Mercury NZ (MCY) Q4 2026 TU earnings summary

Executive summary

• Achieved strong Q4 performance with higher renewable generation and disciplined portfolio management, resulting in a trading margin of $390m, up 33% year-over-year.

• Major milestones reached in wind and hydro projects, including full turbine installation at Kaiwera Downs Stage 2 and on-schedule progress at Kaiwaikawe Wind Farm.

• Launched Flex Rates, a new Time of Use electricity plan for retail customers.

Financial highlights

• Trading margin for the quarter was $390m, up $97m year-over-year; YTD trading margin rose $269m to $1,421m.

• Generation volume for the quarter was 2,344GWh, up 339GWh year-over-year; YTD generation volume increased by 1,163GWh to 9,070GWh.

• SIB CAPEX for the quarter was $63m and growth CAPEX was $96m.

Outlook and guidance

• Kaiwaikawe Wind Farm expected to be fully operational in H1 FY27, with first generation from 6 turbines already started.

• Fast-track consent granted for Puke Kapo Hau Wind Farm, supporting future growth in the renewable pipeline.