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Scales Corporation (SCL)HY26Released 26 August 2026
Revenue up 104.9% but EBITDA fell 7.8% on a lower-margin mix shift
A near-doubling of revenue driven by a lower-margin protein business coincided with a 20.2% PBT decline and a 38.1% NPAT drop.
Published 26 August 2026
Read briefingSeeka (SEK)HY26Released 20 August 2026
Cash conversion fell to 66.1% as a lower tax rate lifted NPAT 20.1%
Profit before tax rose only 5.4% while a falling tax rate pushed NPAT growth to 20.1%, masking weaker cash generation and segment margin pressure.
Published 20 August 2026
Read briefingPGG Wrightson (PGW)FY26Released 11 August 2026
Full-year NPAT rose 45.8% but the second half swung to a loss
Revenue grew 10.2% and EBITDA 14.6%, but nearly all of FY26's profit was earned in the first half, with trade debtors up 22.2%.
Published 11 August 2026
Read briefingLivestock Improvement Corporation (LIC)FY26Released 16 July 2026
LIC revenue rose 6.7% but PBT and NPAT each fell over 30%
Revenue growth of 6.7% did not translate into profit, as PBT fell 30.3% and NPAT fell 30.4% amid a sharp second-half reversal.
Published 20 August 2026
Read briefingArborGen Holdings (ARB)FY26Released 29 May 2026
Net debt/EBITDA hits 2.2x as EBITDA margin falls below historical range
Revenue grew 7.9% to a five-year high, but margin compression and rising leverage leave cash generation well below ArborGen's historical baseline.
Published 29 May 2026
Read briefingNew Zealand King Salmon Investments (NZK)HY26Released 26 May 2026
Profit swing to NZ$13.8m masks operating cash flow halving to NZ$7.3m
Pre-lease FCF turned negative at NZ$5.0m as capex rose and debtors built, even with biological performance lifting EBITDA to NZ$24.0m.
Published 26 May 2026
Read briefingSanford (SAN)HY26Released 14 May 2026
Record NPAT up 24.7% but operating cash collapsed 72.4%
A $28.5m inventory build and a $9.1m capex cut delivered the deleveraging story while draining nearly all of the earnings improvement from cash.
Published 14 May 2026
Read briefingSynlait Milk (SML)HY26Released 23 March 2026
EBITDA margin hit an unprecedented -4.5% with FCF at -NZ$195.0m
Continuing-operations EBITDA swung to a NZ$34.7m loss while Synlait disposed of North Island assets and withdrew FY26 guidance.
Published 23 April 2026
Read briefingFonterra Co-operative Group (FCG)HY26Released 23 March 2026
FSF interim distribution jumps 82% to 40c on Fonterra Mainland special
Investment income rose 8.4% but most of the distribution and a $2.00 capital return reflect Fonterra's Mainland divestment, not recurring earnings.
Published 22 April 2026
Read briefingSeeka (SEK)FY25Released 27 February 2026
PBT up 59.9% on margin expansion; NPAT growth of 264% flattered by tax
Post-harvest segment gross margin lifted from 26.6% to 37.9% drove the real operating gain, while a normalising tax rate amplifies the headline NPAT
Published 23 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY25Released 27 February 2026
Apple-led 14.5% revenue lift drives T&G to $61.8m free cash flow
PBT swung 420.6% to $21.9m on premium apple pricing, with a one-third capex cut and a 26.7% tax rate flattering the read.
Published 22 April 2026
Read briefingScales Corporation (SCL)FY25Released 25 February 2026
Bostock acquisition lifted revenue 54% but cash conversion fell to 56.4%
Working capital absorbed NZ$120.1m as inventory days tripled to 48.5, while a 13.0% tax rate amplified NPAT growth to 229.0% versus PBT 122.2%.
Published 23 April 2026
Read briefingPGG Wrightson (PGW)HY26Released 24 February 2026
PBT up 11.5% but net debt jumped to $170.7m as cash outflow widened
Operating cash outflow worsened 60.8% and leverage stepped to 3.7x EBITDA — note the OCF/EBITDA basis is denominator-distorted this period, so this should not be read as a normal cash-conversion signal — while the board raised the interim dividend 80% to 4.5cps.
Published 20 April 2026
Read briefingLivestock Improvement Corporation (LIC)HY26Released 22 January 2026
Revenue up 5.2% but PBT fell 13.5% as segment margins compressed sharply
Broad cost increases across NZ genetics, testing, and farm software compressed margins despite volume-led revenue growth, so the underlying earnings
Published 18 May 2026
Read briefingArborGen Holdings (ARB)HY26Released 26 November 2025
Pre-lease FCF fell to NZ$-7.2m as gross borrowings rose 61.9% to NZ$34.0m
A NZ$5.0m working-capital build ahead of the seasonally heavy 2H drove OCF from +NZ$2.1m to -NZ$5.4m and required NZ$13.0m of new borrowings.
Published 23 April 2026
Read briefingSanford (SAN)FY25Released 18 November 2025
PBT up 140.6% on flat revenue with gross borrowings cut to $105.0m
Operating recovery is real but NPAT growth of 223.4% is amplified by an effective tax rate that fell from 47.4% to 29.2%.
Published 29 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)HY26Released 25 September 2025
NPAT swung to a $20.8m loss on a $31.2m biological asset write-down
Operating cash flow rose 21.2% to $19.6m, but volumes fell 17% and FY26 pro-forma EBITDA guidance of just $1-7m points to genuine operating pressure.
Published 23 April 2026
Read briefingScales Corporation (SCL)HY25Released 25 August 2025
Horticulture surge lifts EBITDA margin to 23.6%, above historical range
PBT grew 49.0% on operating leverage, but heavy first-half seasonal weighting and a softer tax rate are the key tests of durability.
Published 22 April 2026
Read briefingPGG Wrightson (PGW)FY25Released 12 August 2025
EBITDA up 27% but operating cash fell 79% on working-capital build
The agri-sector earnings recovery is real at the operating line, but $23.8m of working-capital absorption pushed cash conversion to 22.1% and lifted
Published 20 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)HY25Released 8 August 2025
PBT swung to $2.3m profit on Apples-led 12.3% revenue growth
Operating cash flow turned positive and the apple segment doubled its result, but gross borrowings reclassified almost entirely to current.
Published 22 April 2026
Read briefingLivestock Improvement Corporation (LIC)FY25Released 18 July 2025
LIC PBT up 192% to $40.3m as tax rate normalises from 43.9% to 23.9%
The operating recovery is real, but every reported segment showed a lower result and working capital built $37.6m against a 10.4% revenue lift.
Published 18 May 2026
Read briefingArborGen Holdings (ARB)FY25Released 30 May 2025
Adjusted EBITDA of $11.2m masked a $21.5m statutory loss
Operating cash flow fell 76.9% to $2.7m and free cash flow swung NZ$10.2m to -$5.1m, below the historical NZ$0.9m–$5.1m range.
Published 23 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)FY25Released 27 March 2025
Revenue up 12.8% but NPAT fell 53% on biological-asset fair value swing
Headline NPAT fell on a $7.7m fair-value loss on biological assets versus a $15.8m prior gain, while operating cash flow nearly tripled to $38.5m.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY25Released 24 March 2025
Synlait's 107.9% PBT rebound rests on a distorted, loss-making base
Revenue grew 40.4% and PBT rose 107.9%, but HY24's discontinued operation and negative tax rate make the comparison unreliable.
Published 23 April 2026
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