Rua Bioscience (RUA)•FY25•Released 1 September 2025RUA revenue rose 490.6% but the business remains deeply cash-negativeStrong commercial momentum cut the loss before tax by 74.8%, yet cash fell to NZD 0.2m and operating outflows persist, making runway the centralPublished 19 May 2026Read briefing→
Bremworth (BRW)•FY25•Released 1 September 2025NPAT up 295.7% but gross margin collapsed 1,091bps to 13.4%PBT of NZ$18.6m exceeds gross profit of NZ$11.9m, signalling one-off items rather than core trading drove the headline result.Published 22 April 2026Read briefing→
MOVE Logistics Group (MOV)•FY25•Released 29 August 2025EBITDA up 433% but MOV stays loss-making on a 2.6% revenue declineGross margin expansion drove a strong EBITDA recovery, but net losses persist and cash conversion fell sharply as EBITDA normalised upward.Published 22 May 2026Read briefing→
Enprise Group (ENS)•FY25•Released 29 August 2025Kilimanjaro operating profit fell 57% despite 13.6% revenue growthRevenue scale is expanding but cost pressure at the dominant segment is eroding operating leverage, leaving the group loss-making at the PBT line.Published 18 May 2026Read briefing→
Summerset Group Holdings (SUM)•HY25•Released 28 August 2025Underlying profit +19% on 692 sales, but NPAT flattered by tax swingOCF rose 19.3% to $228.7m and gross borrowings grew 21.3% to $1.87b as $311.6m of development capex left free cash flow at -$17.7m.Published 23 April 2026Read briefing→
Air New Zealand (AIR)•FY25•Released 28 August 2025PBT fell 14.9% on flat revenue as working-capital build doubled the historicalAir New Zealand earned flat revenue of NZ$6.8b but PBT declined 14.9% to NZ$189m, with a NZ$33m working-capital build nearly 2.5 times the historicalPublished 22 April 2026Read briefing→
Me Today (MEE)•FY25•Released 28 August 2025Capital raise puts Me Today's debt headroom in focusThe NZ$2.6m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.Published 20 April 2026Read briefing→
Winton Land (WIN)•FY25•Released 27 August 2025Net debt/EBITDA jumped from 0.8x to 3.7x as PBT fell 44.7%Strong reported cash flow came from a $21.6m inventory drawdown, masking rising leverage and a paused dividend.Published 23 April 2026Read briefing→
Precinct Properties (PCT)•FY25•Released 27 August 2025Gross borrowings up 20.7% and NTA down 6.2% as operating profit edges 1.2%The statutory swing from a $22.1m FY24 loss to $11.0m profit reflects easing valuation drag rather than core earnings growth.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•FY25•Released 27 August 2025EBITDAF fell 32.5% on energy-margin squeeze; dividend exceeded FCFRecord-low hydro inflows and a gas shortage compressed energy margin 23%, doubled leverage to 2.4x, and broke dividend coverage.Published 22 April 2026Read briefing→
EBOS Group (EBO)•FY25•Released 27 August 2025Reported PBT fell 21.1% while cash conversion rose to 75.3%Reported revenue and earnings fell sharply against a non-comparable prior period, but cash generation and leverage strengthened materially.Published 22 April 2026Read briefing→
Genesis Energy (GNE)•FY25•Released 26 August 2025EBITDAF rose 11.6% but operating cash fell 29.1% on inventory buildA $123.7m working-capital absorption and weaker cash conversion left the full-year dividend uncovered by free cash flow.Published 22 April 2026Read briefing→
Channel Infrastructure NZ (CHI)•HY25•Released 26 August 2025Dividend +42% as payout reaches 134.9% of pre-lease free cash flowHeadline NPAT fell 30.1% but mostly on tax normalisation and a discontinued-operations swing, while operating EBITDA was essentially flat.Published 22 April 2026Read briefing→
Restaurant Brands New Zealand (RBD)•HY25•Released 26 August 2025Revenue up 2.5% but PBT flat as store EBITDA fell 4.1% on record salesA 44.9% capex cut lifted free cash flow and reduced net debt by $44.0m, but no interim dividend was declared and ROE slipped to 3.8%.Published 21 April 2026Read briefing→
NZME (NZM)•HY25•Released 26 August 2025NZME swung to statutory loss while operating cash flow rose 23.5%The statutory result reflects one-off costs and a community-paper closure rather than deteriorating segment economics or cash generation, but equityPublished 20 April 2026Read briefing→
Tourism Holdings (THL)•FY25•Released 25 August 2025Underlying NPAT fell 45% and $54.5M of one-offs drove a $25.8M statutory lossNorth America posted a $34.3M segment loss, operating cash flow fell 83.4% and the dividend was cut from 7c to 4c.Published 23 April 2026Read briefing→
Chorus (CNU)•FY25•Released 25 August 2025Chorus FY25: equity fell 32.6% as gross debt rose 19.5% on flat earningsA step-up in free cash flow to $354m did not prevent net debt/EBITDA rising from 3.7x to 4.3x while the dividend was lifted 21.1%.Published 23 April 2026Read briefing→
Vector (VCT)•FY25•Released 25 August 2025Continuing-ops PBT up 33.9% as net debt/EBITDA steps to 5.05xA discontinued Gas Trading business and a $37m gas-network impairment reshape headline comparability while leverage moves materially higher.Published 23 April 2026Read briefing→
Steel & Tube Holdings (STU)•FY25•Released 25 August 2025Revenue fell 19.6% and EBITDA swung to a $2.5m loss as net debt hit $36.3mA new $50.0m facility funded acquisitions at the cycle bottom even as 2H operating cash flow turned negative and the final dividend was suspended.Published 23 April 2026Read briefing→
Scales Corporation (SCL)•HY25•Released 25 August 2025Horticulture surge lifts EBITDA margin to 23.6%, above historical rangePBT grew 49.0% on operating leverage, but heavy first-half seasonal weighting and a softer tax rate are the key tests of durability.Published 22 April 2026Read briefing→
Michael Hill International (MHJ)•FY25•Released 25 August 2025PBT collapsed 90.8% as H2 NPAT loss erased H1 profitImplied H2 NPAT loss of $14.8m wiped out the H1 result and net debt swung from a $2.3m surplus to $41.9m.Published 22 April 2026Read briefing→
Property for Industry (PFI)•FY25•Released 25 August 2025FY25 growth inflated by 6-month base and fair value gainsReported revenue of NZ$127.5m and NPAT of NZ$106.0m compare to a six-month transition period; the durable read is NTA up 4.8% to NZ$2.84.Published 22 April 2026Read briefing→
South Port New Zealand (SPN)•FY25•Released 22 August 2025PBT up 32.8% but NPAT +79.7% flattered by tax-rate resetAn unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.Published 23 April 2026Read briefing→
Sky Network Television (SKT)•FY25•Released 22 August 2025NPAT fell 58.7% on a 2.1% revenue decline despite dividend liftCash conversion dropped 10 percentage points to 80.9% as the full-year dividend was lifted to 22.0 cps against NPAT payout of 149.8%.Published 23 April 2026Read briefing→