NZX Limited Analysis

Overview

NZX operates New Zealand's equity, debt, funds, derivatives and energy markets. To support the growth of these markets, NZX provides trading, clearing, settlement, depository and data services for its customers. NZX also owns Smartshares, New Zealand's only issuer of listed Exchange Traded Funds, and KiwiSaver provider SuperLife. More for information, please visit: www.nzx.com.

Performance

The following information was extracted from NZX Limited's Full Year Results, released on 26 February 2026:

Key Highlights

• Normalised operating earnings of $53.5 million (excluding integration and restructure costs), up 11.6% year on year

• Net profit after tax (NPAT) of $21.5 million, up 20.2% on a like-for-like basis

• Final dividend of 3.3 cents per share, fully imputed. FY2025 dividends total 6.3 cents per share, fully imputed

• Smart – finished 2025 with $15.8 billion in funds under management – up 17.6% from 2024

• NZX Wealth Technologies – finished 2025 with funds under administration of $19.9 billion – up 23.1% from 2024. It onboarded 13 clients onto its platform bringing the total number of clients to 45.

• FY2026 operating earnings guidance range is $53 million to $58.5 million

NZX today announced normalised Group operating earnings (EBITDA) of $53.5 million (excluding integration and restructure costs) for the financial year ended 31 December 2025 – up 11.6%. Including integration and restructure costs, reported Group operating earnings (EBITDA) for the same period were $51.7 million – up 11%.

“NZX has produced a strong operating financial result despite a mixed year for the local market,” NZX Board Chair John McMahon says.

“A strong first quarter in 2025 was offset by a weaker second quarter due to increased market uncertainty and economic volatility caused by mounting geopolitical and trade tensions. This created market uncertainty and affected asset prices.

“The second half of the year saw New Zealand short-term interest rates continue to fall, a drop in international trade concerns, and a boost in market activity. The level of new issuance, alongside three companies listing in the last quarter of the year, demonstrated the value of being NZX-listed in a capital constrained environment. More companies are showing strong interest in coming to market and this bodes well for 2026.