Open archive
Clear filters
Showing 1-24 of 52 published briefings.
Sector archive
Published briefings for one sector.
Browse recent results from companies in the same sector.
Steel & Tube Holdings (STU)FY26Released 26 August 2026
Revenue up 13.9% but EBITDA margin fell to -10.4%, PBT down 149.7%
Above-range revenue growth did not offset a below-range EBITDA margin, as losses deepened and equity fell 33.2%.
Published 26 August 2026
Read briefingFletcher Building (FBU)FY26Released 19 August 2026
PBT up 157.4% but inventory days hit an unprecedented 111.4 days
Fletcher Building's return to profit was aided by divestment proceeds and a discontinued-operation swing while inventory and debtor days built
Published 19 August 2026
Read briefingNew Talisman Gold Mines (NTL)FY26Released 29 May 2026
PBT swung to a $2.2m loss as FY25's impairment reversal dropped out
Operating cash outflow widened to NZ$2.0m, showing a cash-hungry gold explorer behind a distorted profit swing.
Published 2 July 2026
Read briefingIperion (IPR)FY26Released 29 May 2026
Loss narrowed 35.3% but cash fell 63.5% as Iperion's runway tightens
Operating losses keep absorbing the balance sheet; total equity fell 84.5% to NZ$0.1m while the Pathoglaze licence still produces no revenue.
Published 29 May 2026
Read briefingMetro Performance Glass (MPG)FY26Released 27 May 2026
EBITDA tripled to $18.2m and leverage fell to 1.5x on a softer top line
Operating cash flow surged to $15.7m and net debt halved to $27.0m, but reported earnings stayed near breakeven.
Published 27 May 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 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 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 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 briefingIperion (IPR)HY26Released 24 November 2025
Iperion's asset base fell to NZ$0.3m, the smallest on record
The half-year loss narrowed and cash burn eased, but with zero revenue the company is operating from its lowest asset base in the supplied historical
Published 28 April 2026
Read briefingMetro Performance Glass (MPG)HY26Released 24 November 2025
Recapitalisation cut net debt to $27.4m, leverage from 6.0x to 2.9x
PBT swung 167.1% to $4.5m profit on lower interest and a tax credit, but EBITDA margin sat at the lower edge of MPG's historical range at 8.8%.
Published 22 April 2026
Read briefingVulcan Steel (VSL)FY25Released 26 August 2025
Capital raise puts Vulcan Steel's debt headroom in focus
The NZ$96.3m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 20 August 2026
Read briefingSteel & Tube Holdings (STU)FY25Released 25 August 2025
Revenue fell 19.6% and EBITDA swung to a $2.5m loss as net debt hit $36.3m
A 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 2026
Read briefingFletcher Building (FBU)FY25Released 20 August 2025
PBT swung to -$432m on $702m of significant items as net debt fell to $999m
$644m of continuing-operation significant items drove PBT margin to an unprecedented -6.2%, while a balance-sheet recapitalisation cut net debt
Published 20 April 2026
Read briefingNew Talisman Gold Mines (NTL)FY25Released 30 May 2025
NPAT swung to NZ$4.0m profit while operating cash burn widened to NZ$1.5m
Reported earnings turned positive despite negligible revenue and a deeper operating cash outflow, leaving the cash story unchanged from prior years.
Published 23 April 2026
Read briefingIperion (IPR)FY25Released 29 May 2025
Loss narrowed 45.3% but total assets fell to $0.5m unprecedented low
Zero revenue persisted while equity dropped 55.8% and the asset base hit a historical low, leaving runway as the dominant question.
Published 28 April 2026
Read briefingMetro Performance Glass (MPG)FY25Released 27 May 2025
EBITDA halved as 2H slipped into loss; leverage hit 10.8x
A 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 2026
Read briefingSteel & Tube Holdings (STU)HY25Released 24 February 2025
Steel & Tube swung to $14.3m loss as EBITDA collapsed 97.4%
Revenue fell 25.1% and the dividend was pulled, while $23.1m of operating cash flow leaned on a $28.4m working-capital release.
Published 23 April 2026
Read briefingFletcher Building (FBU)HY25Released 19 February 2025
Revenue fell 15.7% but gross borrowings cut 68% on Tradelink exit
PBT loss narrowed 10.9% to NZ$123.0m yet NPAT loss widened 11.7% to NZ$134.0m as discontinued Tradelink absorbed NZ$52.0m.
Published 21 April 2026
Read briefingVulcan Steel (VSL)HY25Released 11 February 2025
PBT down 64% on a 13% revenue decline as operating leverage bites
Operating cash flow of $80.7m and a held 2.5 cent interim dividend partially cushion an earnings collapse driven by trading headwinds.
Published 23 April 2026
Read briefingIperion (IPR)HY25Released 28 November 2024
Loss narrowed 21.4% but equity fell 62.2% on continued zero-revenue burn
The smaller HY25 loss is cost-base contraction, not progress, with NZ$0.1m of cash facing a NZ$0.3m half-year operating burn.
Published 28 April 2026
Read briefingMetro Performance Glass (MPG)HY25Released 28 November 2024
Net debt at 6.0x EBITDA as EBITDA fell 44% on a 12.4% revenue decline
Operating cash flow dropped 74.8% to NZ$3.4m and equity contracted 34.7%, leaving leverage nearly double the historical 3.3x mean.
Published 22 April 2026
Read briefingNew Talisman Gold Mines (NTL)HY25Released 21 November 2024
Cash burn accelerated 71.8% as NPAT loss widened 40.6%
The pre-revenue gold explorer added a processing plant, leaving NZ$1.2m cash against a half-year free cash burn of NZ$1.4m.
Published 23 April 2026
Read briefingSteel & Tube Holdings (STU)FY24Released 26 August 2024
PBT collapsed 84% as second half slid into NPAT loss
A $36.3m working-capital release flattered operating cash while the 6c full-year dividend ran at 375% of NPAT and ROE fell to 1.3%.
Published 23 April 2026
Read briefingGet reporting-season briefings
Get full NZX result briefings by email as new coverage is published.