EBITDAF margin lifted to 25.8% despite a 16.4% revenue decline
Gentailer margin and cash generation ran well above historical range, cutting leverage to 4.4x and lifting free cash flow to $214.7m.
Published 22 April 2026
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Gentailer margin and cash generation ran well above historical range, cutting leverage to 4.4x and lifting free cash flow to $214.7m.
Published 22 April 2026
Read briefingCash conversion dropped from 86.9% to 54.5% as Australia carried group earnings while Canada and New Zealand segment results fell.
Published 22 April 2026
Read briefingThe import-terminal transition delivered $12.0m NPAT and a 7c dividend, but $59.1m of conversion capex was funded by additional borrowing.
Published 22 April 2026
Read briefingDevelopment capex of $633.8m pushed gross borrowings to $1.07b and free cash flow to -$14.7m, with operating cash flow still near prior-year levels.
Published 22 April 2026
Read briefingLogistics expansion drove the top line while China lockdowns crushed apple realisations, with minority-interest growth deepening the gap between PBT
Published 22 April 2026
Read briefingOperating cash earnings strengthened, but development capex jumped 81% and pre-lease FCF widened to -$88.5m, outside the historical range.
Published 22 April 2026
Read briefingRevenue tripled to NZ$3.1b drove NZ$972m of operating cash flow and a net cash position, against a COVID-trough HY22 comparable.
Published 22 April 2026
Read briefingUnprecedented working-capital absorption and inventory at 63.6 days erode cash backing for a resumed 6.0 cps dividend and announced buyback.
Published 22 April 2026
Read briefingRevenue grew 12.5% but a loss-making second half, NZ$17.6m of pre-lease cash burn and leverage at 3.2x EBITDA dominate the read.
Published 22 April 2026
Read briefingTravel-led recovery lifted EBITDA 62% to $97.9m, but $261.6m of capex pushed free cash flow to -$121.3m and HY22 carried a $132m revaluation gain.
Published 22 April 2026
Read briefingMargins held at the upper edge of their historical range, yet a NZ$27.8m inventory build pushed operating cash outflow to NZ$50.7m and lifted
Published 23 April 2026
Read briefingCash conversion dropped to 35.4% from 85.1% because the disposal gain flowed through earnings but not operating cash flow.
Published 23 April 2026
Read briefingRevenue grew 8.7% but capex outran OCF, pushing pre-lease FCF to -$56.6m as the disposal gain masked a 34.8% PBT decline.
Published 23 April 2026
Read briefingTrustpower's full half and a $65m HY22 hedge exit make this non-comparable, though OCF/EBITDAF conversion at 76.5% is unprecedented in recent history.
Published 22 April 2026
Read briefingLast year's $392.5m property revaluation gains have unwound, yet a 32.5% drop in reported income lacks explanation in the release.
Published 22 April 2026
Read briefingActive management lagged the benchmark by 12.8 percentage points as net assets dropped 33.1% and the interim distribution was cut to 1.66cps.
Published 22 April 2026
Read briefingAn 8.9% portfolio return lagged a 10.7% benchmark, and NPAT fell 18.1% on the smaller asset base.
Published 22 April 2026
Read briefingA 32% inventory build absorbed working capital and lifted net debt by $13.4m while the raised dividend now consumes 98.6% of pre-lease free cash flow.
Published 22 April 2026
Read briefingProject mix held profit virtually flat despite lower settlement volumes, while cash fell NZ$21.4m on the Hamilton land acquisition and dividends.
Published 22 April 2026
Read briefingRevenue grew 5.4% and EBITDA margin reached 12.6%, but operating cash flow swung to -$203m and gross borrowings nearly doubled to $1.7bn.
Published 22 April 2026
Read briefingCash conversion dropped to 46.7%, below the historical baseline, leaving the maintained 14.0cps dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingGross borrowings rose 42% to $35.5m to fund expansion while PBT fell 14.3% and container and log volumes contracted sharply.
Published 23 April 2026
Read briefingInvestment income reached an unprecedented $178.1m and the interim dividend lifted to 11 cents, but the 7.1% portfolio return trailed the 10.8%
Published 22 April 2026
Read briefingFY23 EBITDA guidance was lifted to $675-690m, but the tax rate jumped to 47.1% and the 17c dividend implies a 425% payout of NPAT.
Published 22 April 2026
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