Meridian Energy (MEL)•HY26•Released 25 February 2026EBITDAF nearly doubled to $506m as hydrology normalised after HY25 shockRecord wind and second-best lake inflows drove a $485m PBT swing, but the prior comparable was depressed by hydro and gas constraints.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•FY25•Released 27 August 2025EBITDAF fell 32.5% on energy-margin squeeze; dividend exceeded FCFRecord-low hydro inflows and a gas shortage compressed energy margin 23%, doubled leverage to 2.4x, and broke dividend coverage.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•HY25•Released 26 February 2025EBITDAF fell 42% on record-low inflows, swinging Meridian to a $121m lossNet debt/EBITDA jumped to 6.0x against a 2.2x–3.3x historical range as cash conversion fell to 19.5% from 68.4%.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•FY24•Released 28 August 2024NPAT up 351.6% on hedge gains, underlying earnings up 14%Reported profit was lifted by non-cash hedge fair value movements while the 21.0cps dividend ran at 170.7% of free cash flow.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•HY24•Released 28 February 2024Retail flipped to a NZ$43m loss as 38.1% revenue surge stalled before EBITDAFEBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.Published 22 April 2026Read briefing→
Meridian Energy (MEL)•FY23•Released 29 August 2023EBITDAF up 10.4% as NPAT fell 85.7% on prior-year disposal gainOperating earnings advanced on higher generation and retail volumes, but the headline NPAT decline reflects a non-comparable prior year, notPublished 22 April 2026Read briefing→
Meridian Energy (MEL)•HY23•Released 1 March 2023PBT up 38.8% as EBITDAF margin reached 27.8%, well above historical normCleaner NZ-only base and a disclosed $51m generation benefit lifted operating margins while leverage dropped to 2.2x EBITDA.Published 22 April 2026Read briefing→