Lodestone Energy Limited

Overview

Lodestone was founded in 2019 to bring utility-scale solar to the New Zealand electricity market. Lodestone’s strategy is based on the vision of a solar farm in every community, integrated with New Zealand’s largely renewable energy electricity grid.

Lodestone generates 100% renewable electricity from its operational solar farms across the North and South Islands. Lodestone is a vertically integrated renewable electricity generator that develops, constructs and operates its solar farms and sells electricity directly to its customers through its innovative “virtual rooftop” contracting model. The company currently serves commercial and industrial customers and has begun selling electricity to mass-market retail customers, extending its proposition to households and small businesses in the communities where it operates.

Performance

Performance

The following information was extracted from Lodestone’s FY26 Annual Report, dated 2 June 2026:

Headline Metrics

Energy Revenue: NZ$25.1m (non-GAAP)

• Up 106% on FY25

Energy Margin: NZ$19.5m (non-GAAP)

• Up 34% on FY25

Net Loss: NZ$0.9m

• Improved from NZ$35.8m loss in FY25

Operating Cash Flows: NZ$3.3m

• Up 20% on FY25

Results Overview

Lodestone has delivered a step-change in financial performance for the year ended 31 March 2026, with energy revenue more than doubling to NZ$25.1 million and net loss reducing to NZ$0.9 million from NZ$35.8 million in FY25. The prior year loss was significantly impacted by unrealised fair value losses on energy derivatives of NZ$28.1 million, which reversed to an unrealised gain of NZ$19.0 million in FY26.

The improved result was driven by a 52% increase in generation output to 178 GWh – reflecting a full year of operations from the Edgecumbe and Waiotahe solar farms and a partial-year contribution from Whitianga – together with 72% growth in customer sales volumes. Lodestone generated 178 GWh across four operational solar farms by year-end, capable of powering approximately 25,000 homes.

Operating revenue increased 9% to NZ$24.5 million, with customer invoiced revenue rising from NZ$0.1 million to NZ$8.2 million following the transition to direct commercial customer supply. The average electricity sales price to customers increased from $114/MWh to $136/MWh, reflecting higher contracted pricing across the commercial and industrial customer portfolio.

Strategic Execution Highlights:

• Whitianga solar farm delivered ahead of schedule and within budget, achieving an installation rate exceeding 1 MW of solar panels in a single day – Lodestone's strongest construction outcome to date.

• Clandeboye, Lodestone's first South Island project (28 MWdc, South Canterbury), progressed strongly through construction with first power expected in Q1 FY27.

• Electricity Authority authorised retailer status obtained in April 2025, enabling full end-to-end management of the customer experience.