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NZX Limited (NZX) investor relations material
NZX Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary21 Aug, 2025
Executive summary
Operating earnings excluding integration and restructuring costs rose 7.5% year-over-year to $25.1 million, with an operating margin of 40.6%.
Net profit after tax was $8.3 million, down 46.4% year-over-year due to prior year non-cash adjustments, but normalized NPAT was flat year-over-year when excluding one-off gains.
Revenue increased 6% year-over-year to $61.7 million, while expenses rose 5% to $36.7 million.
Fully imputed interim dividend of 3.0 cents per share declared, payable October 2025.
The business remains resilient, benefiting from diversified financial infrastructure and product offerings.
Financial highlights
Smart (Funds Management) operating earnings grew 23.3% to $13.7 million, with revenue up 13.9% to $24.2 million, driven by higher funds under management.
NZX Wealth Technologies operating earnings surged 64.6% to $2.5 million, with revenue up 32.2% to $5.6 million, reflecting new client migrations and higher funds under administration.
Dairy derivatives market volumes and revenues rose 19.9% year-over-year, with new records set in March and June 2025.
CapEx for H1 2025 was $5.4 million, focused on Wealth Technologies and Smart enhancements.
Cash and cash equivalents at period end were $14.2 million, with net debt at $47.4 million.
Outlook and guidance
Full-year 2025 operating earnings (EBITDA, excluding integration/restructure costs) guidance maintained at $49–54 million, with results tracking toward the midpoint.
Guidance assumes no material adverse macroeconomic impacts or significant one-off expenses.
Cash flow expected to grow faster than EPS in coming years as CapEx normalizes and amortization bubble passes.
Marketing spend and IT costs expected to rise in H2 2025 due to inflation and increased activity.
Strategic focus remains on expanding product offerings, global connections, and operational scale.
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Next NZX Limited earnings date
H2 202519 Feb, 2026
Next NZX Limited earnings date
H2 202519 Feb, 2026
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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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