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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.
Executive summary
Operating earnings (excluding integration and restructuring costs) rose 7.5% year-over-year to $25.1M, with revenue up 6% to $61.7M and operating margin at 40.6%.
Net profit after tax was $8.3M, down 46.4% year-over-year, mainly due to prior year accounting adjustments; normalized NPAT was flat.
Interim dividend of 3.0 cents per share declared, fully imputed, to be paid in October 2025.
Market activity was stable in Q1 but impacted by global uncertainty and events in Q2, costing ~$1M in revenue.
All business units—Capital Markets, SMART, and Wealth Technologies—are focused on scaling and operational leverage.
Financial highlights
Operating revenue increased to $61.7M, up 6% year-over-year; expenses rose 5% to $36.7M.
Operating margin improved to 40.6%, up from 40.0% in H1 2024.
Earnings per share dropped 46.5% year-over-year to 2.6 cps; adjusted EPS up 0.6%.
Cash and cash equivalents at period end were $14.2M–$34.2M; net debt at $47.4M.
Cash flow expected to rise faster than EPS due to Wealth Technologies amortization and lower CapEx.
Outlook and guidance
Full-year 2025 operating earnings (EBITDA, excluding integration/restructure costs) guidance maintained at $49M–$54M, tracking toward the midpoint.
Guidance assumes no material adverse macroeconomic or market events.
Cautious optimism for improved market conditions in H2, assuming macroeconomic stability.
CapEx expected to remain at current levels, mainly driven by Wealth Technologies migrations.
Strategic focus on expanding product offerings, global connections, and operational scale.
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