Historical setup
What FY25 said to watch
From Underlying NPAT fell 45% and $54.5M of one-offs drove a $25.8M statutory loss
No forward target or guidance is supplied with the release, so the result has to be judged against the H1 shape and management's "bottom-of-the-cycle" framing. The half-year split is unusually skewed: HY25 carried 73.5% of full-year EBITDA and posted a NZD 25.3m statutory profit, while the implied second half delivered only NZD 40.9m of EBITDA and a NZD 51.0m statutory loss. That second-half deterioration is the read management needs to reverse.
Because management explicitly frames FY25 as a trough, the absence of a quantified FY26 anchor matters more than usual. The release does not commit to a specific recovery shape, so investors are taking the cycle call largely on faith.