EBITDAF up 28.5% on revenue down 5.2% as margin hit upper edge
NPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.
Published 21 April 2026
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NPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.
Published 21 April 2026
Read briefingDry conditions cut renewable generation 10% just as capex jumped 47.6% and net debt/EBITDAF stepped up from 2.2x to 2.8x.
Published 21 April 2026
Read briefingReported NPAT swung to a $67m loss on below-line items while capex jumped 53% and pre-lease free cash flow fell to $25m.
Published 20 April 2026
Read briefingHeadline NPAT growth of 181.6% reflects a fair-value reversal from a depressed prior year, while trade debtors expanded 41.1% and cash conversion
Published 21 April 2026
Read briefingAn unprecedented year-on-year operating working-capital expansion overwhelmed a modest EBITDAF dip and lifted leverage to 4.5x net debt/EBITDAF.
Published 25 May 2026
Read briefingOperating earnings strengthened on record generation, while a non-recurring prior-period gain distorts the headline net-profit comparison.
Published 22 April 2026
Read briefingTrustpower's full half and a $65m HY22 hedge exit make this non-comparable, though OCF/EBITDAF conversion at 76.5% is unprecedented in recent history.
Published 22 April 2026
Read briefingCash conversion fell to 60.6% from 73.0% as working capital absorbed $258m and net debt/EBITDAF rose to 3.25x.
Published 22 April 2026
Read briefingA 5.1% effective tax rate and non-operating gains flattered headline profit even as FY22 EBITDAF guidance was cut to $570m.
Published 22 April 2026
Read briefingHigher revenue did not translate into earnings, leverage edged up to 2.9x EBITDAF, and the NPAT-based payout ratio reached 164.1%.
Published 22 April 2026
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