Eight New Zealand companies delivered actual earnings results this week alongside two guidance updates, with the largest movers including strong operational performances from MEL and CEN, while TRA upgraded earnings guidance. Market sentiment remained broadly neutral across the 110 total announcements, with a notable regulatory issue emerging for TCM.
Earnings Results
Meridian Energy (MEL)
Meridian Energy reported strong operational metrics in its February 2026 monthly report, with year-to-date generation up 12.6% and total inflows at 129% of historical average despite a below-average February. Customer connections surged 19.3% year-on-year to 465,780, driven partly by the Flick customer acquisition, though monthly retail sales volumes dipped 2.7%. Generation prices have normalised significantly, with average prices down 83.7% compared to the elevated spot prices of early 2025. Shares rose 2.6% for the week to $5.49, following recent market commentary on retail sales volume concerns.
Contact Energy (CEN)
Contact Energy delivered strong February 2026 operational results with electricity generation rising to 809GWh from 675GWh in the prior period, driven by significantly higher hydro generation of 310GWh versus 163GWh previously. Unit generation costs fell sharply to $41.70/MWh from $70.95/MWh, reflecting reduced thermal reliance and improved hydro conditions. The company reaffirmed FY26 EBITDAF guidance of $995m excluding Manawa integration costs. This comes after Contact completed a $450m share placement for growth plans, with shares down 1.4% for the week to $9.06.
F&C Investment Trust (FCT)
F&C Investment Trust reported a share price total return of 14.6% for 2025, marginally outperforming its FTSE All-World Index benchmark of 14.2%. Gross revenue reached a record £113.2m (up 1.3%) with net profit of £86.2m (up 2.0%), supporting a 6.4% dividend increase to 16.6 pence per share - the 55th consecutive annual increase. Earnings per share rose to 17.97p. The board is proposing a 4-for-1 share split at the forthcoming AGM.
Manuka Resources (MKR)
Manuka Resources posted a net loss of A$12.9m for the half-year ended December 2025, compared to an A$8.4m loss previously, with no revenue as operations remain in care and maintenance mode. The company completed significant refinancing including a ~A$34m equity raising and US$30m Nebari facility to fund restart of its Wonawinta silver and Mt Boppy gold operations. First production is targeted for Q2 2026, with the company releasing a 10-year mine plan targeting average EBITDA of A$127m annually. Shares fell 14.4% for the week to 13.7c amid broader market weakness.
Santana Minerals (SMI)
Santana Minerals successfully completed its Share Purchase Plan, raising approximately A$4.1m at A$0.90 per share through ~4.56m new shares issued to around 860 of the 4,200 eligible shareholders. This follows the larger A$130m placement announced in February 2026. The capital raising supports the company's Central Otago gold development, with recent drilling confirming down-plunge extensions at the deposit. Shares declined 4.5% for the week to 95.5c.
Rua Gold (RGI)
Rua Gold reported positive exploration results at its Auld Creek gold-antimony project, with drilling extending mineralization 400m north and confirming depth continuity to 540m below surface. Notable intercepts included the highest individual gold grade recorded at the project of 83.4 g/t Au. The company remains on track to submit a Fast-track Referral application by end of March, with a 19,000m drill program underway. Shares fell 13.2% for the week to $1.65 despite the positive exploration update.
Taiko Critical Minerals (TCM)
Taiko Critical Minerals was required to retract its 11 March 2026 announcement containing financial metrics from a Financial Model Report, as the independent advisor did not meet JORC Code Competent Person requirements. The company noted it is actively progressing commercial and regulatory milestones, with a Definitive Feasibility Study for the Barrytown Minerals Project expected later in 2026. Shares rose 2.3% for the week to 22c following the regulatory resolution.
Trading Updates & Guidance
Turners Automotive Group (TRA)
Turners Automotive upgraded its FY2026 earnings guidance to approximately $63m NPBT from $60m previously, citing stronger-than-expected trading across all core divisions including improved vehicle sales, margins, and finance lending. The company expects a non-cash goodwill write-down of $7-9m related to its EC Credit division. The guidance upgrade follows strong automotive market conditions, with shares up 1.5% for the week to $8.54.
Comvita (CVT)
Comvita raised its full-year normalised EBIT guidance by approximately $1.2m to $15.5m, driven by strong Lunar New Year trading and solid North American retail partnership performance. However, the company noted offsetting uncertainties including the Mānuka honey season outcome and geopolitical impacts on freight and supply chains. Shares gained 2.9% for the week to 72c following the positive trading update.
| Company | Revenue Change % |
|---|---|
| FCT | +1.3% |
Weekly Price Movers
Notable Shareholder Movements
Several significant shareholding changes were disclosed this week. Timothy Crown reduced his stake in Black Pearl Group from 16.3% to 8.2%, while Bourns Inc increased its controlling position in Rakon from 70.6% to 71.6%. Institutional activity included Pinnacle Investment Management crossing 5% in Fisher & Paykel Healthcare, and Franklin Resources disclosing a 6.1% stake in Rua Gold. FirstCape Group also increased its Contact Energy holding above 5%.
The week ahead will see Fonterra's interim results on Monday, with CEO Miles Hurrell set to step down after eight years in the role. Attention will also focus on whether the positive momentum in utility sector operations continues amid favourable hydro conditions, and how resource companies navigate ongoing market volatility.