Skip to main content
Annolyse
Back to companies

SPK · NZX

Spark New Zealand (SPK)

Telecommunications & Media / TelecommunicationsCovered: FY21 - FY2611 published briefings

Spark New Zealand is an NZX-listed telecommunications & media / telecommunications company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 20 August 2026

← Swipe to view more
SPK latest metrics
MetricValueChange
Revenue$3.9b↑ +6.0%
EBITDAI$1.3b↑ +23.0%
NPAT$499m↑ +91.9%
Operating cash flow$1b↑ +53.5%
OCF / EBITDAI %80.6%Outside range high ocf / ebitda cash conversion. 80.6%; 5-period range 46.5% to 76.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.↑ +16.0pp
Net debt$912m↓ -37.0%
Net debt / EBITDAI0.7x↓ -49.3%
ROE %30.3%↑ +13.2pp
DPS8.0c↓ -36.0%
Payout ratio vs NPAT %60.6%↓ -118.0pp

Source: latest published briefing (FY26, released 20 August 2026). Change compares against the prior equivalent period: FY25, released 20 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

$3.7b

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

7.46x

i

Recent market cap compared with trailing earnings.

EPS

0.26

i

Recent filing-derived earnings per share.

PEG

0.08x

i

P/E compared with recent earnings growth.

EV/EBITDA

3.58x

i

Enterprise value compared with recent EBITDA.

P/FCF

12.09x

i

Market cap compared with recent free cash flow.

P/B

2.26x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

8.1%

i

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.

Loading chart...

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.

Loading chart...

Ask about SPK

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

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.

Checking account...

Financial history

Performance over time

The latest period is shown first.

← Swipe to view more
SPK metric history
MetricFY2612 MONTHS20 August 2026HY266 MONTHS18 February 2026FY2512 MONTHS20 August 2025HY256 MONTHS21 February 2025FY2412 MONTHS23 August 2024HY246 MONTHS28 February 2024FY2312 MONTHS18 August 2023HY236 MONTHS22 February 2023FY2212 MONTHS24 August 2022HY226 MONTHS23 February 2022FY2112 MONTHS18 August 2021Trend
Revenue$3.9b$1.9b$3.7b$1.9b$3,861,000b$2b$4.5b$2.5b$3.7b$1.9b$3.6b
Chart
Revenue growth %6.0%-2.4%-3.5%-1.9%-14.0%Unprecedented low revenue growth. -14%; 5-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 5-period mean 5.2%, range -3.5%-20.7%.-22.0%Unprecedented low revenue growth. -22%; 4-period range -2.4% to 34.1%. Revenue growth: -22.0%, unprecedented low; 4-period mean 8.8%, range -2.4%-34.1%.20.7%Unprecedented high revenue growth. 20.7%; 5-period range -14% to 6%. Revenue growth: 20.7%, unprecedented high; 5-period mean -1.7%, range -14.0%-6.0%.34.1%Unprecedented high revenue growth. 34.1%; 4-period range -22% to 5.2%. Revenue growth: 34.1%, unprecedented high; 4-period mean -5.3%, range -22.0%-5.2%.3.5%5.2%-0.8%
Chart
  • FY24 Revenue growth %: Unprecedented low revenue growth. -14%; 5-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 5-period mean 5.2%, range -3.5%-20.7%.
EBITDAI$1.3b$448m$1.1b$419m$1.2b$530m$1.7b—$1.2b$538m$1.1b
Chart
EBITDAI margin %32.8%23.7%28.3%Outside range low ebitda margin. 28.3%; 5-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 5-period mean 32.7%, range 30.1%-38.3%.21.6%Outside range low ebitda margin. 21.6%; 3-period range 23.7% to 28.5%. EBITDA margin: 21.6%, below normal range; 3-period mean 26.3%, range 23.7%-28.5%.0.0%26.8%38.3%Unprecedented high ebitda margin. 38.3%; 5-period range 28.3% to 32.8%. EBITDA margin: 38.3%, unprecedented high; 5-period mean 30.7%, range 28.3%-32.8%.—30.9%28.5%Outside range high ebitda margin. 28.5%; 3-period range 21.6% to 26.8%. EBITDA margin: 28.5%, above normal range; 3-period mean 24.0%, range 21.6%-26.8%.31.3%
Chart
  • HY25 EBITDAI margin %: Outside range low ebitda margin. 21.6%; 3-period range 23.7% to 28.5%. EBITDA margin: 21.6%, below normal range; 3-period mean 26.3%, range 23.7%-28.5%.
  • FY25 EBITDAI margin %: Outside range low ebitda margin. 28.3%; 5-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 5-period mean 32.7%, range 30.1%-38.3%.
PBT$574m$88m$347m$59m$514m$227m—$766m$581m$257m$553m
Chart
PBT growth %65.4%Outside range high pbt growth. 65.4%; 3-period range -32.5% to 5.1%. PBT growth: 65.4%, above normal range; 3-period mean -10.5%, range -32.5%-5.1%.49.2%-32.5%Outside range low pbt growth. -32.5%; 3-period range -4.2% to 65.4%. PBT growth: -32.5%, below normal range; 3-period mean 22.1%, range -4.2%-65.4%.-74.0%Outside range low pbt growth. -74%; 4-period range -70.4% to 198.1%. PBT growth: -74.0%, below normal range; 4-period mean 49.4%, range -70.4%-198.1%.—-70.4%—198.1%Unprecedented high pbt growth. 198.1%; 4-period range -74% to 49.2%. PBT growth: 198.1%, unprecedented high; 4-period mean -18.6%, range -74.0%-49.2%.5.1%20.7%-4.2%
Chart
  • HY25 PBT growth %: Outside range low pbt growth. -74%; 4-period range -70.4% to 198.1%. PBT growth: -74.0%, below normal range; 4-period mean 49.4%, range -70.4%-198.1%.
  • FY25 PBT growth %: Outside range low pbt growth. -32.5%; 3-period range -4.2% to 65.4%. PBT growth: -32.5%, below normal range; 3-period mean 22.1%, range -4.2%-65.4%.
  • FY26 PBT growth %: Outside range high pbt growth. 65.4%; 3-period range -32.5% to 5.1%. PBT growth: 65.4%, above normal range; 3-period mean -10.5%, range -32.5%-5.1%.
NPAT$499m$64m$260m$35m—$157m$1.1b$837m$410m$179m$384m
Chart
NPAT growth %91.9%82.9%-17.7%Outside range low npat growth. -17.7%; 4-period range -10.1% to 176.8%. NPAT growth: -17.7%, below normal range; 4-period mean 66.4%, range -10.1%-176.8%.-77.7%—-81.2%Outside range low npat growth. -81.2%; 3-period range -77.7% to 367.6%. NPAT growth: -81.2%, below normal range; 3-period mean 124.3%, range -77.7%-367.6%.176.8%Unprecedented high npat growth. 176.8%; 4-period range -17.7% to 91.9%. NPAT growth: 176.8%, unprecedented high; 4-period mean 17.7%, range -17.7%-91.9%.367.6%Outside range high npat growth. 367.6%; 3-period range -81.2% to 82.9%. NPAT growth: 367.6%, above normal range; 3-period mean -25.3%, range -81.2%-82.9%.6.8%—-10.1%
Chart
  • HY24 NPAT growth %: Outside range low npat growth. -81.2%; 3-period range -77.7% to 367.6%. NPAT growth: -81.2%, below normal range; 3-period mean 124.3%, range -77.7%-367.6%.
  • FY25 NPAT growth %: Outside range low npat growth. -17.7%; 4-period range -10.1% to 176.8%. NPAT growth: -17.7%, below normal range; 4-period mean 66.4%, range -10.1%-176.8%.
Operating cash flow$1b$603m$680m$275m$764m$307m$800m$369m$841m$458m$858m
Chart
OCF / EBITDAI %80.6%Outside range high ocf / ebitda cash conversion. 80.6%; 5-period range 46.5% to 76.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.134.6%Outside range high ocf / ebitda cash conversion. 134.6%; 3-period range 57.9% to 85.1%. OCF / EBITDA cash conversion: 134.6%, above normal range; 3-period mean 69.5%, range 57.9%-85.1%.64.6%65.6%65.7%57.9%Outside range low ocf / ebitda cash conversion. 57.9%; 3-period range 65.6% to 134.6%. OCF / EBITDA cash conversion: 57.9%, below normal range; 3-period mean 95.1%, range 65.6%-134.6%.46.5%Unprecedented low ocf / ebitda cash conversion. 46.5%; 5-period range 64.6% to 80.6%. OCF / EBITDA cash conversion: 46.5%, unprecedented low; 5-period mean 72.1%, range 64.6%-80.6%.—73.1%85.1%76.3%
Chart
  • HY26 OCF / EBITDAI %: Outside range high ocf / ebitda cash conversion. 134.6%; 3-period range 57.9% to 85.1%. OCF / EBITDA cash conversion: 134.6%, above normal range; 3-period mean 69.5%, range 57.9%-85.1%.
  • FY26 OCF / EBITDAI %: Outside range high ocf / ebitda cash conversion. 80.6%; 5-period range 46.5% to 76.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.
FCF pre-lease$308m$107m$330m$77m$330m$46m$489m$115m$296m$183m$504m
Chart
FCF post-lease$308m$107m$330m$77m$330m$46m$489m$115m$296m$183m—
Chart
DPS8.0c8.0c12.5c12.5c27.5c13.5c13.5c13.5c12.5c12.5c12.5c
Chart
Payout ratio vs NPAT %60.6%235.3%Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.178.6%Unprecedented high payout ratio versus npat. 178.6%; 4-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, unprecedented high; 4-period mean 85.0%, range 44.5%-120.8%.—159.0%157.0%44.5%Outside range low payout ratio versus npat. 44.5%; 4-period range 60.6% to 178.6%. Payout ratio versus NPAT: 44.5%, below normal range; 4-period mean 118.5%, range 60.6%-178.6%.30.2%Outside range low payout ratio versus npat. 30.2%; 3-period range 130.2% to 235.3%. Payout ratio versus NPAT: 30.2%, below normal range; 3-period mean 174.2%, range 130.2%-235.3%.114.2%130.2%120.8%
Chart
  • FY25 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 178.6%; 4-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, unprecedented high; 4-period mean 85.0%, range 44.5%-120.8%.
  • HY26 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.
Annual payout ratio vs EPS %60.6%—178.6%—159.0%—44.5%—114.2%—120.8%
Chart
ROE %30.3%4.7%17.1%Outside range low roe. 17.1%; 4-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 4-period mean 35.5%, range 25.5%-58.5%.2.4%Outside range low roe. 2.4%; 3-period range 4.7% to 40.6%. ROE: 2.4%, below normal range; 3-period mean 19.1%, range 4.7%-40.6%.—9.4%58.5%Unprecedented high roe. 58.5%; 4-period range 17.1% to 30.3%. ROE: 58.5%, unprecedented high; 4-period mean 25.2%, range 17.1%-30.3%.40.6%Outside range high roe. 40.6%; 3-period range 2.4% to 12.1%. ROE: 40.6%, above normal range; 3-period mean 6.4%, range 2.4%-12.1%.27.8%12.1%25.5%
Chart
  • HY25 ROE %: Outside range low roe. 2.4%; 3-period range 4.7% to 40.6%. ROE: 2.4%, below normal range; 3-period mean 19.1%, range 4.7%-40.6%.
  • FY25 ROE %: Outside range low roe. 17.1%; 4-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 4-period mean 35.5%, range 25.5%-58.5%.
Net debt$912m$1.4b$1.4b$1.8b$1.6b—$1b——$1.4b$1.3b
Chart
Net debt / EBITDAI0.7x3.12x1.38xOutside range high net debt / ebitda. 1.38x; 4-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 4-period mean 0.94x, range 0.55x-1.34x.4.28x1.34x—0.6xUnprecedented low net debt / ebitda. 0.55x; 4-period range 0.7x to 1.38x. Net debt / EBITDA: 0.55x, unprecedented low; 4-period mean 1.15x, range 0.70x-1.38x.——2.55x1.18x
Chart
  • FY25 Net debt / EBITDAI: Outside range high net debt / ebitda. 1.38x; 4-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 4-period mean 0.94x, range 0.55x-1.34x.
Debtor days39—41Outside range high debtor days. 41d; 5-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 5-period mean 36.3 days, range 31.9 days-40.8 days.—41—33—36—32Unprecedented low debtor days. 32d; 5-period range 33d to 41d. Debtor days: 31.9 days, unprecedented low; 5-period mean 38.2 days, range 33.3 days-41.4 days.
Chart
  • FY25 Debtor days: Outside range high debtor days. 41d; 5-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 5-period mean 36.3 days, range 31.9 days-40.8 days.
Inventory days9128218206Unprecedented low inventory days. 6d; 4-period range 8d to 10d. Inventory days: 6.4 days, unprecedented low; 4-period mean 8.9 days, range 8.1 days-10.5 days.1610Unprecedented high inventory days. 11d; 4-period range 6d to 9d. Inventory days: 10.5 days, unprecedented high; 4-period mean 7.9 days, range 6.4 days-8.7 days.187
Chart
Total assets$4.3b$4.4b$4.5b$4.9b$4.6b$4.7b$4.5b$4.6b$4.2b$4.2b$4.1b
Chart

Reference: annolyse.ai/companies/spk

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.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...
  • FY23 SPK FY: Unprecedented high revenue growth. 20.7%; 5-period range -14% to 6%. Revenue growth: 20.7%, unprecedented high; 5-period mean -1.7%, range -14.0%-6.0%.
  • FY24 SPK FY: Unprecedented low revenue growth. -14%; 5-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 5-period mean 5.2%, range -3.5%-20.7%.
  • HY23 SPK HY: Unprecedented high revenue growth. 34.1%; 4-period range -22% to 5.2%. Revenue growth: 34.1%, unprecedented high; 4-period mean -5.3%, range -22.0%-5.2%.
  • HY24 SPK HY: Unprecedented low revenue growth. -22%; 4-period range -2.4% to 34.1%. Revenue growth: -22.0%, unprecedented low; 4-period mean 8.8%, range -2.4%-34.1%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

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

Loading chart...
  • FY23 SPK FY: Unprecedented high ebitda margin. 38.3%; 5-period range 28.3% to 32.8%. EBITDA margin: 38.3%, unprecedented high; 5-period mean 30.7%, range 28.3%-32.8%.
  • FY25 SPK FY: Outside range low ebitda margin. 28.3%; 5-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 5-period mean 32.7%, range 30.1%-38.3%.
  • HY22 SPK HY: Outside range high ebitda margin. 28.5%; 3-period range 21.6% to 26.8%. EBITDA margin: 28.5%, above normal range; 3-period mean 24.0%, range 21.6%-26.8%.
  • HY25 SPK HY: Outside range low ebitda margin. 21.6%; 3-period range 23.7% to 28.5%. EBITDA margin: 21.6%, below normal range; 3-period mean 26.3%, range 23.7%-28.5%.

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

More financial metrics

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

OCF / EBITDA

Cash conversion against earnings.

Loading chart...
  • FY23 SPK FY: Unprecedented low ocf / ebitda cash conversion. 46.5%; 5-period range 64.6% to 80.6%. OCF / EBITDA cash conversion: 46.5%, unprecedented low; 5-period mean 72.1%, range 64.6%-80.6%.
  • FY26 SPK FY: Outside range high ocf / ebitda cash conversion. 80.6%; 5-period range 46.5% to 76.3%. OCF / EBITDA cash conversion: 80.6%, above normal range; 5-period mean 65.2%, range 46.5%-76.3%.
  • HY24 SPK HY: Outside range low ocf / ebitda cash conversion. 57.9%; 3-period range 65.6% to 134.6%. OCF / EBITDA cash conversion: 57.9%, below normal range; 3-period mean 95.1%, range 65.6%-134.6%.
  • HY26 SPK HY: Outside range high ocf / ebitda cash conversion. 134.6%; 3-period range 57.9% to 85.1%. OCF / EBITDA cash conversion: 134.6%, above normal range; 3-period mean 69.5%, range 57.9%-85.1%.

FCF pre-lease

Operating cash flow less capex before leases.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...
  • FY23 SPK FY: Unprecedented high roe. 58.5%; 4-period range 17.1% to 30.3%. ROE: 58.5%, unprecedented high; 4-period mean 25.2%, range 17.1%-30.3%.
  • FY25 SPK FY: Outside range low roe. 17.1%; 4-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 4-period mean 35.5%, range 25.5%-58.5%.
  • HY23 SPK HY: Outside range high roe. 40.6%; 3-period range 2.4% to 12.1%. ROE: 40.6%, above normal range; 3-period mean 6.4%, range 2.4%-12.1%.
  • HY25 SPK HY: Outside range low roe. 2.4%; 3-period range 4.7% to 40.6%. ROE: 2.4%, below normal range; 3-period mean 19.1%, range 4.7%-40.6%.

Net debt

Borrowings less cash; negative values indicate net cash.

Loading chart...

Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

Loading chart...
  • FY23 SPK FY: Unprecedented low net debt / ebitda. 0.55x; 4-period range 0.7x to 1.38x. Net debt / EBITDA: 0.55x, unprecedented low; 4-period mean 1.15x, range 0.70x-1.38x.
  • FY25 SPK FY: Outside range high net debt / ebitda. 1.38x; 4-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 4-period mean 0.94x, range 0.55x-1.34x.

DPS

Dividend per share declared for the period.

Loading chart...

Payout ratio

Dividend payout against statutory NPAT.

Loading chart...
  • FY23 SPK FY: Outside range low payout ratio versus npat. 44.5%; 4-period range 60.6% to 178.6%. Payout ratio versus NPAT: 44.5%, below normal range; 4-period mean 118.5%, range 60.6%-178.6%.
  • FY25 SPK FY: Unprecedented high payout ratio versus npat. 178.6%; 4-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, unprecedented high; 4-period mean 85.0%, range 44.5%-120.8%.
  • HY23 SPK HY: Outside range low payout ratio versus npat. 30.2%; 3-period range 130.2% to 235.3%. Payout ratio versus NPAT: 30.2%, below normal range; 3-period mean 174.2%, range 130.2%-235.3%.
  • HY26 SPK HY: Outside range high payout ratio versus npat. 235.3%; 3-period range 30.2% to 157%. Payout ratio versus NPAT: 235.3%, above normal range; 3-period mean 105.8%, range 30.2%-157.0%.

Debtor days

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

Loading chart...
  • FY21 SPK FY: Unprecedented low debtor days. 32d; 5-period range 33d to 41d. Debtor days: 31.9 days, unprecedented low; 5-period mean 38.2 days, range 33.3 days-41.4 days.
  • FY25 SPK FY: Outside range high debtor days. 41d; 5-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 5-period mean 36.3 days, range 31.9 days-40.8 days.

Inventory days

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

Loading chart...
  • FY22 SPK FY: Unprecedented high inventory days. 11d; 4-period range 6d to 9d. Inventory days: 10.5 days, unprecedented high; 4-period mean 7.9 days, range 6.4 days-8.7 days.
  • FY23 SPK FY: Unprecedented low inventory days. 6d; 4-period range 8d to 10d. Inventory days: 6.4 days, unprecedented low; 4-period mean 8.9 days, range 8.1 days-10.5 days.

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.

Loading chart...

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 TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

No stated targets are supplied for HY26 and no forward-work disclosure is available. Against HY25's share of FY25 (52.1% of revenue, just 13.5% of NPAT), the FY25 shape was heavily second-half-weighted on profit. Annualising HY26 revenue gives NZ$3.8b, modestly above FY25's NZ$3.7b, but the EBITDAI margin gap to historical norms means absolute earnings recovery depends on continued cost-out and mix improvement rather than top-line.

The gap that matters is between the company's own historical EBITDAI margin (mean 32.1%) and the current 23.7%. Until that re-rates, leverage and payout pressure will continue to be the binding constraints.

Open questions

Open questions from HY26

  • What level of EBITDAI margin does management view as the normalised run-rate, and what is the path back to the historical 32%+ range?
  • How will the payout ratio be reconciled with reported earnings if NPAT does not recover materially in H2?
  • Why did the effective tax rate fall from 40.7% to 38.6%, and is that level sustainable into FY27?
  • What is the targeted net debt/EBITDA ratio, and over what timeframe does management expect to return inside the historical 0.7x–2.8x range?
  • How much of the H1 cash conversion uplift is repeatable versus timing-driven into H2?

This briefing cannot assess management's specific FY26 EBITDAI guidance range or competitive dynamics in mobile and broadband pricing that may drive H2 revenue trajectory.

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

1. Market Release

FY26 / results release

2. Results Announcement

FY26 / results announcement

4. Annual Report

FY26 / financial report

5. Investor Presentation

FY26 / results presentation

Prior comparable period

1. Market Release

FY25 / results release

2. Results Announcement

FY25 / results announcement

4. Annual Report

FY25 / financial report

5. Investor Presentation

FY25 / results presentation

Interim context

Interim Financial Statements

HY26 / financial report

Investor Presentation

HY26 / results presentation

Market Release

HY26 / results release

Results Announcement

HY26 / results announcement

Release context

Market Release - Spark releases FY30 strategy and update on Chair succession

FY25 / commentary

Market Release - Spark releases FY30 strategy and update on Chair succession

HY26 / commentary

Spark New Zealand Limited's Annual Meeting Results 2025

HY26 / commentary

Peer context

Other covered Telecommunications & Media companies

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

SKT · HY26

Sky Network Television

8 published result briefings

CNU · FY26

Chorus

7 published result briefings

NZM · FY25

NZME

4 published result briefings

Compare SPK, SKT, CNU, NZM →Telecommunications & Media result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 20 August 2026

Headline FY26 growth outpaces flat underlying trading performance

Reported gains in revenue and earnings diverge sharply from adjusted, like-for-like results this year.

Read briefing

HY26 · Released 18 February 2026

TenPeaks transaction with Pacific Equity Partners (PEP) puts Spark New Zealand's debt headroom in focus

The NZ$453m initial cash proceeds and NZ$98m deferred cash proceeds from the TenPeaks transaction with Pacific Equity Partners (PEP) is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Read briefing

FY25 · Released 20 August 2025

Profit before tax fell 32.5% as a lower tax rate cushioned NPAT to -17.7%

Working-capital absorption reached an unprecedented level even as leverage and payout ratios moved outside Spark's historical range.

Read briefing

HY25 · Released 21 February 2025

Connexa sale sharpens Spark New Zealand's cash-flow test

The NZ$314m disclosed value from the Connexa sale adds cash-context, while operating cash, capex and working capital remain the direct evidence.

Read briefing

FY24 · Released 23 August 2024

Spark FY24 EBITDAI fell 32.5% as cost base lagged demand decline

Free cash flow dropped to $330.0m from $489.0m even as revenue fell 14.0%, raising questions about dividend durability.

Read briefing

HY24 · Released 28 February 2024

Net debt/EBITDA stepped from 0.7x to 2.8x after TowerCo distribution

Reported declines cycle the FY23 TowerCo gain; underneath, capex intensity rose to 14.5% of revenue and gross borrowings climbed NZ$587m.

Read briefing
Open all 11 result briefings

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 26.5pp, with a distortion flag in the result.

Open insight

Insight

Cash conversion quality

This result converted 80.6% of EBITDA to operating cash flow, +16.0pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Company-disclosed payout ratio is 100.0% on an FCF basis, with NPAT payout at 60.6%.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 0.70x, -0.67x versus the prior comparable period.

Open insight

Get notified when SPK publishes

Get the next Spark New Zealand result briefing and five-year history updates by email.