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Showing 49-70 of 70 published briefings.

Air New Zealand (AIR)HY23Released 23 February 2023

Air New Zealand swings to $299m PBT with $2.16b cash pile on demand rebound

HY23 revenue nearly tripled to $3.1b and the group moved from $1.6b net debt to a $419m net cash position, but the comparison is against a...

Published 22 April 2026

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Auckland International Airport (AIA)HY23Released 23 February 2023

EBITDAFI tripled to NZ$189.0m but PBT swung to a NZ$1.5m loss

Operating recovery is genuine and broad-based, but capex still outruns cash and the NPAT collapse is flattered by a prior-year fair-value tailwind.

Published 21 April 2026

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South Port New Zealand (SPN)HY23Released 9 February 2023

Revenue up 6.8% but PBT fell 13.6% as net debt climbed 44%

Top-line growth and higher operating cash did not prevent margin compression, and gross borrowings rose NZ$10.5m to NZ$35.5m against a flat dividend.

Published 23 April 2026

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Napier Port Holdings (NPH)FY22Released 16 November 2022

Revenue up 4.6% but PBT fell 13% as gross debt jumped 70% to fund capex

Container volumes dropped 7.9% and pre-lease free cash flow stayed negative at $39.0m, pushing net debt from $75.7m to $129.2m.

Published 22 April 2026

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Infratil (IFT)HY23Released 15 November 2022

PBT up 53% but Infratil swung from $424m net cash to $2.7bn net debt

Continuing operations grew cleanly, but operating cash flow deteriorated sharply and gross borrowings quadrupled as the portfolio rebuilt...

Published 21 April 2026

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Mainfreight (MFT)HY23Released 10 November 2022

Mainfreight HY23: PBT up 65.8% but net debt swings to NZ$748m

Revenue grew 32.1% and earnings outpaced it, yet gross borrowings more than quadrupled and cash conversion to NPAT weakened.

Published 21 April 2026

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South Port New Zealand (SPN)FY22Released 25 August 2022

South Port FY22: NPAT up 19.7% but FCF swings to a NZ$9.7m deficit

Earnings growth was real, but capex more than doubled to NZ$23.4m and net debt tripled to NZ$24.2m, funding the step-up from the balance sheet.

Published 23 April 2026

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Channel Infrastructure NZ (CHI)HY22Released 25 August 2022

Refinery exit flatters NPAT to $17.2m as operating cash swings to $14.8m outflow

Continuing operations earned $5.6m after tax at a ~66% EBITDA margin, but the business funded conversion capex from its cash balance rather than...

Published 22 April 2026

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Air New Zealand (AIR)FY22Released 25 August 2022

PBT loss widens 97% to $810m even as recapitalisation lifts cash to $1.8bn

Revenue rose 8.6% on cargo strength but cost pressure deepened the operating loss, while an equity raise transformed the balance sheet.

Published 21 April 2026

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Auckland International Airport (AIA)FY22Released 18 August 2022

Capex ramp to $260.0m drove pre-lease FCF to -$158.8m as leverage hit ~10x

Traffic-led revenue recovery of 6.8% is being reinvested rather than distributed, with no dividend and net debt up to $1.45b.

Published 21 April 2026

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Mainfreight (MFT)FY22Released 26 May 2022

Mainfreight FY22 NPAT up 88.9% but cash conversion slipped

Revenue rose 47.2% to NZ$5.2b and net debt effectively cleared, yet receivable days stretched and OCF-to-EBITDA fell nearly 10 points.

Published 21 April 2026

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Napier Port Holdings (NPH)HY22Released 24 May 2022

Underlying NPAT fell 32% while borrowings tripled to NZ$118.3m

Lower trade volumes eroded operating profit as a capex-heavy build cycle lifted net debt to NZ$115.2m, leaving the dividend uncovered by free cash...

Published 22 April 2026

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Infratil (IFT)FY22Released 19 May 2022

NPAT hit $1,169.3m but $1,125.8m Tilt divestment gain dwarfs $105.9m...

Continuing operations returned to profit and the dividend edged up, but free cash flow was negative and net debt rebuilt to roughly $2,577.1m.

Published 21 April 2026

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Auckland International Airport (AIA)HY22Released 24 February 2022

EBITDAFI fell 32% but reported NPAT quadrupled on a $132m non-cash...

Operating earnings and cash conversion weakened further while a fair-value uplift and underlying loss sit behind the headline profit jump.

Published 21 April 2026

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The New Zealand Refining Company (CHI)FY21Released 23 February 2022

EBITDA up 44% to NZ$72.8m but NPAT loss widened to NZ$552.6m on refinery...

Operating economics and leverage improved sharply, but the imminent switch to a fuels import terminal drove a NZ$765.1m pre-tax loss that dwarfs...

Published 21 April 2026

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South Port New Zealand (SPN)HY22Released 8 February 2022

Earnings held flat but net debt jumped to $23.1m from $9.0m

Revenue and PBT were essentially steady, yet gross borrowings more than doubled and management flagged weaker bulk cargo in the second half.

Published 23 April 2026

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Napier Port Holdings (NPH)FY21Released 16 November 2021

Record earnings but 6 Wharf capex flips Napier Port from net cash to $75.7m...

Revenue up 9.0% and OCF up 18.6%, yet $103.7m of capex absorbed the cash pile and the final dividend was trimmed 6%.

Published 22 April 2026

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Infratil (IFT)HY22Released 12 November 2021

NPAT surged to $1.08b on a $993.9m disposal gain, continuing PBT up 214%

Headline earnings were dominated by a one-off discontinued-operations gain, but underlying continuing profit, cash position and leverage all...

Published 21 April 2026

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South Port New Zealand (SPN)FY21Released 27 August 2021

South Port PBT up 10% but capex doubling cut FCF to NZD4.7m

Headline earnings and operating cash both advanced, yet a near-doubling of capex left the full-year dividend uncovered by pre-lease free cash flow.

Published 23 April 2026

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Auckland International Airport (AIA)FY21Released 19 August 2021

Reported NPAT +139% but underlying profit swung to a $41.8m loss

Fair-value gains and asset revaluations drove the headline; operating EBITDAFI fell 34% and pre-lease free cash flow was negative $136.1m.

Published 21 April 2026

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Napier Port Holdings (NPH)HY21Released 25 May 2021

PBT fell 30% on flat revenue as capex flipped NPH into $32m net debt

Operating profit was only marginally lower, but below-the-line costs, working capital and a $45.8m capex program compressed cash and leverage...

Published 22 April 2026

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Infratil (IFT)FY21Released 19 May 2021

FY20 Tilt windfall rolls off; NPAT swings to a $49.2m loss

Continuing operations swung to an $87.6m loss as the Tilt Renewables segment result normalised from $503.6m to $71.6m and Wellington Airport...

Published 21 April 2026

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