NZX (NZX) H1 2025 earnings summary

Executive summary

• Operating earnings (excluding integration and restructuring costs) rose 7.5% year-over-year to $25.1 million, with EBITDA (including these costs) up 5.4% to $24.1 million; operating margin improved to 40.6%.

• Net profit after tax was $8.3 million, down 46.4% due to prior year non-cash adjustments, but normalized NPAT rose 0.9% year-over-year.

• Revenue increased 6% year-over-year to $61.7 million, while expenses rose 5% to $36.7 million.

• Fully imputed interim dividend of 3.0 cents per share declared, payable October 2, 2025.

• Value traded and cleared was 31.4% higher than H1 2024, reflecting strong trading activity.

Financial highlights

• Smart (Funds Management) operating earnings grew 23.3% to $13.7 million, with revenue up 13.9% to $24.2 million, driven by fund-based revenue and positive net cash flows.

• NZX Wealth Technologies operating earnings surged 64.6% to $2.5 million, with revenue up 32.2% to $5.6 million, reflecting new client migrations and market returns.

• Dairy derivatives market volumes and revenues rose 19.9%–20% year-over-year, with record months in March and June 2025.

• CapEx for H1 2025 was $5.4 million, lower than prior periods, with similar levels expected in H2.

• Cash and cash equivalents at period end were $14.2 million, with net debt at $47.4 million.

Outlook and guidance

• Full-year 2025 operating earnings (EBITDA, excluding integration/restructure costs) guidance maintained at $49–$54 million, tracking toward the midpoint.

• Guidance assumes no material adverse macroeconomic impacts or significant one-off expenses.

• Cash flow expected to grow faster than EPS in coming years as CapEx normalizes and amortization bubble passes.

• Marketing spend and IT costs expected to rise in H2 2025 due to inflation and increased activity.

• Strategic focus remains on expanding product offerings, global connections, and operational scale.