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Showing 1-6 of 6 published briefings.
Revenue and EBITDA barely moved, but a $41m capex step-down and the mid-2026 copper withdrawal reshape the free cash flow picture.
Published 22 April 2026
Read briefingHeadline NPAT swung positive on tax, but borrowings rose $512m and the 57.5cps FY25 dividend was not covered by pre-lease free cash flow.
Published 22 April 2026
Read briefingRevenue slipped 1% and EBITDA held roughly flat, but leverage drifted to ~8.1x EBITDA while the cash dividend was stepped up sharply.
Published 22 April 2026
Read briefingRevenue and EBITDA growth were swamped by higher depreciation, interest and a distorting tax charge, while net debt/EBITDA pushed to 3.7x and the...
Published 22 April 2026
Read briefingOperating momentum and improving leverage sit alongside a payout that exceeds both NPAT and pre-lease free cash flow.
Published 22 April 2026
Read briefingCash conversion held up but capex outran operating cash flow, the interim dividend was cut 10.7%, and leverage on EBITDA jumped to 11.9x.
Published 22 April 2026
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