NZX Limited Analysis

Overview

NZX operates New Zealand's equity, debt, funds, derivatives and energy markets. To support the growth of these markets, NZX provides trading, clearing, settlement, depository and data services for its customers. NZX also owns Smartshares, New Zealand's only issuer of listed Exchange Traded Funds, and KiwiSaver provider SuperLife. More for information, please visit: www.nzx.com.

Performance

The following information was extracted from NZX Limited's Half Year Results, released on 22 August 2025:

Key features of H1 2025 result 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 continues to make strong progress, migrating three new clients on to 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%.