2359 GMT - Spark NZ loses a bear in Forsyth Barr after its 1H result met expectations in mobile, broadband and free cash flow. Spark's mobile segment delivered its first year-on-year growth in service revenue in two years. That was due to a strong rise in post-paid average revenue per user. Still, connections were again soft, indicating Spark is still losing share, analyst Ben Crozier says. In broadband, gross profit was up 1% on year. "The lack of a clear, meaningful growth driver for Spark leaves us uninspired by the earnings outlook," Forsyth Barr says. "However, at a 10% FY 2027 gross yield, we no longer see risks skewed to the downside." Forsyth Barr upgrades Spark to neutral, from underperform. Spark NZ is up 1.8% at NZ$2.21. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

February 19, 2026 18:59 ET (23:59 GMT)

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