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Showing 25-41 of 41 published briefings.

Contact Energy (CEN)HY24Released 19 February 2024

EBITDAF near-tripled to $354m, but cash conversion slipped to 71%

HY24 swings from loss to $153m profit off a depressed HY23 base, and leverage halves to 4.6x EBITDAF even as gross borrowings rise $495m.

Published 22 April 2026

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Meridian Energy (MEL)FY23Released 29 August 2023

EBITDAF up 10% but NPAT fell 86% as prior-year Australian sale gain rolled off

Underlying operating performance improved, but reported earnings, free cash flow and dividend cover all weakened against a now-absent disposal gain.

Published 21 April 2026

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Vector (VCT)FY23Released 25 August 2023

Metering sale lifts NPAT 10x while underlying PBT fell 32.8%

A $1.6b discontinued-operation gain and $1.0b debt repayment reshape the balance sheet, but continuing earnings went backwards.

Published 22 April 2026

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Genesis Energy (GNE)FY23Released 24 August 2023

FY23 NPAT fell 11.8% but H2 NPAT collapsed to $50.4m after a $145.3m first half

Earnings weakened sharply into the second half even as operating cash flow surged 61% to $422.6m on a 16% revenue decline.

Published 22 April 2026

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Mercury NZ (MCY)FY23Released 21 August 2023

EBITDAF jumped 45% to $841m but NPAT fell 78% as Tilt gain lapped

Operating earnings and leverage both improved sharply, yet a loss-making second half at the NPAT line and a dividend not covered by free cash flow...

Published 22 April 2026

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Contact Energy (CEN)FY23Released 14 August 2023

Onerous contract hit and $585m capex push leverage to 3.1x EBITDAF

Statutory EBITDAF fell 14.3% on an $84m onerous contract provision while growth capex of $472m nearly doubled gross borrowings.

Published 21 April 2026

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Meridian Energy (MEL)HY23Released 1 March 2023

PBT up 39% and net debt/EBITDAF halved to 2.2x after Australian exit

Revenue fell 8.6% but EBITDAF rose 7.9% on a cleaner continuing portfolio, though the interim dividend still ran ahead of pre-lease free cash flow.

Published 21 April 2026

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Genesis Energy (GNE)HY23Released 27 February 2023

EBITDAF jumped 41.8% despite a 16.4% revenue decline at Genesis

Lower-revenue, higher-margin half lifted NPAT 71.5% and cut net debt/EBITDAF to 4.4x, but inventory days stretched sharply.

Published 22 April 2026

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Vector (VCT)HY23Released 21 February 2023

Continuing-ops profit fell 41% but a $32.0m disposal gain cushioned the NPAT...

Adjusted EBITDA ticked up 3.9% on a narrower, more regulated revenue base, yet PBT fell 34.8% and net debt/EBITDA held at 11.7x.

Published 22 April 2026

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Mercury NZ (MCY)HY23Released 21 February 2023

EBITDAF jumped 86% to $451m but NPAT fell 46% as HY22 below-the-line gains...

Operating earnings and cash conversion strengthened sharply, yet the reported profit line reversed on a normalised tax rate and a prior-period...

Published 22 April 2026

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Contact Energy (CEN)HY23Released 13 February 2023

EBITDAF down 61% and NPAT swung to a NZ$7m loss as leverage jumped to 9.8x

A maintained 14cps interim dividend and NZ$272m capex sit awkwardly against collapsing earnings, rising borrowings and a 31% fall in operating cash.

Published 21 April 2026

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Vector (VCT)FY22Released 26 August 2022

Gas Trading swings to $29.7m loss and lifts net debt/EBITDA to 6.4x

Revenue grew 4.7% but Adjusted EBITDA slipped, PBT fell 7.0%, and a higher tax rate drove NPAT down 16.7% while capex outran operating cash flow.

Published 22 April 2026

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Mercury NZ (MCY)FY22Released 16 August 2022

EBITDAF up 25% but 91% of FY22 NPAT landed in the first half

Headline earnings flattered by a low 8% tax rate and H1 gains while working capital built and net debt/EBITDAF stepped to 3.3x.

Published 21 April 2026

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Vector (VCT)HY22Released 25 February 2022

PBT up 15.7% despite EBITDA down 3.7%, with leverage stretched to 11.7x

Adjusted EBITDA softened but below-the-line costs fell further, while capex of 38.9% of revenue pushed gross borrowings past $3.1b.

Published 22 April 2026

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Mercury NZ (MCY)HY22Released 22 February 2022

EBITDAF down 17.7% but NPAT up 228.5% as leverage rises to 6.7x

Operating earnings weakened and cash conversion slipped, yet below-the-line gains and a lower tax charge produced a record headline NPAT alongside...

Published 21 April 2026

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Vector (VCT)FY21Released 24 August 2021

Vector FY21: PBT up 67.6% as regulated networks margin jumped to 43.9%

Headline NPAT nearly doubled, but a lower tax rate and a prior-year $32.0m impairment flatter the bottom-line read versus a cleaner PBT gain.

Published 22 April 2026

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Mercury NZ (MCY)FY21Released 17 August 2021

Revenue up 15.7% but NPAT fell 31.9%, with H2 NPAT just NZ$11m

EBITDAF slipped 6% on a sharply weaker second half while a higher dividend lifted payout to 98% of NPAT and net debt/EBITDAF climbed to 2.9x.

Published 21 April 2026

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