PGW EBITDA up 13% like-for-like as receivable days jump to 100
Headline 65% EBITDA gain and 16.6% revenue decline both reflect a portfolio change, while receivables ballooned $114m and the dividend was cut 64%.
Published 21 April 2026
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Headline 65% EBITDA gain and 16.6% revenue decline both reflect a portfolio change, while receivables ballooned $114m and the dividend was cut 64%.
Published 21 April 2026
Read briefingReported NPAT swung to a $67m loss on below-line items while capex jumped 53% and pre-lease free cash flow fell to $25m.
Published 20 April 2026
Read briefingRevenue fell 25.1% and the dividend was pulled, while $23.1m of operating cash flow leaned on a $28.4m working-capital release.
Published 23 April 2026
Read briefingReported NZ$16.9m profit landed on a -0.7% revenue print and a 6.6% PBT margin, with the board declining the interim dividend that paid 1.75c last
Published 22 April 2026
Read briefingRevenue and EBITDA both grew, but a heavier debt load drove PBT to NZ$2m and NPAT to a NZ$5m loss while the dividend was lifted.
Published 22 April 2026
Read briefingHotel revenue nearly doubled but earned less profit than FY23, and a one-off deferred tax charge took NPAT 93.0% lower to NZ$2.8m.
Published 22 April 2026
Read briefingA $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.
Published 22 April 2026
Read briefingA 5.3% revenue dip turned $14.2m of EBITDA into a $0.1m loss while capex nearly doubled and the cash balance fell $73.2m.
Published 23 April 2026
Read briefingThe 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
Read briefingThe 8.5cps interim absorbed 156.3% of pre-lease FCF as revenue fell 2.0% and NPAT swung to a $2.0m loss.
Published 23 April 2026
Read briefingNTA per share rose 8.5% to $1.02 and dividend income hit an unprecedented $0.9m, but benchmark underperformance is the central read.
Published 22 April 2026
Read briefingPre-lease free cash flow of NZ$46.0m sits well below the NZ$191.7m historical mean and the dividend exceeds NPAT at a 109.7% payout.
Published 22 April 2026
Read briefingSmaller fair-value gains drove NPAT down 47.6%, lifting the payout-to-NPAT ratio to 51.3% versus a 26.5% historical mean.
Published 22 April 2026
Read briefingEBITDA rose 12.0% to $113.1m but cash conversion fell to 1.7%, net debt climbed to $589.5m, and the interim dividend was suspended.
Published 23 April 2026
Read briefingRecurring property earnings improved but valuation softness pulled NTA lower while gross borrowings rose 3.5% to $1,537.2m.
Published 22 April 2026
Read briefingNPAT fell to NZ$106.0m at the top of guidance, but with up to 11 aircraft grounded at times in 2H25 the dividend was reset.
Published 22 April 2026
Read briefingStrong P&L growth contrasts with a NZ$315.7m pre-lease FCF deficit, both classified below the company's historical range.
Published 22 April 2026
Read briefingRevenue grew 2.6% but PBT margin fell to 2.2%, with gross borrowings up 40.6% and the dividend payout reaching an unprecedented 70.8%.
Published 23 April 2026
Read briefingOperating deleverage pushed the NPAT payout ratio to 100.2% while net debt to EBITDA crept up to 3.86x even as cash conversion rebounded.
Published 22 April 2026
Read briefingPBT loss narrowed 10.9% to NZ$123.0m yet NPAT loss widened 11.7% to NZ$134.0m as discontinued Tradelink absorbed NZ$52.0m.
Published 21 April 2026
Read briefingOperating cash flow rose 30.8% and net debt fell, signalling a deliberate payout reset rather than a weak underlying result.
Published 23 April 2026
Read briefingEBITDAF grew 14.1% yet operating cash dropped 19% on a $57m inventory build, lifting the NPAT payout ratio to 89.4%.
Published 22 April 2026
Read briefingCash conversion lifted to 66.3% of EBITDA, but the 67.0% NPAT payout rests partly on capex falling 81% to 0.3% of revenue.
Published 21 April 2026
Read briefingHeadline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.
Published 23 April 2026
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