GetThere lifted revenue 47.4% but PBT loss widened 84.4%

Against that, the PBT loss widened 84.4% to NZ$8.5m and NPAT widened 86.2% to NZ$9.5m, both at the lower edge of the supplied historical range. Operating cash flow grew 82.6% to NZ$8.6m and pre-lease free cash flow reached NZ$3.0m, which sits above Annolyse's historical baseline (four-period mean -NZ$15.9m, range -NZ$42.8m to NZ$1.9m). Cash and short-term deposits stood at NZ$65.0m versus NZ$22.0m at the prior reference date, and total liabilities rose 120.5% to NZ$31.2m, consistent with the acquisition overlay.

GetThere's January 2025 close means HY26 contains a part-period contribution that was absent from HY25. Management commentary cites slower-than-expected GetThere customer exits and US revenue slightly ahead of plan, which supports the headline but does not isolate the organic rate. Without a disclosed organic split, the durable underlying growth cannot be read off this release.

Free cash flow strengthened despite wider losses. Pre-lease FCF of NZ$3.0m is above the historical range, and it grew on a deeper NPAT loss, so cash generation improved on a structural rather than profit-led basis. This is the cleanest positive in the result, though FCF/NPAT of -31.5% shows the conversion ratio still rests on continued cost discipline rather than profitability.

Equity contracted faster than the half-year loss. Total equity fell NZ$20.3m to NZ$92.2m while NPAT was -NZ$9.5m, leaving roughly NZ$10m of equity movement unexplained by reported earnings. The release does not reconcile this gap, which matters for understanding the true capital cost of GetThere and any associated reserves or share-based items.

Against last year's full-year shape, HY26 represents 67.8% of FY25 revenue and 53.7% of FY25 NPAT, but the GetThere consolidation makes that mechanical comparison unreliable as a guide to the second half. The release flags positive EBITDAFI of NZ$6.1m (versus prior-period EBITDAF of NZ$1.0m) and stabilised customer churn around 1% on key accounts, which point to operating leverage if cost discipline holds. What the release does not support is a quantified read on second-half revenue trajectory or NPAT breakeven timing.

Capex intensity drifted modestly to 7.1% of revenue (HY25: 6.7%) while capex grew 56.5%, consistent with continued platform investment rather than a step-down.

Two factors temper the read. Operating working capital expanded NZ$15.9m as trade debtors rose 144.1% to NZ$8.0m and debtor days moved to 47.5 from 28.7 (still within the supplied historical range mean of 54.1 days), so part of the OCF lift reflects mix and timing rather than steady-state collection. Separately, the effective tax rate of -11.6% is unprecedented in the supplied baseline (mean 3.2%) and widens NPAT below PBT, but the PBT-to-NPAT growth gap is only 1.8 percentage points, so PBT remains the cleaner operating read and tax is not the main story here.

This briefing cannot assess GetThere's standalone economics or determine what proportion of the FCF and revenue improvement is organic versus acquired.