SkyCity Entertainment (SKC, #36) reported FY25 revenue of $825.2mln, down -5% on the prior year, reflecting weaker discretionary spending in New Zealand and higher VIP churn in Adelaide. Underlying EBITDA fell -16% to $233.7mln, while underlying NPAT dropped to $71.5mln from $123.3mln a year earlier. Reported NPAT was $29.2mln, impacted by a $27.3mln South Australian casino duty settlement, though this compared to a $143.3mln loss in FY24. Customer visitation rose +4.6%, but spend per visit was lower. SkyCity said the NZICC remained on track to open in February 2026 and confirmed its Adelaide operations remained suitable following an independent review. Looking ahead, FY26 underlying EBITDA is expected between $190–210mln. To strengthen its balance sheet, the company also announced a $240mln equity raise alongside planned asset sales over the next 12–18 months.
Heartland Group (HGH, #34) reported FY2025 NPAT of $38.8mln, with underlying NPAT of $46.9mln meeting guidance, as the lender focused on capital efficiency, derisking portfolios and restoring margins. Net interest margin rose 17bps to 3.56%, while operating expenses climbed +38% on higher regulatory, staffing and technology costs. Impairments increased 54% amid tougher economic conditions, though new collections policies improved asset quality, with motor finance arrears now outperforming industry averages. Heartland also advanced capital optimisation, reducing non-strategic assets by $103mln, exiting Marac Insurance, and cutting its Harmoney stake below 10%, releasing nearly $18mln of capital. Reverse mortgages and livestock finance drove growth, while motor and asset finance remained subdued. A final dividend of 2c brought the full-year payout to 4c. For FY2026, Heartland guided to underlying NPAT of at least $85mln and an ROE above 7%, with priorities including disciplined capital use, technology investment and growth in core products.
Kiwi Property (KPG, #22) declared a first quarter dividend of 1.40c per share, with imputation credits of 0.3381c and a 0.1534c supplementary dividend for non-resident investors. The dividend has a record date of 5 September and will be paid on 19 September 2025. The Dividend Reinvestment Plan remains in place, with shares issued at a 2% discount to the five-day VWAP to 10 September.
Fonterra lifted its 2024/25 forecast Farmgate Milk Price to $10.15 per kgMS, up from $10.00, narrowing the range to $10.10–$10.20 per kgMS. CEO Miles Hurrell said stable Global Dairy Trade prices and strong contracted sales supported the increase. The final price will be confirmed with FY25 results in September. For 2025/26, Fonterra maintained its $10.00 midpoint forecast, while tightening the range from $8.00–$11.00 to $9.00–$11.00 per kgMS, citing ongoing volatility risks.
Synlait Milk Limited (SML) will announce its full year results for the 12 months ending 31 July 2025 on Monday the 29th of September. Fisher & Paykel Healthcare provided guidance for the first half of FY26, projecting revenue of approximately $1.075 bln and net profit after tax of around $200 mln, reflecting 13% and 31% growth, respectively, compared with H1 FY25. CEO Lewis Gradon highlighted ongoing strong demand across Homecare and Hospital product groups, noting continued contribution from changes in clinical practice for Hospital therapies. For the full year, FY26 revenue is expected between $2.15–$2.25 bln, with NPAT of $390–$440 mln, factoring in a 75-basis point impact from US tariffs on hospital products and assuming current global tariff policies remain in place.
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