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Showing 1-24 of 65 published briefings.
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 briefingPre-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 briefingA $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 briefingContinuing-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 briefingInvestment 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 briefingPost-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 briefingPBT 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 briefingWorking 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 briefingOperating 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 briefingBroad 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 briefingA 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 briefingOperating 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 briefingOperating 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 briefingPBT 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 briefingThe 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 briefingOperating cash flow turned positive and the apple segment doubled its result, but gross borrowings reclassified almost entirely to current.
Published 22 April 2026
Read briefingThe 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 briefingOperating 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 briefingHeadline 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 briefingRevenue 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
Read briefingOperating profit up 16% to $1,107m on improved mix; headline declines reflect HY25 vs FY24 full-year basis, not underlying weakness.
Published 22 April 2026
Read briefingThe Fonterra Shareholders' Fund now reports only investment income of NZD 154m, making the prior-period profit figures structurally incomparable.
Published 22 April 2026
Read briefingHeadline earnings improved sharply, but receivables at 51.3 days versus a 28.8-day historical mean signal collection pressure absorbing the cash gain.
Published 22 April 2026
Read briefingRevenue jumped 36.7% on a kiwifruit volume recovery, lifting PBT to NZ$29.7m from a NZ$21.0m loss, while a -70.5% effective tax rate widened the gap
Published 23 April 2026
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