Pacific Edge (PEB)•HY26•Released 25 November 2025Revenue down 45.8% as Medicare coverage loss halves US diagnostic incomePacific Edge's HY26 operating loss widened to NZ$19.1M after Medicare coverage was withdrawn, with just NZ$15.1M cash remaining to fund an ongoingPublished 18 May 2026Read briefing→
Iperion (IPR)•HY26•Released 24 November 2025Iperion's asset base fell to NZ$0.3m, the smallest on recordThe half-year loss narrowed and cash burn eased, but with zero revenue the company is operating from its lowest asset base in the supplied historicalPublished 28 April 2026Read briefing→
Metro Performance Glass (MPG)•HY26•Released 24 November 2025Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9xPBT swung 167.1% to $4.5m profit on lower interest and a tax credit, but EBITDA margin sat at the lower edge of MPG's historical range at 8.8%.Published 22 April 2026Read briefing→
Gentrack Group (GTK)•FY25•Released 24 November 2025PBT rose 38.4% but operating cash fell 36% as conversion halvedA 3.1% effective tax rate flattered NPAT to a 120% gain while OCF/EBITDA fell to 79.2% from 145.7% on working-capital normalisation.Published 22 April 2026Read briefing→
Kingfish (KFL)•HY26•Released 24 November 2025Portfolio return halved to NZ$20.0m but investment income hit a record NZ$5.9mNPAT fell 61.7% to NZ$16.4m as fair-value gains receded against a near-flat benchmark, while NTA per share slipped 5.2% to NZ$1.34.Published 22 April 2026Read briefing→
Kiwi Property Group (KPG)•HY26•Released 24 November 2025NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%Valuation pressure and a 58.6% effective tax rate cut NPAT to $9.8m, while pre-lease free cash flow swung to $18.9m on lower capex.Published 21 April 2026Read briefing→
General Capital (GEN)•HY26•Released 21 November 2025PBT fell 31.8% on 19% revenue growth as costs and book outpaced earningsAround NZ$0.6m of exceptional first-half costs pushed ROE to 3.4% from 5.5% even as total assets grew 47.2% to NZ$275.8m.Published 22 April 2026Read briefing→
Oceania Healthcare (OCA)•HY26•Released 21 November 2025OCA swung to PBT positive but capex jumped 82% to 40.4% of revenueEBITDA rose 7.4% on flat revenue and PBT turned positive at $1.0m, but a doubled investment cycle kept free cash flow at -$8.4m.Published 21 April 2026Read briefing→
EROAD (ERD)•HY26•Released 21 November 2025EROAD posts $144.2m H1 loss on charge below EBITDA as cash flow liftsRevenue grew 3.3% and free cash flow rose to $5.1m, but a non-cash charge well below EBITDA drove a $144.2m loss and cut equity by roughly $125m.Published 21 April 2026Read briefing→
My Food Bag Group (MFB)•HY26•Released 20 November 2025Revenue grew 3.8% but a $4.4m working-capital build drained cashTrade debtors swelled to $4.6m from $0.6m while a 19.8% tax rate cushioned NPAT against a 12.2% PBT decline.Published 22 April 2026Read briefing→
Goodman Property Trust (GNZ)•HY26•Released 20 November 2025Gross borrowings fell 53% as PBT rose 17.1% on issuer transitionCash rose to $531.8m and total assets fell $663.1m, signalling a material balance sheet reshape that complicates the like-for-like read.Published 22 April 2026Read briefing→
Goodman Property Trust (GMT)•HY26•Released 20 November 2025Borrowings cut 76% via Highbrook Fund deal as PBT grew 17.1%A 0.6% effective tax rate lifted NPAT 35.8%, but the cleaner 17.1% PBT growth and 5.2% like-for-like rental uplift set the operating read.Published 21 April 2026Read briefing→
Napier Port Holdings (NPH)•FY25•Released 19 November 2025Capex doubled to 16.1% of revenue, lifting FCF payout to 78%Reported NPAT +24.6% is flattered by a tax-rate drop from 33.5% to 28.3%; cleaner PBT growth of 15.5% sits within Napier Port's historical range.Published 18 May 2026Read briefing→
Radius Residential Care (RAD)•HY26•Released 19 November 2025PBT up 204% on 19% revenue growth as cash conversion lifted to 89%A lower effective tax rate flattered NPAT, but EBITDA +41% and leverage cut to 4.3x point to genuine operating gains.Published 23 April 2026Read briefing→
Asset Plus (APL)•HY26•Released 19 November 2025Debt fully repaid and FFO turned positive as NPAT fell 30.4%Graham Street disposal left Asset Plus with NZ$10.3m cash and zero borrowings, but the smaller portfolio means headline profit is not comparable.Published 22 April 2026Read briefing→
Sanford (SAN)•FY25•Released 18 November 2025PBT up 140.6% on flat revenue with gross borrowings cut to $105.0mOperating recovery is real but NPAT growth of 223.4% is amplified by an effective tax rate that fell from 47.4% to 29.2%.Published 29 April 2026Read briefing→
Serko (SKO)•HY26•Released 2025-11-18T08:37:34+13:00GetThere lifted revenue 47.4% but PBT loss widened 84.4%Acquisition makes this not a clean comparable, though pre-lease free cash flow improved to NZ$3.0m above historical norms.Published 23 April 2026Read briefing→
Infratil (IFT)•HY26•Released 13 November 2025NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%Headline result is distorted by portfolio divestments and a discontinued operation; operational EBITDAF rose only 7% to $514m and OCF fell 64.9%.Published 21 April 2026Read briefing→
Henderson Far East Income (HFL)•FY25•Released 12 November 2025Distribution cover halved to 100% as portfolio trailed benchmark againInvestment income fell 3.1% to NZ$50.6m and the 12.7% NAV total return lagged the 14.1% benchmark, leaving the dividend just covered.Published 22 April 2026Read briefing→
Scott Technology (SCT)•FY25•Released 21 October 2025PBT up 58% on margin lift, but receivable days stretched to 79Materials Handling and Protein margins drove earnings on flat revenue, yet trade debtors absorbed $19.4m as days outstanding lengthened.Published 20 April 2026Read briefing→
Hallenstein Glasson (HLG)•FY25•Released 26 September 2025PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3mOperating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.Published 20 April 2026Read briefing→
New Zealand King Salmon Investments (NZK)•HY26•Released 25 September 2025NPAT swung to a $20.8m loss on a $31.2m biological asset write-downOperating cash flow rose 21.2% to $19.6m, but volumes fell 17% and FY26 pro-forma EBITDA guidance of just $1-7m points to genuine operating pressure.Published 23 April 2026Read briefing→
KMD Brands (KMD)•FY25•Released 24 September 2025PBT loss widened 124% to $104.7m on flat revenue as Kathmandu swung to lossSecond-half EBITDA turned negative and the dividend was scrapped, signalling deeper operating pressure than headline 1.0% sales growth suggests.Published 20 April 2026Read briefing→
Briscoe Group (BGP)•HY26•Released 10 September 2025Margins compressed to historical floor while dividend exceeds free cash flowPBT margin at 11.0% sits at the bottom of the four-year range and the interim dividend consumes 227.8% of $9.8m pre-lease free cash flow.Published 22 April 2026Read briefing→