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Mercury NZ
Mercury NZ (MCY) investor relations material
Mercury NZ H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Feb, 2026
Executive summary
HY26 EBITDAF reached $537m, up 28% year-over-year, driven by higher renewable generation and disciplined cost management.
Net profit after tax (NPAT) was $20m, reversing a prior year loss, supported by strong operating cash flow and lower operating expenses.
Major investments in hydro, geothermal, and wind assets are progressing on time and within budget, with a focus on long-term growth and asset resilience.
Customer multi-product penetration reached 40%, with connections up 30,000 year-over-year, enhancing customer value and efficiency.
Health, safety, and wellbeing metrics improved, with TRIFR at 0.39 for the calendar year.
Financial highlights
Record EBITDAF of $537m and operating cash flow of $531m for the half year, with net cash provided by operating activities at $351m.
NPAT was $20m, impacted by negative non-cash fair value movements on electricity derivatives.
Interim dividend increased 4% to 10cps; dividend guidance for FY26 remains at 25cps.
OpEx per connection down 4% year-over-year and 16% below HY24, with OpEx guidance at $370m.
Net debt increased to $2.243b, with debt to EBITDA at 2.2x, within target range for BBB+ rating.
Outlook and guidance
FY26 EBITDAF guidance maintained at $1b, based on 4.4 TWh hydro generation and OpEx target of $370m.
Sustained business CapEx guidance at $150m; growth investments and project pipeline on track.
Dividend guidance unchanged at 25cps, up 4% year-over-year.
Targeting FY30 EBITDAF of $1.15–1.25b, with 3.5 TWh new generation by 2030.
Fully imputed interim dividend of 10.0cps approved, with dividend reinvestment plan continuing.
Future investment decision criteria
NZ market firming strategy
Sustainability of OpEx reductions
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Next Mercury NZ earnings date
Q3 202624 May, 2026
Mercury NZ
Next Mercury NZ earnings date
Q3 202624 May, 2026
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Frequently asked questions
Mercury NZ Limited is an integrated electricity generation and retail company in New Zealand, primarily focused on renewable energy. The company generates electricity from a portfolio of renewable sources, including hydro, geothermal, and wind assets, supplying power to residential, commercial, and industrial customers. Mercury NZ is committed to sustainability and supports New Zealand’s transition to cleaner energy through its investments in renewable infrastructure and technology. In addition to electricity generation, the company offers energy management services and products to help consumers optimize energy use. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.
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