Open archive
Clear filters
Showing 25-48 of 76 published briefings.
Sector archive
Published briefings for one sector.
Browse recent results from companies in the same sector.
Kiwi Property Group (KPG)FY25Released 26 May 2025
NPAT swung to $57.0m but operating cash fell 19%
A lower effective tax rate contributed to the headline earnings recovery while working capital absorbed $17.5m and the full-year dividend fell to 5.4c.
Published 22 April 2026
Read briefingNew Zealand Rural Land Company (NZL)FY24Released 28 February 2025
NPAT surged 111.9% but underlying AFFO grew only 13.6%
A tax swing and fair-value effects drove statutory profit well ahead of the 13.6% rise in recurring AFFO earnings.
Published 21 August 2026
Read briefingProperty for Industry (PFI)HY25Released 25 February 2025
PFI HY25: PBT up 20.4% but interim dividend cut 9.1%
A tax-rate flip lifts headline NPAT to +35.8% while operating cash flow stays flat and net debt rises NZ$20m to fund the development pipeline.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY24Released 24 February 2025
Tax adjustment masked turnaround: PBT up 43.3% but NPAT only 14.1%
A $3.9m one-off non-cash deferred tax charge lifted the effective tax rate to 42.5%, suppressing reported NPAT despite revenue rising 59.4%.
Published 22 April 2026
Read briefingWinton Land (WIN)HY25Released 21 February 2025
Winton swung to $2.0m loss as net cash flipped to $52.4m net debt
A 5.3% revenue dip turned $14.2m of EBITDA into a $0.1m loss while capex nearly doubled and the cash balance fell $73.2m.
Published 23 April 2026
Read briefingPrecinct Properties (PCT)HY25Released 20 February 2025
NTA fell to $1.25 from $1.35 even as FFO rose 7.4%
Recurring property earnings improved but valuation softness pulled NTA lower while gross borrowings rose 3.5% to $1,537.2m.
Published 22 April 2026
Read briefingAsset Plus (APL)HY25Released 26 November 2024
HY25 $2.3m profit driven by $2.3m unrealised property revaluation
Reported swing from loss to profit reflects a property revaluation, not cash earnings, ahead of a 35 Graham Street sale that will clear all debt.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)HY25Released 25 November 2024
Operating profit fell 25.2% as pre-lease FCF dropped to -$27.3m
The 218.3% NPAT rebound is a valuation-driven swing from prior-year losses; operating profit, cash conversion, and the dividend all weakened.
Published 22 April 2026
Read briefingArgosy Property (ARG)FY25Released 20 November 2024
HY25 interim NPAT $33.0m as revaluation turns positive; NTA edges to $1.46
Period-shape mismatch against FY24 distorts growth rates; gearing rose to 37.2% with AFFO payout at 105%.
Published 22 April 2026
Read briefingGoodman Property Trust (GNZ)HY25Released 13 November 2024
GMT operating earnings up 10.6% as valuation drag reverses to $45.5m profit
Underlying rental growth of 7.3% and new completions drove revenue 34.7% higher, but NTA per unit fell 12.7% and borrowings rose $108.6m, tightening
Published 22 April 2026
Read briefingNew Zealand Rural Land Company (NZL)HY24Released 29 August 2024
NPAT surged 134.0% but AFFO cash earnings rose only 26.8%
Acquisition-funded growth lifted NPAT 134.0% and revenue 60.2%, yet NTA per share fell 4.9% and the dividend was cut 28.1%.
Published 21 August 2026
Read briefingPrecinct Properties (PCT)FY24Released 28 August 2024
Operating cash fell 32.6% even as revenue grew 13.3%
The narrowing statutory loss reflects property valuation stabilisation; FCF pre-lease stayed at -$97.6m and gross borrowings rose 7.1%.
Published 22 April 2026
Read briefingProperty for Industry (PFI)HY24Released 26 August 2024
Pre-lease FCF hit unprecedented -$26.2m as capex tripled to $54.0m
Headline NPAT swung +169.4% on a smaller fair-value loss, but operating profit was flat and rising debt funded the development spend.
Published 22 April 2026
Read briefingWinton Land (WIN)FY24Released 23 August 2024
Winton swung from $204.8m net cash to $23.1m net debt as PBT fell 38.3%
A $65.4m inventory build and $42.1m of capex consumed the cash pile and required a new debt facility, even as revenue rose 8.8%.
Published 23 April 2026
Read briefingCDL Investments New Zealand (CDI)HY24Released 7 August 2024
Cash dropped 76% to NZ$10.7m as PBT rose 31.4%
Strong property sales lifted PBT 31.4%, but operating cash flow swung to a NZ$6.5m outflow as receivables built and a one-off tax charge cut NPAT
Published 22 April 2026
Read briefingGoodman Property Trust (GNZ)FY24Released 28 May 2024
Rental revenue up 14.2% but revaluations widened the loss to $564.9m
Cash earnings and a 22.9% lift in operating cash flow sit underneath a statutory result dominated by property devaluations and rising gearing.
Published 22 April 2026
Read briefingAsset Plus (APL)FY24Released 28 May 2024
Stoddard Road sale cut debt 54%, but FY24 dividend was withheld
Asset-sale-led deleveraging and Munroe Lane rental halved the PBT loss to $5.3m, yet operating cash flow fell 84% and no FY24 dividend was declared.
Published 22 April 2026
Read briefingKiwi Property Group (KPG)FY24Released 27 May 2024
Working capital absorbed NZ$72.0m, driving pre-lease FCF to NZ$-72.7m
Headline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.
Published 22 April 2026
Read briefingNZ Rural Land Company (NZL)FY23Released 29 February 2024
Whanganui acquisition sharpens NZ Rural Land Company Limited's cash-flow test
The NZ$71.6m acquisition price adds cash-context, while operating cash, capex and working capital remain the direct evidence.
Published 21 August 2026
Read briefingProperty for Industry (PFI)FY23Released 26 February 2024
FCF swung to NZ$30.0m outflow as capex tripled to NZ$77.0m
Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.
Published 22 April 2026
Read briefingCDL Investments New Zealand (CDI)FY23Released 26 February 2024
Maintained dividend pushed payout to unprecedented 75.4% as cash fell 93%
FY23 NPAT fell 56.7% on the absence of one-off land sale gains, but the held 3.5cps dividend now exceeds free cash flow.
Published 22 April 2026
Read briefingPrecinct Properties (PCT)HY24Released 22 February 2024
NPAT swung to $15.3m but AFFO per share slipped to 3.26cps
Operating profit before tax rose just 3.4% and operating cash inflow fell to $39.8m, undercutting the optical PBT recovery on a weak prior base.
Published 22 April 2026
Read briefingWinton Land (WIN)HY24Released 20 February 2024
PBT collapsed 72.2% on a 0.6% revenue rise
Residential development margins compressed sharply, with capex up 199.9% and $64.1m drawn on a previously undrawn debt facility.
Published 23 April 2026
Read briefingArgosy Property (ARG)FY24Released 29 November 2023
Property revaluations push NPAT to -$19.8m while operating profit grew 6.4%
Operating profit and pre-lease FCF both improved, but fair-value losses dragged statutory equity down 11.5% to $1,287.8m.
Published 22 April 2026
Read briefingGet reporting-season briefings
Get full NZX result briefings by email as new coverage is published.