 December 2024 (CHF 167.7 million) less tax effect (CHF –2.0 million).
5 Restated: Refer to note 2 of the Financial Statements for more information on the restatement of software subscription licenses.
6 Operating cash flows adjusted for changes from assets/liabilities from clearing & settlement, financial assets, and financial liabilities (excluding those resulting from operating expenses) less capital expenditures.