MCY · NZX

Mercury NZ (MCY)

Energy & Utilities / Integrated gentailerCovered: FY21 - HY2610 published briefings

Mercury NZ is an NZX-listed energy & utilities / integrated gentailer company with FY21 - HY26 of published result briefings.

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Snapshot

Latest metrics

HY26, released 24 February 2026

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MCY latest metrics
Metric	Value	Change
Revenue	$1.7b	↓ -5.2%
EBITDAF	$537m	↑ +28.5%
NPAT	$20m	↑ +129.9%
Operating cash flow	$351m	↑ +54.6%
OCF / EBITDAF %	65.4%	↑ +11.1pp
Net debt	$2.3b	↑ +8.1%
Net debt / EBITDAF	4.23x	↓ -15.9%
ROE %	0.4%	↑ +1.8pp
DPS	10.0c	↑ +4.2%
PBT	$27m	↑ +128.1%

Source: latest published briefing (HY26, released 24 February 2026). Change compares against the prior equivalent period: HY25, released 25 February 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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MCY metric history
Metric	HY266 MONTHS24 February 2026	FY2512 MONTHS19 August 2025	HY256 MONTHS25 February 2025	FY2412 MONTHS20 August 2024	HY246 MONTHS20 February 2024	FY2312 MONTHS21 August 2023	HY236 MONTHS21 February 2023	FY2212 MONTHS16 August 2022	HY226 MONTHS22 February 2022	FY2112 MONTHS17 August 2021	Trend
Revenue	$1.7b	$3.5b	$1.8b	$3.4b	$1.6b	$2.7b	$1.3b	$2.2b	$873m	$2b	Chart
Revenue growth %	-5.2%	2.2%Unprecedented low revenue growth. 2.2%; 4-period range 7% to 25.4%. Revenue growth: 2.2%, unprecedented low; 4-period mean 18.2%, range 7.0%-25.4%.	9.3%	25.4%Outside range high revenue growth. 25.4%; 4-period range 2.2% to 24.8%. Revenue growth: 25.4%, above normal range; 4-period mean 12.4%, range 2.2%-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%	Chart FY24 Revenue growth %: Outside range high revenue growth. 25.4%; 4-period range 2.2% to 24.8%. Revenue growth: 25.4%, above normal range; 4-period mean 12.4%, range 2.2%-24.8%. FY25 Revenue growth %: Unprecedented low revenue growth. 2.2%; 4-period range 7% to 25.4%. Revenue growth: 2.2%, unprecedented low; 4-period mean 18.2%, range 7.0%-25.4%.
EBITDAF	$537m	$786m	$418m	$877m	$434m	$841m	$0.45m	$581m	$0.24m	$463m	Chart
EBITDAF margin %	32.3%	22.5%Outside range low ebitda margin. 22.5%; 4-period range 22.6% to 30.8%. EBITDA margin: 22.5%, below normal range; 4-period mean 26.4%, range 22.6%-30.8%.	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%Unprecedented high ebitda margin. 30.8%; 4-period range 22.5% to 26.6%. EBITDA margin: 30.8%, unprecedented high; 4-period mean 24.3%, range 22.5%-26.6%.	0.0%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%	0.0%	22.6%	Chart 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%; 4-period range 22.6% to 30.8%. EBITDA margin: 22.5%, below normal range; 4-period mean 26.4%, range 22.6%-30.8%.
PBT	$27m	$1m	-$96m	$415m	$245m	$142m	$0.3m	$510m	$0.5m	$173m	Chart
PBT growth %	—	-99.8%	—	192.3%	-19.9%	-72.2%	-40.0%	194.8%	150.0%	-30.2%	Chart
NPAT	$20m	$1m	-$67m	$290m	$174m	$103m	$0.2m	$469m	$0.4m	$141m	Chart
NPAT growth %	—	-99.7%	—	181.6%	-24.3%	-78.0%	-50.0%	232.6%	300.0%	n/m	Chart
Operating cash flow	$351m	$483m	$227m	$612m	$283m	$578m	$0.35m	$352m	$0.13m	$338m	Chart
OCF / EBITDAF %	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%Outside range low ocf / ebitda cash conversion. 60.6%; 4-period range 61.5% to 73%. OCF / EBITDA cash conversion: 60.6%, below normal range; 4-period mean 68.2%, range 61.5%-73.0%.	54.5%	73.0%Outside range high ocf / ebitda cash conversion. 73%; 4-period range 60.6% to 69.8%. OCF / EBITDA cash conversion: 73.0%, above normal range; 4-period mean 65.1%, range 60.6%-69.8%.	Chart 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	$78m	$345m	$25m	$470m	$151m	$459m	$0.27m	$284m	$0.06m	$282m	Chart
FCF post-lease	—	$345m	—	$470m	—	$459m	—	$284m	—	$282m	Chart
DPS	10.0c	14.4c	9.6c	14.0c	9.3c	13.1c	8.7c	12.0c	8.0c	10.2c	Chart
Payout ratio vs NPAT %	—	—	—	111.8%	74.2%	293.0%Outside range high payout ratio versus npat. 293%; 3-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, above normal range; 3-period mean 111.4%, range 58.3%-164.1%.	51.5%	58.3%Outside range low payout ratio versus npat. 58.3%; 3-period range 111.8% to 293%. Payout ratio versus NPAT: 58.3%, below normal range; 3-period mean 189.6%, range 111.8%-293.0%.	25.5%	164.1%	Chart FY22 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 58.3%; 3-period range 111.8% to 293%. Payout ratio versus NPAT: 58.3%, below normal range; 3-period mean 189.6%, range 111.8%-293.0%. FY23 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 293%; 3-period range 58.3% to 164.1%. Payout ratio versus NPAT: 293.0%, above normal range; 3-period mean 111.4%, range 58.3%-164.1%.
Annual payout ratio vs EPS %	—	—	—	111.8%	—	293.0%	—	58.3%	—	164.1%	Chart
ROE %	0.4%	0.0%Outside range low roe. 0%; 3-period range 3.4% to 9.9%. ROE: 0.0%, below normal range; 3-period mean 6.4%, 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%Outside range high roe. 9.9%; 3-period range 0% to 6%. ROE: 9.9%, above normal range; 3-period mean 3.1%, range 0.0%-6.0%.	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%	Chart 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 %: Outside range low roe. 0%; 3-period range 3.4% to 9.9%. ROE: 0.0%, below normal range; 3-period mean 6.4%, range 3.4%-9.9%.
Net debt	$2.3b	$2.2b	$2.1b	$1.9b	$1.9b	$1.8b	$1.8b	$1.9b	$1.6b	$1.3b	Chart
Net debt / EBITDAF	4.23x	2.79x	5.03x	2.16xOutside 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 2.77x, range 2.17x-3.25x.	4.47x	2.17x	3,904.66x	3.25xUnprecedented high net debt / ebitda. 3.25x; 4-period range 2.16x to 2.87x. Net debt / EBITDA: 3.25x, unprecedented high; 4-period mean 2.50x, range 2.16x-2.87x.	6,681.82x	2.87x	Chart 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 2.77x, range 2.17x-3.25x.
Debtor days	44	40Outside range low debtor days. 40d; 4-period range 48d to 79d. Debtor days: 40.3 days, below normal range; 4-period mean 59.1 days, range 48.1 days-78.6 days.	46	54	57	48	—	79Unprecedented high debtor days. 79d; 4-period range 40d to 55d. Debtor days: 78.6 days, unprecedented high; 4-period mean 49.5 days, range 40.3 days-55.5 days.	—	55	Chart FY25 Debtor days: Outside range low debtor days. 40d; 4-period range 48d to 79d. Debtor days: 40.3 days, below normal range; 4-period mean 59.1 days, range 48.1 days-78.6 days.
Inventory days	11	13	14	13	17	12	34	16Outside range high inventory days. 16d; 3-period range 4d to 13d. Inventory days: 15.7 days, above normal range; 3-period mean 9.9 days, range 4.3 days-13.1 days.	27	4Outside range low inventory days. 4d; 3-period range 12d to 16d. Inventory days: 4.3 days, below normal range; 3-period mean 13.7 days, range 12.2 days-15.7 days.	Chart
Total assets	$9.9b	$10b	$9.5b	$9.8b	$9.5b	$9.4b	$9.6m	$9.7b	$8.5m	$8b	Chart

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.

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

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

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

Mercury entered the second half with FY25 EBITDAF guidance of $820m reaffirmed; the implied second‑half EBITDAF of $368m (versus $418m in HY25) was insufficient to meet that bar. The board has guided FY26 ordinary dividend of 25cps (versus 24.0cps declared for FY25), and the release references an "indicative FY30 EBITDAF aspiration" without a quantified path.

The supplied excerpts do not contain FY26 EBITDAF guidance. Without it, the read on whether $786m represents a hydrology low or a new base in a heavier‑capex configuration cannot be settled from this filing alone. The prior FY24 comparable also incorporated the completed Trustpower retail integration, so the year‑on‑year step is not a perfectly clean like‑for‑like.

Open questions

Open questions from FY25

What specific items drove PBT and NPAT to approximately $1m given EBITDAF of $786m — are these fair‑value movements on the derivative hedge book, impairments, or other non‑cash charges?
Why did the effective tax rate fall to 0.0% from 30.1%, and is that a function of pre‑tax mix this year or a recurring feature?
What is FY26 EBITDAF guidance, and on a normal‑hydrology assumption does the $820m FY25 reference point remain the right anchor?
How much of the $437m capex is contractually committed versus discretionary, and where does net debt/EBITDAF peak through the build cycle?
What share of the Fonterra and Visy long‑term agreements is reflected in FY25 revenue versus future periods?

This briefing cannot assess the composition of the gap between EBITDAF and reported NPAT without specific disclosure of the fair‑value, derivative, or other non‑cash items sitting below the EBITDAF line.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

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.

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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.

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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.

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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

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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.

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FY23 · Released 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.

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HY23 · Released 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.

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FY22 · Released 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.

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HY22 · Released 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.

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FY21 · Released 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%.

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Mercury NZ (MCY)

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

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

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

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

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

NZ$539m working-capital build dwarfed NZ$17m EBITDAF decline

EBITDAF rose 44.8% but NPAT fell 78.0% on a prior-year one-off gain

EBITDAF up 86% but PBT fell 40% on acquired-swap unwinds

EBITDAF up 25.5% but $367m Tilt sale gain inflated NPAT to +232.6%

EBITDAF fell 17.7% on dry hydrology while reported NPAT tripled

FY21 PBT fell 30.2% as EBITDAF dropped 6.3% on a 15.7% revenue lift

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Mercury NZ (MCY)

Latest metrics

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Performance over time

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Briefing archive

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

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

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

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

NZ$539m working-capital build dwarfed NZ$17m EBITDAF decline

EBITDAF rose 44.8% but NPAT fell 78.0% on a prior-year one-off gain

EBITDAF up 86% but PBT fell 40% on acquired-swap unwinds

EBITDAF up 25.5% but $367m Tilt sale gain inflated NPAT to +232.6%

EBITDAF fell 17.7% on dry hydrology while reported NPAT tripled

FY21 PBT fell 30.2% as EBITDAF dropped 6.3% on a 15.7% revenue lift

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