Nuam (NUAM) Q2 2025 earnings summary

Executive summary

• Achieved robust second quarter performance with double-digit EBITDA (+15% QoQ) and net profit (+34% QoQ) growth, driven by strong listing and value-added services, and significant recovery from a slow first quarter.

• Year-to-date net profit reached CLP 15.5 billion, slightly below last year but in line with projections, reflecting cost pressures from integration projects and efforts to maintain operational margins.

• Key milestones reached for single market projects, including regulatory approval for the single rulebook in Colombia, Chile, and Peru, and new trading system testing underway.

• September is critical for finalizing client testing and readiness for the go-live of the new trading platform in October and November.

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

Financial highlights

• Q2 revenues: CLP 36.4 billion (+5% QoQ), EBITDA: CLP 16.6 billion (+15% QoQ), net profit: CLP 8.8 billion (+34% QoQ), all showing positive quarter-on-quarter growth.

• Year-to-date revenue: CLP 71.2 billion (+0.5% YoY), EBITDA: CLP 31.0 billion (-7% YoY), net profit: CLP 15.5 billion (-2% YoY).

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

• Operating expenses decreased 2-3% QoQ, but increased 8% YoY due to integration and staff costs.

• Depreciation and amortization up 12% YoY, but dropped 32% YoY in some segments due to business combination effects.

Outlook and guidance

• Expectation of improved numbers in the second half of the year, with full recovery anticipated as integration projects complete.

• Efficiency gains and cost reductions are planned post-go-live, with significant synergies expected from 2026 onward as legacy systems are decommissioned.

• Revenue growth is expected to be stepwise, not linear, with incremental EBITDA from trading and broader benefits across business lines as market integration drives liquidity and new issuers.

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

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