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Published briefings for one covered company.

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Showing 1-10 of 10 published briefings.

Spark New Zealand (SPK)HY26Released 18 February 2026

EBITDAI up 6.9% but revenue fell 2.4% as cost-out masks top-line pressure

Spark's margin recovery is real, but the revenue decline is accelerating and the interim dividend was cut 36%—the key tension is whether cost...

Published 21 April 2026

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Spark New Zealand (SPK)FY25Released 20 August 2025

Spark New Zealand FY25: PBT fell 33% while the tax rate halved

Revenue fell 3.5% and EBITDAI weakened, but the sharper operating story sat in pre-tax earnings rather than reported NPAT.

Published 20 April 2026

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Spark New Zealand (SPK)HY25Released 21 February 2025

Spark New Zealand HY25: EBITDAI fell 21% and the H2 recovery did the heavy lifting

Revenue slipped only 1.9%, but leverage rose, the dividend lost cash cover, and the turnaround case depended on execution plus asset sales.

Published 22 April 2026

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Spark New Zealand (SPK)FY24Released 23 August 2024

SPK FY24: EBITDAI fell 32.5% and free cash flow dropped 33% as IT demand...

Revenue declines masked by a high-base FY23 TowerCo windfall; the underlying earnings and leverage deterioration is sharper than headline numbers...

Published 21 April 2026

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Spark New Zealand (SPK)HY24Released 28 February 2024

PBT collapsed 70% as TowerCo/Spark Sport one-offs fall out of base

Adjusted operating trends are positive but reported leverage has more than tripled, and pre-lease free cash flow turned negative as capex surged.

Published 21 April 2026

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Spark New Zealand (SPK)FY23Released 18 August 2023

Spark FY23 NPAT up 177% on one-off proceeds as operating cash flow slipped

Reported revenue and EBITDAI growth and a collapse in the effective tax rate flatter the headline, while OCF-to-EBITDAI fell from 73% to 46%.

Published 22 April 2026

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Spark New Zealand (SPK)HY23Released 22 February 2023

Reported NPAT up 368% but adjusted EBITDAI declined and cash conversion halved

One-off technology proceeds and a tax swing flatter the headline while core operations show margin pressure and weaker cash generation.

Published 22 April 2026

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Spark New Zealand (SPK)FY22Released 24 August 2022

Spark FY22: NPAT up 6.8% but free cash flow fell 32% to $296m

Headline growth was delivered at the top of EBITDAI guidance, but higher capex, working capital build, and rising gross debt weakened cash quality.

Published 21 April 2026

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Spark New Zealand (SPK)HY22Released 23 February 2022

Spark HY22: PBT up 20.7% and leverage down to 2.55x on mobile rebound

Operating cash flow jumped 25.8% and net debt/EBITDAI eased from 2.90x to 2.55x, but the dividend was held flat and NPAT still does not cover payout.

Published 21 April 2026

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Spark New Zealand (SPK)FY21Released 18 August 2021

Spark hits EBITDAI guidance but NPAT falls 10.1% on higher tax rate

Headline EBITDAI growth of 1.0% to $1,124m masks a 4.2% PBT decline, softer cash conversion, and a dividend payout ratio climbing to 60%.

Published 21 April 2026

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