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Published briefings for one covered company.

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Showing 1-10 of 10 published briefings.

Mercury NZ (MCY)HY26Released 24 February 2026

EBITDAF up 28.5% but NPAT only NZD 20m on a NZD 537m earnings base

A strong hydrology-driven operating recovery is almost entirely absorbed between depreciation, interest, and tax, leaving statutory profit razor-thin.

Published 21 April 2026

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Mercury NZ (MCY)FY25Released 19 August 2025

Mercury NZ FY25: PBT collapsed despite stable revenue

Revenue rose 2.2%, but the real damage sat below EBITDAF and left the dividend leaning on a non-cash explanation.

Published 21 April 2026

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Mercury NZ (MCY)HY25Released 25 February 2025

Mercury NZ HY25: EBITDAF held up but an NPAT loss signalled derivative mark-to-market pain

Revenue rose 9.3%, but fair-value swings turned PBT negative and left the dividend leaning on debt-funded cash generation.

Published 20 April 2026

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Mercury NZ (MCY)FY24Released 20 August 2024

Revenue +25% but EBITDAF only +4% as PBT tripled on fair-value swings

A 25% revenue surge masked near-flat operating earnings; the PBT recovery was driven by fair-value movements, not underlying margin expansion.

Published 21 April 2026

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Mercury NZ (MCY)HY24Released 20 February 2024

MCY EBITDAF fell 3.8% while PBT collapsed 19.9% on a 23.6% revenue surge

Revenue inflation masked severe margin compression as retail turned loss-making and below-the-line charges drove PBT down NZ$61m.

Published 21 April 2026

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Mercury NZ (MCY)FY23Released 21 August 2023

EBITDAF jumped 45% to $841m but NPAT fell 78% as Tilt gain lapped

Operating earnings and leverage both improved sharply, yet a loss-making second half at the NPAT line and a dividend not covered by free cash flow...

Published 22 April 2026

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Mercury NZ (MCY)HY23Released 21 February 2023

EBITDAF jumped 86% to $451m but NPAT fell 46% as HY22 below-the-line gains...

Operating earnings and cash conversion strengthened sharply, yet the reported profit line reversed on a normalised tax rate and a prior-period...

Published 22 April 2026

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Mercury NZ (MCY)FY22Released 16 August 2022

EBITDAF up 25% but 91% of FY22 NPAT landed in the first half

Headline earnings flattered by a low 8% tax rate and H1 gains while working capital built and net debt/EBITDAF stepped to 3.3x.

Published 21 April 2026

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Mercury NZ (MCY)HY22Released 22 February 2022

EBITDAF down 17.7% but NPAT up 228.5% as leverage rises to 6.7x

Operating earnings weakened and cash conversion slipped, yet below-the-line gains and a lower tax charge produced a record headline NPAT alongside...

Published 21 April 2026

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Mercury NZ (MCY)FY21Released 17 August 2021

Revenue up 15.7% but NPAT fell 31.9%, with H2 NPAT just NZ$11m

EBITDAF slipped 6% on a sharply weaker second half while a higher dividend lifted payout to 98% of NPAT and net debt/EBITDAF climbed to 2.9x.

Published 21 April 2026

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