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Investor Relations14 Oct 2025
Boost Your Earnings Season Strategy With Real‑Time Alerts
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Meridian Energy (MEL) investor relations material
Meridian Energy H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary26 Aug, 2025
Executive summary
The year was marked by two unprecedented droughts and declining gas reserves, resulting in the lowest hydro generation since 2013 and the lowest earnings in a decade.
Maintained security of supply and grew customer connections by 10% to over 405,000, with strong performance from the Harapaki Wind Farm.
Continued strategic investment in renewable generation, with major projects like Harapaki Wind Farm and Ruakaka battery completed, and five new consents obtained.
Stable dividend maintained at 21cps, supported by drawing on over £300M of debt headroom, despite significant financial pressure.
Retail business transformation advanced, including two acquisitions and selection of Kraken as retail technology partner.
Financial highlights
Operating cash flows down 52% year-over-year to $318M, the lowest since 2009.
EBITDAF fell 32% to $611M; net profit after tax swung to a $452M loss, mainly due to a $1,247M negative swing in the fair value of energy hedges.
Underlying NPAT was $56M, down from $359M in FY24.
Net debt increased 18% to $1,505M; net debt to EBITDAF ratio rose to 2.5x from 1.4x.
Dividend payout ratio at 230%, with full year dividend held at 21cps.
Outlook and guidance
FY26 focus on accelerating renewable generation, system flexibility, and digital transformation.
CapEx guidance for FY26 is $330M–$360M, with $230M–$250M for growth and $100M–$110M for stay-in-business, focused on solar farm completion and asset maintenance.
Operating expenses expected at $311M–$316M in FY26, with up to 9% increase due to retail platform transformation and incentives.
Targeting $2B capital spend in the next three years, with a $3B growth CapEx ambition through 2030.
Anticipates cost reductions post-Kraken platform migration by FY28.
Future dividend policy in dry years
Net OpEx impact of Kraken platform transition
Hydro development team's strategic focus
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Next Meridian Energy earnings date
AGM 202520 Oct, 2025
Next Meridian Energy earnings date
AGM 202520 Oct, 2025
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Frequently asked questions
Meridian Energy Limited is a New Zealand-based renewable energy company engaged in the generation, distribution, and retail of electricity. The company primarily produces electricity from renewable sources, including hydroelectric and wind power. Meridian Energy supplies electricity to residential, commercial, and industrial customers, and operates under various retail brands. The company also has renewable energy projects and interests in Australia. The company is headquartered in Wellington, New Zealand, and its shares are listed on the NZX and ASX.
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