NZX (NZX) H2 2025 earnings summary

Executive summary

• Normalised operating earnings (EBITDA) reached NZD 53.5 million, up 11.6% year-over-year, excluding integration and restructure costs, 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.

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

• Funds under management at Smart grew 17.6% to NZD 15.8 billion; Wealth Technologies' funds under administration rose 23.1% to NZD 19.9 billion.

• Final dividend increased to NZD 0.063 per share, fully imputed.

Financial highlights

• Operating revenue increased 7.3% to NZD 128.9 million; operating margin improved to 41.5%.

• NPAT was NZD 21.5 million; like-for-like NPAT up 20.2% year-over-year.

• Free cash flow rose 25% to NZD 26.5 million, supporting continued investment and dividends.

• Earnings per share increased to 6.5 cents on a like-for-like basis.

• Expenses increased 4.5% to NZD 75.5 million.

Outlook and guidance

• FY2026 operating earnings guidance set at NZD 53 million–NZD 58.5 million, excluding project costs.

• Positive outlook driven by increased ETF use, KiwiSaver contributions, and a strong client pipeline.

• Strategic priorities for 2026 include capital raising targets of NZD 15 billion, FUM growth of 12.5–14.0%, and new product launches.

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

• Guidance assumes no material adverse macroeconomic or market impacts.