Mercury NZ reported a strong fourth quarter with its trading margin rising 33% to NZ$390 million as generation jumped 339 GWh to 2,344 GWh, aided by higher renewable output and disciplined portfolio management. The results come with notable project progress, including the installation of all turbines at Kaiwera Downs Stage 2 and the start of generation at Kaiwaikawe, while fast-track consent was granted for the Puke Kapo Hau Wind Farm. The company also outlined growth in its geothermal pipeline, committing NZ$75 million to appraisal drilling at Ngā Tamariki and Rotokawa, and launching Flex Rates to give retail customers more control over electricity costs. Hydrological inflows were solid, with quarter performance contributing to a year-to-date trading margin of NZ$1,421 million and generation of 9,070 GWh. Mercury remains on track with its renewable expansion across hydro, geothermal, and wind, targeting full operational milestones into FY27 and beyond. The market has shown interest as the company continues to leverage a 100% renewable generation mix and diversified retail offerings across electricity, gas, broadband, and mobile services.