Earnings release
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1 Mercury delivered a strong fourth quarter, with higher renewable generation and disciplined portfolio management supporting trading margin of $390m, up 33% on PCP. The quarter also reflects continued delivery across our renewable development and asset renewal programmes, with major milestones achieved across Kaiwera Downs, Kaiwaikawe and our hydro refurbishment programme. Overall, this performance highlights strong operational momentum and disciplined execution against our strategic priorities. Our May Geothermal Investor Day demonstrated the scale of Mercury’s geothermal platform, with more than 1TWh entering feasibility and $75m committed to appraisal drilling at the Ngā Tamariki and Rotokawa geothermal fields. Together, these milestones conclude a year of strong operational delivery across Mercury’s renewable development and asset renewal programmes. • All t urbines at Kaiwera Downs Stage 2 Wind Farm are installed with reliability testing underway. We expect all turbines to be handed over by the end of August. • Kaiwaikawe Wind Farm progressing on schedule and expected to be fully operational in H1 FY27. First generation from 6 installed turbines started on time in July. Our WindPlatform underpins the delivery of our wind projects at scale, on time and on budget. • Fast-track consent granted for Puke Kapo Hau Wind Farm, reinforcing Mercury’s renewable development pipeline and future growth options. • L aunched Flex Rates, our new Time of Use electricity plans for eligible retail customers, giving more control over their electricity costs. Quarterly highlights NZX / ASX Announcement 4Q-FY26 Trading update For the three months ended 30 June 2026 22 July 2026 - Mercury Chief Executive Stew Hamilton Mercury delivers strong Q4 performance Trading Margin $390m 33% on PCP $97m on PCP YTD Trading margin up $269m to $1,421m Generation Volume 2,344GWh 339GWh on PCP YTD Generation volume up 1,163GWh to 9,070GWh Hydrological Inflows 61st percentile from 79th percentile PCP YTD Inflows were at 83rd percentile compared to 12th percentile PCP
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1) VWAP is volume weighted average energy-only price sold to customers after lines, metering and fees 2) Geothermal (Consolidation) includes Mercury’s 65% share of Ngā Awa Pūrua generation 3) Mass market includes residential segments and non time-of-use commercial customers 4) Other Costs of Sales includes levies, incentives, connection charges and ancillaries 2 Performance summary Disclaimer: The operational and other data contained in this document is unaudited, preliminary and subject to change. This document has been prepared for information purposes only and is not intended to be relied upon as the basis for any investment decision. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information contained in this document. Recipients should make their own independent assessment and seek appropriate professional advice. Data used in this table is available in downloadable excel format on the investor section of our website VWAP Volume VWAP Volume VWAP Volume VWAP Volume ($/MWh) (GWh) ($/MWh) (GWh) ($/MWh) (GWh) ($/MWh) (GWh) Electricity Connections ('000 ICPs) Gas & LPG Connections ('000) Broadband Connections ('000) Mobile Connections ('000) Customers with two or more products ('000) Generation 77.3 2,344 185.0 2,005 83.7 9,070 178.8 7,907 Hydro 80.7 1,103 211.4 870 91.3 4,452 214.2 3,411 Geothermal (Consolidated)2 66.9 731 196.1 656 74.0 2,622 184.2 2,559 Wind Spot 58.7 203 178.4 175 64.8 625 161.1 718 Wind PPA 102.6 307 89.3 305 86.2 1,370 78.7 1,218 Network Losses (GWh) Mass Market 1,3 186.3 1,090 158.9 1,109 183.5 4,230 167.5 4,281 Commercial & Industrial 1 181.5 583 181.1 523 156.0 2,255 152.7 2,059 Physical Electricity Purchases (74.9) 1,767 (215.8) 1,726 (85.4) 6,849 (211.2) 6,705 Other Costs of Sales ($m) 4 Derivative Margin ($m) End User Sell CfD's (Strike) 146.3 325 128.2 363 134.2 1,336 130.6 1,291 End User Sell CfD's (Spot) (73.1) 325 (213.8) 363 (82.2) 1,336 (214.3) 1,291 Buy CfD's (Strike) (121.2) 478 (143.3) 677 (119.2) 2,016 (126.6) 2,629 Buy CfD's (Spot) 74.2 478 212.1 677 84.9 2,016 208.4 2,629 Portfolio Derivatives 48.6 367 (40.4) 267 49.4 1,479 (21.0) 1,468 Other Derivatives ($m) Spot Electricity Margin ($m) Spot Electricity Sales 122.2 50 241.0 57 95.5 208 221.6 186 Spot Electricity Purchases (83.6) 51 (222.1) 58 (89.4) 210 (191.8) 190 Gas Margin ($m) Gas Sales ($/GJ | Tj) 36.1 488 31.3 501 35.3 1,886 27.0 2,000 Gas Costs ($/GJ | Tj) (20.1) 488 (14.7) 501 (17.1) 1,886 (18.7) 2,017 Broadband Margin ($m) Broadband Sales ($ / month / connection) 89.1 193 92.5 178 89.2 193 89.7 178 Broadband Costs ($ / month / connection) (63.0) 193 (60.7) 178 (61.1) 193 (58.5) 178 LPG Margin ($m) Mobile Margin ($m) Trading Margin ($m) Other Income ($m) SIB CAPEX Growth CAPEX 63 39 150 138 96 122 560 345 3 37 581 110 178 37 215231 49 193 109 590 2 1 4 2 15 17 65 67 5 21 1 390 293 1,421 1,152 2 16 17 29 2 1 1 5 8 8 34 16 OPERATING INFORMATION Three months ended Three months ended Twelve months ended Twelve months ended 30 June 26 30 June 25 30 June 26 30 June 25 93 36536493 3 (19) (25) (66) (82) 22 21 77 113 16
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Performance summary 3 Howard Thomas | General Counsel and Company Secretary | Mercury NZ Limited CONTACT ABOUT MERCURY NZ LIMITED Mercury’s generation assets produce electricity from 100% renewable sources: hydro, geothermal and wind. We’re also a retailer of electricity, gas, broadband and mobile services. We’re listed on the New Zealand Stock Exchange and the Australian Stock Exchange with the ticker symbol ‘MCY’, with foreign exempt listed status. The New Zealand Government holds a legislated minimum 51% shareholding of Mercury. For media inquiries, please contact: Catherine Morab External Communications Manager 09 282 1158 mercurycommunications@mercury.co.nz For investor relations queries, please contact: Paul Ruediger Head of Business Performance & Investor Relations 027 517 3470 investor@mercury.co.nz The Mercury Building, 33 Broadway, Newmarket 1023 PO Box 90399, Auckland 1142 135 88 0 40 80 120 160 Starting storage delta to average Ending storage delta to average GWh Hydro Storage - Delta to Average 0 3,000 6,000 9,000 12,000 Supply Demand GWh Demand and supply - YTD Hydro Geothermal Wind Spot Financials Wind PPA Mass Market C&I Financials Wind PPA End User CfD Losses