Half Year 2026 NZX Ltd Earnings Call Transcript
Key Points
- Operating earnings increased 8.8% to $27.3 million, with net profit after tax up 18% to $9.8 million, and EPS up 17%.
- Capital raised on NZX markets surged 25.2% to $6 billion, with new capital listings up 69.1% year-on-year.
- Smart's funds under management grew 20.5% to $18 billion, with net cash flows of $1.2 billion exceeding expectations.
- Wealth Technologies' funds under administration rose 20.1% to $21.1 billion, with annual recurring revenue up 15% to $13.7 million.
- The launch of the S&P/NZX20 Futures product and strong pipeline for future listings, including the upcoming Technology Investor Day, support long-term growth.
- Cash market value traded declined marginally to $21.2 billion due to lower index rebalancing volumes.
- Dairy derivative lots traded fell 5.7% year-on-year, with no repeat of large speculative trades.
- GDT reported a loss in the first half due to seasonal weakness and higher costs from platform stabilization and expansion investments.
- Operating margin decreased to 35.6% from 37%, impacted by QuayStreet externalization and increased marketing spend.
- Wealth Technologies' operating costs rose 23%, driven by higher personnel and development costs for future client migrations.
Everyone, welcome to NZX's 2026 interim results call. I'm Graham Law, NZX's acting Chief Executive, and I'm here with Amy Trotman, NZX's acting CFO. Amy and I will take you through the interim results. I'll lead off with the key elements of the interim results and the comments on NZX's strategy. Then Amy will then step us through the financials. After which, we'll be happy to take any questions. (Event Instructions)
Before we start, please note the important notice on slide 2 of the investor presentation, as that statement applies to all content and comments made by us during this call.
Moving to slide 4, where we summarize the 2026 interim result. In the first six months of 2026, NZX maintained momentum in creating long-term value across its diversified financial markets infrastructure businesses, demonstrating NZX's resilience through diversity of product offering as a market operator, fund manager and fund administration platform provider. The period again tested market confidence. Geopolitical tensions added to investor
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