NZX Revenue & Shareholder Metrics - Q3 2025

Q3 2025Q3 2024YTD 2025 YTD 2024
NZ $000NZ $000NZ $000 NZ $000
Annual listing fees (net of internal allocation)2,802 2,671 4.9%8,2558,315-0.7%
Primary listing fees
1
424 400 6.0%1,2771,1947.0%
Secondary issuance fees
1
980 1,072 -8.6%2,9122,948-1.2%
Total Issuer Relationships revenue4,206 4,143 1.5%12,44412,457-0.1%
Participant services (net of internal allocations)130 125 4.0%373387-3.6%
Securities trading1,100 1,208 -8.9%3,3613,03410.8%
Securities clearing1,827 1,907 -4.2%5,6455,1749.1%
Dairy derivatives823 700 17.6%2,4952,09918.9%
Contractual revenue
2
1,634 2,225 -26.6%4,8057,299-34.2%
Consulting & development406 258 57.4%1,06662670.3%
Total Secondary Markets revenue5,9206,423-7.8%17,74518,619-4.7%
Royalties from terminals2,246 2,095 7.2%6,6756,2966.0%
Subscriptions and licenses1,533 1,354 13.2%4,4974,1179.2%
Dairy data subscriptions159 146 8.9%4704592.4%
Indicies488 343 42.3%1,26992637.0%
Audit and back-dated licenses- 200 -100.0%- 1,160-100.0%
Connectivity737 695 6.0%2,2232,0916.3%
Total Information Services5,1634,8336.8%15,13415,0490.6%
FUM based revenue 12,491 10,360 20.6%35,00329,85317.3%
Member based revenue 646 593 8.9%1,9491,8246.9%
Other revenue189 231 -18.2%575754-23.7%
Funds Management revenue
3
13,32611,18419.2%37,52732,43115.7%
Wealth Technologies revenue3,0692,64416.1%8,6436,86026.0%
Regulation revenue1,0611,0006.1%2,9433,021-2.6%
Corporate revenue30293.4%8592-7.6%
Inter business unit revenue elimination
4
(99)(101)-2.0%(104)(104)0.0%
Total Revenue32,67630,1558.4%94,41788,4256.8%
Operating revenue numbers are based on NZX's internal records, which are unaudited. Differences may arise between this data and that disclosed in the subsequent audited financial statements.
Business unit revenue is presented gross of inter business unit transactions, which are eliminated on consolidation.
The comparative information has been reclassified, where necessary, to ensure consistency with the current year presentation.
Please read the revenue numbers in conjunction with the shareholder metrics on the following pages, which drive revenue performance.
1
2024 restated - refer to the NZX Interim Financial Statements Note 5.
2
Q3 2024 and YTD 2024 contractual revenue included revenue from the operation of the Fonterra Shareholders' Market. FCG transferred to the NZX Main Board in January 2025.
3
Funds management revenue:
- Revenue is received net of fund costs incurred directly by the Funds.
- YTD 2025 total revenue includes one-off revenue relating to prior financial years of $0.3m.
4
Represents the elimination of revenue from transactions between business units where the transaction is recognised as income in one business unit and expense in another.
NZX Limited - Quarterly Operating Revenue
Q3 2025
Change YoY
Q3 Operating Revenue
Change YoY
YTD Operating Revenue

Q3 2025
#######
NZX Listed Issuers30.09.25 Change YoYCapital RaisingQ3 2025 Change YoY
Total equity securities117-4.1%Total capital raisings $5,574 m9.3%
Total fund securities567.7%
Total retail debt securities140-2.1%New Capital Listed
Total wholesale debt securities7-12.5%Total capital listed by all issuers$1,779 m23.1%
Total other securities4-
Total listed securities324-1.5%Equity listings$66-75.6%
Fund listings-n/a
Retail debt listings$1,71345.8%
Total NZX Main Board equity issuers116-4.1%Wholesale debt listings-n/a
Total NZX Main Board fund issuers567.7%
Total NZX Debt Market retail debt issuers45-4.3%Secondary Capital Raisings
Total NZX Debt Market wholesale debt issuers2-Total capital raised by all issuers$3,795 m3.8%
Total other issuers4-
Total unique issuers197-0.5%Total equity raised - NZ issuers$2,327-5.0%
Total equity raised - dual or foreign issuer$555856.9%
Total funds raised - NZ issuers$422-0.7%
Market Capitalisation30.09.25 Change YoY % of GDPTotal funds raised - dual or foreign issuer$160158.1%
Total market capitalisation$246,311 m8.1%56.5%Total retail debt raised$331-49.9%
Total wholesale debt raised-n/a
All equity$180,432 m12.1%41.4%
All funds$9,685 m-7.1%2.2%
All other$21 m23.6%0.0%Total number of secondary capital raising events1,00469.3%
Total NZX Main Board$190,139 m10.9%43.6%Equity issuers - capital raised < $10m58-17.1%
Equity issuers - capital raised ≥ $10m < $100m17142.9%
Retail debt$44,209 m5.7%10.1%Equity issuers - capital raised ≥ $100m4-
Green bonds$6,125 m-10.3%1.4%Fund issuers - capital raised91882.5%
Wholesale debt$5,838 m-24.6%1.3%Retail debt issuers - capital raised7-22.2%
Total NZX Debt Market$56,172 m-0.4%12.9%Wholesale debt issuers - capital raised-n/a
Cash MarketQ3 2025 Change YoYClearing House / DepositoryQ3 2025 Change YoY
Total value traded$9,848 m-3.6%Gross value of cleared trades over period$9,714-3.1%
Auction Value Traded$2,701 m-5.8%Assets under custody in depository at period end$6,096 m-28.3%
Continuous value traded$3,038 m-9.9%Depository Uplifts31,276 12.1%
NZX Dark value traded$473 m77.7%Settlement Lines62,578 3.0%
% of value on-market63.1%-0.9%OTC Trades34,083 23.8%
Total trades2,577,7507.0%
Daily average value traded$149 m-3.6%
Daily average trades39,0577.0%DerivativesQ3 2025 Change YoY
Futures - total lots traded155,070-8.5%
Total Equity TransactionsOptions - total lots traded27,829119.1%
Total trades2,560,1197.2%Total derivatives lots traded182,8990.4%
Value traded$9,213 m-2.9%Total derivatives lots traded - YTD568,53512.8%
% of value on-market64.4%0.0%Open interest at period end207,74626.9%
Average on-market trade size$2,335-9.2%Notional value traded ($USD)$1,201 m22.5%
Options to futures ratio17.9%139.5%
Total Debt TransactionsNegotiated Large Trade (NLT) %43.3%-13.1%
Total trades17,631-15.5%
Value traded $635 m-13.3%
Energy Contracts30.09.25 Change YoY
Cumulative Numbers - YTDOperating / Technology contracts17-
Number of trades7,980,05725.5%- contracts ≥ $500k p.a.4-
Total value traded$31,642 m18.0%- contracts $20k - $500k p.a.13-
% of value on-market62.9%0.5%
Q3 2025
NZX Limited - Quarterly Shareholder Metrics
These shareholder metrics represent the key operations of NZX's business.
Core Markets

NZX Indices Performance30.09.25 Change YoYWholesale Data30.09.25 Change YoY
S&P/NZX 50 Index (Gross)13,2927.0%Terminal numbers - professional6,057-2.4%
S&P/NZX 50 Index (Capital)4,8293.8%Terminal numbers - retail1,369-9.3%
S&P/NZX 50 Portfolio Index8,3929.0%Licences - value ≥ $20k p.a.802.6%
S&P/NZX NZ Fixed Interest Composite Index1345.9%Licences - value < $20k p.a.66-2.9%
S&P/NZX A-Grade Bond Index6,5456.5%
Direct Data Products30.09.25 Change YoYDairy Data Subscriptions30.09.25 Change YoY
Proprietary security subscription products274-4.9%Dairy data subscriptions403-2.9%
- products ≥ $3,000 p.a.93-2.1% - products ≥ $1,500 p.a. 130-2.3%
- products < $3,000 p.a.181-6.2% - products < $1,500 p.a. 273-3.2%
Smart30.09.25 Change YoY
Total external funds under management$15,414 m22.8%
Scheme FUM30.09.25 Change YoY
SuperLife Kiwisaver$2,856 m16.8%
Workplace Savings Master Trusts$3,496 m7.5%
Smartshares Exchange Traded Funds - External$4,498 m43.2%
Smartshares Exchange Traded Funds - Total (external and internal)$6,971 m-18.5%
Other MetricsQ3 2025 Change YoY
Units on issue1,804 m-34.6%
Value of stock lent over quarter$459 m-5.3%
Wealth Technologies30.09.25 Change YoY
Funds under administration$18,873 m20.9%
Notes
1. All figures are measured at the end of the last trading day of each month unless otherwise stated.
Change refers to the change since the same period last year unless otherwise stated.
2. Equity market capitalisation includes all securities quoted on the NZX Main Board (NZSX).
With an overseas domiciled Issuer, the market capitalisation represents the amount that is held in New Zealand.
3. Market capitalisation for the NZX Debt Market is the total nominal (face) value of all listed securities, excluding New Zealand Government stock.
4. Funds include exchange traded funds, managed funds, listed investment companies and trusts.
5. "Other" securities include rights, warrants and options quoted on the NZX Main Board (NZSX).
6. Please note these operational statistics are based on NZX’s internal records, which are unaudited.
Differences may arise between this data and that disclosed in subsequent audited financial statements.
Differences may also arise between this data and the previously reported data due to rounding and classification restatements.
7. Regulatory metrics and information relating to NZX rules and policy activity (which was previously set out in a separate NZ RegCo metrics document) can be accessed via NZ RegCo’s annual
Oversight Report, Issuer and Participant Updates (https://www.nzx.com/regulation/nzregco/publications), and via the NZX Policy website landing page (https://www.nzx.com/regulation/nzx-policy).
To enquire about information listed on this sheet, or to find out more about NZX products or services, please email: insights@nzx.com