Here are the key changes to know about in the New Zealand equity market; Summerset, NZX, SkyTV, and Gentrack rise while Precinct, Air NZ, Skellerup, and Vector all decline

Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.

WHAT THE NZX 50 INDEX IS DOING
The index is aiming towards a modest +0.4% gain today which will leave it up +1.0% over the last five days. Year-on-year it gained +9.0%.

THE MAIN GAINERS
There were 35 gainers today. Summerset Group Holdings (SUM, #19) rose +3%, although the stock remains down -11% over the past month and -11% year-on-year. NZX Limited (NZX, #45) also gained +3%, lifting +5% over the last five days, while remaining down -10% year-on-year. Sky Network Television (SKT, #46) increased +3%, extending gains to +7% over the past six months and +36% year-on-year. Gentrack (GTK, #36) added +2%, up +4% over the last five days, though the stock remains down -31% year-on-year.

THE MAIN DECLINERS
There were 44 decliners, with the largest falls relatively similar across the board. Precinct Properties (PCT, #20) declined -2%, down -3% month-on-month and -4% year-on-year. Air New Zealand (AIR, #21) also fell -2%, slipping -4% over the past five days and -6% year-on-year. Skellerup (SKL, #28) dropped -2%, despite remaining up +10% month-on-month and +12% year-on-year. Vector (VCT, #11) eased -1%, while still up +5% over the last six months and +22% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
The NZX (NZX, #45) has reported a strong financial result for FY2025 despite mixed conditions across the local market, delivering normalised operating earnings (EBITDA) of $53.5 mln, up +11.6% year-on-year, while net profit after tax rose +20.2% on a like-for-like basis to $21.5 mln. Operating revenue increased +7.3% to $129.0 mln, supported by continued growth in Smart, which finished the year with $15.8 bln in funds under management, and NZX Wealth Technologies, where funds under administration climbed +23.1% to $19.9 bln after onboarding 13 new clients. Earnings per share lifted to 6.5 cents, and the NZX declared a fully imputed final dividend of 3.3 cents per share, bringing total FY2025 dividends to 6.3 cents. Market activity improved in the second half of the year as interest rates eased, helping drive capital raising activity to $21.5 bln, while the NZX maintained 100% uptime across its trading systems for a fourth consecutive year. Looking ahead, the exchange expects FY2026 operating earnings to fall within a guidance range of $53.0 mln to $58.5 mln.

Air New Zealand (AIR, #21) has reported a loss before taxation of $59 mln for the first half of FY2026, with a net loss after tax of $40 mln, as ongoing global engine maintenance delays, slower domestic demand recovery, rising aviation system costs and a weaker NZD weighed on performance. The airline delivered EBITDA of $347 mln, while passenger revenue rose +4% to $3 bln, supported by stronger international travel despite capacity constraints caused by grounded aircraft. Higher fuel costs, inflation across engineering, airport charges and regulatory levies, and operational inefficiencies linked to fleet availability pressures contributed to the result, which fell slightly outside prior guidance. No interim dividend was declared, consistent with the company’s capital management framework, as Air NZ undertakes a strategic review aimed at restoring sustained profitability through operational improvements and cost transformation. Looking ahead, second-half earnings are expected to be broadly in line with, or modestly below, the first half, with uncertainty remaining around engine return schedules and cost pressures, while the airline anticipates fleet expansion following delivery of new Boeing 787 aircraft later in the financial year.

Precinct Properties (PCT, #20) reported stable first-half FY2026 results, with investment property funds from operations of $69.2 mln and total comprehensive income after tax of nil, as strong leasing activity and portfolio performance offset softer valuation movements. Portfolio occupancy remained high at 97% with a weighted average lease term of 6.1 years, supported by continued momentum in Auckland’s office market where contract rents grew 10.3% and more than 25,000 square metres of new lease deals were completed. The company strengthened its balance sheet through a $325 mln equity raise while advancing key growth initiatives, including new student accommodation developments and progress on the Downtown Car Park project. Strategic capital partnerships also expanded, highlighted by the acquisition of ASB North Wharf alongside global investor GIC and ongoing negotiations for additional joint ventures. Precinct maintained FY26 guidance, reaffirming funds from operations of 7.30 to 7.50 cents per stapled security and dividend guidance of 6.75 cents, with management citing improving market sentiment and strong demand for premium office space underpinning confidence in future earnings growth.

Heartland Group Holdings (HGH, #26) reported a strong turnaround for the first half of FY2026, posting net profit after tax of $48.8 mln, or $46.1 mln on an underlying basis, supported by expanding net interest margins, improved asset quality and continued growth in its reverse mortgage business across New Zealand and Australia. Underlying return on equity rose to 7.3%, while net interest margin increased to 3.92% and the cost-to-income ratio improved to 54.6%, reflecting disciplined cost control alongside targeted investment in growth and technology. Receivables growth was driven by reverse mortgages and livestock finance in Australia, while a strategic shift toward higher-quality motor finance lending contributed to stronger credit performance. Heartland said non-strategic asset realisation remains ahead of expectations and, combined with recent capital decisions, has positioned the group with excess capital to support future expansion. The company reaffirmed FY2026 guidance of underlying NPAT of at least $85 mln and ROE of at least 7%, and declared an interim dividend of 3.5 cents per share.

Sky Network Television (SKT, #46) reported a strong first-half FY2026 result, marking its first reporting period since acquiring Discovery NZ (now Sky Free), with the combined group strengthening its position in sport and advancing integration while improving underlying earnings despite challenging economic conditions. Underlying revenue rose +8% to $415.4 mln and EBITDA increased +29% to $78.2 mln through disciplined cost management and lower programming costs, while underlying NPAT climbed +77% to $19.3 mln and statutory NPAT reached $52.4 mln, supported by acquisition-related gains and compensation payments. Free cash flow surged to $87.1 mln, lifting cash reserves to $100 mln, and the board declared a fully imputed interim dividend of 15.0 cents per share, up +76.5% year-on-year. Sky highlighted strong progress integrating Sky Free, expanded advertising reach and digital audiences, renewed major sports rights including Formula 1 and Olympic Games coverage, and reaffirmed FY2026 guidance with revenue expected between $820 mln and $835 mln and EBITDA between $145 mln and $160 mln, while maintaining dividend guidance of at least 30 cents per share.

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