Nuam (NUAM) Q3 2025 earnings summary

Executive summary

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

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

• Strong market activity with average daily trading volumes up 10% year-over-year and 8% quarter-over-quarter, and significant gains in regional stock indexes.

• Integration milestones achieved, including the rollout of the fixed income platform in Peru and ongoing preparations for a unified equity market platform across Chile, Peru, and Colombia.

Financial highlights

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

• EBITDA margin decreased to 44% from 46% quarter-over-quarter; net margin improved to 28% from 24% quarter-over-quarter.

• Year-to-date, net profit declined 8% year-over-year 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.

• Operating expenses increased 6% both quarter-over-quarter and year-over-year, mainly due to staff costs and integration projects.

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

Outlook and guidance

• Fourth quarter equity margin and market performance expected to remain strong, with continued growth in new fixed income issuance as interest rates decline.

• Rollout of the unified equity market platform is scheduled for Q1 2026, with all three countries expected to be onboarded.

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

• Fee waivers in Peru to be removed, and discussions on revising fee caps in Chile planned for mid-2026.

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