NZX H1 2022 Results & Interim Report Published

NZX Interim Report
2022

Contents
Our performance 2
Chief Executive’s update 4
Management commentary 10
Financial statements 22
Notes to the financial statements 27
Independent review report 39
Getting in touch 42

For more than 150 years we have been
enabling Kiwi success – creating opportunities
for New Zealanders to grow their personal
wealth and helping businesses prosper.
As New Zealand’s Exchange, we are proud
of our record in supporting the growth and
global ambitions of local companies.
Our 2022 Interim Report includes our
Financial Statements (and Notes to the
Financial Statements) for the six months
ended 30 June 2022, along with commentary
on the company’s financial results and
operational performance.
Our corporate governance policies are
available online at: nzx.com/about-nzx/
investor-centre/governance/policies. NZX
Limited is registered with the New Zealand
Companies Office and our New Zealand
Business Number (NZBN) is 9429036186358.
This report is dated 18 August 2022
and is signed on behalf of the Board of
NZX Limited by Chair, James Miller, and
Chair of the Audit and Risk Committee,
Lindsay Wright.
About this report
1

Our performance
* Operating earnings are before net finance expenses, income tax,
depreciation, amortisation, and gain or loss on disposal of assets. Operating
earnings is not a defined performance measure in NZ IFRS. The Group’s
definition of operating earnings may not be comparable with similarly titled
performance measures and disclosures by other entities.
Data is “for the 6 month period ended 30 June 2022,” or “as at 30 June 2022”
(as applicable).
Percentage changes represent the movement for the interim period June
2021 to June 2022, except Funds Under Management and Funds Under
Administration which are the movement in balances as at 30 June 2021 to
30 June 2022.
5 year average percentage changes represent the movement against the
rolling average for the preceding 5 year interim periods.
** Includes ASB Superannuation Master Trust acquired FUM.
DAIRY DERIVATIVES LOTS TRADED
198,920
TOTAL CAPITAL RAISED (new + secondary)
28.5
%
9.4b
DATA & INSIGHTS REVENUE
9.0m
9.91b
FUNDS UNDER ADMINISTRATION
TOTAL VALUE TRADED
9.1
%
20.8b
FUNDS UNDER MANAGEMENT
7.55b
**
INTERIM DIVIDEND (FULLY IMPUTED)
3.0
cents per share
5 -YE AR
AVER AGE
5 -YE AR
AVER AGE
28.0
%
42.1
%
4.2
%
32.7
%
28.2
%
23.3
%
2
NZX Interim Report 2022

NET PROFIT AFTER TAX
3.2
%
7.4m
17.4m
OPERATING EARNINGS
*
2.8
%
VALUE TRADED
CAPITAL RAISED
0
10
20
30
40
50
60
2022202120202019201820172016
H1H2 5-Year Rolling Average
Value Traded ($b)
0
5
10
15
20
2022202120202019201820172016
H1H2 5-Year Rolling Average
Capital Raised ($b)
* Includes one-off acquisition and integration
costs of $0.18 million. Operating earnings
excluding one-off acquisition costs
decreased 1.0% to $17.6 million.
3
NZX Interim Report 2022

Chief Executive’s
Update
Mark Peterson
NZX Chief Executive
NZX maintaining momentum in H1 2022
NZX has achieved solid results for the six
months to 30 June 2022 – including operating
earnings (EBITDA) for the half-year of $17.4
million (up 2.8%) – and, importantly, we
continue to make steady progress in delivering
our growth strategy.
We remain committed to balancing costs with
initiatives that will deliver long-term sustainable
growth – including those that encourage capital flows
and market liquidity.
Key highlights for H1 2022 include our Dairy
Derivatives partnership with the Singapore Exchange
(SGX) that began in November 2021. This continues to go
from strength to strength with more money flowing
towards futures markets. In addition, we have seen more
institutions purchasing data off us at record levels.
Overall capital raised totalled $9.4 billion, up 28.0%
compared to 30 June 2021 and 28.5% relative to the
five-year rolling average for the same reporting period.
As one would expect, NZX has experienced fewer
equity listings due to the macroeconomic impact on
markets. However, debt issuance has been strong
highlighting the diversity of funding sources available to
issuers on the NZX and the increased attractiveness for
investors to earn a stable return.
NZX Interim Report 2022
4

“We remain committed to
balancing costs with initiatives
that will deliver long-term
sustainable growth – including
those that encourage capital
flows and market liquidity.”
Through the period, $3.4 billion of debt issuance was
raised though 16 new debt issues, including $610 million in
green bonds. This demonstrates the breadth of market
offerings available to access capital in a changing
economic environment as well as the growing focus on
sustainable investing. We will continue to explore ways to
deepen New Zealand’s capital markets, including
progressing with a relaunch of the S&P/NZX20 Index
Futures.
Although the macroeconomic environment has
impacted total value traded ($20.8 billion, down 23.3%
since H1 2021); this follows two years of record highs and
is still well above pre-COVID-19 levels.
In the first half of 2022, earnings for Smartshares and
Wealth Technologies increased, and we remain confident
about their future growth prospects. Our Smartshares
business generated positive net cash inflows of $180
million for the period. However, after including market
movements, funds under management, excluding acquired
FUM from ASB Superannuation Master Trust, was down
9.4% compared to 31 December 2021. The business
growth remains strong with a compound annual growth
rate of 21.2% since NZX set its five-year strategic goals
in 2018.
Wage inflation is now the biggest driver of cost change.
In challenging economic times, we remain vigilant about
controlling costs; whilst leveraging the investments we
have made for the future – particularly in Smartshares and
Wealth Technologies – to increase earnings and cashflow
while delivering our growth strategy.
Business resilience remains a key focus and the
Financial Markets Authority (FMA) acknowledged the
significant improvements we have made to our IT
capability, including system security.
Financial performance
Group operating earnings (EBITDA) for the half-year
were $17.4 million – up 2.8% on the same period as last
year. Excluding acquisition and integration costs, Group
operating earnings (EBITDA) for the same period were
$17.6 million – down only 1.0%.
At a Group level operating revenue increased by 8.8%
to $46.2 million. This was driven by increased revenue from
listing activity, Dairy Derivatives, Data & Insights, Funds
Management and Wealth Technologies.
In the same period there was a reduction in securities
trading and securities clearing revenues, energy consulting
revenue, and audit and back-dated licencing revenue.
Our financial results for Core Markets show both
increased revenue and spend compared to H1 2021. As a
result, operating earnings were slightly compressed at
$20.4 million (down 0.5% compared to H1 2021 and 6.6%
lower than H2 2021). Revenue was up 1.0% to $30.1 million,
while operating expenses rose by 4.3% to $9.6 million –
principally driven by wage inflation.
Dairy Derivatives revenue was positively impacted
by the higher level of lots traded (+42.1%) since the
commencement of the SGX strategic partnership and the
USD exchange rate.
Data and Insights continued its steady growth with
record revenue of $9.0 million – an increase of 4.2%.
This was driven by an increase in professional terminal
numbers. Revenue from audits and backdated licenses
decreased by 61.0%. However, a significant number of
audits are expected to be completed in H2 2022.
Compared to 30 June 2021, Smartshares operating
earnings, excluding one-off acquisition and integration
costs, increased by 25.7% to $6.0 million. This included
$1.82 million of operating earnings from the purchase of
the ASB Superannuation Master Trust.
NZX Wealth Technologies operating earnings were
$0.5 million for H1 2022, compared to $0.1 million in
H1 2021. It has a strong pipeline of future business –
including a significant client and expected increase
in funds under administration (FUA).
Air New Zealand (NZX:AIR) refuelled with the completion of its $1.2 billion
capital raise earlier this year, with its focus now turning to reconnecting
New Zealand with the world.
NZX Interim Report 2022
5

Group operating expenses, excluding one-off
acquisition and integration costs, increased by 15.8%
to $28.6 million. We have now completed our IT capacity
and resilience improvement programme, as well as
strengthening further our security posture. We will
continue to invest in these areas as required in the future.
Increased personnel costs reflect rising wage inflation due
to the extremely tight labour market in New Zealand
post-COVID-19 lockdowns and the ongoing difficulties
businesses are facing in sourcing, recruiting and
retaining talent.
At a Group level, there was an increase in non-
operating expenses of $1.7 million – driven by an increase
in depreciation and amortisation. This was due to the
flow-on impact from 2021 investment initiatives, including
Wealth Technologies’ client migrations, IT resilience
improvements, Smartshares’ digital tools (and supporting
infrastructure) for KiwiSaver Default Scheme, amortisation
of the acquired ASB Superannuation Master Trust
management rights, and the associated depreciation of
the fit out of the new Auckland office.
Net profit after tax for the period (NPAT) was $7.4
million – down 3.2%, with the NZX Board declaring a fully
imputed interim dividend of 3.0 cents per share to be paid
on 23 September 2022.
NZX’s full-year 2022 Operating Earnings is expected
to remain in the range from $33.5 million to $38.0 million.
We have detailed our financial results in the
Management Commentary on page 10.
Origination team working hard
H1 2022 was a busy period for the Capital Markets
Origination team with capital flows reflecting the changing
focus of the market.
With rising rates leading to higher coupons and the
cyclical nature of bond reissuance, the bond market has
been extremely strong, and we have seen a range of new
bond issuance, including deals from BNZ, ASB, Infratil,
Vector and Genesis in June.
The 16 debt listings in H1 2022 added approximately
$3.4 billion of market capitalisation to the NZDX.
Additionally, ANZ was able to raise $550 million of
additional tier one debt capital in July.
Key events in H1 2022 included the listing of the
Booster Innovation Fund and SBS ringing the bell for its
inaugural bond. Ampol listed on 17 May following the
completion of its merger with Z Energy. The Z retail brand
is being retained in New Zealand and the bonds are being
retained on the NZDX. We are seeing a range of
companies waiting and evaluating macroeconomic factors
to see whether the market will settle before making the
decision to list.
Secondary issuance of capital – across equities and
bonds – is operating effectively with $5.1 billion raised
for H1 2022 – up 32.1% compared to the year before.
Air New Zealand’s $1.2 billion rights issue was
positively received.
The team continues to be very active in terms of
contacting private companies and engaging with the
ecosystem across investment banks, law firms, accounting
firms, private equity and sponsorship partners to drive
new listings.
The majority of the team’s activity is focused on
New Zealand, but it is also working hard to strengthen
relationships with Transtasman business with the aim of
increasing dual listing activity. We recently hosted two
successful listing masterclasses in Auckland (23 prospects
in attendance) and Wellington (37 attendees) as well as a
takeover response seminar for existing issuers. In late June
we hosted the Australasian Investor Relations Association,
which brought many of the investor relations professionals
from our listed companies together at our Capital Markets
Centre in Auckland.
We also have several “listing your company” and
“raising capital in New Zealand” events planned with
partners including Sharesies, Cameron Partners,
Northington Partners, NZTE, ASB, Syndex, Morgo,
Snowball Effect and Icehouse.
Dairy showing growth potential
NZX’s partnership with the SGX has enabled the listing of
our suite of Global Dairy Derivatives on the SGX. This
combined with a 33.3% stake in Global Dairy Trade (GDT)
alongside Fonterra and the European Energy Exchange (EEX)
completed on 30 June, highlight the significant potential for
NZX to build and drive growth from strategic partnerships.
“Since the SGX-NZX Dairy
Derivatives strategic
partnership began late last
year, contract volumes have
expanded significantly. Year
to date volumes for all dairy
products have grown by 42%,
and a new record level in Open
Interest was registered in June
at more than 100,000 lots.”
NZX Interim Report 2022
6

SGX’s footprint in Asia combined with New Zealand’s
dairy expertise is proving an effective combination. While
still in the early stages of the partnership, the results are
encouraging and we have high confidence in achieving our
strategic goals of increasing distribution and profile, and
through these, liquidity growth.
Since the SGX-NZX Dairy Derivatives strategic
partnership began late last year, contract volumes have
expanded significantly. Year to date volumes for all dairy
products have grown by 42%, and a new record level in
Open Interest was registered in June at more than 100,000
lots. This is a significant milestone and is a sign of a healthy
and growing market, representing the amount of open buy
and sell positions held on the exchange.
Of particular interest is the development of the
NZ Milk Price contracts, which continue to see strong
growth, as farmers find more value in these hedging tools
and increase their utilisation in the face of market volatility.
Volumes have increased 44% in the first half of 2022,
and Options have increased 1768%.
Driving these numbers was the advancement of
connected trading and clearing firms, which have trebled
with potential for further expansion across SGX’s network
of more than 70 names.
Our investment in GDT seeks to bring new dairy
customers to the GDT platform under a more diverse
ownership structure, and offers NZX the opportunity
to be involved in the setting of GDT’s future strategic
There’s nothing better than learning on the job – our Capital Markets
Origination team enjoyed catching up with the team at Vulcan (NZX: VSL)
at their recent site visit.
direction. On 9 August we saw the delivery of one of GDT’s
first initiatives which will bring more frequent price
discovery to the physical market through a weekly auction
known as GDT Pulse. This will have positive benefits for the
dairy derivatives market volumes. NZX’s Data & Insights
function is also providing effective market insights to
support awareness and engagement across our dairy
market investments.
With only 10% of New Zealand’s physical market in
dairy commodities hedged with futures, the potential
for growth is significant, with mature commodity
derivative markets trading many multiples of their
underlying production.
Smartshares – growing & delivering to customers
Smartshares, NZX’s wholly owned subsidiary, continues
to grow organically and look for opportunities to expand
its passive funds management business, leveraging off
the technology and operational investments that have
been made in recent years.
In February Smartshares cemented its position as
a trusted name in superannuation, KiwiSaver investment
and insurance (through SuperLife) with the $25 million
acquisition of ASB Superannuation Master Trust. The
purchase added more than $1.8 billion in retirement
savings from more than 17,500 members to Smartshares’
funds management business. Integration work is
well underway.
NZX Interim Report 2022
7

FMA report notes significant progress
In June NZX was acknowledged by the Financial
Markets Authority (FMA) in its annual market obligations
review of NZX for significantly improving our IT, risk and
resilience capabilities. The report noted the investment we
had made in our people, processes and systems.
The FMA also noted that NZ RegCo had operated
effectively during its first full year and demonstrated an
appropriate level of independence from NZX.
Special thank you
Finally, I would like to acknowledge our team at NZX for
their commitment, can-do attitude and quality work.
Despite the challenging operating environment, our
people remain focused on the tasks at hand and take pride
in helping connect people, businesses and capital everyday.
Mark Peterson
CHIEF EXECUTIVE
While the changes in market conditions impacted the
top line FUM levels, the business still had strong net cash
inflows of $180 million. Smartshares’ customer growth
remained strong with membership increasing from 79,219
to 125,176 – an increase of 58% – which includes the impact
of the ASB Superannuation Master Trust acquisition.
In the year to 30 June, Smartshares client-centric
approach resulted in 41,342 interactions (emails and calls)
with customers from its KiwiSaver fund, SuperLife. This was
up 27% from the same period in 2021.
Recently SuperLife was rated both New Zealand’s
lowest cost and best performing KiwiSaver Default fund
(source: Melville Jessup Weaver Investment Survey June
2022). This independent rating reflects well on both the
quality of service provided and the outcomes achieved.
NZX Wealth Technologies – platform & services in
demand
NZX Wealth Technologies’ technology platform
continues to be a trusted local market provider for financial
services. The team is transitioning more clients on to the
platform, securing new prospects and extending
functionality to existing customers.
Wealth Technologies remains confident it has the
customer relationships to deliver $35-$50 billion FUA.
There is strong determination and drive to be cash flow
positive and we remain excited by the future growth
prospects of this business.
“Regarding carbon trading
and building on the
success of NZX operating
New Zealand’s Emissions
Trading Scheme auctions,
we continue to explore
how we can best support
the government and
New Zealand achieve
its emissions-reduction
objectives. “
NZX CEO, Mark Peterson presented Mainfreight’s (NZX:MFT) Chair, Bruce
Plested with a pounamu in recognition of 26 years listed on the NZX.
NZX Interim Report 2022
8

9
NZX Interim Report 2022
Management
commentary

NZX Interim Report 2022
09
Management
Commentary
Overview
A breakdown of NZX’s financial results by business unit is summarised in the following table:
6 months ended June 2022
(H1-22)
$000
MarketsFunds
Management
Wealth
Technologies
Corporate
Services¹
NZX
Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue30,05211,4592,8501644,3771,79846,175
Operating expenses (excl.
acq/integration costs)
(9,646)(5,483)(2,386)(9,081)(26,596)(1,975)(28,571)
Operating earnings (excl.
acq/integration costs)20,4065,976464(9,065)17,781(177)17,604
Acq/integration costs-(184)--(184)-(184)
Operating earnings²20,4065,792464(9,065)17,597(177)17,420
Depr, amort. & disposals(1,420)(1,235)(2,588)(1,510)(6,753)-(6,753)
Earnings bef. interest & tax18,9864,557(2,124)(10,575)10,844(177)10,667
Net interest & tax(3,284)
Net profit for the period7,383
6 months ended
December 2021 (H2-21)
$000
MarketsFunds
Management
Wealth
Technologies
Corporate
Services¹
NZX
Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue31,2559,8972,3237443,5491,95545,504
Operating expenses (excl.
acquisition costs)(9,397)(5,462)(2,067)(8,854)(25,780)(1,731)(27,511)
Operating earnings (excl.
acquisition costs)21,8584,435256(8,780)17,76922417,993
Acquisition costs-(504)--(504)-(504)
Operating earnings²21,8583,931256(8,780)17,26522417,489
Depr, amort. & disposals(1,391)(652)(2,183)(1,395)(5,621)(19)(5,640)
Earnings bef. interest & tax20,4673,279(1,927)(10,175)11,64420511,849
Net interest & tax(4,464)
Net profit for the period7,385
NZX Interim Report 2022
10
NZX Interim Report 2022
10
6 months ended June 2021
(H1-21)
$000
MarketsFunds
Management
Wealth
Technologies
Corporate
Services
1
NZX
Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue29,7608,9412,0741140,7861,66542,451
Operating expenses (excl.
acquisition costs)(9,251)(4,186)(1,946)(7,600)(22,983)(1,682)(24,665)
Operating earnings (excl.
acquisition costs)20,5094,755128(7,589)17,803(17)17,786
Acquisition costs-(848)--(848)-(848)
Operating earnings
2
20,5093,907128(7,589)16,955(17)16,938
Depr, amort. & disposals(1,282)(691)(1,820)(1,078)(4,871)(38)(4,909)
Earnings bef. interest & tax19,2273,216(1,692)(8,667)12,084(55)12,029
Net interest & tax(4,399)
Net profit for the period7,630
1 Corporate Services provides accommodation, legal, accounting, IT, HR, communications and project management support to the other business units. Related costs are currently
not recharged to these commercial business units and subsidiaries (other than NZ RegCo).
2 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, and gain or loss on disposal of assets. Operating earnings is not a defined
performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
Operating earnings (EBITDA) of $17.4 million was up 2.8% compared to the H1-21 and down 0.4% compared
to H2-21.
On a like-for-like basis, operating earnings excluding one-off acquisition and integration costs decreased, to
$17.6 million, down 1.0% compared to the H1-21 and down 2.2% compared to H2-21, with:
• operating revenue increased to $46.2 million. Annual listing fees, Dairy Derivatives, Data & Insights, Funds
Management and Wealth Technologies business units' revenue increased, partially offset by reduced
securities trading and securities clearing revenues, energy consulting revenue, audit and back dated
licencing revenue; and
• operating expenses, excluding one-off acquisition and integration costs, increased to $28.6 million. We
have completed our Information Technology (IT) capacity and resilience improvement programme, as well
as the strengthening of our cyber security. There were no new investments for growth (other than
completing the acquisitions of the ASB Superannuation Master Trust management rights and a 33.3%
interest in Global Dairy Trade Holdings Limited) and the Funds Management and Wealth Technologies
business units are focused on leveraging existing resources.
Acquisition and integration costs relate to the acquisition (and integration planning) of the ASB
Superannuation Master Trust management rights.
Depreciation and amortisation increased due to the full period impact of several 2021 initiatives, including
Wealth Technologies client migrations, IT resilience improvements , Smartshares digital tools (and supporting
infrastructure) for KiwiSaver Default Scheme, amortisation of the acquired ASB Superannuation Master Trust
management rights, and depreciation of the new Auckland office fit out and associated right of use asset.
Net profit for the period decreased to $7.4m, down 3.24% compared to the H1-21 and 0.03% compared to H2-21.

NZX Interim Report 2022
11
NZX Interim Report 2022
10
6 months ended June 2021
(H1-21)
$000
MarketsFunds
Management
Wealth
Technologies
Corporate
Services
1
NZX
Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue29,7608,9412,0741140,7861,66542,451
Operating expenses (excl.
acquisition costs)(9,251)(4,186)(1,946)(7,600)(22,983)(1,682)(24,665)
Operating earnings (excl.
acquisition costs)20,5094,755128(7,589)17,803(17)17,786
Acquisition costs-(848)--(848)-(848)
Operating earnings
2
20,5093,907128(7,589)16,955(17)16,938
Depr, amort. & disposals(1,282)(691)(1,820)(1,078)(4,871)(38)(4,909)
Earnings bef. interest & tax19,2273,216(1,692)(8,667)12,084(55)12,029
Net interest & tax(4,399)
Net profit for the period7,630
1 Corporate Services provides accommodation, legal, accounting, IT, HR, communications and project management support to the other business units. Related costs are currently
not recharged to these commercial business units and subsidiaries (other than NZ RegCo).
2 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, and gain or loss on disposal of assets. Operating earnings is not a defined
performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
Operating earnings (EBITDA) of $17.4 million was up 2.8% compared to the H1-21 and down 0.4% compared
to H2-21.
On a like-for-like basis, operating earnings excluding one-off acquisition and integration costs decreased, to
$17.6 million, down 1.0% compared to the H1-21 and down 2.2% compared to H2-21, with:
• operating revenue increased to $46.2 million. Annual listing fees, Dairy Derivatives, Data & Insights, Funds
Management and Wealth Technologies business units' revenue increased, partially offset by reduced
securities trading and securities clearing revenues, energy consulting revenue, audit and back dated
licencing revenue; and
• operating expenses, excluding one-off acquisition and integration costs, increased to $28.6 million. We
have completed our Information Technology (IT) capacity and resilience improvement programme, as well
as the strengthening of our cyber security. There were no new investments for growth (other than
completing the acquisitions of the ASB Superannuation Master Trust management rights and a 33.3%
interest in Global Dairy Trade Holdings Limited) and the Funds Management and Wealth Technologies
business units are focused on leveraging existing resources.
Acquisition and integration costs relate to the acquisition (and integration planning) of the ASB
Superannuation Master Trust management rights.
Depreciation and amortisation increased due to the full period impact of several 2021 initiatives, including
Wealth Technologies client migrations, IT resilience improvements , Smartshares digital tools (and supporting
infrastructure) for KiwiSaver Default Scheme, amortisation of the acquired ASB Superannuation Master Trust
management rights, and depreciation of the new Auckland office fit out and associated right of use asset.
Net profit for the period decreased to $7.4m, down 3.24% compared to the H1-21 and 0.03% compared to H2-21.

NZX Interim Report 2022
12
NZX Interim Report 2022
11
A summary of the financial results by business unit are discussed in the following pages and the Investor
Presentation (refer https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure) also provides
further analysis.
Key metrics
The key metrics for 2022, as outlined in the February 2022 Investor Presentation, are summarised in the table
below:
External dependencies
2022 full year
deliverables2022 YTD actual
1
NZX Group
Operating earnings excluding
acquisition and integration costs
(EBITDA)
2
$33.5 - $38.0 million$17.6 million (down 1%)
Core Markets
Capital Markets
Origination
Capital listed and raised (total
primary and secondary capital
issued or raised for Equity, Funds
and Debt)
• Listing ecosystem is
dependent on other
market participants
• No major market
correction
$14.8 billion$9.4 billion (up 28.0%)
Secondary
Markets
Total value traded
• Participant activity
levels drive value traded
• No major market
correction
$52.5 billion
$20.8 billion (down
23.3%)
Dairy Derivatives lots traded
• Participant activity
levels and dairy market
price volatility drive lots
traded
0.45 - 0.55 million lots198,920 lots (up 42.1%)
Data & Insights
Revenue growth (in
subscriptions, licenses and dairy
subscriptions)
• Dependent on markets
growth
Average revenue
growth: 6.5%
$9.0 million (up 4.2%)
Funds
Management
Total Funds Under Management
(FUM)
• Investment market
returns
• No major market
correction
Continue 3-year rolling
average growth: 14%
(excluding acquired
FUM)
$5.92 billion excluding
acquired FUM (up 4.0%.
Average FUM for period
up 14.0%)
Wealth
Technologies
Total Funds Under Administration
• Investment market
returns
• No major market
correction
Migrate new clients and
OE clients onto the
platform
$9.91 billion (up 28.2%)
1 Percentage changes represent the movement for the interim period June 2021 to June 2022, except Funds Under Management and Funds Under Administration which are the
movements in balances as at 30 June 2021 to 30 June 2022.
2Operating earnings (EBITDA) are before net finance expenses, income tax, depreciation, amortisation, and gain or loss on disposal of assets. Operating earnings is not a defined
performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
NZX Interim Report 2022
12
Markets
OOp peer raat ti inngg eeaar rnni innggs s
Operating earnings of $20.4 million is (0.5)% lower
than H1-21 and is (6.6)% lower than H2-21. The
operating margin is 67.9% (H1-21: 68.9%, H2-21: 69.9%).
OOp peer raat ti inngg rreevveennuuee
Capital
markets origination
Annual listing fees paid by NZX’s equity, debt and
fund issuers are driven by the number of listed issuers
and equity, debt and fund market capitalisations.
Annual listing fees have been positively impacted by
the growth in equity market capitalisation and the
growth in number and value of debt instruments.
Primary listing fees are paid by all issuers at the time
of listing. The primary drivers of this revenue are the
number of new listings and the value of capital listed.
Primary listing fees in the period have been driven by
equity and retail debt listings; with total new capital
listed of $4.2 billion up 23.2% on the comparative
period.
Secondary issuance fees are paid by existing issuers
when the company raises additional capital through
placements, rights issues, the exercise of options,
dividend reinvestment plans, or further debt issues.
The primary drivers for this revenue are the number
of secondary issuances and the value of secondary
capital raised. Secondary issuance fees in the period
have been driven by equity recapitalisations and
retail debt issuances, with total additional capital
raised of $5.1 billion up 32.1% on the comparative
period.
Secondary markets
Participant services revenue is charged to market
participants (broking, clearing and advisory firms) that
are accredited for NZX’s equity, debt and derivatives
markets. The total number of market participants has
reduced to 30 (2021: 32), with the resignation of
Derivatives Trading and Clearing Participants (StoneX
Financial Inc and ADM Investor Services Inc) following
the commencement of the dairy derivatives strategic
partnership with the Singapore Stock Exchange (SGX).
Securities trading revenue comes from the execution
of trades on NZX’s equity and debt markets. Securities
clearing revenue relates to clearing and settlement
activities, and related depository services undertaken
by NZX’s subsidiary, New Zealand Clearing and
Depository Corporation Limited. The largest
component is clearing fees which are based on the
value of settled transactions.
Securities trading and clearing revenue decreased due
to:
• the total value traded ($20.8 billion) being 23.3%
lower than the comparative period;
• securities trading revenue was favourably impacted
by lower levels of uncharged value traded (mainly
caused by fewer large index rebalance trading days
where fees on value traded exceeds the fee cap),
which decreased to 6.5% (2021: 10.9%); and
• lower levels of OTC settlement / registry messaging
fees offset by higher levels of clearing margin fees.
Dairy derivatives revenue relates to trading, clearing
and settlement fees for trading SGX-NZX dairy futures
and options. The fees are charged in USD (reflecting
the global nature of the market) per lot traded. Dairy
derivatives revenue increased in line with the 42.1%
higher lots traded since the commencement of the
SGX strategic partnership from late November 2021.
Contractual and consulting and development revenue
arises from the operation of New Zealand’s electricity
market (under a long term contract with the Electricity
Authority), the Fonterra Shareholders' Market (under
a contract with Fonterra) and the carbon managed
auction service (under a contract with the Ministry for
the Environment). Consulting and development
revenue includes enhancements to the electricity
market systems, including the market real time pricing
project, which is due for completion in 2023. The
comparative period includes revenue relating to the
development of the carbon managed auction service.

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11
A summary of the financial results by business unit are discussed in the following pages and the Investor
Presentation (refer https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure) also provides
further analysis.
Key metrics
The key metrics for 2022, as outlined in the February 2022 Investor Presentation, are summarised in the table
below:
External dependencies
2022 full year
deliverables2022 YTD actual
1
NZX Group
Operating earnings excluding
acquisition and integration costs
(EBITDA)
2
$33.5 - $38.0 million$17.6 million (down 1%)
Core Markets
Capital Markets
Origination
Capital listed and raised (total
primary and secondary capital
issued or raised for Equity, Funds
and Debt)
• Listing ecosystem is
dependent on other
market participants
• No major market
correction
$14.8 billion$9.4 billion (up 28.0%)
Secondary
Markets
Total value traded
• Participant activity
levels drive value traded
• No major market
correction
$52.5 billion
$20.8 billion (down
23.3%)
Dairy Derivatives lots traded
• Participant activity
levels and dairy market
price volatility drive lots
traded
0.45 - 0.55 million lots198,920 lots (up 42.1%)
Data & Insights
Revenue growth (in
subscriptions, licenses and dairy
subscriptions)
• Dependent on markets
growth
Average revenue
growth: 6.5%
$9.0 million (up 4.2%)
Funds
Management
Total Funds Under Management
(FUM)
• Investment market
returns
• No major market
correction
Continue 3-year rolling
average growth: 14%
(excluding acquired
FUM)
$5.92 billion excluding
acquired FUM (up 4.0%.
Average FUM for period
up 14.0%)
Wealth
Technologies
Total Funds Under Administration
• Investment market
returns
• No major market
correction
Migrate new clients and
OE clients onto the
platform
$9.91 billion (up 28.2%)
1 Percentage changes represent the movement for the interim period June 2021 to June 2022, except Funds Under Management and Funds Under Administration which are the
movements in balances as at 30 June 2021 to 30 June 2022.
2Operating earnings (EBITDA) are before net finance expenses, income tax, depreciation, amortisation, and gain or loss on disposal of assets. Operating earnings is not a defined
performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
NZX Interim Report 2022
12
Markets
OOppeerraattiinngg eeaarrnniinnggss
Operating earnings of $20.4 million is (0.5)% lower
than H1-21 and is (6.6)% lower than H2-21. The
operating margin is 67.9% (H1-21: 68.9%, H2-21: 69.9%).
OOppeerraattiinngg rreevveennuuee
Capital markets origination
Annual listing fees paid by NZX’s equity, debt and
fund issuers are driven by the number of listed issuers
and equity, debt and fund market capitalisations.
Annual listing fees have been positively impacted by
the growth in equity market capitalisation and the
growth in number and value of debt instruments.
Primary listing fees are paid by all issuers at the time
of listing. The primary drivers of this revenue are the
number of new listings and the value of capital listed.
Primary listing fees in the period have been driven by
equity and retail debt listings; with total new capital
listed of $4.2 billion up 23.2% on the comparative
period.
Secondary issuance fees are paid by existing issuers
when the company raises additional capital through
placements, rights issues, the exercise of options,
dividend reinvestment plans, or further debt issues.
The primary drivers for this revenue are the number
of secondary issuances and the value of secondary
capital raised. Secondary issuance fees in the period
have been driven by equity recapitalisations and
retail debt issuances, with total additional capital
raised of $5.1 billion up 32.1% on the comparative
period.
Secondary markets
Participant services revenue is charged to market
participants (broking, clearing and advisory firms) that
are accredited for NZX’s equity, debt and derivatives
markets. The total number of market participants has
reduced to 30 (2021: 32), with the resignation of
Derivatives Trading and Clearing Participants (StoneX
Financial Inc and ADM Investor Services Inc) following
the commencement of the dairy derivatives strategic
partnership with the Singapore Stock Exchange (SGX).
Securities trading revenue comes from the execution
of trades on NZX’s equity and debt markets. Securities
clearing revenue relates to clearing and settlement
activities, and related depository services undertaken
by NZX’s subsidiary, New Zealand Clearing and
Depository Corporation Limited. The largest
component is clearing fees which are based on the
value of settled transactions.
Securities trading and clearing revenue decreased due
to:
• the total value traded ($20.8 billion) being 23.3%
lower than the comparative period;
• securities trading revenue was favourably impacted
by lower levels of uncharged value traded (mainly
caused by fewer large index rebalance trading days
where fees on value traded exceeds the fee cap),
which decreased to 6.5% (2021: 10.9%); and
• lower levels of OTC settlement / registry messaging
fees offset by higher levels of clearing margin fees.
Dairy derivatives revenue relates to trading, clearing
and settlement fees for trading SGX-NZX dairy futures
and options. The fees are charged in USD (reflecting
the global nature of the market) per lot traded. Dairy
derivatives revenue increased in line with the 42.1%
higher lots traded since the commencement of the
SGX strategic partnership from late November 2021.
Contractual and consulting and development revenue
arises from the operation of New Zealand’s electricity
market (under a long term contract with the Electricity
Authority), the Fonterra Shareholders' Market (under
a contract with Fonterra) and the carbon managed
auction service (under a contract with the Ministry for
the Environment). Consulting and development
revenue includes enhancements to the electricity
market systems, including the market real time pricing
project, which is due for completion in 2023. The
comparative period includes revenue relating to the
development of the carbon managed auction service.

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13
Data & insights
Royalties from terminals relates to the provision of
capital markets data to global data resellers who
incorporate the data into their own subscription
products. The royalties from terminals increased by
13.1% from growth in higher value professional
terminal numbers (+2.0%), partially offset by a
reduction in lower value retail terminals numbers
(-15.2%).
Subscription and licences relate to the provision of
capital markets data to other participants in the
capital markets (e.g. non-display applications). The
subscriptions and licences revenue increase of 9.9%
reflects the continued growth in clients non-display
applications usage and ability to capture licence
revenue streams post audit, resulting in increased high
value license numbers (+10.7%).
Audit and back-dated licencing revenue reduced due
to a lower level of audits being completed. A
significant number of audits are expected to be
completed in the second half of 2022.
Dairy data subscriptions relate to the sale of dairy
data and analytical products. Dairy data subscription
revenue has reduced due to a lower number of
product subscriptions.
Indices revenue relates to the revenue generated on
index licensing in partnership with S&P. The number
of index data clients has remained consistent across
the periods.
Connectivity revenue has been consistent with the
comparative period, reflecting the connectivity
requirements (i.e. standards of performance and
resilience) from both market participants and data
vendors.
OOppeerraattiinngg eexxppeennsseess
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs and wage inflation:
• average FTEs have increased due to the additional
roles recruited during 2021 (FTEs at 30 June 2022:
78.3, 31 December 2021: 81.9, 30 June 2021: 80.1;
with a high level of vacancies across all periods).
The additional roles recruited during 2021 included
in the Securities IT team (to deliver technology
solutions to increase trading and clearing system
capacity and resilience, and maintain market
stability), a Capital Markets Origination role (focused
on issuer origination), Secondary Markets product
resources (to support growth in the depository
business and the dairy derivatives business), and
Energy contractors (to deliver increased levels of
consulting and development revenue);
• wage inflation is being driven by a highly
competitive and tightening labour market, which
we expect to continue; and
• capitalised labour levels are lower as the new
trading system went live during 2021.
IT costs relate to:
• trading and clearing systems licensing and
hardware / software maintenance costs, which are
impacted by movements in FX rates and
contractual inflation rates;
• energy electricity market systems hardware /
software maintenance costs and data feed costs.
H1-21 and H2-21 included third party specialist
support which assisted with the delivery of
development revenues;
• energy carbon market systems ongoing support of
the carbon managed auction service. H1-21
included the use of third party specialist support
to assist with the development of the carbon
managed auction service;
• NZX’s share of IT costs under the SGX-NZX dairy
derivatives strategic partnership which commenced
in November 2021; and
• software licences costs and data feeds associated
with the delivery of customer management data
platforms.
Professional fees have decreased and relate to:

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13
Data & insights
Royalties from terminals relates to the provision of
capital markets data to global data resellers who
incorporate the data into their own subscription
products. The royalties from terminals increased by
13.1% from growth in higher value professional
terminal numbers (+2.0%), partially offset by a
reduction in lower value retail terminals numbers
(-15.2%).
Subscription and licences relate to the provision of
capital markets data to other participants in the
capital markets (e.g. non-display applications). The
subscriptions and licences revenue increase of 9.9%
reflects the continued growth in clients non-display
applications usage and ability to capture licence
revenue streams post audit, resulting in increased high
value license numbers (+10.7%).
Audit and back-dated licencing revenue reduced due
to a lower level of audits being completed. A
significant number of audits are expected to be
completed in the second half of 2022.
Dairy data subscriptions relate to the sale of dairy
data and analytical products. Dairy data subscription
revenue has reduced due to a lower number of
product subscriptions.
Indices revenue relates to the revenue generated on
index licensing in partnership with S&P. The number
of index data clients has remained consistent across
the periods.
Connectivity revenue has been consistent with the
comparative period, reflecting the connectivity
requirements (i.e. standards of performance and
resilience) from both market participants and data
vendors.
OOp peer raat ti inngg eexxppeenns sees s
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs and wage inflation:
• average FTEs have increased due to the additional
roles recruited during 2021 (FTEs at 30 June 2022:
78.3, 31 December 2021: 81.9, 30 June 2021: 80.1;
with a high level of vacancies across all periods).
The additional roles recruited during 2021 included
in the Securities IT team (to deliver technology
solutions to increase trading and clearing system
capacity and resilience, and maintain market
stability), a Capital Markets Origination role (focused
on issuer origination), Secondary Markets product
resources (to support growth in the depository
business and the dairy derivatives business), and
Energy contractors (to deliver increased levels of
consulting and development revenue);
• wage inflation is being driven by a highly
competitive and tightening labour market, which
we expect to continue; and
• capitalised labour levels are lower as the new
trading system went live during 2021.
IT costs relate to:
• trading and clearing systems licensing and
hardware / software maintenance costs, which are
impacted by movements in FX rates and
contractual inflation rates;
• energy electricity market systems hardware /
software maintenance costs and data feed costs.
H1-21 and H2-21 included third party specialist
support which assisted with the delivery of
development revenues;
• energy carbon market systems ongoing support of
the carbon managed auction service. H1-21
included the use of third party specialist support
to assist with the development of the carbon
managed auction service;
• NZX’s share of IT costs under the SGX-NZX dairy
derivatives strategic partnership which commenced
in November 2021; and
• software licences costs and data feeds associated
with the delivery of customer management data
platforms.
Professional fees have decreased and relate to:
NZX Interim Report 2022
14
• the annual assurance programme, which includes
audit fees (e.g. Clearing House risk capital review),
tax advice, and energy audit obligations under
Electricity Authority contract (e.g. Energy Clearing
Manager review and Energy WITS Manager review
in the current period);
• terminal royalty audit fees which vary in proportion
to audit revenue (with revenues recognised on a
gross basis);
• ongoing European Energy Exchange (EEX) royalty
fees relating to the carbon managed auction service
and ongoing SGX costs relating to the SGX-NZX
dairy derivatives strategic partnership; and
• H1-21 included set up costs for the development
of the new carbon managed auction service for the
Ministry for the Environment and H2-21 include set
up costs for the SGX-NZX dairy derivatives
strategic partnership with SGX.
Marketing costs include the Capital Markets
Origination team's memberships of various industry
groups to identify listing pipeline opportunities. There
has been a lower level of direct marketing campaigns
in this period.
Other expenses include travel, statutory compliance
costs and non-recoverable GST costs.
DDeepprreecciiaattiioonn && aammoorrttiissaattiioonn
Depreciation and amortisation relates primarily to the
trading and clearing systems; amortisation on the
second phase of the Trading System Upgrade
commenced in September 2021.
Funds Management
Smartshares is a funds management business which
comprises the SuperLife superannuation and
KiwiSaver products and Smartshares Exchange Traded
Funds.
AASSBB SSuuppeerraannnnuuaattiioonn MMaasstteerr TTrruusstt ((AASSBB SSMMTT))
aaccqquuiissiittiioonn iimmppaacctt
Smartshares completed the acquisition of the ASB SMT
on 11 February 2022. Certain services continue to be
provided by ASB, with planning underway to transition
those service (and migrate data) to Smartshares. We
expect the transition of investment administration and
investment management to occur in Q2-23, and
registry services to occur in Q3-23.
The ASB SMT contributed operating earnings of $1.8m
excluding acquisition and integration costs.
.
OOppeerraattiinngg eeaarrnniinnggss
Operating earnings of $6.0 million, excluding one-off
acquisition and integration costs, is 25.7% higher than
H1-21 and 34.7% higher than H2-21. The operating
margin, excluding acquisition and integration costs,
is 52.2% (H1-21: 53.2%, H2-21: 44.8%).
OOppeerraattiinngg rreevveennuuee
Funds management revenue is generated from:
• Funds under management (FUM) based revenue
which relates to variable fees which are received
net of fund expenses. Fund expenses include a
combination of fixed costs (principally outsourced
fund accounting and administration costs and
registry fees), and variable costs proportionate to
FUM (principally custodian fees, trustee fees, index
fees, settlement costs and third party manager fees);
• Member-based revenue which includes fixed
membership administration fees and other
member services; and
• Other revenue, for example interest income,
insurance service fees and stock lending and
borrowing service fees.

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15
FUM-based revenue (net of fund expenses) has
increased 32.1% driven by higher average FUM
(H1-22: $7.53b, H2-21: $5.92b, H1-21: $5.44b), arising
from a combination of the ASB SMT acquired FUM,
negative market returns and positive net cash flows
($180 million year to date). FUM at 30 June 2022 has
grown to $7.55 billion up 32.7% compared to 30 June
2021.
Member-based revenue has increased, reflecting a
mix of increased investor numbers (from the ASB SMT
acquisition) and a reduction in some annual admin
fees charged to members effective from 1 April 2021.
Other revenue has increased reflecting higher levels
of stock lending and interest income.
OOppeerraattiinngg eexxppeennsseess
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs, wage inflation and the
capitalisation of internal development resources:
• average FTEs have increased to support the
continued growth and includes project resources
for the KiwiSaver Default Scheme (KSD) and for the
ASB SMT transition (FTEs at 30 June 2022: 61.7,
31 December 2021: 69.4, 30 June 2021: 51.4; with
a high level of vacancies across all periods).
Resourcing for the ASB SMT is expected to increase
in the future for both integration activities (non-
recurring) and as certain services transition from ASB
to SMS (BAU recurring); and
• capitalised labour and overhead reflects
capitalisable activity on internal systems and relating
to the KSD.
IT costs include software license costs for the
Bloomberg front and middle office operating system
and new licenses for the KSD digital tools.
Professional fees includes internal audit fees, legal and
tax advice costs.
Marketing spend relates to advertising, printing and
distribution costs. Printing and electronic
communications (e.g. text messaging) costs have
increased to comply with KSD obligations.
Other expenses include non-recoverable GST (which
increases as the business grows), auditor fees, travel
costs and statutory and compliance costs.
AAccqquuiissiittiioonn aanndd iinntteeggrraattiioonn ccoossttss
Acquisition and integration costs relate to the
acquisition (and integration planning) of the ASB SMT
management rights.
DDeepprreecciiaattiioonn && aammoorrttiissaattiioonn
Depreciation and amortisation increases relate to
amortisation of the ASB SMT intangible asset, as well
as the KSD digital tools and related additional
processing and storage capacity and resilience.

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15
FUM-based revenue (net of fund expenses) has
increased 32.1% driven by higher average FUM
(H1-22: $7.53b, H2-21: $5.92b, H1-21: $5.44b), arising
from a combination of the ASB SMT acquired FUM,
negative market returns and positive net cash flows
($180 million year to date). FUM at 30 June 2022 has
grown to $7.55 billion up 32.7% compared to 30 June
2021.
Member-based revenue has increased, reflecting a
mix of increased investor numbers (from the ASB SMT
acquisition) and a reduction in some annual admin
fees charged to members effective from 1 April 2021.
Other revenue has increased reflecting higher levels
of stock lending and interest income.
OOp peer raat ti inngg eexxppeenns sees s
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs, wage inflation and the
capitalisation of internal development resources:
• average FTEs have increased to support the
continued growth and includes project resources
for the KiwiSaver Default Scheme (KSD) and for the
ASB SMT transition (FTEs at 30 June 2022: 61.7,
31 December 2021: 69.4, 30 June 2021: 51.4; with
a high level of vacancies across all periods).
Resourcing for the ASB SMT is expected to increase
in the future for both integration activities (non-
recurring) and as certain services transition from ASB
to SMS (BAU recurring); and
• capitalised labour and overhead reflects
capitalisable activity on internal systems and relating
to the KSD.
IT costs include software license costs for the
Bloomberg front and middle office operating system
and new licenses for the KSD digital tools.
Professional fees includes internal audit fees, legal and
tax advice costs.
Marketing spend relates to advertising, printing and
distribution costs. Printing and electronic
communications (e.g. text messaging) costs have
increased to comply with KSD obligations.
Other expenses include non-recoverable GST (which
increases as the business grows), auditor fees, travel
costs and statutory and compliance costs.
AAc cqquui issi itti ioonn aanndd iinnt teeggr raat ti ioonn ccoos st tss
Acquisition and integration costs relate to the
acquisition (and integration planning) of the ASB SMT
management rights.
DDe eppr reecci iaat ti ioonn && aammo or rtti issaat ti ioonn
Depreciation and amortisation increases relate to
amortisation of the ASB SMT intangible asset, as well
as the KSD digital tools and related additional
processing and storage capacity and resilience.
16
NZX Interim Report 2022
Wealth t echnologies
Wealth Technologies administer and manage a
platform that enables advisers and brokers to manage
client investments.
OOppeerraattiinngg eeaarrnniinnggss
Operating earnings of $0.5 million, is 262.5% higher
than H1-21 and 81.3% higher than H2-21. The
operating margin has improved to 16.3% (H1-21:
11.0%, H2-21: 6.2%).
OOppeerraattiinngg rreevveennuuee
Wealth Technologies revenue is generated from
administration services provided on both the original
(OE) and new wealth management platforms, and
development fees received for specific client system
requirements.
The administration service fees are based on funds
under administration (FUA) and have been driven by
higher average FUA (H1-22: $10.44 billion, H2-21:
$9.10 billion, H1-21: $7.39 billion) which is a
combination of new clients FUA migrated onto the
platform in 2021, negative market returns and positive
net cash flows.
OOppeerraattiinngg eexxppeennsseess
Personnel costs (net of capitalisation) have increased,
driven by increased average FTEs and wage inflation:
• headcount is dependent at any point in time on a)
the levels of platform investment (including
migration activity) required for current and future
clients, and b) the operational services provided to
current client;
• average FTEs has been increasing as new clients
have been, or are in the process of being, migrated
to the platform (FTEs at 30 June 2022: 69.8,
31 December 2021: 65.8, 30 June 2021: 50.3). This
is expected to continue as clients migrate
additional FUA and future new clients are won; and
• capitalised labour and overhead reflects continued
product development and new client migration
activity.
IT cost increases are due to additional data hosting,
data feeds and software licensing costs relating to new
clients.
Professional fees include legal fees, taxation advice
and internal control reviews (e.g. ISAE 3402 internal
controls report).
Other expenses include office costs (e.g. electricity,
rates, stationery etc), travel, compliance costs and non
recoverable GST.
DDeepprreecciiaattiioonn && aammoorrttiissaattiioonn
Depreciation and amortisation relate to:
• intangible assets (relating to platform development
and client migration activity) which are amortised
over 5-years commencing from the migration
completed date (which is aligned to administration
fee revenue commencing). Intangible asset
amortisation will continue to increase with the
continued product development and new client
migration activity; and
• right of use assets (i.e. mainly property leases) are
depreciated over the period of the lease.

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17
Corporate ss
ervices
Corporate Services provides accommodation, legal,
finance, IT, HR and communications support to the
business.
OOppeerraattiinngg rreevveennuuee
Revenue relates to commission fees on NZX related
accredited courses.
OOppeerraattiinngg eexxppeennsseess
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs, wage inflation and the
capitalisation of internal development resources:
• average FTEs have increased to support the growth
across the business and current levels of project
activity i.e. additional IT development, IT resilience,
project, legal and HR resources employed during
2021, including to address the FMA Action plan from
their NZX Market Operator Obligations Targeted
Review (FTEs at 30 June 2022: 63.9, 31 December
2021: 59.3, 30 June 2021: 57.2; with a high level
of vacancies across all periods); and
• capitalised labour and overhead reflects the project
management team’s activity on capitalisable
projects across NZX.
IT cost increases relate to the modification and
strengthening of security services (the network
transformation to strengthen NZX’s cyber security is
now complete), and the implementation of additional
cyber defence capabilities and security services to
mitigate the impact of any future cyber attacks. In
H2-22 we will further enhance our security services
with the implementation of a Security Operation
Centre (SOC) and continued security testing.
Professional fees include internal audit fees, annual
conflicts review and a corporate governance review.
Marketing costs relate to the investor relations
programme (including annual / interim reporting,
investor day etc), which has been impacted by COVID
travel restrictions in recent years.
Other expenses include premises costs (other than
rent), insurance premiums, directors’ fees, travel,
external audit costs, outsourced payroll system,
corporate memberships, and statutory and
compliance costs. The increase relates to higher
insurance premiums and compliance costs.
DDeepprreecciiaattiioonn && aammoorrttiissaattiioonn
Depreciation and amortisation increases relate to:
• amortisation of IT improvements completed
throughout FY21 to improve IT resilience (including
the network transformation); and
• depreciation on the fit out of the new Auckland
office and associated right of use assets
commenced in August 2021.

NZX Interim Report 2022
19
NZX Interim Report 2022
17
Corporate sservices
Corporate Services provides accommodation, legal,
finance, IT, HR and communications support to the
business.
OOp peer raat ti inngg rreevveennuuee
Revenue relates to commission fees on NZX related
accredited courses.
OOp peer raat ti inngg eexxppeenns sees s
Personnel costs (net of capitalisation) have increased,
driven by the average FTEs, wage inflation and the
capitalisation of internal development resources:
• average FTEs have increased to support the growth
across the business and current levels of project
activity i.e. additional IT development, IT resilience,
project, legal and HR resources employed during
2021, including to address the FMA Action plan from
their NZX Market Operator Obligations Targeted
Review (FTEs at 30 June 2022: 63.9, 31 December
2021: 59.3, 30 June 2021: 57.2; with a high level
of vacancies across all periods); and
• capitalised labour and overhead reflects the project
management team’s activity on capitalisable
projects across NZX.
IT cost increases relate to the modification and
strengthening of security services (the network
transformation to strengthen NZX’s cyber security is
now complete), and the implementation of additional
cyber defence capabilities and security services to
mitigate the impact of any future cyber attacks. In
H2-22 we will further enhance our security services
with the implementation of a Security Operation
Centre (SOC) and continued security testing.
Professional fees include internal audit fees, annual
conflicts review and a corporate governance review.
Marketing costs relate to the investor relations
programme (including annual / interim reporting,
investor day etc), which has been impacted by COVID
travel restrictions in recent years.
Other expenses include premises costs (other than
rent), insurance premiums, directors’ fees, travel,
external audit costs, outsourced payroll system,
corporate memberships, and statutory and
compliance costs. The increase relates to higher
insurance premiums and compliance costs.
DDe eppr reecci iaat ti ioonn && aammo or rtti issaat ti ioonn
Depreciation and amortisation increases relate to:
• amortisation of IT improvements completed
throughout FY21 to improve IT resilience (including
the network transformation); and
• depreciation on the fit out of the new Auckland
office and associated right of use assets
commenced in August 2021.
18
NZX Interim Report 2022
Regulation (NZ RegCo)
NZ RegCo is structurally separate, in accordance with
global best practice, from NZX's commercial and
operational activities. Governed by a separate board
with an independent Chair, the majority of directors
are independent of the NZX Group.
NZ RegCo is targeted to operate on a cost-neutral
basis after internal allocations. The internal allocations
are set at the commencement of the year based on
the services expected to be provided by/to NZ
RegCo, and are intended to subsidise NZ RegCo to
a achieve a break-even operating result over the
medium term.
OOppeerraattiinngg rreevveennuuee
Regulatory fees relate to issuer regulation, market
conduct, participant compliance and market
surveillance activities. Issuer regulation services
comprise time spent by NZ RegCo reviewing listing
and secondary capital raising documents, requests for
listing rule waivers. Market conduct services comprise
time spent by NZ RegCo reviewing market conduct
matters and issuer disclosure. Participant compliance
services comprise time spent by NZ RegCo reviewing
participant applications. Market surveillance activities
are recoverable from market participants. In the
current period NZ RegCo undertook a higher level of
recoverable fee based work than in the comparable year.
Additionally, NZ RegCo receives an internal allocation
of annual listing fees and annual participants fees.
OOppeerraattiinngg eexxppeennsseess
Personnel costs have increased, driven by average
FTEs and wage inflation:
• average FTEs has been slightly higher for the period
(FTEs at 30 June 2022: 18.3, 31 December 2021:
17.3, 30 June 2021: 16.5; with a lower level of
vacancies in H1-22); and
• wage inflation for specialist qualified lawyers has
been the main driver of increased personnel costs.
IT costs include SMARTS surveillance software costs.
Professional fees primarily relate to NZ RegCo
independent directors' fees.
Other expenses relate to travel costs to perform
regulatory services at issuers premises.
Internal costs allocations relate to Corporate Services
costs i.e. accommodation, legal, finance, IT, HR and
communications support.
DDeepprreecciiaattiioonn && aammoorrttiissaattiioonn
Depreciation and amortisation relates to depreciation
on the participants portal.

20
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21
NZX Interim Report 2022
Financials

NZX Interim Report 2022
20The accompanying notes form an integral part of these financial statements
Group income statement
For the six months ended 30 June 2022
Note
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Total operating revenue546,17542,45187,955
Total operating expenses6(28,755)(25,513)(53,528)
Earnings before net finance expenses, income tax, depreciation,
amortisation, and gain or loss on disposal of assets (EBITDA)
1
217,42016,93834,427
Net finance expenses7(1,044)(1,174)(2,507)
Depreciation and amortisation expenses(6,756)(4,797)(10,404)
Gain/(loss) on disposal of assets3(112)(145)
Profit before income tax9,62310,85521,371
Income tax expense(2,240)(3,225)(6,356)
Profit for the period7,3837,63015,015
Earnings per share
Basic (cents per share)2.52.75.4
Diluted (cents per share)2.42.75.3
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Group statement of comprehensive income
For the six months ended 30 June 2022
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Profit for the period7,3837,63015,015
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences(1)--
Total other comprehensive income(1)--
Total comprehensive income for the period7,3827,63015,015
22
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NZX Interim Report 2022
The accompanying notes form an integral part of these financial statements21
Group statement of changes in equity
For the six months ended 30 June 2022
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Audited balance at 1 January 202158,5179,160(46)67,631
Profit for the period-7,630-7,630
Foreign currency translation differences----
Total comprehensive income for the period-7,630-7,630
Transactions with owners recorded directly in equity:
Dividends paid13-(8,618)-(8,618)
Issue of shares2,070--2,070
Share based payments506--506
Cancellation of non-vesting shares(11)11--
Total transactions with owners recorded directly in equity2,565(8,607)-(6,042)
Unaudited closing balance at 30 June 202161,0828,183(46)69,219
Profit for the period-7,385-7,385
Foreign currency translation differences----
Total comprehensive income for the period-7,385-7,385
Transactions with owners recorded directly in equity:
Dividends paid13-(8,388)-(8,388)
Issue of shares1,883--1,883
Share based payments507--507
Total transactions with owners recorded directly in equity2,390(8,388)-(5,998)
Audited closing balance at 31 December 202163,4727,180(46)70,606
Profit for the period-7,383-7,383
Foreign currency translation differences--(1)(1)
Total comprehensive income for the period-7,383(1)7,382
Transactions with owners recorded directly in equity:
Dividends paid13-(8,701)-(8,701)
Issue of shares1242,687--42,687
Share based payments115--115
Cancellation of non-vesting shares(19)19--
Total transactions with owners recorded directly in equity42,783(8,682)-34,101
Unaudited closing balance at 30 June 2022106,2555,881(47)112,089
NZX Interim Report 2022
20The accompanying notes form an integral part of these financial statements
Group income statement
For the six months ended 30 June 2022
Note
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Total operating revenue546,17542,45187,955
Total operating expenses6(28,755)(25,513)(53,528)
Earnings before net finance expenses, income tax, depreciation,
amortisation, and gain or loss on disposal of assets (EBITDA)
1
217,42016,93834,427
Net finance expenses7(1,044)(1,174)(2,507)
Depreciation and amortisation expenses(6,756)(4,797)(10,404)
Gain/(loss) on disposal of assets3(112)(145)
Profit before income tax9,62310,85521,371
Income tax expense(2,240)(3,225)(6,356)
Profit for the period7,3837,63015,015
Earnings per share
Basic (cents per share)2.52.75.4
Diluted (cents per share)2.42.75.3
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Group statement of comprehensive income
For the six months ended 30 June 2022
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Profit for the period7,3837,63015,015
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences(1)--
Total other comprehensive income(1)--
Total comprehensive income for the period7,3827,63015,015
23
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NZX Interim Report 2022
22The accompanying notes form an integral part of these financial statements
Group statement of financial position
As at 30 June 2022
Note
Unaudited
30 June
2022
$000
Unaudited
30 June
2021
$000
Audited
31 Dec
2021
$000
Current assets
Cash and cash equivalents16,52721,32529,062
Cash and cash equivalents - restricted820,00020,00020,000
Funds held on behalf of third parties27,221135,64328,025
Receivables and prepayments27,55323,17911,270
Total current assets91,301200,14788,357
Non-current assets
Property, plant & equipment7,9264,9766,473
Right-of-use lease assets11,3574,45611,299
Goodwill330,22230,22230,222
Other intangible assets3/968,69641,80944,279
Investment in associate1016,638--
Total non-current assets134,83981,46392,273
Total assets226,140281,610180,630
Current liabilities
Funds held on behalf of third parties27,221135,64328,025
Trade payables9,3798,2616,814
Other liabilities - current22,83218,61417,035
Lease liabilities1,3191,0521,175
Current tax liability/(asset)(936)8621,872
Total current liabilities59,815164,43254,921
24
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NZX Interim Report 2022
The accompanying notes form an integral part of these financial statements23
Group statement of financial position (continued)
As at 30 June 2022
Note
Unaudited
30 June
2022
$000
Unaudited
30 June
2021
$000
Audited
31 Dec
2021
$000
Non-current liabilities
Non-current other liabilities-565645
Lease liabilities12,2805,23212,378
Interest bearing liabilities1138,98338,94038,971
Deferred tax liability2,9733,2223,109
Total non-current liabilities54,23647,95955,103
Total liabilities114,051212,391110,024
Net assets112,08969,21970,606
Equity
Share capital12106,25561,08263,472
Retained earnings5,8818,1837,180
Translation reserve(47)(46)(46)
Total equity attributable to shareholders112,08969,21970,606
Net tangible assets per share (cents per share)(1.15)(1.01)(1.39)
Approved on behalf of the Board of Directors for issue on 18 August 2022.
J B Miller
Chair of the Board
Lindsay Wright
Chair of the Audit and
Risk Committee
NZX Interim Report 2022
22The accompanying notes form an integral part of these financial statements
Group statement of financial position
As at 30 June 2022
Note
Unaudited
30 June
2022
$000
Unaudited
30 June
2021
$000
Audited
31 Dec
2021
$000
Current assets
Cash and cash equivalents16,52721,32529,062
Cash and cash equivalents - restricted820,00020,00020,000
Funds held on behalf of third parties27,221135,64328,025
Receivables and prepayments27,55323,17911,270
Total current assets91,301200,14788,357
Non-current assets
Property, plant & equipment7,9264,9766,473
Right-of-use lease assets11,3574,45611,299
Goodwill330,22230,22230,222
Other intangible assets3/968,69641,80944,279
Investment in associate1016,638--
Total non-current assets134,83981,46392,273
Total assets226,140281,610180,630
Current liabilities
Funds held on behalf of third parties27,221135,64328,025
Trade payables9,3798,2616,814
Other liabilities - current22,83218,61417,035
Lease liabilities1,3191,0521,175
Current tax liability/(asset)(936)8621,872
Total current liabilities59,815164,43254,921
25
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NZX Interim Report 2022
24The accompanying notes form an integral part of these financial statements
Group statement of cash flows
For the six months ended 30 June 2022
Note
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Cash flows from operating activities
Receipts from customers37,63537,58188,136
Net interest paid(1,114)(1,048)(2,279)
Payments to suppliers and employees(30,153)(27,558)(51,110)
Income tax paid(5,184)(5,121)(7,355)
Net cash provided by operating activities1,1843,85427,392
Cash flows from investing activities
Payments for property, plant and equipment(1,105)(3,257)(5,473)
Payments for intangible assets9(29,841)(4,646)(11,447)
Payments for investment in associate10(16,004)--
Net cash used in investing activities(46,950)(7,903)(16,920)
Cash flows from financing activities
Net receipts from equity raising1242,638--
Payments of lease liabilities(686)(820)(1,099)
Purchase of subordinated notes11(20)--
Dividends paid(8,701)(6,581)(13,086)
Net cash used in financing activities33,231(7,401)(14,185)
Net increase/(decrease) in cash and cash equivalents(12,535)(11,450)(3,713)
Cash and cash equivalents at the beginning of the period49,06252,77552,775
Cash and cash equivalents at the end of the period36,52741,32549,062
26
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25
Notes to the financial statements
For the six months ended 30 June 2022
1. Reporting entity and statutory base
Reporting entity
These interim financial statements presented are for NZX Limited (the Company) and its subsidiaries (together
referred to as the Group) as at and for the six months ended 30 June 2022.
The Group operates New Zealand securities, derivatives and energy markets, including building and
maintaining the infrastructure on which they operate. It provides funds management services including
superannuation and Exchange Traded Funds (ETFs), as well as developing and operating wealth management
platforms for other providers. It also provides a range of information and data to support market growth and
development in the securities and dairy sectors.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and
is an FMC reporting entity under the Financial Markets Conduct Act 2013 (FMCA). The Company is listed and
its ordinary shares are quoted on the NZX Main Board. The Company also has listed debt which is quoted on
the NZX debt market.
Basis of preparation
These interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), the requirements of the FMCA and the Main Board/debt market Listing Rules
of NZX Limited. The interim financial statements comply with the New Zealand equivalents to International
Accounting Standards NZ IAS 34 and IAS 34 Interim Financial Reporting.
These interim financial statements do not disclose all the information required for annual financial statements
prepared in accordance with NZ IFRS. Consequently, the interim financial statements should be read in
conjunction with the financial statements and related notes included in the Annual Report for the year ended
31 December 2021.
Accounting policies
These interim financial statements have consistently applied the accounting policies set out in the Group's
Annual Report for the year ended 31 December 2021.
NZX Interim Report 2022
24The accompanying notes form an integral part of these financial statements
Group statement of cash flows
For the six months ended 30 June 2022
Note
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Cash flows from operating activities
Receipts from customers37,63537,58188,136
Net interest paid(1,114)(1,048)(2,279)
Payments to suppliers and employees(30,153)(27,558)(51,110)
Income tax paid(5,184)(5,121)(7,355)
Net cash provided by operating activities1,1843,85427,392
Cash flows from investing activities
Payments for property, plant and equipment(1,105)(3,257)(5,473)
Payments for intangible assets9(29,841)(4,646)(11,447)
Payments for investment in associate10(16,004)--
Net cash used in investing activities(46,950)(7,903)(16,920)
Cash flows from financing activities
Net receipts from equity raising1242,638--
Payments of lease liabilities(686)(820)(1,099)
Purchase of subordinated notes11(20)--
Dividends paid(8,701)(6,581)(13,086)
Net cash used in financing activities33,231(7,401)(14,185)
Net increase/(decrease) in cash and cash equivalents(12,535)(11,450)(3,713)
Cash and cash equivalents at the beginning of the period49,06252,77552,775
Cash and cash equivalents at the end of the period36,52741,32549,062
NZX Interim Report 2022
25
Notes to the financial statements
For the six months ended 30 June 2022
1. Reporting entity and statutory base
Reporting entity
These interim financial statements presented are for NZX Limited (the Company) and its subsidiaries (together
referred to as the Group) as at and for the six months ended 30 June 2022.
The Group operates New Zealand securities, derivatives and energy markets, including building and
maintaining the infrastructure on which they operate. It provides funds management services including
superannuation and Exchange Traded Funds (ETFs), as well as developing and operating wealth management
platforms for other providers. It also provides a range of information and data to support market growth and
development in the securities and dairy sectors.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and
is an FMC reporting entity under the Financial Markets Conduct Act 2013 (FMCA). The Company is listed and
its ordinary shares are quoted on the NZX Main Board. The Company also has listed debt which is quoted on
the NZX debt market.
Basis of preparation
These interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), the requirements of the FMCA and the Main Board/debt market Listing Rules
of NZX Limited. The interim financial statements comply with the New Zealand equivalents to International
Accounting Standards NZ IAS 34 and IAS 34 Interim Financial Reporting.
These interim financial statements do not disclose all the information required for annual financial statements
prepared in accordance with NZ IFRS. Consequently, the interim financial statements should be read in
conjunction with the financial statements and related notes included in the Annual Report for the year ended
31 December 2021.
Accounting policies
These interim financial statements have consistently applied the accounting policies set out in the Group's
Annual Report for the year ended 31 December 2021.
27
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26
Accounting estimates and judgements
The key sources of estimation uncertainty have not changed from those used in preparing the annual financial
statements for the year ended 31 December 2021.
Functional and presentation currency
These interim financial statements are presented in New Zealand dollars ($), which is the Group's functional
currency, and are rounded to the nearest thousand dollars unless otherwise indicated..
Presentational changes
Certain amounts in the comparative information have been reclassified to ensure consistency with the current
period's presentation.
2. Non-GAAP measures
EBITDA is a non-GAAP performance measure and differs from the NZ IFRS profit for the period. The Group's
definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by
other entities.
Reconciliation of EBITDA to NZ IFRS profit for the period:
Unaudited
6 months
ended
30 June
2022
$000
Unaudited
6 months
ended
30 June
2021
$000
Audited
12 months
ended
31 Dec
2021
$000
Profit for the period7,3837,63015,015
Income tax expense2,2403,2256,356
Profit before income tax9,62310,85521,371
Adjustments for:
- Net finance expenses1,0441,1742,507
- Depreciation and amortisation expenses6,7564,79710,404
- Loss/(gain) on disposal of assets(3)112145
EBITDA17,42016,93834,427
The Group has presented the EBITDA performance measure in addition to NZ IFRS profit for the period as
this performance measure is used internally, in conjunction with other measures, to monitor performance and
make investment decisions. EBITDA is calculated by adjusting profit from operations to exclude the impact
of taxation, net finance expense, depreciation, amortisation, and gain or loss on disposal of assets.
28
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27
3. Goodwill and other intangible assets
The Group performs a full impairment assessment of its goodwill and indefinite life intangible assets annually.
The last full impairment assessment was performed at 31 December 2021, and no impairment was required as
a result.
The Group has reviewed the indicators of impairment for the six month period to 30 June 2022, and no
indicators of impairment were noted (none at 30 June 2021). The next full impairment assessment will be
performed and included in the Group's year end financial statements as at 31 December 2022.
4. Segment reporting
The Group has five revenue generating segments, as described below, which are the Group‘s strategic
business areas, and a corporate services segment which has limited revenue but includes all costs that are
shared across the organisation.
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Group CEO. The CODM assesses
performance of the combined Markets business (i.e. the Capital Markets Origination, Secondary Markets and
Data & Insights revenue generating segments) as a single segment, being an integrated business that
supports the growth of New Zealand capital markets. The performance of the Funds Management, Wealth
Technologies and Corporate businesses are assessed separately.
Additionally, NZX Regulation Limited (NZ RegCo) is a stand-alone, independently-governed agency which
performs all of NZX's front line regulatory functions. NZ RegCo is structurally separate from the Group's
commercial operations and consequently the CODM for the Regulation business is the NZ RegCo CEO.
The reportable commercial operations segments are:
• Markets
• Capital Market Origination - provider of issuer services for current and prospective customers;
• Secondary Markets - provider of trading and post-trade services for securities and derivatives markets
operated by NZX, provider of a central securities depository and market operator for Fonterra Co-
Operative Group, the Electricity Authority and the Ministry for the Environment;
• Data & Insights - provider of information services for the securities and derivatives markets, and analytics
for the dairy sector;
• Funds Management - provider of superannuation funds, KiwiSaver funds and exchange traded funds; and
• Wealth Technologies - funds administration provider and custodian.
NZX Interim Report 2022
26
Accounting estimates and judgements
The key sources of estimation uncertainty have not changed from those used in preparing the annual financial
statements for the year ended 31 December 2021.
Functional and presentation currency
These interim financial statements are presented in New Zealand dollars ($), which is the Group's functional
currency, and are rounded to the nearest thousand dollars unless otherwise indicated..
Presentational changes
Certain amounts in the comparative information have been reclassified to ensure consistency with the current
period's presentation.
2. Non-GAAP measures
EBITDA is a non-GAAP performance measure and differs from the NZ IFRS profit for the period. The Group's
definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by
other entities.
Reconciliation of EBITDA to NZ IFRS profit for the period:
Unaudited
6 months
ended
30 June
2022
$000
Unaudited
6 months
ended
30 June
2021
$000
Audited
12 months
ended
31 Dec
2021
$000
Profit for the period7,3837,63015,015
Income tax expense2,2403,2256,356
Profit before income tax9,62310,85521,371
Adjustments for:
- Net finance expenses1,0441,1742,507
- Depreciation and amortisation expenses6,7564,79710,404
- Loss/(gain) on disposal of assets(3)112145
EBITDA17,42016,93834,427
The Group has presented the EBITDA performance measure in addition to NZ IFRS profit for the period as
this performance measure is used internally, in conjunction with other measures, to monitor performance and
make investment decisions. EBITDA is calculated by adjusting profit from operations to exclude the impact
of taxation, net finance expense, depreciation, amortisation, and gain or loss on disposal of assets.
29
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NZX Interim Report 2022
28
The Group’s revenue is allocated into each of the reportable segments (including an internal allocation of
annual listing fees and annual participant fees to NZ RegCo). Expenses incurred are allocated to the
segments only if they are direct and specific expenses to one of the segments. The remaining expenses that
relate to activities shared across the group are reported in the Corporate segment.
The Group's assets and liabilities are allocated into each of the revenue generating segments, apart from
those assets and liabilities that are utilised on a shared basis, which are allocated to the Corporate segment.
Segmental information for the six months ended 30 June 2022
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue
8,09212,9688,99230,05211,4592,8501644,3771,79846,175
Operating
expenses
(9,646)(5,667)(2,386)(9,081)(26,780)(1,975)(28,755)
Operating
earnings
(EBITDA)
1
20,4065,792464(9,065)17,597(177)17,420
Segment
assets
104,05169,33422,71129,867225,963177226,140
Segment
liabilities
(45,248)(7,161)(2,138)(59,562)(114,109)58(114,051)
Net
assets58,80362,17320,573(29,695)111,854235112,089
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
30
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NZX Interim Report 2022
29
Segmental information for the six months ended 30 June 2021
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue
6,79514,3398,62629,7608,9412,0741140,7861,66542,451
Operating
expenses
(9,251)(5,034)(1,946)(7,600)(23,831)(1,682)(25,513)
Operating
earnings
(EBITDA)
1
20,5093,907128(7,589)16,955(17)16,938
Segment
assets196,27542,51919,56623,027281,387223281,610
Segment
liabilities
(152,328)(8,193)576(52,409)(212,354)(37)(212,391)
Net
assets43,94734,32620,142(29,382)69,03318669,219
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Segmental information for the twelve months ended 31 December 2021
Audited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue15,81527,74717,45361,01518,8384,3978584,3353,62087,955
Operating
expenses(18,648)(11,000)(4,013)(16,454)(50,115)(3,413)(53,528)
Operating
earnings
(EBITDA)
1
42,3677,838384(16,369)34,22020734,427
Segment
assets
74,80445,10621,72038,899180,529101180,630
Segment
liabilities
(41,150)(8,547)351(60,569)(109,915)(109)(110,024)
Net
assets33,65436,55922,071(21,670)70,614(8)70,606
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
NZX Interim Report 2022
28
The Group’s revenue is allocated into each of the reportable segments (including an internal allocation of
annual listing fees and annual participant fees to NZ RegCo). Expenses incurred are allocated to the
segments only if they are direct and specific expenses to one of the segments. The remaining expenses that
relate to activities shared across the group are reported in the Corporate segment.
The Group's assets and liabilities are allocated into each of the revenue generating segments, apart from
those assets and liabilities that are utilised on a shared basis, which are allocated to the Corporate segment.
Segmental information for the six months ended 30 June 2022
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue8,09212,9688,99230,05211,4592,8501644,3771,79846,175
Operating
expenses(9,646)(5,667)(2,386)(9,081)(26,780)(1,975)(28,755)
Operating
earnings
(EBITDA)
1
20,4065,792464(9,065)17,597(177)17,420
Segment
assets104,05169,33422,71129,867225,963177226,140
Segment
liabilities(45,248)(7,161)(2,138)(59,562)(114,109)58(114,051)
Net
assets58,80362,17320,573(29,695)111,854235112,089
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
31
NZX Interim Report 2022

NZX Interim Report 2022
30
5. Operating revenue
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Listing and issuance fees8,0926,79515,815
Total Capital Markets Origination revenue8,0926,79515,815
Participant services218357600
Securities trading2,2992,6405,208
Securities clearing4,0634,1908,148
Dairy derivatives8365221,241
Market operations5,5526,63012,550
Total Secondary Markets revenue12,96814,33927,747
Securities information7,3807,03714,274
Dairy data subscriptions315328616
Connectivity revenue1,2971,2612,563
Total Data & Insights revenue8,9928,62617,453
Funds Management revenue11,4598,94118,838
Wealth Technologies revenue2,8502,0744,397
Issuer regulation324267778
Market conduct313082
Participant compliance9632100
Surveillance400392773
Listing fees & participants services9479441,887
Total Regulation revenue1,7981,6653,620
Other Corporate revenue161185
Total operating revenue46,17542,45187,955
32
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31
6. Operating expenses
Note
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Gross personnel costs(21,780)(18,652)(39,785)
Less capitalised labour3,1273,0046,624
Net personnel costs(18,653)(15,648)(33,161)
Information technology(6,402)(5,858)(11,753)
Professional fees(1,479)(1,548)(3,259)
Marketing(598)(510)(1,389)
Other operating expenses(2,164)(1,822)(4,169)
Capitalised overheads7257211,555
Acquisition/integration costs9(184)(848)(1,352)
Total operating expenses(28,755)(25,513)(53,528)
7. Net finance expenses
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Interest income424174395
Interest on lease liabilities(231)(122)(374)
Other interest expense(1,255)(1,183)(2,394)
Amortised borrowing costs(43)(40)(81)
Net gain/(loss) on foreign exchange61(3)(53)
Net finance expense(1,044)(1,174)(2,507)
8. Cash and cash equivalents
Restricted cash and cash equivalents relates to balances held for risk capital requirements by the Clearing
House and is not available for general cash management use by the Group.
9. Acquisition of management rights
On 11 February 2022 Smartshares Limited acquired the management rights of the ASB Superannuation
Master Trust for cash consideration of $25 million.
This acquisition drives scale in Smartshares with funds under management (FUM) increasing approximately
$1.8 billion at acquisition and is aligned with the NZX Group strategy to capture complementary opportunities
that the greater scale in the Smartshares business provides to both NZ Capital Markets and NZX's Markets business.
NZX Interim Report 2022
30
5. Operating revenue
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Listing and issuance fees8,0926,79515,815
Total Capital Markets Origination revenue8,0926,79515,815
Participant services218357600
Securities trading2,2992,6405,208
Securities clearing4,0634,1908,148
Dairy derivatives8365221,241
Market operations5,5526,63012,550
Total Secondary Markets revenue12,96814,33927,747
Securities information7,3807,03714,274
Dairy data subscriptions315328616
Connectivity revenue1,2971,2612,563
Total Data & Insights revenue8,9928,62617,453
Funds Management revenue11,4598,94118,838
Wealth Technologies revenue2,8502,0744,397
Issuer regulation324267778
Market conduct313082
Participant compliance9632100
Surveillance400392773
Listing fees & participants services9479441,887
Total Regulation revenue1,7981,6653,620
Other Corporate revenue161185
Total operating revenue46,17542,45187,955
33
NZX Interim Report 2022

NZX Interim Report 2022
32
The management rights are accounted for as a definite life intangible asset and amortised on a straight line
basis over 25 years. Amortisation of $416,667 has been recognised over the period.
10. Investment in associate
On 30 June 2022 NZX acquired a 33.3% interest (ownership and voting) in GlobalDairyTrade Holding Limited
(GDT) .
GDT is the leading global physical trading platform for dairy and provides a sustainable foundation for NZX's
dairy derivatives business. GDT's place of incorporation and principal place of business is New Zealand.
The initial purchase price paid on 30 June 2022 was $15.7 million, which includes NZX's contribution to
strategic cash of $3.2 million. The sale and purchase agreement provides for a purchase price adjustment (i.e.
working capital wash up) based on completion accounts, which are currently being finalised. The purchase
price adjustment has been estimated at $460,000 and included in the investment value. Costs directly
attributable to the acquisition have been capitalised.
To allow GDT to retain its earnings for reinvestment into the growth and expansion of the business there is a
contractual restriction on the payment of dividends from GDT to shareholders until 31 July 2025.
The Group's interest in GDT has been accounted for as an investment in an associate and has been measured
by applying the equity method. The provisional assessment of the goodwill acquired is outlined in the table below.
The following table summarises the financial information of GDT as included in its own financial statements
1
and reconciles the summarised financial information to the carrying amount of the Group's interest in GDT.
Summarised balance sheet
1
Unaudited
30 June 2022
$000
Unaudited
30 June 2021
$000
Audited
31 Dec 2021
$000
Current assets12,995--
Non-current assets3,455--
Current liabilities(3,757)--
Non-current liabilities(389)--
Net assets12,304--
1 Completion accounts are being finalised and therefore the numbers presented above are draft and may change. We do not expect any adjustment to be material.
34
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33
Reconciliation to carrying amount
Unaudited
30 June 2022
$000
Unaudited
30 June 2021
$000
Audited
31 Dec 2021
$000
Groups share in %33.3%0.0%0.0%
Group's share of net assets
1
4,101--
Goodwill12,537--
Carrying amount16,638--
The GDT acquisition was effective at close of day on 30 June 2022 and therefore no profit or other
comprehensive income is attributable in the current period.
11. Interest bearing liabilities
Unaudited
30 June 2022
$000
Unaudited
30 June 2021
$000
Audited
31 Dec 2021
$000
Subordinated notes39,98040,00040,000
Total drawn debt39,98040,00040,000
Capitalised borrowing costs (net of amortisation)(997)(1,060)(1,029)
Net interest bearing liabilities38,98338,94038,971
a.Subordinated notes
The subordinated notes are quoted on the NZX debt market. The terms of the subordinated notes are set out
in the Group's Annual Report for the year ended 31 December 2021 and include a financial covenant that has
been met throughout the period.
The subordinated notes are measured at amortised cost using the effective interest method, as required by NZ
IFRS 9.
In June 2022 NZX acquired 20,000 of its own subordinated notes under the provisions of the Retail Liquidity
Support Facility.
b.Bank overdraft, revolving credit and term loan facilities
The Group has access to an overdraft facility with a limit of $3.0 million as at 30 June 2022 (30 June 2021:
$3.0 million, 31 December 2021: $3.0 million). The effective interest rate of the facility at 30 June 2022 was
3.81% (30 June 2021: 3.07%, 31 December 2021: 3.07%).
The Group also has a revolving credit facility with a limit of $7.0 million as at 30 June 2022 (30 June 2021:
$3.0 million, 31 December 2021: $7.0 million).
No amount was drawn down under either of these facilities at 30 June 2022 (none at 30 June 2021 and
31 December 2021).
NZX Interim Report 2022
32
The management rights are accounted for as a definite life intangible asset and amortised on a straight line
basis over 25 years. Amortisation of $416,667 has been recognised over the period.
10. Investment in associate
On 30 June 2022 NZX acquired a 33.3% interest (ownership and voting) in GlobalDairyTrade Holding Limited
(GDT) .
GDT is the leading global physical trading platform for dairy and provides a sustainable foundation for NZX's
dairy derivatives business. GDT's place of incorporation and principal place of business is New Zealand.
The initial purchase price paid on 30 June 2022 was $15.7 million, which includes NZX's contribution to
strategic cash of $3.2 million. The sale and purchase agreement provides for a purchase price adjustment (i.e.
working capital wash up) based on completion accounts, which are currently being finalised. The purchase
price adjustment has been estimated at $460,000 and included in the investment value. Costs directly
attributable to the acquisition have been capitalised.
To allow GDT to retain its earnings for reinvestment into the growth and expansion of the business there is a
contractual restriction on the payment of dividends from GDT to shareholders until 31 July 2025.
The Group's interest in GDT has been accounted for as an investment in an associate and has been measured
by applying the equity method. The provisional assessment of the goodwill acquired is outlined in the table below.
The following table summarises the financial information of GDT as included in its own financial statements
1
and reconciles the summarised financial information to the carrying amount of the Group's interest in GDT.
Summarised balance sheet
1
Unaudited
30 June 2022
$000
Unaudited
30 June 2021
$000
Audited
31 Dec 2021
$000
Current assets12,995--
Non-current assets3,455--
Current liabilities(3,757)--
Non-current liabilities(389)--
Net assets12,304--
1 Completion accounts are being finalised and therefore the numbers presented above are draft and may change. We do not expect any adjustment to be material.
35
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34
The Group had a term loan facility ($25.0 million) which was utilised to fund the acquisition of the
management rights of the ASB Superannuation Master Trust (note 9), before being repaid from the proceeds
of NZX's equity raising (note 12). The term loan facility was then closed (30 June 2021: no facility, 31 December
2021: $25.0 million).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2021.
The facilities are unsecured and contain financial covenants which have been met throughout the period.
12. Shares on issue
The Company had 313,136,860 fully paid ordinary shares as at 30 June 2022 (30 June 2021: 279,588,952,
31 December 2021: 280,690,043). The holders of ordinary shares are entitled to receive dividends as declared
and are entitled to one vote per share at meetings.
On 18 March 2022 the Group completed an equity raising which resulted in the issue of 31,185,792 new
shares. The proceeds of the equity raising were used to fund the investment into GlobalDairyTrade Holding
Limited (GDT), to replenish the balance sheet following the settlement of the acquisition of the management
rights to the ASB Superannuation Master Trust on 11 February 2022, and also to provide capacity to support
investment across the Companies market platform as it continues to scale its growth businesses.
The Dividend Reinvestment Plan did not apply to dividends during the period (2021: applied to all dividends)
resulting in the issue of no ordinary shares (30 June 2021: 1,049,819, 31 December 2021: 2,150,910).
Additionally 1,261,025 shares (30 June 2021: 538,002, 31 December 2021: 538,002) were issued as share
based payments in the period, including the CEO Long Term Incentive Plan - 2018 (note 14).
13. Dividends
Unaudited
6 months ended
30 June 2022
Unaudited
6 months ended
30 June 2021
Audited
12 months ended
31 Dec 2021
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and
paid
March 2021 - Final31 Dec 203.18,6183.18,618
September 2021 - Interim31 Dec 213.08,388
March 2022 - Final31 Dec 213.18,701
Total dividends paid
during the period3.18,7013.18,6186.117,006
Refer to note 17 for details of the 2022 interim dividend.
36
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NZX Interim Report 2022
34
The Group had a term loan facility ($25.0 million) which was utilised to fund the acquisition of the
management rights of the ASB Superannuation Master Trust (note 9), before being repaid from the proceeds
of NZX's equity raising (note 12). The term loan facility was then closed (30 June 2021: no facility, 31 December
2021: $25.0 million).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2021.
The facilities are unsecured and contain financial covenants which have been met throughout the period.
12. Shares on issue
The Company had 313,136,860 fully paid ordinary shares as at 30 June 2022 (30 June 2021: 279,588,952,
31 December 2021: 280,690,043). The holders of ordinary shares are entitled to receive dividends as declared
and are entitled to one vote per share at meetings.
On 18 March 2022 the Group completed an equity raising which resulted in the issue of 31,185,792 new
shares. The proceeds of the equity raising were used to fund the investment into GlobalDairyTrade Holding
Limited (GDT), to replenish the balance sheet following the settlement of the acquisition of the management
rights to the ASB Superannuation Master Trust on 11 February 2022, and also to provide capacity to support
investment across the Companies market platform as it continues to scale its growth businesses.
The Dividend Reinvestment Plan did not apply to dividends during the period (2021: applied to all dividends)
resulting in the issue of no ordinary shares (30 June 2021: 1,049,819, 31 December 2021: 2,150,910).
Additionally 1,261,025 shares (30 June 2021: 538,002, 31 December 2021: 538,002) were issued as share
based payments in the period, including the CEO Long Term Incentive Plan - 2018 (note 14).
13. Dividends
Unaudited
6 months ended
30 June 2022
Unaudited
6 months ended
30 June 2021
Audited
12 months ended
31 Dec 2021
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and
paid
March 2021 - Final31 Dec 203.18,6183.18,618
September 2021 - Interim31 Dec 213.08,388
March 2022 - Final31 Dec 213.18,701
Total dividends paid
during the period3.18,7013.18,6186.117,006
Refer to note 17 for details of the 2022 interim dividend.
NZX Interim Report 2022
35
14. Share based payments
a.CEO Long Term Incentive Plan
i) CEO Long Term Incentive Plan - 2018
The terms of the CEO Long Term Incentive Plan - 2018 are as detailed in the Group's Annual Report for the
year ended 31 December 2021.
In May 2022, the Group assessed the CEO share scheme on vesting:
• Total shareholder return (TSR) component - the TSR over the scheme period exceeded the maximum
hurdle (11.29%). Therefore 588,947 TSR performance rights were vested. The performance rights, when
adjusted for the dilutive impact of NZX's equity raising (note 12), resulted in the issue of 599,524 shares in
June 2022; and
• Earnings per share (EPS) component - the EPS minimum hurdle (8%) had not been met and therefore no
EPS performance rights were vested. The Group reversed the $287k fair value of the 588,947 EPS
performance rights through profit and loss in the current accounting period.
ii) CEO Long Term Incentive Plan - 2021
The terms of the CEO Long Term Incentive Plan - 2021 are as detailed in the Group's annual report for the
year ended 31 December 2021.
b.NZX Employee Long Term Incentive Plan
During the period modifications were made to the vesting criteria for rights issued to certain employees.
Specifically the vesting term was extended by 1 year, with the related performance hurdles adjusted
accordingly. The incremental fair value has been measured at the modification date and is recognised over the
remaining term, with a corresponding increase in equity.
Otherwise, rights that were issued or redeemed under the NZX Employee Long Term Incentive Plan during
the period were on terms consistent with the prior period. During the period 616,421 performance rights
were vested. The performance rights, when adjusted for the dilutive impact of NZX's equity raise (note 12),
resulted in the issue of 627,491 shares in March 2022.
c.
NZX Employee Shares
During the period $1,000 worth of NZX ordinary shares (gross) were issued to new employees to encourage
staff engagement and shareholder alignment.
15. Related party transactions
a.Transactions with key management personnel
Key management personnel comprises the Group’s senior management team. Key management personnel
compensation comprised the following:
37
NZX Interim Report 2022

NZX Interim Report 2022
36
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Short-term employee benefits2,7582,3665,081
Long-term employee benefits8181161
Share-based payments133294545
Resignation benefits-9090
2,9722,8315,877
b.Transactions with directors and other entities NZX directors are associated with
The Company regularly enters into transactions under normal commercial terms and conditions with other
entities that some of the directors may sit on the board of, or are employed by.
Directors fees for the six month period to 30 June 2022 were $200,000 (30 June 2021: $213,736, 31 December
2021: $413,000) and have been included in other expenses.
c.
Transactions with managed funds
Management fees are received from the funds managed by wholly owned subsidiary Smartshares Limited and
are shown in the Income Statement as funds management revenue (refer to Note 5).
d.Transactions with associate
On 30 June 2022 the Group acquired a 33.3% stake in GlobalDairyTrade Holding Limited (GDT) (note 10).
There were no transactions with GDT post this acquisition in the current period.
16. Contingent liabilities
In New Zealand there has been increased regulatory focus on market participant compliance for entities such
as the Group. Accordingly, there has been an increase in the number of matters on which the Group engages
with its regulators including matters such as financial market conduct, reporting and disclosure obligations, tax
treatments, and product disclosure documentation. In the normal course of business the Group may be
subject to actual or possible claims and court proceedings. Where relevant, expert legal advice has been
obtained and, in light of such advice, provisions and/or disclosures as deemed appropriate are made.
There were no contingent liabilities as at 30 June 2022 (30 June 2021: none; 31 December 2021: none).
17. Subsequent events
a.Dividend
Subsequent to balance date the Board declared an interim dividend of 3.0 cents per share (fully imputed), to
be paid on 23 September 2022 (with a record date of 9 September 2022).
NZX Interim Report 2022
37
b. Leases
During August 2022 the Group entered into new office lease agreements for additional Auckland office space.
An addition to the right-of-use assets and lease liabilities will be recognised on commencement of the lease.
38
NZX Interim Report 2022
38

NZX Interim Report 2022
36
Unaudited
6 months
ended
30 June 2022
$000
Unaudited
6 months
ended
30 June 2021
$000
Audited
12 months
ended
31 Dec 2021
$000
Short-term employee benefits2,7582,3665,081
Long-term employee benefits8181161
Share-based payments133294545
Resignation benefits-9090
2,9722,8315,877
b.Transactions with directors and other entities NZX directors are associated with
The Company regularly enters into transactions under normal commercial terms and conditions with other
entities that some of the directors may sit on the board of, or are employed by.
Directors fees for the six month period to 30 June 2022 were $200,000 (30 June 2021: $213,736, 31 December
2021: $413,000) and have been included in other expenses.
c.
Transactions with managed funds
Management fees are received from the funds managed by wholly owned subsidiary Smartshares Limited and
are shown in the Income Statement as funds management revenue (refer to Note 5).
d.Transactions with associate
On 30 June 2022 the Group acquired a 33.3% stake in GlobalDairyTrade Holding Limited (GDT) (note 10).
There were no transactions with GDT post this acquisition in the current period.
16. Contingent liabilities
In New Zealand there has been increased regulatory focus on market participant compliance for entities such
as the Group. Accordingly, there has been an increase in the number of matters on which the Group engages
with its regulators including matters such as financial market conduct, reporting and disclosure obligations, tax
treatments, and product disclosure documentation. In the normal course of business the Group may be
subject to actual or possible claims and court proceedings. Where relevant, expert legal advice has been
obtained and, in light of such advice, provisions and/or disclosures as deemed appropriate are made.
There were no contingent liabilities as at 30 June 2022 (30 June 2021: none; 31 December 2021: none).
17. Subsequent events
a.Dividend
Subsequent to balance date the Board declared an interim dividend of 3.0 cents per share (fully imputed), to
be paid on 23 September 2022 (with a record date of 9 September 2022).
NZX Interim Report 2022
39
Independent
review repor t

© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of NZX Limited
Report on the Group interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements of NZX Limited and its
subsidiaries (“the Group”) on pages 22 to 38 do
not:
i.present fairly in all material respects the
Group’s financial position as at 30 June
2022 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
Group interim financial statements which comprise:
— the Group statement of financial position as at
30 June 2022;
— the Group income statement, statement of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of the Group interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of NZX Limited
Report on the Group interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements of NZX Limited and its
subsidiaries (“the Group”) on pages 22 to 38 do
not:
i.present fairly in all material respects the
Group’s financial position as at 30 June
2022 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
Group interim financial statements which comprise:
— the Group statement of financial position as at
30 June 2022;
— the Group income statement, statement of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of the Group interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of NZX Limited
Report on the Group interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements of NZX Limited and its
subsidiaries (“the Group”) on pages 22 to 38 do
not:
i.present fairly in all material respects the
Group’s financial position as at 30 June
2022 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
Group interim financial statements which comprise:
— the Group statement of financial position as at
30 June 2022;
— the Group income statement, statement of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of the Group interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of NZX Limited
Report on the Group interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements of NZX Limited and its
subsidiaries (“the Group”) on pages 22 to 38 do
not:
i.present fairly in all material respects the
Group’s financial position as at 30 June
2022 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
Group interim financial statements which comprise:
— the Group statement of financial position as at
30 June 2022;
— the Group income statement, statement of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of the Group interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
NZX Interim Report 2022
40

© 2022 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited
by guarantee. All rights reserved.

Independent Review Report
To the shareholders of NZX Limited
Report on the Group interim financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
financial statements of NZX Limited and its
subsidiaries (“the Group”) on pages 22 to 38 do
not:
i.present fairly in all material respects the
Group’s financial position as at 30 June
2022 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii.comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
Group interim financial statements which comprise:
— the Group statement of financial position as at
30 June 2022;
— the Group income statement, statement of
comprehensive income, changes in equity and
cash flows for the 6 month period then ended;
and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of the Group interim financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the Group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
NZX Interim Report 2022
41
Responsibilities of the Directors for the Group interim financial
statements
The Directors, on behalf of the Group, are responsible for:
— the preparation and fair presentation of the Group interim financial statements in accordance NZ IAS 34
Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of Group interim financial statements that
is fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the Group interim financial
statements
Our responsibility is to express a conclusion on the Group interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the Group interim financial statements are not prepared,
in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly, we do not express an audit
opinion on these Group interim financial statements.
This description forms part of our Independent Review Report.
KPMG
Wellington
18 August 2022

Corporate directory
Getting in touch
Board of Directors
James Miller (Chair)
Frank Aldridge
Nigel Babbage
Richard Bodman
Elaine Campbell
Peter Jessup
Lindsay Wright
Chief Executive Officer
Mark Peterson
Chief Financial Officer
Graham Law
General Counsel and
Company Secretary
Sara Wheeler
Registered Office
NZX Limited
Level 1 / NZX Centre
11 Cable Street
PO Box 2959
Wellington
+64 4 472 7599
info@nzx.com
nzx.com
Auditors
KPMG
10 Customhouse Quay
Wellington
+64 4 816 4500
Share Register
Link Market Services Limited
PO Box 91976
Auckland 1142
+64 9 375 5998
enquiries@linkmarketservices.co.nz
linkmarketservices.co.nz
NZX Interim Report 2022
42

---

Results announcement
19 August 2022




Results for announcement to the market
Name of issuer NZX Limited
Reporting Period 6 months to 30 June 2022
Previous Reporting Period 6 months to 30 June 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$46,175 8.8%
Total Revenue $46,175 8.8%
Net profit/(loss) from
continuing operations
$7,383 (3.2%)
Total net profit/(loss) $7,383 (3.2%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 9 September 2022
Dividend Payment Date 23 September 2022
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.0115) ($0.0101)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the results please refer to the market
release, Interim report and investor presentation attached.
Authority for this announcement
Name of person

authorised
to make this announcement
Graham Law
Contact person for this
announcement
Graham Law
Contact phone number +64 29 494 2223
Contact email address graham.law@nzx.com
Date of release through MAP

19 August 2022

Unaudited financial statements accompany this announcement.

---

Distribution Notice






Section 1: Issuer information
Name of issuer NZX Limited
Financial product name/description Ordinary shares
NZX ticker code NZX
ISIN (If unknown, check on NZX
website)
NZNZXE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Close of trading on: 09/09/2022
Ex-Date (one business day before the
Record Date)
08/09/2022
Payment date 23/09/2022
Total monies associated with the
distribution
1

$9,394,106 (based on number of shares on issue at the
date of this form)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.04166667
Gross taxable amount
3
$0.04166667
Total cash distribution
4
$0.03000000
Excluded amount (applicable to listed
PIEs)
-
Supplementary distribution amount $0.00529412
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01166667

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Resident Withholding Tax per
financial product
$0.00208333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1%
Start date and end date for
determining market price for DRP
Close of trading on:
08/09/22
Close of trading on:
15/09/22
Date strike price to be announced (if
not available at this time)
17/09/22
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
12/09/2022, 5pm (New Zealand time)
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
NZX Chief Financial & Corporate Officer Graham Law
Contact person for this
announcement
NZX Chief Financial & Corporate Officer Graham Law
Contact phone number 04 498 2271
Contact email address
graham.law@nzx.com
Date of release through MAP

19/08/2022

---

1
19 August 2022
NZX INTERIM 2022 RESULTS
INVESTOR PRESENTATION

2
Executive Summary3
Business Unit Highlights6
Acquisitions Update15
Financial Performance18
Financial Position & Cash Flows30
Interim Dividends & 2022 Earnings Guidance34
Appendices
1Operating Revenue Definitions38
Today’s Agenda
NZX Half Year 2022 Results
Importantnotice
This investor presentation should be read in conjunction with NZX's other periodic
and continuous disclosure announcements, and the financial statements in the
2022 Interim Report, which provides additional information on many areas
covered in this presentation. These are available at nzx.com.
This presentation contains certain 'forward-looking statements' such as indications of,
and guidance on, future earnings and financial position and performance.
This includes statements regarding NZX's current assumptions, which are subject to
market outcomes, particularly with respect to market capitalisation, total capital listed
and raised, secondary market value and derivatives volumes traded, funds under
management and administration growth, acquisition integration costs and technology
costs.
Additionally they assume no material adverse events, significant one-off expenses,
major accounting adjustments, other unforeseeable circumstances, or future
acquisitions or divestments.
Any indications of, or guidance or outlook on, future earnings or financial position or
performance and future distributions are also forward-looking statements.
Forward-looking statements are not guarantees or predictions of future performance
and involve known and unknown risks and uncertainties and other factors, many of
which are beyond the control of NZX, and may involve significant elements of
subjective judgement and assumptions as to future events which may or may not be
correct. There can be no assurance that actual outcomes will not materially differ
from these forward-looking statements.
A number of important factors could cause actual results or performance to differ
materially from the forward-looking statements. The forward-looking statements are
based on information available to NZX as at the date of this presentation.
Except as required by law or regulation (including the Listing Rules), NZX undertakes
no obligation to provide any additional or updated information whether as a result of
new information, future events or results or otherwise.

3
Executive Summary

4
FY22 Targets
HY22 Progress YTD5 YrTargets Progress
Operating
earnings
1
$33.5m-$38.0m
$17.6m
(excl. acquisition costs)
($17.4m after acquisition costs)
Capital listed and
raised
$14.8bn$9.4bn$19.7bn average p.a.
Total value traded$52.5bn$20.8bn $47.0bn average p.a.
Data & insights
revenue
6.5% avg. growth4.2% growth7.0% CAGR growth
Funds under Mgmt.
14% avg. growth
(excl. acquired FUM)
(12.2)% growth
(excl. acquired FUM)
(net cash flows +2.7%
and market return (14.9)%)
21.2% CAGR growth
(excl. acquired FUM)
Funds under Admin.
Migrate new clients
and OE clients onto
the platform
(10.1)% growth
(net cash flows +1.4%
and market return (11.5)%)
57.2% CAGR growth
Dairy derivatives
lots traded
0.45m –0.55m lots198,920 lots traded9.0% CAGR growth
HY22 results highlights
NZX’s earnings base has generated a solid result despite the step back in market activity in 2022, with overall revenue growth
reflecting the strength of our strategy.Smartshares and Wealth Technologies continue to provide a platform for future growth
NZX Half Year 2022 Results
Notes:
1Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, and gain or loss on disposalof assets. Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with
similarly titled performance measures and disclosures by other entities.
2The 2022 Targets are detailed in the management commentary section of the 2021 AnnualReport. FY22 Targets are for the year ended 31 December 2022, or as at31 December 2022 (as applicable). HY22 Progress YTD represents the value for the 6 months ended 30 June 2022, or for
Funds Under Management (excluding ASB Superannuation Master Trust FUM)and Funds Under Administration which are the movement in balances as at31 December 2021 to 30 June 2022.
Revenue of $46.2m (+8.8% on H1-21 and +1.5% on H2-21)driven by capital market listings and
raisings, data sales and our growing Funds Management and Wealth Technologies platforms
Operating earnings
1
of$17.6 million excluding one-off acquisition and integration costs; on a like
for like basis this is a decrease of (1.0)% on H1-21 and (2.2)% on H2-21. Operating earnings after
acquisition costs at $17.4 million
Net Profit After Tax (NPAT) of $7.4m ($7.6m excluding one-off acquisition costs) impacted by
increased amortisation associated with:
–investment into our Wealth Technologies platform arising in advance of the expected uplift in
operating earnings; and
–the acquired ASB Superannuation Master Trust definite life intangible asset
Fully imputed interim dividend of 3.0 cents per share
✓
✓
HighlightsPerformance relative to 2022 Targets
2
Net Profit After
Tax
$7.4
Million
NPAT excluding
acquisition costs $7.6 million
Operating Earnings
1
excl. acquisition costs
$17.6
Million
Operating Earnings after
acquisition costs $17.4 million
Dividend
(fully imputed)
3.0 cps
✓
✓
✓
✓
✓

5
NZX Half Year 2022 Results
Continue to drive new listings across all listing
pathways via NZX’s true origination model
Continue to drive greater participation and on-
market liquidity, NZX DARK functionality
Acquire stake in Global Dairy Trade, develop
further carbon managed related services, relaunch
S&P/NZX20 Index Futures
Integrate ASB Superannuation Master Trust and continue to
explore potential acquisition opportunities, Asian Region
Funds Passport obtained, drive further organic growth
Continue to transition clients to new platform and execute
on client acquisition pipeline to deliver on FY23 target of
between $35-$50 billion FUA. Drive to be cash flow positive
Continue to enhance the capacity, resilience, security and
efficiency of our operating platforms; growth investments in
depository automation, Wealth Technologies and
Smartshares planned for FY22
Grow markets
Maximise
financial services
Empower
performance
Delivering on our growth strategy
We continue to make progress in delivering on our strategy despite difficult market conditions, which have impacted our ability to
deliver on our 5-year aspirational targets by 2023. We remain committed to support growth in New Zealand’s capital markets
1 new equity issuer, 1 new fund issuer, 1 new
debt issuer, 16 new debt issues from existing
issuers including $610m in green bonds raised
GDT acquisition completed on 30 June 2022, exploring
regulated carbon secondary market,progressing on the
relaunch of S&P/NZX20 Index Futures
Integration planning for ASB Superannuation Master Trust,
Asian Region Funds Passport obtained January 2022, further
organic growth with positive cash flows ($180m)
Current client to on-board additional FUA in Q4-22 and
pipeline remains strong for 2023
Completed the implementation of the FMA Action plan from
their NZX Market Operator Obligations Targeted Review.
Continued focus on fitness and automation
FY22 & beyondH1-22 ProgressGrowth strategy
Traded value 9.1% down on 5 year rolling
average, depository assets under custody up 6.1%

6
Business Unit Highlights

7
Capital Markets Origination –Capital Listed and Raised
NZX Half Year 2022 Results
Anotherstrongperformanceforthehalfyear,withthecapitallistedandraisedmixadjustingtosuittheeconomicenvironment
overtheperiod
Capital Listed / Raised (new and secondary capital raisings)$9.4 billion
Relative to H1 5 year rolling average + 28.5%
Movement from H1-21+ 28.0%
Average annual capital raised (2019-2022)$19.7 bn
Macro Drivers
•Primarylistingfeesdrivenbyretaildebtlistingsduetorisingratesleadingtohighercoupons
•Secondaryissuancefees,havebeenrelativelygoodforthefirsthalfof2022withlargecapitalraises
fromAirNewZealand,EbosandVitalHealthcare
Platform and Operations
Theteamof7FTEsisoperatingatrueoriginationmodel–withactivepipelinedevelopmentand
conversion.Interestlevelsarehighwithapprox.28%ofthecompaniesapproachedin2022seekinga
meetingaboutpotentiallylistinginthefuture
A number of “Listing your company” and “Raising capital in New Zealand” events have been held in
2022, with partners including Jarden, HarmosHorton Lusk, Chapman Tripp, Sharesies, Northington
Partners, INFINZ and Morgo
Show casing current listed clients through various different mediums including podcasts, videos, social
media, retail investor briefings
Listings –1 new equity, 1 new fund and 1 new debt issuers listed during H1-22:
•Foreign Exempt Listings -AmpolLimited (ALD)
•IPOs -Booster Innovation Fund (BIF)
•Debt IPOs -Southland Building Society (SBS)
Existing issuers -16 new debt issues in H1-22:
•Green Bonds
•GMT Bond Issuer $150 million (allocated to finance or refinance, wholly or in part, Eligible
Assets in accordance with the Sustainable Finance Framework)
•Precinct Properties $175 million (proceeds used to finance or re-finance existing and/or
planned Eligible assets in accordance with their ESG & Sustainability strategies)
•Genesis $285 million (issued in accordance with Genesis’ Sustainable Finance Framework)

8
Secondary Markets –Value Traded / Cleared
Value traded levels have fallen from record levels of the last two years, though remain well head of activity levels in 2019
and prior years
Traded Value$20.8 billion
Relative to H1 5 year rolling average (9.1)%
Movement from H1-21(23.3)%
Average annual value traded (2019-2022)$47.0 bn
Traded Volume7.08 million
Movement from H1-21(12.0)%
NZX Half Year 2022 Results
Macro Drivers
Valuetraded/cleared
•Lowerlevelsoftotalvaluetraded($20.8billion)reflectsacombinationoflowertradedvolumes
(down12.0%)andlowersharepricesduetosignificantmarketuncertaintyasaresultofhigh
inflation,interestraterises,reversalofquantitativeeasing,andglobalconflictcontributingtoa
flightoutofequitiesglobally
•on-marketliquidity(65.9%)continuingtoincrease
•ReducednumberoflargetradingdaysinH1-22comparedtoH1-21duetolowernumberofindex
rebalancedays,particularlyrelatedtotherebalanceoftheS&PCleanEnergyIndexinApril2021
NZXDepository–continuedgrowth:
•Assetsundercustody+6.1%to$5.7billion,partiallyoffsetbydepositoryOTCtransactions-12.2%
duetosoftermarketconditions
•ContinuedfocusonthedepositorybusinesstodrivedowncostsofoperatingintheNewZealand
capitalmarkets
Market Development
ProgressingontherelaunchofS&P/NZX20IndexFutures
•NewDerivativesTradingandClearingParticipantsandMarketMakerspreparingforlaunchwith
initialconnectivityandtestingunderway
•RequiredchangestoNZXsystemsandprocessesindevelopmentwithvendors
•Groupofsignificantcornerstoneinvestorsinvolvedinlaunchandcommittedtopartakinginthe
market
NZX DARK development continues -Target launch of 2023
BNPParibascontinuestobehighlyengagedonbecomingaGeneralClearingParticipant-hasthe
potentialtoconnectmoreglobaltradingfirmstotheNZX
NZXClearingconsultationonRecoveryToolsisongoingtomaturetheriskmanagementoftheclearing
house

9
Data & Insights Revenue$9.0 million
Movement from H1-21:
•total revenue+ 4.2%
•excluding audit and back dated licenses+9.2%
•CAGR since December 2018+ 7.0%
Split by revenue type:
Royalties, subscriptions, licenses and indices+ 10.3%
Audits and back dated licenses(61.0)%
Connectivity+ 2.9%
Data & Insights revenue
Solid continuation of business growth driven by professional terminal numbers lifting, partially offset by a lower number of
completed royalty audits in the period
NZX Half Year 2022 Results
Note: Data & Insights Revenue in graph excluding connectivity revenue to ensure comparability with 2018 strategic targets
Recurring revenue (i.e. excluding audit and back dated licenses revenue) increased 9.2% on H1-21
•Royaltyrevenue–grewby13.1%withamixofprofessionalterminals(highervalue-increased
2.0%)andretailterminals(lowervalue-decreased15.2%)
•Subscriptionandlicensesrevenue–grewby9.9%withcontinuedgrowthinnon-display
applicationsandabilitytocapturelicencerevenuestreamspostaudit(resultinginincreasedhigh
valuelicensenumbers)
•Connectivityrevenue–continuestoreflectchangesinclientconnectivityrequirements(i.e.
standardsofperformanceandincreasedresilienceacrossthemarket)
•Auditsandbackdatedlicenses–decreasedby61.0%withalowernumberofcompletedroyalty
auditsintheperiod.AsignificantnumberofauditsareexpectedtocompleteinH2-22
Future revenue growth driven by:
•Continued focus on product offering for market data and delivery to new segments
•Developing value added services for data products through data transformation
•Build connectivity through Australian Liquidity Centre to open access to significant trading and
clearing firms

10
Dairy Derivatives
Completed the structural change to the dairy derivatives business with the Singapore Exchange strategic partnership and the
Global Dairy Trade acquisition. The expected growth from the SGX partnership is being achieved
Dairy Derivatives Lots traded198,920
Movement from H1-21+ 42.1%
CAGR since December 2018+ 9.0%
Notional Value traded (USD)$1.668 billion
Movement from H1-21+ 88.3%
Open interest 103,942
Movement from H1-21+ 71.5%
NZX Half Year 2022 Results
Strategic Partnerships
•Singapore Exchange (SGX) strategic partnership commenced in late November 2021 to grow
NZX’s dairy derivativesmarket
•Partnership has extended market distribution and expanded global access:
•expanded number of trading and clearing members(previously 4 connected with NZX) with
potential for further expansion (i.e. >70 connected with SGX),enabling proprietary and
speculative firms to connect more easily
•expanded number of independent software providers with potential for further expansion
provides a more global platform and presence (having access to SGX’s network of global
sales offices and resources)in the dominant region for dairy imports (Asia)
•partnership is a revenue share agreement -NZX retains a base level of revenue
•Global Dairy Trade Limited (GDT) –the acquisition completed on 30 June 2022 and represents
further opportunity to accelerate the growth of the SGX-NZX Dairy Derivatives markets
•focus on bringing new suppliers to market, and more frequent price discovery in the
physical market
Platform and Operations
•‘Calendar Strips’ functionality was introduced in late May 2022. This functionality allows
hedgers to trade quarterly strips on screen without risking being left with a 'leg' unfilled.
This will support the trend toward on-screen trading / liquidity
•Block trade fees commenced in May 2022 (waived for an initial 6-month period). This will
provide an incentive for on-screen trading / liquidity
•NZX is working with SGX to add further liquidity providers and a pre-close 2-hour liquidity
window

11
Smartshares –Funds Under Management (FUM)
Continues to drive growth, has positive net cash flows. We remain positive about Smartshares’ future growth opportunities,
and we look to further scale this business through both organic and inorganic growth opportunities
NZX Half Year 2022 Results
Funds Under Management$7.55 billion
•Movement from 31 December 2021
•Total FUM movement+15.5%
•Split by:
•ASB SMT acquired FUM+27.7%
•Cash flows+ 2.7%
•Market movement-14.9%
•CAGR (excl ASB SMT FUM) since Dec 2018+21.2%
Cash Flows$0.18 billion
•Movement from H2-21 (ex KSD inflows $382m in Dec 2021)(26.6)%
Macro Drivers
•NZ ETF penetration rate is low compared to US/Europe
•KiwiSaver future growth profile grows total market FUM
•Growth in non-KiwiSaver investments and self-directed investing platforms
FUM growth target 14% p.a.
•ASB Superannuation Master Trust (ASB SMT) acquired FUM: $1.815 billion on 11 February 2022
•Net FUM inflow: $180.1m is approx. 2.7% of opening FUM
•Market return: $(969.2)m is approx. (14.9)% of opening FUM
•Smartshares ETF tradingaccounted for 5.2% of NZX traded value in H1-22 (H1-21: 7.2%, H2-21:
8.7%)
Strategic step change through scale
•ASB SMT Acquisition –the acquisition of the management rights (which includes approx. 17k
members and over $1.815 billion FUM) completed on 11 February 2022 and moved
Smartshares’ share of the Superannuation Master Trust market from 17% to 38%
•We continue to mature the operations (particularly in the IT environment), and are embedding our
growth initiatives including:
•KiwiSaverDefault (KSD) provider statusfrom December 2021, including the
implementation of new digital tools to transform customer service to a digital
customer experience (e.g. Find My Fund selection tool)
•Asian Regional Fund Passport (ARFP) application was approved by the FMA in
January 2022, allowing simpler access to large pools of retail investors in Australia,
Japan, Thailand and Korea. Proposals are now being received from potential
distribution partners
•Smartshares ETFs have been registered under the Trans-Tasman Mutual Recognition
of Securities Issues for distribution in Australia

12
Wealth Technologies –Funds Under Admin (FUA)
Client transitions have driven the growth, and there is a positive outlook for this to continue
Funds Under Administration$9.91 billion
•Movement from 31 December 2021-10.1%
Split between:
•Cash flows+ 1.4%
•Market movement-11.5%
•CAGR since December 2018+ 57.2%
NZX Half Year 2022 Results
Macro Drivers
•Increased compliance obligations are forcing large advisor firms to upgrade their internal platforms
•Increasing cost to service clients impacts medium adviser firms, making the Wealth Technologies
operations option cost efficient
Platform and Operations
•NZX Wealth Technologies operating earnings continue to improve
•Now have a scalable platform with a highly skilled operational team
•Enhanced structure and increased resourcing to enablestrong operational excellence while
continuing aggressivegrowth trajectory
•CAPEX activity reflects new client activity
•We are conscious of cash burn and are targeting to be cashflow positive as soon as possible
Clients
•Funds Under Administration at $9.91 billion, down 10.1% from 31 December 2021 due to
combination of positive cashflows and negative market return
•9 clients on the new platform (and 6 on the legacy platform)
•Project in progress to on-board additional FUA in Q4-22, with planning underway for phased
transition (from late 2023) for further substantial FUA
•Migration of 1 legacy platform client to the new platform in H2-22, with the remaining clients
expected to be migrated in H1-23 and the old platform then decommissioned
•Pipeline remains strong for 2023
-
5
10
15
20
25
30
35
40
45
50
2014
2015
2016
2017
2018
2019
2020
2021
H1-22
2023
Funds Under Administration (FUA $'b)
2023 Strategy Low Target
2023 Strategy High Target
FUA (Closing $'b)
2025 Strategy Low Track
2025 Strategy High Track

13
Regulation (NZ RegCo)
Regulatory operating and governance model aligns to global best practice, with structural separation of regulatory activities
from NZX’s commercial activities, to deliver first class regulatory services, on a cost neutral basis
NZX Half Year 2022 Results
NZX Regulation Limited (NZ RegCo)
•NZ RegCo is structurally separate from NZX's commercial and operational
activities
•Governed by a separate board with:
•an independent Chair -Trevor Janes; and
•the majority of members independent of the NZX Group:
•Annabel Cotton (Independent);
•John Hawkins (Independent);
•Michael Heron QC (Independent); and
•Elaine Campbell (NZX Director)
•NZ RegCo CEO is Joost van Amelsfort
•Targeting to operate on a cost-neutral basis
NZ RegCo CEO
NZX Shareholders
Regulators
NZX Board
NZX CEO
NZX employees
NZ RegCoBoard
NZ RegCo CEO
NZ RegCo employees

14
People
There is a challenging labour market, i.e. high vacancy levels and significant wage pressure, and our people continue to show
remarkable commitment, resilience and flexibility as they deliver further growth across the Group.
NZX Half Year 2022 Results
Building Capacity
•To support business growth across the group and market
stability, our workforce (excluding vacancies) remained
stable with 292.7 full-time equivalent employees at
December 2021 and 291.9 at June 2022
•To overcome the impact of the talent shortage across a
tight labour market, with a noticeable gap for mid-
intermediate level talent, we are actively recruiting
graduates into our business. These graduates are
supported by “anchor” staff within the business who
develop them via on-the-job training and mentoring.
•We are reviewing our NZX Graduate programmeto make
it more flexible, attractive and competitive.
•Wealth Technologies added capacity in customer service,
operations, onboarding and technical teams to serve new
clients. Smartsharesteams are focussed on bedding
down the Kiwisaverdefault onboarding.
•Strong competition for skilled people has been
experienced given labour market constraints, however,
our strong brand, culture and growth opportunities
continue to attract skilled people; wage inflation tracked
at approximately 4%
•NZX & WealthTechare piloting two outsourcing
contractor providers, based in India (Double Yolk) &
Vietnam (Code HQ), to enable us to onboard skills and
capability at short notice.
Growing Capability
•The executive team is focusing the business to ensure
we have the capability to deliver the next wave of
growth, while also lifting capability in key areas such as
risk management, policy, and ESG
•Organisational capability in IT functions has been a
particular focus including in automation, testing,
performance monitoring and reporting, and
information security
Culture and Engagement
•Employee engagement lifted slightly in our May
survey. Our ambition is to remain in the top quartile
for NZ companies.
•Keeping our workforce connected, supported and
informed through successive lockdowns has protected
wellbeing and morale. We have engaged in some
“return to office activities” for staff across all three
offices to ensure they feel safe and connected while
working in an office environment again.
•Our ability to support flexible and remote working has
enabled our people to balance work and life
commitments
Health, Safety & Wellbeing
•Active management of COVID-19 risks has supported a
healthy workforce through the pandemic to date
•Excellent safety record, with Total Recordable Injury Rate
(TRIR) of 0.80 incidents per 200,000 hours worked
Diverse Workforce, Inclusive Workplace
•Through our graduate programme and IT summer
internships we continue to grow a pipeline of diverse and
talented new employees
•Commitment to gender pay equity continues; our current
mean pay gap of 15.1% is approximately half the financial
& insurance industry average
•Increasing the number of women in senior roles is a goal
and will further close the gap. Our SLT is made up of 40%
female executives
•A member of the Senior Leadership has been chosen by
the World Federation of Exchanges, the global industry
group for exchanges and CCPs, to be on the Women
Leaders list for 2022
•We actively participate in the Global Women Activate
Leaders Programme each year

15
Acquisitions Update

16
Acquisition -ASB Superannuation Master Trust
Acquisition completed on 11 February 2022
NZX Half Year 2022 Results
Investment
summary
Transaction
rationale
•Acquisition of the management rights of the ASB Superannuation Master Trust completed on 11 February 2022
•Drives scale in Smartshares, the passive funds management business, with FUM increasing approx. $1.8mon 11 February 2022; and
•Aligned with NZX Group strategy to capture complementary opportunities that greater scale in the Smartshares and Wealth Technologies businesses
provides to both NZ Capital Markets and our Markets business
Transition /
migration progress
•Transition and migration planning has commenced
•Smartshares currently responsible for client relationships, with certain services continuing to be provided by ASB
•Transition / migration plan:
•investment administration in Q2-23;
•investment management in Q2-23; and
•registry services in Q3-23
Financial impact
on NZX
•Income Statement:
•Operating Earnings of $1.82m in H1-22
•Non operating expenses include acquisition costs ($0.12m), integration costs ($0.06m), amortisation ($0.42m), interest expenses ($0.07m) and
tax expense ($0.46m)
•Net Profit After Tax approximately $0.69m
•Balance sheet
•The management rights assets are accounted for as a definite life asset and will be amortisedon a straight-line basis over 25 years for accounting
purposes. The amortisation is non-deductible for tax purposes. No deferred tax liability has been recognised on acquisition in accordance with
the exemption provided in NZ IAS 12. As at30 June 2022 the net investment is:
•Intangible asset –definite life (management rights) gross$25.00m
•Amortisation($0.42m)
•Net investment$24.58m

17
Acquisition –Global Dairy Trade (GDT)
Acquisition completed on 30 June 2022
NZX Half Year 2022 Results
Investment
summary
Transaction
rationale
•Acquisition of 33.3% stake in GDT completed on 30 June 2022
•NZX’s investment into GDT is strategically and financially compelling for NZX and provides a sustainable foundation for NZX’sdairy derivatives business
‒NZX and EEX’s involvement in GDT further enhances GDT’s role as an independent, neutral and transparent auction platform, gives it a presence in
prominent international dairy producing regions and creates future growth opportunities
‒The expansion of the physical trading environment, including potentially through more frequent GDT auctions, would both further strengthen our
SGX/NZX dairy derivatives financial market contracts and enable the creation of new tools and opportunities for dairy processorsand end-users to
manage price volatility
‒NZX and its partners see a clear opportunity ahead to evolve GDT to be a truly global auction platform, with the potential togrow financial products to
many multiples of the physical dairy market
Transition /
migration progress
•GDT will continue to operate on a stand-alone basis, with NZX appointing 2 directors to the GDT Board
•New shareholding structure takes effect from 1 July 2022 which:
•enhances Global Dairy Trade’s role as an independent, neutral and transparent trading platform
•unlocks strong global growth opportunities, with increase in non-Fonterra volumes expected
•with NZX’s involvement provides the opportunity to develop new tools and financial products to manage price risk and volatility across NZX’s
entire dairy value chain
Financial impact
on NZX
•Income Statement:
•NZX’s share of profit/loss in a period will be recognised after operating earnings as “share of profit of an associate”
•As the acquisition completed on 30 June 2022 there is no “share of profit of an associate” in H1-22
•Balance sheet
•NZX’s investment in associateas at30 June 2022 is $16.6m, being:
•$12.50m for the 33.3% shareholding; plus
•$3.16m for working capital to expand the GDT business over the next few years; in addition
•$0.46m working capital adjustment (completion accounts are currently being completed); and
•$0.51m acquisition costs

18
Financial Performance

19
Income Statement
NZX Half Year 2022 Results
H1-2021
$000
H2-2021
$000
H1-2022
$000
Operating Revenue42,45145,504 46,175
Operating Expenses (excl. acq/integration costs)(24,665)(27,511)(28,571)
Operating earnings
1
(excl. acq/integration costs)17,786 17,993 17,604
Acquisition and integration costs(848)(504)(184)
Operating earnings
1
16,938 17,489 17,420
Net finance expenses(1,174)(1,333)(1,044)
Gain / (loss) on disposal of assets(112) (33) 3
Depreciation and amortisation expenses(4,797)(5,607)(6,756)
Income tax expense(3,225)(3,131)(2,240)
Profit for the year7,630 7,3857,383
Operating Margin
(excl. acquisition and integration costs)41.9%39.5%38.1%
Notes:
1Operating earnings (EBITDA) is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings
may not be comparable with similarly titled performance measures and disclosures by other entities.
2Finance Technology Partners (July 2022) EBITDA Margins (median) information for Regional/Country Based Exchanges is
estimated at 2022: 51%.
Operating Revenue and Expenses
Operating revenue increased to $46.2 million (+8.8% on H1-21 and +1.5% on H2-21):
•Annual Listing Fees, Dairy Derivatives, Data & Insights, Funds Management and Wealth Technologies
business units' revenues increased;
•partially offset by reduced levels of securities trading and securities clearing revenues, energy consulting
revenue, and auditand back dated licencing revenue
Operating expenses, excluding acquisition and integration costs,increased to $28.6 million (+15.8% on H1-21
and 3.9% on H2-21):
•we have completed our IT capacity and resilience improvement programme, as well as strengthening
cyber security. In H2-22 we will further enhance our security services with the implementation of a
Security Operation Centre (SOC) and continued security testing
•no new / additional investments for growth (other than completing the acquisitions of the ASB SMT
management rights and the 33.3% interest in GDT), and progressing on the relaunch of S&P/NZX20 Index
Futures
•the Funds Management and Wealth Technologies business units are focused on leveraging their current
resources
Acquisition and integration costs relate to the acquisition (and integration planning) of the ASB
Superannuation Master Trust management rights.
Non Operating Expenses
Net finance costs include:
•interest income on operational cash balances, Clearing House risk capital and regulatory working capital,
which have been positively impacted by increasing interest rates
•interest expenses (including amortised borrowing costs) on the subordinated notes and lease liabilities
•net gain / (loss) on foreign exchange
Depreciation and amortisation increased due to the full period impact of:
•Wealth Technologies –increased amortisation of the core platform and new client migrations completed
in late 2021
•IT improvements completed throughout FY21 to improve IT resilience (including the new trading system
and the network transformation)
•Smartshares digital tools (and supporting infrastructure) for KiwiSaver Default Scheme
•Smartshares amortisation commenced (from 11 February 2022) on the acquired ASB Superannuation
Master Trust management rights (increased amortisation is approx. $0.42m)
•Auckland office –depreciation on the fit out of the new Auckland office commenced in August 2021and
associated right of use assets
Effective tax rate is lower than statutory rate of 28% due to differences in valuation (accounting v taxation) on
vesting of long term incentive schemes, partially offset by non-deductible items
Operating Earnings
Operating earnings of $17.6 million, excluding one-off acquisition and integration costs,
was (1.0)% lower than H1-21 and (2.2)% lower than H2-21.
The operating margin at 38.1%, excluding acquisition and integration costs (H1-21:
41.9%, H2-21: 39.5%), is lower than our peers
2
due to the diverse nature of NZX (i.e.
energy markets, non-markets businesses and NZ RegCo) relative to peers.
Operating earnings by business unit are discussed in detail on the following slides.