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NZX company results and financial reports.
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Auckland International Airport (AIA)HY26Released 19 February 2026
Revenue rose 3.9% but EBITDAF fell 7.9% as costs outpaced growth
PBT fell 6.1% and NPAT fell 5.5% while the payout ratio climbed to 62.6% against rising leverage.
Published 22 April 2026
Read briefingSpark New Zealand (SPK)HY26Released 18 February 2026
TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus
The 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 2026
Read briefingFletcher Building (FBU)HY26Released 18 February 2026
PBT swung to $65m profit but inventory days reached 122.5
A 152.8% PBT recovery and positive pre-lease FCF coexist with inventory days 40 above the historical mean of 82.5.
Published 20 April 2026
Read briefingFreightways Group (FRW)HY26Released 16 February 2026
VT Freight Express acquisition adds perspective to Freightways Group's operating read
The NZ$77m acquisition price from the VT Freight Express acquisition sits behind the period; operating metrics remain the main read.
Published 23 April 2026
Read briefingMarlin Global (MLN)HY26Released 16 February 2026
Marlin's portfolio returned 3.0% against an unprecedented 14.0% benchmark
Manager 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 2026
Read briefingBarramundi (BRM)HY26Released 16 February 2026
Portfolio swung to unprecedented -5.8%, 11.4pp behind benchmark
Recurring 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 2026
Read briefingContact Energy (CEN)HY26Released 16 February 2026
PBT jumped 43.8% on margin expansion despite a 5.3% revenue decline
EBITDAF 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 2026
Read briefingThe a2 Milk Company (ATM)HY26Released 16 February 2026
Continuing-ops PBT up 27.7% but NPAT fell 88.1% on MVM exit
A $103.7m discontinued-operation loss from Mataura Valley Milk masks 30.4% continuing EBITDA growth and an upgraded FY26 outlook.
Published 20 April 2026
Read briefingSouth Port New Zealand (SPN)HY26Released 13 February 2026
Record HY26 lifts NPAT 46.6% on cargo and smelter recovery
Reported 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 2026
Read briefingSkellerup Holdings (SKL)HY26Released 12 February 2026
NPAT +19.4% on Agri-led growth, FY26 NPAT guidance lifted to $57-62m
Operating leverage and a working-capital release drove record cash flow even as capex nearly doubled and Agri carried the mix shift.
Published 21 April 2026
Read briefingLivestock Improvement Corporation (LIC)HY26Released 22 January 2026
Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply
Broad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earnings
Published 18 May 2026
Read briefingAustralian Foundation Investment Company (AFI)HY26Released 21 January 2026
AFI 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 2026
Read briefingBlackwell Global Holdings (RTO)HY26Released 28 November 2025
Cash fell 54.7% to $0.2m as RTO shell still has no acquisition deal
Operating burn moderated, but a year on the company remains a pre-deal cash shell with no announced reverse-takeover target.
Published 19 May 2026
Read briefingikeGPS Group (IKE)HY26Released 28 November 2025
Subscription mix shift drives 38.9% PBT improvement on 5.6% revenue growth
Platform subscription revenue grew 35% to NZ$8.8m and now represents 69% of revenue, but transaction revenue fell 32% and cash burn widened, so loss
Published 18 May 2026
Read briefingRakon (RAK)HY26Released 28 November 2025
Revenue 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 yet
Published 14 May 2026
Read briefingNew Talisman Gold Mines (NTL)HY26Released 28 November 2025
Mining suspended at Mystery as cash falls 59% to NZ$499k
NTL 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 2026
Read briefingGreen Cross Health (GXH)HY26Released 28 November 2025
NPAT grew 28.6% but pre-lease FCF fell to NZ$15.6m, a 3-year low
Working capital absorption and a near-tripling of capex weakened cash conversion even as reported earnings grew above the historical range.
Published 22 April 2026
Read briefingBurger Fuel Group (BFG)HY26Released 28 November 2025
NPAT up 93.7% on a flat top line, with cash conversion swinging to 87.7%
Margin expansion and a NZ$0.52m working-capital release lifted earnings quality, but the prior comparable was unusually weak.
Published 22 April 2026
Read briefingBLIS Technologies (BLT)HY26Released 27 November 2025
Revenue grew 28.1% but operating cash swung negative on inventory build
A $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 2026
Read briefingTower (TWR)FY25Released 27 November 2025
Combined ratio fell to 74.1% as underwriting result rose to NZ$133.9m
Rate-led claims improvement and a benign large-event year both drove the underwriting expansion, complicating the durability read.
Published 21 April 2026
Read briefingRyman Healthcare (RYM)HY26Released 27 November 2025
PBT collapsed 123% to a NZ$40.2m loss as debt fell NZ$928m
Maiden NZ$56.2m FCF and the balance sheet reset frame the upside, but a NZ$152.7m receivables release flatters the cash result.
Published 21 April 2026
Read briefingArborGen Holdings (ARB)HY26Released 26 November 2025
Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m
A 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 2026
Read briefingFisher & Paykel Healthcare (FPH)HY26Released 26 November 2025
FPH PBT margin reached 26.1%, lifting profit 37.5% on 14.4% revenue growth
Operating leverage pushed margins above the recent historical range even as FCF conversion eased from 110.6% to 81.3% of NPAT.
Published 21 April 2026
Read briefingPacific Edge (PEB)HY26Released 25 November 2025
Revenue down 45.8% as Medicare coverage loss halves US diagnostic income
Pacific 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 ongoing
Published 18 May 2026
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