NZX stock: H1 growth highlights funds-led shift under new CEO

NZX Limited increased operating revenue by 13.3% to NZD 76.6 million in the six months to June 30, 2026, while net profit after tax rose 18% to NZD 9.8 million. The figures were reported by Kurums in an analysis published in October.

Management kept full-year EBITDA guidance at NZD 53.0 million to NZD 58.5 million. The interim dividend increased to 3.2 New Zealand cents per share from 3.0 cents a year earlier, while adjusted EBITDA excluding project and restructuring costs reached NZD 27.3 million.

Funds business changes earnings mix

The results underline NZX's shift from a traditional exchange operator toward a broader financial-services group. Smart, the funds-management arm, generated NZD 35.9 million of first-half revenue, ahead of the NZD 32.0 million produced by capital markets. Wealth Technologies contributed most of the remaining revenue.

Smart's external funds under management reached NZD 18.0 billion at June 30, 2026, according to the Kurums analysis, while funds under administration at NZX Wealth Technologies stood at NZD 21.1 billion. This recurring revenue base gives the company greater exposure to fund flows and administration activity than to listings and trading fees alone.

New CEO inherits a smaller market

Hishaam Mirza took over as chief executive on September 14, 2026, succeeding Mark Peterson, who had led NZX for nine years. The leadership change comes as New Zealand's exchange faces pressure from takeovers, private capital and larger overseas venues. Kurums said there had been 34 listings and 37 delistings since 2020.

The strategic challenge is therefore twofold: sustain growth in funds and wealth technology while making the domestic exchange more attractive to issuers and investors. The company said the first half was tracking toward the middle of its guidance range.

NZX stock traded on its home market within a business valued at NZD 480.7 million on October 23, 2026, according to the NZX topic page. Investors will focus next on whether recurring funds revenue can offset the limited supply of new listings.

NZX competes across several venues

NZX Limited operates New Zealand's securities exchange, with businesses spanning shares, debt, funds, derivatives, market data and wealth administration. The company is based in New Zealand and combines a domestic exchange franchise with the Smart funds-management brand and a technology platform for advisers and wealth managers.

For listings and liquidity, its main named competitor is Australia's ASX, which offers a much larger investor pool and deeper trading activity. Nasdaq also competes for high-growth companies seeking international capital, while private-equity and infrastructure funds compete for mature businesses before they reach or remain on a public exchange. NZX is smaller and more domestically focused, but its funds and administration businesses give it a broader recurring-revenue profile than a pure exchange operator.

NZX Limited at a glance

• Company: NZX Limited
• ISIN: NZNZXE0001S7
• Ticker: NZX
• First-half revenue: NZD 76.6 million for the six months ended June 30, 2026
• Full-year EBITDA guidance: NZD 53.0 million to NZD 58.5 million
• Market value: NZD 480.7 million on October 23, 2026

The broader New Zealand market remains sensitive to listing supply, liquidity and investor participation. Current Euro Stoxx 50 market developments provide a wider reference point for international exchange and financial-services investors.

Explore more news and analyses on NZX stock.