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Showing 25-41 of 41 published briefings.

Contact 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

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Meridian 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

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Vector (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

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Genesis 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

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Mercury 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

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Contact 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

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Meridian 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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Genesis Energy (GNE)HY23Released 27 February 2023

EBITDAF margin lifted to 25.8% despite a 16.4% revenue decline

Gentailer margin and cash generation ran well above historical range, cutting leverage to 4.4x and lifting free cash flow to $214.7m.

Published 22 April 2026

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Vector (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

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Mercury 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

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Contact 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

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Vector (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

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Mercury 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

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Vector (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

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Mercury NZ (MCY)HY22Released 22 February 2022

EBITDAF fell 17.7% on dry hydrology while reported NPAT tripled

A 5.1% effective tax rate and non-operating gains flattered headline profit even as FY22 EBITDAF guidance was cut to $570m.

Published 22 April 2026

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Vector (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

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Mercury 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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