Slides
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7 cm 2026 Annual Shareholder Meeting 20 OCTOBER 2026
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20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 2
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Today’s business 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 3 Te Anau Lake Control structure. Chair’s address. Chief Executive’s review. Shareholder questions. Resolutions and voting.
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20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 4 Chair’s address Control structure and spillway, Lake Pūkaki, South Canterbury.
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20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 5 Meridian Board David Carter Appointed July 2023. 2026 re-election. Julia Hoare Appointed September 2019. Chair Audit and Financial Risk Committee. Tania Simpson Appointed August 2021. Chair People, Remuneration and Culture Committee. Mark Verbiest Appointed March 2017. Appointed Chair October 2019. 2026 re-election. Nagaja Sanatkumar Appointed January 2020. Chair Safety, Sustainability and Operational Risk Committee. Graham Cockroft Appointed July 2022. Kylie Reiri Appointed November 2025. Future Director1. 1The Future Director Programme of the Institute of Directors is designed to help grow the next generation of directors in Aotearoa. Future Directors do not have voting rights and are not involved in any decision making. Fraser Whineray Appointed September 2026. 2026 election.
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2026 performance Focused on three core priorities: Maintaining financial discipline, Supporting customers through ongoing cost-of-living pressures, Continuing to build Meridian’s renewable generation development programme. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 6 200 300 400 500 600 700 800 900 1,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 $M Financial Year ended 30 June EBITDAF2 Source: Meridian. 2Earnings before interest, tax, depreciation, amortisation, unrealised changes in fair value of hedges and asset related adjustments.
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Our customers 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 7 Meridian EV chargers, Cromwell.
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Renewable investment 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 8 An artist’s impression of the Meridian and Nova Energy joint venture Te Rahui Solar Farm near Taupō.
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Waitaki Power Scheme As New Zealand’s largest and most flexible hydroelectricity power scheme, Waitaki plays a critical role in the country’s electricity system and economy. It consists of six power stations with an installed capacity of 1,553MW - almost 30% of New Zealand’s installed hydro capacity. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 9 Meridian EV chargers, Cromwell Headwaters of Lake Pūkaki in the Waitaki Power Scheme, South Canterbury.
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Sustainability 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 10 Manapōuri Power Station in Fiordland National Park.
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17.40 17.90 21.00 21.00 22.50 0 5 10 15 20 25 2022 2023 2024 2025 2026 cps Financial Year ended 30 June Ordinary dividends declared Shareholder returns Dividends declared for the 2026 financial year totalled 22.50 cents per share. This was a 7.1% increase from the 2025 financial year. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 11 Source: Meridian.
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Closing 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 12 Meridian’s White Hill Wind Farm in Southland powers 22,000 average homes.
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20 OCTOBER 2026 PAGE 13 Waitaki Power Station in South Canterbury. Chief Executive’s review 2026 ANNUAL SHAREHOLDER MEETING
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461 509 667 318 810 0 300 600 900 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Operating cash flows FY26 financial performance 20 OCTOBER 2026 PAGE 14 Source: Meridian. Delivered in the 2026 financial year: $1 billion of EBITDAF. $810 million of operating cash flow. $308 million of underlying profit. 2026 ANNUAL SHAREHOLDER MEETING
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Sector and regulatory context 20 OCTOBER 2026 PAGE 15 First row of panels at the Meridian and Nova Energy joint venture Te Rahui Solar Farm near Taupō. 2026 ANNUAL SHAREHOLDER MEETING
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0 500 1,000 1,500 2,000 FY24 FY25 FY26 FY27 FY28 annual GWh Meridian's risk management book additional Pūkaki storage Huntly Strategic Energy Reserve current NZAS DR Retail DR HFO previous NZAS DR Contact swaption Nova swaption Resilience Portfolio of hydro risk management options strengthened. Multiple NZAS demand response options available of 25MW, 50MW, 100MW or 185MW in total. Huntly Strategic Energy Reserve provides Meridian up to 75MW call option. Lake Pūkaki additional storage makes available up to a further five metres of storage to reduce dry-year risk. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 16 Source: Meridian. option 2 option 3 option 4 incremental incremental
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Tauhei Solar Ruakākā Solar Te Rahui Solar (Stage 1) Te Rahui Solar (Stage 2) Mt Munro Wind Te Rere Hau Wind Manawatū Solar Morrinsville Solar Swannanoa Solar Western Bays Solar (Stage 1) Canterbury Solar Waiinu Wind Waiinu Solar Western Bays Solar (Stage 2) Manawatū Wind 0 1,000 2,000 3,000 4,000 5,000 6,000 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 GWh Incremental GWh of New Generation (from full power date) Wind Solar Total Constructed 542 - 542 In construction - 702 702 Consented 1,110 617 1,727 Currently in consent - 350 350 Consents to lodge in FY27 1,875 1,730 3,605 Total (not constructed) 2,985 3,399 6,384 Wind Solar Total 6,384 Renewable development 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 17 Source: Meridian.
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Our customers and affordability 12% growth in customer numbers in the 2026 financial year, including ex Flick customers. Over 245,000 customers now successfully migrated to our new Kraken platform. More than 30,900 Meridian and Powershop customers now using our Smart Hot Water product. 70 chargers, (140 DC fast charge points) added to the Meridian network during the 2026 financial year. Support for 1,048 households through our Energy Wellbeing Programme in the 2026 financial year. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 18 In partnership with Meridian, Lion NZ has installed one of the country’s largest rooftop solar arrays in East Tamaki.
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20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 19 Barge transportation across Lake Manapōuri in Fiordland. Operational performance
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20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 20 Maintenance work at Meridian’s West Wind Farm near Wellington. People, leadership and safety
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20 OCTOBER 2026 PAGE 21 Pūkaki canal, South Canterbury. Outlook for 2027 2026 ANNUAL SHAREHOLDER MEETING
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20 OCTOBER 2026 PAGE 22 Manapōuri Power Station in Fiordland. Shareholder questions 2026 ANNUAL SHAREHOLDER MEETING
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20 OCTOBER 2026 PAGE 23 Ōhau A Power Station, South Canterbury. Resolutions and voting 2026 ANNUAL SHAREHOLDER MEETING
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Resolution 1: Re-election of David Carter That David Carter, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 24
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Resolution 2: Re-election of Mark Verbiest That Mark Verbiest, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 25
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Resolution 3: Election of Fraser Whineray That Fraser Whineray (appointed as a Director of the Company by the Board with effect from 28 September 2026), who retires and offers himself for election, be elected as a Director of the Company. 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 26
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Vote totals 20 OCTOBER 20262026 ANNUAL SHAREHOLDER MEETING PAGE 27 Resolution 1: Resolution 2: Resolution 3: Re-election of David Carter Re-election of Mark Verbiest Election of Fraser Whineray Postal and online votes already cast For 2,112,492,640 2,079,131,057 2,116,816,564 Against 4,785,555 38,072,370 431,570 Abstain 413,890 490,607 436,005 Votes appointed to proxies not yet cast1 12,677,161 12,675,212 12,685,107 Total 2,130,369,246 2,130,369,246 2,130,369,246 1Votes held by the Chair, Directors and other proxies
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20 OCTOBER 2026 PAGE 28 Manapōuri Lake Control structure, Fiordland. Closing 2026 ANNUAL SHAREHOLDER MEETING
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Disclaimer 20 OCTOBER 2026 PAGE 29 The information in this presentation was prepared by Meridian Energy with due care and attention. However, the information is supplied in summary form and is therefore not necessarily complete, and no representation is made as to the accuracy, completeness or reliability of the information. In addition, neither the company nor any of its directors, employees, shareholders nor any other person shall have liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation may contain forward-looking statements and projections. These reflect Meridian’s current expectations, based on what it thinks are reasonable assumptions. Meridian gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX or ASX listing rules, Meridian is not obliged to update this presentation after its release, even if things change materially. This presentation does not constitute financial advice. Further, this presentation is not and should not be construed as an offer to sell or a solicitation of an offer to buy Meridian Energy securities and may not be relied upon in connection with any purchase of Meridian Energy securities. This presentation contains a number of non-GAAP financial measures, including Energy Margin, EBITDAF, Underlying NPAT and gearing. Because they are not defined by GAAP or IFRS, Meridian's calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with GAAP. Although Meridian believes they provide useful information in measuring the financial performance and condition of Meridian's business, readers are cautioned not to place undue reliance on these non-GAAP financial measures. The information contained in this presentation should be considered in conjunction with the company’s financial statements, which are included in Meridian’s integrated report for the year ended 30 June 2026, available at: www.meridianenergy.co.nz/about-us/investors All currency amounts are in New Zealand dollars unless stated otherwise. 2026 ANNUAL SHAREHOLDER MEETING