NZX Limited · NZX:NZX
NZX — FY2025 Earnings Presentation
44 slides from NZX's earnings presentation, Feb 26, 2026
Slide 1: NZX Full Year 2025 Results Investor Presentation
NZX FULL YEAR 2025 RESULTS INVESTOR PRESENTATION 26 February 2026 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 Annual Report, which provides additional information on many areas covered in this p
Slide 3: Executive Summary
Executive Summary Mark Peterson Chief Executive Officer 3
Slide 4: FY25 Results – Financial Highlights
FY25 Results – Financial Highlights NZX has produced a strong operating financial result despite another volatile year for the local market. Demonstrating our triple strength as a market operator, funds manager and fund administration platform provider Operating Earnings2 Operating Margin Net Profit
Slide 5: FY25 Results – 2025 strategic delivery achievements
FY25 Results – 2025 strategic delivery achievements NZX continues to deliver to our growth strategy, with growth in most of the key revenue driving metrics 2025 Targets 2025 Actual 5 Yr Progress Strategic Delivery Markets Group • Capital listed and raised $16.0 billion $14.4 billion $17.0bn average
Slide 6: 2026 strategic delivery - what success looks like
2026 strategic delivery - what success looks like The 2026 strategic priorities and targets for the key revenue metrics drive the 2026 earnings guidance 2026 Strategic Priorities External dependencies 2026 Targets Markets • Capital listed and raised • Drive growth as the macro-economic environment i
Slide 7: 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 • Connecting people, businesses and capital – to assist NZ to grow and improve its productivity • Three connected and complementary
Slide 8: Business Unit Highlights
Business Unit Highlights "New Zealand's Exchange Te Paehoko O Aotearoa
Slide 9: Capital Markets Origination – Capital Listed and Raised
Capital Markets Origination – Capital Listed and Raised Even through ongoing economic uncertainty, the market was able to support companies raising equity and debt capital. It was a year of two halves for capital listed and raised with the H1-25 ($4.8b excluding FCG) difficult macroeconomic environm
Slide 10: Value Traded / Cleared; Information Services Revenue
Value Traded / Cleared Information Services Revenue Value traded / cleared has also been impacted by the uncertain Higher average retail terminal and licences numbers, as well as economic environment, with value traded /cleared reducing indices revenue has driven underlying growth in Information dur
Slide 11: Dairy Derivatives, GlobalDairyTrade, S&P/NZX20 Index Futures
Dairy Derivatives, GlobalDairyTrade, S&P/NZX20 Index Futures Dairy Derivatives continues to see growth from the Singapore Exchange strategic partnership and is attracting interest from financial traders. GlobalDairyTrade has started realising the benefits of the platform insourcing strategic initiat
Slide 12: Smart – Funds Under Management (FUM)
Smart – Funds Under Management (FUM) Smart continues to drive growth and the future KiwiSaver growth profile will benefit from increasing contribution rates. We continue to mature the operational environment and plan to rebrand KiwiSaver in 2026 2025 Highlights SuperLife KiwiSaver FUM growth continu
Slide 13: Wealth Technologies – Annual Recurring Revenue (ARR)
Wealth Technologies – Annual Recurring Revenue (ARR) The positive outlook continues, with successful pipeline conversions and client migrations. Significant extension of services with major client (2027 migration), plus Smart migrations – KiwiSaver (mid 2026) and other schemes (est. 2027 / 2028) 202
Slide 14: Financial Performance
Financial Performance New Zealand's Exchange Te Paehoko O Aotearoa
Slide 15: Income Statement
Income Statement 2025 2024 3 Change Operating Earnings $000 $000 Fav/(unfav) Operating earnings (ex. one-off integration and restructure costs) of $53.5 million was up 11.6% Operating revenue 128,948 120,122 7.3% Operating earnings by business unit – refer to Appendix 1 for detailed segmental analys
Slide 16: Income Statement – Operating Revenue
Income Statement – Operating Revenue Increased revenue driven by strong growth in both Smart and Wealth Technologies, partially offset by the Fonterra (FCG) contract ceasing on their move to the Main Board and there being no one off Audit and back dated revenue Revenue - +$8.8m / + 7.3% Markets (-$1
Slide 17: Income Statement – Operating Expenses
Income Statement – Operating Expenses (excluding integration /restructure costs) Cost increases (above inflation) arise from further investments into Smart and Wealth Technologies Expenses +$3.3m / + 4.5% Markets (+$0.5m / +2.5%) • Personnel costs – reduced due to late 2024 restructure • Information
Slide 18: Income Statement – Operating Earnings Segmental Analysis
Income Statement – Operating Earnings Segmental Analysis 2025 Capital Secondary Inform ation Markets Funds Wealth Corporate NZX Regulation Inter- NZX Group $000 Markets Markets services Sub-total Managem ent Technologies Services Com m ercial (NZ RegCo) segm ent Total Origination (Sm art) Operations
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 Integration and restructure costs • Smart – final integration of QuayStreet, ongoing activities to mature the Smart operations, and the start of customer
Slide 20: Financial Position and Cash Flows
Financial Position and Cash Flows 20
Slide 21: Balance Sheet as at 31 December 2025
Balance Sheet as at 31 December 2025 Most cash balances (i.e. risk capital and regulatory working capital) are not available for general use 2025 20241 Cash and cash equivalents Includes: $000 $000 • Clearing House risk capital ($20 million) which is not available for general use; Current assets • C
Slide 22: CAPEX (1/2)
CAPEX (1/2) CAPEX Trading, Clearing and Energy systems software are on up to date and fully supported versions PP&E and other software have returned to normal life cycle recurring levels Trading, Clearing and Energy Systems • Trading, clearing and energy systems CAPEX driven by specific system life
Slide 23: CAPEX (2/2)
CAPEX (2/2) Wealth Technologies’ CAPEX levels are dependent on new client migration activity, which is expected to increase for the migration of a SaaS client extending services. Smart CAPEX will increase as we implement a new Smart APP for KiwiSaver Wealth Technologies • Wealth Technologies CAPEX r
Slide 24: Cash Flows
Cash Flows As previously indicated, increased cash flows from operating activities and lower levels of CAPEX have driven a 25.0% increase in free cash flows 2025 2024 Free Cash Flows +$5.3m / 25.0% $000 $000 Operating activities 39,492 35,887 +10.0% Operating activities cashflow represents net profi
Slide 25: Final Dividend and 2026 Earnings Guidance
Final Dividend and 2026 Earnings Guidance 25
Slide 26: Final Dividend and 2026 Earnings Guidance
Final Dividend 2026 Earnings Guidance Final Dividend 2026 Earnings Guidance • The Board has declared a fully imputed final dividend of 3.3 cents per share NZX’s full year 2025 Operating Earnings (EBITDA), excluding project costs, is forecast to be in the • Dividend to be paid on 2 April 2026 to shar
Slide 27: Appendices
Appendices New Zealand's Exchange Te Paehoko O Aotearoa
Slide 28: Appendix 1: Segmental Analysis Income Statement by Business Unit
Appendix 1: Segmental Analysis Income Statement by Business Unit 2025 Capital Secondary Inform ation Markets Funds Wealth Corporate NZX Regulation Inter- NZX Group $000 Markets Markets 1 services 1 Sub-total Managem ent Technologies 3 Services 4 Com m ercial (NZ RegCo) 5 segm ent Total Origination1
Slide 29: Appendix 1: Segment – Markets
Appendix 1: Segment – Markets Markets is the integrated business that supports the growth of NZ capital markets 2025 2024 Change 2025 2024 Change Markets $000 $000 Fav/(Adv) $000 $000 Fav/(Adv) Markets Revenue Operating expenses Capital Markets Origination Gross personnel costs 11,791 12,609 6.5% An
Slide 30: Appendix 1: Segment – Markets Operating Revenue
Appendix 1: Segment – Markets Operating Revenue Capital Markets Origination Revenue Information Services Revenue The Annual listing fee year runs from 1 July to 30 June, with the 2025 fees based on the market capitalisation at 1) 31 Royalties from terminals revenue increase relates to price increase
Slide 31: Appendix 1: Segment – Markets Operating Expenses
Appendix 1: Segment – Markets Operating Expenses Personnel Costs Other Expenses Personnel costs are driven by the average number of FTEs, wage inflation and capitalisation levels: Other expenses include audit fees (e.g. clearing house financial and operational audits), travel, statutory • headcount
Slide 32: Appendix 1: Segment – Smart
Appendix 1: Segment – Smart This business is a funds management business which comprises the SuperLife superannuation, QuayStreet Schemes, KiwiSaver products and Smart Exchange Traded Funds 2025 2024 Change Operating Revenue Smart $000 $000 Fav/(Adv) FUM-based revenue – driven by average FUM increas
Slide 33: Appendix 1: Segment – Smart (formerly Smartshares)
Appendix 1: Segment – Smart (formerly Smartshares) This business is a funds management business which comprises the SuperLife superannuation, QuayStreet Schemes, KiwiSaver products and Smart Exchange Traded Funds NZX Full Year 2025 Results 33
Slide 34: 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 2025 2024 Change Operating Revenue Wealth technologies $000 $000 Fav/(Adv) Administration (FUA based) fees – driven by average FUA increasing (202
Slide 35: 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 External Clients 2024 2025 Incr. Clients on the NZXWT platform at start of year 21 32 New clients migrated during the year 11 13 Clients on the NZ
Slide 36: 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 2025 2024 Change Operating Revenue Corporate Services $000 $000 Fav/(Adv) Revenue relates to costs recharged to business units (which a
Slide 37: 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 2025 2024 Change Regulation (NZ RegCo) NZ RegCo $000 $000 Fav/(Adv) Regulation is structurally separat
Slide 38: Appendix 1: Non-Operating Expenses
Appendix 1: Non-Operating Expenses Non-Operating Expenses Integration & restructure costs Non-Operating Expenses (continued) Integration and restructure costs relate to: Share of profit/loss of associate relates to our investment in GlobalDairyTrade (GDT). • Smart: GDT’s growth initiatives are progr
Slide 39: Appendix 2: People
Appendix 2: People NZX has strong employee engagement and a positive culture. Culture and Engagement Gender Pay Gap (GPG) and Gender Representation Workforce Diversity • NZX uses the Gallup survey to measure employee engagement • NZX’s remuneration approach remains focused on paying people • NZX has
Slide 40: Appendix 3: NZX Group overview
Appendix 3: NZX Group overview A diverse and connected capital markets focused business NZX Group Corporate, Legal, Technology NZ RegCo (Issuer Regulation, Capital Markets Participant Compliance, Smart NZX Wealth Surveillance and Market Cash (Shares), Derivatives, Energy, (Funds Technologies Conduct
Slide 41: 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 42: Appendix 5: Historical Information
Appendix 5: Historical Information Financial Information 20181 2019 2020 2021 2022 2023 20243 2025 Restated Restated Operating Earnings $28.6m $31.4m $34.4m $35.8m $36.6m $40.1m $47.9m $53.5m (ex. acquisition, integration and restructuring costs) Net Profit After Tax $13.7m $14.6m $17.6m $15.0m $14.
Slide 43: 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 Full Year 2025 Results 43
Slide 44: Thank you
NZX 7 Thank you