Air New Zealand (AIR)•HY26•Released 26 February 2026PBT swung to a NZ$59m loss on 1.2% revenue as capex more than doubledA NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.Published 21 April 2026Read briefing→
Air New Zealand (AIR)•FY25•Released 28 August 2025PBT fell 14.9% on flat revenue as working-capital build doubled the historicalAir New Zealand earned flat revenue of NZ$6.8b but PBT declined 14.9% to NZ$189m, with a NZ$33m working-capital build nearly 2.5 times the historicalPublished 22 April 2026Read briefing→
Air New Zealand (AIR)•HY25•Released 20 February 2025Engine grounding drives 17.8% NPAT slide; dividend cut 37.5%NPAT fell to NZ$106.0m at the top of guidance, but with up to 11 aircraft grounded at times in 2H25 the dividend was reset.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•FY24•Released 29 August 2024Pre-lease FCF collapsed to NZ$19m as capex rose 31% and OCF halvedNPAT stepped down off the FY23 reopening peak, but the cash squeeze leaves an 81.4% NPAT payout uncovered by free cash flow.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•HY24•Released 22 February 2024PBT fell 38.1% and capex rose 59.6%, turning FCF negativeRevenue grew 11.2% but earnings normalised from the post-reopening peak as a 2.0cps dividend was declared against negative free cash.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•FY23•Released 24 August 2023Revenue +131.5% drove swing to NZ$412m NPAT and NZ$549m net cashPre-lease free cash flow of NZ$1.25b ran nine times the historical baseline as capex stepped up 84% to fund the next fleet and digital cycle.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•HY23•Released 23 February 2023First post-COVID profit: NZ$299m PBT and net cash position restoredRevenue tripled to NZ$3.1b drove NZ$972m of operating cash flow and a net cash position, against a COVID-trough HY22 comparable.Published 22 April 2026Read briefing→
Air New Zealand (AIR)•FY22•Released 25 August 2022PBT loss widened 97% to -$810m as recap cut net debt to $50mOperating revenue grew 8.6% but fuel costs and pandemic capacity restrictions deepened the loss, while equity issuance transformed the balance sheet.Published 22 April 2026Read briefing→