Sky Network Television (SKT)•HY26•Released 26 February 2026Sky's Discovery NZ acquisition lifts EBITDA 28.8% and FCF to NZ$87.1mThe deal expands the revenue base and inflates the prior comparable, so headline PBT and NPAT growth rates are not analytically like-for-like.Published 23 April 2026Read briefing→
NZME (NZM)•FY25•Released 24 February 2026EBITDA up 14.9% on cost cuts as revenue declined 1.3%Cost discipline drove an $8.1m EBITDA lift and lifted free cash flow to $25.4m, with net debt nearly halved to $15.5m.Published 28 May 2026Read briefing→
Chorus (CNU)•HY26•Released 23 February 2026Leverage rose to 8.89x EBITDA as equity fell 35% to $430mCapex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.Published 23 April 2026Read briefing→
Spark New Zealand (SPK)•HY26•Released 18 February 2026TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focusThe NZ$453m initial cash proceeds and NZ$98m deferred cash proceeds from the TenPeaks transaction with Pacific Equity Partners (PEP) is relevant to debt headroom, while borrowings and gearing remain the direct evidence.Published 21 April 2026Read briefing→
NZME (NZM)•HY25•Released 26 August 2025NZME swung to statutory loss while operating cash flow rose 23.5%The statutory result reflects one-off costs and a community-paper closure rather than deteriorating segment economics or cash generation, but equityPublished 20 April 2026Read briefing→
Chorus (CNU)•FY25•Released 25 August 2025Chorus FY25: equity fell 32.6% as gross debt rose 19.5% on flat earningsA step-up in free cash flow to $354m did not prevent net debt/EBITDA rising from 3.7x to 4.3x while the dividend was lifted 21.1%.Published 23 April 2026Read briefing→
Sky Network Television (SKT)•FY25•Released 22 August 2025NPAT fell 58.7% on a 2.1% revenue decline despite dividend liftCash conversion dropped 10 percentage points to 80.9% as the full-year dividend was lifted to 22.0 cps against NPAT payout of 149.8%.Published 23 April 2026Read briefing→
Spark New Zealand (SPK)•FY25•Released 20 August 2025EBITDAI fell 7.7% as margin dropped below historical rangeA below-normal EBITDAI margin of 28.3% and an unprecedented working-capital build of NZ$504.5m are the dominant reads from FY25.Published 20 April 2026Read briefing→
NZME (NZM)•FY24•Released 26 February 2025NZME swung to $12.5m PBT loss despite revenue rising 1.5%Operating cash flow fell 8.8% and the unchanged 6.0c dividend now consumes 99.1% of free cash flow.Published 21 April 2026Read briefing→
Chorus (CNU)•HY25•Released 24 February 2025Operating profit up 9.9% but PBT collapsed 94.6% on financing costsRevenue and EBITDA both grew, but a heavier debt load drove PBT to NZ$2m and NPAT to a NZ$5m loss while the dividend was lifted.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•HY25•Released 21 February 2025Connexa sale sharpens Spark New Zealand's cash-flow testThe NZ$314m disclosed value from the Connexa sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.Published 23 April 2026Read briefing→
Sky Network Television (SKT)•HY25•Released 21 February 2025Sky's dividend rose 21.4% as EBITDA fell 25.7% to $60.7mThe 8.5cps interim absorbed 156.3% of pre-lease FCF as revenue fell 2.0% and NPAT swung to a $2.0m loss.Published 23 April 2026Read briefing→
NZME (NZM)•HY24•Released 27 August 2024Audio margin compressed from 19.3% to 7.0% on near-flat group EBITDAOneRoof's swing to profit and modest revenue growth offset a $6.4m fall in Audio's segment result and left the dividend uncovered.Published 21 April 2026Read briefing→
Chorus (CNU)•FY24•Released 26 August 2024EBITDA grew 3.7% but PBT collapsed 80.2% as finance costs erased operating gainsNet debt climbed past $2.5bn and leverage rose to 3.7x EBITDA, yet the final dividend was lifted 35.7% while NPAT fell into loss.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•FY24•Released 23 August 2024Adjusted EBITDAI fell 32.5% as cost base lagged demand softnessMobile passed $1bn but IT services weakness and intensified competition outpaced cost-out, with most savings now slated for FY25.Published 21 April 2026Read briefing→
Sky Network Television (SKT)•FY24•Released 21 August 2024FY24 capex nearly doubled and cash fell 32% with dividend at 71% of FCFRevenue rose 1.7% and EBITDA 2.9%, but NPAT fell 3.5% as accelerated investment absorbed stronger operating cash while the payout stepped up.Published 23 April 2026Read briefing→
Spark New Zealand (SPK)•HY24•Released 28 February 2024Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distributionReported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.Published 25 May 2026Read briefing→
Sky Network Television (SKT)•HY24•Released 22 February 2024Dividend lifted to 7c while pre-lease FCF fell to just NZ$6.8mEBITDA margin reached 20.8% but the declared interim payout runs at 147.8% of pre-lease free cash flow, well below Sky's normal range.Published 22 April 2026Read briefing→
Chorus (CNU)•HY24•Released 12 December 2023Headline 141.8% revenue jump clashes with HY23 figures the company itself citesPrior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•FY23•Released 18 August 2023SPK FY23: Reported revenue up 20.7% but cash conversion collapsed to 46.5%A large asset disposal inflated reported earnings, while underlying operating cash conversion fell well below Spark's historical range of 65.7%–76.3%.Published 23 April 2026Read briefing→
Sky Network Television (SKT)•HY23•Released 23 February 2023OCF fell 25% as capex doubled and cash conversion dropped to 76.2%Unprecedented working-capital absorption and inventory at 63.6 days erode cash backing for a resumed 6.0 cps dividend and announced buyback.Published 22 April 2026Read briefing→
Spark New Zealand (SPK)•HY23•Released 22 February 2023TowerCo gain lifted reported NPAT to NZ$837m as adjusted earnings fellCash conversion dropped to 35.4% from 85.1% because the disposal gain flowed through earnings but not operating cash flow.Published 23 April 2026Read briefing→
Chorus (CNU)•HY23•Released 15 December 2022PBT collapsed 72.1% on flat 0.8% revenue as below-EBITDA costs absorbed resultFY23 EBITDA guidance was lifted to $675-690m, but the tax rate jumped to 47.1% and the 17c dividend implies a 425% payout of NPAT.Published 22 April 2026Read briefing→
Sky Network Television (SKT)•FY22•Released 25 August 2022Sky FY22: revenue up 3.5%, EBITDA $169m, dividends resume on $75m FCFCore revenue returned to growth and pre-lease free cash flow reached the top of the historical range, supporting a 7.3c final dividend.Published 22 April 2026Read briefing→