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Property for Industry (PFI)HY25Released 25 February 2025
PFI HY25: PBT up 20.4% but interim dividend cut 9.1%
A tax-rate flip lifts headline NPAT to +35.8% while operating cash flow stays flat and net debt rises NZ$20m to fund the development pipeline.
Published 22 April 2026
Read briefingPGG Wrightson (PGW)HY25Released 25 February 2025
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
Read briefingMercury NZ (MCY)HY25Released 25 February 2025
Mercury NZ EBITDAF margin fell to an unprecedented 23.8% as revenue grew 9.3%
Reported 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 briefingSteel & Tube Holdings (STU)HY25Released 24 February 2025
Steel & Tube swung to $14.3m loss as EBITDA collapsed 97.4%
Revenue 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 briefingMichael Hill International (MHJ)HY25Released 24 February 2025
NPAT up 9.7% but interim dividend skipped as margins sit at range lows
Reported 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 briefingChorus (CNU)HY25Released 24 February 2025
Operating profit up 9.9% but PBT collapsed 94.6% on financing costs
Revenue 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 briefingMillennium & Copthorne Hotels New Zealand (MCK)FY24Released 24 February 2025
PBT down 27.1% as property cooldown overwhelms hotel revenue surge
Hotel 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 briefingCDL Investments New Zealand (CDI)FY24Released 24 February 2025
Tax adjustment masked turnaround: PBT up 43.3% but NPAT only 14.1%
A $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 briefingWinton Land (WIN)HY25Released 21 February 2025
Winton swung to $2.0m loss as net cash flipped to $52.4m net debt
A 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 briefingSpark 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
Read briefingSky Network Television (SKT)HY25Released 21 February 2025
PBT collapsed 106.0% to a loss as revenue fell 2.0%
Cash conversion held near 103.3% but an outsized working-capital release masks a swing to a first-half loss.
Published 23 April 2026
Read briefingMarlin Global (MLN)HY25Released 21 February 2025
Marlin's 3.7% portfolio return lagged the 10.5% benchmark by 6.8 points
NTA 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 briefingGenesis Energy (GNE)HY25Released 21 February 2025
Cash conversion fell to 58.3% even as PBT jumped 75.1%
PBT rose 75.1% but operating cash conversion fell to 58.3%, well below the 88.9% historical average, as leverage crept to 6.60x.
Published 22 April 2026
Read briefingBarramundi (BRM)HY25Released 21 February 2025
Portfolio trailed benchmark by 2.3pp as NPAT halved to $8.9m
Smaller 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 briefingSkyCity Entertainment Group (SKC)HY25Released 20 February 2025
Operating cash flow collapsed 97.8% as leverage rose to 5.2x EBITDA
EBITDA 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 briefingPrecinct Properties (PCT)HY25Released 20 February 2025
NTA fell to $1.25 from $1.35 even as FFO rose 7.4%
Recurring property earnings improved but valuation softness pulled NTA lower while gross borrowings rose 3.5% to $1,537.2m.
Published 22 April 2026
Read briefingAir New Zealand (AIR)HY25Released 20 February 2025
Engine grounding drives 17.8% NPAT slide; dividend cut 37.5%
NPAT 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 briefingAuckland International Airport (AIA)HY25Released 20 February 2025
NPAT up 57.8% but cash conversion fell to 46.3% on capex surge
Strong 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 briefingThe Colonial Motor Company (CMO)HY25Released 19 February 2025
PBT down 18.7% as margin slipped below historical range
Revenue 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 briefingEBOS Group (EBO)HY25Released 19 February 2025
NPAT fell 18.9% on a 9.0% revenue decline as dividend held flat
Operating 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 briefingFletcher Building (FBU)HY25Released 19 February 2025
Revenue fell 15.7% but gross borrowings cut 68% on Tradelink exit
PBT 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 briefingFreightways Group (FRW)HY25Released 17 February 2025
Interim dividend cut 24% as payout reset from 108.7% to 76% of NPAT
Operating 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 briefingContact Energy (CEN)HY25Released 17 February 2025
Revenue +30.7% but cash conversion fell to 50.2% from 70.9%
EBITDAF 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 briefingThe a2 Milk Company (ATM)HY25Released 17 February 2025
Revenue up 10.1%, FY25 guidance upgraded, maiden dividend declared
Cash 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
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