The NZX delivered a mixed week with 3 actual earnings results and 5 trading updates out of 103 total announcements, highlighted by SKL's record first-half performance driving a 20% NPAT surge and upgraded guidance. Major banks ANZ and WBC delivered regulatory updates while utilities dominated with MEL's strong operational metrics offsetting price headwinds.
Earnings Results
Meridian Energy Limited (MEL)
Meridian Energy reported exceptional operational performance in January 2026, with generation volumes surging 14.5% year-over-year to 1,373 GWh despite dramatic wholesale price weakness. The utility benefited from outstanding hydro conditions with water storage at 119% of historical average and snow storage at an impressive 177% of average, positioning the company strongly for the coming winter months.
Customer growth accelerated dramatically with connections up 18.0% year-over-year to 456,274, largely driven by the Flick acquisition. However, wholesale electricity prices collapsed to just $1.1/MWh compared to $106.3/MWh in January 2025 due to extended spilling from high lake levels, creating significant revenue headwinds despite higher volumes.
Shares traded at $5.61, down 2.6%, amid reports that the company's shares could be 40% below intrinsic value estimates and following news of incentive-focused buyback initiatives and board changes.
Westpac Banking Corporation (WBC)
Westpac released its regulatory Pillar 3 Report for December 2025, showing robust capital positioning with CET1 ratio at 12.31%, though down from 12.53% due to dividend payments. The bank's total capital ratio of 21.57% comfortably exceeds the 18.25% minimum requirement for domestic systemically important banks, while the leverage ratio at 5.00% remains well above the 3.5% regulatory minimum.
The report highlighted key regulatory developments including APRA's phase-out of Additional Tier 1 capital and new Interest Rate Risk in the Banking Book requirements. This comes as the bank's Chief Information Officer announced retirement plans, following recent dividend increases and buyback extensions.
Shares closed at $50.00, up 0.81%, supported by the broader market rally and solid regulatory positioning.
Trading Updates & Guidance
Skellerup Holdings Limited (SKL)
Skellerup delivered a standout performance with record first-half results featuring NPAT of $28.9 million, up 20% on the prior period, driven by broad-based revenue growth of 11% to $183.5 million. EBIT surged 16% to $40.6 million with strong performance across both Industrial and Agri divisions.
The company increased its full-year NPAT guidance to $57-62 million and raised the interim dividend by 11% to 10.0 cents per share, reflecting confidence in operational momentum. The result demonstrates the company's resilience as a quiet NZX stalwart despite challenging market conditions.
Shares held steady at $5.80 following the announcement of the 10.71 cent dividend payment.
ANZ Group Holdings Limited (ANZ)
ANZ delivered an impressive Q1 2026 trading update with cash profit of $1.94 billion, up 75% on the 2H25 quarterly average (17% excluding significant items). The standout performance was driven by a substantial 21% reduction in expenses through productivity programs and organizational simplification, while revenue grew modestly by 3% to $5.7 billion.
The bank's cost-to-income ratio improved dramatically to 49.5% from 65.5%, with return on tangible equity rising to 11.7%. The CET1 ratio remained strong at 12.15%, demonstrating solid capital management. This comes as the bank faces legal proceedings from a former CEO and ongoing focus on the upcoming CPI data.
Shares gained 1.16% to $47.99, reflecting investor confidence in the operational turnaround.
T&G Global Limited (TGG)
T&G Global announced a dramatic turnaround with FY 2025 earnings guidance increased to $20.0-$23.0 million profit before tax, a remarkable improvement from the $6.83 million loss in FY 2024. The strong performance reflects improved operational results across all three main divisions: Apples, VentureFruit, and T&G Fresh.
The guidance upgrade follows previous updates in January 2026 and represents a significant operational recovery for the fresh produce company. This comes amid director Gareth Edgecombe's recent $202,000 investment in company stock, signaling management confidence.
Shares dipped slightly by 0.38% to $2.62 despite the positive guidance.
Promisia Healthcare Limited (PHL)
Promisia Healthcare upgraded its FY26 earnings guidance to $6.4-6.8 million EBITDAF (up from at least $6.1 million), representing impressive 52-62% growth year-on-year. The upgrade reflects exceptional operational performance with care occupancy rates reaching ~94% across the group portfolio.
Key facilities are performing strongly with Ranfurly Manor achieving ~95% care suite occupancy and Nelson Street above 92%. The result represents the company's strongest performance in two months and reflects successful execution of its aged care strategy.
Shares held flat at $0.47 following the guidance upgrade announcement.
ArborGen Holdings Limited (ARB)
ArborGen revised down its FY26 EBITDA guidance to USD$10.3-10.7 million from USD$11-12 million, despite maintaining expectations for revenue and gross margin improvements. The company continues to face headwinds in the US South market while Brazil shows strong demand momentum, though Q4 sales timing has been impacted by slower customer planting schedules.
Despite the guidance reduction, EBITDA is still expected to grow 17-22% year-on-year, with the Brazil market providing volume growth support. The revision reflects timing challenges rather than fundamental demand weakness.
Shares fell 4.35% to $0.11 on the guidance downgrade, with cautious investors not fully rewarding the company's operational performance.
| Company | Ticker | Price | Change | Key Metric |
|---|---|---|---|---|
| Skellerup Holdings | SKL | $5.80 | 0.0% | NPAT +20%, guidance upgraded |
| ANZ Group Holdings | ANZ | $47.99 | +1.16% | Cash profit +75% vs 2H25 |
| Westpac Banking | WBC | $50.00 | +0.81% | CET1 ratio 12.31% |
| T&G Global | TGG | $2.62 | -0.38% | Guidance: $20-23M PBT |
| ArborGen Holdings | ARB | $0.11 | -4.35% | EBITDA guidance lowered |
Notable Shareholder Movements
Several significant shareholding changes occurred across the market this week. Bourns, Inc. increased its substantial holding in RAK (Rakon Limited) from 47.18% to 48.09%, further consolidating control of the frequency control products company. Meanwhile, Forsyth Barr Investment Management lifted its stake in OCA (Oceania Healthcare) from 11.24% to 12.24%, signaling confidence in the aged care operator.
On the selling side, FirstCape Group reduced its holding in PEB (Pacific Edge) from 12.07% to 10.82%, while Allan Gray Australia trimmed its KMD (KMD Brands) position from 17.77% to 16.20%, suggesting some profit-taking in the retail sector.
Looking ahead, the market will focus on the broader reporting season momentum and upcoming economic data including CPI figures that could influence RBNZ monetary policy decisions. With strong operational performances from key companies like Skellerup and ANZ's impressive cost management, investor confidence appears to be building despite mixed sector performance.