How Kiwi Property makes money
Where KPG’s revenue went in FY2025: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. KPG company profile
How Kiwi Property makes money — FY2025
Revenue $263.7m · Net profit $57.0m (21.6% of revenue) · Balance date 31 March 2025
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $263.7m | Reported | |
| Operating costs incl. depreciation (net of other income) | −$147.5m | Derived * | Reported operating expenses $90.6m do not reconcile; not used. |
| Depreciation & amortisation | — | Not reported | |
| EBIT | $116.3m | Reported | |
| Interest (net finance costs) | −$57.6m | Reported | |
| Income tax | −$37.5m | Reported | |
| Other items (net gain) | +$35.8m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $57.0m | Reported |
- * operating costs: $147.5m = Revenue − EBIT
Checks run on these figures (5)
- Passed: Revenue is within the scale of a column stored in thousands.
- Passed: Revenue in the income statement ($263.7m) vs the summary table ($263.7m): agree within 2%.
- Not met: Reported operating expenses ($90.6m) leave $173.1m, not EBIT of $116.3m (gap $56.9m); costs derived as revenue minus operating profit instead. No split is shown.
- Passed: Balancing item $35.8m is 13.6% of revenue (limit 25%).
- Not met: Segment(s) with negative revenue that are not eliminations (Property operating expenses); not drawn.
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Kiwi Property Annual Report (PDF, NZX)
Year-on-year EBITDA bridge (FY2024 → FY2025)
Bridge not available: EBITDA isn't a meaningful measure for banks, insurers and property trusts; sector-specific measures (net interest margin, combined ratio, FFO) are not yet held.
What changed from FY2024 to FY2025
| Measure | FY2024 | FY2025 | Change | Change % |
|---|---|---|---|---|
| Revenue | $244.7m | $263.7m | +$19.0m | +7.8% |
| EBITDA | $109.0m | — | — | n/m |
| Net profit | -$2.1m | $57.0m | +$59.1m | n/m |
| EBITDA margin | 44.5% | — | — | — |
| Net margin | -0.9% | 21.6% | +22.5 pts | — |
Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.
Margins over time
Net profit as a share of revenue for each year whose figures passed the checks (4 of 9 years from FY2018). The shaded line is the median of 9 other listed Real Estate property trusts, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.
KPG peer median below the axis: year not charted (reason in the table).
| Year | Net margin: KPG · peer median (n) | Note | |
|---|---|---|---|
| FY2018 | — | — (1) | Not charted: no EBITDA/EBIT split |
| FY2019 | 58.1% | — (1) | |
| FY2020 | — | — (0) | Not charted: unexplained residual |
| FY2021 | — | — (0) | Not charted: unexplained residual |
| FY2022 | — | 54.9% (3) | Not charted: unexplained residual |
| FY2023 | — | — (0) | Not charted: unexplained residual |
| FY2024 | -0.9% | — (0) | |
| FY2025 | 21.6% | 39.4% (3) | |
| FY2026 | 18.6% | — (1) | |
Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.
Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.
Years not charted
These years are on file but their figures did not pass the checks, so no chart is drawn for them.
- FY2023: After placing every reported line, -$344.4m (133% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
- FY2022: After placing every reported line, $174.3m (71% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
- FY2021: After placing every reported line, $135.7m (58% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
- FY2020: After placing every reported line, -$262.8m (108% of revenue) is left unexplained between EBIT and net profit. A residual that large usually means a line was mis-extracted, so the chart is not drawn.
- FY2018: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
Data sourced from NZX company annual reports (income statements). 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.
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