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Showing 1-24 of 29 published briefings.

Sky Network Television (SKT)HY26Released 26 February 2026

Sky swings to $57.7m PBT and $87.1m free cash flow as Sky Free lifts revenue...

A loss-making half became a cash-generative one, but the step-up leans on an acquisition, lower capex, and an underlying-EBITDA narrative without...

Published 22 April 2026

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NZME (NZM)FY25Released 24 February 2026

EBITDA up 15% on flat revenue as NZM swings to $13.1m NPAT

Cost discipline drove the profit recovery, but a second-half skew and rising capex raise questions about earnings run-rate sustainability.

Published 20 April 2026

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Chorus (CNU)HY26Released 23 February 2026

Chorus swings to $15m NPAT as capex drops 21% into copper exit

Revenue and EBITDA barely moved, but a $41m capex step-down and the mid-2026 copper withdrawal reshape the free cash flow picture.

Published 22 April 2026

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Spark New Zealand (SPK)HY26Released 18 February 2026

EBITDAI up 6.9% but revenue fell 2.4% as cost-out masks top-line pressure

Spark's margin recovery is real, but the revenue decline is accelerating and the interim dividend was cut 36%—the key tension is whether cost...

Published 21 April 2026

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NZME (NZM)HY25Released 26 August 2025

NZME HY25: cost cuts lifted EBITDA, but one-off costs erased the profit

Publishing revenue kept falling, operating cash improved, and higher net debt made the management-versus-statutory gap harder to ignore.

Published 20 April 2026

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Chorus (CNU)FY25Released 25 August 2025

Leverage stretches to 4.3x EBITDA as equity falls 32.6% on flat PBT

Headline NPAT swung positive on tax, but borrowings rose $512m and the 57.5cps FY25 dividend was not covered by pre-lease free cash flow.

Published 22 April 2026

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Sky Network Television (SKT)FY25Released 22 August 2025

Statutory NPAT halved to $20.2m but Sky lifted final dividend 12.5%

Reported EBITDA fell 21% on unquantified one-offs while the company pointed to "underlying" EBITDA of $148.5m, with payout now 91.9% of NPAT.

Published 22 April 2026

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Spark New Zealand (SPK)FY25Released 20 August 2025

Spark New Zealand FY25: PBT fell 33% while the tax rate halved

Revenue fell 3.5% and EBITDAI weakened, but the sharper operating story sat in pre-tax earnings rather than reported NPAT.

Published 20 April 2026

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NZME (NZM)FY24Released 26 February 2025

NZME PBT swings to -$12.5m loss despite 1.5% revenue growth

Revenue edged higher and EBITDA held near $54m, but the PBT collapse to a $12.5m loss erases FY23's $17.8m profit and reveals a widening gap...

Published 21 April 2026

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Chorus (CNU)HY25Released 24 February 2025

NPAT swung to a $5m loss as Chorus lifted the interim dividend 70%

Revenue slipped 1% and EBITDA held roughly flat, but leverage drifted to ~8.1x EBITDA while the cash dividend was stepped up sharply.

Published 22 April 2026

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Spark New Zealand (SPK)HY25Released 21 February 2025

Spark New Zealand HY25: EBITDAI fell 21% and the H2 recovery did the heavy lifting

Revenue slipped only 1.9%, but leverage rose, the dividend lost cash cover, and the turnaround case depended on execution plus asset sales.

Published 22 April 2026

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Sky Network Television (SKT)HY25Released 21 February 2025

Sky swings to NZ$2.0m loss as EBITDA halves, yet interim dividend lifts 21%

Revenue fell only 2.0% but reported EBITDA dropped to NZ$43.2m from NZ$81.7m, with management pointing to one-off items that it says are largely...

Published 22 April 2026

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NZME (NZM)HY24Released 27 August 2024

NZME HY24: Revenue up 3.1% but NPAT fell 4.3% on higher tax rate

OneRoof's swing to profit is the strategic highlight, but a higher effective tax rate and flat EBITDA mask the revenue gain at the bottom line.

Published 21 April 2026

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Chorus (CNU)FY24Released 26 August 2024

EBITDA up 3.7% but PBT collapsed 80.2% and FY24 swung to a NZ$9m loss

Revenue and EBITDA growth were swamped by higher depreciation, interest and a distorting tax charge, while net debt/EBITDA pushed to 3.7x and the...

Published 22 April 2026

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Spark New Zealand (SPK)FY24Released 23 August 2024

SPK FY24: EBITDAI fell 32.5% and free cash flow dropped 33% as IT demand...

Revenue declines masked by a high-base FY23 TowerCo windfall; the underlying earnings and leverage deterioration is sharper than headline numbers...

Published 21 April 2026

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Sky Network Television (SKT)FY24Released 21 August 2024

NPAT fell 3.5% as H2 earnings faded, but dividend lifted 26.7% to 19 cents

Revenue grew 1.7% and operating cash flow rose 18.9%, yet H1 carried 58.9% of full-year NPAT, leaving H2 earnings materially softer than a year ago.

Published 22 April 2026

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Spark New Zealand (SPK)HY24Released 28 February 2024

PBT collapsed 70% as TowerCo/Spark Sport one-offs fall out of base

Adjusted operating trends are positive but reported leverage has more than tripled, and pre-lease free cash flow turned negative as capex surged.

Published 21 April 2026

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Sky Network Television (SKT)HY24Released 22 February 2024

EBITDA up 10.9% to $81.7m, FY24 dividend guidance lifted to ≥17.5 cps

A clean first half with revenue, EBITDA and operating cash all rising faster than sales, funding a higher interim and an upgraded full-year payout...

Published 21 April 2026

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Chorus (CNU)HY24Released 12 December 2023

Chorus HY24: PBT swings to $37m but dividend runs above cash generation

Operating momentum and improving leverage sit alongside a payout that exceeds both NPAT and pre-lease free cash flow.

Published 22 April 2026

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Sky Network Television (SKT)FY23Released 24 August 2023

Sky's FY23: PBT down 12% and FCF nearly halved as Sky Box capex surges

Revenue grew 2.4% and the adjusted EBITDA line held, but statutory earnings fell, tax rose, and capex stepped up enough to materially shrink the...

Published 21 April 2026

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Spark New Zealand (SPK)FY23Released 18 August 2023

Spark FY23 NPAT up 177% on one-off proceeds as operating cash flow slipped

Reported revenue and EBITDAI growth and a collapse in the effective tax rate flatter the headline, while OCF-to-EBITDAI fell from 73% to 46%.

Published 22 April 2026

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Sky Network Television (SKT)HY23Released 23 February 2023

Revenue up 1.9% but pre-lease FCF collapsed 72% as capex doubled

Dividend resumed and buyback announced even as operating cash fell 25% and NPAT slipped, leaving earnings quality the central question.

Published 21 April 2026

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Spark New Zealand (SPK)HY23Released 22 February 2023

Reported NPAT up 368% but adjusted EBITDAI declined and cash conversion halved

One-off technology proceeds and a tax swing flatter the headline while core operations show margin pressure and weaker cash generation.

Published 22 April 2026

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Chorus (CNU)HY23Released 15 December 2022

HY23 swung to a $5m pre-tax loss as revenue and EBITDA roughly halved

Cash conversion held up but capex outran operating cash flow, the interim dividend was cut 10.7%, and leverage on EBITDA jumped to 11.9x.

Published 22 April 2026

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