Mercury NZ (MCY) AGM 2025 summary

Opening remarks and agenda

• The meeting began with a welcome, Karakia, agenda outline, board introductions, and executive presentations on key business activities and resolutions.

• Housekeeping, safety instructions, and feedback mechanisms for in-person and online attendees were provided.

• Voting procedures and Q&A protocols were explained, with four director-related resolutions on the agenda.

Financial performance review

• Net profit after tax was $1 million, down $280 million from the prior year, mainly due to lower earnings and changes in unrealized gains/losses on unhedged electricity derivatives.

• EBITDAF was $786 million, down $91 million, primarily due to below-average renewable generation from dry conditions.

• Operating costs rose by $11 million, mainly from increased maintenance and organizational change costs, with operating expenditure at $396 million for the year.

• Growth capital expenditure reached $347 million, up $193 million, with major wind farm projects underway.

• FY26 EBITDAF guidance is set at $1 billion, with $600 million in growth capex planned and operating expenses projected to remain stable at $370 million from FY26 to FY28.

Board and executive committee updates

• James Miller and Mike Taitoko retired from the board; Rob Hamilton and Rachel Taulelei were nominated and elected as directors.

• The board comprises nine directors, including recent appointees Rob Hamilton and Rachel Taulelei.

• New executive team members were welcomed, including CEO, CFO, and leaders for people, sustainability, strategy, operations, wholesale, generation development, and customer service.

• Succession planning for board and management roles is actively maintained.