Blackwell Global Holdings (RTO)•FY25•Released 29 May 2025Loss narrowed 77.6% but operating cash burn widened as H2 deteriorated sharplyBlackwell Global reported a smaller full-year loss, but a severe H2 reversal and deepening cash burn raise questions about near-term survival runway.Published 19 May 2026Read briefing→
Mainfreight (MFT)•FY25•Released 29 May 2025PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%The NPAT headline reflects effective tax falling from 47.2% to 28.5%; an Australian record offset profit declines across New Zealand, AsiaPublished 29 April 2026Read briefing→
Ryman Healthcare (RYM)•FY25•Released 29 May 2025EBITDAF tripled to $45.5m but NPAT loss widened to -$436.8mOperating recovery is overshadowed by a capex surge to 70.4% of revenue and a -$94.2m free cash outflow.Published 28 April 2026Read briefing→
Iperion (IPR)•FY25•Released 29 May 2025Loss narrowed 45.3% but total assets fell to $0.5m unprecedented lowZero revenue persisted while equity dropped 55.8% and the asset base hit a historical low, leaving runway as the dominant question.Published 28 April 2026Read briefing→
Goodman Property Trust (GNZ)•FY25•Released 29 May 2025GMT swings from $564.9m loss to $109.6m profit on valuation reversalUnderlying property income rose 13.8% and operating cash flow lifted 43.9%, but NTA per unit barely moved as the revaluation cycle turned.Published 22 April 2026Read briefing→
Fisher & Paykel Healthcare (FPH)•FY25•Released 28 May 2025Operating cash flow more than doubled to $548.6m as capex normalisedRevenue crossed $2.0bn for the first time and FCF reached 113.3% of NPAT, signalling earnings backed by cash after years of heavy capex.Published 22 April 2026Read briefing→
Infratil (IFT)•FY25•Released 28 May 2025PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpointThe June 2024 One NZ consolidation distorts headline comparability while proportionate EBITDAF of $986m sits near the top of $960–1,000m guidance.Published 22 April 2026Read briefing→
Metro Performance Glass (MPG)•FY25•Released 27 May 2025EBITDA halved as 2H slipped into loss; leverage hit 10.8xA 51.1% narrower NPAT loss masks a 54.5% EBITDA decline, an 89% drop in operating cash flow, and second-half EBITDA that turned negative.Published 22 April 2026Read briefing→
Asset Plus (APL)•FY25•Released 27 May 2025Assets down 38% to $118m as Asset Plus repays all debt and pays 5cps specialOperating cash flow turned negative and the statutory loss widened 7.5% to $5.7m, even as AFFO swung to a $0.5m profit.Published 22 April 2026Read briefing→
Turners Automotive Group (TRA)•FY24•Released 26 May 2025Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growthReported earnings looked steady, yet cash generation fell sharply and free cash flow no longer covers the declared dividend.Published 14 May 2026Read briefing→
Kiwi Property Group (KPG)•FY25•Released 26 May 2025NPAT swung to $57.0m but operating cash fell 19%A lower effective tax rate contributed to the headline earnings recovery while working capital absorbed $17.5m and the full-year dividend fell to 5.4c.Published 22 April 2026Read briefing→
General Capital (GEN)•FY25•Released 26 May 2025Assets up 33.6% on funded growth, but ROE direction weakenedBalance-sheet expansion outpaced earnings, and an in-year acquisition broadens segment mix and limits clean year-on-year comparison.Published 22 April 2026Read briefing→
EROAD (ERD)•FY25•Released 26 May 2025FCF rose to $16.0m but operating cash conversion fell to 72.5%Capex fell 58.4% as the 4G program rolled off, but OCF/EBITDA dropped from 99.2% to 72.5% even as EBITDA grew to $59.6m.Published 22 April 2026Read briefing→
Savor (SVR)•FY25•Released 22 May 2025PBT loss narrowed 49.5% while NPAT swung to a loss on tax normalisationRevenue fell 8.4% and EBITDA dropped 17.2%, yet operating cash flow rose 10.9% as a smaller tax benefit drove NPAT into the red.Published 23 April 2026Read briefing→
Oceania Healthcare (OCA)•FY25•Released 22 May 2025Capex jumped 354% to $132.4m, pushing FCF to -$22.1mEBITDA rose 4.1% and a tax credit held NPAT, but a major capex step-up consumed operating cash and net debt sits at 7.2x EBITDA.Published 22 April 2026Read briefing→
My Food Bag Group (MFB)•FY25•Released 22 May 2025Net debt cut $4.9m on stronger cash but PBT flat at $8.6mOperating cash flow rose 35% to $13.2m and full-year dividend tripled to 1.5cps, while revenue and PBT were essentially flat.Published 22 April 2026Read briefing→
BLIS Technologies (BLT)•FY25•Released 22 May 2025NPAT up 33% as operating cash flow jumped 70% on receivables releaseEarnings grew on operating leverage and cash conversion strengthened to 178%, but 73% of NPAT and nearly all operating cash flow landed in the secondPublished 22 April 2026Read briefing→
Radius Residential Care (RAD)•FY25•Released 21 May 2025PBT rose 191.7% to $10.5m as margins and cash conversion stepped upMargin and cash-conversion gains look durable, but a prior-year tax distortion exaggerates the NPAT swing from a $8.5m loss to a $7.0m profit.Published 23 April 2026Read briefing→
Napier Port Holdings (NPH)•HY25•Released 21 May 2025PBT up 24.8% on unprecedented 36.1% margin; tax drop lifts NPAT to +41.3%Container volume recovery delivered record half-year port margins, while a normalised effective tax rate flatters headline NPAT growth.Published 23 April 2026Read briefing→
Tower (TWR)•HY25•Released 20 May 2025Tower PBT margin hits unprecedented 23.7% as ROE reaches 29.0%Reported NPAT rose 38.1% to NZ$49.7m but underlying NPAT of NZ$61.7m flags customer remediation and Canterbury claim drag.Published 23 April 2026Read briefing→
Gentrack Group (GTK)•HY25•Released 19 May 2025Headline NPAT +34.7% masks PBT +10.4% as cash conversion fell to 22.1%A lower 22.2% tax rate flatters NPAT while EBITDA grew 5.1% versus 9.8% revenue, and operating cash conversion fell from 33.0% to 22.1%.Published 22 April 2026Read briefing→
Kingfish (KFL)•FY25•Released 19 May 2025Kingfish beat benchmark by 7.5pp but H2 NPAT swung to -$2.0mA strong first half drove the $40.8m full-year NPAT, but H2 reversed and NTA per share sits at the lower edge of its four-year range.Published 22 April 2026Read briefing→
Henderson Far East Income (HFL)•HY25•Released 16 April 2025Investment income fell 33% to NZ$7.5m, below historical rangePortfolio total return of 2.4% trailed the 3.3% benchmark while NAV per share slipped 4.7% to a below-range 2.16x.Published 22 April 2026Read briefing→
Scott Technology (SCT)•HY25•Released 16 April 2025Revenue fell 13.6% and PBT 18% but tax rate halved kept NPAT flatOperating earnings dropped below their historical range while an unusually low tax charge and a smaller working-capital build lifted reported cash.Published 21 April 2026Read briefing→