EBITDAF up 40% to NZ$303.2m as FCF more than triples to NZ$183.0m
Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
Published 21 April 2026
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Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
Published 21 April 2026
Read briefingA $123.7m working-capital absorption and weaker cash conversion left the full-year dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingPre-lease free cash flow of NZ$46.0m sits well below the NZ$191.7m historical mean and the dividend exceeds NPAT at a 109.7% payout.
Published 22 April 2026
Read briefingRevenue grew 28.4% on wholesale price pass-through, but higher generation costs cut EBITDAF to $407.2m and pushed net debt to 3.09x EBITDAF.
Published 22 April 2026
Read briefingRevenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.
Published 22 April 2026
Read briefingCash conversion lifted from 59.5% to 80.8% and leverage eased to 2.5x, but the unchanged 17.6cps dividend now consumes 95.0% of NPAT.
Published 22 April 2026
Read briefingGentailer margin and cash generation ran well above historical range, cutting leverage to 4.4x and lifting free cash flow to $214.7m.
Published 22 April 2026
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