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Meridian Energy (MEL) briefings
Read that company's published results in release order, newest first.
Meridian Energy (MEL)FY26Released 26 August 2026
Capital raise puts Meridian Energy Limited's debt headroom in focus
The NZ$1916m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 26 August 2026
Read briefingMeridian Energy (MEL)HY26Released 25 February 2026
PBT recovered 288.7% from a hedge-crisis loss, masking revenue's 11% decline
Meridian's profit swing reflects last year's hedging crisis easing, not underlying growth, since revenue fell 11.0%.
Published 22 April 2026
Read briefingMeridian Energy (MEL)FY25Released 27 August 2025
Meridian EBITDAF fell 32.5% as PBT swung to a $619.0m loss
Falling energy margin cut EBITDAF while cash conversion fell to 52.0% and leverage rose to 2.37x net debt/EBITDA.
Published 22 April 2026
Read briefingMeridian Energy (MEL)HY25Released 26 February 2025
EBITDAF fell 42% on record-low inflows, swinging Meridian to a $121m loss
Net 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 2026
Read briefingMeridian Energy (MEL)FY24Released 28 August 2024
Hedge gains inflate NPAT growth to 351.6% versus 14% underlying rise
Reported profit surged on non-cash hedge gains while EBITDAF rose just 16% and dividends outpaced free cash flow.
Published 22 April 2026
Read briefingMeridian Energy (MEL)HY24Released 28 February 2024
Retail flipped to a NZ$43m loss as 38.1% revenue surge stalled before EBITDAF
EBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.
Published 22 April 2026
Read briefingMeridian Energy (MEL)FY23Released 29 August 2023
EBITDAF up 10.4% as NPAT fell 85.7% on prior-year disposal gain
Operating earnings advanced on higher generation and retail volumes, but the headline NPAT decline reflects a non-comparable prior year, not
Published 22 April 2026
Read briefingMeridian Energy (MEL)HY23Released 1 March 2023
PBT up 38.8% as EBITDAF margin reached 27.8%, well above historical norm
Cleaner NZ-only base and a disclosed $51m generation benefit lifted operating margins while leverage dropped to 2.2x EBITDA.
Published 22 April 2026
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