NZX Revenue & Shareholder Metrics - Q3 2026

Q3 2025Q3 2026Q3 2025
NZ $000NZ $000NZ $000
Annual listing fees (net of internal allocation)2,8022.6%8,5488,2553.5%
Primary listing fees‎‎424-5.4%1,2191,277-4.5%
Secondary issuance fees980-3.2%2,9932,9122.8%
Total Issuer Relationships revenue4,2060.5%12,76012,4442.5%
Participant services (net of internal allocation)1306.2%4083739.4%
Securities trading1,1004.3%3,5063,3614.3%
Securities clearing1,8277.1%5,7545,6481.9%
Dairy derivatives82311.1%2,4972,4950.1%
Equity derivatives
1
- n/a89- n/a
Contractual revenue1,634-0.9%4,9414,8052.8%
Consulting & development406-26.8%6841,066-35.8%
Total Secondary Markets revenue5,9203.6%17,87917,7480.7%
Royalties from terminals2,2469.8%7,2926,6759.2%
Subscriptions and licenses1,5336.1%4,7614,4975.9%
Dairy data subscriptions1598.8%5134709.1%
Indicies488-9.0%1,3241,2694.3%
Audit and back-dated licenses- n/a1,095- n/a
Connectivity7379.1%2,3282,2234.7%
Total Information Services revenue5,1639.1%17,31315,13414.4%
FUM based revenue
2
15,63124.0%53,82944,03722.2%
Member based revenue646-7.4%1,7611,949-9.6%
Other revenue189-13.8%465575-19.1%
Funds Management revenue16,46622.4%56,05546,56120.4%
Wealth Technologies revenue3,06921.8%10,7698,64324.6%
Regulation revenue1,0610.5%3,2062,9438.9%
Corporate revenue323-3.1%918964-4.8%
Inter-segment elimination
3
(419)21.5%(1,505)(1,013)48.6%
Total Revenue35,78913.9%117,395103,42413.5%
Notes
NZX Limited - Quarterly Operating Revenue
Q3 2026
Change YoY
Q3 Operating RevenueYTD Operating Revenue
122
804
5,635
297
6,132
Change YoY
Q3 2026
NZ $000
2,876
401
949
4,226
138
1,147
1,956
914
60
1,620
444
2,465
1,627
173
19,386
598
163
20,147
3,738
Operating revenue numbers are based on NZX's internal records, which are unaudited. Differences may arrise between this data and that disclosed in the subsequent audited financial
statements.
The revenue numbers should be read in conjunction with the shareholder metrics on the following pages, which drive the revenue performance.
1
S&P/NZX 20 index futures were relaunched on 28 April 2026.
2
Comparative information has been restated for a change in the presentation of certain fund-related expenses (refer to the 2026 Interim Financial Statements note 1). Certain costs
associated with managing and distributing the Smart Funds (including fund administration, registry, external investment manager, index tracking licences and distribution fees) are now
presented in fund expenses within operating expenses. Previously all fund-related costs were netted against funds management revenue.
3
Business unit revenue is presented gross of inter segment transactions, which are eliminated on consolidation. Inter-segment elimination represents the elimination of revenue from
transactions between business units where the transaction is recognised as income in one business unit and expense in another.
1,066
313
(509)
40,748

Q3 2026
#######
NZX Listed Issuers30.09.26Change YoYCapital RaisingQ3 2026Change YoY
Total equity securities117-Total capital listed and raised$2,864 m-48.6%
Total fund securities56-
Total retail debt securities132-5.7%New Capital Listed
Total wholesale debt securities7-Total capital listed by all issuers$1,375 m-22.7%
Total other securities650.0%
Total listed securities318-1.9%Equity listings--100.0%
Fund listings--
Total NZX Main Board equity issuers116-Retail debt listings$1,375-19.7%
Total NZX Main Board fund issuers56-Wholesale debt listings--
Total NZX Debt Market retail debt issuers45-
Total NZX Debt Market wholesale debt issuers2-Secondary Capital Raisings
Total other issuers525.0%Total capital raised by all issuers$1,489 m-60.8%
Total unique issuers197-
Total equity raised - NZ issuers$370-84.1%
Total equity raised - dual or foreign issuer$20-96.4%
Market Capitalisation30.09.26Change YoY% of GDPTotal funds raised - NZ issuers$408-3.3%
Total market capitalisation$244,384 m-0.8%53.5%Total funds raised - dual or foreign issuer$21936.9%
Total retail debt raised$47242.6%
All equity$179,851 m-0.3%39.4%Total wholesale debt raised--
All funds$9,890 m2.1%2.2%
All other$7 m-65.2%0.0%Total number of secondary capital raising events954-5.0%
Total NZX Main Board$189,748 m-0.2%41.5%Equity issuers - capital raised < $10m6512.1%
Equity issuers - capital raised ≥ $10m < $100m7-58.8%
Retail debt$43,161 m-2.4%9.4%Equity issuers - capital raised ≥ $100m--100.0%
Green bonds$5,625 m-8.2%1.2%Fund issuers - capital raised873-4.9%
Wholesale debt$5,850 m0.2%1.3%Retail debt issuers - capital raised928.6%
Total NZX Debt Market$54,636 m-2.7%12.0%Wholesale debt issuers - capital raised--
Cash MarketQ3 2026Change YoYClearing House / DepositoryQ3 2026Change YoY
Total value traded$9,986 m1.4%Gross value of cleared trades over period$9,858 m1.5%
Auction Value Traded$3,334 m23.4%Assets under custody in depository at period end$6,310 m3.5%
Continuous value traded$3,128 m2.8%Depository Uplifts29,570 -5.5%
NZX Dark value traded$682 m44.3%Settlement Lines64,843 3.6%
% of value on-market71.5%13.3%OTC Trades40,562 19.0%
Total trades4,474,16473.6%
Daily average value traded$154 m3.0%Equity DerivativesQ3 2026Change YoY
Futures - total lots traded$19,818n/a
Total Equity TransactionsTotal equity derivatives lots traded - YTD$26,678n/a
Total trades4,457,11974.1%Open interest at period end4,952n/a
Value traded$9,288 m0.8%Notional value traded ($NZD)$151 mn/a
% of value on-market73.5%14.0%
Average on-market trade size$1,536-34.2%Dairy DerivativesQ3 2026Change YoY
Futures - total lots traded$209,36935.0%
Total Debt TransactionsOptions - total lots traded$22,454-19.3%
Total trades17,045-3.3%Total dairy derivatives lots traded$231,82326.7%
Value traded $698 m9.8%Total dairy derivatives lots traded - YTD$595,6304.8%
Open interest at period end186,292-10.3%
Notional value traded ($USD)$1,331 m10.8%
Negotiated Large Trade (NLT) %41.6%-3.7%
Cumulative Numbers - YTDEnergy Contracts30.09.26Change YoY
Number of trades10,161,24927.3%Operating / Technology contracts16-5.9%
Total value traded$31,183 m-1.5%- contracts ≥ $500k p.a.3-25.0%
% of value on-market67.1%6.8%- contracts $20k - $500k p.a.13-
Q3 2026
NZX Limited - Quarterly Shareholder Metrics
These shareholder metrics represent the key operations of NZX's business.
Core Markets

NZX Indices Performance30.09.26Change YoYWholesale Data30.09.26Change YoY
S&P/NZX 50 Index (Gross)13,8344.1%Terminal numbers - professional6,4466.4%
S&P/NZX 50 Index (Capital)4,8751.0%Terminal numbers - retail1,044-23.7%
S&P/NZX 50 Portfolio Index8,4250.4%Licences - value ≥ $20k p.a.84-
S&P/NZX NZ Fixed Interest Composite Index1340.1%Licences - value < $20k p.a.796.8%
S&P/NZX A-Grade Bond Index6,6141.1%
Direct Data Products30.09.26Change YoYDairy Data Subscriptions30.09.26Change YoY
Proprietary security subscription products266-2.9%Dairy data subscriptions4312.6%
- products ≥ $3,000 p.a.93- - products ≥ $1,500 p.a. 1415.2%
- products < $3,000 p.a.173-4.4% - products < $1,500 p.a. 2901.4%
Smart30.09.26Change YoY
Total external funds under management$18,295 m17.4%
Scheme FUM30.09.26Change YoY
SuperLife Kiwisaver$3,162 m10.7%
Workplace Savings Master Trusts$3,318 m-5.1%
Smartshares Exchange Traded Funds$6,009 m38.1%
Smart Funds (including Wholesale)$2,841 m17.3%
Quaystreet$2,965 m28.7%
Other MetricsQ3 2026Change YoY
Value of stock lent over quarter$326 m-29.0%
Wealth Technologies30.09.26Change YoY
Funds under administration$21,524 m14.0%
Listed Securities and Market Capitalisation
NZX Debt Market CapitalisationThe total nominal (face) value of all listed securities on the NZX Debt Market, excluding New Zealand Government stock.
FundsInclude exchange traded funds, managed funds, listed investment companies and trusts.
Other SecuritiesInclude rights, warrants and options quoted on the NZX Main Board (NZSX).
Equity Market CapitalisationIncludes all securities quoted on the NZX Main Board (NZSX). With an overseas domiciled issuer, the market capitalisation represents the amount that is held in New
Zealand.
Definition
Negotiated Large Trade (NLT) %The share of total lots traded that were privately negotiated away from the central order book and then reported to the exchange as Negotiated Large Trades.
Options – Total Lots TradedThe total number of options contracts (lots) traded during the period, including both calls and puts, counting each matched trade once.
Open Interest at Period EndThe total number of futures and options contracts still open (not yet closed out, exercised or expired) at the close of the last trading day of the period.
Notional Value TradedThe total underlying value of contracts traded during the period. For each trade, this is lots × contract size × traded price. Where there is options traded, notional
value = lots × contract size × strike price.
Clearing House / Depository
Equity and Dairy DerivativesDefinition
Futures – Total Lots TradedThe total number of futures contracts (lots) traded during the period, counting each matched trade once.
Definition
The total dollar value of all cash market (being Main Board and Debt Market) trades cleared or reported to the clearing house during the reporting period.
The total value of admitted product held in custody in the Depository on behalf of Depository Participants, at the end of the reporting period.
The number of transfers of legal title in admitted product to a Depository Participant from the Depository.
The number of lines of approved products (excluding derivatives contracts) settled by Clearing Participants, with each line representing one admitted product per
Clearing Participant per settlement batch.
Number of over-the-counter transactions between Depository Participants.
Gross Value of Cleared Trades Over Period
Assets Under Custody in Depository at Period End
Depository Uplifts
Settlement Lines
OTC Trades
Glossary
Notes
1. All figures are measured at the end of the last trading day of each month unless otherwise stated.
Change refers to the change since the same period last year unless otherwise stated.
2. Please note these operational statistics are based on NZX’s internal records, which are unaudited.
Differences may arise between this data and that disclosed in subsequent audited financial statements.
Differences may also arise between this data and the previously reported data due to rounding and classification restatements.
3. Regulatory metrics and information relating to NZX rules and policy activity (which was previously set out in a separate NZ RegCo metrics document) can be accessed via NZ RegCo’s
annual Oversight Report, Issuer and Participant Updates (https://www.nzx.com/regulation/nzregco/publications), and via the NZX Policy website landing page
(https://www.nzx.com/regulation/nzx-policy).
To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: insights@nzx.com