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South Port New Zealand (SPN)HY24Released 16 February 2024
OCF fell 83.9% and payout jumped to 64.7% as PBT collapsed 40.3%
A flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.
Published 23 April 2026
Read briefingInfratil (IFT)HY24Released 16 November 2023
One NZ acquisition lifts revenue 112.9% but NPAT collapses 99.7% on disposal
Continuing-operations net parent surplus of NZ$1,215.1m and 45% Proportionate EBITDAF growth tell the real underlying story.
Published 22 April 2026
Read briefingNapier Port Holdings (NPH)FY23Released 14 November 2023
Cyclone hit pushes PBT down 20.2% with margin at unprecedented 18.7%
Reported NPAT fell 18.8%, but the disclosed underlying figure dropped from NZ$18.6m to NZ$10.7m while a capex pause flattered free cash flow.
Published 23 April 2026
Read briefingMainfreight (MFT)HY24Released 9 November 2023
Mainfreight PBT fell 42.1% on a 21.6% revenue decline
Operating deleverage halved profit growth, cash conversion dropped to 58.3% from 69.0%, and the unchanged 85c interim now absorbs 68.7% of NPAT.
Published 22 April 2026
Read briefingMOVE Logistics Group (MOV)FY23Released 30 August 2023
EBITDA fell 12.9% and NPAT loss widened to $7.2m on 2H deterioration
Cash conversion lifted to 81.2% and net debt eased, but capex nearly quadrupled and the second-half loss reached $5.7m versus $1.5m at the half.
Published 23 April 2026
Read briefingSouth Port New Zealand (SPN)FY23Released 25 August 2023
Revenue up 10.3% but NPAT fell 8.6% as tax rate jumped to 29.1%
Payout ratio versus pre-lease FCF is suppressed because the source-backed cash-dividend bridge is unavailable.
Published 23 April 2026
Read briefingAir New Zealand (AIR)FY23Released 24 August 2023
Revenue +131.5% drove swing to NZ$412m NPAT and NZ$549m net cash
Pre-lease free cash flow of NZ$1.25b ran nine times the historical baseline as capex stepped up 84% to fund the next fleet and digital cycle.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY23Released 24 August 2023
Revenue doubled, EBITDAFI up 175%, NPAT down 77.5% on FY22 fair-value base
Travel rebound lifted EBITDAFI to $397.1m and reinstated the dividend, but reported NPAT fell against an FY22 base inflated by revaluation gains.
Published 22 April 2026
Read briefingChannel Infrastructure NZ (CHI)HY23Released 23 August 2023
PBT up 158% on terminal debut, NPAT down 34% on prior discontinued-ops gain
The headline NPAT decline reflects a NZ$11.6m HY22 discontinued-operations gain; continuing-operations NPAT rose to NZ$14.5m from NZ$5.6m.
Published 22 April 2026
Read briefingMainfreight (MFT)FY23Released 25 May 2023
NPAT up 20.0% on 8.8% revenue growth with cash conversion lifting to 89%
Operating earnings and a $186m working capital release boosted cash flow, but second-half trading slowed against a strong comparable.
Published 22 April 2026
Read briefingNapier Port Holdings (NPH)HY23Released 24 May 2023
Revenue jumped 22.8% but PBT margin collapsed to an unprecedented 18.8%
Operating profit rose 33% on container and cruise recovery, yet PBT was flat at $11.7m and the interim dividend was cut 39%.
Published 23 April 2026
Read briefingChannel Infrastructure NZ (CHI)FY22Released 24 February 2023
CHI returned to profit but FCF hit -$73.3m and leverage rose to 4.5x EBITDA
The import-terminal transition delivered $12.0m NPAT and a 7c dividend, but $59.1m of conversion capex was funded by additional borrowing, and the OCF/EBITDA ratio this period is denominator-distorted and not usable as a normal cash-conversion signal.
Published 22 April 2026
Read briefingAir New Zealand (AIR)HY23Released 23 February 2023
First post-COVID profit: NZ$299m PBT and net cash position restored
Revenue tripled to NZ$3.1b drove NZ$972m of operating cash flow and a net cash position, against a COVID-trough HY22 comparable.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)HY23Released 23 February 2023
Revenue doubled to $287.8m but NPAT collapsed 95.6% on lost HY22 revaluation
Travel-led recovery lifted EBITDA 62% to $97.9m, but $261.6m of capex pushed free cash flow to -$121.3m and HY22 carried a $132m revaluation gain.
Published 22 April 2026
Read briefingSouth Port New Zealand (SPN)HY23Released 9 February 2023
ROE fell to 9.3%, below range, as assets grew 20% on falling NPAT
Gross borrowings rose 42% to $35.5m to fund expansion while PBT fell 14.3% and container and log volumes contracted sharply.
Published 23 April 2026
Read briefingNapier Port Holdings (NPH)FY22Released 16 November 2022
NPAT fell 12.1% on 4.6% revenue growth as cost inflation overwhelmed pricing
Container volumes fell 7.9% and net debt jumped to $129.2m to fund infrastructure, while the 7.5 cps dividend sat at a 75% NPAT payout.
Published 23 April 2026
Read briefingInfratil (IFT)HY23Released 15 November 2022
Pre-lease FCF hit unprecedented -NZ$286.5m as cash conversion collapsed
PBT rose 53.2% and the margin was a record, but operating cash outflow widened to -NZ$234.6m and the lifted dividend is uncovered by cash.
Published 22 April 2026
Read briefingMainfreight (MFT)HY23Released 10 November 2022
Mainfreight PBT up 65.8% on 32.1% revenue, but capex doubled
Operating leverage and an FX tailwind drove earnings, but capex up 125.7% pushed FCF coverage of NPAT down to 51.5%.
Published 22 April 2026
Read briefingSouth Port New Zealand (SPN)FY22Released 25 August 2022
Capex more than doubled to 48.1% of revenue, swinging FCF to -$9.7m
Reported NPAT growth of 19.6% masks a sharp investment cycle that pushed gross borrowings from $9.0m to $25.5m.
Published 23 April 2026
Read briefingChannel Infrastructure NZ (CHI)HY22Released 25 August 2022
Discontinued operation lifts NPAT 449.7% as pre-lease FCF swings to -$33.7m
Continuing operations earned $5.6m at ~66% EBITDA margin; operating cash flow turned negative, and while net debt to EBITDA stepped up to 10.94x, the OCF/EBITDA ratio itself is denominator-distorted this period and should not be read as a normal cash-conversion signal.
Published 22 April 2026
Read briefingAir New Zealand (AIR)FY22Released 25 August 2022
PBT loss widened 97% to -$810m as recap cut net debt to $50m
Operating revenue grew 8.6% but fuel costs and pandemic capacity restrictions deepened the loss, while equity issuance transformed the balance sheet.
Published 22 April 2026
Read briefingAuckland International Airport (AIA)FY22Released 18 August 2022
Leverage stretched to 4.31x as capex hit 86.6% of revenue
Revenue rose 6.8% but Operating EBITDAFI fell 16% and an unusual working-capital release flattered operating cash flow.
Published 22 April 2026
Read briefingMainfreight (MFT)FY22Released 26 May 2022
Revenue up 47.3% and NPAT up 88.9% but cash conversion slipped to 70.8%
Working capital absorbed $316.4m as receivable days extended six days, leaving FCF/NPAT at 87.5% versus 137% prior.
Published 22 April 2026
Read briefingNapier Port Holdings (NPH)HY22Released 24 May 2022
PBT down 20.3% as gross borrowings triple to NZ$118.3m
Disruption-driven revenue decline coincides with a peak-capex balance sheet step-up, leaving free cash flow at NZ$-30.7m and the dividend uncovered.
Published 23 April 2026
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