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Port of Tauranga (POT)FY26Released 28 August 2026
Underlying NPAT rose 23.2% despite reported profit falling 10.0%
A one-off Northport sale gain flattered FY25 profit, masking a 23.2% rise in underlying NPAT and a surge in capex to 17.8% of revenue.
Published 28 August 2026
Read briefingAir New Zealand (AIR)FY26Released 28 August 2026
Air New Zealand swings to a $336.0m pretax loss on fuel costs
Revenue rose 3.9% but profit before tax swung to a $336.0m loss as fuel costs and a heavier capex programme pushed free cash flow negative.
Published 28 August 2026
Read briefingMOVE Logistics Group (MOV)FY26Released 25 August 2026
MOVE returns to profit as receivables rise
PBT and NPAT swung from losses to a thin profit, debtor days rose to 51, and net debt fell 37.8%.
Published 26 August 2026
Read briefingSouth Port New Zealand (SPN)FY26Released 21 August 2026
Record NPAT hides cash conversion drop to 79% from 115%
Revenue rose 13.5% and PBT grew 28.7%, but cash conversion fell to 79.0% as working capital absorbed NZ$0.7m instead of releasing cash.
Published 21 August 2026
Read briefingAuckland International Airport (AIA)FY26Released 20 August 2026
Capex-driven cash burn pushes leverage higher as PBT falls 18.6%
Heavy capital spending drove free cash flow deeply negative even as revenue and EBITDAFI each grew modestly.
Published 20 August 2026
Read briefingFreightways Group (FRW)FY26Released 17 August 2026
Leverage climbs to 1.06x EBITDA as PBT grows 19.3% but cash lags
Revenue rose 13.5% and PBT grew 19.3%, but rising debt, working capital and a higher tax rate meant cash quality lagged earnings growth.
Published 17 August 2026
Read briefingMainfreight (MFT)FY26Released 28 May 2026
PBT margin fell to 6.5%, the weakest in four years, as NPAT slipped to NZ$251.0m
Operating margins compressed even as pre-lease free cash flow climbed to NZ$392.1m on capex restraint.
Published 28 May 2026
Read briefingInfratil (IFT)FY26Released 26 May 2026
Cash conversion fell 49.5% while borrowings rose 19.7% to fund growth capex
NPAT rose 292.0% on a disclosed discontinued-operation gain, but operating cash fell 49.5% as debt funded expansion.
Published 2 July 2026
Read briefingNapier Port Holdings (NPH)HY26Released 20 May 2026
Capex doubled to $28.1m and FCF swung to -$4.3m
Underlying earnings grew on container services, but capex intensity of 33.1% of revenue lifted net debt to $129.5m.
Published 20 May 2026
Read briefingChannel Infrastructure NZ (CHI)FY25Released 27 February 2026
Flat revenue, PBT down 12.4% as cash conversion lifts to 79.6%
Earnings softened on a higher tax charge while operating cash flow strengthened, even as leverage drifted up to 3.55x.
Published 18 May 2026
Read briefingMOVE Logistics Group (MOV)HY26Released 27 February 2026
Warehousing revenue halved but Freight & Fuel turned profitable, lifting PBT 97%
A radical segment mix shift masked by a 4.7% revenue decline leaves the recovery path dependent on Warehousing stabilising.
Published 18 May 2026
Read briefingPort of Tauranga (POT)HY26Released 27 February 2026
NPAT up 16.6% but capex surge pushes dividend above free cash flow
Earnings growth and a 14.3% dividend lift sit against an FCF payout ratio of 102.6% as capex intensity steps higher.
Published 28 April 2026
Read briefingAir New Zealand (AIR)HY26Released 26 February 2026
PBT swung to a NZ$59m loss on 1.2% revenue as capex more than doubled
A NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.
Published 21 April 2026
Read briefingAuckland International Airport (AIA)HY26Released 19 February 2026
Revenue rose 3.9% but EBITDAF fell 7.9% as costs outpaced growth
PBT fell 6.1% and NPAT fell 5.5% while the payout ratio climbed to 62.6% against rising leverage.
Published 22 April 2026
Read briefingFreightways Group (FRW)HY26Released 16 February 2026
VT Freight Express acquisition adds perspective to Freightways Group's operating read
The NZ$77m acquisition price from the VT Freight Express acquisition sits behind the period; operating metrics remain the main read.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY26Released 13 February 2026
Record HY26 lifts NPAT 46.6% on cargo and smelter recovery
Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.
Published 23 April 2026
Read briefingNapier Port Holdings (NPH)FY25Released 19 November 2025
Capex doubled to 16.1% of revenue, lifting FCF payout to 78%
Reported NPAT +24.6% is flattered by a tax-rate drop from 33.5% to 28.3%; cleaner PBT growth of 15.5% sits within Napier Port's historical range.
Published 18 May 2026
Read briefingInfratil (IFT)HY26Released 13 November 2025
NPAT swung +385% on $280m disposal gain while cash conversion fell to 6.4%
Headline result is distorted by portfolio divestments and a discontinued operation; operational EBITDAF rose only 7% to $514m and OCF fell 64.9%.
Published 21 April 2026
Read briefingMOVE Logistics Group (MOV)FY25Released 29 August 2025
EBITDA up 433% but MOV stays loss-making on a 2.6% revenue decline
Gross margin expansion drove a strong EBITDA recovery, but net losses persist and cash conversion fell sharply as EBITDA normalised upward.
Published 22 May 2026
Read briefingAir New Zealand (AIR)FY25Released 28 August 2025
PBT fell 14.9% on flat revenue as working-capital build doubled the historical
Air New Zealand earned flat revenue of NZ$6.8b but PBT declined 14.9% to NZ$189m, with a NZ$33m working-capital build nearly 2.5 times the historical
Published 22 April 2026
Read briefingChannel Infrastructure NZ (CHI)HY25Released 26 August 2025
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Headline NPAT fell 30.1% but mostly on tax normalisation and a discontinued-operations swing, while operating EBITDA was essentially flat.
Published 22 April 2026
Read briefingSouth Port New Zealand (SPN)FY25Released 22 August 2025
PBT up 32.8% but NPAT +79.7% flattered by tax-rate reset
An unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.
Published 23 April 2026
Read briefingAuckland International Airport (AIA)FY25Released 21 August 2025
PBT up 61.4% on operating leverage; capex still 108.5% of revenue
Strong operating gearing and a normalising tax rate lifted earnings, but capex of NZ$1.1bn kept pre-lease FCF at NZ$-615.6m, the lower edge of the
Published 22 April 2026
Read briefingFreightways Group (FRW)FY25Released 18 August 2025
NPAT up 12.9% but dividend lifts to 107.8% of earnings
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 23 April 2026
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