Historical setup
What HY26 said to watch
From NPAT grew 28.6% but pre-lease FCF fell to NZ$15.6m, a 3-year low
No stated targets accompany this release. The supplied second-half shape shows HY25 contributed 49.6% of FY25 revenue but only 35.3% of FY25 NPAT, so the business is materially second-half weighted on earnings. On that pattern, the implied H2 NPAT last year was NZ$10.3m, which is the relevant reference point for the FY26 H2 print rather than a like-for-like extrapolation of this half.
The 28.6% NPAT lift therefore does not, on its own, support a confident upgrade to the full-year run-rate, because the cash backing is weaker and Pharmacy result has deteriorated. The release does support the read that profitability is improving against a soft historical baseline; it does not yet support the read that this is translating into stronger cash generation.