Nuam (NUAM) Q4 2025 earnings summary

Executive summary

• Revenue grew 7% year-over-year to CLP 148.7 billion, driven by strong performance in trading, custody, information, and value-added services, with EBITDA up 5% to CLP 64 billion and a stable 43% margin.

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

• Market capitalization surged 57% year-over-year, and assets under custody rose 44%.

• Major progress in technology integration, with trading and clearing platforms technically completed and regulatory approvals secured in all three countries.

• Shareholder payout ratio increased from 50% to 70%, subject to approval.

Financial highlights

• Operating revenues grew 7% year-over-year to CLP 148.7 billion, with non-trading revenues up 7% and trading revenues up 8%.

• EBITDA margin held at 43% for 2025.

• Net profit margin was 23% for the year.

• Operating expenses increased 7%, mainly due to higher staff costs (+16%).

• Daily trading volumes rose 14% to $10.9 billion; market cap increased 57% on average.

Outlook and guidance

• Revenue growth in 2026 expected to be driven mainly by higher volumes, with some incremental impact from fee structure changes in Chile and Peru.

• CapEx for 2026 estimated at CLP 18 million, mostly for technology and integration projects.

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

• Targeting 50% EBITDA margin by 2030, with $7 million in annual synergies expected over the next three years.

• Go-live timeline for major technology projects adjusted to the first half of 2026.