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Showing 25-48 of 70 published briefings.

South Port New Zealand (SPN)FY24Released 23 August 2024

NPAT down 37% on a tax spike as PBT fell 19% despite 4.7% revenue growth

Effective tax rate jumped to 45.1% from 29.1%, but underlying operating profit also weakened and the flat dividend is no longer covered by free...

Published 23 April 2026

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Channel Infrastructure NZ (CHI)HY24Released 23 August 2024

NPAT jumped 45% but PBT fell 2% and continuing-ops profit dropped 11%

Headline uplift is driven by a $3.8m discontinued-operations swing; the underlying operating result softened despite 8.4% revenue growth.

Published 22 April 2026

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Auckland International Airport (AIA)FY24Released 22 August 2024

PBT surged 677% but NPAT collapsed 87% as tax charge swallowed earnings

A near-total effective tax rate and $1.2b of capex turned a strong operating recovery into negative free cash flow and a still-rising dividend.

Published 21 April 2026

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Freightways Group (FRW)FY24Released 19 August 2024

Freightways FY24: revenue up 7.8% but NPAT down 5.8% on interest and tax drag

Allied Express drives topline and segment margin lift, yet higher financing and tax costs mean the earnings line still went backwards.

Published 21 April 2026

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Mainfreight (MFT)FY24Released 29 May 2024

Mainfreight FY24: Revenue -16.9%, PBT -32.7%, NPAT halved by a $69.2m tax hit

Operating cash conversion slipped from 89% to 70% of EBITDA, but the balance sheet stayed in net cash and the dividend was held.

Published 21 April 2026

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Napier Port Holdings (NPH)HY24Released 22 May 2024

PBT up 93.7% on log and cruise recovery, tax rate jump held NPAT to 64.8%

Operating leverage is real but the effective tax rate jumped to 36.5% and reported NPAT of NZ$14.3m ran ahead of underlying NPAT of NZ$11.1m.

Published 22 April 2026

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Infratil (IFT)FY24Released 21 May 2024

Proportionate EBITDAF up 63% but net debt jumps from $25m to $5.5b

One NZ consolidation and CDC-led investment lifted revenue 151% and PBT 55%, but gearing reset materially and NPAT dipped on a prior-year disposal...

Published 21 April 2026

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Channel Infrastructure NZ (CHI)FY23Released 29 February 2024

First full terminal year: EBITDA up 52% and leverage eases to 3.6x

Continuing revenue rose 48% and operating cash swung positive, but a 12c dividend still exceeds NPAT and sits on $320.6m of gross borrowings.

Published 22 April 2026

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Move Logistics Group (MOV)HY24Released 23 February 2024

EBITDA down 43.9% but pre-lease FCF held as capex fell from NZ$13.0m to NZ$1.4m

Contract Logistics profit more than doubled while Freight revenue fell 23.6%, yet leverage still weakened to 1.37x net debt/EBITDA.

Published 22 April 2026

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Air New Zealand (AIR)HY24Released 22 February 2024

PBT fell 38% on an 11% revenue rise as pre-lease free cash flow turned negative

Air New Zealand grew the top line but margins and cash conversion both deteriorated sharply, with operating cash inflow down 58% and capex...

Published 22 April 2026

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Auckland International Airport (AIA)HY24Released 22 February 2024

AIA: EBITDAF up 64% but capex doubles to NZ$451.5m, FCF at -NZ$242.4m

Travel recovery lifted every P&L line, yet a step-up in capital spend and reinstated dividend leave the funding gap widening despite better...

Published 21 April 2026

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South Port New Zealand (SPN)HY24Released 16 February 2024

NPAT fell 41% and operating cash collapsed 84% on flat revenue

A held dividend and a 22.5% rise in gross borrowings mask an earnings and cash-conversion deterioration that has pushed payout above 64%.

Published 23 April 2026

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Infratil (IFT)HY24Released 16 November 2023

EBITDAF guidance raised to $820–850m, but H1 run-rate annualises below the...

One NZ consolidation drove headline revenue up 113%, yet net debt near-doubled to ~$5.2bn and a 4.7% tax rate flattered reported NPAT.

Published 21 April 2026

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Napier Port Holdings (NPH)FY23Released 14 November 2023

Underlying NPAT fell 42% to $10.7m even as revenue grew 3.4%

Cost and cruise-led revenue recovery failed to protect margin, and the final dividend was cut 24.5% despite capex normalising and cash flow improving.

Published 22 April 2026

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Mainfreight (MFT)HY24Released 9 November 2023

NPAT fell 42.6% on a 21.6% revenue reset, and the dividend is no longer...

Earnings de-levered sharply to the top-line decline while an unchanged 85c interim payout outruns pre-lease FCF at a 145% ratio.

Published 21 April 2026

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Move Logistics Group (MOV)FY23Released 30 August 2023

MOV FY23: Freighting swings to loss, dragging NPAT to -$7.2m on flat revenue

Contract Logistics carried the group while Freighting's share of revenue collapsed 10pp and margin flipped negative, even as leverage eased to 0.33x.

Published 22 April 2026

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South Port New Zealand (SPN)FY23Released 25 August 2023

Revenue up 10.3% but NPAT fell 8.7% as tax and finance costs absorbed...

Operating profit grew 6.4% and operating cash flow rose to $16.4m, but rising leverage and a higher effective tax rate left shareholders with less.

Published 23 April 2026

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Air New Zealand (AIR)FY23Released 24 August 2023

Air NZ swings to NZ$412m NPAT as revenue more than doubles and net cash...

A cyclical demand snap-back has restored profitability and the balance sheet, but the payout is a one-off special and durable earnings power is...

Published 22 April 2026

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Auckland International Airport (AIA)FY23Released 24 August 2023

EBITDAFI up 175% but reported NPAT down 78% as FY22 fair-value tailwinds reverse

Operational recovery is real and cash-backed, but reported earnings, dividend coverage and free cash flow all lean on below-the-line items and...

Published 21 April 2026

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Channel Infrastructure NZ (CHI)HY23Released 23 August 2023

PBT up 159% but NPAT fell 34% as discontinued-operations swing reversed

First clean import-terminal half lifts revenue to NZ$64.4m and EBITDA to NZ$43.5m, but capex, borrowings, and a thin cash balance define the...

Published 22 April 2026

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Mainfreight (MFT)FY23Released 25 May 2023

Mainfreight FY23: NPAT up 20% and swing to NZ$122.8m net cash position

Operating cash flow jumped 50.3% as receivable days compressed 16 days, but capex stepped up to 5.3% of revenue and the full-year dividend held flat.

Published 21 April 2026

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Napier Port Holdings (NPH)HY23Released 24 May 2023

Revenue up 22.8% but NPAT fell and interim dividend cut 39.3%

Cruise return and container volumes drove top-line recovery, yet cost pressure, higher leverage and a softer dividend signal a more cautious tone...

Published 22 April 2026

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Infratil (IFT)FY23Released 22 May 2023

Continuing profit up 430% but operating cash collapsed to $8.8m

PBT surged 370% and net debt fell from $2.6bn to near zero, yet cash conversion weakened sharply and headline NPAT fell on a smaller disposal gain.

Published 21 April 2026

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Channel Infrastructure NZ (CHI)FY22Released 24 February 2023

Channel's terminal debut: first profit in three years, but FCF swung to -$73.3m

Transition to an import terminal delivered continuing-ops profit and a 7c dividend, yet operating cash turned negative and leverage stepped up to...

Published 22 April 2026

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