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Mercury NZ (MCY) briefings
Read that company's published results in release order, newest first.
Mercury NZ (MCY)FY26Released 18 August 2026
Revenue fell 7.8% but EBITDAF margin hit an unprecedented 33.1%
Higher renewable generation lifted EBITDAF to $1,068.0m while a 119.2% NPAT payout ratio raises cash-allocation questions.
Published 18 August 2026
Read briefingMercury NZ (MCY)HY26Released 24 February 2026
EBITDAF up 28.5% on revenue down 5.2% as margin hit upper edge
NPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.
Published 21 April 2026
Read briefingMercury NZ (MCY)FY25Released 19 August 2025
FY25 EBITDAF fell 10.4% to $786m, missing $820m HY25 guidance
Dry conditions cut renewable generation 10% just as capex jumped 47.6% and net debt/EBITDAF stepped up from 2.2x to 2.8x.
Published 21 April 2026
Read briefingMercury NZ (MCY)HY25Released 25 February 2025
Mercury NZ EBITDAF margin fell to an unprecedented 23.8% as revenue grew 9.3%
Reported NPAT swung to a $67m loss on below-line items while capex jumped 53% and pre-lease free cash flow fell to $25m.
Published 20 April 2026
Read briefingMercury NZ (MCY)FY24Released 20 August 2024
Revenue jumped 25.4% but EBITDAF rose only 4.3% on margin compression
Headline NPAT growth of 181.6% reflects a fair-value reversal from a depressed prior year, while trade debtors expanded 41.1% and cash conversion
Published 21 April 2026
Read briefingMercury NZ (MCY)HY24Released 20 February 2024
NZ$539m working-capital build dwarfed NZ$17m EBITDAF decline
An unprecedented year-on-year operating working-capital expansion overwhelmed a modest EBITDAF dip and lifted leverage to 4.5x net debt/EBITDAF.
Published 25 May 2026
Read briefingMercury NZ (MCY)FY23Released 21 August 2023
EBITDAF rose 44.8% but NPAT fell 78.0% on a prior-year one-off gain
Operating earnings strengthened on record generation, while a non-recurring prior-period gain distorts the headline net-profit comparison.
Published 22 April 2026
Read briefingMercury NZ (MCY)HY23Released 21 February 2023
EBITDAF up 86% but PBT fell 40% on acquired-swap unwinds
Trustpower's full half and a $65m HY22 hedge exit make this non-comparable, though OCF/EBITDAF conversion at 76.5% is unprecedented in recent history.
Published 22 April 2026
Read briefingMercury NZ (MCY)FY22Released 16 August 2022
EBITDAF up 25.5% but $367m Tilt sale gain inflated NPAT to +232.6%
Cash conversion fell to 60.6% from 73.0% as working capital absorbed $258m and net debt/EBITDAF rose to 3.25x.
Published 22 April 2026
Read briefingMercury NZ (MCY)HY22Released 22 February 2022
Mercury's 228.5% NPAT surge hid a 17.7% EBITDAF slide and rising leverage
A record-low 5.1% tax rate flattered profit while EBITDAF fell 17.7% and net debt reached 6.68x EBITDAF.
Published 22 April 2026
Read briefingMercury NZ (MCY)FY21Released 17 August 2021
FY21 PBT fell 30.2% as EBITDAF dropped 6.3% on a 15.7% revenue lift
Higher revenue did not translate into earnings, leverage edged up to 2.9x EBITDAF, and the NPAT-based payout ratio reached 164.1%.
Published 22 April 2026
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