Nuam (NUAM) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered robust financial and operational performance, with double-digit EBITDA (+15% QoQ) and net profit (+34% QoQ) growth, driven by strong listing and value-added services.

• Regulatory approval for the integrated equity trading platform in Chile, Colombia, and Peru, with go-live targeted for October-November 2025; integration project in final testing stages.

• Year-to-date results are flat compared to last year, mainly due to exceptional one-off events in 2024 and ongoing integration-related cost pressures.

• Integration of regional exchanges led to notable changes in depreciation/amortization and asset structure.

Financial highlights

• Q2 2025 revenues: CLP 36.4 billion (+5% QoQ), EBITDA: CLP 16.6 billion (+15% QoQ), net profit: CLP 8.8 billion (+34% QoQ); year-to-date net profit: CLP 15.5 billion (-2% YoY).

• EBITDA margin improved to 46% in Q2 2025 (up from 41% in Q1), but year-to-date margin declined to 44% (from 47% YoY).

• Operating expenses up 8% YoY, mainly due to staff and integration project costs; ordinary expenses decreased 3% compared to June 2024.

• Depreciation and amortization dropped 32% YoY, mainly due to business combination effects.

Outlook and guidance

• Expecting improved numbers in the second half of 2025 as integration progresses and market conditions remain favorable.

• Significant cost and operational synergies anticipated from mid-2026 onward as legacy systems are decommissioned.

• Continued focus on cost control, operational efficiency, and technological implementations.

• Strategic planning and risk management are emphasized to maintain operational resilience.