Mercury General(MCY) - 2025 H2 - Earnings Call Presentation

Financial Performance & Strategy - Mercury's FY25 EBITDAF was $786 million[23] - The ordinary full-year dividend for FY25 was 24 cents per share[23] - FY26 guidance includes an EBITDAF of $1 billion and a dividend of 25 cents per share, with Stay-In-Business (SIB) Capex at $150 million[23] - Mercury aims to deliver 35 TWh of new generation by 2030, increasing total generation by approximately 40% per annum[19] - The company is targeting operating costs of $370 million per annum over FY26-28 through core optimization[28] - Mercury is targeting an EBITDAF between $115 billion and $125 billion by FY30[28] Generation & Development - Total renewable generation in FY25 was 79 TWh, a 10% decrease compared to the previous corresponding period (PCP), primarily due to dry conditions[17] - Mercury has three major builds under construction simultaneously, totaling 11 TWh and $1 billion[17] - The company plans to grow its generation pipeline to over 8 TWh by 2030[28] Customer & Market - Total customer connections increased by 5% to 906k, driven by growth in the multi-product offer[17] - Mercury has signed long-term supply agreements with NZAS, Visy, and Fonterra, representing approximately 1 TWh of electricity per year[104]