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Meridian Energy (MEL) briefings

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Showing 1-7 of 7 published briefings.

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

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

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

Reported profit surged on non-cash hedge gains while EBITDAF rose just 16% and dividends outpaced free cash flow.

Published 22 April 2026

EBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.

Published 22 April 2026

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

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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