Here are the key changes to know about in the New Zealand equity market; F&P Healthcare, Gentrack, Air NZ, and Heartland drive the market higher amid report releases, Infratil, Mainfreight, Freightways, and Port of Tauranga 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 NZX50 is looking at a +0.3% rise today, another positive session for the index. It has lifted +0.2% over the past five trading days and +1.9% over the month, although it continues to sit -4.1% lower over the the last six-month period. Annually it has gained +3.7%. Todays session was highlighted by a heavy flow of FY26 annual results announcements from several of the major NZX-listed companies, including F&P Healthcare, Infratil, Ryman Healthcare, and Goodman Property Trust, which drove notable movement across the market.

THE MAIN GAINERS
The gainers were led by F&Paykel Healthcare (FPH, #1), which surged nearly +8% following its FY26 annual result announcement, lifting its five-day performance to +8%. Year-on-year the stock remains flat. Gentrack (GTK, #44) rebounded 6%, despite remaining down -2% over the last five days. Annually Gentrack's share price has slumped -66%. Air New Zealand (AIR, #23) gained +2%, continuing its recent positive momentum with a +5% rise over the week. Air NZ drops -27% for the year. Heartland Group Holdings (HGH, #29) also added +2% and remains up 40% over the past year.

THE MAIN DECLINERS
Decliners were led by Infratil (IFT, #2), which fell -6% following its FY26 result release, although the stock is still up +32% over six months and +36% annually. Mainfreight (MFT, #8) declined -3%, extending its weaker medium-term trend, declining 16% over the past six-months. Freightways (FRW, #17) and Port of Tauranga (POT, #7) both eased -2%. Freightway's have declined -8% in the last six month period, but gains +22% year-on-year. Port of Tauranga gains +21% from this time last year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Fisher & Paykel Healthcare (FPH, #1) reported strong FY26 earnings growth, with operating revenue rising +14% to $2.31 bln and net profit after tax increasing +24% to $468.5 mln. Hospital revenue climbed +18% to $1.51 bln, supported by strong global consumables demand, while Homecare revenue rose +8% to $802.7 mln. Gross margin improved to 63.7%, with the company continuing to invest heavily in R&D and progressing expansion of its East Tāmaki campus. F&P Healthcare declared a final dividend of 33.0 cents per share, taking the full year dividend to 52.0 cents per share, up +22% on FY25, while FY27 guidance projected revenue of $2.45 bln to $2.57 bln and NPAT of $500 mln to $550 mln.

Infratil (IFT, #2) reported an +11% increase in FY26 proportionate operational EBITDAF to $989 mln, supported by strong performances from data centre operator CDC and renewable energy business Longroad Energy. Total asset value rose +13% to $20.6 bln, while capital expenditure increased +17% to $2.7 bln as the company continued investing heavily into infrastructure growth opportunities. Net parent surplus improved to $550 mln from a prior year loss, with more than $600 mln of assets divested during the year to recycle capital into larger-scale growth opportunities. Infratil highlighted strong demand linked to AI infrastructure and renewable energy, while FY27 EBITDAF guidance was set between $1.3 bln and $1.4 bln. The company also confirmed a final dividend of 13.65 cents per share, taking the FY26 total dividend to 20.9 cents per share.

Ryman Healthcare (RYM, #18) also showed progress in FY26 as its business reset translated into materially improved financial performance and the company’s first positive free cash flow result in more than a decade. Operating revenue increased +10% to $849 mln, while operating EBITDAF nearly doubled to $88 mln, supported by higher aged care occupancy, growing care premiums, and improved retirement living pricing. Free cash flow reached $188 mln, driven by strong cash release from developments, while the balance sheet strengthened further with gearing reduced to 27.8%, the lowest in the sector. Ryman also made strong progress toward its FY29 strategic targets, delivering $47 mln of sustainable cash flow improvements and $169 mln of cash release in FY26. The company highlighted continued demand for care-focused living despite mixed market conditions and outlined FY27 priorities around reducing vacant stock, growing aged care earnings, lowering development activity, and continuing disciplined capital management.

Goodman Property (GMT, #15) has a statutory profit after tax rise of +126.3% to $248.0 mln, supported by a $111.2 mln uplift in property valuations and continued strength across its warehouse and logistics portfolio. Operating earnings after tax increased +2.1% to $127.6 mln, while cash earnings rose +5.7% to 7.98 cents per security, allowing full year cash distributions to increase +5.0% to 6.825 cents per security. The Group highlighted strong leasing activity, with more than 132,000sqm completed during the year, rental reversions of 22.1%, and like-for-like rental growth of +5.3%. Goodman also recycled nearly $700 mln of capital through asset sales and the Highbrook Partnership transaction, leaving the business with significant liquidity and a look-through loan-to-value ratio of 19.8%. Development activity continued across Mt Wellington, Penrose, Felix Street and Māngere, while management said long-term demand for Auckland industrial and logistics assets remained strong. FY27 guidance forecasts around +5% growth in both cash earnings and distributions.

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