Published briefings

Analytical briefings for NZX company announcements.

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Showing 145-168 of 622 published briefings.

Hallenstein Glasson (HLG)HY25Released 28 March 2025

Hallenstein Glasson HY25: sales rose, but margin pressure left profit flat

A 7.7% revenue gain translated into almost no NPAT growth, and the dividend cut signalled the board was preserving flexibility.

Published 20 April 2026

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New Zealand King Salmon Investments (NZK)FY25Released 27 March 2025

Pro-forma EBITDA up 21% but NPAT halved as FY24's PBT boost did not repeat

Operating cash flow nearly tripled to $38.5m and the net cash pile almost doubled, yet statutory profit fell 53% and FY26 harvests are flagged as...

Published 23 April 2026

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KMD Brands (KMD)HY25Released 26 March 2025

KMD Brands HY25: flat revenue, deeper losses in Kathmandu and Oboz

Working-capital release supported cash, but margin pressure and two loss-making brands left earnings still moving backwards.

Published 20 April 2026

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Synlait Milk (SML)HY25Released 24 March 2025

Synlait swings to NZ$4.8m NPAT as net debt drops NZ$167m

Return to profitability is real at the reported line, but operating cash flow is still negative and leverage remains at 6.2x EBITDA.

Published 23 April 2026

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The Warehouse Group (WHS)FY25Released 21 March 2025

Balance sheet flipped to $19.0m net cash, but PBT still fell 17.9%

Capex was cut 87% and inventory days more than doubled, leaving the sharp improvement in reported NPAT almost entirely a function of FY24's...

Published 23 April 2026

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Fonterra Co-operative Group (FCG)FY25Released 20 March 2025

Fonterra HY25: seasonal $1.8bn cash outflow lifts borrowings 73.6% to $5.96bn

Continuing-operations profit held near flat and the interim dividend was lifted, but a milk-season working capital build swung cash generation...

Published 22 April 2026

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Fonterra Co-operative Group (FCG)HY25Released 20 March 2025

FCG HY25 extraction mixes fund-entity figures with co-op comparatives

Headline declines of 98.6% in revenue and 100% in PBT are a reporting-shape artifact; the only clean reads are a 46.7% lift in interim dividend...

Published 22 April 2026

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Briscoe Group (BGP)FY25Released 12 March 2025

PBT down 19% on 203bp margin compression as homeware profit nearly halved

Revenue held flat but gross-margin erosion, a capex step-up to NZ$56.5m, and a higher tax rate cut NPAT 28% and drove a 39% final dividend cut.

Published 21 April 2026

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T&G Global Limited and subsidiary companies (TGG)FY24Released 3 March 2025

PBT loss narrowed 89% to -$6.8m but NPAT still -$16.0m as tax drags

Apples-led recovery and NZ$60.7m operating cash flow turn the story around, yet a 44.8% effective tax rate and rising receivables limit the...

Published 21 April 2026

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Summerset Group Holdings (SUM)FY24Released 28 February 2025

Underlying profit up 8% but statutory NPAT fell 22% as revaluation gains...

Revenue and sales volumes grew double digits, yet development margin compressed and gross borrowings rose NZ$320.8m to fund continued village build.

Published 22 April 2026

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Delegat Group (DGL)HY25Released 28 February 2025

NPAT fell 63% on a 12% revenue decline, even as operating cash flow doubled

Earnings and leverage both deteriorated sharply, but a working-capital release and lower capex delivered the first positive pre-lease FCF in the...

Published 22 April 2026

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Bremworth (BRW)HY25Released 28 February 2025

NPAT loss widened 5x to NZ$8.1m as inventory build drained cash to NZ$7.5m

Revenue grew 8% but carpet margin compression and a NZ$14.5m inventory build pushed operating cash outflow to NZ$21.8m and cut the cash balance by...

Published 22 April 2026

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Me Today (MEE)HY25Released 28 February 2025

Me Today HY25: revenue grew 64%, but the balance sheet stayed fragile

The operating loss narrowed and cash burn eased, but debt rose, equity nearly disappeared, and neither segment reached EBITDA profitability.

Published 20 April 2026

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Seeka (SEK)FY24Released 27 February 2025

Seeka swings to $29.7m PBT; net debt/EBITDA resets from 6.6x to 1.8x

Post-harvest margins drove a near-tripling of EBITDA, but a 70.6% effective tax rate muted the NPAT recovery to just $8.8m.

Published 23 April 2026

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Heartland Group Holdings (HGH)HY25Released 27 February 2025

HGH NPAT collapsed 90% as a $59.5m 'Other' segment loss swamped 10% NOI growth

Net operating income and the core lending segments held up, but a large residual loss line and a halved dividend signal the strain is operational,...

Published 22 April 2026

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Channel Infrastructure NZ (CHI)FY24Released 27 February 2025

NPAT down 42% on a $12.1m discontinued-operations loss as continuing PBT...

Operating cash flow jumped 77% and leverage eased to 3.1x, but H2 NPAT turned negative and the final dividend was cut to 6.6 cps.

Published 22 April 2026

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Vector (VCT)HY25Released 26 February 2025

PBT up 170% on a 1.8% revenue dip, but receivables nearly doubled

Headline earnings flattered by a normalising tax rate and a discontinued gas-trading gain, while cash fell to $8.7m and debtor days doubled.

Published 22 April 2026

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Scales Corporation (SCL)FY24Released 26 February 2025

PBT doubled to $60.9m but H2 NPAT collapsed to just $2.6m

Record underlying EBITDA of $91.7m is real but 92% of full-year NPAT landed in the first half, and the interim dividend was cut 29%.

Published 22 April 2026

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Meridian Energy (MEL)HY25Released 26 February 2025

Meridian swings to a $121m loss as EBITDAF drops 42% on hydro and gas shock

Revenue rose 7% but a dry-year inflow trough and a gas shortage crushed margin, cash conversion, and pushed leverage to roughly 6x EBITDAF.

Published 22 April 2026

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NZME (NZM)FY24Released 26 February 2025

NZME PBT swings to -$12.5m loss despite 1.5% revenue growth

Revenue edged higher and EBITDA held near $54m, but the PBT collapse to a $12.5m loss erases FY23's $17.8m profit and reveals a widening gap...

Published 21 April 2026

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Tourism Holdings (THL)HY25Released 25 February 2025

THL NPAT down 36% and interim dividend cut 44% on RV sales pressure

Revenue edged up 2% but profit compression and a larger debt base lifted net debt to EBITDA to roughly 4.2x.

Published 23 April 2026

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Property for Industry (PFI)HY25Released 25 February 2025

PFI PBT up 20%, but interim dividend trimmed and net debt climbed to NZ$694m

Headline 36% NPAT growth is flattered by a 6% effective tax rate; operating cash flow was flat and the interim dividend was cut 9%.

Published 21 April 2026

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PGG Wrightson (PGW)HY25Released 25 February 2025

Operating EBITDA up 13% but operating cash flow collapsed to -$31m

PGW's earnings recovery is real but cash conversion has deteriorated sharply, with receivables stretching and the dividend unfunded by free cash flow.

Published 21 April 2026

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Mercury NZ (MCY)HY25Released 25 February 2025

Mercury NZ HY25: EBITDAF held up but an NPAT loss signalled derivative mark-to-market pain

Revenue rose 9.3%, but fair-value swings turned PBT negative and left the dividend leaning on debt-funded cash generation.

Published 20 April 2026

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