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Sky Network Television (SKT)HY26Released 26 February 2026
Sky's 7.7% revenue growth reflects an acquisition, not like-for-like trading
Cash conversion reached 126.7% versus an 85.5% historical average, but acquisition and tax effects make headline growth comparisons unreliable.
Published 23 April 2026
Read briefingMe Today (MEE)HY26Released 26 February 2026
King Honey disposal flipped NPAT to NZ$3.2m while continuing revenue fell 31.7%
A NZ$4.1m discontinued-operation gain funded a balance-sheet reset, but continuing operations stayed loss-making on a sharply lower revenue base.
Published 21 April 2026
Read briefingHeartland Group Holdings (HGH)HY26Released 26 February 2026
NPAT rebuilt to NZ$48.8m as the NZ lending reset rolls off
The n/m headline NPAT lift is recovery from a depressed comparable; underlying NPAT of NZ$46.1m and ROE of 7.8% set the cleaner read.
Published 21 April 2026
Read briefingPrecinct Properties (PCT)HY26Released 26 February 2026
Precinct Investment Partnership acquisition puts Precinct Properties' debt headroom in focus
The NZ$900m acquisition price from the Precinct Investment Partnership acquisition is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 21 April 2026
Read briefingAir New Zealand (AIR)HY26Released 26 February 2026
PBT swung to a NZ$59m loss on 1.2% revenue as capex more than doubled
A NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.
Published 21 April 2026
Read briefingSteel & Tube Holdings (STU)HY26Released 25 February 2026
Net cash of $17.5m flipped to $43.0m net debt as losses widened 19.7%
Operating cash flow fell 75.9% to $5.6m and base-business margins squeezed even as the Perry galvanizing acquisition lifted reported revenue 8.1%.
Published 23 April 2026
Read briefingScales Corporation (SCL)FY25Released 25 February 2026
Bostock acquisition lifted revenue 54% but cash conversion fell to 56.4%
Working capital absorbed NZ$120.1m as inventory days tripled to 48.5, while a 13.0% tax rate amplified NPAT growth to 229.0% versus PBT 122.2%.
Published 23 April 2026
Read briefingBremworth (BRW)FY26Released 25 February 2026
Revenue halved to NZ$44.7m as Bremworth swings to a NZ$6.4m loss
A 49.7% revenue collapse pushed PBT to -NZ$6.3m and cash to NZ$17.8m, while debtor days blew out 30 days above the historical average.
Published 22 April 2026
Read briefingMeridian Energy (MEL)HY26Released 25 February 2026
PBT recovered 288.7% from a hedge-crisis loss, masking revenue's 11% decline
Meridian's profit swing reflects last year's hedging crisis easing, not underlying growth, since revenue fell 11.0%.
Published 22 April 2026
Read briefingEBOS Group (EBO)HY26Released 25 February 2026
Cash conversion collapsed to 15.4% as working capital absorbed $348m
Revenue grew 13.0% and FY26 EBITDA guidance was reaffirmed, but operating cash flow fell to $46.6m and the dividend was not covered by free cash flow.
Published 21 April 2026
Read briefingVulcan Steel (VSL)HY26Released 24 February 2026
Revenue up 8.6% but cash conversion fell to 68.7% on working-capital build
Operating cash flow dropped 52.1% to NZ$38.7m as receivables and inventory build offset an 8.6% revenue gain.
Published 20 August 2026
Read briefingNZME (NZM)FY25Released 24 February 2026
EBITDA up 14.9% on cost cuts as revenue declined 1.3%
Cost discipline drove an $8.1m EBITDA lift and lifted free cash flow to $25.4m, with net debt nearly halved to $15.5m.
Published 28 May 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)FY25Released 24 February 2026
PBT fell 29.9% as hotels result halved and capex doubled to NZ$52.3m
Headline NPAT up 621.4% reflects tax normalisation; pre-lease FCF turned to -NZ$26.5m as cash halved and borrowings rose sevenfold.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY25Released 24 February 2026
PBT fell 42.5% as margin reset to an unprecedented 40.4%
Tax-rate normalisation cushioned NPAT to a 27.9% decline, masking a deeper margin compression on subdued residential section demand.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY26Released 24 February 2026
Revenue grew an unprecedented 20.2% but operating cash flow rose 2.7%
Reported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.
Published 22 April 2026
Read briefingMercury NZ (MCY)HY26Released 24 February 2026
EBITDAF up 28.5% on revenue down 5.2% as margin hit upper edge
NPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.
Published 21 April 2026
Read briefingPGG Wrightson (PGW)HY26Released 24 February 2026
PBT up 11.5% but net debt jumped to $170.7m as cash outflow widened
Operating cash outflow worsened 60.8% and leverage stepped to 3.7x EBITDA — note the OCF/EBITDA basis is denominator-distorted this period, so this should not be read as a normal cash-conversion signal — while the board raised the interim dividend 80% to 4.5cps.
Published 20 April 2026
Read briefingTourism Holdings (THL)HY26Released 23 February 2026
NPAT up 17%, but deferred fleet capex and inventory destock flatter cash
Operating cash flow rose 67% as capex fell to 1.2% of revenue and inventory shed $78m, with management flagging ANZ fleet spend will normalise in H2.
Published 23 April 2026
Read briefingChorus (CNU)HY26Released 23 February 2026
Leverage rose to 8.89x EBITDA as equity fell 35% to $430m
Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.
Published 23 April 2026
Read briefingComvita (CVT)HY26Released 23 February 2026
Comvita swung to $4.6m NPAT, but FCF leans on $52m inventory unwind
The operating turnaround is real, yet FCF-to-NPAT of 357.3% reflects working-capital release and a 76% capex cut rather than steady-state cash
Published 21 April 2026
Read briefingGenesis Energy (GNE)HY26Released 23 February 2026
EBITDAF up 40% to NZ$303.2m as FCF more than triples to NZ$183.0m
Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
Published 21 April 2026
Read briefingWinton Land (WIN)HY26Released 20 February 2026
Settlements collapsed to 14 units, swinging operating cash $37m negative
Revenue fell 60.0% and net debt nearly doubled as inventories built, even as the commercial portfolio swung to a positive segment result.
Published 23 April 2026
Read briefingVector (VCT)HY26Released 20 February 2026
Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline
Continuing-ops revenue rose 6.1% and capex fell 16%, but the 12.5c interim dividend ran above reported NPAT and leverage stayed elevated.
Published 23 April 2026
Read briefingSkyCity Entertainment Group (SKC)HY26Released 19 February 2026
NPAT up 98% masks 43% PBT fall and Adelaide flipping to a $16m loss
Tax normalisation flattered headline NPAT while EBITDA fell 36.3% and Adelaide's segment result swung from a $2.8m profit to a $16.1m loss.
Published 23 April 2026
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