Mercury has reported a significant decline in earnings for the 2025 financial year, primarily due to challenging generating conditions.
The company's net profit after tax was $1 million, down $289m from the previous year.
Total generation volume for the year was 7,906 gigawatt hours, 10% lower than the prior year.
This was attributed to reduced hydro generation, which was 17% lower, as well as lower wind and geothermal generation.
Mercury's ebitdaf was $786m, down $91m, while operating costs increased by $11m.
Despite the difficult year, Mercury reaffirmed its commitment to delivering for New Zealand and highlighted its focus on large-scale generation build and value for customers.
The company has 1.1TWh of new renewables under construction and plans to deliver 3.5TWh over the next five years.
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