The NZX delivered 22 actual earnings results this week, with sentiment largely positive as major companies reported solid performances despite mixed revenue trends. AIA led the market cap rankings with 4% revenue growth, while CEN delivered a standout 44% profit surge despite revenue headwinds.
Auckland International Airport (AIA)
Auckland Airport delivered solid 1H26 results with revenue up 4% to $519.6 million and underlying NPAT growing 6% to $157.1 million, driven by passenger numbers increasing 2% to 9.64 million. The company narrowed its full-year underlying NPAT guidance upward to $295-320 million, reflecting growing confidence in the passenger recovery. Major infrastructure projects including the $465 million international airfield expansion are progressing well, with the facility having opened in September 2025. The company declared an interim dividend of 6.5 cents per share. AIA shares closed at $9.11.
Contact Energy (CEN)
Contact Energy reported a 44% surge in net profit to $205 million for the half-year despite a 5.3% revenue decline to $1.62 billion. The company declared an interim dividend of 16 cents and completed the acquisition of Manawa Energy Limited, significantly boosting net tangible assets per share from $2.68 to $3.66. This follows news that Infratil agreed to increase its stake in Contact Energy through a capital raising. The company also reported strong January 2026 operational performance with mass market electricity and gas sales rising 19% and wholesale contracted electricity sales surging 29%. CEN shares traded at $9.35.
Fonterra Co-operative Group (FCG)
Fonterra provided an earnings update, raising its 2025/26 season forecast Farmgate Milk Price midpoint by 50 cents to $9.50 per kilogram of milk solids due to improving global commodity prices. The company maintained its FY26 earnings guidance of 45-65 cents per share from continuing operations and expects to distribute a special Mainland dividend of 14-18 cents per share following the pending sale of Mainland Group to Lactalis. The milk price forecast range was narrowed and raised from $8.50-$9.50 to $9.20-$9.80 per kilogram. FCG shares closed at $6.18.
The a2 Milk Company (ATM)
The a2 Milk Company delivered strong 1H26 results with revenue up 18.8% to $993.5 million driven by growth across all product categories and regions. Net profit grew 9.4% to $112.1 million, while the company declared an interim dividend of 11.5 cents per share. The company achieved record market share in China label infant milk formula and upgraded full year guidance to mid double-digit revenue growth, expecting to reach its $2 billion medium-term sales target by FY26, a year ahead of plan. ATM shares traded at $11.47.
Ventia Services Group (VNT)
Ventia delivered strong FY25 results with revenue of $6.14 billion (up 0.6%) and underlying NPAT growing 13% to $257.6 million, exceeding upgraded guidance. The company secured $8.2 billion in new work during the year, driving work in hand to a record $22.1 billion, and declared a total dividend of 23.25 cents per share. The result comes amid reports that industrial services stocks have been performing well, with Ventia among companies seeing share price strength. VNT shares closed at $7.00.
Vector Limited (VCT)
Vector delivered H1 FY26 results in line with expectations, with adjusted EBITDA up 19% to $240 million driven by 14% revenue growth. However, net profit fell 4% to $113 million due to lower capital contributions. The company maintained its interim dividend at 12.5 cents per share and reaffirmed full-year adjusted EBITDA guidance of $470-490 million. The electricity segment performed particularly well with revenue up 20% and adjusted EBITDA up 28%. VCT shares traded at $4.83.
Spark New Zealand (SPK)
Spark New Zealand delivered strong profit growth in H1 FY26, with reported EBITDAI up 10.3% to $448 million and NPAT surging 83% to $64 million despite a slight 1.2% revenue decline to $1.89 billion. The turnaround was driven by mobile service revenue growth of 1.6% and $51 million in net cost savings through labour reductions and product cost improvements. The company declared an 8 cent dividend and reaffirmed FY26 guidance. SPK shares closed at $2.27.
Fletcher Building (FBU)
Fletcher Building delivered stable half-year results with revenue of $2.86 billion flat versus the prior year, maintaining EBIT margin of 5.1% despite challenging market conditions in New Zealand and Australia. The company announced the sale of its Construction division as part of strategic simplification, while improved cash flow and disciplined capital management reduced net debt below expectations. Operating cash flow improved significantly to $156 million from $87 million. This follows news that Fletcher is in talks with parties regarding a potential sale of its residential division. FBU shares traded at $3.50.
Freightways Group (FRW)
Freightways Group delivered solid half-year results with revenue growing 8.5% to $718.2 million and net profit surging 17.2% to $52.5 million. The company declared an interim dividend of 29.17 cents per share, demonstrating confidence in its performance and cash generation. The result comes amid reports questioning whether robust financials are driving the recent rally in Freightways' stock price. FRW shares closed at $14.49.
Downer EDI (DOW)
Downer EDI delivered strong 1H26 results with statutory NPAT up 30% to $98 million and underlying NPATA growing 7% to $136.1 million, despite revenue declining 6.9% to $4.86 billion. All segments showed earnings improvement, with underlying EBITA margin expanding to 4.6% from 3.7% in the prior period. The company increased its interim dividend by 19% to 12.9 cents per share (100% franked) and upgraded its FY26 guidance for NPATA to $295-315 million. This follows news that Downer won $870 million in New Zealand highway maintenance contracts.
Top Movers
| Company | Ticker | Revenue Change |
|---|---|---|
| Auckland International Airport | AIA | +4.0% |
| Contact Energy | CEN | -5.3% |
| The a2 Milk Company | ATM | +18.8% |
| Ventia Services Group | VNT | +0.6% |
| Vector Limited | VCT | +14.0% |
| Spark New Zealand | SPK | -1.2% |
| Fletcher Building | FBU | 0.0% |
| Freightways Group | FRW | +8.5% |
Notable Shareholder Movements
The most significant shareholder activity involved Bourns Inc progressively increasing its stake in RAK (Rakon Limited) from 48.1% to 52.7% across multiple transactions, cementing majority control of the frequency control solutions company. In the energy sector, Milford Asset Management disclosed a 5.2% holding in CEN (Contact Energy), while FirstCape Group increased its stake in MFT (Mainfreight) from 7.0% to 8.0%.
The week showcased resilience among New Zealand's largest listed companies, with many delivering profit growth despite revenue headwinds. As the February reporting season continues, investors will be watching for further updates from the remaining companies yet to report their half-year results.