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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
Read briefingInfratil (IFT)FY25Released 28 May 2025
PBT fell 122.6% to a $212.1m loss despite 9.4% operating profit growth
Tax and non-operating items drove NPAT to -$286.3m even as revenue rose 11.7% and cash conversion weakened.
Published 22 April 2026
Read briefingNapier 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
Read briefingMOVE 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
Read briefingChannel 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
Read briefingAir 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
Read briefingAuckland 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
Read briefingFreightways Group (FRW)HY25Released 17 February 2025
Interim dividend cut 24% as payout reset from 108.7% to 76% of NPAT
Operating cash flow rose 30.8% and net debt fell, signalling a deliberate payout reset rather than a weak underlying result.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)HY25Released 14 February 2025
NPAT up 93.3% but margins sit inside South Port's normal range
Headline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.
Published 23 April 2026
Read briefingNapier Port Holdings (NPH)FY24Released 19 November 2024
Cyclone rebound lifts PBT 68.8% as pre-lease FCF reaches NZ$40.8m
Revenue rose 19.4% on post-Cyclone Gabrielle volume recovery, but an elevated 33.5% effective tax rate compresses the NPAT read versus PBT.
Published 23 April 2026
Read briefingInfratil (IFT)HY25Released 14 November 2024
Revenue +33.3% but NPAT swung -118.1% against HY24 one-off gain
Underlying proportionate EBITDAF rose 7%, while operating cash conversion fell from 41.6% to 18.4% as capex stepped up 25.9%.
Published 22 April 2026
Read briefingMainfreight (MFT)HY25Released 13 November 2024
Revenue +8.4% but NPAT -8.0% as costs and debtors absorbed growth
EBITDA rose 6.4% but PBT fell 7.8%, debtors outpaced revenue by nearly 2x, and net debt swung to $88.4m from net cash.
Published 22 April 2026
Read briefingMOVE Logistics Group (MOV)FY24Released 29 August 2024
MOVE FY24: second-half EBITDA turned negative as PBT loss widened to $45.3m
Revenue fell 14.5% and reported EBITDA collapsed 83% to $7.9m, with equity down 64% to $27.2m and gross borrowings now all current.
Published 23 April 2026
Read briefingAir New Zealand (AIR)FY24Released 29 August 2024
Pre-lease FCF collapsed to NZ$19m as capex rose 31% and OCF halved
NPAT stepped down off the FY23 reopening peak, but the cash squeeze leaves an 81.4% NPAT payout uncovered by free cash flow.
Published 22 April 2026
Read briefingSouth Port New Zealand (SPN)FY24Released 23 August 2024
PBT fell 18.8% but dividend held drove payout to 96.1%
A NZ$6.5m working-capital release and NZ$5.75m of additional borrowings funded a 27.0-cent dividend that swallowed almost all of a tax-distorted NPAT.
Published 23 April 2026
Read briefingChannel Infrastructure NZ (CHI)HY24Released 23 August 2024
NPAT up 46% but PBT slipped 2% as discontinued operation flatters headline
Continuing operations softened and the effective tax rate jumped to 35.0%, even as EBITDA grew 10.5% on stronger jet fuel throughput.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY24Released 22 August 2024
Net debt hit 8.3x EBITDA as NZ$1.2bn capex outpaced operating cash
An NPAT collapse to NZ$5.5m on a 98.4% effective tax rate masks the bigger story: leverage doubled to an unprecedented multiple on heavy capex.
Published 22 April 2026
Read briefingMainfreight (MFT)FY24Released 29 May 2024
PBT fell 32.7% on 16.9% revenue decline; cash conversion dropped to 70.0%
Operating deterioration is real, but ~$69m of abnormals doubled the headline NPAT decline to 51.1% as cash conversion fell from 89.0% to 70.0%.
Published 22 April 2026
Read briefingNapier Port Holdings (NPH)HY24Released 22 May 2024
PBT rebounded 93.2% but a 36.5% tax rate clipped NPAT to 64.4%
Log export and cruise volume recovery drove an unprecedented operating swing, while a step-up in the effective tax rate compressed the bottom line.
Published 23 April 2026
Read briefingInfratil (IFT)FY24Released 21 May 2024
PBT up 55.4% but operating profit fell 47.9% on portfolio reshape
Headline growth reflects a transformed asset base and a zero effective tax rate, while operating profit weakened and leverage stepped up sharply.
Published 22 April 2026
Read briefingChannel Infrastructure NZ (CHI)FY23Released 29 February 2024
FCF of $61.8m drove deleveraging to 3.6x and a 12.0c dividend
PBT rose 47.6% while NPAT rose 100.8% on a lower effective tax rate; the 12.0c payout reached 187.5% of NPAT, funded by free cash flow.
Published 22 April 2026
Read briefingMOVE Logistics Group (MOV)HY24Released 23 February 2024
EBITDA fell 39.7% on a 5.8% revenue decline as Freight reset bit
Free cash flow rose to $18.2m only because capex collapsed 88.9% to $1.4m, while cash conversion dropped 20 percentage points to 77.6%.
Published 23 April 2026
Read briefingAir New Zealand (AIR)HY24Released 22 February 2024
PBT fell 38.1% and capex rose 59.6%, turning FCF negative
Revenue grew 11.2% but earnings normalised from the post-reopening peak as a 2.0cps dividend was declared against negative free cash.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY24Released 22 February 2024
Capex tripled to $602.8m, pre-lease FCF unprecedented at -$393.7m
Reinstated 6.75c dividend implies 83.9% NPAT payout that pre-lease cash flow cannot cover, leaving debt to fund both capex and the distribution.
Published 22 April 2026
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