UTILITIES & CONNECTIVITY Sanctions Clear

Mercury NZ

mercury.co.nz Updated Oct 25, 2026 Quality: 80/100

Strategic intent

Mercury NZ is a major New Zealand electricity generator and multi-product utility retailer that produces 100% renewable energy from hydro, geothermal, and wind assets and sells electricity, gas, broadband, and mobile services to residential and commercial customers.

Key market signals

2026-10: Mercury NZ issued a Notice to Proceed for the NZD 506 million, 192 MW Puke Kapo Hau wind farm development west of Dunedin, with construction starting in November 2026.
2026-10: Nordex SE was awarded the turbine supply contract for the 192 MW Puke Kapo Hau wind farm, supplying 40 N133/4.8 wind turbines.
2026-09: Chief Operating Officer - Generation, Kevin Taylor, announced his retirement, effective at the end of 2026.
2026-08: Mercury NZ released its FY26 Integrated Report, delivering a strong financial performance with EBITDAF of NZD 1,068 million (up 36% YoY) and net profit of NZD 321 million.
2026-07: Mercury NZ invested NZD 53 million for a 12.7% minority stake in Datagrid NZ, following a 140MW power purchase option agreement signed in March 2026.

Financial health

For the full year ended 30 June 2026, Mercury reported EBITDAF of NZD 1,068 million, up 36% from FY25 (source: https://www.mercury.co.nz)
Net profit after tax reached NZD 321 million in FY26, compared to NZD 1 million in FY25 (source: https://www.marketscreener.com)
Operating cash flow for FY26 was NZD 762 million, with NZD 710 million (66% of EBITDAF) reinvested into renewable generation assets (source: https://www.kalkine.com.au)

Impact & compliance

Social Impact Modern Slavery Statement (2025) Sector Risk: low Scope 3: HIGH THIRD_PARTY_ASSURED

Legal & risks

In March 2026, the New Zealand Court of Appeal heard appeals in Mercury NZ Ltd v Māori Land Court NZCA 91, a long-running litigation where Pouākani claimants assert customary ownership and tikanga rights over the Waikato River bed and waters, which Mercury uses for its hydro scheme; Mercury has […]

Forensic audit — 2 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...
⚠ On November 5, 2025, the Commerce Commission of New Zealand authorised Mercury NZ Limited, Genesis Energy, Contact Energ...

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