PM Edition: Top 10 Business Articles on LiveNews.co.nz for May 9, 2026 – Full Text

Source: GlobeNewswire (MIL-NZ-AU)

$3.4bn AI Cloud Contract & 5GW Strategic Partnership with NVIDIA

2026 Expansion to $3.7bn ARR On Track¹

2027 Expansion to 1.2GW of AI Cloud Capacity In Build

2028+ Expansion Across North America, Europe and APAC Underway

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) — IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the three months ended Mar 31, 2026.

Highlights

• $3.4bn AI Cloud contract with NVIDIA
  • 5-year contract for air-cooled Blackwell GPUs
  • Deploying within 60MW of existing data centers at Childress
  • Targeting ramp from early 2027
• 5GW strategic partnership with NVIDIA
  • Collaboration to support deployment of NVIDIA-aligned infrastructure and architecture across IREN’s 5GW global data center pipeline
  • As part of the partnership, IREN issued to NVIDIA a 5-year right to purchase up to 30 million shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1 billion, subject to certain conditions including regulatory²
• 2026 expansion to 480MW on track 
  • Horizon 1-4 on track for delivery by year-end
  • Operational capacity fully contracted
  • $3.1bn ARR under contract, targeting $3.7bn ARR by end of CY26^{1, 3}
• 2027 expansion to 1,210MW in build
  • Childress Horizons 5–6
  • Childress air-cooled capacity
  • Sweetwater 1 initial phase
• 2028+ expansion across 5GW secured power underway
  • Additional Sweetwater and Kiowa data center capacity expected to ramp from 2028
  • Acquisition of Nostrum adds 490MW in Spain and GW+ development pipeline
  • Additional development projects in Australia advancing toward connection agreement
• Strengthening AI Cloud delivery with acquisition of Mirantis
  • Strengthens how IREN’s compute is deployed, managed and operated for customers
  • Builds on IREN’s existing software, engineering and customer support capabilities 
  • Enables IREN to serve a broader range of customer requirements over time
  • Supporting delivery of NVIDIA AI Cloud contract
• Multiple GPU, data center and corporate level financing initiatives underway
  • Near term capex expected to be met through combination of existing cash ($2.6bn at Apr 30)⁴, operating cash flows, GPU financing and additional financing initiatives

Q3 FY26 Financial Results

• Results reflected continued progress in the transition from Bitcoin mining to AI Cloud
  • Total revenue decreased to $144.8m (vs. Q2 FY26 $184.7m)
  • Net income (loss) of $(247.8)m (vs. Q2 FY26 $(155.4)m)
  • Adj. EBITDA decreased to $59.5m (vs. Q2 FY26 $75.3m)⁵
• Revenues decreased $39.9m, driven by lower average Bitcoin price combined with decommissioning of mining hardware ahead of GPU installation and billing, partially offset by increase in AI Cloud revenue
• Cost of revenues decreased $25.9m, primarily driven by lower electricity cost resulting from reduced Bitcoin mining capacity
• Net income (loss) impacted by non-cash impairments of $(140.4m) primarily related to decommissioning of mining hardware and unrealized losses related to capped calls associated with convertible notes of $(23.7)m

Management Commentary

“The world is structurally short compute, and the bottleneck is delivered data center and GPU capacity,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “That plays directly into IREN’s core strengths – securing power, developing land, building data centers and bringing compute online at scale.

This quarter reflected strong execution against that opportunity. We energized the Sweetwater 1 substation on schedule, advanced the Horizon 1-4 liquid-cooled data centers at Childress in support of our $9.7bn contract with Microsoft, and continued transitioning existing data centers from ASICs to GPUs for higher-value AI Cloud workloads. We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnership that further validates IREN’s key role in the AI infrastructure ecosystem.

The acquisitions of Nostrum and Mirantis will strengthen our platform, adding European sites and teams, together with software, orchestration and support capabilities that will broaden customer access over time as we scale across our global 5GW secured power portfolio.”

Q3 FY26 Results Webcast & Conference Call
IREN will host its Q3 FY26 results webcast and conference call at the following time:

Time & Date:	5:00 p.m. Eastern Time, Thursday, May 7, 2026
	Participant	Registration Link
	Live Webcast	Use this link
	Phone Dial-In with Live Q&A	Use this link

The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations

About IREN

IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

Contacts

Investors
ir@iren.com

Media
media@iren.com

Assumptions and Notes

1. ARR of $3.7bn represents expected $1.9bn average annual revenue under Microsoft contract plus estimated $1.8bn ARR from ~74k GPU deployment at British Columbia and Childress sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs.
2. The investment will be made pursuant to a Securities Purchase Agreement pursuant to which IREN has agreed to sell investment rights to NVIDIA to purchase an aggregate of 30,000,000 ordinary shares in IREN, subject to certain adjustments in accordance with the terms of the investment rights, in a private placement for aggregate gross proceeds of approximately $2.1bn (if fully exercised and subject to any regulatory limitations).
3. ARR under contract of $3.1bn represents expected $1.9bn average annual revenue under Microsoft contract, expected $0.7bn average annual revenue under NVIDIA contract, plus $0.5bn ARR under contract from GPU deployments at Prince George. ARR under contract includes amounts that are not yet revenue-generating until the relevant GPUs are delivered, commissioned, and in service. There can be no assurance that contracted GPUs will result in such hours or pricing, and actual revenue may vary materially.
4. Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of April 30, 2026.
5. Adjusted EBITDA are non-GAAP financial measures. Refer to page 12 for a reconciliation to the nearest comparable GAAP financial measure.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies and trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “potential,” “could,” “would,” “may,” “will,” “forecast,” and other similar expressions Forward-looking statements may also be made, verbally or in writing, by members of our Board or management team. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this press release.

We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. The forward-looking statements are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations, and could cause actual results to differ materially from those expressed in the forward-looking statements. Factors that may materially affect such forward-looking statements include, but are not limited to: our ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate our expansion plans; the amount and terms of any future financing or grant of security, or any refinancing, restructuring or modification to the terms of any existing or future financing or grant of security, which could require us to comply with onerous covenants, restrictions or guarantees, and our ability to service our debt obligations; our ability to successfully execute on our growth strategies and operating plans, including our ability to continue to develop our existing data center sites, design and deploy direct-to-chip liquid cooling systems, provide software, and operate and expand our high-performance computing (“HPC”) business (including our AI Cloud Services business and, potentially, colocation services such as powered shell, build-to-suit and turnkey data centers (“Colocation Services”) (collectively “HPC and AI services”)); our limited experience with respect to new markets and geographies we have entered or may seek to enter, including the market for HPC and AI services, the expansion of our capabilities to include software offerings, and our expansion into new geographies for data centers such as Australia and Europe; our ability to remain competitive in dynamic and rapidly evolving industries; expectations with respect to the useful life and obsolescence of hardware (including GPUs, hardware for Bitcoin mining and any current or future HPC and AI services we offer) and the related impairment charges we may incur upon retirement thereof, which could be material; ability to, and costs associated with, re-purpose data centers historically used for Bitcoin mining for use in any current or future HPC and AI services, along with the related impairment charges we may incur upon retirement of existing Bitcoin mining hardware, which could be material; delays, increases in costs or reductions in the supply of equipment used in our operations including as a result of tariffs and duties, and certain equipment (including GPUs and any other hardware for any current or future HPC and AI services we offer) being in high demand due to global supply chain constraints, and our ability to secure additional hardware (including GPUs and any other hardware for any current or future HPC and AI services we offer), on commercially reasonable terms or at all; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any current and future HPC and AI services we offer, including GPU rental rates; our ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to our strategy to expand our AI Cloud Services business and potentially diversify into markets for other HPC and AI services; our ability to establish and maintain a customer base for our HPC and AI services business and customer concentration; our ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of our HPC and AI services and other counterparties; the risk that any current or future customers, including customers of our HPC and AI services or other counterparties, may terminate, default on or underperform their contractual obligations; our ability to perform under, and observe our obligations pursuant to, service level agreements and other contractual obligations with counterparties, including customers of our HPC and AI services; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs, surtaxes and other similar import or export duties, or trade restrictions; Bitcoin price, Bitcoin global hashrate and foreign currency exchange rate fluctuations; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; our ability to secure renewable energy, renewable energy certificates, power capacity, timely grid connections, facilities and sites on commercially reasonable terms or at all; delays and costs associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects in various jurisdictions, including as a result of the Electric Reliability Council of Texas’s (“ERCOT”) announced amendments to the approval process for large load interconnection requests; our reliance on power, network and utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; our participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to us; any variance between the actual operating performance of our miner hardware achieved compared to the nameplate performance including hashrate; electricity market risks relating to changes in laws, regulations and requirements of market operators, network operators and/or regulatory bodies in the jurisdictions in which we operate, including with respect to interconnection of facilities of large electrical loads to the ERCOT grid (for example, via a process that may batch multiple large load interconnection requests), grid stability, voltage ride-through, frequency ride-through and curtailment obligations; heightened complexity and additional constraints in energy markets, including international energy markets with which we are less familiar, including load ramp requirements by utilities or grid operators which may not align with our planned data center development and commissioning timelines; our ability to curtail our electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken or inaction by electricity network and market operators, regulators, governments or communities in the regions in which we operate, including such actions that could result in the estimated power availability at secured sites being materially less than initially expected, available too late, delayed, conditioned upon technical or operational requirements or not available in each case whether at sustainable cost or at all; our ability to secure connection agreements to access power sources and permits or to maintain in good standing the operating and other permits, approvals and/or licenses required for our operations, construction activities and business which could be delayed by regulatory approval processes, may not be successful or may be cost prohibitive; the availability, suitability, reliability and cost of internet connections at our facilities; the pending acquisitions of Mirantis, Inc. (“Mirantis”) and of the Ingenostrum, S.L. (trading as Nostrum Group) (“Nostrum Group”), as well as any other pending or future acquisitions, dispositions, joint ventures or other strategic transactions, including our ability to obtain the requisite regulatory approvals, satisfy the applicable closing conditions and to consummate any such transactions on terms favorable to the Group or at all, as well as to successfully integrate and achieve the anticipated benefits of any such acquisition that may be completed; unanticipated costs or liabilities associated with the pending acquisition of Mirantis or Nostrum Group, or any other pending or future acquisitions, dispositions, joint ventures or other strategic transactions, and any failure to comply with laws, rules, regulations or business practices that we may become subject to as a result of any expansion of our business in connection with the pending acquisition of Mirantis or Nostrum Group or any other such acquisition, joint venture or other strategic transaction; our ability to operate in an evolving regulatory environment; our ability to successfully operate and maintain our property and infrastructure; reliability and performance of our infrastructure compared to expectations; malicious attacks on our property, infrastructure or IT systems; our ability to obtain, maintain, protect and enforce our intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends we expect to drive growth in our business materialize to the degree we expect them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions, including our ability to consummate any such transactions on terms favorable to the Group or at all; the occurrence of any environmental, health and safety incidents at our sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance we maintain may not fully cover all potential exposures; settlement and termination of proceedings relating to the default under certain equipment financing facilities, ongoing securities litigation, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; our failure to comply with any laws including the anti-corruption and sanctions laws, rules and regulations of the United States and various international jurisdictions; any failure of our compliance and risk management methods; any laws, regulations and ethical standards that may relate to our business, including those that relate to data centers, HPC and AI services, Bitcoin and the Bitcoin mining industry and those that relate to any other services we offer, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, outbreak of war, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; damage to our brand and reputation; evolving stakeholder expectations and requirements relating to environmental, social or governance (“ESG”) issues or reporting, including actual or perceived failure to comply with such expectations and requirements; volatility with respect to the market price of our ordinary shares (“Ordinary shares”); that we do not currently pay any cash dividends on our Ordinary shares, and may not in the foreseeable future and, accordingly, your ability to achieve a return on your investment in our Ordinary shares will depend on appreciation, if any, in the price of our Ordinary shares; and other important factors discussed under “Part 1. Item 1.A. Risk Factors” in our Annual Report on Form 10-K for the year ended June 30, 2025 and “Part II. Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https:// investors.iren.com.

The foregoing list of factors is not exhaustive and does not necessarily include all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements.

These and other important factors could cause actual results to differ materially by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

This press release refers to certain measures that are not recognized under GAAP and do not have a standardized meaning prescribed by GAAP. IREN uses non-GAAP measures including “Adjusted EBITDA” and “Adjusted EBITDA margin” (each as defined below) as additional information to complement GAAP measures by providing further understanding of the Company’s operations from management’s perspective.

Adjusted EBITDA is defined as net income (loss), excluding income tax (expense) benefit, finance expense, interest income and depreciation and amortization, stock based compensation, foreign exchange gain (loss), impairment of assets, certain other non-recurring income, gain (loss) on disposal of property, plant and equipment, unrealized fair value gain (loss) on financial instruments, debt conversion inducement expense, gain (loss) on partial extinguishment of financial liabilities, increase (decrease) in fair value of assets held for sale and certain other expense items. “Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by revenue.

Beginning in the fiscal year ended June 30, 2026, the Company has changed its definition of Adjusted EBITDA to exclude debt conversion inducement expense. This is a change from the presentation of Adjusted EBITDA in prior periods, and these adjustments did not have any impact on the calculation of Adjusted EBITDA in prior periods.

The reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are shown in the Appendix hereto.

Consolidated Balance Sheet

US$m	As of March 31, 20261	As of December 31, 2025
Assets
Cash and cash equivalents	2,213.3	3,260.6
Accounts receivable, net	69.1	9.6
Deposits and prepaid expenses	90.0	55.3
Derivative assets	–	–
Income taxes receivable	–	–
Assets held for sale	6.5	20.1
Other assets and other receivables	45.7	37.8
Total current assets	2,424.5	3,383.4
Property, plant and equipment, net	4,369.9	3,170.5
Intangible assets, net	108.8	107.6
Operating lease right-of-use asset, net	2.9	1.3
Deposits and prepaid expenses	161.8	148.8
Financial assets	–	–
Derivative assets	192.0	215.7
Other non-current assets	5.0	0.3
Total non-current assets	4,840.4	3,644.2
Total assets	7,264.9	7,027.6
Liabilities
Accounts payable and accrued expenses	461.8	576.3
Operating lease liability, current portion	0.5	0.4
Finance lease liability, current portion	122.2	61.9
Deferred revenue	21.8	6.8
Income taxes payable	0.9	0.8
Other liabilities, current portion	44.1	36.1
Total current liabilities	651.4	682.1
Operating lease liability, less current portion	2.3	0.9
Finance lease liability, less current portion	152.1	94.1
Convertible notes payable	3,687.8	3,685.3
Deferred revenue, less current portion	98.6	39.8
Deferred tax liabilities	0.6	8.1
Income taxes payable, less current portion	2.7	2.3
Other liabilities, less current portion	4.9	3.8
Total non-current liabilities	3,949.0	3,834.3
Total liabilities	4,600.4	4,516.4
Stockholders’ equity	2,664.5	2,511.2
Total stockholders’ equity	2,664.5	2,511.2
Total liabilities and stockholders’ equity	7,264.9	7,027.6

1)	For further detail, see our unaudited condensed consolidated financial statements for the quarter ended March 31, 2026, included in our Form 10-Q filed with the SEC on May 7, 2026.

Consolidated Statement of Operations

US$m	Quarter ended		Quarter ended
	March 31, 20261		December 31, 2025
Revenue
Bitcoin Mining Revenue	111.2		167.4
AI Cloud Services Revenue	33.6		17.3
Total Revenue	144.8		184.7
Cost of revenue (exclusive of depreciation and amortization)
Bitcoin Mining	(35.3)		(63.4)
AI Cloud Services	(4.6)		(2.4)
Total cost of revenue	(39.9)		(65.8)
Operating (expenses) income
Selling, general and administrative expenses	(81.8)		(100.8)
Depreciation and amortization	(121.2)		(99.2)
Impairment of assets	(140.4)		(31.8)
Gain (loss) on disposal of property, plant and equipment	0.2		0.0
Other operating expenses	(0.0)		(5.5)
Other operating income	4.8		1.8
Total operating (expenses) income	(338.4)		(235.3)
Operating (loss) income	(233.5)		(116.4)
Other (expense) income:
Finance expense	(14.8)		(10.7)
Interest income	21.8		15.8
Increase (decrease) in fair value of assets held for sale	(2.0)		(6.4)
Realized gain (loss) on financial instruments	–		(2.9)
Unrealized gain (loss) on financial instruments	(23.7)		(107.4)
Debt conversion inducement expense	–		(111.8)
Foreign exchange gain (loss)	(1.9)		1.9
Other non-operating income	0.1		–
Total other (expense) income	(20.6)		(221.5)
Income (loss) before taxes	(254.1)		(337.9)
Income tax (expense) benefit	6.3		182.5
Net income (loss)	(247.8)		(155.4)

1)	For further detail, see our unaudited condensed consolidated financial statements for the quarter ended March 31, 2026, included in our Form 10-Q filed with the SEC on May 7, 2026.

Consolidated Statement of Cashflows

US$m	Quarter ended		Quarter ended
	March 31, 20261		December 31, 2025
Cash flow from operating activities
Net income (loss)	(247.8)		(155.4)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	121.2		99.2
Impairment of assets	140.4		31.8
Increase (decrease) in fair value of assets held for sale	2.0		6.4
Realised (gain) loss on financial instruments	–		2.9
Unrealised (gain) loss on financial instruments	23.7		107.4
Debt conversion inducement expense	–		111.8
(Gain) loss on disposal of property, plant and equipment	(0.2)		(0.0)
Foreign exchange loss (gain)	(0.8)		5.5
Stock-based compensation expense	31.5		58.2
Amortization of debt issuance costs	2.7		2.0
Changes in assets and liabilities:
Accounts receivable and other receivables	(67.4)		(11.9)
Other assets	(4.7)		0.0
Tax related receivables	–		(2.6)
Tax related liabilities	(7.4)		(180.3)
Accounts payable and accrued expenses	15.9		(12.5)
Other liabilities	9.2		(13.0)
Deferred revenue	73.8		23.3
Prepayments and deposits	(18.3)		(1.1)
Operating lease liabilities	1.5		(0.1)
Net cash from (used in) operating activities	75.3		71.6
Investing activities
Payments for property, plant and equipment net of hardware	(949.2)		(539.7)
Payments for computer hardware	(406.1)		(179.4)
Payments for Intangible Assets	–		(107.6)
Payments for prepayments and deposits	(144.7)		(14.1)
Deposits paid for right of use assets	–		(10.1)
Proceeds from disposal of property, plant, and equipment	22.8
Net cash from (used in) investing activities	(1,477.1)		(850.9)
Financing activities
Proceeds from the issuance of Ordinary shares	380.0		1,632.4
Payment for induced conversion of convertible notes	–		(1623.5)
Payment of offering costs for the issuance of Ordinary shares	(5.5)		–
Proceeds from loan funded shares	–		0.1
Proceeds from exercise of options	–		–
Proceeds from convertible notes	–		3,299.6
Payment of capped call transactions	–		(252.3)
Payment of borrowing transaction costs	(1.9)		(48.8)
Repayment of lease liabilities	(17.6)		–
Net cash from (used in) financing activities	355.0		3,007.5
Net increase (decrease) in cash and cash equivalents	(1,046.7)		2,228.2
Cash and cash equivalents at the beginning of the financial year	3,260.6		1,032.3
Effects of exchange rate changes on cash and cash equivalents	(0.6)		0.1
Cash and cash equivalents at the end of the financial year	2,213.3		3,260.6

1)	For further detail, see our unaudited condensed consolidated financial statements for the quarter ended March 31, 2026, included in our Form 10-Q filed with the SEC on May 7, 2026.

Non-GAAP Metric Reconciliation

Adjusted EBITDA Reconciliation (US$m)	Quarter ended March 31, 2026		Quarter ended December 31, 2025
Net income (loss)	(247.8)		(155.4)
Net income (loss) Margin1	(171)%		(84)%
Income tax expense (benefit)	(6.3)		(182.5)
Income (loss) before tax	(254.1)		(337.9)
Finance expense	14.8		10.7
Interest income	(21.8)		(15.8)
Depreciation and amortization	121.2		99.2
Unrealized (gain) loss on financial instruments	23.7		107.4
Stock-based compensation expense	31.5		58.2
Impairment of assets	140.4		31.8
(Gain) loss on disposal of property, plant and equipment	(0.2)		(0.0)
(Increase) decrease in fair value of assets held for sale	2.0		6.4
Debt conversion inducement expense2	–		111.8
Foreign exchange (gain) loss	1.9		(1.9)
Other expense items3	0.0		5.5
Adjusted EBITDA	59.5		75.3
Adjusted EBITDA Margin4	41%		41%

1)	Net Income Margin is calculated as Net Income divided by Total Revenue.
2)	Debt conversion inducement expense in quarter ended December 31, 2025 relating to the induced conversion of a portion of the 2030 Convertible Notes and 2029 Convertible Notes.
3)	Other expenses include transaction costs incurred on entering the capped call transactions in conjunction with the issuance of the convertible notes.
4)	Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue.

– Published by The MIL Network

Source: Radio New Zealand

A Christchurch post shop with a difference is set to close as NZ Post moves to shut more than 140 counters around the country, devastating customers who say it is vital community hub.

Staff and volunteers at Stanmore Book and Post in Linwood had hoped for a reprieve because of its unique model and local support but an appeal by customers, businesses, community organisations and politicians has failed.

A post office has served the area for more than 140 years, with community development organisation Te Whare Roimata taking the business on in 2016 after an earlier fight for survival.

Coordinator Jenny Smith said the trust appointed two part-time staff, supported by a team of volunteers, and learned everything needed to successfully manage the shop.

“There are a lot of isolated people, so this is a place where they come for connection,” she said.

Smith said the closure was a blow for an area that was already under-served.

“It feels like an undermining or a devaluing of the people of this side of town. Many of them are low socio-economic neighbourhoods, but that still means they have a right to access, an increased right to access, because it’s harder to get to some of the services that are very important to them,” she said.

She felt there was inequity in the way remaining post services had been allocated.

“That whole assessment model assumes people are able to easily access these other sites or have got reliable transport to be able to do that and takes no consideration of the terrain or some of the other difficulties, such as a very high number of people with disabilities,” she said.

NZ Post said commercial returns and the social impact of counter closures were important factors in the company’s decision-making.

According to Census data, Central Christchurch and Linwood West are among the city’s most socio-economically deprived areas.

StatsNZ data shows lower incomes, higher unemployment, poorer health outcomes, higher disability rates and lower digital and car access than the city average.

Smith said some people needed help to complete transactions, deal with government agencies, advice on other community resources or companionship.

“Many just drop in to be able to say hello, come and spend a time, have a cuppa with us, take note of the books we provide and a whole range of community information,” she said.

Team leader Janine Carney was a trust social worker when she took on the role.

She was able to link people with help by listening to their stories and building a rapport, combined with her knowledge of the neighbourhood and support services.

“We’re all about this community and within this community there are groups – some are having mental health issues, some are having poverty issues, some are having recidivist crime issues, some are having all of the above,” she said.

“We deal with gang members, we deal with people who are very obviously mentally unwell but we treat all of those people as a human first.”

Carney acknowledged changes in the way people sent and received mail and the steep drop in letters but said there was still big business in packages, with many of the fast-growing suburb’s small business owners and online traders frequent customers.

Postal Workers Union spokesperson John Maynard was also critical of the way NZ Post had handled the process.

“NZ Post is required to exhibit a sense of social responsibility but we’re concerned it does exactly the opposite. They make a decision and then rely on people to have to fight back to keep their resources,” he said.

The union claimed the company had repeatedly approached cuts in the same way and the lack of consultation and communication was eroding public confidence in the postal service.

Local MP Reuben Davidson said the closure would cause a deep sense of loss.

“It’s much more than a postal service. It’s a real connection and a service for that community, to send and receive but also to build community cohesion, which is and should be a real priority,” he said.

Davidson said he had met NZ Post and was not convinced the shop’s multi-faceted role was factored into its decision.

NZ Post spokesperson Sarah Sandoval said all the relevant information was considered and the company had a dual mandate as a state-owned enterprise.

“We absolutely need to deliver a commercial return, that’s absolutely clear,” she said.

“We need to consider the social impact and do no social harm. Obviously, absolutely, that’s part of our decision-making criteria when we’re reviewing these things.”

Sandoval said there were several other outlets in the area, the closest of which was two kilometres away, upstairs at a local mall.

“We have one of the largest retail networks right across the country, larger than any supermarket brand, and really pride ourselves on the services that we deliver,” she said.

“That doesn’t undermine that this decision is a very, very difficult one but we’re absolutely committed to the services and really proud of what we provide for the communities in New Zealand.”

Locals were passionate about the post shop, including long-time P.O. Box-holder Dee Bagozzi who planned to use a competing service once the counter closed, rather than face a drive or deal with infrequent buses.

“It’s a really big environmental issue and all the older people that live around here will be forced to drive,” she said.

“I can’t understand how a public utility can transform itself into a hard-nosed business.”

Noel West, 85, has had a post box in Linwood since he moved to Christchurch 50 years ago.

Since retiring, he said he was more likely to sit and chat with staff, mull the history of the city’s post offices, “chew the fat, put the world to right and disagree at times”.

The alternative sites were “miles out of his way”, and he felt NZ Post would lose a lot of business as a result of the move.

“They’re cutting their own throat,” he said.

Business owner Fono Fili used the shop as her delivery address and to post and pick up orders.

“We’d like to see them stay. It’s very handy, they’re very friendly, the service we receive here is different from the service I’ve received at any other post shop,” she said.

Hilary Talbot, a former volunteer and regular customer, was clear about what Linwood would lose when the doors closed.

“A little bit of its heart.”

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A Christchurch post shop with a difference is set to close as NZ Post moves to shut more than 140 counters around the country, devastating customers who say it is vital community hub.

Staff and volunteers at Stanmore Book and Post in Linwood had hoped for a reprieve because of its unique model and local support but an appeal by customers, businesses, community organisations and politicians has failed.

A post office has served the area for more than 140 years, with community development organisation Te Whare Roimata taking the business on in 2016 after an earlier fight for survival.

Coordinator Jenny Smith said the trust appointed two part-time staff, supported by a team of volunteers, and learned everything needed to successfully manage the shop.

“There are a lot of isolated people, so this is a place where they come for connection,” she said.

Smith said the closure was a blow for an area that was already under-served.

“It feels like an undermining or a devaluing of the people of this side of town. Many of them are low socio-economic neighbourhoods, but that still means they have a right to access, an increased right to access, because it’s harder to get to some of the services that are very important to them,” she said.

She felt there was inequity in the way remaining post services had been allocated.

“That whole assessment model assumes people are able to easily access these other sites or have got reliable transport to be able to do that and takes no consideration of the terrain or some of the other difficulties, such as a very high number of people with disabilities,” she said.

NZ Post said commercial returns and the social impact of counter closures were important factors in the company’s decision-making.

According to Census data, Central Christchurch and Linwood West are among the city’s most socio-economically deprived areas.

StatsNZ data shows lower incomes, higher unemployment, poorer health outcomes, higher disability rates and lower digital and car access than the city average.

Smith said some people needed help to complete transactions, deal with government agencies, advice on other community resources or companionship.

“Many just drop in to be able to say hello, come and spend a time, have a cuppa with us, take note of the books we provide and a whole range of community information,” she said.

Team leader Janine Carney was a trust social worker when she took on the role.

She was able to link people with help by listening to their stories and building a rapport, combined with her knowledge of the neighbourhood and support services.

“We’re all about this community and within this community there are groups – some are having mental health issues, some are having poverty issues, some are having recidivist crime issues, some are having all of the above,” she said.

“We deal with gang members, we deal with people who are very obviously mentally unwell but we treat all of those people as a human first.”

Carney acknowledged changes in the way people sent and received mail and the steep drop in letters but said there was still big business in packages, with many of the fast-growing suburb’s small business owners and online traders frequent customers.

Postal Workers Union spokesperson John Maynard was also critical of the way NZ Post had handled the process.

“NZ Post is required to exhibit a sense of social responsibility but we’re concerned it does exactly the opposite. They make a decision and then rely on people to have to fight back to keep their resources,” he said.

The union claimed the company had repeatedly approached cuts in the same way and the lack of consultation and communication was eroding public confidence in the postal service.

Local MP Reuben Davidson said the closure would cause a deep sense of loss.

“It’s much more than a postal service. It’s a real connection and a service for that community, to send and receive but also to build community cohesion, which is and should be a real priority,” he said.

Davidson said he had met NZ Post and was not convinced the shop’s multi-faceted role was factored into its decision.

NZ Post spokesperson Sarah Sandoval said all the relevant information was considered and the company had a dual mandate as a state-owned enterprise.

“We absolutely need to deliver a commercial return, that’s absolutely clear,” she said.

“We need to consider the social impact and do no social harm. Obviously, absolutely, that’s part of our decision-making criteria when we’re reviewing these things.”

Sandoval said there were several other outlets in the area, the closest of which was two kilometres away, upstairs at a local mall.

“We have one of the largest retail networks right across the country, larger than any supermarket brand, and really pride ourselves on the services that we deliver,” she said.

“That doesn’t undermine that this decision is a very, very difficult one but we’re absolutely committed to the services and really proud of what we provide for the communities in New Zealand.”

Locals were passionate about the post shop, including long-time P.O. Box-holder Dee Bagozzi who planned to use a competing service once the counter closed, rather than face a drive or deal with infrequent buses.

“It’s a really big environmental issue and all the older people that live around here will be forced to drive,” she said.

“I can’t understand how a public utility can transform itself into a hard-nosed business.”

Noel West, 85, has had a post box in Linwood since he moved to Christchurch 50 years ago.

Since retiring, he said he was more likely to sit and chat with staff, mull the history of the city’s post offices, “chew the fat, put the world to right and disagree at times”.

The alternative sites were “miles out of his way”, and he felt NZ Post would lose a lot of business as a result of the move.

“They’re cutting their own throat,” he said.

Business owner Fono Fili used the shop as her delivery address and to post and pick up orders.

“We’d like to see them stay. It’s very handy, they’re very friendly, the service we receive here is different from the service I’ve received at any other post shop,” she said.

Hilary Talbot, a former volunteer and regular customer, was clear about what Linwood would lose when the doors closed.

“A little bit of its heart.”

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Media Outreach

HONG KONG SAR – Media OutReach Newswire – 8 May 2026 – Apple Storage is once again redefining the public’s imagination of self-storage. Located at the Lap Tai Industrial Centre in Tsuen Wan, the group has launched Hong Kong’s first IP-themed concept store, spanning over 10,000 square feet. This new branch seamlessly blends the brand’s exclusive IP characters with lifestyle aesthetics, introducing a premium “Airport VIP Lounge” experience to the storage industry for the first time.

In addition to specialized storage solutions—including dedicated units for clothing, collectibles, books, and bicycle parking—the facility features a groundbreaking VIP Lounge. Customers can enjoy complimentary access to massage chairs and co-working spaces, extending the storage experience into a lifestyle enjoyment. Apple Storage is committed to transforming storage from a utility into an exclusive clubhouse, allowing customers to free up home space while fully immersing themselves in hobbies such as outdoor activities or art collection.

Business-Grade Work Facilities

The branch features a dedicated co-working space equipped with computers, printing facilities, workstations, and charging points. Customers can conveniently handle business or personal administrative tasks, such as printing documents or conducting online research, directly on-site.

Party Room-Style Entertainment

To make the storage process relaxing and enjoyable, Apple Storage has equipped the VIP Lounge with professional massage chairs for immediate post-task stress relief. The Group has upgraded the facilities to rival a “Party Room” environment, featuring billiards, television, and Nintendo Switch consoles. This allows family members to stay entertained while customers manage their storage units at their own pace.

The lounge also includes a spacious communal table, perfect for assembling intricate models or playing board games. Guests can enjoy complimentary coffee and various beverages from the self-service refreshment counter, turning a cold warehouse into a private sanctuary for family time.

Comprehensive Storage Amenities

The facility is equipped with 24-hour support, climate and humidity control, CCTV, smart access control, and regular staff patrols to ensure maximum safety and comfort. Additional amenities such as packing zones, trolleys, and bicycle repair tools are provided for customer convenience. Customers can retreat to the leisure area or VIP lounge whenever they need a break.

Over 120 Branches: Hong Kong’s Leader in Regulatory Compliance

With deep roots in Hong Kong since 2005, Apple Storage has expanded to over 120 branches, serving more than 100,000 customers. Recognizing that safety is always the clients’ top priority, Apple Storage adheres to the highest standards of compliant operations. As an industry leader, Apple Storage maintains close communication with the Buildings Department and the Fire Services Department. Apple Storage takes pride in having the largest network of branches in Hong Kong that have successfully passed inspections by both departments. The Group pledges to continue upgrading fire safety facilities in line with government guidelines to ensure total peace of mind for every customer.

A New Era of Smart Storage: Integrating AI Technology

Apple Storage Group continues to invest heavily in integrating smart technology into its services. Hardware upgrades, including facial recognition systems and smart sensor lighting, have been rolled out across all branches to enhance security and energy efficiency.

On the innovation front, Apple Storage has developed a proprietary Customer Matching System. Utilizing AI data analysis, the system creates tailor-made storage solutions for clients, driving the business toward full digitalization. Currently, the Group is developing an “AI Smart Warehouse” project, which will apply cutting-edge Artificial Intelligence to unit management and customer interaction, signaling a new future for the industry.

Professional & Transparent: One-Stop Moving Team

Apple Storage offers a comprehensive “one-stop” moving and storage service, managed by the Group’s professional brand, APPLE MOVING. The team handles everything from general moving to third-party delivery and pickup. To ensure maximum protection, the team provides packing materials—such as boxes and bubble wrap—in advance of the moving date.

Unlike many local independent movers, Apple Moving operates under a transparent corporate management model. With strict service guidelines and a standardized quoting system, the Group guarantees transparent pricing and strictly prohibits “on-site price hikes” or the solicitation of tips, providing customers with a reliable brand guarantee.

Two Decades of Excellence: Recipient of the “10th Year Award for Hong Kong Service Brand”

Since opening its first branch in 2005, Apple Storage has accompanied Hong Kong families and businesses for over 20 years. Today, with branches in every corner of the city, Apple Storage’s commitment to a “premium environment” and “reliable service” remains unchanged.

The company’s professionalism has earned widespread market recognition, including five consecutive years of Quality Service Certification from the Hong Kong Retail Management Association (HKRMA). In 2026, the Group was honored with the “10th Year Award for Hong Kong Service Brand” by the Hong Kong Brand Development Council. These accolades reflect the trust of over 100,000 customers.

Multi-Brand Synergy: A Comprehensive Storage Ecosystem

The Group’s portfolio includes Apple Storage Premium, U SPACE, Apple Moving, and Apple Wine Cellar, providing a diverse range of integrated storage solutions. From flexible self-storage and professionally managed central storage to door-to-door storage and point-to-point logistics, current services cover every user need.

Apple Storage offers various sizes and specialized units, such as climate-controlled storage for clothing and sneakers, display units for toys, specialized bicycle racks, and flexible shelving units, creating bespoke space solutions for every client.

Driving ESG Strategy for a Green Future

Apple Storage Group has actively implemented ESG (Environmental, Social, and Governance) strategies in recent years. Regarding Environmental Protection, Apple Storage is transitioning to sensor-based energy-saving systems and prioritizing appliances with “Grade 1 Energy Labels.” Apple Storage’s own headquarters has also gone paperless through comprehensive digitalization.

In terms of Social Responsibility, the “Apple Volunteer Team” has collaborated with charities for years to support the underprivileged. Looking ahead, Apple Storage has set clear sustainability goals: a commitment to reduce carbon emissions by 10% within three years and increased investment in philanthropy, including pro-bono moving services and storage space donations. Recently, Apple Storage collaborated with a charity to provide free storage and moving services for residents of Wang Fuk Court, Tai Po, assisting them during their relocation and home clearing process.

Hashtag: #AppleStorage

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Source: Radio New Zealand

China dairy giant Yili’s West Coast-based New Zealand operations have delivered record revenue and profits, driven by a strategic shift into higher-value dairy products.

The group – which includes Westland Milk Products, Oceania Dairy and EasiYo – reported revenue of $1.58 billion in 2025, up 14 percent, while pre-tax profit jumped more than three-fold to $58.4 million.

Yili entered the New Zealand dairy sector in 2013 with its Oceania Dairy investment in South Canterbury, later expanding its footprint with the purchase of Westland Milk Products in 2019.

The companies, operating collectively as the Yili Oceania Group, undertook a major business transformation in 2025, increasing collaboration between Westland Milk Products and Oceania Dairy, which it said has accelerated earnings growth.

It says this helped accelerate earnings growth despite the farmgate milk price rising 30 percent to $10.16 per kilogram of milk solids.

Executive director of Yili Oceania, Zhiqiang Li, said the structural upgrade and capability enhancement programme has delivered solid, higher-quality growth, shifting the business from a volume-driven model to one focused on value.

“By accelerating the shift towards value-added products, we achieved record-high revenue and profit, while also making tangible progress in capacity expansion, operational efficiency and global channel development,” he said.

The company has also strengthened its leadership team over the past year, including the appointment of Alex Turnbull as chief executive in February.

Li thanked staff and said the company had worked to build strong partnerships with New Zealand dairy farmers and other partners.

“Over the past decade of investment in New Zealand, we have worked hard to build fair, transparent and sustainable relationships, ensuring that value is shared across the supply chain,” he said.

Chief executive Alex Turnbull said the group remains focused on its role as an economic cornerstone of the West Coast, adding the results would allow continued investment in the business and workforce.

He said strong pricing, a greater focus on higher-value products, and foreign exchange management supported the result.

“The business is now well-placed to build further on the value-over-volume strategy,” Turnbull said.

The group has expanded production capacity with a third butter line at Hokitika to boost output of Westgold butter, and commissioned a second lactoferrin plant at the site, making it one of the largest lactoferrin production facilities in the world.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The Commerce Commission has greenlit the merger of fuel companies Gull and NPD.

The competition regulator said it was satisfied the proposed merger was not likely to substantially lessen competition in the market.

Under the merger proposal, Gull and NPD’s combined 240 sites would maintain their brands.

The South Island-based Sheridan family would own half, with Barry Sheridan, current NPD chief executive, to lead the new company.

Australian-based private equity firm Allegro Funds, owner of Gull, would hold the other half.

The new parent company would be called Astra Energy Group.

“Our investigation included looking at the markets within which NPD and Gull currently operate and assessing whether there would still be adequate competitive alternatives post-merger to constrain the new company’s ability to raise prices and reduce the quality of its service,” commission chair John Small said.

“Following this work, we are satisfied that the proposed merger is not likely to substantially lessen competition in any market in New Zealand in which the parties compete, or are likely to compete in future,” Small said.

The commission said it also considered whether the merger could lead to the merged entity or its competitors working together to exercise their collective power.

However, it concluded it would not change conditions in a way that made coordination more likely.

Small said the merged entity would likely be constrained in the retail and wholesale supply of fuel by the presence of other competitors, such as major players Z, BP and Mobil.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

A $1.26 half-year billion profit for ANZ. A $545 million half-year for Westpac. A $494m result for BNZ.

As New Zealand’s economy reels from one hit to the next, some commentators have asked whether the run of recent profits for banks show they are one of the few businesses that can turn a healthy profit no matter what.

David Cunningham, chief executive of Squirrel and former chief executive of The Co-Operative Bank, said it was fair to suggest that banks were generally able to make money regardless of the wider business environment.

“Imagine if a bank did nothing for a year, stopped lending, stopped doing anything for a year, they’d still make 90 percent of the profit.

“Every year, over 150 or 200 years for many banks, they build up an annuity stream and every year they’re topping that up. The banking sector will typically grow at around the nominal GDP rate. If you think of inflation at 3 percent and real growth at 2, so nominal GDP at 5, that’s pretty much what you’d expect banks to achieve consistently over time unless they’re in a big cost-cutting mode or in a high-growth sort of phase.”

He said there would be times when credit provisions and credit write-offs could affect the reported profits but it did not necessarily mean they lost money.

Many banks set aside large loan loss provisions heading into the Covid-19 pandemic, which then were reversed out.

“They’re providing against the risk that in future they will lose the money… [but] there’s a great saying, the only thing worse than a profitable bank is an unprofitable one.”

He said most customers would be most concerned that banks were supporting investment in the economy and helping people when they needed loans for things like buying houses.

“The question in New Zealand is, are they for a very low-risk business? I mean, it’s almost utility-like. Utilities tend to have predictable, long-run, fairly stable earnings. So is a return on equity sort of near a 13 percent, 14 percent for some of them fair, or, you know, is a return nearer 10 percent like the overall of yield of banks in Australia fairer?”

But Claire Matthews, a banking expert at Massey University, said it was not true that banks were unaffected by wider forces.

She noted Westpac’s result said its impairment provisions were due to worsening economic conditions and margin compression as the official cash rate dropped.

BNZ’s profit was down 38 percent, although largely because of a change in the way it accounts for software spending.

“The banks have managed not to lose money in recent recessions, which reflects careful financial management and the fact that we haven’t had a really substantial downturn. As I’ve said in the past, we don’t actually want the banks to make losses, but they do feel the impact of economic conditions. It is also worth remembering that they are usually affected later by economic downturns, because it takes time to work through to the banks.’

Generate investment specialist Greg Smith said earnings were sensitive in a nuanced way.

“They can generate profits through the cycle, but recent results from ANZ, NAB and Westpac show earnings are clearly being shaped by slower growth, higher bad debts, intense competition and the impact of higher interest rates. The Middle East is a factor.

“They can perform well early in a rate tightening cycle because they typically reprice mortgage rates quickly, while deposit rates adjust more slowly, which leads to a temporary expansion in net interest margins. That dynamic helped support profitability over the past couple of years.

“However, what we’re seeing now across ANZ, NAB and Westpac is the other side of that cycle starting to dominate. Higher rates are now feeding through to customers, with banks lifting provisions for bad debts and flagging stress in parts of the economy. Credit growth is slowing, with businesses and households pulling back. Competition for deposits and mortgages is intensifying, putting pressure back on margins. Profits remain high in absolute terms, but earnings growth is limited or declining.”

Sign up for Money with Susan Edmunds, a weekly newsletter covering all the things that affect how we make, spend and invest money.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

Police say alcohol is fuelling a rise in bad behaviour by rowdy teenagers in Nelson and they’ve increased patrols over the weekends to deal with the problem.

Police officers are worried the behaviour will lead to violence and the problem has co-incided with the closure of a Nelson charitable trust that helps kids stay out of trouble.

Nelson Senior Sergeant Byron Reid said police noticed the increase in youth on the streets about a month ago, between the hours of 8pm-4am, and that often, they were drunk.

“Generally, the age is around 13-18 and they are not in big packs,” he said. “They are individuals, or they might be in groups of three to four or more.

“We are talking about 20-odd children in regular contact with police or regularly in the CBD during those hours over the weekend.

He said seeing young teens on the street late at night, intoxicated, was worrying.

Reid said violence often occurred when people were overly intoxicated.

“It’s always a concern, when you’ve got youth around alcohol. You might not have intended to go out at night to make bad decisions, but once the alcohol comes on board, bad decisions can be made.

“We just don’t want any of our local community injured or affected by this.”

He said police had identified some of the young people’s famililes and they were working with them to prevent them being out on the streets late at night.

“Our rangatahi, we want to make sure they’re safe and not put in situations that can cause them harm.”

He said police weren’t sure how the youth were getting alcohol and they had conducted an investigation in Nelson, which found bottle shops and supermarkets selling alcohol to minors on four occasions. They had been referred to the Alcohol Regulatory & Licensing Authority.

Closure of youth-focused service

Whanake Youth co-founder Lee-ann O’Brien said the health and wellbeing service was started to provide holistic support for vulnerable and marginalised young people into adulthood.

The charitable trust closed last month after nine years, because of financial difficulties.

It had a drop-in space called ‘The Lounge’ for 12-24 year olds, behind the Stoke Memorial Hall, and offered employment opportunities through SYP Cafe, along with school-based services and community programmes.

O’Brien said she worried about where the young people who used the service and spent time at The Lounge would go.

“They said, ‘We come here, because it’s safe… we come here, because it’s fun to do… we come here, because I can’t go home or can’t go to my friend’s place’.

“For me, the concern is, if they’re not here, then where are they and what are they doing?”

O’Brien said lots of services supported young people, but didn’t focus on them and Whanake Youth’s aim was to take into account whatever a young person needed, working alongside family and education providers, including those who had been excluded from mainstream education.

“There is no other service that looks at that bigger picture, with that particular young person in mind and follows their journey.”

She said she had noticed an increase in 10-12-year-olds causing trouble a couple of years ago and the reasons for the behaviour were not clear, but post-pandemic, some young people struggled with resilience.

“We’d seen some young people consuming alcohol, which we hadn’t seen for a really long time, and presenting drunk during the daytime and leaving school to steal stuff.”

She said school and home were places of connection for youth, but they didn’t necessarily feel that, so it was important they felt they had somewhere they belonged.

“I worry, particularly for the young people that we would work with, who seem to have gaps in that ability to feel connected.

“I worry that some of their decision-making may not be so good – what young person makes a good decision anyway? – but then who picks that up and awhis [embraces] them along in that journey?

“How do we restore that relationship with that person? How do we do differently next time?”

O’Brien said she was having conversations with Nelson Bays Primary Health, after the closure of Whanake Youth, to ensure there wasn’t a long break between services.

“We weren’t the whole jigsaw, but we were part of it, and now it won’t be a complete picture.”

‘Nip it in the bud’

Nelson Mayor Nick Smith said he was pleased police were increasing patrols, given the problems, but said that parents needed to do their bit too.

“I’m not sure what has led to the increasing numbers of these quite young youth congregating in our central city at the early hours of the morning,” he said. “What I do know is I’ve had multiple reports of it.”

Smith said he had heard from hospitality business-owners, who were used to dealing with 16 and 17-year-olds trying to get into bars and nightclubs, but that they were now seeing 13 and 14-year-olds trying to get in.

He said teen drinking was problematic and he was worried someone would get hurt.

“That’s where we need to nip it in the bud to make sure that we’ve got age-appropriate curfews for our young people and asking our parents, particularly of those 13, 14, 15-year-olds, to work with police, so that we’re not going to end up with a young person being injured or harmed in our CBD.”

Smith said the closure of Whanake Youth was disappointing, but there was plenty of effort through sports clubs, theatre, music, cadets and other community organisations to support young people, and he was open-minded on whether more could be done.

“If there is more that we can do so that our city is providing the opportunities for our young people to be able to enjoy themselves and be able to develop without this high risk behaviour that’s occurring in our CBD, we do need to think about that.

“It’s just making sure that those social services work. I haven’t heard they’re not, I want to give the police the community support.

“If we find that there are gaps, then we need to see how we fill those.”

Police said the increased police presence in Nelson’s CBD would continue for as long as it was needed.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The government has announced a review into solar panel installation, which it describes as a “red tape nightmare”.

Regulation Minister David Seymour says the aim is to make New Zealand the simplest place in the developed world to install solar.

Tim Dudek, who owns installation company Solar Craft and has 16 years in the business, told Morning Report New Zealand’s standards have only just been changed to meet those of Australia, and demand has increased around 400 percent in the past few months.

“That’s taken probably a decade of lobbying by the locals or by SEANZ (Sustainable Energy Association of New Zealand).

“Our standards for solar installation have only just been brought up to what I would call the current standard. So I think the red tape that we go through at the moment is sufficient considering the risk of the product and what we’re installing on people’s properties,

“The systems are large, and they’re providing a lot of power and a lot of benefit. But with that, I guess with the power that comes from it, it needs a few safety checks.”

He said while installations could take time, that was just part of any electrical job.

“I would say an installation takes between a month and two months from whoa to go. There are a couple of tickboxes that need to be done with the various lines companies and retailers, electricians and inspectors, but it’s just part of any electrical job, no different to a switchboard or a heat pump installation.”

Dudek said some newer DIY systems did not need any additional red tape, however they were currently illegal in New Zealand.

“I’ve been looking at these new balcony solar systems. They’re a kind of borderline case.

“There’s lots of advantages to them. But there is also some compliance that they would need to go through to be able to connect to our grid and homes.”

Dudek said the biggest issue that needed attention was access to low-cost finance. He said the figures used by the ministry were outdated by about 10 years.

“I would say our average is between $25,000 and $40,000 for a system.

“The systems have got more powerful as time’s gone on, people are putting electric cars at home, and they just need more power.

“They’re just trying to do more with it. We’re trying to shift from petrol and diesel through to electric, and that’s got to come from somewhere.”

He said the current fuel price had accelerated interest in solar energy.

“Supply is pushed at the moment. It’s had about a 400 percent increase over the last three to four months.

“The fuel crisis has put the crunch on it, and we are coping. The government only implemented the training regime in November last year, so that we can train up electricians to install the systems and just do it safely. So just have to roll with the punches and grow as the industry grows.”

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand

Source: Radio New Zealand

The failure of the economy to fire up means New Zealanders will spend five fewer days paying tax this year.

Business advisory network Baker Tilly Staples Rodway estimated the total tax take rose 1.9 percent on last year, which meant New Zealanders would spend just 130 days paying tax this year, five days less than last year.

Tax Freedom Day, which was the hypothetical date New Zealanders would have paid their tax bill for the year, was expected to take place on 10 May, meaning whatever they earn after that date was theirs.

Baker Tilly Staples Rodway tax director Michael Rudd said the reason for the shorter forecast date was because this year’s tax increase was far less than last year’s increase of 3.9 percent, or 15.6 percent in 2022, when the economy grew 4-point-3 percent.

A flat corporate tax take of 1.2 percent indicated businesses were struggling to grow, with inflation outpacing GST revenues and a sugar rush of trust dividend payments drying up.

“An optimist might say that corporates are managing their tax payments to take advantage of the new Investment Boost regime, which provides a 20 percent year-one tax deduction for new business assets purchased after May 2025,” Rudd said.

However, he said a large increase in the number of business liquidations was probably having a bigger influence.

“The cost of those failures is often borne by suppliers who never get paid, affecting their bottom line.”

In contrast, Rudd said Australians were paying three days more tax this year, not five days less.

However, they celebrated their Tax Freedom Day three weeks ago, which was fairly typical.

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.

– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand