NZX Revenue & Shareholder Metrics - Q1 2025

Q1 2025Q1 2024
NZ $000NZ $000
Annual listing fees (net of internal allocation)2,7042,789-3.0%
Primary listing fees‎‎128405-68.4%
Secondary issuance fees95459061.7%
Total Capital Markets Origination revenue3,7863,7840.1%
Participant services (net of internal allocations)122129-5.4%
Securities trading1,21082347.0%
Securities clearing1,9431,53226.8%
Dairy derivatives1,00768746.6%
Contractual revenue
1
1,4952,499-40.2%
Consulting & development294139111.5%
Total Secondary Markets revenue6,0715,8094.5%
Royalties from terminals2,1732,1053.2%
Subscriptions and licenses1,4891,3837.7%
Indicies43629149.8%
Dairy data subscriptions144157-8.3%
Audit and back-dated revenue- 960-100.0%
Connectivity7387153.2%
Total Information Services4,9805,611-11.2%
FUM based revenue11,3179,83415.1%
Member based revenue6095883.6%
Other revenue208246-15.4%
Funds Management revenue
2
12,13410,66813.7%
Wealth Technologies revenue2,8971,92650.4%
Regulation revenue236373-36.7%
Listing and participant fee allocation6606442.5%
Regulation revenue8961,017-11.9%
Corporate revenue2235-37.1%
Total Revenue30,78628,8506.7%
Notes
NZX Limited - Quarterly Operating Revenue
Q1 2025
Q1 Operating Revenue
Change YoY
Operating revenue numbers are based on NZX's internal records, which are unaudited. Differences may arise between this data and that disclosed in the subsequent audited financial
statements.
1. Q1 2024 contractual revenue included revenue from the operation of the Fonterra Shareholders' Market. FCG transferred ot the NZX Main Board in January 2025.
2. Funds management revenue:
- Revenue is received net of fund costs incurred directly by the Funds.
- Q1 2024 total revenue includes one-off revenue relating to prior financial years of $0.3m
The comparative information has been reclassified, where necessary, to ensure consistency with the current year presentation.
Please read the revenue numbers in conjuction with the shareholder metrics on the following pages, which drive the revenue performance.

Q1 2025
#######
NZX Listed Issuers31.03.25Change YoYCapital RaisingQ1 2025Change YoY
Total equity securities119-5.6%Total capital raisings $10,015 m328.2%
Total fund securities567.7%
Total retail debt securities143-3.4%New Capital Listed
Total wholesale debt securities8-Total capital listed by all issuers$7,980 m588.0%
Total other securities3-
Total listed securities329-2.4%Equity listings$7,080 mn/a
Fund listings-n/a
Retail debt listings$900 m-22.4%
Total NZX Main Board equity issuers118-5.6%Wholesale debt listings-n/a
Total NZX Main Board fund issuers567.7%
* Includes FCG's transfer to the NZX Main Board in January 2025
Total NZX Debt Market retail debt issuers46-4.2%
Total NZX Debt Market wholesale debt issuers2-Secondary Capital Raisings
Total other issuers3-Total capital raised by all issuers$2,035 m72.6%
Total unique issuers199-2.0%
Total equity raised - NZ issuers$1,212 m195.6%
Total equity raised - dual or foreign issuer$31 m7848.7%
Market Capitalisation31.03.25Change YoY% of GDPTotal funds raised - NZ issuers$448 m1.7%
Total market capitalisation$234,072 m4.9%54.8%Total funds raised - dual or foreign issuer$61 m56.4%
Total retail debt raised$283 m-2.1%
All equity$165,117 m5.0%38.7%Total wholesale debt raised-n/a
All funds$9,928 m1.6%2.3%
All other$14 m151.0%0.0%Total number of secondary capital raising events741 64.3%
Total NZX Main Board$175,059 m4.8%41.0%Equity issuers - capital raised < $10m54 25.6%
Equity‎issuers‎-‎capital‎raised‎≥‎$10m‎<‎$100m6 50.0%
Retail debt$44,406 m7.2%10.4%Equity‎issuers‎-‎capital‎raised‎≥‎$100m2 100.0%
Green bonds$6,850 m-1.1%1.6%Fund issuers - capital raised673 69.9%
Wholesale debt$7,757 m0.2%1.8%Retail debt issuers - capital raised6 -14.3%
Total NZX Debt Market$59,013 m5.2%13.8%Wholesale debt issuers - capital raised-n/a
Cash MarketQ1 2025Change YoYClearing House / DepositoryQ1 2025Change YoY
Total value traded$11,288 m51.9%Gross value of cleared trades over period$11,28951.6%
Auction Value Traded$3,672 m83.1%Assets under custody in depository at period end$7,602 m-9.1%
Continuous value traded$3,426 m34.5%Depository Uplifts25,051 0.0%
NZX Dark value traded$449 mn/aSettlement Lines54,836 0.0%
% of value on-market66.9%9.1%OTC Trades28,199 4.0%
Total trades2,796,13153.9%
Daily average value traded$185 m51.9%
Daily average trades45,83853.9%DerivativesQ1 2025Change YoY
Futures - total lots traded147,05424.3%
Total Equity TransactionsOptions - total lots traded45,513322.2%
Total trades2,778,61154.3%Total derivatives lots traded192,56749.2%
Value traded$10,685 m54.2%Open interest at period end154,3619.4%
% of value on-market68.1%8.8%Notional value traded ($USD)$1,349 m71.6%
Average on-market trade size$2,6288.6%Options to futures ratio30.9%239.5%
Negotiated Large Trade (NLT) %65.60%65.8%
Total Debt Transactions
Total trades17,52016.7%
Value traded $602 m19.9%
Energy Contracts31.03.25Change YoY
Cumulative Numbers - YTDOperating / Technology contracts17-5.6%
Number of trades2,796,13153.9%-‎contracts‎≥‎$500k‎p.a.4-
Total value traded$11,287 m51.8%- contracts < $500k p.a.13-7.1%
% of value on-market66.9%9.2%
Q1 2025
NZX Limited - Quarterly Shareholder Metrics
These shareholder metrics represent the key operations of NZX's business.
Core Markets

NZX Indices Performance31.03.25Change YoYWholesale Data31.03.25Change YoY
S&P/NZX 50 Index (Gross)12,2701.4%Terminal numbers - professional6,090-4.1%
S&P/NZX 50 Index (Capital)4,530-1.6%Terminal numbers - retail1,3036.4%
S&P/NZX 50 Portfolio Index7,6590.5%Licences‎-‎value‎≥‎$20k‎p.a.79-
S&P/NZX NZ Fixed Interest Composite Index1286.1%Licences - value < $20k p.a.704.5%
S&P/NZX A-Grade Bond Index6,2787.2%
Direct Data Products31.03.25Change YoYDairy Data Subscriptions31.03.25Change YoY
Proprietary security subscription products283-4.4%Dairy data subscriptions400-7.2%
-‎products‎≥‎$3,000‎p.a.95-4.0%‎-‎products‎≥‎$1,500‎p.a.‎129-5.8%
- products < $3,000 p.a.188-4.6% - products < $1,500 p.a. 271-7.8%
Smart31.03.25Change YoY
Total external funds under management$13,250 m13.2%
Scheme FUM31.03.25Change YoY
SuperLife Kiwisaver$2,513 m9.7%
Workplace Savings Master Trusts$3,219 m1.8%
Smartshares Exchange Traded Funds - External$3,605 m30.8%
Smartshares Exchange Traded Funds - Total (external and internal)$7,984 m-1.4%
Other MetricsQ1 2025Change YoY
Units on issue2,602 m-2.9%
Value of stock lent over quarter$113 m-39.9%
Wealth Technologies31.03.25Change YoY
Funds under administration$16,817 m21.9%
Notes
1. All figures are measured at the end of the last trading day of each month unless otherwise stated.
Change refers to the change since the same period last year unless otherwise stated.
2. Equity market capitalisation includes all securities quoted on the NZX Main Board (NZSX).
With an overseas domiciled Issuer, the market capitalisation represents the amount that is held in New Zealand.
3. Market capitalisation for the NZX Debt Market is the total nominal (face) value of all listed securities, excluding New Zealand Government stock.
4. Funds include exchange traded funds, managed funds, listed investment companies and trusts.
5. "Other" securities include rights, warrants and options quoted on the NZX Main Board (NZSX).
6.‎Please‎note‎these‎operational‎statistics‎are‎based‎on‎NZX’s‎internal‎records,‎which‎are‎unaudited.‎
Differences may arise between this data and that disclosed in subsequent audited financial statements.
Differences may also arise between this data and the previously reported data due to rounding and classification restatements.
7.‎Regulatory‎metrics‎and‎information‎relating‎to‎NZX‎rules‎and‎policy‎activity‎(which‎was‎previously‎set‎out‎in‎a‎separate‎NZ‎RegCo‎metrics‎document)‎can‎be‎accessed‎via‎NZ‎RegCo’s‎
annual Oversight Report, Issuer and Participant Updates (https://www.nzx.com/regulation/nzregco/publications), and via the NZX Policy website landing page
(https://www.nzx.com/regulation/nzx-policy).
To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: insights@nzx.com or data@nzx.com