The NZX delivered 17 actual earnings results across the week ending 23 May 2026, led by strong performances from CEN, AFT, and NPH. Sentiment was predominantly positive, with 10 companies reporting positive outcomes against only neutral results elsewhere.
Contact Energy Limited (CEN)
Contact Energy's April 2026 operating report showed strong operational momentum, with mass market electricity and gas sales up 31% to 372GWh and contracted wholesale electricity sales rising 37% to 898GWh. Hydro generation nearly doubled year-on-year to 418GWh from 251GWh, supported by above-mean Clutha catchment inflows at 123% of mean. Unit generation costs improved significantly, falling 9.2% to $44.95/MWh as the company benefited from increased hydro output. The result comes amid news that major shareholder Infratil agreed to sell a 5% stake in Contact Energy for approximately NZ$495 million, reducing its holding from 14.08% to 9.08%. Shares closed at $9.35, down 4.7% for the week.
Ventia Services Group Limited (VNT)
Ventia Services Group held its 2026 Annual General Meeting on 21 May, where all resolutions passed with strong majority support including adoption of the 2025 Remuneration Report (96.13% in favour) and re-election of director Jeff Forbes (95.40% support). This follows news of the company extending its NZ$160 million Transpower contract, reinforcing its position in New Zealand's infrastructure services sector. Shares gained 1.4% for the week to $7.40.
Argosy Property Limited (ARG)
Argosy Property reported FY26 results showing net property income up 3.3% to $120.8 million and net distributable income rising 9.1% to $60.9 million. The property trust benefited from a $58.5 million portfolio revaluation gain, lifting net tangible assets per share to $1.60 from $1.53. Strong rent review outcomes delivered 3.5% annualised rental growth across $80.9 million of reviewed rents. EPS of 6.85 cents was up 6.5% year-on-year, while the full-year dividend of 6.65 cents per share was maintained. Shares declined 1.4% for the week to $1.055.
Napier Port Holdings Limited (NPH)
Napier Port delivered strong half-year growth with revenue up 8.8% to $84.9 million and underlying NPAT rising 21.5% to $17.9 million. Container services revenue surged 16.7% to $49.9 million, driven by a 3.5% increase in TEU volumes and a 12.8% rise in average revenue per TEU to $430. The port operator demonstrated strong operating leverage, with result from operating activities margin expanding to 43.9% from 42.5%. An interim dividend of 5.25 cents per share represented a 31% increase on the prior period. EPS of 9 cents reflected the strong underlying performance. Shares fell 3.2% for the week to $3.60.
Tower Limited (TWR)
Tower Limited reported H1 FY26 underlying NPAT of $36.8 million, down 40.4% from the exceptional prior period which benefited from benign weather conditions. Revenue declined 2.0% to $291.17 million as the insurer faced elevated weather-related claims and pricing pressures. The customer base grew 5% to 327,000, with New Zealand home insurance policies up 9%. Management maintained FY26 underlying NPAT guidance of $55-65 million but cut gross written premium growth expectations to low-single digits. EPS of 6.7 cents and an interim dividend of 5 cents per share were declared. This follows reports of the NZ Super Fund increasing its Tower holdings. Shares tumbled 14.1% for the week to $1.865.
Oceania Healthcare Limited (OCA)
Oceania Healthcare delivered a record FY26 result with revenue rising 3.0% to $267.1 million and proforma underlying NPAT surging 34% to $64.1 million. Total sales volumes increased 16% to 603 units despite subdued residential property market conditions, while gross value of settled sales rose 20% to $375 million. Net debt reduced by $121.4 million to $506.7 million, bringing gearing to 30.1% at the lower end of the target range. No dividend was declared as the board targets positive free cash flow before resuming payments. Shares gained 4.4% for the week to $0.71.
Gentrack Group Limited (GTK)
Gentrack Group reported H1 FY26 revenue of $110.1 million, down 1.7% as strong recurring revenue growth of 12% was offset by a 30% decline in non-recurring revenue due to project delays. NPAT fell 29.0% to $5.1 million though this was partially offset by a $3.9 million tax credit. The software company maintained a strong balance sheet with $73.2 million cash and announced two bolt-on acquisitions post period-end. EPS of 5 cents reflected the mixed operational performance. Shares declined 2.4% for the week to $4.00.
AFT Pharmaceuticals Ltd (AFT)
AFT Pharmaceuticals delivered record FY26 results with revenue surging 22% to $254.7 million, driven by double-digit growth across all territories including Australia (+19%) and Asia (+41%). NPAT rose 23.7% to $14.1 million while operating profit reached a record $24.4 million, ahead of guidance. Licensing income nearly quadrupled to $3.1 million, reflecting growing out-licensing momentum including a China deal for novel IV iron therapy. The company issued strong FY27 guidance targeting revenue above $300 million and raised its dividend to 2.5 cents per share. Shares gained 11.2% for the week to $3.88.
Investore Property Limited (IPL)
Investore Property delivered resilient FY26 results with distributable profit after tax rising 8.1% to $30.7 million and net rental income up 5.1% to $65.5 million. The retail property investor achieved like-for-like rental growth of 4.7% and portfolio occupancy of 99.5%, while completing $157 million of acquisitions. Portfolio value grew 14% to $1.1 billion following the purchase of Silverdale Centre and Bunnings New Lynn. EPS of 8.13 cents was up 7.3% year-on-year, with a dividend of 6.5 cents per share maintained. Shares fell 1.9% for the week to $1.05.
Serko Limited (SKO)
Serko delivered strong FY26 results with total income rising 34% to $120.9 million, reaching the top end of its guidance range. Booking.com for Business completed room nights increased 31% to 4.3 million while active customers grew 36% to 301,000. The travel technology company narrowed its net loss to $17.7 million, a 19% improvement, while EBITDAFI surged 137% to $6.5 million. The result comes amid reports of the company being viewed as undervalued following a 25% share price decline earlier in the year. Shares rallied 13.1% for the week to $1.64.
My Food Bag Group Limited (MFB)
My Food Bag reported FY26 revenue of $170.2 million, up 5.0%, with NPAT rising 5.3% to $6.7 million despite challenging consumer conditions. Second-half momentum was encouraging with H2 revenue growth of 6.2% year-on-year and improving gross margins. Net debt reduced by $5.1 million to $1.9 million while free cash flow of $8.5 million strengthened the balance sheet. A total FY26 dividend of 1.9 cents per share was declared. The company has commenced a strategic review of its ownership and capital structure. Shares gained 9.3% for the week to $0.295.
BLIS Technologies Limited (BLT)
BLIS Technologies reported FY26 revenue of $14.7 million, up 16%, driven by B2B ingredient revenue growth of 17% and private label revenue surge of 67%. While reported EBITDA declined slightly to $0.9 million due to one-off supply chain costs, underlying NPAT of $1.6 million represented a 90% improvement on the prior period. The probiotic company maintained a strong balance sheet with $8.5 million in cash and positive operating cash flow of $1.8 million. Shares were unchanged at $0.015 for the week.
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Substantial shareholder activity included Harbour Asset Management reducing its stake in Scales Corporation from 11.5% to 10.4%, while Milford Asset Management disclosed new holdings above 5% in Freightways Group and reduced its Vista Group International stake from 9.1% to 8.0%. The Vanguard Group disclosed a 5.0% holding in Fisher & Paykel Healthcare, and Macquarie Group reported a 5.0% position in Contact Energy, likely related to the major share placement by Infratil.
With the bulk of FY26 annual results now reported, attention turns to the upcoming AGM season and early trading updates as companies enter the new financial year. Several companies including Serko and AFT Pharmaceuticals have provided confident FY27 guidance, while others flagged ongoing macro uncertainties in their outlook statements.