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CEN · NZX

Contact Energy (CEN)

Energy & Utilities / Integrated gentailerCovered: HY23 - FY268 published briefings

Contact Energy is an NZX-listed energy & utilities / integrated gentailer company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 10 August 2026

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CEN latest metrics
MetricValueChange
Revenue$3.2b↓ -5.7%
EBITDAF$1b↑ +15.9%
NPAT$420m↑ +26.9%
Operating cash flow$793m↑ +45.8%
OCF / EBITDAF %78.4%↑ +16.0pp
Net debt$2.3b—
Net debt / EBITDAF2.26x—
ROE %8.0%↓ -4.0pp
DPS24.0c↑ +4.3%
Payout ratio vs NPAT %96.4%↑ +2.6pp

Source: latest published briefing (FY26, released 10 August 2026). Change compares against the prior equivalent period: FY25, released 18 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$9.3b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

22.1x

i

Recent market cap compared with trailing earnings.

EPS

0.39

i

Recent filing-derived earnings per share.

PEG

0.82x

i

P/E compared with recent earnings growth.

EV/EBITDA

11.44x

i

Enterprise value compared with recent EBITDA.

P/FCF

14.32x

i

Market cap compared with recent free cash flow.

P/B

1.78x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.6%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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CEN metric history
MetricFY2612 MONTHS10 August 2026HY266 MONTHS16 February 2026FY2512 MONTHS18 August 2025HY256 MONTHS17 February 2025FY2412 MONTHS19 August 2024HY246 MONTHS19 February 2024FY2312 MONTHS14 August 2023HY236 MONTHS13 February 2023Trend
Revenue$3.2b$1.6b$3.4b$1.7b$2.9b$1.3b$2.1b$994m
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Revenue growth %-5.7%-5.3%20.1%30.7%35.2%Outside range high revenue growth. 35.2%; 3-period range -11.3% to 20.1%. Revenue growth: 35.2%, above normal range; 3-period mean 1.0%, range -11.3%-20.1%.31.4%Outside range high revenue growth. 31.4%; 3-period range -12.7% to 30.7%. Revenue growth: 31.4%, above normal range; 3-period mean 4.2%, range -12.7%-30.7%.-11.3%Outside range low revenue growth. -11.3%; 3-period range -5.7% to 35.2%. Revenue growth: -11.3%, below normal range; 3-period mean 16.5%, range -5.7%-35.2%.-12.7%Outside range low revenue growth. -12.7%; 3-period range -5.3% to 31.4%. Revenue growth: -12.7%, below normal range; 3-period mean 18.9%, range -5.3%-31.4%.
Chart
  • FY24 Revenue growth %: Outside range high revenue growth. 35.2%; 3-period range -11.3% to 20.1%. Revenue growth: 35.2%, above normal range; 3-period mean 1.0%, range -11.3%-20.1%.
EBITDAF$1b$500m$872m$404m$675m$354m$460m—
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EBITDAF margin %31.2%Outside range high ebitda margin. 31.2%; 3-period range 21.7% to 25.4%. EBITDA margin: 31.2%, above normal range; 3-period mean 23.5%, range 21.7%-25.4%.30.9%Outside range high ebitda margin. 30.9%; 3-period range 23.7% to 27.1%. EBITDA margin: 30.9%, above normal range; 3-period mean 25.2%, range 23.7%-27.1%.25.4%23.7%Outside range low ebitda margin. 23.7%; 3-period range 24.7% to 30.9%. EBITDA margin: 23.7%, below normal range; 3-period mean 27.6%, range 24.7%-30.9%.23.6%27.1%21.7%Outside range low ebitda margin. 21.7%; 3-period range 23.6% to 31.2%. EBITDA margin: 21.7%, below normal range; 3-period mean 26.7%, range 23.6%-31.2%.—
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  • HY25 EBITDAF margin %: Outside range low ebitda margin. 23.7%; 3-period range 24.7% to 30.9%. EBITDA margin: 23.7%, below normal range; 3-period mean 27.6%, range 24.7%-30.9%.
  • HY26 EBITDAF margin %: Outside range high ebitda margin. 30.9%; 3-period range 23.7% to 27.1%. EBITDA margin: 30.9%, above normal range; 3-period mean 25.2%, range 23.7%-27.1%.
  • FY26 EBITDAF margin %: Outside range high ebitda margin. 31.2%; 3-period range 21.7% to 25.4%. EBITDA margin: 31.2%, above normal range; 3-period mean 23.5%, range 21.7%-25.4%.
PBT$589m$289m$463m$201m$338m$213m$177m-$9m
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PBT growth %27.2%43.8%37.0%-5.6%91.0%Outside range high pbt growth. 91%; 3-period range -30% to 37%. PBT growth: 91.0%, above normal range; 3-period mean 11.4%, range -30.0%-37.0%.—-30.0%Outside range low pbt growth. -30%; 3-period range 27.2% to 91%. PBT growth: -30.0%, below normal range; 3-period mean 51.7%, range 27.2%-91.0%.—
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  • FY24 PBT growth %: Outside range high pbt growth. 91%; 3-period range -30% to 37%. PBT growth: 91.0%, above normal range; 3-period mean 11.4%, range -30.0%-37.0%.
NPAT$420m$204m$331m$142m$235m$153m$127m-$7m
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NPAT growth %26.9%Outside range low npat growth. 26.9%; 3-period range n/m. NPAT growth: 26.9%, below normal range; 3-period mean n/m, range n/m.43.7%40.9%-7.2%85.0%—n/mOutside range high npat growth. n/m; 3-period range 26.9% to 85%. NPAT growth: n/m, above normal range; 3-period mean 50.9%, range 26.9%-85.0%.—
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  • FY26 NPAT growth %: Outside range low npat growth. 26.9%; 3-period range n/m. NPAT growth: 26.9%, below normal range; 3-period mean n/m, range n/m.
Operating cash flow$793m$308m$544m$203m$580m$251m$395m$115m
Chart
OCF / EBITDAF %78.4%61.6%62.4%Outside range low ocf / ebitda cash conversion. 62.4%; 3-period range 78.4% to 85.9%. OCF / EBITDA cash conversion: 62.4%, below normal range; 3-period mean 83.4%, range 78.4%-85.9%.50.2%85.9%Outside range high ocf / ebitda cash conversion. 85.9%; 3-period range 62.4% to 85.9%. OCF / EBITDA cash conversion: 85.9%, above normal range; 3-period mean 75.6%, range 62.4%-85.9%.70.9%Outside range high ocf / ebitda cash conversion. 70.9%; 3-period range 46.7% to 61.6%. OCF / EBITDA cash conversion: 70.9%, above normal range; 3-period mean 52.9%, range 46.7%-61.6%.85.9%—
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  • FY24 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 85.9%; 3-period range 62.4% to 85.9%. OCF / EBITDA cash conversion: 85.9%, above normal range; 3-period mean 75.6%, range 62.4%-85.9%.
  • FY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 62.4%; 3-period range 78.4% to 85.9%. OCF / EBITDA cash conversion: 62.4%, below normal range; 3-period mean 83.4%, range 78.4%-85.9%.
FCF pre-lease$648m$249m$434m$138m$471m$187m—$63m
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FCF post-lease$648m$249m$434m$138m$471m$187m$298m$63m
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DPS24.0c16.0c23.0c16.0c23.0c14.0c21.0c14.0c
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Payout ratio vs NPAT %96.4%76.6%93.8%Outside range low payout ratio versus npat. 93.8%; 3-period range 96.4% to 214.7%. Payout ratio versus NPAT: 93.8%, below normal range; 3-period mean 145.0%, range 96.4%-214.7%.89.4%123.8%71.8%214.7%Outside range high payout ratio versus npat. 214.7%; 3-period range 93.8% to 123.8%. Payout ratio versus NPAT: 214.7%, above normal range; 3-period mean 104.6%, range 93.8%-123.8%.—
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  • FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 93.8%; 3-period range 96.4% to 214.7%. Payout ratio versus NPAT: 93.8%, below normal range; 3-period mean 145.0%, range 96.4%-214.7%.
Annual payout ratio vs EPS %96.4%—93.8%—123.7%—214.7%—
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ROE %8.0%4.6%12.0%5.4%9.0%5.7%Outside range high roe. 5.7%; 3-period range -0.3% to 5.4%. ROE: 5.7%, above normal range; 3-period mean 3.2%, range -0.3%-5.4%.4.5%-0.3%Outside range low roe. -0.3%; 3-period range 4.6% to 5.7%. ROE: -0.3%, below normal range; 3-period mean 5.2%, range 4.6%-5.7%.
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Net debt$2.3b—————$2.6b—
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Net debt / EBITDAF2.26x—————5.63x—
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Debtor days24—28Outside range high debtor days. 28d; 3-period range 21d to 27d. Debtor days: 27.9 days, above normal range; 3-period mean 23.9 days, range 20.8 days-27.1 days.—21Outside range low debtor days. 21d; 3-period range 24d to 28d. Debtor days: 20.8 days, below normal range; 3-period mean 26.3 days, range 23.9 days-27.9 days.—27—
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  • FY24 Debtor days: Outside range low debtor days. 21d; 3-period range 24d to 28d. Debtor days: 20.8 days, below normal range; 3-period mean 26.3 days, range 23.9 days-27.9 days.
  • FY25 Debtor days: Outside range high debtor days. 28d; 3-period range 21d to 27d. Debtor days: 27.9 days, above normal range; 3-period mean 23.9 days, range 20.8 days-27.1 days.
Inventory days831143010231528
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Total assets$10.7b$9.7b$6.8b$6.4b$6.2b$6.1b$5.8b$5.4b
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Reference: annolyse.ai/companies/cen

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • HY23 CEN HY: Outside range low revenue growth. -12.7%; 3-period range -5.3% to 31.4%. Revenue growth: -12.7%, below normal range; 3-period mean 18.9%, range -5.3%-31.4%.
  • HY24 CEN HY: Outside range high revenue growth. 31.4%; 3-period range -12.7% to 30.7%. Revenue growth: 31.4%, above normal range; 3-period mean 4.2%, range -12.7%-30.7%.
  • FY23 CEN FY: Outside range low revenue growth. -11.3%; 3-period range -5.7% to 35.2%. Revenue growth: -11.3%, below normal range; 3-period mean 16.5%, range -5.7%-35.2%.
  • FY24 CEN FY: Outside range high revenue growth. 35.2%; 3-period range -11.3% to 20.1%. Revenue growth: 35.2%, above normal range; 3-period mean 1.0%, range -11.3%-20.1%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • HY25 CEN HY: Outside range low ebitda margin. 23.7%; 3-period range 24.7% to 30.9%. EBITDA margin: 23.7%, below normal range; 3-period mean 27.6%, range 24.7%-30.9%.
  • HY26 CEN HY: Outside range high ebitda margin. 30.9%; 3-period range 23.7% to 27.1%. EBITDA margin: 30.9%, above normal range; 3-period mean 25.2%, range 23.7%-27.1%.
  • FY23 CEN FY: Outside range low ebitda margin. 21.7%; 3-period range 23.6% to 31.2%. EBITDA margin: 21.7%, below normal range; 3-period mean 26.7%, range 23.6%-31.2%.
  • FY26 CEN FY: Outside range high ebitda margin. 31.2%; 3-period range 21.7% to 25.4%. EBITDA margin: 31.2%, above normal range; 3-period mean 23.5%, range 21.7%-25.4%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • HY24 CEN HY: Outside range high ocf / ebitda cash conversion. 70.9%; 3-period range 46.7% to 61.6%. OCF / EBITDA cash conversion: 70.9%, above normal range; 3-period mean 52.9%, range 46.7%-61.6%.
  • FY24 CEN FY: Outside range high ocf / ebitda cash conversion. 85.9%; 3-period range 62.4% to 85.9%. OCF / EBITDA cash conversion: 85.9%, above normal range; 3-period mean 75.6%, range 62.4%-85.9%.
  • FY25 CEN FY: Outside range low ocf / ebitda cash conversion. 62.4%; 3-period range 78.4% to 85.9%. OCF / EBITDA cash conversion: 62.4%, below normal range; 3-period mean 83.4%, range 78.4%-85.9%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • HY23 CEN HY: Outside range low roe. -0.3%; 3-period range 4.6% to 5.7%. ROE: -0.3%, below normal range; 3-period mean 5.2%, range 4.6%-5.7%.
  • HY24 CEN HY: Outside range high roe. 5.7%; 3-period range -0.3% to 5.4%. ROE: 5.7%, above normal range; 3-period mean 3.2%, range -0.3%-5.4%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY23 CEN FY: Outside range high payout ratio versus npat. 214.7%; 3-period range 93.8% to 123.8%. Payout ratio versus NPAT: 214.7%, above normal range; 3-period mean 104.6%, range 93.8%-123.8%.
  • FY25 CEN FY: Outside range low payout ratio versus npat. 93.8%; 3-period range 96.4% to 214.7%. Payout ratio versus NPAT: 93.8%, below normal range; 3-period mean 145.0%, range 96.4%-214.7%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY24 CEN FY: Outside range low debtor days. 21d; 3-period range 24d to 28d. Debtor days: 20.8 days, below normal range; 3-period mean 26.3 days, range 23.9 days-27.9 days.
  • FY25 CEN FY: Outside range high debtor days. 28d; 3-period range 21d to 27d. Debtor days: 27.9 days, above normal range; 3-period mean 23.9 days, range 20.8 days-27.1 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From PBT jumped 43.8% on margin expansion despite a 5.3% revenue decline

No forward guidance or stated target was supplied with this release. The supplied second-half shape from FY25 shows HY25 at 49.6% of FY25 revenue, 46.3% of EBITDAF, and 42.9% of NPAT — a second-half-weighted pattern. Mechanically annualising current revenue gives NZ$3.2b, modestly below FY25's NZ$3.4b, so the revenue trajectory understates how much earnings could compound if HY26's margin holds into a seasonally stronger second half.

The gap that matters is between this margin level and the historical baseline. The release does not support a confident view on whether 30.9% is the new operating range or a hedge-cycle and hydrology windfall, and that question will dominate the FY26 read.

Open questions

Open questions from HY26

  • What specific drivers — hydrology, hedge book, wholesale pricing, retail tariffs — lifted EBITDAF margin to 30.9%, and which are repeatable into HY27?
  • Why is the Retail segment running a NZ$25m loss, and what is the path back to a positive result?
  • How will the $525m equity raise proceeds be deployed across Contact31+ projects, and when do they begin contributing to EBITDAF?
  • Is the move to 5.8x net debt/EBITDA a temporary pre-investment peak, and what is management's tolerance band through the build phase?
  • How sensitive is current cash conversion to the working-capital base if wholesale conditions normalise toward the historical mean?

This briefing cannot assess the underlying generation, hedge, and retail-pricing drivers behind the margin expansion without segment-level disclosure beyond what is provided in the release.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Contact FY26 Results Media Release

FY26 / media release

Integrated Report

FY26 / financial report

Investor Presentation

FY26 / results presentation

NZX Form - Results Announcement

FY26 / results announcement

Prior comparable period

Contact Energy FY25 Media Release

FY25 / media release

Integrated Report

FY25 / financial report

Investor Presentation

FY25 / results presentation

Results Announcement

FY25 / results announcement

Interim context

CEN advances investments; $525m equity raise announced

HY26 / results release

HY26 company filing

HY26 / results announcement

HY26 Financial Statements

HY26 / financial report

HY26 Results Presentation

HY26 / results presentation

Release context

Investor webcast details

FY25 / commentary

Webcast details for 2026 Full Year Results Presentation

FY26 / commentary

Contact HY26 - Investor Webcast details

HY26 / commentary

Peer context

Integrated gentailer comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

MCY · FY26

Mercury NZ

11 published result briefings

GNE · FY26

Genesis Energy

8 published result briefings

MEL · FY26

Meridian Energy

8 published result briefings

Compare CEN, MCY, GNE, MEL →Energy & Utilities result archiveNZX utilities comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 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.

Read briefing

HY26 · Released 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.

Read briefing

FY25 · Released 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.

Read briefing

HY25 · Released 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%.

Read briefing

FY24 · Released 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.

Read briefing

HY24 · Released 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.

Read briefing
Open all 8 result briefings

Related insights

Compare this company

The latest CEN metrics also appear in these cross-company comparisons.

Insight

Cash conversion quality

This result converted 78.4% of EBITDA to operating cash flow, +8.2pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Company-disclosed payout ratio is 65.0% on an FCF basis, with NPAT payout at 96.4%.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 2.26x, -0.24x versus the prior comparable period.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 0.3pp.

Open insight

Get notified when CEN publishes

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