Market cap
$9.7b
End-of-day close multiplied by current shares on issue.
CEN · NZX
Contact Energy (CEN)
Energy & Utilities / Integrated gentailerCovered: HY23 - HY267 published briefings
Contact Energy is an NZX-listed energy & utilities / integrated gentailer company with HY23 - HY26 of published result briefings.
Sections
Snapshot
Latest metrics
HY26, released 16 February 2026
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| Metric | Value | Change |
|---|---|---|
| Revenue | $1.6b | ↓ -5.3% |
| EBITDAF | $500m | ↑ +23.8% |
| NPAT | $204m | ↑ +43.7% |
| Operating cash flow | $308m | ↑ +51.7% |
| OCF / EBITDAF % | 61.6% | ↑ +11.4pp |
| ROE % | 4.6% | ↓ -0.8pp |
| DPS | 16.0c | — Flat |
| Payout ratio vs NPAT % | 76.6% | ↓ -12.8pp |
| PBT | $289m | ↑ +43.8% |
| FCF pre-lease | $249m | ↑ +80.4% |
Source: latest published briefing (HY26, released 16 February 2026). Change compares against the prior equivalent period: HY25, released 17 February 2025.
Valuation
Valuation
A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.
Prices as at close, 31 July 2026
Price and market cap
The latest close and share count context for the market price.
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Profitability multiples
How the market price compares with recent earnings and cash-flow inputs.
P/E
24.79x
Recent market cap compared with trailing earnings.
EPS
0.37
Recent filing-derived earnings per share.
PEG
0.57x
P/E compared with recent earnings growth.
EV/EBITDA
Not available
Not available for this company right now.
P/FCF
17.88x
Market cap compared with recent free cash flow.
P/B
2.19x
Market value compared with latest reported equity.
Income and fund shape
Yield and fund-style valuation where the company shape supports it.
Dividend yield
4.3%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Price history
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
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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Ask about CEN
Ask follow-up questions about Contact Energy's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Ask about CEN
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
Performance over time
The latest period is shown first.
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| Metric | HY266 MONTHS16 February 2026 | FY2512 MONTHS18 August 2025 | HY256 MONTHS17 February 2025 | FY2412 MONTHS19 August 2024 | HY246 MONTHS19 February 2024 | FY2312 MONTHS14 August 2023 | HY236 MONTHS13 February 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6b | $3.4b | $1.7b | $2.9b | $1.3b | $2.1b | $994m | Chart |
| Revenue growth % | -5.3% | 20.1% | 30.7% | 35.2% | 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%. | -99.9% | -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
|
| EBITDAF | $500m | $872m | $404m | $675m | $354m | $460m | — | Chart |
| EBITDAF margin % | 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% | — | Chart
|
| PBT | $289m | $463m | $201m | $338m | $213m | $177m | -$9m | Chart |
| PBT growth % | 43.8% | 37.0% | -5.6% | 91.0% | — | -30.0% | — | Chart |
| NPAT | $204m | $331m | $142m | $235m | $153m | $127m | -$7m | Chart |
| NPAT growth % | 43.7% | 40.9% | -7.2% | 85.0% | — | n/m | — | Chart |
| Operating cash flow | $308m | $544m | $203m | $580m | $251m | $395m | $115m | Chart |
| OCF / EBITDAF % | 61.6% | 62.4% | 50.2% | 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% | — | Chart
|
| FCF pre-lease | $249m | $434m | $138m | $471m | $187m | — | $63m | Chart |
| FCF post-lease | $249m | $434m | $138m | $471m | $187m | $298m | $63m | Chart |
| DPS | 16.0c | 23.0c | 16.0c | 23.0c | 14.0c | 21.0c | 14.0c | Chart |
| Payout ratio vs NPAT % | 76.6% | 93.8% | 89.4% | 123.8% | 71.8% | 214.7% | — | Chart |
| Annual payout ratio vs EPS % | — | 93.8% | — | 123.7% | — | 214.7% | — | Chart |
| ROE % | 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%. | Chart
|
| Debtor days | — | 28 | — | 21 | — | 27 | — | Chart |
| Inventory days | 31 | 14 | 30 | 10 | 23 | 15 | 28 | Chart |
| Total assets | $9.7b | $6.8b | $6.4b | $6.2b | $6.1b | $5.8b | $5.4b | Chart |
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%.
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%.
NPAT
Statutory profit after tax.
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Operating cash flow
Cash generated from operations.
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Full chartable metric set
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
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%.
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%.
DPS
Dividend per share declared for the period.
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Payout ratio
Dividend payout against statutory NPAT.
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Debtor days
Receivables days where the working-capital inputs are source-backed.
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Inventory days
Inventory days where the working-capital inputs are source-backed.
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The setup & the reality
FY25 → HY26 Follow-through
The latest result is checked against what the prior briefing said to watch.
Historical setup
What FY25 said to watch
Previous analysisFY25Result releasedAnnolyse analysis published
From NPAT rose 40.9% but cash conversion fell to 62.4% on working capital build
No quantitative full-year targets are disclosed in the supplied material. The shape was second-half weighted on earnings: HY25 delivered 49.6% of revenue but only 42.9% of NPAT, so the second half carried the bulk of profit growth. Repeatability depends on hydrology and wholesale price conditions, neither of which is forecast in the release.
Forward dividend guidance is 40 cents per share against the 39 cents declared for FY25. The full-year payout against pre-lease free cash flow rose to 82.0% from 62.0%, so coverage tightened materially even though the dividend remained covered by FCF on this basis.
Open questions
Open questions from FY25
- What drove the working-capital absorption of NZD 155m, and is the lift in receivable days to 27.9 and inventory days to 14.0 expected to reverse in FY26?
- Why did the retail segment loss widen to NZD 49m on growing revenue, and what is the path back to a positive retail result?
- How will the upcoming step-up in scale shape FY26 capex, leverage, and dividend coverage given the 82.0% FCF payout already reached?
- What hydrology, hedge, and wholesale price assumptions underpin the 40 cent FY26 dividend guidance?
- Is the lower 28.5% effective tax rate sustainable, or does it reflect items not disclosed in the supplied commentary?
This briefing cannot assess hydrology conditions, hedge positioning, or the post-period portfolio integration that will shape FY26 cash generation and leverage trajectory.
Archive
Briefing archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
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
FY23 · Released 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.
Read briefing
HY23 · Released 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.
Read briefing
Get notified when CEN publishes
Get the next Contact Energy result briefing and five-year history updates by email.