Table of Contents
What changed
Proportionate operational EBITDAF of $986.0m landed near the top of the $960–1,000m guidance range, and continuing-operations revenue (segment basis) rose 15.9% to $3,851.8m. Below EBITDAF, the picture inverts: PBT fell to a loss of $212.1m from a $938.6m profit, and NPAT swung to a $286.3m loss from an $845.1m profit. Operating cash flow declined to $386.4m from $457.8m while capex rose to $458.3m, producing pre-lease free cash flow of –$71.9m versus +$21.3m a year ago. Gross borrowings were broadly stable at $5.88b, cash rose to $293.7m, and equity climbed to $8.22b. The final dividend was lifted to 13.25c (full-year total 20.5c).
Within the mix, One NZ's segment result nearly doubled to $92.5m (from $51.2m) and its revenue share rose to 57.9%. Manawa Energy moved the other way, with result falling to $61.3m from $123.8m. Wellington Airport ($61.6m), RHCNZ ($97.5m) and Qscan ($48.0m) all improved.
What matters
- Operational delivery held up; statutory swing is mix and prior-year accounting. FY24 NPAT was inflated by gains associated with the June 2024 consolidation of the remaining 49.95% of One NZ. Stripping that out, the read is that the operating franchise delivered guidance (EBITDAF +14% on an implied proportionate basis) while the statutory line is not comparable year on year.
- Cash conversion weakened materially. OCF/EBITDAF fell to 39.2% from 53.0%, and capex of $458.3m outran OCF, producing negative pre-lease FCF of –$71.9m. Capex intensity eased only slightly (11.9% of revenue vs 13.1%), so the dividend is not being funded from free cash.
- Leverage direction is the mild positive. Net debt/EBITDAF edged to roughly 5.7x from 6.3x on the higher EBITDAF base, but the absolute net-debt stack remains ~$5.59b against an equity base that now carries the full One NZ interest.
Expectations
Against the only explicit target supplied — the $960–1,000m FY25 EBITDAF range — the $986.0m outturn is a top-end print. No forward FY26 guidance or forward-work book is disclosed in the supplied material. Shape context indicates HY25 delivered 51.3% of full-year revenue but 74.1% of the full-year NPAT loss, implying the second half carried a smaller loss — a modestly better exit rate for earnings, though still loss-making at the attributable line.
Quality of result
The result is credible at the EBITDAF line and supported by One NZ's step-up and continued margin strength in healthcare (RHCNZ, Qscan) and Wellington Airport. Below EBITDAF, quality is weaker: PBT is a cleaner read than NPAT here (the tax line moved from a $93.1m charge on $938.6m PBT to a $49.2m charge on a $212.1m pre-tax loss, giving an effective rate of –23.2% that distorts NPAT growth by ~11pp versus PBT). Free cash flow is negative on a pre-lease basis and does not cover the declared distribution, so FY25's dividend increase is being made from balance-sheet capacity rather than cash generation. Manawa's $62.5m result decline is a genuine drag that offsets some of the One NZ improvement.
Unresolved
- A statutory-to-proportionate EBITDAF reconciliation is not provided in the supplied excerpts, so the bridge between the $986m headline and the $212.1m PBT loss (depreciation/amortisation, CDC share of associate earnings, finance costs, fair-value movements) cannot be verified here.
- Trade debtors were not separately disclosed in FY25, so the driver of the OCF shortfall (working capital vs non-cash timing) cannot be isolated.
- No FY26 EBITDAF guidance, CDC development-pipeline update, or capex plan is contained in the supplied data, leaving the capex trajectory and funding mix open.
- Manawa's year-on-year decline of ~$62.5m is not explained in the excerpts provided.
This briefing cannot assess valuation, CDC-associate economics, or management's forward capital-allocation intent beyond what the release excerpts disclose.
Key metrics
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | $3.3m | $2995.2m | -99.9% ↓ |
| Net profit after tax | −$0.3m | $845.1m | -100.0% ↓ |
| Net cash inflow from operating activities | $0.4m | $457.8m | -99.9% ↓ |
| Final dividend per share | 13.3c | 13.0c | +1.9% ↑ |
| Operating profit | $0.4m | $363m | -99.9% ↓ |
| Profit before tax | −$0.2m | $938.6m | -100.0% ↓ |
| Cash and cash equivalents | $0.3m | $236.2m | -99.9% ↓ |
| Total assets | $17.2m | $16109.9m | -99.9% ↓ |
Reference: annolyse.ai/briefings/ift-fy25
Segment breakdown
| Segment | Current revenue | Prior revenue | Current result | Mix shift |
|---|---|---|---|---|
| Gurīn Energy | $5.9m | $0.1m | −$34.5m | +0.2pp |
| Manawa Energy | $491m | $472.7m | $61.3m | -0.4pp |
| Mint Renewables | $0.3m | $0.1m | −$13.9m | +0.0pp |
| Wellington International Airport | $185.3m | $159.2m | $61.6m | +0.5pp |
| Qscan Group | $345.6m | $317.8m | $48m | +0.2pp |
| RHCNZ Medical Imaging | $369.9m | $340.6m | $97.5m | +0.1pp |
| One NZ | $1924.5m | $1681.6m | $92.5m | +3.9pp |
Reference: annolyse.ai/briefings/ift-fy25
Analytical metrics
| Metric | FY25 | FY24 | Context |
|---|---|---|---|
| Effective tax rate | n/m (loss period) | 9.9% | current loss period |
| OCF / EBITDAF (cash conversion) | 39.2% | 53.0% | deteriorated |
| FCF pre-lease | −$71.9m | $21.3m | −$93.2m |
| FCF / NPAT | 25.1% | 2.5% | complementary conversion metric |
| Capex % revenue | 11.9% | 13.1% | — |
| Capex | $0.5m | $436.5m | −$436.0m |
| Trade debtors | — | $0.1m | — |
| Net debt | $5586.1m | $5472.2m | +$113.9m |
| Net debt / EBITDAF | 5.70x | 6.30x | Strengthening |
| Gross borrowings | $5.9m | $5708.4m | −$5702.5m |
| ROE (annualised) | -3.5% | 11.3% | Weakening |
| HY25 share of FY25 revenue | 51.3% | — | Other half was 48.7% |
| HY25 share of FY25 NPAT | 74.1% | — | Other half was 25.9% |
| Profit from continuing operations | −$0.3m | $845.5m | −$845.8m |
| Discontinued operation after tax | $0.0m | −$0.4m | +$0.4m |
Reference: annolyse.ai/briefings/ift-fy25
This analysis was generated using Annolyse, an AI-powered tool that analyses NZX/ASX company announcements. The analysis is based on available company filings and standard Annolyse calculations. This is general information only and does not constitute financial advice. The analysis may contain errors. Always read the original company filings and consult a licensed financial adviser before making investment decisions.