Cash flow Meridian Energy Limited

Equities

MEL

NZMELE0002S7

Electric Utilities

End-of-day quote New Zealand S.E. Other stock markets 2025-12-05			5-day change	1st Jan Change
5.580 ^NZD	-1.24%		-1.59%	-5.58%

12-03	Meridian Energy Limited Announces Resignation of Michelle Henderson as Independent Director, Effective 27 January 2026	CI
12-01	Meridian Energy Limited authorizes a Buyback Plan.	CI

8da580ca34c3e5d8f2c2a.NBRam4kPUv3IqvP7MjUMe4eJ5pgCs9_DIBNzSAb66vI.ay0fyuxVNKyAyanJUH1FIsT7kcBx2-eqR2Y6AzC828RRZR_z-zsEmansmA

Published financial data: MERIDIAN ENERGY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: June	2021	2022	2023	2024	2025
Revenues - (Utility Template)	4.3B	3.7B	3.22B	4.86B	4.84B
Total Revenues	4.3B	3.7B	3.22B	4.86B	4.84B
Selling General & Admin Expenses, Total	-	-	-	-	-
Depreciation & Amortization - (IS) - (Collected)	303M	293M	294M	334M	447M
Other Operating Expenses	3.4B	2.85B	2.77B	3.85B	4.88B
Total Operating Expenses	3.7B	3.14B	3.07B	4.18B	5.33B
Operating Income (REIT / Utility Template)	595M	561M	154M	673M	-497M
Interest Expense, Total	-5M	63M	-31M	-73M	-96M
Interest and Investment Income	-	3M	11M	12M	5M
Net Interest Expenses	-5M	66M	-20M	-61M	-91M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	590M	627M	134M	612M	-588M
Gain (Loss) on Sale of Investments	-	-	-	-	8M
Gain (Loss) on Sale of Assets	-1M	-	-	0	-6M
Asset Writedown	6M	-2M	-8M	-18M	-33M
EBT, Incl. Unusual Items	595M	625M	126M	594M	-619M
Income Tax Expense	167M	174M	31M	165M	-167M
Earnings From Continuing Operations	428M	451M	95M	429M	-452M
Earnings Of Discontinued Operations	-	213M	-	-	-
Net Income to Company	428M	664M	95M	429M	-452M
Net Income - (IS)	428M	664M	95M	429M	-452M
Net Income to Common Incl Extra Items	428M	664M	95M	429M	-452M
Net Income to Common Excl. Extra Items	428M	451M	95M	429M	-452M
Per Share Items
Net EPS - Basic	0.17	0.26	0.04	0.17	-0.17
Basic EPS - Continuing Operations	0.17	0.18	0.04	0.17	-0.17
Basic Weighted Average Shares Outstanding	2.56B	2.57B	2.58B	2.59B	2.6B
Net EPS - Diluted	0.17	0.26	0.04	0.17	-0.17
Diluted EPS - Continuing Operations	0.17	0.18	0.04	0.17	-0.17
Diluted Weighted Average Shares Outstanding	2.56B	2.57B	2.58B	2.59B	2.6B
Normalized Basic EPS	0.14	0.15	0.03	0.15	-0.14
Normalized Diluted EPS	0.14	0.15	0.03	0.15	-0.14
Dividend Per Share	0.17	0.17	0.18	0.21	0.21
Payout Ratio	101.17	54.22	445.26	101.63	-85.62
American Depositary Receipts Ratio (ADR)	4	4	4	4	4
Supplemental Items
Utility Revenues	4.28B	3.69B	3.2B	4.83B	4.79B
Non Utility Revenues	19M	17M	19M	25M	41M
EBITDA	874M	834M	418M	975M	-70M
EBITA	595M	561M	154M	673M	-497M
EBIT	595M	561M	154M	673M	-497M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	28.07	27.84	24.6	27.78	26.98
Current Domestic Taxes	-	-	168M	198M	100M
Total Current Taxes	137M	140M	168M	198M	100M
Deferred Domestic Taxes	-	-	-131M	-34M	-268M
Total Deferred Taxes	30M	36M	-131M	-34M	-268M
Normalized Net Income	369M	392M	83.75M	382M	-368M
Interest Capitalized	-	6M	15M	17M	9M
Interest on Long-Term Debt	83M	78M	69M	85M	2M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	2M	1M	1M	2M	-
Total Stock-Based Compensation	2M	1M	1M	2M	-

Fiscal Period: June	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	148M	363M	212M	221M	123M
Trading Asset Securities, Total	-	-	-	-	-
Accounts Receivable, Total	516M	432M	347M	548M	406M
Other Receivables	-	-	-	-	14M
Accounts Receivable (Summary Subtotal)	516M	432M	347M	548M	420M
Other Current Assets, Total	253M	282M	188M	282M	137M
Total Current Assets	917M	1.08B	747M	1.05B	680M
Gross Property Plant And Equipment	8.75B	7.96B	9.11B	12.29B	14.14B
Accumulated Depreciation	-151M	-126M	-118M	-97M	-105M
Net Property Plant And Equipment	8.6B	7.83B	8.99B	12.19B	14.03B
Goodwill	5M	-	-	-	-
Other Intangibles, Total	79M	85M	73M	62M	47M
Long-Term Investments - (Utility Template)	-	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	35M	-	-	-	-
Other Long-Term Assets, Total	222M	377M	213M	238M	215M
Total Assets	9.86B	9.37B	10.02B	13.54B	14.97B
Liabilities
Accrued Expenses, Total	25M	18M	20M	21M	-
Current Portion of Long-Term Debt	378M	159M	214M	234M	366M
Current Portion of Leases	7M	4M	3M	3M	3M
Current Income Taxes Payable	37M	32M	46M	85M	-
Unearned Revenue, Current	23M	13M	14M	10M	-
Other Current Liabilities - (Bank / Utility Template)	640M	500M	423M	651M	666M
Total Current Liabilities	1.11B	726M	720M	1B	1.04B
Long-Term Debt	1.3B	1B	1.02B	1.11B	1.18B
Long-Term Leases	90M	37M	24M	27M	25M
Deferred Tax Liability Non-Current	1.94B	1.93B	2.1B	2.95B	3.27B
Other Non Current Liabilities, Total	194M	147M	166M	204M	551M
Total Liabilities	4.63B	3.85B	4.04B	5.3B	6.05B
Common Stock, Total	1.6B	1.68B	1.71B	1.74B	1.9B
Retained Earnings	-1.55B	-1.24B	-1.6B	-1.63B	-2.62B
Treasury Stock	-5M	-7M	-8M	-9M	-13M
Comprehensive Income and Other	5.18B	5.09B	5.89B	8.15B	9.66B
Total Common Equity	5.22B	5.52B	5.99B	8.25B	8.92B
Total Equity	5.22B	5.52B	5.99B	8.25B	8.92B
Total Liabilities And Equity	9.86B	9.37B	10.02B	13.54B	14.97B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.56B	2.58B	2.58B	2.59B	2.62B
ECS Total Common Shares Outstanding	2.56B	2.58B	2.58B	2.59B	2.62B
Book Value / Share	2.04	2.14	2.32	3.19	3.41
Tangible Book Value	5.14B	5.44B	5.91B	8.18B	8.87B
Tangible Book Value Per Share	2.01	2.11	2.29	3.16	3.39
Total Debt	1.77B	1.2B	1.26B	1.38B	1.57B
Net Debt	1.62B	841M	1.05B	1.16B	1.45B
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	21M	56M	55M	60M	75M
Machinery, Total	143M	148M	139M	120M	333M
Full Time Employees	1K	925	878	936	-
Part Time Employees	28	31	107	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	9M	8M	4M	4M	5M

Fiscal Period: June	2021	2022	2023	2024	2025
Net Income	428M	664M	95M	429M	-452M
Depreciation, Depletion & Amortization	285M	278M	266M	304M	429M
Total Depreciation, Depletion & Amortization	285M	278M	266M	304M	429M
Amortization of Deferred Charges, Total	18M	22M	28M	30M	18M
(Gain) Loss On Sale of Asset - (CF)	1M	-	-	0	-11M
Total Asset Writedown	-6M	-	-	-	-
Stock-Based Compensation (CF)	2M	1M	1M	2M	-
Change in Accounts Receivable	-169M	84M	68M	-201M	130M
Change in Accounts Payable	214M	-114M	-95M	273M	-193M
Change in Unearned Revenues	-	-10M	2M	-4M	-
Change In Income Taxes	-42M	-5M	15M	39M	-100M
Change in Other Net Operating Assets (Collected)	-60M	-1M	-23M	-55M	88M
Other Operating Activities	-240M	-244M	152M	-150M	409M
Net Cash From Discontinued Operations	-	-214M	-	-	-
Cash from Operations	431M	461M	509M	667M	318M
Capital Expenditure	-76M	-141M	-316M	-281M	-143M
Sale of Property, Plant, and Equipment	-	2M	2M	-	-
Cash Acquisitions	-	-	-	-	-
Divestitures	-	768M	-	8M	-
Purchase / Sale of Intangible Assets	-38M	-31M	-13M	-40M	-41M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-14M	-7M
Cash from Investing	-114M	598M	-327M	-327M	-191M
Long-Term Debt Issued, Total	108M	210M	255M	467M	531M
Total Debt Issued	108M	210M	255M	467M	531M
Long-Term Debt Repaid, Total	-17M	-692M	-163M	-360M	-363M
Total Debt Repaid	-17M	-692M	-163M	-360M	-363M
Repurchase of Common Stock	-3M	-2M	-2M	-2M	-6M
Common Dividends Paid	-433M	-360M	-423M	-436M	-387M
Common & Preferred Stock Dividends Paid	-433M	-360M	-423M	-436M	-387M
Special Dividend Paid	-	-	-	-	-
Cash from Financing	-345M	-844M	-333M	-331M	-225M
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	-28M	215M	-151M	9M	-98M
Supplemental Items
Cash Interest Paid	82M	76M	65M	80M	87M
Cash Income Tax Paid (Refund)	179M	145M	154M	160M	195M
Net Debt Issued / Repaid	91M	-482M	92M	107M	168M
Levered Free Cash Flow	452M	412M	130M	359M	64.38M
Unlevered Free Cash Flow	455M	373M	149M	405M	124M
Change In Net Working Capital	108M	107M	-87M	31M	-172M

Fiscal Period: June	2021	2022	2023	2024	2025
Profitability
Return on Assets	3.82	3.65	0.99	3.58	-2.18
Return on Total Capital	5.36	5.11	1.38	4.99	-3.09
Return On Equity %	8.31	8.39	1.65	6.03	-5.27
Return on Common Equity	8.31	8.39	1.65	6.03	-5.27
Margin Analysis
Gross Profit Margin %	16.97	19.15	25.54	15.53	24.8
SG&A Margin	-	-	-	-	-
EBITDA Margin %	20.34	22.52	12.97	20.08	-1.45
EBITA Margin %	13.85	15.15	4.78	13.86	-10.28
EBIT Margin %	13.85	15.15	4.78	13.86	-10.28
Income From Continuing Operations Margin %	9.96	12.18	2.95	8.83	-9.35
Net Income Margin %	9.96	17.93	2.95	8.83	-9.35
Net Avail. For Common Margin %	9.96	12.18	2.95	8.83	-9.35
Normalized Net Income Margin	8.58	10.58	2.6	7.88	-7.6
Levered Free Cash Flow Margin	10.52	11.13	4.03	7.39	1.33
Unlevered Free Cash Flow Margin	10.59	10.06	4.63	8.33	2.57
Asset Turnover
Asset Turnover	0.44	0.39	0.33	0.41	0.34
Fixed Assets Turnover	0.5	0.45	0.38	0.46	0.37
Receivables Turnover (Average Receivables)	9.96	7.81	8.46	10.85	10.27
Short Term Liquidity
Current Ratio	0.83	1.48	1.04	1.05	0.66
Quick Ratio	0.6	1.1	0.78	0.77	0.52
Operating Cash Flow to Current Liabilities	0.39	0.63	0.71	0.66	0.31
Days Sales Outstanding (Average Receivables)	36.66	46.72	43.16	33.73	35.56
Long Term Solvency
Total Debt/Equity	33.94	21.8	21.1	16.7	17.59
Total Debt / Total Capital	25.34	17.9	17.42	14.31	14.96
LT Debt/Equity	26.57	18.85	17.47	13.82	13.45
Long-Term Debt / Total Capital	19.84	15.47	14.43	11.85	11.44
Total Liabilities / Total Assets	47	41.05	40.26	39.11	40.43
EBIT / Interest Expense	119	-8.9	4.97	9.22	-5.18
EBITDA / Interest Expense	176	-13.32	13.55	13.38	-0.71
(EBITDA - Capex) / Interest Expense	160.8	-11.08	3.35	9.53	-2.2
Total Debt / EBITDA	2.01	1.44	3.01	1.41	-23.07
Net Debt / EBITDA	1.85	1	2.5	1.18	-21.26
Total Debt / (EBITDA - Capex)	2.21	1.72	12.14	1.98	-7.44
Net Debt / (EBITDA - Capex)	2.02	1.2	10.11	1.66	-6.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	26.17	-6.56	-14.67	50.71	-0.43
Gross Profit, 1 Yr. Growth %	-14.54	2.46	39.97	-8.38	59.02
EBITDA, 1 Yr. Growth %	23.27	-2.68	-49.88	133.25	-107.18
EBITA, 1 Yr. Growth %	39.02	-2.94	-72.55	337.01	-173.85
EBIT, 1 Yr. Growth %	39.02	-2.94	-72.55	337.01	-173.85
Earnings From Cont. Operations, 1 Yr. Growth %	144.57	8.67	-78.94	351.58	-205.36
Net Income, 1 Yr. Growth %	144.57	55.14	-85.69	351.58	-205.36
Diluted EPS Before Extra, 1 Yr. Growth %	144.57	8.34	-79.02	350.57	-204.69
Normalized Net Income, 1 Yr. Growth %	99.32	8.85	-78.63	356.72	-196.08
Net Property, Plant and Equip., 1 Yr. Growth %	0.05	-8.93	14.8	35.63	15.09
Accounts Receivable, 1 Yr. Growth %	48.7	-16.28	-16.39	57.92	-24.25
Total Assets, 1 Yr. Growth %	2.43	-4.94	6.97	36.25	10.57
Tangible Book Value, 1 Yr. Growth %	2.43	5.8	8.75	38.38	8.42
Cash From Operations, 1 Yr. Growth %	-28.76	6.96	10.41	31.04	-52.32
Capital Expenditures, 1 Yr. Growth %	76.74	85.53	124.11	-11.08	-49.11
Levered Free Cash Flow, 1 Yr. Growth %	-11.66	-7	-70.75	176.42	-81.97
Unlevered Free Cash Flow, 1 Yr. Growth %	-23.49	-16.12	-63.11	171.11	-69.11
Dividend Per Share, 1 Yr. Growth %	0	2.96	2.87	17.32	0
Common Equity, 1 Yr. Growth %	2.79	5.72	8.4	37.73	8.17
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	10.93	4.28	-9.83	13.4	22.5
Gross Profit, 2 Yr. CAGR %	-6.73	-8.83	9.06	13.24	20.7
EBITDA, 2 Yr. CAGR %	0.23	8.46	-30.16	8.12	-59.08
EBITA, 2 Yr. CAGR %	-2.04	14.49	-48.38	9.53	79.65
EBIT, 2 Yr. CAGR %	-2.04	14.49	-48.38	9.53	79.65
Earnings From Cont. Operations, 2 Yr. CAGR %	12.36	60.53	-52.15	-2.47	118.13
Net Income, 2 Yr. CAGR %	12.36	94.79	-52.89	-19.62	118.13
Diluted EPS Before Extra, 2 Yr. CAGR %	12.36	60.29	-52.33	-2.78	117.19
Normalized Net Income, 2 Yr. CAGR %	11.57	45.54	-51.77	-1.2	109.48
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.29	-4.55	2.25	24.78	24.94
Accounts Receivable, 2 Yr. CAGR %	28.6	11.58	-18	14.91	8.17
Total Assets, 2 Yr. CAGR %	1.02	-1.32	0.84	20.23	22.74
Common Equity, 2 Yr. CAGR %	-2.16	4.25	7.05	22.19	22.06
Tangible Book Value, 2 Yr. CAGR %	-2.42	4.1	7.27	22.68	22.49
Cash From Operations, 2 Yr. CAGR %	-17.61	-12.71	8.67	20.29	-20.96
Capital Expenditures, 2 Yr. CAGR %	29.96	81.08	103.91	41.17	-32.73
Levered Free Cash Flow, 2 Yr. CAGR %	-3.85	-10.24	-45.85	-10.08	-29.6
Unlevered Free Cash Flow, 2 Yr. CAGR %	-11.48	-20.83	-42.04	0	-8.71
Dividend Per Share, 2 Yr. CAGR %	1.45	1.47	2.92	9.86	8.31
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.86	1.98	-1.82	7.01	8.59
Gross Profit, 3 Yr. CAGR %	2.75	-5.42	-1.19	2.9	26.81
EBITDA, 3 Yr. CAGR %	11.95	-1.4	-16.15	4.39	-56.22
EBITA, 3 Yr. CAGR %	16.53	-3.28	-28.87	5.2	-3.96
EBIT, 3 Yr. CAGR %	16.53	-3.28	-28.87	5.2	-3.96
Earnings From Cont. Operations, 3 Yr. CAGR %	28.65	9.98	-18.42	1.11	0.07
Net Income, 3 Yr. CAGR %	28.65	25.12	-18.42	0.08	-12.03
Diluted EPS Before Extra, 3 Yr. CAGR %	28.65	9.87	-18.62	0.79	-0.35
Normalized Net Income, 3 Yr. CAGR %	26.57	9.77	-23.22	2.04	-2.12
Net Property, Plant and Equip., 3 Yr. CAGR %	2.69	-3.91	1.51	12.35	21.47
Accounts Receivable, 3 Yr. CAGR %	22.6	11.46	0	2.03	-0.73
Total Assets, 3 Yr. CAGR %	4.52	-1	1.37	11.17	16.92
Common Equity, 3 Yr. CAGR %	2.7	0.4	5.61	16.43	17.33
Tangible Book Value, 3 Yr. CAGR %	2.57	0.25	5.63	16.77	17.73
Cash From Operations, 3 Yr. CAGR %	0.31	-10.12	-5.6	15.67	-11.64
Capital Expenditures, 3 Yr. CAGR %	32.06	46.33	94.42	54.63	0.47
Levered Free Cash Flow, 3 Yr. CAGR %	7.87	-5.53	-36.67	-6.77	-47.47
Unlevered Free Cash Flow, 3 Yr. CAGR %	3.27	-13.74	-36.92	-3.07	-32.51
Dividend Per Share, 3 Yr. CAGR %	5.68	1.95	1.93	7.51	6.47
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	12.58	9.8	3.13	6.82	7.26
Gross Profit, 5 Yr. CAGR %	2.32	1.54	4.14	-2.09	7.05
EBITDA, 5 Yr. CAGR %	7.25	8.21	-7.67	2.3	-37.07
EBITA, 5 Yr. CAGR %	8.32	12.09	-16.35	1.65	3.03
EBIT, 5 Yr. CAGR %	8.32	12.09	-16.35	1.65	3.03
Earnings From Cont. Operations, 5 Yr. CAGR %	18.26	17.66	-13.92	4.82	20.9
Net Income, 5 Yr. CAGR %	18.26	27.12	-13.92	4.82	20.9
Diluted EPS Before Extra, 5 Yr. CAGR %	18.26	17.59	-14.04	4.62	20.51
Normalized Net Income, 5 Yr. CAGR %	18.45	16.28	-14.37	5.24	14.71
Net Property, Plant and Equip., 5 Yr. CAGR %	2.04	-0.33	2.51	6.68	10.3
Accounts Receivable, 5 Yr. CAGR %	21.61	9.22	4.38	11.92	3.19
Total Assets, 5 Yr. CAGR %	2.91	1.53	3.03	7	9.25
Common Equity, 5 Yr. CAGR %	0.68	1.63	4.42	8.61	11.91
Tangible Book Value, 5 Yr. CAGR %	0.54	1.54	4.42	8.68	12.07
Cash From Operations, 5 Yr. CAGR %	-0.95	-0.39	3.58	0.99	-12.07
Capital Expenditures, 5 Yr. CAGR %	12.59	33.7	57.12	44.24	27.17
Levered Free Cash Flow, 5 Yr. CAGR %	8.69	-0.53	-18.44	-5.98	-33.93
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.16	-3.19	-18.42	-6.96	-26.87
Dividend Per Share, 5 Yr. CAGR %	4.59	4.4	4.56	5.04	4.44