The NZX delivered 10 actual earnings results and 3 guidance updates this week, led by FCG reporting solid profit growth despite channel headwinds and MEL showcasing strong operational performance amid favourable hydro conditions. Results sentiment was largely positive, with several companies posting record earnings and upgraded guidance.
Earnings Results
Fonterra Co-operative Group (FCG)
Fonterra delivered a solid first-half result with revenue rising 9.0% to $12.33 billion and NPAT increasing 6.4% to $700 million, translating to earnings per share of 35 cents. The dairy giant declared total dividends of 40 cents per share, comprising a 24-cent interim dividend plus a 16-cent special dividend from the Mainland Group sale. EBIT from pro forma continuing operations grew 2% to $932 million despite headwinds from $79 million in ERP system costs and higher energy expenses. A significant channel shift saw Foodservice EBIT surge 75% to $372 million while Ingredients EBIT fell 26% to $560 million. The company upgraded its FY26 EPS guidance midpoint by approximately 5% to 50-65 cents per share following completion of the $4.22 billion Mainland Group sale. FCG shares gained 0.9% over the week to $4.34.
Meridian Energy (MEL)
Meridian's April operating report highlighted strong retail momentum with sales volumes up 8.2% year-on-year, driven by a 25.0% surge in residential volumes and broad-based customer growth across all segments. Customer connections expanded 15.7% over 12 months to nearly 460,000 ICPs, demonstrating sustained market share gains. Hydro storage conditions remained exceptionally favourable, with national storage at 119% of historical average and year-to-date inflows at 121% of average, supporting generation volumes 13.5% above the prior year. However, wholesale electricity prices fell sharply, with average generation prices down 69.8% versus April 2025, reflecting abundant hydro supply. This follows the company's earlier swing to first-half profit and inclusion in the S&P Best In Class World Index. MEL shares rose 1.6% for the week to $5.85.
Vital Healthcare Property Trust (VHP)
The healthcare property trust reported solid third-quarter results with net property income rising 7.1% to $119.2 million and Funds From Operations growing 23.6% to $65.8 million for the nine months to March 31. Adjusted FFO per unit increased 13.8% to 8.85 cents, supported by portfolio growth and a stronger Australian dollar given 69% of assets are located across the Tasman. The trust declared a quarterly distribution of 2.4375 cents per unit while gearing improved to 39.6% from 42.1% at June 2025. The result comes as the trust moves to take portfolio management in-house. Shares declined 2.2% over the week to $1.815.
Sanford Limited (SAN)
The seafood company delivered record interim earnings with NPAT surging 24.6% to $42.4 million despite revenue falling 5.5% to $270.2 million. Earnings per share of 45.3 cents represented a 24.5% increase, while the company declared an interim dividend of 5.0 cents per share. Margin expansion was the key driver, with gross margin improving from 28.2% to 33.7%, led by favourable salmon product mix and wild-catch volume and pricing gains. Adjusted EBIT hit a record $65.0 million, up 20.3% on the prior period. Net debt improved materially by $63.0 million to $102.1 million, though operating cash flow fell to $13.7 million due to adverse working capital movements. This follows strong investor sentiment with private companies significantly increasing their stakes. SAN shares gained 1.8% to $7.99.
Radius Residential Care (RAD)
The aged care operator posted record full-year results with NPAT rising 34% to $9.5 million and underlying EBITDA growing 17% to $27.4 million, driven by strong occupancy of 94.9% and improved bed mix. Revenue increased 14% to $202.3 million while operating cash flow surged 25% to $25.1 million. The company declared a final dividend of 1.2 cents per share, representing a 50% increase on the prior year. Earnings per share reached 3.33 cents, up from the previous period. The board guided for continued underlying growth in FY27, boosted by the upcoming Karori Village acquisition. RAD shares rose 3.8% to $0.405.
Pacific Edge (PEB)
The cancer diagnostics company announced its FY26 full-year results will be released on May 25, with an investor conference call to follow. The announcement contained no financial metrics but noted that Cxbladder tests have been used by over 5,000 urologists in the US with more than 130,000 tests ordered. This comes following a recent $25.4 million equity raise to boost growth strategy and support the Medicare push for Cxbladder. PEB shares soared 55.2% over the week to $0.27.
Rua Gold (RGI)
The gold explorer reported a net loss of CAD $5.05 million for Q1 2026, compared to $3.10 million in the prior period, as the company accelerated exploration spending of $3.53 million on its 19,000-metre drill campaign at the Reefton Project. The loss per share was 0.0005 cents. The company completed an oversubscribed CAD $33 million private placement in January, ending the quarter with a strong cash position of $35.6 million versus $8.5 million at end-2025. Key milestones included a positive Preliminary Economic Assessment for the Auld Creek Gold-Antimony Project showing after-tax NPV of US$42 million at US$3,300/oz gold, rising to US$113 million at spot prices. RGI shares declined 2.3% to $1.695.
Manuka Resources (MKR)
The mining company issued a supplementary disclosure to correct regulatory omissions in its March quarterly report regarding exploration targets at the Pipeline Ridge project. The company confirmed all material assumptions and technical parameters underpinning the exploration target continue to apply. This comes as Manuka gears up for gold and silver production in Q2 2026. MKR shares surged 33.6% over the week to $0.143.
Trading Updates & Guidance
Property For Industry (PFI)
The industrial property investor upgraded its full-year FY26 dividend guidance from 9.05 cents per share to approximately 9.50 cents per share, representing a 10.5% increase on FY25 dividends. The company also announced a Q3 FY26 dividend of 2.20 cents per share with imputation credits of 0.45 cents attached, payable on May 28. PFI shares gained 4.7% to $2.45.
The Warehouse Group (WHS)
The retail chain reported third-quarter sales of $700.8 million, down 1.4% year-on-year, with like-for-like same-store sales remaining flat. However, gross profit margin improved 50 basis points to 31.9%, driven by margin gains in Warehouse Stationery and Noel Leeming divisions. The company also announced a new Noel Leeming flagship store opening on Queen Street in Auckland. This update comes amid recent cost-cutting measures including 270 head office redundancies. WHS shares fell 3.9% to $0.615.
AoFrio Limited (AOF)
The cooling technology company reported disappointing first-quarter results with revenue down 28.1% to $17.2 million due to the loss of its largest motor customer from US tariffs. IoT revenue remained stable at $11.4 million. The company expects revenue improvement in Q2 2026 and full-year 2026 with the planned commercial launch of its SCS800 controller and iQ platform. AOF shares were unchanged at $0.07.
Weekly Price Movers
Notable Shareholder Movements
Fund managers continued reshaping portfolio allocations across several NZX-listed companies. Forsyth Barr Investment Management increased its stake in property group Stride from 8.1% to 9.1%, while Regal Partners lifted its holding in surveying technology company ikeGPS from 11.6% to 12.7%. On the selling side, the New Zealand Superannuation Fund reduced its KMD Brands position from 11.2% to 10.1%, and Harbour Asset Management disclosed a 6.0% holding in property developer Precinct Properties. Perpetual Limited also reported a 6.1% stake in cinema software provider Vista Group.
With Pacific Edge's full-year results due May 25 and the reporting season continuing to build momentum, investors will be watching for further guidance updates and earnings surprises across the broader market. The mixed performance of guidance updates this week suggests companies are taking a cautious approach to forward-looking statements amid ongoing economic uncertainty.