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Showing 1-24 of 28 published briefings.

Sky Network Television (SKT)•HY26•Released 26 February 2026

Sky's Discovery NZ acquisition lifts EBITDA 28.8% and FCF to NZ$87.1m

The 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 2026

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NZME (NZM)•FY25•Released 24 February 2026

EBITDA 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 2026

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Chorus (CNU)•HY26•Released 23 February 2026

Leverage rose to 8.89x EBITDA as equity fell 35% to $430m

Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.

Published 23 April 2026

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Spark New Zealand (SPK)•HY26•Released 18 February 2026

TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

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)•HY25•Released 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)•FY25•Released 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)•FY25•Released 22 August 2025

NPAT fell 58.7% on a 2.1% revenue decline despite dividend lift

Cash 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 2026

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Spark New Zealand (SPK)•FY25•Released 20 August 2025

EBITDAI fell 7.7% as margin dropped below historical range

A 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 2026

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NZME (NZM)•FY24•Released 26 February 2025

NZME 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 2026

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Chorus (CNU)•HY25•Released 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)•HY25•Released 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)•HY25•Released 21 February 2025

Sky's dividend rose 21.4% as EBITDA fell 25.7% to $60.7m

The 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 2026

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NZME (NZM)•HY24•Released 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)•FY24•Released 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)•FY24•Released 23 August 2024

Adjusted EBITDAI fell 32.5% as cost base lagged demand softness

Mobile passed $1bn but IT services weakness and intensified competition outpaced cost-out, with most savings now slated for FY25.

Published 21 April 2026

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Sky Network Television (SKT)•FY24•Released 21 August 2024

FY24 capex nearly doubled and cash fell 32% with dividend at 71% of FCF

Revenue 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 2026

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Spark New Zealand (SPK)•HY24•Released 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)•HY24•Released 22 February 2024

Dividend lifted to 7c while pre-lease FCF fell to just NZ$6.8m

EBITDA 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 2026

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Chorus (CNU)•HY24•Released 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)•FY23•Released 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)•HY23•Released 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)•HY23•Released 22 February 2023

TowerCo gain lifted reported NPAT to NZ$837m as adjusted earnings fell

Cash conversion dropped to 35.4% from 85.1% because the disposal gain flowed through earnings but not operating cash flow.

Published 23 April 2026

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Chorus (CNU)•HY23•Released 15 December 2022

PBT collapsed 72.1% on flat 0.8% revenue as below-EBITDA costs absorbed result

FY23 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 2026

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Sky Network Television (SKT)•FY22•Released 25 August 2022

Sky FY22: revenue up 3.5%, EBITDA $169m, dividends resume on $75m FCF

Core 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 2026

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