Mercury NZ (ASX: $MCY) HY2024 Financial Results Overview

Mercury NZ Limited (ASX: $MCY) has reported a net profit after tax of $174 million for the half year ended 31 December 2023. The company's EBITDAF stood at $434 million, reflecting a strong performance despite higher operational and capital expenditure. Mercury's growth ambitions are underpinned by the delivery of more renewable generation, with a commitment to invest up to $1 billion in generation development over the next three years.

Executive Commentary on Growth and Financial Performance

Mercury's Chief Executive, Vince Hawksworth, highlighted the company's progress in the renewable energy sector, emphasizing the transformative growth it is undergoing. He expressed satisfaction with the ongoing investment in renewable generation, citing the completion of the Kaiwera Downs 1 wind farm and the advanced stages of approving the development of the Kaiwera Downs 2 wind farm. Additionally, he mentioned the company's commitment to further diversify its renewable energy portfolio through the issuance of a request for Expressions of Interest for an offtake agreement for 100MW of solar energy, commencing in 2026.

Summary of Mercury NZ (ASX: $MCY) HY2024 Results

Mercury NZ Limited (ASX: $MCY) reported a net profit after tax of $174 million for the half year ended 31 December 2023, reflecting a strong performance despite higher operational and capital expenditure. The company remains committed to its growth ambitions, with a focus on investing up to $1 billion in generation development over the next three years. Mercury's Chief Executive, Vince Hawksworth, emphasized the company's role in the transformational growth of the renewable energy sector and highlighted key projects contributing to the delivery of more renewable generation. The company also achieved the goal of integrating Mercury and Trustpower, positioning itself to deliver greater value for customers. Despite planned electricity price increases, Mercury aims to offer targeted measures to support customers most in need. The company's FY24 EBITDAF guidance has been revised to $880 million, reflecting better pricing outcomes in its generation and wholesale segment.