The NZX saw eight actual earnings results and four guidance updates land this week, out of 105 total announcements, with sentiment tilted cautiously positive. The standout news was FCG's downgrade to its 2026/27 Farmgate Milk Price forecast, while MEL's June operating report showed record hydro inflows squeezing wholesale prices, and SKL upgraded its full-year profit guidance. Elsewhere, most of the week's "results" were scheduling notices or AGM outcomes rather than substantive earnings releases, with LIC and TWL providing the week's most detailed financial disclosures.
Meridian Energy (MEL)
Meridian Energy's June 2026 monthly operating report was the week's most closely watched update given the company's $14.9 billion market capitalisation. FY26 total catchment inflows reached 122% of historical average — the highest since 1998 — with June alone at 187% of average, leaving Waitaki storage at 131% of average. That abundance of water, however, came at a cost: the FY26 average generation price fell 60.9% year-on-year to $71.9/MWh, compressing energy margins even as generation volumes rose 13.5% to 14,506 GWh. On the retail side, customer numbers grew 12.3% to 454,907 and full-year sales volumes rose 8.8%, while forward electricity prices for 2027-2029 have eased 15-35% from April levels as new renewable capacity enters the market. Shares closed the week largely unchanged, down 0.9% to $5.62. Recent commentary has focused on Meridian's contracted retail sales growth and the wider question of where wholesale prices settle as new generation comes online.
Chorus (CNU)
Chorus confirmed it will release its full-year results for the year ended 30 June 2026 on 24 August, with an investor briefing at 10am NZ time. No financial detail accompanied the notice. The stock was little changed over the week, down 0.1% to $9.62, following recent commentary noting elevated trading volumes and questions around the company's valuation and return on equity heading into the result.
SkyCity Entertainment Group (SKC)
SkyCity likewise issued only a scheduling notice, confirming its FY26 result for the year ended 30 June will be released on 20 August. Despite the absence of financial detail, the stock was one of the week's stronger movers among reporting companies, up 6.5% to $0.57, amid media coverage describing renewed turnaround optimism for the casino operator ahead of the full-year print.
Pacific Edge (PEB)
Pacific Edge reported Q1 FY27 operating metrics showing a split performance across its two markets. Revenue for the quarter was NZ$11.5 million, down 47.4% year-on-year, with a net loss of NZ$35.8 million reflecting continued cash burn. In the APAC business, commercial test volumes rose 12.9% to 1,158 tests and cash burn narrowed to NZ$0.17 million, with the region now contributing 19% of operating revenue versus 8% a year earlier. The US business saw commercial test volumes dip 2.4% to 3,295 as the company deliberately cut its sales force to 5 FTEs ahead of the pending Novitas Medicare Local Coverage Determination, though sales efficiency per remaining representative improved sharply. Management is now pivoting its US strategy toward integrated delivery networks and intermediate-risk patients, with a final LCD decision expected before the end of calendar 2026. Shares fell 5.3% over the week to $0.27, and the update follows the company's recent NZ$36.1 million capital raise.
Livestock Improvement Corporation (LIC)
LIC delivered one of the week's more complete earnings pictures. Revenue rose 6.7% to NZ$314.8 million for FY2026, with strong growth in NZ market genetics (+9.3% to $131.1 million) and Testing (+12.7% to $89.5 million). Reported NPAT fell 30.4% to $21.3 million, but this reflected $9.0 million of one-off enterprise system implementation costs and increased technology investment — underlying earnings were essentially flat at $21.8 million versus $21.7 million a year earlier. EPS came in at $0.15 and the co-operative declared a dividend of 12.26 cents per share. The balance sheet remains debt-free with $60.3 million in cash. Shares were unchanged at $1.21 for the week.
TradeWindow Holdings (TWL)
TradeWindow's FY26 results showed continued progress toward profitability. Trading revenue grew 20% to NZ$9.6 million, and annual recurring revenue surpassed the NZ$10 million milestone for the first time, reaching $10.1 million (+17%). The net loss narrowed 26% to NZ$2.6 million, with the EBITDA loss reducing to NZ$1.2 million and gross margin reaching 60% for the year. The company enters FY27 with NZ$4.2 million cash and no bank debt, guiding to 13-18% trading revenue growth and an EBITDA position approaching breakeven. Shares rose 3.9% over the week to $0.188, though this follows recent news of the company's CEO resigning due to illness.
Green Cross Health (GXH) & Templeton Emerging Markets (TEM)
Green Cross Health's update was procedural rather than financial: shareholders approved the sale of Green Cross Health Medical Limited at its AGM, along with two director appointments, all passing with more than 99% support. Shares eased 1.5% to $1.97 over the week, following a reported 26% share price bounce in prior sessions that commentators noted still leaves the business trailing the broader market. Templeton Emerging Markets similarly reported AGM outcomes, with all 11 resolutions passed and a final dividend of 3.25 pence per share declared, alongside authority for share buybacks of up to 14.99% of issued capital.
Trading Updates & Guidance
Fonterra Co-operative Group (FCG) & Fonterra Shareholders' Fund (FSF)
Fonterra cut its 2026/27 forecast Farmgate Milk Price to $9.25 per kgMS (range $8.00-$10.50), down from the May opening forecast of $9.75, citing an 11% fall in Global Dairy Trade auction prices since May and softer-than-expected demand against strong global supply. The revision was the week's most negatively received announcement, though FCG shares held relatively steady, down just 0.5% to $4.23, suggesting the market had already partly priced in weaker dairy conditions. The update came alongside separate news of Fonterra appointing Elisa Giusti as Chief Growth and Strategy Officer. FSF, which tracks the co-operative's economic performance via the Shareholders' Fund structure, carries the same forecast revision.
Ryman Healthcare (RYM)
Ryman Healthcare's first-quarter trading update showed 325 occupation right agreement sales for the three months to 30 June — 265 resales and 60 new sales — with resale volumes stable year-on-year and demand for serviced apartments holding up. The retirement village operator remains on track to deliver 157-168 retirement living units and aged care beds in FY27, with aged care occupancy at 96.1% and premium product penetration rising to 87.1%. Shares gained 3.2% over the week to $2.23, coinciding with the company's launch of a NZ$100 million six-year retail bond offer.
Skellerup Holdings (SKL)
Skellerup delivered the week's clearest positive surprise, upgrading its FY26 NPAT guidance to $64-65 million from a prior range of $57-62 million. Management attributed the upgrade to stronger-than-expected US demand, higher NZ dairy seasonal sales, lower tariff costs and a weaker New Zealand dollar. Full results are due on 20 August. Shares rose 3.1% over the week to $6.65, extending a run of positive sentiment that has also seen recent coverage of the company's dividend payment of NZ$0.1071 per share.
Top Movers
Weekly Price Movers
Notable Shareholder Movements
Milford Asset Management disclosed a new substantial holding of 5.003% in FRW (Freightways Group), crossing the 5% disclosure threshold. At Napier Port Holdings, Investment Services Group lifted its stake from 4.94% to 5.04%, also triggering fresh disclosure. Yarra Capital Management notified a change in substantial holding in GTK (Gentrack Group), though the specific percentage was not disclosed in the notice.
With Chorus and SkyCity both confirming August result dates, and a run of FY26 full-year reports still to come from other major NZX names, the reporting calendar is set to thicken over the coming month. Fonterra's downgraded milk price forecast will remain a focal point for the dairy sector, while Skellerup's guidance upgrade offers a reminder that not all of this season's news has been cautious. Market participants will be watching whether Meridian's compressed wholesale prices persist as new generation capacity comes online through 2027.