Manawa Energy (MNW) AGM 2024 Presentation summary

Board and management

• Board chaired by Deion Campbell, with a mix of independent and non-independent directors and a full executive team overseeing trading, generation, market operations, people, and environment.

Strategic direction and industry context

• Focus on IPP strategy, emphasizing risk management, cost reduction, and revenue certainty through long-term contracts.

• New Zealand's electricity market is dominated by renewables but relies on thermal generation for risk protection; recent low wind and rain led to high wholesale prices.

• Encouragement for more renewable generation, with hydro as risk cover, and momentum for new developments following NZAS certainty.

Financial and operational performance

• FY24 EBITDAF reached a record $145.0M, up 6%, with underlying earnings at $66.0M and total ordinary dividends up 19% to 19cps.

• Generation volumes were 1,901GWh, and the secured development pipeline grew to ~1.2GW, up 36%.

• Asset refurbishment included capacity restoration at Bream Bay, cyclone repairs at Esk, and major upgrades at Highbank, Waipori, and Matahina.