Nuam (NUAM) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 grew 3% year-over-year to CLP 34.8 billion, driven by trading, value-added services, and strong performance in compensation and liquidation.

• Net profit surged 360% year-over-year to CLP 6.6 billion, with net margin rising to 19% from 4% due to lower FX impact and PPA adjustments.

• EBITDA was CLP 14.4 billion, down 6% year-over-year, with margin declining to 41% from 45%.

• Dividend per share increased 30% to CLP 181, with payout ratio raised from 50% to 70%.

• Board of directors reduced to 11 members; stock price rose 31% year-over-year.

Financial highlights

• Trading revenues grew 13% year-over-year; non-trading revenues up 1%.

• Operating expenses decreased 1% year-over-year, mainly due to lower D&A.

• EBITDA margin dropped from 45% to 41% due to integration-related expenses.

• Market capitalization increased 9% to $371 billion; equities traded volumes up 45%.

• Value-added services revenue up 21% year-over-year, led by promissory notes and invoice registry.

Outlook and guidance

• No specific EBITDA margin guidance for 2025, but margins expected to remain steady barring integration impacts.

• Integration process expected to bring long-term margin improvement after initial transitory expenses.

• Regulatory approval for harmonized trading rules in Chile obtained; pending in Colombia and Peru.

• Clearinghouse in Peru expected to begin operations in Q4 2026, pending regulatory approval.

• Continued focus on technological implementations and integration of regional operations.