Meridian Energy Limited (NS)
Meridian Energy Limited (NS) Analysis
Overview
As the country's main electricity generator and a significant retailer, Meridian is New Zealand's largest electricity company.
Meridian generates electricity from 100% renewable sources wind and water. The company generates approximately 30% of New Zealands electricity from its integrated chain of dams on the Waitaki River and Manapouri, which is the largest hydro power station in New Zealand, and four wind farms around the country.
Through the Meridian and Powershop brands, the company retails electricity to over 270,000 customer connections, including homes, businesses and farms around the country.
The company is committed to renewable energy and supporting the environments and communities where it operates. Meridian continues to focus on providing energy solutions that can help customers manage their energy use.
Meridian was incorporated in 1998 and began business in 1999, when Electricity Corporation of New Zealand Limited was split into three separate state enterprises: Meridian, Genesis and Mighty River. In this process, Meridian was allocated various South Island hydro assets. The company was listed on the NZX in October 2013 as part of the Governments Share Offer Programme. The Government retains 51% ownership of Meridian.
MEL has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because of provisions in MEL's constitution regulating the ownership and transfer of its Ordinary Shares due to the New Zealand government's shareholding. For further information, please see a copy of the waiver under Documents on Merdians' homepage on nzx.com
Performance
The following information was extracted from Meridian Energy Limited's full year results, released on 26 August 2026:
Meridian delivers a strong result and renewables growth
Meridian Energy has reported operating cash flows of $810 million for the year ended 30 June 2026, up from $318 million the previous year. The company recorded a net profit after tax of $130 million, compared with a net loss after tax of $452 million in FY25.
EBITDAF was $1,051 million, up from $611 million, while underlying net profit increased from $56 million to $308 million. Both are non-GAAP measures.
Behind these results was an increase in energy margin from $982 million to $1,471 million. The year was a strong contrast with FY25, when Meridian’s annual result was impacted by two severe droughts and a $300 million investment in hedge and demand response contracts to help maintain security of supply during winter 2024.
“This is a result that strengthens our financial resilience as we continue to build at pace. Delivering clean, affordable energy and advancing New Zealand’s energy independence are becoming more critical. Our job is to develop renewable and firming assets in a way that benefits customers, creates value for shareholders and strengthens New Zealand’s long-term energy resilience,” says Meridian Chief Executive Mike Roan.
Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.
About Company
Board & Leadership
| Mark Verbiest | Chairman |
|---|---|
| Michael Roan | Chief Executive Officer |
| Mandy Binnie | Chief Financial Officer |
| David Carter | Independent Director |
| Graham Cockroft | Independent Director |
| Julia Hoare | Independent Director |
| Nagaja Sanatkumar | Independent Director |
| Tania Simpson | Independent Director |
| Jason Woolley | Company Secretary |
| Lisa Hannifin | General Manager |
| Tania Palmer | General Manager |
| Guy Waipara | General Manager |
Company Summary
| First Listed | 1st Mar 2010 |
|---|---|
| Primary Listing Venue | NZ |
| Solicitor | Russell McVeagh, Wellington |
| Auditor | Deloitte |
| Share Registry | Computershare Investor Services Limited |
| End of Financial Year | June |