NZX Governance Explorer

How Mercury NZ Limited makes money

Where MCY’s revenue went in FY2024: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. MCY company profile

How Mercury NZ Limited makes money — FY2024

Revenue $3.4b · EBITDA $877.0m (25.6% of revenue) · Net profit $290.0m (8.5% of revenue) · Balance date 30 June 2024

Mercury NZ Limited (MCY) FY2024: where revenue of $3.4b wentRevenue → EBITDA: $877.0mRevenue → Operating costs (net of other income): $2.5bEBITDA → EBIT: $527.0mEBITDA → Depreciation & amortisation: $350.0mEBIT → Net profit: $290.0mEBIT → Interest: $140.0mEBIT → Income tax: $97.0mOther items (net gain) → Income tax: $28.0mRevenue: $3.4bRevenue$3.4bEBITDA: $877.0mEBITDA$877.0mOperating costs (net of other income): $2.5b (derived)Operating costs (net ofother income)$2.5b · derivedEBIT: $527.0mEBIT$527.0mDepreciation & amortisation: $350.0mDepreciation &amortisation$350.0mOther items (net gain): $28.0m (balancing item)Other items (net gain)$28.0m · balancingNet profit: $290.0mNet profit$290.0mInterest: $140.0mInterest$140.0mIncome tax: $125.0mIncome tax$125.0m

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).

Mercury NZ Limited FY2024 figures used in the chart
FY2024AmountStatusNote
Revenue$3.4bReported
Operating costs (net of other income)−$2.5bDerived *Reported operating expenses $2,704m do not reconcile; not used.
EBITDA$877.0mReported
Depreciation & amortisation−$350.0mReported
EBIT$527.0mReported
Interest (net finance costs)−$140.0mReported
Income tax−$125.0mReported
Other items (net gain)+$28.0mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$290.0mReported
  • * operating costs: $2.5b = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($3,424m) vs the summary table ($3,424m): agree within 2%.
  • Passed: EBITDA − D&A = $527m vs reported EBIT $527m: reconciles.
  • Not met: Reported operating expenses ($2,704m) leave $720m, not EBITDA of $877m (gap -$157m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $28m is 0.8% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

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 10 March 2026.

Annual report: Mercury results unlock up to $1 billion of investment (PDF, NZX)

Year-on-year EBITDA bridge (FY2023 → FY2024)

Bridge not available: FY2023 is not charted: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (2 of 9 years from FY2017). The shaded line is the median of 7 other listed Utilities operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
MCY ebitda margin by financial year, with peer median0%20%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — no EBITDA/EBIT splitFY2023: not charted — no EBITDA/EBIT splitFY2024: MCY 25.6%; peer median 18.6% (3)FY2025: MCY 22.5%; peer median 19.0% (4)
EBIT margin
MCY ebit margin by financial year, with peer median0%20%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — no EBITDA/EBIT splitFY2023: not charted — no EBITDA/EBIT splitFY2024: MCY 15.4%; peer median 11.8% (3)FY2025: MCY 12.3%; peer median 10.6% (4)
Net margin
MCY net margin by financial year, with peer median0%20%40%FY17FY18FY20FY22FY24FY25FY2017: not charted — not from annual reportFY2018: not charted — not from annual reportFY2019: not charted — not from annual reportFY2020: not charted — no EBITDA/EBIT splitFY2021: not charted — no EBITDA/EBIT splitFY2022: not charted — no EBITDA/EBIT splitFY2023: not charted — no EBITDA/EBIT splitFY2024: MCY 8.5%; peer median 7.0% (3)FY2025: MCY 0.0%; peer median 7.1% (4)

MCY   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

MCY margins by year with peer medians
YearEBITDA margin: MCY · peer median (n)EBIT margin: MCY · peer median (n)Net margin: MCY · peer median (n)Note
FY2017—36.0% (2)—23.0% (2)—11.9% (2)Not charted: not from annual report
FY2018—24.1% (3)—8.9% (4)—4.5% (4)Not charted: not from annual report
FY2019—31.6% (4)—18.3% (4)—5.6% (4)Not charted: not from annual report
FY2020—25.1% (5)—15.9% (5)—5.2% (5)Not charted: no EBITDA/EBIT split
FY2021—14.0% (4)—8.9% (4)—6.5% (4)Not charted: no EBITDA/EBIT split
FY2022—17.3% (4)—8.2% (4)—9.9% (4)Not charted: no EBITDA/EBIT split
FY2023—23.2% (2)—11.3% (3)—2.9% (3)Not charted: no EBITDA/EBIT split
FY202425.6%18.6% (3)15.4%11.8% (3)8.5%7.0% (3)
FY202522.5%19.0% (4)12.3%10.6% (4)0.0%7.1% (4)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2023: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2022: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2021: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2020: Neither EBITDA nor EBIT is recorded, so operating profit cannot be placed.
  • FY2019: Figures were not read from a filed annual report (source: earnings_sync).
  • FY2018: Figures were not read from a filed annual report (source: not recorded).
  • FY2017: Figures were not read from a filed annual report (source: not recorded).

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Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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