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Held by NZ managed funds
Sub-substantial fund positions — invisible in NZX SSH data, visible here. Sourced from each fund's Quarterly Fund Update on the FMA Disclose register.
| Fund | % of fund NAV |
|---|---|
| Mint — Australasian Equity | 7.58% |
| Mint — New Zealand Sri Equity | 7.26% |
| Harbour — Sustainable NZ Shares | 6.01% |
| Mercer — NZ Shares Passive | 5.39% |
| Mercer — Responsible Trans Tasman Shares | 5.22% |
+ 3 more funds hold MEL. Full breakdown and coverage
How Meridian Energy Limited makes money — FY2025
Revenue $4.8b · EBITDA $611.0m (12.6% of revenue) · Net loss $452.0m (-9.3% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $4.8b | Reported | |
| Operating costs (net of other income) | −$4.2b | Derived * | Reported operating expenses $3,636m do not reconcile; not used. |
| EBITDA | $611.0m | Reported | |
| Depreciation & amortisation | −$447.0m | Reported | |
| EBIT | $164.0m | Derived * | Reported EBIT $32m does not reconcile to EBITDA − D&A. |
| Interest (net finance costs) | −$84.0m | Reported | |
| Income tax credit | +$167.0m | Reported | |
| Other items (net cost) | −$699.0m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net loss | -$452.0m | Reported |
- * ebit: $164.0m = EBITDA − D&A (reported EBIT $32m differs; the gap falls into Other items)
- * operating costs: $4.2b = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Meridian Energy Limited Annual Report (PDF, NZX)
Meridian Energy Limited board of directors
8 current directors, average tenure 4.7 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Mark John Verbiest | Chair | Yes | 2017 | 9.7 yrs | — |
| David Carter | Non-Independent Director | No | 2023 | 3.3 yrs | — |
| Fraser Whineray | Director | Not recorded | 2026 | 0.2 yrs | — |
| Tania Joy Te Rangingangana Simpson | Independent Director | Yes | 2021 | 5.3 yrs | — |
| Nagaja Sanatkumar | Independent Director | Yes | 2020 | 6.9 yrs | — |
| Graham Cockroft | Independent Director | Yes | 2022 | 4.3 yrs | — |
| Julia Hoare | Non-Independent Director | No | 2019 | 7.1 yrs | — |
| Kylie Reiri | Director | Not recorded | 2025 | 1.0 yrs | — |
Future directors & observers
Non-voting board observers, such as Institute of Directors Future Directors. They are not counted in the board size, independence or governance figures above.
- Benjamin Bateman — Future Director, since 2023
- Meg Matthews — Future Director
MEL governance score breakdown
Meridian Energy Limited scores 86/100 (Excellent) on the NZXplorer Governance Risk Score for FY2026, based on 73% data coverage. See the GRS methodology.
- Board structure
- 23/25
- Shareholder rights
- 20/20
- Executive remuneration
- 5.5/10
MEL dividends
The most recent Meridian Energy Limited dividend on record is 16.10 cents per share, for FY2026 (final), 90% imputed, ex-dividend 3 Sept 2026, paid 22 Sept 2026.
Meridian Energy Limited largest shareholders
Top 10 registered holders of MEL as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | THE SOVEREIGN IN RIGHT OF NEW ZEALAND ACTING BY AND THROUGH THEIR MINISTER OF FINANCE AND MINISTER FOR STATE OWNED ENTERPRISES | 51.01% |
| 2 | HSBC NOMINEES (NEW ZEALAND) LIMITED – NZCSD | 6.20% |
| 3 | HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET –NZCSD | 5.41% |
| 4 | JP MORGAN CHASE BANK NA NZ BRANCH–SEGREGATED CLIENTS ACCT – NZCSD | 4.41% |
| 5 | CUSTODIAL SERVICES LIMITED | 3.32% |
| 6 | BNP PARIBAS NOMINEES (NZ) LIMITED – NZCSD | 3.15% |
| 7 | CITIBANK NOMINEES (NEW ZEALAND) LIMITED – NZCSD | 2.81% |
| 8 | ACCIDENT COMPENSATION CORPORATION – NZCSD | 1.78% |
| 9 | HSBC NOMINEES A/C NZ SUPERANNUATION FUND NOMINEES LIMITED – NZCSD | 1.35% |
| 10 | TEA CUSTODIANS LIMITED CLIENT PROPERTY TRUST ACCOUNT – NZCSD | 1.30% |
MEL government contracts
Meridian Energy Limited has been named as an awarded supplier on 8 New Zealand government contracts published on GETS, most recently on 15 Dec 2023. 1 of them discloses an award value, totalling $2.4M. 1 was shared with other suppliers, and a shared contract is published with its full value.
Most frequent of 7 agencies: University of Otago, Wellington City Council, Energy and Technical Services trading as Carbon EMS.
| Awarded | Agency | Contract | Value |
|---|---|---|---|
| 15 Dec 2023 | Porirua City Council | Supply of Electricity | not disclosed |
| 28 Sept 2023 | University of Otago | Supply of Electricity | not disclosed |
| 1 Aug 2022 | Ministry of Business, Innovation and Employment | Request for Proposals - All-of-Government Electricity (Generation Two)(shared) | not disclosed |
| 27 Jul 2022 | KiwiRail Group | Request for Proposal - National Electricity Supply | not disclosed |
| 1 Jul 2022 | Whangarei District Council | Electricity Supply | not disclosed |
Full government procurement analysis on PublicData · All NZX companies with government contracts
Source: MBIE GETS Open Data. An award of $0 or blank is treated as undisclosed.
Recent MEL NZX announcements
The 10 most recent filings by Meridian Energy Limited to the NZX.
- Ongoing D&O Disclosure NoticesInsider Disclosure
- Director and Senior Manager Ongoing DisclosuresInsider Disclosure
- Capital Change Notice - Issue of Share RightsCapital Change
- Ongoing D&O Disclosures NoticeInsider/Shareholder Notice
- Meridian Investor PresentationInvestor Presentation
- Issue of Share RightsOther
- Capital Change Notice - Allotment of SharesCapital Change
- Annual Shareholder Meeting Voting ResultsAGM
- Meridian Annual Shareholder MeetingAGM
- Meridian Energy monthly operating report for September 2026Operational Update
Meridian Energy Limited (MEL) — frequently asked questions
What does Meridian Energy Limited do?
Meridian Energy is New Zealand's largest electricity generator and fourth-largest retailer, operating 100% renewable generation from hydro and wind sources with total capacity exceeding 2,800 MW. Meridian Energy Limited is listed on the NZX under the ticker MEL, in the Utilities sector.
What is the Meridian Energy Limited (MEL) share price?
Meridian Energy Limited (NZX:MEL) shares closed at $5.94 on 11 November 2026, up 2.77% on the previous close. At that price its market capitalisation was about $15.79 billion, based on 2,658,014,828 shares on issue.
Who are the directors of Meridian Energy Limited?
Meridian Energy Limited has 8 current directors: Mark John Verbiest (Chair), David Carter (Non-Independent Director), Fraser Whineray (Director), Tania Joy Te Rangingangana Simpson (Independent Director), Nagaja Sanatkumar (Independent Director), Graham Cockroft (Independent Director), Julia Hoare (Non-Independent Director) and Kylie Reiri (Director). Average board tenure is 4.7 years.
Who is the chair of Meridian Energy Limited?
Mark John Verbiest chairs the Meridian Energy Limited board, and has been a director since 2017.
Who is the CEO of Meridian Energy Limited?
Mike Roan is the CEO of Meridian Energy Limited.
What was Meridian Energy Limited's most recent dividend?
The most recent Meridian Energy Limited dividend on record is 16.10 cents per share for FY2026 (final), 90% imputed, ex-dividend 3 September 2026, paid 22 September 2026.
What is Meridian Energy Limited's dividend yield?
Meridian Energy Limited's trailing 12-month dividend yield is 3.79%, as at 11 November 2026. That is 22.50 cents per share of ordinary dividends with an ex-date in the 12 months to 11 November 2026, divided by the 11 November 2026 closing price of $5.94. Special dividends are excluded.
Who are the largest shareholders of Meridian Energy Limited?
The largest registered holder of MEL shares in the FY2025 top-20 register was THE SOVEREIGN IN RIGHT OF NEW ZEALAND ACTING BY AND THROUGH THEIR MINISTER OF FINANCE AND MINISTER FOR STATE OWNED ENTERPRISES, with 51.01%, followed by HSBC NOMINEES (NEW ZEALAND) LIMITED – NZCSD (6.20%) and HSBC NOMINEES (NEW ZEALAND) LIMITED A/C STATE STREET –NZCSD (5.41%). Custodians and nominees on the register hold shares on behalf of other investors.
What is Meridian Energy Limited's governance score?
Meridian Energy Limited has an NZXplorer Governance Risk Score of 86/100 (Excellent) for FY2026, based on 73% data coverage.
When was the last Meridian Energy Limited annual meeting?
The most recent Meridian Energy Limited annual meeting on record was held on 20 October 2026.
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