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Contact Energy (CEN)FY24Released 19 August 2024
Leverage to 2.5x as prior-year provision flatters reported EBITDAF gain
Underlying EBITDAF grew 16% to $663m once the FY23 base is adjusted for the $113m onerous contract provision booked in the prior period.
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 briefingVector (VCT)HY24Released 27 February 2024
PBT fell 37.6% but NPAT collapsed 75% as tax rate hit 65%
An unprecedented 65.4% effective tax rate widened the PBT-NPAT gap, while Metering disposal proceeds cut leverage from 11.7x to 8.5x.
Published 23 April 2026
Read briefingGenesis Energy (GNE)HY24Released 22 February 2024
NPAT down 73.6% as gross margin compressed 1,130bps to 28.1%
Revenue rose 18.3% but generation costs crushed margins, leaving the 7.0cps dividend at 194.4% of NPAT and leverage at 6.4x EBITDAF.
Published 22 April 2026
Read briefingMercury NZ (MCY)HY24Released 20 February 2024
NZ$539m working-capital build dwarfed NZ$17m EBITDAF decline
An unprecedented year-on-year operating working-capital expansion overwhelmed a modest EBITDAF dip and lifted leverage to 4.5x net debt/EBITDAF.
Published 25 May 2026
Read briefingContact Energy (CEN)HY24Released 19 February 2024
EBITDAF up 38% and cash conversion hit 70.9%, above CEN's normal range
Wholesale earnings drove a strong operating recovery, but net debt rose NZ$384m and leverage remains elevated at 4.58x EBITDAF.
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 briefingVector (VCT)FY23Released 25 August 2023
$1,509.9m metering disposal lifted NPAT; continuing PBT fell 32.8%
A $1,509.9m metering disposal gain inflated reported NPAT while revenue fell 11.0%, continuing PBT fell 32.8%, and pre-lease FCF widened to -$183.3m.
Published 23 April 2026
Read briefingGenesis Energy (GNE)FY23Released 24 August 2023
EBITDAF rose 18.9% but NPAT fell 11.8% as below-line charges expanded
Cash conversion lifted from 59.5% to 80.8% and leverage eased to 2.5x, but the unchanged 17.6cps dividend now consumes 95.0% of NPAT.
Published 22 April 2026
Read briefingMercury NZ (MCY)FY23Released 21 August 2023
EBITDAF rose 44.8% but NPAT fell 78.0% on a prior-year one-off gain
Operating earnings strengthened on record generation, while a non-recurring prior-period gain distorts the headline net-profit comparison.
Published 22 April 2026
Read briefingContact Energy (CEN)FY23Released 14 August 2023
Net debt tripled to $2.6bn as leverage hit 5.6x EBITDAF
Capex jumped to $541m while EBITDAF fell 14%, lifting leverage from 1.7x to 5.6x and materially tightening financial flexibility.
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
Read briefingGenesis Energy (GNE)HY23Released 27 February 2023
Revenue fell 16.4% while EBITDAF margin surged to 25.8%, above range
A sharp revenue contraction coincided with an EBITDAF margin above Genesis's historical range, raising questions about how durable the earnings gain
Published 22 April 2026
Read briefingVector (VCT)HY23Released 21 February 2023
Net debt/EBITDA at 11.9x above historical range; $32m disposal cushioned NPAT
Revenue grew 8.7% but capex outran OCF, pushing pre-lease FCF to -$56.6m as the disposal gain masked a 34.8% PBT decline.
Published 23 April 2026
Read briefingMercury NZ (MCY)HY23Released 21 February 2023
EBITDAF up 86% but PBT fell 40% on acquired-swap unwinds
Trustpower's full half and a $65m HY22 hedge exit make this non-comparable, though OCF/EBITDAF conversion at 76.5% is unprecedented in recent history.
Published 22 April 2026
Read briefingContact Energy (CEN)HY23Released 13 February 2023
EBITDAF fell 24% as capex jumped 80% and pre-lease FCF halved to $63m
Cash conversion dropped to 46.7%, below the historical baseline, leaving the maintained 14.0cps dividend uncovered by free cash flow.
Published 22 April 2026
Read briefingVector (VCT)FY22Released 26 August 2022
NPAT fell 17.8% on tax step-up and $40m LPG impairment
EBITDA was broadly flat at $510.0m, but segment results weakened, leverage drifted to 6.3x and the dividend now exceeds NPAT.
Published 23 April 2026
Read briefingMercury NZ (MCY)FY22Released 16 August 2022
EBITDAF up 25.5% but $367m Tilt sale gain inflated NPAT to +232.6%
Cash conversion fell to 60.6% from 73.0% as working capital absorbed $258m and net debt/EBITDAF rose to 3.25x.
Published 22 April 2026
Read briefingVector (VCT)HY22Released 25 February 2022
EBITDA fell 3.7% but PBT rose 15.7% as below-EBITDA costs eased
Capex of $266.4m absorbed nearly all of $283.6m operating cash flow, leaving FCF at $17.2m as leverage drifted up to 11.7x EBITDA.
Published 23 April 2026
Read briefingMercury NZ (MCY)HY22Released 22 February 2022
Mercury's 228.5% NPAT surge hid a 17.7% EBITDAF slide and rising leverage
A record-low 5.1% tax rate flattered profit while EBITDAF fell 17.7% and net debt reached 6.68x EBITDAF.
Published 22 April 2026
Read briefingVector (VCT)FY21Released 24 August 2021
Vector adjusted EBITDA +4.8%; NPAT doubling flattered by prior impairment
Capex at 41.4% of revenue keeps free cash flow negative and the 16.75cps dividend uncovered despite 97.2% OCF conversion.
Published 23 April 2026
Read briefingMercury NZ (MCY)FY21Released 17 August 2021
FY21 PBT fell 30.2% as EBITDAF dropped 6.3% on a 15.7% revenue lift
Higher revenue did not translate into earnings, leverage edged up to 2.9x EBITDAF, and the NPAT-based payout ratio reached 164.1%.
Published 22 April 2026
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