Nuam (NUAM) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 delivered strong top-line growth, with revenue up 5% quarter-over-quarter to $38.2 million and EBITDA up 8% to $16.8 million.

• Year-to-date revenue reached CLP 109.4 billion, up 5% year-over-year, with EBITDA up 1% and net profit impacted by tax issues and lower non-ordinary activities.

• Operational profit was the second highest in two years, affirming a positive trend in financial results.

• Market volumes grew 10% overall, with equities up over 40% in Chile and Colombia; indices in all three countries showed strong performance.

• Integration milestones achieved with the fixed income platform live in Chile and Peru; equity platform rollout postponed to Q1 2026 for client readiness.

Financial highlights

• Quarter-over-quarter revenue increased 5%, driven by post-trade and information services.

• EBITDA margin decreased to 44% from 46% QoQ; net margin improved to 28% from 24% QoQ.

• Year-to-date net profit declined 8% YoY due to a CLP 2.8 billion reduction in non-ordinary activities, including a CLP 1.3 billion PPA adjustment and CLP 1.1 billion from lower interest rates.

• Adjusted operating expenses rose 6% year-over-year, mainly from staff costs linked to integration projects.

• Employee benefits expenses rose 13% due to inflation, salary adjustments, and new benefit policies.

Outlook and guidance

• Integration of trading and post-trade platforms across Chile, Peru, and Colombia is on track for Q1 2026, with full client participation required for equity market go-live.

• No further significant increases in staff costs expected; operational expenses projected to remain flat next year, with only inflationary adjustments.

• Fee waivers in Peru to be removed and cap fee discussions in Chile planned for mid-2026, post-platform rollout.

• Cost synergies expected as legacy platforms are retired by 2027, with investment plan totaling $45 million through 2027.

• Ongoing investments in technology and risk management are expected to support future growth.