Market cap
$15.8b
End-of-day close multiplied by current shares on issue.
MEL · NZX
Meridian Energy is an NZX-listed energy & utilities / integrated gentailer company with HY23 - HY26 of published result briefings.
Snapshot
HY26, released 25 February 2026
| Metric | Value | Change |
|---|---|---|
| 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 | $1.7b | ↑ +8.9% |
| Net debt / EBITDAF | 3.33x | ↓ -44.7% |
| ROE % | 2.6% | ↑ +4.1pp |
| DPS | 6.4c | ↑ +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
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.
The latest close and share count context for the market price.
Market cap
$15.8b
End-of-day close multiplied by current shares on issue.
How the market price compares with recent earnings and cash-flow inputs.
P/E
Not available
Not meaningful when recent earnings are negative.
EPS
-0.04
Recent filing-derived earnings per share.
PEG
Not available
Not available for this company right now.
EV/EBITDA
20.37x
Enterprise value compared with recent EBITDA.
P/FCF
29.22x
Market cap compared with recent free cash flow.
P/B
1.78x
Market value compared with latest reported equity.
Yield and fund-style valuation where the company shape supports it.
Dividend yield
3.6%
Trailing dividends compared with the latest close.
Total return
Not available
Available once dividend and adjustment data are verified.
Daily closes use the full available width, with hover and touch readouts against real observations. Expand opens the chart at reading size.
Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.
Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.
Chat
Ask follow-up questions about Meridian Energy's latest result and company history.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Informational only. No buy, sell, hold, price-target, or personal financial advice.
Longitudinal view
The latest period is shown first.
| Metric | HY266 MONTHS25 February 2026 | FY2512 MONTHS27 August 2025 | HY256 MONTHS26 February 2025 | FY2412 MONTHS28 August 2024 | HY246 MONTHS28 February 2024 | FY2312 MONTHS29 August 2023 | HY236 MONTHS1 March 2023 | Trend |
|---|---|---|---|---|---|---|---|---|
| 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 -4.2%, range -11.0%-6.8%. | -13.0% | -8.6% | Chart
|
| 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
|
| 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
|
| FCF pre-lease | $250m | $238m | -$54m | $318m | $140m | $577m | $129m | Chart |
| FCF post-lease | — | $238m | — | — | — | $577m | — | Chart |
| DPS | 6.4c | 14.8c | 6.2c | 14.8c | 6.1c | 11.9c | 6.0c | 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
|
| Net debt | $1.7b | $1.4b | $1.5b | $1.1b | $1.2b | $1b | $920m | Chart |
| Net debt / EBITDAF | 3.33x | 2.37x | 6.02xOutside 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. | — | 2.64x | 1.31x | 2.16xOutside 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
|
| Debtor days | 27 | 31 | 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. | 40 | 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. | 38 | 32 | Chart
|
| 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.
These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.
Reported revenue across covered periods.
Like-period revenue growth where comparable.
Company-specific earnings measure where disclosed.
EBITDA-equivalent margin where revenue and earnings are source-backed.
Statutory profit after tax.
Cash generated from operations.
Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.
Cash conversion against earnings.
Operating cash flow less capex before leases.
Free cash flow after lease payments where available.
Return on equity.
Borrowings less cash; negative values indicate net cash.
Leverage ratio, suppressed where earnings are not meaningful.
Dividend per share declared for the period.
Dividend payout against statutory NPAT.
Receivables days where the working-capital inputs are source-backed.
Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.
The setup & the reality
The latest result is checked against what the prior briefing said to watch.
Historical setup
From EBITDAF fell 32.5% on energy-margin squeeze; dividend exceeded FCF
The release does not provide formal forward guidance. HY25 context shows where the damage was concentrated: H1 carried EBITDAF of $257m on operating cash flow of just $50m, with the implied H2 stronger at roughly $354m EBITDAF and $268m OCF as conditions normalised. NPAT, however, remained negative across both halves on the implied split, consistent with fair-value movements continuing to weigh on the statutory line in H2.
The economic question is timing of normalisation, not whether the statutory loss recurs. With management framing FY25 as an extreme hydrological year, FY26 EBITDAF should mechanically rebuild toward prior trend — but leverage will not reset on its own without either firmer cash generation or a slower distribution path.
Open questions
This briefing cannot assess the FY26 hedge book positioning, normalised energy margin assumptions, or whether the dividend policy will be revisited if hydrology pressure persists.
Archive
Every published Annolyse briefing for this company appears here in reverse chronological order.
HY26 · Released 25 February 2026
Record wind and second-best lake inflows drove a $485m PBT swing, but the prior comparable was depressed by hydro and gas constraints.
FY25 · Released 27 August 2025
Record-low hydro inflows and a gas shortage compressed energy margin 23%, doubled leverage to 2.4x, and broke dividend coverage.
HY25 · Released 26 February 2025
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%.
FY24 · Released 28 August 2024
Reported profit was lifted by non-cash hedge fair value movements while the 21.0cps dividend ran at 170.7% of free cash flow.
HY24 · Released 28 February 2024
EBITDAF rose only 4.2% and NPAT fell 5.0% as wholesale margin gains offset a sharp retail deterioration.
FY23 · Released 29 August 2023
Operating earnings advanced on higher generation and retail volumes, but the headline NPAT decline reflects a non-comparable prior year, not
HY23 · Released 1 March 2023
Cleaner NZ-only base and a disclosed $51m generation benefit lifted operating margins while leverage dropped to 2.2x EBITDA.
Get the next Meridian Energy result briefing and five-year history updates by email.