Stonegate Capital Partners has updated its coverage on NZX Limited following the company's second-half 2026 financial results, which revealed 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, indicating revenue was modestly below forecast while profitability remained broadly in line with expectations.
The variance between actual results and estimates was primarily driven by softer market activity amid lingering macroeconomic uncertainty, according to Stonegate's analysis. The firm expects this situation to improve over time as market conditions stabilize. This assessment is important for investors monitoring NZX's performance in volatile economic environments, as it provides context for the company's financial resilience during challenging periods.
Key growth drivers for NZX during the period included the company's Smart and Wealth Tech segments, which demonstrated strong performance with funds under management increasing by 17.4% and funds under administration rising by 23.1%. This growth trajectory suggests NZX is successfully expanding its technology-driven financial services offerings, positioning the company to capitalize on digital transformation trends within the financial industry.
NZX's underlying earnings held up well despite revenue coming in slightly below expectations, with the $27.6 million EBITDA figure representing solid operational performance. The company has provided 2026 EBITDA guidance of $53.0 million to $58.5 million, signaling management confidence in continued momentum throughout the year. This forward-looking guidance is significant for market participants evaluating NZX's growth prospects and operational stability.
The financial update from Stonegate Capital Partners provides investors with professional analysis of NZX's performance metrics and strategic positioning. For additional details, including downloadable images and comprehensive information, the full announcement is available at https://www.stonegateinc.com. The analysis highlights how NZX is navigating current market challenges while maintaining profitability and investing in growth areas, offering insights into the company's potential trajectory in New Zealand's financial markets.
