Selected Financials 2025 vs. 2024, at Constant Exchange Rates
- Operating income up 5.3%, at CHF 1,660.9 million
- Net operating income up 5.4%, at CHF 1,496.5 million
- Operating expenses decreased 2.6% to CHF 954.1 million, excluding transformation costs (TC) associated with the Scale Up 2027 program
- EBITDA excluding TC of CHF 82.3 million up 23.4%, at CHF 542.3 million
- EBITDA margin, based on net operating income and excluding TC, of 36.2% vs. 31.0% in 2024
- EBIT of CHF –303.2 million, impacted by a value adjustment in Worldline and for reclassification effects from associates to financial instruments at fair value through profit and loss of a total of CHF 560.9 million
- Adjusted Group net profit of CHF 247.2 million (2024 CHF 202.2 million); reported Group net result of CHF –313.7 million
Bjørn Sibbern, CEO SIX: “Our record operational results reflect the continued success of SIX in unlocking potential across all four business units. We have delivered broad and sustained growth in the context of easing inflation, elevated market volatility, and mounting geopolitical uncertainty. That said, we acknowledge the impact of the value adjustment on our participation in Worldline. Following our communication on 6 November 2025 and the reclassification of the Worldline stake to a financial investment, our full focus lies on our core business going forward. Delivering reliable and efficient infrastructure while executing our Scale Up 2027 transformation program remain our top priorities for further strengthening SIX as a leading financial market infrastructure provider.”
Higher Operating Income and Decreasing Cost Base
Net operating income (operating income less sales-related cost) rose by 4.7% (5.4% at constant exchange rates) to CHF 1,496.5 million. In addition to a tailwind from higher trading volumes, revenues were also driven by strong underlying growth in market data, real-time data, tax and regulatory services, indices, and the debit and billing business.
In 2025, SIX focused on accelerating its growth strategy across the key dimensions of the transformation program Scale Up 2027. Alongside its primary purpose of driving top-line growth, the initiative aligned operating models, streamlined governance, and optimizations in the project, product, and participation portfolios. Excluding transformation costs (TC), total operating expenses decreased by 3.2% (2.6% at constant exchange rates). The main elements contributing to this positive development were reductions in contractor costs and lower personnel expenses. EBITDA excluding TC increased by 22.2% to CHF 542.3 million (23.4% at constant exchange rates; 2024: CHF 443.7 million), with an EBITDA margin of 36.2%.
Reported Results Impacted by Worldline Non-Cash Effects
As already announced on 6 November 2025, the Group net result includes negative effects totaling CHF 560.9 million, arising from value adjustments in Worldline and reclassification effects resulting from the transition from associates to financial instruments. Consequently, SIX reports a Group net result of CHF –313.7 million for 2025 (2024: Group net profit of CHF 38.7 million). The adjusted Group net profit was CHF 247.2 million, compared to CHF 204.4 million in the previous year at reported exchange rates.
SIX has decided not to participate in Worldline’s announced capital increase and accepts the expected dilution of its current stake to approximately 1.3%. Following the reclassification of the participation from associates to financial instruments and the related value adjustments, the remaining value of the Worldline stake does no longer exposes the financial statements of SIX to substantial negative impacts.
Solid Financing Structure
Free cash flow improved in comparison to the previous year from CHF 333.0 million to CHF 355.6 million as a result of the strong operational performance and variations in working capital levels, partly offset by higher cash taxes. Despite the acquisition of Aquis, the net debt to adjusted EBITDA ratio remained stable at 1.0 and the adjusted equity ratio slightly decreased to 60.8% (2024: 63.9%). Following the closing of the acquisition, Standard & Poor’s Global Ratings affirmed its ‘A’ credit rating for SIX Group Ltd and revised the outlook from negative to stable.
Business Unit Financial Results 2025
Throughout 2025, the Exchanges business unit, demonstrated strong operating performance, supported by sustained demand across core product categories. Trading activity benefited from higher volumes, and the positive momentum was complemented by robust developments in the market data and connectivity areas. The business unit achieved net operating income of CHF 374.5 million, corresponding to an increase of 14.8% compared with the previous year.
The Securities Services business unit recorded growth across all core products and service segments, which partly offset the expected decline in net interest income resulting from the lower interest rate environment. Net operating income amounted to CHF 439.0 million for the year, representing a decrease of 3.2% compared with the previous year. Growth in custody, clearing, and trade repository was primarily driven by higher transaction volumes, as well as positive contributions from MSCI, SMI, and IBEX 35 indices.
The Financial Information business unit saw continued growth in 2025 across its product portfolio, supported by its resilient recurring revenue model. Net operating income reached CHF 408.2 million, an increase of 2.0% year on year, respectively 3.4% at constant exchange rates. Main drivers of growth were market data and display products and services, particularly real-time data, followed by tax and regulatory services and indices.
The Banking Services business unit also delivered a strong operating performance in the reporting period, increasing net operating income by 14.2% year on year to CHF 221.1 million. Growth was substantial across nearly all revenue streams. The most significant driver of operating income was in the area of debit processing and services, benefiting from higher transaction volumes as well as increased adoption of value‑added services by financial institutions and end customers. Billing and payments services also recorded solid growth, primarily reflecting an improved Swiss Euro Clearing Bank (SECB) net interest result, complemented by the continued expansion of digital billing solutions such as eBill.
Dividend Proposal and Change in the Board of Directors
The Board of Directors recommends that the Annual General Meeting approve an ordinary dividend of CHF 5.30 per share for 2025, in line with the dividend for 2024.
Roger Reist, member of the Board of Directors of SIX since 8 May 2023, will step down from his function at the end of March 2026. His successor will be elected at the Annual General Meeting on 6 May 2026.
Outlook
In 2025, SIX started the transformation program Scale Up 2027, accelerating its growth strategy. The financial goals to reach mid-single digit growth in net operating income and an improved EBITDA margin profile of more than 40% remain in place for the next two years.
With the acquisition of Aquis in 2025, SIX has complemented its strategy of scaling the business beyond its home markets and across Europe, thus positioning itself as a truly European exchange innovator. SIX also plans to combine the interoperable pan-European cash equity model of SIX x-clear and the multi-asset strengths of BME, creating a scaled, open and competitive central counterparty (CCP) service as an alternative for clearing across asset classes in Europe.