Meridian Energy Investor Presentation

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M e r i d i a n E n e r g y L i m i t e d ( A R B N 1 5 1 8 0 0 3 9 6 ) A c o m p a n y i n c o r p o r a t e d i n N e w Z e a l a n d
L e v e l 2 , 5 5 L a d y E l i z a b e t h L a n e , P O B o x 1 0 8 4 0 , W e l l i n g t o n 6 1 4 3

m e r i d i a n e n e r g y . c o . n z
Stock Exchange Listings NZX (MEL) ASX (MEZ)
Meridian Energy Investor Presentation


8 March 2022
Attached is a presentation Meridian Energy is making to the New Zealand Shareholders’ Association.


ENDS
Neal Barclay
Chief Executive
Meridian Energy Limited

For investor relations queries, please contact:
Owen Hackston
Investor Relations Manager
021 246 4772
For media queries, please contact:
Rheilli Uluilelata
External Communications Advisor
022 589 1052

Meridian Energy Presentation
8 MARCH 2022
Construction at Meridian Energy’s latest wind farm, Harapaki, near Napier

2
About Meridian
NZSA PRESENTATION8 MARCH 2022
NZ$13b company, one of NZ’s largest listed companies,
51% Government owned
Largest of five listed NZ retailer generators
New Zealand’s largest generator, all production from
renewable sources
Seven big hydro stations – flexible plant with the country’s
largest storage
With low operating costs and capital needs
Five wind farms and proven success operating in a high
wind environment
Backed with more than a decade of construction and
operational experience
First battery and solar farm development announced
360,000 customers through Meridian + Powershop
Source: Meridian
HARAPAKI
(construction)
Meridian has a large price guarantee contract with
Rio Tinto/Sumitomo’s Tiwai Point aluminium
smelter, ending 31 December 2024

3
Governance
NZSA PRESENTATION8 MARCH 2022
Mark Cairns
Chair of Safety &
Sustainability Committee
Freightways Chair (1 April)
Sanford Director
Jan Dawson
Chair of People &
Remuneration Committee
Audit & Risk Committee
member
Ports of Auckland Chair
(unlisted)
Julia Hoare
Chair of Audit & Risk
Committee
A2 Milk Deputy Chair
Auckland International
Airport Director
Port of Tauranga Director
Mark Verbiest
Chair of the Board
Freightways Chair (31
March)
Summerset Chair
ANZ New Zealand
Director
Michelle Henderson
Safety & Sustainability
Committee member
Audit & Risk Committee
member
Fulton Hogan Director
(unlisted)
Nagaja Sanatkumar
People & Remuneration
Committee member
MediaWorks, Ultrafast
Fibre, Cawthron Institute
Director (unlisted)
Tania Simpson
Auckland International
Airport Director
Tainui Group Holdings
Director (unlisted)
Waitangi Tribunal
Member

4
Strategy
NZSA PRESENTATION8 MARCH 2022
demand
reduction from
Tiwai closure
market supply
disruption from
a disorderly
transition to
100%
renewables
changes in
public policy
lead to changes
to legislation or
regulation
Our three priority risks
Strategic
initiatives
Champion
Competitive markets
Sustainability
Climate action
Optimise
Trading & asset management
Re-consenting
Financing
Grow
Retail
Generation
Flux
Grow a clear sustainability leadership
position
Use our 5,000 GWh renewable opportunity to
fast-track NZ’s decarbonisation
NZ’s largest and fastest growing retailer
A resilient wellbeing and safety culture
5-year
targets
NZ’s highest customer satisfaction
3 million ICP’s on Flux
3 buildable options by 2024
Clean energy for a fairer and healthier world

5
Sustainability
NZSA PRESENTATION8 MARCH 2022
47,279
44,359
32,475
0
10,000
20,000
30,000
40,000
50,000
201920202021202220232024202520262027202820292030
tCO2e
Financial Year ended 30 June
2030 emissions target (scope 1-3)
actualtarget
Source: Meridian
Halving
2019
emissions
by 2030
Our Material Topics
EnvironmentalSocialGovernance
Action on climate changeElectricity pricingSustainability leadership
Pipeline of generation
options
Support for vulnerable
customers
Good governance, ethical
behaviour and reporting
Impact on waterLocal community and
sponsorship
Contribution to public
policy
Impact on biodiversityIwi relationshipsFinancial impacts of
climate change
Distributed energy
resources
Cyber security
Meridian
offsets all its
emissions

6
Social focus
NZSA PRESENTATION8 MARCH 2022
Local communities
Long term relationships, community relationship
managers
$9M of local project support over 14 years
Iwi
Recognise the mana whenua of Ngāi Tahu
Close association with local rūnaka
Focus on strengthening our iwi partnerships
KidsCan
$1M annual contribution towards supporting
under-privileged children
Kākāpō Recovery Programme
Cornerstone partnership with the Department of
Conservation
There are
only 202
kākāpō alive
today

572
592
621621
622
774
787
691
400
500
600
700
800
900
20142015201620172018201920202021
$M
Financial Year ended 30 June
NZ Operations EBITDAF
7
Financial performance
Double digit shareholder returns every year since
listing
Sustained earnings through that period
High free cash flow, high payout ratio, stable
ordinary dividend
Balance sheet headroom to fund potentially
significant future decarbonisation growth
NZSA PRESENTATION8 MARCH 2022
20%
36%
33%
19%
15%
60%
10%
12%
0%
20%
40%
60%
80%
20142015201620172018201920202021
Financial Year ended 30 June
Total shareholder return
Source: Meridian
Earnings in
the first half
of 2022 have
been flat

4.19
4.80
5.10
5.33
5.38
5.705.705.70
5.95
6.82
8.08
8.40
8.70
8.94
10.72
11.2011.20
2.00
5.35
4.88
4.88
4.88
4.88
2.44
13.01
18.23
18.38
18.91
19.20
21.30
19.34
16.90
0
5
10
15
20
25
201420152016201720182019202020212021
CPS
Financial year ended 30 June
Dividend declared
Interim ordinary dividendFinal ordinary dividendSpecial dividendTotal
8
Dividends and capital structure
Ordinary dividends generally imputed to around
85%
Active dividend reinvestment plan
Recent changes to Dividend Policy:
payout range increasing to 80%-100% of free
cash flow (previously 75%-90%)
Stay in business capex decreasing to $50M
with MEA sale (previously $65M)
Board is committed to maintaining current BBB+
credit rating
Meridian advancing future investment
opportunities, including new generation
development following receipt of Australian sale
proceeds
Net debt to EBITDAF at 2.4 times
NZSA PRESENTATION8 MARCH 2022
Source: Meridian

Certified Renewable Energy
60 customers now with Meridian’s Certified Renewable
Energy product
Net proceeds of the product will be reinvested back into
decarbonisation projects
Energy hardship
Developing a new and more comprehensive energy
hardship solution
To be trialled this year, scaled up in 2023
EV charging network
148 chargers contracted
Includes 80 DC and AC chargers across the Wellington
and Hutt Valley region
9
Retail initiatives
NZSA PRESENTATION8 MARCH 2022
Ika Rere, the first electric passenger ferry in the Southern Hemisphereis now operating on the
Wellington harbour
Meridian has
grown
customer
sales by 40%
in the last 4
years

Current contract terminates 31 December 2024
NZAS makes the purest aluminium in the world
NZAS has one of the lowest carbon footprints of an aluminium smelter in the world
Compared to a coal-fired smelter, NZAS emits 15 tonnes (90%) less CO
2
per tonne of aluminium
produced
10
NZAS contract termination
NZSA PRESENTATION8 MARCH 2022
NZAS
consumes
around 12%
of the
electricity
produced in
NZ

11
NZAS contract termination - mitigation
NZSA PRESENTATION8 MARCH 2022
NZAS contract
14 Jan
2021
1 Jan
2022
1 Jan
2023
1 Jan
2024
31 Dec
2024
Meridian portfolio response
on
schedule
31 GWh in
MoU’s
review of
sites
review of
sites
ROI pre
work
May 21
investor
day
Feasibility
and ROI
completion
battery
go live
design &
consents
module 1
construction
600 GWh
contracted
ECCA
funded
projects 2
ECCA
funded
projects 1
design &
consents
construction
NTP
Aug 21
annual
results
171 GWh
MoU’s or
contract
review of
sites
on
schedule
ECCA
funded
projects 3
site
acquisition
Feb 22
interim
results
site
acquisition
292 GWh
MoU’s or
contract
1,180 MW
capacity
solar farm
construction
RFP
issued
RFP
submissions
review of
sites
solar farm
go live tbc
trans-Tasman
cable in service
global cable in
service (2025)
further
modules
business model
resolved
FID tbc
fast tracked
development
or form
consortium
Lower South Island
transmission
North Island battery
Process heat
conversion
Data centre
Green hydrogen

12
Future generation
Electricity demand in New Zealand could grow by
up to 150% by 2050
$40b or more of investment in new generation
could be needed
Existing, aging thermal generation will need to be
replaced
The market will need to build the equivalent of one
Harapaki every year at a minimum
Meridian is aiming to build the equivalent of one
Harapaki every 3 years at a minimum
Flexible generation will be critical to managing
impact of new intermittent renewables and solving
NZ’s dry year risk
Consumer demand response solutions and some
gas capacity will feature
NZSA PRESENTATION8 MARCH 2022
Meridian’s Lake Pūkaki is around 2.5 times the size of Wellington harbour and has a 19.5 metre
operating range

Utility scale solar development announced to
complement battery at Ruākākā Energy Park
Assessments continuing on additional solar sites,
land option acquired at Bunnythorpe
20 potential new wind and solar development
options
13
Renewable development pipeline
NZSA PRESENTATION8 MARCH 2022
Maintenance crew at Meridian’s West Wind farm, near Wellington
Meridian’s
current
development
options could
lift our
generation by
40%

Site located 50km north of Napier on SH5
Will be NZ’s second largest and highest elevated wind
farm, powering 70,000 households
Site enabling and mobilisation works completed in
September 2021
A wet spring and early summer has impacted
earthworks and slowed progress, mitigation initiatives
undertaken, back on track
Offshore procurement items are on schedule
14
Harapaki wind farm construction
NZSA PRESENTATION8 MARCH 2022
Project metrics
41 turbines x 4.3 MW
176 MW
542 GWh p.a. (P50 yield)
$395m capital investment
36months construction time
~$35m EBITDAF p.a.
(assuming ~$67/MWh received for generation)
145m
tip
height
Cable trenching at Meridian’s Harapaki wind farm
Harapaki will
power the
equivalent of
70,000
homes

15
Closing comments
Lower NZAS pricing has been absorbed
Dividend growth with higher FY22 interim
dividend
Bulk of the MEA sale proceeds are earmarked
for future NZ investment
Competing hard for retail growth and lots
more new generation options are our focus
Sound progress on development of new South
Island demand
NZSA PRESENTATION8 MARCH 2022
Meridian’s Mill Creek wind farm, near Wellington

16
Glossary
Hedging volumesbuy-side electricity derivativesexcludingthe buy-side of virtual asset swaps
Average generation pricethe volume weighted average price received for Meridian’s physical generation
Average retail contracted sales pricevolume weighted average electricity price received from retail customers, less distribution costs
Average wholesale contracted sales pricevolume weighted average electricity price received from wholesale customers(including NZAS) and financial contracts
Combined catchment inflowscombined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes
Cost of hedgesvolume weighted average price Meridian pays for derivatives acquired
Cost to supply contracted salesvolume weighted average price Meridian pays to supply contracted customer sales and financial contracts
Contracts for Difference (CFDs)an agreement betweenparties 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 (NZ)number of installation control points, excluding vacants
FRMPfinancially responsible market participant
GWhgigawatt hour. Enough electricity for 125 average New Zealand households for one year
Historic average inflowsthe historic average combined water inflows into Meridian’s Waitaki and Waiau hydro storage lakes over the last 84 years
Historic average storagethe historic average level of storage in Meridian’s Waitaki catchment since 1979
HVDChigh voltage direct current link between the North and South Islands of New Zealand
ICPNew Zealand installation control points, excluding vacants
ICP switchingthe number of installation control points changing retailer supplier in New Zealand, recorded in the month the switch was initiated
MWhmegawatt hour. Enough electricity for one average New Zealand household for 46 days
National demandElectricity Authority’s reconciled grid demand
www.emi.ea.govt.nz
NZASNew Zealand Aluminium SmeltersLimited
Retail sales volumescontract sales volumes to retail customers, including both non half hourly and half hourly metered customers
Financial contract salessell-side electricity derivatives excluding thesell-side of virtual asset swaps
TJTerajoules
Virtual Asset Swaps(VAS)CFDs Meridian has with Genesis Energy and Mercury New Zealand. They do not result in the physical supply of electricity
NZSA PRESENTATION8 MARCH 2022

17
Disclaimer
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 condensed financial statements for the six
months ended 31 December 2021, available at:
www.meridianenergy.co.nz/investors
All currency amounts are in New Zealand dollars unless stated otherwise.
NZSA PRESENTATION8 MARCH 2022