The NZX saw four actual earnings-related announcements this week out of 101 total notices, headlined by FBU's upgraded FY26 profit guidance and continued positive newsflow from AFT and SMI. Sentiment across the week's disclosures skewed positive, with six announcements flagged positive against just one negative, though the bulk of the week's 101 notices were routine insider and substantial-holder filings rather than earnings news.
Earnings Results
Fletcher Building (FBU)
Fletcher Building lifted its FY26 EBIT guidance by approximately 6.4% to a range of $400m–$403m for continuing operations before significant items, up from its mid-June guidance. The revised figure includes roughly $52m from surplus property sales, so the underlying operating uplift is more modest than the headline number suggests. Management pointed to favourable raw material procurement in Light Building Materials, a pull-forward in Iplex pipe volumes ahead of scheduled price increases — Iplex NZ volumes were up 24.6% on the prior comparable period and Iplex Australia up 8.0% — and unseasonally good weather supporting Heavy Building Materials trading in June. The company was more circumspect about the outlook, flagging that macro uncertainty and cost inflation are already causing delays and cancellations of new commercial projects, which could weigh on first-half FY27 performance. This followed separate news that Fletcher Building had sold a South Australian industrial property for more than AU$20 million, continuing its programme of portfolio simplification. Shares closed the week at $3.61, up 6.8%, among the better performers on the exchange this week.
AFT Pharmaceuticals (AFT)
AFT Pharmaceuticals confirmed it remains on track to meet its $300 million FY27 revenue target, citing ongoing sales growth in the first quarter of the new financial year and a full pipeline of product launches across its international markets. The company noted its average annual growth rate of 17% over the past two decades as context for the target. Alongside the commercial update, AFT reported meaningful R&D progress: the FDA has cleared the company's injectable iron IND application, clearing the way for a global Phase III confirmatory trial starting in September 2026 in a market the company estimates could be worth up to US$7.4 billion, and Japan's PMDA has confirmed inclusion in the same global study. AFT also signed a new option agreement for a novel injectable formulation targeting a market it estimates at more than US$3 billion. No detailed financial results accompanied this update — it was a trading and pipeline update rather than a full result — but the market responded favourably, with shares up 5.7% over the week to $3.91.
Santana Minerals (SMI)
Santana Minerals reported high-grade infill drill results from its Rise and Shine gold deposit, including a standout intercept of 15.5m at 7.7g/t gold and a further 4.2m at 14.5g/t gold from hole MDD504, both well above previously modelled grades. A second hole, MDD524A, confirmed continuity of the main high-grade domain with 7.0m at 6.4g/t gold, and the company flagged the possibility of a second stacked high-grade lens beneath the known mineralisation. As an exploration-stage company, Santana has no revenue or profit to report; the update is instead about resource definition as permitting and financing progress ahead of an expected Fast-track Approval decision. This came in the same week the company completed an AU$130 million share placement, and follows recent commentary questioning valuation following what one report described as consent timing concerns and a sharp single-day share price fall. Despite the positive drilling news, shares fell 7.6% over the week to $0.55, suggesting the placement and broader funding overhang weighed more heavily on sentiment than the exploration results.
Stride Property Group (SPG)
Stride Property Group's update was procedural rather than financial: all resolutions at its Annual Shareholder Meetings on 8 July were passed by poll, including reappointment of PwC as auditor for both the property and investment management entities and the election of new director Hsueh Ling Ng. No earnings or financial metrics were disclosed. Shares were little changed over the week, edging up 1.8% to $1.16.
Top Movers
Note: this week's largest market-cap movers were dominated by routine insider and disclosure filings from cross-listed banks (WBC, ANZ) rather than revenue-driven news, so revenue change figures were not applicable for most of the top movers list.
Weekly Price Movers
Notable Shareholder Movements
UBS Group AG lifted its substantial holding in ATM from 5.328% to 6.510%, a notable increase in a stock already under scrutiny following its FY26 supply chain update flagging a roughly 14% decline in China label infant formula sales. In banking and gaming names, AustralianSuper trimmed its stake in SKC from 8.32% to 6.95%, while FirstCape Group disclosed two separate movements in SKT, with its holding rising from around 4.996% to 5.772% before a further notice referencing a 5.086% position — together pointing to an active period of accumulation in the broadcaster's register.
This week's flow of disclosures was relatively light on genuine earnings news, with most of the 101 notices comprising routine insider dealings, substantial holder notices and administrative filings. Attention now turns to the upcoming August reporting season, with POT confirming its annual result will land on 28 August, and other major NZX names expected to follow with full-year and half-year numbers in the weeks ahead.