Market cap
$1.5b
End-of-day close multiplied by current shares on issue.
AIR · NZX
Air New Zealand is an NZX-listed transport & infrastructure / airlines company with FY22 - HY26 of published result briefings.
Snapshot
HY26, released 26 February 2026
| Metric | Value | Change |
|---|---|---|
| Revenue | $3.4b | ↑ +1.2% |
| EBITDA | $347m | ↓ -34.3% |
| NPAT | -$40m | ↓ -137.7% |
| Operating cash flow | $213m | ↓ -49.8% |
| OCF / EBITDA % | 61.4% | ↓ -18.9pp |
| Net debt | $450m | ↑ +392.2% |
| Net debt / EBITDA | 1.3x | ↑ +548.3% |
| ROE % | -2.2%Outside range low roe. -2.2%; 3-period range 5.2% to 11.5%. ROE: -2.2%, below normal range; 3-period mean 7.7%, range 5.2%-11.5%. | ↓ -7.4pp |
| PBT | -$59m | ↓ -138.1% |
| FCF pre-lease | -$480m | ↓ -478.0% |
Source: latest published briefing (HY26, released 26 February 2026). Change compares against the prior equivalent period: HY25, released 20 February 2025.
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
The latest close and share count context for the market price.
Market cap
$1.5b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.01
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
2.58x
Enterprise value compared with recent EBITDA.
P/FCF
Not available
Not meaningful when free cash flow is negative or unavailable.
P/B
0.81x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
2.7%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Air New Zealand's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
Reference: annolyse.ai/companies/air
Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Inventory days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From PBT fell 14.9% on flat revenue as working-capital build doubled the historical
No formal FY26 earnings target is publicly disclosed in this release, so forward assessment relies on the operating shape commentary. Management noted that the grounded-aircraft position is expected to improve slowly, and that international demand trends remain strong. The airline stated that FY25 NPAT of NZ$126m was within the guidance range provided to the market in April 2025.
The sharp first-half/second-half NPAT skew (84%/16%) sets a difficult base for HY26 unless capacity recovers. Pricing pressure in the domestic market tied to the New Zealand CPI, combined with a persistent inventory build, means cash generation could remain below potential even if NPAT stabilises. This briefing does not have access to fleet reinstatement timing or hedging positions that would resolve the forward earnings range.
Open questions
This briefing cannot assess fleet reinstatement schedules, maintenance contract terms, fuel hedge positions, or the specific route economics driving the second-half earnings collapse.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 26 February 2026
A NZ$524m working-capital release flattered headline cash but could not stop net debt swinging to NZ$450m from NZ$154m of net cash a year ago.
FY25 · Released 28 August 2025
Air New Zealand earned flat revenue of NZ$6.8b but PBT declined 14.9% to NZ$189m, with a NZ$33m working-capital build nearly 2.5 times the historical
HY25 · Released 20 February 2025
NPAT fell to NZ$106.0m at the top of guidance, but with up to 11 aircraft grounded at times in 2H25 the dividend was reset.
FY24 · Released 29 August 2024
NPAT stepped down off the FY23 reopening peak, but the cash squeeze leaves an 81.4% NPAT payout uncovered by free cash flow.
HY24 · Released 22 February 2024
Revenue grew 11.2% but earnings normalised from the post-reopening peak as a 2.0cps dividend was declared against negative free cash.
FY23 · Released 24 August 2023
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.
HY23 · Released 23 February 2023
Revenue tripled to NZ$3.1b drove NZ$972m of operating cash flow and a net cash position, against a COVID-trough HY22 comparable.
FY22 · Released 25 August 2022
Operating revenue grew 8.6% but fuel costs and pandemic capacity restrictions deepened the loss, while equity issuance transformed the balance sheet.
Get the next Air New Zealand result briefing and five-year history updates by email.