Mercury NZ (MCY) AGM 2026 summary

Opening remarks and agenda

• The meeting opened with a welcome, acknowledgment of Māori Language Week, and a karakia led by a Director.

• Chair and Chief Executive delivered addresses outlining the meeting's focus and structure.

• Housekeeping and procedural instructions were provided, including Q&A and voting processes for both in-person and online attendees.

• The agenda included board introductions, financial and environmental commentary, CEO highlights, resolutions, and general Q&A.

Financial performance review

• Net profit after tax reached NZD 321 million, a significant increase from the previous year, driven by higher earnings and partially offset by non-cash derivative movements.

• EBITDAF rose to just under NZD 1.1 billion, up 36% from 2025, supported by increased hydro, geothermal, and wind generation, and disciplined cost management.

• Operating expenses decreased to NZD 370 million, NZD 26 million lower than the prior year, despite inflation and transformation activities.

• FY26 ordinary dividend declared at 27.0 cps, with FY27 guidance at 29.0 cps.

• FY26 EBITDAF guidance set at NZD 1.075 billion, reflecting new generation capacity and cost discipline.

Dividend announcements

• A fully imputed final dividend of NZD 0.17 per share was declared, bringing the full-year ordinary dividend to NZD 0.27 per share, up 13% year-on-year.

• This marks the 18th consecutive year of ordinary dividend growth.

• FY27 dividend guidance increased to 29.0 cps.

• A review of dividend policy and capital allocation is planned over the next 12 months, with the current policy remaining until the review concludes.