HLG · NZX

Hallenstein Glasson (HLG)

Consumer / Retail apparelCovered: FY21 - HY2610 published briefings

Hallenstein Glasson is an NZX-listed consumer / retail apparel company with FY21 - HY26 of published result briefings.

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Snapshot

Latest metrics

HY26, released 27 March 2026

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HLG latest metrics
Metric	Value	Change
Revenue	$275.2m	↑ +14.6%
Operating profit	$41.1m	↑ +32.3%
NPAT	$28m	↑ +32.1%
Operating cash flow	$53.5m	↑ +26.7%
OCF / Operating profit %	129.9%	↓ -5.8pp
ROE %	23.1%	↑ +3.9pp
DPS	29.0c	↑ +18.4%
Payout ratio vs NPAT %	61.7%Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.	↓ -7.3pp
PBT	$39.8m	↑ +33.1%
FCF pre-lease	$40.9m	↑ +21.8%

Source: latest published briefing (HY26, released 27 March 2026). Change compares against the prior equivalent period: HY25, released 28 March 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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HLG metric history
Metric	HY266 MONTHS27 March 2026	FY2512 MONTHS26 September 2025	HY256 MONTHS28 March 2025	FY2412 MONTHS30 September 2024	HY246 MONTHS26 April 2024	FY2312 MONTHS29 September 2023	HY236 MONTHS31 March 2023	FY2212 MONTHS30 September 2022	HY226 MONTHS25 March 2022	FY2112 MONTHS30 September 2021	Trend
Revenue	$275.2m	$470.7m	$240m	$435.6m	$223m	$409.7m	$223.3m	$351.2m	$170.6m	$350.8m	Chart
Revenue growth %	14.7%	8.1%	7.7%	6.3%	-0.2%	16.7%	30.9%Unprecedented high revenue growth. 30.9%; 4-period range -6.2% to 14.7%. Revenue growth: 30.9%, unprecedented high; 4-period mean 4.0%, range -6.2%-14.7%.	0.1%Unprecedented low revenue growth. 0.1%; 4-period range 6.3% to 21.9%. Revenue growth: 0.1%, unprecedented low; 4-period mean 13.3%, range 6.3%-21.9%.	-6.2%Outside range low revenue growth. -6.2%; 4-period range -0.2% to 30.9%. Revenue growth: -6.2%, below normal range; 4-period mean 13.3%, range -0.2%-30.9%.	21.9%Unprecedented high revenue growth. 21.9%; 4-period range 0.1% to 16.7%. Revenue growth: 21.9%, unprecedented high; 4-period mean 7.8%, range 0.1%-16.7%.	Chart
Operating profit	$41.1m	$61m	$31.1m	$54.3m	$30.9m	$47.8m	$30.6m	$37.1m	$17.8m	$49.3m	Chart
Operating profit margin %	15.0%	13.0%	13.0%	12.5%	13.9%	11.7%	13.7%	10.6%	10.5%	14.0%	Chart
PBT	$39.8m	$58.4m	$29.9m	$52.1m	$29.9m	$45.4m	$29.5m	$35.1m	$16.9m	$47m	Chart
PBT growth %	33.1%	12.1%	0.0%	14.8%	1.4%	29.3%Outside range high pbt growth. 29.3%; 4-period range -25.3% to 28.1%. PBT growth: 29.3%, above normal range; 4-period mean 7.4%, range -25.3%-28.1%.	74.6%Unprecedented high pbt growth. 74.6%; 4-period range -39.6% to 33.1%. PBT growth: 74.6%, unprecedented high; 4-period mean -1.3%, range -39.6%-33.1%.	-25.3%Unprecedented low pbt growth. -25.3%; 4-period range 12.1% to 29.3%. PBT growth: -25.3%, unprecedented low; 4-period mean 21.1%, range 12.1%-29.3%.	-39.6%Unprecedented low pbt growth. -39.6%; 4-period range 0% to 74.6%. PBT growth: -39.6%, unprecedented low; 4-period mean 27.3%, range 0.0%-74.6%.	28.1%	Chart
NPAT	$28m	$39.5m	$21.2m	$34.5m	$21.1m	$32m	$20.8m	$25.6m	$11.9m	$33.3m	Chart
NPAT growth %	32.1%	14.5%	0.5%	7.8%	1.4%	25.0%Outside range high npat growth. 25%; 4-period range -23.1% to 19.8%. NPAT growth: 25.0%, above normal range; 4-period mean 4.8%, range -23.1%-19.8%.	74.8%Unprecedented high npat growth. 74.8%; 4-period range -39.9% to 32.1%. NPAT growth: 74.8%, unprecedented high; 4-period mean -1.5%, range -39.9%-32.1%.	-23.1%Unprecedented low npat growth. -23.1%; 4-period range 7.8% to 25%. NPAT growth: -23.1%, unprecedented low; 4-period mean 16.8%, range 7.8%-25.0%.	-39.9%Unprecedented low npat growth. -39.9%; 4-period range 0.5% to 74.8%. NPAT growth: -39.9%, unprecedented low; 4-period mean 27.2%, range 0.5%-74.8%.	19.8%	Chart
Operating cash flow	$53.5m	$88.6m	$42.2m	$85.3m	$45.1m	$68m	$35m	$52.5m	$21.2m	$61.4m	Chart
OCF / Operating profit %	129.9%	145.2%	135.7%	157.1%	145.8%	142.3%	114.4%	141.6%	119.1%	124.7%	Chart
FCF pre-lease	$40.9m	$72.8m	$33.6m	$69.4m	$35.7m	$53.2m	$27.1m	$44.2m	$18.2m	$53.5m	Chart
DPS	29.0c	30.5c	24.5c	26.5c	—	24.0c	24.0c	24.0c	18.0c	—	Chart
Payout ratio vs NPAT %	61.7%Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.	83.1%	69.0%	45.8%Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%.	—	89.6%	68.8%	97.8%Outside range high payout ratio versus npat. 97.8%; 3-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 3-period mean 72.8%, range 45.8%-89.6%.	90.1%Outside range high payout ratio versus npat. 90.1%; 3-period range 61.7% to 69%. Payout ratio versus NPAT: 90.1%, above normal range; 3-period mean 66.5%, range 61.7%-69.0%.	—	Chart FY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%. HY26 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.
Annual payout ratio vs EPS %	—	83.1%	—	45.8%	—	89.5%	—	97.8%	—	—	Chart
ROE %	23.1%	35.3%	19.1%	33.4%	20.5%Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.	33.2%	22.3%	28.3%Unprecedented low roe. 28.3%; 4-period range 33.2% to 37.4%. ROE: 28.3%, unprecedented low; 4-period mean 34.8%, range 33.2%-37.4%.	28.0%Outside range high roe. 28%; 3-period range 20.5% to 23.1%. ROE: 28.0%, above normal range; 3-period mean 22.0%, range 20.5%-23.1%.	37.4%Outside range high roe. 37.4%; 4-period range 28.3% to 35.3%. ROE: 37.4%, above normal range; 4-period mean 32.6%, range 28.3%-35.3%.	Chart HY24 ROE %: Outside range low roe. 20.5%; 3-period range 22.3% to 28%. ROE: 20.5%, below normal range; 3-period mean 24.5%, range 22.3%-28.0%.
Debtor days	1Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.	0	1	0	1	0	0Unprecedented low debtor days. 0d; 4-period range 1d to 1d. Debtor days: 0.2 days, unprecedented low; 4-period mean 0.6 days, range 0.5 days-0.8 days.	0Unprecedented high debtor days. 1d; 4-period range 0d to 0d. Debtor days: 0.5 days, unprecedented high; 4-period mean 0.3 days, range 0.3 days-0.3 days.	1	0Outside range low debtor days. 0d; 4-period range 0d to 0d. Debtor days: 0.3 days, below normal range; 4-period mean 0.4 days, range 0.3 days-0.5 days.	Chart HY26 Debtor days: Outside range high debtor days. 1d; 4-period range 0d to 1d. Debtor days: 0.8 days, above normal range; 4-period mean 0.5 days, range 0.2 days-0.8 days.
Inventory days	19	24	21	23Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.	19Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days.	28	23	35Unprecedented high inventory days. 35d; 4-period range 23d to 29d. Inventory days: 34.8 days, unprecedented high; 4-period mean 26.0 days, range 23.0 days-29.0 days.	24Outside range high inventory days. 24d; 4-period range 19d to 23d. Inventory days: 23.9 days, above normal range; 4-period mean 20.5 days, range 18.6 days-23.2 days.	29	Chart HY24 Inventory days: Outside range low inventory days. 19d; 4-period range 19d to 24d. Inventory days: 18.6 days, below normal range; 4-period mean 21.8 days, range 19.3 days-23.9 days. FY24 Inventory days: Outside range low inventory days. 23d; 4-period range 24d to 35d. Inventory days: 23.0 days, below normal range; 4-period mean 28.9 days, range 24.3 days-34.8 days.
Total assets	$248.9m	$231.2m	$220m	$219m	$208.9m	$202.6m	$201.8m	$205.2m	$181.6m	$199.5m	Chart

Reference: annolyse.ai/companies/hlg

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.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

From PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

No forward financial targets are supplied. Against the company's own near-term commentary, the result lands at the top of the $57.5m–$58.5m PBT range flagged at the September pre-close. The HY25 NPAT guidance of $21.0m–$21.3m was also met at $21.2m.

The shape data implies H1 carried 53.7% of NPAT and 51% of revenue, so the H2 contribution was weaker on a sales-to-profit basis than H1. With no FY26 guidance or stated target, the briefing cannot anchor expectations beyond the trading shape this release establishes.

Open questions

Open questions from FY25

What drove the implied H2 NPAT step-down to $18.3m, and did gross margin recover from the H1 compression?
How did Glassons Australia, Glassons New Zealand and Hallensteins each contribute in FY25, and where did operating leverage actually come from?
Is the lift to a full-year 55.0cps dividend a new ongoing payout policy, or a one-off use of the $58.3m cash balance?
Why did inventory grow 13.8% against 8.1% revenue, and how much of that build is forward-season versus carry-over clearance?
What is management's assumption on the USD purchasing cost into FY26, given the H1 margin headwind it flagged?

This briefing cannot assess current-year segment economics, gross margin direction, or store-network and online channel mix because those disclosures are not in the supplied extraction.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

HY26 · Released 27 March 2026

NPAT up 32.1% on 240bps margin lift led by Glassons Australia

Australia revenue rose 22.4% and segment result nearly doubled, lifting gross margin to 60.9% and pre-lease free cash flow to NZ$40.9m.

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FY25 · Released 26 September 2025

PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

Operating leverage and a lower tax rate lifted NPAT 14.5%, but implied H2 NPAT eased to $18.3m and the payout ratio jumped to 83.1%.

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HY25 · Released 28 March 2025

Revenue up 7.7% but PBT flat as Glassons Australia profit slipped

Top-line growth was carried by Australia, yet its segment result fell, gross margin compressed 40bps and operating cash declined 6.4%.

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FY24 · Released 30 September 2024

PBT rose 14.8% but unprecedented 33.8% tax rate held NPAT to 7.8%

Operating performance ran ahead of headline NPAT, yet the dominant Australia segment posted lower profit despite 14% revenue growth.

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HY24 · Released 26 April 2024

Margin expansion of 240bps held PBT up 1.4% on flat revenue

Operating cash flow rose 28.8% but a $5.7m inventory release drove most of it, with inventory days at the bottom of the historical range.

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FY23 · Released 29 September 2023

NPAT up 25.0% but Glassons Australia profit fell as H2 momentum faded

Revenue rose 16.7% but Australia segment profit fell 5.5% and implied second-half NPAT trailed the prior comparable.

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HY23 · Released 31 March 2023

HLG NPAT jumped 74.8% off a weak base, but FCF sat below historical mean

Margins normalised rather than expanded, working capital absorbed NZ$5.9m and capex tripled, leaving free cash flow below the multi-year average.

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FY22 · Released 30 September 2022

NPAT fell 23.1% on flat revenue as NZ segment profits collapsed

Gross margin held at 57.6% and Australia kept growing, but New Zealand segment results fell from $16.1m to $4.1m and operating cash flow dropped

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HY22 · Released 25 March 2022

NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin lift

Operating deleverage on a 6.2% revenue decline cut PBT margin to an unprecedented 9.9% and pushed the NPAT payout ratio to 90.1%.

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FY21 · Released 30 September 2021

PBT up 28.1% as Glassons Australia drives unprecedented margin expansion

Tax normalising from 24.4% to 29.0% understates the operating gain in NPAT, while operating cash flow fell 13.9% on working-capital build.

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Hallenstein Glasson (HLG)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

NPAT up 32.1% on 240bps margin lift led by Glassons Australia

PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

Revenue up 7.7% but PBT flat as Glassons Australia profit slipped

PBT rose 14.8% but unprecedented 33.8% tax rate held NPAT to 7.8%

Margin expansion of 240bps held PBT up 1.4% on flat revenue

NPAT up 25.0% but Glassons Australia profit fell as H2 momentum faded

HLG NPAT jumped 74.8% off a weak base, but FCF sat below historical mean

NPAT fell 23.1% on flat revenue as NZ segment profits collapsed

NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin lift

PBT up 28.1% as Glassons Australia drives unprecedented margin expansion

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Hallenstein Glasson (HLG)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

NPAT up 32.1% on 240bps margin lift led by Glassons Australia

PBT grew 12.1% on 8.1% revenue with cash reserves at $58.3m

Revenue up 7.7% but PBT flat as Glassons Australia profit slipped

PBT rose 14.8% but unprecedented 33.8% tax rate held NPAT to 7.8%

Margin expansion of 240bps held PBT up 1.4% on flat revenue

NPAT up 25.0% but Glassons Australia profit fell as H2 momentum faded

HLG NPAT jumped 74.8% off a weak base, but FCF sat below historical mean

NPAT fell 23.1% on flat revenue as NZ segment profits collapsed

NPAT fell 39.9% as NZ lockdowns overwhelmed a 140bps gross-margin lift

PBT up 28.1% as Glassons Australia drives unprecedented margin expansion

Compare this company

Get notified when HLG publishes