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Genesis Energy (GNE)FY26Released 27 August 2026
Capital raise puts Genesis Energy's debt headroom in focus
The NZ$400m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 27 August 2026
Read briefingMeridian 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 briefingVector (VCT)FY26Released 18 August 2026
Payout ratio hits 108.3% of NPAT as free cash flow falls to $88.5m
Underlying profit grew strongly but rising capex and debt-funded dividends raise sustainability questions.
Published 18 August 2026
Read briefingMercury 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 briefingContact Energy (CEN)FY26Released 10 August 2026
EBITDAF margin reached 31.2%, above Contact's historical range
Revenue fell 5.7% while EBITDAF margin rose to 31.2%, though a portfolio-scale change makes the comparison less clean.
Published 10 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 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 briefingGenesis Energy (GNE)HY26Released 23 February 2026
EBITDAF up 40% to NZ$303.2m as FCF more than triples to NZ$183.0m
Earnings and cash strengthened sharply, but a NZ$160.7m working-capital build sits well above Annolyse's historical baseline.
Published 21 April 2026
Read briefingVector (VCT)HY26Released 20 February 2026
Vector adj. EBITDA up 19% as gas trading exit clouds 9.2% NPAT decline
Continuing-ops revenue rose 6.1% and capex fell 16%, but the 12.5c interim dividend ran above reported NPAT and leverage stayed elevated.
Published 23 April 2026
Read briefingContact Energy (CEN)HY26Released 16 February 2026
PBT jumped 43.8% on margin expansion despite a 5.3% revenue decline
EBITDAF margin reached 30.9%, above the historical range, while a $525m equity raise lifted total assets 52% and pushed leverage to 5.8x.
Published 21 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 briefingGenesis Energy (GNE)FY25Released 26 August 2025
EBITDAF rose 11.6% but operating cash fell 29.1% on inventory build
A $123.7m working-capital absorption and weaker cash conversion left the full-year dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingVector (VCT)FY25Released 25 August 2025
Net debt climbs to 5.05x EBITDA even as PBT rises 33.9%
Leverage weakened to 5.05x EBITDA and cash fell 69.9% while a 33.9% PBT gain reflects a lower tax rate and a non-comparable prior period.
Published 23 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 briefingContact Energy (CEN)FY25Released 18 August 2025
NPAT rose 40.9% but cash conversion fell to 62.4% on working capital build
Reported earnings growth ran well ahead of cash generation as receivables and inventory absorbed NZD 155m of working capital.
Published 22 April 2026
Read briefingVector (VCT)HY25Released 26 February 2025
PBT up 169.6% but working-capital build hits unprecedented NZ$27.7m
Continuing-operations earnings surged on a lower tax rate and segment improvement, but a NZ$27.7m working-capital absorption—versus a historical
Published 23 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 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 briefingGenesis Energy (GNE)HY25Released 21 February 2025
Cash conversion fell to 58.3% even as PBT jumped 75.1%
PBT rose 75.1% but operating cash conversion fell to 58.3%, well below the 88.9% historical average, as leverage crept to 6.60x.
Published 22 April 2026
Read briefingContact Energy (CEN)HY25Released 17 February 2025
Revenue +30.7% but cash conversion fell to 50.2% from 70.9%
EBITDAF grew 14.1% yet operating cash dropped 19% on a $57m inventory build, lifting the NPAT payout ratio to 89.4%.
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 briefingVector (VCT)FY24Released 27 August 2024
PBT up 12.8% but NPAT down 94.7% on prior-year Metering disposal gain
Networks margin expansion and lower capex strengthened leverage to 3.7x EBITDA, while a $60m gas distribution impairment hit reported earnings.
Published 23 April 2026
Read briefingGenesis Energy (GNE)FY24Released 22 August 2024
EBITDAF fell 22% as electricity gross margin compressed 1,320bps
Revenue grew 28.4% on wholesale price pass-through, but higher generation costs cut EBITDAF to $407.2m and pushed net debt to 3.09x EBITDAF.
Published 22 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
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