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Showing 1-24 of 57 published briefings.
Summerset's operating momentum is real, but the IFRS result is dominated by investment-property revaluation movements that swung sharply against...
Published 21 April 2026
Read briefingStatutory earnings flatter on a lower tax rate while underlying profit slipped and cash conversion fell from 69% to 15% of EBITDA.
Published 21 April 2026
Read briefingHeadline NPAT rose 27.2% flattered by a lower minority share, while capex nearly tripled and pre-lease free cash flow dropped to $15.6m from $23.1m.
Published 22 April 2026
Read briefingRevenue grew 5% and operating EBITDA held near flat, but the absence of investment property revaluations erased the prior-year profit and lifted...
Published 21 April 2026
Read briefingReported earnings accelerated sharply, yet a $1.1m inventory build absorbed almost all the operating cash the P&L implied.
Published 21 April 2026
Read briefingBalance sheet reset is structurally positive, but operating earnings remain deeply negative while GAAP losses obscure the transformation narrative.
Published 21 April 2026
Read briefingRevenue grew 14% and margins expanded, yet operating cash flow rose only 5.5%, raising questions about earnings quality into the second half.
Published 21 April 2026
Read briefingCare Operations turned from loss to profit, but heavy capex and a $3.9m tax benefit mask how thin the statutory earnings recovery actually is.
Published 21 April 2026
Read briefingRevenue up 19% and operating cash flow doubling to NZ$13.3m pushed underlying EBITDA leverage from roughly 6.9x to 4.3x in a single half.
Published 23 April 2026
Read briefingUnderlying profit rose 19% on 17.7% higher occupation-right sales, but pre-lease free cash fell as capex nearly tripled and gross borrowings...
Published 22 April 2026
Read briefingReported earnings dropped sharply on a 7.0% revenue decline, yet cash conversion jumped to 75% of EBITDA and net debt eased to 1.65x.
Published 22 April 2026
Read briefingStrong H2 skew and a small net cash position lift the earnings read, but pharmacy same-store retail fell 9% and cash conversion versus NPAT softened.
Published 22 April 2026
Read briefingOperating leverage on 27.8% revenue growth combined with a $108.3m capex step-down to deliver a cash-flow inflection and a clear net-cash position.
Published 22 April 2026
Read briefingRevenue fell 1.8% and the entire full-year profit was earned in the second half, leaving the quality of the underlying uplift partly unreconciled.
Published 22 April 2026
Read briefingA clean earnings step-up delivered mostly in the second half, with cash conversion strengthening and no debt on the balance sheet.
Published 21 April 2026
Read briefingUnderlying EBITDA up 20% to $23.5m and net debt/EBITDA down to 2.9x, but the result is visibly second-half weighted.
Published 23 April 2026
Read briefingRevenue 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
Read briefingOperating cash flow nearly doubled to NZ$189.8m, but the dividend now absorbs essentially all statutory earnings while net debt/EBITDA drifts higher.
Published 22 April 2026
Read briefingEBIT grew 7.8% and net debt more than halved, but bottom-line growth was near-zero and segment mix is doing the heavy lifting.
Published 22 April 2026
Read briefingRevenue growth of 18.4% converted to a net cash balance sheet as capex normalised from $275.5m to $55.1m.
Published 22 April 2026
Read briefingLoss narrowed only marginally while cash burn of NZ$13.0m continues against a net cash buffer of NZ$21.6m.
Published 22 April 2026
Read briefingHY25 PBT turned positive by NZ$0.9m versus HY24, yet cash conversion remained near zero and the closing cash balance fell NZ$0.4m year on year.
Published 21 April 2026
Read briefingPBT rose 68% on lower interest costs while revenue and EBITDA were nearly flat, and cash on hand collapsed to NZ$0.1m.
Published 23 April 2026
Read briefingRevenue was essentially flat and headline EBITDA ticked up, but statutory earnings collapsed and Care Operations swung into a segment loss.
Published 22 April 2026
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