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Property for Industry (PFI) briefings
Read that company's published results in release order, newest first.
Property for Industry (PFI)FY26Released 24 August 2026
PFI free cash flow swings to -$50.2m on a debt-funded capex surge
PBT fell 21.6% and payout rose to 61.4% of NPAT while pre-lease free cash flow turned to -$50.2m, funded by rising debt.
Published 24 August 2026
Read briefingProperty for Industry (PFI)HY26Released 24 February 2026
Revenue grew an unprecedented 20.2% but operating cash flow rose 2.7%
Reported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY25Released 25 August 2025
FY25 growth inflated by 6-month base and fair value gains
Reported revenue of NZ$127.5m and NPAT of NZ$106.0m compare to a six-month transition period; the durable read is NTA up 4.8% to NZ$2.84.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY25Released 25 February 2025
PFI HY25: PBT up 20.4% but interim dividend cut 9.1%
A tax-rate flip lifts headline NPAT to +35.8% while operating cash flow stays flat and net debt rises NZ$20m to fund the development pipeline.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY24Released 26 August 2024
Pre-lease FCF hit unprecedented -$26.2m as capex tripled to $54.0m
Headline NPAT swung +169.4% on a smaller fair-value loss, but operating profit was flat and rising debt funded the development spend.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY23Released 26 February 2024
FCF swung to NZ$30.0m outflow as capex tripled to NZ$77.0m
Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY23Released 22 August 2023
PFI swings to NZ$30.5m loss; equity falls 7.4% on revaluation hit
Rental revenue rose just 1.3% and pre-lease free cash flow halved to NZ$6.4m as capex on the development pipeline doubled.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY22Released 20 February 2023
Fair-value reversal drives $13.9m loss; cash earnings hold at $52.1m
Last year's $392.5m property revaluation gains have unwound, yet a 32.5% drop in reported income lacks explanation in the release.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY22Released 22 August 2022
NPAT down 91.3% as prior fair-value gains lapse; rental result stable
Rent reviews delivered 4.8% uplifts and new leases ran 15.6% above prior contracts, but operating cash flow fell 34.4% to $26.2m.
Published 22 April 2026
Read briefingProperty for Industry (PFI)FY21Released 21 February 2022
Fair value gains of $392.5m drove FY21; FFO rose 14.4%
Revaluation lifted NPAT to $452.8m and NTA to 303.4 cents per share, while cash earnings rose modestly and gearing eased to 27.7%.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY21Released 20 August 2021
NPAT up n/m on $248.2m revaluation; underlying FFO up just 12.1%
Headline growth reflects fair value gains and a revenue-base shift; FFO, 22.9% NTA growth, and 30% gearing are the real operating read.
Published 22 April 2026
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