Track management guidance changes across NZX-listed companies — upgrades, downgrades, accuracy scores, and tone shifts
Most recent upgrades and downgrades across NZX issuers
| Sector | Total | Upgrades | Downgrades | Maintains | Avg Accuracy |
|---|---|---|---|---|---|
| Industrials | 126 | 12 | 22 | 54 | 56% |
| Real Estate | 79 | 7 | 2 | 50 | 36% |
| Healthcare | 72 | 7 | 3 | 41 | 48% |
| Financials | 68 | 2 |
Sorted by latest guidance direction (upgrades first), then ticker. Based on 588 structured guidance records with 141 accuracy scores.
See also: Earnings Surprise Predictor — multi-factor beat/miss probability model using guidance accuracy as a key input. · Narrative Tracker — YoY management messaging evolution with tone shifts and topic churn. · Earnings Themes — AI-extracted topics from earnings announcements.
Unified analyst consensus — target prices, guidance accuracy, earnings expectations across the NZX.
9-factor beat/miss probability model — guidance, tone, historical patterns, analyst consensus.
Predicted HY/FY reporting dates for all NZX companies based on historical patterns.
Data sourced from NZX earnings announcements — AI-extracted guidance data. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.
| 10 |
| 39 |
| 65% |
| Consumer Staples | 67 | 4 | 5 | 39 | 50% |
| Consumer Discretionary | 55 | 2 | 6 | 34 | 60% |
| Utilities | 37 | 6 | 3 | 19 | 50% |
| Materials | 27 | 1 | 2 | 15 | - |
| Communication Services | 25 | 5 | 5 | 10 | 43% |
| Information Technology | 24 | 5 | 0 | 16 | 44% |
| Energy | 8 | 2 | 0 | 5 | 70% |
| Contact Energy Limited |
| Utilities |
| upgrade |
| FY2025 interim |
| optimistic |
| - |
| 3 |
1/0/2 |
| CNU | Chorus Limited | Communication Services | upgrade | FY2023 interim | - | - | 2 | 2/0/0 |
| FPH | Fisher & Paykel Healthcare Corporation Limited | Healthcare | upgrade | FY2026 interim | optimistic | 39% | 12 | 1/0/4 |
| IFT | Infratil Limited | Utilities | upgrade | FY2026 interim | optimistic | 58% | 11 | 4/2/1 |
| NPH | Napier Port Holdings Limited | Industrials | upgrade | FY2025 interim | optimistic | 44% | 6 | 1/3/1 |
| PFI | Property for Industry Limited | Real Estate | upgrade | FY2026 interim | optimistic | - | 12 | 4/0/6 |
| PHL | Promisia Healthcare Limited | Healthcare | upgrade | FY2026 interim | optimistic | 45% | 6 | 2/0/1 |
| POT | Port of Tauranga Limited | Industrials | upgrade | FY2026 interim | - | - | 2 | 2/0/0 |
| RYM | Ryman Healthcare Limited | Healthcare | upgrade | FY2026 interim | optimistic | - | 5 | 2/0/3 |
| SEK | Seeka Limited | Consumer Staples | upgrade | FY2025 interim | optimistic | 44% | 4 | 1/0/3 |
| VGL | Vista Group International Limited | Information Technology | upgrade | FY2025 interim | optimistic | 52% | 4 | 2/0/2 |
| VNT | Ventia Services Group Limited | Industrials | upgrade | FY2025 interim | optimistic | - | 2 | 1/0/1 |
| 2CC | 2 Cheap Cars Group Limited | Financials | downgrade | FY2026 interim | defensive | 71% | 8 | 1/1/5 |
| AOF | AoFrio Limited | Financials | downgrade | FY2025 interim | cautious | 27% | 4 | 0/2/0 |
| SAN | Sanford Limited | Consumer Staples | downgrade | FY2025 interim | cautious | - | 2 | 0/1/1 |
| TAH | Third Age Health Services Limited | Consumer Discretionary | downgrade | FY2025 annual | optimistic | - | 2 | 0/1/1 |
| TWL | TradeWindow Holdings Limited | Industrials | downgrade | FY2026 interim | optimistic | - | 6 | 1/1/0 |
| TWR | Tower Limited | Financials | downgrade | FY2020 interim | cautious | - | 1 | 0/1/0 |
| WIN | Winton Land Limited | Real Estate | downgrade | FY2023 interim | mixed | 32% | 2 | 0/1/1 |
| AIR | Air New Zealand | Industrials | new | FY2026 interim | defensive | 9% | 10 | 0/6/0 |
| BPG | Black Pearl Group Limited | Real Estate | new | FY2026 interim | optimistic | - | 2 | 0/0/0 |
| BRW | Bremworth Limited | Consumer Discretionary | new | FY2024 annual | mixed | - | 7 | 0/0/3 |
| ENS | Enprise Group Limited | Information Technology | new | FY2025 annual | cautious | - | 3 | 0/0/2 |
| FCG | Fonterra Co-operative Group Limited | Consumer Staples | new | FY2025 annual | optimistic | 15% | 7 | 2/0/2 |
| FSF | Fonterra Shareholders' Fund | Consumer Staples | new | FY2025 annual | optimistic | - | 6 | 1/0/1 |
| HGH | Heartland Group Holdings Limited | Financials | new | FY2025 annual | optimistic | 50% | 7 | 0/2/1 |
| LIC | Livestock Improvement Corporation Limited | Financials | new | FY2025 annual | optimistic | 92% | 8 | 1/1/1 |
| MEE | Me Today Limited | Consumer Staples | new | FY2026 interim | optimistic | - | 3 | 0/0/2 |
| MPG | Metro Performance Glass | Real Estate | new | FY2025 annual | defensive | 47% | 5 | 0/0/1 |
| NZK | New Zealand King Salmon Investments Limited | Consumer Staples | new | FY2025 annual | mixed | 43% | 9 | 0/0/5 |
| NZL | New Zealand Rural Land Company Limited | Real Estate | new | FY2025 interim | optimistic | 30% | 7 | 1/0/0 |
| RBD | Restaurant Brands New Zealand Limited | Consumer Discretionary | new | FY2019 annual | - | - | 1 | 0/0/0 |
| SKC | SkyCity Entertainment Group Limited | Consumer Discretionary | new | FY2025 annual | - | - | 1 | 0/0/0 |
| SKL | Skellerup Holdings Limited | Industrials | new | FY2025 interim | optimistic | - | 5 | 0/0/3 |
| SKO | Serko Limited | Industrials | new | FY2024 annual | optimistic | 79% | 6 | 1/1/0 |
| SKT | Sky Network Television Limited | Communication Services | new | FY2026 interim | optimistic | 67% | 11 | 0/3/3 |
| STU | Steel & Tube Holdings Limited | Materials | new | FY2025 annual | cautious | - | 8 | 0/1/5 |
| SVR | Savor Limited | Consumer Staples | new | FY2020 annual | defensive | 95% | 2 | 0/0/0 |
| THL | Tourism Holdings Limited | Consumer Discretionary | new | FY2026 interim | mixed | - | 5 | 0/1/3 |
| TRA | Turners Automotive Group | Consumer Discretionary | new | FY2026 interim | optimistic | 60% | 13 | 1/0/8 |
| TRU | TRUSCREEN GROUP LIMITED | Industrials | new | FY2025 annual | cautious | 36% | 3 | 0/0/1 |
| VSL | Vulcan Steel Limited | Materials | new | FY2025 annual | cautious | - | 2 | 0/0/1 |
| AFC | AFC Group Holdings Limited | Financials | maintain | FY2019 interim | mixed | - | 1 | 0/0/1 |
| AFI | Australian Foundation Investment Company Limited | Financials | maintain | FY2021 annual | cautious | - | 1 | 0/0/1 |
| AFT | AFT Pharmaceuticals Limited | Healthcare | maintain | FY2026 interim | optimistic | 57% | 9 | 1/2/2 |
| AGL | Accordant Group Limited | Utilities | maintain | FY2025 interim | cautious | - | 4 | 0/0/3 |
| ALF | Allied Farmers Limited | Financials | maintain | FY2024 interim | optimistic | - | 4 | 0/0/3 |
| APL | Asset Plus | Real Estate | maintain | FY2019 annual | cautious | - | 1 | 0/0/1 |
| ARB | ArborGen Holdings Limited | Industrials | maintain | FY2026 interim | - | 0% | 7 | 1/1/2 |
| ARG | Argosy Property Limited | Real Estate | maintain | FY2026 interim | cautiously optimistic | - | 4 | 0/0/4 |
| BFG | Burger Fuel Group Limited | Consumer Discretionary | maintain | FY2025 annual | defensive | - | 6 | 0/0/5 |
| BIT | The Bankers Investment Trust PLC | Financials | maintain | FY2025 interim | cautious | - | 7 | 0/0/7 |
| BLT | BLIS Technologies Limited | Consumer Staples | maintain | FY2024 annual | optimistic | 0% | 5 | 0/0/5 |
| CCC | Cooks Coffee Company Limited | Consumer Staples | maintain | FY2025 interim | optimistic | - | 6 | 0/0/4 |
| CDI | CDL Investments New Zealand Limited | Real Estate | maintain | FY2024 annual | optimistic | - | 8 | 0/0/8 |
| CHI | Channel Infrastructure NZ Limited | Energy | maintain | FY2025 annual | optimistic | 70% | 8 | 2/0/5 |
| CMO | The Colonial Motor Company Limited | Consumer Discretionary | maintain | FY2026 interim | mixed | - | 3 | 0/1/2 |
| CVT | Comvita Limited | Industrials | maintain | FY2026 interim | cautious | 28% | 10 | 0/0/6 |
| DGL | Delegat Group Limited | Consumer Staples | maintain | FY2026 interim | optimistic | 64% | 10 | 0/2/7 |
| DOW | Downer EDI Limited | Industrials | maintain | FY2026 interim | neutral | 51% | 5 | 0/2/3 |
| EBO | EBOS Group Limited | Healthcare | maintain | FY2026 interim | optimistic | 54% | 6 | 0/0/6 |
| ERD | EROAD | Industrials | maintain | FY2026 interim | mixed | 63% | 12 | 0/1/8 |
| FBU | Fletcher Building | Materials | maintain | FY2026 interim | defensive | - | 10 | 1/1/7 |
| FCT | F&C INVESTMENT TRUST PLC | Financials | maintain | FY2025 interim | neutral | - | 2 | 0/0/2 |
| FRW | Freightways Group Limited | Industrials | maintain | FY2025 annual | optimistic | - | 4 | 0/0/4 |
| FWL | Foley Wines Limited | Consumer Staples | maintain | FY2025 annual | mixed | - | 5 | 0/0/5 |
| GEN | General Capital Limited | Financials | maintain | FY2025 annual | optimistic | - | 6 | 0/1/3 |
| GMT | Goodman Property Trust | Real Estate | maintain | FY2026 interim | optimistic | - | 9 | 1/0/6 |
| GNE | Genesis Energy Limited | Utilities | maintain | FY2026 interim | optimistic | 39% | 8 | 1/0/5 |
| GTK | Gentrack Group Limited | Information Technology | maintain | FY2025 interim | optimistic | 58% | 7 | 2/0/5 |
| GXH | Green Cross Health Limited | Healthcare | maintain | FY2026 interim | mixed | - | 5 | 0/0/5 |
| HFL | Henderson Far East Income Limited | Financials | maintain | FY2024 interim | optimistic | - | 2 | 0/0/2 |
| HLG | Hallenstein Glasson Holdings Limited | Consumer Discretionary | maintain | FY2025 interim | mixed | - | 4 | 0/0/4 |
| IKE | ikeGPS Group Limited | Materials | maintain | FY2026 interim | optimistic | - | 7 | 0/0/2 |
| IPL | Investore Property Limited | Real Estate | maintain | FY2026 interim | optimistic | - | 6 | 0/1/5 |
| IPR | Iperion Limited | Real Estate | maintain | FY2025 annual | cautious | - | 4 | 0/0/1 |
| KPG | Kiwi Property | Real Estate | maintain | FY2026 interim | optimistic | - | 4 | 1/0/3 |
| MCK | Millennium & Copthorne Hotels New Zealand Limited | Consumer Discretionary | maintain | FY2024 interim | optimistic | - | 4 | 0/0/3 |
| MCY | Mercury NZ Limited | Utilities | maintain | FY2025 annual | mixed | - | 2 | 0/0/2 |
| MEL | Meridian Energy Limited | Utilities | maintain | FY2025 interim | cautious | - | 2 | 0/1/1 |
| MFB | My Food Bag Group Limited | Financials | maintain | FY2025 annual | optimistic | 76% | 9 | 0/1/7 |
| MFT | Mainfreight Limited | Industrials | maintain | FY2026 interim | cautious | - | 2 | 0/0/2 |
| MHJ | Michael Hill International Limited | Consumer Discretionary | maintain | FY2023 interim | cautious | - | 1 | 0/0/1 |
| MOV | MOVE Logistics Group Limited | Industrials | maintain | FY2025 annual | optimistic | 3% | 8 | 0/0/6 |
| NZX | NZX Limited | Financials | maintain | FY2025 interim | neutral | 65% | 6 | 0/0/5 |
| OCA | Oceania Healthcare Limited | Healthcare | maintain | FY2026 interim | optimistic | - | 3 | 0/0/3 |
| PCT | Precinct Properties New Zealand Limited | Real Estate | maintain | FY2025 annual | optimistic | - | 8 | 0/0/7 |
| PEB | Pacific Edge Limited | Healthcare | maintain | FY2022 interim | - | - | 4 | 0/0/3 |
| PGW | PGG Wrightson Limited | Industrials | maintain | FY2026 interim | optimistic | 85% | 10 | 1/2/6 |
| PYS | PaySauce Limited | Information Technology | maintain | FY2026 interim | optimistic | - | 4 | 0/0/2 |
| RAD | Radius Residential Care Limited | Healthcare | maintain | FY2026 interim | optimistic | 45% | 6 | 0/0/5 |
| RAK | Rakon Limited | Information Technology | maintain | FY2025 annual | cautiously optimistic | 24% | 6 | 1/0/5 |
| RUA | Rua Bioscience Limited | Healthcare | maintain | FY2025 annual | optimistic | - | 5 | 0/0/1 |
| SCL | Scales Corporation Limited | Industrials | maintain | FY2025 annual | optimistic | 78% | 11 | 3/3/4 |
| SCT | Scott Technology Limited | Industrials | maintain | FY2025 annual | mixed | - | 2 | 0/0/2 |
| SDL | Solution Dynamics Limited | Consumer Discretionary | maintain | FY2026 interim | cautious | 59% | 7 | 1/3/3 |
| SML | Synlait Milk Limited | Consumer Staples | maintain | FY2025 interim | optimistic | 48% | 6 | 0/2/3 |
| SPG | Stride Property Limited | Real Estate | maintain | FY2026 interim | optimistic | - | 7 | 0/0/7 |
| SPK | Spark New Zealand Limited | Communication Services | maintain | FY2025 annual | cautious | 18% | 12 | 3/2/7 |
| SPN | South Port New Zealand Limited | Industrials | maintain | FY2026 interim | optimistic | - | 4 | 0/2/2 |
| SUM | Summerset Group Holdings Limited | Healthcare | maintain | FY2025 annual | optimistic | - | 11 | 1/1/8 |
| TEM | Templeton Emerging Markets Investment Trust PLC | Financials | maintain | FY2025 interim | optimistic | - | 2 | 0/1/1 |
| TGG | T&G Global Limited | Consumer Staples | maintain | FY2025 interim | optimistic | - | 2 | 0/0/1 |
| VCT | Vector Limited | Utilities | maintain | FY2026 interim | neutral | - | 7 | 0/0/5 |
| WCO | WasteCo Group Limited | Industrials | maintain | FY2025 interim | optimistic | - | 2 | 0/0/1 |
| WHS | The Warehouse Group Limited | Consumer Discretionary | maintain | FY2025 annual | cautious | - | 1 | 0/0/1 |
