Nuam (NUAM) Q1 2026 earnings summary

Executive summary

• Operating revenue grew 17% year-over-year to CLP 40.7 billion (M$40,726,295), with double-digit growth in nearly all business lines except information.

• EBITDA margin expanded to 49% from 41%–43%, nearing the 50% target, and net profit increased 47% year-over-year to CLP 9.7 billion (M$8,809,568).

• Regional integration advanced with new trading platforms live in Colombia and Peru, Chile go-live expected by mid-2026, and full integration targeted for 2027.

• 70% dividend payout ratio approved, reflecting confidence in sustained cash generation.

• Strong stock performance, with price closing at 5,149 CLP and trading above 5,250 CLP post-results.

Financial highlights

• Operating revenues reached CLP 40.7 billion, up from CLP 34.8 billion, a 17% increase year-over-year.

• EBITDA grew 38% year-over-year to CLP 19.85 billion (M$19,851,724), with margin reaching 49%.

• Net profit margin improved to 24%, up from 19% in 1Q25.

• Operating expenses rose just 2% year-over-year, supporting margin expansion.

• Market capitalization rose 43% year-over-year; equity volumes up 75%, fixed income 29%, derivatives 21%, FX 7%.

Outlook and guidance

• Expectation to maintain strong performance if current trends continue, with EBITDA margin potentially reaching or exceeding 50% sooner than previously targeted.

• Phase 1 of integrated market (trading) to complete with Chile's go-live; phase 2 (clearing) to begin in July, with full integration targeted for 2027.

• CapEx for 2026 budgeted at $18 million, declining toward a steady-state of $12–14 million by 2027.

• Cost synergies of CLP 7 million expected between 2026–2028, with most savings realized in 2027–2028.

• Integration of risk, compliance, and process management across three countries aims to enhance operational resilience.