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PFI · NZX

Property for Industry (PFI)

Property / Industrial propertyCovered: HY21 - FY2611 published briefings

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

Sections

Latest result

Latest metrics

FY26, released 24 August 2026

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PFI latest metrics
MetricValueChange
Revenue$144.4m↑ +13.3%
NPAT$77.7m↓ -26.7%
Operating cash flow$61.4m↑ +1.2%
Net debt$779.8m↑ +11.1%
ROE %5.3%↓ -2.1pp
Payout ratio vs NPAT %61.4%↑ +20.7pp
Annual payout ratio vs EPS %61.4%↑ +20.7pp
PBT$92.7m↓ -21.6%
FCF pre-lease-$50.2m↓ -510.4%
Total assets$2.3b↑ +6.1%

Source: latest published briefing (FY26, released 24 August 2026). Change compares against the prior equivalent period: FY25, released 25 August 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, 18 September 2026

Price and market cap

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

Market cap

$1.1b

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

14.55x

i

Recent market cap compared with trailing earnings.

EPS

0.15

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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

i

Not available for this company right now.

P/FCF

Not available

i

Not meaningful when free cash flow is negative or unavailable.

P/B

0.78x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.2%

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Trailing dividends compared with the latest close.

Total return

Not available

i

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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PFI metric history
MetricFY2612 MONTHS24 August 2026HY266 MONTHS24 February 2026FY2512 MONTHS25 August 2025HY256 MONTHS25 February 2025HY246 MONTHS26 August 2024FY2312 MONTHS26 February 2024HY236 MONTHS22 August 2023FY2212 MONTHS20 February 2023HY226 MONTHS22 August 2022FY2112 MONTHS21 February 2022HY216 MONTHS20 August 2021Trend
Revenue$144.4m$73.6m$127.5m$61.2m$47.2m$92.8m$55.4m$73.3m$88.4m$517.2m$306.5m
Chart
Revenue growth %13.3%20.2%170.1%7.3%-14.8%Outside range low revenue growth. -14.8%; 5-period range 1.3% to 538.1%. Revenue growth: -14.8%, below normal range; 5-period mean 126.9%, range 1.3%-538.1%.-16.3%1.3%Outside range low revenue growth. 1.3%; 4-period range 7.3% to 538.1%. Revenue growth: 1.3%, below normal range; 4-period mean 158.3%, range 7.3%-538.1%.-32.5%Outside range low revenue growth. -32.5%; 4-period range -16.3% to 431%. Revenue growth: -32.5%, below normal range; 4-period mean 149.5%, range -16.3%-431.0%.67.7%431.0%Unprecedented high revenue growth. 431%; 4-period range -32.5% to 170.1%. Revenue growth: 431.0%, unprecedented high; 4-period mean 33.7%, range -32.5%-170.1%.n/m
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  • HY24 Revenue growth %: Outside range low revenue growth. -14.8%; 5-period range 1.3% to 538.1%. Revenue growth: -14.8%, below normal range; 5-period mean 126.9%, range 1.3%-538.1%.
EBITDA—$55.2m—————————
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EBITDA margin %—75.0%—————————
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PBT$92.7m$54.8m$118.3m$30.7m$25.5m-$98.8m-$31.3m-$6.5m$35.7m$472.8m$286m
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PBT growth %-21.6%78.5%363.9%20.4%————-87.5%248.4%n/mUnprecedented high pbt growth. n/m; 4-period range -187.6% to 78.5%. PBT growth: n/m, unprecedented high; 4-period mean -44.1%, range -187.6%-78.5%.
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NPAT$77.7m$46.9m$106m$28.8m$21.2m-$97.8m-$30.5m-$13.9m$23.8m$452.8m$273.5m
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NPAT growth %-26.7%62.8%400.0%35.8%————-91.3%298.9%n/mUnprecedented high npat growth. n/m; 4-period range -228.4% to 62.8%. NPAT growth: n/m, unprecedented high; 4-period mean -55.3%, range -228.4%-62.8%.
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Operating cash flow$61.4m$28.7m$60.7m$27.9m$27.8m$47m$20.6m$52.1m$26.2m$56.1m$40m
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OCF / EBITDA %—51.9%—————————
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FCF pre-lease-$50.2m-$0.75m$12.2m-$13.7m-$26.2m-$30m$6.4m$31.6m$18.9m$32.2m$27.7m
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FCF post-lease———-$13.7m———————
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DPS—2.2c2.5c2.0c2.2c2.5c1.9c2.6c1.8c2.5c1.8c
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Payout ratio vs NPAT %61.4%23.6%40.7%34.9%52.1%Outside range high payout ratio versus npat. 52.1%; 4-period range 3.3% to 38.3%. Payout ratio versus NPAT: 52.1%, above normal range; 4-period mean 25.0%, range 3.3%-38.3%.———38.3%Outside range high payout ratio versus npat. 38.3%; 3-period range 3.3% to 34.9%. Payout ratio versus NPAT: 38.3%, above normal range; 3-period mean 20.6%, range 3.3%-34.9%.4.7%3.3%Outside range low payout ratio versus npat. 3.3%; 3-period range 23.6% to 38.3%. Payout ratio versus NPAT: 3.3%, below normal range; 3-period mean 32.3%, range 23.6%-38.3%.
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  • HY24 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 52.1%; 4-period range 3.3% to 38.3%. Payout ratio versus NPAT: 52.1%, above normal range; 4-period mean 25.0%, range 3.3%-38.3%.
Annual payout ratio vs EPS %61.4%—40.7%——————4.7%—
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ROE %5.3%6.5%Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%.7.4%2.1%1.6%-7.2%Outside range low roe. -7.2%; 3-period range 5.3% to 29%. ROE: -7.2%, below normal range; 3-period mean 13.9%, range 5.3%-29.0%.-2.1%Outside range low roe. -2.1%; 3-period range 1.5% to 6.5%. ROE: -2.1%, below normal range; 3-period mean 3.4%, range 1.5%-6.5%.-0.9%1.5%29.0%Outside range high roe. 29%; 3-period range -7.2% to 7.4%. ROE: 29.0%, above normal range; 3-period mean 1.8%, range -7.2%-7.4%.19.6%
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  • HY26 ROE %: Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%.
Net debt$779.8m$765.4m$702.1m$694.3m$674m$645.9m$599.6m$602.4m$601.6m$600.1m$604.1m
Chart
Net debt / EBITDA—13.87x—————————
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Total assets$2.3b$2.3b$2.2b$2.1b$2.1b$2.1b$2.1b$2.2b$2.2b$2.2b$2.1b
Chart

Reference: annolyse.ai/companies/pfi

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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  • HY23 PFI HY: Outside range low revenue growth. 1.3%; 4-period range 7.3% to 538.1%. Revenue growth: 1.3%, below normal range; 4-period mean 158.3%, range 7.3%-538.1%.
  • HY24 PFI HY: Outside range low revenue growth. -14.8%; 5-period range 1.3% to 538.1%. Revenue growth: -14.8%, below normal range; 5-period mean 126.9%, range 1.3%-538.1%.
  • FY21 PFI FY: Unprecedented high revenue growth. 431%; 4-period range -32.5% to 170.1%. Revenue growth: 431.0%, unprecedented high; 4-period mean 33.7%, range -32.5%-170.1%.
  • FY22 PFI FY: Outside range low revenue growth. -32.5%; 4-period range -16.3% to 431%. Revenue growth: -32.5%, below normal range; 4-period mean 149.5%, range -16.3%-431.0%.

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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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • HY23 PFI HY: Outside range low roe. -2.1%; 3-period range 1.5% to 6.5%. ROE: -2.1%, below normal range; 3-period mean 3.4%, range 1.5%-6.5%.
  • HY26 PFI HY: Outside range high roe. 6.5%; 3-period range -2.1% to 2.1%. ROE: 6.5%, above normal range; 3-period mean 0.5%, range -2.1%-2.1%.
  • FY21 PFI FY: Outside range high roe. 29%; 3-period range -7.2% to 7.4%. ROE: 29.0%, above normal range; 3-period mean 1.8%, range -7.2%-7.4%.
  • FY23 PFI FY: Outside range low roe. -7.2%; 3-period range 5.3% to 29%. ROE: -7.2%, below normal range; 3-period mean 13.9%, range 5.3%-29.0%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • HY21 PFI HY: Outside range low payout ratio versus npat. 3.3%; 3-period range 23.6% to 38.3%. Payout ratio versus NPAT: 3.3%, below normal range; 3-period mean 32.3%, range 23.6%-38.3%.
  • HY22 PFI HY: Outside range high payout ratio versus npat. 38.3%; 3-period range 3.3% to 34.9%. Payout ratio versus NPAT: 38.3%, above normal range; 3-period mean 20.6%, range 3.3%-34.9%.
  • HY24 PFI HY: Outside range high payout ratio versus npat. 52.1%; 4-period range 3.3% to 38.3%. Payout ratio versus NPAT: 52.1%, above normal range; 4-period mean 25.0%, range 3.3%-38.3%.

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 Revenue grew an unprecedented 20.2% but operating cash flow rose 2.7%

PFI's pattern has historically been second-half weighted: HY25 contributed 48% of FY25 revenue and only 27.1% of FY25 NPAT, with FY25 NPAT skewed by NZ$152.1m of revaluation movement. Annualising current half revenue gives roughly NZ$147.2m, materially above FY25's NZ$127.5m, but the FY outcome will again hinge on H2 valuation movements rather than rents.

The Board has increased FY26 dividend guidance and lifted the declared interim cash dividend to 4.40 cps for the period (the 2.2 cps current-announcement component compares with 2.0 cps in HY25, +10%). No specific dollar earnings target is supplied, so guidance follow-through will need to be judged against H2 rent-review momentum and any further valuation marks.

Open questions

Open questions from HY26

  • What share of the 20.2% revenue uplift is organic rent growth versus acquired or completed-development income added since HY25?
  • Why did OCF rise only 2.7% when revenue rose 20.2%, and what was the working-capital or interest-cost drag in the period?
  • What is the disclosed FFO figure and how does it reconcile to the NZ$46.9m statutory NPAT after stripping the NZ$17.1m fair value gain?
  • How much committed development capex remains, and what is the funding mix between debt, retained cash, and equity?
  • What cap-rate assumptions sit behind the NZ$17.1m valuation uplift, and how sensitive is NTA to a 25–50bp movement?

This briefing cannot assess WALT, occupancy, NTA per share, or gearing-covenant headroom because those disclosures were not present in the supplied extraction.

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

2026 06 30 - PFI - Annual Report - 12ME 30 June 2026

FY26 / financial report

Prior comparable period

2025 06 30 - PFI - Annual Report - 12ME 30 June 2025

FY25 / financial report

Interim context

Interim Report

HY26 / financial report

Interim Results Announcement

HY26 / results release

Interim Results Presentation

HY26 / results presentation

NZX Form - Results Announcement

HY26 / results announcement

Release context

Leasing and Development Update, FY26 Dividend Guidance Update

FY25 / commentary

Upgraded FY25 Earnings Guidance

FY25 / commentary

PFI - NZX Announcement - FY26 Annual Results and Webcast Details

FY26 / commentary

Annual Meeting Outcome and Board Composition

HY26 / commentary

Peer context

Other covered Property companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

KPG · FY26

Kiwi Property Group

11 published result briefings

CDI · HY26

CDL Investments New Zealand

10 published result briefings

APL · FY26

Asset Plus

9 published result briefings

NZL · HY26

New Zealand Rural Land Company

9 published result briefings

Compare PFI, KPG, CDI, APL →Property result archiveNZX property comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 24 August 2026

PFI free cash flow swings to -$50.2m on a debt-funded capex surge

PBT fell 21.6% and payout rose to 61.4% of NPAT while pre-lease free cash flow turned to -$50.2m, funded by rising debt.

Read briefing

HY26 · Released 24 February 2026

Revenue grew an unprecedented 20.2% but operating cash flow rose 2.7%

Reported PBT up 78.5% includes $17.1m of property fair value gains, while pre-lease free cash flow turned negative as capex outpaced operating cash.

Read briefing

FY25 · Released 25 August 2025

FY25 growth inflated by 6-month base and fair value gains

Reported revenue of NZ$127.5m and NPAT of NZ$106.0m compare to a six-month transition period; the durable read is NTA up 4.8% to NZ$2.84.

Read briefing

HY25 · Released 25 February 2025

PFI HY25: PBT up 20.4% but interim dividend cut 9.1%

A tax-rate flip lifts headline NPAT to +35.8% while operating cash flow stays flat and net debt rises NZ$20m to fund the development pipeline.

Read briefing

HY24 · Released 26 August 2024

Pre-lease FCF hit unprecedented -$26.2m as capex tripled to $54.0m

Headline NPAT swung +169.4% on a smaller fair-value loss, but operating profit was flat and rising debt funded the development spend.

Read briefing

FY23 · Released 26 February 2024

FCF swung to NZ$30.0m outflow as capex tripled to NZ$77.0m

Operating cash held near prior at NZ$47.0m, but a development capex step-up left the dividend no longer covered by free cash flow.

Read briefing
Open all 11 result briefings

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 5.1pp, with a distortion flag in the result.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 61.4%.

Open insight

Insight

Revenue growth context

Revenue growth was 13.3% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 5.3%, -2.1pp versus the prior comparable period.

Open insight

Get notified when PFI publishes

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