SIX Group Posts Record First-Half Results, Driven by Strong Trading Activity

§ 01 Executive Snapshot

• What: SIX Group reports record first-half results driven by strong trading activity.
• Who: SIX Group, Markus Habbel (CFO).
• Why it matters: The results highlight the strength of SIX's diversified business model and set a positive outlook for future growth amidst favorable market conditions.

§ 02 Key Developments

• Net operating income rose 8.8% year-on-year to CHF 806.6 million, with a 10.0% increase at constant exchange rates.
• EBITDA excluding transformation costs climbed 38.2% to CHF 367.6 million, or 40.2% at constant exchange rates.
• Group net profit reached CHF 191.7 million, significantly up from CHF 40.3 million in H1 2025.

§ 03 Strategic Context

• The strong performance reflects SIX's resilience and adaptability within the financial infrastructure sector, which has been bolstered by favorable market conditions.
• SIX is currently in the second year of its three-year Scale Up 2027 transformation program, aiming for sustainable income growth and robust EBITDA margins.

§ 04 Strategic Implications

• The immediate consequence of these results is the reinforcement of investor confidence in SIX's operational model and growth strategy.
• Long-term implications include an enhanced capacity for reinvestment in core franchises and expansion into adjacent service areas, improving overall market competitiveness.

§ 05 Risks & Constraints

• Potential risks include fluctuations in market conditions that could impact trading volumes and revenue generation.
• Execution of the Scale Up 2027 transformation program may face challenges in maintaining growth momentum amid changing market dynamics.

§ 06 Watchlist / Forward Signals

• Upcoming milestones include the continued progress of the Scale Up 2027 program, which aims for mid-single digit income growth and an EBITDA margin above 40%.
• Monitoring transformation costs and their impact on overall financial performance will be crucial in assessing the success of SIX's strategic initiatives.