Auckland International Airport (AIA)•HY26•Released 19 February 2026Capex of $430.6m drives pre-lease FCF to -$245.2m as leverage hits 6.2xReported NPAT fell 5.5% on lower revaluations even as segment earnings grew, while heavy investment absorbed all operating cash and lifted net debt.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•HY26•Released 18 February 2026TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focusThe NZ$453m initial cash proceeds and NZ$98m deferred cash proceeds from the TenPeaks transaction with Pacific Equity Partners (PEP) is relevant to debt headroom, while borrowings and gearing remain the direct evidence.Published 21 April 2026Read briefing→
Fletcher Building (FBU)•HY26•Released 18 February 2026PBT swung to $65m profit but inventory days reached 122.5A 152.8% PBT recovery and positive pre-lease FCF coexist with inventory days 40 above the historical mean of 82.5.Published 20 April 2026Read briefing→
Freightways Group (FRW)•HY26•Released 16 February 2026VT Freight Express acquisition adds perspective to Freightways Group's operating readThe NZ$77m acquisition price from the VT Freight Express acquisition sits behind the period; operating metrics remain the main read.Published 23 April 2026Read briefing→
Marlin Global (MLN)•HY26•Released 16 February 2026Marlin's portfolio returned 3.0% against an unprecedented 14.0% benchmarkManager underperformance widened to 11.0pp and NAV per share fell 8.3% even as the absolute portfolio result stayed within historical norms.Published 22 April 2026Read briefing→
Barramundi (BRM)•HY26•Released 16 February 2026Portfolio swung to unprecedented -5.8%, 11.4pp behind benchmarkRecurring investment income held above its historical range, but a NZ$13.5m portfolio loss pushed NPAT to -NZ$15.4m and NTA per share to NZ$0.63.Published 22 April 2026Read briefing→
Contact Energy (CEN)•HY26•Released 16 February 2026PBT jumped 43.8% on margin expansion despite a 5.3% revenue declineEBITDAF margin reached 30.9%, above the historical range, while a $525m equity raise lifted total assets 52% and pushed leverage to 5.8x.Published 21 April 2026Read briefing→
The a2 Milk Company (ATM)•HY26•Released 16 February 2026Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exitA $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.Published 20 April 2026Read briefing→
South Port New Zealand (SPN)•HY26•Released 13 February 2026Record HY26 lifts NPAT 46.6% on cargo and smelter recoveryReported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.Published 23 April 2026Read briefing→
Skellerup Holdings (SKL)•HY26•Released 12 February 2026NPAT +19.4% on Agri-led growth, FY26 NPAT guidance lifted to $57-62mOperating leverage and a working-capital release drove record cash flow even as capex nearly doubled and Agri carried the mix shift.Published 21 April 2026Read briefing→
Livestock Improvement Corporation (LIC)•HY26•Released 22 January 2026Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharplyBroad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earningsPublished 18 May 2026Read briefing→
Australian Foundation Investment Company (AFI)•HY26•Released 21 January 2026AFI portfolio return 2.0%, distribution coverage drops to 91.4%Investment income held inside the historical band, but the interim dividend now exceeds NPAT and the portfolio trailed its benchmark by 2.2 points.Published 22 April 2026Read briefing→
Blackwell Global Holdings (RTO)•HY26•Released 28 November 2025Cash fell 54.7% to $0.2m as RTO shell still has no acquisition dealOperating burn moderated, but a year on the company remains a pre-deal cash shell with no announced reverse-takeover target.Published 19 May 2026Read briefing→
ikeGPS Group (IKE)•HY26•Released 28 November 2025Subscription mix shift drives 38.9% PBT improvement on 5.6% revenue growthPlatform subscription revenue grew 35% to NZ$8.8m and now represents 69% of revenue, but transaction revenue fell 32% and cash burn widened, so lossPublished 18 May 2026Read briefing→
Rakon (RAK)•HY26•Released 28 November 2025Revenue up 30.2% but Rakon stays loss-making with trade debtors surging 52.9%Strong demand recovery lifted Underlying EBITDA 149% and narrowed the PBT loss by 73.6%, but a NZ$18.8m receivables build means cash is not yetPublished 14 May 2026Read briefing→
New Talisman Gold Mines (NTL)•HY26•Released 28 November 2025Mining suspended at Mystery as cash falls 59% to NZ$499kNTL paused production after grades disappointed, leaving a NZ$0.5m cash balance against a NZ$1.0m half-year operating outflow that deepened 17.4%.Published 23 April 2026Read briefing→
Green Cross Health (GXH)•HY26•Released 28 November 2025NPAT grew 28.6% but pre-lease FCF fell to NZ$15.6m, a 3-year lowWorking capital absorption and a near-tripling of capex weakened cash conversion even as reported earnings grew above the historical range.Published 22 April 2026Read briefing→
Burger Fuel Group (BFG)•HY26•Released 28 November 2025NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%Margin expansion and a NZ$524.2m working-capital release lifted earnings quality, but the prior comparable was unusually weak.Published 22 April 2026Read briefing→
Arvida Group (ARV)•HY26•Released 28 November 2025Operating cash flow fell 44% as gross borrowings climbed to $1.0bnOperating EBITDA was nearly flat but operating cash flow fell 44% and gross borrowings rose 34% to $1.0bn against a subdued property market.Published 21 April 2026Read briefing→
BLIS Technologies (BLT)•HY26•Released 27 November 2025Revenue grew 28.1% but operating cash swung negative on inventory buildA $1.4m working-capital absorption pushed HY26 operating cash flow to -$0.5m, contradicting the $0.5m EBITDA and PBT-doubling headline.Published 22 April 2026Read briefing→
Tower (TWR)•FY25•Released 27 November 2025Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9mRate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.Published 21 April 2026Read briefing→
Ryman Healthcare (RYM)•HY26•Released 27 November 2025PBT collapsed 123% to a NZ$40.2m loss as debt fell NZ$928mMaiden NZ$56.2m FCF and the balance sheet reset frame the upside, but a NZ$152.7m receivables release flatters the cash result.Published 21 April 2026Read briefing→
ArborGen Holdings (ARB)•HY26•Released 26 November 2025Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0mA NZ$5.0m working-capital build ahead of the seasonally heavy 2H drove OCF from +NZ$2.1m to -NZ$5.4m and required NZ$13.0m of new borrowings.Published 23 April 2026Read briefing→
Fisher & Paykel Healthcare (FPH)•HY26•Released 26 November 2025FPH PBT margin reached 26.1%, lifting profit 37.5% on 14.4% revenue growthOperating leverage pushed margins above the recent historical range even as FCF conversion eased from 110.6% to 81.3% of NPAT.Published 21 April 2026Read briefing→