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

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Air 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

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Auckland 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

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South 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

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Napier 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

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Infratil (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

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Mainfreight (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

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South 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

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Channel 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

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Air 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

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Auckland 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

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Mainfreight (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

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Napier 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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Infratil (IFT)FY22Released 19 May 2022

Discontinued-ops gain inflated NPAT; continuing PBT swung to NZ$128.5m

A NZ$1.1b after-tax gain from discontinued operations dominates headline NPAT, so PBT recovering from a NZ$91.8m loss is the cleaner operating read.

Published 22 April 2026

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Auckland International Airport (AIA)HY22Released 24 February 2022

NPAT up 287% on $132m non-cash gain as EBITDAFI fell 32%

An investment revaluation drove the reported uplift while underlying earnings weakened and capex ramped into unprecedented 23.5x net debt/EBITDA.

Published 22 April 2026

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

Transition impairments drove NPAT to -$552.6m despite 44.5% EBITDA lift

Refinery simplification raised EBITDA to $72.8m and cut net debt, but conversion to a fuels import terminal triggered large non-cash charges.

Published 22 April 2026

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South Port New Zealand (SPN)HY22Released 8 February 2022

Gross borrowings more than doubled to $25.0m on flat HY22 revenue

Container volumes fell 23% and operating cash flow dropped 11%, while gross borrowings rose $14.0m to fund a 26.1% jump in total assets.

Published 23 April 2026

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Napier Port Holdings (NPH)FY21Released 16 November 2021

Revenue up 9.0% but FCF turned to -NZ$68.9m as 6 Wharf capex doubled

Record reported earnings sit against capex of 94.7% of revenue and a step from net cash to NZ$75.7m net debt, defining the build phase.

Published 22 April 2026

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Infratil (IFT)HY22Released 12 November 2021

Tilt sale delivered NZ$993.9m gain; continuing PBT up 214.2%

The n/m NPAT jump is a disposal accounting outcome, not an operating result, and FY22 Proportionate EBITDAF guidance was trimmed at the top end.

Published 22 April 2026

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