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Showing 1-6 of 6 published briefings.

Reported NPAT doubled to NZ$12.1m but only because the tax rate normalised; underlying PBT fell 43.5% and leverage stepped up to 6.8x.

Published 23 April 2026

NPAT swung from a $143.3m loss to $29.2m profit, but operating cash fell $158.4m and pre-lease free cash flow was -$116.4m against heavy capex.

Published 23 April 2026

Adelaide's turnaround and cost discipline lifted reported earnings, but a heavy tax charge, funded capex and dividend suspension tell a different...

Published 23 April 2026

Revenue was essentially flat at $861.0m, but a capex-heavy investment cycle collided with a $173.5m tax charge that pushed reported NPAT to a...

Published 23 April 2026

Auckland margins expanded sharply, but Adelaide's reversal, a 45% fall in operating cash flow and rising leverage dominate the read.

Published 23 April 2026

EBITDA jumped 71% and leverage halved to 2.0x, but reported NPAT of just $8.0m, an 85% effective tax rate and a deepening Adelaide loss undercut...

Published 21 April 2026

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