NZX H1 2024 Results & Interim Report Published

Half Year Results22 August 2024NZXFinancials

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NZX Interim Report
2024

About
this report
Contents
The report outlines the work the NZX Group has
done in the first half of 2024 to deliver sustainable
wealth, value and opportunities for all.
As New Zealand’s Exchange, we are proud of
our record in supporting the growth and global
ambitions of local companies.
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.
Half-year review 4
Financial statements 21
Notes to the financial statements 27
Independent review report 39
Getting in touch 42

Mā te huruhuru ka
rere te manu.
Adorn the bird with
feathers to enable it to fly.

Showing strength through
economic & market cycles
Half year review
2024
NZX Limited (“NZX” or “the Company”) has produced a
solid half-year operating financial result in an ongoing
challenging environment for global markets. The result
demonstrates the continuing momentum of delivering
to the Company’s growth strategy.
In H1 2024, the Company lifted operating
earnings despite the challenges of softness in equity
market activity and high interest rates. Our results
show the benefit of the diversified range of financial
infrastructure businesses operated by NZX, and the
range of offerings available for companies to access
capital. It highlights the resilience and strength of
NZX as a market operator, fund manager and fund
administration platform provider; and the positive
outlook for the Company when cyclical market
conditions turn favourable.
$22.4m
Operating earnings
1
12%
NZX Interim Report 2024
4

01.
Half year review
Half year review
2024
RESULT OVERVIEW & KEY HIGHLIGHTS
The Company generated H1 2024 operating earnings
(EBITDA) of $22.4 million (H1 2023 $20.0 million), an
improvement of 12%. Operating earnings (EBITDA)
1

excluding one-off acquisition, integration and restructure
costs increased 11.5% to $22.9 million (H1 2023 $20.6
million), with:
—operating revenue increasing 7.3% to $57.9 million; and
—operating expenses excluding acquisition, integration
and restructure costs, integration costs, increasing 4.7%
to $35.0 million.
NZX produced an unaudited net profit after tax (NPAT) of
$15.3 million for the 2024 half year (H1 2023 $7.0 million).
This included a $7.3 million net gain due to an accounting
adjustment to the fair value of the QuayStreet Asset
Management (QuayStreet) earnout provision. Excluding this
accounting adjustment, the underlying unaudited net profit
after tax was $8.0million, a year-on-year increase of 10.9%.
The Directors have declared a fully-imputed interim
dividend of 3.0 cents per share (H1 2023 3.0 cents) to be
paid on 3 October 2024 to shareholders registered as at
the record date of 19 September 2024.
HOW WE PERFORMED — NZX GROUP’S KEY
PERFORMANCE MEASURES
NZX’s growth strategy is to expand our Capital Markets
product range and drive scale and operating leverage
across our financial markets infrastructure businesses.
Despite economic and financial market conditions, the
first half of 2024 saw ongoing progress in delivering our
strategic goals.
The macroeconomic environment remains challenging
for equity raising and trading activity, affecting new
issuance and market liquidity. We expect activity levels to
rise as interest rates begin to fall. Nevertheless, secondary
and debt issuance have remained solid, reinforcing
the value of being NZX-listed as a platform for access
to capital.
H1 2024 highlights across NZX include:
—successful launch of NZX Dark in June – New Zealand’s
first midpoint order book – providing an additional
trading mechanism to execute client orders and
enabling price improvement;
—continued Dairy Market volume growth in our derivatives
partnership with Singapore Exchange (SGX Group);
—Smartshares launched new funds and QuayStreet won
2024 Morningstar KiwiSaver and Fund Manager of the
Year awards; and
—NZX Wealth Technologies (NZXWT) transitioned five
new clients on to its platform with annual recurring
revenue increasing from $7.2 million in December 2023,
to $8.9 million at the end of H1 2024, making strong
progress on its path to becoming cash flow positive.
$15. 3m
Net profit after tax
119. 0 %
Excluding the accounting adjustment to the fair value of the QuayStreet earnout provision,
the underlying net profit after tax was $8.0 million, a year-on-year increase of 10.9%
1 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in
fair value of contingent consideration, and share of profit/loss of associate. Operating earnings is not a defined performance measure in NZ IFRS. The Group’s
definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
NZX Interim Report 2024
02
How we performed - NZX Group's key performance measures
Performance indicatorsFY24 TargetH1-24H1-23% Change
Operating earnings (EBITDA) pre acquisition, integration &
restructure costs ($ million)
1
40.0 - 44.522.920.611.5%
Capital listed & raised ($ billion)15.06.37.2(11.5%)
Total value traded ($ billion)38.016.618.0(8.0%)
Information Services revenue (excl. one-off revenue) ($ million)Grow 2.1%9.310.0(2.6%)
Funds under management ($ billion)Grow 14.7%11.910.711.3%
Funds under administration ($ billion)14.210.831.4%
Dairy derivatives lots traded (k)700 - 850321.6260.123.6%
1 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in fair value of
contingent consideration, and share of profit/loss of associate. 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 2024
5

NZX Interim Report 2024
01
Financial Performance
Summary Financial Performance ($ million)H1-24H1-23% Change
Markets30.331.1(2.7%)
Funds Management21.318.018.4%
Wealth Technologies4.23.039.3%
Corporate Services0.10.123.5%
Regulation2.01.814.1%
Total operating revenue57.954.07.3%
Personnel costs(23.1)(21.6)(6.7%)
Information technology costs(7.3)(6.9)(5.8%)
Other costs(4.6)(4.9)5.8%
Total operating expenses(35.0)(33.4)(4.7%)
Operating earnings (EBITDA)
1
pre acquisition, integration & restructure costs
1
22.920.611.5%
EBITDA Margin (%)39.6%38.1%3.9%
Acquisition, integration & restructure costs(0.5)(0.6)8.4%
Operating earnings (EBITDA)
1
22.420.012.0%
Depreciation & amortisation(8.9)(8.3)(6.4%)
Change in fair value of contingent consideration7.3(0.2)3339.1%
Investment in associate and other gains/(loss)(0.1)0.4(145.0%)
EBIT20.711.974.0%
Net finance expenses(1.8)(1.6)(11.2%)
Net profit before tax18.910.384.1%
Tax expense(3.6)(3.3)(9.5%)
Net profit after tax15.37.0119.0%
1 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in fair value of
contingent consideration and share of loss/profit of associate. 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.
1 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in
fair value of contingent consideration and share of loss/profit of associate. 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.
Financial Performance
$57.9 m
Group Operating Revenue
7. 3 %
NZX Interim Report 2024
6

01.
Half year review
“At a Group level, operating
revenue increased by 7.3%
to $57.9 million. This was
driven primarily by increases
in revenue from both
Smartshares and NZXWT,
partially offset by decreased
revenue from NZX’s Markets’
businesses due to reduced
market activity because of the
macroeconomic environment.”
The team at Gentrack – (NZX:GTK) celebrating the company’s
10-year listing anniversary.
At a Group level, operating revenue increased by 7.3% to
$57.9 million. This was driven primarily by increases in
revenue from both Smartshares and NZXWT, partially
offset by decreased revenue from NZX’s Markets
businesses due to reduced market activity because of the
macroeconomic environment.
Group operating expenses, excluding acquisition,
integration and restructure costs, for H1 2024 were
$35.0 million – up 4.7% on the same period last year.
NZX has a strong focus on cost management and
extracting efficiencies in its fund management business.
Comparing H1 2024 expenses against the H2 2023
cost base, operating costs rose only 0.2%. NZX’s cost
management initiatives effectively absorbed the annual
pay rise round that was effective from 1 January 2024. Staff
remuneration is NZX’s single largest cost and is being well
managed with a strong focus on productivity and efficiency.
Relative to the same period last year increased
operating expenses, up 4.7%, were largely driven by
previously highlighted factors. Specifically, the impacts
to Smartshares’ cost base from both the integration of
the SuperLife Superannuation Master Trust’s investment
management, investment administration, and registry into
Smartshares teams, and from the impact of QuayStreet
staff costs being included for the full period.
Group operating earnings (EBITDA) for H1 2024 was
$22.4 million – up 12.0% on the prior year. Normalising
earnings by excluding acquisition, integration and
restructure costs, Group operating earnings (EBITDA) for
the same period was $22.9 million – up 11.5%.
Acquisition, integration and restructure costs in the
current year primarily relate to QuayStreet integration
activities, and planning to mature and generate efficiencies
in Smartshares’ operations. Depreciation and amortisation
increases are mainly due to amortisation of QuayStreet
management rights for the full period, amortisation of
additional development of, and migration of new clients
onto, NZXWT’s platform in 2023 and H1 2024.
The change in fair value of contingent consideration
relates to an accounting adjustment to the QuayStreet
earnout provision. When Smartshares acquired QuayStreet
in February 2023 from Craigs Investment Partners
(CIP), it agreed potential earnout consideration of up
to $18.75 million. This was based on expected net FUM
inflows from the CIP network over a three-year period to
November 2025.
QuayStreet net FUM inflows post-acquisition have
been slower than expected to this point, but the size
of the opportunity remains. Consequently, our current
reassessment of the probability of achieving the net FUM
inflow target by November 2024 has reduced, resulting in a
$7.3 million reduction of the QuayStreet earnout provision.
The probability of achieving the full net FUM inflow target
by November 2025 will be reassessed again at year end.
While earnout-related net FUM inflows are currently
lower than expected, QuayStreet is nevertheless performing
strongly with revenue ahead of the acquisition business case.
The net finance expenses increase relates to the
funding of the QuayStreet acquisition. It also includes
increased interest on the subordinated notes and leased
assets, offset by higher interest income from higher
average interest rates than the comparable period.
The net profit after tax (NPAT) of $15.3 million increased
119.0% year-on-year. Excluding the accounting adjustment
to the fair value of the QuayStreet earnout provision, the
underlying net profit after tax was $8.0 million, a year-on-
year increase of 10.9%.
NZX Interim Report 2024
7

CAPITAL MARKETS
H1 2024 highlighted the ongoing difficult macroeconomic impact on equity markets, balanced against the diversity of
offerings that NZX provides to companies to manage and meet their capital requirements.
Capital Markets Origination
Total capital listed and raised amounted to $6.3 billion
for the period, reflecting an 11.5% decline compared to
the prior period. This decrease is primarily attributed to
ongoing challenging market conditions, which are being
experienced globally.
Secondary issuance fees are paid by existing issuers
when they raise additional capital. Secondary listing fees
benefited from raisings from Goodman Property Trust,
Heartland Group Holdings, and Infratil, which collectively
raised more than $1.6 billion in equity capital in the
secondary market. This represents a 30.8% year-on-year
increase in total secondary capital raised, underscoring the
robust ability to raise capital for growth opportunities.
Primary listing fees are paid by all debt and equity
issuers at the time of listing. The primary drivers of this
revenue are the number of new listings and the value of
capital listed. New debt listings remained active, with
a total of $1.7 billion raised. Further debt issuance is
anticipated in the second half of the year.
Revenue from annual listing fees paid by NZX’s equity,
debt and fund issuers is driven by the number of listed
issuers and equity, debt and fund market capitalisations.
Annual listing fees, calculated on a listed issuer’s market
capitalisation at end of May, have been positively impacted
by the growth in value of the NZX Debt Market, partially
offset by a slight contraction in equity market capitalisation.
NZX Interim Report 2024
04
Capital Markets
Markets performance ($ million)H1-24H1-23% Change
Capital Markets Origination7.98.2(3.8%)
Secondary Markets12.212.5(3.0%)
Information Services10.210.4(1.5%)
Markets revenue30.331.1(2.7%)
Markets EBITDA excl. restructure costs20.520.9(2.1%)
EBITDA Margin excl. restructure costs67.6%67.2%0.6%
Key Operating Metrics
Equity Market capitalisation (ending, $ billion)151.8159.8(5.0%)
Equity listed & raised ($ billion)1.92.0(5.0%)
Debt listed & raised ($ billion)3.54.2(16.7%)
Funds listed & raised ($ billion)0.91.0(10.0%)
Total value traded ($ billion)16.618.0(8.0%)
Dairy lots traded (k)321.6260.123.6%
As an aside, it is pleasing to note subsequent to the
reporting period, Santana Minerals listed on the NZX in
July. More than 40% of Santana’s share register on the ASX
is made up of holders with New Zealand-registered
addresses. Santana wants to see growth with increased
New Zealand-based shareholder support, so it makes
sense for Santana to undertake a dual listing on the NZX.
Secondary Markets — cash market
Participant services revenue is derived from Market
Participants (trading, clearing and advisory firms) that are
accredited for NZX’s equity, debt and derivatives markets.
The total number of Market Participants remained the same
(27) for the 2024 half-year reporting period, as the number
at December 2023. This included the resignation of Hobson
Wealth Partners as a Trading and Clearing Participant in
March 2024 and the accreditation of Jarden Wealth as an
Advising Participant in April 2024.
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 services such as over-the-counter
(OTC) settlement and registry messaging services
provided to Market and Clearing Participants. The largest
component is clearing fees which are based on the
value of settled transactions through NZX’s Clearing &
Settlement operations.
NZX Interim Report 2024
8

01.
Half year review
Cash market value traded and cleared was subdued for H1
2024 because of lower market trading activity levels, down
8.0% on last year. While value traded lifted in the second
quarter of the half year, we are unlikely to see a sustained
lift until interest rates begin to ease and there is an upturn
in macroeconomic conditions.
Secondary Markets — Dairy derivatives and GDT
Dairy is an exciting area of growth for NZX and remains
well positioned across both the physical and futures
markets. NZX holds a 33.3% stake in GlobalDairyTrade
(GDT) alongside Fonterra and the European Energy
Exchange. The suite of global dairy derivatives listings on
the SGX, demonstrates the value of NZX’s strategy of
driving growth from strategic international partnerships.
The strategic dairy derivatives partnership with SGX Group
continues to deliver growth:
—H1 2024 Dairy Derivatives volumes up 23.6% compared
to H1 2023, and in May 2024 a record monthly volume of
88,834 traded lots was achieved; and
—a Market Maker and Liquidity Provision Scheme has
been implemented, which we expect to assist ongoing
growth in trading volumes.
In H1-2024 margin fees per lot have normalised in line with
global future interest rate curves, which has offset the
traded volume growth and resulted in a drop in revenue.
GDT’s underlying profitability remains strong with
increased sellers and products offered on the GDT
platform. GDT’s growth initiatives are progressing,
European and US sales presences have been
established, and an upgrade to the auction platform is
about to commence. As previously highlighted these
growth initiatives will impact GDT’s profitability in the
near term.
Information Services
Information Services royalties from terminals revenue
relates to the provision of markets data to data resellers
who distribute data to their customers. The royalty
revenue from terminals decreased by 2.9% driven by the
average number of professional terminals decreasing
8.7%, partially offset by price increases (effective
January 2024).
Subscriptions and licences revenues relate to
the provision of market data to other participants in
the capital markets. The subscriptions and licences
revenue increase of 2.3% reflects the continued growth
in data usage as well as the ability to capture licence
revenue streams post audit, resulting in increased
higher value licence numbers 16.4%, partially offset
by reduced subscriptions 3.3%. There has also been
a positive impact from price increases (effective from
January 2024).
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2024* H120232022202120202019201820172016201520142013201220112010
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
SGX-NZX DAIRY DERIVATIVES VOLUMES SINCE LAUNCH
Total Derivatives Lots
Lots Traded
Open Interest
Open Interest
NZX Interim Report 2024
9

Members of our
Markets Origination
team, BNZ and
New Zealand Rural
Land Company
providing market
insights at the Mystery
Creek, Fieldays.
Dairy data subscriptions relate to the sale of dairy data
and insight products. Dairy data subscription revenue
increased 11.4%, reflecting price increases and an increase
in higher value product subscriptions.
Audit and back dated licensing / indices revenue
increased 10.0% in H1 2024, with the increase driven by
one-off back-dated indices revenue.
Indices revenue relates to the revenue generated on
index licensing in partnership with S&P. Revenue
decreased 22.6% (excluding the back-dated revenue noted
above and separately reported).
Capital Markets operating expenses
Personnel costs (net of capitalisation) have decreased, with
wage inflation being offset by:
—a lower average number of FTEs compared to H1 2023,
largely due to restructuring in several teams;
—reduced energy business contractors in line with
reduced levels of consulting and development revenue;
and
—higher capitalisation of staff costs for the development
of system capabilities for NZX Dark, S&P/NZX20 Index
Futures, automation of the depository systems and
re-platforming NZX.com.
IT costs relate to licensing and hardware-software
maintenance costs for the trading and clearing systems,
energy electricity market, energy carbon market, SGX-NZX
dairy derivatives market and strategic partnership, and
data platforms feeds. IT costs have been impacted by
movements in foreign exchange rates and inflation, as
well as the infrastructure running costs for the NZX.com
website upgrade.
Professional fees relate to the annual assurance
programme (including internal audit fees, tax advice, and
energy audit obligations under Electricity Authority
contract), terminal royalty audit fees, and royalty fees
relating to both the energy carbon market and SGX-NZX
dairy derivatives market. The reduction primarily results
from no terminal royalty audit fees being received in H1
2024.
Other costs include marketing (for example, Capital
Markets Origination team’s memberships of various
industry groups to identify listing pipeline opportunities),
audit fees, travel, statutory compliance costs and non-
recoverable GST costs.
Capital Markets operating earnings
Capital Markets revenue (from Capital Market Origination,
Secondary Markets and Information services) decreased
$0.8 million (2.7%), which was partially offset by the Capital
Markets expenses reduction of $0.4 million (4.0%). This
resulted in Capital Markets operating earnings, excluding
restructuring costs, decreasing to $20.5 million, down 2.1%
on H1 2023 but up 2.3% on H2 2023.
NZX Interim Report 2024
10

QuayStreet Asset Management was recognised as Morningstar’s Fund
Manager and KiwiSaver Manager at the 2024 Awards.
SMARTSHARES – DRIVING GROWTH
& EFFICIENCIES
Smartshares is a key component of NZX’s growth
strategy. As a wholly-owned NZX subsidiary, Smartshares
is New Zealand’s leading passive funds management
business comprising the SuperLife superannuation
and KiwiSaver products, exchange traded funds (ETFs),
SuperLife Superannuation Master Trust (acquired from ASB
in February 2022) and QuayStreet (acquired from CIP in
February 2023).
Under new Smartshares’ Chief Executive Anna
Scott, the business has been re-focused to deliver more
sustainable growth – aligned to NZX’s strategic goals
– and setting up Smartshares to increasingly extract
operational efficiencies.
Smartshares’ revised operating model includes
transforming business systems to achieve efficiencies
across the NZX Group, including moving Smartshares’
funds on to the NZXWT funds administration platform.
In April, Smartshares launched two new funds under
the QuayStreet brand to meet client demand: the
QuayStreet International Equity (NZD Hedged) Fund and
the QuayStreet High Growth Fund.
Additionally, Smartshares has been delivering on its
partnership agreement with CIP, providing two bespoke
Portfolio Investment Entity (PIE) products for their client
network. This marks another milestone for Smartshares’
investment services and fund manufacturing offerings,
which is an expanding area of the market.
In March, QuayStreet won the 2024 Morningstar
KiwiSaver and Fund Manager of the Year awards and was
a finalist for the 2024 INFINZ Diversified Growth Fund
Manager of the Year Award. QuayStreet FUM increased
9.2% in H1 2024 to $1.7 billion driven by strongly
outperforming returns and organic inflows.
At the end of H1 2024, Smartshares’ Funds Under
Management (FUM) stood at $11.9 billion. Smartshares’
member numbers remain strong, at around 165,000
investors and members in total across all nine schemes.
NZX Interim Report 2024
01
Smartshares
Funds performance ($ million)H1-24H1-23% Change
FUM based fees19.515.923.0%
Member based fees1.31.5(16.3%)
Other0.50.6(16.7%)
Funds revenue21.318.018.4%
Funds EBITDA excl. acquisition & integration costs11.110.38.1%
EBITDA Margin excl. acquisition & integration costs52.2%57.1%(8.7%)
Funds EBITDA10.79.88.7%
Key Operating Metrics
Opening FUM ($ billion)11.08.332.9%
FUM effect from market movement ($ billion)0.70.7(1.7%)
FUM effect from net cash flows ($ billion)0.20.170.6%
FUM effect from acquisition ($ billion)-1.6(100.0%)
Closing FUM ($ billion)11.910.711.3%
Number of NZX listed Smartshares funds40400.0%
NZX Interim Report 2024
11

Funds management revenue is generated from:
—FUM-based revenue which relates to variable FUM
fees net of fund expenses. Fund expenses include a
combination of fixed costs (principally outsourced fund
accounting and administration costs, registry fees and
audit 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, including interest income, insurance
service fees, and stock lending and borrowing
service fees.
FUM-based revenue (net of fund expenses) increased
23.0%. Excluding the impact of the prior year one-off FUM-
based revenue (net of fund expenses) the increase was
$4.5m / 30.3%, which reflects a combination of:
—FUM at 30 June 2024 of $11.9 billion, up 11.3% on last
year. The FUM movement year to date is a combination
of positive market returns and positive net cash flows;
—the full period gain from the QuayStreet acquisition; and
—the positive impact from the integration of SuperLife
Superannuation Master Trust (August 2023) which
resulted in transition services fund costs no longer
being incurred (replaced by FTE and other costs, with a
net integration synergy gain realised).
Member-based revenue has decreased, reflecting a
reduction in insurance admin fees, the administration of
which is now performed by the insurance company, and H1
2023 including member-based revenue relating to prior
financial years.
Smartshares’ cost base has been impacted by both the
SuperLife Superannuation Master Trust integration and the
timing of the QuayStreet acquisition, with particular effect
on personnel costs:
—Additional staff were recruited in H2 2023 to perform
SuperLife Superannuation Master Trust investment
management, investment administration and registry
upon integration into Smartshares existing teams
(replacing transition services fund costs with a net
synergy gain realised); and
—QuayStreet staff full period impact.
Other costs have been impacted by the above factors,
including professional fees (review of AML / CFT
processes) and marketing costs.
It was another strong half year for Smartshares with
operating earnings, excluding acquisition, integration and
restructuring costs, increased to $11.1 million up 8.1% on
H1 2023 and up 22.0% on H2 2023.
NZX WEALTH TECHNOLOGIES –
POSITIVE OUTLOOK
NZXWT develops, administers and operates an online
custodial investment management platform that enables
both large-scale and small-scale financial advisor groups to
efficiently manage their clients’ investments. Our platform,
service quality, reputation and experience are being well
received by the market.
In H1 2024 we successfully migrated five new clients
on to the platform – Fisher Funds, Alvarium/Newton Ross,
Private Asset Management, Strategic Financial Planning
and CP Wealth.
NZX Interim Report 2024
05
Smartshares
Funds performance ($ million)H1-24H1-23% Change
FUM based fees19.515.923.0%
Member based fees1.21.5(16.3%)
Other0.50.6(16.7%)
Funds revenue21.218.018.4%
Funds EBITDA excl. acquisition & integration costs11.110.38.1%
EBITDA Margin excl. acquisition & integration costs52.2%57.1%(8.7%)
Funds EBITDA10.79.88.7%
Key Operating Metrics
Opening FUM ($ billion)11.08.332.9%
FUM effect from market movement ($ billion)0.70.7(1.7%)
FUM effect from net cash flows ($ billion)0.20.170.6%
FUM effect from acquisition ($ billion)-1.6(100.0%)
Closing FUM ($ billion)11.910.711.3%
Number of NZX listed Smartshares funds40400.0%
NZX Wealth Technologies
Wealth Technologies performance ($ million)H1-24H1-23% Change
Wealth Technologies revenue4.23.039.3%
Wealth Technologies EBITDA excl. restructure costs1.50.11497.9%
EBITDA Margin excl. restructure costs36.0%3.1%1046.9%
Key Operating Metrics
Opening FUA ($ billion)11.510.015.8%
FUA effect from market movement ($ billion)0.80.8(3.9%)
FUA effect from net cash flows ($ billion)1.90.02120.7%
Closing FUA ($ billion)14.210.831.4%
Annual recurring revenue (ARR) on closing FUA ($ million)8.96.332.7%
Capitalised costs for client onboarding4.53.627.1%
NZX Interim Report 2024
12

NZX Wealth Technologies – has successfully migrated five new clients on to the platform in the first half of 2024.
All of these client migrations were for full-service
custody and operations – as opposed to Software as a
Service (SaaS). NZXWT now has 25 adviser groups as
clients and in the first half of the year we won another
two contracts that are yet to onboard. The new business
prospect pipeline remains strong with positive potential
customer discussions underway.
NZXWT’s revenue is generated from administration
services provided on its management platform and
development fees received from the customisation of the
platform or data migration effort specific to client
requirements. Administration fees are based on Funds
under administration (FUA) and have been positively
impacted by positive net cashflows and market returns
over the period. Our FUA grew by 23% or $2.7 billion to
$14.2 billion. Annualised recurring revenue on closing FUA
increased from $7.2 million at December 2023 to $8.9
million at June 2024.
Net personnel costs are lower due to the combination of:
—gross personnel costs – increased as average headcount
is temporarily higher to accelerate the migration
velocity of additional FUA from a current client; and
—capitalised labour and overhead increased reflecting i)
continued product development and client migration
activity, and ii) H1 2023 was at lower levels reflecting
the non-capitalisable effort required to migrate clients
between the legacy platform (closed in H1 2023) and
NZXWT’s new platform.
We remain confident the growth from the existing
contracted transition activity and the new business
prospect pipeline should ensure NZXWT gains sufficient
annual recurring revenue to meet its objective of being
cashflow breakeven in the near term and will deliver on its
longer-term target of FUA between $35 and $50 billion.
One driver to the timing of being cashflow positive is
the pace at which we can transition new business onto
the platform. This is in part controlled by customers
(for example, working around tax reporting cycles) and
the time it takes for their incumbent platform supplier
to provide the necessary customer data for transfer
to NZXWT.
NZXWT’s operating earnings, excluding restructuring
costs, increased to $1.5 million up 1,498% on H1 2023 and
down 1.8% on H2 2023.
NZXWT’s net profit after tax for H1 2024 is $(1.0)
million, which improved 56.3% from $(2.3) million in H1
2023 and 20.7% from $(1.3) million in H2 2023.
NZX Interim Report 2024
13

NZX Interim Report 2024
06
Balance Sheet, Liquidity and Debt
Balance Sheet and Cashflow Figures ($ million)H1-24H1-23% Change
Net debt (excludes restricted cash)(48.9)(48.7)(0.5%)
Restricted cash20.020.0-
Goodwill50.650.9(0.7%)
Other intangible assets97.999.3(1.4%)
Other non-current assets44.445.5(2.4%)
Net other liabilities(39.2)(48.3)19.0%
Net assets / equity124.8118.75.1%
Operating activities cashflow17.916.011.9%
Working capital movements(12.6)(9.1)(38.5%)
Cash inflow from operations5.36.9(24.5%)
Payments for acquisitions-(22.4)n/a
Payments for PPE & other intangible assets(8.1)(5.3)(52.8%)
Cash outflow from investment(8.1)(27.7)70.9%
Proceeds from equity raise/term loans-22.5n/a
Dividends and other(9.4)(9.8)4.1%
Cash (outflow)/inflow from financing(9.4)12.7(173.7%)
Net decrease in cash and cash equivalents(12.2)(8.1)(50.6%)
Acknowledgements
John McMahon
Chair of the Board
Mark Peterson
Chief Executive Officer
BALANCE SHEET, LIQUIDITY & DEBT
NZX closed the half year with net debt of $48.9 million
(excluding Clearing House risk capital of $20.0 million in
cash which is not available for general use) including:
—subordinated notes ($38.8 million) – the interest rate
was set at 6.8% in June 2023 and will apply until the next
election date on 20 June 2028;
—term loan ($22.5 million; expiry date 28 February 2025),
used to fund the QuayStreet acquisition in February
2023; and
—cash and cash equivalents of $12.5 million
which includes:
o cash of up to $2.7 million held in the Clearing House
to meet the working capital requirements outlined
in the Financial Markets Infrastructure Act 2021 and
align with International Organisation of Securities
Commission principles; and
o cash of up to $1.4 million held in Smartshares to
maintain sufficient net tangible assets in accordance
with its license requirements.
The QuayStreet earnout provision has been reduced
by $7.3 million to reflect the likely impact, arising from
cumulative net FUM inflows to date, on the earnout
payment due in November 2024.
Operating activity cashflow represents the profit for
the period (adjusted for non-cash items - for example,
depreciation and amortisation, share of profit/loss of
associate, share based payments, and the change in fair
value of contingent consideration).
Investment activities include:
—the acquisition of QuayStreet Asset Management in
February 2023; and
—capital expenditure relating to NZXWT’s software
development, office fit outs and other technology
upgrades and enhancements, including system
enhancements required for the integration of
recent acquisitions.
Financing activities reflect the payment of dividends (net
of participation in the dividend reinvestment plan) and the
new term loans to fund the acquisitions in 2023.
NZX Interim Report 2024
14

“In 2024, NZX is now a more
integrated and resilient financial
markets infrastructure and
services business with a platform
for strong growth prospects.”
Congratulations to Kingfish Limited (NZX: KFL) – who celebrated
20-years listed on the NZX earlier this year.
NZX’S GROWTH STRATEGY — GROWING,
CONNECTING, CREATING VALUE
NZX is well positioned through the growth strategy
we have been implementing over the last six years.
Since 2018, we have focused energy and investment
into developing our core markets business, alongside
expanding our financial markets infrastructure through
investment in Smartshares and NZXWT. These businesses
offer New Zealand’s capital markets additional product
manufacturing and distribution capabilities, as well as
providing operational efficiencies across the Group.
In 2024, NZX is now a more integrated and resilient
financial markets infrastructure and services business with
a platform for strong growth prospects. We expect this to
create further value for our shareholders.
Looking out to 2028 the strategy is:
—expand our product offering in Capital Markets (mid-
point orders, equity derivatives, carbon markets, drive
greater scale in clearing);
—enhance our global connections and market reach; and
—drive scale, efficiency and operating leverage across the
businesses – including Smartshares and NZXWT.
While remaining conscious of cost control and ensuring we
deliver an appropriate return on investment, we continue
to look for strategic opportunities that will add value,
particularly when markets recover.
In June 2024 we went live with NZX Dark -
New Zealand’s first mid-point anonymous orderbook.
It provides Trading Participants and their clients an
alternative to existing trading venues. It is an addition to
NZX Central (the central limit orderbook) and off-market
trade reporting. A midpoint orderbook is often referred
to as a “dark” market as there is no visible (to investors)
market depth. NZX Dark executes trades at the mid-point
of NZX Central’s best bid and best offer, meaning both
buyers and sellers have access to price improvement.
In its first three weeks to the end of June 2024, NZX
Dark executed $9.4 million in value traded, with more than
$33,000 of price improvement value provided to investors
across 1,689 trades.
Increasing liquidity is crucial to ensuring the ongoing
strength of New Zealand’s capital markets. NZX Dark is
a significant step forward for our trading capability and
deepening our market’s liquidity pool. It is something
we believe will continue to grow over time, similar to the
execution of dark markets globally.
NZX remains committed to delivering the S&P/ NZX20
Index Futures product for New Zealand investors. We have
the backing of a cornerstone group of 12 local and global
fund managers and participant firms who have provided
commitments to utilise and trade, settle and clear the
product. Equity derivatives will help drive market pricing
efficiency along with growth in capital markets trading
activity, also resulting in additional cash market trading,
participation and data revenue for NZX.
NZX’s intention is to work towards a relaunch of the S&P/
NZX20 Index Futures late this year or early 2025. Launch
timing will be dependent on:
—outcomes of rules consultation and regulatory approval
of rule amendments;
—onboarding of market maker, market participants and
technology vendors;
—all NZX readiness milestones being achieved; and,
—proximity to the end of the Calendar Year as most
technology systems have a mandatory downtime period
from upgrades over the Christmas/New Year break.
NZX Interim Report 2024
15

Smartshares – announced its new alliance with the New Zealand Cricket Player’s Association (NZCPA) to provide financial education and support to help future
aspirations of NZCPA members.
The dairy derivatives partnership with SGX Group is
continuing to make excellent progress, with new traders
entering the market, which will further grow liquidity.
Smartshares has strong growth options due to positive
cashflows, market returns, structural growth in KiwiSaver
and the ongoing efficiency benefits of integrating the
SuperLife Superannuation Master Trust and QuayStreet
operations. There are sizeable efficiencies expected in
coming years by streamlining, aligning and automating
systems and processes. Activity for brand refinement is
underway and we expect to roll this out in H2 2024.
NZXWT has a strong pipeline of activity planned
onboarding existing and new clients’ FUA. The objective is
to be cashflow positive by the end of 2024 (noting the pace
at which we can transition new business onto the platform
is largely determined by the timetables of customers and
their existing administration suppliers).
FY 2024 GUIDANCE OUTLOOK
NZX’s full year 2024 Operating Earnings (EBITDA),
excluding acquisition, integration and restructure costs,
are expected to be in the range of $40 million to $44.5
million. The half-year financial result indicates NZX is
tracking towards the upper end of the 2024 full-year
guidance range.
This guidance assumes there are no material adverse
macro-economic and/or market condition impacts on our
assumed market outcomes, and there are no significant
one-off expenses, major accounting adjustments, other
unforeseeable circumstances, or future acquisitions
or divestments.
BOARD & MANAGEMENT CHANGES
In May the NZX Board welcomed Sophie Spedding as
our next Future Director. Sophie is an Associate Director
at Macquarie Capital (New Zealand) in the Investment
Banking team where she has worked for the last 12 years.
In this position, Sophie has gained experience across
mergers and acquisitions, advisory and equity capital
markets. Her expertise spans the healthcare, agriculture,
education, aged care, energy and technology sectors. We
look forward to her observations, insights and expertise
around the Board table.
In June, our Capital Markets management team was
restructured, following the resignation of Sarah Minhinnick,
the General Manager Capital Markets Origination. Under
the new structure, Jeremy Anderson is leading the
Listings, Information Services and Environmental Markets
businesses, and Nick Morris is overseeing the Cash and
Derivatives businesses. This demonstrates the depth of
senior leadership talent in the NZX team and provides
a strong development opportunity for existing senior
leadership team members.
ANNUAL MARKET OBLIGATIONS REVIEW
& TECHNOLOGY
NZX continues to invest in technology and systems to
ensure we continue to maintain our operational stability,
capability, capacity and security for the markets we are
responsible for running.
The findings of the Financial Market Authority’s (FMA)
Market Operator Obligations review, released in June
2024, was pleasing. The FMA found NZX had complied
with its market operator obligations.
NZX Interim Report 2024
16

1 Growing-New-Zealands-Capital-Markets-2029.pdf (fma.govt.nz)
The FMA noted NZX’s governance arrangements
continue to be appropriate, the continued uplift in
frameworks, processes and operational effectiveness in
relation to NZX’s market functions, and the significant
work and investment in technology resources over the
last three years resulting in the business being much
better positioned with respect to capability, resilience
and security.
It also noted NZ RegCo was continuing to demonstrate
operational independence, while maintaining an
appropriate and effective working relationship with NZX.
GOVERNMENT ENGAGEMENT – IMPROVING
SETTINGS & OPPORTUNITIES
NZX, along with a range of ecosystem partners in the
New Zealand capital markets community, has been
engaging with Ministers and government officials using
the Growing New Zealand’s Capital Markets 2029
1
report
as our basis for discussions.
We highlighted how public markets can help reach
the broadest range of investors, efficiently price capital,
ease the pressure on the Government balance sheet and
help fund the infrastructure required to assist in improving
New Zealand’s productivity.
We view policy reform as enabling settings to establish
a capital markets environment that is internationally
competitive and encourages investment. Signals from the
New Zealand government have been positive. Commerce
Minister Andrew Bayly has said that later in 2024 he will
be exploring changes to capital market settings to help
New Zealand businesses and investors thrive.
Work underway includes:
—the FMA consulting on the settings that require
prospective financial information to be included in a
first regulated offer; and
—the FMA consulting on a class exemption for same class
offers of green and sustainability-linked bonds.
Recycling capital is an opportunity for New Zealand.
The Government and local governments can redeploy
capital out of existing assets into higher priority needs
such as schools, hospitals, community facilities and
infrastructure. Partially listing ports, airports and electricity
lines companies, for example, would be highly attractive
opportunities for capital market investors.
Allowing the gentailers (Mercury, Meridian and
Genesis) to raise further equity without Crown
participation would assist in achieving the goals related to
the electrification of the New Zealand economy.
Furthermore, when the time is right, consideration of
allowing external capital to fund the growth of Kiwibank to
increase its lending to New Zealand households and
businesses may help meet New Zealand’s broader
economic objectives.
New Zealand saw the success of this with the mixed
ownership model floats and with the listing of Napier Port.
Utilising KiwiSaver should be an option for funding of
New Zealand infrastructure. KiwiSaver funds could invest in
a range of productive assets which would see Kiwis receive
a steady flow of returns into their KiwiSaver accounts.
New Zealand would benefit not only from the assets being
delivered, but through jobs and broader economic growth.
It’s about creating the right capital market settings for
New Zealanders to invest in growing New Zealand.
In addition, NZX holds the view that the requirement
to report under the New Zealand mandatory Climate
Reporting Disclosures (CRD) should align with the
proposed CRD reforms in Australia, that will apply to both
listed and unlisted companies. The narrower application
of the New Zealand CRD framework which only applies to
listed issuers, banks and insurance organisations creates
an uneven playing field between listed and unlisted
companies, a regulatory arbitrage between New Zealand
and international markets, and acts as a significant barrier
to listing and broader capital formation that drives growth.
OPERATING RESPONSIBLY
NZX’s focus is to create value while delivering a positive
impact on society and the environment.
We play a dual role as both the operator of
New Zealand’s capital markets and as a listed company.
Sustainable economic growth is a priority for NZX. Public
markets can play an essential role in facilitating the flow of
capital towards decarbonising the New Zealand economy.
As a business, NZX is committed to taking action on
climate change. For the last three years NZX has achieved
net carbon zero certification from Toitū Envirocare. In
2023 NZX confirmed its 2025 emissions reduction target
(-21%) and implementation plans will be advanced in
2024 for future reduction targets. NZX is also a signatory
of the United Nations Sustainable Stock Exchanges
(SSE Initiative).
Earlier this year, under the New Zealand mandatory
CRD framework, NZX as a Climate-Reporting Entity,
reported in accordance with our climate change reporting
obligations regarding governance, strategy, risk
management, and metrics and targets. Our 2023 Climate
Statement was attached to our 2023 annual report. Our
focus in 2024 is to expand on this work, including reporting
our Scope 3 inventory. We are also updating our
sustainability strategic approach this year, building on the
materiality assessment undertaken with key stakeholders
in 2023.
Robust governance in our markets, delivered through
the NZX Corporate Governance Code and the NZX
Corporate Governance Institute is paramount to the role
that NZX plays in overseeing the integrity of New Zealand’s
public markets.
NZX Interim Report 2024
17

John McMahon
BOARD CHAIR
Mark Peterson
CHIEF EXECUTIVE
We continue to have a strong focus on advancing our
position on diversity; inclusion in the NZX workforce
remains essential to our business success and to better
reflect the customers, businesses and country we serve.
NZX is focused on attracting more female managers,
executives and governors and providing them with
leadership development. NZX provides our employees a
paid day’s leave each year to volunteer in our communities
and we are supportive of events that help those in need,
including primary sponsorship of the New Zealand
Financial Markets Charity Golf Classic (supporting the
Little Miracles Trust) and collaborating in the Shares for
Good programme.
ACKNOWLEDGEMENTS
In reporting our interim results for the six months ended
30 June 2024, we are tremendously proud of how our
team at NZX demonstrates our organisational Purpose and
commitment to connecting people, businesses and capital.
At NZX we are people helping the people in business and
investing get ahead through the services, products and
market infrastructure we provide. In challenging times
for capital markets, that support and effort to deliver
every day for our customers, stakeholders and investors is
truly appreciated.
NZX Interim Report 2024
18

20.
NZX Interim Report 2024
20
NZX Interim Report 2024
20

Financial
Statements
NZX Interim Report 2024
21

NZX Interim Report 2024
02The accompanying notes form an integral part of these financial statements
Group Income Statement
For the six months ended 30 June 2024
Note
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Total operating revenue557,88253,959108,387
Total operating expenses6(35,438)(33,918)(69,493)
Earnings before net finance expenses, income tax, depreciation,
amortisation, gain on lease modification, loss on disposal of assets,
change in fair value of contingent consideration and share of (loss)/
profit of associate (EBITDA)
1
222,44420,04138,894
Net finance expenses7(1,833)(1,648)(3,432)
Depreciation and amortisation expense(8,867)(8,335)(16,764)
Loss on disposal of assets--(8)
Gain on lease modification-1515
Change in fair value of contingent consideration87,288(225)(530)
Share of (loss)/profit of associate(183)3921,031
Profit before income tax18,84910,24019,206
Income tax expense(3,578)(3,267)(5,652)
Profit for the period15,2716,97313,554
Earnings per share
Basic (cents per share)4.72.24.2
Diluted (cents per share)4.62.14.2
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2024
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Profit for the period15,2716,97313,554
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences188-(172)
Items that will not be reclassified subsequently to profit or loss
Total other comprehensive income188-(172)
Total other comprehensive income for the period15,4596,97313,382
NZX Interim Report 2024
The accompanying notes form an integral part of these financial statements03
Group Statement of Changes in Equity
For the six months ended 30 June 2024
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Audited balance at 1 January 2023108,4703,284(46)111,708
Profit for the period-6,973-6,973
Total comprehensive income for the period-6,973-6,973
Transactions with owners recorded directly in equity:
Dividends paid12-(9,756)-(9,756)
Issue of shares9,159--9,159
Share based payments611--611
Cancellation of non-vesting shares(50)50--
Total transactions with owners recorded directly in equity9,720(9,706)-14
Unaudited closing balance at 30 June 2023118,190551(46)118,695
Profit for the period-6,581-6,581
Foreign currency translation differences--(172)(172)
Total comprehensive income for the period-6,581(172)6,409
Transactions with owners recorded directly in equity:
Dividends paid12-(9,685)-(9,685)
Issue of shares1,425--1,425
Share based payments527--527
Cancellation of non-vesting shares(8)8--
Total transactions with owners recorded directly in equity1,944(9,677)-(7,733)
Audited closing balance at 31 December 2023120,134(2,545)(218)117,371
Profit for the period-15,271-15,271
Foreign currency translation differences--188188
Total comprehensive income for the period-15,27118815,459
Transactions with owners recorded directly in equity:
Dividends paid12-(10,050)-(10,050)
Issue of shares1,376--1,376
Share based payments646--646
Cancellation of non-vesting shares(514)514--
Total transactions with owners recorded directly in equity1,508(9,536)-(8,028)
Unaudited closing balance at 30 June 2024121,6423,190(30)124,802
23
NZX Interim Report 2024
NZX Interim Report 2024
02The accompanying notes form an integral part of these
financial statements
Group Income Statement
For the six months ended 30 June 2024
Note
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Total operating revenue557,88253,959108,387
Total operating expenses6(35,438)(33,918)(69,493)
Earnings before net finance expenses, income tax, depreciation,
amortisation, gain on lease modification, loss on disposal of assets,
change in fair value of contingent consideration and share of (loss)/
profit of associate (EBITDA)
1
222,44420,04138,894
Net finance expenses7(1,833)(1,648)(3,432)
Depreciation and amortisation expense(8,867)(8,335)(16,764)
Loss on disposal of assets--(8)
Gain on lease modification-1515
Change in fair value of contingent consideration87,288(225)(530)
Share of (loss)/profit of associate(183)3921,031
Profit before income tax18,84910,24019,206
Income tax expense(3,578)(3,267)(5,652)
Profit for the period15,2716,97313,554
Earnings per share
Basic (cents per share)4.72.24.2
Diluted (cents per share)4.62.14.2
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2024
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Profit for the period15,2716,97313,554
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences188-(172)
Items that will not be reclassified subsequently to profit or loss
Total other comprehensive income188-(172)
Total other comprehensive income for the period15,4596,97313,382

NZX Interim Report 2024
04The accompanying notes form an integral part of these financial statements
Group Statement of Financial Position
As at 30 June 2024
Note
Unaudited
30 June 2024
$000
Unaudited
30 June 2023
$000
Audited
31 Dec 2023
$000
Current assets
Cash and cash equivalents12,46912,50824,670
Cash and cash equivalents - restricted920,00020,00020,000
Funds held on behalf of third parties23,15026,28121,702
Receivables and prepayments32,79832,69115,874
Total current assets88,41791,48082,246
Non-current assets
Property, plant & equipment10,22710,0279,446
Right-of-use lease assets16,49418,26617,380
Goodwill350,58750,92750,587
Other intangible assets97,94299,34899,169
Investment in associate17,64717,17417,642
Total non-current assets192,897195,742194,224
Total assets281,314287,222276,470
Current liabilities
Funds held on behalf of third parties23,15026,28121,702
Trade payables9,4189,5207,604
Other liabilities - current26,72130,47830,841
Lease liabilities1,3046661,291
Current tax liability9884851,912
Interest bearing liabilities - current1022,500--
Total current liabilities84,08167,43063,350
24
NZX Interim Report 2024
NZX Interim Report 2024
The accompanying notes form an integral part of these financial statements03
Group Statement of Changes in Equity
For the six months ended 30 June 2024
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Audited balance at 1 January 2023108,4703,284(46)111,708
Profit for the period-6,973-6,973
Total comprehensive income for the period-6,973-6,973
Transactions with owners recorded directly in equity:
Dividends paid12-(9,756)-(9,756)
Issue of shares9,159--9,159
Share based payments611--611
Cancellation of non-vesting shares(50)50--
Total transactions with owners recorded directly in equity9,720(9,706)-14
Unaudited closing balance at 30 June 2023118,190551(46)118,695
Profit for the period-6,581-6,581
Foreign currency translation differences--(172)(172)
Total comprehensive income for the period-6,581(172)6,409
Transactions with owners recorded directly in equity:
Dividends paid12-(9,685)-(9,685)
Issue of shares1,425--1,425
Share based payments527--527
Cancellation of non-vesting shares(8)8--
Total transactions with owners recorded directly in equity1,944(9,677)-(7,733)
Audited closing balance at 31 December 2023120,134(2,545)(218)117,371
Profit for the period-15,271-15,271
Foreign currency translation differences--188188
Total comprehensive income for the period-15,27118815,459
Transactions with owners recorded directly in equity:
Dividends paid12-(10,050)-(10,050)
Issue of shares1,376--1,376
Share based payments646--646
Cancellation of non-vesting shares(514)514--
Total transactions with owners recorded directly in equity1,508(9,536)-(8,028)
Unaudited closing balance at 30 June 2024121,6423,190(30)124,802

NZX Interim Report 2024
04The accompanying notes form an integral part of these financial statements
Group Statement of Financial Position
As at 30 June 2024
Note
Unaudited
30 June 2024
$000
Unaudited
30 June 2023
$000
Audited
31 Dec 2023
$000
Current assets
Cash and cash equivalents12,46912,50824,670
Cash and cash equivalents - restricted920,00020,00020,000
Funds held on behalf of third parties23,15026,28121,702
Receivables and prepayments32,79832,69115,874
Total current assets88,41791,48082,246
Non-current assets
Property, plant & equipment10,22710,0279,446
Right-of-use lease assets16,49418,26617,380
Goodwill350,58750,92750,587
Other intangible assets97,94299,34899,169
Investment in associate17,64717,17417,642
Total non-current assets192,897195,742194,224
Total assets281,314287,222276,470
Current liabilities
Funds held on behalf of third parties23,15026,28121,702
Trade payables9,4189,5207,604
Other liabilities - current26,72130,47830,841
Lease liabilities1,3046661,291
Current tax liability9884851,912
Interest bearing liabilities - current1022,500--
Total current liabilities84,08167,43063,350
NZX Interim Report 2024
The accompanying notes form an integral part of these financial statements05
Group Statement of Financial Position (continued)
As at 30 June 2024
Note
Unaudited
30 June 2024
$000
Unaudited
30 June 2023
$000
Audited
31 Dec 2023
$000
Non-current liabilities
Non-current other liabilities3,4257,9303,327
Lease liabilities19,12420,34519,770
Interest bearing liabilities1038,84761,16461,256
Deferred tax liability11,03511,65811,396
Total non-current liabilities72,431101,09795,749
Total liabilities156,512168,527159,099
Net assets124,802118,695117,371
Equity
Share capital11121,642118,190120,134
Retained earnings3,190551(2,545)
Translation reserve(30)(46)(218)
Total equity attributable to shareholders124,802118,695117,371
Net tangible assets per share (cents per share)(13.78)(16.24)(15.55)

Approved on behalf of the Board of Directors for issue on 22 August 2024.

John McMahon
Chair of the Board
Lindsay Wright
Chair of the Audit and
Risk Committee
25
NZX Interim Report 2024
NZX Interim Report 2024
02The accompanying notes form an integral part of these
financial statements
Group Income Statement
For the six months ended 30 June 2024
Note
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Total operating revenue557,88253,959108,387
Total operating expenses6(35,438)(33,918)(69,493)
Earnings before net finance expenses, income tax, depreciation,
amortisation, gain on lease modification, loss on disposal of assets,
change in fair value of contingent consideration and share of (loss)/
profit of associate (EBITDA)
1
222,44420,04138,894
Net finance expenses7(1,833)(1,648)(3,432)
Depreciation and amortisation expense(8,867)(8,335)(16,764)
Loss on disposal of assets--(8)
Gain on lease modification-1515
Change in fair value of contingent consideration87,288(225)(530)
Share of (loss)/profit of associate(183)3921,031
Profit before income tax18,84910,24019,206
Income tax expense(3,578)(3,267)(5,652)
Profit for the period15,2716,97313,554
Earnings per share
Basic (cents per share)4.72.24.2
Diluted (cents per share)4.62.14.2
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Group Statement of Other Comprehensive Income
For the six months ended 30 June 2024
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Profit for the period15,2716,97313,554
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences188-(172)
Items that will not be reclassified subsequently to profit or loss
Total other comprehensive income188-(172)
Total other comprehensive income for the period15,4596,97313,382

NZX Interim Report 2024
06The accompanying notes form an integral part of these financial statements
Group Statement of Cash Flows
For the six months ended 30 June 2024
Note
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Cash flows from operating activities
Receipts from customers48,80047,020110,990
Net interest paid(1,783)(1,278)(2,920)
Payments to suppliers and employees(36,923)(35,038)(67,687)
Income tax paid(4,863)(3,774)(5,944)
Net cash provided by operating activities5,2316,93034,439
Cash flows from investing activities
Payments for property, plant and equipment(2,290)(439)(991)
Payments for intangible assets(5,783)(4,856)(11,404)
Payments for acquisition-(22,438)(22,438)
Advances to related party--(100)
Net cash used in investing activities(8,073)(27,733)(34,933)
Cash flows from financing activities
Net proceeds from term loans10-22,50022,500
Payments of lease liabilities(633)(608)(558)
Transaction costs relating to subordinated notes-(648)(648)
Dividends paid(8,726)(8,544)(16,741)
Net cash (used in)/provided by financing activities(9,359)12,7004,553
Net (decrease)/increase in cash and cash equivalents(12,201)(8,103)4,059
Cash and cash equivalents at the beginning of the period44,67040,61140,611
Cash and cash equivalents at the end of the period32,46932,50844,670
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NZX Interim Report 2024
NZX Interim Report 2024
The accompanying notes form an integral part of these financial statements03
Group Statement of Changes in Equity
For the six months ended 30 June 2024
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Audited balance at 1 January 2023108,4703,284(46)111,708
Profit for the period-6,973-6,973
Total comprehensive income for the period-6,973-6,973
Transactions with owners recorded directly in equity:
Dividends paid12-(9,756)-(9,756)
Issue of shares9,159--9,159
Share based payments611--611
Cancellation of non-vesting shares(50)50--
Total transactions with owners recorded directly in equity9,720(9,706)-14
Unaudited closing balance at 30 June 2023118,190551(46)118,695
Profit for the period-6,581-6,581
Foreign currency translation differences--(172)(172)
Total comprehensive income for the period-6,581(172)6,409
Transactions with owners recorded directly in equity:
Dividends paid12-(9,685)-(9,685)
Issue of shares1,425--1,425
Share based payments527--527
Cancellation of non-vesting shares(8)8--
Total transactions with owners recorded directly in equity1,944(9,677)-(7,733)
Audited closing balance at 31 December 2023120,134(2,545)(218)117,371
Profit for the period-15,271-15,271
Foreign currency translation differences--188188
Total comprehensive income for the period-15,27118815,459
Transactions with owners recorded directly in equity:
Dividends paid12-(10,050)-(10,050)
Issue of shares1,376--1,376
Share based payments646--646
Cancellation of non-vesting shares(514)514--
Total transactions with owners recorded directly in equity1,508(9,536)-(8,028)
Unaudited closing balance at 30 June 2024121,6423,190(30)124,802

NZX Interim Report 2024
06The accompanying notes form an integral part of these financial statements
Group Statement of Cash Flows
For the six months ended 30 June 2024
Note
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Cash flows from operating activities
Receipts from customers48,80047,020110,990
Net interest paid(1,783)(1,278)(2,920)
Payments to suppliers and employees(36,923)(35,038)(67,687)
Income tax paid(4,863)(3,774)(5,944)
Net cash provided by operating activities5,2316,93034,439
Cash flows from investing activities
Payments for property, plant and equipment(2,290)(439)(991)
Payments for intangible assets(5,783)(4,856)(11,404)
Payments for acquisition-(22,438)(22,438)
Advances to related party--(100)
Net cash used in investing activities(8,073)(27,733)(34,933)
Cash flows from financing activities
Net proceeds from term loans10-22,50022,500
Payments of lease liabilities(633)(608)(558)
Transaction costs relating to subordinated notes-(648)(648)
Dividends paid(8,726)(8,544)(16,741)
Net cash (used in)/provided by financing activities(9,359)12,7004,553
Net (decrease)/increase in cash and cash equivalents(12,201)(8,103)4,059
Cash and cash equivalents at the beginning of the period44,67040,61140,611
Cash and cash equivalents at the end of the period32,46932,50844,670
NZX Interim Report 2024
07
Notes to the Financial Statements
For the six months ended 30 June 2024
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 2024.
The Group operates New Zealand securities, derivatives and energy markets, including maintaining the
infrastructure on which they operate. It provides funds management services including KiwiSaver,
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 NZX Listing Rules. 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 2023.
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 2023.
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08
Accounting estimates and judgements
The principal areas of judgement for the Group, in preparing these financial statements, including information
about assumptions and estimated uncertainties that have a significant risk of resulting a material adjustment
within the next financial year, have not changed from those used in preparing the annual financial statements
for the year ended 31 December 2023.
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 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Profit for the period15,2716,97313,554
Income tax expense3,5783,2675,652
Profit before income tax18,84910,24019,206
Adjustments for:
- Net finance expenses1,8331,6483,432
- Gain on lease modification-(15)(15)
- Depreciation and amortisation expense8,8678,33516,764
- Loss on disposal of assets--8
- Change in fair value of contingent consideration(7,288)225530
- Share of loss/(profit) of associate183(392)(1,031)
EBITDA22,44420,04138,894
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, gain on lease modification, loss on disposal of
assets, change in fair value of contingent consideration and share of profit/loss of associate.
NZX Interim Report 2024
09
3. Goodwill and other intangible assets
Unaudited
30 June
2024
$000
Unaudited
30 June
2023
$000
Audited
31 Dec 2023
$000
Carrying amount
Balance at beginning of the period50,58730,22230,222
Acquired on acquisition of QuayStreet Asset Management-20,70520,365
Balance at end of the period50,58750,92750,587
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 2023, and no impairment was required as
a result.
The Group has reviewed the indicators of impairment for the six month period to 30 June 2024, and no
indicators of impairment were noted (none at 30 June 2023). The next full impairment assessment will be
performed and included in the Group's year end financial statements as at 31 December 2024.
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
Information Services 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;
• Information Services - provider of information services for the securities and derivatives markets, and
analytics for the dairy sector;
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29

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10
• Funds Management - manager of funds, including superannuation funds, KiwiSaver funds and exchange
traded funds; and
• Wealth Technologies - funds administration provider and custodian.
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 2024
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Information
Services
$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
revenue7,88312,19610,21630,29521,2874,2166355,8612,02157,882
Operating
expenses(9,867)(10,609)(2,698)(10,294)(33,468)(1,970)(35,438)
Operating
earnings
(EBITDA)
1
20,42810,6781,518(10,231)22,3935122,444
Segment
assets102,428118,95127,56332,118281,060254281,314
Segment
liabilities(43,491)(47,587)(2,198)(63,729)(157,005)493(156,512)
Net
assets58,93771,36425,365(31,611)124,055747124,802
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
NZX Interim Report 2024
11
Segmental information for the six months ended 30 June 2023
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Information
Services
$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
8,19112,56910,37331,13317,9773,0265152,1871,77253,959
Operating
expenses
(10,267)(8,156)(2,963)(10,521)(31,907)(2,011)(33,918)
Operating
earnings
(EBITDA)
1
20,8669,82163(10,470)20,280(239)20,041
Segment
assets104,633122,92025,01734,384286,954268287,222
Segment
liabilities
(46,020)(56,607)(2,170)(64,173)(168,970)443(168,527)
Net
assets58,61366,31322,847(29,789)117,984711118,695
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 2023
Audited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Information
Services
$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
revenue16,04525,12719,72360,89536,9576,81683104,7513,636108,387
Operating
expenses(20,017)(18,667)(5,207)(21,544)(65,435)(4,058)(69,493)
Operating
earnings
(EBITDA)
1
40,87818,2901,609(21,461)39,316(422)38,894
Segment
assets
86,596123,87925,63439,956276,065405276,470
Segment
liabilities
(35,533)(56,235)(1,985)(65,963)(159,716)617(159,099)
Net
assets51,06367,64423,649(26,007)116,3491,022117,371
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
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12
5. Operating revenue
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Listing and issuance fees7,8838,19116,045
Total Capital Markets Origination revenue7,8838,19116,045
Participant services262281540
Securities trading1,8262,0063,696
Securities clearing3,2673,2376,324
Dairy derivatives1,3991,5693,551
Market operations5,4425,47611,016
Total Secondary Markets revenue12,19612,56925,127
Securities information8,5078,65216,269
Dairy data subscriptions313281598
Connectivity revenue1,3961,4402,856
Total Information Services revenue10,21610,37319,723
Funds Management revenue21,28717,97736,957
Wealth Technologies revenue4,2163,0266,816
Regulation revenue2,0211,7723,636
Other Corporate revenue635183
Total operating revenue57,88253,959108,387
NZX Interim Report 2024
13
6. Operating expenses
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Gross personnel costs(27,066)(24,528)(49,641)
Less capitalised labour3,9852,8916,374
Net personnel costs(23,081)(21,637)(43,267)
Information technology(7,309)(6,909)(13,768)
Professional fees(1,770)(1,721)(3,737)
Marketing(476)(387)(1,673)
Other operating expenses(3,145)(3,462)(7,372)
Capitalised overheads8237221,539
Acquisition, integration and restructure costs(480)(524)(1,215)
Total operating expenses(35,438)(33,918)(69,493)
7. Net finance expenses
Unaudited
6 months
ended
30 June
2024
$000
Unaudited
6 months
ended
30 June
2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Interest income1,0788872,189
Interest on lease liabilities(470)(482)(972)
Other interest expense(2,366)(1,797)(4,275)
Amortised borrowing costs(104)(286)(389)
Net gain on foreign exchange293015
Net finance expense(1,833)(1,648)(3,432)
8. Change in fair value of contingent consideration
Potential earnout consideration of up to $18.750 million is payable based on net FUM inflows from the Craigs
Investment Partners Group (CIP Group) into Smartshares' products over a three-year period. The terms of the
earnout payment are detailed in the Group's Annual Report for the year ended 31 December 2023.
The provision for the QuayStreet earnout recognised at acquisition reflected management's expectation of the
probability of achieving the earnout targets at that time, discounted to present value. As a result of
reassessing these probabilities based on post acquisition qualifying net FUM inflows as at 30 June 2024, and
an unwind of the present value discount, the provision has been adjusted downwards by $7.288 million.
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NZX Interim Report 2024
14
At 30 June 2024, the provision for contingent consideration is $6.775 million (30 June 2023: $14.099 million,
31 December 2023: $14.064 million), split between current liabilities of $3.350 million (30 June 2023:
$6.169 million, 31 December 2023: $10.737 million) and non-current liabilities of $3.425 million (30 June
2023: $7.930 million, 31 December 2023: $3.327 million).
9. 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. In addition, cash and cash
equivalents includes amounts of up to $4.1 million at 30 June 2024 (30 June 2023: up to $3.9 million;
31 December 2023: up to $4.7 million) that are held by subsidiaries to comply with regulatory requirements
and are not available for general use by other entities within the Group.
10. Interest bearing liabilities
Unaudited
30 June 2024
$000
Unaudited
30 June 2023
$000
Audited
31 Dec 2023
$000
Term loans22,50022,50022,500
Subordinated notes40,00040,00040,000
Total drawn debt62,50062,50062,500
Capitalised borrowing costs (net of amortisation)(1,153)(1,336)(1,244)
Net interest bearing liabilities61,34761,16461,256
a.Subordinated notes
The subordinated notes are quoted on the NZX debt market. The terms of the subordinated notes are
unchanged and are set out in the Group's Annual Report for the year ended 31 December 2023 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.
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 2024 (30 June 2023:
$3.0 million, 31 December 2023: $3.0 million). The effective interest rate of the facility at 30 June 2024 was
8.58% (30 June 2023: 7.77%, 31 December 2023: 8.18%).
The Group also has a revolving credit facility with a limit of $7.0 million as at 30 June 2024 (30 June 2023:
$7.0 million, 31 December 2023: $7.0 million). No amount was drawn down under either of these facilities at
30 June 2024 (none at 30 June 2023 and 31 December 2023).
The Group term loan facility was utilised during 2023 to fund the acquisition of the management rights and
associated assets of QuayStreet Asset Management. The facility limit is $27.5 million (30 June 2023:
$27.5 million; 31 December 2023: $27.5 million), with $22.5 million drawn down at 30 June 2024 (30 June
2023: $22.5 million; 31 December 2023: $22.5 million). The effective interest rate of the facility at 30 June
2024 was 7.95% (30 June 2023: 7.58%, 31 December 2023: 7.80%).
NZX Interim Report 2024
15
At 30 June 2024 the Group term loan facility was classified within current liabilities reflecting the current
facility expiry date of 28 February 2025 (extendable by mutual agreement). The Group is confident that the
facility will be extended.
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2023.
The facilities are unsecured and contain financial covenants which have been met throughout the period.
11. Shares on issue
The Company had 325,834,038 fully paid ordinary shares as at 30 June 2024 (30 June 2023: 322,849,628,
31 December 2023: 324,205,366). The holders of ordinary shares are entitled to receive dividends as declared
and are entitled to one vote per share at meetings.
The Dividend Reinvestment Plan applied to dividends during the period (2023: applied to all dividends)
resulting in the issue of 1,315,337 shares (30 June 2023: 1,009,127; 31 December 2023: 2,364,865).
Additionally 313,335 shares (30 June 2023: 562,072; 31 December 2023: 562,072) were issued as share based
payments (note 13).
12. Dividends
Unaudited
6 months ended
30 June 2024
Unaudited
6 months ended
30 June 2023
Audited
12 months ended
31 Dec 2023
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and
paid
March 2023 - Final31 Dec 223.19,7563.19,756
October 2023 - Interim31 Dec 233.09,685
March 2024 - Final31 Dec 233.110,050
Total dividends paid
during the period
3.110,0503.19,7566.119,441
Refer to note 16 for details of the 2024 interim dividend.
13. Share based payments
a.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 2023.
During the period the Group assessed the CEO share scheme on vesting. The TSR growth per annum over the
vesting period was (13.54%) which was below the lower TSR hurdle of 7.40% per annum. As the Performance
Target had not been met, the 550,449 performance rights issued under the Scheme were redeemed.
The Group reclassified within Equity the $385,000 fair value of the shares during the period.
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16
b.CEO Long Term Incentive Bonus Scheme
The CEO Long Term Incentive Bonus Scheme was agreed during the period. Under the Scheme the CEO is
entitled to discretionary amount of up to $300,000 per financial performance year (service period), subject to
key performance hurdles detailed below, with the proceeds after tax used to purchase NZX shares (on
market). The acquired shares will be held in escrow with 50% vested on the first anniversary of the payment
being confirmed, and the remaining 50% vested on the second anniversary of the payment being confirmed.
For the 2024 financial year the key performance hurdles are TSR growth over the year of at least 9.39%
resulting in 50% of the performance rights being vested, with 100% being vested at 13.39% TSR growth (and
50.1% to 99.9% being vested on a linear, pro-rata basis), subject to Board discretion.
The cost of the Scheme is accrued through personnel costs, with a corresponding increase in equity and
reflects the extent to which the service period has expired.
c.NZX Employee Long Term Incentive Plan
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 and as set out in the Group's Annual Report for the year ended
31 December 2023.
d.
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.
14. 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:
Unaudited
6 months
ended
30 June 2024
$000
Unaudited
6 months
ended
30 June 2023
$000
Audited
12 months
ended
31 Dec 2023
$000
Short-term employee benefits3,0252,9625,930
Share-based payments357282468
3,3823,2446,398
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 2024 were $260,000 (30 June 2023: $249,516, 31 December
2023: $509,452). Directors fees have been included in other expenses.
NZX Interim Report 2024
17
In addition fees paid to independent directors of Group subsidiary boards were $174,496 (30 June 2023:
$158,496, 31 December 2023: $333,000)
Two directors on the GDT board are representatives of NZX Limited and no directors' fees are paid by GDT
to those directors.
c.Transactions with managed funds
Management and other fees are received from the funds managed by wholly owned subsidiary Smartshares
Limited and are included in the Income Statement as funds management revenue (refer to note 5).
Transaction values for the periodBalance outstanding as at balance date
Unaudited
6 months
ended
30 June
2024
$000
Unaudited
6 months
ended
30 June
2023
$000
Audited
12 months
ended
31 December
2023
$000
Unaudited
30 June
2024
$000
Unaudited
30 June
2023
$000
Audited
31 December
2023
$000
Services to/amounts owed from
Managed Funds
17,43615,01930,8844,5584,9164,422
Services from/amounts owed to
Managed Funds
---(1,741)(1,818)(1,618)
d.Transactions with associate
The Group holds a 33.33% stake in GlobalDairyTrade Holding Limited (GDT). Transactions entered into with
GDT are under normal commercial terms and conditions.
e.General
All outstanding balances with related parties are priced and are to be settled in cash subsequent to the
reporting date. None of the balance is secured. No expense has been recognised in the current period or
prior periods for bad or doubtful debts in respect of amounts owed by related parties.
15. 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 2024 (30 June 2023: none; 31 December 2023: none).
37
NZX Interim Report 2024

NZX Interim Report 2024
18
16. Subsequent events
Dividend
Subsequent to balance date the Board declared an interim dividend of 3.0 cents per share (fully imputed), to
be paid on 3 October 2024 (with a record date of 19 September 2024).
38
NZX Interim Report 2024

© 2024 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.
Document classification: KPMG Public

Independent Auditor’s Review
Report

To the Shareholders of NZX Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements on pages 22 to 38
do not:
‒ present fairly, in all material respects, the
Group’s financial position as at 30 June
2024 and its financial performance and cash
flows for the six month period then ended
and comply with New Zealand Equivalent to
International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34)
issued by the New Zealand Accounting
Standards Board.

We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
‒ the interim consolidated statement of
financial position as at 30 June 2024; and
‒ the interim consolidated income statement,
and consolidated statements of other
comprehensive income, changes in equity
and cash flows for the six month period then
ended;
‒ notes, including material accounting policy
information.
Basis for conclusion
We conducted our review of the financial statements in accordance with NZ SRE 2410 (Revised) Review of
Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor's Responsibilities for the Review of the interim consolidated
financial statements section of our report.
We are independent of NZX Limited in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to regulatory assurance and agreed-upon
procedures. 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 auditor of the Group. The firm has no other relationship with, or interest in, the
Group.
Use of this Independent Auditor’s 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 Auditor’s 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
conclusions we have formed.
Responsibilities of Directors for the interim consolidated financial
statements
The Directors on behalf of the Group are responsible for:
‒ the preparation and fair presentation of the interim consolidated financial statements in accordance with
NZ IAS 34; and
‒ implementing necessary internal control to enable the preparation of interim consolidated financial
statements that is are fairly presented and free from material misstatement, whether due to fraud or
error.
Auditor's responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our
review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the interim consolidated financial statements, taken as a whole, are not prepared, in all material
respects, in accordance with NZ IAS 34.
A review of the interim consolidated financial statements prepared in accordance with NZ SRE 2410 (Revised) 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.
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) and consequently does not enable us to
obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the
interim consolidated financial statements.
The engagement partner on the review resulting in this independent auditor's report is Brent Manning.

For and on behalf of:

KPMG
Wellington
22 August 2024
NZX Interim Report 2024NZX Interim Report 2024
41

Corporate directory
Getting in touch
Board of Directors
John McMahon (Chair)
Frank Aldridge
Elaine Campbell
Peter Jessup
Dame Paula Rebstock
Rachel Walsh
Lindsay Wright
Chief Executive Officer
Mark Peterson
Chief Corporate and
Financial Officer
Graham Law
General Counsel and
Company Secretary
Sara Wheeler
Registered Office
NZX Limited
Level 2 / NZX Centre
11 Cable Street
PO Box 2959
Wellington
+64 4 472 7599
info@nzx.com
nzx.com
Auditors
KPMG
44 Bowen Street
Wellington
+64 4 816 4500
Share Register
MUFG Corporate Markets
PO Box 91976
Auckland 1142
+64 9 375 5998
nzx@linkmarketservices.co.nz
linkmarketservices.co.nz
NZX Interim Report 2024
42

NZX Interim Report 2024
43

---

Results announcement
23 August 2024

Results for announcement to the market
Name of issuer NZX Limited
Reporting Period 6 months to 30 June 2024
Previous Reporting Period 6 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$57,882 7.3%
Total Revenue $57,882 7.3%
Net profit/(loss) from
continuing operations
$15,271 119.0%
Total net profit/(loss) $15,271 119.0%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 19 September 2024
Dividend Payment Date 3 October 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.1378) ($0.1624)
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

23 August 2024

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: 19/09/2024
Ex-Date (one business day before the
Record Date)
18/09/2024
Payment date 03/10/2024
Total monies associated with the
distribution
1

$9,775,021 (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:
17/09/2024
Close of trading on:
24/09/2024
Date strike price to be announced (if
not available at this time)
26/09/2024
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
20/09/2024, 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

23/08/2024

---

1
23 August 2024
NZX INTERIM 2024 RESULTS
INVESTOR PRESENTATION

2
Executive Summary3
Business Unit Highlights7
Financial Performance16
Financial Position & Cash Flows20
Final Dividends & 2024 Earnings Guidance24
Appendices
1Segmental Analysis28
2Operating Revenue Definitions37
Today’s Agenda
NZX Half Year 2024 Results
Important notice
This investor presentation should be read in conjunction with NZX's other periodic
and continuous disclosure announcements, and the financial statements in the
2024 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 related integration costs and
technology costs.
Additionally, they assume no further material declines in the macro-economic
environment and market conditions, 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
FY24 Targets
H1-24 Progress YTD
Operating earnings
2
(excluding acquisition,
integration & restructure costs)
$40.0m-$44.5m
$22.9m +11.5% v H1-23
Capital listed and raised$15.0bn$6.3bn (11.5)% v H1-23
Total value traded$38.0bn$16.6bn (8.0)% v H1-23
Information services revenue
(excl. one off audit revenue)
2.1% p.a. avg. growth(2.6)% reduction v H1-23
Funds under Management14.7% p.a. avg. growth8.2% growth (since December 2023)
Funds under Administration
Migrate new clients and
achieve cash flow
positivity
23.2% growth (since December 2023)
Dairy derivatives lots traded0.70m – 0.85m lots0.32m +23.6% v H1-23
HY24 results highlights
Showing strength through economic and market cycles – NZX has maintained the positive momentum in delivering to our growth
strategy, and the operating earnings demonstrate the resilience of NZX’s earnings base
NZX Half Year 2024 Results
Notes:
1Data is for the 6-month period ended 30 June 2024. Percentage changes represent the movement for the interim period June 2023 to June 2024.
2Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in fair value of contingent consideration and share of profit/loss of associate. 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. Refer to financial statements note 2 for a reconciliation of EBITDA to NZ IFRS profit for the period.
3The 2024 Targets are detailed in the Investor Presentation in February 2024, and are “for the year ended 31 December 2024,” or “as at 31 December 2024” (as applicable). H1-24 Progress YTD represents the value for the 6 months ended 30 June 2024, except for Funds Under Management
and Funds Under Administration which are the movement in balances as at 31 December 2023 to 30 June 2024.
✓
Highlights
1
Performance relative to 2024 Targets
3
Revenue
$ 57.9 million
7.3 % increase
Operating Earnings
2

excl. acquisition, integration
& restructure costs
$ 22.9 million
11.5 % increase
Expenses
excl. acquisition, integration
& restructure costs
$ 35.0 million
4.7 % increase
Net Profit After Tax
$ 15.3 million
119.0 % increase
Adjusted Net Profit After Tax
(excl. QS earnout FV adj)
$8.0 million
10.9% increase
Operating Earnings
2

incl. acquisition, integration &
restructure costs
$ 22.4 million
12.0% increase
Interim Dividend
(fully imputed)
3.0 cps
✓
✓
✓

5
NZX Half Year 2024 Results
NZX Group overview
A diverse and connected capital markets focused business
NZX Group
Corporate, Legal, Policy, Technology
Capital Markets

[Cash (Shares), Derivatives, Energy,
Environmental, Fonterra Markets]
Information
Services
Market data,
Indices,
Connectivity
Funds Management
(Smartshares,
SuperLife,
QuayStreet)
A leading investment fund
manager in New Zealand,
with more than $11.9 billion
Funds under Management*
Secondary markets
NZX Wealth
Technologies
A market leading, tailored
custodial investment
management platform, with
more than $14.2 billion in
Funds Under
Administration*
Capital Markets
Origination
Existing and new
issuance
Markets
Development
Market
Participants
Market
Operations
Clearing House &
Operations
Strategic Delivery
Derivatives
(including dairy
with SGX Group),
Electricity and
Carbon Markets
NZ RegCo
(Issuer
Regulation,
Participant
Compliance,
Market Conduct
and
Surveillance)
An independently
governed agency
which performs all
frontline regulatory
functions in support
of NZX’s statutory
obligations as a
licensed market
operator
* As at 30 June 2024

6
Our strategy
Our strategy is to round out ourproduct offering in Capital Markets and drive scale and operating leverage across the businesses
The Capital Markets market cycles: Market cycles are
inevitable, we have the building blocks for further
opportunities and growth and as markets recover, we
expect to see capital markets’ activity levels accelerate
and asset prices rise
Maturing our Market: We know our product offering
could be expanded (equity derivatives, carbon markets)
which is key to driving further growth in capital markets
activity and greater global connections– rounding out our
product offering will broaden our earnings base and
add scale to our settlement and clearing activities
Continued sectoral growth: there are long-term
structural market tail winds that support growth in the
managed funds and platform businesses
Continued M&A activity: We will continue to
exploreM&A activity to help drive and accelerate
growthwhere appropriate
Operating Leverage: Still investing for growth but also
focusing on efficiencies and driving operating leverage
NZX Half Year 2024 Results

7
Business Unit Highlights

8
Capital Markets Origination – Capital Listed and Raised
NZX Half Year 2024 Results
Capital listed at lower levels, reflecting the macroeconomic environment, this is driven by i) retail / sustainable debt, and ii)
specific large capital raises for acquisitions / positioning for further growth
2024 Objectives
Ensure NZX is best positioned for further opportunities and growth and as the macroeconomic
environment improves and markets recover
Market Development
Capital Markets Origination team held numerous “Listing your company” and “Raising capital in New
Zealand” events and showcased current listed clients through various mediums
Help streamline the regulatory framework – Collaboration with the Government to implement initiatives
in the Capital Markets 2029 report
Proactively working with the broader market ecosystem to reinvigorate New Zealand’s capital markets
Enhancing Issuers’ experiences – continually improve the profile initiatives for Issuers to help drive
liquidity in their stock
Market Activity
Capital listed at lower levels, reflecting the macroeconomic environment, with:
•Primary capital raised driven by retail debt listings due to the high OCR levels leading to higher coupons;
and
•Secondary capital raised driven by hybrid bank capital issuances, retail bond issuances and specific large
capital raises mainly for acquisitions and positioning the companies for further growth (including ESG-
designated bonds, which now account for 26.4% of all debt issuance on the NZX Debt Market)
YoY: (11.5)%

9
Secondary Markets – Value Traded / Cleared
Value traded at lower levels, reflecting the challenging macroeconomic environment
NZX Half Year 2024 Results
Depository
•Assets under custody up 24.4% to $8.34 billion
•Depository activity:
•Depository uplifts – down 3.2% to 50,056
•Settlement lines – down 2.2% to 111,352
•OTC trades – up 32.8% to 53,022
2024 Objectives
Expandourproductoffering:
•NZXDark(mid-pointorderbook)product launch in mid 2024;
•S&P/NZX20 Index Future relaunch progressing (including Self Match Prevention enhancements,
clearing house recovery tools and continued participant engagement); and
•drivegreaterscaleandefficiencyinclearing
Market Development
NZX Dark (mid-point order book) launched in early June. Ongoing engagement with both the buyside and
sellside to develop use of the trading venue. Through June we have seen $9.4 million in total NZX Dark
value traded and $33,499 in total price improvement
S&P/NZX20 Index Future – continue to work towards relaunch, with current focus on contracting market
makers, onboarding new Participant firms,Policy work on rule changes, and ISV(Independent Software
Vendor) connectivity
Financial Market Infrastructures Act (FMI) – NZX Clearing transitioned in early 2024, the legislation
regulating NZX Clearing is now in line with international participants’ expectations
Depository Automation –the project to automate various operational processes is well underway and
expected to be complete in early 2025
Market Activity
Value traded / cleared – lower levels reflects the current levels of market uncertainty and a challenging
macro economic environment that has had high inflation and interest rates
Depository – continued active engagement of custodians to join NZX’s depository business and
automation of systems, with the long-term aim of driving down costs of post trade in the New Zealand
capital markets
YoY: (8.0)%

10
Information Services Revenue
Lower professional terminals and subscriptions reflects the challenging macroeconomic environment, which has only
partially been offset by increased higher value licences and back dated indices revenue
NZX Half Year 2024 Results
Note: Information Services Revenue graph includes Audit and Backdated Licenses / Indices revenue
2024 Objectives
Expand our product offering –enhanced product development capability and our digital
transformation programme will drive new data products
Connectivity –Trans-Tasman connectivity upgrade to increase resilience and simplify connecting global
clients to NZX trading and clearing systems
Market Development
Information Services team introduced new licence type for end of day data usage capturing new
revenue opportunity with further introduction of new licence types intended for 2025
Connectivity–completedtheTrans-Tasman connectivity upgrade to increase resilience and simplify
connecting global clients to NZX trading and clearing systems. Cutovers to be completed through H2-24
with new and existing connected clients
Market Activity
Reduction in number of professional terminals a direct result of the consolidation of significant sized
market participants and lower value traded. The revenue impact of this has been minimised through
price increases to reflect technology inflation
Back dated indices revenue ($960k) and limited audit revenue (which is now decreasing from historic
high levels as revenues are captured within recurring revenue lines)
YoY: (1.5)%

11
Dairy Derivatives and GlobalDairyTrade
Dairy Derivatives lots traded continue to see the significant growth expected from the Singapore Exchange strategic partnership;
though margin fee rates have started to normalise from the prior year peak levels.
GlobalDairyTrade is now commencing its strategic growth initiatives.
NZX Half Year 2024 Results
2024 Objectives
Dairy Derivatives:
•continue to extend market distribution and expand global trading participation
GlobalDairyTrade Holdings Limited (GDT):
•increase sellers and products offered on the GDT platform; and
•deliver remaining GDT strategic initiatives identfied in three year plan
Strategic Partnerships
Dairy Derivatives
Singapore Exchange (SGX) strategic partnership has extended market distribution and expanded global
access:
•Trebled the number of active trading and clearing members utilising the contracts with potential for
further expansion (i.e. >70 connected with SGX);
•The team has clients live on the Market Maker and LiquidityProvision Schemes and continues to work
on new client onboarding activity to support market growth and development;
•Margin fees have started to normalisein line with global future interest rate curves, which has
resulted in a drop in revenue across the period; and
•Open interest continues to hit record levels indicating continued growth across the product suite
GDT
GDT’s underlying profitability remains strong
Strategic initiatives – GDT’s investments will be a cost drag for several years:
•‘GDT Pulse’ – successfully expanded the number of auctions and further enhancing price transparency;
•European and US sales presence – sales capability and support resources are in the start-up phase, five
new global suppliers from EU and US market have been added, though volumes are currently low; and
•Auction Platform upgrade – planning completed and the upgrade OPEX will be incurred over the
coming year to 30 June 2025
YoY: 23.6%
YoY: (16.7)%

12
Smartshares – Funds Under Management (FUM)
Continues to drive growth. Smartshares’ future growth opportunities remain strong through organic growth. We continue to
mature the operational environment in order to improve operating leverage
NZX Half Year 2024 Results
2024 Objectives
Drive scale, efficiencies and operating leverage, including maturing Smartshares’ operations and
embed our growth initiatives (i.e. integration of QuayStreet into the service provider operating model)
to unlock further synergies of scale and focus on customer demand for product to increase organic
growth cashflows
Funds Under Management
Funds Under Management (FUM) at $11.88 billion, up 8.2% from 31 December 2023 due to:
•cashflows – $203m / +1.9%; and
•market return – $694m / +6.3%
QuayStreet - the first new funds under the Product Support & Distribution Agreements were launched
in April 2024 & we are starting to see building cashflows. We continue to work with Craigs towards the
earn out cash flow targets for November 2024 across the fund range of QuayStreet, the new Craigs
hosted funds and the Smartshares ETFs.
KiwiSaver will continue to be the macro driver to continued FUM growth i.e. KiwiSaver future growth
profile, leading to growth in non-KiwiSaver investments and self-directed investing platforms
Strategic Activities
QuayStreet integration to move the transition services and operating model to Smartshares unlocking
synergies is ongoing
Exchange Traded Funds (ETFs) – in Q4-24 we are aiming to upgrade the ETF website, rebrand the ETFs,
and launch 4 ETFs. This is the first phase of our rebrand strategy across Smartshares & SuperLife which
will continue into 2025
Maturing of Smartshares’ operations is proceeding to plan and includes:
•Fund structure simplification and funds rationalization, to commence on a phased basis from Q4-24;
and
•Client portal and registry replacements planning has commenced.

13
Wealth Technologies – Funds Under Admin (FUA)
Client transitions continue, with successful pipeline conversions and the positive outlook continues
NZX Half Year 2024 Results
2024 Objectives
Drive scale, efficiencies and operating leverage, including migrating the current pipeline in 2024 to
achieve a cash flow positive target by late 2024
Funds Under Administration and Annual Recurring Revenue
Funds Under Administration (FUA) at $14.21 billion, up 23.2% from 31 December 2023 due to:
•cashflows/ new client migrations +16.7%; and
•market return +6.5%
Annual Recurring Revenue (ARR): $’m
•ARR on FUA at 30 June 2024 8.93 +24.7% since Dec-23
•ARR on FUA with scheduled Q3-24 migration dates 0.85
•ARR on FUA with expected near term migration dates TBC 1.45
•ARR on FUA with expected longer term migration dates TBC 2.24
TOTAL expected ARR on contracted clients once fully migrated 13.47
Timing of migrations is dependent on i) client strategic prioritisation (e.g. timing relative to tax year
end) and migration resource commitments, as well as ii) clients current platform provider supplying
data. This may impact the timing of our cash flow positive target
Client Activity
In H1-24 we migrated 5 new clients onto the NZX WT Platform and we now have 25 active clients
In addition, we won 2 new clients in H1-24with either scheduled migration dates in H2-24, or their
migrations are in the process of being scheduled (subject to clients’ migration preference / cadence)
Overall, the pipeline remains strong and we are actively progressing discussion with further potential
clients. We remain confident the growth from the new business will ensure NZX Wealth Technologies
meets its cash flow objectives

14
People
NZX has strong employee engagement, a diverse workforce and a healthy culture across the organisation
Work is required to promote and recruit more women into leadership positions
Culture and Engagement
•NZX uses the Gallup survey to measure employee
engagement twice per year
•Employee engagement (4.22) has fallen over H1-24 on the
back of a large period of change. Senior leaders are analysing
the results and building actions plans with their teams to
improve engagement
•NZX ranks close to the top third of global companies that
utilise the Gallup survey
Health, Safety & Wellbeing
•NZX has an excellent safety record, with Total Recordable
Injury Rate (TRIR) of 0.34 incidents per 200,000 hours
worked.
•NZX absence rate remains stable at 1.7%.
•NZX supports flexible working options for our staff, with the
majority of our people now coming into the office either on a
regular or full-time basis.
Diverse Workforce and Gender Pay Gap (cont)
•NZX has 31% of its workforce that have > 5 years’ experience
within the organisation, and 57% with > 2 years
•The regrettable turnover score of 14.5%, below our 16% target
•NZX employees have a wide spread of age bands
•NZX aims to have a gender balance of 40:40:20, and are
currently meeting that objective at the Board level, and for the
overall workforce
Diverse Workforce and Gender Pay Gap (GPG)
•NZX aims to pay women and men equally for the work they
perform
•However, NZX has an opportunity to recruit and promote
more women into leadership and technical expert roles, as
their lack of representation in those roles is driving a
structural gender pay gap of 16.9%. Excluding the CEO the
gender pay gap is 15.3%.
•GPG is calculated as (average male base salary – average
female base salary) ÷ average base male salary)
NZX Half Year 2024 Results

15
Operating responsibly
NZX’s focus is to create value while delivering a positive impact on society and the environment
Strategy
•Our ESG Strategy (Operating Responsibly) runs through the heart of our business – as the operator of New Zealand’s stock exchange and markets, as a financial services and technology business, and as a
regulator. In particular, robust governance (such as the settings in the NZX Corporate Governance Code), is paramount to the role that NZX plays in New Zealand
•In 2024 NZX isupdatingour ESG Strategy - including our environmental sustainability approach - after undertaking a stakeholder and materiality assessment last year. This work will guide future ESG
prioritisation, targets, and reporting and integrate itinto NZX'sbroader strategy
Core pillars of NZX’s approach
•The four “Ps” – Planet, People, Prosperity and Principles of governance – are the core pillars of NZX’s ESG approach. We ensure it aligns with our organisational purpose, vision and strategy, and with
New Zealand’s long-term sustainability goals and international commitments (including theParis Agreement)
NZX – net carbon zero certified
•As a business, NZX is committed to taking action on climate change. In 2023 NZX achieved net carbon zero certification from Toitū Envirocare for the third year in a row. Sustainable economic growth is a
priority for NZX. Public markets will continue to play an important role in facilitating the flow of capital towards decarbonising the New Zealand economy.NZX isa signatory of theUnited
NationsSustainable Stock Exchanges Initiative
Meeting legislative climate reporting requirements
•In 2024 under the mandatory climate-related disclosures framework (Aotearoa New Zealand Climate Standards, ANZCS), NZX, as a climate-reporting entity,has reported our climate change obligations
regarding governance, strategy, risk management, and metrics and targets. NZX's Climate Statement is incorporated in our 2023 Annual Report
Supporting New Zealand
•At NZX we are committed to connecting people, businesses and capital every day. That is our Purpose. As such, NZX recognises the important role we play in supporting the success of businesses, our
communities, charities and country. This includes collaborating in the Shares for Good initiative and being the primary sponsor of the New Zealand Financial Markets (NZFM) Charity Golf Classic – an
annual event that fundraises for charity (in 2024 the charity is the Little Miracles Trust)
•NZX also provides our employees a paid day’s leave each year to volunteer in our communities and is supportive of events that help those in need. That includes collecting for the Cancer Society on
Daffodil Day and using our electronic tickers to promote charitable causes
NZX Half Year 2024 Results

16
Financial Performance

17
Income Statement
NZX Half Year 2024 Results
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. Refer to financial statements note 2 for a
reconciliation of EBITDA to NZ IFRS profit for the period.
2Finance Technology Partners (June 2024) EBITDA Margins (mean) information for Regional/Country Based Exchanges is estimated at 2024: 49%.
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Operating Revenue53,959 54,428 57,882 7.3%6.3%
Operating Expenses (excl. acq/int/restructure costs)(33,394)(34,884)(34,958)(4.7%)(0.2%)
Operating earnings
1
(excl. acq/int/restructure costs)20,565 19,544 22,924 11.5%17.3%
Acquisition, integration & restructure costs(524)(691)(480)8.4%21.2%
Operating earnings
1
20,041 18,853 22,444 12.0%18.5%
Net finance expenses(1,648)(1,784)(1,833)(11.2%)(2.7%)
Gain / (loss) on disposal of assets / lease modification15 (8) - n/an/a
Depreciation and amortisation expenses(8,335)(8,429)(8,867)(6.4%)(5.2%)
Share of profit / (loss) of associate392 639 (183)(146.7%)(128.6%)
Change in fair value of contingent consideration(225)(305)7,288n/an/a
Income tax expense(3,267)(2,385)(3,578)(9.5%)(50.0%)
Profit for the period6,973 6,581 15,271 119.0%132.0%
Operating Margin (excl. acq/int/restructure costs)38.1%35.9%39.6%
Headcount - FTEs at period end331.9339.6345.7
Operating Revenue
The operating revenue increased $3.9 million (7.3%) on H1-23 driven by: Portion of increase
•Markets $(0.8)m (1.5)%
•Smartshares (incl. full year impact of acquisition and integration) $3.3m 6.1%
•Wealth Technologies $1.2m 2.2%
•Other (Corporate and NZ RegCo) $0.2m 0.5%
$3.9m 7.3%
Operating Expenses
The operating expenses (excluding acquisition, integration & restructure costs) increased $1.6
million (4.7%) driven by: Portion of increase
•Markets $(0.4)m (1.2)%
•Smartshares (incl. full year impact of acquisition and integration) $2.5m 7.4%
•Wealth Technologies $(0.2)m (0.7)%
•Other (Corporate and NZ RegCo) $(0.3)m (0.8)%
$1.6m 4.7%
Operating Earnings
Operating Earnings, excluding one-off acquisition, integration & restructure costs, increased $2.4
million (11.5%) on H1-23 driven by: Portion of increase
•Markets $(0.4)m (2.1)%
•Smartshares (incl. full year impact of acquisition and integration) $0.8m 4.1%
•Wealth Technologies $1.4m 6.9%
•Other (Corporate and NZ RegCo) $0.6m 2.6%
$2.4m 11.5%
The operating margin at 39.6%, excluding acquisition, integration & restructure costs (H1-23:
38.1%), 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 at a high level below, with detailed segmental
analysis by business unit in Appendix 1 (including comparison of H1-24 to both H1-23 and H2-23)
Net Profit
Net Profit of $15.3 million was 119.0% higher than H1-23
Net Profit, adjusted to exclude the QuayStreet earnout fair value adjustment, was $8.0 million
which is 10.9% higher than H1-23
Headcount
The headcount increase reflects lower vacancy levels, with only 2 new roles (one each in
Smartshares Compliance and NZX Policy teams) added in H1-24

18
Operating Expenses
Operating expenses, excluding acquisition, integration & restructure costs, increased $1.6 million to
$35.0 million with the main drivers being:
Markets – expenses decreased $0.4 million / 4.0 %:
Net personnel costs are lower due to the combination of:
•restructuring of several teams resulting in a reduction, offset by the transfer of two roles (net)
from the Corporate Services;
•reduced energy contractors in line with reduced levels of consulting and development revenue;
•increased capitalisation relating to NZX Dark, NZX20 equity derivatives, automation of the
depository systems and re-platforming NZX.com
IT costs are higher due to trading and clearing systems inflation related price increases and NZX.com
upgraded infrastructure running costs. Professional fees have lower levels of audit fees (in line with
reduced audit revenue).
Smartshares – expenses increased $2.5 million / 32.1%:
The SuperLife SMT integration and the timing of the QuayStreet acquisition have had a large impact
on the Smartshares expenses, particular on personnel costs were:
•Additional staff to perform SuperLife SMT investment management, investment administration
and registry upon migration into Smartshares existing teams late in H1-23; and
•QuayStreet Asset Management staff full period impact (acquired in February 2023 or employed
during 2023).
Other costs have been impacted by the above factors, additionally professional fees include a review
of Smartshares AML / CFT processes
Wealth Technologies – expenses decreased $(0.2) million / (7.9) %:
Net personnel costs are lower due to the combination of:
•gross personnel costs – increased as average headcount, as previously indicated, is temporarily
higher to accelerate the migration velocity of additional FUA from a current client; and
•capitalised labour and overhead increased reflecting i) continued product development and
client migration activity, and ii) H1-23 was at lower levels reflecting the non-capitalisable effort
required to migrate clients between the legacy platform (closed in H1-23) and new platform
Corporate – expenses are lower with reduced headcount (due to vacancies, transfer of roles to the
Markets business, and one new policy role) being more than offset by reduced professional fees
relating to legal fees, internal audit activity and costs savings from lower external members of
Committees (e.g. CGI Chair)
NZ RegCo – expenses are lower, being a combination of lower vacancies and the impacts of an H2-
23 restructuring of surveillance resources
Income Statement
NZX Half Year 2024 Results
Operating Revenue
Operating revenue increased $3.9 million to $57.9 million with the main drivers being:
Markets – revenue decreased $0.8 million / (2.7)%:
•Capital Markets Origination revenue – decrease reflects lower levels of primary listings and
secondary equity issuances, partially offset by higher annual listing fees;
•Secondary Markets revenue – decrease reflects lower levels of trading / clearing value, dairy
derivatives margin fees and consulting and development activity, partially offset by higher
depository revenue; and
•Information Services revenue – decrease driven by lower levels of average terminal numbers and
lower indices revenue, partially offset by back dated indices revenue and some price increases
Smartshares – revenue increased $3.3 million / 18.4 %. Excluding the impact of one-off prior year
management fees revenue increased $4.6m / 27.9%.
Funds Under Management (FUM) based revenue increased in line with higher average FUM, which is
a combination of:
•positive market returns and net cash flows;
•the full period impact from the QuayStreet acquisition (February 2023); and
•the integration of SuperLife SMT (August 2023) resulting in increased net revenue as transition
services fund costs are no longer incurred (replaced by FTE and other costs with a net synergy
realised)
Wealth Technologies – revenue increased $1.2 million / 39.3 %:
Administration (FUA) based fees increased in line with higher average FUA, which is a combination
of:
•positive market returns and net cash flows;
•new clients FUA migrated onto the platform in the period; and
•a full period impact from the new clients FUA migrated during 2023 onto the platform

19
Income Statement
NZX Half Year 2024 Results
Non-Operating Expenses (continued)
Depreciation and amortisation increased due to the impact of:
•Wealth Technologies – increased amortisation of the core platform and new client migrations
completed in H2-23 and H1-24
•Smartshares amortisation commenced (from 23 February 2023) on the acquired QuayStreet
Asset Management management rights
•Auckland office – depreciation on the new ticker / signage (commenced September 2023), as
well as the associated right of use assets
Share of profit/loss of associate relates to our investment in GlobalDairyTrade (GDT). GDT’s three-
year expansionary strategic plan is expected to result in NZX’s share of profit of associate to be low
until GDT’s strategic initiatives successfully mature
Change in fair value of contingent consideration relates to a decrease in the fair value of the
QuayStreet earnout provision to recognise that the cash flows to date have been lower than the
100% earn out target to November 2024
Effective tax rate is lower than statutory rate of 28% due to non-deductible items (particularly for
the change in fair value of contingent consideration), partially offset by differences in valuation
(accounting v taxation) on vesting of long-term incentive schemes
Investments for growth
Investments for growth activities in H1-24 have been:
•NZX Dark (the mid-point order book) was launched in June 2024;
•S&P/NZX20 Index Futures progresses towards relaunch;
•Wealth Technologies migration activity for new clients; and
•Smartshares - QuayStreet integration to move the transition services and operating model to
Smartshares, unlocking synergies, is ongoing
Acquisition, integration & restructure costs
Acquisition, integration & restructure costs in the current year relate to QuayStreet Asset
Management integration activities and planning to mature the Smartshares operations. The prior
year relates to the integration of the SuperLife SMT acquisition
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 higher average interest rates
•interest expenses (including amortised borrowing costs) on the subordinated notes (interest rate
reset from 5.4% to 6.8% in June 2023), lease liabilities and term loan (to fund the QuayStreet
acquisition in February 2023)
•net gain on foreign exchange

20
Financial Position and
Cash Flows

21
Balance Sheet as at 30 June 2024
Cash and cash
equivalents
•Clearing House risk capital ($20 million) which is not available for general use;
•Clearing House complies with Financial Markets Infrastructure Act 2021 and
International Organisation of Securities Commission’s principles’ expectations for
the retention of sufficient working capital (including cash of approximately $2.7
million); and
•Smartshares maintains sufficient net tangible assets in accordance with its license
requirements (including cash of approximately $1.4 million)
Funds held on behalf of
third parties (assets
and liabilities offset)
•Relates to issuer bond deposits, participants’ collateral deposits and deposited
funds (including any held in the Mutualised Default Fund)
•Amounts are repayable to issuers and participants and not available for general use
Right-of-use lease
assets and lease
liabilities
•Relates to leased premises and IT equipment
Investment in Associate•Investment in GlobalDairyTrade Limited (GDT)
Other non-current
assets
•Consists of property, plant & equipment, intangible assets and goodwill
Interest bearing
liabilities
•Relate to:
•Subordinated notes ($38.8m); and
•Acquisition facility loan ($22.5m) – the bank facilities expire in February
2025 and negotiations to extend the facilities have commenced in H2-24
Other current liabilities •Includes income in advance largely related to annual listing (billed on 30 June each
year) and data subscriptions, employee benefits payable, tax payables and the
current portion of the earnout provision relating to the acquisition of QuayStreet
Other non-current
liabilities
•Includes:
•the non-current portion of the earnout provision relating to the acquisition
of QuayStreet; and
•Deferred tax liabilities, including those recognised on acquisition of
QuayStreet
June 2023
$000
Dec 2023
$000
June 2024
$000
Current assets
Cash and cash equivalents32,50844,67032,469
Receivables and prepayments32,69115,87432,798
Funds held on behalf of third parties26,28121,70223,150
Total current assets
91,48082,24688,417
Non-current assets
Right-of-use lease assets18,26617,38016,494
Investment in associate17,17417,64217,647
Other non-current assets160,302159,202158,756
Total non-current assets
195,742194,224192,897
Current liabilities
Trade payables9,520 7,6049,418
Other current liabilities30,963 32,75327,709
Lease liabilities666 1,2911,304
Funds held on behalf of third parties26,281 21,70223,150
Interest bearing liabilities--22,500
Total current liabilities
67,430 63,35084,081
Non-current liabilities
Interest bearing liabilities61,16461,25638,847
Lease liabilities20,345 19,77019,124
Other non-current liabilities19,588 14,72314,460
Total non-current liabilities
101,097 95,74972,431
Net assets
118,695 117,371124,802
NZX Half Year 2024 Results

22
CAPEX
Trading, Clearing and Energy Systems CAPEX
•Trading, clearing and energy systems CAPEX driven by specific system life cycles which
historically have resulted in large multi-year projects
•In H1-24 relate to system enhancements for NZX Dark, NZX20 Index Futures and automation
of the depository systems
PP&E and Other Software CAPEX
•PP&E CAPEX relates to the normal life cycle replacements for IT equipment and software, as
well as completing the implementation of a strategic storage solution.
•In 2021 and 2022 CAPEX relate to the Capital Markets Centre in Auckland and the
replacement of the Auckland ticker. H1-24 CAPEX relates to the refit out of the Wellington
office to allow retrenchment to one floor
•Other software CAPEX relates to technology upgrades (i.e. re-platforming NZX.com) and
enhancements of the NZX technology architecture which strengthens NZX’s cyber security
Financial Services Growth Businesses CAPEX
•Wealth Technologies CAPEX in the current period relates primarily to new client migration
activity, with some ongoing product development. This includes additional temporarily
headcount to accelerate the migration velocity of additional FUA from a current client
•We expect capitalisation levels to remain high whilst there is new client migration activity
•Smartshares CAPEX relates to system enhancements
•Over the remainder of 2024 and into 2025 we expect further system enhancements ( e.g.
client portal), additional digital tools and registry replacements as the QuayStreet acquisition
is integrated into the Smartshares business
NZX Half Year 2024 Results
CAPEX is at planned levels, with the Wellington Office refit complete in H1-24

23
Cash Flows
Operating Activities
•Operating activities cashflow represents net profit after tax less non-cash items (e.g. depreciation and
amortisation, share of profit/loss of associate, share based payments, and change in fair value of
contingent consideration)
•The overall cashflows from operations decrease on H1-23 reflects a combination of higher operating
activities cashflow and adverse working capital movements (e.g. timing of receivables receipts, trade
payables and tax payments)
•NZX’s cashflows from operations mainly occur in the second half of the year when annual listing and
participant fees are collected
•The Wealth Technologies’ cash burn continues to decrease as new clients are migrated onto the
platform
Investing Activities
Investing activities relate to:
•Payments for PPE & other intangible assets, including:
•Wealth Technologies software development;
•Technology upgrades and enhancements, including to the NZX technology architecture; and
•Completion of the Wellington office refit out and the replacement of the Auckland ticker
•Payments for acquisitions – relates to the acquisition of QuayStreet Asset Management in H1-23
Financing Activities
Financing activities includes:
•Term loan to fund the acquisition of QuayStreet Asset Management;
•Payments of lease liabilities;
•Transaction costs relating to the renewal of NZX’s subordinated notes; and
•Dividends which are net of participation in the dividend reinvestment plan
H1-2023
$000
H2-2023
$000
H1-2024
$000
Operating activities
- Operating activities cashflow16,07615,32817,859
- Working capital movements(9,146)12,181(12,628)
Investing activities
- Payments for PPE & other intangible assets(5,295)(7,100)(8,073)
- Payments for acquisitions(22,438)--
- Advances to related parties-(100)-
Financing activities
- Net receipts from term loan22,500--
- Dividends paid(8,544)(8,197)(8,726)
- Other financing activities(1,256)50(633)
Net (decrease)/increase in cash and cash equivalents(8,103)12,162(12,201)
NZX Half Year 2024 Results
Cashflows are seasonal with annual listing and participant fees collected in Q3 each year

24
Interim Dividend and
2024 Earnings Guidance

25
Interim Dividend 2024 Earnings Guidance
Interim Dividend
•The Board has declared a fully imputed dividend of 3.0 cents per share
•Dividend to be paid on 3 October 2024 to shareholders registered as at the record
date of 19 September 2024
Dividend Policy
•The policy is to pay between 80% to 110% of adjusted Net Profit After Tax over time,
subject to maintaining a prudent level of capital to meet regulatory requirements
•Adjustments include reversing the impact of intangible asset impairments (if any)
•NZX is focused on future earnings to support dividends
Dividend reinvestment plan
•Available for the interim dividend
•Shares will be issued at 1.0% discount
2024 Earnings Guidance
NZX’s full year 2024 Operating Earnings (EBITDA)
1
, excluding acquisition, integration and
restructure costs, are expected to be in the range of $40.0 million to $44.5 million. The
half-year financial result indicates NZX is tracking towards the upper end of the 2024 full
year guidance range
The guidance is 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
related integration costs and technology costs
Additionally, this guidance assumes there are no further material declines in the macro-
economic environment and market conditions, and there are no significant one-off
expenses, major accounting adjustments, other unforeseeable circumstances, or future
acquisitions or divestments
The Earnings Guidance excludes the expected impact of the GDT investment as this is
recognised as “share of profit/loss of associate” (i.e. after Operating Earnings)
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.
NZX Half Year 2024 Results

26
Questions?

27
Appendices

28
Appendix 1: Segmental Analysis - Income Statement by Business Unit
Notes:
1
Markets is the integrated business that supports the growth of NZ capital markets with the revenue generating BUs being:
•Capital Markets 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, as well as the provider
of a central securities depository and Market operator for Fonterra Co-Operative Group, the Electricity Authority and the Ministry for the
Environment; and
•Information Services – provider of data services for the securities and derivatives markets, and analytics for the dairy sector.
Additionally, the Markets business cost base includes the IT costs specific to providing NZ capital markets services.
2
Funds Management (Smartshares Limited) – comprises the SuperLife superannuation and KiwiSaver products, Smartshares Exchange Traded Funds,
SuperLife Superannuation Master Trust and QuayStreet Asset Management.
3
Wealth Technologies (NZX Wealth Technologies Limited) – provides a platform that enables advisers and brokers to manage client investments
4
Corporate Services provides accommodation, legal, accounting, IT, HR, communications and project management support to the other business
units and subsidiaries. Related costs are currently not recharged to the commercial business units and subsidiaries (other than NZ RegCo)
5
Regulation (NZX Regulation Limited) – is the independently-governed agency which performs all of NZX’s frontline regulatory functions, this ensures
structural separation of the Group's commercial and regulatory roles.
6
Operating 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. Refer to financial statements note 2 for a reconciliation of EBITDA to NZ
IFRS profit for the period.
6 months ended June 2024 (H1-24)
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
7,88312,196 10,216 30,295 21,287 4,216 63 55,861 2,021
57,882
Operating expenses (excl acq/integration/restructure costs)
(9,818)(10,178)(2,698)(10,294)(32,988)(1,970)
(34,958)
Operating earnings (excl acq/integration/restructure costs)
6
20,477 11,109 1,518 (10,231)22,873 51
22,924
Acq/integration/restructure costs
(49)(431)-- (480)-
(480)
Operating earnings
6
20,428 10,678 1,518(10,231)22,393 51
22,444
Depreciation, amortisation & gain / loss on disposal
(974)(2,363)(3,165)(2,365)(8,867)-
(8,867)
Earnings before Interest, tax, share of profit/loss of associate, and adj to earnout
provision
19,4548,315(1,647)(12,596)13,526 51
13,577
6 months ended December 2023 (H2-23)
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
7,854 12,558 9,350 29,762 18,980 3,790 32 52,564 1,864
54,428
Operating expenses (excl acq/integration/restructure costs)
(9,749)(9,876)(2,244)(11,023)(32,892)(1,992)
(34,884)
Operating earnings (excl acq/integration/restructure costs)
6
20,013 9,104 1,546 (10,991)19,672 (128)
19,544
Acq/integration/restructure costs
(1) (635)- - (636)(55)
(691)
Operating earnings
6
20,012 8,469 1,546(10,991)19,036 (183)
18,853
Depreciation, amortisation & gain / loss on disposal
(954)(2,108)(3,422)(1,953)(8,437)-
(8,437)
Earnings before Interest, tax, share of profit/loss of associate, and adj to earnout
provision
19,0586,361(1,876)(12,944)10,599 (183)
10,416
6 months ended June 2023 (H1-23)
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
8,191 12,569 10,373 31,133 17,977 3,026 51 52,187 1,772
53,959
Operating expenses (excl acq/integration/restructure costs)
(10,226)(7,705)(2,931)(10,521)(31,383)(2,011)
(33,394)
Operating earnings (excl acq/integration/restructure costs)
6
20,907 10,272 95 (10,470)20,804 (239)
20,565
Acq/integration/restructure costs
(41)(451)(32)- (524)-
(524)
Operating earnings
6
20,866 9,821 63 (10,470)20,280 (239)
20,041
Depreciation, amortisation & gain / loss on disposal
(1,358)(1,952)(3,213)(1,812)(8,335)-
(8,335)
Earnings before Interest, tax, share of profit/loss of associate, and adj to earnout
provision
19,5087,869(3,150)(12,282)11,945 (239)
11,706
NZX Half Year 2024 Results

29
Appendix 1: Segment – Markets
Markets is the integrated business that supports the growth of NZ capital markets
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Capital Markets Origination Revenue
Annual Listing Fee (net)5,6095,6805,604(0.1%)(1.3%)
Primary listing fees876725585(33.2%)(19.3%)
Secondary issuance fees1,7061,4491,694(0.7%)16.9%
Secondary Markets Revenue
Participant services revenue (net)281259262(6.8%)1.2%
Securities trading revenue2,0061,6901,826(9.0%)8.0%
Securities clearing revenue3,2373,0873,2670.9%5.8%
Dairy derivatives revenue1,5691,9821,399(10.8%)(29.4%)
Consulting and development revenue637569368(42.2%)(35.3%)
Contractual revenue4,8394,9715,0744.9%2.1%
Information Services Revenue
Royalties from terminals4,3264,1594,201(2.9%)1.0%
Subscriptions and licences2,7002,7482,7632.3%0.5%
Dairy data subscriptions28131731311.4%(1.3%)
Indices753527583(22.6%)10.6%
Audit and back dated revenue87318396010.0%424.6%
Connectivity1,4401,4161,396(3.1%)(1.4%)
Total operating revenue31,13329,76230,295(2.7%)1.8%
Notes:
•Markets is the integrated business that supports the growth of NZ capital markets with the revenue generating BUs being:
–Capital Markets 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; and
–Information Services – provider of information services for the securities and derivatives markets, and analytics for the dairy
sector.
Additionally, the Markets business cost base includes the IT costs specific to providing NZ capital markets services.
•Corporate Services provides accommodation, legal, finance, IT, HR, communication and project management support to Markets. The
related costs are currently not recharged to Markets and consequently not included in the above segmental analysis.
•Operating 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
NZX Half Year 2024 Results
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Operating Expenses
Gross personnel costs
6,3205,8756,2041.8%(5.6%)
Less capitalised labour
(88)(202)(368)318.2%82.2%
Personnel costs
6,2325,6735,8366.4%(2.9%)
Information technology costs2,8062,7793,172(13.0%)(14.1%)
Professional fees
73561449632.5%19.2%
Marketing
6243493(50.0%)78.6%
Other expenses
42532831426.1%4.3%
Capitalised overhead
(34)(79)(93)173.5%17.7%
Total operating expense excl. restructure costs10,2269,7499,8184.0%(0.7%)
Operating earnings excl. restructure costs20,90720,01320,477(2.1%)2.3%
Restructure costs
41149(19.5%)n/a
Operating earnings
20,86620,01220,428(2.1%)2.1%
Depreciation & amortisation1,35895497428.3%(2.1%)
Earnings Before Interest and Tax19,50819,05819,454(0.3%)2.1%
Operating margin excl. restructure costs67.2%67.2%67.6%
FTEs at period end84.682.082.2

30
Appendix 1: Segment – Markets
Operating Revenue
NZX Half Year 2024 Results
Secondary Markets Revenue (continued)
Dairy derivatives revenue has been adversely impacted by margin fees normalisingin line with global future
interest rate curves, which has outweighed the higher level of lots traded (+23.6%)
Contractual revenue is in line with long term contracts to run auctions or markets for the Electricity Authority,
Fonterra and the Ministry for the Environment
Consulting and development revenue earned through continuing enhancements to the electricity market
systems has been at lower levels than H1-23 (when the market real time pricing project completed)
Information Services Revenue
Royalties from terminals revenue reduction of (2.9)% relates to lower professional and retail terminal numbers,
which was partially offset by price increases (effective January 2024)
Subscriptions and licences revenue growth of 2.3% reflects increased high value license numbers and license
price increases (effective January 2024), partially offset by decreased direct data subscriptions
Dairy subscription revenue increased 11.4% reflecting price increases and an increase in higher value product
subscriptions
Indices revenue is lower and excludes back dated revenue included below
Audit and back dated revenue is dependent on the timing of audit completions, with H1-24 including significant
back dated indices revenue
Connectivity revenue has decreased (3.1)%, reflecting the connectivity requirements (i.e. standards of
performance and resilience) from both market participants and data vendors
Markets Operating Revenue
Markets operating revenue was $30.3 million (decrease of 2.7% on H1-23) driven by:
•Capital Markets Origination revenue – decreased (3.8)% from H1-23, reflecting lower levels of primary listings
and secondary equity issuances, partially offset by higher annual listing fees;
•Secondary Markets revenue – decreased (3.0)% from H1-23, impacted by lower levels of trading / clearing value,
dairy derivatives margin fees and consulting and development activity, partially offset by higher depository
revenue; and
•Information Services revenue – decreased (1.5)% from H1-23, driven by lower levels of average terminal numbers
and lower indices revenue, partially offset by back dated indicies revenue and some price increases
Capital Markets Origination Revenue
The Annual listing fee year runs from 1 July to 30 June, with the H1-24 fees based on the market capitalisation at 31
May 2023. Annual listing fees are net of an internal allocation to NZ RegCo. Annual listing fees increase is driven by
price increases (approx. 4.0% effective from March 2023) and have been positively impacted by the growth in value
of the NZX Debt Market, partially offset by a slight contraction in equity market capitalisation
Primary listing fees are down (33.2)% on H1-23 driven by lower levels of retail debt listings
Secondary issuance fees are down (0.7)% on H1-23 driven by lower levels of equity recapitalisations partially offset
by increased levels of retail debt issuances
Secondary Markets Revenue
Participant services revenue relates to the number of market participants, which is unchanged from December 2023
at 27. During H1-24 Jarden Wealth Limited were accredited as an Advising Participant and Hobson Wealth Partners
Limited resigned as a Trading and Clearing Participant
Securities trading and clearing revenues decreased due to lower market activity levels:
•value traded being down 8.0%; and
•slightly higher levels of uncharged value traded (i.e. exceeded fee cap), at 7.9% (H1-23: 7.7%); partially offset by
•higher levels of depository revenue from OTC settlement lines and uplifts

31
Appendix 1: Segment – Markets
Operating Expenses
NZX Half Year 2024 Results
Professional Fees
Professional fees cost decreased by (32.5)% and include:
•EEX ongoing royalty fees relating to the carbon managed auction service;
•SGX ongoing costs relating to the SGX-NZX dairy derivatives strategic partnership
•audit fees $Nil (H1-23: $233k) – which vary in proportion to audit revenue, with revenues recognised on a
gross basis; and
•annual assurance program – including tax advice, energy audit obligations under Electricity Authority
contract (e.g. Energy Clearing Manager, WITS Manager and Reconciliation Manager reviews in the current
period)
Marketing Costs
The key marketing focuses are:
•Capital Markets Origination team marketing includes membership of various industry groups to identify
listing pipeline opportunities. There remains a relatively low level of direct marketing campaigns in H1-24
reflecting the macroeconomic environment for primary listings and secondary issuances
•Dairy Derivatives team marketing (which is H2-24 focused when NZX hosts a dairy industry conference in
Singapore, with the conference attendance fees / sponsorships being reflected in revenue)
•SGX-NZX dairy derivatives market maker arrangements
Other Expenses
Other expenses include audit fees (e.g. Clearing House risk capital review), travel, statutory compliance costs
and non-recoverable GST costs
Depreciation & Amortisation
Depreciation & amortisation relates primarily to the trading, clearing and energy systems. The reduction
reflects the clearing systems becoming fully depreciated from July 2023
Markets Operating Expenses
Markets operating expenses were $9.8 million for H1-24 (decrease of 4.0% on H1-23) mainly reflecting:
•Personnel costs – reduced 6.4% on H1-23, driven by lower average number of FTEs due to restructures offset by
the transfer of two roles (net) from the Corporate Services, as well as a lower level of energy contractors fees (in
line with reduced revenue);
•Information Technology costs – increased 13.0% due to trading and clearing systems inflation related price
increases and NZX.com upgraded infrastructure running costs; and
•Professional Fees – decreased 32.5% reflecting lower audit royalty fees (in line with reduced revenue) partially
offset by SGX-NZX dairy derivatives strategic partnership costs increasing in line with lots volumes
Personnel Costs
Personnel costs are driven by the average number of FTEs, wage inflation and capitalisation levels:
•headcount – the average number of FTEs is lower due to:
•restructuring of the Capital Markets leadership, Origination and the Dairy Derivatives teams resulting in a
reduction in FTEs, offset by the transfer of two roles (net) from the Corporate Services;
•reduced energy contractors in line with reduced levels of consulting and development revenue; and
•movements in vacancy levels
•capitalised labour relates to NZX Dark, NZX20 equity derivatives, automation of the depository systems and re-
platforming NZX.com
Information Technology Costs
Information technology costs increased by 13.0% and include:
•trading and clearing systems – licensing and hardware / software maintenance costs, which are impacted by the
USD exchange rate and contractual inflation increases;
•NZX.com related costs – including the upgraded (June 2024) infrastructure running costs;
•energy electricity market systems – hardware / software maintenance costs and data feed costs;
•energy carbon market systems – third party specialist support provides ongoing support of the carbon managed
auction service;
•dairy derivatives – NZX’s share of IT costs under the SGX-NZX dairy derivatives strategic partnership; and
•Information services IT – software licences costs and data feeds associated with the delivery of customer
management data platforms

32
Appendix 1: Segment – Smartshares
This business is a funds management business which comprises the SuperLife superannuation, QuayStreet funds, KiwiSaver products, Smartshares Exchange Traded Funds
and QuayStreet
Corporate Services provides accommodation, legal, finance, IT, HR, communication and project management support to Smartshares. The related costs are currently
not recharged to Smartshares and consequently not included in the above segmental analysis.
Operating 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.
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
FUM-based revenue
15,87817,19119,53323.0%13.6%
Member-based revenue
1,4711,2331,231(16.3%)(0.2%)
Other revenue
628556523(16.7%)(5.9%)
Total operating revenue
17,97718,98021,28718.4%12.2%
Gross personnel costs
5,4416,4477,520(38.2%)(16.6%)
Less capitalised labour
(93)(47)(104)11.8%121.3%
Personnel costs
5,3486,4007,416(38.7%)(15.9%)
Information technology costs
1,0101,3121,082(7.1%)17.5%
Professional fees
270476682(152.6%)(43.3%)
Marketing
244770319(30.7%)58.6%
Other expenses
86993670518.9%24.7%
Capitalised overhead
(36)(18)(26)(27.8%)44.4%
Total operating expense (excl. acq/int costs)
7,7059,87610,178(32.1%)(3.1%)
Operating earnings (excl. acq/int costs)
10,2729,10411,1098.1%22.0%
Acquisition costs
-99 -n/an/a
Integration costs
451510 4314.4%15.5%
Restructure costs
-26-n/an/a
Operating earnings
9,8218,46910,6788.7%26.1%
Depreciation & amortisation and disposal losses
1,9522,1082,363(21.1%)(12.1%)
Earnings Before Interest, Adjustment to
Earnout Provision and Tax
7,8696,3618,3155.7%30.7%
Operating margin excl. acq/integration costs
57.1%48.0%52.2%
FTEs at period end
97.295.797.3
NZX Half Year 2024 Results
Operating Earnings (excluding acquisition, integration and restructuring costs)
There are 3 key factors that are making the year-on-year comparison of the Smartshares operating earnings
complicated. The headline operating earnings have increased by $0.8 million, however this is not a like for like
comparison as H1-2023 includes 2 key factors:
1.significant one-off revenue relating to prior financial years (H1-23: $1.5 million; H1-24: $0.3 million); and
2.QuayStreet revenue and expenses for only a part period as the acquisition occurred on 23 February 2023:
•revenue – QuayStreet’s revenue is currently included net of the transition services fund costs (until the
operating model is migrated); and
•costs – including QuayStreet employee (2023: 5 FTEs acquired in February 2023 and 5 FTEs employed
during 2023), information technology (Bloomberg), professional fees (legal and tax advice), marketing
and other costs
It is estimated H1-23 operating earnings would be approximately $0.4m higher if QuayStreet’s revenues and
cost base had been consolidated for the full period
The QuayStreet operating model migration will have a similar (to SuperLife SMT) grossing up impact on
operating revenue and expenses, and potentially unlock further synergies
Adjusting for these factors to get a like for like comparison shows that operating earnings (excluding
acquisition, integration and restructuring costs) are approx. $1.8m / 19.8% higher
The third key factor is the inclusion in H1-2024 of the synergy unlocked by the SuperLife SMT migration of
transition services (i.e. investment management, investment administration and registry services) from late
August 2023. As indicated in the FY2023 Investor Presentation the migration resulted in a grossing up of:
•revenue – transition services fund costs no longer incurred against FUM based revenue; and
•costs – Smartshares having employed additional FTEs to perform these services within existing teams (i.e.
SuperLife SMT is now on Smartshares’ fund operating model)
The net impact being is estimated to be an increase to operating earnings of approx. $550k.
The remaining increase in operating earnings (excluding acquisition, integration and restructuring costs)
beyond these 3 factors reflects:
•FUM-based revenue continued to grow in line with the increased average FUM which is a combination of
positive market returns and positive net cash flows; off set by
•Increased costs for i) personnel costs (relating to wage inflation and an additional AML compliance
resource), ii) Professional fees (including a review of Smartshares AML / CFT processes); iii) Marketing costs,
and iv) Other costs that increase as the business grows, such as non-recoverable GST, travel and statutory
and compliance costs

33
Appendix 1: Segment – Smartshares
This business is a funds management business which comprises the SuperLife superannuation, QuayStreet funds, KiwiSaver products and Smartshares Exchange Traded Funds
NZX Half Year 2024 Results
Acquisition, integration and restructuring costs
In the current year relate to QuayStreet Asset Management integration activities and planning to mature the
Smartshares operations. The prior year relaters to the integration of the SuperLife SMT acquisition
Non-operating Expenses
Depreciation & amortisation – increases relate to amortisation of:
•QuayStreet management rights – amortisation commenced 23 February 2023 and the incremental impact is
$0.2m; and
•amortisation of system enhancements required during the SuperLife SMT integration (commenced December
2023)
Operating Revenue
FUM-based revenue – has increased 30.3% after adjusting for one-off FUM-based revenue. The average FUM has
increased (H1-24: $11.44b, H2-23: $10.65b, H1-23: $9.88b) which is a combination of a full period impact from the
QuayStreet acquired FUM, positive market returns and positive net cash flows. Additionally, the integration of
SuperLife SMT (August 2023) resulting in increased net revenue as transition services fund costs are no longer
incurred (replaced by FTE and other costs with a net synergy realised)
Member-based revenue has decreased 1.6% after adjusting for one-off member-based revenue, reflecting a
combination of increased investor numbers (from the QuayStreet acquisition) and a reduction in insurance admin
fees (the administration of which is now performed by the insurance company)
Other revenue has increased 33.8% after adjusting for one-off other revenue, reflecting higher interest income
partially offset by lower levels of stock lending
In H1-24 included one-off revenues of $0.3 million (H1-23: $1.5 million) relating to prior financial years
Operating Expenses
Personnel costs are driven by wage inflation (particularly for investment specialists), the average number of FTEs
and capitalisation levels:
•headcount – the average headcount increased due to:
•Additional staff to perform SuperLife SMT investment management, investment administration and registry
upon migration into Smartshares existing teams late in H1-23;
•QuayStreet Asset Management staff full period impact (acquired in February 2023 or employed during
2023). Note further hires expected when transition services transfer to the Smartshares operating model,
with an offsetting reduction in fund costs (netted against revenue);
•an additional AML compliance resource; and
•capitalised labour and overhead which reflects capitalisable activity on internal systems
Information Technology costs include software license costs for the Bloomberg front and middle office operating
system (impacted by the USD exchange rate). Information Technology costs increased for the full period impact of
QuayStreet incremental IT offset by the integration synergies realised from October 2023
Professional fees includes internal audit fees, legal and tax advice costs, and research costs. H1-24 increases relate
to a full period of QuayStreet costs as well as a review of Smartshares AML / CFT processes
Marketing spend relates to advertising, printing and distribution costs, and are usually timed to coincide with
marketing campaigns and new fund launches.
Other expenses include non-recoverable GST (which increases as the business grows), external auditor fees, travel
costs and statutory and compliance costs (FMA levies increase as FUM levels increase)

34
Appendix 1: Segment – Wealth Technologies
This business administers and manages a platform that enables advisers and brokers to manage client investments
Corporate Services provides legal, finance, IT, HR, communication and project management support to Wealth Technologies. The related
costs are currently not recharged to Wealth Technologies and consequently not included in the above segmental analysis.
Operating 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.
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Administration (FUA based) fees
2,8223,736 4,05743.8%8.6%
Development fees / deferred income release
20454 159(22.1%)194.4%
Total operating revenue
3,0263,7904,21639.3%11.2%
Gross personnel costs
5,3035,2275,847(10.3%)(11.9%)
Less capitalised labour
(2,638)(3,115)(3,406)29.1%9.3%
Personnel costs
2,6652,1122,4418.4%(15.6%)
Information technology costs
5634875413.9%(11.1%)
Professional fees
6139110(80.3%)(182.1%)
Marketing
13617(30.8%)(183.3%)
Other expenses
253273267(5.5%)2.2%
Capitalised overhead
(624)(673)(678)8.7%0.7%
Total operating expenses
2,9312,2442,6987.9%(20.2%)
Operating earnings excl. restructure costs
951,5461,5181497.9%(1.8%)
Restructure costs
32--n/an/a
Operating earnings
631,5461,5182309.5%(1.8%)
Depreciation & amortisation
3,2133,422 3,1651.5%7.5%
Earnings before Interest and Tax excl.
restructure costs
(3,150)(1,876)(1,647)47.7%12.2%
Operating margin excl restructure costs
3.1%40.8%36.0%
FTEs at period end
65.872.378.0
NZX Half Year 2024 Results
Operating Revenue
Administration (FUA based) fees – average FUA has increased (H1-24: $12.89b, H2-23: $11.10b H1-23: $10.44b), which
is a combination of a full period impact from the new clients FUA migrated during 2023 onto the platform, positive
market returns and positive net cash flows (including from new clients)
Development fees/deferred income release relates to customisation of the wealth management platform or data
migration effort specific to client requirements
Operating Expenses
Personnel costs (net of capitalisation) are driven by wage inflation, the average number of FTEs and capitalisation
levels:
•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 clients;
•average headcount, as previously indicated, is temporarily higher to accelerate the migration velocity of additional
FUA from a current client; and
•capitalised labour and overhead reflects continued product development and client migration activity. H1-24
includes the additional temporary headcount, and H1-23 was at lower levels reflecting the non-capitalisable effort
required to migrate clients between the legacy platform (closed in H1-23) and on to the new platform
Information Technology cost movements relate to data hosting / data feeds costs which reduced with the
decommissioning of the legacy platform and have subsequently grown as new clients are migrated onto the platform,
as well as penetration testing in H1-24
Professional fees include legal fees (usually for new client contracts), taxation advice (including a scheme tax review
and R&D credit claims) 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, non recoverable
GST and platform transaction fees (some of which increase as the business grows)
Non-operating Expenses
Depreciation & amortisation – relate to:
•intangible assets (relating to platform development and client migration activity) 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 client
migration activity levels; and
•right of use assets (i.e. mainly property leases) are depreciated over the period of the lease
Net Profit After Tax
NZX Wealth Technologies net profit after tax for H1-24 is $(1.0) million, which improved 56.3% from $(2.3) million in
H1-23 and 20.7% from $(1.3) million in H2-23.

35
Appendix 1: Segment – Corporate Services
This function provides accommodation, legal, finance, IT, HR, communications and project management support to the business
Corporate Services provides accommodation, legal, finance, IT, HR, communication and project management support to all business
units and subsidiaries (including the Smartshares and Wealth Technologies businesses). Related costs are currently not recharged to
the commercial business units and subsidiaries, with the exception of NZ RegCo
Operating 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.
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Sublease revenue
3516 5454.3% 237.5%
Other revenue
1616 9(43.8%)(43.8%)
Total operating revenue
5132 6323.5%96.9%
Gross personnel costs
6,1426,2406,215(1.2%)0.4%
Less capitalised labour
(71)(118)(105)47.9%(11.0%)
Personnel costs
6,0716,1216,110(0.6%)0.2%
Information technology costs
2,4292,1492,3732.3%(10.4%)
Professional fees
54075836033.3%52.5%
Marketing
68764730.9%38.2%
Other expenses
1,8332,3561,8190.8%22.8%
Capitalised overhead
(28)(46)(25)(10.7%)(45.7%)
Internal allocation to Regulation
(392)(392)(390)0.5%0.5%
Total operating expense
10,52111,02310,2942.2%6.6%
Operating earnings
(10,470)(10,991)(10,231)2.3%6.9%
Depreciation & amortisation
1,8121,9792,365(30.5%)(19.5%)
Loss/(gain) on disposal of assets
-(26)--(100%)
Earnings Before Interest and Tax
(12,282)(12,944)(12,596)(2.6%)2.7%
FTEs at period end
68.274.671.1
NZX Half Year 2024 Results
Operating Revenue
Revenue relates to commission fees on sublease of space in Auckland office, as well as ticker advertising revenue and
NZX related accredited courses
Operating Expenses
Personnel costs are driven by the average number of FTEs, wage inflation and capitalisation levels:
•headcount reflects movements in vacancies levels, the transfer of two roles (net) to the Markets business, and one
new policy role
•capitalised labour and overhead reflects the project management team’s activity on NZX capitalisable projects
IT cost inflation has been offset by some cost savings
Professional fees include legal fees, internal audit fees, annual conflicts review, corporate governance review. H1-23
included high levels of legal fees and internal audit activity, as well as costs savings of external members of
Committees (e.g. CGI Chair)
Marketing costs relate to the investor relations programme (including annual / interim reporting, investor day etc)
Other expenses include office costs (e.g. electricity, rates, stationery etc for Wellington, Albany and the Capital
Markets Centre in Auckland, including tickers / building signage), insurance premiums (which continued to increase),
directors’ fees (increased during the period), travel, external audit costs, outsourced payroll system, corporate
memberships, carbon credits, non-recoverable GST (which increases as the business grows) and statutory and
compliance costs.
Non-operating Expenses
Depreciation & amortisation – increases relate to:
•amortisation of IT improvements completed in mid 2023 to improve IT resilience (including strategic storage
hardware solutions); and
•depreciation on the Auckland office level 14 fit out (including the associated right of use assets) and the new ticker
/ building signage commenced in September 2023

36
Appendix 1: Segment – Regulation (NZ RegCo)
Tasked with performing all of NZX’s frontline regulatory functions, resulting in the structural separation of the Group's commercial and regulatory roles
Operating 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.
H1-2023
$000
H2-2023
$000
H1-2024
$000
Change vs
H1-23
Fav/(adv)
Change vs
H2-23
Fav/(adv)
Issuer Regulation services
21629429737.5%1.0%
Participant Compliance services
7546 63(16.0%)37.0%
Market Conduct
(17)33 10158.8%(69.7%)
Surveillance
359353 3631.1%2.8%
Listing fees & participants services
1,1391,138 1,28813.1%13.2%
Total operating revenue
1,7721,864 2,02114.1%8.4%
Gross personnel costs
1,3231,3231,2803.3%3.3%
Less capitalised labour
(1)(1)(2)100%100%
Personnel costs
1,3221,3221,2783.3%3.3%
Information technology costs
101132141(39.6%)(6.8%)
Professional fees
115129122(6.1%)5.4%
Other expenses
81184050.6%(122.2%)
Capitalised overhead
-(1)(1)--
Internal Allocation to NZ RegCo
3923923900.5%0.5%
Total operating expense
2,0111,9921,9702.0%1.1%
Operating earnings excl. restructure costs
(239)(128)51121.3%139.8%
Restructure costs
-55--100.0%
Operating earnings
(239)(183)51121.3%127.9%
Depreciation & amortisation
-----
Earnings Before Interest and Tax
(239)(183)51121.3%127.9%
Operating margin
(13.5%)(6.9%)2.5%
FTEs at period end
16.115.017.1
NZX Half Year 2024 Results
Regulation (NZ RegCo)
Regulation 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 and 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 achieve a break-even operating result over the medium term
Operating Revenue
Regulatory fees relate to Issuer Regulation, Participant Compliance, Market Conduct and Surveillance activities. Fees
relate to defined services (based on a fee schedule) and revenue for costs awards recovered from enforcement
matters referred to the NZ Markets Disciplinary Tribunal
Regulatory fee generating activity levels have been higher than 2023 due to increased market activity levels
Additionally, there is an internal allocation of Annual Listing Fees, Annual Participants Fees and internal fees for the
recovery of NZ RegCo staff time
Operating Expenses
Personnel costs are driven by average number of FTEs and wage inflation:
•headcount – FTEs have increased slightly as there are currently no vacancies. Additionally, the costs are impacted
by an H2-23 restructuring of surveillance resources; and
•wage inflation – for specialist qualified personnel
Information technology costs include SMARTS surveillance software costs, which are impacted from contract renewal
price increases in H2-23 and the movement in the AUD exchange rate
Professional fees primarily relate to NZ RegCo independent directors' fees
Other expenses relate to travel costs to undertake on site participant inspections
Internal costs allocations relate to Corporate Services costs i.e. accommodation, legal, finance, IT, HR, communications
and project management support
Non-operating Expenses
Depreciation & amortisation – the participant portal was fully depreciated in 2021

37
Appendix 2: Operating Revenue Definitions
Capital Markets Origination
Annual listing fees paid by NZX’s equity, fund and debt issuers is
driven by the number of listed issuers, and equity, debt and fund
market capitalisations as at 31 May each year.
Primary listing fees are paid by all issuers at the time of
listing. The primary driver of this revenue is the number of
new listings and the value of capital listed.
Secondary issuance fees are paid by existing issuers when a
company raises additional capital through placements, rights
issues, the exercise of options, dividend reinvestment plans, or
subsequent debt issues. The primary driver for this revenue is
the number of secondary issuances and the value of secondary
capital raised.
Information Services
Royalties from terminals revenue relate to the provision of
markets data for display on terminals (retail and professional).
Subscription and licences revenue relate to the provision of
markets data to market participants and stakeholders.
Dairy data subscriptions revenue relate to the sale of dairy
data and analytical products.
Indices revenue relates to the revenue generated on index
licensing in partnership with S&P.
Connectivity revenue relates to the provision of connectivity
and access to the NZX operated markets for market
participants and data vendors, which is recognised over the
period the service is provided.
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 market.
Securities trading revenue comes from the execution of trades on
the equity and debt markets operated by NZX. Trading fees are a
variable fee based on the value of the trade.
Securities clearing revenue relates to clearing and settlement
activities, and related depository services undertaken by
NZX’s subsidiary New Zealand Clearing and Depository
Corporation. The largest component is clearing fees, which
are based on the value of settled transactions.
Dairy derivatives revenue relates to trading, clearing, settlement
and margin fees for trading NZX dairy futures and options via the
SGX-NZX Dairy partnership. Fees are charged in USD (reflecting the
global nature of the market) per lot traded.
Contractual revenue arises from the operation of:
•New Zealand’s electricity market, under long term contract
from the Electricity Authority;
•the Fonterra Shareholders’ Market, under a contract from
Fonterra; and
•New Zealand’s Emissions Trading Scheme managed auction
services, under a contract from the Ministry for the Environment.
Consulting and Development revenue arises on a time and
materials basis for the electricity market
FundsManagement (Smartshares)
Funds Under Management based revenue relates to variable Funds
Under Management (FUM) fees, which are received net of fund
expenses for all funds. Fund expenses include a combination of
fixed costs (principally outsourced fund accounting and
administration costs, registry fees and audit fees), and variable costs
proportionate to FUM (principally custodian fees, trustee fees,
index fees, settlement costs and third party manager fees).
Member based revenue includes fixed membership
administration fees and other member services.
Wealth Technologies
Administration (funds under administration based) fees relates
to administration fees for the wealth management platforms and
are proportionate to Funds Under Administration (FUA).
Development fees/deferred income release relates to
customisation of the wealth management platform or data
migration effort specific to client requirements.
Regulation (NZ RegCo)
Issuer Regulation services revenue arises from time spent by NZ
RegCo reviewing listing and secondary capital raising documents,
requests for listing rule waivers and rulings, and other activity
subject to per hour recoveries.
Participant Compliance services revenue arises fromtime spent by
NZ RegCo reviewingparticipant applications and oversight activity
subject to direct recoveries.
Market Conduct revenue arises from cost awards for enforcement
matters referred to the NZ Markets Disciplinary Tribunal.
Surveillance revenue arises frommarket surveillance activities that
are recoverable from market participants.
NZX Half Year 2024 Results

38
Contact
MarkPeterson
Chief Executive Officer
mark.peterson@nzx.com
+64 21 390636
Graham Law
Chief Financial Officer
graham.law@nzx.com
+64 29 494 2223
NZX Half Year 2024 Results

39
Thank you

---

NZX showing ongoing strength through economic & market cycles

•
Group operating earnings
1
of $22.4 million, up 12% year on year
•
Underlying net profit after tax (NPAT) of $8.0 million, a year-on-year increase of 10.9% after
excluding an accounting adjustment of $7.3 million relating to the fair value of the QuayStreet
Asset Management earnout provision
•
Reported NPAT was $15.3 million, up 119.0%
•
Interim dividend of 3.0 cents per share, fully imputed
•

FY2024 operating earnings is tracking towards the upper end of the 2024 full-year guidance
range of $40 million to $44.5 million.

23 AUGUST 2024 – NZX Limited today announced operating earnings (EBITDA) of $22.4 million for the
six months ended 30 June 2024, up 12% on H1 2023, demonstrating positive momentum in delivering to
its growth strategy. Excluding acquisition, integration and restructure costs, Group operating earnings
(EBITDA) for the same period were $22.9 million – up 11.5%.

“In an ongoing challenging environment for global markets, NZX’s earning result shows the benefit of
having interrelated businesses and a diverse range of offerings available for companies to access
capital,” NZX Chief Executive Mark Peterson says.

Operating revenue increased 7.3% to $57.9 million and operating expenses, excluding acquisition
integration and restructure costs, increased 4.7% to $35.0 million.

NZX has a strong focus on cost management, as well as extracting efficiencies in its funds management
business. The increased operating expenses were largely driven by changes in Smartshares’ cost base
arising from the full period impact of the QuayStreet Asset Management (QuayStreet) acquisition and
Superlife Superannuation Master Trust integration activities.

NZX produced an underlying net profit after tax (NPAT) of $8.0 million for the 2024 half year (H1 2023
$7.2 million), a year-on-year increase of 10.9%. Including an accounting adjustment of $7.3 million
relating to the fair value of the QuayStreet earnout provision, reported NPAT was $15.3 million, up
119.0%.

NZX’s growth strategy is to expand its Capital Markets’ product range and drive scale and operating
leverage across our financial markets’ businesses. Despite economic and financial market conditions, the
first half of 2024 saw ongoing progress in delivering our strategic goals.

“While the macroeconomic environment remains challenging for equity raising and trading activity –
affecting new issuance and market liquidity – NZX expects to see activity levels rise as interest rates
begin to fall. Nevertheless, secondary and debt issuance have remained solid, reinforcing the value of
being NZX-listed as a platform for access to capital,” Mr Peterson says.

Key features of H1 2024 result include:

• Successful launch of NZX Dark in June – New Zealand’s first midpoint order book – providing an
additional trading mechanism to execute client orders and leading to price improvement.

• Continued Dairy Market volume growth in our derivatives partnership with Singapore Exchange

1
Operating earnings (EBITDA) are before net finance expenses, income tax, depreciation, amortisation, gain on
lease modification, loss on disposal of assets, change in fair value of contingent consideration and share of
profit/loss of associate. Operating earnings is not a defined performance measure in NZ IFRS. NZX Group's
definition of operating earnings may not be comparable with similarly titled performance measures and disclosures
by other entities. Refer to note 2 of NZX Group’s financial statements for a reconciliation of EBITDA to NZ IFRS
profit for the period.

• Smartshares launched new funds and QuayStreet won 2024 Morningstar KiwiSaver and Fund
Manager of the Year awards. Funds under management (FUM) as at 30 June 2024 was $11.9 billion,
up 11.3% on last year. FUM movement is a combination of positive market returns and net cash flows.

When Smartshares acquired QuayStreet in February 2023 from Craigs Investment Partners (CIP), it
agreed potential earnout consideration of up to $18.75 million. This was based on expected net FUM
inflows from the CIP network over a three-year period to November 2025.

QuayStreet net FUM inflows post-acquisition have been slower than expected to this point, but the
size of the opportunity remains. Consequently, NZX’s reassessment of the probability of achieving the
net FUM inflow target by November 2024 has reduced, resulting in a $7.3 million reduction of the
QuayStreet earnout provision. While earnout-related net FUM inflows are lower than expected,
QuayStreet is nevertheless performing strongly with net inflows building and revenue ahead of the
acquisition business case.

• NZX Wealth Technologies transitioned five new clients on to its platform with annual recurring revenue
increasing from $7.2 million in December 2023 to $8.9 million at the end of H1 2024, making strong
progress on its path to becoming cash flow positive.

“The results highlight the resilience and strength of NZX as a market operator, funds manager and funds
administration platform provider. When equity market conditions turn more favourable, we would expect
to see further upside for NZX,” Mr Peterson says.

In market development, work is progressing to relaunch the S&P/NZX20 Index Futures later this year or
in early 2025. Go live timing will be dependent on a number of factors, including regulatory approvals.

The NZX Board has declared a fully imputed interim dividend of 3.0 cents per share (H1 2023 3.0 cents)
to be paid on 3 October 2024 to shareholders registered as at the record date of 19 September 2024.

NZX’s full-year 2024 operating earnings are tracking towards the upper end of the $40 million to $44.5
million guidance range. The guidance is subject to market risks and outcomes.

ENDS

For further information, please contact:

Media and Investors – Simon Beattie – 021 702 694

About NZX

For more than 155 years we have been committed to connecting people, businesses and capital. Our
vision is to be a trusted New Zealand business delivering sustainable wealth, value and opportunities for
all. NZX operates New Zealand's equity, debt, funds, derivatives and energy markets. To support the
growth of our markets, we provide trading, clearing, settlement, depository and data services for our
customers. We also own Smartshares, New Zealand's only issuer of listed Exchange Traded Funds
(ETFs), and KiwiSaver provider SuperLife. NZX Wealth Technologies is a 100%-owned subsidiary
delivering rich online platform functionality to enable New Zealand investment advisors and providers to
efficiently manage, trade and administer their clients’ assets. Learn more about us at: www.nzx.com

---

NZX Limited – H1 2024 Results & Interim Report
Dear Shareholder,
I am pleased to share with you our 2024 Interim Report and Financial Results, which were
released today and are available to read online [here].
NZX Limited today announced operating earnings (EBITDA)
1
of $22.4 million for the six months
ended 30 June 2024, up 12% on H1 2023, demonstrating positive momentum in delivering to its
growth strategy. Excluding acquisition, integration and restructure costs, Group operating
earnings (EBITDA) for the same period were $22.9 million – up 11.5%.
In an ongoing challenging environment for global markets, NZX’s earning result shows the
benefit of having interrelated businesses and a diverse range of offerings available for
companies to access capital.
Operating revenue increased 7.3% to $57.9 million and operating expenses, excluding
acquisition, integration and restructure costs, increased 4.7% to $35.0 million.
NZX has a strong focus on cost management and extracting efficiencies in its funds
management business. Comparing H1 2024 expenses against the H2 2023 cost base, operating
costs rose only 0.2%. NZX’s cost management initiatives effectively absorbed the annual pay
rise round that was effective from 1 January 2024.
NZX produced an underlying net profit after tax (NPAT) of $8.0 million for the 2024 half year (H1
2023 $7.2 million), a year-on-year increase of 10.9%. Including an accounting adjustment of
$7.3 million relating to the fair value of the QuayStreet Asset Management (QuayStreet) earnout
provision, NPAT was $15.3 million, up 119.0%.
NZX’s growth strategy is to expand its product range in capital markets and drive scale and
operating leverage across our financial markets’ businesses. Despite economic and financial
market conditions, the first half of 2024 saw ongoing progress in delivering our strategic goals.
While the macroeconomic environment remains challenging for equity raising and trading
activity – affecting new issuance and market liquidity – NZX expects to see activity levels rise as
interest rates begin to fall. Secondary and debt issuance have remained solid, reinforcing the
value of being NZX-listed as a platform for access to capital.
The remaining parts of our business continued to perform strongly. Key features of NZX’s H1
2024 result include:

1
Operating earnings (EBITDA) are before net finance expenses, income tax, depreciation, amortisation, gain on lease modification, loss on disposal of
assets, change in fair value of contingent consideration and share of profit/loss of associate. Operating earnings is not a defined performance
measure in NZ IFRS. NZX Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures
by other entities. Refer to note 2 of NZX Group’s financial statements for a reconciliation of EBITDA to NZ IFRS profit for the period.

• The successful launch of NZX Dark in June – New Zealand’s first midpoint order book –
providing an additional trading mechanism to execute client orders and leading to price
improvement.
• Continued Dairy Market volume growth in our derivatives partnership with Singapore
Exchange.
• Smartshares launched new funds and QuayStreet won 2024 Morningstar KiwiSaver and
Fund Manager of the Year awards. Funds under Management (FUM) as at 30 June 2024
was $11.9 billion, up 11.3% on last year. FUM movement is a combination of positive
market returns and net cash flows.
When Smartshares acquired QuayStreet in February 2023 from Craigs Investment
Partners (CIP), it agreed potential earnout consideration of up to $18.75 million. This
was based on expected net FUM inflows from the CIP network over a three-year period
to November 2025.
QuayStreet net FUM inflows post-acquisition have been slower than expected to this
point, but the size of the opportunity remains. Consequently, NZX’s reassessment of the
probability of achieving the net FUM inflow target by November 2024 has reduced,
resulting in a $7.3 million reduction of the QuayStreet earnout provision. While earnout-
related net FUM inflows are lower than expected, QuayStreet is nevertheless performing
strongly with net inflows building and revenue ahead of the acquisition business case.
• NZX Wealth Technologies (NZXWT) transitioned five new clients on to its platform with
annual recurring revenue increasing from $7.2 million in December 2023 to $8.9 million
at the end of H1 2024, making strong progress on its path to becoming cash flow
positive.
These results highlight the resilience and strength of NZX as a market operator, funds manager
and funds administration platform provider. When equity market conditions turn more
favourable, we would expect to see further upside for NZX.
In market development, work is progressing to relaunch the S&P/NZX20 Index Futures later this
year or in early 2025. Go live timing will be dependent on a number of factors, including
regulatory approvals.
The NZX Board has declared a fully imputed interim dividend of 3.0 cents per share (H1 2023 3.0
cents) to be paid on 3 October 2024 to shareholders registered as at the record date of 19
September 2024.
The Dividend Reinvestment Plan is available and the document can be viewed [here]. Shares
issued under the dividend reinvestment plan will be issued at a 1% discount. As a current
Dividend Reinvestment Plan participant your dividend will be reinvested, whether partially or in
full, in accordance with your election.
NZX’s full-year 2024 operating earnings are tracking towards the upper end of the $40 million to
$44.5 million guidance range. The guidance is subject to market risks and outcomes.

Mark Peterson
Chief Executive

SPH Notice - Accident Compensation Corporation (ACC)NZX Shareholder Metrics - August 2024

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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