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PFI · NZX

Property for Industry

Covered: HY21 - HY2610 published briefings

Property for Industry is an NZX-listed company covered by Annolyse across HY21 - HY26. This page brings together the latest briefing, the current metrics snapshot, and the published history to date in one place.

Table of Contents

Snapshot

Latest metrics

HY26, released 24 February 2026

MetricValue
Revenue$73.6m
Operating profit$55.2m
NPAT$46.9m
Operating cash flow$28.7m
OCF / Operating profit %51.9%
Net debt$765.4m
Net debt / Operating profit13.87x
ROE %6.5%
DPS2.2c
Payout ratio vs NPAT %23.6%

Longitudinal view

Performance over time

Current-period values from each published briefing, with the most recent reporting period shown first.

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MetricHY266 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 2021
Revenue$73.6m$127.5m$61.2m$57.1m$114.8m$55.4m$110.9m$54.7m$108.7m$52.7m
Revenue growth %20.2%123.3%7.3%3.1%3.5%1.3%2.1%3.7%11.6%9.8%
Operating profit$55.2m$94.4m$44.1m$41.1m$82.4m$41.1m————
Operating profit margin %75.0%74.1%72.0%72.0%71.8%74.2%————
PBT$54.8m$118.3m$30.7m$25.5m-$98.8m-$31.3m-$6.5m$35.7m$472.8m$286.0m
PBT growth %78.8%364.3%20.4%————-87.5%248.5%n/m
NPAT$46.9m$106.0m$28.8m$21.2m-$97.8m-$30.5m-$13.9m$23.8m$452.8m$273.5m
NPAT growth %63.2%400.6%35.8%————-91.3%299.1%n/m
Operating cash flow$28.7m$60.7m$27.9m$27.8m$47.0m$20.6m$52.1m$26.2m$56.1m$40.0m
OCF / Operating profit %51.9%64.3%63.3%67.7%57.1%50.1%————
FCF pre-lease-$0.8m$28.0m$0.4m-$22.1m-$31.8m$2.7m$32.9m$19.1m$32.4m$29.4m
DPS2.2c0.0c2.0c2.2c8.3c1.9c2.6c1.8c2.5c1.8c
Payout ratio vs NPAT %23.6%40.7%34.9%52.1%42.6%-32.1%-98.2%38.3%2.7%3.3%
ROE %6.5%7.4%2.1%1.5%-7.2%-2.1%-0.9%1.5%29.0%19.6%
Net debt$765.4m$705.2m$694.3m$674.0m$645.9m$599.6m$602.4m$601.6m$600.1m$604.1m
Net debt / Operating profit13.87x7.47x15.75x16.40x7.83x14.58x————
Total assets$2276.3m$2186.8m$2116.3m$2086.1m$2063.9m$2100.5m$2162.8m$2225.4m$2217.0m$2073.8m

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.

Metric trajectory

Small multiples turn the table into a trend view while keeping the table above as the primary reference.

Revenue

Reported revenue across covered periods.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

NPAT

Statutory profit after tax.

Operating cash flow

Cash generated from operations.

OCF / EBITDA

Cash conversion against earnings.

FCF pre-lease

Operating cash flow less capex before leases.

ROE

Return on equity.

Net debt

Borrowings less cash; negative values indicate net cash.

Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

DPS

Dividend per share declared for the period.

Payout ratio

Dividend payout against statutory NPAT.

Accountability

What changed versus the prior briefing

Read the prior briefing's expectations and unresolved questions alongside the subsequent result, without forcing long-form editorial text into narrow cards.

Prior Expectations

FY25

From FY25 'up 401%' NPAT reflects a transition-period compare, not a step-change

No quantified earnings target or forward-work balance was disclosed. Management commentary points to "continued earnings and cash flow momentum", supported by re-leasing outcomes, an improving rate environment, and the Green Star development pipeline. The HY25→FY25 bridge implies NPAT was heavily second-half weighted (H1 only 27.1% of full-year NPAT), consistent with investment-property fair value gains landing at year-end. Revenue was more evenly spread (H1 ~48%). With no guidance and no stated target, the release supports a narrative of stabilising industrial-property fundamentals but does not constrain FY26 earnings in any quantifiable way.

Prior Unresolved

FY25

  • What is the underlying like-for-like rental growth rate once the FP24/FY25 period mismatch is stripped out?
  • How much of PBT is fair value gains versus cash operating profit, and what is AFFO on a period-normalised basis?
  • Is the 10.4% effective tax rate sustainable, or will it revert toward the prior ~17%?
  • What is the gearing ratio against covenant, and does the rising net debt constrain the Green Star development pipeline?
  • How much forward committed development capex is funded versus requiring further debt or equity?

This briefing cannot assess valuation (no NTA per share or market price in the extract), tenant or geographic concentration, debt covenant headroom, or the quantum of fair value gains separating statutory profit from recurring earnings.

Archive

Briefing archive

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

HY26 · Released 24 February 2026

PBT up 78.8% on valuation tailwinds, but operating cash barely moved

Reported earnings accelerated sharply while operating cash flow rose just 2.7% and net debt climbed $71.0m, widening the gap between accounting...

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FY25 · Released 25 August 2025

FY25 'up 401%' NPAT reflects a transition-period compare, not a step-change

Headline growth is distorted by a 12-month FY25 versus a shorter FP24; annualised cash dividends are up just 3.6% and net debt stepped up to...

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HY25 · Released 25 February 2025

PFI PBT up 20%, but interim dividend trimmed and net debt climbed to NZ$694m

Headline 36% NPAT growth is flattered by a 6% effective tax rate; operating cash flow was flat and the interim dividend was cut 9%.

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HY24 · Released 26 August 2024

NPAT swings to $21.2m on smaller fair value losses as net debt climbs to $674m

Headline swing to profit is driven by a softer revaluation hit, while underlying operating profit is flat and capex pushes pre-lease FCF to...

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FY23 · Released 26 February 2024

AFFO up 1.0% but NPAT swung to a NZ$97.8m loss on property revaluations

Rental growth and a 2.5% dividend lift sit against a 93bp jump in debt cost, swelling capex, and pre-lease free cash flow turning negative.

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HY23 · Released 22 August 2023

NPAT swung to a NZ$30.5m loss as revaluations overwhelmed 1.3% rental growth

Rental income and the interim dividend edged higher, but a sharp PBT reversal, tripled capex, and weaker operating cash flow reshape the read.

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FY22 · Released 20 February 2023

Fair value reversal flipped NZ$452.8m profit into NZ$13.9m loss as rents...

Rental income and pre-lease free cash flow held firm, but a NZ$56.7m property revaluation loss swamped the result and nudged leverage higher.

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HY22 · Released 22 August 2022

PFI NPAT fell 91% as HY21 revaluation gains didn't repeat, rents up 3.7%

Headline earnings collapse masks a stable rental business, but operating cash flow fell 34% and the effective tax rate jumped to 33.5%.

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FY21 · Released 21 February 2022

PFI's $452.8m NPAT is 87% non-cash revaluation, rental income up just 11.6%

Fair value gains of $392.5m and a 4.2% effective tax rate did most of the work; operating cash only covered 38% of the lifted dividend.

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HY21 · Released 20 August 2021

NPAT surged 1,648% on revaluations while rental revenue rose only 9.8%

The headline profit is dominated by non-cash property gains and a collapsed tax rate, with underlying operating cash generation far smaller than...

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