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SkyCity Entertainment Group (SKC)HY26Released 19 February 2026
NPAT up 98% masks 43% PBT fall and Adelaide flipping to a $16m loss
Tax normalisation flattered headline NPAT while EBITDA fell 36.3% and Adelaide's segment result swung from a $2.8m profit to a $16.1m loss.
Published 23 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 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 briefingMy Food Bag Group (MFB)HY26Released 20 November 2025
Revenue grew 3.8% but a $4.4m working-capital build drained cash
Trade debtors swelled to $4.6m from $0.6m while a 19.8% tax rate cushioned NPAT against a 12.2% PBT decline.
Published 22 April 2026
Read briefingHallenstein Glasson (HLG)FY25Released 26 September 2025
PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m
Operating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.
Published 20 April 2026
Read briefingKMD Brands (KMD)FY25Released 24 September 2025
PBT loss widened 124% to $104.7m on flat revenue as Kathmandu swung to loss
Second-half EBITDA turned negative and the dividend was scrapped, signalling deeper operating pressure than headline 1.0% sales growth suggests.
Published 20 April 2026
Read briefingBriscoe Group (BGP)HY26Released 10 September 2025
Margins compressed to historical floor while dividend exceeds free cash flow
PBT margin at 11.0% sits at the bottom of the four-year range and the interim dividend consumes 227.8% of $9.8m pre-lease free cash flow.
Published 22 April 2026
Read briefingBremworth (BRW)FY25Released 1 September 2025
NPAT 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 2026
Read briefingMe Today (MEE)FY25Released 28 August 2025
Capital raise puts Me Today's debt headroom in focus
The NZ$2.6m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 20 April 2026
Read briefingTourism Holdings (THL)FY25Released 25 August 2025
Tourism Holdings' PBT collapses to a $4.9m loss on a North America slump
Revenue grew 1.7% but PBT fell 108.5% and leverage rose to 3.2x net debt/EBITDA, squeezing financial headroom.
Published 23 April 2026
Read briefingMichael Hill International (MHJ)FY25Released 25 August 2025
PBT collapsed 90.8% as H2 NPAT loss erased H1 profit
Implied 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 2026
Read briefingSkyCity Entertainment Group (SKC)FY25Released 21 August 2025
SkyCity operating cash flow fell 77.8% as conversion dropped to 20.9%
Reported EBITDA rose 56.4% off a depressed prior period, but underlying EBITDA fell 15.9% and free cash flow stayed deeply negative.
Published 23 April 2026
Read briefingThe Colonial Motor Company (CMO)FY25Released 21 August 2025
Headline NPAT tripled on base effect; underlying earnings flat as revenue
The 306.7% NPAT rebound reflects the absence of a prior-year below-the-line loss while profit from ordinary activities was unchanged.
Published 23 April 2026
Read briefingThe a2 Milk Company (ATM)FY25Released 18 August 2025
ATM FY25: Revenue +13.5% and NPAT +21.1% but cash conversion fell to 73.4%
Strong operating earnings growth was not matched by cash generation, with OCF falling 21.2% even as reported profit rose sharply.
Published 20 April 2026
Read briefingMillennium & Copthorne Hotels New Zealand (MCK)HY25Released 12 August 2025
Refurbishment capex of NZ$44.0m drove pre-lease FCF to -NZ$39.6m
Hotels revenue grew 15% but a property cooldown and a near-sixfold capex jump pushed MCK from net cash to NZ$13.9m net debt.
Published 22 April 2026
Read briefingAFC Group Holdings (AFC)FY25Released 30 May 2025
Revenue halved to NZ$741k as AFC swung to a NZ$185k pre-tax loss
A 44% revenue collapse drove AFC from a small prior-year profit to a NZ$185k pre-tax loss, with operating cash outflows nearly tripling and equity
Published 18 May 2026
Read briefingBurger Fuel Group (BFG)FY25Released 30 May 2025
FCF collapsed from $2.4m to $0.3m as capex tripled and OCF fell 43%
Reported NPAT of $1.0m masks sharply weaker cash generation, leaving cash reserves down to $4.8m from $9.6m with no dividend declared this period.
Published 22 April 2026
Read briefingTurners Automotive Group (TRA)FY24Released 26 May 2025
Operating cash flow dropped to $29.7m from $66.8m on 7.0% revenue growth
Reported earnings looked steady, yet cash generation fell sharply and free cash flow no longer covers the declared dividend.
Published 14 May 2026
Read briefingSavor (SVR)FY25Released 22 May 2025
PBT loss narrowed 49.5% while NPAT swung to a loss on tax normalisation
Revenue 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 2026
Read briefingMy Food Bag Group (MFB)FY25Released 22 May 2025
Net debt cut $4.9m on stronger cash but PBT flat at $8.6m
Operating 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 2026
Read briefingHallenstein Glasson (HLG)HY25Released 28 March 2025
Revenue up 7.7% but PBT flat as Glassons Australia profit slipped
Top-line growth was carried by Australia, yet its segment result fell, gross margin compressed 40bps and operating cash declined 6.4%.
Published 20 April 2026
Read briefingKMD Brands (KMD)HY25Released 26 March 2025
Underlying EBITDA collapsed 74.3% to $3.9m on flat revenue
Reported EBITDA fell 18.1% and the loss roughly doubled to $21.5m as Kathmandu's loss widened, while inventory release drove a $20m debt reduction.
Published 20 April 2026
Read briefingThe Warehouse Group (WHS)FY25Released 21 March 2025
Operating profit halved to $19.5m as gross margin slid 110bps
Reported NPAT swung positive on a smaller discontinued-ops loss, but underlying retail earnings deteriorated as inventories swelled $61.2m.
Published 23 April 2026
Read briefingBriscoe Group (BGP)FY25Released 12 March 2025
Gross margin fell 203bps, driving PBT down 18.9% on flat revenue
A higher effective tax rate widened NPAT's decline to 28.0%, capex stepped up nearly fourfold, and the final dividend was reduced to 10.0 cps
Published 22 April 2026
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