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Showing 1-24 of 70 published briefings.

Channel Infrastructure NZ (CHI)FY25Released 27 February 2026

H2 NPAT collapsed to $0.2m as leverage climbed to 3.6x EBITDA

Operating cash flow improved 14.6% and FY26 EBITDA guidance implies a return to growth, but the dividend still exceeds both statutory NPAT and...

Published 22 April 2026

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Air New Zealand (AIR)HY26Released 26 February 2026

PBT collapsed from +$155m to -$59m on flat revenue

Engine maintenance delays and cost inflation crushed Air NZ's margins while capex surge pushed free cash flow to a -$480m outflow, ending net cash.

Published 21 April 2026

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Auckland International Airport (AIA)HY26Released 19 February 2026

AIA: revenue up 3.9% but PBT down 6.1% as leverage drifts to 5.7x EBITDA

Top-line growth across all three segments is being absorbed by depreciation and interest, while a $406.3m capex bill keeps free cash flow deeply...

Published 21 April 2026

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Freightways Group (FRW)HY26Released 16 February 2026

Freightways HY26: PBT up 18.8% and net debt down NZ$26.5m on stronger cash...

Margin recovery and 24% OCF growth funded deleveraging and a 10.5% dividend lift, but payout still absorbs effectively all reported NPAT.

Published 22 April 2026

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South Port New Zealand (SPN)HY26Released 13 February 2026

NPAT up 46.8% on 17.5% revenue lift, but interim dividend again exceeds HY...

Strong operational leverage lifted PBT 44.1%, yet the 8.5cps interim still pays out above HY NPAT and relies on the traditional second-half skew.

Published 23 April 2026

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Napier Port Holdings (NPH)FY25Released 19 November 2025

FY25 NPAT up 24.4% but H2 earnings halved and capex nearly doubled

Revenue and cash from operations grew double digits, yet pre-lease free cash flow slipped as capex intensity rose and the tax rate fell.

Published 22 April 2026

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Infratil (IFT)HY26Released 13 November 2025

NPAT swings NZD818m on a discontinued-operation gain and One NZ recovery

The headline profit reversal is largely non-recurring; the durable story rests on whether One NZ and the medical imaging units can sustain their...

Published 21 April 2026

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Air New Zealand (AIR)FY25Released 28 August 2025

Air NZ FY25 NPAT fell 13.7% as second-half profit collapsed to NZ$20m

Flat revenue masked a sharply weaker H2, but operating cash flow rose 16% and the group ended the year in a small net cash position.

Published 22 April 2026

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Channel Infrastructure NZ (CHI)HY25Released 26 August 2025

Channel lifts dividend 42% as NPAT drops 30% on Wiri discontinued-op swing

Underlying earnings were flat and leverage eased, but the 6.25c interim sits well above reported NPAT cover and relies on normalised free cash flow.

Published 22 April 2026

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South Port New Zealand (SPN)FY25Released 22 August 2025

South Port NPAT up 80.6% but PBT growth of 32.3% is the cleaner read

A normalised tax rate drove half the headline uplift, while free cash flow and deleveraging materially improved underlying quality.

Published 23 April 2026

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Auckland International Airport (AIA)FY25Released 21 August 2025

PBT up 61% on tax-normalised base, but cash conversion slipped to 68%

Headline NPAT recovery flatters the operating read while capex of $1.09b keeps pre-lease free cash flow deeply negative.

Published 21 April 2026

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Freightways Group (FRW)FY25Released 18 August 2025

PBT up 10.6% on 6.6% revenue growth with net debt easing to $215.2m

NPAT's 12.9% lift is flattered by a lower effective tax rate, so PBT is the cleaner operating read while cash conversion and leverage both improved.

Published 22 April 2026

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Infratil (IFT)FY25Released 28 May 2025

EBITDAF near top of guidance at $986m, but NPAT swings to a $286.3m loss

Operational run-rate delivered and One NZ improved, yet the absence of prior-year acquisition gains and weaker cash conversion dominate the...

Published 21 April 2026

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Napier Port Holdings (NPH)HY25Released 21 May 2025

Napier Port PBT up 24.8% but NPAT beat flattered by tax rate drop

Revenue growth and deleveraging are genuine, but reported NPAT +40.8% overstates the operating step-up and the 6.5c interim includes a special...

Published 22 April 2026

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Channel Infrastructure NZ (CHI)FY24Released 27 February 2025

NPAT down 42% on a $12.1m discontinued-operations loss as continuing PBT...

Operating cash flow jumped 77% and leverage eased to 3.1x, but H2 NPAT turned negative and the final dividend was cut to 6.6 cps.

Published 22 April 2026

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Air New Zealand (AIR)HY25Released 20 February 2025

PBT fell 16% on a 2% revenue decline as cost pressure outpaced yield

Air New Zealand's H1 result landed at the top of its guidance range, but the earnings-to-revenue gap signals margin compression that will define...

Published 22 April 2026

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Auckland International Airport (AIA)HY25Released 20 February 2025

PBT up 52.9% but operating cash fell 10.8% as capex hit $502.3m

Earnings leverage on rising traffic is real, but a widening negative free cash flow and a trimmed dividend show the build cycle is still in charge.

Published 21 April 2026

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Freightways Group (FRW)HY25Released 17 February 2025

Freightways HY25: NPAT up 9.2% but operating cash flow jumps 30.8%

Pricing and share gains offset weak same-customer volumes, and a sharp capex pullback turns pre-lease free cash flow into the real story.

Published 22 April 2026

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South Port New Zealand (SPN)HY25Released 14 February 2025

South Port NPAT jumps 89.8% on bulk cargo rebound from weak HY24 base

A 16.1% revenue recovery flows through strongly to earnings, but HY25 cash flow and leverage disclosures are absent from the release.

Published 23 April 2026

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Napier Port Holdings (NPH)FY24Released 19 November 2024

Revenue up 19.4% on post-Cyclone rebound, PBT up 69% but tax burden clips NPAT

Underlying NPAT of NZ$20.7m nearly doubles, yet sits NZ$4.1m below reported NPAT, leaving the durability of the headline figure open to question.

Published 22 April 2026

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Infratil (IFT)HY25Released 14 November 2024

Revenue up 33% but NPAT swings to a $212.2m loss as prior-year gains vanish

Underlying segment trading weakened, cash conversion halved and capex outpaced operating cash flow, yet the balance sheet strengthened materially.

Published 21 April 2026

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Mainfreight (MFT)HY25Released 13 November 2024

Revenue up 8.4% but NPAT fell 8.0% as Mainfreight swung to net debt

Top-line recovery and higher EBITDA were more than offset below the line, while cash fell NZ$86.6m and receivable days stretched.

Published 21 April 2026

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Move Logistics Group (MOV)FY24Released 29 August 2024

MOV FY24 loss widened to NZ$48.1m as equity collapsed 63.7% to NZ$27.2m

Revenue fell 14.5% and EBITDA 41.6%, but the second half drove the bulk of the damage and net debt/EBITDA has doubled to 0.6x.

Published 22 April 2026

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Air New Zealand (AIR)FY24Released 29 August 2024

Air NZ FY24 NPAT fell 64.6% and 2H NPAT collapsed to just $17m

Revenue grew 6.7% to $6.75b but EBITDA, cash conversion and the dividend all weakened, and prior HY24 guidance of $200–240m NPAT proved optimistic.

Published 22 April 2026

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