Insights

NZX dividend coverage comparison

Payout ratios against NPAT and free cash flow for the latest published result from each covered company.

Last updated 2 July 2026

Payout ratio trend

Dividend payout versus NPAT, excluding n/m ratios from loss periods or distorted statutory earnings.

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FY21 ARG: Outside range low payout ratio versus npat. 22.2%; 3-period range 43.4% to 171%. Payout ratio versus NPAT: 22.2%, below normal range; 3-period mean 86.4%, range 43.4%-171.0%.
FY25 ARG: Outside range high payout ratio versus npat. 171%; 3-period range 22.2% to 44.9%. Payout ratio versus NPAT: 171.0%, above normal range; 3-period mean 36.8%, range 22.2%-44.9%.
HY23 AFI: Outside range low payout ratio versus npat. 83%; 4-period range 83.9% to 102.6%. Payout ratio versus NPAT: 83.0%, below normal range; 4-period mean 94.9%, range 83.9%-102.6%.
HY26 AFI: Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%.
HY24 BRM: Outside range low payout ratio versus npat. 23.6%; 3-period range 25.8% to 51.3%. Payout ratio versus NPAT: 23.6%, below normal range; 3-period mean 35.7%, range 25.8%-51.3%.
HY25 BRM: Outside range high payout ratio versus npat. 51.3%; 3-period range 23.6% to 30%. Payout ratio versus NPAT: 51.3%, above normal range; 3-period mean 26.5%, range 23.6%-30.0%.
FY23 BGP: Unprecedented low payout ratio versus npat. 40.3%; 4-period range 68.4% to 76.7%. Payout ratio versus NPAT: 40.3%, unprecedented low; 4-period mean 73.5%, range 68.4%-76.7%.
FY24 BGP: Outside range high payout ratio versus npat. 76.7%; 4-period range 40.3% to 75.2%. Payout ratio versus NPAT: 76.7%, above normal range; 4-period mean 64.4%, range 40.3%-75.2%.
FY23 CDI: Unprecedented high payout ratio versus npat. 75.4%; 4-period range 26.5% to 66.3%. Payout ratio versus NPAT: 75.4%, unprecedented high; 4-period mean 39.3%, range 26.5%-66.3%.
FY25 CDI: Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.
FY23 CHI: Outside range low payout ratio versus npat. 187.5%; 3-period range 218.8% to 448.3%. Payout ratio versus NPAT: 187.5%, below normal range; 3-period mean 321.5%, range 218.8%-448.3%.
HY25 CHI: Outside range high payout ratio versus npat. 223.2%; 3-period range 0% to 140%. Payout ratio versus NPAT: 223.2%, above normal range; 3-period mean 80.0%, range 0.0%-140.0%.
FY25 CHI: Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%.
HY23 FPH: Outside range high payout ratio versus npat. 105.4%; 3-period range 52.3% to 97.3%. Payout ratio versus NPAT: 105.4%, above normal range; 3-period mean 73.4%, range 52.3%-97.3%.
HY26 FPH: Outside range low payout ratio versus npat. 52.3%; 3-period range 70.6% to 105.4%. Payout ratio versus NPAT: 52.3%, below normal range; 3-period mean 91.1%, range 70.6%-105.4%.
HY23 GNE: Outside range low payout ratio versus npat. 63.6%; 3-period range 84.5% to 194.4%. Payout ratio versus NPAT: 63.6%, below normal range; 3-period mean 129.5%, range 84.5%-194.4%.
HY24 GNE: Outside range high payout ratio versus npat. 194.4%; 3-period range 63.6% to 109.7%. Payout ratio versus NPAT: 194.4%, above normal range; 3-period mean 85.9%, range 63.6%-109.7%.
HY23 GXH: Outside range low payout ratio versus npat. 44.1%; 3-period range 60% to 63.9%. Payout ratio versus NPAT: 44.1%, below normal range; 3-period mean 62.5%, range 60.0%-63.9%.
HY24 GXH: Outside range high payout ratio versus npat. 63.9%; 3-period range 44.1% to 63.6%. Payout ratio versus NPAT: 63.9%, above normal range; 3-period mean 55.9%, range 44.1%-63.6%.
HY22 HLG: Outside range high payout ratio versus npat. 90.1%; 3-period range 61.7% to 69%. Payout ratio versus NPAT: 90.1%, above normal range; 3-period mean 66.5%, range 61.7%-69.0%.
FY22 HLG: Outside range high payout ratio versus npat. 97.8%; 3-period range 45.8% to 89.6%. Payout ratio versus NPAT: 97.8%, above normal range; 3-period mean 72.8%, range 45.8%-89.6%.
FY24 HLG: Outside range low payout ratio versus npat. 45.8%; 3-period range 83.1% to 97.8%. Payout ratio versus NPAT: 45.8%, below normal range; 3-period mean 90.2%, range 83.1%-97.8%.
HY26 HLG: Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.
FY22 HGH: Outside range low payout ratio versus npat. 68.2%; 3-period range 71.1% to 96.6%. Payout ratio versus NPAT: 68.2%, below normal range; 3-period mean 83.4%, range 71.1%-96.6%.
HY25 HGH: Unprecedented high payout ratio versus npat. 500%; 4-period range 67.3% to 75.5%. Payout ratio versus NPAT: 500.0%, unprecedented high; 4-period mean 71.6%, range 67.3%-75.5%.
FY25 HGH: Outside range high payout ratio versus npat. 96.6%; 3-period range 68.2% to 82.4%. Payout ratio versus NPAT: 96.6%, above normal range; 3-period mean 73.9%, range 68.2%-82.4%.
HY26 HGH: Outside range low payout ratio versus npat. 67.3%; 4-period range 68.1% to 500%. Payout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%.
FY24 LIC: Outside range high payout ratio versus npat. 116.8%; 3-period range 55.6% to 97%. Payout ratio versus NPAT: 116.8%, above normal range; 3-period mean 76.9%, range 55.6%-97.0%.
FY25 LIC: Outside range low payout ratio versus npat. 55.6%; 3-period range 78.2% to 116.8%. Payout ratio versus NPAT: 55.6%, below normal range; 3-period mean 97.3%, range 78.2%-116.8%.
HY22 MLN: Outside range high payout ratio versus npat. 132.5%; 3-period range 38.1% to 65.3%. Payout ratio versus NPAT: 132.5%, above normal range; 3-period mean 52.8%, range 38.1%-65.3%.
HY24 MLN: Outside range low payout ratio versus npat. 38.1%; 3-period range 55.1% to 132.5%. Payout ratio versus NPAT: 38.1%, below normal range; 3-period mean 84.3%, range 55.1%-132.5%.
FY22 MCY: Outside range low payout ratio versus npat. 58.3%; 3-period range 111.8% to 293%. Payout ratio versus NPAT: 58.3%, below normal range; 3-period mean 189.6%, range 111.8%-293.0%.
FY23 MCY: Outside range high payout ratio versus npat. 293%; 3-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, above normal range; 3-period mean 111.4%, range 58.3%-164.1%.
FY23 MFB: Outside range high payout ratio versus npat. 100%; 3-period range 50% to 87.5%. Payout ratio versus NPAT: 100.0%, above normal range; 3-period mean 66.9%, range 50.0%-87.5%.
FY25 MFB: Outside range low payout ratio versus npat. 50%; 3-period range 63.3% to 100%. Payout ratio versus NPAT: 50.0%, below normal range; 3-period mean 83.6%, range 63.3%-100.0%.
HY24 NPH: Outside range low payout ratio versus npat. 38.5%; 5-period range 38.6% to 65%. Payout ratio versus NPAT: 38.5%, below normal range; 5-period mean 56.0%, range 38.6%-65.0%.
HY25 NPH: Outside range high payout ratio versus npat. 65%; 5-period range 38.5% to 62.2%. Payout ratio versus NPAT: 65.0%, above normal range; 5-period mean 50.7%, range 38.5%-62.2%.

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NZX dividend coverage comparison table
Company	Ticker	Period	Payout vs NPAT	Payout vs FCF	Prior payout vs NPAT	FCF cover	Direction
Spark New Zealand	SPK	HY26	235.3%Caveat: basis discontinuity, transaction distorted.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%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	178.6%	n/a	Deteriorated
Kiwi Property Group	KPG	FY26	182.4%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	151.3%	n/a	Deteriorated
Goodman Property Trust	GMT	FY26	42.4%Caveat: basis discontinuity, transaction distorted.	139.8%Caveat: insufficient history.	22.8%	Not covered	Deteriorated
Port of Tauranga	POT	HY26	76.9%Caveat: basis discontinuity.	125.4%Caveat: insufficient history.	—	Not covered	Improved
Vector	VCT	HY26	110.6%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	149.7%	n/a	Improved
Skellerup Holdings	SKL	HY26	67.8%Caveat: basis discontinuity.	108.2%Caveat: insufficient history.	73.0%	Not covered	Improved
Australian Foundation Investment Company	AFI	HY26	102.6%Outside range high payout ratio versus npat. 102.6%; 4-period range 83% to 97.6%. Payout ratio versus NPAT: 102.6%, above normal range; 4-period mean 90.0%, range 83.0%-97.6%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	93.6%	n/a	Deteriorated
Tower	TWR	HY26	96.2%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	60.6%	n/a	Deteriorated
EBOS Group	EBO	HY26	93.3%Caveat: basis discontinuity.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	100.2%	Not covered	Improved
Genesis Energy	GNE	HY26	84.5%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	109.7%	n/a	Improved
Turners Automotive Group	TRA	FY26	78.2%Caveat: basis discontinuity, transaction distorted.Outside range high payout ratio versus npat. 78.2%; 3-period range 19.1% to 67.6%. Payout ratio versus NPAT: 78.2%, above normal range; 3-period mean 50.0%, range 19.1%-67.6%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	66.9%	Not covered	Deteriorated
Westpac Banking Corporation	WBC	HY26	77.1%	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	—	Not covered	Improved
Scott Technology	SCT	HY26	76.9%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	55.6%	Covered	Deteriorated
Briscoe Group	BGP	FY26	75.2%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	36.8%	Covered	Deteriorated
Meridian Energy	MEL	HY26	74.4%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/m	n/a	n/a
The a2 Milk Company	ATM	HY26	74.3%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	67.1%	n/a	Deteriorated
Henderson Far East Income	HFL	HY26	71.9%	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	127.3%	n/a	Improved
Freightways Group	FRW	HY26	71.7%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	76.0%	Covered	Improved
Channel Infrastructure NZ	CHI	FY25	448.3%Outside range high payout ratio versus npat. 448.3%; 3-period range 187.5% to 297.3%. Payout ratio versus NPAT: 448.3%, above normal range; 3-period mean 234.5%, range 187.5%-297.3%.	71.2%	297.3%	Covered	Deteriorated
Mainfreight	MFT	FY26	69.0%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	63.1%	Covered	Deteriorated
Heartland Group Holdings	HGH	HY26	67.3%Caveat: basis discontinuity.Outside range low payout ratio versus npat. 67.3%; 4-period range 68.1% to 500%. Payout ratio versus NPAT: 67.3%, below normal range; 4-period mean 179.7%, range 68.1%-500.0%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	500.0%	n/a	Improved
NZME	NZM	FY25	129.3%Caveat: basis discontinuity.	66.6%Caveat: insufficient history.	n/m	Covered	n/a
Radius Residential Care	RAD	FY26	66.1%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	55.8%	n/a	Deteriorated
Marlin Global	MLN	HY26	65.3%	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	—	n/a	Deteriorated
Fisher & Paykel Healthcare	FPH	FY26	65.2%Caveat: basis discontinuity.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	37.3%	Covered	Deteriorated
Auckland International Airport	AIA	HY26	62.6%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	51.9%	Not covered	Deteriorated
Contact Energy	CEN	HY26	76.6%Caveat: basis discontinuity, transaction distorted.	62.2%	89.4%	Covered	Improved
Napier Port Holdings	NPH	HY26	58.3%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	65.0%	Not covered	Improved
New Zealand Rural Land Company	NZL	HY22	56.6%Caveat: transaction distorted.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	—	Not covered	n/a
The Colonial Motor Company	CMO	HY26	45.7%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	70.8%	n/a	Improved
Argosy Property	ARG	FY26	44.9%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	44.8%	Not covered	Stable
Hallenstein Glasson	HLG	HY26	61.7%Caveat: basis discontinuity.Outside range low payout ratio versus npat. 61.7%; 3-period range 68.8% to 90.1%. Payout ratio versus NPAT: 61.7%, below normal range; 3-period mean 76.0%, range 68.8%-90.1%.	44.5%	69.0%	Covered	Improved
Goodman Property Trust	GNZ	HY26	42.4%	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	54.9%	n/a	Improved
My Food Bag Group	MFB	FY26	63.3%	40.6%	28.3%	Covered	Deteriorated
Green Cross Health	GXH	FY26	40.5%Caveat: basis discontinuity.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	47.2%	Covered	Improved
Sky Network Television	SKT	HY26	39.6%Caveat: restatement or reclassification, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	149.8%	n/a	Improved
Vulcan Steel	VSL	HY25	35.7%Caveat: basis discontinuity.	n/mCaveat: insufficient history.	—	Covered	Stable
Seeka	SEK	FY25	32.9%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	23.8%	n/a	Deteriorated
Scales Corporation	SCL	FY25	10.3%Caveat: basis discontinuity, transaction distorted.Outside range low payout ratio versus npat. 10.3%; 4-period range 19.7% to 162.2%. Payout ratio versus NPAT: 10.3%, below normal range; 4-period mean 64.3%, range 19.7%-162.2%.	28.6%	—	Covered	Improved
Third Age Health Services	TAH	FY26	28.2%Caveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	62.8%	n/a	Improved
CDL Investments New Zealand	CDI	FY25	26.5%Caveat: basis discontinuity.Outside range low payout ratio versus npat. 26.5%; 4-period range 31.9% to 75.4%. Payout ratio versus NPAT: 26.5%, below normal range; 4-period mean 51.5%, range 31.9%-75.4%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	—	Not covered	Improved
South Port New Zealand	SPN	HY26	26.4%Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	55.1%	n/a	Improved
Tourism Holdings	THL	HY26	22.4%Caveat: basis discontinuity, transaction distorted.	25.4%	21.7%	Covered	Deteriorated
Property for Industry	PFI	HY26	23.6%Caveat: restatement or reclassification, transaction distorted.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	34.9%	Not covered	Improved
Millennium & Copthorne Hotels New Zealand	MCK	FY25	23.5%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	—	Not covered	n/a
Summerset Group Holdings	SUM	FY25	22.7%Caveat: basis discontinuity.	n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.	16.9%	Not covered	Deteriorated
PGG Wrightson	PGW	HY26	19.6%Caveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	11.8%	Not covered	Deteriorated
General Capital	GEN	HY26	19.2%	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	96.5%	n/a	Improved
Sanford	SAN	HY26	11.0%Caveat: basis discontinuity.	n/mCaveat: insufficient history.	13.7%	n/a	Improved
AFC Group Holdings	AFC	FY25	—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.	—	—	No dividend	No dividend
Asset Plus	APL	FY26	n/mCaveat: transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	45.5%	Not covered	n/a
Barramundi	BRM	HY26	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	—	n/a	n/a
Chorus	CNU	HY26	n/mCaveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/m	n/a	n/a
Cooks Coffee Company	CCC	FY26	—Caveat: restatement or reclassification, basis discontinuity.	—	—	No dividend	No dividend
Delegat Group	DGL	HY26	n/mCaveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/m	n/a	n/a
Fletcher Building	FBU	HY26	—Caveat: basis discontinuity.	—	—	n/a	n/a
Fonterra Co-operative Group	FCG	HY26	n/mCaveat: transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/m	n/a	n/a
Gentrack Group Limited 6 months to 31 March 2026	GTK	HY26	—Caveat: basis discontinuity, transaction distorted.	—	—	No dividend	No dividend
Infratil	IFT	FY26	n/mCaveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	11.7%	Not covered	n/a
Iperion	IPR	FY26	—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.	—	—	No dividend	No dividend
Kingfish	KFL	FY26	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	93.1%	n/a	n/a
KMD Brands	KMD	HY26	—Caveat: basis discontinuity, transaction distorted.	—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.	—	No dividend	No dividend
Mercury NZ	MCY	HY26	n/mCaveat: basis discontinuity.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	n/m	n/a	n/a
Michael Hill International	MHJ	HY26	—Caveat: basis discontinuity.	—	—	No dividend	No dividend
MOVE Logistics Group	MOV	HY26	—Caveat: basis discontinuity.	—Caveat: insufficient history.	—	No dividend	No dividend
New Zealand King Salmon Investments	NZK	HY26	—Caveat: basis discontinuity.	—	—	No dividend	No dividend
Precinct Properties	PCT	HY26	n/mCaveat: basis discontinuity, transaction distorted.	n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.	290.9%	n/a	n/a
Promisia Healthcare	PHL	FY26	—Caveat: transaction distorted.	—	—	No dividend	No dividend
Synlait Milk	SML	HY26	—Caveat: basis discontinuity, transaction distorted.	—	—	No dividend	No dividend

Source: latest published result per company in the current Annolyse coverage set.

NZX dividend coverage comparison table

Copy, export, or share this public Annolyse data reference.

Dividend strain is concentrated rather than universal. BGP stands out because the payout was not covered by free cash flow, while ATM's statutory payout ratio is distorted by a discontinued-operation NPAT collapse and is better read through the cash-coverage column. Nil dividends from FBU and KMD are shown explicitly as no dividend, not as a flattering 'covered' outcome.

Methodology

Dividend coverage uses standard Annolyse calculations for the latest published period, with payout versus NPAT shown alongside pre-lease free-cash-flow coverage when the data supports it. Nil dividends are labeled explicitly, and non-meaningful payout ratios from loss periods or distorted statutory earnings are shown as n/m rather than forcing a percentage.

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Operating cash flow versus EBITDA across the Annolyse coverage set, using each company's most recent published result.

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Net debt and net debt / EBITDA across the Annolyse coverage set, ranked by the latest reported leverage position.

NZX earnings quality comparison

PBT versus NPAT divergence across covered NZX companies, highlighting tax, fair-value, and non-operating distortions.

NZX revenue growth comparison

Revenue growth rates across covered NZX companies, ranked by each company's latest reported period.

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Return on equity across covered NZX companies, with prior-period movement and leverage context.

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Company

Ticker

Period

Payout vs NPAT

Payout vs FCF

Prior payout vs NPAT

FCF cover

Direction

Spark New Zealand

SPK

HY26

235.3%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

178.6%

n/a

Deteriorated

Kiwi Property Group

KPG

FY26

182.4%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

151.3%

n/a

Deteriorated

Goodman Property Trust

GMT

FY26

42.4%Caveat: basis discontinuity, transaction distorted.

139.8%Caveat: insufficient history.

22.8%

Not covered

Deteriorated

Port of Tauranga

POT

HY26

76.9%Caveat: basis discontinuity.

125.4%Caveat: insufficient history.

—

Not covered

Improved

Vector

VCT

HY26

110.6%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

149.7%

n/a

Improved

Skellerup Holdings

SKL

HY26

67.8%Caveat: basis discontinuity.

108.2%Caveat: insufficient history.

73.0%

Not covered

Improved

Australian Foundation Investment Company

AFI

HY26

102.6%

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

93.6%

n/a

Deteriorated

Tower

TWR

HY26

96.2%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

60.6%

n/a

Deteriorated

EBOS Group

EBO

HY26

93.3%Caveat: basis discontinuity.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

100.2%

Not covered

Improved

Genesis Energy

GNE

HY26

84.5%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

109.7%

n/a

Improved

Turners Automotive Group

TRA

FY26

78.2%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

66.9%

Not covered

Deteriorated

Westpac Banking Corporation

WBC

HY26

77.1%

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

—

Not covered

Improved

Scott Technology

SCT

HY26

76.9%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

55.6%

Covered

Deteriorated

Briscoe Group

BGP

FY26

75.2%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

36.8%

Covered

Deteriorated

Meridian Energy

MEL

HY26

74.4%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

n/m

n/a

The a2 Milk Company

ATM

HY26

74.3%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

67.1%

n/a

Deteriorated

Henderson Far East Income

HFL

HY26

71.9%

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

127.3%

n/a

Improved

Freightways Group

FRW

HY26

71.7%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

76.0%

Covered

Improved

Channel Infrastructure NZ

CHI

FY25

448.3%

71.2%

297.3%

Covered

Deteriorated

Mainfreight

MFT

FY26

69.0%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

63.1%

Covered

Deteriorated

Heartland Group Holdings

HGH

HY26

67.3%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

500.0%

n/a

Improved

NZME

NZM

FY25

129.3%Caveat: basis discontinuity.

66.6%Caveat: insufficient history.

n/m

Covered

n/a

Radius Residential Care

RAD

FY26

66.1%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

55.8%

n/a

Deteriorated

Marlin Global

MLN

HY26

65.3%

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

—

n/a

Deteriorated

Fisher & Paykel Healthcare

FPH

FY26

65.2%Caveat: basis discontinuity.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

37.3%

Covered

Deteriorated

Auckland International Airport

AIA

HY26

62.6%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

51.9%

Not covered

Deteriorated

Contact Energy

CEN

HY26

76.6%Caveat: basis discontinuity, transaction distorted.

62.2%

89.4%

Covered

Improved

Napier Port Holdings

NPH

HY26

58.3%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

65.0%

Not covered

Improved

New Zealand Rural Land Company

NZL

HY22

56.6%Caveat: transaction distorted.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

—

Not covered

n/a

The Colonial Motor Company

CMO

HY26

45.7%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

70.8%

n/a

Improved

Argosy Property

ARG

FY26

44.9%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

44.8%

Not covered

Stable

Hallenstein Glasson

HLG

HY26

61.7%Caveat: basis discontinuity.

44.5%

69.0%

Covered

Improved

Goodman Property Trust

GNZ

HY26

42.4%

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

54.9%

n/a

Improved

My Food Bag Group

MFB

FY26

63.3%

40.6%

28.3%

Covered

Deteriorated

Green Cross Health

GXH

FY26

40.5%Caveat: basis discontinuity.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

47.2%

Covered

Improved

Sky Network Television

SKT

HY26

39.6%Caveat: restatement or reclassification, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

149.8%

n/a

Improved

Vulcan Steel

VSL

HY25

35.7%Caveat: basis discontinuity.

n/mCaveat: insufficient history.

—

Covered

Stable

Seeka

SEK

FY25

32.9%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

23.8%

n/a

Deteriorated

Scales Corporation

SCL

FY25

10.3%Caveat: basis discontinuity, transaction distorted.

28.6%

—

Covered

Improved

Third Age Health Services

TAH

FY26

28.2%Caveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

62.8%

n/a

Improved

CDL Investments New Zealand

CDI

FY25

26.5%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

—

Not covered

Improved

South Port New Zealand

SPN

HY26

26.4%

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

55.1%

n/a

Improved

Tourism Holdings

THL

HY26

22.4%Caveat: basis discontinuity, transaction distorted.

25.4%

21.7%

Covered

Deteriorated

Property for Industry

PFI

HY26

23.6%Caveat: restatement or reclassification, transaction distorted.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

34.9%

Not covered

Improved

Millennium & Copthorne Hotels New Zealand

MCK

FY25

23.5%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

—

Not covered

n/a

Summerset Group Holdings

SUM

FY25

22.7%Caveat: basis discontinuity.

n/mSuppressed: metric quality flags mark this value as unsuitable for normal comparison.

16.9%

Not covered

Deteriorated

PGG Wrightson

PGW

HY26

19.6%Caveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

11.8%

Not covered

Deteriorated

General Capital

GEN

HY26

19.2%

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

96.5%

n/a

Improved

Sanford

SAN

HY26

11.0%Caveat: basis discontinuity.

n/mCaveat: insufficient history.

13.7%

n/a

Improved

AFC Group Holdings

AFC

FY25

—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.

—

No dividend

Asset Plus

APL

FY26

n/mCaveat: transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

45.5%

Not covered

n/a

Barramundi

BRM

HY26

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

—

n/a

Chorus

CNU

HY26

n/mCaveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

n/m

n/a

Cooks Coffee Company

CCC

FY26

—Caveat: restatement or reclassification, basis discontinuity.

—

No dividend

Delegat Group

DGL

HY26

n/mCaveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

n/m

n/a

Fletcher Building

FBU

HY26

—Caveat: basis discontinuity.

—

n/a

Fonterra Co-operative Group

FCG

HY26

n/mCaveat: transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

n/m

n/a

Gentrack Group Limited 6 months to 31 March 2026

GTK

HY26

—Caveat: basis discontinuity, transaction distorted.

—

No dividend

Infratil

IFT

FY26

n/mCaveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

11.7%

Not covered

n/a

Iperion

IPR

FY26

—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.

—

No dividend

Kingfish

KFL

FY26

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

93.1%

n/a

KMD Brands

KMD

HY26

—Caveat: basis discontinuity, transaction distorted.

—Suppressed: metric quality flags mark this value as unsuitable for normal comparison.

—

No dividend

Mercury NZ

MCY

HY26

n/mCaveat: basis discontinuity.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

n/m

n/a

Michael Hill International

MHJ

HY26

—Caveat: basis discontinuity.

—

No dividend

MOVE Logistics Group

MOV

HY26

—Caveat: basis discontinuity.

—Caveat: insufficient history.

—

No dividend

New Zealand King Salmon Investments

NZK

HY26

—Caveat: basis discontinuity.

—

No dividend

Precinct Properties

PCT

HY26

n/mCaveat: basis discontinuity, transaction distorted.

n/mSuppressed: value is unavailable or outside the normal comparison range and is not meaningful for ranking.

290.9%

n/a

Promisia Healthcare

PHL

FY26

—Caveat: transaction distorted.

—

No dividend

Synlait Milk

SML

HY26

—Caveat: basis discontinuity, transaction distorted.

—

No dividend