Stonegate Capital Partners has released an updated coverage report on NZX Limited (NZSE: NZX), detailing the company's financial performance for the second half of 2026. NZX reported 2H26 revenue of $67.2 million, operating profit of $17.7 million, and EBITDA of $27.6 million. These figures compare to Stonegate's estimates of $68.8 million, $16.2 million, and $27.7 million, respectively. While revenue came in modestly below the forecast, profitability metrics were broadly in line with expectations.
The variance from estimates was primarily attributed to softer market activity amid lingering macroeconomic uncertainty. Stonegate analysts noted they expect this environment to improve over time. Despite the revenue shortfall, the company demonstrated resilience in its underlying earnings, with the $27.6 million EBITDA figure representing a stable performance.
A key driver of NZX's results was significant growth in its Smart and Wealth Tech business segments. Funds under management (FUM) increased by 17.4%, while funds under administration (FUA) saw a substantial rise of 23.1%. This growth underscores the company's strategic focus on technology-driven financial services and its ability to capture market share in these expanding areas.
Looking forward, NZX has provided EBITDA guidance for the full 2026 year in the range of $53.0 million to $58.5 million. This guidance signals management's confidence in the company's continued momentum and its ability to navigate the current economic landscape. The updated analysis and accompanying materials, including downloadable images, are available through the full announcement which can be accessed here.
The report's findings are important for investors and market observers as they provide a detailed, independent assessment of NZX's financial health and strategic direction. The highlighted growth in technology-focused segments points to a successful pivot or expansion within the company's operations, which could have long-term implications for its competitive positioning and valuation in the public markets. The reaffirmed guidance also offers a measure of stability and forward-looking confidence amidst broader economic uncertainties.
