Six companies reported actual earnings results this week alongside one trading update, with mixed sentiment reflecting ongoing challenges in the New Zealand market. BGP delivered record sales despite margin pressure, while SPN posted a record interim profit and AIR suspended guidance due to fuel price volatility.
Earnings Results
Briscoe Group (BGP)
New Zealand's largest homeware and sporting goods retailer delivered record Group sales of $798.8 million for FY26, up 0.9% on the prior year, with both segments contributing positive growth. However, NPAT declined 2.3% to $59.2 million as gross margins compressed 114 basis points to 39.23%, reflecting the challenging consumer environment. The company declared a final dividend of 10.0 cents per share, maintaining total FY26 dividends at 20.0 cents.
Online sales exceeded 20% of total Group sales for the first time, supported by successful migration to the Adobe platform. The company demonstrated strong cost discipline with total store and overhead costs rising just 1.19% despite wage inflation. BGP shares closed the week at $4.75, down 1.5%, following reports of margin slippage testing the earnings growth narrative.
Santana Minerals (SMI)
The pre-revenue gold development company reported a net loss of A$1.31 million for the half year, improving from a loss of A$1.07 million in the prior period. Key milestones included completion of an Updated Pre-Feasibility Study showing strong project economics with an NPV of A$2.3 billion and IRR of 94%, and the granting of a 30-year Mining Permit for its Bendigo-Ophir Gold Project.
The company strengthened its balance sheet with A$90 million cash following a A$64.2 million capital raise, and lodged a Fast-track Approvals Act application with a consent decision expected 29 October 2026. This follows news that Santana is looking to raise A$120 million according to the AFR. Shares traded at $1.00, down 3.4% for the week.
South Port New Zealand (SPN)
The South Island port operator delivered a record interim after-tax profit of $8.45 million for the six months ended 31 December 2025, up 46.8% on the prior period. Revenue from port services rose 17.5% to $34.76 million, driven by a 17.8% surge in cargo throughput to 1.99 million tonnes on stronger agricultural input imports and recovering smelter-related volumes.
Large vessel calls increased 17.5% to 154 and container volumes grew 20.4% to 24,800 TEU, reflecting broad-based port activity growth. The company declared an interim dividend of 8.5 cents per share. SPN shares closed at $8.99, up 0.3% for the week, despite analyst warnings about potential surprises ahead.
AFT Pharmaceuticals (AFT)
The specialty pharmaceutical company won a Court of Appeal judgment dismissing PBL Solutions Limited's claim for a share of profits from AFT's use of Pascomer for Port Wine Stain treatment. AFT retains full rights to profits from non-orphan applications of Pascomer, while continuing to share 35% of orphan drug profits with PBL.
The Port Wine Stain market represents a significantly larger commercial opportunity than the orphan Facial Angiofibroma indication, with approximately 36 times more potential patients. The company confirmed the judgment has no material effect on its FY2026 earnings guidance. This comes amid partnerships with Stablepharma to address the multi-billion dollar anti-infective and oncology therapeutics market. Shares were unchanged at $3.50.
Tāiko Critical Minerals (TCM)
The critical minerals development company released a Financial Model Report for its Barrytown Minerals Project, projecting life-of-mine revenue of US$3.28 billion with a strong operating margin of 57.5%. The project requires modest upfront capital of US$66 million and delivers an estimated NPV of US$281 million at a 10% discount rate, with an equity IRR of 40.7%.
The attractive project economics are enhanced through leverage, with an equity payback of 3.8 years and cumulative free cash flow of US$1.28 billion over the project life. A Definitive Feasibility Study is expected later in 2026. Shares closed at $0.215, down 6.5% for the week.
Minerals Exploration (MEX)
The gold exploration company, formerly Uvre Limited, reported a net loss of $1.27 million for the half year, widening from a loss of $0.55 million in the prior period as exploration expenditure ramped up following its transformational acquisition of New Zealand gold projects. Revenue was minimal at $0.06 million.
The company completed the acquisition of Otagold Limited in July 2025, adding 332km² of exploration ground including the flagship Waitekauri Gold Project. A maiden 3,000-metre diamond drilling program commenced in October, with first assay results identifying a large mineralised gold system. The result comes amid reports that gold miners are prospering on the NZX. Shares were flat at $0.19.
Trading Updates & Guidance
Air New Zealand (AIR)
New Zealand's national carrier suspended its FY2026 earnings guidance due to unprecedented volatility in global jet fuel markets following Middle East conflict escalation. Jet fuel prices surged from US$85-90 to US$150-200 per barrel, expected to materially impact second-half earnings.
This follows reports of Air NZ cutting flights as fuel price surges wreak havoc on the aviation industry. The airline has been forced to reduce capacity to manage the fuel cost crisis. Shares closed at $0.45, down 11.8% for the week, making it one of the worst performers across the market.
Weekly Price Movers
Notable Shareholder Movements
Several substantial holding changes were filed this week, led by Bourns, Inc. continuing to increase its stake in RAK across multiple transactions, reaching 70.6% from 65.6%. Forsyth Barr Investment Management lifted its holding in PCT to 10.6% from 8.8%, while David, Henry & Mangawhai Collective increased their stake in BRW to 16.3% from 15.3%. Pinnacle Investment Management reduced its NZM holding to 9.1% from 11.0%.
Looking ahead, the New Zealand earnings season continues to wind down with most major companies having reported. The focus will likely shift to quarterly updates and forward guidance as companies navigate ongoing challenges including inflation, consumer spending pressures, and global supply chain disruptions. Air New Zealand's guidance suspension highlights the continued volatility facing transport and energy-sensitive sectors.