Financials Meridian Energy Limited

Equities

End-of-day quote New Zealand S.E. Other stock markets 2026-02-13			5-day change	1st Jan Change
5.760 ^NZD	-0.52%		+0.88%	+2.86%

02-12	New Zealand Shares Tumble After Wall Street Tech Sell-off; Air New Zealand's Group Capacity Falls 1% in December 2025	MT
02-12	ASX Midday Sector Update: Utilities Jump, Information Technology Shares Fall	MT

Fiscal Period: June	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,296	3,703	3,222	4,856	4,835	4,530	4,749	4,758
Change	-	-13.8%	-12.99%	50.71%	-0.43%	-6.3%	4.82%	0.19%
EBITDA ¹	729	709	783	905	611	1,050	1,136	1,221
Change	-	-2.74%	10.44%	15.58%	-32.49%	71.83%	8.24%	7.48%
EBIT ¹	426	416	489	571	164	576.7	654.6	728.9
Change	-	-2.35%	17.55%	16.77%	-71.28%	251.65%	13.5%	11.35%
Interest Paid ¹	-84	-75	-55	-69	-79	-97	-104	-115.5
Earnings before Tax (EBT) ¹	595	625	126	594	-619	469.4	540.4	611.8
Change	-	5.04%	-79.84%	371.43%	-204.21%	175.84%	15.11%	13.21%
Net income ¹	428	664	95	429	-452	348.2	395.4	446.7
Change	-	55.14%	-85.69%	351.58%	-205.36%	177.03%	13.58%	12.96%
Announcement Date	8/24/21	8/23/22	8/28/23	8/27/24	8/26/25	-	-	-

¹NZD in Million

Estimates

¹NZD in Million

Estimates

Fiscal Period: June	2021 S2	2022 S1	2023 S1	2024 S1	2025 S1	2025 S2	2026 S1	2026 S2
Net sales	2,427	1,672	1,529	2,111	-	-	-	-
Change	-	-31.11%	-8.55%	38.06%	-	-	-	-
EBITDA ¹	-	394	425	443	-	354	507	540
Change	-	-	7.87%	4.24%	-	-	43.22%	6.51%
EBIT	157	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-121	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	8/24/21	2/22/22	3/1/23	2/27/24	2/26/25	8/26/25	-	-

¹NZD in Million

Estimates

Fiscal Period: June	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,625	847	1,232	1,274	1,505	1,498	1,524	1,673
Change	-	-47.88%	45.45%	3.41%	18.13%	-0.47%	1.74%	9.78%
Announcement Date	8/24/21	8/23/22	8/28/23	8/27/24	8/26/25	-	-	-

¹NZD in Million

Estimates

Fiscal Period: June	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	76	141	316	281	191	341.8	413	386.3
Change	-	85.53%	124.11%	-11.08%	-32.03%	78.97%	20.83%	-6.49%
Free Cash Flow (FCF) ¹	355	289	180	332	-	739	776.5	872.5
Change	-	-18.59%	-37.72%	84.44%	-	-	5.07%	12.36%
Announcement Date	8/24/21	8/23/22	8/28/23	8/27/24	8/26/25	-	-	-

¹NZD in Million

Estimates

Fiscal Period: June	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	16.97%	19.15%	24.3%	18.64%	12.64%	23.17%	23.93%	25.67%
EBIT Margin (%)	9.92%	11.23%	15.18%	11.76%	3.39%	12.73%	13.78%	15.32%
EBT Margin (%)	13.85%	16.88%	3.91%	12.23%	-12.8%	10.36%	11.38%	12.86%
Net margin (%)	9.96%	17.93%	2.95%	8.83%	-9.35%	7.69%	8.33%	9.39%
FCF margin (%)	8.26%	7.8%	5.59%	6.84%	-	16.31%	16.35%	18.34%
FCF / Net Income (%)	82.94%	43.52%	189.47%	77.39%	-	212.26%	196.37%	195.33%
Profitability
ROA	2.38%	2.42%	3.25%	3.65%	0.39%	3.28%	3.66%	4.08%
ROE	4.5%	4.34%	5.47%	6.03%	0.65%	4.34%	4.81%	5.5%
Financial Health
Leverage (Debt/EBITDA)	2.23x	1.19x	1.57x	1.41x	2.46x	1.43x	1.34x	1.37x
Debt / Free cash flow	4.58x	2.93x	6.84x	3.84x	-	2.03x	1.96x	1.92x
Capital Intensity
CAPEX / Current Assets (%)	1.77%	3.81%	9.81%	5.79%	3.95%	7.55%	8.7%	8.12%
CAPEX / EBITDA (%)	10.43%	19.89%	40.36%	31.05%	31.26%	32.56%	36.35%	31.62%
CAPEX / FCF (%)	21.41%	48.79%	175.56%	84.64%	-	46.26%	53.19%	44.27%
Items per share
Cash flow per share ¹	0.1682	0.1793	0.1971	0.2578	0.1221	0.3112	0.3243	0.3417
Change	-	6.61%	9.92%	30.78%	-52.63%	154.86%	4.23%	5.34%
Dividend per Share ¹	0.169	0.174	0.179	0.21	0.21	0.2294	0.2434	0.2628
Change	-	2.96%	2.87%	17.32%	0%	9.24%	6.1%	7.97%
Book Value Per Share ¹	2.039	2.143	2.318	3.186	3.425	3.418	3.402	3.399
Change	-	5.07%	8.17%	37.44%	7.53%	-0.21%	-0.49%	-0.07%
EPS ¹	0.167	0.258	0.037	0.166	-0.174	0.1329	0.1497	0.1708
Change	-	54.49%	-85.66%	348.65%	-204.82%	176.37%	12.67%	14.09%
Nbr of stocks (in thousands)	2,562,114	2,577,566	2,583,169	2,588,594	2,615,473	2,638,773	2,638,773	2,638,773
Announcement Date	8/24/21	8/23/22	8/28/23	8/27/24	8/26/25	-	-	-