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SPK · NZX

Spark New Zealand (SPK)

Telecommunications & Media / TelecommunicationsCovered: FY21 - HY2610 published briefings

Spark New Zealand is an NZX-listed telecommunications & media / telecommunications company with FY21 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 18 February 2026

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SPK latest metrics
MetricValueChange
Revenue$1.9b↓ -2.4%
EBITDAI$448m↑ +6.9%
NPAT$64m↑ +82.9%
Operating cash flow$603m↑ +119.3%
OCF / EBITDAI %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%.↑ +69.0pp
Net debt$1.4b↓ -22.2%
Net debt / EBITDAI3.12x↓ -27.1%
ROE %4.7%↑ +2.3pp
DPS8.0c↓ -36.0%
Payout ratio vs NPAT %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%.—

Source: latest published briefing (HY26, released 18 February 2026). Change compares against the prior equivalent period: HY25, released 21 February 2025.

Valuation

Valuation

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 31 July 2026

Price and market cap

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

Market cap

$3.6b

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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

12.56x

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Recent market cap compared with trailing earnings.

EPS

0.15

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Recent filing-derived earnings per share.

PEG

0.15x

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P/E compared with recent earnings growth.

EV/EBITDA

4.64x

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Enterprise value compared with recent EBITDA.

P/FCF

10.08x

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Market cap compared with recent free cash flow.

P/B

2.68x

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Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

10.7%

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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 readouts against real observations. Expand opens the chart at reading size.

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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Ask about SPK

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

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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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Longitudinal view

Performance over time

The latest period is shown first.

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SPK metric history
MetricHY266 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$1.9b$3.7b$1.9b$3.9b$2b$4.5b$2.5b$3.7b$1.9b$3.6b
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Revenue growth %-2.4%-3.5%-1.9%-14.0%Unprecedented low revenue growth. -14%; 4-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 4-period mean 5.0%, 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%; 4-period range -14% to 3.5%. Revenue growth: 20.7%, unprecedented high; 4-period mean -3.7%, range -14.0%-3.5%.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%
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  • HY24 Revenue growth %: 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%.
  • FY24 Revenue growth %: Unprecedented low revenue growth. -14%; 4-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 4-period mean 5.0%, range -3.5%-20.7%.
EBITDAI$448m$1.1b$419m$1.2b$530m$1.7b—$1.2b$538m$1.1b
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EBITDAI margin %23.7%28.3%Outside range low ebitda margin. 28.3%; 4-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 4-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%.30.1%26.8%38.3%Unprecedented high ebitda margin. 38.3%; 4-period range 28.3% to 31.3%. EBITDA margin: 38.3%, unprecedented high; 4-period mean 30.2%, range 28.3%-31.3%.—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%
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  • 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%; 4-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 4-period mean 32.7%, range 30.1%-38.3%.
PBT$88m$347m$59m$514m$227m—$766m$581m$257m$553m
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PBT growth %49.2%-32.5%-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%
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  • HY23 PBT growth %: 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%.
  • 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%.
NPAT$64m$260m$35m—$157m$1.1b$837m$410m$179m$384m
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NPAT growth %82.9%-17.7%Outside range low npat growth. -17.7%; 3-period range -10.1% to 176.8%. NPAT growth: -17.7%, below normal range; 3-period mean 57.8%, 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%Outside range high npat growth. 176.8%; 3-period range -17.7% to 6.8%. NPAT growth: 176.8%, above normal range; 3-period mean -7.0%, range -17.7%-6.8%.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%
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  • FY23 NPAT growth %: Outside range high npat growth. 176.8%; 3-period range -17.7% to 6.8%. NPAT growth: 176.8%, above normal range; 3-period mean -7.0%, range -17.7%-6.8%.
  • 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%; 3-period range -10.1% to 176.8%. NPAT growth: -17.7%, below normal range; 3-period mean 57.8%, range -10.1%-176.8%.
Operating cash flow$603m$680m$275m$764m$307m$800m$369m$841m$458m$858m
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OCF / EBITDAI %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%; 4-period range 64.6% to 76.3%. OCF / EBITDA cash conversion: 46.5%, unprecedented low; 4-period mean 69.9%, range 64.6%-76.3%.—73.1%85.1%76.3%Outside range high ocf / ebitda cash conversion. 76.3%; 4-period range 46.5% to 73.1%. OCF / EBITDA cash conversion: 76.3%, above normal range; 4-period mean 62.5%, range 46.5%-73.1%.
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  • HY24 OCF / EBITDAI %: 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 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%.
FCF pre-lease$107m$330m$77m$330m$46m$489m$115m$296m$183m$504m
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FCF post-lease$107m$330m$77m$330m$46m$489m$115m$296m$183m—
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DPS8.0c12.5c12.5c27.5c13.5c13.5c13.5c12.5c12.5c12.5c
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Payout ratio vs NPAT %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%Outside range high payout ratio versus npat. 178.6%; 3-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, above normal range; 3-period mean 93.1%, range 44.5%-120.8%.—159.0%157.0%44.5%Outside range low payout ratio versus npat. 44.5%; 3-period range 114.2% to 178.6%. Payout ratio versus NPAT: 44.5%, below normal range; 3-period mean 137.8%, range 114.2%-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%
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  • FY23 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 44.5%; 3-period range 114.2% to 178.6%. Payout ratio versus NPAT: 44.5%, below normal range; 3-period mean 137.8%, range 114.2%-178.6%.
  • FY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 178.6%; 3-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, above normal range; 3-period mean 93.1%, 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 %—178.6%—159.0%—44.5%—114.2%—120.8%
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ROE %4.7%17.1%Outside range low roe. 17.1%; 3-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 3-period mean 37.3%, 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%Outside range high roe. 58.5%; 3-period range 17.1% to 27.8%. ROE: 58.5%, above normal range; 3-period mean 23.5%, range 17.1%-27.8%.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%
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  • FY23 ROE %: Outside range high roe. 58.5%; 3-period range 17.1% to 27.8%. ROE: 58.5%, above normal range; 3-period mean 23.5%, range 17.1%-27.8%.
  • 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%; 3-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 3-period mean 37.3%, range 25.5%-58.5%.
Net debt$1.4b$1.4b$1.8b$1.6b—$1b——$1.4b$1.3b
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Net debt / EBITDAI3.12x1.38xOutside range high net debt / ebitda. 1.38x; 3-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 3-period mean 1.02x, range 0.55x-1.34x.4.28x1.34x—0.6xOutside range low net debt / ebitda. 0.55x; 3-period range 1.18x to 1.38x. Net debt / EBITDA: 0.55x, below normal range; 3-period mean 1.30x, range 1.18x-1.38x.——2.55x1.18x
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  • FY23 Net debt / EBITDAI: Outside range low net debt / ebitda. 0.55x; 3-period range 1.18x to 1.38x. Net debt / EBITDA: 0.55x, below normal range; 3-period mean 1.30x, range 1.18x-1.38x.
  • FY25 Net debt / EBITDAI: Outside range high net debt / ebitda. 1.38x; 3-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 3-period mean 1.02x, range 0.55x-1.34x.
Debtor days—41Outside range high debtor days. 41d; 4-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 4-period mean 35.6 days, range 31.9 days-40.8 days.—41—33—36—32Outside range low debtor days. 32d; 4-period range 33d to 41d. Debtor days: 31.9 days, below normal range; 4-period mean 38.0 days, range 33.3 days-41.4 days.
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  • FY21 Debtor days: Outside range low debtor days. 32d; 4-period range 33d to 41d. Debtor days: 31.9 days, below normal range; 4-period mean 38.0 days, range 33.3 days-41.4 days.
  • FY25 Debtor days: Outside range high debtor days. 41d; 4-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 4-period mean 35.6 days, range 31.9 days-40.8 days.
Inventory days128218206Outside range low inventory days. 6d; 3-period range 8d to 10d. Inventory days: 6.4 days, below normal range; 3-period mean 9.0 days, range 8.1 days-10.5 days.1610Outside range high inventory days. 11d; 3-period range 6d to 8d. Inventory days: 10.5 days, above normal range; 3-period mean 7.7 days, range 6.4 days-8.4 days.187
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Total assets$4.4b$4.5b$4.9b$4.6b$4.7b$4.5b$4.6b$4.2b$4.2b$4.1b
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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.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY23 SPK FY: Unprecedented high revenue growth. 20.7%; 4-period range -14% to 3.5%. Revenue growth: 20.7%, unprecedented high; 4-period mean -3.7%, range -14.0%-3.5%.
  • FY24 SPK FY: Unprecedented low revenue growth. -14%; 4-period range -3.5% to 20.7%. Revenue growth: -14.0%, unprecedented low; 4-period mean 5.0%, 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.

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EBITDA margin

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

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  • FY23 SPK FY: Unprecedented high ebitda margin. 38.3%; 4-period range 28.3% to 31.3%. EBITDA margin: 38.3%, unprecedented high; 4-period mean 30.2%, range 28.3%-31.3%.
  • FY25 SPK FY: Outside range low ebitda margin. 28.3%; 4-period range 30.1% to 38.3%. EBITDA margin: 28.3%, below normal range; 4-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.

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Operating cash flow

Cash generated from operations.

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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

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  • FY21 SPK FY: Outside range high ocf / ebitda cash conversion. 76.3%; 4-period range 46.5% to 73.1%. OCF / EBITDA cash conversion: 76.3%, above normal range; 4-period mean 62.5%, range 46.5%-73.1%.
  • FY23 SPK FY: Unprecedented low ocf / ebitda cash conversion. 46.5%; 4-period range 64.6% to 76.3%. OCF / EBITDA cash conversion: 46.5%, unprecedented low; 4-period mean 69.9%, range 64.6%-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.

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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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  • FY23 SPK FY: Outside range high roe. 58.5%; 3-period range 17.1% to 27.8%. ROE: 58.5%, above normal range; 3-period mean 23.5%, range 17.1%-27.8%.
  • FY25 SPK FY: Outside range low roe. 17.1%; 3-period range 25.5% to 58.5%. ROE: 17.1%, below normal range; 3-period mean 37.3%, 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.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • FY23 SPK FY: Outside range low net debt / ebitda. 0.55x; 3-period range 1.18x to 1.38x. Net debt / EBITDA: 0.55x, below normal range; 3-period mean 1.30x, range 1.18x-1.38x.
  • FY25 SPK FY: Outside range high net debt / ebitda. 1.38x; 3-period range 0.55x to 1.34x. Net debt / EBITDA: 1.38x, above normal range; 3-period mean 1.02x, range 0.55x-1.34x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY23 SPK FY: Outside range low payout ratio versus npat. 44.5%; 3-period range 114.2% to 178.6%. Payout ratio versus NPAT: 44.5%, below normal range; 3-period mean 137.8%, range 114.2%-178.6%.
  • FY25 SPK FY: Outside range high payout ratio versus npat. 178.6%; 3-period range 44.5% to 120.8%. Payout ratio versus NPAT: 178.6%, above normal range; 3-period mean 93.1%, 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.

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  • FY21 SPK FY: Outside range low debtor days. 32d; 4-period range 33d to 41d. Debtor days: 31.9 days, below normal range; 4-period mean 38.0 days, range 33.3 days-41.4 days.
  • FY25 SPK FY: Outside range high debtor days. 41d; 4-period range 32d to 41d. Debtor days: 41.4 days, above normal range; 4-period mean 35.6 days, range 31.9 days-40.8 days.

Inventory days

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

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  • FY22 SPK FY: Outside range high inventory days. 11d; 3-period range 6d to 8d. Inventory days: 10.5 days, above normal range; 3-period mean 7.7 days, range 6.4 days-8.4 days.
  • FY23 SPK FY: Outside range low inventory days. 6d; 3-period range 8d to 10d. Inventory days: 6.4 days, below normal range; 3-period mean 9.0 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.

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The setup & the reality

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

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

No numeric stated target was supplied in this release beyond management's own reference to delivering FY25 within "updated guidance"; capex of NZ$429.0m landed inside the previously flagged range. Absent an explicit forward EBITDAI or dividend target in the supplied data, this result cannot be judged against a company-set bar beyond that qualitative guidance statement.

The half-year shape shows H1 FY25 carried 52.1% of full-year revenue but only 39.8% of EBITDAI and 13.5% of NPAT, meaning profitability was heavily second-half weighted downward. This matters because it confirms the deterioration accelerated through the year rather than being a single-period anomaly, which raises the bar for any assumed stabilisation into FY26.

Open questions

Open questions from FY25

  • Why did the operating working-capital movement reach NZ$504.5m against a historical pattern of releases, and is this reversible in FY26?
  • Will the effective tax rate of 27.4% persist, or does it revert toward the prior 38.5% level and again compress reported NPAT growth?
  • How does management intend to bring the payout ratio, currently 178.6% of NPAT, back toward its historical range without further leverage increases?
  • Can capex return toward its prior NZ$518.0m level without a corresponding hit to free cash flow, given the current year's cash flow benefited from a 17.2% capex reduction?
  • What is driving debtor days to 41.4 days, above the historical range, and does this reflect customer-side pressure or internal collection timing?

This briefing cannot assess forward guidance numerically because no stated FY26 revenue, EBITDAI, or dividend target was supplied in the extracted data.

Archive

Briefing archive

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

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.

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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.

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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.

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FY23 · Released 18 August 2023

SPK FY23: Reported revenue up 20.7% but cash conversion collapsed to 46.5%

A large asset disposal inflated reported earnings, while underlying operating cash conversion fell well below Spark's historical range of 65.7%–76.3%.

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HY23 · Released 22 February 2023

TowerCo sale gain drives 367.6% NPAT growth as adjusted earnings fall

Reported PBT rose 198.1% on one-off proceeds while cash conversion fell to 35.4%, well below Spark's historical range.

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FY22 · Released 24 August 2022

FCF fell 31.6% as capex and working capital diluted a 6.8% NPAT lift

Earnings ticked up but free cash flow dropped to $296m, leaving FY23 guidance of $460-$500m needing roughly 55% growth and dividends no longer

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HY22 · Released 23 February 2022

PBT rose 20.7% as margins outpaced 5.2% revenue growth

NPAT growth is unverifiable after prior-period data suppression, though cash conversion rose to 85.1% and leverage eased to 2.55x.

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FY21 · Released 18 August 2021

FY21 dividend at 120.8% of NPAT as cash conversion fell to 76.3%

EBITDAI rose 1.0% on cost discipline but a higher 30.6% tax rate and weaker cash conversion left the 25cps payout above reported earnings.

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Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 3.10x for this result.

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Earnings quality and statutory distortions

PBT and NPAT growth diverged by 33.7pp.

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Dividend coverage and payout pressure

Dividend payout versus NPAT is 235.3%.

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Cash conversion quality

This result converted 134.6% of EBITDA to operating cash flow.

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