Meridian Energy
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Meridian Energy (MEL) investor relations material

Meridian Energy H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary24 Feb, 2026

Executive summary

  • Strong first-half performance with record wind and hydro generation, customer growth, and favorable weather, driving a significant turnaround in NPAT to $227 million from a $121 million loss in the prior year.

  • Achieved record interim EBITDAF of $506 million, up 97% year-over-year, supported by higher customer and financial contract sales, lower purchase and demand response costs, and increased generation volumes.

  • Retail sales volumes grew 16% year-over-year, with customer connections up 13% since June 2025 and market share rising from 17.5% to 19.5%.

  • Significant investments underway and planned in solar and wind projects, aiming to add over 1.3 TWh of renewable generation in the next 12 months.

  • Focus on customer service and technology migration, with the Kraken platform rollout progressing to enhance customer experience.

Financial highlights

  • Operating cash flow for H1 FY26 was $336 million, up $286 million from H1 FY25 and 11% higher than H1 FY24.

  • EBITDAF reached $506 million, up 97% year-over-year and 14% higher than H1 FY24.

  • Underlying NPAT was $143 million, compared to a $5 million loss in the prior year.

  • Interim dividend increased 4% to 6.40 cents per share, imputed at 85%, with a 2% DRP discount.

  • Net debt to EBITDAF improved to 1.9x from 2.5x in June; net debt at December 2025 was $1,655 million.

Outlook and guidance

  • Full-year EBITDAF guidance unchanged at $311–316 million, with forecasts at the higher end.

  • CapEx expected to be $330–360 million for the year, with higher spend in H2.

  • Kraken customer migration expected to complete by October 2026, reducing dual retail system costs by 2027.

  • Anticipated investment decisions on Mt Munro, Te Rere Hau, and Te Rahui Solar Farm Stage Two in the next 12 months.

  • Ongoing focus on expanding renewable generation and maintaining a 30% market share.

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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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