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Spark New Zealand (SPK) briefings

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Showing 1-10 of 10 published briefings.

Spark New Zealand (SPK)HY26Released 18 February 2026

TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

The NZ$453m initial cash proceeds and NZ$98m deferred cash proceeds from the TenPeaks transaction with Pacific Equity Partners (PEP) is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Published 21 April 2026

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Spark New Zealand (SPK)FY25Released 20 August 2025

Profit before tax fell 32.5% as a lower tax rate cushioned NPAT to -17.7%

Working-capital absorption reached an unprecedented level even as leverage and payout ratios moved outside Spark's historical range.

Published 20 April 2026

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Spark New Zealand (SPK)HY25Released 21 February 2025

Connexa sale sharpens Spark New Zealand's cash-flow test

The NZ$314m disclosed value from the Connexa sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.

Published 23 April 2026

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Spark New Zealand (SPK)FY24Released 23 August 2024

Spark FY24 EBITDAI fell 32.5% as cost base lagged demand decline

Free cash flow dropped to $330.0m from $489.0m even as revenue fell 14.0%, raising questions about dividend durability.

Published 21 April 2026

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Spark New Zealand (SPK)HY24Released 28 February 2024

Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution

Reported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.

Published 25 May 2026

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Spark New Zealand (SPK)FY23Released 18 August 2023

SPK FY23: Reported revenue up 20.7% but cash conversion collapsed to 46.5%

A large asset disposal inflated reported earnings, while underlying operating cash conversion fell well below Spark's historical range of 65.7%–76.3%.

Published 23 April 2026

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Spark New Zealand (SPK)HY23Released 22 February 2023

TowerCo sale gain drives 367.6% NPAT growth as adjusted earnings fall

Reported PBT rose 198.1% on one-off proceeds while cash conversion fell to 35.4%, well below Spark's historical range.

Published 23 April 2026

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Spark New Zealand (SPK)FY22Released 24 August 2022

FCF fell 31.6% as capex and working capital diluted a 6.8% NPAT lift

Earnings ticked up but free cash flow dropped to $296m, leaving FY23 guidance of $460-$500m needing roughly 55% growth and dividends no longer

Published 22 April 2026

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Spark New Zealand (SPK)HY22Released 23 February 2022

PBT rose 20.7% as margins outpaced 5.2% revenue growth

NPAT growth is unverifiable after prior-period data suppression, though cash conversion rose to 85.1% and leverage eased to 2.55x.

Published 22 April 2026

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Spark New Zealand (SPK)FY21Released 18 August 2021

FY21 dividend at 120.8% of NPAT as cash conversion fell to 76.3%

EBITDAI rose 1.0% on cost discipline but a higher 30.6% tax rate and weaker cash conversion left the 25cps payout above reported earnings.

Published 22 April 2026

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