Pre-lease FCF turned to -NZ$2.9m as capex outran operating cash
Operating cash flow rose 14.2% but a 22.5% capex lift pushed pre-lease free cash flow to a five-year low.
Published 20 May 2026
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Operating cash flow rose 14.2% but a 22.5% capex lift pushed pre-lease free cash flow to a five-year low.
Published 20 May 2026
Read briefingGetThere's first full year creates a basis discontinuity in the headline comparison while capex rose 59.7% and a working-capital release flatters
Published 20 May 2026
Read briefingReported earnings declined and the 5.6cps full-year dividend ran at 182.4% of NPAT, with lower capex rather than profit growth funding deleveraging.
Published 18 May 2026
Read briefingA sharp drop in Utilities segment profit drove PBT down 86.2%, masking recurring revenue mix improvement and inverting operating cash flow
Published 18 May 2026
Read briefingA $28.5m inventory build and a $9.1m capex cut delivered the deleveraging story while draining nearly all of the earnings improvement from cash.
Published 14 May 2026
Read briefingUnderlying earnings ran above the historical baseline, but H2 NPAT roughly halved versus H1 as growth-strategy capex stepped up to NZ$16.1m.
Published 19 May 2026
Read briefingRevenue grew 4.6% and PBT rose 1.4%, but a swing to negative operating cash flow of –$6.7bn dominates the quality read.
Published 14 May 2026
Read briefingAn Asian equity rebound delivered unprecedented capital gains, but the 29p distribution remains only 83.1% covered by investment income.
Published 22 April 2026
Read briefingPBT grew 18.0% and forward work climbed to $177m, but operating cash fell 58% on a working-capital build more than double the historical norm.
Published 17 April 2026
Read briefingOperating cash fell 44.0% and net debt rose to $94.0m, prompting a fully underwritten equity raise alongside the headline earnings improvement.
Published 21 April 2026
Read briefingAustralia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.
Published 21 April 2026
Read briefingContinuing-operations EBITDA swung to a NZ$34.7m loss while Synlait disposed of North Island assets and withdrew FY26 guidance.
Published 23 April 2026
Read briefingInvestment income rose 8.4% but most of the distribution and a $2.00 capital return reflect Fonterra's Mainland divestment, not recurring earnings.
Published 22 April 2026
Read briefingRecord sales hide a 114bp gross margin contraction, with the effective tax rate dropping from 36.2% to 28.6% to keep NPAT only 2.3% lower.
Published 21 April 2026
Read briefingThe HY26 result sits well above the recent baseline, but FY25's loss-making second half makes H2 durability the central open question.
Published 22 April 2026
Read briefingA 4.5x step-up in debt funded most of the cash uplift while total assets sit below the supplied historical range.
Published 22 May 2026
Read briefingEarnings softened on a higher tax charge while operating cash flow strengthened, even as leverage drifted up to 3.55x.
Published 18 May 2026
Read briefingA radical segment mix shift masked by a 4.7% revenue decline leaves the recovery path dependent on Warehousing stabilising.
Published 18 May 2026
Read briefingOperating leverage and the cloud transition delivered a return to profit, but heavy capitalised development still left free cash flow at -$0.9m.
Published 29 April 2026
Read briefingEarnings growth and a 14.3% dividend lift sit against an FCF payout ratio of 102.6% as capex intensity steps higher.
Published 28 April 2026
Read briefingPost-harvest segment gross margin lifted from 26.6% to 37.9% drove the real operating gain, while a normalising tax rate amplifies the headline NPAT
Published 23 April 2026
Read briefingHeadline earnings growth far outstrips underlying volume and revenue gains, with the lift coming from below-EBIT items rather than trading.
Published 23 April 2026
Read briefingPBT swung 420.6% to $21.9m on premium apple pricing, with a one-third capex cut and a 26.7% tax rate flattering the read.
Published 22 April 2026
Read briefingIFRS earnings dropped on lower investment property fair-value uplifts, masking a 26% jump in unit settlements and 23.7% rise in operating cash flow.
Published 21 April 2026
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