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Showing 1-7 of 7 published briefings.
Lower wholesale prices compressed revenue but cost savings and Manawa's generation assets drove a sharp margin expansion in HY26.
Published 21 April 2026
Read briefingStrong earnings growth and improving leverage were offset by a NZ$155m working capital build that pushed operating cash flow 6% lower.
Published 22 April 2026
Read briefingHeadline growth is real, but weaker operating cash flow, rising net debt and a payout ratio near 90% of NPAT sharpen the earnings-quality question.
Published 22 April 2026
Read briefingNet debt/EBITDAF eases to 2.5x from 3.1x and free cash flow climbs to $471m, but the step-up flatters against an $84m FY23 provision base.
Published 22 April 2026
Read briefingHY24 swings from loss to $153m profit off a depressed HY23 base, and leverage halves to 4.6x EBITDAF even as gross borrowings rise $495m.
Published 22 April 2026
Read briefingStatutory EBITDAF fell 14.3% on an $84m onerous contract provision while growth capex of $472m nearly doubled gross borrowings.
Published 21 April 2026
Read briefingA maintained 14cps interim dividend and NZ$272m capex sit awkwardly against collapsing earnings, rising borrowings and a 31% fall in operating cash.
Published 21 April 2026
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