Nuam (NUAM) Q2 2026 earnings summary

Executive summary

• Achieved record financial and operational results in Q2 2026, with every business line posting growth and extending a multi-year track record of delivery, driven by disciplined execution of a multi-country integration strategy and robust market conditions in Chile, Colombia, and Peru.

• Integration milestones included the rollout of a unified trading platform across all three countries, with Chile joining Colombia and Peru, and significant regulatory advances supporting future growth.

• Revenues compounded at a 16% CAGR since 2023, with EBITDA margin expanding from 38% to 46% (LTM 2Q26).

• Revenue for the six months ended June 2026 reached M$84,420,848, a 19% increase year-over-year, driven by strong performance in Deposits, Negotiation, and Chambers lines.

• Net income attributable to controlling interests was M$20,025,267, up from M$13,978,773 in the prior year period.

Financial highlights

• Q2 2026 revenues rose 20% year-over-year to CLP 43.7 billion; EBITDA up 27% and net income up 40%.

• EBITDA margin expanded to 48.3% from 45.7% a year ago; net margin reached 28.4% versus 24.3%.

• Year-to-date, top line grew 19% to CLP 84.4 billion, EBITDA up 32% to CLP 41 billion, and net profit up 43% to CLP 22 billion.

• Operating expenses rose 9% to 14% year-over-year, mainly due to higher technology, employee benefits, and integration-related costs, but remained below revenue growth, confirming positive operating leverage.

• Share price rose from CLP 6,000 to CLP 6,900 after Q2 results.

Outlook and guidance

• Cost growth expected to remain contained through year-end, with further margin expansion anticipated as integration synergies are realized.

• Mid-term strategy and EBITDA margin targets likely to be revised upwards, with full integration benefits yet to be realized.

• Clearing platform in Colombia targeted to go live by year-end 2026, with Chile following in H1 2027 and Peru later, pending regulatory approval.

• Dividend payout currently at 70%, with a medium-term goal to move toward 90%.

• Ongoing investments in technology and regional integration are anticipated to drive further operational efficiencies.