Historical setup
What FY25 said to watch
From SkyCity operating cash flow fell 77.8% as conversion dropped to 20.9%
No formal FY26 EBITDA or revenue targets are supplied in the release excerpts, so the result has to be judged against shape rather than guidance. HY25 produced only $1.9m of operating cash flow and $6.1m of NPAT, meaning the second half delivered roughly $43.2m of OCF and $23.2m of NPAT — a meaningful sequential improvement, but off a very weak first half rather than a sustained run-rate.
The release excerpts indicate dividends remain suspended at least through the current period and that capital initiatives are being launched to bolster resilience. That is consistent with a company that does not yet expect operating cash to fund both capex and distributions, and the gap between underlying EBITDA decline and reported EBITDA growth is what matters here.