Mercury NZ (MCY) AGM 2025 summary

Opening remarks and agenda

• The meeting began with a welcome, housekeeping, Karakia, and addresses from the Chair and Chief Executive, followed by executive presentations and an outline of the agenda, including board introductions, financial review, resolutions, and Q&A sessions.

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, with operating expenditure at $396 million for the year, driven by below-average renewable generation due to dry conditions.

• Operating costs rose by $11 million, mainly from increased maintenance and organizational change costs.

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

• Net debt increased due to investments, dividends, interest, tax, and working capital movements.

Board and executive committee updates

• James Miller and Mike Taitoko retired from the board; Rob Hamilton and Rachel Taulelei were nominated and appointed as directors, joining a board of nine.

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