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NZX (NZX) investor relations material

NZX H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary25 Feb, 2026

Executive summary

  • Full-year EBITDA before integration and restructuring costs reached NZD 53.5 million, up 11.6% year-over-year, exceeding the upper end of guidance.

  • Net Profit After Tax (NPAT) was NZD 21.5 million; on a like-for-like basis, NPAT increased 20.2% year-over-year after adjusting for one-off items, though headline NPAT was down 14.2% year-over-year.

  • Revenue grew 7.3% to NZD 128.9 million, driven by strong performances in Smart and Wealth Technologies segments.

  • Strategic initiatives included successful client migrations, product launches, and regulatory engagement, positioning for further growth in 2026.

  • Final dividend increased to NZD 0.033 per share, bringing the total for the year to NZD 0.063 per share, fully imputed.

Financial highlights

  • Revenue: NZD 128.9 million, up 7.3% year-over-year.

  • EBITDA (pre-integration/restructuring): NZD 53.5 million, up 11.6%.

  • NPAT: NZD 21.5 million; like-for-like NPAT up 20.2%, headline NPAT down 14.2%.

  • Free cash flow: NZD 26.5 million, up 25% from 2024.

  • EPS (excluding adjustments) up 18.2% to 6.5 cps.

Outlook and guidance

  • 2026 operating earnings guidance set at NZD 53 million–NZD 58.5 million, excluding one-off costs, subject to market conditions and no major adverse events.

  • Strategic priorities for 2026 include capital raising targets of NZD 15 billion, FUM growth of 12.5–14.0%, and new product launches such as S&P/NZX 20 Index Futures.

  • Dividend growth expected to continue, subject to market conditions.

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Frequently asked questions

NZX Limited is the operator of New Zealand's national stock exchange and provider of related financial services. The company oversees trading, clearing, and settlement for equities, bonds, derivatives, and other financial instruments in the New Zealand market. Beyond its exchange operations, NZX offers data and analytics services, as well as market indices to support investment and trading activities. The company is also involved in funds management through its Smartshares division, providing a range of exchange-traded funds (ETFs) to retail and institutional investors. The company is headquartered in Wellington, New Zealand, and its shares are listed on the NZX.

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