UTILITIES & CONNECTIVITY Sanctions Clear

Mercury NZ

mercury.co.nz Updated Apr 30, 2026 Quality: 95/100

Strategic intent

Mercury NZ Limited is a major New Zealand utility company that generates electricity from 100% renewable sources (hydro, geothermal, and wind) and retails electricity, gas, broadband, and mobile services.

Key market signals

2026-04: Upgraded FY2026 EBITDAF guidance to $1.05 billion and signed a $590 million hydro upgrade programme with ANDRITZ.
2026-03: Won a significant Court of Appeal case restoring land transfer primacy over customary claims on the Waikato River bed.
2025-11: Received Commerce Commission authorization alongside Genesis, Contact, and Meridian for a 10-year strategic energy reserve arrangement.
2024-12: Announced a $287 million investment to build the 77-MW Kaiwaikawe wind farm in Northland, targeting full generation by late 2026.
2024-10: Restructured the Executive Leadership Team under new CEO Stew Hamilton to focus on generation development and wholesale strategy.

Financial health

Upgraded FY2026 EBITDAF guidance to $1.05 billion, driven by disciplined portfolio management and higher forecast renewable generation (Motley Fool, April 2026).
Reported record H1 FY2026 EBITDAF of $537 million NZD, a 28% increase reflecting strategic investments in hydro and geothermal energy (Investing.com, Feb 2026).
FY2025 EBITDAF was $786 million, down from $877 million in FY2024 due to low hydro generation, with operating cash flow of $612 million (Quartr, Nov 2025).

Impact & compliance

Social Impact Modern Slavery Statement (2024) Sector Risk: low Scope 3: HIGH THIRD_PARTY_ASSURED

Legal & risks

In March 2026, Mercury NZ successfully defended its land titles in the Court of Appeal (Mercury NZ Ltd v Māori Land Court), which struck out a customary land claim by twelve hapū regarding the Waikato River bed where Mercury's hydro dams operate. Additionally, in late 2025, Mercury, alongside other

Forensic audit — 1 findings

⚠ In March 2026, the New Zealand Court of Appeal heard appeals in Mercury NZ Ltd v Māori Land Court NZCA 91, a long-runnin...

Classifications

Utilities - Electricity (94%) Energy Services (5%) Other Services (0%)

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