New Zealand · Delayed Price · Currency is NZD Mercury NZ Earnings Call Transcripts
Fiscal Year 2026
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Strong interim results for FY 2026 with EBITDAF up 28% year-over-year, robust investment in renewables, and disciplined cost control. Guidance for FY 2026 remains unchanged, supported by a strong balance sheet and a growing project pipeline.
Fiscal Year 2025
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The meeting reviewed a challenging year with lower profits due to dry conditions and derivative impacts, but highlighted ongoing investment in renewables, strong dividend growth, and robust governance. Shareholders discussed customer service, energy transition, and future risks.
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Delivered $786M EBITDA in FY 2025 despite challenging hydrology, with 17 years of dividend growth and strong progress on renewable projects. FY 2026 guidance targets $1B EBITDA, $0.25 dividend, and major CapEx for growth, supported by robust sales contracts and improved hydro inflows.
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A refreshed strategy targets value from core assets, portfolio optimization, and disciplined growth in wind and geothermal, aiming for NZD 1.15–1.25 billion EBITDA by 2030. Customer growth, digital transformation, and operational excellence underpin a 30% OpEx per connection reduction, while a robust development pipeline and strong sector engagement support long-term value.
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EBITDA for H1 FY25 fell to NZD 418 million amid challenging hydrology, with net loss driven by negative fair value movements. Guidance for FY25 EBITDA and dividends is maintained, while significant investment continues in renewables and customer growth.
Fiscal Year 2024
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The meeting reviewed strong financial results, ongoing investment in renewables, and a 7% dividend increase. Shareholders approved director re-election and a fee increase, with discussions on energy security, new projects, and customer initiatives.
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Record EBITDAF and strong cash flow in FY 2024, but guidance for FY 2025 is lower due to dry conditions and higher gas costs. Major projects are progressing, with continued investment in renewables and asset resilience. Dividend growth continues, and risk management remains a focus.