The New Zealand Exchange (NZX) reported an 8.8% year-over-year increase in operating revenue to $27.3 million for the six months ended June 30, 2026, driven by a 13.3% rise in total revenue to $76.6 million across its three core segments. Net profit after tax climbed 18.0% to $9.8 million, while earnings per share increased 17.0% to 3.0 cents.
Free cash flow surged 212.4% to $1.4 million, though operating margin declined to 35.6% from 37.0% a year earlier. The company declared a fully imputed interim dividend of 3.2 cents per share, up 6.7% from the prior year, payable on September 30 to shareholders recorded as of September 16. Return on equity remained steady at 18%.
All three segments contributed to growth. The Capital Markets unit generated $32.0 million in operating revenue, a 6.4% increase year-over-year, despite a 49.3% drop in total capital listed and raised to $6.0 billion due to Fonterra’s 2025 transfer. Excluding that event, capital raised rose 25.2%. The unit added five new listings, including Locate Technologies’ move from the ASX, and saw pipeline growth with 308 companies in qualification, 10 in preparation, and three in application. S&P/NZX 20 Index Futures, relaunched in April, traded 6,860 lots with open interest of 1,279, while dairy derivatives volume reached 364,000 lots.
The Smart funds management segment reported the strongest growth, with operating revenue up 19.3% to $35.9 million. Funds under management rose 28.5% year-over-year to $18.0 billion, supported by $1.2 billion in net cash flows and $1.0 billion in positive market returns. Five of six diversified KiwiSaver funds ranked in the first or second quartile net of fees.
Wealth Technologies delivered a 26.1% year-over-year increase in operating revenue to $7.0 million, with funds under administration climbing 20.1% to $21.1 billion. The segment added four new clients, bringing the total to 48 external clients, and its annual recurring revenue grew 15.0% to $13.65 million. A planned migration of contracted clients is projected to lift ARR to $18.74 million by 34.8%.
Acting CEO Graeme Law highlighted the company’s resilience, stating that NZX maintained momentum in creating long-term value across its diversified financial markets infrastructure businesses, combining market operations, fund management, and platform provision.
