NZX H1 2025 Results & Interim Report Published

NZX Interim Report
2025

Contents
1. Half-year review 20254
2. Financial statements22
Notes to the financial statements31
Independent review report44
Getting in touch47
The report outlines the work the NZX Group has
done in the first half of 2025 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.
About this report
Poipoia te
kākano
kia puawai
Nurture the seed
and it will grow
2

3

John McMahon
Chair
Mark Peterson
CEO
Navigating
market
cycles
Half-year review
2025
Despite an ongoing challenging environment for global
markets and the New Zealand economy, NZX Group
(“NZX” or “the Company” or "the Group") has produced
a solid half-year operating financial result. It
demonstrates NZX’s continuing momentum of
delivering our growth strategy and the Company’s
broader resilience to market cycles.
In H1 2025, the Company lifted operating earnings
despite a mixed performance for the first six months of
the year. A strong first quarter was offset by a weaker
second quarter due to increased market uncertainty and
economic volatility caused by mounting geopolitical
and trade tensions.
Notwithstanding, NZX’s results show the benefit of
the diversified range of financial infrastructure
businesses we operate, and the variety of offerings
available for companies to access capital. It highlights
the all-round strength of NZX as a market operator,
funds manager and funds administration platform
provider; and the positive outlook for the Company
when equity market conditions turn favourable and
capital markets activity picks up.
NZX exists to connect people, businesses and
capital. We help with capital formation, allowing
companies to meet their growth aspirations. Public
markets continue to provide the best and most
transparent way to do this.
NZX Interim Review tables 2025
Performance Indicators
Performance indicatorsFY25 Target
H1-25
H1-24% Change
Operating earnings (EBITDA) pre integration &
restructure costs ($ million)
1
49.0 - 54.025.123.3
2
7.5%
Capital listed & raised ($ billion)16.011.9
3
6.387.8%
Total value traded ($ billion)41.521.816.631.4%
Dairy derivatives lots traded (k)780 - 930385.6321.619.9%
Information Services revenue (excl. one-off
revenue) ($ million)Grow 2.0%10.09.37.7%
Smart funds under management ($ billion)Grow 10.8%14.011.917.7%
Wealth Technologies annual recurring revenue
($ million)11.98.932.9%
1Operating 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, impairment loss on goodwill 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. EBITDA including
integration & restructure costs was $24.1 million.
2Restated. Refer to the Interim Financial Statements Note 5.
3Total capital listed and raised was $4.8 billion for the period, excluding Fonterra Co-operative Group’s transfer to the NZX Main Board.
1
NZX Interim Report 2025
4

RESULTS OVERVIEW & KEY HIGHLIGHTS
The Company generated H1 2025 operating earnings
(EBITDA) of $24.1 million (H1 2024 $22.8 million), an
improvement of 5.4%. Normalised operating earnings
(EBITDA), excluding one-off integration and restructure
costs, increased 7.5% to $25.1 million (H1 2024 $23.3
million), with:
• operating revenue increasing 6% to $61.7 million
compared to H1 2024; and
• operating expenses, excluding integration and
restructure costs, increasing 5% to $36.7 million,
compared to H1 2024 (and down 1.6% on H2 2024).
NZX produced an unaudited net profit after tax (NPAT)
of $8.3 million for the 2025 half year (H1 2024 $15.6
million). In comparison, the H1 2024 NPAT 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 H1 2024 underlying
unaudited net profit after tax was $8.3 million and
the period-on-period increase is 0.9%.
The Directors have declared a fully-imputed interim
dividend of 3.0 cents per share (H1 2024 3.0 cents) to be
paid on 2 October 2025 to shareholders registered as at
the record date of 18 September 2025.
NZX Interim Review tables 2025
Performance Indicators
Performance indicatorsFY25 Target
H1-25
H1-24% Change
Operating earnings (EBITDA) pre integration &
restructure costs ($ million)
1
49.0 - 54.025.123.3
2
7.5%
Capital listed & raised ($ billion)16.011.9
3
6.387.8%
Total value traded ($ billion)41.521.816.631.4%
Dairy derivatives lots traded (k)780 - 930385.6321.619.9%
Information Services revenue (excl. one-off
revenue) ($ million)
Grow 2.0%10.09.37.7%
Smart funds under management ($ billion)Grow 10.8%14.011.917.7%
Wealth Technologies annual recurring revenue
($ million)
11.98.932.9%
1Operating 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, impairment loss on goodwill 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. EBITDA including
integration & restructure costs was $24.1 million.
2Restated. Refer to the Interim Financial Statements Note 5.
3Total capital listed and raised was $4.8 billion for the period, excluding Fonterra Co-operative Group’s transfer to the NZX Main Board.
1
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
ongoing economic volatility in global markets, the first half of
2025 saw ongoing progress in delivering to our strategic goals.
Uncertainty affecting the macroeconomic environment
remains challenging for equity raising and trading activity,
affecting new issuance and market liquidity, although equity
market capitalisation finished the half well after suffering a
downturn following uncertainty from the United States'
trade tariffs.
Operating Earnings (EBITDA)
1
$2 5 .1m
Improvement of 7.5% from H1 2024
NZX Interim Report 2025
5
Half-year review 2025

FINANCIAL PERFORMANCE
At a Group level, operating revenue increased by 6% to
$61.7 million. This was driven by increases in trading and
clearing revenue as well as revenue from both Smart and
NZXWT, partially offset by the impacts of i) the Fonterra
contract ceasing on its move to the Main Board, and ii)
there being no one off audit and back dated revenue.
Group operating expenses, excluding integration and
restructure costs, for H1 2025 were $36.7 million – up 5%
on the same period last year.
Staff remuneration is NZX’s single largest cost.
Restructures partly offset the annual pay increase and
lower capitalisation levels. Information technology costs
were impacted by increased infrastructure services and
data feeds, inflation and foreign exchange rates.
Professional fees have seen the increased use of legal
advice, financial and other consulting services. NZX
continues to maintain a strong focus on cost management,
and costs (excluding one-off integration and restructuring
costs) were 1.6% lower than H2 2024.
Group operating earnings (EBITDA) for H1 2025 were
$24.1 million – up 5.4% on the same period in the prior
year. Normalising, by excluding integration and restructure
costs, Group operating earnings (EBITDA) were $25.1m -
u p 7. 5 % .
Integration and restructure costs in H1 2025 relate to
QuayStreet integration activities, activities to mature and
generate efficiencies in Smart operations, and
restructuring within the corporate functions.
Through April and May market volatility also affected
asset prices that flowed through the revenue lines of Smart
and, to a lesser extent, NZX Wealth Technologies.
H1 2025 highlights across NZX include:
• Secondary capital raises for equity, debt and funds of
$3.4 billion, demonstrating the benefit of listed issuers
being able to utilise the market for funding
• Value traded and cleared was 31.4% higher than
H1 2024
• Our new anonymous mid-point trading venue (NZX
Dark) continues to grow, reaching 3.4% of on-market
value traded after 12 months of operation – well above
expectations of 2% in the first year
• Continuing volume growth in our dairy derivatives
partnership with Singapore Exchange (SGX Group),
recording two monthly records: 94,000 traded lots
(March 2025) and open interest reaching 199,000
lots (June 2025)
• Smart’s active investment manager, QuayStreet,
winning two awards – the Diversified Growth Fund
Manager of the Year at the INFINZ Awards, and the
Morningstar® KiwiSaver Award
• NZX Wealth Technologies (NZXWT) continues to make
strong progress, migrating three new clients onto its
platform with seven additional onboardings underway.
Annual recurring revenue has increased from $10.8
million in December 2024, to $11.9 million at the end of
H1 2025 – an increase of 10.5%.
Group Operating Revenue
$ 61.7m
6% increase on last year
Jeremy Anderson, NZX’s GM Listings, Information Services and Environmental Markets presenting at the NZX Issuer Form
NZX Interim Report 2025
6

Depreciation and amortisation increases were mainly
due to amortisation of additional development for, and
migration of, new clients onto NZXWT’s platform in 2024
and 2025.
The share of profit/loss of associate relates to our
investment in GlobalDairyTrade (GDT). In H1 2025, GDT
completed an auction platform upgrade, the costs of
which have been expensed, impacting GDT’s profitability.
GDT’s underlying profitability remains comparable to
previous periods. We expect our share of the associate
profit to revert to historic levels when the post upgrade
support diminishes through H2 2025.
The H1 2024 change in fair value of contingent
consideration relates to an accounting adjustment to the
QuayStreet earnout provision.
The net profit after tax (NPAT) of $8.3 million decreased
46.4% on the same period in the prior year. The H1 2024
NPAT included a $7.3 million net gain due to an accounting
adjustment to the fair value of the QuayStreet earnout
provision. Excluding this accounting adjustments, the H1
2024 underlying unaudited net profit after tax was $8.3
million and the period-on-period increase is 0.9%.
NZX Interim Review tables 2025
Summary Financial Performance
Summary Financial Performance ($ million)
H1-25
H1-24
1
% Change
Markets30.030.7(2.3%)
Funds Management (Smart)24.221.313.9%
Wealth Technologies5.64.232.2%
Corporate Services0.10.1(12.7%)
Regulation1.82.0(6.9%)
Total operating revenue61.758.36.0%
Personnel costs(23.9)(23.1)(3.5%)
Information technology costs(8.0)(7.3)(9.6%)
Other costs(4.8)(4.6)(4.9%)
Total operating expenses(36.7)(35.0)(5.0%)
Operating earnings (EBITDA) pre integration & restructure costs
2
25.123.37.5%
EBITDA Margin (%)40.6%40.0%1.4%
Integration & restructure costs(1.0)(0.5)(105.6%)
Operating earnings (EBITDA)
2
24.122.85.4%
Depreciation & amortisation(9.5)(8.8)(6.8%)
Change in fair value of contingent consideration-7.3(100.0%)
Share of profit/loss of associate and other loss(1.2)(0.2)(548.1%)
EBIT13.421.1(36.4%)
Net finance expenses(1.8)(1.8)2.7%
Net profit before tax11.619.2(39.6%)
Tax expense(3.3)(3.6)10.8%
Net profit after tax8.315.6(46.4%)
1Restated. Refer to the Interim Financial Statements Note 5.
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, impairment loss on goodwill 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.
2
NZX Interim Report 2025
7
Half-year review 2025

CAPITAL MARKETS
Like 2024, H1 2025 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.
NZX Interim Review tables 2025
Markets Performance
Markets performance ($ million)H1-25H1-24
1
% Change
Capital Markets Origination8.28.3(0.9%)
Secondary Markets11.812.2(3.0%)
Information Services10.010.2(2.4%)
Markets revenue30.030.7(2.3%)
Markets EBITDA excl. restructure costs19.820.9(4.9%)
EBITDA Margin excl. restructure costs66.2%68.0%(2.7%)
Key Operating Metrics
Equity Market capitalisation (ending, $ billion)170.4151.812.2%
Equity listed & raised ($ billion)8.9
2
1.9380.0%
Debt listed & raised ($ billion)2.03.5(42.8%)
Funds listed & raised ($ billion)1.00.90.5%
Total value traded ($ billion)21.816.631.4%
Dairy lots traded (k)385.6321.619.9%
1Restated. Refer to the Interim Financial Statements Note 5.
2Equity listed and raised was $1.8 billion for the period, excluding Fonterra Co-operative Group’s transfer to the NZX Main Board.
3
Origination
Total capital listed and raised amounted to $4.8 billion for
the period – excluding Fonterra Co-operative Group's
(FCG) transfer to the NZX Main Board – reflecting a 23.9%
decline compared to the prior period. This decrease was
primarily attributed to the ongoing challenging global
market conditions. It is worth noting that in January
FCG transferred trading of its shares ($7.1 billion) to
the NZX Main Board from a previously dedicated
shareholders' market.
2025 did begin strongly, building on the momentum
from the final quarter of 2024. Falling interest rates helped
restore investor confidence, and the first three months of
2025 continued that positive trend. Total value traded to
the end of March 2025 was up 51.8% to $11.3 billion.
Then in early April, uncertainty surrounding the trade
tariff policies of the United States had a significant impact
on global and New Zealand’s equities market – and on both
business and investor confidence.
Total value traded
31.4%
NZX Interim Report 2025
8

At the same time, our listed issuer community has been
actively tapping the market – particularly via secondary
equity raises and debt offerings. This included Ryman
Healthcare’s $1 billion equity raise via a placement and
an accelerated non-renounceable entitlement offer to
bolster its financial position. EBOS also raised more than
$250 million via an underwritten placement and non-
underwritten retail offer to support its acquisition strategy
and strengthen its balance sheet.
Smaller but still notable raises included Pacific Edge’s
$20 million placement and retail offer, and Truscreen’s
$3 million capital raise.
While much of the broader market sentiment remains
similar to this time last year, our Capital Markets
Origination team continues to make strong progress
behind the scenes.
We’ve sharpened our strategy to focus more
deliberately on outbound engagement — actively
connecting with a wider range of companies and
deepening our relationships across investment banks,
law firms, accounting firms, private equity, and sponsor
networks to grow our future listings pipeline.
While our primary focus remains on domestic
opportunities, we are also investing in strengthening
relationships across the Australian market, with the
objective of supporting future dual listing activity.
Our primary focus remains
on domestic opportunities,
while we are also investing in
strengthening relationships
across the Australian
market, with the objective of
supporting future dual listing
activity.
Hamilton Hindin Green's 125-year celebrations
We are encouraged by the number of companies that
continue to express interest in listing. However, in light of
current market conditions, many are choosing to defer
their plans to ensure they are well-positioned to optimise
timing and achieve maximum value at the point of listing.
NZX Interim Report 2025
9
Half-year review 2025

Secondary Markets — Dairy derivatives and
GlobalDairyTrade
Dairy continues to be an 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 (EEX). The suite of global dairy
derivatives listed on the SGX demonstrates the value of
NZX’s strategy of driving growth from strategic
international partnerships.
The strategic dairy derivatives partnership with SGX
continues to deliver growth:
• H1 2025 Dairy Derivatives volumes up 19.9% compared
to H1 2024, and in March 2025 a record monthly volume
of 94,000 traded lots was achieved
• Open Interest reached a new record of 199,000 lots in
June, indicating continued future growth across the
product suite, and
• an options liquidity provision scheme has been
implemented, which we expect to assist ongoing
growth in trading volumes.
GDT completed an auction platform upgrade in H1
2025 and has brought the system in house. This will
improve business agility and ultimately be more cost
effective. In the short term, this has impacted GDT’s
profitability. However, we expect our share of associate
profit to revert to historic levels once the upgrade
completes in H2 2025.
Secondary Markets — cash market & equity derivatives
The New Zealand market was not spared from the global
volatility seen following “Liberation Day”. The largest single
day movement of the benchmark S&P/NZX 50 Index in H1
was a 3.8% increase on Monday, 7 April 2025 following the
tariffs imposed by President Trump on 2 April. Following
the observed volatility in the United States, NZX Clearing
undertook additional measures to monitor the risk to the
clearing house across this period. Back testing showed the
initial margin held by the clearing house was sufficient for
any potential loss.
Index rebalances also continued to create large trading
events in the market, with $1.5 billion traded and cleared in
the MSCI index rebalance on 28 February.
Trading and clearing activity grew to $21.8 billion – a
year-on-year increase of 31.4%, and this drove an increase
in revenue compared to H1 2024. The trading fee cap
impacted securities trading revenue (caused by large index
rebalance trading days where fees on value traded
exceeds the fee cap), and the uncharged value that was
traded increased to 12% (H1 2024: 7.9%).
Work is progressing well on the relaunching of the S&P/
NZX 20 Index Futures. A liquid equity derivatives market
will help drive growth in the broader capital markets
through additional cash market trading, participation and
data revenues.
System testing is scheduled for later this year to ensure
all parties, including the Cornerstone Group of 12 local
and global fund managers and participants, are
operationally ready. A launch date in early 2026 is yet to be
confirmed and will be dependent on a number of factors,
including market readiness and accreditation approvals.
SGX-NZX dairy derivatives volumes since launch
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
2025202420232022202120202019201820162017201520142013201220112010
H1 - LotsH2 - Lots5 Year Average (HY)
NZX Interim Report 2025
10

SMART – MAINTAINING STRONG GROWTH
Smart, formerly Smartshares, is a key component of
NZX’s growth strategy. As a wholly-owned NZX
subsidiary, Smart is New Zealand’s leading passive funds
management business comprising the SuperLife
superannuation and KiwiSaver products, exchange
traded funds (ETFs), and the SuperLife Superannuation
Master Trust. It also has an active investment manager,
QuayStreet Asset Management.
Smart is a key part of NZX’s growth strategy and we
remain committed to delivering the huge opportunity
the business has in front of it.
Smart is consistently delivering solid returns to our
investors and is targeting $20 billion in Funds Under
Management (FUM) by 2029 – subject to market
movements. At the end of H1 2025, Smart’s FUM stood
at $14 billion – an annual increase of 17.7% compared to
H1 2024.
Smart and SuperLife funds continue to have an
impressive long-term track record, with our diversified
funds maintaining a top quartile ranking among peers
over the past five years. Additionally, our index-tracking
exchange-traded funds (ETFs) continue to offer a broad
spectrum of cost-effective and tax-efficient market
exposures, all with minimal tracking discrepancies.
Smart’s member numbers remain steady, at around
159,000 investors and members in total across all nine
schemes. Growing customer numbers remains a key
priority and that includes improving our tools for better
customer experience.
Alongside this, we continue to mature Smart’s
operations, including fund structure rationalisation,
client portal and registry replacements in partnership
with NZXWT, and are focused on consolidating the
component parts of the Smart business under the
new brand.
Information Services
Information Services revenue (excluding audit and
back-dated revenue H1 2025: $nil; H1 2024: $0.9 million)
i n c r e a s e d 7.7 % .
Royalties from terminals revenue increase of 5.4%
relates to price increases (effective January 2025) offset
by the mix of average terminal numbers being lower for
professional terminals and higher for retail terminals.
Subscriptions and licenses revenue relate to the
provision of markets data to other participants in the
capital markets. Subscriptions and licences revenue
increased 7.3%, reflecting increased license numbers and
price increases, partially offset by a decrease in direct
data subscriptions.
Audit and back-dated revenue is dependent on the
timing of audit completions. There was no revenue in H1
2025, while H1 2024 included significant back-dated
indices revenue of $0.9 million.
Indices revenue is generated in partnership with S&P. It
is driven by licensing to the fund management sector and
increased by 34% compared with June 2024.
Funds Under Management (FUM)
17. 7 %
Annual increase compared to H1 2024
The Smart team at the Auckland Young Professionals event
NZX Interim Report 2025
11
Half-year review 2025

the one-off FUM-based revenue for H1 2024, the increase
was 17%, which reflects the growth in FUM to $14 billion at
30 June 2025, up 17.7% on last year. The FUM movement is
a combination of positive market returns and positive net
cash flows.
Smart significantly increased operating earnings,
excluding integration costs, to $13.7 million, up 23.3% on
H1 2024. We continue to mature Smart’s operations and
embed our growth initiatives. Once completed, these
initiatives will unlock further synergies of scale, improved
operating leverage and position us more strongly to take
advantage of structural tailwinds – i.e. increasing member
numbers and contribution rate – and withstand any future
market fee compression.
In March, Smart’s investment manager QuayStreet won
the Morningstar® Award for Fund Manager of the Year
– KiwiSaver New Zealand for the second year running, and
in May picked up the Chapman Tripp Diversified Growth
Fund Manager of the Year at the 2025 INFINZ Awards.
The awards recognise the expertise and care
QuayStreet brings to managing investors’ savings and
the strength and capability of its investment team. They
follow a period of significant growth for QuayStreet as it
continues to expand its KiwiSaver and investment fund
offerings, all underpinned by an active management
approach and a focus on robust, long-term investing.
FUM-based revenue (net of fund expenses) increased
15.5% compared with June 2024. Excluding the impact of
NZX Interim Review tables 2025
Smart Performance
Smart performance ($ million)H1-25H1-24% Change
FUM based fees22.619.515.5%
Member based fees1.31.35.8%
Other0.30.5(26.2%)
Funds revenue24.221.313.9%
Funds EBITDA excl. integration costs13.711.123.3%
EBITDA Margin excl. integration costs56.5%52.2%8.3%
Funds EBITDA12.810.720.2%
Key Operating Metrics
Opening FUM ($ billion)13.511.022.6%
FUM effect from market movement ($ billion)0.10.7(85.0%)
FUM effect from net cash flows ($ billion)0.40.2102.5%
Closing FUM ($ billion)14.011.917.7%
Number of NZX listed Smartshares funds444010.0%
4
NZX Interim Report 2025
12

NZX WEALTH TECHNOLOGIES – GROWING
WITH CONFIDENCE
NZXWT develops, administers and operates a best-in-class
online investment platform that enables financial adviser
groups to efficiently administer their clients’ investments.
NZXWT has one of the fastest-growing investment
platforms in the New Zealand market, indicating the
high-level of confidence financial advisers and investment
managers have in the platform and the associated client
services that are provided.
NZXWT develops, administers and operates an online
custodial investment management platform that enables
both large-scale and small-scale financial adviser groups
to efficiently administer their clients’ investments. The
platform, service quality, reputation and experience are
being well received.
In H1 2025, NZXWT onboarded three new clients
(Avenue Advice Limited, Collies Wealth Partnership
Limited and The Advice Hub) bringing the total number
of clients (adviser groups) to 35 on the platform.
In addition, four new contracts have been signed and
we now have seven clients actively working on migrating to
the platform. The prospect list continues to grow, creating
a strong pipeline of opportunities. NZXWT is witnessing
significant momentum in the New Zealand market and is
poised for continued growth and solidifying its position as
a market leader.
NZXWT’s revenue (largely administration fees based on
FUA) has been positively impacted by funds under
administration (FUA) growth. FUA has grown to $17.6
billion at 30 June 2025 driven by both positive cashflows
(including new clients) of $1.3 billion and market
movements of $0.1 billion. Annual recurring revenue is now
$11.9 million – up $1.1 million from 31 December 2024.
Capitalised labour and overhead remains at high levels,
predominantly reflecting new client migration activity, plus
continued product development. The levels of
capitalisation are expected to continue as current clients
migrate additional FUA and new clients are onboarded.
Operating earnings improved significantly to $2.5
million, up 64.6% on H1 2024, driven by the operating
leverage achieved through increased FUA.
NZX Interim Review tables 2025
Wealth Technologies Performance
Wealth Technologies performance ($ million)H1-25H1-24% Change
Wealth Technologies revenue5.64.232.2%
Wealth Technologies EBITDA excl. restructure costs2.51.564.6%
EBITDA Margin excl. restructure costs44.8%36.0%24.5%
Key Operating Metrics
Opening FUA ($ billion)16.211.540.4%
FUA effect from market movement ($ billion)0.10.8(90.8%)
FUA effect from net cash flows ($ billion)1.31.9(31.5%)
Closing FUA ($ billion)17.614.223.8%
Annual recurring revenue (ARR) on closing FUA ($ million)11.98.932.9%
Total clients on platform352540.0%
Capitalised costs for client onboarding4.54.5(0.8%)
5
NZX Interim Report 2025
13
Half-year review 2025

BALANCE SHEET, LIQUIDITY & DEBT
The H1 2024 financial information has been restated for
a change in accounting policy (refer to the Interim Financial
Statements Note 5). Initial and subsequent listing fees are
now recognised evenly over five and three years
respectively. Previously initial and subsequent listing fees
were recognised when the listing or subsequent capital
raising event had taken place. The impact on the balance
sheet is an increase in other liabilities (30 June 2024: net
$6.6 million) with a corresponding decrease in retained
earnings (i.e. equity). The restatement of the 2024
operating earnings is immaterial.
Operating cash flows in future periods are expected to
increase at a faster rate than the growth in net profit. This is
due to NZXWT’s ‘amortisation bubble’ that arises when
capitalisation levels start to decrease, and amortisation
levels increase as client migrations complete.
Investment activities cash flows include capital
expenditure relating to NZXWT’s software development,
office fit outs and other technology upgrades and
enhancements. Financing activities largely reflect dividend
payments (which are net of participation in the dividend
reinvestment plan when available).
NZX closed the year with net debt of $47.4 million
(excluding Clearing House risk capital of $20 million in
cash which is not available for general use) including:
• subordinated notes ($39 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 2027),
used to fund the QuayStreet acquisition (including earn
out payments); and
• cash and cash equivalents of $14.2 million which
includes $4.7 million of cash to meet the regulatory
requirements of the Clearing House and Smart
respectively.
Goodwill has reduced reflecting the H2 2024 partial
write down ($3.7 million) in the value of the Electricity
Authority contract’s intangible asset.
In 2024 the QuayStreet earnout provision was reduced
from $10.9 million to zero to reflect the assessment of the
probability of achieving the net FUM inflow target by
November 2025.
NZX Interim Review tables 2025
Balance Sheet, Liquidity & Debt
Balance Sheet and Cashflow Figures ($ million)
H1-25H1-24
1
% Change
Net debt (excludes restricted cash)(47.4)(48.9)3.1%
Restricted cash20.020.0-
Goodwill46.950.6(7.3%)
Other intangible assets93.497.9(4.6%)
Other non-current assets41.344.4(7.0%)
Net other liabilities(35.9)(45.8)21.5%
Net assets / equity118.3118.20.1%
Operating activities cashflow19.818.29.3%
Working capital movements(15.1)(12.9)(16.8%)
Cash inflow from operations4.75.3(9.2%)
Payment for earnout consideration(3.2)-n/a
Payments for PPE & other intangible assets(5.3)(8.1)33.9%
Cash outflow from investment(8.5)(8.1)(5.7%)
Dividends and other(10.9)(9.4)(16.1%)
Cash outflow from financing(10.9)(9.4)(16.1%)
Net decrease in cash and cash equivalents(14.7)(12.2)(20.1%)
1Restated. Refer to the Interim Financial Statements Note 5.
6
NZX Interim Report 2025
14

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 2025, 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 (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 Smart 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.
As noted earlier, work is progressing well on a relaunch
in early 2026 of an equity derivatives product, the S&P/
NZX 20 Futures. NZX has delivered all of the regulatory
reform work to support the relaunch which involved
changes to settings that govern both the trading and
clearing of the product. The next stage is testing to ensure
all parties are operationally ready before any go live date is
scheduled.
Smart and NZXWT are both subject to market structural
tail winds. This includes positive market returns over time,
the constant stream of new clients from Smart being a
default KiwiSaver provider and the likely lifting over time of
the KiwiSaver employer contribution rates. These tailwinds,
coupled with our growth strategies, give us confidence in
the outlook for these businesses.
FY 2025 GUIDANCE OUTLOOK
NZX is forecasting full year 2025 Operating Earnings
(EBITDA), excluding integration costs, to be in the range of
$49 million to $54 million. The half-year financial result
indicates NZX is tracking towards the middle of the 2025
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 is 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.
The guidance excludes the expected impact of the GDT
investment as this is recognised as “share of profit of
associate” (i.e. after Operating Earnings).
In 2025, NZX is now a more
integrated and resilient
financial markets infrastructure
and services business with a
platform for strong growth
prospects.
NZX Interim Report 2025
15
Half-year review 2025

BOARD & MANAGEMENT CHANGES
Following NZX’s annual general meeting in Christchurch,
the NZX Board farewelled Future Director Sophie
Spedding. Sophie is an associate director of Macquarie
Capital. Her first-hand understanding and experience in
capital raisings, mergers and acquisitions and helping
companies grow and deliver to their strategic ambitions,
have been of great value to the NZX Board. We want to
thank Sophie for her contribution and wish her all the best
in her governance career.
In August 2025 the Board welcomed new Future
Director Laura Manson. Laura is a partner at Altered
Capital, a New Zealand-based venture capital and private
equity firm. She has more than 10 years’ experience in the
finance sector and brings a strong track record of working
with boards, executives and investors to support growth
and strategic execution in both private and public market
settings. Laura’s appointment is for 12 months. We look
forward to her insights.
In January, economist David Hunt joined the NZ RegCo
Board. David has extensive executive, advisory and
governance experience in the infrastructure and energy
sectors. He is Interim Chair of the Accident Compensation
Corporation, and a director of Northpower and Dairy NZ.
In May Sophia van Zijl was appointed to the new created
position of Chief People Officer. Sophia is an experienced
executive with a background spanning human resources,
finance, strategy, and transformation. She has a strong
background in financial services across New Zealand,
Australia and the United Kingdom – including as CPO for
JBWere New Zealand, Head of People Strategy &
Execution at National Australia Bank, and Assistant
Treasurer at NAB Wealth & MLC.
On 2 July NZX announced to the market that Smart
Chief Executive Anna Scott had resigned to take up a
role leading the New Zealand office of a global financial
services group from 1 October. NZX thanks Anna for
her contribution and wishes her well for the future in her
new role.
Laura Manson, the new Future Director
NZX Interim Report 2025
16

Mark Peterson to depart in April 2026
On 24 July NZX advised the market that Chief
Executive Mark Peterson had resigned and would
depart at the end of April 2026, following NZX’s
annual general meeting.
Mark was appointed as NZX Chief Executive in
April 2017. Prior to that he was NZX Acting-Chief
Executive from January 2017, after joining in late
2015 as Head of Markets.
When the Board extended Mark’s term in August
2023, the focus was on delivering key initiatives that
further developed our business. These included
launching our anonymous mid-point trading venue,
NZX Dark, and the S&P/NZX20 Index equity futures,
alongside growing the Smart and NZX Wealth
Technologies businesses. By April next year, all
these initiatives are expected to have been achieved.
The Company is in a strong position financially,
including NZXWT now being cashflow positive from
external client activity. NZX has an experienced and
talented senior management team, is operating
up-to-date and secure technology infrastructure and
has a positive organisational culture and relationships
with customers, stakeholders and shareholders.
Mark said for these reasons it was the right time
to stand down and for the NZX Board to appoint a
new chief executive to lead NZX into the future and
continue to deliver its strategic priorities. He said by
announcing his departure early, he wanted to ensure
a smooth transition by giving the Board plenty of time
to search for a new chief executive.
NZX Chair John McMahon says Mark has been
an exceptional leader of NZX and will leave a strong
legacy. Mark had built strong relationships in
New Zealand and internationally, in particular the
business partnerships we have with the Singapore
Stock Exchange and the European Energy Exchange.
Since delivering a revised strategy in late 2017,
NZX's operating earnings, excluding integration and
restructure costs, have increased from $28.6 million to
$47.9 million; Smart’s funds under management has
increased from $2.9 billion to $14 billion; NZX Wealth
Technologies’ funds under administration has grown
from $2 billion to $17.6 billion and is now cashflow
positive on external client activity; and volume traded
under our dairy derivatives partnership with SGX has
almost doubled.
On behalf of NZX, John thanked Mark for his
first-class leadership and long service to the business
and New Zealand’s capital markets. John says the
Board will conduct an internal and external search,
including internationally, for a new chief executive.
NZX Chair John McMahon
says Mark has been an
exceptional leader of
NZX and will leave a
strong legacy.
NZX Interim Report 2025
17
Half-year review 2025

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 Financial Markets Authority (FMA) released its
findings of the Market Operator Obligations Review in
June 2025, noting “NZX continues to receive a positive
regulatory report card”.
The FMA found NZX had complied with its market
operator obligations, noting in particular significant
milestones reached in NZX’s projects (including S&P/NZX
20 Futures) and that NZX is committed to growing
its markets.
It also noted the maturity and investment in technology
and risk management resources, providing stronger
capability, resilience and security. The FMA commented
on NZX’s positive governance arrangements which
support a robust culture for delivery, risk management,
and compliance with regulatory obligations.
NZX considers the findings of the report are reflective
of the effort we have placed in continuing to enhance
our systems and processes, and our strategic focus on
initiatives that will drive liquidity and connection to
NZX’s markets.
GOVERNMENT ENGAGEMENT – IMPROVING
SETTINGS & OPPORTUNITIES
NZX, alongside a small capital markets working group, has
continued to engage with the Government to assist in the
delivery of regulatory reform to reinvigorate and transform
New Zealand’s capital markets. We were delighted to see
prospective financial information become optional from 12
June 2025. This removes a significant barrier to entry for
candidates looking to become listed on NZX’s markets.
On the same day, Commerce Minister Scott Simpson
spoke at our annual Issuer Forum where he outlined the
Government was looking at other changes, including to
public disclosure statements, director liability settings and
climate-related disclosures (CRD).
Directors of listed companies with a market cap of
$60 million or more are personally liable for their
company’s emissions disclosures. This has led to a
substantial increase in legal and assurance costs and
has become a barrier to listing.
As a market operator and a climate reporting entity
ourselves, NZX has continued to support the development
of a more proportionate climate reporting regime. NZX
is a member of the Sustainable Stock Exchange and
Sustainable Business Council and supports climate
reporting to provide important information to investors
and other users, and to enable the efficient allocation
of capital.
John McMahon, Commerce Minister Scott Simpson and Mark Peterson
NZX Interim Report 2025
18

NZX has worked closely with MBIE, the FMA and the
XRB to support the work being undertaking to recalibrate
New Zealand’s regime to create better international
alignment for reporting thresholds and standards and
right-size New Zealand’s liability and compliance settings
in this area.
Alongside this engagement, NZX is also pushing for
a broader package of tax reform to encourage listings.
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 four years NZX has achieved
net carbon zero certification from Toitū Envirocare. In 2023
NZX confirmed its 2025 emissions reduction target (-21%)
and is looking to set interim and long-term targets later
this year.
NZX continues 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 provide 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
(now supporting Variety NZ) and collaborating in the
Shares for Good programme.
Robust governance, such as the Corporate Governance
Code and the NZX Corporate Governance Institute (NZX
CGI) is paramount to the role that NZX plays in overseeing
the integrity of New Zealand’s public markets.
The NZX CGI is now in its third year, and NZX is grateful
for the support of our NZX CGI members, who are experts
in their fields and provide their time voluntarily, to make a
positive difference in New Zealand’s capital markets. In H1
2025 the NZX CGI sponsored the New Zealand Financial
Colloquium’s Corporate Governance Award and has
published a selection of papers on the NZX CGI website.
In H2 2025 the NZX CGI plans to undertake a study into the
uptake of the voluntary remuneration reporting template
that was published in 2023.
NZX is proud to be partnering with Variety NZ and helping New Zealand children in need
NZX Interim Report 2025
19
Half-year review 2025

John McMahon
BOARD CHAIR
Mark Peterson
CHIEF EXECUTIVE
ACKNOWLEDGEMENTS
In reporting our interim results for the six months ended
30 June 2025, we are proud of how our team demonstrates
our organisational Purpose and commitment to connecting
people, businesses and capital.
At NZX we help people in business and investing
get ahead through the services, products and market
infrastructure we provide. A healthy and vibrant
New Zealand capital market is an essential economic
building block to growing our country’s sovereign wealth
and prosperity. Through NZX, listed companies continue
to access the capital they need to grow, create jobs and
deliver to their strategic ambitions.
We would like to extend a sincere thank you to all NZX
Board members and staff for their dedication in helping to
deliver sustainable wealth, value and opportunities for all.
NZX Interim Report 2025
20

NZX Interim Report 2025
21
Half-year review 2025

Financial
Statements
22

Financial
Statements
23

NZX Interim Report 2025
Contents
Financial Statements22
Group Income Statement25
Group Statement of Comprehensive Income26
Group Statement of Changes in Equity27
Group Statement of Financial Position28
Group Statement of Financial Position (continued)29
Group Statement of Cash Flows30
Notes to the Group Financial Statements31
1. Reporting entity and statutory base31
2. Non-GAAP measures32
3. Goodwill and other intangible assets32
4. Segment reporting33
5. Listing fee revenue recognition - correction of prior
period treatment
36
6. Operating revenue38
7. Operating expenses39
8. Net finance expense39
9. Change in fair value of contingent consideration39
10. Cash and cash equivalents and cash flow
reconciliation
40
11. Interest bearing liabilities40
12. Shares on issue40
13. Dividends41
14. Share based payments41
15. Related party transactions42
16. Contingent liabilities43
17. Subsequent events43
24

NZX Interim Report 2025
Group Income Statement
For the six months ended 30 June 2025
Note
Unaudited
6 months
ended
30 June 2025
$000
Unaudited
6 months
ended
30 June 2024
Restated
$000
1
Audited
12 months
ended
31 Dec 2024
Restated
$000
1
Total operating revenue5/661,74158,270120,122
Total operating expenses7(37,677)(35,438)(73,573)
Operating earnings (EBITDA)
2
2
24,06422,83246,549
Net finance expenses8(1,784)(1,833)(3,545)
Depreciation and amortisation expense(9,468)(8,867)(17,971)
Loss on disposal of assets(153)-(5)
Gain on lease modification--9
Impairment loss on goodwill--(3,700)
Change in fair value of contingent consideration9-7,28810,862
Share of (loss)/profit of associate(1,033)(183)565
Profit before income tax11,62619,23732,764
Income tax expense5(3,288)(3,687)(7,731)
Profit for the period8,33815,55025,033
Earnings per share
Basic (cents per share)52.64.87.7
Diluted (cents per share)52.54.77.6
1Restated for change in listing fee revenue recognition, see Note 5.
2Operating earnings (EBITDA) is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
The accompanying notes form an integral part of these financial statements.
25
Financial Statements

NZX Interim Report 2025
Group Statement of Comprehensive Income
For the six months ended 30 June 2025
Unaudited
6 months
ended
30 June 2025
$000
Unaudited
6 months
ended
30 June 2024
Restated
$000
1
Audited
12 months
ended
31 Dec 2024
Restated
$000
1
Profit for the period8,33815,55025,033
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences33188136
Items that will not be reclassified subsequently to profit or loss
Total other comprehensive income33188136
Total other comprehensive income for the period8,37115,73825,169
1Restated for change in listing fee revenue recognition, see Note 5.
The accompanying notes form an integral part of these financial statements.
26

NZX Interim Report 2025
Group Statement of Changes in Equity
For the six months ended 30 June 2025
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Restated audited balance at 1 January 2024
1
5
120,134(9,400)(218)110,516
Restated profit for the period
1
5-15,550-15,550
Foreign currency translation differences--188188
Restated total comprehensive income for the period
1
5
-15,55018815,738
Transactions with owners recorded directly in equity:
Dividends paid13-(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)
Restated unaudited closing balance at 30 June 2024
1
5
121,642(3,386)(30)118,226
Restated profit for the period
1
5-9,483-9,483
Foreign currency translation differences--(52)(52)
Restated total comprehensive income for the period
1
5
-9,483(52)9,431
Transactions with owners recorded directly in equity:
Dividends paid13-(9,775)-(9,775)
Issue of shares1,487--1,487
Share based payments316--316
Total transactions with owners recorded directly in equity1,803(9,775)-(7,972)
Restated audited closing balance at 31 December 2024
1
5
123,445(3,678)(82)119,685
Profit for the period-8,338-8,338
Foreign currency translation differences--3333
Total comprehensive income for the period-8,338338,371
Transactions with owners recorded directly in equity:
Dividends paid13-(10,185)-(10,185)
Issue of shares27--27
Share based payments467(75)-392
Cancellation of non-vesting shares(73)73--
Total transactions with owners recorded directly in equity421(10,187)-(9,766)
Unaudited closing balance at 30 June 2025123,866(5,527)(49)118,290
1Restated for change in listing fee revenue recognition, see Note 5.
The accompanying notes form an integral part of these financial statements.
27
Financial Statements

NZX Interim Report 2025
Group Statement of Financial Position
As at 30 June 2025
Note
Unaudited
30 June 2025
$000
Unaudited
30 June 2024
Restated
$000
1
Audited
31 Dec 2024
Restated
$000
1
Audited
1 Jan 2024
Restated
$000
1
Current assets
Cash and cash equivalents14,17212,46928,82524,670
Cash and cash equivalents - restricted1020,00020,00020,00020,000
Funds held on behalf of third parties27,16623,15027,61621,702
Receivables and prepayments35,35132,79819,07415,874
Current tax asset1,267---
Total current assets97,95688,41795,51582,246
Non-current assets
Property, plant & equipment9,09710,22710,1129,446
Right-of-use lease assets14,84116,49415,66117,380
Goodwill346,88750,58746,88750,587
Other intangible assets93,42497,94295,91699,169
Investment in associate17,34317,64718,34317,642
Total non-current assets181,592192,897186,919194,224
Total assets279,548281,314282,434276,470
Current liabilities
Funds held on behalf of third parties27,16623,15027,61621,702
Trade payables11,0969,4189,1527,604
Other liabilities - current528,72331,12327,89535,325
Lease liabilities1,3131,3041,2431,291
Current tax liability-9883,2961,912
Interest bearing liabilities - current11-22,500--
Total current liabilities68,29888,48369,20267,834
1Restated for change in listing fee revenue recognition, see Note 5.
The accompanying notes form an integral part of these financial statements.
28

NZX Interim Report 2025
Group Statement of Financial Position (continued)
As at 30 June 2025
Note
Unaudited
30 June 2025
$000
Unaudited
30 June 2024
Restated
$000
1
Audited
31 Dec 2024
Restated
$000
1
Audited
1 Jan 2024
Restated
$000
1
Non-current liabilities
Non-current other liabilities
54,8318,1565,4748,364
Lease liabilities
17,75719,12418,50819,770
Interest bearing liabilities
1161,54238,84761,44361,256
Deferred tax liability
58,8308,4788,1228,730
Total non-current liabilities92,96074,60593,54798,120
Total liabilities161,258163,088162,749165,954
Net assets118,290118,226119,685110,516
Equity
Share capital
12123,866121,642123,445120,134
Retained earnings
5(5,527)(3,386)(3,678)(9,400)
Translation reserve(49)(30)(82)(218)
Total equity attributable to shareholders
118,290
118,226119,685110,516
Net tangible assets per share (cents
per share)
2
5(12.07)(14.75)(12.73)(17.68)
1Restated for change in listing fee revenue recognition, see Note 5.
2Net tangible assets is a non-GAAP performance measure and is presented to comply with NZX Listing Rules.
Approved on behalf of the Board of Directors for issue on 21 August 2025.
John McMahon
Chair of the Board
Lindsay Wright
Chair of the Audit and Risk
Committee
The accompanying notes form an integral part of these financial statements.
29
Financial Statements

NZX Interim Report 2025
Group Statement of Cash Flows
For the six month ended 30 June 2025
Unaudited
6 months
ended
30 June 2025
$000
Unaudited
6 months
ended
30 June 2024
$000
Audited
12 months
ended
31 Dec 2024
$000
Cash flows from operating activities
Receipts from customers
54,40148,800118,337
Interest received
1
8971,0632,134
Interest paid
1
(2,593)(2,846)(5,657)
Payments to suppliers and employees
(41,413)(36,923)(72,004)
Income tax paid
(6,543)(4,863)(6,923)
Net cash provided by operating activities
4,7495,23135,887
Cash flows from investing activities
Payments for property, plant and equipment
(151)(2,290)(2,777)
Payments for intangible assets
(5,184)(5,783)(10,646)
Payment for earnout consideration
(3,201)--
Net cash used in investing activities
(8,536)(8,073)(13,423)
Cash flows from financing activities
Payments of lease liabilities(681)(633)(1,293)
Dividends paid
(10,185)(8,726)(17,016)
Net cash used in financing activities(10,866)(9,359)(18,309)
Net (decrease)/increase in cash and cash equivalents
(14,653)(12,201)4,155
Cash and cash equivalents at the beginning of the period
48,82544,67044,670
Cash and cash equivalents at the end of the period34,17232,46948,825
1Comparatives have been updated for presentation change, see Note 1.
The accompanying notes form an integral part of these financial statements.
30

NZX Interim Report 2025
Notes to the Group Financial Statements
For the six months ended 30 June 2025
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 2025.
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, managed funds 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 2024.
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 2024, except as described in Note 5.
Presentational changes
Certain amounts in the comparative information have been reclassified to ensure consistency with the current period's
presentation. Within the Statement of Cash Flows the presentation of interest received and interest paid has been adjusted
to present them separately in accordance with NZ IAS 7. This presentation has no impact on net cash provided by operating
activities or net (decrease)/increase in cash and cash equivalents.
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 in 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 2024. During the period the Group reassessed the useful life of certain intangible assets which is considered a
significant judgement, as described in Note 3.
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.
31
Financial Statements

NZX Interim Report 2025
2. Non-GAAP measures
Operating earnings (EBITDA) is a non-GAAP performance measure and differs from the NZ IFRS profit for the period. The
Group’s definition of operating earnings (EBITDA) may not be comparable with similarly titled performance measures and
disclosures by other entities.
Reconciliation of operating earnings (EBITDA) to NZ IFRS profit for the period:
Unaudited
6 months
ended
30 June 2025
$000
Unaudited
6 months
ended
30 June 2024
Restated
$000
Audited
12 months
ended
31 Dec 2024
Restated
$000
Profit for the period8,33815,55025,033
Income tax expense3,2883,6877,731
Profit before income tax11,62619,23732,764
Adjustments for:
- Net finance expenses1,7841,8333,545
- Gain on lease modification--(9)
- Depreciation and amortisation expense9,4688,86717,971
- Loss on disposal of assets153-5
- Change in fair value of contingent consideration-(7,288)(10,862)
- Impairment loss on goodwill--3,700
- Share of loss/(profit) of associate1,033183(565)
Operating earnings (EBITDA)24,06422,83246,549
The Group has presented the operating earnings (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. Operating earnings (EBITDA) is calculated by adjusting profit from operations to exclude the impact
of taxation, net finance expense, depreciation, amortisation, loss on disposal of assets, gain on lease modification, change in
fair value of contingent consideration, impairment loss on goodwill and share of profit or loss of associate.
3. Goodwill and other intangible assets
Unaudited
30 June 2025
$000
Unaudited
30 June 2024
$000
Audited
31 Dec 2024
$000
Carrying amount
Balance at beginning of the period46,88750,58750,587
Impairment loss on goodwill--(3,700)
Balance at end of the period46,88750,58746,887
The Group holds Smart Exchange Traded Funds management rights, acquired between 2004 - 2006, for a total value
of $2.344 million. As at 31 December 2024 the management rights were held in the Group financial statements with an
indefinite life. During the six-month period, the Group reassessed the useful life of these management rights as finite life
intangible assets and these will be amortised over 15 years from 1 January 2025. As a result, the finite life intangible
assets will be subject to an annual amortisation charge of $156,000 commencing 1 January 2025. The Group performed an
impairment assessment as a result of the change in useful life estimate. No impairment has been recognised.
32

NZX Interim Report 2025
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 2024, which resulted in a $3.7 million impairment of goodwill in the
Energy business (refer Note 4 of the Group's financial statements for the year ended 31 December 2024).
The Group has reviewed the indicators of impairment for the six month period to 30 June 2025, and no indicators of
impairment were noted, other than the change in useful life assessment considered above (none at 30 June 2024).
The next full impairment assessment will be performed and included in the Group's year end financial statements as at
31 December 2025.
4. Segment reporting
The Group has five revenue generating commercial operations segments, as described below, which are the Group‘s
strategic business areas, and a corporate 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 operating earnings
performance of the operating segments, has been identified as the Group CEO. The CODM assesses the performance
of the combined Markets businesses (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 Funds Management (Smart), 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 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 (2024), 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;
These are aggregated as Markets as they share similar economic characteristics, customer bases, service delivery
methods, and operate within the same regulatory environment.
•Funds Management (Smart) - manager of funds, including KiwiSaver, superannuation, managed funds and Exchange
Traded Funds (ETFs); and
•Wealth Technologies - funds administration provider and custodian.
•Corporate - provider of accommodation, legal, finance, IT, HR, communication and project management support to other
commercial operations segments.
The Group’s revenue is allocated into each of the reportable segments. 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 commercial operations segments 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.
33
Financial Statements

NZX Interim Report 2025
Segmental information for the six months ended 30 June 2025
Unaudited
Capital
Markets
Origination
$000
Secondary
Markets
$000
Info.
Services
$000
Markets
sub-total
$000
Funds
(Smart)
$000
Wealth
Tech.
$000
Corp.
$000
NZX
Commercial
Operations
sub-total
$000
NZ
RegCo
$000
NZX
Group
Total
$000
Operating revenue
8,19311,8259,97129,98924,2415,57455
59,859
1,882
61,741
Net personnel costs
(5,391)(7,686)(2,673)(6,848)
(22,598)
(1,287)
(23,885)
Other operating
expenses
(4,756)(3,722)(402)(4,094)
(12,974)
(818)
(13,792)
Operating earnings
(EBITDA)
1
19,84212,8332,499(10,887)24,287(223)24,064
Depreciation and
amortisation
(1,231)(2,313)(4,123)(1,801)
(9,468)
-
(9,468)
Segment
assets101,119
2
115,30430,86431,213
278,500
1,048
279,548
Segment liabilities
(54,754)(40,832)(4,764)(60,707)
(161,057)
(201)
(161,258)
Net
assets46,36574,47226,100(29,494)117,443847118,290
1EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
2Includes investment in associate of $17.343 million.
Segmental information for the six months ended 30 June 2024
Unaudited
Restated
Capital
Markets
Origination
$000
Secondary
Markets
$000
Info.
Services
$000
Markets
sub-total
$000
Funds
(Smart)
$000
Wealth
Tech.
$000
Corp.
$000
NZX
Commercial
Operations
sub-total
$000
NZ
RegCo
$000
NZX
Group
Total
$000
Operating revenue
8,27112,19610,21630,68321,2874,21663
56,249
2,021
58,270
Net personnel costs
(5,836)(7,416)(2,441)(6,110)
(21,803)
(1,278)
(23,081)
Other operating
expenses(4,031)(3,193)(257)(4,184)
(11,665)
(692)
(12,357)
Operating earnings
(EBITDA)
1
20,81610,6781,518(10,231)22,7815122,832
Depreciation and
amortisation(1,226)(2,363)(3,165)(2,113)
(8,867)
-
(8,867)
Segment
assets102,428
2
118,95127,56332,118
281,060
254
281,314
Segment
liabilities(50,067)(47,587)(2,198)(63,729)
(163,581)
493
(163,088)
Net
assets52,36171,36425,365(31,611)117,479747118,226
1EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
2Includes investment in associate of $17.647 million.
34

NZX Interim Report 2025
Segmental information for the twelve months ended 31 December 2024
Audited
Restated
Capital
Markets
Origination
$000
Secondary
Markets
$000
Info.
Services
$000
Markets
sub-total
$000
Funds
(Smart)
$000
Wealth
Tech.
$000
Corp.
$000
NZX
Commercial
Operations
sub-total
$000
NZ
RegCo
$000
NZX
Group
Total
$000
Operating revenue
16,38425,99319,91262,28944,0069,729102
116,126
3,996
120,122
Net personnel costs
(11,377)(14,910)(4,493)(13,034)
(43,814)
(2,523)
(46,337)
Other operating
expenses
(9,162)(7,360)(651)(8,647)
(25,820)
(1,416)
(27,236)
Operating earnings
(EBITDA)
1
41,75021,7364,585(21,579)46,4925746,549
Depreciation and
amortisation
(2,221)(4,715)(6,933)(4,102)
(17,971)
-
(17,971)
Segment
assets89,549
2
122,07628,55342,007
282,185
249
282,434
Segment
liabilities(48,932)(47,115)(4,097)(62,809)
(162,953)
204
(162,749)
Net
assets40,61774,96124,456(20,802)119,232453119,685
1EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
2Includes investment in associate of $18.343 million.
35
Financial Statements

NZX Interim Report 2025
5. Listing fee revenue recognition - correction of prior period treatment
Listing and issuance fees comprise revenue from annual listing fees (net of an allocation to NZ RegCo), initial listing fees
and subsequent capital raising fees. Initial and subsequent listing fees are now recognised evenly over the period during
which the listing service is expected to be provided, which is five and three years respectively.  Annual listing fees are billed
on 30 June for the following 12-month period and are recognised on a straight-line basis over that period.
In prior periods, initial and subsequent listing fees were recognised when the listing or subsequent capital raising event had
taken place.
This revision reflects a reassessment of the substance of the underlying service provided and ensures alignment with the
principles of NZ IFRS 15 Revenue from Contracts with Customers and a January 2019 Agenda Decision (the Decision) issued
by the IFRS Interpretations Committee (IFRIC).
Under NZ IFRS 15, revenue is recognised when (or as) control of the promised service is transferred to the customer. The
Decision clarified that upfront fees for listing should be recognised progressively over the listing period, rather than at a
single point in time. This is because upfront activities do not transfer a distinct service to the customer, but instead form part
of the ongoing listing service.
The revised treatment has been applied retrospectively in accordance with NZ IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors. Comparative figures for the prior period have been restated to reflect the retrospective
impact of the change as follows:
Statement of Financial Position:
30 June 202431 December 20241 January 2024
$000Previously
reported
Adjust
ments
RestatedPreviously
reported
Adjust
ments
RestatedPreviously
reported
Adjust
ments
Restated
Total assets281,314-281,314282,434-282,434276,470-276,470
Other liabilities - current
26,7214,40231,12323,2144,68127,89530,8414,48435,325
Non-current other liabilities
3,4254,7318,156-5,4745,4743,3275,0378,364
Deferred tax liability
11,035(2,557)8,47810,965(2,843)8,12211,396(2,666)8,730
Other liabilities
115,331-115,331121,258-121,258113,535-113,535
Total liabilities156,5126,576163,088155,4377,312162,749159,0996,855165,954
Net assets124,802(6,576)118,226126,997(7,312)119,685117,371(6,855)110,516
Equity
Share capital
121,642-121,642123,445-123,445120,134-120,134
Retained earnings
3,190(6,576)(3,386)3,634(7,312)(3,678)(2,545)(6,855)(9,400)
Translation reserve(30)-(30)(82)-(82)(218)-(218)
Total equity attributable to
shareholders124,802(6,576)118,226126,997(7,312)119,685117,371(6,855)110,516
Net tangible assets per
share (cents per share)
1
(13.78)(0.97)(14.75)(10.48)(2.25)(12.73)(15.55)(2.13)(17.68)
1Net tangible assets is a non-GAAP performance measure and is presented to comply with NZX Listing Rules.
36

NZX Interim Report 2025
Statement of Profit or Loss and Other Comprehensive Income:
30 June 202431 December 2024
$000Previously
reported
Adjust
ments
RestatedPreviously
reported
Adjust
ments
Restated
Operating revenue57,88238858,270120,756(634)120,122
Operating expenses(35,438)-(35,438)(73,573)-(73,573)
EBITDA22,44438822,83247,183(634)46,549
Net finance income/(expense)(1,833)-(1,833)(3,545)-(3,545)
Depreciation and amortisation expense(8,867)-(8,867)(17,971)-(17,971)
Loss on disposal of assets---(5)-(5)
Gain on lease modification---9-9
Impairment loss on goodwill---(3,700)-(3,700)
Change in fair value of contingent consideration7,288-7,28810,862-10,862
Share of (loss)/profit of associate(183)-(183)565-565
Profit before income tax18,84938819,23733,398(634)32,764
Income tax expense(3,578)(109)(3,687)(7,908)177(7,731)
Profit for the period15,27127915,55025,490(457)25,033
Earnings per share
Basic (cents per share)4.70.14.87.8(0.1)7.7
Diluted (cents per share)4.60.14.77.7(0.1)7.6
Statement of Changes in Equity:
30 June 202431 December 2024
$000Previously
reported
Adjust
ments
RestatedPreviously
reported
Adjust
ments
Restated
Balance at 31 December 2023117,371(6,855)110,516117,371(6,855)110,516
Profit for the period15,27127915,55025,490(457)25,033
Other comprehensive income for the period188-188136-136
Total comprehensive income for the period15,45927915,73825,626(457)25,169
Transactions with owners recorded directly
in equity:
Dividends paid(10,050)
-(10,050)
(19,825)
-(19,825)
Issue of shares1,376
-1,376
2,863
-2,863
Share based payments646
-646
962
-962
Cancellation of non-vesting rights-
-
--
-
-
Total transactions with owners recorded
directly in equity
(8,028)-(8,028)(16,000)-(16,000)
Balance at end of period124,802(6,576)118,226126,997(7,312)119,685
37
Financial Statements

NZX Interim Report 2025
6. Operating revenue
Unaudited
6 months ended
30 June 2025
$000
Unaudited
6 months ended
30 June 2024
Restated
$000
Audited
12 months ended
31 Dec 2024
Restated
$000
Listing and issuance fees8,1938,27116,384
Total Capital Markets Origination revenue8,1938,27116,384
Participant services243262513
Securities trading2,2611,8264,279
Securities clearing3,8183,2677,581
Dairy derivatives1,6721,3993,252
Market operations3,8315,44210,368
Total Secondary Markets revenue11,82512,19625,993
Securities information8,1748,50716,478
Dairy data subscriptions311313606
Connectivity revenue1,4861,3962,828
Total Information Services revenue9,97110,21619,912
Funds Management revenue24,24121,28744,006
Wealth Technologies revenue5,5744,2169,729
Regulation revenue1,8822,0213,996
Other Corporate revenue5563102
Total operating revenue
61,74158,270120,122
38

NZX Interim Report 2025
7. Operating expenses
Unaudited
6 months ended
30 June 2025
$000
Unaudited
6 months ended
30 June 2024
$000
Audited
12 months ended
31 Dec 2024
$000
Gross personnel costs
(27,597)(27,066)(54,359)
Less capitalised labour
3,7123,9858,022
Net personnel costs
(23,885)(23,081)(46,337)
Information technology
(8,012)(7,309)(15,210)
Professional fees
(2,133)(1,770)(4,191)
Marketing
(380)(476)(1,518)
Other operating expenses
(2,924)(3,145)(6,617)
Capitalised overheads
6448231,644
Integration and restructure costs
(987)(480)(1,344)
Total operating expenses(37,677)(35,438)(73,573)
8. Net finance expense
Unaudited
6 months ended
30 June 2025
$000
Unaudited
6 months ended
30 June 2024
$000
Audited
12 months ended
31 Dec 2024
$000
Interest income8561,0782,336
Interest on lease liabilities(438)(470)(935)
Other interest expense(2,145)(2,366)(4,722)
Amortised borrowing costs(111)(104)(212)
Net gain/(loss) on foreign exchange5429(12)
Net finance expense(1,784)(1,833)(3,545)
9. Change in fair value of contingent consideration
Smartshares Limited's (Smart) acquisition of the management rights and associated assets of QuayStreet Asset Management
(QuayStreet) from Craigs Investment Partners Group (CIP Group) in 2023 included potential earnout consideration of up to
$18.750 million payable based on net FUM inflows from the CIP Group into Smart's products over a three-year period. The
full terms of the earnout payment are detailed in the Group's Annual Report for the year ended 31 December 2024.
During the period a payment of $3.201 million was made to the CIP Group for Earnout 2, with potential earnout
consideration of up to $7.5 million remaining payable. At 30 June 2025 the contingent consideration provision is $nil
(30 June 2024: $6.775 million, 31 December 2024: $3.201 million) reflecting management's expectation of the probability of
achieving the earnout target based on post acquisition qualifying net FUM inflows as at 30 June 2025 .
39
Financial Statements

NZX Interim Report 2025
10. Cash and cash equivalents and cash flow reconciliation
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
$4.7 million as at 30 June 2025 (30 June 2024: up to $4.1 million, 31 December 2024: up to $6.3 million) that are held by
subsidiaries to comply with regulatory requirements and are not available for general use by other entities within the Group.
11. Interest bearing liabilities
Unaudited
30 June 2025
$000
Unaudited
30 June 2024
$000
Audited
31 Dec 2024
$000
Term loans22,50022,50022,500
Subordinated notes40,00040,00040,000
Total drawn debt62,50062,50062,500
Capitalised borrowing costs (net of amortisation)
(958)(1,153)(1,057)
Net interest bearing liabilities
61,54261,34761,443
11.1. 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 2024 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.
11.2. Bank overdraft, revolving credit and term loan facilities
The Group has access to the following facilities:
•Overdraft facility - the facility limit was $3.0 million at 30 June 2025 (30 June 2024: $3.0 million, 31 December 2024:
$3.0 million). The effective interest rate of the facility at 30 June 2025 was 6.35% (30 June 2024: 8.58%; 31 December
2024: 8.33%). The overdraft facility was undrawn at 30 June 2025 (30 June 2024: undrawn, 31 December 2024: undrawn).
•Revolving credit facility - the facility limit was $7.0 million at 30 June 2025 (30 June 2024: $7.0 million, 31 December 2024:
$7.0 million). The effective interest rate of the facility when utilised during the current period was 5.55%. The revolving
credit facility was undrawn at
30 June 2025 (30 June 2024: undrawn, 31 December 2024: undrawn).
•Term loan facility - the facility limit was $25.8 million at 30 June 2025 (30 June 2024: $27.5 million, 31 December 2024:
$30.0 million). The effective interest rate of the facility at
30 June 2025 was 5.69% (30 June 2024: 7.95%, 31 December
2024: 7.69%).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2024. The facilities are
unsecured and contain financial covenants which have been met throughout the period.
12. Shares on issue
The Company had 328,535,448 fully paid ordinary shares as at 30 June 2025 (30 June 2024: 325,834,038; 31 December
2024: 327,022,314). 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 was suspended for the dividends paid in April 2025 (2024: applied to all dividends)
resulting in the issue of no ordinary shares (30 June 2024: 1,315,337; 31 December 2024: 2,503,613).
Additionally 1,513,134 shares (30 June 2024: 313,335; 31 December 2024: 313,335) were issued as share based payments
(Note 14).
40

NZX Interim Report 2025
13. Dividends
Unaudited
6 months ended
30 June 2025
Unaudited
6 months ended
30 June 2024
Audited
12 months ended
31 Dec 2024
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and paid
March 2024 - Final31 Dec 23
3.110,0503.110,050
October 2024 - Interim31 Dec 24
3.09,775
April 2025 - Final31 Dec 24
3.110,185
Total dividends paid during
the period3.110,1853.110,0506.119,825
Refer to Note 17 for details of the 2025 interim dividend.
14. Share based payments
14.1. CEO incentive plans
CEO Short Term Incentive Plan (STI#2)
The terms of the CEO Short Term Incentive Bonus Scheme are as detailed in the Group's Annual Report for the year ended
31 December 2024.
For the 2025 financial year the key performance hurdles are TSR growth over the year of at least 11.39% resulting in 50%
of the incentive being awarded, with 100% being awarded at 15.39% TSR growth (and 50.1% to 99.9% being awarded on a
linear, pro-rata basis), subject to Board discretion.
During the reporting period, the CEO was awarded 100% of the STI#2 relating to the 2024 financial year. NZX shares
equivalent to the net value of the award (after tax) were purchased on-market. The difference between the grant date fair
value of the award (accrued over the 2024 service period) and the final award value of $75,000 was recognised directly in
retained earnings, in accordance with NZ IFRS 2.
14.2. 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 2024.
14.3. NZX Employee Shares
During the period $1,000 (gross) worth of NZX ordinary shares were issued to each new employee at nil cost to employees
to encourage staff engagement and shareholder alignment.
41
Financial Statements

NZX Interim Report 2025
15. Related party transactions
15.1. 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 2025
$000
Unaudited
6 months ended
30 June 2024
$000
Audited
12 months ended
31 Dec 2024
$000
Short-term employee benefits
3,1263,0255,855
Share-based payments
350357513
Termination benefits
108
--
3,5843,3826,368
15.2. 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.
NZX directors fees for the six month period to 30 June 2025 were $369,500 (30 June 2024: $260,000, 31 December 2024:
$629,500). Directors fees have been included in other expenses.
In addition fees paid to independent directors of Group subsidiary boards were $241,841 (30 June 2024: $174,496,
31 December 2024: $389,500).
Two directors on the GDT board are representatives of NZX Limited and no directors' fees are paid by GDT to
those directors.
15.3. 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 6).
Transaction values for the periodBalance outstanding as at balance date
Unaudited
6 months
ended
30 June 2025
$000
Unaudited
6 months
ended
30 June 2024
$000
Audited
12 months
ended
31 December
2024
$000
Unaudited
30 June 2025
$000
Unaudited
30 June 2024
$000
Audited
31 December
2024
$000
Services to/amounts owed from
Managed Funds
24,52221,02044,1215,7234,5585,570
Services from/amounts owed to
Managed Funds
---(1,809)(1,741)(1,890)
15.4. 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.
15.5. 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.
42

NZX Interim Report 2025
16. Contingent liabilities
In New Zealand there has been increased regulatory focus on market participant compliance for entities such as the
Group. Accordingly, there has been an increase in the number of matters on which the Group engages with its regulators
including matters such as financial market conduct, reporting and disclosure obligations, tax treatments, and product
disclosure documentation. In the normal course of business the Group may be subject to actual or possible claims and
court proceedings. Where relevant, expert legal advice has been obtained and, in light of such advice, provisions and/or
disclosures as deemed appropriate are made.
There were no contingent liabilities as at 30 June 2025 (30 June 2024: none; 31 December 2024: none).
17. Subsequent events
17.1 Dividend
Subsequent to balance date the board declared an interim 2025 dividend (fully imputed) of 3.0 cents per share, to be paid
on 2 October 2025 (with a record date of 18 September 2025).
17.2 SuperLife UK Pension Transfer Scheme sale
NZX’s wholly owned subsidiary Smartshares Limited (Smart) entered into a conditional agreement for the sale of
management rights relating to the SuperLife UK Pension Transfer Scheme prior to balance date. The agreement became
unconditional on 4 August 2025, with completion expected on 31 October 2025.
The SuperLife UK Pension Transfer Scheme is not material in the context of Smart's overall business, and the transaction is
not expected to have a material impact on Smart's ongoing profitability. The financial impact of the transaction, including any
gain or loss on disposal, will be assessed post completion.
43
Financial Statements

Independent
Review Report
44

45

46

NZX Interim Report 2025
Corporate Directory
Board of Directors
John McMahon (Chair)
Dame Paula Rebstock
Lindsay Wright
Frank Aldridge
Elaine Campbell
Peter Jessup
Rachel Walsh

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
PricewaterhouseCoopers
PwC Centre, 10 Waterloo Quay
Wellington
+64 4 462 7000
Share Register
A division of MUFG Pension and
Market Services
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
PO Box 91976, Auckland 1142
Investor enquiries: +64 9 375 5998
Website: 
nz.investorcentre.mpms.mufg.com/
Email:
enquiries.nz@cm.mpms.mufg.com
47
Corporate Directory

---

Results announcement
22 August 2025




Results for announcement to the market
Name of issuer NZX Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$61,741 6.0%
Total Revenue $61,741 6.0%
Net profit/(loss) from
continuing operations
$8,338 (46.4%)
Total net profit/(loss) $8,338 (46.4%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 18 September 2025
Dividend Payment Date 2 October 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.1207) ($0.1273)
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

22 August 2025

Unaudited financial statements accompany this announcement.
Comparables have been restated for an accounting adjustment. Refer to Note 5 in the Interim Financial Statements.

---

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
Record date Close of trading on: 18/09/2025
Ex-Date (one business day before the
Record Date)
17/09/2025
Payment date 02/10/2025
Total monies associated with the
distribution
1

$9,856,063 (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)
N/A
Start date and end date for
determining market price for DRP
Close of trading on:
N/A
Close of trading on:
N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
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 +64 29 494 2223
Contact email address
graham.law@nzx.com
Date of release through MAP

22/08/2025

---

1
22 August 2025
NZX INTERIM 2025 RESULTS
INVESTOR PRESENTATION

2
Contents
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 2025 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 material adverse macro-economic and/or market condition impacts on our
assumed market outcomes, significant one-off expenses, major accounting adjustments, other
unforeseeable circumstances, or future acquisitions or divestments.
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.
Page 2
Executive Summary Page 3

Business Unit Highlights Page 7
Financial Performance Page 14
Financial Position & Cashflows Page 20
Final Dividends & 2025 Earnings Guidance Page 24
Appendix Page 26
1.Segmental Analysis and non-operating expenses
2.People
3.NZX Group Structure
4.Operating Revenue Definitions
NZX Half Year 2025 Results

3
Executive Summary

4
HY25 Results – Financial Highlights
NZX continues to navigate through the economic cycle. Demonstrating resilience through diversity of product offering – as a
market operator, fund manager and fund administration platform provider
NZX Half Year 2025 Results
Notes:
1Data is for the 6-month period ended 30 June 2025. Percentage changes represent the movement for the interim period June 2024 to June 2025.
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, impairment loss on goodwill 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.
3Accounting adjustments in 2024 relate to the write-back of earn out provisions on the acquisition of QuayStreet (H12-24 and H2-24), offset by a partial write down in the value of the energy contracts with the Electricity Authority (H2-24 only).
42024 restated – refer to the Interim Financial Statements Note 5.
Operating Earnings
2

excluding integration & restructure costs
$25.1 million
7.5% increase
Operating Margin
excluding integration & restructure costs
40.6%
1.4% increase
Net Profit After Tax
(NPAT)
$8.3 million
46.4% decrease
NPAT excluding accounting adjustments
3
$8.3 million (0.9% increase)
Operating Earnings
2

including integration & restructure costs
$24.1 million
5.4% increase
Interim Dividend
(fully imputed)
3.0 cps
Earnings Per Share
(Basic EPS)
2.6 cps
46.5% decrease
EPS excluding H1-24 accounting adjustments
3
0.6 % increase

5
NZX Half Year 2025 Results
HY25 Results – Progress on 2025 strategic priorities
A strong first quarter was met with a weaker second quarter due to increased market uncertainty and economic volatility caused
by mounting geopolitical tension and conflict.
2025 Targets2025 Actual YTD2025 Progress
Markets
• Capital listed and raised$16.0 billion$11.9 billion
(excluding FCG $4.8 billion)
Impacted by market
geopolitical environment
• Total value traded / cleared$41.5 billion$21.8 billionRecovering from
low levels
•Dairy derivatives lots traded0.78 - 0.93 million lots0.39 million lotsSolid growth continues
•Information Services
revenue growth (excluding
one off revenue)
Revenue growth: 2.0%7.7% growth
(excl. one off revenues)
Solid growth
Smart
• Funds under management
FUM growth:
10.8%
3.8% growth
(net cashflows +3.0%
and market return +0.8%)
Impacted by H1-25
market movements
Wealth Technologies
• Funds under administration
Migrate new clients onto
the platform and drive
cashflow positivity
ARR: 10.5% growth
FUA: 8.6% growth
(net cashflows +8.2%
and market return +0.4%)
Impacted by H1-25
market movements
Notes:
1The 2025 Targets are detailed in the Investor Presentation from February 2025.
2Data is “for the period ended 30 June 2025,” or “as at 30 June 2025” (as applicable).
3Percentage changes represent the movement for the year 2024 to 2025, except Funds Under Management and Funds Under Administration which are the movement in balances as at 31 December 2024 to 30 June 2025.
Strategic Delivery
Group
•Operating margin – improvement
•NPAT (underlying) – small growth
•Cashflow – impacted by seasonality and working capital movements
Capital Markets
•Government engagement – improving Capital Markets settings
•NZX20 Futures – progressing delivery
Smart
•Rebrand – still to be rolled out across all products
•QuayStreet distribution – unlocking in Q3-25
•New Exchange Traded Funds (4) – growing FUM
•Maturing operations – leveraging Wealth Technologies and unlocking
QuayStreet distribution channels
Wealth Technologies
•Migrations – successful and growing ARR
•Client wins – feeding future ARR

6
NZX’s Strategy
We operate under a strategic framework with interconnected businesses driving scale and
operating leverage for shareholders and helping New Zealand grow
STRATEGY
VISION
C A P I T A L
M A R K E T S
S M A R T
N Z X W E A L T H
T E C H N O L O G I E S
I n t e r c o n n e c t i v i t yI n t e r c o n n e c t i v i t y
S t a b l e / s e c u r e p l a t f o r m – w e l l m a n a g e d r i s k ; h e a l t h y c u l t u r e
Gro w in g, Co n n ec t in g, Crea t in g V a lu e
“A trusted New Zealand business, delivering sustainable wealth, value & opportunities for all”
Scale
Listed securities, trading,
clearing and settlement
volumes
Client Requirements/
Product Expansion
S&P/NZX20 Index Futures
Client Requirements/
Product Expansion
Enhanced product range
Scale
Funds Under Management
Scale
Annual Recurring Revenue
Funds Under Administration
Client Requirements/
Product Expansion
Platform functionality
Operational leverageOperational leverage
P l a n e t | P e o p l e | P r i n c i p l e s o f G o v e r n a n c e | P r o s p e r i t y
OPERATING
RESPONSIBLY
STRATEGIC
THEMES
VALUES
Operational leverage
•Assist NZ to grow and improve its
productivity
•Three connected and complimentary
businesses
•Capital Markets– round out our product
offering, buildscale in clearing and
settlement and capitalise on the operating
leverage
•Smart – continue the organic growth, invest
in our brand, product, client service
automation and operating platform
•NZXWT – continue to migrate client demand
and capitalise on the competitive position
•Leverage the NZXWT capabilities for Smart
•Operate a well-managed, scalable, secure
operations and technology environment
•enhance our global connections and market
reach
7
NZX Half Year 2025 Results

7
Business Unit Highlights

8
Capital Markets Origination – Capital Listed and Raised
NZX Half Year 2025 Results
Capital listed (excluding FCG’s transfer to the NZX Main Board) decreased reflecting the ongoing difficult macroeconomic
impact on equity markets, balanced against the diversity of offerings NZX provides to companies to manage their capital
requirements
Market Activity
Capital Listed / Raised (new and secondary capital raisings) $11.9 Billion
•Movement from H1-2024 / 5 year rolling average (2020-24) +87.8% / +55.0%
New capital listed includes Fonterra Co-operative Group’s (FCG) transfer to the NZX Main Board (Equity
capital listed $7.08 billion)
Excluding FCG Capital Listed / Raised (new and secondary capital raisings) $4.8 Billion
•Movement from H1-2024 / 5 year rolling average (2020-24) -23.9% / -37.2%
Market Development
Government engagement – improving settings and opportunities
NZX continues to engage with the Government to assist in the delivery of regulatory reform:
•prospective financial information became optional from 12 June 2025
•other changes on government agenda include:
•public disclosure statements;
•director liability settings; and
•climate-related disclosures (CRD)
NZX is also pushing for a broader package of tax reform to encourage listings
NZX continues to proactively working with the broader market ecosystem to reinvigorate New Zealand’s
capital markets
Capital Markets Origination team’s primary focus remains on domestic opportunities, while we are also
strengthening relationships across the Australian market, with the objective of supporting future dual listing
activity.

9
Secondary Markets – Value Traded / Cleared
Value traded / cleared was not spared from the global volatility seen following “Liberation Day”, which reduced value
traded /cleared back from Q1-25: $11.3 billion to Q2-25: $10.5 billion
NZX Half Year 2025 Results
Market Activity
Value Traded / Cleared $21.8 billion
•Movement from H1-2024 / 5 year rolling average (2020-24) +31.4% / (1.4)%
•Depository:
•Assets under custody $7.7 billion (7.4)%
•Depository OTC trades 58.4k +10.2%
Market Development
S&P/NZX20 Index Futures – work is progressing well on the relaunch:
•Internal readiness was completed at end of Q1-25;
•participant testing scheduled for Q4-25 to ensure all parties are operationally ready; after which
•The go live date is to be scheduled
A liquid equity derivatives market will help drive growth in the broader capital markets through additional
cash market trading, post trade activity, enhanced distribution (i.e. more Participants),and data revenues.
NZX Dark– accounted for 3.4% of all traded value in NZX Dark’s first year of operation
Self match Prevention - compliance control enhancements were delivered in Q2-25
Depository Automation –
•phase one completed in January 2025 creating greater payment capacity for corporate actions
•Phase two (further corporate action capacity development and automation) requirements are under
development

10
Information Services Revenue
Higher professional terminal and licences numbers, as well as indices revenue has driven underlying growth in Information
Services revenues, which has been offset by no audit or back dated revenue in the current period
NZX Half Year 2025 Results
Note: Information Services Revenue graph includes Audit and Backdated Licenses / Indices revenue
Market Activity
Information Services revenue (including audit / backdated revenue) $10.0 million (H1-24: $10.2m)
•Movement from H1-24 -2.4%
Information Services revenue (excluding audit / backdated revenue) $10.0 million (H1-24: $9.3m)
•Movement from 2024 +7.7%
Audit / backdated revenue (H1-25: $nil; H1-24: $960k) is dependent on the timing of audit completions
Market Development
Data vendors – onboard a new real time market data vendor bringing trading opportunities to new retail
investor segment
Products – new tick data product development work completed with successful onboarding of new vendor
Connectivity –local connectivity upgrade to ensure more resilient services to local market participants near
completion.

11
Dairy Derivatives and GlobalDairyTrade
Dairy Derivatives lots traded continue to see growth from the Singapore Exchange strategic partnership
GlobalDairyTrade completed the platform insourcing strategic initiative in H1-25, with the benefits being realised from H2-25
NZX Half Year 2025 Results
Market Activity
Dairy Derivatives Lots traded 386k
•Movement from H1-2024 / 5 year rolling average (2020-24) +19.9% / +71.2%
Dairy Derivatives
Singapore Exchange (SGX) strategic partnership continues to extend market distribution and access:
•Multiple Market Makers and Liquidity Provision scheme providers now active from Q2-25, which is
expected to assist ongoing growth in trading volumes
•H1-25 had two monthly records:
•Traded lots – March 2025: 94k lots; and
•Open interest – 17 June 2025: 199k lots, indicating continued future growth across the
product suite
GlobalDairyTrade Holdings Limited (GDT)
GDT’s volume (MT) and underlying profitability remains comparable to previous periods
Strategic initiatives – are progressing:
•Auction platform upgrade –as previously highlighted, the upgrade (OPEX) to the auction platform was
completed in H1-25 and impacted GDT’s profitability in the current period. The benefits are expected
to be realised as the post upgrade support diminishes through H2-25; and
•European and US sales presences are in place and are expected to mature over the coming years

12
Smart – Funds Under Management (FUM)
Smart continues to drive growth and the future organic growth opportunities remain strong. We continue to mature the
operational environment to improve operating leverage
NZX Half Year 2025 Results
Funds Under Management (FUM)
Funds Under Management at $14.0 billion, up $0.5 billion / 3.8% from December 2024 due to:
•Cashflows +$0.4 billion / +3.0%; and
•Market returns +$0.1 billion / +0.8%
Macro drivers will continue to drive FUM growth i.e. KiwiSaver future growth profile (increasing
member numbers and increasing contribution rate), leading to growth in non-KiwiSaver investments
and self-directed investing platforms, as well as an increasing NZ ETF penetration rate which remains
low compared to US/Europe
Strategic Activities
Smart –ETF rebrand has been embedded and the new brand will be rolled out into the remaining
products over the coming year
QuayStreet (Smart’s active investment manager) won two awards:
•INFINZ Diversified Growth Fund Manager of the Year; and
•Morningstar®Award for Fund Manager of the Year – KiwiSaver, for the second year running
The next stage of QuayStreet’s operating model integration is expected to complete in Q3-25 and will
enable a wider distribution of QuayStreet funds
Maturing of Smart’s operations is proceeding and includes a fund structure rationalisation and client
portal / registry replacements, which are expected to occur over the next couple of years

13
Wealth Technologies – Annual Recurring Revenue (ARR) and
Funds Under Admin (FUA)
Client transitions, successful pipeline conversions, and the positive outlook continues
NZX Half Year 2025 Results
Client Activity
Annual Recurring Revenue (ARR) – External Clients
Funds Under Administration (FUA)
Funds Under Administration at $17.6 billion, up $1.4 billion / 8.6% from December 2024 due to:
•Cashflows – new client migrations +$1.31 billion / +8.1%;
•Cashflows – existing clients +$0.02 billion / +0.1%;
•Market return +$0.07 billion / +0.4%
Cashflow
•Cashflow positive on external client activities
•Some NZXWT resources continue to be used to enhance Smart operations (i.e. client portal, registry)
External ClientsH1-20252024
Clients on the NZXWT platform at start of period3221
New clients migrated during the period311
Clients on the NZXWT platform at period end3532
New clients won in the period412
Clients (new and existing) migrating FUA onto platform 79
Annual Recurring Revenue (external clients)$’mYoYYTD
ARR on FUA at 30 June 202511.9+32.9%+10.5%
ARR on FUA with near term migration dates0.6
ARR on FUA with migration dates TBC1.4
TOTAL ARR on contracted external clients once fully migrated13.9

14
Financial Performance

15
Income Statement
NZX Half Year 2025 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 (July 2025) EBITDA Margins (median) information for Regional/Country Based Exchanges is estimated at 2025:
54%.
32024 restated – refer to the Interim Financial Statements Note 5.
Operating Earnings
Operating earnings (including one-off integration and restructure costs) of $24.1 million was up
5.4% on H1-24 and 1.5% on H2-24
Operating earnings (excluding one-off integration and restructure costs) of $25.1 million was up
7.5% on H1-24 and 1.9% on H2-24
Operating Earnings by business unit – refer to Appendix 1 for detailed segmental analysis
Net Profit
Net Profit of $8.3m million is down 46.4% on H1-24 and 12.1% on H2-24
Net Profit, excluding the non-cash accounting adjustments was $8.3 million which is up 0.9% on H1-
24 and down 13.2% on H2-24
Operating Margin
The operating margin at 40.6%, excluding integration & restructure costs (H1-24: 40.0% and H2-24:
39.7%), is lower than our peers
2
due to the diverse nature of NZX (i.e. energy markets and non-
markets businesses) relative to peers
Change in Accounting Policy
The 2024 financial information has been restated for a change in accounting policy (refer to the
Interim Financial Statements Note 5)
Initial and subsequent listing fees are now recognised evenly over five and three years respectively.
Previously initial and subsequent listing fees were recognised when the listing or subsequent capital
raising event had taken place
The impact on the 2024 operating earnings is H1-24: +$0.4m and H2-24: $(1.0)m
H1-2024
3
$000
H2-2024
3
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Operating Revenue58,270 61,852 61,741 6.0%(0.2%)
Operating Expenses (excl. int/restructure costs)(34,958)(37,271)(36,690)(5.0%)1.6%
Operating earnings
1
(excl. int/restructure costs)23,312 24,581 25,051 7.5%1.9%
Integration & restructure costs(480)(864)(987)(105.6%)(14.2%)
Operating earnings
1
22,832 23,717 24,064 5.4%1.5%
Net finance expenses(1,833)(1,712)(1,784)2.7%(4.2%)
Gain / (loss) on disposal of assets / lease modification- 4 (153) n/an/a
Depreciation and amortisation expenses(8,867)(9,104)(9,468)(6.8%)(4.0%)
Share of profit / (loss) of associate(183)748 (1,033)(464.5%)(238.1%)
Change in fair value of contingent consideration7,2883,574-n/an/a
Impairment loss on goodwill-(3,700)-n/an/a
Income tax expense(3,687)(4,044)(3,288)10.8%18.7%
Profit for the period15,550 9,483 8,338 (46.4%)(12.1%)
Operating Margin (excl. int/restructure costs)40.0%39.7%40.6%

16
Income Statement – Operating Revenue (vs H1-24: +$3.5m / +6.0%)
Increased revenue driven by strong growth in both Smart FUM and Wealth Technologies FUA, offset by the expected decrease in
Markets revenues due to the Fonterra contract ceasing (on their move to the Main Board)
NZX Half Year 2025 Results
Markets
Markets operating revenue decreased $0.7 million / 2.3% on H1-24
•Capital Markets Origination revenue – decreased (0.9)% from H1-24, reflecting lower annual
listing fees (driven by Market Capitalisation at 31 May 2024), partially offset by higher primary
listings and secondary equity issuances fee recognition;
•Secondary Markets revenue – decreased (3.0)% from H1-24, as expected, due to the Fonterra
contract ceasing on their move to the Main Board, and the Electricity Authority 3-year extension
pricing (from 1 July 2024). The remaining Secondary Markets revenue increased due to higher
levels of trading / clearing value (net of uncharged value traded), depository activity, dairy
derivatives lots traded, and consulting and development activity
•Information Services revenue – decreased (2.4)% from H1-24 as there was no one off Audit and
back dated revenue (H1-24: $960k). Information Services revenue (excluding Audit and back
dated revenue) increased 7.7% on H1-24 due to increased license numbers, higher indices
revenue, and some price increases
Smart
Smart revenue increased $3.0 million / 13.9% on H1-24
Funds Under Management (FUM) based revenue increased in line with higher average FUM, which is
a combination of i) net positive market returns (noting the monthly profile over H1-25), and ii)
positive net cashflows
Wealth Technologies
Wealth Technologies revenue increased $1.3m / 32.2% on H1-24
Administration (FUA) based fees increased in line with average FUA, which is a combination of i)
positive cashflows (including from new clients), ii) net positive market returns (noting the monthly
profile over H1-25), and iii) a full period impact from the new clients FUA migrated during 2024 onto
the platform; partially offset by the deferral of revenue from a partially migrated client (accounting
recognition requirement)

17
Income Statement – Operating Expenses (YoY: +$1.7m / +5.0%)
Continued focus on cost control across NZX, with costs lower than H2-24 by $0.5m / 1.6%
NZX Half Year 2025 Results
Operating expenses exclude acquisition, integration and restructuring costs
Markets
Markets operating expenses increased $0.3 million / 3.3% on H1-24:
•Personnel costs – reduced $0.4m / 7.6% on H1-24, driven by lower average number of FTEs due to
restructures in H2-24 offset by slightly lower levels of capitalisation;
•Information Technology costs – increased $0.4m / 13.5% due to trading and clearing systems
inflation (NZ and Indian) related price increases, connectivity upgrades and infrastructure running
costs; and
•Professional Fees – increased $0.02m / 4.3% reflecting the Clearing House’s risk review occurring
in H1-25;
•Marketing costs – increased $0.1m / 121% reflecting a greater level of marketing for primary
listings and secondary issuances, and for dairy derivative market
Smart
Smart operating expenses increased $0.4 million / 3.6% on H1-24:
•Personnel costs – increased $0.3m / 3.6%
•headcount – the average BAU headcount has increased, with additional project resources for
maturing operations
•capitalised labour and overhead on internal systems has ceased; with the focus being on
maturing Smart operations by using external systems
•Information Technology costs– increased $0.3m / 24.9% due to additional Bloomberg
functionality obtained in mid 2024 and inflation / FX impacts
•Marketing costs– decreased $0.2m / 76.5%; in 2024 Smart incurred rebranding costs and there
has been limited advertising in H1-25 (though these are expected to occur in H2-25)
Wealth Technologies
Wealth Technologies operating expenses increased $0.4 million / 14.0% on H1-24:
•Personnel costs –
•gross personal costs increased $0.3m / 4.7% driven by wage inflation and higher average FTEs
including contractors to accelerate the migration velocity of additional FUA
•capitalisation (of personnel and overhead costs) decreased $0.1m / 1.4%; as the business
grows the portion of gross salaries capitalised is expected to decrease
•Other costs increases relate to new clients migrated onto the platform, particularly for non
recoverable GST, platform transaction fees which increase as the business grows
Corporate
Corporate operating expenses increased $0.5million / 5.1% on H1-24:
•Personnel costs – increased $0.7 million / 12.1%, driven by wage inflation, H1-24 being reduced
due to the release of bonus accruals, and slightly lower levels of capitalisation
•Professional Fees – increased $0.2m / 68.5% reflecting higher levels of legal advice, financial and
other consulting
•Other costs decreases $0.5m / 25.3% being the net of cost increases (e.g. insurance and directors
fees) being more than offset by one off non-recoverable GST savings

18
Income Statement – Operating Earnings Segmental Analysis
NZX Half Year 2025 Results
H1-2025
$000
Capital
Markets
Origination
Secondary
Markets
Information
Services
Markets
Sub-total
Funds
Management
(Smart)
Wealth
Technologies
Corporate
Services
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue8,19311,8259,97129,98924,2415,574 5559,8591,882
61,741
Operating expenses(10,147)(10,546)(3,075)(10,817)(34,585)(2,105)
(36,690)
Operating earnings
2
(excl. int / restructure costs)19,842 13,695 2,499 (10,762)25,274 (223)
25,051
Notes:
1
Refer to Appendix 1 for segments definitions and detailed analysis
2
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.
3
2024 restated – refer to the Interim Financial Statements Note 5.
H2-2024
3
$000
Capital
Markets
Origination
Secondary
Markets
Information
Services
Markets
Sub-total
Funds
Management
(Smart)
Wealth
Technologies
Corporate
Services
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue8,11313,7979,696 31,60622,7195,513 3959,8771,975
61,852
Operating expenses(10,248)(11,352)(2,446)(11,256)(35,302)(1,969)
(37,271)
Operating earnings
2
(excl. int / restructure costs)21,35811,367 3,067(11,217)24,575 6
24,581
H1-2024
3
$000
Capital
Markets
Origination
Secondary
Markets
Information
Services
Markets
Sub-total
Funds
Management
(Smart)
Wealth
Technologies
Corporate
Services
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
NZX Group
Total
Operating revenue8,27112,19610,216 30,68321,2874,216 6356,2492,021
58,270
Operating expenses(9,818)(10,178)(2,698)(10,294)(32,988)(1,970)
(34,958)
Operating earnings
2
(excl. int / restructure costs)20,86511,109 1,518(10,231)23,261 51
23,212

19
Income Statement – Non Operating Expenses
Amortisation will continue to grow in line with Wealth Technologies new client migration / CAPEX profile; resulting in future
cashflows initially rising faster than future NPAT increases (due to the Wealth Technologies’ ‘amortisation bubble’ - refer to FY24
Investor Presentation slide 37)
NZX Half Year 2025 Results
Integration & restructure costs
Integration and restructure costs relate to:
•Smart:
•integration of QuayStreet Asset Management; and
•activities to mature the Smart operations
•Capital Markets / Corporate Services teams restructured
Non-Operating Expenses
Net finance costs include:
•Interest income on cash and risk / regulatory capital – negatively impacted by lower average
interest rates
•Interest expenses relate to the subordinated notes (interest rate fixed at 6.8% until the next
election date on 20 June 2028) and the acquisition facility (interest rates variable – positively
impacted by lower average interest rates)
Depreciation and amortisation increased due mainly to the impact of:
•NZX WT – increased amortisation relating to new client migrations. Intangible asset amortisation
will continue to increase with the continued product development and client migration activity
levels. Specifically, the amortisation profile lags the CAPEX profile by a few years (‘amortisation
bubble’); refer to the FY24 Investor Presentation (Slide 37) for an explanation of the Wealth
Technologies amortisation bubble
Non-Operating Expenses (continued)
Share of profit/loss of associate relates to our investment in GlobalDairyTrade (GDT).
GDT’s growth initiatives are progressing:
•Auction platform upgrade –as previously highlighted, the upgrade (OPEX) to the auction
platform was completed in H1-25 and impacted GDT’s profitability in the current period; and
•European and US sales presences are in place and are expected to mature over the coming years
GDT’s underlying profitability remains comparable to previous periods. We expect our share of the
associate profit/loss to revert to historic levels when the post upgrade support deminishes through
H2-25
Accounting Adjustments (2024: Net $7.2m):
•Change in fair value of contingent consideration (FY2024: $10.9m) relates to a decrease in the
fair value of the QuayStreet earnout provision to recognise that the reassessment of the
probability of achieving the net FUM inflow target by November 2025 has reduced; and
•Impairment loss on Goodwill (FY2024: $3.7m) relates to the partial write down of the energy
contracts intangible asset to recognise the current year renewal pricing terms, the reduced
number of energy contracts during the current term, and the expected terms of a successful
retendering in 2027.
Effective tax rate is comparable to the statutory rate (28%), difference can arise from a combination
of:
•non-taxable items (including for the accounting adjustments (2024), share of profit/loss of
associate and amortisation of management rights);
•differences in valuation method (accounting v taxation); and
•R&D Tax credits

20
Financial Position and
Cashflows

21
Balance Sheet as at 30 June 2025
June 2024
1
$000
Dec 2024
1
$000
June 2025
$000
Current assets
Cash and cash equivalents32,46948,82534,172
Receivables and prepayments32,79819,07436,618
Funds held on behalf of third parties23,15027,61627,166
Total current assets
88,41795,51597,956
Non-current assets
Right-of-use lease assets16,49415,66114,841
Investment in associate17,64718,34317,343
Other non-current assets158,756152,915149,408
Total non-current assets
192,897186,919181,592
Current liabilities
Trade payables9,418 9,15211,096
Other current liabilities32,11131,19128,723
Lease liabilities1,304 1,2431,313
Funds held on behalf of third parties23,15027,61627,166
Interest bearing liabilities22,500--
Total current liabilities
88,48369,20268,298
Non-current liabilities
Interest bearing liabilities38,84761,44361,542
Lease liabilities19,124 18,50817,757
Other non-current liabilities16,634 13,59613,661
Total non-current liabilities
74,605 93,54792,960
Net assets
118,226 119,685118,290
NZX Half Year 2025 Results
Cash and cash equivalentsIncludes:
•Clearing House risk capital ($20 million) which is not available for general use;
•Clearing House complies with Financial Market Infrastructure Act and International
Organisation of Securities Commissions’ principles requiring retention of sufficient
working capital (including cash of approximately $3.0 million); and
•Smart maintains sufficient net tangible assets in accordance with its licence requirements
(including cash of approximately $1.7 million)
Funds held on behalf of
third parties (assets and
liabilities) offset
•Relates to issuer bond deposits, participants’ collateral deposits and deposited funds
(including those 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
Other non-current assets•Consists of property, plant & equipment, intangible assets and goodwill and current tax
asset
Investment in Associate•Investment in GlobalDairyTrade Limited (GDT)
Other current liabilities •Includes the current portion of income in advance relating to annual listing (billed on 30
June each year), data subscriptions, and primary listing fees / secondary issuance fees
(relating to the accounting policy change referred to in the Interim Financial Statements
Note 5)
•As well as, employee benefits payable, tax payables, and
•The earnout on the acquisition of QuayStreet was paid in January 2025
Interest bearing liabilitiesRelate to:
•Subordinated notes ($39.0 million) – interest rate 6.8% until the next election date (20
June 2028); and
•Term loan ($22.5 million) – funding the QuayStreet acquisition
Other non-current
liabilities
Includes deferred tax liabilities and non-current income in advance (relating to the primary
listing fees and secondary issuance fees). Also included in June 2024 was the non-current
portion of the earnout on the acquisition of QuayStreet
1
2024 restated – refer to the Interim Financial Statements Note 5.

22
CAPEX
CAPEX mainly relates to Wealth Technologies’ new client migration activity; which will remain high whilst there is continuing
new client migration activity and Wealth Technologies enhances the Smart operating systems (i.e. client portal and registry).
Markets systems are technically current following a full-stack refresh earlier this year, with targeted enhancements continuing to
be delivered to support business initiatives
NZX Half Year 2025 Results
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
2025 CAPEX mainly relates to system enhancements for S&P / NZX20 Index Futures
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
PP&E CAPEX has reverted to normal levels post the 2021, 2022 and 2024 CAPEX relating to the fit out
of the NZX Capital Markets’ Centre in Auckland, Auckland ticker and the refit of the Wellington office
•Other software CAPEX relates to technology upgrades and enhancements of the NZX technology
architecture which strengthens NZX’s cyber security, with minimal being required in the current period
Wealth Technologies CAPEX
•Wealth Technologies CAPEX relates primarily to new client migration activity, with some ongoing
product development. We have to date retained the additional contractor headcount added in 2024
to migrate Smart onto the platform
We expect capitalisation levels to remain high whilst there is new client migration activity and Wealth
Technologies enhances the Smart operating systems (i.e. client portal and registry)
Smart CAPEX
•Smart CAPEX relates to system enhancements
We continue the system enhancements / replacements ( e.g. client portal and registry) and additional
digital tools to mature Smart’s operations and finalise the QuayStreet integration. Note the costs of
replacing systems with SaaS products is treated as one off OPEX rather than CAPEX

23
Cashflows
Cashflows are seasonal with annual listing and participant fees collected in Q3 each year
H1-2024
$000
H2-2024
$000
H1-2025
$000
Operating activities
- Operating activities cashflow18,13918,33719,821
- Working capital movements(12,908)12,319(15,072)
Investing activities
- Payments for PPE & other intangible assets(8,073)(5,350)(5,335)
- Payments for acquisitions (i.e. earnout)--(3,201)
Financing activities
- Dividends paid(8,726)(8,290)(10,185)
- Other financing activities(633)(660)(681)
Net (decrease)/increase in cash and cash equivalents(12,201)16,356(14,653)
NZX Half Year 2025 Results
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)
NZX’s cashflows from operations mainly occur in the second half of the year when annual listing and participant fees
are collected.
The overall cashflows from operations decreased on H1-24 reflecting higher operating activities cashflow being more
than offset by adverse working capital movements (higher levels of provisional tax and employee benefits paid)
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
•In 2024 the completion of the Wellington office refit and the replacement of the Auckland ticker
•Payments for acquisitions – relates to the acquisition of QuayStreet earn out payment
Financing Activities
Financing activities includes:
•Payments of lease liabilities; and
•Dividends which are net of participation in the dividend reinvestment plan (suspended for the FY24 final dividend
which was paid in H1-25)

24
Interim Dividend and
2025 Earnings Guidance

25
Interim Dividend 2025 Earnings Guidance
Interim Dividend
•The Board has declared a fully imputed dividend of 3.0 cents per share
•Dividend to be paid on 2 October 2025 to shareholders registered as at the record date of 18
September 2025
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 (DRP)
•The DRP is not available for the interim dividend
•All shareholders who elected to participate in the DRP will receive a cash dividend
2025 Earnings Guidance
NZX’s full year 2025 Operating Earnings (EBITDA)
1
, excluding integration and restructure costs, are
expected to be in the range of $49.0 million to $54.0 million.
The half-year financial result indicates NZX is tracking towards the middle of the 2025 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 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
The Earnings Guidance excludes the expected impact of the GDT investment as this is recognised
as “share of profit 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 2025 Results

26
Appendices

27
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 (2024), 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 (Smart Limited) – comprises the SuperLife superannuation and KiwiSaver products, Smart 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.
7
2024 restated – refer to the Interim Financial Statements Note 5.
6 months ended June 2025 (H1-25)
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
(Smart)
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
8,19311,8259,97129,98924,2415,574 5559,8591,882
61,741
Operating expenses (excl integration/restructure costs)
(10,147)(10,546)(3,075)(10,817)(34,585)(2,105)
(36,690)
Operating earnings (excl integration/restructure costs)
6
19,84213,6952,499(10,762)25,274(223)
25,051
Integration/restructure costs
-(862)-(125)(987)-
(987)
Operating earnings
6
19,84212,833 2,499(10,887)24,287 (223)
24,064
Depreciation, amortisation & gain / loss on disposal
(1,231)(2,313)(4,123)(1,954)(9,621)-
(9,621)
Earnings before Interest, tax, share of profit/loss of associate, Accounting adjusts
18,61110,520(1,624)(12,841)14,666 (223)
14,443
6 months ended December 2024 (H2-24)
7
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
(Smart)
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
8,11313,7979,696 31,60622,7195,513 3959,8771,975
61,852
Operating expenses (excl integration/restructure costs)
(10,248)(11,352)(2,446)(11,256)(35,302)(1,969)
(37,271)
Operating earnings (excl integration/restructure costs)
6
21,35811,3673,067(11,217)24,5756
24,581
Integration/restructure costs
(424) (309)-(131) (864)-
(864)
Operating earnings
6
20,934 11,058 3,067(11,348)23,711 6
23,717
Depreciation, amortisation & gain / loss on disposal
(4,695)(2,352)(3,768)(1,994)(12,809)-
(12,809)
Earnings before Interest, tax, share of profit/loss of associate, Accounting adjusts
16,2398,706(701)(13,342)10,902 6
10,908
6 months ended June 2024 (H1-24)
7
$000
Capital Markets
Origination
Secondary
Markets
Information
services
Markets
1
Sub-total
Funds
Management
(Smart)
2
Wealth
Technologies
3
Corporate
Services
4
NZX Commercial
Operations
Sub-total
Regulation
(NZ RegCo)
5
NZX Group
Total
Operating revenue
8,27112,196 10,216 30,683 21,287 4,216 63 56,249 2,021
58,270
Operating expenses (excl integration/restructure costs)
(9,818)(10,178)(2,698)(10,294)(32,988)(1,970)
(34,958)
Operating earnings (excl integration/restructure costs)
6
20,86511,109 1,518 (10,231)23,261 51
23,312
Acq/integration/restructure costs
(49)(431)-- (480)-
(480)
Operating earnings
6
20,816 10,678 1,518(10,231)22,781 51
22,832
Depreciation, amortisation & gain / loss on disposal
(1,226)(2,363)(3,165)(2,113)(8,867)-
(8,867)
Earnings before Interest, tax, share of profit/loss of associate, Accounting adjusts
19,5908,315(1,647)(12,344)13,914 51
13,965
NZX Half Year 2025 Results

28
Appendix 1: Segment – Markets
Markets is the integrated business that supports the growth of NZ capital markets
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Capital Markets Origination Revenue
Annual Listing Fee (net)5,6045,3165,413(3.4%)1.8%
Primary listing fees7918098487.2%4.8%
Secondary issuance fees1,8761,9881,9323.0%(2.8%)
Secondary Markets Revenue
Participant services revenue (net)262251243(7.3%)(3.2%)
Securities trading revenue1,8262,4532,26123.8%(7.8%)
Securities clearing revenue3,2674,3143,81816.9%(11.5%)
Dairy derivatives revenue1,3991,8531,67219.5%(9.8%)
Consulting and development revenue36847966079.3%37.8%
Contractual revenue5,0744,4473,171(37.5%)(28.7%)
Information Services Revenue
Royalties from terminals4,2014,1714,4295.4%6.2%
Subscriptions and licences2,7632,7042,9647.3%9.6%
Dairy data subscriptions313293311(0.6%)6.1%
Indices58389678134.0%(12.8%)
Audit and back dated revenue960200-(100%)(100%)
Connectivity1,3961,4321,4866.4%3.8%
Total operating revenue30,68331,60629,989(2.3%)(5.1%)
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 (2024), 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
•2024 restated – refer to the Interim Financial Statements Note 5
NZX Half Year 2025 Results
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Operating Expenses
Gross personnel costs
6,2055,8425,6409.1%3.5%
Less capitalised labour
(368)(302)(249)(32.3%)(17.5%)
Personnel costs
5,8375,5405,3917.6%2.7%
Information technology costs3,1723,5043,602(13.5%)(2.8%)
Professional fees
496533517(4.3%)3.0%
Marketing
93294206(121.5%)29.9%
Other expenses
313452493(57.5%)(9.0%)
Capitalised overhead
(93)(75)(62)(32.9%)(17.7%)
Total operating expense excl. restructure costs9,81810,24810,147(3.3%)1.0%
Operating earnings excl. restructure costs20,86521,35819,842(4.9%)(7.1%)
Restructure costs
49424-100%100%
Operating earnings
20,81620,93419,842(4.7%)(5.2%)
Depreciation, amortization & impairment loss1,2264,6951,231(0.4%)73.8%
Earnings Before Interest, Tax and adjustments19,59016,23918,611(5.0%)14.6%
Operating margin excl. restructure costs68.0%67.6%66.2%
FTEs at period end82.276.775.3

29
Appendix 1: Segment – Markets
Operating Revenue
NZX Half Year 2025 Results
Secondary Markets Revenue
Participant services revenue relates to the number of market participants, which is unchanged from June 2024
at 27.
Securities trading and clearing revenues increased due to higher market activity levels:
•value traded being up 31.4%; net of
•higher levels of uncharged value traded (i.e. exceeded fee cap), at 12.0% (H1-24: 7.9%, H2-24: 17.4%); plus
•higher levels of depository revenue from registry transfers and uplifts
Dairy derivatives revenue has been increased in line with the number of lots traded (+19.9%). FX rate
movements and normalisation of the margin fees (in line with global future interest rate curves) have been net
neutral. MKP settlement fees are received in H2 each year (i.e. there is some seasonality)
Contractual revenue is in line with long term contracts to run auctions or markets for the Electricity Authority
and the Ministry for the Environment. Revenue has decreased, as expected, due to i) the Fonterra contract
ceasing on their move to the Main Board, and ii) the Electricity Authority contract 3-year extension (from 1 July
2024) being at the contractually preset lower level
Consulting and development revenue earned through continuing enhancements to the electricity market
systems has been at higher levels than H1-24
Information Services Revenue
Royalties from terminals revenue increase of 5.4% relates to price increases (effective January 2025) offset by
the mix of average terminal numbers being lower for professional terminals and higher for retail terminals
Subscriptions and licenses revenue growth of 7.3% reflects increased (high and low value) license numbers and
license price increases (effective January 2025), and new licence product which provides historical data (i.e. one
off sales), partially offset by decreased direct data subscriptions
Dairy subscription revenue decreased (0.6)% reflecting decreased product subscriptions numbers
Indices revenue is higher (excluding back dated revenue included below) reflecting continued growth in use of
indices by the market and renegotiated revenue share arrangements
Audit and back dated revenue is dependent on the timing of audit completions, there was no revenue in H1-25,
where as H1-24 included significant back dated indices revenue
Connectivity revenue has increased 6.4%, reflecting the connectivity requirements (i.e. standards of
performance and resilience) from both market participants and data vendors, with new clients being onboarded
in late 2024.
Markets Operating Revenue
Markets operating revenue was $30.0 million (decrease of 2.3% on H1-24) driven by:
•Capital Markets Origination revenue – decreased (0.9)% from H1-24, reflecting lower annual listing fees (driven
by Market Capitalisation at 31 May 2024), partially offset by higher primary listings and secondary equity
issuances fee recognition;
•Secondary Markets revenue – decreased (3.0)% from H1-24 as expected due to the Fonterra contract ceasing on
their move to the Main Board, and the Electricity Authority 3-year extension pricing (from 1 July 2024). The
remaining Secondary Markets revenue increased due to higher levels of trading / clearing value (net of
uncharged value traded), depository activity, dairy derivatives lots traded, and consulting and development
activity
•Information Services revenue – decreased (2.4)% from H1-24 as there was no Audit and back dated revenue (H1-
24: $960k). Information Services revenue (excluding Audit and back dated revenue) increased 7.7% on H1-24
due to increased license numbers, higher indices revenue, and some price increases
Capital Markets Origination Revenue
The Annual listing fee year runs from 1 July to 30 June, with the H1-25 fees based on the market capitalisation at 31
May 2024. Annual listing fees are net of an internal allocation to NZ RegCo. Annual listing fees decrease is driven by
the contraction in equity market capitalisation (31 May 2024 v 31 May 2023) partially offset by growth in value of
the NZX Debt Market
Primary listing fees and Secondary issuance fees are accounted for as deferred income and recognised over 5 and 3
years respectively – refer to the Interim Financial Statements Note 5. The movement in the deferred income is:
Primary listing fees recognition is up 7.2% on H1-24 and Secondary issuance fees recognition is up 3.0% on H1-24.
Primary listing billings are driven by lower levels of fee generating equity listings and retail debt listings. Note there
were no billings for Fonterra’s transfer to the Main Board in January 2025
Secondary issuance billings are driven by decreased levels of retail debt issuances
Deferred Income - Primary Listing and Secondary Issuance
H1-2024
$000
H2-2024
$000
H1-2025
$000
Opening Deferred Revenue
9,5219,13210,153
Billings
2,1813,7301,866
Revenue Recognition
(2,570)(2,709)(2,723)
Closing Deferred Revenue
9,13210,1539,296

30
Appendix 1: Segment – Markets
Operating Expenses
NZX Half Year 2025 Results
Professional Fees
Professional fees cost increased by 4.3% 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, impacted by FX rates; and
•annual assurance program – including Clearing House risk capital review, tax advice, energy audit obligations
under Electricity Authority contract (e.g. Energy Clearing Manager, WITS Manager, Reconciliation Manager
and security reviews in the current period)
Marketing Costs
The key marketing focuses are:
•Capital Markets Origination team marketing includes sponsorship of various industry groups to identify
listing pipeline opportunities. There has been a greater level of marketing for primary listings and secondary
issuances in H1-25 (relative to the H1-24, reflecting the macroeconomic environment)
•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, travel, statutory compliance costs and non-recoverable GST costs
Depreciation and Amortisation
Depreciation & amortisation relates primarily to the trading, clearing and energy systems. The energy systems
become fully depreciated by mid 2024 and the upgrades to the depository systems commenced depreciation
from late 2024
Markets Operating Expenses
Markets operating expenses were $10.1 million for H1-25 (increase of 3.3% on H1-24) mainly reflecting:
•Personnel costs – reduced 7.6% on H1-24, driven by lower average number of FTEs due to restructures offset by
slightly lower levels of capitalisation;
•Information Technology costs – increased 13.5% due to trading and clearing systems inflation (NZ and Indian)
related price increases, connectivity upgrades and infrastructure running costs; and
•Professional Fees – increased 4.3% reflecting the Clearing House’s risk review occurring in H1-25;
•Marketing costs – increased 121% reflecting a greater level of direct marketing campaigns for primary listings
and secondary issuances, and for the dairy derivative market.
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 teams in H2-24 has resulted in a reduction in headcount; and
•higher vacancy levels at period end
•capitalised labour relates mainly to S&P/NZX20 Index Futures enhancements
Information Technology Costs
Information technology costs increased by 13.5% and include:
•trading and clearing systems – licensing and hardware / software maintenance costs, which are impacted
negatively by the USD exchange rate and contractual inflation increases (including Indian inflation);
•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 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. As well as improved connectivity services

31
Appendix 1: Segment – Smart
This business is a funds management business which comprises the SuperLife superannuation, QuayStreet funds, KiwiSaver products, and Smart Exchange Traded Funds.
Corporate Services provides accommodation, legal, finance, IT, HR, communication and project management support to Smart. The related costs are currently not
recharged to Smart 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.
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
FUM-based revenue
19,53321,04622,55215.5%7.2%
Member-based revenue
1,2311,2111,3035.8%7.6%
Other revenue
523462386(26.2%)(16.5%)
Total operating revenue
21,28722,71924,24113.9%6.7%
Gross personnel costs
7,5207,5787,686(2.2%)(1.4%)
Less capitalised labour
(104)(84)-(100%)(100%)
Personnel costs
7,4167,4947,686(3.6%)(2.6%)
Information technology costs
1,0821,3471,351(24.9%)(0.3%)
Professional fees
6821,025721(5.7%)29.7%
Marketing
3196687576.5%88.8%
Other expenses
705839713(1.1%)15.0%
Capitalised overhead
(26)(21)-(100%)(100%)
Total operating expense (excl. int/restruct. costs)
10,17811,35210,546(3.6%)7.1%
Operating earnings (excl. int/restruct. costs)
11,10911,36713,69523.3%20.5%
Integration and restructure costs
431309 862(100.0%)(179.0%)
Operating earnings
10,67811,05812,83320.2%16.1%
Depreciation & amortisation and disposal losses
2,3632,3522,3132.1%1.7%
Earnings Before Interest and Tax
8,3158,70610,52026.5%20.8%
Operating margin excl. int/restruct. costs
52.2%50.0%56.5%
FTEs at period end
97.3100.0104.3
NZX Half Year 2025 Results
Operating Revenue
FUM-based revenue – has increased 17.0% after adjusting for one-off FUM-based revenue million relating to prior
financial years (H1:24: $0.3 million). The average FUM has increased (H1-25: $13.50b, H2-24: $12.68b, H1-24: $11.44b)
which is a combination net positive market returns (noting the monthly profile over H1-25), and positive net cashflows
Member-based revenue has increased 5.8%, mainly due to greater levels of insurance admin fees
Other revenue has decreased 26.2% reflecting lower interest income and lower levels of stock lending, as well as H1-24
including one off revenue for a wholesale client product change
Operating Expenses
Personnel costs are driven by wage inflation (particularly for investment specialists), the average number of FTEs and
capitalisation levels:
•headcount – average FTEs is higher, reflecting additional project resources focused on activities to mature the Smart
operations. The number of vacancies at period end remains consistent
•capitalised labour and overhead on internal systems has ceased; with the focus being on maturing Smart operations
by using external systems
Information Technology costs include software license costs for the Bloomberg front and middle office operating system
(adversely impacted by the USD exchange rate). Information technology costs have increased from H1-24 due to
inflation and additional Bloomberg functionality obtained in mid 2024
Professional fees includes directors fees, legal fees, tax advice costs, consultancy costs, research costs and internal audit
fees. Smart’s new funds launched in H2-24 incurred legal and tax advice costs which have not reoccurred in H1-25
Marketing spend relates to advertising, printing and distribution costs, and are usually timed to coincide with marketing
campaigns and new fund launches. Smart rebranding costs were incurred through 2024. H1-25 Marketing costs are net
of an accrual reversal and also reflect savings on distribution costs.
Other expenses include non-recoverable GST (which increases as the business grows), external auditor fees, travel costs,
statutory and compliance costs (FMA levies increase as FUM levels increase) and operational error compensation (which
is lower than 2024 levels)
Integration and restructure costs
In the current year relate to the QuayStreet Asset Management integration and activities to mature the Smart
operations.
Non-operating Expenses
Depreciation & amortisation – has decreased slightly due to i) some system enhancements becoming full amortised; and
ii) no new capitalisation on current systems due to the focus being on maturing the Smart operations

32
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.
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Administration (FUA based) fees
4,0575,155 5,38332.7%4.4%
Development fees / deferred income release
159358 19120.1%(46.6%)
Total operating revenue
4,2165,5135,57432.2%1.1%
Gross personnel costs
5,8475,5996,123(4.7%)(9.4%)
Less capitalised labour
(3,406)(3,547)(3,450)1.3%(2.7%)
Personnel costs
2,4412,0522,673(9.5%)(30.3%)
Information technology costs
5415775125.4%11.3%
Professional fees
110149120(9.1%)19.5%
Marketing
171022(29.4%)(120.0%)
Other expenses
267357326(22.1%)8.7%
Capitalised overhead
(678)(699)(578)(14.7%)(17.3%)
Total operating expenses
2,6982,4463,075(14.0%)(25.7%)
Operating earnings
1,5183,0672,49964.6%(18.5%)
Depreciation & amortisation
3,1653,768 4,123(30.3%)(9.4%)
Earnings before Interest and Tax
(1,647)(701)(1,624)1.4%(131.7%)
Operating margin excl restructure costs
36.0%55.6%44.8%
FTEs at period end
78.075.278.6
NZX Half Year 2025 Results
Operating Revenue
Administration (FUA based) fees
•average FUA has increased (H1-25: $16.89b, H2-24: $15.40b H1-24: $12.89b), which is a combination of i) positive
cashflows (including from new clients), ii) net positive market returns (noting the monthly profile over H1-25), and iii) a
full period impact from the new clients FUA migrated during 2024 onto the platform; partially offset by
•the deferral of revenue from a partially migrated client (accounting recognition requirement)
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 in
2024/25 includes contractors to migrate Smart onto the platform;
•wage inflation – additional to the annual increases are changes to LTI accruals with a new LTI scheme for NZX WT senior
leadership team implemented from 1 January 2025 (replacing the LTI scheme which vested on 31 December 2024); and
•capitalised labour and overhead reflects continued product development and client migration activity. As the business
grows the portion of gross salaries capitalised is expected to decrease
Information Technology cost movements relate to increased data hosting / data feeds costs (for new clients), which are
being more than offset by lower third-party IT service costs (e.g. H1-24 included penetration testing which is yet to be
undertaken in 2025)
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,
platform transaction fees (some of which increase as the business grows) and operational error compensation (which is
lower than 2024 levels)
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. Specifically, the amortisation profile lags the CAPEX profile by a few years (‘amortisation bubble’); refer to
the FY24 Investor Presentation (slide 37) for an explanation of the Wealth Technologies amortisation bubble; and
•right of use assets (i.e. mainly property leases) are depreciated over the period of the lease

33
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 Smart 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.
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Sublease revenue
543752(3.7%) 40.5%
Other revenue
92 3(66.7%)50.0%
Total operating revenue
6339 55(12.7%)41.0%
Gross personnel costs
6,2157,0256,860(10.4%)2.3%
Less capitalised labour
(105)(101)(12)(88.6%)(88.1%)
Personnel costs
6,1106,9246,848(12.1%)1.1%
Information technology costs
2,3732,3252,399(1.1%)(3.2%)
Professional fees
360560607(68.5%)(8.4%)
Marketing
477077(63.8%)(10.0%)
Other expenses
1,8191,7931,36025.2%24.2%
Capitalised overhead
(25)(26)(3)(88.0%)(88.5%)
Internal allocation to Regulation
(390)(390)(471)20.8%20.8%
Total operating expense
10,29411,25610,817(5.1%)3.9%
Operating earnings excl. restructure costs
(10,231)(11,217)(10,762)(5.2%)4.1%
Restructure costs
-(131)(125)N/A4.6%
Operating earnings
(10,231)(11,348)(10,887)(6.4%)4.1%
Depreciation & amortisation
2,1131,9891,80114.8%9.5%
Loss/(gain) on disposal of assets
-5153N/A(2,960%)
Earnings Before Interest and Tax
(12,344)(13,342)(12,841)(4.0%)3.8%
FTEs at period end
71.170.070.5
NZX Half Year 2025 Results
Operating Revenue
Revenue relates to the sublease of space in Auckland office, as well commission on NZX related accredited courses
Operating Expenses
Personnel costs are driven by the average number of FTEs, wage inflation and capitalisation levels:
•Headcount – average FTEs have remained relatively consistent with slightly higher vacancies at period end; and
•capitalised labour and overhead reflects the project management team’s activity on NZX capitalisable projects
The late 2024 restructuring of some IT teams has more than absorbed wage inflation. The H1-24 personnel costs had a one
off benefit from bonus accrual reversals
IT cost inflation has been offset by some cost savings
Professional fees include legal fees, financial and other consulting fees, internal audit fees, annual conflicts review,
corporate governance review, external, investor relations support. H1-25 had higher levels of legal advice, financial and
other consulting
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 and the Capital Markets Centre in
Auckland, including tickers / building signage), insurance premiums, directors’ fees (increased mid 2024), travel, external
audit costs, outsourced payroll system, corporate memberships, carbon credits, non-recoverable GST (including one off non-
recoverable GST savings in H1-25) and statutory and compliance costs.
Non-operating Expenses
Depreciation & amortisation – movement relates to:
•network enhancements (completed in 2020 / 2021)) become fully depreciated by late 2024; partially offset by
•depreciation of the refit of the Wellington office commencing from mid 2024; and
•strategic storage assets commencing amortisation in late 2024

34
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.
H1-2024
$000
H2-2024
$000
H1-2025
$000
Change vs
H1-24
Fav/(adv)
Change vs
H2-24
Fav/(adv)
Issuer Regulation services
297260138(53.5%)(46.9%)
Participant Compliance services
6354 53(15.9%)(1.9%)
Market Conduct
10- -(100%)N/A
Surveillance
363374 3701.9%(1.0%)
Listing fees & participants services
1,2881,287 1,3212.6%2.6%
Total operating revenue
2,0211,975 1,882(6.9%)(4.7%)
Gross personnel costs
1,2801,2481,289(0.7%)(3.3%)
Less capitalised labour
(2)(3)(2)-(33.3%)
Personnel costs
1,2781,2451,287(0.7%)(3.4%)
Information technology costs
141148148(5.0%)-
Professional fees
122155168(37.7%)(8.4%)
Other expenses
40313220.0%(3.2%)
Capitalised overhead
(1)-(1)--
Internal Allocation to NZ RegCo
390390471(20.8%)(20.8%)
Total operating expense
1,9701,9692,105(6.9%)(6.9%)
Operating earnings
516(223)(533.1%)(3775.6)%
Depreciation & amortisation
-----
Earnings Before Interest and Tax
516(223)(533.1%)(3775.6)%
FTEs at period end
17.116.114.1
NZX Half Year 2025 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 lower than 2024 in line with 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 – average FTEs have remained relatively consistent and there are currently 3 vacancies at period end;
and
•wage inflation – for specialist qualified personnel
Information technology costs include SMARTS surveillance software costs. Annual cost increases are incurred each
July and are impacted by the movement in the AUD exchange rate
Professional fees primarily relate to NZ RegCo independent directors' fees (which increased in July 2024)
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