Leverage rose to 8.89x EBITDA as equity fell 35% to $430m
Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.
Published 23 April 2026
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Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.
Published 23 April 2026
Read briefingA step-up in free cash flow to $354m did not prevent net debt/EBITDA rising from 3.7x to 4.3x while the dividend was lifted 21.1%.
Published 23 April 2026
Read briefingRevenue and EBITDA both grew, but a heavier debt load drove PBT to NZ$2m and NPAT to a NZ$5m loss while the dividend was lifted.
Published 22 April 2026
Read briefingNet debt climbed past $2.5bn and leverage rose to 3.7x EBITDA, yet the final dividend was lifted 35.7% while NPAT fell into loss.
Published 22 April 2026
Read briefingPrior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.
Published 22 April 2026
Read briefingFY23 EBITDA guidance was lifted to $675-690m, but the tax rate jumped to 47.1% and the 17c dividend implies a 425% payout of NPAT.
Published 22 April 2026
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