Stonegate Capital Partners has released an updated research report on NZX Limited (NZSE: NZX) following the company's second-half fiscal 2026 financial results. The report highlights that NZX reported 2H26 revenue, operating profit, and EBITDA of $67.2 million, $17.7 million, and $27.6 million, respectively. These figures compared to Stonegate's estimates of $68.8 million, $16.2 million, and $27.7 million. Revenue came in modestly below forecast, while profitability was broadly in line with expectations.
The variance in revenue was primarily attributed to softer market activity amid lingering macroeconomic uncertainty. However, Stonegate expects market conditions to improve over time, which could bolster NZX's top line. Notably, the company's Smart and Wealth Tech segments drove growth, with funds under management (FUM) increasing 17.4% and funds under administration (FUA) rising 23.1%.
Underlying earnings held up well, with 2H26 EBITDA of $27.6 million aligning closely with Stonegate's estimate. The company also provided 2026 EBITDA guidance in the range of $53.0 million to $58.5 million, signaling management's confidence in continued operational momentum. For more details, the full announcement can be accessed 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 (member FINRA), offers a full spectrum of investment banking services for public and private companies.
