Stonegate Capital Partners has updated its coverage on NZX Limited (NZSE: NZX), following the company's release of its second-half 2026 financial results. For the period, NZX reported revenue of $67.2 million, operating profit of $17.7 million, and EBITDA of $27.6 million. These figures compare to Stonegate's estimates of $68.8 million, $16.2 million, and $27.7 million, respectively. While revenue came in modestly below expectations, profitability was broadly in line with forecasts.
The variance in revenue was primarily attributed to softer market activity amid lingering macroeconomic uncertainty. However, Stonegate anticipates that market conditions will improve over time, supporting NZX's growth trajectory. The company's Smart and Wealth Tech segments continued to drive growth, with funds under management (FUM) increasing by 17.4% and funds under administration (FUA) rising by 23.1%.
Underlying earnings remained resilient, with second-half 2026 EBITDA of $27.6 million aligning closely with expectations. Looking ahead, NZX provided 2026 EBITDA guidance in the range of $53.0 million to $58.5 million, signaling management's confidence in sustained momentum. To view the full announcement, including downloadable images and bios, click here.
Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking services for public and private companies. For more information, visit Stonegate's website.
