The 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 2026

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NZME (NZM)HY25Released 26 August 2025

NZME 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 equity

Published 20 April 2026

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Chorus (CNU)FY25Released 25 August 2025

Chorus FY25: equity fell 32.6% as gross debt rose 19.5% on flat earnings

A 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 2026

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Sky Network Television (SKT)FY25Released 22 August 2025

Sky TV's NPAT fell 58.7% as below-EBITDA costs swamp a mild revenue dip

PBT fell 57.9% and cash conversion slid to 80.9% from 90.9%, even as free cash flow rose to $24.8m and dividend guidance lifted to 30 cents.

Published 23 April 2026

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Spark New Zealand (SPK)FY25Released 20 August 2025

Profit before tax fell 32.5% as a lower tax rate cushioned NPAT to -17.7%

Working-capital absorption reached an unprecedented level even as leverage and payout ratios moved outside Spark's historical range.

Published 20 April 2026

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NZME (NZM)FY24Released 26 February 2025

NZME swung to $12.5m PBT loss despite revenue rising 1.5%

Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.

Published 21 April 2026

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Chorus (CNU)HY25Released 24 February 2025

Operating profit up 9.9% but PBT collapsed 94.6% on financing costs

Revenue 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 2026

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Spark New Zealand (SPK)HY25Released 21 February 2025

Connexa sale sharpens Spark New Zealand's cash-flow test

The 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 2026

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Sky Network Television (SKT)HY25Released 21 February 2025

PBT collapsed 106.0% to a loss as revenue fell 2.0%

Cash conversion held near 103.3% but an outsized working-capital release masks a swing to a first-half loss.

Published 23 April 2026

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NZME (NZM)HY24Released 27 August 2024

Audio margin compressed from 19.3% to 7.0% on near-flat group EBITDA

OneRoof'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 2026

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Chorus (CNU)FY24Released 26 August 2024

EBITDA grew 3.7% but PBT collapsed 80.2% as finance costs erased operating gains

Net 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 2026

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Spark New Zealand (SPK)FY24Released 23 August 2024

Spark FY24 EBITDAI fell 32.5% as cost base lagged demand decline

Free cash flow dropped to $330.0m from $489.0m even as revenue fell 14.0%, raising questions about dividend durability.

Published 21 April 2026

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Sky Network Television (SKT)FY24Released 21 August 2024

Capex nearly doubled to 10.8% of revenue as PBT fell 3.1%

EBITDA rose 2.9% and cash conversion improved to 90.9%, but doubled capex and a bigger payout ratio drove cash down 32.6%.

Published 23 April 2026

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Spark New Zealand (SPK)HY24Released 28 February 2024

Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution

Reported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.

Published 25 May 2026

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Sky Network Television (SKT)HY24Released 22 February 2024

Sky lifts dividend to 7.0c but free cash flow before distributions falls

Revenue rose 3.7% and NPAT grew 10.3%, yet free cash flow of NZ$6.8m trails the historical NZ$41.7m average, straining dividend cover.

Published 22 April 2026

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Chorus (CNU)HY24Released 12 December 2023

Headline 141.8% revenue jump clashes with HY23 figures the company itself cites

Prior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.

Published 22 April 2026

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Spark New Zealand (SPK)FY23Released 18 August 2023

SPK 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 2026

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Sky Network Television (SKT)HY23Released 23 February 2023

OCF 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 2026

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Spark New Zealand (SPK)HY23Released 22 February 2023

TowerCo sale gain drives 367.6% NPAT growth as adjusted earnings fall

Reported PBT rose 198.1% on one-off proceeds while cash conversion fell to 35.4%, well below Spark's historical range.

Published 23 April 2026

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