NZ Windfarms (NWF) H1 2025 earnings summary

Executive summary

• Net electricity revenue for H1 FY25 was $6.1m, down 3.2% year-over-year due to lower wind speeds and generation volume.

• EBITDAF decreased 17% to $3.0m, mainly from reduced generation and higher operating expenses.

• Net profit after tax (NPAT) improved to $2.7m from a loss of $3.1m in the prior period.

• Operating cash flow rose 108% to $2.5m, driven by improved derivative settlements, new revenue streams, and full repayment of the BNZ facility.

• Acquisition of Hau Nui windfarm and progress on the Te Rere Hau repower project were key operational highlights.

Financial highlights

• H1 generation was 56.9 GWh, down from 59.6 GWh year-over-year; average wind speed was 9.5 m/s (vs 9.8 m/s prior year).

• Net GWAP was $107.99/MWh, up from $106.49/MWh in the prior period.

• Availability was 96.5% (vs 96.9% prior period); zero lost time injuries.

• Operating expenses increased 18% to $3.3m, mainly due to Hau Nui costs, substation costs, and contract staff.

• Basic and diluted EPS for H1 FY25 was 0.0073, compared to -0.0102 in H1 FY24.

Outlook and guidance

• EBITDAF guidance for FY25 revised down to $4.0m–$5.2m due to lower wind volumes and challenging meteorological conditions.

• Board continues to pause dividends, prioritizing investment for future growth.

• Focus remains on safe operations, profitability, and advancing the Te Rere Hau repower project toward a final investment decision in June 2025.

• Guidance subject to variability in wind generation and other external factors.