Stonegate Capital Partners has updated its coverage on NZX Limited (NZSE: NZX) following the company's second-half fiscal 2026 results. NZX reported revenue of $67.2 million, operating profit of $17.7 million, and EBITDA of $27.6 million for the period. These figures compared to Stonegate's estimates of $68.8 million, $16.2 million, and $27.7 million, respectively. While revenue fell slightly short of expectations, profitability was broadly in line, reflecting the company's ability to maintain earnings despite challenging market conditions.
The variance in revenue was primarily driven by softer market activity amid lingering macroeconomic uncertainty. Stonegate analysts noted that this trend is expected to improve over time as economic conditions stabilize. Key drivers of growth 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%. These metrics underscore the strength of NZX's technology-enabled services and their contribution to the company's underlying earnings.
Underlying earnings held up well, with 2H26 EBITDA of $27.6 million coming in broadly in line with estimates. The company's 2026 EBITDA guidance of $53.0 million to $58.5 million signals confidence in continued momentum, supported by the growth in FUM and FUA and expected improvements in market activity. Stonegate's updated coverage provides a detailed analysis of NZX's financial performance and outlook, highlighting the company's resilience and strategic positioning.
For more details, the full announcement, including downloadable images and bios, can be accessed here. Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations, equity research, and institutional investor outreach services. Its affiliate, Stonegate Capital Markets (member FINRA), offers a full spectrum of investment banking services for public and private companies.
Overall, NZX's 2H26 results demonstrate the company's ability to navigate a challenging macroeconomic environment while continuing to grow key business segments. The guidance for fiscal 2026 suggests that management expects this positive trend to persist, making NZX a noteworthy entity in the exchange and capital markets space.
