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MEL · NZX

Meridian Energy (MEL)

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

Meridian 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 26 August 2026

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MEL latest metrics
MetricValueChange
Revenue$3.9b↓ -19.7%
EBITDAF$1.1b↑ +72.0%
NPAT$130m↑ +128.8%
Operating cash flow$810m↑ +154.7%
OCF / EBITDAF %77.1%Outside range high ocf / ebitda cash conversion. 77.1%; 3-period range 52.1% to 73.7%. OCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.↑ +25.1pp
Net debt$1.4b↓ -1.2%
Net debt / EBITDAF1.36x↓ -42.6%
ROE %1.3%↑ +6.4pp
DPS16.1c↑ +8.4%
Payout ratio vs NPAT %459.2%—

Source: latest published briefing (FY26, released 26 August 2026). Change compares against the prior equivalent period: FY25, released 27 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

$14.9b

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

114.3x

i

Recent market cap compared with trailing earnings.

EPS

0.05

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

15.5x

i

Enterprise value compared with recent EBITDA.

P/FCF

20.61x

i

Market cap compared with recent free cash flow.

P/B

1.49x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

4.0%

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: FY23, HY24, HY25, FY26.

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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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MEL metric history
MetricFY2612 MONTHS26 August 2026HY266 MONTHS25 February 2026FY2512 MONTHS27 August 2025HY256 MONTHS26 February 2025FY2412 MONTHS28 August 2024HY246 MONTHS28 February 2024FY2312 MONTHS29 August 2023HY236 MONTHS1 March 2023Trend
Revenue$3.9b$2b$4.8b$2.3b$4.9b$2.1b$3.2b$1.5b
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Revenue growth %-19.7%Outside range low revenue growth. -19.7%; 3-period range -13% to 50.7%. Revenue growth: -19.7%, below normal range; 3-period mean 12.4%, range -13.0%-50.7%.-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%Outside range high revenue growth. 50.7%; 3-period range -19.7% to -0.4%. Revenue growth: 50.7%, above normal range; 3-period mean -11.0%, range -19.7%--0.4%.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
  • FY24 Revenue growth %: Outside range high revenue growth. 50.7%; 3-period range -19.7% to -0.4%. Revenue growth: 50.7%, above normal range; 3-period mean -11.0%, range -19.7%--0.4%.
  • 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%.
  • FY26 Revenue growth %: Outside range low revenue growth. -19.7%; 3-period range -13% to 50.7%. Revenue growth: -19.7%, below normal range; 3-period mean 12.4%, range -13.0%-50.7%.
EBITDAF$1.1b$506m$611m$257m—$443m$783m$425m
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EBITDAF margin %27.1%Outside range high ebitda margin. 27.1%; 3-period range 12.6% to 24.3%. EBITDA margin: 27.1%, above normal range; 3-period mean 18.5%, range 12.6%-24.3%.25.2%12.6%Outside range low ebitda margin. 12.6%; 3-period range 18.6% to 27.1%. EBITDA margin: 12.6%, below normal range; 3-period mean 23.3%, range 18.6%-27.1%.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%.
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  • 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%.
  • FY25 EBITDAF margin %: Outside range low ebitda margin. 12.6%; 3-period range 18.6% to 27.1%. EBITDA margin: 12.6%, below normal range; 3-period mean 23.3%, range 18.6%-27.1%.
  • FY26 EBITDAF margin %: Outside range high ebitda margin. 27.1%; 3-period range 12.6% to 24.3%. EBITDA margin: 27.1%, above normal range; 3-period mean 18.5%, range 12.6%-24.3%.
PBT$160m$317m-$619m-$168m$594m$263m$126m$279m
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PBT growth %————371.4%-5.7%-79.8%38.8%
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NPAT$130m$227m-$452m-$121m$429m$191m$95m$201m
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NPAT growth %————351.6%-5.0%-85.7%51.1%
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Operating cash flow$810m$336m$318m$50m$667m$303m$509m$265m
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OCF / EBITDAF %77.1%Outside range high ocf / ebitda cash conversion. 77.1%; 3-period range 52.1% to 73.7%. OCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.66.4%52.0%Outside range low ocf / ebitda cash conversion. 52.1%; 3-period range 65% to 77.1%. OCF / EBITDA cash conversion: 52.1%, below normal range; 3-period mean 71.9%, range 65.0%-77.1%.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%
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  • 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%.
  • FY25 OCF / EBITDAF %: Outside range low ocf / ebitda cash conversion. 52.1%; 3-period range 65% to 77.1%. OCF / EBITDA cash conversion: 52.1%, below normal range; 3-period mean 71.9%, range 65.0%-77.1%.
  • FY26 OCF / EBITDAF %: Outside range high ocf / ebitda cash conversion. 77.1%; 3-period range 52.1% to 73.7%. OCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.
FCF pre-lease$721m$250m$238m-$54m$318m$140m$577m—
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FCF post-lease$721m—$238m———$577m—
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DPS16.1c6.4c14.8c6.2c14.8c6.1c11.9c6.0c
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Payout ratio vs NPAT %459.2%74.4%——126.5%83.1%483.8%76.9%
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Annual payout ratio vs EPS %459.2%———126.5%—483.8%—
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ROE %1.3%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%.
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  • 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$1.4b$3.4b$1.4b$379m$1.1b$1.2b$1b$920m
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Net debt / EBITDAF1.36x6.8x2.37xOutside range high net debt / ebitda. 2.37x; 3-period range 1.2x to 1.36x. Net debt / EBITDA: 2.37x, above normal range; 3-period mean 1.29x, range 1.20x-1.36x.1.47xOutside 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.
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  • 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.
  • FY25 Net debt / EBITDAF: Outside range high net debt / ebitda. 2.37x; 3-period range 1.2x to 1.36x. Net debt / EBITDA: 2.37x, above normal range; 3-period mean 1.29x, range 1.20x-1.36x.
Debtor days332731Outside range low debtor days. 31d; 3-period range 33d to 40d. Debtor days: 30.7 days, below normal range; 3-period mean 37.1 days, range 33.1 days-40.3 days.24Outside 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.40Outside range high debtor days. 40d; 3-period range 31d to 38d. Debtor days: 40.3 days, above normal range; 3-period mean 33.9 days, range 30.7 days-37.8 days.40Outside 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
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  • FY24 Debtor days: Outside range high debtor days. 40d; 3-period range 31d to 38d. Debtor days: 40.3 days, above normal range; 3-period mean 33.9 days, range 30.7 days-37.8 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.
  • FY25 Debtor days: Outside range low debtor days. 31d; 3-period range 33d to 40d. Debtor days: 30.7 days, below normal range; 3-period mean 37.1 days, range 33.1 days-40.3 days.
Total assets$17.1b$15.1b$15b$13b$13.5b$10.2b$10b$9.8b
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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.

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Revenue growth

Like-period revenue growth where comparable.

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  • 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%.
  • FY24 MEL FY: Outside range high revenue growth. 50.7%; 3-period range -19.7% to -0.4%. Revenue growth: 50.7%, above normal range; 3-period mean -11.0%, range -19.7%--0.4%.
  • FY26 MEL FY: Outside range low revenue growth. -19.7%; 3-period range -13% to 50.7%. Revenue growth: -19.7%, below normal range; 3-period mean 12.4%, range -13.0%-50.7%.

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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  • 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%.
  • FY25 MEL FY: Outside range low ebitda margin. 12.6%; 3-period range 18.6% to 27.1%. EBITDA margin: 12.6%, below normal range; 3-period mean 23.3%, range 18.6%-27.1%.
  • FY26 MEL FY: Outside range high ebitda margin. 27.1%; 3-period range 12.6% to 24.3%. EBITDA margin: 27.1%, above normal range; 3-period mean 18.5%, range 12.6%-24.3%.

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 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%.
  • FY25 MEL FY: Outside range low ocf / ebitda cash conversion. 52.1%; 3-period range 65% to 77.1%. OCF / EBITDA cash conversion: 52.1%, below normal range; 3-period mean 71.9%, range 65.0%-77.1%.
  • FY26 MEL FY: Outside range high ocf / ebitda cash conversion. 77.1%; 3-period range 52.1% to 73.7%. OCF / EBITDA cash conversion: 77.1%, above normal range; 3-period mean 63.6%, range 52.1%-73.7%.

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 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.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • 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.
  • FY25 MEL FY: Outside range high net debt / ebitda. 2.37x; 3-period range 1.2x to 1.36x. Net debt / EBITDA: 2.37x, above normal range; 3-period mean 1.29x, range 1.20x-1.36x.

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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  • 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.
  • FY24 MEL FY: Outside range high debtor days. 40d; 3-period range 31d to 38d. Debtor days: 40.3 days, above normal range; 3-period mean 33.9 days, range 30.7 days-37.8 days.
  • FY25 MEL FY: Outside range low debtor days. 31d; 3-period range 33d to 40d. Debtor days: 30.7 days, below normal range; 3-period mean 37.1 days, range 33.1 days-40.3 days.

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

No stated full-year targets or guidance are disclosed in this release, so the result cannot be judged against a management-set bar. Meridian's own second-half shape context shows the prior comparable half (HY25) represented only 26.8% of FY25's full-year NPAT, illustrating how skewed hydrology-driven half-year results can be; that pattern was itself a loss year, so it cannot be used to infer this year's second-half trajectory.

Absent forward guidance, the release supports a read on operating recovery from an unusually poor prior half but does not support extrapolating the 288.7% PBT growth rate or the current EBITDAF level into the full year.

Open questions

Open questions from HY26

  • What is management's outlook for hedge and demand-response costs if hydrology conditions normalise or worsen again?
  • Why did Retail post a loss despite record 12% volume growth, and when does management expect Retail profitability to turn positive?
  • How does the NZ$3.6b gross borrowings level, versus NZ$1.7b a year earlier, affect covenant headroom and credit metrics as the growth capex programme proceeds toward the Q4 2026 FID?
  • Will the full-year dividend track NPAT given the current 74.4% payout ratio against NPAT, or is that ratio itself distorted by the low prior-year base?

This briefing cannot assess forward hydrology risk, wholesale price forecasts, or the sustainability of the current EBITDAF level beyond the information disclosed in this half-year 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

Investor Presentation

FY26 / results presentation

Media Announcement

FY26 / results release

Meridian Integrated Report FY26

FY26 / financial report

NZX Results Announcement

FY26 / results announcement

Prior comparable period

Investor Presentation

FY25 / results presentation

Media Announcement

FY25 / results release

Meridian Integrated Report FY25

FY25 / financial report

NZX Results Announcement

FY25 / results announcement

Interim context

Condensed Interim Financial Statements for the six months ended 31 December 2025

HY26 / financial report

Investor Presentation

HY26 / results presentation

Media Announcement

HY26 / results release

NZX Results Announcement

HY26 / results announcement

Release context

Interim results webcast and conference call registration details

HY26 / commentary

Investor Day Presentation

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

CEN · FY26

Contact Energy

8 published result briefings

GNE · FY26

Genesis Energy

8 published result briefings

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

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 26 August 2026

Capital raise puts Meridian Energy Limited's debt headroom in focus

The NZ$1916m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.

Read briefing

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
Open all 8 result briefings

Related insights

Compare this company

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

Insight

Dividend coverage and payout pressure

Company-disclosed payout ratio is 83.0% on an FCF basis, with NPAT payout at 459.2%.

Open insight

Insight

Cash conversion quality

This result converted 77.1% of EBITDA to operating cash flow, +25.1pp versus the prior comparable period.

Open insight

Insight

Revenue growth context

Revenue growth was -19.7% for this reporting period.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 1.36x, -1.01x versus the prior comparable period.

Open insight

Get notified when MEL publishes

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