Nuam (NUAM) Q4 2025 earnings summary

Executive summary

• Achieved 7% year-over-year revenue growth to CLP 148.7 billion, driven by strong performance in trading, custody, information, and value-added services.

• EBITDA increased 5% to CLP 64 billion, maintaining a stable margin of 43%.

• Net profit declined 3% year-over-year to CLP 34.9 billion, with a net margin of 23%.

• Major technology investments for unified trading and clearing platforms completed, with deployment scheduled for 2026.

• Dividend payout policy increased from 50% to 70% as CapEx requirements decline, pending shareholder approval.

Financial highlights

• Operating revenues rose 7% year-over-year to CLP 148.7 billion.

• EBITDA margin held at 43% for 2025.

• Net profit was CLP 34.9 billion, down 3% year-over-year, with a net margin of 23%.

• Market capitalization surged 57% year-over-year to USD 504 billion, and assets under custody rose 44% to USD 365 billion.

• Listing and issuer services revenues up 6% year-over-year, with 252 corporate events and debt issuance up 30%.

Outlook and guidance

• Revenue growth in 2026 expected to be driven by higher volumes and incremental fee structure changes in Chile and Peru.

• CapEx for 2026 projected at $18 million, mostly technology-related, with integration investments winding down.

• EBITDA margin expected to remain stable in 2026, with significant margin expansion anticipated from 2027 as integration synergies are realized.

• Targeting a 50% EBITDA margin by 2030 as duplicated costs are eliminated.

• Focus on scalable and recurring business lines and regulatory milestones as key priorities.