NZX Governance Explorer

How Solution Dynamics Limited makes money

Where SDL’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. SDL company profile

How Solution Dynamics Limited makes money — FY2025

Revenue $40.9m · EBITDA $4.4m (10.9% of revenue) · Net profit $2.6m (6.4% of revenue) · Balance date 30 June 2025

Solution Dynamics Limited (SDL) FY2025: where revenue of $40.9m wentRevenue → EBITDA: $4.4mRevenue → Operating costs (net of other income): $36.5mEBITDA → EBIT: $3.0mEBITDA → Depreciation & amortisation: $1.5mEBIT → Net profit: $2.6mEBIT → Interest: $94kEBIT → Income tax: $242kOther items (net gain) → Income tax: $787kRevenue: $40.9mRevenue$40.9mEBITDA: $4.4mEBITDA$4.4mOperating costs (net of other income): $36.5m (derived)Operating costs (net ofother income)$36.5m · derivedEBIT: $3.0mEBIT$3.0mDepreciation & amortisation: $1.5mDepreciation &amortisation$1.5mOther items (net gain): $787k (balancing item)Other items (net gain)$787k · balancingNet profit: $2.6mNet profit$2.6mInterest: $94kInterest$94kIncome tax: $1.0mIncome tax$1.0m

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).

Solution Dynamics Limited FY2025 figures used in the chart
FY2025AmountStatusNote
Revenue$40.9mReported
Operating costs (net of other income)−$36.5mDerived *Reported operating expenses $9.8m do not reconcile; not used.
EBITDA$4.4mReported
Depreciation & amortisation−$1.5mReported
EBIT$3.0mReported
Interest (net finance costs)−$94kReported
Income tax−$1.0mReported
Other items (net gain)+$787kBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$2.6mReported
  • * operating costs: $36.5m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($40.9m) vs the summary table ($40.9m): agree within 2%.
  • Passed: EBITDA − D&A = $3m vs reported EBIT $3m: reconciles.
  • Not met: Reported operating expenses ($9.8m) leave $31.1m, not EBITDA of $4.4m (gap $26.6m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $0.8m is 1.9% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

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: Solution Dynamics Limited Annual Report (PDF, NZX)

EBITDA bridge, FY2024 → FY2025

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

SDL EBITDA bridge FY2024 to FY2025FY2024 EBITDA: $4.8m$4.8mFY2024 EBITDARevenue change: +$2.7m+$2.7mRevenue changeCost change (derived): −$3.1m−$3.1mCost change (derived)FY2025 EBITDA: $4.4m$4.4mFY2025 EBITDA
SDL EBITDA bridge FY2024 to FY2025: figures
StepFY2024FY2025Effect on EBITDAStatus
FY2024 EBITDA$4.8m$4.8mAs charted
Revenue$38.3m$40.9m+$2.7mReported
Operating costs (net, derived)$33.4m$36.5m−$3.1mDerived: revenue − EBITDA
FY2025 EBITDA$4.4m$4.4mAs charted

$4.8m +$2.7m −$3.1m = $4.4m, which equals FY2025 EBITDA of $4.4m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2024 to FY2025

MeasureFY2024FY2025ChangeChange %
Revenue$38.3m$40.9m+$2.7m+7.0%
EBITDA$4.8m$4.4m−$389k−8.0%
Net profit$2.8m$2.6m−$200k−7.1%
EBITDA margin12.6%10.9%−1.8 pts—
Net margin7.4%6.4%−1.0 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

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (7 of 10 years from FY2017). The shaded line is the median of 13 other listed Consumer Discretionary operating companies, 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.

EBITDA margin
SDL ebitda margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — operating lossFY2020: SDL 12.8%; peer median 18.6% (7)FY2021: SDL 11.9%; peer median 16.6% (9)FY2022: SDL 11.3%; peer median 13.6% (6)FY2023: SDL 14.1%; peer median 13.4% (5)FY2024: SDL 12.6%; peer median 13.8% (5)FY2025: SDL 10.9%; peer median 13.9% (7)FY2026: SDL 3.6%; peer median 18.4% (5)
EBIT margin
SDL ebit margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — operating lossFY2020: SDL 8.5%; peer median 5.7% (7)FY2021: SDL 7.8%; peer median 9.8% (10)FY2022: SDL 8.6%; peer median 12.3% (9)FY2023: SDL 11.5%; peer median 12.9% (7)FY2024: SDL 9.0%; peer median 7.8% (7)FY2025: SDL 7.2%; peer median 7.3% (7)FY2026: SDL 0.4%; peer median 11.9% (6)
Net margin
SDL net margin by financial year, with peer median0%10%20%FY17FY18FY20FY22FY24FY26FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — operating lossFY2020: SDL 5.5%; peer median 2.5% (7)FY2021: SDL 5.7%; peer median 5.4% (10)FY2022: SDL 6.4%; peer median 3.5% (9)FY2023: SDL 8.5%; peer median 7.5% (7)FY2024: SDL 7.4%; peer median 4.3% (7)FY2025: SDL 6.4%; peer median 1.9% (7)FY2026: SDL 1.2%; peer median 7.5% (6)

SDL   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

SDL margins by year with peer medians
YearEBITDA margin: SDL · peer median (n)EBIT margin: SDL · peer median (n)Net margin: SDL · peer median (n)Note
FY2017—13.1% (5)—10.0% (7)—7.2% (7)Not charted: not from annual report
FY2018—11.6% (8)—9.1% (8)—5.0% (8)Not charted: not from annual report
FY2019—16.6% (5)—14.0% (8)—6.9% (8)Not charted: operating loss
FY202012.8%18.6% (7)8.5%5.7% (7)5.5%2.5% (7)
FY202111.9%16.6% (9)7.8%9.8% (10)5.7%5.4% (10)
FY202211.3%13.6% (6)8.6%12.3% (9)6.4%3.5% (9)
FY202314.1%13.4% (5)11.5%12.9% (7)8.5%7.5% (7)
FY202412.6%13.8% (5)9.0%7.8% (7)7.4%4.3% (7)
FY202510.9%13.9% (7)7.2%7.3% (7)6.4%1.9% (7)
FY20263.6%18.4% (5)0.4%11.9% (6)1.2%7.5% (6)

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.

  • FY2019: EBIT is -$0m. This layout does not draw an operating loss.
  • FY2018: Figures were not read from a filed annual report (source: not recorded).
  • FY2017: Figures were not read from a filed annual report (source: not recorded).

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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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