Market cap
$1.2b
End-of-day close multiplied by current shares on issue.
Result releasedAnnolyse analysis published
Heartland FY26: profit improves as credit charges ease
Lower impaired-asset expense and stronger pre-impairment profit supported the statutory earnings increase.
HGH revenue trajectory
Revenue context before the current result.
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HGH Operating profit margin
Operating profit margin across covered periods.
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HGH operating cash flow
Operating cash flow across covered periods.
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HGH NPAT trajectory
Statutory profit after tax across covered periods.
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Market context
Valuation
These ratios pair a market close from around the result date with verified filing data. An unavailable metric means the required inputs were missing or unsuitable for comparison.
Prices as at close, 22 October 2026
Price and market cap
The latest close and share count context for the market price.
i
Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
12.88x
Recent market cap compared with trailing earnings.
EPS
0.10
Recent filing-derived earnings per share.
PEG
0.09x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not meaningful for this company type.
P/FCF
10.23x
Market cap compared with recent free cash flow.
P/B
0.9x
Market value compared with latest reported equity.
Income and investment-company measures
Yield and investment-company valuation where supported.
Dividend yield
5.5%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
- Release date
- 20 August 2026
- Published
- 23 October 2026
Sections
Key metrics
Numbers worth scanning first
FY26 vs FY25
Revenue
$361.9m
+12.1% ↑ vs $322.9m
Net profit after tax
$93.2m
+140.2% ↑ vs $38.8m
Net cash inflow from operating activities
$120.8m
-82.1% ↓ vs $673.2m
Full-year dividend per share
3.5c
Caveat: metric quality flags apply; use this value with basis context.
Operating profit
$162.9m
+26.5% ↑ vs $128.7m
Profit before tax
$132.4m
+131.5% ↑ vs $57.2m
Total assets
$9.4b
+8.4% ↑ vs $8.6b
Analysis ofHGH FY26Result releasedAnnolyse analysis published
What changed
Heartland Group Holdings reported profit after tax of NZ$93.227 million for the year ended 30 June 2026, compared with NZ$38.813 million in FY25
Profit before tax rose to NZ$132.413 million from NZ$57.205 million. Lower impaired-asset expense and higher profit before impairment and fair-value movements supported the increase.
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| NZ$ million | FY26 | FY25 |
|---|---|---|
| Revenue on the NZX results-announcement basis | 361.924 | 322.890 |
| Net operating income | 358.869 | 321.267 |
| Profit before credit impairment, fair-value movements and income tax | 162.892 | 128.724 |
| Impaired-asset expense | 33.534 | 71.638 |
| Profit before tax | 132.413 | 57.205 |
| Profit after tax | 93.227 | 38.813 |
What matters
Impaired-asset expense fell by NZ$38.104 million
Profit before fair-value gains, guaranteed-future-value losses, impaired-asset expense and tax increased by NZ$34.168 million. Net fair-value gains on equity investments and investment property were NZ$3.055 million, compared with NZ$1.623 million. FY25 included NZ$1.504 million of losses on guaranteed-future-value products; the FY26 statement shows none. These movements together reconcile to the NZ$75.208 million increase in profit before tax.
Income tax expense increased to NZ$39.186 million from NZ$18.392 million. The NZ$54.414 million increase in profit after tax is smaller than the pre-tax increase because the tax charge also rose.
Total interest income fell to NZ$664.643 million from NZ$705.865 million. Interest expense fell to NZ$326.734 million from NZ$398.558 million, leaving net interest income of NZ$337.909 million, compared with NZ$307.307 million.
Net operating income increased to NZ$358.869 million from NZ$321.267 million. Operating expenses were NZ$195.977 million, compared with NZ$192.543 million. The NZX results-announcement revenue measure includes net operating income and the net fair-value gain on equity investments and investment property; this differs from gross interest income.
Expectations
The annual result shows lower impairment expense and stronger net interest income, but these observations do not establish a forward credit-loss rate or quantify the next year's lending growth
No future profit target is evaluated here. Whether lower credit losses and the net interest margin can persist matters more to repeat earnings than the change in a single period's cash balance.
Quality of result
Net cash from operating activities was NZ$120.794 million, compared with NZ$673.199 million
Banking operating cash flow includes movements in lending assets and customer deposits. The cash-flow statement reports a NZ$265.535 million decrease in finance receivables measured at amortised cost, a NZ$326.305 million increase in reverse-mortgage receivables, and a NZ$316.715 million increase in deposits. The FY25 amounts were NZ$464.299 million, NZ$220.324 million and NZ$601.836 million respectively.
Investing activities generated NZ$40.965 million, compared with NZ$304.238 million. Financing activities used NZ$143.194 million, compared with NZ$1,248.847 million. Cash increased by NZ$18.565 million before a NZ$10.474 million exchange-rate effect, taking closing cash to NZ$385.268 million from NZ$356.229 million.
Total assets were NZ$9,375.119 million at 30 June 2026, compared with NZ$8,647.450 million a year earlier. Total liabilities were NZ$8,038.336 million, compared with NZ$7,428.398 million. Equity increased to NZ$1,336.783 million from NZ$1,219.052 million.
The bank's balance sheet includes customer deposits and lending portfolios. These balances should be considered alongside its funding and credit-quality disclosures when assessing the result.
The results announcement declared a final dividend of 3.5 cents per share, with a record date of 28 August 2026 and payment date of 11 September 2026.
Unresolved
Open questions
This briefing cannot assess future credit losses, lending demand or funding conditions from these annual statements alone.
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Data appendix
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Sources
Current period
Heartland FY2026 - Results Announcement Template
FY26 / results announcementHeartland FY2026 Annual Report: source-curated FY26 column
FY26 / financial reportPrior comparable period
Heartland FY2026 Annual Report: source-curated FY25 column
FY25 / financial reportRelated insights
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