Mercury NZ (MCY) Q1 2027 TU earnings summary
Event summary combining transcript, slides, and related documents.
Q1 2027 TU earnings summary
13 Oct, 2026Executive summary
Q1 trading margin reached $445m, up 19% YoY, despite Waikato hydro inflows at the 2nd percentile versus the 71st percentile a year earlier.
Renewable development progressed, with Kaiwera Downs Stage 2 at full generation and Kaiwaikawe Wind Farm generating from July.
Financial highlights
Trading margin was $445m, up $70m or 19% YoY from $375m.
Generation volume was 2,526 GWh versus 2,552 GWh YoY; other income was $3m versus $5m.
Quarterly SIB CAPEX was $36m versus $33m; growth CAPEX was $27m versus $76m.
Outlook and guidance
FY27 EBITDAF guidance remains on track based on the current outlook.
FY27 SIB CAPEX is expected to be ~$150m; growth CAPEX is expected to be $300m–$400m.
Puke Kapo Hau Wind Farm works are expected to begin in November 2026.
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