NZX Limited · NZX:NZX
NZX — H1 2025 Earnings Presentation
38 slides from NZX's earnings presentation, Aug 22, 2025
Slide 1: NZX Interim 2025 Results Investor Presentation
NZX INTERIM 2025 RESULTS INVESTOR PRESENTATION 22 August 2025 1
Slide 2: Contents and Important Notice
Contents Executive Summary Page 3 Important notice This investor presentation should be read in conjunction with NZX's other periodic and continuous disclosure announcements, and the financial statements in the 2025 Interim Report, which provides additional information on many areas covered in this
Slide 3: Executive Summary
Executive Summary zz New Zealand's Exchange Te Paehoko O Aotearoa
Slide 4: HY25 Results – Financial Highlights
HY25 Results – Financial Highlights NZX continues to navigate through the economic cycle. Demonstrating resilience through diversity of product offering – as a market operator, fund manager and fund administration platform provider Operating Earnings2 Operating Margin Net Profit After Tax excluding
Slide 5: HY25 Results – Progress on 2025 strategic priorities
HY25 Results – Progress on 2025 strategic priorities A strong first quarter was met with a weaker second quarter due to increased market uncertainty and economic volatility caused by mounting geopolitical tension and conflict. 2025 Targets 2025 Actual YTD 2025 Progress Strategic Delivery Markets Gro
Slide 6: NZX's Strategy
NZX’s Strategy We operate under a strategic framework with interconnected businesses driving scale and operating leverage for shareholders and helping New Zealand grow • Assist NZ to grow and improve its productivity Growing, Connecting, Creating Value • Three connected and complimentary STRATEGY bu
Slide 7: Business Unit Highlights
Business Unit Highlights "New Zealand's Exchange Te Paehoko O Aotearoa
Slide 8: Capital Markets Origination – Capital Listed and Raised
Capital Markets Origination – Capital Listed and Raised Capital listed (excluding FCG’s transfer to the NZX Main Board) decreased reflecting the ongoing difficult macroeconomic impact on equity markets, balanced against the diversity of offerings NZX provides to companies to manage their capital req
Slide 9: Secondary Markets – Value Traded / Cleared
Secondary Markets – Value Traded / Cleared Value traded / cleared was not spared from the global volatility seen following “Liberation Day”, which reduced value traded /cleared back from Q1-25: $11.3 billion to Q2-25: $10.5 billion Market Activity Value Traded / Cleared $21.8 billion • Movement from
Slide 10: Information Services Revenue
Information Services Revenue Higher professional terminal and licences numbers, as well as indices revenue has driven underlying growth in Information Services revenues, which has been offset by no audit or back dated revenue in the current period Market Activity Information Services revenue (includ
Slide 11: Dairy Derivatives and GlobalDairyTrade
Dairy Derivatives and GlobalDairyTrade Dairy Derivatives lots traded continue to see growth from the Singapore Exchange strategic partnership GlobalDairyTrade completed the platform insourcing strategic initiative in H1-25, with the benefits being realised from H2-25 Market Activity Dairy Derivative
Slide 12: Smart – Funds Under Management (FUM)
Smart – Funds Under Management (FUM) Smart continues to drive growth and the future organic growth opportunities remain strong. We continue to mature the operational environment to improve operating leverage Funds Under Management (FUM) Funds Under Management at $14.0 billion, up $0.5 billion / 3.8%
Slide 13: Wealth Technologies – ARR and Funds Under Admin
Wealth Technologies – Annual Recurring Revenue (ARR) and Funds Under Admin (FUA) Client transitions, successful pipeline conversions, and the positive outlook continues Client Activity External Clients H1-2025 2024 Clients on the NZXWT platform at start of period 32 21 New clients migrated during th
Slide 14: Financial Performance
Financial Performance New Zealand's Exchange Te Paehoko O Aotearoa
Slide 15: Income Statement
Income Statement Change vs Change vs Operating Earnings H1-20243 H2-20243 H1-2025 H1-24 H2-24 $000 $000 $000 Fav/(adv) Fav/(adv) Operating earnings (including one-off integration and restructure costs) of $24.1 million was up Operating Revenue 58,270 61,852 61,741 6.0% (0.2%) 5.4% on H1-24 and 1.5%
Slide 16: Income Statement – Operating Revenue
Income Statement – Operating Revenue (vs H1-24: +$3.5m / +6.0%) Increased revenue driven by strong growth in both Smart FUM and Wealth Technologies FUA, offset by the expected decrease in Markets revenues due to the Fonterra contract ceasing (on their move to the Main Board) Markets Markets operatin
Slide 17: Income Statement – Operating Expenses
Income Statement – Operating Expenses (YoY: +$1.7m / +5.0%) Continued focus on cost control across NZX, with costs lower than H2-24 by $0.5m / 1.6% Smart Smart operating expenses increased $0.4 million / 3.6% on H1-24: • Personnel costs – increased $0.3m / 3.6% • headcount – the average BAU headcoun
Slide 18: Income Statement – Operating Earnings Segmental Analysis
Income Statement – Operating Earnings Segmental Analysis H1-2025 Capital Secondary Information Markets Funds Wealth Corporate NZX Commercial Regulation NZX Group $000 Markets Markets Services Sub-total Management Technologies Services Operations (NZ RegCo) Total Origination (Smart) Sub-total Operati
Slide 19: Income Statement – Non Operating Expenses
Income Statement – Non Operating Expenses Amortisation will continue to grow in line with Wealth Technologies new client migration / CAPEX profile; resulting in future cashflows initially rising faster than future NPAT increases (due to the Wealth Technologies’ ‘amortisation bubble’ - refer to FY24
Slide 20: Financial Position and Cashflows
Financial Position and Cashflows 20
Slide 21: Balance Sheet as at 30 June 2025
Balance Sheet as at 30 June 2025 June 20241 Dec 20241 June 2025 Cash and cash equivalents Includes: $000 $000 $000 Current assets • Clearing House risk capital ($20 million) which is not available for general use; Cash and cash equivalents 32,469 48,825 34,172 • Clearing House complies with Financia
Slide 22: CAPEX
CAPEX CAPEX mainly relates to Wealth Technologies’ new client migration activity; which will remain high whilst there is continuing new client migration activity and Wealth Technologies enhances the Smart operating systems (i.e. client portal and registry). Markets systems are technically current fo
Slide 23: Cashflows
Cashflows Cashflows are seasonal with annual listing and participant fees collected in Q3 each year H1-2024 H2-2024 H1-2025 Operating Activities $000 $000 $000 Operating activities Operating activities cashflow represents net profit after tax less non-cash items (e.g. depreciation and amortisation,
Slide 24: Interim Dividend and 2025 Earnings Guidance
Interim Dividend and 2025 Earnings Guidance 24
Slide 25: Interim Dividend and 2025 Earnings Guidance
Interim Dividend 2025 Earnings Guidance Interim Dividend 2025 Earnings Guidance • The Board has declared a fully imputed dividend of 3.0 cents per share NZX’s full year 2025 Operating Earnings (EBITDA)1, excluding integration and restructure costs, are • Dividend to be paid on 2 October 2025 to shar
Slide 26: Appendices
Appendices New Zealand's Exchange Te Paehoko O Aotearoa
Slide 27: Appendix 1: Segmental Analysis - Income Statement by Business Unit
Appendix 1: Segmental Analysis - Income Statement by Business Unit 1 6 months ended June 2025 (H1-25) Capital Markets Secondary Information Markets Funds Wealth Corporate NZX Commercial Regulation NZX Group 3 4 5 $000 Origination Markets services Sub-total Management Technologies Services Operations
Slide 28: Appendix 1: Segment – Markets
Appendix 1: Segment – Markets Markets is the integrated business that supports the growth of NZ capital markets Change vs Change vs Change vs Change vs H1-2024 H2-2024 H1-2025 H1-2024 H2-2024 H1-2025 H1-24 H2-24 H1-24 H2-24 $000 $000 $000 $000 $000 $000 Fav/(adv) Fav/(adv) Fav/(adv) Fav/(adv) Capita
Slide 29: Appendix 1: Segment – Markets (Operating Revenue)
Appendix 1: Segment – Markets Operating Revenue Markets Operating Revenue Secondary Markets Revenue Markets operating revenue was $30.0 million (decrease of 2.3% on H1-24) driven by: Participant services revenue relates to the number of market participants, which is unchanged from June 2024 • Capita
Slide 30: Appendix 1: Segment – Markets (Operating Expenses)
Appendix 1: Segment – Markets Operating Expenses Markets Operating Expenses Professional Fees Markets operating expenses were $10.1 million for H1-25 (increase of 3.3% on H1-24) mainly reflecting: Professional fees cost increased by 4.3% and include: • Personnel costs – reduced 7.6% on H1-24, driven
Slide 31: Appendix 1: Segment – Smart
Appendix 1: Segment – Smart This business is a funds management business which comprises the SuperLife superannuation, QuayStreet funds, KiwiSaver products, and Smart Exchange Traded Funds. Change vs Change vs Operating Revenue H1-2024 H2-2024 H1-2025 H1-24 H2-24 $000 $000 $000 FUM-based revenue – h
Slide 32: Appendix 1: Segment – Wealth Technologies
Appendix 1: Segment – Wealth Technologies This business administers and manages a platform that enables advisers and brokers to manage client investments Change vs Change vs Operating Revenue H1-2024 H2-2024 H1-2025 H1-24 H2-24 $000 $000 $000 Administration (FUA based) fees Fav/(adv) Fav/(adv) Admin
Slide 33: Appendix 1: Segment – Corporate Services
Appendix 1: Segment – Corporate Services This function provides accommodation, legal, finance, IT, HR, communications and project management support to the business Change vs Change vs Operating Revenue H1-2024 H2-2024 H1-2025 H1-24 H2-24 $000 $000 $000 Revenue relates to the sublease of space in Au
Slide 34: Appendix 1: Segment – Regulation (NZ RegCo)
Appendix 1: Segment – Regulation (NZ RegCo) Tasked with performing all of NZX’s frontline regulatory functions, resulting in the structural separation of the Group's commercial and regulatory roles Change vs Change vs Regulation (NZ RegCo) H1-2024 H2-2024 H1-2025 H1-24 H2-24 $000 $000 $000 Fav/(adv)
Slide 35: Appendix 2: People
Appendix 2: People NZX has strong employee engagement and a positive culture. Culture and Engagement Remuneration and Gender Pay Gap (GPG) Workforce Diversity • NZX uses the Gallup survey to measure employee engagement • NZX’s remuneration objective is to pay people fairly and attract, • NZX Group h
Slide 36: Appendix 3: NZX Group overview
Appendix 3: NZX Group overview A diverse and connected capital markets focused business NZX Group Corporate, Legal, Policy, Technology NZ RegCo (Issuer Regulation, Capital Markets Participant Compliance, Smart NZX Wealth Surveillance and Market Cash (Shares), Derivatives, Energy, (Funds Technologies
Slide 37: Appendix 4: Operating Revenue Definitions
Appendix 4: Operating Revenue Definitions Capital Markets Origination Secondary Markets Funds Management (Smart) Annual listing fees paid by NZX’s equity, fund and debt issuers is Participant services revenue is charged to market participants Funds Under Management based revenue relates to variable
Slide 38: Contact
Contact Mark Peterson Graham Law Chief Executive Officer Chief Financial Officer mark.peterson@nzx.com graham.law@nzx.com +64 21 390 636 +64 29 494 2223 NZX Half Year 2024 Results 38