NZX (NZX) H2 2025 earnings summary

Executive summary

• Full-year EBITDA before integration and restructuring costs reached NZD 53.5 million, up 11.6% year-over-year, exceeding the upper end of guidance.

• Net Profit After Tax (NPAT) was NZD 21.5 million; on a like-for-like basis, NPAT increased 20.2% year-over-year after adjusting for one-off items, though headline NPAT was down 14.2% year-over-year.

• Revenue grew 7.3% to NZD 128.9 million, driven by strong performances in Smart and Wealth Technologies segments.

• Strategic initiatives included successful client migrations, product launches, and regulatory engagement, positioning for further growth in 2026.

• Final dividend increased to NZD 0.033 per share, bringing the total for the year to NZD 0.063 per share, fully imputed.

Financial highlights

• Revenue: NZD 128.9 million, up 7.3% year-over-year.

• EBITDA (pre-integration/restructuring): NZD 53.5 million, up 11.6%.

• NPAT: NZD 21.5 million; like-for-like NPAT up 20.2%, headline NPAT down 14.2%.

• Free cash flow: NZD 26.5 million, up 25% from 2024.

• EPS (excluding adjustments) up 18.2% to 6.5 cps.

Outlook and guidance

• 2026 operating earnings guidance set at NZD 53 million–NZD 58.5 million, excluding one-off costs, subject to market conditions and no major adverse events.

• Strategic priorities for 2026 include capital raising targets of NZD 15 billion, FUM growth of 12.5–14.0%, and new product launches such as S&P/NZX 20 Index Futures.

• Dividend growth expected to continue, subject to market conditions.