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Showing 1-24 of 75 published briefings.

Mainfreight (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

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Napier 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

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Channel 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

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MOVE 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

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Port 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

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Air 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

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Auckland International Airport (AIA)HY26Released 19 February 2026

Capex of $430.6m drives pre-lease FCF to -$245.2m as leverage hits 6.2x

Reported NPAT fell 5.5% on lower revaluations even as segment earnings grew, while heavy investment absorbed all operating cash and lifted net debt.

Published 22 April 2026

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Freightways 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

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South 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

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Napier 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

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Infratil (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

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MOVE 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

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Air 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

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Channel Infrastructure NZ (CHI)HY25Released 26 August 2025

Dividend +42% as payout reaches 134.9% of pre-lease free cash flow

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

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South 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

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Auckland 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

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Freightways Group (FRW)FY25Released 18 August 2025

NPAT up 12.9% but dividend lifts to 107.8% of earnings

Cash generation funds the step-up at 59.7% of pre-lease FCF, but a payout above NPAT shifts how the capital return reads.

Published 23 April 2026

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Mainfreight (MFT)FY25Released 29 May 2025

PBT fell 3.0% on 11.0% revenue growth as tax normalisation lifted NPAT 31.4%

The NPAT headline reflects effective tax falling from 47.2% to 28.5%; an Australian record offset profit declines across New Zealand, Asia

Published 29 April 2026

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Infratil (IFT)FY25Released 28 May 2025

PBT swung to $212m loss but proportionate EBITDAF beat the guidance midpoint

The June 2024 One NZ consolidation distorts headline comparability while proportionate EBITDAF of $986m sits near the top of $960–1,000m guidance.

Published 22 April 2026

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Napier Port Holdings (NPH)HY25Released 21 May 2025

PBT up 24.8% on unprecedented 36.1% margin; tax drop lifts NPAT to +41.3%

Container volume recovery delivered record half-year port margins, while a normalised effective tax rate flatters headline NPAT growth.

Published 23 April 2026

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MOVE Logistics Group (MOV)HY25Released 28 February 2025

EBITDA up 37% but Contract Logistics collapse masks ongoing structural losses

MOVE's EBITDA recovery to NZ$18.1m rests on cost cuts rather than volume, while Contract Logistics revenue fell NZ$20.8m and the segment swung to a

Published 18 May 2026

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Channel Infrastructure NZ (CHI)FY24Released 27 February 2025

PBT up 6.7%, NPAT down 42.3% on discontinued operation loss

Continuing operations lifted EBITDA 9.1% with cash conversion at 68.2%, while a NZ$12.1m discontinued operation loss masked headline NPAT.

Published 22 April 2026

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Air New Zealand (AIR)HY25Released 20 February 2025

Engine grounding drives 17.8% NPAT slide; dividend cut 37.5%

NPAT fell to NZ$106.0m at the top of guidance, but with up to 11 aircraft grounded at times in 2H25 the dividend was reset.

Published 22 April 2026

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Auckland International Airport (AIA)HY25Released 20 February 2025

NPAT up 57.8% but cash conversion fell to 46.3% on capex surge

Strong P&L growth contrasts with a NZ$315.7m pre-lease FCF deficit, both classified below the company's historical range.

Published 22 April 2026

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