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MCY · NZX

Mercury NZ (MCY)

Energy & Utilities / Integrated gentailerCovered: FY21 - FY2611 published briefings

Mercury NZ is an NZX-listed energy & utilities / integrated gentailer company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 18 August 2026

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MCY latest metrics
MetricValueChange
Revenue$3.2b↓ -7.8%
EBITDAF$1.1b↑ +35.9%
NPAT$321mn/m
Operating cash flow$762m↑ +57.8%
OCF / EBITDAF %71.3%↑ +9.8pp
Net debt$2.4b↑ +9.2%
Net debt / EBITDAF2.24x↓ -19.7%
ROE %6.1%↑ +6.1pp
DPS17.0c↑ +18.1%
Payout ratio vs NPAT %119.2%—

Source: latest published briefing (FY26, released 18 August 2026). Change compares against the prior equivalent period: FY25, released 19 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, 4 September 2026

Price and market cap

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

Market cap

$9.5b

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

29.57x

i

Recent market cap compared with trailing earnings.

EPS

0.23

i

Recent filing-derived earnings per share.

PEG

2.76x

i

P/E compared with recent earnings growth.

EV/EBITDA

11.13x

i

Enterprise value compared with recent EBITDA.

P/FCF

15.51x

i

Market cap compared with recent free cash flow.

P/B

1.8x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.1%

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. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: HY24, HY25, FY25, HY26.

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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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MCY metric history
MetricFY2612 MONTHS18 August 2026HY266 MONTHS24 February 2026FY2512 MONTHS19 August 2025HY256 MONTHS25 February 2025FY2412 MONTHS20 August 2024HY246 MONTHS20 February 2024FY2312 MONTHS21 August 2023HY236 MONTHS21 February 2023FY2212 MONTHS16 August 2022HY226 MONTHS22 February 2022FY2112 MONTHS17 August 2021Trend
Revenue$3.2b$1.7b$3.5b$1.8b$3.4b$1.6b$2.7b$1.3b$2.2b$873m$2b
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Revenue growth %-7.8%Unprecedented low revenue growth. -7.8%; 5-period range 2.2% to 25.4%. Revenue growth: -7.8%, unprecedented low; 5-period mean 15.0%, range 2.2%-25.4%.-5.2%2.2%9.3%25.4%Outside range high revenue growth. 25.4%; 5-period range -7.8% to 24.8%. Revenue growth: 25.4%, above normal range; 5-period mean 8.4%, range -7.8%-24.8%.23.6%24.8%48.8%Unprecedented high revenue growth. 48.8%; 4-period range -7.5% to 23.6%. Revenue growth: 48.8%, unprecedented high; 4-period mean 5.1%, range -7.5%-23.6%.7.0%-7.5%Outside range low revenue growth. -7.5%; 4-period range -5.2% to 48.8%. Revenue growth: -7.5%, below normal range; 4-period mean 19.1%, range -5.2%-48.8%.15.7%
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  • FY24 Revenue growth %: Outside range high revenue growth. 25.4%; 5-period range -7.8% to 24.8%. Revenue growth: 25.4%, above normal range; 5-period mean 8.4%, range -7.8%-24.8%.
  • FY26 Revenue growth %: Unprecedented low revenue growth. -7.8%; 5-period range 2.2% to 25.4%. Revenue growth: -7.8%, unprecedented low; 5-period mean 15.0%, range 2.2%-25.4%.
EBITDAF$1.1b$537m$786m$418m$877m$434m$841m$451m$581m$242m$463m
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EBITDAF margin %33.1%Unprecedented high ebitda margin. 33.1%; 5-period range 22.5% to 30.8%. EBITDA margin: 33.1%, unprecedented high; 5-period mean 25.6%, range 22.5%-30.8%.32.3%22.5%Outside range low ebitda margin. 22.5%; 5-period range 22.6% to 33.1%. EBITDA margin: 22.5%, below normal range; 5-period mean 27.7%, range 22.6%-33.1%.23.8%Unprecedented low ebitda margin. 23.8%; 4-period range 27% to 34.7%. EBITDA margin: 23.8%, unprecedented low; 4-period mean 30.4%, range 27.0%-34.7%.25.6%27.0%30.8%34.7%Unprecedented high ebitda margin. 34.7%; 4-period range 23.8% to 32.3%. EBITDA margin: 34.7%, unprecedented high; 4-period mean 27.7%, range 23.8%-32.3%.26.6%27.7%22.6%
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  • HY25 EBITDAF margin %: Unprecedented low ebitda margin. 23.8%; 4-period range 27% to 34.7%. EBITDA margin: 23.8%, unprecedented low; 4-period mean 30.4%, range 27.0%-34.7%.
  • FY25 EBITDAF margin %: Outside range low ebitda margin. 22.5%; 5-period range 22.6% to 33.1%. EBITDA margin: 22.5%, below normal range; 5-period mean 27.7%, range 22.6%-33.1%.
  • FY26 EBITDAF margin %: Unprecedented high ebitda margin. 33.1%; 5-period range 22.5% to 30.8%. EBITDA margin: 33.1%, unprecedented high; 5-period mean 25.6%, range 22.5%-30.8%.
PBT$444m$27m$1m-$96m$415m$245m$142m$306m$510m$450m$173m
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PBT growth %7.0%—-99.8%Outside range low pbt growth. -99.8%; 5-period range -72.2% to 194.8%. PBT growth: -99.8%, below normal range; 5-period mean 58.3%, range -72.2%-194.8%.—192.3%-19.9%-72.2%-32.0%194.8%Outside range high pbt growth. 194.8%; 5-period range -99.8% to 192.3%. PBT growth: 194.8%, above normal range; 5-period mean -0.6%, range -99.8%-192.3%.171.1%-30.2%
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  • FY25 PBT growth %: Outside range low pbt growth. -99.8%; 5-period range -72.2% to 194.8%. PBT growth: -99.8%, below normal range; 5-period mean 58.3%, range -72.2%-194.8%.
NPAT$321m$20m$1m-$67m$290m$174m$103m$230m$469m$427m$141m
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NPAT growth %10.7%—-99.7%Outside range low npat growth. -99.7%; 5-period range n/m. NPAT growth: -99.7%, below normal range; 5-period mean n/m, range n/m.—181.6%-24.3%-78.0%-46.1%232.6%228.5%n/mUnprecedented high npat growth. n/m; 5-period range -99.7% to 232.6%. NPAT growth: n/m, unprecedented high; 5-period mean 49.4%, range -99.7%-232.6%.
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  • FY25 NPAT growth %: Outside range low npat growth. -99.7%; 5-period range n/m. NPAT growth: -99.7%, below normal range; 5-period mean n/m, range n/m.
Operating cash flow$762m$351m$483m$227m$612m$283m$578m$345m$352m$132m$338m
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OCF / EBITDAF %71.3%65.4%61.5%54.3%Outside range low ocf / ebitda cash conversion. 54.3%; 4-period range 54.5% to 76.5%. OCF / EBITDA cash conversion: 54.3%, below normal range; 4-period mean 65.4%, range 54.5%-76.5%.69.8%65.2%68.7%76.5%Unprecedented high ocf / ebitda cash conversion. 76.5%; 4-period range 54.3% to 65.4%. OCF / EBITDA cash conversion: 76.5%, unprecedented high; 4-period mean 59.9%, range 54.3%-65.4%.60.6%Unprecedented low ocf / ebitda cash conversion. 60.6%; 5-period range 61.5% to 73%. OCF / EBITDA cash conversion: 60.6%, unprecedented low; 5-period mean 68.9%, range 61.5%-73.0%.54.5%73.0%Outside range high ocf / ebitda cash conversion. 73%; 5-period range 60.6% to 71.3%. OCF / EBITDA cash conversion: 73.0%, above normal range; 5-period mean 66.4%, range 60.6%-71.3%.
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  • HY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 54.3%; 4-period range 54.5% to 76.5%. OCF / EBITDA cash conversion: 54.3%, below normal range; 4-period mean 65.4%, range 54.5%-76.5%.
FCF pre-lease$612m$78m$345m—$470m$151m$459m—$284m—$282m
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FCF post-lease$612m—$345m—$470m—$459m—$284m—$282m
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DPS17.0c10.0c14.4c9.6c14.0c9.3c13.1c8.7c12.0c8.0c10.2c
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Payout ratio vs NPAT %119.2%———111.8%74.2%293.0%Unprecedented high payout ratio versus npat. 293%; 4-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, unprecedented high; 4-period mean 113.3%, range 58.3%-164.1%.51.5%58.3%Outside range low payout ratio versus npat. 58.3%; 4-period range 111.8% to 293%. Payout ratio versus NPAT: 58.3%, below normal range; 4-period mean 172.0%, range 111.8%-293.0%.25.5%164.1%
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  • FY23 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 293%; 4-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, unprecedented high; 4-period mean 113.3%, range 58.3%-164.1%.
Annual payout ratio vs EPS %119.2%———111.8%—293.0%—58.3%—164.1%
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ROE %6.1%0.4%0.0%Unprecedented low roe. 0%; 4-period range 3.4% to 9.9%. ROE: 0.0%, unprecedented low; 4-period mean 6.3%, range 3.4%-9.9%.-1.4%Outside range low roe. -1.4%; 4-period range 0.4% to 9.3%. ROE: -1.4%, below normal range; 4-period mean 4.5%, range 0.4%-9.3%.6.0%3.6%2.1%4.8%9.9%Unprecedented high roe. 9.9%; 4-period range 0% to 6.1%. ROE: 9.9%, unprecedented high; 4-period mean 3.9%, range 0.0%-6.1%.9.3%Unprecedented high roe. 9.3%; 4-period range -1.4% to 4.8%. ROE: 9.3%, unprecedented high; 4-period mean 1.9%, range -1.4%-4.8%.3.4%
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  • HY25 ROE %: Outside range low roe. -1.4%; 4-period range 0.4% to 9.3%. ROE: -1.4%, below normal range; 4-period mean 4.5%, range 0.4%-9.3%.
  • FY25 ROE %: Unprecedented low roe. 0%; 4-period range 3.4% to 9.9%. ROE: 0.0%, unprecedented low; 4-period mean 6.3%, range 3.4%-9.9%.
Net debt$2.4b$2.3b$2.2b$2.1b$1.9b$1.9b$1.8b$1.8b$1.9b$1.6b—
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Net debt / EBITDAF2.24x4.23x2.79x5.03x2.16xOutside range low net debt / ebitda. 2.16x; 4-period range 2.17x to 3.25x. Net debt / EBITDA: 2.16x, below normal range; 4-period mean 2.61x, range 2.17x-3.25x.4.47x2.17x3.9xOutside range low net debt / ebitda. 3.91x; 4-period range 4.23x to 6.68x. Net debt / EBITDA: 3.91x, below normal range; 4-period mean 5.11x, range 4.23x-6.68x.3.25xUnprecedented high net debt / ebitda. 3.25x; 4-period range 2.16x to 2.79x. Net debt / EBITDA: 3.25x, unprecedented high; 4-period mean 2.34x, range 2.16x-2.79x.6.68xUnprecedented high net debt / ebitda. 6.68x; 4-period range 3.91x to 5.03x. Net debt / EBITDA: 6.68x, unprecedented high; 4-period mean 4.42x, range 3.91x-5.03x.—
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  • FY24 Net debt / EBITDAF: Outside range low net debt / ebitda. 2.16x; 4-period range 2.17x to 3.25x. Net debt / EBITDA: 2.16x, below normal range; 4-period mean 2.61x, range 2.17x-3.25x.
Debtor days464440Outside range low debtor days. 40d; 5-period range 46d to 79d. Debtor days: 40.3 days, below normal range; 5-period mean 56.4 days, range 45.7 days-78.6 days.46545748—79Unprecedented high debtor days. 79d; 5-period range 40d to 55d. Debtor days: 78.6 days, unprecedented high; 5-period mean 48.8 days, range 40.3 days-55.5 days.—55
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  • FY25 Debtor days: Outside range low debtor days. 40d; 5-period range 46d to 79d. Debtor days: 40.3 days, below normal range; 5-period mean 56.4 days, range 45.7 days-78.6 days.
Inventory days131113141317123416Outside range high inventory days. 16d; 4-period range 4d to 13d. Inventory days: 15.7 days, above normal range; 4-period mean 10.7 days, range 4.3 days-13.1 days.274Unprecedented low inventory days. 4d; 4-period range 12d to 16d. Inventory days: 4.3 days, unprecedented low; 4-period mean 13.5 days, range 12.2 days-15.7 days.
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Total assets$10.5b$9.9b$10b$9.5b$9.8b$9.5b$9.4b$9.6b$9.7b$8.5b$8b
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Reference: annolyse.ai/companies/mcy

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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  • FY24 MCY FY: Outside range high revenue growth. 25.4%; 5-period range -7.8% to 24.8%. Revenue growth: 25.4%, above normal range; 5-period mean 8.4%, range -7.8%-24.8%.
  • FY26 MCY FY: Unprecedented low revenue growth. -7.8%; 5-period range 2.2% to 25.4%. Revenue growth: -7.8%, unprecedented low; 5-period mean 15.0%, range 2.2%-25.4%.
  • HY22 MCY HY: Outside range low revenue growth. -7.5%; 4-period range -5.2% to 48.8%. Revenue growth: -7.5%, below normal range; 4-period mean 19.1%, range -5.2%-48.8%.
  • HY23 MCY HY: Unprecedented high revenue growth. 48.8%; 4-period range -7.5% to 23.6%. Revenue growth: 48.8%, unprecedented high; 4-period mean 5.1%, range -7.5%-23.6%.

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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  • FY25 MCY FY: Outside range low ebitda margin. 22.5%; 5-period range 22.6% to 33.1%. EBITDA margin: 22.5%, below normal range; 5-period mean 27.7%, range 22.6%-33.1%.
  • FY26 MCY FY: Unprecedented high ebitda margin. 33.1%; 5-period range 22.5% to 30.8%. EBITDA margin: 33.1%, unprecedented high; 5-period mean 25.6%, range 22.5%-30.8%.
  • HY23 MCY HY: Unprecedented high ebitda margin. 34.7%; 4-period range 23.8% to 32.3%. EBITDA margin: 34.7%, unprecedented high; 4-period mean 27.7%, range 23.8%-32.3%.
  • HY25 MCY HY: Unprecedented low ebitda margin. 23.8%; 4-period range 27% to 34.7%. EBITDA margin: 23.8%, unprecedented low; 4-period mean 30.4%, range 27.0%-34.7%.

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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  • FY21 MCY FY: Outside range high ocf / ebitda cash conversion. 73%; 5-period range 60.6% to 71.3%. OCF / EBITDA cash conversion: 73.0%, above normal range; 5-period mean 66.4%, range 60.6%-71.3%.
  • FY22 MCY FY: Unprecedented low ocf / ebitda cash conversion. 60.6%; 5-period range 61.5% to 73%. OCF / EBITDA cash conversion: 60.6%, unprecedented low; 5-period mean 68.9%, range 61.5%-73.0%.
  • HY23 MCY HY: Unprecedented high ocf / ebitda cash conversion. 76.5%; 4-period range 54.3% to 65.4%. OCF / EBITDA cash conversion: 76.5%, unprecedented high; 4-period mean 59.9%, range 54.3%-65.4%.
  • HY25 MCY HY: Outside range low ocf / ebitda cash conversion. 54.3%; 4-period range 54.5% to 76.5%. OCF / EBITDA cash conversion: 54.3%, below normal range; 4-period mean 65.4%, range 54.5%-76.5%.

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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  • FY22 MCY FY: Unprecedented high roe. 9.9%; 4-period range 0% to 6.1%. ROE: 9.9%, unprecedented high; 4-period mean 3.9%, range 0.0%-6.1%.
  • FY25 MCY FY: Unprecedented low roe. 0%; 4-period range 3.4% to 9.9%. ROE: 0.0%, unprecedented low; 4-period mean 6.3%, range 3.4%-9.9%.
  • HY22 MCY HY: Unprecedented high roe. 9.3%; 4-period range -1.4% to 4.8%. ROE: 9.3%, unprecedented high; 4-period mean 1.9%, range -1.4%-4.8%.
  • HY25 MCY HY: Outside range low roe. -1.4%; 4-period range 0.4% to 9.3%. ROE: -1.4%, below normal range; 4-period mean 4.5%, range 0.4%-9.3%.

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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  • FY22 MCY FY: Unprecedented high net debt / ebitda. 3.25x; 4-period range 2.16x to 2.79x. Net debt / EBITDA: 3.25x, unprecedented high; 4-period mean 2.34x, range 2.16x-2.79x.
  • FY24 MCY FY: Outside range low net debt / ebitda. 2.16x; 4-period range 2.17x to 3.25x. Net debt / EBITDA: 2.16x, below normal range; 4-period mean 2.61x, range 2.17x-3.25x.
  • HY22 MCY HY: Unprecedented high net debt / ebitda. 6.68x; 4-period range 3.91x to 5.03x. Net debt / EBITDA: 6.68x, unprecedented high; 4-period mean 4.42x, range 3.91x-5.03x.
  • HY23 MCY HY: Outside range low net debt / ebitda. 3.91x; 4-period range 4.23x to 6.68x. Net debt / EBITDA: 3.91x, below normal range; 4-period mean 5.11x, range 4.23x-6.68x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY22 MCY FY: Outside range low payout ratio versus npat. 58.3%; 4-period range 111.8% to 293%. Payout ratio versus NPAT: 58.3%, below normal range; 4-period mean 172.0%, range 111.8%-293.0%.
  • FY23 MCY FY: Unprecedented high payout ratio versus npat. 293%; 4-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, unprecedented high; 4-period mean 113.3%, range 58.3%-164.1%.

Debtor days

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

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  • FY22 MCY FY: Unprecedented high debtor days. 79d; 5-period range 40d to 55d. Debtor days: 78.6 days, unprecedented high; 5-period mean 48.8 days, range 40.3 days-55.5 days.
  • FY25 MCY FY: Outside range low debtor days. 40d; 5-period range 46d to 79d. Debtor days: 40.3 days, below normal range; 5-period mean 56.4 days, range 45.7 days-78.6 days.

Inventory days

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

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  • FY21 MCY FY: Unprecedented low inventory days. 4d; 4-period range 12d to 16d. Inventory days: 4.3 days, unprecedented low; 4-period mean 13.5 days, range 12.2 days-15.7 days.
  • FY22 MCY FY: Outside range high inventory days. 16d; 4-period range 4d to 13d. Inventory days: 15.7 days, above normal range; 4-period mean 10.7 days, range 4.3 days-13.1 days.

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 EBITDAF up 28.5% on revenue down 5.2% as margin hit upper edge

No stated targets are supplied. The supplied second-half shape shows HY25 captured ~53% of FY25 EBITDAF, implying H2 has historically been the softer half; on that pattern, current EBITDAF momentum would put FY26 well above FY25's NZ$786m, but gentailer half-on-half outcomes are sensitive to hydrology and hedge-cycle factors that the release text does not quantify.

The release flags continued investment in renewables to "meet future demand growth and build resilience". Forward generation, hedge-book and customer-yield context is not provided in the disclosed excerpts, so the durability of the margin uplift cannot be assessed from this filing alone.

Open questions

Open questions from HY26

  • What specifically drove EBITDAF margin to the upper edge — hydrology, hedge gains, generation mix, or sustainable customer yield?
  • How much of the 54.6% OCF lift reflects underlying earnings versus the NZ$17.0m working-capital release and lower inventory days?
  • What EBITDAF run-rate is realistic for H2 given current hydrology, hedge book and customer-channel pricing?
  • When does the renewables capex programme moderate, and what is the expected pre-lease FCF profile during the build?
  • Is the improved 4.23x leverage durable if EBITDAF margin reverts toward the 28.3% historical mean while gross borrowings continue to rise?

This briefing cannot assess hydrology, hedge-position and forward generation drivers because the disclosed excerpts and calculation pass do not quantify them.

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

FY26 Full year results presentation

FY26 / results presentation

FY26 Integrated report and financial statements

FY26 / financial report

FY26 NZX Results announcement

FY26 / results announcement

News Release - Strong performance supports record renewable investment

FY26 / media release

Prior comparable period

FY2025 Full year results presentation

FY25 / results presentation

FY2025 Integrated report and financial statements

FY25 / financial report

News Release - Major renewable build advanced despite 10% earnings dip

FY25 / media release

NZX Results announcement

FY25 / results announcement

Interim context

HY2026 Consolidated Interim Financial Statements

HY26 / financial report

HY2026 Financial Results Announcement

HY26 / results announcement

HY2026 News Release

HY26 / media release

HY2026 Results Presentation

HY26 / results presentation

Release context

FY25 Annual results presentation details

FY25 / commentary

News Release Investor Day

FY25 / commentary

FY26 Annual results presentation details

FY26 / 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.

CEN · FY26

Contact Energy

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GNE · FY26

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MEL · FY26

Meridian Energy

8 published result briefings

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

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 18 August 2026

Revenue fell 7.8% but EBITDAF margin hit an unprecedented 33.1%

Higher renewable generation lifted EBITDAF to $1,068.0m while a 119.2% NPAT payout ratio raises cash-allocation questions.

Read briefing

HY26 · Released 24 February 2026

EBITDAF up 28.5% on revenue down 5.2% as margin hit upper edge

NPAT swung from a NZ$67.0m loss to a NZ$20.0m profit, but a 35% capex step-up absorbed most of the operating cash uplift.

Read briefing

FY25 · Released 19 August 2025

FY25 EBITDAF fell 10.4% to $786m, missing $820m HY25 guidance

Dry conditions cut renewable generation 10% just as capex jumped 47.6% and net debt/EBITDAF stepped up from 2.2x to 2.8x.

Read briefing

HY25 · Released 25 February 2025

Mercury NZ EBITDAF margin fell to an unprecedented 23.8% as revenue grew 9.3%

Reported NPAT swung to a $67m loss on below-line items while capex jumped 53% and pre-lease free cash flow fell to $25m.

Read briefing

FY24 · Released 20 August 2024

Revenue jumped 25.4% but EBITDAF rose only 4.3% on margin compression

Headline NPAT growth of 181.6% reflects a fair-value reversal from a depressed prior year, while trade debtors expanded 41.1% and cash conversion

Read briefing

HY24 · Released 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.

Read briefing
Open all 11 result briefings

Related insights

Compare this company

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

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 3.7pp, with a distortion flag in the result.

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Dividend coverage and payout pressure

Dividend payout versus NPAT is 119.2%.

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Cash conversion quality

This result converted 71.3% of EBITDA to operating cash flow, +9.9pp versus the prior comparable period.

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Leverage and balance-sheet risk

Net debt / EBITDA is 2.24x, -0.55x versus the prior comparable period.

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