Press Release

SIX Achieves Good Operating Result in First Half of 2023

21 July, 2023

Selected financial figures for the first half of 2023 (% corresponds to change in comparison with the same period of the previous year):

  • Operating income increased to CHF 771.1 million (+2.6%, or +4.4% at constant currencies).
  • Operating result before interest, tax, depreciation and amortization (EBITDA) increased to CHF 225.6 million (+5.6%, or +9.0% at constant currencies).
  • Non-operating result decreased on a half-year basis due to one-off positive effects in the previous year.
  • Earnings before interest and tax (EBIT) consequently fell by 17.4% to CHF 133.3 million (-14.9% at constant currencies).
  • Group net profit is down by 13.3% at CHF 105.1 million (-10.3% at constant currencies).

Operating result on track
In a challenging market environment, dominated by inflation and rising interest rates, SIX achieved a good result for the first half of the year. SIX increased its operating income by 2.6% year-on-year to CHF 771.1 million, with growth at constant currencies coming to 4.4%. Post-trading business made a particular contribution to this increase as a result of high volumes on the repo markets and the data business with successful contract wins. These positive developments more than compensated for lower income in the Banking Services business unit and declining stock exchange trading volumes, which had been higher in the previous year due to a sharp rise in volatility as a result of the outbreak of the war in Ukraine.

At the same time, SIX kept its cost base stable despite a challenging environment due to inflation, with costs up only slightly year-on-year (+1.4%). Overall, this resulted in a 5.6% increase in the operating result before interest, tax, depreciation and amortization (EBITDA) to CHF 225.6 million. Due to a positive one-off effect from the full acquisition of the trade repository Regis-TR in the first half of 2022, earnings before interest and tax (EBIT) declined to CHF 133.3 million (-17.4%) and Group net profit to CHF 105.1 million (-13.3%).

Business highlights in the first half of 2023
In the reporting period, five Chinese companies generated gross proceeds of approximately USD 1.2 billion in total from the listing of their global depository receipts on SIX Swiss Exchange. The Spanish stock exchange BME welcomed four new companies to its BME Growth segment for small and medium-sized enterprises. The new companies raised a total of approximately EUR 23 million in capital. In January, the Swiss city of Lugano also placed the world’s first digital government bond on a regulated financial market infrastructure with SIX Digital Exchange (SDX).

In May, SIX began cooperating with FlexTrade to offer the streaming of global market data in real time using a cloud-based solution. SIX also partnered with the Greek Piraeus Bank in June, taking on responsibility for its international assets. In addition, SIX posted a new monthly record of 6 million transactions for its end-to-end digital invoice eBill in May.

Jos Dijsselhof, CEO of SIX, emphasizes: “With this increase in our operating income for the first half of the year, we are on track to achieve our medium-term target for annual turnover growth of four percent. Our well-diversified business model has thus proven successful again. Even in these challenging times, our services and innovations ensure access to the capital markets and the flow of information and money between financial market players in Switzerland and abroad.”


  • Five new global depository receipt (GDR) listings on SIX Swiss Exchange
  • Four new companies listed on SME Segment BME Growth
  • City of Lugano’s digital bond issuance on SIX Digital Exchange (SDX) represents the first municipal digital bond ever to be issued on a regulated financial market infrastructure
  • SDX received regulatory clearance to issue, trade and settle EUR denominated bonds

Securities Services

  • SIX onboarded BME Clearing as a member to its repo market CO:RE
  • Piraeus Bank and SIX join forces to establish a partnership in the securities services area
  • SIX acts as a clearing, settlement and market data feed provider for art stock exchange Artex MTF

Financial Information

  • Launch of the new SIX Web API and extended cloud connectivity capabilities
  • FlexTrade’s Spark EMS and SIX link up to stream real-time global market data
  • Extended Swiss equity ESG indices offering
  • Win of numerous awards, including best ESG data & regulatory risk services provider and best corporate actions provider

Banking Services

  • Swiss Federal Administration included eBill and instant payments as part of the “Digital Switzerland Strategy 2023”
  • eBill recorded all-time high monthly transaction volumes of six million
  • More than 20 of the largest Swiss banks decided to implement multibanking for individuals by using bLink
  • Debit card app debiX+ is proving very popular by receiving high ratings from consumers

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


 For the six months ended 30 June
CHF million20232022Change in %
Income statement      
Total operating income
    Total operating income at constant currencies1
Total operating expenses
    Total operating expenses at constant currencies1
Earnings before interest, tax, depreciation and amortization (EBITDA)
    EBITDA at constant currencies1
Depreciation, amortization and impairment -89.6 -86.1 4.0%
Net financial result -6.1 14.0 n/a
Share of profit or loss of associates 3.4 19.8 -83.0%
Earnings before interest and tax (EBIT)
    EBIT at constant currencies1
Net interest and tax expenses -28.1 -40.1 -29.9%
Group net profit
    Group net profit at constant currencies1




Cash flow statement20232022Change in %
Cash flow from operating activities 225.8 1,127.3 -80.0%
Cash flow from investing activities -392.6 -100.5  n/a
Cash flow from financing activities -113.9 -110.5 3.0%
Free cash flow2 155.8 172.7 -9.8%
Balance sheet 30.06.2023 31.12.2022 Change in %
Total assets 16,187.5 17,171.7 -5.7%
Total liabilities 11,179.9 12,139.2 -7.9%
Total equity 5,007.6 5,032.5 -0.5%
Net debt to EBITDA3 1.65 1.75 -0.10
Equity ratio (average)4 69.7% 69.2% 0.5 pp
Return on equity (average)5 3.4% 3.6% -0.3 pp
  As at or for the six months ended
Shareholders' key figures 2023 2022 Change in %
Earnings per share (in CHF) 5.57 6.43 -13.4%
Operating key figures      
Workforce (full-time equivalents, in number) 4,022.5 3,685.1 9.2%
Workforce (headcount, in number) 4,151 3,826 8.5%
Swiss stock exchange trading turnover (in CHF billion) 555.6 705.7 -21.3%
Spanish stock exchange trading turnover (Equities only, in EUR billion) 165.7 212.4 -22.0%
Market share of Swiss Equities 66.2% 68.9% -2.7 pp
Market share of Spanish Equities 57.4% 60.3% -2.9 pp
Swiss deposit volume (average, in CHF billion) 3,892.0 3,775.2 3.1%
Spanish deposit volume (average, in EUR billion) 2,555.1 2,505.9 2.0%
Number of SIC transactions (in 1,000) 482,378 466,951 3.3%
Number of delivered financial instruments (business unit Financial Information, in million) 895 849 5.4%


Prior year’s figures are translated at average exchange rates for the first half of 2023 (constant currency).

Operating cash flows adjusted by changes from receivables/payables from clearing & settlement, financial assets less capital expenditures.

Net debt to EBITDA = net debt / adjusted EBITDA of previous 12 months.

Equity ratio = average equity of previous 12 months / (average adjusted liabilities of previous 12 months + average equity of previous 12 months). Adjustments to liabilities include the positions “Payables from clearing & settlement” and “Forwards from clearing & settlement”.

Return on equity = profit of previous 12 months / average equity of previous 12 months.



Links to Business Unit Performances







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