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Fonterra Co-operative Group (FCG)FY25Released 20 March 2025
HY25 interim NPAT up 8% to $729m, prior-period comparisons distorted
Operating 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 briefingFonterra Co-operative Group (FCG)HY25Released 20 March 2025
FSF HY25: Entity restructure makes all headline earnings comparisons
The Fonterra Shareholders' Fund now reports only investment income of NZD 154m, making the prior-period profit figures structurally incomparable.
Published 22 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY24Released 3 March 2025
Apples-led recovery cut T&G's PBT loss 89%, but debtors ran 51.3 days
Headline 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 briefingSeeka (SEK)FY24Released 27 February 2025
Seeka EBITDA surged 192.9% but tax distortion masked a PBT-to-NPAT gap
Revenue 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
Read briefingScales Corporation (SCL)FY24Released 26 February 2025
FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m
The reported rebound was front-loaded into the first half while capex tripled to NZ$54.9m and the announced dividend fell to 4.25c.
Published 22 April 2026
Read briefingPGG Wrightson (PGW)HY25Released 25 February 2025
PGW EBITDA up 13% like-for-like as receivable days jump to 100
Headline 65% EBITDA gain and 16.6% revenue decline both reflect a portfolio change, while receivables ballooned $114m and the dividend was cut 64%.
Published 21 April 2026
Read briefingFonterra Co-operative Group (FCG)FY24Released 25 September 2024
Continuing NPAT fell 6%; total NPAT down 28% on discontinued operation
Strong $1.6b free cash flow funded a 15c special dividend on top of the 40c ordinary payout for FY24.
Published 22 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)HY25Released 24 September 2024
NPAT fell 43% but pro-forma EBITDA rose to $13.5m on biological-asset swing
A $7.7m non-cash biological-asset/inventory swing pulled GAAP earnings down even as volumes, revenue and the company's guided pro-forma measure
Published 23 April 2026
Read briefingScales Corporation (SCL)HY24Released 28 August 2024
PBT up 166.7% on Horticulture recovery as capex surge lifts leverage to 1.33x
Earnings rebounded from a cyclone-impacted base, but capex jumped 828% and net debt/EBITDA at 1.33x sits above its historical range.
Published 22 April 2026
Read briefingPGG Wrightson (PGW)FY24Released 13 August 2024
PBT down 78% and the dividend cancelled at PGW
FY24 met the $43m EBITDA guide but H2 NPAT turned negative and the cash rebound was driven by a $17.4m working-capital release.
Published 21 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)HY24Released 9 August 2024
PBT improved 61.6% but NPAT fell 20.9% on a -126.7% tax rate
Apples drove the operating recovery, but tax distortion, a NZ$50.0m rise in net debt and weaker operating cash cloud the read.
Published 22 April 2026
Read briefingLivestock Improvement Corporation (LIC)FY24Released 19 July 2024
PBT down 61.7% and H2 swung to a $21.2m NPAT loss
Operating deterioration plus a sharply higher tax rate left FY24 NPAT at $7.7m, well below the $17–22m underlying earnings guided at the half.
Published 18 May 2026
Read briefingArborGen Holdings (ARB)FY24Released 30 May 2024
Revenue rose 20.7% but PBT swung to a $1.6m loss despite margin gains
NPAT looks 92.0% better on a tax swing while receivable days jumped 47 days and cash halved to $5.6m.
Published 23 April 2026
Read briefingSynlait Milk (SML)HY24Released 2 April 2024
Net debt/EBITDA hit 28.1x as $514m of debt falls due within 12 months
EBITDA margin collapsed to an unprecedented 3.0% on a 15.2% revenue decline, leaving the balance sheet under acute refinancing pressure.
Published 23 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)FY24Released 27 March 2024
NZK FY24: $24.5m pro-forma EBITDA hit, but $1.4m H2 cash exposes quality gap
Reported NPAT of $28.5m is flattered by a $15.8m fair value uplift and cash conversion ran at just 28.1% as working capital absorbed $12.3m.
Published 22 April 2026
Read briefingT&G Global Limited and subsidiary companies (TGG)FY23Released 29 February 2024
Operating profit swung to a $45.6m loss; PBT margin hit unprecedented -4.8%
Weather-driven volume damage pushed PBT to -$64.2m as gross borrowings rose 33.9% and equity fell 10.0%.
Published 22 April 2026
Read briefingSeeka (SEK)FY23Released 28 February 2024
$14.5m loss and 6.63x leverage trigger dividend suspension
A NZ$24.5m working-capital release lifted operating cash, but FCF pre-lease was still NZ$-20.1m and banking support was needed.
Published 23 April 2026
Read briefingScales Corporation (SCL)FY23Released 22 February 2024
NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit
A working-capital release flattered cash conversion to 120.5% and funded the increase, masking margin pressure from Cyclone Gabrielle.
Published 22 April 2026
Read briefingLivestock Improvement Corporation (LIC)HY24Released 24 January 2024
OCF fell 76.4% on a 3.0% revenue dip; 13c dividend funded by UK share sale
The 13.1% PBT decline understates the result: operating cash flow dropped to $3.4m and the special dividend was funded from asset disposal, not
Published 18 May 2026
Read briefingPGG Wrightson (PGW)HY24Released 19 January 2024
EBITDA fell 23.5% and interim dividend cut to zero; FY24 guide ~$50m
Earnings power weakened, leverage rose to 2.6x net debt/EBITDA, and FY24 guidance trails FY23's $61.2m; cash-conversion metrics for the period are denominator-distorted and are not read here as a normal quality signal.
Published 22 April 2026
Read briefingArborGen Holdings (ARB)HY24Released 13 December 2023
Revenue jumped 78% on Brazil, but FY24 US seedling guidance cut
A strong first half driven by record Brazil volumes is shadowed by a downward revision to US seedling sales in the heavier second half.
Published 23 April 2026
Read briefingSynlait Milk (SML)FY23Released 25 September 2023
Cash conversion fell to 43% and net debt/EBITDA jumped to 4.6x
Continuing operations swung to a $14.1m loss as a Dairyworks discontinued-operation gain partly cushioned reported NPAT.
Published 23 April 2026
Read briefingNew Zealand King Salmon Investments (NZK)HY24Released 21 September 2023
NZK swung to $10.6m profit and lifted EBITDA guidance to $23.5-27.5m
Recovery from the FY23 mortality event delivered a $36.4m EBITDA swing, but reported EBITDA of $18.5m sits well above pro-forma EBITDA of $10.7m.
Published 22 April 2026
Read briefingSeeka (SEK)HY23Released 23 August 2023
PBT fell 54.8% and leverage rose to 4.9x EBITDA
Cash conversion collapsed from 38.8% to 12.3% in Seeka's seasonally strong half, with orchard and Australian operations swinging to losses.
Published 23 April 2026
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