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Showing 1-24 of 41 published briefings.
EBITDAF nearly doubled to $506m and operating cash flow rose to $336m, but the recovery measures against an abnormally depressed prior half.
Published 22 April 2026
Read briefingA strong hydrology-driven operating recovery is almost entirely absorbed between depreciation, interest, and tax, leaving statutory profit razor-thin.
Published 21 April 2026
Read briefingGenesis Energy's margin expansion drove PBT up 44% even as energy revenue shrank, but a sharp inventory build and negative free cash flow...
Published 21 April 2026
Read briefingElectricity distribution carried the 6.1% revenue lift while the 'other' segment loss tripled and the interim dividend exceeded reported NPAT.
Published 22 April 2026
Read briefingLower wholesale prices compressed revenue but cost savings and Manawa's generation assets drove a sharp margin expansion in HY26.
Published 21 April 2026
Read briefingEBITDAF fell 32.5% and net debt/EBITDAF doubled to 2.4x, yet the final dividend was held flat despite free cash flow covering less than half of it.
Published 22 April 2026
Read briefingHeadline earnings flattered by a lower tax rate while cash conversion collapsed from 108% to 69% and net debt/EBITDAF pushed to 3.1x.
Published 22 April 2026
Read briefingElectricity distribution carries the result at ~38% EBIT margin while gas mix shrinks, leverage eases to 5.1x, and the prior-year 1.75c special...
Published 22 April 2026
Read briefingRevenue rose 2.2%, but the real damage sat below EBITDAF and left the dividend leaning on a non-cash explanation.
Published 21 April 2026
Read briefingStrong earnings growth and improving leverage were offset by a NZ$155m working capital build that pushed operating cash flow 6% lower.
Published 22 April 2026
Read briefingHeadline 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
Read briefingRevenue 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
Read briefingRevenue rose 9.3%, but fair-value swings turned PBT negative and left the dividend leaning on debt-funded cash generation.
Published 20 April 2026
Read briefingHeadline earnings jumped, yet cash conversion deteriorated sharply and the 7.13c interim dividend is no longer covered by pre-lease free cash flow.
Published 22 April 2026
Read briefingHeadline growth is real, but weaker operating cash flow, rising net debt and a payout ratio near 90% of NPAT sharpen the earnings-quality question.
Published 22 April 2026
Read briefingEBITDAF growth of 16% is the cleaner operating read; the headline NPAT surge is inflated by non-cash hedge gains flagged by management.
Published 22 April 2026
Read briefingRegulated Networks carried the result and capex eased, yet continuing NPAT fell 21.8%, working capital stretched, and the final dividend was cut a...
Published 22 April 2026
Read briefingRevenue grew 28.4% but margin compression drove earnings lower, and the 14.0cps FY24 dividend now exceeds reported NPAT.
Published 22 April 2026
Read briefingA 25% revenue surge masked near-flat operating earnings; the PBT recovery was driven by fair-value movements, not underlying margin expansion.
Published 21 April 2026
Read briefingNet debt/EBITDAF eases to 2.5x from 3.1x and free cash flow climbs to $471m, but the step-up flatters against an $84m FY23 provision base.
Published 22 April 2026
Read briefingRetail and wholesale volumes drove a 38% revenue lift, yet PBT fell 5.7% and leverage weakened as receivables and borrowings both expanded.
Published 22 April 2026
Read briefingPost-Metering balance sheet is materially stronger, but the core regulated earnings engine has weakened and tax distorted headline NPAT.
Published 22 April 2026
Read briefingDividend cut 20.5% to 7.0 cps as leverage jumped to 6.4x EBITDAF, with the payout now 194.5% of NPAT and no forward guidance provided.
Published 22 April 2026
Read briefingRevenue inflation masked severe margin compression as retail turned loss-making and below-the-line charges drove PBT down NZ$61m.
Published 21 April 2026
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