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Kiwi Property Group (KPG) briefings
Read that company's published results in release order, newest first.
Kiwi Property Group (KPG)FY26Released 18 May 2026
PBT fell 17.0% while FCF swung to NZ$25.5m on a 45% capex cut
Reported earnings declined and the 5.6cps full-year dividend ran at 182.4% of NPAT, with lower capex rather than profit growth funding deleveraging.
Published 18 May 2026
Read briefingKiwi Property Group (KPG)HY26Released 24 November 2025
NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%
Valuation pressure and a 58.6% effective tax rate cut NPAT to $9.8m, while pre-lease free cash flow swung to $18.9m on lower capex.
Published 21 April 2026
Read briefingKiwi Property Group (KPG)FY25Released 26 May 2025
NPAT swung to $57.0m but operating cash fell 19%
A lower effective tax rate contributed to the headline earnings recovery while working capital absorbed $17.5m and the full-year dividend fell to 5.4c.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY25Released 25 November 2024
Operating profit fell 25.2% as pre-lease FCF dropped to -$27.3m
The 218.3% NPAT rebound is a valuation-driven swing from prior-year losses; operating profit, cash conversion, and the dividend all weakened.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)FY24Released 27 May 2024
Working capital absorbed NZ$72.0m, driving pre-lease FCF to NZ$-72.7m
Headline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY24Released 27 November 2023
Loss narrowed 75.8% but pre-lease FCF dropped to -$40.0m
Revenue fell 9.6% on portfolio reshaping while capex climbed to 74.6% of revenue, leaving pre-lease cash flow below its historical range.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)FY23Released 22 May 2023
NPAT swung NZ$451.9m to a loss while rents grew 5.7%
Operating cash held near flat at NZ$113.0m, but doubled capex pushed pre-lease FCF to -NZ$49.4m and halved the final dividend.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY23Released 28 November 2022
NPAT swung to NZ$151.1m loss and dividend halved as OCF grew 5.3%
Investment-property revaluation effects drove an unprecedented statutory loss while rental cash earnings grew, but a halved dividend and rising
Published 22 April 2026
Read briefingKiwi Property Group (KPG)FY22Released 23 May 2022
PBT up 17.2% but operating profit up just 7.3% as valuation gains dominate
Statutory earnings are inflated by non-cash investment property revaluations while debtor days rose materially above the historical range.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY22Released 22 November 2021
KPG: revenue fell 47.8% as the prior period captured a full year
The headline -27.1% NPAT move reflects a non-comparable prior period, while debtor days hit an unprecedented 19.2 and pre-lease FCF strengthened
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY21Released 23 November 2020
Debtor days hit 36 days — nearly triple the historical norm of 13.7 days
Trade receivables tripled to NZ$22.2m against a revenue decline, signalling rent-collection stress that the headline PBT recovery does not resolve.
Published 22 April 2026
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