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KPG · NZX

Kiwi Property Group (KPG)

Property / Property investmentCovered: HY21 - FY2611 published briefings

Kiwi Property Group is an NZX-listed property / property investment company. Its latest covered result is FY26, with HY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 18 May 2026

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KPG latest metrics
MetricValueChange
Revenue$271.4m↑ +2.9%
NPAT$50.4m↓ -11.6%
Operating cash flow$81.8m↑ +1.7%
ROE %2.7%↓ -0.3pp
DPS1.4c↑ +3.7%
Payout ratio vs NPAT %182.4%↑ +31.1pp
Annual payout ratio vs EPS %182.4%↑ +31.1pp
PBT$78.4m↓ -17.0%
FCF pre-lease$25.5m↑ +215.9%
Debtor days11Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days.↓ -17.9%

Source: latest published briefing (FY26, released 18 May 2026). Change compares against the prior equivalent period: FY25, released 26 May 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 4 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1.5b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

30.13x

i

Recent market cap compared with trailing earnings.

EPS

0.03

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Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

59.64x

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Market cap compared with recent free cash flow.

P/B

0.82x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

6.1%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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KPG metric history
MetricFY2612 MONTHS18 May 2026HY266 MONTHS24 November 2025FY2512 MONTHS26 May 2025HY256 MONTHS25 November 2024FY2412 MONTHS27 May 2024HY246 MONTHS27 November 2023FY2312 MONTHS22 May 2023HY236 MONTHS28 November 2022FY2212 MONTHS23 May 2022HY226 MONTHS22 November 2021HY216 MONTHS23 November 2020Trend
Revenue$271.4m$136.7m$263.7m$128.4m$240.5m$117.7m$259.1m$130.2m$246.8m$121.4m$112.2m
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Revenue growth %2.9%6.5%9.6%Outside range high revenue growth. 9.6%; 4-period range -6.2% to 6.2%. Revenue growth: 9.6%, above normal range; 4-period mean 2.1%, range -6.2%-6.2%.9.0%Outside range high revenue growth. 9%; 5-period range -47.8% to 7.3%. Revenue growth: 9.0%, above normal range; 5-period mean -9.8%, range -47.8%-7.3%.-6.2%Unprecedented low revenue growth. -6.2%; 4-period range 2.9% to 9.6%. Revenue growth: -6.2%, unprecedented low; 4-period mean 6.1%, range 2.9%-9.6%.-9.6%5.7%7.3%6.2%-47.8%Unprecedented low revenue growth. -47.8%; 5-period range -9.6% to 9%. Revenue growth: -47.8%, unprecedented low; 5-period mean 1.6%, range -9.6%-9.0%.-5.1%
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  • FY24 Revenue growth %: Unprecedented low revenue growth. -6.2%; 4-period range 2.9% to 9.6%. Revenue growth: -6.2%, unprecedented low; 4-period mean 6.1%, range 2.9%-9.6%.
  • HY25 Revenue growth %: Outside range high revenue growth. 9%; 5-period range -47.8% to 7.3%. Revenue growth: 9.0%, above normal range; 5-period mean -9.8%, range -47.8%-7.3%.
  • FY25 Revenue growth %: Outside range high revenue growth. 9.6%; 4-period range -6.2% to 6.2%. Revenue growth: 9.6%, above normal range; 4-period mean 2.1%, range -6.2%-6.2%.
Operating profit—$62.9m—$56.4m$108.2m$52.4m$129.6m——$62.5m—
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Operating profit margin %—46.0%—43.9%45.0%44.5%50.0%——51.5%—
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PBT$78.4m$23.7m$94.5m$54.7m$24.7m-$24.9m-$214.8m-$135.4m$260.6m$161m$64.2m
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PBT growth %-17.0%-56.7%282.6%—————17.2%-27.6%35.7%
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NPAT$50.4m$9.8m$57m$43.2m-$2.1m-$36.5m-$227.7m-$151.1m$224.3m$143.2m$54.2m
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NPAT growth %-11.6%-77.3%——————14.1%-27.1%47.3%
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Operating cash flow$81.8m$47.9m$80.5m$37m$99.3m$47.8m$113m$59.2m$115.6m$56.2m$56.7m
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OCF / Operating profit %—76.2%—65.7%91.8%91.3%87.2%——90.0%—
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FCF pre-lease$25.5m$18.9m-$22m-$27.3m-$72.7m-$40m-$49.4m-$21.7m$34.2m$23.4m-$20.6m
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DPS1.4c1.4c1.4c1.4c1.4c1.4c1.4c1.4c2.9c2.8c2.2c
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Payout ratio vs NPAT %182.4%—151.3%49.6%————39.2%30.2%63.6%
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Annual payout ratio vs EPS %182.4%—151.3%—————39.2%——
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ROE %2.7%0.5%3.1%2.3%-0.1%-2.0%-11.8%Unprecedented low roe. -11.8%; 4-period range -0.1% to 9.9%. ROE: -11.8%, unprecedented low; 4-period mean 3.9%, range -0.1%-9.9%.-7.4%Unprecedented low roe. -7.4%; 4-period range -2% to 2.7%. ROE: -7.4%, unprecedented low; 4-period mean 0.9%, range -2.0%-2.7%.9.9%Outside range high roe. 9.9%; 4-period range -11.8% to 3.1%. ROE: 9.9%, above normal range; 4-period mean -1.5%, range -11.8%-3.1%.6.4%2.7%Outside range high roe. 2.7%; 4-period range -7.4% to 2.3%. ROE: 2.7%, above normal range; 4-period mean -1.6%, range -7.4%-2.3%.
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Debtor days11Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days.13141312121311Outside range low debtor days. 11d; 5-period range 12d to 36d. Debtor days: 10.9 days, below normal range; 5-period mean 18.7 days, range 12.1 days-36.0 days.17Unprecedented high debtor days. 18d; 4-period range 11d to 14d. Debtor days: 17.5 days, unprecedented high; 4-period mean 12.5 days, range 11.1 days-13.5 days.1936Unprecedented high debtor days. 36d; 5-period range 11d to 19d. Debtor days: 36.0 days, unprecedented high; 5-period mean 13.7 days, range 10.9 days-19.2 days.
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  • FY26 Debtor days: Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days.
Inventory days132131123115112——————
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Total assets$3.2b$3.3b$3.3b$3.3b$3.2b$3.1b$3.2b$3.5b$3.6b$3.5b$3.3b
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Reference: annolyse.ai/companies/kpg

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.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • HY22 KPG HY: Unprecedented low revenue growth. -47.8%; 5-period range -9.6% to 9%. Revenue growth: -47.8%, unprecedented low; 5-period mean 1.6%, range -9.6%-9.0%.
  • HY25 KPG HY: Outside range high revenue growth. 9%; 5-period range -47.8% to 7.3%. Revenue growth: 9.0%, above normal range; 5-period mean -9.8%, range -47.8%-7.3%.
  • FY24 KPG FY: Unprecedented low revenue growth. -6.2%; 4-period range 2.9% to 9.6%. Revenue growth: -6.2%, unprecedented low; 4-period mean 6.1%, range 2.9%-9.6%.
  • FY25 KPG FY: Outside range high revenue growth. 9.6%; 4-period range -6.2% to 6.2%. Revenue growth: 9.6%, above normal range; 4-period mean 2.1%, range -6.2%-6.2%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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FCF pre-lease

Operating cash flow less capex before leases.

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ROE

Return on equity.

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  • HY21 KPG HY: Outside range high roe. 2.7%; 4-period range -7.4% to 2.3%. ROE: 2.7%, above normal range; 4-period mean -1.6%, range -7.4%-2.3%.
  • HY23 KPG HY: Unprecedented low roe. -7.4%; 4-period range -2% to 2.7%. ROE: -7.4%, unprecedented low; 4-period mean 0.9%, range -2.0%-2.7%.
  • FY22 KPG FY: Outside range high roe. 9.9%; 4-period range -11.8% to 3.1%. ROE: 9.9%, above normal range; 4-period mean -1.5%, range -11.8%-3.1%.
  • FY23 KPG FY: Unprecedented low roe. -11.8%; 4-period range -0.1% to 9.9%. ROE: -11.8%, unprecedented low; 4-period mean 3.9%, range -0.1%-9.9%.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • HY21 KPG HY: Unprecedented high debtor days. 36d; 5-period range 11d to 19d. Debtor days: 36.0 days, unprecedented high; 5-period mean 13.7 days, range 10.9 days-19.2 days.
  • HY23 KPG HY: Outside range low debtor days. 11d; 5-period range 12d to 36d. Debtor days: 10.9 days, below normal range; 5-period mean 18.7 days, range 12.1 days-36.0 days.
  • FY22 KPG FY: Unprecedented high debtor days. 18d; 4-period range 11d to 14d. Debtor days: 17.5 days, unprecedented high; 4-period mean 12.5 days, range 11.1 days-13.5 days.
  • FY26 KPG FY: Outside range low debtor days. 11d; 4-period range 12d to 17d. Debtor days: 11.1 days, below normal range; 4-period mean 14.1 days, range 12.1 days-17.5 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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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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  • HY23 KPG: Outside range low operating working-capital movement. $-5m; 4-period range $0m to $82.4m. Operating working-capital movement: NZ$-5.0m, below normal range; 3/4 prior periods had builds averaging NZ$38.5m, and none had a working-capital release.
  • HY25 KPG: Unprecedented high operating working-capital movement. $82.4m; 4-period range $-5m to $17.8m. Operating working-capital movement: NZ$82.4m, unprecedented high; 2/4 prior periods had builds averaging NZ$16.5m, and 1 had releases averaging NZ$-5.0m.

The setup & the reality

HY26 → FY26 Follow-through

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

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%

No forward distributable-earnings target is supplied in the release excerpts. Management has flagged FY26 priorities including balance-sheet management, and the post-period Sylvia Park Lifestyle sale provides ~$53m of capital; S&P has revised the credit outlook. The full-year dividend per share is 5.6cps versus 5.4cps prior, with management disclosing an 88% payout ratio on an AFFO basis.

Annualising current-half revenue gives $273.3m, modestly above FY25's $263.7m. The prior year was heavily second-half-weighted on NPAT (HY25 contributed 75.8% of FY25 NPAT), so any H2 NPAT recovery this year depends almost entirely on revaluation movements and the tax line normalising — neither of which the current release allows us to test.

Open questions

Open questions from HY26

  • What specifically caused the effective tax rate to jump to 58.6%, and how much of it is one-off versus structural?
  • What was the magnitude of the fair-value movement on investment property that pushed PBT down despite an 11.5% rise in operating profit?
  • How will the ~$53m of Sylvia Park Lifestyle sale proceeds be allocated between debt reduction, development capex, and distributions?
  • Why did segment reporting shift so much revenue from Retail to Other, and how does management want investors to read like-for-like segment trends?
  • Is the 88% AFFO payout ratio sustainable once development capex returns toward FY25 levels?

This briefing cannot assess the underlying property valuation assumptions, occupancy and WALT trajectory, or cap-rate exposure that ultimately drive the NTA direction.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Kiwi Property Annual Report 2026

FY26 / financial report

Kiwi Property Annual Results Presentation 2026

FY26 / results presentation

Kiwi Property Results Announcement Notice 2026

FY26 / results announcement

Prior comparable period

Kiwi Property Annual Report 2025

FY25 / financial report

Kiwi Property Annual Results Presentation 2025

FY25 / results presentation

Kiwi Property Results Announcement Notice 2025

FY25 / results announcement

Interim context

Kiwi Property Interim Report 1H26

HY26 / financial report

Kiwi Property Interim Results presentation 1H26

HY26 / results presentation

Kiwi Property NZX results announcement notice 1H26

HY26 / results announcement

Release context

Annual meeting date and closing date for director nominations

FY25 / commentary

Annual meeting date, closing date for director nominations

FY26 / commentary

Sale of ASB North Wharf unconditional

FY26 / commentary

Kiwi Property’s credit rating outlook revised to stable

HY26 / commentary

Peer context

Property investment comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

APL · FY26

Asset Plus

9 published result briefings

PCT · HY26

Precinct Properties

7 published result briefings

ARG · FY26

Argosy Property

6 published result briefings

Compare KPG, APL, PCT, ARG →Property result archiveNZX property comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 18 May 2026

PBT fell 17.0% while FCF swung to NZ$25.5m on a 45% capex cut

Reported earnings declined and the 5.6cps full-year dividend ran at 182.4% of NPAT, with lower capex rather than profit growth funding deleveraging.

Read briefing

HY26 · Released 24 November 2025

NTA per share fell 4.3% to $1.12 even as operating profit rose 11.5%

Valuation pressure and a 58.6% effective tax rate cut NPAT to $9.8m, while pre-lease free cash flow swung to $18.9m on lower capex.

Read briefing

FY25 · Released 26 May 2025

NPAT swung to $57.0m but operating cash fell 19%

A lower effective tax rate contributed to the headline earnings recovery while working capital absorbed $17.5m and the full-year dividend fell to 5.4c.

Read briefing

HY25 · Released 25 November 2024

Operating profit fell 25.2% as pre-lease FCF dropped to -$27.3m

The 218.3% NPAT rebound is a valuation-driven swing from prior-year losses; operating profit, cash conversion, and the dividend all weakened.

Read briefing

FY24 · Released 27 May 2024

Working capital absorbed NZ$72.0m, driving pre-lease FCF to NZ$-72.7m

Headline NPAT loss narrowed on smaller revaluation hits, but operating profit fell 37.7% and gearing rose with capex at 71.5% of revenue.

Read briefing

HY24 · Released 27 November 2023

Loss narrowed 75.8% but pre-lease FCF dropped to -$40.0m

Revenue fell 9.6% on portfolio reshaping while capex climbed to 74.6% of revenue, leaving pre-lease cash flow below its historical range.

Read briefing
Open all 11 result briefings

Related insights

Compare this company

The latest KPG metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 5.4pp, with a distortion flag in the result.

Open insight

Insight

Dividend coverage and payout pressure

Company-disclosed payout ratio is 92.0% on a company-disclosed basis, with NPAT payout at 182.4%.

Open insight

Insight

Working-capital pressure

Inventory days were 132 days, +9 days versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was 2.9% for this reporting period.

Open insight

Get notified when KPG publishes

Get the next Kiwi Property Group result briefing and five-year history updates by email.