Nzx Limited · NZX:NZX
Nzx — H1 2026 Earnings Presentation
45 slides from Nzx's earnings presentation, Aug 20, 2026
Slide 1: NZX Interim Results 2026 Investor Presentation
NZX INTERIM RESULTS 2026 INVESTOR PRESENTATION 20 August 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 NZX Interim Report 2026, which provides additional information on many areas covered in t
Slide 3: Executive Summary
Executive Summary aa New Zealand's Exchange Te Paehoko O Aotearoa
Slide 4: HY26 Results – Financial Highlights
HY26 Results – Financial Highlights Creating long term value – NZX has delivered a solid half-year result despite an unsettled environment for global markets and ongoing uncertainty across the New Zealand economy. Demonstrating NZX’s resilience through diversity of product offering – as a market ope
Slide 5: HY26 Results – Progress on 2026 strategic priorities
HY26 Results – Progress on 2026 strategic priorities NZX continues to implement its strategic priorities to deliver value to our shareholders and New Zealand. 2026 Targets (FY) 2026 Actual YTD 2026 Progress Strategic Delivery Markets Group • Capital listed and raised $15.0 billion $6.0 billion Highe
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 Connecting people, businesses and capital – to assist NZ to grow and improve its productivity Three connected and complementary busi
Slide 7: Business Units – Highlights and Strategy
Business Units – Highlights and Strategy 7
Slide 8: Capital Markets – Strategy
Capital Markets – Strategy Creating long-term value for shareholders while operating New Zealand’s financial markets in a way that is trusted, reliable and in the best interests of investors, businesses and the New Zealand economy GROW LIQUIDITY MODERNISE PLATFORM FOSTER MARKET CONFIDENCE Deepen liq
Slide 9: Capital Markets Listings
Capital Markets Listings Despite global uncertainty, including the USA-Iran conflict, listed NZX issuers continued to use the market to raise capital, particularly through secondary raisings and debt issuance 2026 Highlights Listings Pipeline Capital Listed / Raised (new and secondary capital raisin
Slide 10: Capital Markets Liquidity
Capital Markets Liquidity We have been deepening liquidity by growing the number of participants and improving market settings 2026 Highlights Participant Pipeline Value Traded / Cleared $21.2 billion (2.7)% There have been 3 new participants over the past year: • BNP Paribas SA Australia (Derivativ
Slide 11: S&P/NZX20 Index Futures
S&P/NZX20 Index Futures S&P/NZX 20 Index Futures went live on 28 April 2026. Open Interest is growing as funds are onboarded 2026 Highlights Relative size of Index Futures Market vs Equity Market (Multiplier) Equity Index Futures Lots traded 6,860 2.00 Equity Index Open Interest (lots) 1,279 1.75 1.
Slide 12: Dairy Derivatives and GlobalDairyTrade
Dairy Derivatives and GlobalDairyTrade Dairy Derivatives underlying hedging activity has grown however there have been no large structured options trades in 2026 yet. GlobalDairyTrade strategy has evolved and the strategic initiatives are expected to mature in coming years Dairy Derivatives GlobalDa
Slide 13: Capital Markets – Regulatory Reform
Capital Markets – Regulatory Reform There is momentum in the coordinated NZX reforms and government reforms aimed at strengthening capital markets, attracting more issuers / listings and ensuring global competitiveness Government – NZX – NZX – Capital Markets Reform Phase II Tiered Compliance Dual C
Slide 14: 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 2026 Highlights KiwiSaver Strategy • Significant cashf
Slide 15: Wealth Technologies
Wealth Technologies Successful pipeline conversions and client migrations continue Addressing opportunities to increase Total Addressable Market and product / service offering 2026 Highlights Strategy • Migrations continue, increasing Wealth Technologies FUA and ARR Current Addressable Market – Advi
Slide 16: Financial Performance
Financial Performance 16
Slide 17: Income Statement
Income Statement 2 2 Change vs Change vs Operating Earnings H1-2025 H2-2025 H1-2026 H1-25 H2-25 $000 $000 $000 Fav/(adv) Fav/(adv) Operating earnings (including one-off project & restructure costs) of $26.3 million was Operating revenue 67,635 73,616 76,647 13.3% 4.1% up 9.4% on H1-25, but down 4.7%
Slide 18: Income Statement – Operating Revenue
Income Statement – Operating Revenue Revenue growth driven by Smart and Wealth Technologies, together with higher audit and back dated revenue and growth in information services revenue Revenue +$9.0m / + 13.3% Markets (+$1.9m / +6.4%) • CM Origination revenue – increase driven by higher annual & se
Slide 19: Income Statement – Operating Expenses (excluding project & restructure costs)
Income Statement – Operating Expenses (excluding project & restructure costs) Cost increases (above inflation) arise from further investments into Smart and Wealth Technologies Expenses +$6.8m / + 16.0% Markets (+$0.6m / +5.3%) • Personnel costs – increased due to additional issuer relationship reso
Slide 20: Income Statement – Operating Earnings Segmental Analysis
Income Statement – Operating Earnings Segmental Analysis 6 m onths ended June 2026 (H1-26) Capital Secondary Inform ation Markets Funds Wealth Corporate NZX Regulation Inter-segm ent NZX Group $000 Markets Markets services Sub-total Managem ent Technologies Services Com m ercial (NZ RegCo) elim inat
Slide 21: 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 Project and restructure costs Project spend primarily relates to further investments to mature the Smart operations: • KiwiSaver investment - client expe
Slide 22: Financial Position and Cashflows
Financial Position and Cashflows 22
Slide 23: Balance Sheet as at 30 June 2026
Balance Sheet as at 30 June 2026 June 20251 Dec 20251 June 2026 Cash and cash equivalents Includes: $000 $000 $000 • Clearing House risk capital ($20 million) which is not available for general use; Current assets • Clearing House complies with Financial Market Infrastructure Act principles requirin
Slide 24: 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 cy
Slide 25: 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 develop a new KiwiSaver Smart APP and data system enhancements Wealth Technologies Wealth
Slide 26: Cash Flows
Cash Flows As previously indicated, increased cash flows from operating activities and lower levels of CAPEX have driven an increase in free cash flows H1-2025 H2-2025 H1-2026 Free Cash Flows +$2.7m / 212.4% $000 $000 $000 Operating activities cashflow represents net profit after tax less non-cash i
Slide 27: Interim Dividend and 2026 Earnings Guidance
Interim Dividend and 2026 Earnings Guidance 27
Slide 28: Interim Dividend and 2026 Earnings Guidance
Interim Dividend 2026 Earnings Guidance Interim Dividend 2026 Earnings Guidance • The Board has declared a fully imputed dividend of 3.2 cents per share NZX’s full year 2026 Operating Earnings (EBITDA)1, excluding project costs, is forecast to be in the • Dividend to be paid on 30 September 2026 to
Slide 29: Appendices
Appendices New Zealand's Exchange Te Paehoko O Aotearoa
Slide 30: Appendix 1: Segmental Analysis - Income Statement by Business Unit
Appendix 1: Segmental Analysis - Income Statement by Business Unit 6 m onths ended June 2026 (H1-26) Capital Secondary Inform ation Markets Funds Wealth Corporate NZX Regulation Inter-segm ent NZX Group $000 Markets Markets 1 services 1 Sub-total Managem ent Technologies 3 Services 4 Com m ercial (N
Slide 31: 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 2025 H2 2025 H1 2026 H1 2025 H2 2025 H1 2026 H1-25 H2-25 H1-25 H2-25 $000 $000 $000 $000 $000 $000 Markets Fav/(adv) Fav/(adv) Markets Fav/(adv)
Slide 32: Appendix 1: Segment – Markets
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 2026 fees based on the market capitalisation at 1) 31 Royalties from terminals revenue increase relates to price increase
Slide 33: Appendix 1: Segment – Markets
Appendix 1: Segment – Markets Operating Expenses Personnel Costs Marketing Costs Personnel costs are driven by the average number of FTEs, wage inflation and capitalisation levels: The key marketing focuses are: • headcount – average FTEs have increased (FTEs June 26: 81.4, Dec 25: 80.2, June 25: 78
Slide 34: 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 H1 2025 H2 2025 H1 2026 Impact of QuayStreet externalisation H1-25 H2-25 $000 $000 $000 Sm
Slide 35: 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 Operating Revenue Operating Expenses (continued) FUM-based revenue – driven by average FUM increasing (H1-26:
Slide 36: 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 Funds Under Management (FUM) SuperLife KiwiSaver FUM has grown 13.5% growth YTD (net cashflows +7.7% and marke
Slide 37: 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 Operating Revenue Administration (FUA based) fees - average FUA has increased (H1-26: $20.28b, H2-25: $18.82b H1-25: $16.89b), which is a combinat
Slide 38: 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 2026 H1 2025 Incr. Clients on the NZXWT platform at start of period 45 32 New clients migrated during the period 4 13 Client chan
Slide 39: 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 2025 H2 2025 H1 2026 H1-25 H2-25 $000 $000 $000 Corporate Services Fav/(adv) Fav/(adv) Revenue
Slide 40: 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 2025 H2 2025 H1 2026 H1-25 H2-25 $000 $000 $000 NZ RegCo
Slide 41: Appendix 1: Non-Operating Expenses
Appendix 1: Non-Operating Expenses Non-Operating Expenses Project & restructure costs Non-Operating Expenses (continued) Project spend primarily relates to further investments to mature the Smart operations: Share of profit/loss of associate relates to our investment in GlobalDairyTrade (GDT). • Kiw
Slide 42: 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 43: 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 44: 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 45: Contact
Contact Graham Law Amy Trotman Chief Executive Officer (Acting) Chief Financial Officer (Acting) graham.law@nzx.com amy.trotman@nzx.com +64 29 494 2223 +64 27 696 3705 NZX Interim Results 2026 45