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NZX company results and financial reports.
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Hallenstein Glasson (HLG)HY25Released 28 March 2025
Revenue up 7.7% but PBT flat as Glassons Australia profit slipped
Top-line growth was carried by Australia, yet its segment result fell, gross margin compressed 40bps and operating cash declined 6.4%.
Published 20 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)FY25Released 27 March 2025
Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing
Headline NPAT fell on a $7.7m fair-value loss on biological assets versus a $15.8m prior gain, while operating cash flow nearly tripled to $38.5m.
Published 23 April 2026
Read briefingKMD Brands (KMD)HY25Released 26 March 2025
Underlying EBITDA collapsed 74.3% to $3.9m on flat revenue
Reported EBITDA fell 18.1% and the loss roughly doubled to $21.5m as Kathmandu's loss widened, while inventory release drove a $20m debt reduction.
Published 20 April 2026
Read briefingSynlait Milk (SML)HY25Released 24 March 2025
Synlait's 107.9% PBT rebound rests on a distorted, loss-making base
Revenue grew 40.4% and PBT rose 107.9%, but HY24's discontinued operation and negative tax rate make the comparison unreliable.
Published 23 April 2026
Read briefingThe Warehouse Group (WHS)FY25Released 21 March 2025
Operating profit halved to $19.5m as gross margin slid 110bps
Reported NPAT swung positive on a smaller discontinued-ops loss, but underlying retail earnings deteriorated as inventories swelled $61.2m.
Published 23 April 2026
Read briefingFonterra Co-operative Group (FCG)FY25Released 20 March 2025
HY25 interim NPAT up 8% to $729m, prior-period comparisons distorted
Operating profit up 16% to $1,107m on improved mix; headline declines reflect HY25 vs FY24 full-year basis, not underlying weakness.
Published 22 April 2026
Read briefingFonterra Co-operative Group (FCG)HY25Released 20 March 2025
FSF HY25: Entity restructure makes all headline earnings comparisons
The Fonterra Shareholders' Fund now reports only investment income of NZD 154m, making the prior-period profit figures structurally incomparable.
Published 22 April 2026
Read briefingBriscoe Group (BGP)FY25Released 12 March 2025
Gross margin fell 203bps, driving PBT down 18.9% on flat revenue
A higher effective tax rate widened NPAT's decline to 28.0%, capex stepped up nearly fourfold, and the final dividend was reduced to 10.0 cps
Published 22 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY24Released 3 March 2025
Apples-led recovery cut T&G's PBT loss 89%, but debtors ran 51.3 days
Headline earnings improved sharply, but receivables at 51.3 days versus a 28.8-day historical mean signal collection pressure absorbing the cash gain.
Published 22 April 2026
Read briefingNew Zealand Rural Land Company (NZL)FY24Released 28 February 2025
NPAT surged 111.9% but underlying AFFO grew only 13.6%
A tax swing and fair-value effects drove statutory profit well ahead of the 13.6% rise in recurring AFFO earnings.
Published 21 August 2026
Read briefingMOVE Logistics Group (MOV)HY25Released 28 February 2025
EBITDA up 37% but Contract Logistics collapse masks ongoing structural losses
MOVE's EBITDA recovery to NZ$18.1m rests on cost cuts rather than volume, while Contract Logistics revenue fell NZ$20.8m and the segment swung to a
Published 18 May 2026
Read briefingSummerset Group Holdings (SUM)FY24Released 28 February 2025
Underlying profit up 8% but development margin slipped and net debt grew NZ$322m
Statutory NPAT fell 22.1% on smaller fair-value gains while gross borrowings rose 23% to fund a NZ$611.4m build programme.
Published 23 April 2026
Read briefingDelegat Group (DGL)HY25Released 28 February 2025
NPAT fell 62.6% on volume weakness as cash flow doubled
A $30.4m working-capital release lifted operating cash flow 111.3%, but earnings collapsed and trailing leverage rose to 5.6x EBITDA.
Published 22 April 2026
Read briefingBremworth (BRW)HY25Released 28 February 2025
Cash fell 60.3% to $7.5m as inventory build absorbed $14.5m
Revenue rose 8.0% but a deliberate $14.5m woollen yarn pre-build drove a $21.8m operating cash outflow and widened the loss to $8.1m.
Published 22 April 2026
Read briefingMe Today (MEE)HY25Released 28 February 2025
Losses narrowed 66.5% but equity fell to NZ$1.3m as debt rose
Revenue grew 64.2% and losses improved 66.5%, yet equity dropped 72.5% and cash conversion of 58.5% sits below the 152.9% historical mean.
Published 20 April 2026
Read briefingEnprise Group (ENS)HY25Released 27 February 2025
Enprise swings to profit on 21.2% revenue growth but FCF turns negative
Operating cash flow fell 57.6% to NZD 0.3m despite the earnings recovery, with capex rising sharply and working capital building, leaving free cash
Published 18 May 2026
Read briefingSeeka (SEK)FY24Released 27 February 2025
Seeka EBITDA surged 192.9% but tax distortion masked a PBT-to-NPAT gap
Revenue jumped 36.7% on a kiwifruit volume recovery, lifting PBT to NZ$29.7m from a NZ$21.0m loss, while a -70.5% effective tax rate widened the gap
Published 23 April 2026
Read briefingHeartland Group Holdings (HGH)HY25Released 27 February 2025
NPAT collapsed 90.4% on one-off charges, dividend halved to 2 cents
Reported NPAT of NZ$3.6m versus underlying NZ$10.7m and a 500% NPAT payout ratio leave the dividend reliant on retained earnings, not current profit.
Published 22 April 2026
Read briefingChannel Infrastructure NZ (CHI)FY24Released 27 February 2025
PBT up 6.7%, NPAT down 42.3% on discontinued operation loss
Continuing operations lifted EBITDA 9.1% with cash conversion at 68.2%, while a NZ$12.1m discontinued operation loss masked headline NPAT.
Published 22 April 2026
Read briefingVector (VCT)HY25Released 26 February 2025
PBT up 169.6% but working-capital build hits unprecedented NZ$27.7m
Continuing-operations earnings surged on a lower tax rate and segment improvement, but a NZ$27.7m working-capital absorption—versus a historical
Published 23 April 2026
Read briefingScales Corporation (SCL)FY24Released 26 February 2025
FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m
The reported rebound was front-loaded into the first half while capex tripled to NZ$54.9m and the announced dividend fell to 4.25c.
Published 22 April 2026
Read briefingMeridian Energy (MEL)HY25Released 26 February 2025
EBITDAF fell 42% on record-low inflows, swinging Meridian to a $121m loss
Net debt/EBITDA jumped to 6.0x against a 2.2x–3.3x historical range as cash conversion fell to 19.5% from 68.4%.
Published 22 April 2026
Read briefingNZME (NZM)FY24Released 26 February 2025
NZME swung to $12.5m PBT loss despite revenue rising 1.5%
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 21 April 2026
Read briefingTourism Holdings (THL)HY25Released 25 February 2025
Margin compression across core segments drove a 37.1% PBT decline
Earnings fell sharply as leverage rose to 4.21x EBITDA and the interim dividend was cut 44.4%.
Published 23 April 2026
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