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Showing 1-24 of 55 published briefings.

Synlait Milk (SML)HY26Released 23 March 2026

Synlait swings to $80.6m HY26 loss as EBITDA reverses and operating cash...

Gross margin collapsed from 9.5% to 0.4% and working capital absorbed cash aggressively, leaving net debt/EBITDA at 13.6x with no quantified FY26...

Published 23 April 2026

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Fonterra Co-operative Group (FCG)HY26Released 23 March 2026

Interim distribution lifts 82% to 40cps on Mainland special; assets up 65%

Pass-through vehicle records nil P&L by design, but investment income, balance sheet and payout all step up ahead of a $2.00 capital return.

Published 22 April 2026

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Seeka (SEK)FY25Released 27 February 2026

PBT up 60% and leverage halved to 1.0x on post-harvest strength

NPAT's 265% jump overstates the operating read, as the effective tax rate fell from 70.5% to 32.7% of pre-tax profit.

Published 23 April 2026

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T&G Global Limited and subsidiary companies (TGG)FY25Released 27 February 2026

T&G swings to NZ$21.9m PBT as Apples lifts segment profit 71%

Pre-lease free cash flow quadruples to NZ$61.8m on lower capex, but the result leans heavily on a single segment and H2 revenue softened.

Published 21 April 2026

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Scales Corporation (SCL)FY25Released 25 February 2026

Revenue up 54% and PBT up 122%, but cash conversion halved on a NZ$94.7m...

Headline earnings surged and ROE rose to 22.1%, yet operating cash flow fell and net debt more than doubled as inventory days tripled.

Published 22 April 2026

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PGG Wrightson (PGW)HY26Released 24 February 2026

PGG Wrightson HY26: earnings grew, cash burn worsened

Revenue and EBITDA improved, but a larger first-half cash outflow and an 80% dividend increase make the capital-allocation read tighter.

Published 20 April 2026

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ArborGen Holdings (ARB)HY26Released 26 November 2025

Record HY26 revenue undercut by $7.5m operating cash swing and doubled net debt

Top-line grew 7.6% to NZD14.2m but an inventory build drove cash outflow and net debt jumped to NZD30.4m from NZD16.7m.

Published 22 April 2026

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New Zealand King Salmon Investments (NZK)HY26Released 25 September 2025

NZK swings to $20.8m loss as FY26 EBITDA guidance collapses to $1–7m

A biological-asset write-down and lower harvest volumes drive a statutory loss, yet operating cash and net cash both improved versus HY25.

Published 23 April 2026

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Scales Corporation (SCL)HY25Released 25 August 2025

HY25 PBT jumped 49% as leverage fell to 0.8x, but operating cash outflow widened

A horticulture-led revenue mix shift drove margin expansion and deleveraging, while cash conversion deteriorated against an already negative prior...

Published 22 April 2026

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PGG Wrightson (PGW)FY25Released 12 August 2025

PGG Wrightson FY25: EBITDA recovered, but working capital consumed the cash story

Revenue and operating EBITDA improved, but receivables stretched, free cash flow turned negative, and leverage rose.

Published 20 April 2026

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T&G Global Limited and subsidiary companies (TGG)HY25Released 8 August 2025

Operating profit swung $20.8m to $18.1m as Apples margin near-doubled

PBT turned positive at $2.3m and operating cash inflow reached $18.7m, but parent NPAT stayed negative at -$1.1m and net debt held near $240m.

Published 21 April 2026

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ArborGen Holdings (ARB)FY25Released 30 May 2025

ARB's FY25 loss blew out to NZ$21.5m as H2 turned sharply negative

Revenue fell 6.6% but gross margin lost 665bps, operating cash flow collapsed 77%, and net debt climbed as equity shrank 16%.

Published 22 April 2026

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New Zealand King Salmon Investments (NZK)FY25Released 27 March 2025

Pro-forma EBITDA up 21% but NPAT halved as FY24's PBT boost did not repeat

Operating cash flow nearly tripled to $38.5m and the net cash pile almost doubled, yet statutory profit fell 53% and FY26 harvests are flagged as...

Published 23 April 2026

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Synlait Milk (SML)HY25Released 24 March 2025

Synlait swings to NZ$4.8m NPAT as net debt drops NZ$167m

Return to profitability is real at the reported line, but operating cash flow is still negative and leverage remains at 6.2x EBITDA.

Published 23 April 2026

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Fonterra Co-operative Group (FCG)FY25Released 20 March 2025

Fonterra HY25: seasonal $1.8bn cash outflow lifts borrowings 73.6% to $5.96bn

Continuing-operations profit held near flat and the interim dividend was lifted, but a milk-season working capital build swung cash generation...

Published 22 April 2026

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Fonterra Co-operative Group (FCG)HY25Released 20 March 2025

FCG HY25 extraction mixes fund-entity figures with co-op comparatives

Headline declines of 98.6% in revenue and 100% in PBT are a reporting-shape artifact; the only clean reads are a 46.7% lift in interim dividend...

Published 22 April 2026

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T&G Global Limited and subsidiary companies (TGG)FY24Released 3 March 2025

PBT loss narrowed 89% to -$6.8m but NPAT still -$16.0m as tax drags

Apples-led recovery and NZ$60.7m operating cash flow turn the story around, yet a 44.8% effective tax rate and rising receivables limit the...

Published 21 April 2026

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Seeka (SEK)FY24Released 27 February 2025

Seeka swings to $29.7m PBT; net debt/EBITDA resets from 6.6x to 1.8x

Post-harvest margins drove a near-tripling of EBITDA, but a 70.6% effective tax rate muted the NPAT recovery to just $8.8m.

Published 23 April 2026

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Scales Corporation (SCL)FY24Released 26 February 2025

PBT doubled to $60.9m but H2 NPAT collapsed to just $2.6m

Record underlying EBITDA of $91.7m is real but 92% of full-year NPAT landed in the first half, and the interim dividend was cut 29%.

Published 22 April 2026

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PGG Wrightson (PGW)HY25Released 25 February 2025

Operating EBITDA up 13% but operating cash flow collapsed to -$31m

PGW's earnings recovery is real but cash conversion has deteriorated sharply, with receivables stretching and the dividend unfunded by free cash flow.

Published 21 April 2026

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Fonterra Co-operative Group (FCG)FY24Released 25 September 2024

Fonterra total NPAT fell 28% to $1.13b as a discontinued-ops loss masked a...

Operating cash flow doubled to $2.3b and the Co-op declared a 40 cps final dividend (25c ordinary + 15c special), but revenue fell 7% and the...

Published 21 April 2026

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New Zealand King Salmon Investments (NZK)HY25Released 24 September 2024

Statutory NPAT down 43.5% and FY25 EBITDA ceiling cut despite 11% revenue lift

Pro-forma EBITDA rose to NZ$13.5m while statutory EBITDA fell to NZ$12.5m, with no disclosed bridge between the two measures.

Published 23 April 2026

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Scales Corporation (SCL)HY24Released 28 August 2024

Horticulture turnaround drives PBT up 167%, capex 9x lifts net debt

A swing from a $2.1m Horticulture loss to a $22.3m profit explains the step-change, but a $44.5m capex burst pushed net debt leverage to 1.33x EBITDA.

Published 22 April 2026

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PGG Wrightson (PGW)FY24Released 13 August 2024

PGW Operating EBITDA missed $50m guidance, fell 27.8% to $44.2m

A sharp second-half deterioration delivered a near-loss in H2, cancelled the final dividend, and lifted net debt/EBITDA to 1.34x despite strong...

Published 21 April 2026

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