FPH capex nearly doubled to NZ$195.2m, compressing FCF conversion
Operating cash flow rose to NZ$663.2m and cash built to NZ$461.1m, but capex hit 8.5% of revenue and FCF/NPAT fell to 95.3%.
Published 26 May 2026
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Operating cash flow rose to NZ$663.2m and cash built to NZ$461.1m, but capex hit 8.5% of revenue and FCF/NPAT fell to 95.3%.
Published 26 May 2026
Read briefingOperating leverage pushed margins above the recent historical range even as FCF conversion eased from 110.6% to 81.3% of NPAT.
Published 21 April 2026
Read briefingRevenue crossed $2.0bn for the first time and FCF reached 113.3% of NPAT, signalling earnings backed by cash after years of heavy capex.
Published 22 April 2026
Read briefingOperating leverage delivered above-baseline earnings growth while capex falling 80% to NZ$55.1m rebuilt FPH into a net cash position.
Published 22 April 2026
Read briefingRevenue grew 16.4% and PBT 23.0%, but a doubled capex bill drove pre-lease FCF NZ$258.5m below the historical mean and left the dividend uncovered.
Published 22 April 2026
Read briefingH2 revenue rebounded 14%, but a 40.5c full-year dividend ran well past FCF cover with capex intensity climbing to 13.4% of revenue.
Published 22 April 2026
Read briefingRevenue fell 23.3% on post-COVID normalisation, but a NZ$58.7m working-capital build left the lifted dividend uncovered by free cash flow.
Published 22 April 2026
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