NZX H1 2021 Results & Interim Report Published

NZX Interim Report
2021

About this report
For more than 150 years we have been enabling Kiwi
success – creating opportunities for New Zealanders
to grow their personal wealth and helping businesses
prosper. As New Zealand’s Exchange, we are proud
of our record in supporting the growth and global
ambitions of local companies.
Our 2021 Interim Report includes our Financial
Statements (and Notes to the Financial Statements)
for the six months ended 30 June 2021, along with
commentary on the company’s financial results and
operational performance.
Our corporate governance policies are available
online at: https://www.nzx.com/about-nzx/investor-
centre/governance/policies. NZX Limited is registered
with the New Zealand Companies Office and our
New Zealand Business Number (NZBN) is
9429036186358.
This report is dated 26 August 2021 and is signed
on behalf of the Board of NZX Limited by Chair, James
Miller, and Chair of the Audit and Risk Committee,
Lindsay Wright.

Contents
Our performance 2
Chief Executive’s update 4
Management Commentary 10
Financial Statements 19
Notes to the Financial Statements 25
Independent Review Report 35
Getting in touch 38
NZX Interim Report 2021
1

Our performance
Operating earnings are before net finance expenses, income tax, depreciation,
amortisation, loss on disposal of assets, and gain on lease modification.
Operating earnings is not a defined performance measure in NZ IFRS.
The Group’s definition of operating earnings may not be comparable with
similarly titled performance measures and disclosures by other entities.
Data is “for the 6 month period ended 30 June 2021,” or “as at 30 June 2021”
(as applicable).
Percentage changes represent the movement for the interim period June 2020 to
June 2021, except Funds Under Management and Funds Under Administration
which are the movement in balances as at 30 June 2020 to 30 June 2021.
5 year average percentage changes represent the movement against the rolling
average for the preceding 5 year interim periods.
DAIRY DERIVATIVES LOTS TRADED
139,95 0
TOTAL CAPITAL RAISED (new + secondary)
16.5
%
7. 3 b
DATA & INSIGHTS REVENUE
8.6m
7. 7 3 b
FUNDS UNDER ADMINISTRATION
TOTAL VALUE TRADED
2 2 .1
%
2 7.1b
FUNDS UNDER MANAGEMENT
5.69b
INTERIM DIVIDEND (FULLY IMPUTED)
3.0
cents per share
5 -YE AR
AVER AGE
5 -YE AR
AVER AGE
10.6
%
31.9
%
5.1
%
44.3
%
151.1
%
2.8
%
2
NZX Interim Report 2021

NET PROFIT AFTER TAX
16.0
%
7.6m
16 .9m
OPERATING EARNINGS
*
3.5
%
VALUE TRADED
CAPITAL RAISED
0
10
20
30
40
50
60
202120202019201820172016
H1H2 5-Year Rolling Average
Value Traded ($b)
0
5
10
15
20
202120202019201820172016
H1H2 5-Year Rolling Average
Capital Raised ($b)
3
NZX Interim Report 2021

Chief Executive’s update
Mark Peterson
NZX Chief Executive
Market growth and diversification
NZX is continuing to make good progress
in building a diversified financial markets
infrastructure and services business.
Our achievements and results for the six months to
30 June 2021 reflect this ambition, with strength across
all our business activities.
Alongside the strong growth we are reporting in our
funds business, Smartshares, and the further expansion
of NZX Wealth Technologies, we have seen increases in
the number of listed securities, the amount of primary
capital raised and the level of trading activity – which are
excellent indicators of the health of our core markets.
Through the first half of 2021, NZX has performed
well across these key measures. This is particularly
encouraging when you consider this performance against
the extraordinary levels of activity in the prior period –
driven by the economic uncertainty created by the
outbreak of COVID in the first quarter of 2020. The COVID
pandemic materially stimulated and accelerated activity
through 2020.
The number of listed securities on New Zealand’s
Exchange has grown to 334, up 15 on the same time
in 2020.
Traded value totalled $27.1 billion, which didn’t quite
match the activity levels achieved over the same time in
2020 but represents growth of more than 22% against the
average for the interim period over the past five years.
On-market trading activity continues to lift, with
equities up 4.3% to more than 65%.
NZX Interim Report 2021
4

“From the emerging signs of underlying
growth two years ago, we are now seeing
ongoing benefits from the changes we
made under our strategy - our businesses
are operating at a structurally higher
level of activity.”
Capital raised for the six months totalled $7.3 billion,
down 10.6% on the same time last year. However, this is
similar to the same period in 2019 and up 16.5% on
the average levels over the past five years.
Smartshares’ Funds Under Management (FUM)
has grown to $5.69 billion, up 44.3%. NZX Wealth
Technologies’ Funds Under Administration (FUA)
has grown to $7.73 billion, up 151.1%.
From the emerging signs of underlying growth
two years ago, we are now seeing ongoing benefits from
the changes we made under our strategy - our businesses
are operating at a structurally higher level of activity.
Financial performance
Group operating earnings (EBITDA) for the half-year of
$16.9 million was down 3.5% on the same time last year.
Our financial results for the core Markets business
show increased revenues and spend. Operating earnings
dipped 5.2% to $20.8 million. Revenue was up 3.2% to
just under $30 million driven by solid results in capital
raising, trading and clearing, data, energy and carbon.
Operating expenses rose to $9 million, reflecting
additional roles to support growth, higher information
technology costs to support capacity and resilience
improvements, professional fees from assurance services
which includes operations and energy audit obligations.
Additional spend was also incurred for the
establishment of the managed auction service for the
New Zealand Emissions Trading Scheme and to deliver
additional Electricity Market change requests, but these
costs were more than offset by the associated revenue.
Smartshares has achieved strong underlying growth.
Operating earnings lifted 36.2% to $3.9 million. We are
continuing to invest into this business, including costs
to explore possible acquisition opportunities. We want
to build a more scalable platform that will benefit
Smartshares investors. This will also provide product
range and liquidity benefits to the core Markets business
and we are excited about this opportunity.
NZX Wealth Technologies’ operating earnings are
now positive for the first time at $0.13 million for H1 2021.
Revenues have increased materially due to the onboarding
of new clients. We continue to invest to support the
migration of new clients onto our platform.
NZX Wealth Technologies is also investing in increased
sales activity, client support and technical staff. Information
Technology (IT) costs increased due to additional data
hosting, data feeds and software licensing costs relating
to new clients. We remain very positive on the future
growth prospects of this business.
At a Group level, revenues were up 10.6% to $42.5 million
for the six months. Operating margin at 39.9% was lower,
due to the investment in growth activity alongside
increased spend in people and technology costs.
Capital expenditure continues to be focused on
investing in IT capacity, resilience and security, growth
opportunities within Smartshares and NZX Wealth
Technologies and, in 2021, creating a fitting home
for New Zealand’s Capital Markets in Auckland.
Net profit after tax for the period (NPAT) declined
16% to $7.6 million, with the NZX Board declaring
a fully-imputed interim dividend of 3.0 cents per share
to be paid on 24 September 2021.
NZX is maintaining its full year 2021 operating
earnings guidance to be in the range of $32.0 million
to $35.5 million.
The guidance is subject to market outcomes,
particularly with respect to market capitalisation,
total capital raised, secondary market value and
derivatives volumes traded, funds under management
and administration growth and technology costs.
Additionally, NZX notes the global health environment
remains volatile and this guidance assumes no material
adverse events, significant one-off expenses, major
accounting adjustments, other unforeseeable
circumstances, or future acquisitions or divestments.
We have detailed our financial results in the
Management Commentary on page 10.
My Food Bag was one of four new companies to list on our Exchange
in H1 2021, along with NZ Automotive Investments, Third Age Health
and DGL Group.
NZX Interim Report 2021
5

“The lift in listing activity over H2 2020 and
H1 2021, and the quality of our pipeline of
prospects, is a result of the changes that we
have made to reduce the complexity and
cost, and broaden the options for listing.”
Pacific Edge CEO, David Darling, received the NZX Emerging Leaders
Best Investor Relations Award.
Strengthening our markets
Our focus remains on the unique role NZX and our public
markets can play in supporting the resilience and long-
term success of our customers and economy.
The COVID crisis demonstrated the clear value of being
listed on NZX; ready access to capital and we believe this is
a factor, along with NZX’s origination activity, in the growth
we are seeing in new listings.
We welcomed four new companies to the Exchange
over the past six months – My Food Bag, NZ Automotive
Investments, Third Age Health and DGL Group.
We have seen a sharp drop in equity recapitalisations
compared with the COVID-related activity in 2020, but
primary capital raised was up 46.9% to $3.4 billion – driving
a strong increase in primary listing fees and helping
offset the fall in secondary issuance fees.
There is recognition of the value of being listed on
NZX, with Arvida Group’s first debt issue and Precinct’s
first green bond showcasing the options to diversify
funding and continuing the momentum around
sustainable finance.
As all businesses and investors face an outlook with
elevated uncertainty – including the prospect of rising
interest rates and increasing inflation – we are working
closely with our customers to ensure they are aware of
the opportunity to raise different forms of capital to
suit their needs.
The lift in listing activity over H2 2020 and H1 2021,
and the quality of our pipeline of prospects, is a result of
the changes that we have made to reduce the complexity
and cost, and broaden the options for listing.
Our Issuer Relationships team has lifted our efforts to
develop listing opportunities and is working closely with
the ecosystem of corporate advisers and participants to
help bring these companies to market.
With both retail and institutional investors looking
for a wider range of investment opportunities and ready
to back our NZX-listed companies, we are optimistic on
the potential for further listings through the remainder
of FY2021.
We have also been deepening our roots across the
capital markets ecosystem. We have already seen the
benefit of our maturing partnership with private capital
market specialist, Syndex, with the recent listing of NZ
Rural Land Co at the end of 2020 alongside other market
development work we are jointly conducting.
We were excited with the accreditation in February of
leading private equity investment marketplace, Snowball
Effect, as an NZX Sponsor Participant. This will further
support our focus on nurturing a strong pipeline of
companies for potential future listings. We also have
important partnerships with the Technology Investment
Network (TIN), INFINZ, and others involved in early-stage
investment such as the Angel Association.
This is positive for our market, and spurring interest
and investment in our issuers – Pacific Edge was
recognised at INFINZ as our 2021 winner of the
Emerging Leaders Best Investor Relations Award.
It is pleasing to see Kiwi companies with world-leading
innovation breaking new ground internationally, and we
are proud to be able to offer them as an investment
choice on NZX.
Heightened investor interest
The total traded value of $27 billion during H1 2021, and
more than eight million trades, reflects heightened interest
from all investor segments and engagement in our markets
across different forms of investments and asset classes.
High levels of participation have been supported by
a fundamental re-engagement with equities as an
investment class.
The lift in market liquidity has also been helped
by an increase in investment in trading technology from
our stockbroker participants, which is assisting the
growth in our markets.
For many years, the New Zealand capital markets
have been looking to grow the number of retail investors
connected to our markets. Recent growth has been
stimulated by the growing popularity of online trading
platforms – Jarden Direct, Sharesies and ASB Securities –
NZX Interim Report 2021
6

that enable easy and low-cost access to the New Zealand
markets for DIY investors.
The deeper participation, and activity from local
and offshore institutional investors, has been mirrored
in greater demand for NZX data – notable geographies
for growth are the US, Australia, Hong Kong and
Singapore. Professional terminal subscriptions have
increased by 6.2%.
Our Data & Insights business achieved a 5% increase in
revenue, largely reflecting the lift in professional royalties
from terminal use, and we have completed a project to
provide enhanced connectivity with our data customers
via dedicated high-speed links that will enhance the
service we offer.
These positive trends across issuance, secondary
trading activity and data showcase a healthy listed
market that can deliver reliable, liquid, and open access
to investment in New Zealand for all investors, so
everyone can support and benefit from the success
of Kiwi companies.
We are looking forward to BNP Paribas joining as
a General Clearing Participant this calendar year as
they strengthen their commitment to helping grow
New Zealand’s capital markets.
We are also excited to be opening, in the
next few months, our new Auckland office. This will be
a contemporary workspace for our team in the Auckland
CBD, with the NZX markets ticker taking pride of place
above Queen Street.
Importantly, this will be a venue we can share with
our customers and the wider capital markets ecosystem.
We will be able to offer to host smaller-sized shareholders’
meetings, investor days and industry events, alongside
welcoming schools so we can assist in lifting the
education and understanding of New Zealand’s
capital markets for students.
Minister for Climate Change, Hon. James Shaw, celebrating with us the
first NZ ETS (New Zealand Emissions Trading Scheme) auction.
Technology enhancements
In parallel to the growth we have achieved across the
businesses, we have also been delivering necessary
enhancements to our technology and operating platforms,
which has resulted in additional capital investment and
operating expenses.
Technology has been an area of increased investment
over the past four years and it came under further scrutiny
last year. Stress on specific elements of the market
infrastructure in the first half of 2020 from a marked
acceleration in peak trading activity, coupled with a
global-scale Distributed Denial of Service (DDoS) attack,
saw our Board commission reports from EY and InPhySec
that identified the need for significant further technology
investment in FY2021.
Subsequent to the release of the Financial Markets
Authority (FMA) report, ‘Market Operator Obligations
Targeted Review’ in January 2021, NZX received approval
of our action plan from the FMA in May.
This plan contains a number of actions relating
to NZX’s arrangements for governance oversight,
industry engagement, information technology capability,
IT security, specialist skill sets, crisis management planning
and risk management.
We remain focused on delivery of the agreed steps
under the action plan, and we are providing regular
progress reports to the FMA in respect of the
implementation of the actions under the plan. Progress
is being overseen by the NZX Board, the Audit and
Risk Committee, Human Resources and Remuneration
Committee and the Technology Committee – permanently
established in November last year to provide specialist
governance oversight of the role and use of technology in
executing NZX’s strategy.
In April we announced the appointment of Peter Jessup
as an external member of the NZX Board’s Technology
Committee, bringing more than 35 years’ IT experience,
predominantly in stock exchange and related areas, with
23 years at Nasdaq including as Senior Vice President of
their Global Technology Services group.
During the half-year we established an industry-
wide IT working group to improve engagement and
communication with the wider market ecosystem on
technology matters.
This will support development of an industry wide
technology roadmap, which was a recommendation from
Capital Markets 2029. We hosted the inaugural meeting of
this group in April, and we are looking forward to closer
engagement and co-operation with the capital markets
technology ecosystem.
Working closely with the industry and our technology
partner Nasdaq, NZX implemented an upgrade to a new
trading system in early August 2021. With this major
upgrade now live, we have a new trader front-end,
additional capacity and new functionality.
NZX Interim Report 2021
7

Our SuperLife KiwiSaver scheme, which already
cares for more than $1.32 billion on behalf of 31,350
New Zealanders, will have new members allocated to the
scheme from 1 December 2021 to 30 November 2028,
contributing to further growth in member numbers and
funds invested in the SuperLife KiwiSaver scheme.
This will more than double the number of members
initially, and is expected to add around 10,000 new
members each year of the seven-year term.
This will require incremental investment in upgrading
technology systems and processing capability, however,
it will position Smartshares strongly for longer-term
structural growth.
This is an important platform for us to build on.
We have big ambitions for our funds business and we
have continued to invest in our operational capability
and skills to support the growth opportunities we have
in front of us.
Wealth technologies expansion
NZX Wealth Technologies also grew strongly with new
clients contributing to FUA increasing by 151.1% on the
same time last year to $7.73 billion.
After recording growth of more than 210% in 2020,
NZX Wealth Technologies started the new financial year
with success in a competitive tender run by Public Trust
– selecting the feature-set and flexibility of our new
multi-tenant platform.
To support growth, we have continued to invest in our
platform technology and staffing capability to onboard
and service our growing client base – with Public Trust,
Hobson Wealth, Saturn Advice, JBWere and Craigs
Investment Partners on the platform.
We have signed contracts with three new large-scale
clients and have onboarding underway with two of these,
which we expect to increase FUA to around $10 billion by
the end of 2021. We will continue to invest in technology
and other resources to support the growth and operational
These enhancements will assist in meeting the
anticipated needs of our participants in New Zealand’s
capital markets. This is an exciting milestone, and is
expected to have a positive impact on on-market traded
liquidity from later in 2021.
Strategic partnerships
Alongside the investment in our Markets businesses to
strengthen IT security and to deliver technology solutions
to increase trading system capacity and resilience, we have
successfully implemented the managed auction service for
the New Zealand Emissions Trading Scheme (NZ ETS).
We have seen interest building in emissions trading
since the first auction in March 2021, including
international participation, which is a vote of confidence
in what we have delivered in partnership with the
European Energy Exchange (EEX).
Together we have established a fair, transparent,
easy-to-access and efficient allocation mechanism
for NZU (emissions units) on behalf of the
New Zealand Government.
We see potential opportunities opening up as the
New Zealand market matures, and we will be exploring
further areas for co-operation.
While we have taken the major step of confirming our
global dairy derivatives partnership with the Singapore
Exchange (SGX) in April, H1 2021 has been a challenging
time for our Dairy Derivatives business.
Total lots traded decreased by 32% due to subdued
volatility in the underlying market, and not helped by
restrictions on international travel limiting promotional
and marketing activity. The revenue impact of this lower
volume traded was offset to some extent by record
prices for NZ Milk Price (MKP) futures, and growing
demand for MKP contracts.
Our strategic partnership with SGX is a showcase
example of commercialising NZX’s international alliance
strategy and is expected to propel future growth of our
dairy derivatives suite. There is opportunity through this
global partnership to unlock and accelerate growth in
liquidity and market scale. We are continuing to engage
with participants and end users on the implementation,
scheduled for the second half of 2021 subject to
regulatory approvals.
Funds milestones
Our Smartshares business has continued its strong
growth, with FUM up 44.3% on June 2020 to $5.69 billion.
We have achieved continued growth in member
numbers and unitholders, with positive cash inflows
of $383 million for the six months to June 2021,
compared with $213 million in the prior period.
A significant win for Smartshares was the selection
of SuperLife as one of New Zealand’s six default
KiwiSaver providers from 1 December 2021. This is
a huge endorsement for what we offer.
We have continued to invest in NZX Wealth Technologies’ platform
technology and staffing capability to onboard and service our growing
client base.
NZX Interim Report 2021
8

A tribute to vision
As we reflect on our achievements in the first half of 2021,
it is with sadness that we acknowledge the passing in June
of Sir Eion Edgar, who we held in great admiration.
Sir Eion was an absolute giant and champion of the
New Zealand share market over the past 50 years – both
through his leadership at Forsyth Barr, as a director and
Chair of the Exchange, and working for the wider good
of our country.
In concluding my report, I want to thank our friend
Sir Eion for helping shape what we have today. Thank you
also to our directors who are following in his footsteps,
and everyone who is contributing to the strength of our
capital markets ecosystem.
And finally, a special thanks to my leadership
team and our people at NZX for everything we are
delivering together.
Mark Peterson
CHIEF EXECUTIVE
excellence that customers expect. While the scale of
near-term projects will impact costs, the benefits are
long term and value-adding to the business.
Alongside providing platform solutions for institutional
clients, we are pursuing opportunities to service smaller-
scale clients that have less complex requirements.
NZX Wealth Technologies plays an important role
by delivering a modern and efficient infrastructure
platform for the financial adviser community to manage,
administer and report performance of their clients’
investment portfolios.
Growing synergies and a more diversified business
A key element of NZX’s overall strategy is to build a
more diversified financial services business. Our Funds
Management and NZX Wealth Technologies businesses
offer the potential for powerful synergies alongside our
core market business. We continue to explore and
leverage these possible opportunities.
We will also continue to build upon the strategic
partnerships in place for our dairy derivatives and
carbon businesses to pursue growth.
NZ RegCo transition
Another key milestone in July this year was the
confirmation of the permanent board of NZ RegCo, chaired
by Trevor Janes, with board members Annabel Cotton,
Elaine Campbell, John Hawkins and Mike Heron QC.
The NZ RegCo operating and governance model is
now fully established as a stand-alone, independently-
governed agency performing all of NZX’s frontline
regulatory functions – targeted to operate on a cost-
neutral basis.
I want to acknowledge the tremendous work over
the past year by NZ RegCo Chief Executive, Joost van
Amelsfort, and his team on managing a seamless
transition for our issuer and participant customers.
Sir Eion Edgar – a former Chair of the Exchange, and a champion of the
New Zealand sharemarket over the past 50 years.
NZX Interim Report 2021
9

NZX Interim Report 2021
10
Management
Commentary

NZX Interim Report 2021
11
Management
Commentary
Overview
A breakdown of NZX’s financial results by business unit is summarised in the following table:
Operating RevenueOperating Expenses
Operating Earnings
(EBITDA)
1
Operating
MarginFTEs
June
2021
June
2020
Change
June
2021
June
2020
Change
June
2021
June
2020
Change
June
2021
June
2020
June
2021
June
2020
$000$000%$000$000%$000$000%
Issuer
Relationships6,7957,291(6.8%)
Secondary
Markets14,33913,3347.5%
Data &
Insights
8,6268,2075.1%
Markets
Sub-total
29,76028,8323.2%8,9886,916(30.0%)20,77221,916(5.2%)69.8%76.0%77.168.1
Funds
Management8,9416,76032.3%5,0343,891(29.4%)3,9072,86936.2%43.7%42.4%51.449.8
Wealth
Technologies2,074849144.3%1,9461,382(40.8%)128(533)124.0%6.2%(62.8%)61.750.3
Corporate
Services
2
11189N/A7,8637,011(12.2%)(7,852)(6,822)(15.1%)N/AN/A60.251.7
NZX Commercial
Operations Sub-
total
40,78636,63011.3%23,83119,200(24.1%)16,95517,430(2.7%)41.6%47.6%250.4219.9
Regulation1,6651,742(4.4%)1,6821,622(3.7%)(17)120(114.2%)N/AN/A16.519.5
NZX Group
Total42,45138,37210.6%25,51320,822(22.5%)16,93817,550(3.5%)39.9%45.7%266.9239.4
1 Operating earnings (EBITDA) are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, and gain on lease modification. Operating earnings
is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures
by other entities.
2 Corporate Services provides accommodation, legal, accounting, IT, HR and communications and marketing support to the other business units. Related costs are currently not
recharged to these commercial business units and subsidiaries (other than NZ RegCo).

NZX Interim Report 2021
12
Operating Earnings has decreased 3.5% to $16.9 million, with:
• operating revenue increasing 10.6% to $42.5 million:
i.operating revenue has increased for:
• Secondary Markets, with higher Energy revenues (including development revenue relating to the
implementation of the new carbon managed auction service for the Ministry for the Environment),
partially offset by a reduction in securities trading and securities clearing revenues from their peaks
during comparable H1-20 COVID period; and
• Data & Insights, Funds Management and Wealth Technologies business units.
ii.operating revenue has decreased for Issuer Relationships, in particular secondary listing fees which have
also reduced from their peaks during comparable H1-20 COVID period.
• operating expenses increasing 22.5% to $25.5 million:
i.the Markets businesses have strengthened cyber security and enhanced the Securities IT team to deliver
technology solutions to increase trading and clearing system capacity and maintain market stability;
ii.we have also implemented the new carbon managed auction service for the Ministry for the Environment;
and
iii. we continue to invest for growth in the Funds Management (exploring potential acquisition
opportunities) and Wealth Technologies business units (to service new clients).
The operating revenue and operating expenses are discussed in the following pages.
The Investor Presentation (refer https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure)
provides a detailed summary of the financial results by business unit.

NZX Interim Report 2021
13
Key Metrics
The key metrics for 2021 are summarised in the table below:
External dependencies
2021 full year
deliverables2021 YTD actual
1
NZX GroupOperating earnings (EBITDA)
2
$32.0 - $35.5 million
$16.9 million (down
3.5%)
Core Markets
Issuer
Relationships
Capital raised (total primary and
secondary capital issued or raised
for Equity, Funds and Debt)
• Listing ecosystem
dependent on others
• No major market
correction
$10.0 billion$7.3 billion (down 10.6%)
Secondary
Markets
Total value traded
• Participant activity
levels drive value traded
• No major market
correction
$45.0 billion$27.1 billion (down 2.8%)
Dairy Derivatives lots traded
• Participant activity
levels drive lots traded
0.40 - 0.50 million lots
139,950 lots (down
31.9%)
Data & Insights
Revenue growth (in
subscriptions, licenses and dairy
subscriptions changing revenue
mix)
• Dependent on core
markets growth
Average revenue
growth: 5.0%
$8.6 million (up 5.1%)
Funds
Management
Total Funds Under Management
• Investment market
returns impacts FUM (all
asset classes)
• No major market
correction
Continue 3-year rolling
average growth: 14%
$5.69 billion (up 44.3%.
Average FUM for period
up 43.0%)
Wealth
Technologies
Total Funds Under Administration
• Investment market
returns impacts FUA (all
asset classes)
• No major market
correction
Migrate new clients
onto the platform
$7.73 billion (up 151.1%)
1 Percentage changes represent the movement for the interim period June 2020 to June 2021, except Funds Under Management and Funds Under Administration which are the
movements in balances as at 30 June 2020 to 30 June 2021.
2 Operating earnings (EBITDA) are before net finance expenses, income tax, depreciation, amortisation, loss on disposal of assets, and gain on lease modification. Operating earnings
is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures
by other entities.
NZX Interim Report 2021
12
Operating Earnings has decreased 3.5% to $16.9 million, with:
• operating revenue increasing 10.6% to $42.5 million:
i.operating revenue has increased for:
• Secondary Markets, with higher Energy revenues (including development revenue relating to the
implementation of the new carbon managed auction service for the Ministry for the Environment),
partially offset by a reduction in securities trading and securities clearing revenues from their peaks
during comparable H1-20 COVID period; and
• Data & Insights, Funds Management and Wealth Technologies business units.
ii.operating revenue has decreased for Issuer Relationships, in particular secondary listing fees which have
also reduced from their peaks during comparable H1-20 COVID period.
• operating expenses increasing 22.5% to $25.5 million:
i.the Markets businesses have strengthened cyber security and enhanced the Securities IT team to deliver
technology solutions to increase trading and clearing system capacity and maintain market stability;
ii.we have also implemented the new carbon managed auction service for the Ministry for the Environment;
and
iii. we continue to invest for growth in the Funds Management (exploring potential acquisition
opportunities) and Wealth Technologies business units (to service new clients).
The operating revenue and operating expenses are discussed in the following pages.
The Investor Presentation (refer https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure)
provides a detailed summary of the financial results by business unit.

NZX Interim Report 2021
14
Operating Revenue
Issuer Relationships
Annual listing fees paid by NZX’s equity, debt and
fund issuers are driven by the number of listed issuers
and equity, debt and fund market capitalisations.
Annual listing fees have been positively impacted by
the growth in equity market capitalisation and the
growth in number and value of debt instruments.
Primary listing fees are paid by all issuers at the time
of listing. The primary drivers of this revenue are the
number of new listings and the value of capital listed.
Primary listing fees in the period have been driven by
equity and retail debt listings; with total new capital
listed of $3.4 billion up 46.9% on the comparative
period.
Secondary issuance fees are paid by existing issuers
when the company raises additional capital through
placements, rights issues, the exercise of options,
dividend reinvestment plans, or further debt issues.
The primary drivers for this revenue are the number
of secondary issuances and the value of secondary
capital raised. Secondary issuance fees in the period
have been driven by equity recapitalisations and
retail debt issuances; with total additional capital
raised of $3.9 billion down 33.9% on the comparative
period, when equity recapitalisations peaked in the
COVID lockdown period.
Secondary Markets
Participant services revenue is charged to market
participants (broking, clearing and advisory firms) that
are accredited for NZX’s equity, debt and derivatives
markets. The total number of market participants has
reduced to 32 (2020: 34), with the resignation of Tiger
Brokers and the amalgamation of OM Financial into
Jarden.
Securities trading revenue comes from the execution
of trades on NZX’s equity and debt markets. Securities
clearing revenue relates to clearing and settlement
activities, and related depository services undertaken
by NZX’s subsidiary New Zealand Clearing and
Depository Corporation Limited. The largest
component is clearing fees which are based on the
value of settled transactions.
Securities trading and clearing revenue decreased as:
• the total value traded and cleared ($27.1 billion) is
2.8% lower than the comparative period, when
record levels occurred during the COVID lockdown
period;
• securities trading revenue was adversely impacted
by uncharged value traded (mainly caused by large
index rebalance trading days where fees on value
traded exceeds the fee cap), which increased to
10.9% (2020: 7.9%); and
• lower levels of clearing margin, clearing penalties
and depository registry transfer fees.
Dairy derivatives revenue relates to trading, clearing
and settlement fees for trading NZX dairy futures and
options. The fees are largely charged in USD
(reflecting the global nature of the market) per lot
traded. Dairy derivatives revenue decreased in line
with the 31.9% lower lots traded, which were impacted
by the low volatility of GDT prices during the period.
Contractual and consulting and development revenue
arises from the operation of New Zealand’s electricity
market (under a long term contract with the Electricity
Authority), the Fonterra Shareholders' Market (under
a contract with Fonterra) and the carbon managed
auction service (under a contract with the Ministry for
the Environment). Consulting and development
revenue includes:
• Electricity market - enhancements to the electricity
market systems, including the market real time
pricing project, which is due for completion in
2022; and
• Carbon market - development of the carbon
managed auction service, which was completed in
the current period.

NZX Interim Report 2021
15
Data & Insights
Royalties from terminals relates to the provision of
capital markets data to global data resellers who
incorporate the data into their own subscription
products. The royalties from terminals increased by
8.3% from growth in professional terminal numbers,
which was partially offset by a decrease in retail
terminals which peaked during the COVID lockdown
period.
Subscription and licences relate to the provision of
capital markets data to other participants in the
capital markets (e.g. non-display applications). The
subscriptions and licences revenue increase of 12.1%
relates to the growth in client's data usage and
increased licence numbers.
Audit and back dated licencing revenue remained high
at $0.6 million (2020: $0.8 million) due to continued
high levels of audit activity.
Dairy data subscriptions relate to the sale of dairy
data and analytical products. Dairy data subscription
revenue has stabilised after a churn period of dairy
subscriptions post disposal of the agri-businesses.
Indices revenue relates to the revenue generated on
index licensing in partnership with S&P. Indices
business growth has been driven through an increase
in funds using the indices as benchmarks across the
funds management market and additional index data
clients.
Connectivity revenue has increased in line with
ensuring market participants and data vendors are
connected to a higher standard of performance and
resilience.
Funds Management
Funds management revenue is generated from:
• Funds under management (FUM) based revenue
which relates to variable fees which are received
net of fund expenses. Fund expenses include a
combination of fixed costs (principally outsourced
fund accounting and administration costs and
registry fees), and variable costs proportionate to
FUM (principally custodian fees, trustee fees, index
fees, settlement costs and third party manager fees);
• Member based revenue which includes fixed
membership administration fees and other
member services; and
• Other revenue, for example interest income,
insurance service fees and stock lending and
borrowing service fees.
FUM based revenue (net of fund expenses) has
increased 35.6% driven by higher average FUM (up
43.0%) over the period, arising from a combination
of market returns and positive net cash flows
($383 million year to date). FUM at 30 June 2021 has
grown to $5.69 billion up 44.3% on the comparative
period.
Member based revenue has increased, reflecting a
mix of increased investor / member numbers, a
reduction in some annual admin fees charged to
members effective from 1 April 2021, and the
comparable period which included a historical pricing
provision.
Other revenue has been favourably impacted by the
commencement of stock lending services offset by the
impact from the decreased OCR rate.
Wealth Technologies
Wealth Technologies revenue is generated from
administration services provided on both the original
(OE) and new wealth management platforms, and
development fees received for specific client system
requirements. The administration service fees are
based on funds under administration (FUA) and have
been driven by:
• New platform – FUA, and FUA related revenue,
continues to increase due to the new customers
transitioned in 2020; and
• OE platform – the number of customers is
unchanged, with 27% growth in FUA.
FUA at 30 June 2021 has grown to $7.73 billion up
151.1% on the comparative period.
NZX Interim Report 2021
14
Operating Revenue
Issuer Relationships
Annual listing fees paid by NZX’s equity, debt and
fund issuers are driven by the number of listed issuers
and equity, debt and fund market capitalisations.
Annual listing fees have been positively impacted by
the growth in equity market capitalisation and the
growth in number and value of debt instruments.
Primary listing fees are paid by all issuers at the time
of listing. The primary drivers of this revenue are the
number of new listings and the value of capital listed.
Primary listing fees in the period have been driven by
equity and retail debt listings; with total new capital
listed of $3.4 billion up 46.9% on the comparative
period.
Secondary issuance fees are paid by existing issuers
when the company raises additional capital through
placements, rights issues, the exercise of options,
dividend reinvestment plans, or further debt issues.
The primary drivers for this revenue are the number
of secondary issuances and the value of secondary
capital raised. Secondary issuance fees in the period
have been driven by equity recapitalisations and
retail debt issuances; with total additional capital
raised of $3.9 billion down 33.9% on the comparative
period, when equity recapitalisations peaked in the
COVID lockdown period.
Secondary Markets
Participant services revenue is charged to market
participants (broking, clearing and advisory firms) that
are accredited for NZX’s equity, debt and derivatives
markets. The total number of market participants has
reduced to 32 (2020: 34), with the resignation of Tiger
Brokers and the amalgamation of OM Financial into
Jarden.
Securities trading revenue comes from the execution
of trades on NZX’s equity and debt markets. Securities
clearing revenue relates to clearing and settlement
activities, and related depository services undertaken
by NZX’s subsidiary New Zealand Clearing and
Depository Corporation Limited. The largest
component is clearing fees which are based on the
value of settled transactions.
Securities trading and clearing revenue decreased as:
• the total value traded and cleared ($27.1 billion) is
2.8% lower than the comparative period, when
record levels occurred during the COVID lockdown
period;
• securities trading revenue was adversely impacted
by uncharged value traded (mainly caused by large
index rebalance trading days where fees on value
traded exceeds the fee cap), which increased to
10.9% (2020: 7.9%); and
• lower levels of clearing margin, clearing penalties
and depository registry transfer fees.
Dairy derivatives revenue relates to trading, clearing
and settlement fees for trading NZX dairy futures and
options. The fees are largely charged in USD
(reflecting the global nature of the market) per lot
traded. Dairy derivatives revenue decreased in line
with the 31.9% lower lots traded, which were impacted
by the low volatility of GDT prices during the period.
Contractual and consulting and development revenue
arises from the operation of New Zealand’s electricity
market (under a long term contract with the Electricity
Authority), the Fonterra Shareholders' Market (under
a contract with Fonterra) and the carbon managed
auction service (under a contract with the Ministry for
the Environment). Consulting and development
revenue includes:
• Electricity market - enhancements to the electricity
market systems, including the market real time
pricing project, which is due for completion in
2022; and
• Carbon market - development of the carbon
managed auction service, which was completed in
the current period.

NZX Interim Report 2021
16
Corporate
Other corporate revenue primarily relates to the short
term sub lease of part of the Wellington premises
which ceased in June 2020 and nzx.com advertising
revenue which ceased in May 2020.
Regulation (NZ RegCo)
Regulatory fees relate to issuer regulation, market
conduct, participant compliance and market
surveillance activities. Issuer regulation services
comprise time spent by NZ RegCo reviewing listing
and secondary capital raising documents, requests for
listing rule waivers, and other significant issuer
matters, including market conduct. Participant
compliance services comprise time spent by NZ RegCo
reviewing participant applications. Market surveillance
activities are recoverable from market participants. In
the current period NZ RegCo undertook a lower level
of recoverable fee based work than in the comparable
year, when activity levels peaked in the COVID
lockdown period.
Additionally, NZ RegCo receives an internal allocation
of annual listing fees and annual participants fees,
which is set in advance based on the services expected
to be provided by NZ RegCo.
Operating Expenses
Personnel costs
Personnel costs are made up of:
• salary costs (including bonuses, commissions, ACC
levies and KiwiSaver contributions); plus
• contractor and other personnel costs (including
training, recruitment and staff benefits); less
• capitalised labour (where employees or contractors
are engaged on capital projects).
Personnel costs have increased due to a combination
of wage inflation, higher levels of annual leave taken
(relative to the COVID lockdown period), and the
movement in average FTEs arising from:
• the Securities IT team additional resources to
deliver technology solutions to increase trading and
clearing system capacity and resilience, and
maintaining market stability. As well as resources
to improve cyber security;
• Issuer Relationships additional sales roles focused
on origination, with active pipeline development
and conversion;
• Secondary Markets additional product resource to
support growth in the depository business;
• Energy contractors delivering increased levels of
consulting and development revenue including the
electricity market real time pricing project and the
carbon managed auction service;
• Smartshares additional sales and customer services
resources to support client and FUM growth;
• Wealth Technologies additional client facing,
onboarding and technical staff to service new clients;
• Corporate Services additional legal, HR and
communications resources to support the
Smartshares and Wealth Technologies businesses.
As well as additional project management
resources related to the current elevated levels of
project activity across the business; and
• movements in vacancy numbers at period ends.
Capitalisation of internal development resources
(2021: $3.00 million; 2020: $2.57 million) primarily
relates to Wealth Technologies' core platform, the
NZX’s trading system upgrade and the Network
Transformation project.
Information Technology
Information Technology costs were made up of
software licence fees, hardware support and
maintenance fees, telecommunications and data
network costs, and IT services provided by third parties.

NZX Interim Report 2021
17
Higher Information Technology costs in the current
period arise from:
• cyber security – additional license costs to improve
resilience of NZX's clearing and settlement system
(BaNCS), plus the modification and strengthening
of existing security services and the implementation
of additional cyber defence capabilities and
security services to mitigate the impact of any
future cyber attacks;
• carbon managed auction service costs associated
with the development and ongoing operation of the
new carbon managed auction service for the
Ministry for the Environment;
• the Energy electricity team are utilising third party
specialist support to assist with the increased level
of development (which is generating additional
consulting and development revenue);
• trading and clearing system cost increases arise from
movements in FX rates and contractual inflation rates;
• Data & Insights are incurring increased software
licence costs associated with the delivery of
customer management data platforms;
• Smartshares Bloomberg costs (front and middle
office operating system) now reflect a full period
after being implemented in late 2020; and
• Wealth Technologies additional data feeds, data
hosting and software license costs relating to new
clients.
Professional Fees
Professional fees, including legal expenses, assurance
costs and advisory / consultancy fees, include those
relating to:
• set up costs for the dairy derivatives partnership
with SGX;
• Smartshares investments for growth includes the
costs associated with exploring potential acquisition
opportunities;
• the assurance programme – internal audits, internal
control reports, energy audits and consulting
obligations under the Electricity Authority contracts
and annual conflicts review;
• terminal royalty audit fees which vary in proportion
to the related revenue; with costs and revenue
recognised on a gross basis; and
• costs associated with the development of the new
carbon managed auction service (including EEX
royalty fees) for the Ministry for the Environment.
Marketing
Marketing costs relate primarily to Issuer Relationships
(membership of various industry groups to identify
listing opportunities), Smartshares (aimed at attracting
new investors/members and increased branding
awareness), and NZX Corporate (which supports the
core exchange businesses and the investor relations
programme). Marketing had been deferred during the
COVID lockdown period and continues at low levels
for both Smartshares and NZX Corporate. The Issuer
Relationship team has added further membership of
industry groups to widen their identification of listing
opportunities.
Other Expenses
Other expenses relate to premises costs, insurance,
directors fees, travel, external audit costs, outsourced
payroll system, corporate memberships, statutory /
compliance costs and non recoverable GST (on the
funds management and Wealth Technologies
businesses). Other expenses have increased due to
renewed travel (relative to the H1-20 COVID period),
plus higher insurance and compliance costs.
Capitalised overheads
The portion of all expense categories which relate to
capital activities (e.g. Wealth Technologies core
platform and NZX’s trading system upgrade) has
increased slightly.
NZX Interim Report 2021
16
Corporate
Other corporate revenue primarily relates to the short
term sub lease of part of the Wellington premises
which ceased in June 2020 and nzx.com advertising
revenue which ceased in May 2020.
Regulation (NZ RegCo)
Regulatory fees relate to issuer regulation, market
conduct, participant compliance and market
surveillance activities. Issuer regulation services
comprise time spent by NZ RegCo reviewing listing
and secondary capital raising documents, requests for
listing rule waivers, and other significant issuer
matters, including market conduct. Participant
compliance services comprise time spent by NZ RegCo
reviewing participant applications. Market surveillance
activities are recoverable from market participants. In
the current period NZ RegCo undertook a lower level
of recoverable fee based work than in the comparable
year, when activity levels peaked in the COVID
lockdown period.
Additionally, NZ RegCo receives an internal allocation
of annual listing fees and annual participants fees,
which is set in advance based on the services expected
to be provided by NZ RegCo.
Operating Expenses
Personnel costs
Personnel costs are made up of:
• salary costs (including bonuses, commissions, ACC
levies and KiwiSaver contributions); plus
• contractor and other personnel costs (including
training, recruitment and staff benefits); less
• capitalised labour (where employees or contractors
are engaged on capital projects).
Personnel costs have increased due to a combination
of wage inflation, higher levels of annual leave taken
(relative to the COVID lockdown period), and the
movement in average FTEs arising from:
• the Securities IT team additional resources to
deliver technology solutions to increase trading and
clearing system capacity and resilience, and
maintaining market stability. As well as resources
to improve cyber security;
• Issuer Relationships additional sales roles focused
on origination, with active pipeline development
and conversion;
• Secondary Markets additional product resource to
support growth in the depository business;
• Energy contractors delivering increased levels of
consulting and development revenue including the
electricity market real time pricing project and the
carbon managed auction service;
• Smartshares additional sales and customer services
resources to support client and FUM growth;
• Wealth Technologies additional client facing,
onboarding and technical staff to service new clients;
• Corporate Services additional legal, HR and
communications resources to support the
Smartshares and Wealth Technologies businesses.
As well as additional project management
resources related to the current elevated levels of
project activity across the business; and
• movements in vacancy numbers at period ends.
Capitalisation of internal development resources
(2021: $3.00 million; 2020: $2.57 million) primarily
relates to Wealth Technologies' core platform, the
NZX’s trading system upgrade and the Network
Transformation project.
Information Technology
Information Technology costs were made up of
software licence fees, hardware support and
maintenance fees, telecommunications and data
network costs, and IT services provided by third parties.

NZX Interim Report 2021
18
Non-operating Income and Expenses
Net finance expense comprises interest income (on
cash balances, Clearing House risk capital and
regulatory working capital), interest expenses (on the
subordinated note and lease liabilities), realised fair
value gain on investment and foreign exchange gains/
(losses). Increased net finance costs result from lower
levels of interest income due to decreased interest rates.
Depreciation and amortisation expenses have
increased due to amortisation on Wealth
Technologies capitalised costs in late 2020 relating
to the core platform's refinement and the completed
migrations of new clients.
The effective tax rate is higher than the statutory rate
of 28% due to non-deductible items.

NZX Interim Report 2021
19
NZX Interim Report 2021
18
Non-operating Income and Expenses
Net finance expense comprises interest income (on
cash balances, Clearing House risk capital and
regulatory working capital), interest expenses (on the
subordinated note and lease liabilities), realised fair
value gain on investment and foreign exchange gains/
(losses). Increased net finance costs result from lower
levels of interest income due to decreased interest rates.
Depreciation and amortisation expenses have
increased due to amortisation on Wealth
Technologies capitalised costs in late 2020 relating
to the core platform's refinement and the completed
migrations of new clients.
The effective tax rate is higher than the statutory rate
of 28% due to non-deductible items.
Financials

NZX Interim Report 2021
20The accompanying notes form an integral part of these financial statements
Income statement
For the six months ended 30 June 2021
Note
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Total operating revenue542,45138,37278,426
Total operating expenses6(25,513)(20,822)(44,030)
Earnings before net finance expenses, income tax, depreciation,
amortisation, loss on disposal of assets, and gain on lease
modification (EBITDA)
1
216,93817,55034,396
Net finance expenses7(1,174)(758)(2,037)
Depreciation and amortisation expenses(4,797)(4,042)(8,293)
Loss on disposal of assets(112)--
Gain on lease modification--558
Profit before income tax10,85512,75024,624
Income tax expense(3,225)(3,667)(7,038)
Profit for the period7,6309,08317,586
Earnings per share
Basic (cents per share)2.73.36.3
Diluted (cents per share)2.73.36.3
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Statement of comprehensive income
For the six months ended 30 June 2021
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Profit for the period7,6309,08317,586
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences-(1)-
Total other comprehensive income-(1)-
Total comprehensive income for the period7,6309,08217,586

NZX Interim Report 2021
The accompanying notes form an integral part of these financial statements21
Statement of changes in equity
For the six months ended 30 June 2021
Note
Share
Capital
$000
Retained
Earnings
$000
Translation
Reserve
$000
Total
Equity
$000
Audited balance at 1 January 202055,5238,441(46)63,918
Profit for the period-9,083-9,083
Foreign currency translation differences--(1)(1)
Total comprehensive income for the period-9,083(1)9,082
Transactions with owners recorded directly in equity:
Dividends paid11-(8,546)-(8,546)
Issue of shares1,195--1,195
Share based payments452--452
Share based payments for vested shares(129)--(129)
Total transactions with owners recorded directly in equity1,518(8,546)-(7,028)
Unaudited closing balance at 30 June 202057,0418,978(47)65,972
Profit for the period-8,503-8,503
Foreign currency translation differences--11
Total comprehensive income for the period-8,50318,504
Transactions with owners recorded directly in equity:
Dividends paid11-(8,321)-(8,321)
Issue of shares953--953
Share based payments524--524
Share based payments for vested shares(1)--(1)
Total transactions with owners recorded directly in equity1,476(8,321)-(6,845)
Audited closing balance at 31 December 202058,5179,160(46)67,631
Profit for the period-7,630-7,630
Foreign currency translation differences----
Total comprehensive income for the period-7,630-7,630
Transactions with owners recorded directly in equity:
Dividends paid11-(8,618)-(8,618)
Issue of shares2,070--2,070
Share based payments506--506
Cancellation of non-vesting shares(11)11--
Total transactions with owners recorded directly in equity2,565(8,607)-(6,042)
Unaudited closing balance at 30 June 202161,0828,183(46)69,219
NZX Interim Report 2021
20The accompanying notes form an integral part of these financial statements
Income statement
For the six months ended 30 June 2021
Note
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Total operating revenue542,45138,37278,426
Total operating expenses6(25,513)(20,822)(44,030)
Earnings before net finance expenses, income tax, depreciation,
amortisation, loss on disposal of assets, and gain on lease
modification (EBITDA)
1
216,93817,55034,396
Net finance expenses7(1,174)(758)(2,037)
Depreciation and amortisation expenses(4,797)(4,042)(8,293)
Loss on disposal of assets(112)--
Gain on lease modification--558
Profit before income tax10,85512,75024,624
Income tax expense(3,225)(3,667)(7,038)
Profit for the period7,6309,08317,586
Earnings per share
Basic (cents per share)2.73.36.3
Diluted (cents per share)2.73.36.3
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Statement of comprehensive income
For the six months ended 30 June 2021
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Profit for the period7,6309,08317,586
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign currency translation differences-(1)-
Total other comprehensive income-(1)-
Total comprehensive income for the period7,6309,08217,586

NZX Interim Report 2021
22The accompanying notes form an integral part of these financial statements
Statement of financial position
As at 30 June 2021
Note
Unaudited
30 June
2021
$000
Unaudited
30 June
2020
$000
Audited
31 Dec
2020
$000
Current assets
Cash and cash equivalents21,32521,42032,775
Cash and cash equivalents - restricted820,00020,00020,000
Funds held on behalf of third parties135,643121,159104,684
Receivables and prepayments23,17920,79810,840
Total current assets200,147183,377168,299
Non-current assets
Property, plant & equipment4,9762,3862,146
Right-of-use lease assets94,4566,1995,108
Goodwill330,22230,22230,222
Other intangible assets341,80939,37640,879
Total non-current assets81,46378,18378,355
Total assets281,610261,560246,654
Current liabilities
Funds held on behalf of third parties135,643121,159104,684
Trade payables8,2615,2577,684
Other liabilities - current18,61416,10514,176
Lease liabilities91,0521,6571,388
Current tax liability8621,6882,274
Total current liabilities164,432145,866130,206

NZX Interim Report 2021
The accompanying notes form an integral part of these financial statements23
Statement of financial position (continued)
As at 30 June 2021
Note
Unaudited
30 June
2021
$000
Unaudited
30 June
2020
$000
Audited
31 Dec
2020
$000
Non-current liabilities
Non-current other liabilities565403484
Lease liabilities95,2327,2675,716
Interest bearing liabilities1038,94038,87138,911
Deferred tax liability3,2223,1813,706
Total non-current liabilities47,95949,72248,817
Total liabilities212,391195,588179,023
Net assets69,21965,97267,631
Equity
Share capital61,08257,04158,517
Retained earnings8,1838,9789,160
Translation reserve(46)(47)(46)
Total equity attributable to shareholders69,21965,97267,631
Net tangible assets per share (cents per share)(1.01)(1.45)(1.25)

Approved on behalf of the Board of Directors for issue on 26 August 2021.

J B Miller
Chair of the Board
Lindsay Wright
Chair of the Audit and
Risk Committee
NZX Interim Report 2021
22The accompanying notes form an integral part of these financial statements
Statement of financial position
As at 30 June 2021
Note
Unaudited
30 June
2021
$000
Unaudited
30 June
2020
$000
Audited
31 Dec
2020
$000
Current assets
Cash and cash equivalents21,32521,42032,775
Cash and cash equivalents - restricted820,00020,00020,000
Funds held on behalf of third parties135,643121,159104,684
Receivables and prepayments23,17920,79810,840
Total current assets200,147183,377168,299
Non-current assets
Property, plant & equipment4,9762,3862,146
Right-of-use lease assets94,4566,1995,108
Goodwill330,22230,22230,222
Other intangible assets341,80939,37640,879
Total non-current assets81,46378,18378,355
Total assets281,610261,560246,654
Current liabilities
Funds held on behalf of third parties135,643121,159104,684
Trade payables8,2615,2577,684
Other liabilities - current18,61416,10514,176
Lease liabilities91,0521,6571,388
Current tax liability8621,6882,274
Total current liabilities164,432145,866130,206

NZX Interim Report 2021
24The accompanying notes form an integral part of these financial statements
Statement of cash flows
For the six months ended 30 June 2021
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Cash flows from operating activities
Receipts from customers37,58132,67678,104
Net interest paid(1,048)(933)(1,823)
Payments to suppliers and employees(27,558)(20,966)(38,847)
Income tax paid(5,121)(3,940)(6,200)
Net cash provided by operating activities3,8546,83731,234
Cash flows from investing activities
Cash received from short term investment--2
Payments for property, plant and equipment(3,257)(256)(483)
Payments for intangible assets(4,646)(4,825)(9,489)
Net cash used in investing activities(7,903)(5,081)(9,970)
Cash flows from financing activities
Payments of lease liabilities(820)(672)(1,467)
Purchase of subordinated notes-(10)-
Dividends paid(6,581)(7,394)(14,762)
Net cash used in financing activities(7,401)(8,076)(16,229)
Net increase/(decrease) in cash and cash equivalents(11,450)(6,320)5,035
Cash and cash equivalents at the beginning of the period52,77547,74047,740
Cash and cash equivalents at the end of the period41,32541,42052,775

NZX Interim Report 2021
25
Notes to the Financial Statements
For the six months ended 30 June 2021
1. Reporting entity and statutory base
RReeppoorrttiinngg eennttiittyy
These interim financial statements presented are for NZX Limited (the Company) and its subsidiaries (together
referred to as the Group) as at and for the six months ended 30 June 2021.
The Group operates New Zealand securities, derivatives and energy markets, including building and
maintaining the infrastructure on which they operate. It provides funds management services including
superannuation and Exchange Traded Funds (ETFs), as well as developing and operating wealth management
platforms for other providers. It also provides a range of information and data to support market growth and
development in the securities and dairy sectors.
The Company is incorporated and domiciled in New Zealand, registered under the Companies Act 1993 and
is an FMC reporting entity under the Financial Markets Conduct Act 2013 (FMCA). The Company is listed and
its ordinary shares are quoted on the NZX Main Board. The Company also has listed debt which is quoted on
the NZX debt market.
B
Baassiiss ooff pprreeppaarraattiioonn
These interim financial statements have been prepared in accordance with New Zealand Generally Accepted
Accounting Practice (NZ GAAP), the requirements of the FMCA and the Main Board/debt market Listing Rules
of NZX Limited. The interim financial statements comply with the New Zealand equivalents to International
Accounting Standards NZ IAS 34 and IAS 34 Interim Financial Reporting.
These interim financial statements do not disclose all the information required for annual financial statements
prepared in accordance with NZ IFRS. Consequently, the interim financial statements should be read in
conjunction with the financial statements and related notes included in the Annual Report for the year ended
31 December 2020.
A
Accccoouunnttiinngg ppoolliicciieess
These interim financial statements have consistently applied the accounting policies set out in the Group's
Annual Report for the year ended 31 December 2020.
NZX Interim Report 2021
24The accompanying notes form an integral part of these financial statements
Statement of cash flows
For the six months ended 30 June 2021
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Cash flows from operating activities
Receipts from customers37,58132,67678,104
Net interest paid(1,048)(933)(1,823)
Payments to suppliers and employees(27,558)(20,966)(38,847)
Income tax paid(5,121)(3,940)(6,200)
Net cash provided by operating activities3,8546,83731,234
Cash flows from investing activities
Cash received from short term investment--2
Payments for property, plant and equipment(3,257)(256)(483)
Payments for intangible assets(4,646)(4,825)(9,489)
Net cash used in investing activities(7,903)(5,081)(9,970)
Cash flows from financing activities
Payments of lease liabilities(820)(672)(1,467)
Purchase of subordinated notes-(10)-
Dividends paid(6,581)(7,394)(14,762)
Net cash used in financing activities(7,401)(8,076)(16,229)
Net increase/(decrease) in cash and cash equivalents(11,450)(6,320)5,035
Cash and cash equivalents at the beginning of the period52,77547,74047,740
Cash and cash equivalents at the end of the period41,32541,42052,775

NZX Interim Report 2021
26
AAccccoouunnttiinngg eessttiimmaatteess aanndd jjuuddggeemmeennttss
The key sources of estimation uncertainty have not changed from those used in preparing the annual financial
statements for the year ended 31 December 2020.
FFuunnccttiioonnaall aanndd pprreesseennttaattiioonn ccuurrrreennccyy
These interim financial statements are presented in New Zealand dollars ($), which is the Group's functional
currency, and are rounded to the nearest thousand dollars unless otherwise indicated..
PPrreesseennttaattiioonnaall cchhaannggeess
Certain amounts in the comparative information have been reclassified to ensure consistency with the current
period's presentation.
2. Non-GAAP measures
EBITDA is a non-GAAP performance measure and differs from the NZ IFRS profit for the period. The Group's
definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by
other entities.
Reconciliation of EBITDA to NZ IFRS profit for the period:
Unaudited
6 months
ended
30 June
2021
$000
Unaudited
6 months
ended
30 June
2020
$000
Audited
12 months
ended
31 Dec
2020
$000
Profit for the period7,6309,08317,586
Income tax expense3,2253,6677,038
Profit before income tax10,85512,75024,624
Adjustments for:
- Net finance expenses1,1747582,037
- Depreciation and amortisation expenses4,7974,0428,293
- Loss on disposal of assets112--
- Gain on lease modification--(558)
EBITDA16,93817,55034,396
The Group has presented the EBITDA performance measure in addition to NZ IFRS profit for the period as
this performance measure is used internally, in conjunction with other measures, to monitor performance and
make investment decisions. EBITDA is calculated by adjusting profit from operations to exclude the impact
of taxation, net finance expense, depreciation, amortisation, loss on disposal of assets, and gain on lease modification.

NZX Interim Report 2021
27
3. Goodwill and other intangible assets
The Group performs full impairment assessment of its goodwill and other intangible assets annually. The last
full impairment assessment was performed at 31 December 2020, and no impairment was required as a result.
The Group has reviewed the indicators of impairment for the six month period to 30 June 2021, and no
indicators of impairment were noted (none at 30 June 2020). The next full impairment assessment will be
performed and included in the Group's year end financial statements as at 31 December 2021.
4. Segment reporting
The Group has five revenue generating segments, as described below, which are the Group‘s strategic
business areas, and a corporate services segment which has limited revenue but includes all costs that are
shared across the organisation.
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief
Operating Decision Maker (CODM). The CODM, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Group CEO. The CODM assesses
performance of the combined Markets business (i.e. the Issuer Relationships, Secondary Markets and Data &
Insights revenue generating segments) as a single segment, being an integrated business that supports the
growth of New Zealand capital markets. The performance of the Funds Management, Wealth Technologies
and Corporate businesses are assessed separately.
Additionally during 2020 the Group introduced a new regulatory model and incorporated NZX Regulation
Limited (NZ RegCo) as a stand-alone, independently-governed agency which performs all of NZX's front line
regulatory functions, resulting in the structural separation of the Group's commercial and regulatory roles.
Consequently the CODM for the Regulation business is the NZ RegCo CEO.
The reportable commercial operations segments are:
• Markets
• Issuer Relationships - provider of issuer services for current and prospective customers;
• Secondary Markets - provider of trading and post-trade services for securities and derivatives markets
operated by NZX, provider of a central securities depository and market operator for Fonterra Co-
Operative Group, the Electricity Authority and the Ministry for the Environment;
• Data & Insights - provider of data services for securities and derivatives markets, and analytics for New
Zealand's dairy sector;
• Funds Management - provider of superannuation funds, KiwiSaver funds and exchange traded funds; and
• Wealth Technologies - funds administration provider and custodian.
NZX Interim Report 2021
26
AAc cccoouunnt ti inngg ees st ti imma at tees s aanndd jjuuddggeemme ennt tss
The key sources of estimation uncertainty have not changed from those used in preparing the annual financial
statements for the year ended 31 December 2020.
FFuunncct ti ioonnaal l aanndd ppr rees seennt taat ti ioonn ccuur rrreennccyy
These interim financial statements are presented in New Zealand dollars ($), which is the Group's functional
currency, and are rounded to the nearest thousand dollars unless otherwise indicated..
PPr rees seennt taat ti ioonnaal l cchhaannggees s
Certain amounts in the comparative information have been reclassified to ensure consistency with the current
period's presentation.
2. Non-GAAP measures
EBITDA is a non-GAAP performance measure and differs from the NZ IFRS profit for the period. The Group's
definition of EBITDA may not be comparable with similarly titled performance measures and disclosures by
other entities.
Reconciliation of EBITDA to NZ IFRS profit for the period:
Unaudited
6 months
ended
30 June
2021
$000
Unaudited
6 months
ended
30 June
2020
$000
Audited
12 months
ended
31 Dec
2020
$000
Profit for the period7,6309,08317,586
Income tax expense3,2253,6677,038
Profit before income tax10,85512,75024,624
Adjustments for:
- Net finance expenses1,1747582,037
- Depreciation and amortisation expenses4,7974,0428,293
- Loss on disposal of assets112--
- Gain on lease modification--(558)
EBITDA16,93817,55034,396
The Group has presented the EBITDA performance measure in addition to NZ IFRS profit for the period as
this performance measure is used internally, in conjunction with other measures, to monitor performance and
make investment decisions. EBITDA is calculated by adjusting profit from operations to exclude the impact
of taxation, net finance expense, depreciation, amortisation, loss on disposal of assets, and gain on lease modification.

NZX Interim Report 2021
28
The Group’s revenue is analysed into each of the reportable segments (including an internal allocation of
annual listing fees and annual participant fees to NZ RegCo). Expenses incurred are allocated to the
segments only if they are direct and specific expenses to one of the segments. The remaining expenses that
relate to activities shared across the group are reported in the Corporate segment.
The Group's assets and liabilities are analysed into each of the revenue generating segments, apart from
those assets and liabilities that are utilised on a shared basis, which are allocated to the Corporate segment.
Segmental information for the six months ended 30 June 2021
Unaudited
Issuer
Relation-
ships
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue
6,79514,3398,62629,7608,9412,0741140,7861,66542,451
Operating
expenses
(8,988)(5,034)(1,946)(7,863)(23,831)(1,682)(25,513)
Operating
earnings
(EBITDA)
1
20,7723,907128(7,852)16,955(17)16,938
Segment
assets
196,27542,51919,56623,027281,387223281,610
Segment
liabilities
(152,328)(8,193)576(52,409)(212,354)(37)(212,391)
Net
assets43,94734,32620,142(29,382)69,03318669,219
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.

NZX Interim Report 2021
29
Segmental information for the six months ended 30 June 2020
Unaudited and
restated
Issuer
Relation-
ships
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue
7,29113,3348,20728,8326,76084918936,6301,74238,372
Operating
expenses
(6,916)(3,891)(1,382)(7,011)(19,200)(1,622)(20,822)
Operating
earnings
(EBITDA)
1
21,9162,869(533)(6,822)17,43012017,550
Segment
assets182,19740,16515,04623,862261,270290261,560
Segment
liabilities
(137,073)(5,151)62(53,205)(195,367)(221)(195,588)
Net
assets45,12435,01415,108(29,343)65,9036965,972
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
Segmental information for the twelve months ended 31 December 2020
Audited
Issuer
Relation-
ships
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue15,19227,34316,14658,68113,6692,42520574,9803,44678,426
Operating
expenses(15,253)(8,071)(2,689)(15,072)(41,085)(2,945)(44,030)
Operating
earnings
(EBITDA)
1
43,4285,598(264)(14,867)33,89550134,396
Segment
assets
154,74643,09017,49531,026246,357297246,654
Segment
liabilities
(117,716)(7,244)(71)(53,694)(178,725)(298)(179,023)
Net
assets37,03035,84617,424(22,668)67,632(1)67,631
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.
NZX Interim Report 2021
28
The Group’s revenue is analysed into each of the reportable segments (including an internal allocation of
annual listing fees and annual participant fees to NZ RegCo). Expenses incurred are allocated to the
segments only if they are direct and specific expenses to one of the segments. The remaining expenses that
relate to activities shared across the group are reported in the Corporate segment.
The Group's assets and liabilities are analysed into each of the revenue generating segments, apart from
those assets and liabilities that are utilised on a shared basis, which are allocated to the Corporate segment.
Segmental information for the six months ended 30 June 2021
Unaudited
Issuer
Relation-
ships
$000
Secondary
Markets
$000
Data &
Insights
$000
Markets
sub-total
$000
Funds
$000
Wealth
Tech.
$000
Corporate
$000
NZX
Commercial
Operations
sub-total
$000
Regulation
$000
NZX
Group
Total
$000
Operating
revenue6,79514,3398,62629,7608,9412,0741140,7861,66542,451
Operating
expenses(8,988)(5,034)(1,946)(7,863)(23,831)(1,682)(25,513)
Operating
earnings
(EBITDA)
1
20,7723,907128(7,852)16,955(17)16,938
Segment
assets196,27542,51919,56623,027281,387223281,610
Segment
liabilities(152,328)(8,193)576(52,409)(212,354)(37)(212,391)
Net
assets43,94734,32620,142(29,382)69,03318669,219
1 EBITDA is not a defined performance measure in NZ IFRS. Please refer to Note 2 for more information.

NZX Interim Report 2021
30
5. Operating revenue
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Listing fees6,7957,29115,192
Total Issuer Relationships revenue6,7957,29115,192
Participant services357366738
Securities trading2,6402,8635,532
Securities clearing4,1904,4668,746
Dairy derivatives5227731,306
Market operations6,6304,86611,021
Total Secondary Markets revenue14,33913,33427,343
Securities information7,0376,71913,166
Dairy data subscriptions328315607
Connectivity revenue1,2611,1732,373
Total Data & Insights revenue8,6268,20716,146
Funds Management revenue8,9416,76013,669
Wealth Technologies revenue2,0748492,425
Issuer regulation297389727
Participant compliance3256157
Surveillance392411791
Listing fees & participants services9448861,771
Total Regulation revenue1,6651,7423,446
Other Corporate revenue11189205
Total operating revenue42,45138,37278,426

NZX Interim Report 2021
31
6. Operating expenses
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Operating expenses
Gross personnel costs(18,667)(16,620)(34,015)
Less capitalised labour3,0042,5735,925
Net personnel costs(15,663)(14,047)(28,090)
Information technology(5,858)(3,707)(9,292)
Professional fees(2,381)(1,676)(3,300)
Marketing(510)(376)(1,076)
Other expenses(1,822)(1,558)(3,630)
Capitalised overheads7215421,358
Total operating expenses(25,513)(20,822)(44,030)
7. Net finance expenses
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Interest income174534839
Interest on lease liabilities(122)(215)(395)
Other interest expense(1,183)(1,181)(2,377)
Amortised borrowing costs(40)(37)(77)
Realised gain on investment--2
Net gain/(loss) on foreign exchange(3)141(29)
Net finance expense(1,174)(758)(2,037)
8. Cash and cash equivalents
Restricted cash and cash equivalents relates to balances held for risk capital requirements by the Clearing
House and is not available for general cash management use by the Group.
NZX Interim Report 2021
30
5. Operating revenue
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Listing fees6,7957,29115,192
Total Issuer Relationships revenue6,7957,29115,192
Participant services357366738
Securities trading2,6402,8635,532
Securities clearing4,1904,4668,746
Dairy derivatives5227731,306
Market operations6,6304,86611,021
Total Secondary Markets revenue14,33913,33427,343
Securities information7,0376,71913,166
Dairy data subscriptions328315607
Connectivity revenue1,2611,1732,373
Total Data & Insights revenue8,6268,20716,146
Funds Management revenue8,9416,76013,669
Wealth Technologies revenue2,0748492,425
Issuer regulation297389727
Participant compliance3256157
Surveillance392411791
Listing fees & participants services9448861,771
Total Regulation revenue1,6651,7423,446
Other Corporate revenue11189205
Total operating revenue42,45138,37278,426

NZX Interim Report 2021
32
9. Leases
During 2020 the Group entered into a new office lease agreement commencing 1 August 2021 as a lessee,
to replace the existing Auckland office lease which expires on 31 August 2021. An addition to the right-of-use
assets and lease liabilities will be recognised on commencement of the lease.
10. Interest bearing liabilities
Unaudited
as at
30 June 2021
$000
Unaudited
as at
30 June 2020
$000
Audited
as at
31 Dec 2020
$000
Subordinated notes40,00039,99040,000
Total drawn debt40,00039,99040,000
Capitalised borrowing costs (net of amortisation)(1,060)(1,119)(1,089)
Net interest bearing liabilities38,94038,87138,911
a.Subordinated notes
The subordinated notes are quoted on the NZX debt market. The terms of the subordinated notes are set out
in the Group's Annual Report for the year ended 31 December 2020 and include a financial covenant that has
been met throughout the period.
The subordinated notes are measured at amortised cost using the effective interest method, as required by NZ
IFRS 9.
b.
Bank overdraft and revolving credit facilities
The Group has access to an overdraft facility with a limit of $3.0 million (30 June 2020: $3.0 million, 31 December
2020: $3.0 million). The effective interest rate of the facility at 30 June 2021 was 3.07% (30 June 2020: 3.42%,
31 December 2020: 3.19%).
The Group also has a revolving credit facility with a limit of $3.0 million (30 June 2020: $3.0 million, 31 December
2020: $3.0 million).
No amount was drawn down at 30 June 2021 (none at 30 June 2020 and 31 December 2020).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2020.
Both facilities are unsecured and contain financial covenants which have been met throughout the period.

NZX Interim Report 2021
33
11. Dividends
Unaudited
6 months ended
30 June 2021
Unaudited
6 months ended
30 June 2020
Audited
12 months ended
31 Dec 2020
For year
ended
Cents per
share
Total
$000
Cents per
share
Total
$000
Cents per
share
Total
$000
Dividends declared and
paid
March 2020 - Final31 Dec 193.18,5463.18,546
September 2020 - Interim31 Dec 203.08,321
March 2021 - Final31 Dec 203.18,618
Total dividends paid
during the period3.18,6183.18,5466.116,867
Refer to note 15 for details of the 2021 interim dividend.
12. Share based payments
Rights that were issued or redeemed under the NZX Employee Long Term Incentive Plan during the period
were on terms consistent with the prior period.
During the period $1,000 worth of NZX ordinary shares (gross) were issued to new employees to encourage
staff engagement and shareholder alignment.
13. Related party transactions
a.Transactions with key management personnel
Key management personnel comprises the Group’s senior management team. Key management personnel
compensation comprised the following:
Unaudited
6 months
ended
30 June 2021
$000
Unaudited
6 months
ended
30 June 2020
$000
Audited
12 months
ended
31 Dec 2020
$000
Short-term employee benefits2,3662,3904,640
Long-term employee benefits8181161
Share-based payments294239497
Resignation benefits90-116
2,8312,7105,414
b. Transactions with directors and other entities NZX directors are associated with
Directors fees for the six month period to 30 June 2021 were $213,736 (30 June 2020: $225,000, 31 December
2020: $450,000) and have been included in other expenses.
NZX Interim Report 2021
32
9. Leases
During 2020 the Group entered into a new office lease agreement commencing 1 August 2021 as a lessee,
to replace the existing Auckland office lease which expires on 31 August 2021. An addition to the right-of-use
assets and lease liabilities will be recognised on commencement of the lease.
10. Interest bearing liabilities
Unaudited
as at
30 June 2021
$000
Unaudited
as at
30 June 2020
$000
Audited
as at
31 Dec 2020
$000
Subordinated notes40,00039,99040,000
Total drawn debt40,00039,99040,000
Capitalised borrowing costs (net of amortisation)(1,060)(1,119)(1,089)
Net interest bearing liabilities38,94038,87138,911
a.Subordinated notes
The subordinated notes are quoted on the NZX debt market. The terms of the subordinated notes are set out
in the Group's Annual Report for the year ended 31 December 2020 and include a financial covenant that has
been met throughout the period.
The subordinated notes are measured at amortised cost using the effective interest method, as required by NZ
IFRS 9.
b.
Bank overdraft and revolving credit facilities
The Group has access to an overdraft facility with a limit of $3.0 million (30 June 2020: $3.0 million, 31 December
2020: $3.0 million). The effective interest rate of the facility at 30 June 2021 was 3.07% (30 June 2020: 3.42%,
31 December 2020: 3.19%).
The Group also has a revolving credit facility with a limit of $3.0 million (30 June 2020: $3.0 million, 31 December
2020: $3.0 million).
No amount was drawn down at 30 June 2021 (none at 30 June 2020 and 31 December 2020).
The terms of these facilities are set out in the Group's Annual Report for the year ended 31 December 2020.
Both facilities are unsecured and contain financial covenants which have been met throughout the period.

NZX Interim Report 2021
34
c.Transactions with managed funds
Management fees are received from the funds managed by wholly owned subsidiary Smartshares Limited and
are shown in the Income Statement as funds management revenue (refer to Note 5).
14. Contingent liabilities
In New Zealand there has been increased regulatory focus on market participant compliance for entities such
as the Group. Accordingly, there has been an increase in the number of matters on which the Group engages
with its regulators including matters such as financial market conduct, reporting and disclosure obligations, tax
treatments, and product disclosure documentation. In the normal course of business the Group may be
subject to actual or possible claims and court proceedings. Where relevant, expert legal advice has been
obtained and, in light of such advice, provisions and/or disclosures as deemed appropriate are made.
There were no contingent liabilities as at 30 June 2021 (30 June 2020: none; 31 December 2020: none).
15. Subsequent events
Dividend
Subsequent to balance date the Board declared an interim dividend of 3.0 cents per share (fully imputed), to
be paid on 24 September 2021 (with a record date of 10 September 2021).
CEO Long Term Incentive Plan
On 24 August 2021, the Board agreed to grant the CEO a further tranche of performance rights under NZX's
CEO Long Term Incentive Plan. The number of performance rights will be $1,000,000 divided by the volume
weighted average price per share for the 10-business day period starting 27 August 2021. Each of these
performance rights will give the CEO an option to acquire one ordinary share in NZX. The CEO may exercise
the options if the performance rights vest. Vesting of the performance rights is dependent on NZX meeting
performance hurdles in respect of total shareholder return (TSR) growth and on the CEO remaining an
employee of the NZX Group for the duration of the vesting period from 10 September 2021 to 5 April 2024.
There is a cap on the maximum value of performance rights that can vest. The cap is $5 million minus the
value of the Performance Rights that vest under the previous tranche of the CEO Long Term Incentive Plan
with a vesting period ending on 6 April 2022 (which has its own value cap of $4 million).
Vesting of the performance rights is dependent on TSR growth over the vesting period of at least 7.4% per
annum resulting in 50% of the performance rights being vested (with 100% being vested at 9.4% TSR growth
and 50.1% to 99.9% being vested on a linear, pro-rata basis).

NZX Interim Report 2021
35
NZX Interim Report 2021
34
c.Transactions with managed funds
Management fees are received from the funds managed by wholly owned subsidiary Smartshares Limited and
are shown in the Income Statement as funds management revenue (refer to Note 5).
14. Contingent liabilities
In New Zealand there has been increased regulatory focus on market participant compliance for entities such
as the Group. Accordingly, there has been an increase in the number of matters on which the Group engages
with its regulators including matters such as financial market conduct, reporting and disclosure obligations, tax
treatments, and product disclosure documentation. In the normal course of business the Group may be
subject to actual or possible claims and court proceedings. Where relevant, expert legal advice has been
obtained and, in light of such advice, provisions and/or disclosures as deemed appropriate are made.
There were no contingent liabilities as at 30 June 2021 (30 June 2020: none; 31 December 2020: none).
15. Subsequent events
Dividend
Subsequent to balance date the Board declared an interim dividend of 3.0 cents per share (fully imputed), to
be paid on 24 September 2021 (with a record date of 10 September 2021).
CEO Long Term Incentive Plan
On 24 August 2021, the Board agreed to grant the CEO a further tranche of performance rights under NZX's
CEO Long Term Incentive Plan. The number of performance rights will be $1,000,000 divided by the volume
weighted average price per share for the 10-business day period starting 27 August 2021. Each of these
performance rights will give the CEO an option to acquire one ordinary share in NZX. The CEO may exercise
the options if the performance rights vest. Vesting of the performance rights is dependent on NZX meeting
performance hurdles in respect of total shareholder return (TSR) growth and on the CEO remaining an
employee of the NZX Group for the duration of the vesting period from 10 September 2021 to 5 April 2024.
There is a cap on the maximum value of performance rights that can vest. The cap is $5 million minus the
value of the Performance Rights that vest under the previous tranche of the CEO Long Term Incentive Plan
with a vesting period ending on 6 April 2022 (which has its own value cap of $4 million).
Vesting of the performance rights is dependent on TSR growth over the vesting period of at least 7.4% per
annum resulting in 50% of the performance rights being vested (with 100% being vested at 9.4% TSR growth
and 50.1% to 99.9% being vested on a linear, pro-rata basis).
Independent
Review Report

© 2021 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Independent Review Report
To the shareholders of NZX Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements of NZX Limited
and its subsidiaries (“the Group”) on pages 20 to 34
do not:
i. present fairly in all material respects the
Group’s financial position as at 30 June
2021 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 30 June 2021;
— the consolidated income statement,
statements of comprehensive income, changes
in equity and cash flows for the 6 month period
then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.



© 2021 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Independent Review Report
To the shareholders of NZX Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements of NZX Limited
and its subsidiaries (“the Group”) on pages 20 to 34
do not:
i. present fairly in all material respects the
Group’s financial position as at 30 June
2021 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 30 June 2021;
— the consolidated income statement,
statements of comprehensive income, changes
in equity and cash flows for the 6 month period
then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
NZX Interim Report 2021
36

© 2021 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent
member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

Independent Review Report
To the shareholders of NZX Limited
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our
attention that causes us to believe that the interim
consolidated financial statements of NZX Limited
and its subsidiaries (“the Group”) on pages 20 to 34
do not:
i. present fairly in all material respects the
Group’s financial position as at 30 June
2021 and its financial performance and
cash flows for the 6 month period ended
on that date; and
ii. comply with NZ IAS 34 Interim Financial
Reporting.
We have completed a review of the accompanying
interim consolidated financial statements which
comprise:
— the consolidated statement of financial position
as at 30 June 2021;
— the consolidated income statement,
statements of comprehensive income, changes
in equity and cash flows for the 6 month period
then ended; and
— notes, including a summary of significant
accounting policies and other explanatory
information.
Basis for conclusion
A review of interim consolidated financial statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (“NZ SRE 2410”) is a limited assurance
engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
As the auditor of NZX Limited, NZ SRE 2410 requires that we comply with the ethical requirements relevant to
the audit of the annual financial statements.
Our firm has also provided other services to the group in relation to regulatory assurance. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the
ordinary course of trading activities of the business of the Group. These matters have not impaired our
independence as reviewer of the Group. The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body. Our review work has been undertaken so that we
might state to the shareholders those matters we are required to state to them in the Independent Review
Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the shareholders as a body for our review work, this report, or any of the
opinions we have formed.
NZX Interim Report 2021
37







Responsibilities of the Directors for the interim consolidated financial
statements
The Directors, on behalf of the group, are responsible for:
— the preparation and fair presentation of the interim consolidated financial statements in accordance with NZ
IAS 34 Interim Financial Reporting;
— implementing necessary internal control to enable the preparation of interim consolidated financial
statements that are fairly presented and free from material misstatement, whether due to fraud or error; and
— assessing the ability to continue as a going concern. This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless they either intend to liquidate or to
cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. We
conducted our review in accordance with NZ SRE 2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the interim financial statements are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand). Accordingly we do not express an audit
opinion on these interim consolidated financial statements.
This description forms part of our Independent Review Report.




KPMG
Wellington
26 August 2021

Corporate directory
Getting in touch
NZX Interim Report 2021
38
Board of Directors
James Miller (Chair)
Frank Aldridge
Nigel Babbage
Richard Bodman
Elaine Campbell
John McMahon
Lindsay Wright
Chief Executive Officer
Mark Peterson
Chief Financial Officer
Graham Law
General Counsel and
Company Secretary
Hamish Macdonald
Registered Office
NZX Limited
Level 1 / NZX Centre
11 Cable Street
PO Box 2959
Wellington
+64 4 472 7599
info@nzx.com
www.nzx.com
Auditors
KPMG
10 Customhouse Quay
Wellington
+64 4 816 4500
Share Register
Link Market Services Limited
PO Box 91976
Auckland 1142
+64 9 375 5998
enquiries@linkmarketservices.co.nz
www.linkmarketservices.co.nz

insight
creative.co.nz
NZX044

---

RESULTS ANNOUNCEMENT
26 August 2021





Results for announcement to the market
Name of issuer NZX Limited
Reporting Period 6 months to 30 June 2021
Previous Reporting Period 6 months to 30 June 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$42,451 10.6%
Total Revenue $42,451 10.6%
Net profit/(loss) from
continuing operations
$7,630 (16.0%)
Total net profit/(loss) $7,630 (16.0%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 10 September 2021
Dividend Payment Date 24 September 2021
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
($0.0101) ($0.0145)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For commentary on the results please refer to the market
release, Interim report and investor presentation attached.
Authority for this announcement
Name of person

authorised
to make this announcement
Graham Law
Contact person for this
announcement
Graham Law
Contact phone number +64 29 494 2223
Contact email address graham.law@nzx.com
Date of release through MAP

26 August 2021

Unaudited financial statements accompany this announcement.

---

DISTRIBUTION NOTICE
26 August 2021







Section 1: Issuer information
Name of issuer NZX Limited
Financial product name/description Ordinary shares
NZX ticker code NZX
ISIN (If unknown, check on NZX
website)
NZNZXE0001S7
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date Close of trading on: 10/09/2021
Ex-Date (one business day before the
Record Date)
9/09/2021
Payment date (and allotment date for
DRP)
24/09/2021
Total monies associated with the
distribution
1

$8,387,669 (based on number of shares on issue at the
date of this form)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.04166667
Gross taxable amount
3
$0.04166667
Total cash distribution
4
$0.03000000
Excluded amount (applicable to listed
PIEs)
-
Supplementary distribution amount $0.00529412
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed X
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
1.0%
Start date and end date for
determining market price for DRP
Close of trading on:
8/09/2021
Close of trading on:
15/09/2021
Date strike price to be announced (if
not available at this time)
Close of trading on: 17/09/2021
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
13/09/2021, 5pm (New Zealand time)
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
NZX Chief Financial Officer Graham Law
Contact person for this
announcement
NZX Chief Financial Officer Graham Law
Contact phone number 04 498 2271
Contact email address
graham.law@nzx.com
Date of release through MAP

26/08/2021





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

1
26 August 2021
NZX INTERIM 2021 RESULTS
INVESTOR PRESENTATION

2
Half Year 2021 Highlights3
Business Unit Highlights5
Financial Performance14
Financial Position & Cash Flows21
Interim Dividend & 2021 Earnings Guidance25
NZX’s Strategy27
Appendices
1Segmental Analysis35
2Operating Revenue Definitions44
Today’s Agenda
NZX Half Year 2021 Results
Importantnotice
This half year investor presentation should be read in
conjunction with the financial statements in the 2021 Interim
Report, which provides additional information on many areas
covered in this presentation.
This presentation contains forward looking information, statements
and targets. These reflect our current assumptions, which are
subject to market outcomes, particularly with respect to market
capitalisation, total capital raised, secondary market value and
derivatives volumes traded, funds under management and
administration growth and technology costs.
Additionally, NZX notes the global health environment remains
volatile and assumes no material adverse events, significant one-
off expenses, major accounting adjustments, other unforeseeable
circumstances, or future acquisitions or divestments.
Actual outcomes could be materially different. We give no
warranty or representation as to our future performance (financial
or otherwise) or any future matter. Except as required by law or
NZX listing rules, we are not obliged to update this presentation
after its release.

3
Half Year 2021
Highlights

4
Half Year 2021 results at a glance
H1-2021 has successfully carried the step change in our markets, with a structurally higher level of market activity (after the
extraordinary peaks seen over the H1-2020 period), particularly for capital raised and value traded
NZX Half Year 2021 Results
Operating Earnings*
$16.9
million
(3.5)%
Net Profit After Tax
$7.6
million
(16.0)%
Interim Dividend
(fully imputed)
3.0
cents per share
Capital raised
(total new capital and secondary
capital raised)
$7.3
billion
H1-20 5 Yr Average
(10.6)% 16.5%
Data & Insights
Revenue
$8.6
million
5.1%
Total Value Traded
$27.1
billion
H1-20 5 Yr Average
(2.8)% 22.1%
Dairy Derivatives
Lots traded
139,950
(31.9)%
Funds Under
Management
$5.69
billion
44.3%
Funds Under
Administration
$7.73
billion
151.1%
* Operating earnings are before net finance expense, income tax, depreciation, amortisation, loss on disposal of assets, and gain on lease modification. Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings
may not be comparable with similarly titled performance measures and disclosures by other entities.
The 2021 deliverable targets are detailed in the management commentary section of the 2021 Interim Report.
Data is “for the 6 month period ended 30 June 2021,” or “as at 30 June 2021” (as applicable). Percentage changes represent the movement for the interim period June 2020 to June 2021, except Funds Under Management and Funds Under Administration which are the
movement in balances as at 30 June 2020 to 30 June 2021. 5 year average percentage changes represent the movement against the rolling average for the preceding 5 year interim periods.

5
Business Unit Highlights

6
Issuer Relationships –Capital Raised
Another strong performance for the 6 months, with the capital raised mix adjusting to suit a more settled economic
environment over the period
Capital raised (new and secondary capital raisings) $7.3 billion
•Relative to 5 year rolling average for H1 +16.5%
•Relative to H1-20 COVID period (10.6)%
NZX Half Year 2021 Results
Macro drivers of capital raised:
•Primary listing fees driven by equity and retail debt listings
•Secondary issuance fees reflect a lower level of equity recapitalisations and
retail debt issuances compared to the H1-20 COVID period
Listings during H1-21 were:
•IPO -My Food Bag Limited (MFB),
•Direct Listings –Third Age Health Services Limited (TAH) and NZ
Automotive Investments Limited (NZA)
•Foreign Exempt Listing –DGL Corporation (DGC)
•Green Bonds –Mercury NZ $200 million (supporting NZ’s transition to a
low emissions future), and PPNZ $150 million (to finance or refinance
energy efficient buildings)
•Other sustainable and ethical investment capital raised included Housing
New Zealand (Kāinga Ora) issuing further 2028 Wellbeing bonds ($600m)
supporting the development of good quality, affordable housing
•Increasing level of ETF capital raised
Team operating a true origination model –with active pipeline development
and conversion
-
1,000
2,000
3,000
4,000
EquityRetail DebtWholesale DebtEquityRetail DebtWholesale DebtFunds
Capital Raised H1-21 v H1-20
H1-2020
H1-2021
Secondary Capital Raised
Primary Capital Raised
-
5
10
15
20
25
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Capital Raised ($'b)
H1 - Capital Raised
H2 - Capital Raised
Low Target
High Target
Low track
High Track
5 Year Rolling Average (HY)

7
Secondary Markets –Value Traded / Cleared
Value traded levels holding close to the record levels of last year
Traded Value$27.1 billion
•Relative to 5 year rolling average for H1 +22.1%
•Relative to H1-20 COVID period (2.8)%
NZX Half Year 2021 Results
Macro drivers
•Continued elevated levels of on-market liquidity (63.8%) and value traded
/ cleared($27.1 billion). This is as a result of the removal of barriers in
prior years and a move towards global standards resulting in a rising tide of
liquidity across all participants and market segments.
•Market Trendsshow that across H1-21 24.8% of all value is being executed
through the exchange’s closing auction and represents the largest liquidity
event on each trading day. Additionally, the five index rebalance days in
H1-21 have accounted for 12.7% of all value traded.
•Continued growth in the NZX Depository business (depository OTC
transactions +4.9% and assets under custody +44.3%), to increase
efficiencies of NZ market and participate in the last leg of securities
settlement value chain
Market Development
•Trading System Upgrade went live in early August 2021; ensuring NZX
Trading architecture is fit for purpose and delivers the ability to provide
further increased functionality and trading options for participants (e.g.
NZX DARK –the midpoint order book)
•BNP Paribas is expected to become a General Clearing Participant in late
2021. This has the potential to unlock remote broker Participation and
greater access to the exchange’s Secondary Markets.
•Continued development of NZX CSD to support a fully automated and
efficient post trade environment.
0
5,000,000,000
10,000,000,000
15,000,000,000
20,000,000,000
RetailWholesaleETF
Value Traded/Cleared by Market Segment
H1 2021
H1 2020
-
10
20
30
40
50
60
2008200920102011201220132014201520162017201820192020202120222023
Value Traded / Cleared ($'b)
H1 - Value TradedH2 - Value TradedLow TargetHigh Target
Low trackHigh Track5 Year Rolling Average (HY)

8
Data & Insights revenue
Solid continuation of business growth driven by professional terminal numbers lifting, offset partly by retail terminals
settling back after the extremes of 2020
Data & Insights Revenue$8.6 million
•Relative to H1-20 +5.1%
Split by revenue type:
•Royalties, Subscriptions, Licenses and Indices+8.9%
•Audits and back dated licenses(26.9)%
•Connectivity+7.5%
NZX Half Year 2021 Results
Macro drivers
•Recurring revenue (i.e. excluding audit and back dated licenses revenue)
growth in H1-21 was 8.7%.
•Royalty revenue growth of 8.3% is a mix of professional terminals
(higher value -increased 6.2%) and retail terminals (lower value -
decreased 26.5% from post H1-20 COVID lock down peak)
•Subscription and licences revenue growth of 12.1% reflects
continued growth in non-display applications and ability to capture
licence revenue streams post audit
•Connectivity revenue reflects changing client connectivity
requirementsto a higher standard of performance and resilience
•Audit activity continues to be high although lower than H1-20, driving one
off audit and back dated licencing revenue
Future revenue growthdriven by:
•Focus on product offering for market data and connectivity
•Developing value added services for issuers (e.g. collection of ESG metrics)
•Supporting S&P indices revenue growth (e.g. Carbon Efficiency Indices
launched, in conjunction with S&P, in May)
* Data & Insights Revenue in graph excluding connectivity revenue to ensure comparability with 2018 strategic targets
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
2016
2017
2018
2019
2020
2021
2022
2023
Data & Insights Revenue ($'m)
H1 Revenue
H2 Revenue
Low Target
High Target
Low track
High Track

9
Dairy Derivatives
Soft result driven by low volatility in physical prices, the strategic change to the SGX dairy partnership is a global
opportunity
Dairy Derivatives Lots traded139,950
•Relative to H1-20 (31.9)%
Notional Value traded (USD)$886 million
•Relative to H1-20+8.3%
NZX Half Year 2021 Results
Macro drivers
•Total lots traded decreased 31.9%.
•NZ Milk Price Derivative volumes grew by 17% assisted by rising
prices and local development activities drawing increased farmer
participation.
•Global Dairy Ingredients volumes decreased by 35% impacted by
lower volatility on GDT for the majority of the first half, and with
COVID travel restrictions continuing to inhibit global marketing and
event activity.
Singapore Exchange (SGX)strategic partnership:
•to grow NZX’s dairy derivatives market is planned to go live in late H2-21
(subject to regulatory approvals)
•aims to extend market distribution and expand global access by:
•Increasing the number of trading and clearing members from four
to a possible 86+; enabling proprietary and speculative firms to
more easily connect
•Increasing the number of independent software providers from two
to 25
•Providing a more global platform and presence in the dominant
region for dairy imports (Asia)
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Dairy Derivative Lots (#)
H1 - Lots
H2 - Lots
Low Target
High Target
Low track
High Track

10
Smartshares –Funds Under Management (FUM)
Continues to drive growth; we look to further scale this business through both organic and inorganic growth opportunities
Funds Under Management$5.69 billion
•Relative to H1-20 +44.3%
Cash Flows$383 million
•Relative to H1-20+79.8%
NZX Half Year 2021 Results
Macro drivers of the ETF market trajectory:
•ETF penetration rate is low compared to US/Europe
•KiwiSaver future growth profile
FUM growth target 14% p.a. is being over achieved:
•Net FUM inflow H1-21: $383m is approx. 7.5% of opening FUM
•Market return H1-21: $231m is approx. 4.5% of opening FUM
•Growth activities include being appointed a KiwiSaver Default provider
effective from December 2021
Strategic step change
We continue to mature the operations (particularly in the IT environment), as
well as investing for growth including:
•KiwiSaver Default provider -Smartshares selected as a default provider
effective from December
•Transitional Financial Advice Provider licence obtained in March
•Bloomberg implemented for ETF Basket Creation/Redemption (BSKT) and
order management (AIM) i.e. front and middle office
•exploring potential acquisition opportunities
0
1,000
2,000
3,000
4,000
5,000
6,000
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Funds Under Management ($'million)
2023 Strategy Low Target
2023 Strategy High Target
TOTAL FUM
2023 Strategy Low Track
2023 Strategy HighTrack

11
Wealth Technologies –Funds Under Admin (FUA)
Client transitions have driven the growth, and there is a positive outlook for this to continue
Funds Under Administration$7.73 billion
•Relative to H1-20+151.1%
NZX Half Year 2021 Results
Macro drivers
•As increased compliance obligations force large advisor firms to upgrade
their internal platforms the Wealth Technologies SaaS offering becomes
attractive
•The increasing cost to service clients also impacts medium adviser firms
making the Wealth Technologies option cost efficient, allowing scalable
growth and reducing operational and compliance risks.
Platform and Operations:
•We now have a scalable platform with a highly skilled operational team
•Historic clients will start transitioning off the legacy platform on to the new
platform in Q3-21
•Enhanced structure and increased resourcing to enablestrong operational
excellence while continuing aggressivegrowth trajectory
•NZX WT now operating earnings positive in H1-21
Clients:
•4 clients on the new platform (and 7 on the legacy platform)
•3 new client contracts signed in H1-21; of which 2 have on-boarding
projects underway and hence we expect FUA to increase to around $10
billion at year end
•Strong pipeline for 2022 –the 2023 aspirational targets remain valid
-
5
10
15
20
25
30
35
40
45
50
2014201520162017201820192020202120222023
Funds Under Administration (FUA $'b)
2023 Strategy Low Target2024 Strategy High TargetFUA (Closing $'b)2025 Strategy Low Track2025 Strategy High Track

12
Regulation (NZ RegCo)
Regulatory operating and governance model aligns to global best practice, with structural separation of regulatory activities
from NZX’s commercial activities
NZX Half Year 2021 Results
NZX Regulation Limited (NZ RegCo)
•NZ RegCo is structurally separate from NZX's commercial and operational
activities
•Governed by a separate board with:
•an independent Chair -Trevor Janes; and
•the majority of members independent of the NZX Group:
•Elaine Campbell (NZX Director)
•Annabel Cotton (Independent)
•John Hawkins (Independent); and
•Michael Heron QC (Independent)
•The establishment board has now been made permanent
•NZ RegCo CEO is Joost van Amelsfort
•Targeting to operate on a cost-neutral basis
NZX Shareholders
Regulators
NZX Board
NZX CEO
NZ RegCo Board
NZ RegCo CEO
NZX employees
NZ RegCo employees

13
People
Our people continue to show enormous commitment, resilience and flexibility as they deliver further growth across the Group.
Every area of our business is pushing forward to grow the capacity and capability to deliver these strategic priorities.
NZX Half Year 2021 Results
Building Capacity
•To support business growth across the group
and market stability, our workforce grew from
257 at December 2020 to 267 at June 2021 full-
time equivalent employees, with further new
roles to come on in H2
•Capacity was bolstered in technology, sales, risk
management, project management, cyber
security and corporate services
•NZX Wealth Technologies reshaped their
structure to add capacity in client facing,
onboarding and technical teams to serve new
clients
•Strong competition for talent is being
experienced given the labour market constraints
(particularly for IT and legal resources), however
our strong brand is ensuring we continue to
attract good talent. Employee retention is under
pressure, with turnover of 9% in H1-21. Overall
we are experiencing wage pressure
Building Capability
•Our two-year programme to drive sales
capability and consistent processes across the
Group is delivering results
•Organisational capability in IT functions has
been a particular focus, in areas of automation,
testing, IT performance monitoring and
reporting, and cyber security
•Launched an internal financial capability
programme for employees in partnership with
the Commission for Financial Capability, as part
of our employee benefits suite
Diversity & Inclusion
•We are committed to developing female leaders
internally
•Among other Diversity and Inclusion initiatives
includes three of NZX’s leaders taking part in the
Global Women Activate Leaders Programme
Culture & Engagement
•Implementation of our Future of Flexible Work
hybrid model is underway, to leverage the
benefits for employees, customers, and
company performance
•Employee engagement has dipped slightly in the
first half after our highest engagement result
ever last year. Our ambition remains to be top
quartile globally
Health & Safety
•Wellbeing and morale continues to be a focus
for management effort, to keep our workforce
connected, supported and informed
•Active management of pandemic risks
continues to ensure full resourcing and health
of our workforce to date
•Excellent safety record, with Total Recordable
Injury Rate (TRIR) of 0.85 incidents per 200,000
hours worked

14
Financial Performance

15
Income Statement
NZX Half Year 2021 Results
Operating earnings of $16.9 million (2020: $17.6 million) is 3.5% lower, with:
Operating revenue increasing 10.6% to $42.5 million:
•Data & Insights, Energy (including development revenue relating to the implementation of
new carbon managed auction service), Funds Management and Wealth Technologies
business units revenues have increased; which is partially offset by
•Secondary listing fees, securities trading and securities clearing revenues reducing from
their peaks during comparable H1-20 COVID period; and
Operating expenses increasing 22.5% to $25.5 million:
•the Markets businesses have supplemented the Securities IT team with additional skills and
resources and have also invested to increase trading and clearing system capacity, improve
resilience and strengthen further our cyber defences;
•as well as implementing the new carbon managed auction service; and
•we continue to invest for growth in the Funds Management (exploring potential acquisition
opportunities) and Wealth Technologies business units (to service new clients).
June 2021June 2020Change
$000 $000Fav/(unfav)
Operating revenue42,451 38,372 10.6%
Operating expenses (25,513)(20,822)(22.5%)
Operating earnings*16,938 17,550 (3.5%)
Net finance expenses(1,174)(758)(54.9%)
Loss on disposal of assets(112)-N/A
Depreciation and amortisation expenses(4,797)(4,042)(18.7%)
Income tax expense(3,225)(3,667)12.1%
Profit for the period7,6309,083 (16.0%)
Operating Margin39.9%45.7%(12.7%)
The operating margin at 39.9% (2020: 45.7%) which is lower than our peers1
due to:
•the diverse nature of NZX (i.e. non-markets businesses and NZ RegCo) relative to peers. For
example the operating margin of NZX’s commercial activities (i.e. excludes NZ RegCo) is
41.6% (2020: 47.6%);
•Capital raised, trading and clearing fees being lower than their H1-20 COVID peaks;
•IT costs incurred to further strengthen our security as well as to increase trading and
clearing system capacity and resilience, and maintain market stability; and
•Professional fees includes Smartshares investments for growth and exploring potential
acquisition opportunities
Operating revenue, operating expenses and non-operating expenses are
discussed in detail on the following slides
Segmental analysis by business unit is provided in detail in Appendix 1.
1 Finance Technology Partners (June 2021) EBITDA Margins (median) information for Regional/Country
Based Exchanges is estimated at 2021: 52%
* Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of operating
earnings may not be comparable with similarly titled performance measures and disclosures by other entities.

16
Operating Earnings
NZX Half Year 2021 Results
The Operating Revenue and Operating Expenses are discussed in the following
slides, with further detailed Segmental Analysis by Business Unit provided in
Appendix 1
* Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of operating
earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
June 2021June 2020Change
$000$000Fav/(unfav)
Revenue
Issuer Relationships6,795 7,291 (6.8%)
Secondary Markets14,339 13,334 7.5%
Data & Insights8,626 8,207 5.1%
Funds Management8,941 6,760 32.3%
Wealth Technologies2,074 849 144.3%
Regulation1,665 1,742 (4.4%)
Corporate11 189 N/A
Total revenue42,451 38,372 10.6%
Expenses
Gross personnel costs(18,667)(16,620)(12.3%)
Less capitalised labour3,004 2,573 16.8%
Personnel costs(15,663)(14,047)(11.5%)
Information technology(5,858)(3,707)(58.0%)
Professional fees(2,381)(1,676)(42.1%)
Marketing(510)(376)(35.6%)
Other expenses(1,822)(1,558)(16.9%)
Capitalised overheads721 542 33.0%
Total expenses(25,513)(20,822)(22.5%)
Operating earnings*16,938 17,550 (3.5%)
16%
34%
20%
21%
5%
4%
0%
H1
-
21 Revenue Analysis
Issuer Relationships
Secondary Markets
Data & Insights
Funds Management
Wealth Technologies
Regulation
Corporate
64%
20%
8%
2%
1%
3%
1%
1%
H1-21
Gross Cost Base Analysis
Personnel Info Technology
Professional Fees Marketing
Travel Directors Fees / Insurance / External Audit
Rent / Utilities / Office Supplies Other Expenses

17
Operating Earnings Waterfall
NZX Half Year 2021 Results

18
Operating Revenue
NZX Half Year 2021 Results
Non Recurring Revenue
Consulting and development revenue includes
revenue relating to the development of the new
carbon managed auction service for the Ministry for
the Environment that was fully completed (non
recurring revenue $0.9m)
Issuer Relationships:
Annual listing fees (ALF) were positively impacted by
the growth in equity market capitalisation
Primary listing fees driven by equity and retail debt
listings
Secondary issuance fees reflect a lower level of equity
recapitalisations and retail debt issuances compared
to the H1-20 COVID period
Secondary Markets:
Securities trading and clearing revenues decreased
due to lower activity levels than the H1-20 COVID
period
Dairy derivatives revenue decreased in line with lots
traded being down 31.9%
Consulting and development revenue earned through
•a higher level of enhancements to the electricity
market systems, including the market real time
pricing project, which is due for completion in
2022; and
•development of the carbon managed auction
service for the Ministry for the Environment bi-
monthly auctions
Data & Insights:
Royalties from terminals revenue increase relates to
higher professional terminal numbers, partially offset
by lower retail terminals numbers (from post H1-20
COVID lock down peak)
Subscriptions and licences revenue growth reflects
continued growth in clients data usage and ability to
capture licence revenue streams post audit (resulting
in increased license numbers)
Dairy subscription revenue has stablised post the
disposal of the agri-businesses in 2018
Indices revenue growth has been driven through an
increase in funds using the indices as benchmarks and
additional index data clients
Auditand back dated licencing revenue continues to
have high levels of audit activity, although revenues
were slightly lower than H1-20
Connectivity revenue has increased in line with
increased connectivity requirements from both
market participants and data vendors
Funds Management:
FUM based revenue has increased 35.6% driven by
increased average FUM (+43.0%), partially offset by
new wholesale clients at lower average bps
Member based revenue has increased 20%, reflecting
a mix of increased investor / member numbers, a
reduction in some annual admin fees from 1 April
2021, and the comparable period which included a
historical pricing provision
Other revenue has remained at similar level to the
comparable period, being impacted by the low OCR
rate offset by introduction of stock lending in Q2 2020
Wealth Technologies:
Administration (FUA based) fees driven by:
•New platform –revenue increased due to three
new clients migrated in late 2020; and
•OE platform –number of customers is unchanged,
with 27% growth in FUA
Development revenue included some client specific
(non recurring) in the current period
Regulation (NZ RegCo):
Regulatory fees relate to issuer regulation, market
conduct, participant compliance and surveillance
activities, plus an internal allocation of Annual Listing
Fees and Annual Participants Fees, set in advance
based on the services expected to be provided by NZ
RegCo
Regulatory fees generating activity has been lower
than the H1-20 COVID period
Corporate Services:
Corporate revenue related to the short term sub lease
of part of the Wellington premises (ceased June 2020)
and NZX.com advertising revenue (ceased May 2020)

19
Operating Expenses
NZX Half Year 2021 Results
Non Recurring Costs
Development of the new carbon managed auction service
for the Ministry for the Environment was fully completed
(non recurring expenses $0.7m) and bi-monthly auctions
commenced
Personnel costs
Personnel costs are driven by the average FTEs in the period
and the capitalisation of internal development resources
Personnel costs have increased due to a combination of
wage inflation, higher levels of annual leave taken (relative
to the COVID lockdown period), and the movement in
average FTEsarising from:
•the Securities IT team additional resources to deliver
technology solutions to increase trading and clearing system
capacity and resilience, and maintain market stability;
•Issuer Relationships additional sales role focused on
origination, with active pipeline development and conversion;
•Secondary Markets product resource to support growth in the
depository business;
•Energy contractors delivering increased levels of consulting
and development revenue including the electricity market real
time pricing project and the carbon managed auction service;
•Smartshares additional sales and customer services resources
to support client and FUM growth;
•Wealth Technologies additional client facing, onboarding and
technical staff to service new clients;
•Corporate Services additional legal, HR and communications
resources to support the Smartshares and Wealth
Technologies businesses;
•Additional project management resources related to the
current elevated levels of project activity; and
•movements in vacancy numbers at period ends
Capitalisation of internal development resources (2021:
$3.00 million; 2020: $2.57 million) primarily relates to
Wealth Technologies' core platform, NZX’s trading system
upgrade and the Network Transformation project
Information Technology
IT costs include additional costs from:
•Cyber security –additional license costs to improve resilience
of NZX's clearing and settlement system (BaNCS), plus the
modification and strengthening of existing security services
and the implementation of additional cyber defence
capabilities and security services to mitigate the impact of any
future cyber attacks
•Carbon –costs associated with the development and ongoing
operation of the new carbon managed auction service for the
Ministry for the Environment.
•Energy Electricity Market –utilising third party specialist
support to assist with the increased level of development
(which is generating additional consulting and development
revenue);
•Trading and clearing system costs –impacted by movements
in FX rates and contractual inflation rates;
•Data & Insights IT costs –increases in software licences
associated with the delivery of customer management data
platforms;
•Smartshares Bloomberg AIM and BSKT costs (front and middle
office operating system) now reflect a full period after being
implemented in Q4-20; and
•Wealth Technologies additional data feeds, data hosting and
software license costs relating to new clients
Capitalised overheads
The portion of all expense categories which relate to capital
activities (e.g. Wealth Technologies core platform, NZX’s
trading system upgrade and the Network Transformation
project) has increased (2021: $0.72 million; 2020: $0.54
million)
Marketing
Marketing spend increased for the Issuer Relationship team,
with additional membership of various industry groups to
identify listing opportunities
Marketing spend remains low for the Investor relations
program, marketing the exchange business, and Smartshares
branding promotion
Professional Fees
Professional fees include those relating to:
•set up costs for the dairy derivatives partnership with SGX, and
costs associated with the development of the new carbon
managed auction service for the Ministry for the Environment.
•Smartshares investments for growth includes the costs
associated with exploring potential acquisition opportunities;
•the assurance programme –internal audits, internal control
reports, energy audits and consulting obligations under the
Electricity Authority contracts, annual conflicts review;
•terminal royalty audit fees which vary in proportion to audit
revenue; with costs and revenues recognised on a gross basis
and
•EEX royalty fees relating to the carbon managed auction
service
Other Expenses
Other expenses include premises related costs (i.e.
electricity, rates etc), insurance, directors fees, travel,
external audit costs, outsourced payroll system, corporate
memberships, statutory / compliance costs and non
recoverable GST (on the Clearing House, Smartshares and
Wealth Technologies businesses).The increase relates to
renewed travel (relative to the H1-20 COVID period), plus
higher insurance and compliance costs

20
Non-operating Income and Expenses
NZX Half Year 2021 Results
Net finance costs include:
•interest income on operational cash balances, Clearing House risk capital
and regulatory working capital; which have been impacted by decreased
interest rates;
•interest expenses (including amortised borrowing costs) on the
subordinated notes and lease liabilities; and
•Net gain/(loss) on foreign exchange
Depreciation and amortisation expenses have increased due to amortisation
on Wealth Technologies capitalised costs in late 2020 relating to the core
platform's refinement and the completed migrations of new clients
Effective tax rate is higher than statutory rate of 28% due to non-deductible
items
June 2021June 2020Change
$000$000Fav/(unfav)
Interest income174 534 (67.4%)
Interest on lease liabilities(122)(215) 43.3%
Other interest expenses(1,183)(1,181)(0.2%)
Amortised borrowing costs(40)(37)(8.1%)
Net gain/(loss) on foreign exchange(3)141(102.1%)
Net finance expenses(1,174)(758)(54.9%)
Depreciation of PP&E(428)(482)11.2%
Amortisation of lease assets(654)(613)(6.7%)
Amortisation of intangibles(3,715)(2,947)(26.1%)
Total depreciation and amortisation(4,797)(4,042)(18.7%)
Loss on disposal of assets(112)-N/A
Tax expense(3,225)(3,667)12.1%
Total net other expenses(9,308)(8,467)(9.9%)

21
Financial Position and
Cash Flows

22
Balance Sheet
NZX Half Year 2021 Results
Cash and cash equivalents includes:
•Clearing House risk capital ($20 million) which is not available for general use;
•Clearing House also complies with International Organisation of Securities
Commissions principles requiring retention of sufficient working capital
(including cash of approximately $2.6 million); and
•Smartshares maintains sufficient net tangible assets in accordance with its
license requirements (including cash of approximately $3.9 million)
Funds held on behalf of third parties (assets and liabilities) offset. These relate to
issuer bond deposits, participants’ collateral deposits and deposited funds
(including those held in the Mutualised Default Fund). Amounts are repayable to
issuers and participants and not available for general use
Right-of-use lease assets and the lease liabilities relate to leased premises and IT
equipment
Other non-current assets consist of property, plant & equipment, intangible assets
and goodwill
Other current liabilities includes income in advance related to annual listing (billed
on 30 June each year), data subscriptions, employee benefits payable, and tax
payables
Other non-current liabilities mainly relate to deferred tax
June 2021June 2020Change
$000$000Fav/(unfav)
Current assets
Cash and cash equivalents41,325 41,420 (0.2%)
Receivables and prepayments23,179 20,798 11.4%
Funds held on behalf of third parties135,643 121,159 12.0%
Total current assets200,147 183,377 9.1%
Non-current assets
Right-of-use lease assets4,456 6,199 (28.1%)
Other non-current assets77,007 71,984 7.0%
Total non-current assets81,463 78,183 4.2%
Current liabilities
Trade payables8,261 5,257 (57.1%)
Other current liabilities19,476 17,793 (9.5%)
Lease liabilities1,052 1,657 36.5%
Funds held on behalf of third parties135,643 121,159 (12.0%)
Total current liabilities164,432 145,866 (12.7%)
Non-current liabilities
Interest bearing liabilities38,940 38,871 (0.2%)
Lease liabilities5,232 7,267 28.0%
Other non-current liabilities3,787 3,584 (5.7%)
Total non-current liabilities47,959 49,722 3.5%
Net assets/equity 69,219 65,972 4.9%

23
CAPEX
NZX Half Year 2021 Results
Core Markets
CAPEX driven by specific system life cycles which result in large multi-year projects, plus
the normal life cycle replacements for IT equipment and software
As expected, H1-21 CAPEX is higher, including:
•Technology upgrades and enhancements –of the NZX technology architecture and
the Network Transformation project which strengthens NZX’s cyber security;
•The establishment of a Capital Markets Centre in Auckland; and
•Trading System upgrade
Additional focus for H2-21 includes:
•Technology upgrades –continued enhancements of NZX technology architecture and
the Network Transformation project, as well as NZX.com capabilities, and automation
of the Depository system and processes;
•Finalisation of the Capital Markets Centre in Auckland, including replacement of the
old ticker; and
•Preparing for the Clearing System upgrade which is expected in 2022/23
Growth Businesses
Wealth Technologies CAPEX relates primarily to migration of new clients onto the
platform
SmartsharesCAPEX relates to the delivery of digital tools for improved client servicing
and efficiency. This is important to the successful implementation of the new KiwiSaver
Default Scheme i.e. automation of the migration of new KiwiSavers and their client
experience

24
Cash Flows
NZX Half Year 2021 Results
Operating activities
•Cash flow from operating activities includes net interest and income tax paid
•The decrease reflects a lower Net Profit After Tax and working capital
movements (e.g. timing of receivables receipts and trade payables payments)
Investing activities
•Investing activities relate to CAPEX, which is primarily:
•Wealth Technologies software development;
•The new Auckland office fit out;
•The Trading System upgrade; and
•Technology upgrades and enhancements, including to the NZX
technology architecture, and the Network Transformation project
Financing activities
•Financing activities includes dividends which are net of participation in the
dividend reinvestment plan, and payment of lease liabilities.
June 2021
$000
June 2020
$000
Change
Fav/ (unfav)
Operating activities3,8546,837(43.6%)
Investing activities(7,903)(5,081)(55.5%)
Financing activities(7,401)(8,076)(8.4%)
Net decrease in cash and cash equivalents(11,450)(6,320)(81.2%)

25
Interim Dividend and
2021 Earnings Guidance

26
Interim Dividend2021 Earnings Guidance
NZX Half Year 2021 Results
Final Dividend
•The Board has declared a fully imputed interim dividend of 3.0 cents per share
•Dividend to be paid on 24 September 2021 to shareholders registered as at 10
September 2021
Dividend Policy
•The policy is to pay between 80% to 110% of adjusted Net Profit After Tax
over time, subject to maintaining a prudent level of capital to meet regulatory
requirements
•Adjustments include reversing the impact of intangible asset impairments (if
any)
Dividend reinvestment plan
•Available for the final dividend
•Shares will be issued at 1.0% discount
2021 Earnings Guidance
NZX is maintaining its full year 2021 Operating Earnings* to be in the range of
$32.0 million to $35.5 million.
The guidance is subject to market outcomes, particularly with respect to market
capitalisation, total capital raised, secondary market value and derivatives
volumes traded, funds under management and administration growth and
technology costs.
Additionally, NZX notes the global health environment remains volatile and this
guidance assumes no material adverse events, significant one-off expenses, major
accounting adjustments, other unforeseeable circumstances, or future
acquisitions or divestments.
* Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of
operating earnings may not be comparable with similarly titled performance measures and disclosures by
other entities.

27
NZX’s Strategy

28
NZX 2.0: The heart of our strategy
NZX Half Year 2021 Results
Grow Markets –The previously named ‘Refocus Core’ and ‘Grow
Opportunities’ are consolidated under ‘Grow Markets’ with
particular focus on driving listings,leveraging the New Zealand
advantage
Maximise Financial Services –previously named ‘Maximise
Options’,to deliver super-normal growth and sustain the
business in the long term
Grow markets
Maximise financial
services
Empower
performance
New Zealand’s Exchange
“Helping to Build New Zealand’s Tomorrow”
Act with greater purpose
Empower Performance –
ensuring the right technical and
people capabilities creating
efficiencies in execution and
innovation to drive growth
“By combining the needs of our customers,
with innovation and modern technology we
build enduring markets to deliver capital
pathways, investment opportunitiesand
economic success for New Zealand”

29
NZX 2.0 is a financial markets model structured to enable a
virtuous circle of growth
2. Liquidity.
Liquidity helpsdrive additionalproduct listings,
and greater capital flows and delivers deep data
sets
3. Data and Insights.
Greater liquidity delivers deeper data
sets, deeper data drives liquidity and
product listings
1. Product.
Listed equity, fixed income and fund securities
deliversproduct for investors and also delivers
deeper data
Capital
Flows*
Listing
Trading
Informing
Scale in Smartshares enables NZX to create a greater range of
investment products which enables passive capital to flow to
wider parts of the market. These can
be available for investors and financial advisors.
Wealth Tech delivers the platform for efficient administration
of investments
NZX Half Year 2021 Results
*Driving scale in capital flows enables growth

30
We are doing what we said we would...delivering growth
2019
Delivered Results and
Proof Points
GrowingOur Market
NEW ZEALAND’S EXCHANGE
2020
2018
Removed Blockages
2021
Support growth across
the NZX Group
Driving new equity listings
4 new listings in H1 21
Grow participation/liquidity
% on market, % up in trading
Execute on dairy initiatives, deliver
carbon market
NZX SGX partnership finalised,
carbon launched
Smartshares FUM +44.3% on H1-20 and
operating earnings +36.2%
Drive margin growth in Smartshares
Deliver client transitions Wealth Tech
Wealth Technologies FUA +151.1% on H1-
20 and operating earnings now positive
Mature approach to technology &
excellence in operational basics
Enhanced NZX’s IT capabilities, security services
improved to mitigate the impact of future cyber
attacks, implemented Bloomberg in SMS,
completed the Trading System upgrade
Grow Markets
Maximise
Financial Services
Empower
Performance
NZX Half Year 2021 Results

31
Building a sustainable business and ESG strategy anchored in
our vision and purpose...
“Helping to Build New Zealand’s Tomorrow”
“By combining the needs of our customers, with innovation and modern technology we build enduring markets to
deliver capital pathways, investment opportunities and economic success for New Zealand”
St r ong ESG M ar ket Leader shi p -Cr eat i ng t r anspar ency
Weareonasimilarjourneyasourcustomers.Thekeyistolookforcontinual
improvementandfocusonthreekeyareasofimpact.
1.Leadingcustomerbehaviourchange–willimproveimpactacrossNZandourown
2.Keymeasuresinternally:
a)Validatedmeasureofcarbonintensity–target18monthstohaveall
b)Genderequality,includingcontinualpaygapanalysisandadjustment
c)Wellbeing–measuredthroughbiannualGPS
3.Continuedenhancementofgovernancearrangements:
a)Structuralseparationofregulatoryactivities(RegCo)fromNZX's
commercialactivities,includingimplementationofaseparatepermanent
RegCoboard
b)Establishmentofaspecialisttechnologycommitteetoprovideoversightin
executingNZX'stechnologystrategy
c)ContinuedparticipationintheFutureDirectorprogrammetohelpidentify
andgrowthenextgenerationofdirectorsforNewZealand,withthe
appointmentofVictoriaNewmanfrom1July2021
Nextsteps-understandingthemeasuresandcreatingkeyfocusareasforbehaviour
change
a)Carbonemissionadaption
b)GenderEqualityimprovement
c)FocusonDiversityandInclusion
ESG Initiatives
•ESG report providing guidance to issuers and transparency across
progress in measuring the impact of behavior change
•Creating a platform to cross pollinate ESG knowledge (webinars/podcasts)
•Partnering with global agencies on data collection, e.g. ESG scores on
listed companies while supporting efforts on required behavior change
•NZX 1:1 accessibility supporting our customers on their ESG journey with
guidance and connection
•Smartshares’ product suite expanded to include ESG shares ETFs
Facilitatingthecarbonmarketandgreenbonds
•CarbonAuctionlaunchedMarch2021-Enablesbusinessestooffsetas
theytransitiontolowercarbonactivity.Planstogrowinthisspace
•CarbonEfficientIndex-Enabledvisibilityandtransparencyofcarbon
efficiencytothemarketandourissuerstoencouragebehaviorchange
•GreenBonds-$8.775billionofGreenandSustainablebondslistedonthe
NZDX.Continuedinterestfromissuersandinvestorswilldrivegrowthin
thisspace.
GenderEquality
•Issuergenderdiversitystatisticsprovidetransparencyonbehaviour
change
NZ X f o c u s
NZX Half Year 2021 Results

32
Building a diverse but connected business
Diversified, scalable and resilient business portfolio serves as a strong basis for future growth
NZX Half Year 2021 Results
•The Funds Management and Wealth Technologies businesses now account
for 26.0% of revenues (H1-20: 19.8%)
•Additionally the Secondary Markets segment includes the growthbusinesses -
Dairy and Carbon commodity markets
•The growth businesses are early in their growth life cycle and will continue to
grow as a % of revenue (and ultimately operating earnings)
77.0%
76.9%
74.1%
75.6%
70.1%
4.6%
4.7%
4.2%
4.5%
3.9%
16.1%
16.9%
19.1%
17.6%
21.1%
2.3%
1.5%
2.6%
2.2%
4.9%
0%
20%
40%
60%
80%
100%
20172018201920202021
% of Revenue
MarketsRegulationFunds
Management
Wealth
Technologies

33
Questions?

34
Appendix

35
Appendix 1: Segmental Analysis
Operating Earnings By Business Unit
NZX Half Year 2021 Results
Notes:
•Markets is the integrated business that supports the growth of NZ capital markets with the revenue generating BUs being:
–Issuer Relationships –provider of issuer services for current and prospective customers;
–Secondary Markets –provider of trading and post-trade services for securities and derivatives markets operated by NZX, as well as the provider of a central securities depository and Market operator for Fonterra Co-Operative Group, the Electricity Authority and
the Ministry for the Environment; and
–Data & Insights –provider of data services for the securities and derivatives markets, and analytics for New Zealand's dairy sector.
Additionally the Markets business cost base includes the IT costs specific to providing NZ capital markets services.
•Funds Management (Smartshares Limited) –comprises the SuperLife superannuation and KiwiSaver products and Smartshares Exchange Traded Funds
•Wealth Technologies (NZX Wealth Technologies Limited) –provides a platform that enables advisers and brokers to manage client investments
•Regulation (NZX Regulation Limited –is the independently-governed agency which performs all of NZX’s frontline regulatory functions, this ensures structural separation of the Group's commercial and regulatory roles.
•Corporate Services provides accommodation, legal, accounting, IT, HR and communications and marketing support to the other business units and subsidiaries. Related costs are currently not recharged to the commercial business units and subsidiaries (other than
NZ RegCo)
•Operating earnings is not a defined performance measure in NZ IFRS. The Group's definition of operating earnings may not be comparable with similarly titled performance measures and disclosures by other entities.
Six months ended 30 June 2021
$000
Issuer RelationshipsSecondary MarketsData & InsightsMarkets
Sub-total
Funds ManagementWealth
Technologies
Corporate ServicesNZX Commercial
Operations
Sub-total
RegulationNZX Group
Total
Operating revenue6,795 14,3398,62629,7608,9412,0741140,7861,665
42,451
Operating expenses(8,988)(5,034)(1,946)(7,863)(23,831)(1,682)
(25,513)
Operating earnings20,7723,907128(7,852)16,955(17)
16,938
FTEs77.151.4 61.7 60.2 250.4 16.5
266.9
Operating margin69.8%43.7%6.2%N/A41.6%N/A
39.9%
Six months ended 30 June 2020
$000
Issuer RelationshipsSecondary MarketsData & InsightsMarkets
Sub-total
Funds ManagementWealth
Technologies
Corporate ServicesNZX Commercial
Operations
Sub-total
RegulationNZX Group
Total
Operating revenue7,291 13,3348,20728,8326,760 849 189 36,630 1,742
38,372
Operating expenses(6,916)(3,891)(1,382)(7,011)(19,200)(1,622)
(20,822)
Operating earnings21,916 2,869 (533)(6,822)17,430 120
17,550
FTEs68.149.8 50.3 51.7 219.9 19.5
239.4
Operating margin76.0%42.4%(62.8%)N/A47.6%N/A
45.7%