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Mercury NZ (MCY) investor relations material
Mercury NZ Q1 2027 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 trading margin reached $445m, up 19% YoY, despite Waikato hydro inflows at the 2nd percentile versus the 71st percentile a year earlier.
Renewable development progressed, with Kaiwera Downs Stage 2 at full generation and Kaiwaikawe Wind Farm generating from July.
Financial highlights
Trading margin was $445m, up $70m or 19% YoY from $375m.
Generation volume was 2,526 GWh versus 2,552 GWh YoY; other income was $3m versus $5m.
Quarterly SIB CAPEX was $36m versus $33m; growth CAPEX was $27m versus $76m.
Outlook and guidance
FY27 EBITDAF guidance remains on track based on the current outlook.
FY27 SIB CAPEX is expected to be ~$150m; growth CAPEX is expected to be $300m–$400m.
Puke Kapo Hau Wind Farm works are expected to begin in November 2026.
- Record profits, dividend growth, and major renewable investments drive future strategy.MCY
AGM 2026 - Record EBITDAF growth, higher dividends, and major renewables investment drive strong outlook.MCY
H2 2026 - Q4 trading margin surged 33% year-over-year, fueled by higher renewable generation and project milestones.MCY
Q4 2026 TU - EBITDAF up 28% to $537m, net profit $20m, and renewables projects progressing strongly.MCY
H1 2026 - Lower profits, major renewable investment, and strong dividend growth highlighted at AGM.MCY
AGM 2025 - EBITDAF dropped 10% to $786M, but renewables and growth drive a strong FY26 outlook.MCY
H2 2025 - Record $877m EBITDAF, strong renewables, but FY25 outlook dampened by dry hydro and gas costs.MCY
H2 2024 - Aims for NZD 1.15–1.25bn EBITDA by 2030, driven by renewables, digital, and scale.MCY
Investor Day 2025 - EBITDAF down, net loss reported, but renewables investment and dividend growth continue.MCY
H1 2025
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