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Showing 1-10 of 10 published briefings.

Property for Industry (PFI)HY26Released 24 February 2026

PBT up 78.8% on valuation tailwinds, but operating cash barely moved

Reported earnings accelerated sharply while operating cash flow rose just 2.7% and net debt climbed $71.0m, widening the gap between accounting...

Published 21 April 2026

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Property for Industry (PFI)FY25Released 25 August 2025

FY25 'up 401%' NPAT reflects a transition-period compare, not a step-change

Headline growth is distorted by a 12-month FY25 versus a shorter FP24; annualised cash dividends are up just 3.6% and net debt stepped up to...

Published 21 April 2026

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Property for Industry (PFI)HY25Released 25 February 2025

PFI PBT up 20%, but interim dividend trimmed and net debt climbed to NZ$694m

Headline 36% NPAT growth is flattered by a 6% effective tax rate; operating cash flow was flat and the interim dividend was cut 9%.

Published 21 April 2026

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Property for Industry (PFI)HY24Released 26 August 2024

NPAT swings to $21.2m on smaller fair value losses as net debt climbs to $674m

Headline swing to profit is driven by a softer revaluation hit, while underlying operating profit is flat and capex pushes pre-lease FCF to...

Published 21 April 2026

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Property for Industry (PFI)FY23Released 26 February 2024

AFFO up 1.0% but NPAT swung to a NZ$97.8m loss on property revaluations

Rental growth and a 2.5% dividend lift sit against a 93bp jump in debt cost, swelling capex, and pre-lease free cash flow turning negative.

Published 21 April 2026

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Property for Industry (PFI)HY23Released 22 August 2023

NPAT swung to a NZ$30.5m loss as revaluations overwhelmed 1.3% rental growth

Rental income and the interim dividend edged higher, but a sharp PBT reversal, tripled capex, and weaker operating cash flow reshape the read.

Published 21 April 2026

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Property for Industry (PFI)FY22Released 20 February 2023

Fair value reversal flipped NZ$452.8m profit into NZ$13.9m loss as rents...

Rental income and pre-lease free cash flow held firm, but a NZ$56.7m property revaluation loss swamped the result and nudged leverage higher.

Published 21 April 2026

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Property for Industry (PFI)HY22Released 22 August 2022

PFI NPAT fell 91% as HY21 revaluation gains didn't repeat, rents up 3.7%

Headline earnings collapse masks a stable rental business, but operating cash flow fell 34% and the effective tax rate jumped to 33.5%.

Published 21 April 2026

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Property for Industry (PFI)FY21Released 21 February 2022

PFI's $452.8m NPAT is 87% non-cash revaluation, rental income up just 11.6%

Fair value gains of $392.5m and a 4.2% effective tax rate did most of the work; operating cash only covered 38% of the lifted dividend.

Published 21 April 2026

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Property for Industry (PFI)HY21Released 20 August 2021

NPAT surged 1,648% on revaluations while rental revenue rose only 9.8%

The headline profit is dominated by non-cash property gains and a collapsed tax rate, with underlying operating cash generation far smaller than...

Published 21 April 2026

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