NZX Governance Explorer

How NZX Limited makes money

Where NZX’s revenue went in FY2019: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. NZX company profile

How NZX Limited makes money — FY2019

Revenue $97.0m · EBITDA $31.4m (32.3% of revenue) · Net profit $14.6m (15.1% of revenue) · Financial year ending December (from the issuer record)

NZX Limited (NZX) FY2019: where revenue of $97.0m wentRevenue → EBITDA: $31.4mRevenue → Operating costs (net of other income): $65.6mEBITDA → EBIT: $22.8mEBITDA → Depreciation & amortisation: $8.6mEBIT → Net profit: $14.7mEBIT → Interest: $2.2mEBIT → Income tax: $5.9mRevenue: $97.0mRevenue$97.0mEBITDA: $31.4mEBITDA$31.4mOperating costs (net of other income): $65.6m (derived)Operating costs (net ofother income)$65.6m · derivedEBIT: $22.8m (derived)EBIT$22.8m · derivedDepreciation & amortisation: $8.6mDepreciation &amortisation$8.6mNet profit: $14.6mNet profit$14.6mInterest: $2.2mInterest$2.2mIncome tax: $5.9mIncome tax$5.9m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

NZX Limited FY2019 figures used in the chart
FY2019AmountStatusNote
Revenue$97.0mReported
Operating costs (net of other income)−$65.6mDerived *Reported operating expenses $38.2m do not reconcile; not used.
EBITDA$31.4mReported
Depreciation & amortisation−$8.6mReported
EBIT$22.8mDerived *Reported EBIT $20.5m does not reconcile to EBITDA − D&A.
Interest (net finance costs)−$2.2mReported
Income tax−$5.9mReported
Other items (net cost)−$83kBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$14.6mReported
  • * ebit: $22.8m = EBITDA − D&A (reported EBIT $20.5m differs; the gap falls into Other items)
  • * operating costs: $65.6m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($97m) vs the summary table ($97m): agree within 2%.
  • Not met: EBITDA − D&A = $22.8m vs reported EBIT $20.5m: does not reconcile.
  • Not met: Reported operating expenses ($38.2m) leave $58.8m, not EBITDA of $31.4m (gap $27.4m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item -$0.1m is 0.1% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 10 March 2026.

Annual report: NZX Full Year 2019 Results & Annual Report Published (PDF, NZX)

Year-on-year EBITDA bridge (FY2018 → FY2019)

Bridge not available: FY2018 is not charted: Figures were not read from a filed annual report (source: not recorded).

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (7 of 9 years from FY2017). The shaded line is the median of 4 other listed Financials operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
NZX ebitda margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY25FY2017: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2018: not charted — not from annual reportFY2019: NZX 32.3%; peer median — (1)FY2020: NZX 43.9%; peer median — (1)FY2021: not charted — not from annual reportFY2022: NZX 36.6%; peer median 17.5% (3)FY2023: NZX 35.9%; peer median 18.3% (3)FY2024: NZX 39.1%; peer median 15.4% (3)FY2025: NZX 40.1%; peer median 16.9% (3)
EBIT margin
NZX ebit margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY25FY2017: NZX 38.5%; peer median — (1)FY2018: not charted — not from annual reportFY2019: NZX 23.5%; peer median — (1)FY2020: NZX 33.3%; peer median — (1)FY2021: not charted — not from annual reportFY2022: NZX 22.2%; peer median 14.9% (3)FY2023: NZX 20.4%; peer median 13.0% (3)FY2024: NZX 24.2%; peer median 9.7% (3)FY2025: NZX 25.1%; peer median 12.9% (3)
Net margin
NZX net margin by financial year, with peer median0%25%50%FY17FY18FY20FY22FY24FY25FY2017: NZX 19.7%; peer median — (1)FY2018: not charted — not from annual reportFY2019: NZX 15.1%; peer median — (1)FY2020: NZX 22.4%; peer median — (1)FY2021: not charted — not from annual reportFY2022: NZX 14.8%; peer median 10.3% (3)FY2023: NZX 12.5%; peer median 9.9% (3)FY2024: NZX 21.1%; peer median 3.7% (3)FY2025: NZX 16.7%; peer median 9.4% (3)

NZX   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

NZX margins by year with peer medians
YearEBITDA margin: NZX · peer median (n)EBIT margin: NZX · peer median (n)Net margin: NZX · peer median (n)Note
FY2017—— (1)38.5%— (1)19.7%— (1)EBITDA not recorded or derivable for this year (EBIT only)
FY2018—10.1% (2)—6.9% (2)—3.5% (2)Not charted: not from annual report
FY201932.3%— (1)23.5%— (1)15.1%— (1)
FY202043.9%— (1)33.3%— (1)22.4%— (1)
FY2021—15.2% (2)—12.1% (2)—6.6% (2)Not charted: not from annual report
FY202236.6%17.5% (3)22.2%14.9% (3)14.8%10.3% (3)
FY202335.9%18.3% (3)20.4%13.0% (3)12.5%9.9% (3)
FY202439.1%15.4% (3)24.2%9.7% (3)21.1%3.7% (3)
FY202540.1%16.9% (3)25.1%12.9% (3)16.7%9.4% (3)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2021: Figures were not read from a filed annual report (source: not recorded).
  • FY2018: Figures were not read from a filed annual report (source: not recorded).
  • FY2015: Figures were not read from a filed annual report (source: not recorded).

All companies with a chart

Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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