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7 cm 2026 Annual Results Presentation 26 AUGUST 2026
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26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 2 Mike Roan – Chief Executive Control structure and spillway, Lake Pūkaki
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26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 3 FY26 outcomes Financial performance Grow generation and firming Deliver cleaner, cheaper energy Deliver operational excellence Grow culture and capability • $1.05B EBITDAF • 50% increase in energy margin on FY25 • $810M of operating cash flow • 7.1% dividend growth • 14% growth in customer sales • 5 metres more Lake Pūkaki storage now available • Waitaki reconsenting approved for 35 years • Manawatū Energy Park consented • Waiinu Energy Park accepted into the Fast track • 12% growth in customers • 175,820 customers onto Kraken • 519 charge points across Aotearoa • 30MW of additional operational capacity from hydro • 116 annual outage days removed • Dow Jones Best-In Class World Index inclusion 200 400 600 800 1,000 2012 2014 2016 2018 2020 2022 2024 2026 $M Financial Year ended 30 June EBITDAF
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1.01 1.12 1.08 1.47 1.87 4.71 4.68 3.91 9.69 8.44 0 2 4 6 8 10 2022 2023 2024 2025 2026 per 200k hours Financial year ended 30 June Total recordable injury frequency rate Meridian employees Meridian on-site contractors 50% 60% 70% 80% May-22 May-23 May-24 May-25 May-26 Employee engagement Meridian NZ Top 25%Our people We continue to attract and retain engaged staff, despite a significant level of organisational change. New Leadership Framework launched that is built on three pillars – ‘Develop Myself, Make Things Happen and Navigate the Future’. Increasing focus on health and safety in response to a changing risk profile, as we construct new renewable development and expand our EV charging network. Contractor injury rates remain disproportionately higher than those for permanent staff. Our focus is on addressing this by improving controls effectiveness, site induction, and on-site communication. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 4 Source: Meridian Source: Meridian
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Regulation Level Playing Field The Electricity Authority’s new non-discrimination obligations, intended to ensure buyers can access hedge contracts and compete in the retail market. Took effect in July 2026. LNG The Government has announced its intention to procure an LNG import facility, with the stated objective of managing dry year risk and it is engaging with gentailers on a funding model. Outcome is uncertain. Winter Energy Reliability Obligation The Government has recently consulted on proposed new obligations that would compel some large electricity market participants – including Meridian - to procure more long- duration firming and fuel. Outcome is uncertain. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 5 Te Anau Lake Control structure
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Renewable construction 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 6 Source: Ministry of Business, Innovation and Employment Source: Meridian Ruakākā solar (on balance sheet) 130MW | 230GWh p.a. Capex $227 million. Full power Q2 2027. Te Rahui Stage 1 solar (project financed JV, 50% Meridian) 200MW | 384GWh p.a. Capex $346 million, Equity $55 million. Full power Q2 2027. Tauhei solar (10 year, 100% PPA) 150MW | 280GWh p.a. Full power Q4 2026. Golden row at Te Rahui Solar Farm One of three sites at the Ruakākā Solar Farm
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$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 -75 -50 -25 0 25 50 75 100 12:00 AM 1:30 AM 3:00 AM 4:30 AM 6:00 AM 7:30 AM 9:00 AM 10:30 AM 12:00 PM 1:30 PM 3:00 PM 4:30 PM 6:00 PM 7:30 PM 9:00 PM 10:30 PM $/MWhMW Ruakākā battery cycling 6 August 2026 Charge/discharge rate Market price (rhs) 0 10 20 30 40 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Financial Year ended 30 June Trading periods with >1,100MW HVDC transfer Ruakākā battery Greater HVDC transfer volumes north. Reduced North Island South Island price differentials. Lowering reserve prices. Cycling into peak price periods. System support including for under frequency events from loss of North Island generating units. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 7 Source: Meridian Source: Meridian Pole 3 commissioned HVDC capacity to 1,200MW Meridian’s Ruakākā battery commissioned Contact’s Glenbrook battery commissioned $3,114/MWh price 0 10 20 30 40 50 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 $/MWh Calendar Year Ōtāhuhu Benmore ASX futures differentials 31 October 2023 31 October 2024 5 August 2026 5 August 2026 Source: ASX
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0 500 1,000 1,500 2,000 2,500 3,000 FY27 FY28 FY29 FY30 GWh New generation (cumulative from earliest full power) Renewable development Focus on reaching FID on scale wind developments and completing current solar construction. Considering options to accelerate development of the Manawatū Energy Park to utilise more North Island peak storage. Reviewing potential PPA options backing stage 2 of the Te Rahui solar development. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 8 Source: Meridian Source: Meridian Morrinsville Solar Manawatū Solar Te Rere Hau Wind Mt Munro Wind Te Rahui Solar (stage 2) Te Rahui Solar (stage 1) Ruakākā Solar Tauhei Solar (PPA) Sep-26 Dec-26 Mar-27 Jun-27 Sep-27 Dec-27 Timeline of final investment decisions Mt Munro Wind Manawatū Energy Park Te Rere Hau Wind Te Rahui Solar stage 2 (with PPA) wind solar Waitaki hydro upgrade
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2,000 4,000 2026 Q3 2026 Q4 2027 Q1 2027 Q2 2027 Q3 2027 Q4 2028 Q1 2028 Q2 2028 Q3 2028 Q4 2029 Q1 2029 Q2 2029 Q3 2029 Q4 2030 Q1 2030 Q2 GWh/quarter Calendar year Portfolio position Potential ASX purchases Optimal position Current sales position Internal PPA The level of retail sales growth means ASX purchases (North Island weighted) are needed to maintain target portfolio length. That need will grow with future retail growth, targeting 500k customers in FY27. Falling wholesale prices mean significant realised losses are incurred on energy hedges that settle during a financial year. Building new North Island generation provides diversification to manage target portfolio length and reduce realised hedge losses. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 9 Source: Meridian
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0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 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 Risk management 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. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 10 Source: Meridian option 2 option 3 option 4 incremental incremental
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0 150 300 450 600 750 900 Mar 24 Apr 24 May 24 Jun 24 Jul 24 Aug 24 $/MWh Autumn winter 2024 weekly wholesale prices actual prices modelled price with additional storageAdditional storage Fast-track Panel’s final decision in July eased access restrictions on further five metres of Lake Pūkaki storage for a three-year period. Staged approach in 2026 – only considered if there is heightened risk to security of supply. And then, expected only half of the five metres. The lake will be held lower on average, however levels below 518 metres will occur ~3% of the time. Increased ability to capture high rainfall events and achieve less spill in both catchments. The direct benefit to Meridian is modest, as market prices and system costs both fall moderately. The country’s power system benefit is in improved security of supply, as the system becomes more renewable. And the country transitions away from thermal plant that have traditionally been used for short and longer-term flexibility. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 11 FY25 hindcast using 300GWh of Pūkaki contingent storage Security of supply would not have been adversely affected. Peak winter prices closer to $500/MWh in Winter 2024, compared with $800/MWh actual. Modelled average weekly prices during winter ~$130/MWh lower than actual. And lower again if the impact of more contingent storage modelled into market offers. Would have resulted in ~$160M less contract costs through the record Winter 2024 and Summer 2025 droughts. Source: Electricity Authority, Meridian
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248 246 250 263 303 117 117 120 142 152365 363 370 405 455 0 100 200 300 400 500 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 ICP (000) Customer connections Meridian Powershop TotalOur customers 12% growth in customer numbers in the last year, including ex Flick customers. Over 175,820 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 in FY26. Support for 1,048 households through our Energy Wellbeing Programme in FY26. Committed to ensuring, for residential and small business customers, average price increase in energy component1 of the bill held below the rate of inflation over the next year. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 12 +11% -1% +2% +10% +12%YoY growth Source: Meridian Meridian EV chargers, Cromwell 1Excludes network, governmental and other retail charges such as metering
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0% 50% 100% 150% 200% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 real % change [2015 = 100%] Residential Tariff Bulk energy, line component, potential tariff change since 2015 Bulk energy range Lines component range Total tariff range Bulk energy Total tariff Lines component 0 2 4 6 8 10 12 14 16 18 20 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 c/kWh [real, 2026] Residential electricity costs v wholesale prices (real) Electricity pricing 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 13 Source: MBIE, Meridian Source: MBIE, ASX Retailers play an important role in shielding households from wholesale market volatility and high prices. Allows retailers to reflect sustained changes in underlying costs while avoiding multiple price changes for customers during a year. Residential customers have been shielded from coal/gas driven wholesale electricity price increases since 2018. Continued escalation of lines costs moderated by the trajectory of the energy component of the bill. Bulk residential tariff (excl lines and retail) Ōtāhuhu spot (rolling 3 year) Ōtāhuhu ASX (rolling average)
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26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 14 Mandy Binnie – Chief Financial Officer Meridian’s Manapōuri hydro power station
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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 709 783 905 611 1,051 0 200 400 600 800 1,000 1,200 2022 2023 2024 2025 2026 $M Financial Year ended 30 June EBITDAF Cash flows and EBITDAF Strongest operating cash flow result, $492M increase on FY25. 21% higher than FY24. Strongest EBITDAF result, $440M increase on FY25. 16% higher than FY24. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 15 Source: Meridian Source: Meridian Year ended 30 June 2026 FY26 YoY FY26 YoY Operating change EBITDAF change cash flows $M $M $M Receipts from customers 4,266 Interest received 5 Payments to suppliers & employees (3,290) Gross operating cash flows 981 → +$70M differences 1,051 +440 Interest paid (88) Income tax paid (83) Total 810 +492
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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 Dividend Final ordinary dividend declared of 16.10cps (8.4% increase from FY25), 90% imputed. Brings FY26 full year ordinary dividend declared to 22.50cps (7.1% increase from FY25). Dividend reinvestment plan will apply to the final dividend at 0% discount. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 16 Dividend Reinvestment Plan Dates Ex dividend date 3 September Strike price announced 10 September Record date 4 September Dividend paid/shares issued 22 September Elections close 7 September Source: Meridian $M Operating free cash flow 2022 2023 2024 2025 2026 Operating cash flow 461 509 667 318 810 Stay in business capital expenditure (40) (46) (72) (80) (89) Operating free cash flow 421 463 595 238 721 Annual dividend declared 448 462 543 548 595 Annual dividend declared (cps) 17.4 17.9 21.0 21.0 22.5 Payout ratio 107% 100% 91% 230% 83% Payout ratio (tax expense basis) 105% 103% 97% 165% 102%
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Movement in EBITDAF A 72% ($440M) increase in FY26. Driven by a reversion to above average inflows, significantly lower derivative purchases and demand response calls and continued mass market sales growth. Other revenue includes JV revenue, metering services, retail EV and solar revenue. In FY25 it included insurance proceeds. Transmission expenses and distribution costs continue to increase through the current 5-year regulatory control period. Employee and other operating expenses include a return to more normal levels of short-term incentives, including senior incentives that were not awarded in FY25. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 17 1,051 611 +489 -10 -13 +1 -3 -24 0 200 400 600 800 1,000 1,200 EBITDAF 30 Jun 25 Energy margin Other revenue Transmission expenses Hosting expenses Metering expenses Employee & other operating expenses EBITDAF 30 Jun 26 $M Movement in EBITDAF
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1,471 982 +217 -2 +1,152 -1,295 -518 +807 +124 +10 -6 500 1,000 1,500 2,000 2,500 Energy margin 30 Jun 25 Mass market sales C&I sales Cost to supply physical sales Generation spot revenue Derivative sales Derivative purchases Demand response payments VAS Other Energy Margin 30 Jun 26 $M Energy margin movement Energy margin A 50% ($489M) increase in FY26. Price and volume growth in mass market sales. Sustained high inflow periods saw significantly lower wholesale spot prices and a 14% increase in hydro generation volumes from FY25 drought impacted results. Record year of wind generation volumes with a 5% increase on FY25 generation. Higher mass market sales volumes increased physical supply volumes. Overall supply costs were significantly lower due to the lower wholesale spot prices. Those lower prices saw lower derivative sales revenue, while improved hydro conditions in FY26 reduced derivative purchases and demand response costs, compared to FY25. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 18 physical +$72M financial +$423M
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107 121 132 140 149 0 40 80 120 160 2022 2023 2024 2025 2026 $/MWh Financial Year ended 30 June Retail netback Retail sales 14% sales volume growth across mass market segments, including ex customers of Flick. Mass market revenue increased $217M (25%). 2% sales volume growth in commercial & industrial (C&I) segment at a 3% lower net average sales price. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 19 Retail customer sales Average price ($/MWh) Total sales volume (GWh) North Island sales volume (GWh) South Island sales volume (GWh) FY26 Residential 2,270 1,303 967 Small medium business 1,834 1,135 699 Agricultural 1,336 432 904 Large business 812 525 287 Total mass market 171 6,252 3,395 2,857 Commercial & industrial 144 3,997 2,002 1,995 FY25 Residential 1,814 1,007 806 Small medium business 1,682 1,034 648 Agricultural 1,288 416 872 Large business 717 465 252 Total mass market 155 5,501 2,922 2,579 Commercial & industrial 148 3,921 1,980 1,941
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7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 GWh Financial Year ended 30 June Hydro generation Hydro 10 year average 0% 50% 100% 150% 200% 250% 0 1,000 2,000 3,000 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 GWh Monthly combined catchment inflows Inflows % of monthly average (RHS) Generation 122% of average inflows in FY26, sustained by record spring to summer period inflows. A very wet June 2026 means Waitaki catchment water storage started the new financial year at 131% of historical average. Record generation in FY26 from 1,905GWh of wind and a 1,628GWh upswing in hydro generation (to a FY26 total of 12,571GWh) from FY25. Two new Manapōuri transformers delivered in FY26, three more transformers are expected in FY27. Procurement of a further transformer will complete full replacement. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 20 Source: Meridian Source: Meridian wettest September to January on record 3rd wettest June on record - 100% of monthly inflows (RHS)
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FY26 employee and other operating expenses $24M (8%) higher than FY25. In the middle of the original August 2025 guidance range ($311M-$316M). Movement in FY26 operating costs from: Short-term incentive reinstated (0%-30% in FY25). CPI level of remuneration increases. Holiday Act remediation costs included. Additional customer service resources through Flick customer onboarding and Kraken migration. Higher Manapōuri maintenance and major wind component spend. DigiGEN and Kraken costs in FY26 ICT spend, Oracle implementation in FY25. 218 249 281 289 313 0 100 200 300 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Employee & other operating expenses Employee and other operating expenses 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 21 Source: Meridian Source: Meridian 313 289 +8 +5 +3 +2 +2 +7 -3 260 280 300 320 FY25 Incentive reinstated Remuneration uplift Holiday Act remediation Customer service staffing Annual leave Maintenance ICT projects FY26 $M Employee & other operating expenses movement
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135 300 277 113 172 40 46 72 80 89175 346 349 193 261 0 50 100 150 200 250 300 350 400 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Capital expenditure Growth Stay in business TotalCapital expenditure FY26 capital expenditure was $68M (35%) higher than FY25, which included Harapaki milestone payments and the bulk of Ruakākā BESS investment. Below the bottom of the March 2026 revised guidance range ($280M-$310M), largely due to Ruakākā solar payment schedule. ICT costs include SCADA system replacement. Asset maintenance costs include new transformers and Benmore penstocks seismic strengthening. Meridian’s development programme is ahead of our 7 in 7 schedule set in 2023. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 22 Growth $172M Stay in business $89M Source: Meridian Source: Meridian 102 14 15 14 21 6 3 4 23 59 0 20 40 60 80 100 120 Ruakākā solar Te Rere Hau Land purchases Development projects EV charging/Retail Other growth Development projects Vehicles ICT Asset maintenance $M FY26 capital expenditure Growth $172M Stay in business $89M
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233 315 359 56 308 0 100 200 300 400 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Underlying NPAT 451 95 429 -452 130 -500 -250 0 250 500 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Net profit after tax (continuing operations) Below EBITDAF $403M increase in NPBT1 compared with FY25, from lower unrealised losses on energy and treasury hedges2. $35M favourable movement in asset-related adjustments, driven by $12M income from joint ventures and a $25M decrease in impairment expense, partly offset by other movements. $11M increase in finance costs with an 11% lift in net debt. $88M increase in depreciation and amortisation, including impact of the $2.1B FY25 increase in generation and plant valuation. Resulted in a $582M increase in NPAT3 and $252M increase in underlying NPAT4. $1.8B increase in generation and plant valuation in FY26. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 23 1Net profit before tax. 2Net changes in the fair value of unrealised energy hedges and treasury hedges. 3Net profit after tax. 4Net profit after tax adjusted for the effects of changes in fair value of unrealised hedges, electricity option premiums and other non-cash items and their tax effects. A reconciliation of NPAT to Underlying NPAT is on page 56. Source: Meridian Source: Meridian
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1.2 1.6 1.4 2.5 1.6 0 1 2 3 0 1 2 3 2022 2023 2024 2025 2026 times$B Financial Year ended 30 June Liquidity Drawn debt Undrawn facilities Net Debt/ EBITDAF (rhs) 0 100 200 300 400 500 600 2027 2028 2029 2030 2031 2032 2033 2034 $M Financial Year ended 30 June Debt maturity profile NZD USPP AUDFunding capacity Face value of debt of $1,916M as at 30 June 2026. FY26 net debt of $1,665M, up 11% from FY25. FY26 net debt to EBITDAF at 1.6 times (FY25: 2.5 times). During the year Meridian replaced multiple bilateral bank facilities with a committed $1B syndicated facility. Undrawn as at 30 June 2026. In September 2025, Meridian issued a $350M issue of 6.5- year, unsubordinated, fixed-rate green bonds. In March 2026, Meridian issued A$400M green Australian Medium Term Notes. All borrowings, other than leases are Green debt under Meridian’s externally verified Green Finance Programme. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 24 Source: Meridian Source: Meridian
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783 905 611 1,051 1,040 1,120 400 600 800 1,000 1,200 2023 2024 2025 2026 2027 $M Financial Year ended 30 June EBITDAF guidance Earnings guidance 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 25 Source: Meridian Guiding to FY27 EBITDAF of between $1,040M and $1,120M. Subject to any significant hydro and wind variability, wholesale market conditions and any material events, substantial one-off costs or other unforeseeable circumstances.
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0 10 20 30 40 50 60 70 80 90 100 Ruakākā solar Te Rere Hau Mt Munro Bunnythorpe BESS/solar Other development Waitaki upgrade EV charging/Retail ICT Generation maintenance Vehicles & site charging Waitaki upgrade Generation maintenance GCS replacement Benmore penstocks Office refurbishments Manapouri transformers $M FY27 capital expenditure guidance Cost guidance 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 26 Growth $220M-$250M Stay in Business $150M-$160M 326 to 321 Source: Meridian FY27 Cost Guidance FY26 Actual Employee & other operating expenses $321M - $326M $313M Stay in Business $150M - $160M $89M Growth $220M - $250M $172M Total Capital Expenditure $370M - $410M $261M FY27 employee & other operating cost changes from: ↑ System licensing costs for new IT platforms ↑ Cyber security costs ↑ Ruakākā solar operating costs ↑ DigiGEN programme ↓ Holiday Act remediation completed ↓ Lower insurance costs Recurring, up to $40M Periodic, up to $120M
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0 200 400 600 800 1,000 1,200 1,400 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 GWh Financial year Meridian's combined catchment inflows Jul YTD 94 year average 0 500 1,000 1,500 2,000 2,500 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec GWh Calendar year Meridian's Waitaki storage1 Average 1979- 2020 2021 2022 2023 2024 2025 2026 July 2026 operating result Strong July result supported by continued retail sales growth and above average inflows. Meridian inflows were 162% of average. Waitaki hydro storage at 158% of average, snow storage at 105% of average at 31 July. Meridian’s customer connection numbers decreased 0.2% during July 2026. Retail sales volumes in July 2026 were 2.3% higher than July 2025, with growth across all mass market segments. Generation in July 2026 was 18.0% higher than July 2025. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 27 Source: Meridian Source: Meridian 1excludes 545GWh of storage below 518m that Meridian has access to until 1 January 2029.
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Mike Roan – Chief Executive 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 28 Benmore Power Station
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Closing comments FY26 notable for strongest earnings. Reconsenting of the Waitaki Power Scheme confirms long- term system hydro storage and generation. Access to previously contingent Pūkaki storage provides additional system risk management. Focus on bringing wind and energy park development options to FID. And continuing development capital discipline and retail mass market growth. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 29 Upcoming 5-7 October Governance roadshow 20 October Annual Shareholder Meeting Manapōuri Lake Control structure
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Questions 26 AUGUST 2026
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Additional information 26 AUGUST 2026
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26 AUGUST 2026
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Our strategy map 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 33
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FY27 focus 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 34 Grow renewable generation and firming capacity Key initiatives FY27 targets Accelerate Aotearoa NZ’s decarbonisation by delivering scale energy projects at pace • Build renewable generation options • Deliver on our 7 in 7 • Secure long-term access to water Reach FID for two new generation developments Consents: gain two and lodge one Waitaki reconsented and strategy developed for Manapōuri reconsenting Deliver Ruakākā and Te Rahui Stage 1 solar full power Identify opportunities to grow hydro capacity (storage and flexible generation) with options quantified and investment choices determined Grow system flexibility • Grow our dispatchable MW capacity • Grow hydro storage and our demand response portfolio • Develop options for new, large demand • Grow medium to long-duration flexibility Deliver 18MW+ of peaking capacity (flex and new operational capacity) Deliver BESS business case benefits Secure commercial intent agreements with two new industrial demand opportunities Realise Manapōuri Station MW capacity - MAN900 options quantified Ōhau Station Capacity Upgrade options quantified and investment choices determined Waitaki Upgrade Project turbine contract awarded and enabling works commenced Deliver cleaner, cheaper energy Key initiatives FY27 targets Create more value for customers • Develop digital capability and innovation to optimise operations, achieve scale and grow customer relationships • Expand the energy product set to unlock the value of transport electrification, process heat and demand flex Customer numbers grow to 500,000 ICPs Improve post-interaction customer satisfaction score (CHI – Customer Happiness Index) to 80% Launch at least two new products that deliver tangible value to customers 200 new high-capacity charge points (100 new chargers) installed (delivering $1.7m revenue) Increase community good • Continued investment in energy hardship and community programmes that promote equitable access to the benefits of the energy transition Support an additional 1k customers in energy hardship Community decarbonisation distributions of $2m Active policy and industry advocacy that supports New Zealanders through the energy transition Advocate for energy sector policy that promotes the best interests of customers, including: • encouraging investment • securing RMA and other reform that speeds up and simplifies consenting of energy infrastructure • if LNG is introduced, it is treated like insurance and costs are levied in a way that does not distort the market • the position of NZ relative to other countries in successfully navigating the energy transition is well understood • level-playing field measures do not result in increased retail prices • the trade-offs between affordability, security and sustainability are well understood.
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FY27 focus 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 35 Deliver operational excellence Key initiatives FY27 targets Build operational flex and agility while sustaining excellent asset productivity Deliver $6m in value including at least $2m of expenditure reductions through DigiGEN Deliver critical asset health projects safely and realise project benefits Implement modern data and digital systems to promote collaboration, operational efficiency, innovation and data- driven decisions Lift business performance by: • enabling the business to work faster and smarter by embedding responsible AI • bringing self-service data into everyday decision making Lift security maturity by: • improving NIST score (across corporate and retail systems) • achieving AESCSF (SP1) compliance for generation systems Implement modern data: • SCADA implementation key milestones achieved • deliver Strategy and Portfolio modernisation business case, and commence priority improvements with value recognised Grow culture and capability Key initiatives FY27 targets Grow a diverse and inclusive, skilled workforce that reflects the country we live in Increase Māori representation in bands G+ against a FY26 baseline Representation and progression outcomes for under-represented groups (ethnic and gender minorities) improve above baseline Grow safety leadership maturity as we build into the energy transition Safety leadership will be strengthened across the company to proactively reduce harm . 90% of leaders will take part in a Safety and Wellbeing Leadership education programme The serious harm risk rate will be reduced in a material and sustainable way Nurture leadership capability to support the cultural and digital maturity of a future Meridian Increase annual engagement leadership ‘factor’ score from FY26 baseline Deliver a measurable uplift in constructive leadership behaviours from the FY26 baseline, reflecting the combined impact of multiple leadership programmes and initiatives All business units are demonstrably building digital capability Develop our understanding of the Māori world view to help build long-term relationships with tangata whenua Growing competence in te ao Māori Iwi relationship outcomes tracker established to provide visibility of outcomes that align with iwi aspirations Foster sustainability culture and leadership that benefits people and planet, inspires climate action and attracts investors Inclusion within Dow Jones Best-in-Class World Index as an independent benchmark for leadership and sustainable practice Business emission reduction plan initiatives delivered. Biodiversity roadmap (FY27 scope) delivered Forever Forests phase 2 business case completed. Waste innovation roadmap actions delivered
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Renewable development 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 36 Tauhei Solar Ruakākā Solar Te Rahui Solar (Stage 1) Te Rahui Solar (Stage2) 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 Cumulative GWh of new generation (from full power date) Wind Solar Total 6,384 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
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Renewable development 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 37
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36,427 34,818 39,465 47,192 50,457 0 10,000 20,000 30,000 40,000 50,000 60,000 2022 2023 2024 2025 2026 tCO2e Financial Year ended 30 June Scope 3 GHG operational emissions 643 1,138 982 654 673 517 2 2 2 1 2 0 200 400 600 800 1,000 1,200 2022 2023 2024 2025 2026 2030 target tCO2e Financial Year ended 30 June Scope 1 & 2 GHG emissions Scope 1 Scope 2 (market based) Emissions Targeting a 50% Scope 1 and 2 emissions reduction from a 2021 baseline by 2030. FY26 Scope 1 increase from acquisition of NZ Windfarms. FY26 Scope 3 increases from increased purchase of goods and services and share of transmission & distribution losses. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 39 Source: Meridian Source: Meridian
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Segment results 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 40 $M Financial year ended 30 June 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Contracted sales 750 672 1,646 1,431 - - - - 2,396 2,103 Cost to supply customers (1,546) (3,669) (1,628) (1,357) - - 1,686 1,510 (1,488) (3,516) Net cost of hedging (465) 76 - - - - - - (465) 76 Generation spot revenue 1,042 2,337 - - - - - - 1,042 2,337 Inter-segment electricity sales 1,686 1,510 - - - - (1,686) (1,510) - - Virtual asset swap margins (4) (14) - - - - - - (4) (14) Other market revenue/(costs) (10) (5) - 1 - - - - (10) (4) Energy margin 1,453 907 18 75 - - - 1,471 982 Other revenue 5 5 20 22 25 34 (8) (9) 42 52 Hosting expense - - - - (3) (4) - - (3) (4) Energy transmission expense (91) (78) - - - - - - (91) (78) Energy metering expenses - - (55) (52) - - - - (55) (52) Gross margin 1,367 834 (17) 45 22 30 (8) (9) 1,364 900 Employee expenses (38) (33) (38) (37) (66) (54) - - (142) (124) Other operating expenses (87) (79) (49) (42) (43) (52) 8 8 (171) (165) Employee and other operating expenses (125) (112) (87) (79) (109) (106) 8 8 (313) (289) EBITDAF 1,242 722 (104) (34) (87) (76) - (1) 1,051 611 Other & unallocatedWholesale Retail Inter-segment Total
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EBITDAF reconciliation to the income statement 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 41 Financial year ended 30 June 2026 2025 2026 2025 Income statement ($M) Segment earnings statement ($M) Energy sales to customers 2,758 2,429 Energy margin 1,471 982 Generation revenue 1,083 2,354 Other revenue 42 52 Energy related services revenue 11 11 Hosting expenses (3) (4) Other revenue 31 41 Energy transmission expense (91) (78) Total operating revenue 3,883 4,835 Energy metering expenses (55) (52) Gross margin 1,364 900 Energy expenses (1,044) (2,396) Employee expenses (142) (124) Energy distribution expenses (1,006) (817) Other operating expenses (171) (165) Energy transmission expenses (91) (78) EBITDAF 1,051 611 Hosting expenses (3) (4) Electricity metering expenses (55) (52) Employee expenses (142) (124) Other operating expenses (171) (165) Total operating expenses (2,512) (3,636) Depreciation and amortisation (535) (447) Asset related adjustments 2 (33) realised energy hedges (320) (588) unrealised energy hedges (260) (659) Net change in fair value of energy hedges (580) (1,247) Net change in fair value of treasury hedges (8) (12) Net finance costs (90) (79) Net profit before tax 160 (619) Income tax expense (30) 167 Net profit after tax 130 (452)
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Six monthly results 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 42 $M 1H 2H Total 2026 2025 change 2026 2025 change 2026 2025 change Contracted sales 1,194 995 199 1,202 1,108 94 2,396 2,103 293 Cost to supply customers (824) (1,565) 741 (664) (1,951) 1,287 (1,488) (3,516) 2,028 Net cost of hedging (229) (15) (214) (236) 91 (327) (465) 76 (541) Generation spot revenue 577 1,042 (465) 465 1,295 (830) 1,042 2,337 (1,295) Virtual asset swap margins (4) (9) 5 - (5) 5 (4) (14) 10 Other market revenue/(costs) (6) (4) (2) (4) - (4) (10) (4) (6) Energy margin 708 444 264 763 538 225 1,471 982 489 Other revenue 24 26 (2) 18 26 (8) 42 52 (10) Hosting expenses (1) (2) 1 (2) (2) - (3) (4) 1 Energy transmission expense (45) (37) (8) (46) (41) (5) (91) (78) (13) Energy metering expenses (27) (26) (1) (28) (26) (2) (55) (52) (3) Gross margin 659 405 254 705 495 210 1,364 900 464 Employee expenses (67) (68) 1 (75) (56) (19) (142) (124) (18) Other operating expenses (86) (80) (6) (85) (85) - (171) (165) (6) Operating expenses (153) (148) (5) (160) (141) (19) (313) (289) (24) EBITDAF 506 257 249 545 354 191 1,051 611 440 Depreciation & amortisation (261) (225) (36) (274) (222) (52) (535) (447) (88) Asset related adjustments (3) (8) 5 5 (25) 30 2 (33) 35 Unrealised change in fair value of energy hedges 124 (143) 267 (384) (516) 132 (260) (659) 399 Net change in fair value of treasury hedges (4) (11) 7 (4) (1) (3) (8) (12) 4 Net finance costs (45) (38) (7) (45) (41) (4) (90) (79) (11) Net profit before tax 317 (168) 485 (157) (451) 294 160 (619) 779 Income tax expenses (90) 47 (137) 60 120 (60) (30) 167 (197) Net profit after tax 227 (121) 348 (97) (331) 234 130 (452) 582 Underlying net profit after tax 143 (5) 148 165 61 104 308 56 252
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248 246 250 263 303 117 117 120 142 152365 363 370 405 455 0 100 200 300 400 500 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 ICP (000) Customer connections Meridian Powershop Total 5,012 5,258 5,603 5,501 6,252 3,929 3,917 3,908 3,921 3,997 8,941 9,175 9,511 9,422 10,249 0 2,000 4,000 6,000 8,000 10,000 12,000 2022 2023 2024 2025 2026 GWh Financial Year ended 30 June Retail sales volumes Residential, SMB, Agri Commercial & Industrial Total Retail 12% increase in customer connections since June 2025. Mass market segment 25% increase in residential volumes. 9% increase in small medium business volumes. 13% increase in large business volumes. 4% increase in agricultural volumes. Commercial and industrial segment 2% increase in volumes. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 43 Source: Meridian Source: Meridian
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0 500 1,000 1,500 2,000 2,500 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec GWh Meridian's Waitaki storage Average 1979- 2020 2021 2022 2023 2024 2025 2026 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 GWh Financial year Meridian's combined catchment inflows Jun YTD 93 year average Hydrology Inflows FY26 inflows were 122% of historical average. July 2026 inflows were 162% of historical average. Storage Meridian’s Waitaki storage as at 30 June 2026 was 131% of historical average. By 31 July 2026, Waitaki storage was 158% of historical average. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 44 Source: Meridian Source: Meridian Waitaki storage levels exclude any Lake Pūkaki storage below 518m above sea level
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12,271 12,701 12,125 10,943 12,571 1,285 1,202 1,441 1,809 1,905 13,556 13,903 13,566 12,752 14,476 0 4,000 8,000 12,000 16,000 2022 2023 2024 2025 2026 GWh Financial Year ended 30 June Hydro and wind generation volumes Hydro Wind Total 130 73 171 184 72 0 40 80 120 160 200 2022 2023 2024 2025 2026 $/MWh Financial Year ended 30 June Average generation price Generation Volumes FY26 generation was 14% higher than FY25, with higher hydro generation and higher wind generation. Price FY26 average price Meridian received for its generation was 61% lower than FY25. FY26 average price paid to supply customers was 60% lower than FY25. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 45 Source: Meridian Source: Meridian
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EBITDAF to NPAT 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 46 *Net changes in the fair value of unrealised energy hedges and treasury hedges. Financial year ended 30 June 2026 2025 EBITDAF 1,051 611 Depreciation and amortisation (535) (447) Premiums paid on electricity options net of interest (18) (12) Net finance costs (90) (79) Tax (100) (17) Underlying NPAT 308 56 Net change in fair value of hedges* (268) (671) Asset related adjustments 2 (33) Premiums paid on electricity options net of interest 18 12 Tax 70 184 NPAT 130 (452)
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1,471 1,069 577 750 1,042 -1,159 -329 -880 423 -8 -4 -10 0 1,000 2,000 3,000 4,000 Mass market sales C&I sales Financial contract sales (incl NZAS) Generation spot revenue Cost to supply customers Cost to supply financial contracts Hedging fixed costs Hedging spot revenue Contract close outs VAS margins Market costs Energy Margin $M Energy margin Energy margin 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 47 Source: Meridian
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1,471 982 +217 -2 +78 +1,666 -1,295 +362 +28 -596 +27 +10 -6 0 500 1,000 1,500 2,000 2,500 3,000 Energy Margin 30 Jun 25 Mass market sales C&I sales Financial contract sales (incl NZAS) Cost to supply customers Generation spot revenue Cost to supply financial contracts Hedging fixed costs Hedging spot revenue Contract close outs VAS margins Other Energy Margin 30 Jun 26 $M Energy margin movement Energy margin movement 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 48 Source: Meridian
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Energy margin 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 49 Defined as: Revenues received from sales to customers net of distribution costs (fees to distribution network companies that cover the costs of distribution of electricity to customers), sales to large industrial customers and fixed price revenues from financial contracts sold (contract sales revenue). The volume of electricity purchased to cover contracted customer sales and financial contracts sold (cost to supply customers). The fixed cost of derivatives used to manage market risks, net of spot revenue received from those derivatives, and demand response payments (net cost of hedging). Revenue from the volume of electricity that Meridian generates (generation spot revenue). The net margin position of virtual asset swaps with Genesis Energy and Mercury New Zealand. Other associated market revenues and costs including Electricity Authority levies and ancillary generation revenues, such as frequency keeping. A non-GAAP financial measure representing energy sales revenue less energy related expenses and energy distribution expenses. Used to measure the vertically integrated performance of the retail and wholesale businesses. Used in place of statutory reporting which requires gross sales and costs to be reported separately, therefore not accounting for the variability of the wholesale spot market and the broadly offsetting impact of wholesale prices on the cost of retail electricity purchases.
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Energy margin 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 50 FY26 FY25 FY24 FY23 FY22 Volume VWAP $M Volume VWAP $M $M $M $M Res, business, agri sales 6,252 $171 1,069 5,501 $155 852 820 715 635 Corporate and industrial sales 3,997 $144 577 3,921 $148 579 543 493 422 Retail contracted sales 10,249 $161 1,646 9,422 $152 1,431 1,363 1,208 1,057 NZAS sales 3,284 3,119 Financial contract sales 4,398 3,339 Wholesale contracted sales 7,682 $98 750 6,457 $104 672 633 530 525 Cost to supply retail customers 10,778 -$82 (884) 9,898 -$206 (2,037) (1,870) (858) (1,407) Cost to supply wholesale customers 3,284 -$75 (245) 3,119 -$204 (636) (854) (385) (665) Demand response payments (28) (152) - - - Cost of financial contracts 4,398 -$75 (329) 3,339 -$207 (691) (582) (247) (391) Battery supply costs 44 -$45 (2) - (1) - - - Cost to supply customers and contracts (1,488) (3,516) (3,306) (1,490) (2,463) Hedging costs 5,271 -$167 (880) 4,940 -$184 (908) (766) (586) (515) Hedging spot revenue 5,271 $80 423 4,940 $206 1,019 1,039 419 654 Close-outs (8) (35) 12 46 9 Net cost of hedging (465) 76 285 (121) 148 Hydro generation 12,571 $73 916 10,943 $187 2,042 2,089 936 1,599 Wind generation 1,905 $65 123 1,809 $163 295 230 84 158 Battery generation 30 $100 3 - - 1 - - - Generation revenue 14,506 $72 1,042 12,752 $183 2,337 2,319 1,020 1,757 Virtual asset swap margins (4) (14) (9) (7) 2 Other (10) (4) (9) (8) (4) Energy margin 1,471 982 1,276 1,132 1,022
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NZAS demand response agreement options 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 51 Option Equivalent reduced consumption (MWh per hour) Exercisable Reduction from Meridian demand response agreement (MWh per hour) Usual Ramp- Down Notice Period DR Period (equivalent number of days) Usual Ramp- Down Period (equivalent number of days) Usual Ramp-Up Notice Period (equivalent number of days) Usual Ramp-Up Period (equivalent number of days) Maximum Calls 1 25 18.75 3 Business Days Minimum 10 days, maximum 150 days 5 days 3 days 15 days Unlimited, but the Option cannot be exercised more than 4 times in any 12-month period 2 50 37.5 3 Business Days Minimum 15 days, maximum 145 days 10 days 3 days 30 days Unlimited, but the Option cannot be exercised more than 2 times in any 18-month period 3 100 75 3 Business Days Minimum 22 days, Maximum 137 days 18 days 5 days 100 days The Option cannot be exercised more than 8 times over the Term 4 185 138.75 5 Business Days Minimum 30 days, maximum 75 days 25 days 5 days 200 days The Option cannot be exercised more than 4 times over the Term Stand down periods If previous call was Option 1, 30 days for any Option. If previous call was Option 2, 50 days for any Option. If previous call was Option 3, 60 days for Options 1 &2, 270 days for Options 3&4. If previous call was Option 4, 60 days for Option 1, 90 days for Option 2, 365 days for Option 3&4.
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Funding metrics Net debt to EBITDAF is the principal metric underpinning S&P credit rating. S&P calculation of Net debt to EBITDAF includes an adjustment for restricted cash. 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 52 Net debt to EBITDAF Financial year ended 30 June 2026 2025 2024 2023 2022 $M Drawn borrowings 1,941 1,531 1,361 1,248 1,167 Less: cash and cash equivalents (512) (123) (221) (212) (363) Add back: restricted cash 236 97 134 196 43 Net debt 1,665 1,505 1,274 1,232 847 EBITDAF 1,051 611 905 783 709 Net debt to EBITDAF (times) 1.6 2.5 1.4 1.6 1.2
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402 -351 249 -1,259 -588 -1,500 -1,000 -500 0 500 2022 2023 2024 2025 2026 $M Financial Year ended 30 June Net change in fair value of hedges Fair value movements Meridian uses derivative instruments to manage interest rate, foreign exchange and electricity price risk. As forward prices and rates on these instruments move, non- cash changes to their carrying value are reflected in NPAT. Accounting standards only allow hedge accounting if specific conditions are met, which creates NPAT volatility. $580M decrease in NPBT from fair value of energy hedges ($1,247M decrease in FY25). $8M decrease in NPBT from fair value of treasury hedges ($12M decrease in FY25). 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 53 Source: Meridian
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Income statement 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 54 Income statement Financial year ended 30 June 2026 2025 2024 2023 2022 $M Operating revenue 3,883 4,835 4,856 3,222 3,776 Operating expenses (2,512) (3,636) (4,102) (2,397) (3,188) Depreciation and amortisation (535) (447) (334) (294) (293) Asset related adjustments 2 (33) (18) (10) (2) Net change in fair value of energy hedges (580) (1,247) 253 (375) 266 Interest expense (95) (84) (69) (55) (73) Interest income 5 5 12 11 3 Net change in fair value of treasury hedges (8) (12) (4) 24 136 Net profit before tax 160 (619) 594 126 625 Income tax expense (30) 167 (165) (31) (174) Net profit after tax from continuing operations 130 (452) 429 95 451 Net profit after tax from discontinued operations - - - - 213 Net profit after tax 130 (452) 429 95 664
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Segment earnings statement 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 55 Segment earnings statement Financial year ended 30 June 2026 2025 2024 2023 2022 $M Energy margin 1,471 982 1,276 1,132 1,022 Other revenue 42 52 36 29 27 Hosting expenses (3) (4) (4) (3) (2) Energy transmission expenses (91) (78) (73) (80) (79) Energy metering expenses (55) (52) (49) (46) (43) Employee and other operating expenses (313) (289) (281) (249) (216) EBITDAF 1,051 611 905 783 709 Depreciation and amortisation (535) (447) (334) (294) (293) Asset related adjustments 2 (33) (18) (10) (2) Unrealised change in fair value of energy hedges (260) (659) 102 (333) 145 Net finance costs (90) (79) (57) (44) (70) Net change in fair value of treasury hedges (8) (12) (4) 24 136 Net profit before tax 160 (619) 594 126 625 Income tax expense (30) 167 (165) (31) (174) Net profit after tax from continuing operations 130 (452) 429 95 451 Net profit after tax from discontinued operations - - - - 213 Net profit after tax 130 (452) 429 95 664
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Underlying NPAT reconciliation 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 56 UNPAT Financial year ended 30 June 2026 2025 2024 2023 2022 $M Net profit after tax 130 (452) 429 95 664 Underlying adjustments Hedging instruments Net unrealised change in fair value of energy hedges 260 659 (102) 333 (145) Net change in fair value of treasury hedges 8 12 4 (24) (136) Premiums paid on electricity options net of interest (18) (12) (23) (17) (20) Assets Asset related adjustments (2) 33 18 10 2 Total adjustments before tax 248 692 (103) 302 (512) Taxation Tax effect of above adjustments (70) (184) 33 (82) 81 Underlying net profit after tax 308 56 359 315 233
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Cash flow statement 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 57 Cash flow statement Financial year ended 30 June 2026 2025 2024 2023 2022 $M Receipts from customers 4,266 4,983 4,614 3,354 3,934 Interest received 5 5 12 11 2 Payments to suppliers and employees (3,290) (4,388) (3,719) (2,637) (3,254) Interest paid (88) (87) (80) (65) (76) Income tax paid (83) (195) (160) (154) (145) Operating cash flows 810 318 667 509 461 Sale of property, plant and equipment - - - 2 2 Sales of subsidiaries and other assets - - 8 - 768 Grants received for property, plant and equipment 5 - - - - Purchase of property, plant and equipment (251) (143) (281) (316) (141) Purchase of intangible assets (13) (41) (40) (13) (31) Purchase of subsidiary, net of cash acquired (66) - - - - Purchase of other investments (124) (7) (14) - - Investing cash flows (449) (191) (327) (327) 598 Borrowings drawn 1,355 531 467 255 210 Borrowings repaid (949) (363) (360) (163) (692) Shares purchased for equity share schemes (2) (6) (2) (2) (2) Dividends paid (376) (387) (436) (423) (360) Financing cash flows 28 (225) (331) (333) (844) Net increase/(decrease in cash and cash equivalents) 389 (98) 9 (151) 215
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Balance sheet 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 58 Balance sheet Financial year ended 30 June 2026 2025 2024 2023 2022 $M Cash and cash equivalents 512 123 221 212 363 Trade receivables 352 406 536 334 399 Financial instruments 126 65 233 86 213 Tax receivable - 14 - - - Other assets 73 72 61 60 66 Total current assets 1,063 680 1,051 692 1,041 Property, plant and equipment 15,578 14,032 12,192 8,989 7,830 Intangible assets 106 47 62 73 85 Financial instruments 324 183 224 186 413 Investments in equity accounted joint venture 67 - - - - Other assets - 32 14 - - Total non-current assets 16,075 14,294 12,492 9,248 8,328 Payables and accruals 353 401 596 327 480 Borrowings 177 369 237 217 163 Financial instruments 272 265 86 75 47 Tax payable 124 - 85 46 32 Total current liabilities 926 1,035 1,004 665 722 Payables and accruals 124 55 62 28 54 Borrowings 1,858 1,200 1,140 1,046 1,041 Financial instruments 689 496 142 111 97 Deferred tax 3,586 3,268 2,949 2,103 1,932 Total non-current liabilities 6,257 5,019 4,293 3,288 3,124 Net assets 9,955 8,920 8,246 5,987 5,523 Shareholders equity Share capital 2,069 1,884 1,729 1,700 1,671 Reserves 7,886 7,036 6,517 4,287 3,852 Total shareholders equity 9,955 8,920 8,246 5,987 5,523
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Glossary 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 59 Hedging volumes buy-side electricity derivatives excluding the buy-side of virtual asset swaps Average generation price the volume weighted average price received for Meridian’s physical generation Average retail contracted sales price volume weighted average electricity price received from retail customers, less distribution costs Average wholesale contracted sales price volume weighted average electricity price received from wholesale customers (including NZAS) and financial contracts Combined catchment inflows combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes Cost of hedges volume weighted average price Meridian pays for derivatives acquired Cost to supply contracted sales volume weighted average price Meridian pays to supply contracted customer sales and financial contracts Contracts for Difference (CFDs) an agreement between parties to pay the difference between the wholesale electricity price and an agreed fixed price for a specified volume of electricity. CFDs do not result in the physical supply of electricity Customer connections number of installation control points, excluding vacants GWh gigawatt hour. Enough electricity for 125 average New Zealand households for one year Historical average inflows the historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 93 years Historical average storage the historic average level of storage in Meridian’s Waitaki catchment since 1979 HVDC high voltage direct current link between the North and South Islands of New Zealand ICP New Zealand installation control points, excluding vacants ICP switching the number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was ini tiated MWh megawatt hour. Enough electricity for one average New Zealand household for 46 days National demand Electricity Authority’s reconciled grid demand www.emi.ea.govt.nz NZAS New Zealand Aluminium Smelters Limited Retail sales volumes contract sales volumes to retail customers, including both non half hourly and half hourly metered customers Financial contract sales sell-side electricity derivatives excluding the sell-side of virtual asset swaps Virtual Asset Swaps (VAS) CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity
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Disclaimer 26 AUGUST 20262026 ANNUAL RESULTS PRESENTATION PAGE 60 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.