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• EBITDA: Reported EBITDA of $84 million, down 42% from the prior year.

• Normalized EBITDA: Down 37% from the prior year.

• Profit After Tax: $300,000, down from $24 million in the prior year.

• Bad Debt Expense: $6.8 million due to a prime energy customer default.

• Transaction Costs: $7 million related to the Contact Energy scheme of arrangement.

• Fair Value Loss: $30 million on financial instruments.

• Capital Expenditure: Over $52 million, down from the prior year but elevated relative to long-run levels.

• Net Debt: Increased by $49 million to $501 million.

• Dividend: No final dividend declared; interim dividend of $0.04 paid in December 2024.

• Energy Margin: Down $48.8 million from the prior year.

• Operating Costs: Core operating costs $3.1 million lower than the prior year.

• Hydro Inflows: 370 gigawatt hours lower than the long-run average.

• Production Volumes: Approximately 320 gigawatt hours, or 17% lower than average.

• Purchase Wind Volumes: 60 gigawatt hours below average levels.

• Carbon Revenue: Down due to the sale of all remaining carbon units in FY24.

• CNI Gross Margin: Up due to lower demand during high price periods.

• Other Revenue: Up $2.5 million due to a strong irrigation season and insurance proceeds.

• Total Emissions: 4,100 tons of CO2, increased due to higher use of the Breen Bay diesel peaking plant.

• Warning! GuruFocus has detected 9 Warning Signs with NZSE:MNW.

Release Date: May 15, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Manawa Energy Ltd (NZSE:MNW) maintained strong operational performance despite challenging market conditions, with a focus on flexibility and strategic outage management.

• The company made significant progress on its major capital asset refurbishment program, enhancing the efficiency and capacity of key assets like Matahina.

• Manawa Energy Ltd (NZSE:MNW) achieved over 99% compliance with its resource consents, demonstrating strong environmental stewardship.

• The development pipeline is robust, with over 4,500 gigawatt hours of secured options and significant progress on wind and solar projects.

• The company maintained strong community engagement and environmental initiatives, including successful fish passage improvements and educational programs.

Negative Points

• Manawa Energy Ltd (NZSE:MNW) reported a 42% decline in EBITDA and a 37% drop in normalized EBITDF due to challenging hydrological conditions and market volatility.

• The company faced a $6.8 million bad debt expense from a prime energy customer default and $7 million in transaction costs related to the Contact Energy acquisition.

• Profit after tax fell significantly to $300,000 from $24 million the previous year, impacted by a $30 million fair value loss on financial instruments.

• Net debt increased by $49 million to $501 million, attributed to lower profits in FY25.

• The board decided not to declare a final dividend due to the impending acquisition by Contact Energy and the challenging financial results.