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Core

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$3 Billion Pipeline Targets AI Power Boom APA Group (ASX: APA) was little changed after posting 1H26 underlying earnings up 7.6% to $1.092 billion as margins expanded to 77.3% on inflation-linked tariff increases and new asset contributions. The company lifted the interim distribution 1.9% to 27.5 cents, extending a 23-year growth streak, and reaffirmed full-year guidance. Management also upgraded the three-year growth pipeline from $2.1 billion to $3 billion, focusing on gas transmission and power projects. The ramp-up in pipeline is a

Austal

Core

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Win Big, Stumble Hard: $4B Contract Meets Accounting Error Austal (ASX: ASB) fell sharply after posting 1H26 revenue up 34% to $1.1 billion with net profit rising 21% to $30.5 million, securing a record $17.7 billion order book including a new $4 billion contract to build eight landing craft for the Australian Defence Force through 2038. However, shares dropped as management cut full-year profit guidance following a $25 million US accounting error on incentive calculations. Operating cash flow swung to a

Praemium

Core

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High-Net-Worth Bet Pays Off Praemium (ASX: PPS) posted a statutory profit up 69.5% to $9.9 million for the 1H26 as funds under administration grew 13.7% to $70.5 billion. The high-net-worth Spectrum platform attracted $659 million in new business, driving the earnings beat. Underlying margins expanded to 27.1% as costs stayed flat despite revenue growth of 5.3%. Management completed the OneVue integration with planned adviser exits in line and cut 28% of technology staff, saving $9 million annually from FY27 onward. Despite the robust

Treasury Wine Estates

Core

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Taking Its Medicine: $771 Million Write-Down Treasury Wine Estates (ASX: TWE) posted a $649 million statutory loss for the half year after writing down $771 million of US assets, mostly goodwill and brands like Sterling and Beringer. Revenue fell 16% to $1.30 billion as US luxury wine demand softened and Chinese shipments were deliberately restricted to curb parallel imports. Underlying profit before one-offs dropped 46% to $128.5 million with margins compressing sharply. The board suspended dividends to preserve cash and reduce

South32

Speculative

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Base Metals In, Aluminium Out South32 (ASX: S32, LSEG: S32) posted underlying earnings of $435 million for the 1H26, up 16% and beating market estimates, driven by stronger copper, silver and zinc prices. The miner lifted their dividend 15% to 3.9 cents and added $100 million to the buyback program. Net debt stayed flat despite heavy spending on Arizona’s Hermosa zinc project. Our last tech update on the 28th of January, when we noted that “Our technical outlook for South32 proved to be

St Barbara

Speculative

high

Growth Without Capital Strain St Barbara (ASX: SBM) swung to underlying profit of $1.3 million for the half year from a $48 million loss as Simberi mine generated positive cash flow and costs fell. The company secured $470 million from selling 60% of its Simberi expansion project to Chinese and Papua New Guinea partners, retaining 40% while offloading capital risk. Feasibility studies project annual output exceeding 200,000 ounces at competitive costs over 13 years. Shares surged 194% over the past year

Paladin Energy

Core

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Loss Narrows as Output Climbs Paladin Energy (ASX: PDN) posted revenue of $138.3 million for the 1H26, up 79% year-on-year, as the Langer Heinrich mine production climbed 16% to 1.23 million pounds and realised uranium prices strengthened to $70.5 per pound. The net loss narrowed to $6.6 million from $15.1 million as production costs fell and sales volumes tripled quarter-on-quarter. A $300 million equity raise and debt refinancing lifted net cash to $238 million, funding the ramp-up and Canadian development projects. In our

Aussie Banks – Special Report

Banks Back in Form: Profits Rise, Credit Holds, Capital Stays Strong The February 2026 reporting round has delivered a broadly reassuring read on the health of Australia’s major banks. Across all three reporters, pre-provision profitability is rising, credit quality is improving, capital ratios sit well above regulatory minimums, and management tone ranges from measured optimism (CBA) to substantial confidence in execution (NAB, ANZ). The dominant theme is that volume growth and cost discipline are doing the heavy lifting for earnings. That

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