Mercury NZ (MCY) Q3 2026 TU earnings summary

Executive summary

• Achieved strong Q3 performance with higher renewable generation and disciplined portfolio management, resulting in a 27% increase in trading margin to $325m compared to the same quarter last year.

• Upgraded FY2026 EBITDAF guidance to $1.05b, reflecting operational momentum and strategic execution.

• Key milestones reached in renewable development, including the opening of Ngā Tamariki geothermal station OEC5 and early generation from Kaiwera Downs Stage 2 wind farm.

Financial highlights

• Trading margin for Q3 was $325m, up $69m or 27% year-over-year; YTD trading margin rose $172m to $1,031m.

• Generation volume for Q3 was 1,997GWh, up 286GWh year-over-year; YTD generation volume increased by 824GWh to 6,726GWh.

• Hydro inflows improved significantly, reaching the 76th percentile for the quarter and 86th percentile YTD, compared to record lows last year.

Outlook and guidance

• FY2026 EBITDAF guidance upgraded to $1.05b, reflecting confidence in continued operational and financial performance.