MLN HY26 NPAT falls 20% to $6.5m, payout ratio stretches to 65%
Investment income has normalised off the HY25 peak, but the DPS cut and the collapse in the FY25 second half remain the defining context.
Published 22 April 2026
Read briefingLoading
Preparing the next Annolyse view.
Company archive
Each company archive keeps the publication history in release order, with the newest Annolyse briefing first.
Archive navigation
Company and sector routes have dedicated HTML, while the archive stays ordered by publication date.
Showing 1-10 of 10 published briefings.
Investment income has normalised off the HY25 peak, but the DPS cut and the collapse in the FY25 second half remain the defining context.
Published 22 April 2026
Read briefingHY25 had already booked NZ$8.1m of profit, so the full-year print implies a NZ$7.7m second-half loss as portfolio gains reversed.
Published 22 April 2026
Read briefingPBT declined a milder 12.7% — the cleaner read — as HY24's 3.9% effective tax rate flattered the base, while the interim dividend was lifted 10.2%...
Published 22 April 2026
Read briefingA listed investment vehicle where 72.6% of full-year NPAT landed in H2, but no cash-flow, tax or portfolio-valuation disclosure is available to...
Published 22 April 2026
Read briefingMarlin's mark-to-market result flipped positive and equity grew to $201.6m, but operating cash turned to an $11.4m outflow and cash balances thinned.
Published 22 April 2026
Read briefingA second-half recovery flipped the full-year result, but the extraction leaves cash flow, balance sheet and dividend disclosure unverifiable.
Published 22 April 2026
Read briefingReported revenue swung to negative NZ$9.4m as portfolio marks turned against the fund, yet operating cash inflows and dividend income held up.
Published 22 April 2026
Read briefingA listed investment vehicle's FY22 result reflects market-driven revaluation rather than operating deterioration, but the NAV base that funds...
Published 22 April 2026
Read briefingInterim dividend lifted 12.7% to 2.49cps despite NPAT of NZ$3.6m covering only 76% of the implied payout, pushing the ratio above 130%.
Published 22 April 2026
Read briefingInvestment-company earnings were driven by portfolio revaluation gains, not cash receipts, leaving reported profit and cash flow moving in...
Published 22 April 2026
Read briefingEmail updates
Get full analytical briefings by email as new coverage is published.