Annolyse
Back to companies

MEL · NZX

Meridian Energy (MEL)

Energy & Utilities / Integrated gentailerCovered: HY23 - HY267 published briefings

Meridian Energy is an NZX-listed energy & utilities / integrated gentailer company with HY23 - HY26 of published result briefings.

Sections

Snapshot

Latest metrics

HY26, released 25 February 2026

← Swipe to view more
MEL latest metrics
MetricValueChange
Revenue$2b↓ -11.0%
EBITDAF$506m↑ +96.9%
NPAT$227m↑ +287.6%
Operating cash flow$336m↑ +572.0%
OCF / EBITDAF %66.4%↑ +46.9pp
Net debt$3.4b↑ +808.2%
Net debt / EBITDAF6.8x↑ +362.6%
ROE %2.6%↑ +4.1pp
DPS6.4c↑ +4.1%
Payout ratio vs NPAT %74.4%—

Source: latest published briefing (HY26, released 25 February 2026). Change compares against the prior equivalent period: HY25, released 26 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.

Market cap

$15.1b

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

Not available

i

Not meaningful when recent earnings are negative.

EPS

-0.04

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

21.56x

i

Enterprise value compared with recent EBITDA.

P/FCF

27.85x

i

Market cap compared with recent free cash flow.

P/B

1.7x

i

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

Dividend yield

3.7%

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 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.

Loading chart...

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: FY23, HY24, HY25.

Loading chart...

Ask about MEL

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

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.

Checking account...

Longitudinal view

Performance over time

The latest period is shown first.

← Swipe to view more
MEL metric history
MetricHY266 MONTHS25 February 2026FY2512 MONTHS27 August 2025HY256 MONTHS26 February 2025FY2412 MONTHS28 August 2024HY246 MONTHS28 February 2024FY2312 MONTHS29 August 2023HY236 MONTHS1 March 2023Trend
Revenue$2b$4.8b$2.3b$4.9b$2.1b$3.2b$1.5b
Chart
Revenue growth %-11.0%Outside range low revenue growth. -11%; 3-period range -8.6% to 38.1%. Revenue growth: -11.0%, below normal range; 3-period mean 12.1%, range -8.6%-38.1%.-0.4%6.8%50.7%38.1%Outside range high revenue growth. 38.1%; 3-period range -11% to 6.8%. Revenue growth: 38.1%, above normal range; 3-period mean -4.3%, range -11.0%-6.8%.-13.0%-8.6%
Chart
  • HY24 Revenue growth %: Outside range high revenue growth. 38.1%; 3-period range -11% to 6.8%. Revenue growth: 38.1%, above normal range; 3-period mean -4.3%, range -11.0%-6.8%.
  • HY26 Revenue growth %: Outside range low revenue growth. -11%; 3-period range -8.6% to 38.1%. Revenue growth: -11.0%, below normal range; 3-period mean 12.1%, range -8.6%-38.1%.
EBITDAF$506m$611m$257m—$443m$783m$425m
Chart
EBITDAF margin %25.2%12.6%11.4%Outside range low ebitda margin. 11.4%; 3-period range 21% to 27.8%. EBITDA margin: 11.4%, below normal range; 3-period mean 24.7%, range 21.0%-27.8%.—21.0%24.3%27.8%Outside range high ebitda margin. 27.8%; 3-period range 11.4% to 25.2%. EBITDA margin: 27.8%, above normal range; 3-period mean 19.2%, range 11.4%-25.2%.
Chart
  • HY25 EBITDAF margin %: Outside range low ebitda margin. 11.4%; 3-period range 21% to 27.8%. EBITDA margin: 11.4%, below normal range; 3-period mean 24.7%, range 21.0%-27.8%.
PBT$317m-$619m-$168m$594m$263m$126m$279m
Chart
PBT growth %———371.4%-5.7%-79.8%38.8%
Chart
NPAT$227m-$452m-$121m$429m$191m$95m$201m
Chart
NPAT growth %———351.6%-5.0%-85.7%51.1%
Chart
Operating cash flow$336m$318m$50m$667m$303m$509m$265m
Chart
OCF / EBITDAF %66.4%52.0%19.5%Outside range low ocf / ebitda cash conversion. 19.5%; 3-period range 62.4% to 68.4%. OCF / EBITDA cash conversion: 19.5%, below normal range; 3-period mean 65.7%, range 62.4%-68.4%.—68.4%Outside range high ocf / ebitda cash conversion. 68.4%; 3-period range 19.5% to 66.4%. OCF / EBITDA cash conversion: 68.4%, above normal range; 3-period mean 49.4%, range 19.5%-66.4%.65.0%62.4%
Chart
  • HY24 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 68.4%; 3-period range 19.5% to 66.4%. OCF / EBITDA cash conversion: 68.4%, above normal range; 3-period mean 49.4%, range 19.5%-66.4%.
  • HY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 19.5%; 3-period range 62.4% to 68.4%. OCF / EBITDA cash conversion: 19.5%, below normal range; 3-period mean 65.7%, range 62.4%-68.4%.
FCF pre-lease$250m$238m-$54m$318m$140m$577m—
Chart
FCF post-lease—$238m———$577m—
Chart
DPS6.4c14.8c6.2c14.8c6.1c11.9c6.0c
Chart
Payout ratio vs NPAT %74.4%——126.5%83.1%483.8%76.9%
Chart
Annual payout ratio vs EPS %———126.5%—483.8%—
Chart
ROE %2.6%-5.1%-1.5%Outside range low roe. -1.5%; 3-period range 2.6% to 3.4%. ROE: -1.5%, below normal range; 3-period mean 3.1%, range 2.6%-3.4%.5.2%3.2%1.6%3.4%Outside range high roe. 3.4%; 3-period range -1.5% to 3.2%. ROE: 3.4%, above normal range; 3-period mean 1.4%, range -1.5%-3.2%.
Chart
  • HY25 ROE %: Outside range low roe. -1.5%; 3-period range 2.6% to 3.4%. ROE: -1.5%, below normal range; 3-period mean 3.1%, range 2.6%-3.4%.
Net debt$3.4b$1.4b$379m$1.1b$1.2b$1b$920m
Chart
Net debt / EBITDAF6.8x2.37x1.47xOutside range high net debt / ebitda. 6.01x; 3-period range 2.2x to 3.33x. Net debt / EBITDA: 6.01x, above normal range; 3-period mean 2.72x, range 2.20x-3.33x.—2.64x1.31x2.16xOutside range low net debt / ebitda. 2.2x; 3-period range 2.64x to 6.01x. Net debt / EBITDA: 2.20x, below normal range; 3-period mean 3.99x, range 2.64x-6.01x.
Chart
  • HY25 Net debt / EBITDAF: Outside range high net debt / ebitda. 6.01x; 3-period range 2.2x to 3.33x. Net debt / EBITDA: 6.01x, above normal range; 3-period mean 2.72x, range 2.20x-3.33x.
Debtor days273124Outside range low debtor days. 24d; 3-period range 27d to 40d. Debtor days: 24.0 days, below normal range; 3-period mean 32.9 days, range 26.7 days-39.5 days.4040Outside range high debtor days. 40d; 3-period range 24d to 32d. Debtor days: 39.5 days, above normal range; 3-period mean 27.7 days, range 24.0 days-32.3 days.3832
Chart
  • HY24 Debtor days: Outside range high debtor days. 40d; 3-period range 24d to 32d. Debtor days: 39.5 days, above normal range; 3-period mean 27.7 days, range 24.0 days-32.3 days.
  • HY25 Debtor days: Outside range low debtor days. 24d; 3-period range 27d to 40d. Debtor days: 24.0 days, below normal range; 3-period mean 32.9 days, range 26.7 days-39.5 days.
Total assets$15.1b$15b$13b$13.5b$10.2b$10b$9.8b
Chart

Reference: annolyse.ai/companies/mel

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.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...
  • HY24 MEL HY: Outside range high revenue growth. 38.1%; 3-period range -11% to 6.8%. Revenue growth: 38.1%, above normal range; 3-period mean -4.3%, range -11.0%-6.8%.
  • HY26 MEL HY: Outside range low revenue growth. -11%; 3-period range -8.6% to 38.1%. Revenue growth: -11.0%, below normal range; 3-period mean 12.1%, range -8.6%-38.1%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

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

Loading chart...
  • HY23 MEL HY: Outside range high ebitda margin. 27.8%; 3-period range 11.4% to 25.2%. EBITDA margin: 27.8%, above normal range; 3-period mean 19.2%, range 11.4%-25.2%.
  • HY25 MEL HY: Outside range low ebitda margin. 11.4%; 3-period range 21% to 27.8%. EBITDA margin: 11.4%, below normal range; 3-period mean 24.7%, range 21.0%-27.8%.

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

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.

Loading chart...
  • HY24 MEL HY: Outside range high ocf / ebitda cash conversion. 68.4%; 3-period range 19.5% to 66.4%. OCF / EBITDA cash conversion: 68.4%, above normal range; 3-period mean 49.4%, range 19.5%-66.4%.
  • HY25 MEL HY: Outside range low ocf / ebitda cash conversion. 19.5%; 3-period range 62.4% to 68.4%. OCF / EBITDA cash conversion: 19.5%, below normal range; 3-period mean 65.7%, range 62.4%-68.4%.

FCF pre-lease

Operating cash flow less capex before leases.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...
  • HY23 MEL HY: Outside range high roe. 3.4%; 3-period range -1.5% to 3.2%. ROE: 3.4%, above normal range; 3-period mean 1.4%, range -1.5%-3.2%.
  • HY25 MEL HY: Outside range low roe. -1.5%; 3-period range 2.6% to 3.4%. ROE: -1.5%, below normal range; 3-period mean 3.1%, range 2.6%-3.4%.

Net debt

Borrowings less cash; negative values indicate net cash.

Loading chart...

Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

Loading chart...
  • HY23 MEL HY: Outside range low net debt / ebitda. 2.2x; 3-period range 2.64x to 6.01x. Net debt / EBITDA: 2.20x, below normal range; 3-period mean 3.99x, range 2.64x-6.01x.
  • HY25 MEL HY: Outside range high net debt / ebitda. 6.01x; 3-period range 2.2x to 3.33x. Net debt / EBITDA: 6.01x, above normal range; 3-period mean 2.72x, range 2.20x-3.33x.

DPS

Dividend per share declared for the period.

Loading chart...

Payout ratio

Dividend payout against statutory NPAT.

Loading chart...

Debtor days

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

Loading chart...
  • HY24 MEL HY: Outside range high debtor days. 40d; 3-period range 24d to 32d. Debtor days: 39.5 days, above normal range; 3-period mean 27.7 days, range 24.0 days-32.3 days.
  • HY25 MEL HY: Outside range low debtor days. 24d; 3-period range 27d to 40d. Debtor days: 24.0 days, below normal range; 3-period mean 32.9 days, range 26.7 days-39.5 days.

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 Meridian EBITDAF fell 32.5% as PBT swung to a $619.0m loss

No stated targets or guidance were supplied for FY25, so this result cannot be judged against a management-set bar; the assessment is limited to what the numbers themselves show. The heavy second-half weighting of the loss (implied second-half NPAT of -$331.0m versus a first-half of -$121.0m) indicates the deterioration built through the year rather than reversing, which is relevant because it suggests the pressures behind the energy-margin decline were still active at year-end rather than transitory in the first half only.

Open questions

Open questions from FY25

  • What specifically explains the roughly $900m gap between the EBITDAF decline and the much larger PBT/NPAT collapse, given no disclosed one-off item is identified?
  • Is the dividend payout above free cash flow this year intended as a temporary drawdown, or does it signal a shift in funding policy?
  • How does management expect leverage (2.37x net debt/EBITDA) to normalise if hydrology and energy-margin pressure persist into FY26?
  • Will demand-response arrangements with the aluminium smelter remain a recurring feature of margin management, or were FY25 calls exceptional?
  • What is the composition of the discontinued-operation or below-EBITDAF items that are currently unverifiable in this release?

This briefing cannot assess the specific composition of the items driving the gap between EBITDAF and profit before tax, since the underlying disclosure for that reconciliation was not available for verification.

Archive

Briefing archive

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

HY26 · Released 25 February 2026

PBT recovered 288.7% from a hedge-crisis loss, masking revenue's 11% decline

Meridian's profit swing reflects last year's hedging crisis easing, not underlying growth, since revenue fell 11.0%.

Read briefing

FY25 · Released 27 August 2025

Meridian EBITDAF fell 32.5% as PBT swung to a $619.0m loss

Falling energy margin cut EBITDAF while cash conversion fell to 52.0% and leverage rose to 2.37x net debt/EBITDA.

Read briefing

HY25 · Released 26 February 2025

EBITDAF fell 42% on record-low inflows, swinging Meridian to a $121m loss

Net debt/EBITDA jumped to 6.0x against a 2.2x–3.3x historical range as cash conversion fell to 19.5% from 68.4%.

Read briefing

FY24 · Released 28 August 2024

Hedge gains inflate NPAT growth to 351.6% versus 14% underlying rise

Reported profit surged on non-cash hedge gains while EBITDAF rose just 16% and dividends outpaced free cash flow.

Read briefing

HY24 · Released 28 February 2024

Retail flipped to a NZ$43m loss as 38.1% revenue surge stalled before EBITDAF

EBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.

Read briefing

FY23 · Released 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

Read briefing

HY23 · Released 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.

Read briefing

Related insights

Compare this company

The latest MEL metrics also appear in these cross-company views.

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 3.33x, -2.69x versus the prior comparable period.

Open insight

Insight

Cash conversion quality

This result converted 66.4% of EBITDA to operating cash flow, +46.9pp versus the prior comparable period.

Open insight

Insight

Dividend coverage and payout pressure

Dividend payout versus NPAT is 74.4%.

Open insight

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 1.1pp.

Open insight

Get notified when MEL publishes

Get the next Meridian Energy result briefing and five-year history updates by email.