The NZX delivered 10 actual earnings results and 3 guidance updates this week amid 136 total company announcements. WBC flagged several items ahead of its 1H26 results due next month, while ATM downgraded guidance on supply chain disruptions. Overall sentiment remained measured with most companies providing routine operational updates rather than major earnings surprises.
Earnings Results
Westpac Banking Corporation (WBC)
Westpac provided a pre-results update ahead of its 1H26 results due 5 May, flagging several items that will impact the half. A $75 million post-tax notable item related to RAMS mortgage portfolio transaction costs will reduce reported profit, while a new portfolio overlay for energy-intensive sectors has lifted the credit impairment charge to around 10 basis points of average gross loans. This follows news that the bank plans voluntary US SEC deregistration. Operationally, the bank reported solid momentum with 4% lending growth, 3% deposit growth, and stable core net interest margin, though geopolitical uncertainty and NZD depreciation present headwinds. Shares fell 7.7% to $48.30 over the week.
Henderson Far East Income (HFL)
Henderson Far East Income delivered strong first-half results with revenue surging 63.4% to £100.7M and net profit rising 73.5% to £16.5M. The performance was driven by a 90.8% increase in investment income, supported by a large special dividend from Brilliance China Automotive and elevated option writing premiums from market volatility. Net asset value per share rose from 223.32p to 261.38p, with the NAV total return reaching 23.3%. The company declared two interim dividends of 6.25p each and joined the FTSE 250 following strong share issuance, though geopolitical risks present near-term headwinds.
Trading Updates & Guidance
The a2 Milk Company (ATM)
The a2 Milk Company reported strong demand for its infant formula products in 3Q26 but announced temporary product availability issues in China due to supply chain disruptions including freight constraints from Middle East conflict, production backlogs at Synlait, new quality testing requirements, and customs clearance delays. The company has revised FY26 guidance downward, now expecting low to mid double-digit revenue growth (previously mid double-digit) and EBITDA margins of 14.0-14.5% (previously 15.5-16.0%). This follows reports that the company entered a trading halt on ASX amid the disruption concerns. Shares plummeted 18.7% to $9.11 over the week.
NZ King Salmon Investments (NZK)
NZ King Salmon Investments upgraded its FY26 earnings guidance, with pro forma EBITDA now expected at $19-27 million versus prior guidance of $9-15 million. Harvest volume was increased to 5,800-6,100MT, driven by lower-than-forecast summer mortality, stronger feed conversion, and improved operational execution at sea farms. Shares surged 23.7% to $0.24 over the week following the positive update.
Ryman Healthcare (RYM)
Ryman Healthcare reported 331 retirement living sales in Q4 FY26, up 10% year-on-year, with full-year FY26 sales of 1,410 occupation right agreements and expected free cash flow of approximately $180 million. Net interest-bearing debt stood at $1.57 billion as of 31 March 2026. Despite the operational update, shares declined 3.8% to $2.00 over the week.
Weekly Price Movers
Notable Shareholder Movements
Several significant shareholder movements emerged this week. Macquarie Group became a 5.1% substantial holder in Ventia Services Group before subsequently ceasing to be a substantial holder. Meanwhile, institutional activity increased around KMD Brands, with ACC raising its stake from 7.79% to 11.63% and FirstCape Group/Harbour Asset Management lifting their holding from 8.96% to 10.64%. Kauri NZ Investment also increased its Comvita stake from 10.54% to 11.29%.
As the April reporting season approaches, companies continue providing operational updates and guidance revisions ahead of formal results. The mixed tone this week reflects broader market uncertainty around geopolitical developments and their impact on supply chains and trading conditions.