ASX reporting season: All the latest news from companies reporting results to the market today

Property sell-offs and billions of dollars in parcels and services revenue have delivered Australia Post a nearly 70 per cent full-year profit improvement.

Parcels and services income swelled to a record $8.01 billion in 2025/26, up almost five per cent from the previous financial year.

The postage carrier handed down a pre-tax profit of $31.8 million, up from $18.8m the year before, although this year’s figure would have been a $107.6m loss without $140m in property divestment returns.

The Commonwealth-owned company was delivering on its strategy, but more work was needed to protect its sustainability, chief executive and managing director Paul Graham said.

“Australia Post is taking a different path,” he said in statement on Friday.

“We want to keep building a modern Australia Post for a modern Australia, one that provides even faster delivery, more convenient parcel collection and continued access to essential services for all Australians.”

Losses from letter sending fell to $63.2m, down from more than $230m a year earlier, as letter volumes dropped 14.7 per cent to 1.42 billion.

The impact was partially offset a 20 cent increase to the basic postage rate to $1.70 in mid-2025, with that figure to rise to $1.85 on September 1.

The organisation’s new delivery model, which includes reducing non-urgent letter delivery frequency and strategically alternating dispatches by parcel type, saved the company $188.3m over the 12 months.

“We are upgrading what we do and how we do it because the way Australians work, shop and connect has changed,” Mr Graham said.

“Australians are sending fewer letters than ever before, while buying, selling and transacting online at record levels.”

The company would continue to look ways to streamline the letters service, but said more price hikes and efficiencies would be required to ensure the sustainability of essential services delivery, especially in regional, remote and vulnerable communities.

Operating costs increased by almost four per cent, driven by wages growth, licensee commissions and contractor rates, and higher parcel volume-related costs.

The carrier remained committed to maintaining 4000 retail outlets throughout Australia (there are currently 4118), with 2500 of those in regional or remote locations, the statement said.

“As Australia changes, Australia Post is evolving, but what will not change is our commitment to connecting Australians, supporting communities and helping businesses grow,” Mr Graham said.

Civmec has reported a more than 11 per cent rise in full-year revenue after picking up work with some of WA’s biggest companies.

Revenue hit $903 million, with earnings before interest, tax, depreciation and amortisation up 17 per cent to $107.3m.

Net profit was 22.5 per cent higher than a year earlier at $52.1m. The board declared an unchanged final fully franked dividend of 3.5c, taking the full-year payout to 6c - the same as FY25.

Among the headline wins for the Henderson-based contractor was the Perth Entertainment and Sporting Precinct (Perth Park), where it is part of the PESP Alliance alongside Seymour Whyte and Aurecon.

It has also completed more than 14,000sqm of concrete works for Iluka Resources’ rare earths refinery at Eneabba, as well as picking up jobs with BHP and Chevron.

“Our FY26 result reflects the strength of our people, our proven execution capability, and the consistent delivery we bring to every project,” said CEO Patrick Tallon.

”The establishment of Civmec Defence Industries, together with the expansion of our regional facilities in Port Hedland and Gladstone, has further broadened our capabilities and market reach.

“With strong contributions across all sectors, we enter FY27 with a substantial order book, strong market demand, and a robust pipeline of opportunities.”

Its order book stood at $1.4 billion as of July 31.

PEXA shares were smashed about 19 per cent in early trade on Friday as investors looked past a strong full-year result to a sudden turn in the property market and much weaker earnings outlook.

Revenue topped $400 million for the first time, up 7 per cent, operating earnings rose 12 per cent to $152 million and statutory net profit swung to $19.2 million from a $65.6 million loss.

But interim chief financial officer Liz Warrell said mortgage applications at the big four banks were already down between 12 and 20 per cent, while property transfers through PEXA fell 15 per cent in July from a year earlier.

“We do expect to see a double-digit fall” in transfer volumes this financial year, Ms Warrell said, blaming higher interest rates, stretched affordability and weaker consumer confidence.

Lower rates, rising house prices and first-homebuyer support drove record volumes in the first half, but PEXA says July marked a sudden break.

It now expects its group operating margin to fall to between 31.5 and 33.5 per cent this year from 37.3 per cent, while core net profit is forecast at $5 million to $20 million after reaching $26.3 million.

“We believe these tax changes will incentivise some investors to hold properties for longer … [reducing] the volume of transfers,” Ms Warrell said.

“The unknown is, of course, whether this will be a short to medium term impact or a structural shift.”

The softer housing outlook comes as PEXA fights a proposed 20 per cent cut to regulated Exchange revenue from 2027-28, with regulator IPART due to hand down its final recommendations at the end of September.

Chief executive Russell Cohen said the company’s modelling showed the Exchange could become cash-flow negative within a decade if the framework continued unchanged.

Air New Zealand has reported a smaller-than-expected full-year loss despite soaring fuel costs and engine maintenance issues, but stopped short of pledging an immediate return to profit.

The pre-tax loss in the 12 months through June 30 was $NZ336 million ($278m), the Auckland-based airline said this morning. The company had previously indicated the loss may be as great as $NZ390m.

Rising fuel costs stemming from the impact of the Middle East war cost Air New Zealand $NZ135m even after fare hikes, while the multi-year issue involving maintenance of certain Rolls-Royce and Pratt & Whitney engines added another $NZ190m of costs as the airline had to lease less-efficient aircraft and reduce capacity on key routes.

In response, the company has cut costs and is delaying new aircraft deliveries to make itself more resilient.

“It’s been a very challenging year for aviation, and our financial result reflects these challenges,” chief executive Nikhil Ravishankar said. “We are making deliberate choices on capacity and taking a disciplined approach to both our costs and our capital.”

Prior to the Middle East conflict, the airline would have expected, in its central case, to return to profitability in the 2027 financial year, reflecting underlying improvements in the business, it said. The major factors that impacted the 2026 financial result are expected to continue to have some impact in the 2027 financial year, albeit to a lesser extent, it added.

Disruption from engine availability is reducing substantially as aircraft return to service, but there will be ongoing costs of as much as $NZ90m in 2027 from lease commitments, while there are also further costs from routine aircraft maintenance and increased airport charges.

“The airline expects 2027 to be both a transition and recovery year, with operational performance continuing to improve even as elevated fuel prices weigh on profitability,” the statement said.

“We also expect the range of initiatives we have implemented in response to the currently elevated fuel cost will contribute to offsetting a larger portion of the elevated cost of fuel compared to the prior year.”

Bloomberg

NEXTDC’s race to turn a vast backlog of artificial intelligence and cloud contracts into revenue will carry a bill of up to $5.75 billion this year, with underlying earnings forecast to jump more than 50 per cent.

The data centre operator has sold 740.1 megawatts of capacity but only 175MW is switched on and billing customers. Another 197MW is due to begin earning revenue this year.

Net revenue is forecast to rise from $405 million to between $615m and $640m, while underlying operating earnings are tipped to climb from $248.8m to between $385m and $410m.

Its construction bill had already doubled to a record $3.4b last year.

“This is the largest capital program in the company’s history and it is underpinned by a forward order book of 565MW,” chief executive Craig Scroggie said. “Every megawatt in that forward order book is a binding customer contract.”

In Perth, NEXTDC has another 2MW under construction at its P1 centre in Malaga and is installing 4MW at P2 in the CBD to support an AI deployment. Both projects were disclosed in February and are now being built.

Once complete, the work will lift combined built capacity across the two Perth centres from 11.5MW to 17.5MW.

NEXTDC also operates smaller facilities in Port Hedland and Newman that allow miners to process operational data in the Pilbara without sending every workload back to Perth.

Harvey Norman has reported a 3.1 per cent jump in full-year revenue to $9.64 billion, but noted that was boosted by a strong first half and trading condition had become more variable in the final six months of FY26 as it faced higher costs.

That was made up of $6.58b in aggregated Australian franchisee sales revenue and $3.05b in overseas company-operated sales revenue.

Growth was supported by continued momentum across technology-led categories, including next generation AI products and devices, together with contributions from new store openings across international markets.

Group earnings before interest, tax, depreciation and amortisation rose 5 per cent compared to the previous year to $1.18b, with net profit up a similar margin to $790.3 million.

“FY26 delivered growth in operating earnings, continued international expansion and strong franchise profitability,” said chair Gerry Harvey.

“With total assets approaching $9b, net assets approaching $5b, substantial property ownership and low gearing, we remain well positioned to deliver long-term sustainable growth for our shareholders.”

The board declared a final fully franked dividend of 13c a share.

Gold traded above $US4600 an ounce as investors turned their focus to the US Federal Reserve’s interest rate path ahead of the annual Jackson Hole gathering.

Bullion swung between gains and losses overnight Thursday after snapping a five-day winning streak the prior day. US economic data this week showed that inflation remained well above the Fed’s target, raising prospects for a rate hike, which is typically a headwind for the non-yielding precious metal.

Bullion is still up about 14 per cent this month, given fresh impetus by the US Treasury’s unexpected intervention in the bond market last week.

Efforts to control the cost of the US debt pile have revived interest in the so-called debasement trade that helped power gold’s record-breaking rally last year, when investors bought the metal as a hedge to protect themselves from runaway budget deficits and a weaker dollar.

Investors will be seeking clues to the Fed’s approach to inflation when Kevin Warsh makes his first major speech as chairman of the central bank this week.

The much-anticipated address on Friday at the Jackson Hole symposium offers Warsh an opportunity to counter criticism that he hasn’t been forthright with his views on the economy.

“If Warsh’s speech does not lay the groundwork for a rate hike in September, then it will likely be interpreted by the market as dovish,” said Liu Shiyao, an analyst at Chinese brokerage Zijin Tianfeng Futures. Lower borrowing costs are typically supportive for precious metals, which don’t pay interest.

Gold gained 0.4 per cent to $US4610.89/oz in New York.

Bloomberg

Virgin Australia says fuel hedging and more fuel-efficient aircraft helped it offset the soaring price of oil following the US and Israel’s attacks on Iran earlier this year.

The airline said it would also pay out its first dividend to shareholders since its returned to the ASX in 2025 after net profit for the full year rose 4.7 per cent to $501 millon, up from $478.5m the previous year.

Underlying net profit was up almost 22 per cent to $404m while underlying earnings before interest and tax leapt 13.4 per cent to $753m.

Revenue rose 8.1 per cent to $6.3 billion as people continued to prioritise travel despite the cost-of-living crisis.

“The group delivered strong earnings growth and further margin expansion in a challenging operating environment,” Virgin said.

“This was supported by strong customer demand, disciplined capacity management, effective fuel hedging and continued benefits from the transformation program.”

Unlike its rival Qantas, which copped a hefty blow from soaring jet fuel prices after the outbreak of war in the Middle East, Virgin’s bill remained almost unchanged from a year earlier thanks to its hedging strategy.

Costs actually fell 0.1 per cent to $1.09b.

CEO Dave Emerson said Virgin had become “a stronger and more resilient airline”, withits transformation program delivering benefits of $450m.

“Our strategy is working. We have built a simpler, more focused business with a primarily domestic network, targeted short-haul international services and global connectivity through our airline partners,” he said.

“That strategy, together with the continued benefits of our transformation program, has strengthened the quality of our earnings and positioned us well for the future.

“We delivered strong earnings growth and further margin expansion despite significant inflationary pressure across the aviation supply chain and a more challenging operating environment, while continuing to invest in the long-term competitiveness of the business.”

Virgin will pay out a final dividend of 7.6c a share.

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Andrew Forrest-backed Greatland Resources has closed out its first full financial year as owner of the famed Telfer gold mine with a net profit of $862 million.

The miner turned out 328,987 ounces of gold in FY26, selling just under 370,000oz at an average realised price of $6223/oz.

All-in costs were 18 per cent higher than a year earlier at $2179/oz.

But Greatland got an extra boost from soaring copper prices, selling 14,730 tonnes at an averaged realised price of $14,895/t.

Revenue was up from $957m the previous year to $2.26 billion, while earnings before interest, tax, depreciation and amortisation rose almost four-fold to $1.33b.

Operating cash flow more than doubled to $1.24b.

MD Shaun Day said it was another transformative year for Greatland, which included picking up the Dealer of the Year award at the Diggers & Dealers Mining Forum in Kalgoorlie-Boulder earlier this month.

“Our first full financial year of Telfer under our ownership delivered exceptional operating results, driven by significant productivity improvements in our open pit and underground mines, and an excellent performance in our processing operations,” he said.

Greatland acquired Telfer and the remaining 70 per cent stake in the nearby Havieron project from Newmont Mining for about $715m in late 2024.

Mr Day said Havieron was a “world-class” gold and copper asset that could leverage exisiting infrastructure at Telfer.

The final investment deicision to build the $1.1b development was signed off in June.

Greatland is forecasting production of between 260,000oz and 300,000oz at all-in costs of between $2900/oz and $3330/oz for this financial year.

“The investments we make in FY27 will set the foundations for a period of production growth delivered b ya higher quality, longer life, gold-copper production centre in the Paterson region,” Mr Day said.

“We enter the year in a position of strength with net cash of approximately $1.3b at the close of FY26.”

The technology-heavy Nasdaq has outperformed peers at the close of trade after chip maker Nvidia’s bumper revenue forecast reaffirmed the strength of the AI boom and fuelled gains in technology stocks.

Nvidia shares jumped 8.7 per cent after the chip company’s robust forecast met lofty investor expectations, bolstering the view that the tech rally still has room to run as companies at the heart of AI buildout continue to deliver impressive growth.

“Nvidia’s results show that the AI boom is not running out of demand ... while delivering that growth is becoming more expensive and capital-intensive,” said Lale Akoner, global market strategist at eToro.

Morgan Stanley said in a note on Thursday that Nvidia’s forecast for revenue growth of 70 per cent next year is well above Morgan Stanley’s estimate for a 52 per cent rise and that the consensus estimate is closer to 40 per cent.

“We would expect Nvidia to continue to knock down barriers to higher growth,” said analyst Joseph Moore in the note.

Nvidia has warned that shortages of memory components could curb the pace of the industry’s growth.

The S&P 500 closed 55.29 points, or 0.72 per cent, higher at 7730.99 and the Nasdaq Composite gained 411.16 points, or 1.57 per cent, to 26,541.35 and the Dow Jones Industrial Average rose 105.56 points, or 0.20 per cent, to 53,569.44.

Read the full overnight report here ...