Meridian Energy Limited (MEL) Earnings Call Transcripts

Meridian Energy Limited's Latest Earnings Call - Q3 FY2026

In the Q3 FY26 earnings call for Meridian Energy Limited, management provided an operational update rather than detailed financial results, indicating a strong recovery in hydro inflows and a significant increase in wind generation. Revenue and earnings figures were not disclosed, but management noted that the average generation price dropped to $61 per megawatt hour, down 71% YoY, reflecting improved hydro conditions. Guidance for full-year CapEx has been lowered to a range of $280 million to $310 million, signaling potential delays in project timelines, particularly for the Ruakaka solar farm.

Reported metrics

Guidance from management

CapEx guidance has been lowered to a range of $280 million to $310 million due to project timing adjustments, particularly for the Te Rere Hau project.

What management said

No, we certainly will. But the economic viability and engineering feasibility of the program at Waitaki is still being developed, and it's too early to start talking potential generation uplift.

Great. So we'll -- as we get closer to FID on that replacement project, we will provide that information. And then another question on the CapEx guidance. Is that the result of project timing or drop in total projected cost? That is simply project timing. Our pipeline remains as it was when we last spoke to it, but particularly Te Rere Hau being pushed out into next financial year. I think that is all that we h...

What analysts pressed on

Analysts expressed concerns regarding the impact of the reduced CapEx on future growth and project timelines, particularly for the Ruakaka solar farm. There were also questions about the sustainability of the current demand growth rates amidst fluctuating generation prices.

Main topics on the call

• Hydro Inflows Recovery — Management reported that Q3 inflows were 'slightly below average at 87%', but significantly improved compared to the previous year, alleviating fuel stress. Inflows for the 9 months of FY26 are noted as 'the sixth highes...
• Wind Generation Increase — Wind generation increased by 24%, or 81 gigawatt hours, compared to the drought-impacted Q3 of last year, indicating a strong operational performance in renewable generation.
• Average Generation Price Decline — The average generation price for Q3 was reported at $61 per megawatt hour, which is '71% lower than the same quarter of last year', reflecting improved supply conditions.
• CapEx Guidance Reduction — Management lowered CapEx guidance to 'between $280 million and $310 million', primarily due to project timing delays, particularly for the Te Rere Hau project pushed to next financial year.

Read the full Meridian Energy Limited transcript (Q3 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 41 Meridian Energy Limited earnings call transcripts on record, spanning February 25, 2020 to April 16, 2026. Based on this history, Meridian Energy Limited reports quarterly. The most recent call on file is dated April 16, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

MEL

Exchange

NZSE

Country

NZ

Sector

Utilities

Industry

Independent Power and Renewable Electricity Producers

Calls on record

41

First call

February 25, 2020

Most recent

April 16, 2026

Reporting cadence

quarterly