New Zealand · Delayed Price · Currency is NZD Meridian Energy Earnings Call Transcripts
Fiscal Year 2026
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First-half results showed strong growth in cash flow and EBITDAF, driven by record renewable generation and customer expansion. Major investments in solar and wind are underway, with a focus on affordability and maintaining a robust balance sheet.
Fiscal Year 2025
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The business is accelerating renewable development, digital transformation, and customer growth, with a robust pipeline of wind, solar, and hydro projects to meet rising demand and support decarbonization. Regulatory reviews affirm market strength, while new fast track consenting and digital initiatives aim to boost efficiency and resilience.
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The meeting reviewed a challenging financial year marked by droughts, low hydro inflows, and gas shortages, resulting in a net loss but continued investment and stable dividends. Strategic initiatives focused on renewable expansion, retail transformation, and customer-centric products, while all four directors up for re-election were put to a vote.
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Two record droughts and gas shortages led to the lowest earnings in a decade, with EBITDA down 32% and a statutory loss of NZD 452 million. Despite this, customer supply and dividends were maintained, major renewables were delivered, and the business remains focused on growth and digital transformation.
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Extreme weather and gas shortages drove a sharp decline in cash flow and EBITDA, but strategic progress continued with major renewable projects advancing and retail transformation underway. Dividend was maintained, and the outlook includes significant new investment and calls for regulatory reform.
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A challenging quarter marked by a severe winter drought led to volatile wholesale prices and record low hydro storage, but late quarter rains restored storage and stabilized prices. Retail customer growth and higher sales prices were offset by lower demand and increased operating costs.
Fiscal Year 2024
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The meeting highlighted strong financial results, a new long-term contract with NZAS, and progress on renewables, while addressing operational challenges from gas shortages and drought. Shareholders approved a final dividend and re-elected Tania Simpson as director.
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Record FY 2024 results with EBITDAF up 16% year-over-year, driven by retail growth and a major 20-year NZAS contract. Drought and gas scarcity present near-term challenges, but a robust renewable pipeline and increased dividends signal confidence.
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Long-term certainty from the smelter deal enables NZD 10b investment in renewables, with a focus on flexibility, decarbonization, and digital retail. Major projects are on track, while consenting and gas supply remain sector challenges. Demand response and customer-centric innovation underpin future growth.