- Group operating earnings of $24.1 million, up 5.4% year on year
- Underlying net profit after tax (NPAT) of $8.3 million, a year-on-year increase of 0.9% after excluding a non-cash accounting adjustment in H1 2024 of $7.3 million relating to the fair value of the QuayStreet Asset Management (QuayStreet) earnout provision
- Interim dividend of 3.0 cents per share, fully imputed
- FY2025 operating earnings, excluding integration and restructure costs, is tracking towards the middle of the 2025 full-year guidance range of $49 million to $54 million.
NZX Group today announced operating earnings (EBITDA) of $24.1 million for the six months ended 30 June 2025, up 5.4% on H1 2024, demonstrating continuing momentum of delivering to our growth strategy and our broader resilience to market cycles.
Normalising earnings by excluding integration and restructure costs, Group operating earnings (EBITDA) for the same period was $25.1 million – up 7.5%.
“NZX’s results show the benefit of the diversified range of financial infrastructure businesses we operate, and the variety of offerings available for companies to access capital,” NZX Chief Executive Mark Peterson says.
“Global markets and equity raising and trading activity were impacted following the United States’ announcement in early April of trade tariffs. Despite this, NZX’s results highlight our all-round strength as a market operator, funds manager and funds administration platform provider. Market confidence is returning and, as equity markets activity picks up, this will provide a positive outlook for the Company.”
Operating revenue increased 6% to $61.7 million and operating expenses, excluding integration and restructure costs, increased 5% to $36.7 million.
NZX continues to maintain a strong focus on cost management, and costs (excluding one-off integration and restructuring costs) were 1.6% lower than H2 2024. Integration and restructure costs in H1 2025 relate to QuayStreet integration activities, activities to mature and generate efficiencies in Smart operations, and restructuring within the corporate functions.
Depreciation and amortisation increases were mainly due to amortisation of additional development for, and migration of, new clients onto NZX Wealth Technologies’ (NZXWT) platform in 2024 and 2025.
NZX produced an underlying net profit after tax (NPAT) of $8.3 million for the 2025 half year, a year-onyear increase of 0.9% after excluding a non-cash accounting adjustment in H1 2024 of $7.3 million relating to the fair value of the QuayStreet earnout provision.
Mr Peterson says despite the challenging macroeconomic environment in the latter half of H1 2025, NZX remains well positioned through our growth strategy of expanding our capital markets’ product range and driving scale and operating leverage across our financial markets’ businesses.
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