NZX Reports Solid H1 Gains Amid Challenging Market Conditions

NZX, New Zealand's major stock exchange operator, posted solid gains in its first half of 2026, despite a challenging market backdrop. The company reported an 8.8% increase in operating earnings to NZD 27.3 million and an 18% jump in net profit after tax to NZD 9.8 million.

The exchange operator attributed the strong performance to its diversified businesses, which helped offset the impact of geopolitical tensions, investor caution, and a slower New Zealand economy.

NZX's revenue rose by 13.3% to NZD 76.6 million, driven by growth in Smart fund-based revenue, stronger Wealth Technologies fees, higher capital markets origination revenue, and increased information services. Operating expenses also increased but at a slower pace than revenue, allowing earnings to improve.

The company's operating margin slipped to 35.6% from 37% a year earlier due to the QuayStreet externalization and investment in the Smart KiwiSaver rebrand. However, free cash flow improved to NZD 1.4 million, up NZD 2.7 million from H1 2025.

NZX maintained its full-year 2026 operating earnings guidance at NZD 53 million to NZD 58.5 million and pointed to several growth initiatives for the remainder of the year, including the Smart KiwiSaver rebrand and relaunch planned for Q4, completion of the KiwiSaver registry migration to the Wealth Technologies platform, and further development of the Smart app.