New Zealand companies delivered 39 earnings results this week, with 3 trading updates providing forward-looking guidance across 195 total NZX announcements. The week was dominated by strong results from major energy and infrastructure companies, with overall sentiment remaining positive despite some challenging market conditions.
Earnings Results
Meridian Energy
MEL delivered strong H1 FY26 results, returning to profit with NPAT of $143M compared to a $121M loss in the prior period. Revenue declined 11% to $2.0 billion, but this reflected lower wholesale electricity prices from abundant hydro fuel supply. EBITDAF surged 97% to $506M, with energy margin up 59% to $708M driven by record wind generation and the second-highest lake inflows on record. The company declared an interim dividend of 6.40 cents, up 4.1% from the prior period. Shares closed the week at $5.56, down 0.9%. This follows recent analysis assessing the company's valuation after strong January generation and retail volume gains.
Port of Tauranga
POT posted a record interim result with Group NPAT rising 16.6% to $70.2M, driven by 8.5% revenue growth to $244.1M. Container volumes grew 2.6% to 607,114 TEUs despite softer export log and dairy volumes, while subsidiary and joint venture earnings jumped 27.3%. The company raised full-year underlying NPAT guidance to $142-152M and declared a record interim dividend of 8.0 cents, up 14.3%. Shares gained 0.4% for the week to $7.90.
EBOS Group
EBO reported mixed H1 FY26 results with strong 13% revenue growth to $6.8 billion, but underlying NPAT declined 4.3% to $125.4M due to elevated depreciation from distribution centre renewal investments. The company maintained its interim dividend at 57.0 cents and expects EBITDA uplift in the second half as new facilities reach full productivity. Shares fell 1.6% for the week to $24.00.
Chorus
CNU returned to profitability with NPAT of $15M versus a $5M loss in H1 FY25, while revenue grew 1% to $506M and EBITDA increased 3% to $357M. Fibre momentum continued with connections growing by 31,000 to 1.13 million and uptake reaching 72.4%. The company maintained its 24 cent interim dividend and confirmed FY26 EBITDA guidance of $710-730M. Shares were flat for the week at $9.51.
Summerset Group
SUM delivered a record underlying profit of $234.2M for FY25, up 13.5% on FY24, driven by record sales of 1,560 occupation rights (up 26%) and strong portfolio growth to $9.2B in total assets. Revenue increased 13.1% to $361.8M, while operating cash flow surged 24% to $548.2M. The company declared a 13.2 cent dividend. Shares gained 2.0% for the week to $10.71, amid reports of growing US investor interest in the retirement village operator.
Genesis Energy
GNE achieved record H1 FY26 normalised EBITDAF of $307M, up 38% from the prior period, demonstrating portfolio flexibility in favourable hydro conditions. NPAT rose 36% to $95.1M while the company raised electricity netback by 17% to $172/MWh through disciplined pricing. Genesis announced a $400M equity raise to accelerate its renewable generation pipeline. Shares fell 3.5% for the week to $2.33.
Precinct Properties
PCT reported investment property funds from operations of $69.2M for H1 FY26, but FFO per share declined to 3.18 cents from 3.47 cents in the prior period. Revenue grew modestly by 0.7% to $135.4M. The company maintained strong operational metrics with 97% occupancy and 25,000 sqm of new leasing, while successfully raising $325M in equity. Shares fell 0.4% for the week to $1.11.
Air New Zealand
AIR swung to a H1 FY26 loss before tax of $59M from earnings of $144M in the prior period, primarily due to global engine maintenance delays and slower domestic recovery. NPAT fell to -$40M, representing a 140.8% decline. Revenue grew marginally by 1.2% to $3.4 billion, but the company received $55M in compensation from engine manufacturers. No interim dividend was declared. Shares declined 1.7% for the week to 56.5 cents as the company announced a strategic review to reset the business.
Property For Industry
PFI delivered strong H1 FY26 results with profit after tax surging 63.2% to $46.9M, driven by 23% growth in net rental income and fair value gains of $17.1M. FFO increased 32.2% to 6.40 cents per share, leading to increased FY26 dividend guidance of at least 9.05 cents. Shares jumped 8.6% for the week to $2.40 following the industrial REIT's solid performance.
Channel Infrastructure
CHI delivered a solid FY25 result in line with guidance, with revenue flat at $140.2M and EBITDA down 2% to $93.4M, though on a pro-forma basis excluding the expired Wiri lease, EBITDA grew 4%. The company declared a total FY25 dividend of 13.0 cents, up 18% and exceeding guidance. Shares gained 6.2% for the week to $2.91.
Heartland Group
HGH delivered a strong turnaround in H1 FY26 with underlying NPAT of $46.1M and underlying ROE of 7.3%, driven by net interest margin expansion of 51 basis points to 3.92% and significant asset quality improvements. NPAT grew to $46.1M from $10.7M in the prior period, a 332.7% increase reflecting the bank's operational recovery. The company declared a 3.5 cent interim dividend. Shares rose 1.6% for the week to $1.25.
Trading Updates & Guidance
Fisher & Paykel Healthcare
FPH upgraded its FY26 guidance with revenue now expected to be approximately $2.30 billion (up from the $2.17-2.27B range) and NPAT of $450-470M (up from $410-460M). The upgrade reflects good growth across Hospital products and margin improvements, though the company excluded potential upside from US tariff refunds following a Supreme Court ruling. Shares surged 9.9% for the week to $41.00 following the positive guidance revision.
Hallenstein Glasson
HLG reported unaudited Group sales of $275.2M for the six months ended 1 February 2026, up 14.6% year-over-year, with expected net profit before tax of $39.3-39.8M, representing a 32.1% increase. Shares fell 0.8% for the week to $9.77 despite the strong trading update.
TruScreen Group
TRU provided FY2026 guidance showing product sales revenue of $2.4M (up 41% year-over-year) but falling short of market expectations due to payment delays from Uzbekistan and deferred Zimbabwe orders. Total revenue is expected to increase 28% to $2.7M, while the company expects to maintain a similar loss of approximately $2.2M as FY2025. Shares fell 10.0% for the week to 1.8 cents.
| Company | Revenue Change | Weekly Move |
|---|---|---|
| MEL | -11.0% | -0.9% |
| POT | +8.5% | +0.4% |
| EBO | +13.0% | -1.6% |
| CNU | +1.0% | 0.0% |
| SUM | +13.1% | +2.0% |
| PCT | +0.7% | -0.4% |
| AIR | +1.2% | -1.7% |
| PFI | +23.0% | +8.6% |
| CHI | +0.3% | +6.2% |
| HGH | +13.0% | +1.6% |
Notable Shareholder Movements
The week saw significant shareholding activity across several companies. Bourns Inc. continued building its stake in RAK (Rakon), increasing its holding from 54.4% to 59.0% in successive transactions, demonstrating strong confidence in the frequency control solutions company. At Winton Land, Korama Limited disclosed a 55.1% holding while Macquarie Real Estate Management holds 22.3%. Meanwhile, ANZ New Zealand Investments reduced its stake in Oceania Healthcare from 9.8% to 6.6%, suggesting a strategic portfolio rebalancing.
The earnings season continues to progress with companies delivering mixed but generally solid results amid challenging economic conditions. Energy and infrastructure companies led the positive sentiment, while some sectors faced margin pressure from competitive conditions and input cost inflation. With several major companies still to report and the RBNZ's monetary policy decisions providing market context, investor attention remains focused on operational execution and forward guidance.