Stonegate Capital Partners has updated its coverage on NZX Limited (NZSE: NZX) following the company's second-half 2026 financial results. NZX reported 2H26 revenue of $67.2 million, operating profit of $17.7 million, and EBITDA of $27.6 million. These figures compared to Stonegate's estimates of $68.8 million, $16.2 million, and $27.7 million, respectively. While revenue came in modestly below expectations, profitability was broadly in line with forecasts.
The variance in revenue was primarily driven by softer market activity amid lingering macroeconomic uncertainty. However, Stonegate expects this to improve over time. Underlying earnings held up well, with 2H26 EBITDA of $27.6 million aligning closely with projections. Key growth drivers included the Smart and Wealth Tech segments, which saw funds under management (FUM) increase by 17.4% and funds under administration (FUA) rise by 23.1%.
Looking ahead, NZX provided 2026 EBITDA guidance in the range of $53.0 million to $58.5 million, signaling confidence in continued momentum. Stonegate's update highlights the company's ability to maintain profitability despite headwinds from market conditions. The full announcement, including downloadable images and bios, is available here.
Stonegate Capital Partners is a leading capital markets advisory firm that provides investor relations, equity research, and institutional investor outreach services for public companies. Its affiliate, Stonegate Capital Markets, offers a full spectrum of investment banking services.
